Merck 2010 Annual Report Download - page 177
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The following amounts arising from non-current financial assets classified as available-for-sale
were recognized in equity as of the balance sheet date:
EUR million
Available-
for-sale
interests
Available-
for-sale
securities
Total
Dec. 31,
2010
Available-
for-sale
interests
Available-
for-sale
securities
Total
Dec. 31,
2009
Fair values/
Book values 88.3 7.5 95.8 101.4 1.0 102.4
Amortized
acquisition cost 90.5 7.5 98.0 90.0 1.0 91.0
Unrealized
gains/losses –2.2 – –2.2 11.4 – 11.4
EUR million
Available-for-sale
financial assets
Financial assets
held to maturity Total
Book value January 1, 2009 – – –
Currency translation – – –
Changes in scope of consolidation – – –
Additions 187.2 61.1 248.3
Impairment losses – – –
Disposals –47.0 – –47.0
Fair value adjustments of longterm investments
taken directly to equity 8.3 – 8.3
Transfers – – –
Book value December 31, 2009 148.5 61.1 209.6
Book value January 1, 2010 148.5 61.1 209.6
Currency translation – – –
Changes in scope of consolidation – – –
Additions 72.1 21.0 93.1
Impairment losses – – –
Disposals –60.2 –17.5 –77.7
Fair value adjustments of longterm investments
taken directly to equity –8.1 – –8.1
Transfers – – –
Book value December 31, 2010 152.3 64.6 216.9
In fiscal 2009, Merck began to cover the pension obligations of Merck KGaA with financial assets
appropriated for this purpose. Covering pension obligations with underlying financial assets is long
term and will be continuously expanded. These assets are actively being managed by an external
service provider within the scope of asset management agreements. Merck is steering the invest-
ments via restrictions with respect to ratings and the choice of investments. Performance and risk
controlling take place on a regular basis and include monthly performance measurements. In addi-
tion, the investment strategy and structure as well as the implementation thereof are reviewed for
conformity with the objectives. The strategic spread of assets is highly cautious, with approximately
75% invested in fixed-income securities. All investments will be denominated exclusively in euros.
Company 173Management Report Corporate governance Consolidated Financial Statements
Notes
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