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Fresenius SE & Co. KGaA

Investor Presentation • Feb 21, 2008

166_ip_2008-02-21_c82b3d98-c1a3-4d8e-85ae-1d53b96207e0.pdf

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Analyst Meeting – 2007 Results

February 20, 2008

Safe Harbor Statement

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Future results could differ materially from those described in these forward-looking statements due to certain factors, e.g. changes in business, economic and competitive conditions, regulatory reforms, results of clinical trials, foreign exchange rate fluctuations, uncertainties in litigation or investigative proceedings, and the availability of financing. Fresenius does not undertake any responsibility to update the forward-looking statements contained in this presentation.

Achieving Profitable Growth in Attractive Health Care Segments

Fresenius Group: Strong Financial Results

Fresenius Group: Double-Digit EBIT Growth in all Business Segments

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+		 €
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€Fresenius Group: ~15 % Dividend Increase Proposed

  • Proposed dividend: € 0.66 per ordinary share € 0.67 per preference share
  • 15th consecutive dividend increase
  • -Total distribution: € 103.2 m

Fresenius Kabi: Accomplishments 2007

  • Strong organic sales growth and further EBIT margin expansion
  • 2007 acquisitions with ~€ 130 m annualized sales
  • Nestlé's enteral nutrition divestitures in France / Spain
  • Ribbon, manufacturer of antibiotic agents in Italy
  • Sanderson, leader in infusion solutions and generic I.V. drugs in Chile
  • Excellent sales growth in China +28 % cc driven by parenteral nutrition

Fresenius Helios: Accomplishments 2007

  • Organic sales growth +3 %, excellent 17 % EBIT increase
  • Significant acquisition activity 5 hospitals with ~1,700 beds ~€ 230 m annualized sales
  • Fifth maximum-care hospital (Krefeld/Hüls) acquired
  • New financial reporting system with maximum transparency – setting the standard

Fresenius Vamed: Accomplishments 2007

Business Characteristics

  • Project business project management, consulting, planning, engineering, contracting – 63 % of sales
  • Service business – facility management, operations management in selected intl. markets – 37 % of sales
  • Sales distribution: 59 % Europe, 41 % RoW
  • Strong sales in Q4/07, excellent 2007 EBIT growth
  • 2007 order intake and backlog at all-time high

Prince Court Medical Center, Kuala Lumpur

Fresenius Biotech: Anticipated Study / Approval Events and Newsflow

Fresenius Group: Poised for Continued Profitable Growth

  • Leading positions in non-cyclical markets with predictable growth
  • Industry-leading organic growth in all business segments
  • Diversified revenue and earnings base
  • -International expansion as key organic growth driver
  • Excellent acquisition track record
  • Prudent financial management

Group Financials 2007 − Outlook 2008

Fresenius Group: 2007 – Guidance Fully Achieved or Exceeded

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Fresenius Group: Profit and Loss Statement

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Fresenius Kabi: Sales Exceeded € 2 Billion

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Fresenius Kabi: Excellent EBIT Growth

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Fresenius ProServe: Sales at Top End of Guidance, EBIT Above Guidance

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Fresenius Helios: Excellent Sales Growth

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Fresenius Helios: EBIT Margin Improvement by 50 bps

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Fresenius Helios: 2007 Restructuring Plan – Newly Acquired Acute Hospitals

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Fresenius Vamed: Strong Q4 Sales, Excellent Order Intake and Backlog

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*project business only

Fresenius Vamed: EBIT-Margin Improved by 50 Bps

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Fresenius Group: Cash Flow

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3		 --

Fresenius Business Segments: Financial Outlook 2008

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for
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17
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B
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~
-

Fresenius Group: Outlook 2008

Guidance

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~

Attachments

Fresenius Group:

Overview – Calculation of Minority Interest

€
m		 2
0
0
7		 2
0
0
6
b
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e
a
a
n
m
n
o
n
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s
r
r
x
r
y
r		 1
2
4
1
,		 1
0
4
9
,
T
a
x
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s		 4
4
8
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1
4
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f
h
M
i
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t
t
t,
t
n
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r
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r
r		 3
8
3
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0
5
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d
l
b
b
l
F
i
M
i
C
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t
t
t
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u
r
r
u
(
6
%
)
F
i
4
t
o
r
e
s
e
n
u
s
~		 3
3
5
-		 2
7
2
-
h
l
d
d
l
M
i
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F
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M
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t
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(
/
2
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\$
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2
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S
\$
2
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d
F
Y
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1
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Y
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m
:
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a
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,
d
l
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l
)
F
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M
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C
F
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s
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c
a
a
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a
n
c
a
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m
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n
r
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r		 1
9
-		 1
4
-
h
l
d
b
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t
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t
t
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n
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F
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B
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t
e
s
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s
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l
h
V
A
M
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D
2
3
%
i
t
t
e
o
e
e
n
a
o
n
e
s
p
u
x
r
w
r		 2
9
-		 9
1
-
N
i
t
e
n
c
o
m
e		 4
1
0		 3
3
0

Fresenius Group: Solid Balance Sheet Structure

Fresenius Group: Debt and Interest Ratios

* excl. gain and EBITDA from divested dialysis clinics and one-time expenses for refinancing, incl. RCG in Q1

Fresenius Kabi: Strong Sales Growth in 2007

€
m		 2
0
0
7		 2
0
0
6		 O
i
r
g
a
n
c
G
h
t
r
o
w
S
l
a
e
s		 2
0
3
0
,		 1
8
9
3
,		 8
%
d
B
P
S
t
t
y
r
o
u
c
e
g
m
e
n
:
f
h
i
I
T
n
s
o
n
e
a
p
u
r
y		 0
1
7
6
,		 1
0
2
3
,		 %
5
l
l
C
i
i
N
i
i
t
t
n
c
a
u
r
o
n		 8
3
1		 7
5
3		 1
2
%
f
h
l
T
i
T
n
o
n
e
n
o
o
g
r
a
s
u
s
c
y		 1
2
3		 1
1
7		 %
5

Fresenius Kabi: Profit and Loss Statement

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
S
l
a
e
s		 2
0
3
0
,		 8
9
3
1,		 8
%
h
i
t
o
r
g
a
n
c
g
r
o
w
C
f
d
l
d
t
o
s
o
g
o
o
s
s
o		 1
1
3
7
-
,		 0
6
9
1,
-
G
f
i
t
r
o
s
s
p
r
o
%		 8
9
3
0
4
4		 8
2
4
3
4
5		 d
P
i
i
t
t
o
c
o
n
m
p
o
e
m
e
n
s
r
u
r
v
d
P
t
i
r
o
u
c
m
x
f
E
i
l
c
o
n
o
m
e
s
o
s
c
a
e
S
G
&
A
%		 4
7
5
-
2
3
4		 6
4
5
-
2
4
1		 L
i
i
t
t
t
e
e
a
g
e
o
n
e
s
n
g
s
c
e
v
r
x
r
u
u
r
C
d
l
t
i
i
i
o
s
s
c
p
n
e
R
&
D
e
x
p
e
n
s
e
s
%		 8
6
-
2
4		 7
7
-
4
1
E
B
I
T
D
A		 0
8
4		 3
0
7
i
%
m
a
g
n
r		 2
0
1		 1
9
5

Fresenius Kabi: Profit and Loss Statement (cont'd)

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
E
B
I
T
i
%
m
a
r
g
n		 3
3
2
6.
1
4		 2
9
1
1
5.
4
N
t
i
t
t
e
n
e
r
e
s		 9
4
-		 0
7
-		 2
0
0
6
l
d
8
€
l
d
i
i
1
t
:
n
c
u
n
g
m
r
e
a
e
2
0
0
3
d
f
i
i
t
B
o
o
n
r
e
n
a
n
c
n
g
b
f
E
i
t
a
n
n
g
s
e
o
e
a
e
s
r
r
x
d
i
i
i
t
t
t
a
n
m
n
o
n
e
e
s
s
r
y
r		 2
8
3		 2
2
1
I
t
n
c
o
m
e
a
e
s
x
%
T
t
a
x
r
a
e		 8
8
-
3
1		 7
2
-
3
3
M
i
i
i
t
t
t
n
o
n
e
e
s
s
r
y
r		 1
2
-		 6
-
N
i
t
e
n
c
o
m
e		 1
8
3		 1
4
3		 2
0
0
6
i
l
d
i
1
1
€
l
d
t
:
n
c
u
n
g
m
r
e
a
e
d
f
2
0
0
3
B
i
i
t
o
o
n
e
n
a
n
n
g
r
c

Fresenius Kabi: Cash Flow Statement

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
N
i
t
e
n
c
o
m
e
(
i
l.
i
i
i
)
t
t
t
n
c
m
n
o
r
y
n
e
r
e
s
s		 9
1
5		 9
1
4
i
i
/
i
i
D
t
t
t
e
p
e
o
n
m
o
o
n
r
c
a
a
r
z
a		 7
6		 9
7
C
h
i
k
i
i
l
t
a
n
g
e
n
w
o
r
n
g
c
a
p
a		 9
2
-		 2
6
-		 S
O
d
f
I
i
I
t
t
t-
n
c
r
e
a
s
e
n
u
e
o
s
a
r
u
p
o
d
l
d
h
f
i
i
i
i
t
t
n
e
p
o
o
n
n
e
n
n
w
r
u
c
s
a
s
s
d
i
t
p
o
c
o
n
r
u
h
f
l
f
C
i
t
a
s
o
o
m
o
p
e
a
o
n
s
w
r
r
%
M
i
a
r
g
n		 1
7
9
8.
8		 2
0
2
0.
1
7
C
A
P
E
X
t
n
e
,		 1
1
2
-		 0
1
1
-		 h
5
2
%
4
8
%
i
t
t
g
o
m
a
n
e
n
a
n
c
e
r
w
;
h
f
l
C
a
s
o
w
b
f
d
d
d
d
i
i
t
i
i
i
e
o
r
e
a
c
q
u
s
o
n
s
a
n
v
e
n
s		 6
7		 1
0
1
A
i
i
i
t
t
c
q
u
s
o
n
s,
n
e		 1
5
6
-		 2
0
-
h
f
l
b
f
d
d
d
F
i
i
r
e
e
c
a
s
o
w
e
o
r
e
v
e
n		 8
9
s
-		 8
1

Fresenius Kabi: Balance Sheet

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
b
l
A
i
t
c
c
o
n
s
e
c
e
a
e
u
r
v		 4
8
6		 4
4
0		 (
)
d
D
S
O
D
3
1,
2
0
0
7
8
6
e
c
a
s
:
y
I
i
t
n
v
e
n
o
r
e
s		 3
6
2		 3
0
7		 (
)
d
S
O
I
D
3
1,
2
0
0
7
1
2
9
e
c
a
s
:
y
i
d
F
t
x
e
a
s
s
e
s		 9
3
1,
1		 9
7
4		 G
d
l
l
(
3
2
0
0
)
€
9
8
i
D
1,
7
5
o
o
w
e
c
:
m
h
O
t
t
e
a
s
s
e
s
r		 2
6
9		 2
4
4
T
l
t
t
o
a
a
s
s
e
s		 2
3
1
0
,		 1
9
6
5
,
b
D
t
e		 2
1,
1
1		 8
8
0
h
l
b
l
O
i
i
i
i
t
t
e
a
e
s
r		 6
4
1		 6
3
5
E
i
t
(
l.
)
i
i
i
i
t
t
t
q
u
y
n
c
m
n
o
n
e
e
s
s
r
y
r		 8
5
4		 0
4
5
T
l
l
i
b
i
l
i
i
d
t
t
o
a
a
e
s
a
n
h
h
l
d
i
'
t
s
a
r
e
o
e
r
s
e
q
u
y		 2
3
1
0
,		 1
9
6
5
,

Fresenius ProServe: Sales and EBIT Reconciliation

€
m		 2
0
0
7		 2
0
0
6		 G
h
t
r
o
w
S
l
a
e
s		 2
2
6
8
,		 2
1
5
5
,		 5
%
h
f
t
e
e
o
r
:
H
E
L
I
O
S
V
A
M
E
D
P
h
l
/
/
O
h
-t
t
a
r
m
a
p
a
n
e
c
e
r
s		 1,
8
4
1
0
8
4
1
9		 1,
6
7
3
3
9
2
9
0		 1
0
%
%
4
7
9
%
-
E
B
I
T		 1
8
1		 1
5
4		 8
1
%
h
f
t
e
e
o
r
:
O
S

H
E
L
I
V
A
M
E
D

h
l
/
/
P
C
-t
t
a
m
a
p
a
n
e
c
o
p
o
a
e
r
r
r		 6
1
5
2
7
2
-		 3
3
1
2
4
3
-		 %
1
7
1
3
%
3
3
%

*excluding stock option expense

Fresenius Helios and Vamed: Quarterly Business Segment Information

€
m		 /
Q
1
0
7		 /
Q
2
0
7		 /
Q
3
0
7		 /
Q
4
0
7		 /
F
Y
0
7
F
i
H
l
i
r
e
s
e
n
u
s
e
o
s
S
l
e
a
s
E
B
I
T		 3
9
4
3
2		 4
5
1
3
6		 8
4
5
2
4		 9
3
4
4
5		 8
1
4
1
,
1
5
5
i
d
F
V
r
e
s
e
n
s
a
m
e
u
l
S
a
e
s
E
B
I
T		 7
3
5		 8
7
4		 7
4
2		 1
7
4
1
5		 4
0
8
2
6
d
k
O
i
t
e
n
a
e
r
r
d
b
k
l
*
O
e
a
c
o
g
r
r		 6
6
1
2
4		 1
8
3
9
7		 1
3
8
6
4
7		 1
7
3
1
0
5		 3
9
5
1
0
5

* as of period end

Fresenius Helios: Profit & Loss Statement

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
l
S
a
e
s
O
i
t		 1
8
4
1
,		 1
6
7
3
,
p
e
r
a
n
g
e
x
p
e
n
s
e
s
:
l
d
b
f
S
i
i
t
a
a
e
s,
a
g
e
s
a
n
e
n
e
r
w		 1
0
9
0
s
,		 9
8
4
l
S
i
p
p
e
s
u		 3
4
2		 3
3
7
/
D
i
i
i
i
t
t
t
e
p
e
c
a
o
n
a
m
o
a
o
n
r
r
z		 6
5		 5
6		 O
i
B
l
i
B
h
l
i
i
p
e
n
n
g
e
r
n-
u
c
c
n
c
h
O
t
e
s
r		 1
8
9		 1
6
3
E
B
I
T
D
A
M
i
%
a
g
n
r		 2
2
0
1
2
0		 1
8
9
1
1.
3
E
B
I
T
M
i
%
a
g
n
r		 1
5
5
8
4		 1
3
3
7.
9

Fresenius Helios: Profit & Loss Statement (cont'd)

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
N
i
t
t
t
e
n
e
r
e
s		 3
5
-		 4
7
-		 l.
f
h
I
€
3
3
H
E
L
I
O
S
t
n
c
m
o
e
r
i
i
i
i
2
0
0
5
t
a
c
q
u
s
o
n
n
f
i
b
d
E
t
a
r
n
n
g
s
e
o
r
e
a
x
e
s
a
n
i
i
t
i
t
t
m
n
o
r
y
n
e
r
e
s
s		 1
0
2		 8
6
I
t
n
c
o
m
e
a
e
s
x
%
T
t
a
x
r
a
e		 2
8
-
2
7
5		 1
6
-
8
6
1		 O
f
f
2
0
0
6
d
t
i
t
i
t
n
e-
m
e
e
e
c
n
u
e
o
S
S
G
E
t
E
M
i
i
i
t
t
t
n
o
r
y
n
e
r
e
s
s		 1
0
-		 1
1
-
N
t
i
e
n
c
o
m
e		 6
4		 9
5

Fresenius Helios: Cash Flow

€
m		 2
0
0
7		 2
0
0
6		 k
R
2
0
0
7
e
m
a
r
s
N
i
t
(
l.
)
i
i
i
i
t
t
t
e
n
c
o
m
e
n
c
m
n
o
n
e
e
s
r
y
r		 7
4		 0
7
/
D
i
t
i
t
i
t
i
e
p
r
e
c
a
o
n
a
m
o
r
z
a
o
n		 6
5		 6
5
C
h
i
k
i
i
l
t
n
g
e
n
o
n
g
p
a
w
r
c
a
a		 6
3		 1
5
h
f
l
f
C
i
t
a
s
o
o
m
o
p
e
a
o
n
s
w
r
r
i
%
M
a
g
n
r		 2
0
2
1
1.
0		 1
4
1
8.
4
C
A
P
E
X
t
n
e
,		 3
1
7
-		 9
9
-
h
f
l
C
a
s
o
w
b
f
d
d
d
d
i
i
i
i
i
t
e
o
e
a
c
q
s
o
n
s
a
n
e
n
s
r
u
v		 6
5		 4
2
A
i
i
i
t
t
c
q
u
s
o
n
s,
n
e		 8
7
-		 9
9
-
f
f
h
l
b
d
i
i
d
d
F
r
e
e
c
a
s
o
w
e
o
r
e
v
e
n
s		 2
2
-		 5
7
-

Fresenius Helios: Balance Sheet

€
m		 2
0
0
7		 2
0
0
6		 k
R
2
0
0
7
e
m
a
r
s
b
l
A
i
t
c
c
o
u
n
s
r
e
c
e
v
a
e		 2
1
8		 1
7
3		 (
)
d
D
S
O
D
3
1,
0
7
4
3
e
c
a
s
:
y
l
d
P
i
t
t
t
(
)
t
o
p
e
p
a
n
a
n
e
q
p
m
e
n
r
r
y
u
n
e
,		 8
9
6		 7
5
8
d
l
l
G
i
o
o
w		 3
1,
5
4		 3
9
1,
6		 l.
d
l
l
f
h
I
i
H
E
L
I
O
S
t
n
c
g
o
o
o
m
e
w
r
i
i
i
(
D
3
1,
0
7
€
1,
1
6
6
)
t
a
c
q
u
s
o
n
e
c
:
m
h
O
t
t
e
a
s
s
e
s
r		 4
2
4		 5
4
6
T
l
t
t
o
a
a
s
s
e
s		 3
0
2
7
,		 2
8
3
7
,		 l
d
f
l
d
I
i
t
K
n
c
r
e
a
s
e
m
a
n
y
u
e
o
r
e
e
d
i
i
i
C
A
P
E
X
t
a
c
q
s
o
n
a
n
u
b
D
t
e		 3
6
1,
1		 0
3
2
1,		 l.
d
b
f
I
H
E
L
I
O
S
i
i
i
t
t
n
c
e
o
m
a
c
q
s
o
n
r
u
(
D
3
1,
0
7
€
6
0
0
)
e
c
:
m
h
l
b
l
O
i
i
i
i
t
t
e
a
e
s
r		 7
0
9		 6
6
3
i
E
t
(
l.
)
i
i
i
t
i
t
t
q
u
y
n
c
m
n
o
r
y
n
e
r
e
s		 2
2
1,
7		 8
1,
1
7		 3
9
9
%
E
i
t
t
i
q
u
y
r
a
o
:
l
l
i
b
i
l
i
i
d
T
t
t
o
a
a
e
s
a
n
h
h
l
d
i
t
'
s
a
r
e
o
e
r
s
e
q
u
y		 3
0
7
2
,		 2
8
7
3
,

Fresenius Helios: Performance Indicators

2
0
0
7		 2
0
0
6		 C
h
a
n
g
e
f
h
l
(
d
f
d
)
N
i
i
t
t
o
o
o
s
p
a
s
a
e
n
o
p
e
r
o
l
A
t
i
i
c
u
e
c
n
c
s
-
l
P
i
i
t
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 6
0
0
4
2
0		 5
5
3
4
2
1
f
b
d
(
d
f
i
d
)
N
t
o
o
e
s
a
e
n
o
p
e
o
r
l
A
t
i
i
c
u
e
c
n
c
s
-
l
P
i
i
t
t
o
s
a
c
u
e
c
a
r
e
c
n
c
s
-		 9
2
1
7,
1
3,
3
3
3
1
3,
8
5
9		 0
1
5,
5
5
8
1
1,
5
7
3,
9
7
2		 %
1
1
%
1
5
3
%
-
d
i
i
*
A
m
s
s
o
n
s
A
(
i
i
)
t
t
t
c
e
c
a
e
n
p
a
e
n
u
r
-		 4
4
2,
3
8
3		 3
9
6,
3
0
1		 1
2
%
*
O
c
c
u
p
a
n
c
y
P
t
t
o
s
a
c
u
e
c
a
r
e
-		 8
2
%		 8
0
%
l
h
f
(
d
)
*
A
t
t
v
e
r
a
g
e
e
n
g
o
s
a
y
a
y
s
A
t
c
u
e
c
a
r
e
-
P
t
t
o
s
a
c
e
c
a
e
u
r
-		 7.
1
3
1.
9		 7.
3
3
2.
9

*Clinics in Germany

Fresenius Helios:Sales Impact Hospital Acquisitions / Divestitures

Hospital Mariahilf, Hamburg € ~26 m not yet closed

Acquisitions Annualized sales

  • HUMAINE Kliniken Group € ~197 m consolidated as of Jul 1, 2006
  • Hospital Überlingen (Lake Constance) € ~22 m consolidated as of Jan 1, 2007
  • Hospital Oberhausen (NRW) € ~20 m consolidated as of Apr 1, 2007
  • Hospital Lengerich (NRW) € ~12 m consolidated as of Apr 1, 2007
  • Municipal hospitals, Krefeld and Hüls € ~175 m consolidated as of Dec 31, 2007

Divestitures Annualized sales

  • Hospital Reichenbach € ~18 m deconsolidated as of Aug 31, 2006
  • Hospital Herbolzheim € ~11 m deconsolidated as of Dec 31, 2006

Fresenius Vamed: Profit & Loss Statement

€
m		 2
0
0
7		 2
0
0
6		 k
R
2
0
0
7
e
m
a
r
s
l
S
a
e
s		 4
0
8		 3
9
2
f
d
l
d
C
t
o
s
o
g
o
o
s
s
o		 3
3
6		 3
2
6
f
G
i
t
r
o
s
s
p
r
o
%
M
i
a
r
g
n		 7
2
1
7
6		 6
6
6.
8
1
S
G
&
A
f
l
%
o
s
a
e
s		 4
6
3
1
1.		 4
3
1
1.
0
E
B
I
T
D
A
M
i
%
a
r
g
n		 3
1
7
6		 3
0
7.
7
E
B
I
T
M
i
%
a
g
n
r		 2
6
6
4		 2
3
5.
9

Fresenius Vamed: Profit & Loss Statement (cont'd)

€
m		 2
0
0
7		 2
0
0
6		 k
R
2
0
0
7
e
m
a
r
s
N
i
t
t
t
e
n
e
e
s
r		 6 4 i
d
I
t
t
t
t
n
e
r
e
s
n
c
o
m
e
u
e
o
p
r
e
p
a
y
m
e
n
s
b
f
E
i
t
a
n
n
g
s
e
o
e
a
e
s
r
r
x
d
i
i
i
t
t
t
a
n
m
n
o
r
y
n
e
r
e
s
s		 3
2		 2
7
I
t
n
o
m
e
e
c
a
x
s
T
%
t
a
x
r
a
e		 9
2
8
1		 7
2
5.
9
M
i
i
i
t
t
t
n
o
r
y
n
e
r
e
s
s		 0 0
N
i
t
e
n
c
o
m
e		 2
3		 2
0
(
b
f
)
R
O
E
%
t
e
o
r
e
a
x
e
s		 2
2
9		 2
2
5

Fresenius Vamed: Cash Flow

€
m		 2
0
0
7		 2
0
0
6		 R
k
2
0
0
7
e
m
a
r
s
N
i
t
e
n
c
o
m
e
(
l.
)
i
i
i
i
t
t
t
n
c
m
n
o
n
e
e
s
s
r
y
r		 2
3		 2
0
/
D
i
i
i
i
t
t
t
e
p
e
c
a
o
n
a
m
o
a
o
n
r
r
z		 5 7
C
h
i
k
i
i
l
t
a
n
g
e
n
w
o
r
n
g
c
a
p
a		 4
4		 7 b
P
t
j
t
i
r
e
p
a
y
m
e
n
s
p
r
o
e
c
u
s
n
e
s
s
h
f
l
f
C
i
t
a
s
o
w
r
o
m
o
p
e
r
a
o
n
s
i
%
M
a
r
g
n		 7
2
1
7
6		 3
4
8.
7
C
A
P
E
X
t
n
e
,		 4
-		 4
-
h
f
l
C
a
s
o
w
b
f
d
d
d
d
i
i
t
i
i
i
e
o
r
e
a
c
q
u
s
o
n
s
a
n
v
e
n
s		 6
8		 3
0
A
i
i
i
t
t
c
q
u
s
o
n
s,
n
e		 5
-		 1
-		 l
h
f
h
l
M
i
i
i
t
a
n
p
c
a
s
e
o
o
s
p
a
a
y
u
r
l
f
S
i
t
t
i
P
n
e
r
n
a
o
n
a
r
o
m
r
o
e
r
v
e
h
f
l
F
(
b
f
d
d
d
i
i
r
e
e
c
a
s
o
w
e
o
e
e
n
s
r
v		 6
3
)		 2
9

Fresenius Vamed: Balance Sheet

€
m		 2
0
0
7		 2
0
0
6		 k
R
2
0
0
7
e
m
a
r
s
b
l
A
i
t
c
c
o
n
s
e
c
e
a
e
u
r
v		 7
9		 8
2		 (
)
d
D
S
O
D
3
1,
0
7
6
8
e
c
:
a
y
s
l
d
P
i
t
t
r
o
p
e
r
y
p
a
n
a
n
e
q
u
p
m
e
n
,		 t
1
3		 2
1
b
l
I
i
t
t
n
a
n
g
e
a
s
s
e
s		 3
5		 3
5
O
h
t
t
e
r
a
s
s
e
s		 2
6
3		 9
6
1		 C
h
&
C
h
l
i
t
a
s
a
s
e
q
u
v
a
e
n
s
(
)
D
3
1,
0
7
€
1
8
7
e
c
m
:
T
l
t
t
o
a
a
s
s
e
s		 3
9
0		 3
3
4
b
D
t
e		 0 2
h
l
b
l
O
i
i
i
i
t
t
e
a
e
s
r		 2
5
1		 2
0
9
(
l.
E
i
i
i
i
i
t
t
t
t
q
u
y
n
c
m
n
o
r
y
n
e
r
e
s		 )
1
3
9
s		 1
2
3		 (
)
E
i
R
i
D
3
1,
0
7
3
5.
6
%
t
t
q
a
o
e
c
u
y
:
T
l
l
i
b
i
l
i
i
d
t
t
o
a
a
e
s
a
n
h
h
l
d
i
'
t
s
a
r
e
o
e
r
s
e
q
u
y		 3
9
0		 3
3
4

Fresenius Group: Key Figures According to IFRS

€
m		 2
0
0
7
S
G
U
A
A
P		 2
0
0
7
S
I
F
R
S
l
a
e
s		 3
8
1
1
5
,		 3
9
1
1
1
,
E
B
I
T		 1
6
0
9
,		 1
6
4
7
,
l
I
t
t
t
n
e
e
s
e
s
r
r
u		 3
6
8
-		 3
6
8
-
i
N
t
e
n
c
o
m
e		 0
4
1		 2
2
4
f
O
C
h
l
i
t
p
e
n
g
o
r
a
a
s
w		 2
9
6
1
,		 1
3
0
3
,
l
h
l
B
t
t
t
a
a
n
c
e
s
e
e
o
a		 3
2
1
5
4
,		 1
5
3
2
7
,

Financial Calendar

8
3
0
4
2
0
0		 t
8
R
1
2
0
0
t
t
s
e
p
o
o
n
q
e
r
u
a
r
r
2
2
0
0
8
1
5		 l
l
k
f
/
G
i
i
A
M
F
M
t
t
n
n
a
e
n
e
a
e
e
n
g
a
n
a
n
u
r
r
u
r
,
3
0
2
0
0
8
7		 f
t
h
l
2
0
0
8
R
1
t
s
e
p
o
o
n
a
r
4
1
1
2
0
0
8		 d
R
1
t-
3
2
0
0
8
t
t
s
r
e
p
o
r
o
n
q
u
a
r
e
r
s

Contact

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d
B
i
i
t
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n
r
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l
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i
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i
E
t
t
n
e
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o
e
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n
s
e
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e
n
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r
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T
e
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o
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9
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