01.4
Capital Market and Stock
SHAREHOLDER STRUCTURE
Fresenius Medical Care’s subscribed capital amounted to €297.7 million as of December 31, 2008. There were 293.93 million ordinary shares outstanding, and 3.81 million preference shares in circulation.
| Table 01.4.4 | NUMBER OF IDENTIFIED SHARES |
| of shares | in % | in % of Free Float | ||
|---|---|---|---|---|
| Total shares outstanding, 31. Dez., 2008 | 297,742,576 |
100.0 |
– |
|
| of which Ordinary shares | 293,932,036 |
98.7 |
– |
|
| of which Preference shares | 3,810,540 |
1.3 |
– |
|
| Shares identified incl. Fresenius SE | 271,607,967 |
91.2 |
– |
|
| Shares not identified | 26,134,609 |
8.8 |
13.7 |
|
| Fresenius SE, 31. Dez., 2008 | 106,603,026 |
35.8 |
– |
|
| Free Float | 191,139,550 |
64.2 |
– |
|
| SHARES IDENTIFIED | 165,004,941 |
55.4 |
86.3 |
|
| Table 01.4.5 | GEOGRAPHICAL DISTRIBUTION OF SHARES IDENTIFIED |
| Shares | in % | |
|---|---|---|
| North America (incl. Canada) | 47,931,998 |
29.0 |
| Germany | 21,184,539 |
12.8 |
| United Kingdom | 40,182,577 |
24.4 |
| France | 11,197,265 |
6.8 |
| Ireland | 3,694,310 |
2.2 |
| Rest of Europe | 13,738,743 |
8.3 |
| Retail Investors | 23,816,450 |
14.4 |
| Asia-Pacific / Middle East | 3,259,059 |
2.0 |
| TOTAL | 165,004,941 |
100.0 |
At the beginning of 2009, we again conducted a shareholder identification survey. We present the results in the following. We have intentionally abstained from comparing the figures with those from the previous year, as the data and categories used by the new service provider are not identical with those used last year. The total number of Fresenius Medical Care outstanding shares was 297,742,576 on December 31, 2008. 191,139,550 shares, or 64.2 %, were in free float at the end of the reporting year. In the survey we were able to attribute 271,607,967 shares to their owners: 106,603,026 were identified as belonging to Fresenius SE, which accounts for 35.8 % of total capital – almost the same as in the previous year. 165,004,941 shares, representing 86.3 % of the shares in free-float, were held by other investors. Just 26,134,609 shares or 8.8 % of the outstanding capital could not be identified. Overall, we identified 656 institutional investors.
The top 20 institutional investors in our company held about 30 % or around 50 million of the identified shares. Four of them are based in Germany, seven are in the United Kingdom, four in the United States and two are based in France. The remaining three investors come from Norway, Ireland and Canada.
| Table 01.4.6 | SHAREHOLDER DISTRIBUTION OF SHARES IDENTIFIED |
| Shares | in % of identified shares | |
|---|---|---|
| Institutional Investors | 136,590,408 |
82.8 |
| Retail Investors | 23,816,450 |
14.4 |
| Retail Broker (ADR) | 4,411,383 |
2.7 |
| Prime Brokerage Accounts | 186,700 |
0.1 |
| TOTAL | 165,004,941 |
100.0 |
| Chart 01.4.3 | Geographical distribution of shares identified |
At the time of the survey, private investors accounted for 23,816,450 shares or 14.4 % of the shares identified, while retail brokers (ADR) held 4,411,383 shares in total, or 2.7 %.
In terms of geographical distribution, 47,931,998 shares were held by institutions in North America (incl. Canada). This represents 29.0 % of the shares identified. A total of 68,636,260 shares, or 41.7 % of the identified shares, were held in Europe, excluding Germany, with U.K. institutions controlling 40,182,577 shares or 24.4 %. German institutional ownership accounted for 21,184,539 shares, or 12.8 %.
Looking at our shareholder structure we feel that we have a well balanced portfolio of shareholders both from a geographical point of view and in terms of private and institutional investors. For 2009 and 2010 we see the regional focus of our investor relations activities being in North America as well as selected European countries.
In July 2008 Fresenius SE issued an offering of €554 million in mandatory exchangeable bonds (MEB), which are exchangeable into ordinary shares of Fresenius Medical Care upon redemption. The bonds issued have a maturity of three years. Upon maturity, a maximum of 16.8 million and a minimum of 14.24 million Fresenius Medical Care shares will be deliverable, representing approximately 5.7 % or 4.8 % of Fresenius Medical Care’s total subscribed capital. The holding of Fresenius SE of currently 35.8 % will therefore be reduced by at least 4.8 %.
