Management Report Outlook Group Sales and Group Earnings 
GROUP SALES AND GROUP EARNINGS
With its international production and sales platform and its market-oriented products and services, the Fresenius Group is excellently positioned for continued growth in the coming years. Specific opportunities for profitable growth are indicated by the developments described in the section “Health Care Sector and Markets”. In 2009, we therefore expect to increase sales by more than 10% at 2008 exchange rates.
While our traditional markets in Europe and North America are growing at average low to mid single-digit rates, we see stronger growth potential in the Asia-Pacific region and in Latin America. Here, the demand for our life-saving and life-sustaining products continues to be very high because access to medical care is still limited. This will also be reflected in sales.
We expect to increase Group net income once again in 2009. We aim to achieve this through the growth in sales described above and by ongoing measures to lower costs as a percentage of sales, especially in production. Despite a market environment which continues to be marked by cost-containment and price pressure, we expect to increase adjusted net income (before special items due to mark-to-market accounting of the mandatory exchangeable bonds and the contingent value rights) by approximately 10% in constant currency.
| GROUP FINANCIAL TARGETS | ||
| Targets 2009 | Fiscal year 2008 | |
|
Sales, growth (in constant currency) |
>10% | € 12,336 million |
|
Net income, growth* (in constant currency) |
~10% | € 450 million |
| Capital expenditure | ~ € 700–750 million | € 764 million |
| Dividend |
Profit-driven dividend policy |
Proposal: +6% per ordinary and preference share |
| * |
before special items due to mark-to-market accounting of the mandatory exchangeable bonds and the contingent value rights |