For fiscal year 2023, we expect a cash conversation rate around 1.0.
In addition, undrawn credit lines under syndicated or bilateral credit facilities from banks provide us with sufficient financial headroom.
Financing activities in 2023 are largely geared to refinancing existing financial liabilities maturing in 2023 and 2024.
We expect higher interest rates in fiscal year 2023, resulting in higher interest expense of €700 million to €750 million, depending on financing activities.
Without further acquisitions and depending on divestment activities, Fresenius expects the net debt / EBITDA1 ratio at the end of 2023 to be slightly above the level of year-end 2022 (December 31, 2022: 3.65×) and thus above the self-imposed target corridor of 3.0× to 3.5×.
There are no significant changes in the financing strategy planned for 2023.
1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions / divestitures; excluding further potential acquisitions; before special items