• Management Report 
  • Operations and Business Environment 
  • Results of Operations, Financial Position, Assets and Liabilities 
  • Non-Financial Performance Indicators and other Success Factors 
  • Overall Assessment of the Business Situation 
  • Opportunities and Risk Report 
  • Subsequent Events 
  • Outlook 
    • General and Mid-Term Outlook 
    • Future Markets 
    • Economic Outlook 
    • Health Care Sector and Markets 
    • Group Sales and Group Earnings 
    • Sales and Earnings by Business Segment 
    • Financing 
    • Investments 
    • Procurement 
    • Research and Development 
    • Corporate Legal Structure and Organization 
    • Planned Changes in Human Resources and the Social Area 
    • Dividend 

Home Management Report Outlook General and Mid-Term Outlook

Given sustained market growth and a long-term strategy oriented toward profitable growth, Fresenius has set itself a mid-term goal under the slogan “15/15.” Fresenius aims to attain the following in 2010:

1. Group sales of € 15 billion.Based on the sales of € 12.3 billion generated in 2008, this represents a compounded annual growth rate of about 10% p. a. It is to be achieved through strong organic growth flanked by selective acquisitions.
2. An EBIT margin of 15%.

Acquisitions, primarily the acquisition of APP Pharmaceuticals, have led to appreciably higher Group debt with a corresponding impact on net interest. Our goal is therefore to improve the Group’s leverage ratios again. The net debt/ EBITDA ratio of 3.6 as of December 31, 2008 is to be returned to a range of 2.5 – 3.0 by the year 2010.

This forecast takes account of all events known at the time the annual financial statements were prepared that could influence our operating performance in 2009 and beyond. Significant risks are discussed in the Risk Report. As in the past, we will do our utmost to achieve and – if possible – exceed our targets.