Merck 2014 Annual Report Download - page 144
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139GROUP MANAGEMENT REPORT → Report on Expected Developments
SUMMARY
Slight organic sales growth of the Group is assumed for 2015,
which is likely to be driven by the Life Science business sector in
particular. In addition to this, the company expects a slight port-
folio effect due to the first-time consolidation of AZ Electronic
Materials for a full fiscal year.
Together with positive foreign exchange effects, the business
development of the Group is likely to lead to a slight increase in
EBITDA pre one-time items. However, it is expected that EBITDA
pre one-time items will at least reach the previous year’s level. A
slight decline in
EBITDA pre one-time items in the Healthcare
business sector due to targeted investments in strategic research
and development projects, a significant decline in sales of Rebif®
and the absence of royalty income for Humira® should at least be
offset by the other two business sectors. Low double-digit percent-
age growth of
EBITDA pre one-time items for the Perfor
mance
Materials business sector is likely, while a moderate increase
is
expected for the Life Science business sector. As a consequence of
this development and despite investments in strategic growth
projects, the Group anticipates a slight increase in business free
cash flow in 2015 compared with 2014.
In the event of the successful acquisition of Sigma-Aldrich in
mid-2015, Merck KGaA, Darmstadt, Germany, expects double-digit
sales growth for the Group and the Life Science business sector
in 2015, as compared with 2014. Very strong growth of
EBITDA
pre one-time items and business free cash flow for the Group is
anticipated, while double-digit growth rates are expected for the
Life Science business sector.