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Targets, results, and outlook

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Targets 20211 Results 2021 Outlook 20222
Fresenius Group
Sales growth (in constant currency) Mid single-digit percentage growth 5% Mid single-digit percentage growth
Net income3 growth(in constant currency) Around the top-end of low single-digit percentage growth 5% Low single-digit percentage growth
Investments in property, plant and equipment ~ 6% of sales 5% of sales ~ 6% of sales
Liquidity and capital management
Cash flow margin 10% to 12% 13.5% 10% to 12%
Net debt / EBITDA Around the top-end of the self-imposed target corridor of 3.0 x to 3.5 x4 3.51 x Without further acquisitions, we expect an improvement and thus a leverage ratio within the self-imposed target corridor
1 Before special items; including expected COVID-19 effects (updated in November 2021; more information within table of achieved Group targets in chapter Overall business development)
2 Before special items, including expected COVID-19 effects
3 Net income attributable to shareholders of Fresenius SE & Co. KGaA
4 At average expected exchange rates for both net debt and EBITDA; excluding further potential acquisitions; before special items

Targets, results, and Outlook

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Targets 20211 Results 2021 Outlook 20222
Business segments
Fresenius Medical Care3
Sales growth(in constant currency) Expecting to be at the lower end of the guidance range of low-to-mid single-digit percentage growth 2% Low-to-mid single-digit percentage growth
Net income4 growth (in constant currency) Expecting to be at the lower end of the guidance range of high-teens to mid-twenties percentage decline -23% Low-to-mid single-digit percentage growth
Fresenius Kabi
Sales growth(organic) Low-to-mid single-digit percentage growth 4% Low single-digit percentage growth
EBIT growth(in constant currency) Around the top end of the low single-digit percentage guidance range 7% Decline in high single- to low double-digit percentage range
Fresenius Helios
Sales growth(organic) Mid single-digit percentage growth 7% Low-to-mid single-digit percentage growth
EBIT growth (in constant currency) High single-digit percentage growth 10% Mid single-digit percentage growth
Fresenius Vamed
Sales growth(organic) Mid-to-high single-digit percentage growth 11% High single- to low double-digit percentage growth
EBIT High double-digit
€ million amount
€101 million Returning to absolute pre-COVID levels (2019: €134 million)
 1 Before special items, including estimated COVID-19 effects (updated in November 2021, more information within table of achieved Group targets in chapter Overall business development)
2 Before special items, including estimated COVID-19 effects
3 These targets are based on the 2021 results excluding the costs related to FME25 of € 49 million (for Net Income). They are based on the outlined assumptions, in constant currency and exclude special items. Special items include further costs related to FME25 and other effects that are unusual in nature and have not been foreseeable or not foreseeable in size or impact at the time of giving guidance.
4 Net income attributable to shareholders of Fresenius Medical Care AG & Co. KGaA