Liquidity and Capital Management
For 2022, we expect an operating cash flow margin in the range of 10% to 12%.
In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with a sufficient financial headroom.
Financing activities in 2022 are largely geared to refinancing existing financial liabilities maturing in 2022 and 2023.
Without further acquisitions, Fresenius projects an improvement of the net debt / EBITDA1 ratio (December 31, 2021: 3,51×) into the self-imposed target corridor of 3.0 × to 3.5 × by the end of 2022.
There are no significant changes in the financing strategy planned for 2022.
1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures; excluding further potential acquisitions; before special items