Fresenius SE

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Key Ratios

Key ratios for the Fresenius Group are shown in the summary below. Fresenius SE has published consolidated financial statements based on US GAAP accounting standards since fiscal 2002. As from fiscal year 2005 Fresenius prepares and publishes consolidated financial statements according to IFRS. Since our largest subsidiary Fresenius Medical Care reports on the basis of US GAAP, we continue to present our practice and therefore prepare and publish a set of US GAAP consolidated financial statements in addition to the statutory reporting to IFRS. Some of the key figures and ratios listed can also be found in our 10-Year Summary.

Profitability ratios

EBITDA margin (%):

EBITDA / Sales

2007	2006	2005	2004	2003
17.9	17.1	16.3	16.0	15.7

EBIT margin (%):

EBIT / Sales

2007	2006	2005	2004	2003
14.2	13.4	12.3	11.6	11.1

Return on Equity (ROE) (%):

Net income / Shareholders’ Equity

2007	2006*	2005**	2004	2003
12.0	10.4	11.4	10.5	7.5

* 2006 pro forma Renal Care Group, excluding first quarter 2006 earnings of divested US dialysis clinics

** 2005: balance sheet adjusted for acquisition of HELIOS Kliniken

Return on Operation Assets (ROOA) (%):

EBIT x 100 / Operating Assets (average)

	Total assets
-	Deferred tax assets
-	Trade accounts payable
-	Payments received on account
=	Operating Assets

2007	2006*	2005**	2004	2003
11.4	10.4	11.7	11.1	9.8

* 2006 pro forma Renal Care Group, excluding earnings from the divestiture of US dialysis clinics as well as their first quarter 2006 earnings

** 2005: balance sheet adjusted for acquisition of HELIOS Kliniken


Return on Invested Capital (ROIC) (%):

EBIT - taxes / Invested Capital

	Total assets
+	Amortization of goodwill (accumulated)
-	Deferred tax assets
-	Cash an cash equivalents
-	Trade accounts payable
-	Accruals (without pension accruals)
-	other liabilities not bearing interest
=	Invested Capital

2007	2006*	2005**	2004	2003
8.4	7.4	8.0	7.4	6.3

* 2006 pro forma Renal Care Group, excluding earnings from the divestiture of US dialysis clinics as well as their first quarter 2006 earnings

** 2005: balance sheet adjusted for acquisition of HELIOS Kliniken


Operating Cashflow as % of Sales:

Operating Cashflow / Sales

2007	2006	2005	2004	2003
11.4	9.8	9.9	11.7	11.0

Debt ratios

Debt / EBITDA

2007	2006	2005	2004	2003
2.8	3.1	2.5 *	2.4	2.8

* including EBITDA of HELIOS of the fiscal year 2005


Net Debt / EBITDA

2007	2006	2005	2004	2003
2.6	3.0	2.3 *	2.2	2.7

* including EBITDA of HELIOS of the fiscal year 2005


EBITDA / Interest

2007	2006	2005	2004	2003
5.5	4.6	6.3	5.6	4.4

Balance Sheet ratios

Equity ratio (%):

(Shareholders’ equity including minority interest / Balance sheet total) x 100

2007	2006	2005	2004	2003
40	38	44	41	39

Other (%):

Depreciation and Amortization / Sales

2007	2006	2005	2004	2003
3.7	3.7	4.1	4.3	4.6

* since January 1, 2002 amortization of Goodwill according to SFAS 142.

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