FINANCING

In 2008, we generated a sustained operating cash flow of € 1,074 million. The key driver was our good earnings performance. The cash flow margin was 8.7%. We estimate that a cash flow margin of this order can be achieved again in 2009.

The net debt / EBITDA ratio is a key financial target figure for the Fresenius Group. The financing of the APP Pharmaceuticals acquisition caused this ratio to rise to 3.6 as of December 31, 2008. Our goal is to bring this ratio down to a level of between 2.5 and 3.0 by 2010, primarily through earnings improvements and continued positive cash flows.