Merck 2010 Annual Report Download - page 109
Download and view the complete annual report
Please find page 109 of the 2010 Merck annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
 |
 |
The Pigments and Cosmetics Business Unit has recovered significantly from the crisis year and
will continue to grow in the coming years. The portfolio will continue to shift toward high-
quality products. Opportunities and risks are especially linked with the growth of the automotive
industry. This sector is showing a trend toward high-quality paints, an area in which Merck is
extremely active. Other opportunities could arise from a shift in the automotive industry from
the current trend of white-silver and black hues back to bright colors.
Corporate and Other comprises the costs for the Merck Group functions. This includes the costs
of Corporate Auditing, of the Legal and Tax departments, of the Annual General Meeting, etc.
Taxes for the Merck Group are also disclosed here as well as the financial result. Based on a figure
of EUR –90 million for 2010, the operating result will remain unchanged in 2011. We forecast
a further rise in costs for 2012.
For 2010, we are proposing to the Annual General Meeting the payment of a dividend of
EUR 1.25 per share. Based on our earnings expectations, the family of owners and Merck share-
holders can continue to expect to receive an earnings-oriented dividend.
For both 2011 and 2012, the Executive Board expects growth in both the total revenues and
operating result of the Merck Group. The higher financial liabilities of the Merck Group, which
resulted from the Millipore acquisition, will steadily decrease over the next several years, also
as a result of our high free cash flow. This will continue to lead to solid balance sheet ratios.
The actual results of the Merck Group and its divisions may deviate substantially from the
expectations of predicted developments. This would be the case if one or other of the uncer-
tainties mentioned were to occur, or if the planning assumptions were to prove inaccurate.
Company 105Management Report Corporate governance Consolidated Financial Statements More information
Report on expected developments