Using protons to take on cancer
A little heart at the center of a complex surgery
On duty in disaster zones
Crucial lessons learned
More ‘Quality of Life’ in clinics
Ready to help the littlest ones
Making mistakes to avoid them
A vast island nation
"I want to help others, so they won’t give up"
A polyclinic in Ghana
The future is purple
From a local pharmacy to a global corporation
We employ a balanced mix of equity and debt to optimize the average cost of capital. We ensure financial flexibility by using a broad spectrum of financing instruments. Our financing profile is characterized by a wide spread of maturities up to 2032.
Sufficient financial cushion is assured for the Fresenius Group by unused syndicated and bilateral credit lines. In addition, Fresenius SE & Co. KGaA and Fresenius Medical Care AG & Co. KGaA maintain commercial paper programs. The Fresenius Medical Care receivable securitization program offers additional financing options.
In present capital market conditions we optimize our cost of capital if we hold the net debt/EBITDA ratio within a range of 2.5 to 3.0. As of June 30, 2018, the net debt/EBITDA ratio was 2.801 (December 31, 2017: 2.841). Fresenius expects to further reduce its net debt/EBITDA2 ratio by year-end 2018.
In line with the Group’s structure, financing for Fresenius Medical Care and for the rest of the Fresenius Group is conducted separately. There are no joint financing facilities and no mutual guarantees.
1 At LTM average exchange rates for both net debt and EBITDA; pro forma closed acquisitions/divestitures, excluding Akorn and NxStage transactions
2 Calculated at expected annual average exchange rates for both net debt and EBITDA; excluding effects of the Akorn and NxStage transactions and gains from divestitures of Care Coordination activities; excluding further potential acquisitions; at current IFRS rules
