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Comparison of the actual business results with the forecasts

For 2013, we had assumed that strong demand for our products and services would continue despite ongoing cost-containment efforts in the health care sector. This proved to be the case.

The table below shows our initial guidance for 2013 as communicated in February 2013. Due to the excellent operating results, we raised our Group earnings outlook in July and also raised our EBIT outlook for HELIOS.

Group sales growth in constant currency of 8% is fully within the targeted range of 7% to 10% sales growth in constant currency. Net income (before special items)¹ increased by 14% in constant currency and was fully within the targeted range of 11% to 14%. We have also achieved the sales and earnings guidance for all business segments. This includes Fresenius Helios, where EBIT guidance was also increased in July.

We increased our R & D expenses as planned. At 5%, they are within the targeted range of approximately 4% to 5% of our product sales.

In 2013, Fresenius invested €1,073 million in property, plant and equipment (2012: €1,007 million). That was well in line with the budgeted level of about 5% as percentage of sales.

Operating cash flow was €2,320 million (2012: €2,438 million). The cash flow margin was 11.4% and within our expectations. We had expected to achieve a double-digit percentage rate.

ACHIEVED GROUP TARGETS 2013


Targets for 2013 announced in February 2013Increased guidance announced in July 2013Achieved in 2013
Group
Sales (growth, in constant currency)7% – 10%8%
Net income (growth, in constant currency)17% – 12%11% - 14%14%
    
Fresenius Medical Care
Sales> US$14.6 bnUS$14.61 bn
Net income2US$1.1 bn – US$1.2 bnUS$1.11 bn
Fresenius Kabi
Sales (growth, in constant currency)12% – 14%14%
Sales (growth, organic)3% – 5%5%
EBIT margin (excl. Fenwal)319% – 20%19.8%
EBIT margin (incl. Fenwal)318% – 19%18.5%
Fresenius Helios
Sales (growth, organic)3% – 5%3%
EBIT€360 m – €380 m€370 m – €395 m€390 m
Fresenius Vamed
Sales (growth)8% – 12%21%
EBIT (growth)5% – 10%8%

Targets for 2013 announced in February 2013Increased guidance announced in July 2013Achieved in 2013
Group
Sales (growth, in constant currency)7% – 10%8%
Net income (growth, in constant currency)17% – 12%11% - 14%14%
    
Fresenius Medical Care
Sales> US$14.6 bnUS$14.61 bn
Net income2US$1.1 bn – US$1.2 bnUS$1.11 bn
Fresenius Kabi
Sales (growth, in constant currency)12% – 14%14%
Sales (growth, organic)3% – 5%5%
EBIT margin (excl. Fenwal)319% – 20%19.8%
EBIT margin (incl. Fenwal)318% – 19%18.5%
Fresenius Helios
Sales (growth, organic)3% – 5%3%
EBIT€360 m – €380 m€370 m – €395 m€390 m
Fresenius Vamed
Sales (growth)8% – 12%21%
EBIT (growth)5% – 10%8%

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