Liquidity and capital management

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  Fresenius SE & Co. KGaA
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  +49 (0) 6172 608-2485
  ir-fre@fresenius.com

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  • Annual Report 2020 (PDF, 10 MB)
  • Factsheet FY/20 (PDF, 452 KB)

For 2021, we expect an operating cash flow margin in the range of 10% to 12%, lower than in FY/20 due to expected repayments of prepaymets received in FY/20 under the CARES-Act in the United States at Fresenius Medical Care.

In addition, unused credit lines under syndicated or bilateral credit facilities from banks provide us with a sufficient financial cushion.

Financing activities in 2021 are largely geared to refinancing existing financial liabilities maturing in 2021 and 2022. A large part of the 2021 maturities, however, was already pre-financed with the issuance of bonds in 2020. Without further acquisitions, we expect a slight increase of the net debt/EBITDA¹ ratio. By the end of 2021, the ratio is expected to be around the top end of the self-imposed target corridor of 3.0 x to 3.5 x.

¹ Calculated at expected annual average exchange rates, for both net debt and EBITDAEBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)EBITDA is calculated from EBIT by adding depreciations recognized in income and deducting write-ups recognized in income, both on intangible assets as well as property, plant and equipment.; including contributions from signed, but not yet closed acquisitions; excluding further potential acquisitions; before special