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In 2012, we generated excellent operating cash flow of €2,438 million, mainly driven by strong earnings and tight working capital management. The cash flow margin was 12.6%. In 2013, we expect a cash flow margin in the low double-digits.

The net debt / EBITDA ratio is a key financial figure for the Fresenius Group. As of December 31, 2012, the net debt / EBITDA ratio was 2.6. At the end of 2013, we expect Group leverage to be at the lower end of the 2.5 to 3.0 target range.

Unused credit lines under syndicated or bilateral credit facilities from banks will generally provide us with a sufficient financial cushion. Fresenius SE & Co. KGaA’s €500 million commercial paper program was not utilized. For further details, please see here.

Measures to refinance pending maturities are planned in 2013. The refinancing is part of the Group’s ongoing liability management to reduce interest expenses and improve the maturity profile. In line with this objective, Fresenius Finance B.V. placed €500 million of senior unsecured notes in January 2013. Moreover, Fresenius has exercised the call option for its 5.5% Senior Notes due in 2016. The aggregate principal amount of €650 million has been redeemed in full. The redemption was initially financed by utilizing existing credit lines, and from the end of June 2013 by drawings under the Senior Secured Credit Agreement arranged in December 2012.

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