20. Equity Capital Market Expectations of Corporate Issuers: The Fresenius Perspective

Fresenius is a global healthcare company with more than €20 billion in annual sales and more than 200,000 employees worldwide. During this past decade, our sales have increased almost threefold from €7.1 billion to €20.3 billion. Our market cap has increased from €2.4 billion to €20.1 billion in the same period. Our Deutsche Börse/Frankfurt Stock Exchange listing and XETRA trading experience are key components of Fresenius’ growth story. Healthcare markets around the world are consolidating fast and while the industry particularly lends itself to debt financing, access to equity capital is a necessity to manage our overall financial risk. Over the last 10 years alone, we went through three capital increases from approved capital to finance growth projects.