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Liquidity analysis

In 2012, key sources of liquidity were operating cash flows and short-, medium-, and long-term debt. Cash flow from operations is influenced by the profitability of Fresenius’ business and by net working capital, especially accounts receivable. Cash flow can be generated from short-term borrowings through the sale of receivables under the Fresenius Medical Care accounts receivable securitization program, by using the commercial paper program, and by drawing on bilateral bank credit agreements. Medium- and long-term funding are provided by the syndicated credit facilities of Fresenius SE & Co. KGaA and Fresenius Medical Care and by Senior Notes, as well as by various other financing instruments. Fresenius believes that its existing credit facilities, as well as the operating cash flows and additional sources of short-term funding, are sufficient to meet the Company’s foreseeable liquidity needs.

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