Merck 2010 Annual Report Download - page 33
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EUR million 2010 2009
Total revenues 9,291 7,747
Other income 221 135
Financial income 40 36
Corporate result 9,552 7,918
Cost of materials –1,246 –1,052
Other purchased services/expenses –3,298 –3,075
Gross value added 5,008 3,791
Depreciation and amortization –1,258 –1,004
Net value added 3,750 2,787
EUR million 2010 2009
Personnel expenses 2,597 2,129
Financial expenses 291 171
Taxes on income 220 110
Profit after tax 642 377
Net value added 3,750 2,787
In 2010, the business performance of Merck was very successful overall. As of the beginning
of 2010, we recorded higher total revenues compared to year-earlier quarters. Primarily the
Chemicals business sector benefited from improved economic conditions. Additionally, the
acquisition of Millipore contributed to the increase in total revenues. The operating result
of the Chemicals business sector increased markedly despite the costs of the integration of
Millipore and the expenses from the purchase price allocation. In the Pharmaceuticals business
sector, the operating result was lowered by one-time expenses from declines in the value of
intangible assets.
The balance sheet ratios and the key financial indicators of Merck in 2010 were influenced
mainly by the acquisition of Millipore. On the assets side of the balance sheet, acquired intan-
gible assets led to an increase of more than EUR 5 billion. This compares mainly with third-
party financing of the Millipore acquisition in addition to deferred taxes resulting from the
purchase price allocation. Thanks to the good development of cash flow, Group net financial
debt has already fallen since the acquisition.
Company 29Management Report Corporate governance Consolidated Financial Statements More information
Financial position and results of operations