In 2010, we generated an excellent operating cash flow of €1,911 million driven by strong earnings and tight working capital management. The cash flow margin was 12.0%. In 2011, we expect to achieve a cash flow margin at a high single-digit rate of sales.

The net debt/EBITDA ratio is a key financial figure for the Fresenius Group. This ratio increased to 3.6 in 2008 due to the financing of the APP Pharmaceuticals acquisition. In 2009, it was already down to 3.0 – a significant improvement. The positive trend continued in 2010, with a ratio of 2.6. It is therefore back within our target corridor of 2.5 to 3.0. We expect the ratio to remain within this corridor in 2011, primarily through earnings improvements and continued positive cash flows, respectively.

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 €250 million commercial paper program was not utilized. For further details please see note 21 "Credit lines".

There will be only limited refinancing requirements in 2011, mainly for the €300 million and US$225 million of maturing Trust Preferred Securities of Fresenius Medical Care.

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