Merck 2010 Annual Report Download - page 83
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As a result of the growing demand for high-tech liquid crystals from Merck, total revenues
increased in 2010 to EUR 1,013 million, which is 38% more than in 2009. The quarterly
development of Liquid Crystals also reflects the rapid recovery of the global business for liquid
crystal displays (LCD) after the crisis-related drop in 2009. Quarterly business performance
continued to improve in 2010, with a 50% rise in revenues in the second quarter, reaching a
record level of EUR 284 million. In the first half of 2010 alone, total revenues increased over
the same period in 2009 by 63% to EUR 523 million. The operating result increased fourfold
to EUR 263 million. Although still at a high level, total revenues were slightly lower in the
third and fourth quarters. This was the result of the onset of inventory corrections in the LCD
market, with display manufacturers reducing their production, as well as slightly unfavorable
exchange rates.
EUR million / % of divisional sales
1 Europe 127 9%
2 North America 99 7%
3 Latin America 33 3%
4 Asia, Africa, Australasia 1,118 81%
The market research firm DisplaySearch forecasts annual global shipments of over 268.8 million
liquid crystal (LCD) televisions by 2014. The higher demand for LCD televisions is closely linked
with new technologies such as LED backlighting, 3D functionality, and Internet connectivity.
The overall significant increase in total revenues in 2010 and the high capacity utilization
of our LC production was largely due to the strong demand for liquid crystals based on the
patented PS-VA (polymer-stabilized vertical alignment) technology, with which Merck further
expanded its technology leadership. Besides improved moving picture quality, the technical
advantages of PS-VA are faster switching times, higher contrast and better brightness with
lower energy consumption.
2
3
4
1
New technologies such as LED
backlighting, 3D functionality and
Internet connectivity are setting the
trend in the television market
Strong demand for liquid crystals
based on PS-VA technology added
crucial impetus to business
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