Strategy & Objectives

The financing strategy of Fresenius Medical Care is based on a conservative approach particularly in order to maintain financial flexibility. This is ensured by using a broad range of financial instruments and a high diversification of investors. The maturity profile is characterized by a full range of maturities.

Besides having facilities available which are fully utilized, Fresenius Medical Care maintains sufficient cushion by means of syndicated or bilateral credit facilities and the Accounts Receivable Facility. These facilities allow utilization on short notice in case of need. Whenever financing instruments are selected, specific criteria ike market capacity, financing costs, investor diversification, flexibility, covenants and maturities are considered.
In its long-term financial planning, Fresenius Medical Care takes the debt / EBITDA ratio (Leverage Ratio) as a guideline. This ratio compares the debt of our company to our Earnings before Interest, Tax, Depreciation and Amortization. The debt / EBITDA ratio was 2.69 at the end of 2011

Our company aims to keep the debt / EBITDA ratio below 3.0 by the end of the fiscal year 2012

We have sufficient financial resources, consisting of only partly drawn credit facilities and our accounts receivable facility. We intend to maintain sufficient financial resources in the coming years, with a minimum of $300 to $ 500 million of committed and unutilized credit facilities.