Merck 2008 Annual Report Download - page 113
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As of December 31, 2008, non-current financial assets available for sale (investments)
were carried at cost with a book value of € 17.0 million since a market price could not
be determined.
The development of the value of minority investments is often dependent on devel-
opments on the stock exchanges, which is why the value of minority investments gen-
erally declined.
Due to the sustained decline in stock market values, an investment in ZymoGenetics
Inc. classified as available for sale was written down by € 29.2 million to the lower
fair value. The corresponding expense has been reported under Exceptional items and
relates to the Merck Serono division.
No non-current financial assets were reclassified between the individual categories
of financial instruments during the fiscal year. The following amounts arising from
non-current financial assets classified as available-for-sale were recognized in equity
as of the balance sheet date:
€ million
Available
for sale
interests
Available
for sale
securities
Total
Dec. 31,
2008
Available
for sale
interests
Available
for sale
securities
Total
Dec. 31,
2007
Fair values/
Book values 45.6 0.9 46.5 74.4 1.1 75.5
Amortized
acquisition cost –59.7 –0.9 –60.6 –73.5 –1.1 –74.6
Unrealized
gains/losses –14.1 – –14.1 0.9 – 0.9
108 | Merck Annual Report 2008