Fresenius SE & Co. KGaA annual general meeting: Health care company fully confirms short- and mid-term growth targets – 18th consecutive dividend increase

After record results in 2010, Fresenius expects another outstanding year in 2011. At the company's annual general meeting held today in Frankfurt am Main, Ulf Mark Schneider, CEO of Fresenius, fully confirmed the Group outlook raised in early May following an excellent start into the current fiscal year: Sales are expected to increase by 7% to 8% in constant currency. Net income* is expected to increase by 12% to 16% in constant currency. Schneider also confirmed the Group's mid-term net income target of more than €1 billion in 2014. "This is an ambitious goal. Based on €660 million in net income in 2010, we have to accomplish compounded annual net income growth of 11% over the next four years," Schneider said.

Fresenius anticipates particularly strong growth due to rising demand for health care in emerging markets: "In the Asia-Pacific and Latin American regions, Fresenius maintains an extensive production and distribution network that ensures our competitiveness. Our goal is to increase sales by more than €1 billion to more than €3 billion in 2013."

At the annual general meeting, a 99.99% majority of Fresenius SE & Co. KGaA's shareholders approved the 18th consecutive dividend increase proposed by the general partner and the supervisory board. Shareholders will receive €0.86 per share (2009: €0.75). This is an increase of 15%.

In addition, with a majority of over 96%, shareholders approved a resolution on the cancellation of existing Authorized Capitals I to V and the creation of new Authorized Capital I of up to €40.32 million.

A shareholder majority of over 99% approved the actions of both the management and supervisory boards for the 2010 fiscal year.

At the annual general meeting, 76% of the subscribed capital was represented.

*Net income attributable to Fresenius SE & Co. KGaA; adjusted for the effects of mark-to-market accounting of the Mandatory Exchangeable Bonds (MEB) and the Contingent Value Rights (CVR) related to the acquisition of APP Pharmaceuticals. Both are non-cash items.