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For 2014, we expect continued strong cash flow with a cash flow margin between 9% and 11%.

In addition, unused credit lines under syndicated or bilateral credit facilities from banks will generally provide us with a sufficient financial cushion. In 2014, in addition to the conclusion of the financing for the acquisition of hospitals from Rhön-Klinikum AG, a limited number of refinancing measures for existing facilities are also planned. This includes the refinancing of the Euro Notes maturing in April and July 2014 with a total volume of €300 million.

The acquisition of hospitals from Rhön-Klinikum AG led to appreciably higher Group debt. At the end of 2014, we expect Group net debt / EBITDA to be in the range of 3.0 to 3.25 and thus above the target range of 2.5 to 3.0.

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