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      Credit Relations

      Fresenius Medical Care - Credit Relations

      Financing strategy & instruments

      Financial flexibility takes top priority in Fresenius Medical Care’s financial strategy besides optimizing the financing costs. The company ensures this flexibility by using a wide range of financial instruments and securing a high level of diversification regarding our investors and banks.

      Our long-term debt consists mainly of term loans and bonds in Euro and U.S. dollar. In addition, Fresenius Medical Care uses an equity-neutral convertible bond and a syndicated credit agreement with revolving credit facilities in U.S. dollar and Euro. For short-term financing needs, we can use the revolving credit facilities as well as a commercial paper program, an accounts receivable facility and bilateral credit facilities.

      Major financing instruments

      Financing & currency mix excluding IFRS 16

      as of June 30, 2019

      Bonds and convertible bonds

      1 Concurrently with the bond issuance, Fresenius Medical Care has purchased call options (cash-settled) on its shares to off-set in full the economic exposure from a potential exercise of the conversion rights embedded in the bonds. Therefore, the instrument will not result in the issuance of new shares upon conversion. A dilution of Fresenius Medical Care's share capital through issuance of new shares in connection with this transaction is ruled out.

      European Medium Term Note Program

      Commercial Paper Program

      Debt maturity profile

      as of June 30, 2019

      1) Based on utilization of major financing instruments

      2 )Excluding IFRS 16 adjustments

      Net leverage ratio (Net debt/EBITDA) excl. IFRS 16


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