Merck 2014 Annual Report Download - page 226

221CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
The fair value of the plan assets can be allocated to the following
categories:
Dec. 31, 2014 Dec. 31, 2013
€ million
Quoted
market price in an
active market
No quoted
market price in an
active market Total
Quoted
market price in an
active market
No quoted
market price in an
active market Total
Cash and cash equivalents 167.0 – 167.0 522.8 0.1 522.9
Equity instruments 544.9 – 544.9 433.8 0.9 434.7
Debt instruments 662.5 – 662.5 589.2 0.5 589.7
Direct investments in real estate – 84.7 84.7 – 79.1 79.1
Investment funds 371.3 – 371.3 136.7 – 136.7
Insurance contracts – 74.9 74.9 – 71.4 71.4
Other 88.2 0.9 89.1 5.7 – 5.7
Fair value of the plan assets 1,833.9 160.5 1,994.4 1,688.2 152.0 1,840.2
Employer contributions to plan assets and direct payments to ben-
eficiaries will probably amount to around €93.3 million in 2015.
The weighted duration amounted to 20 years.
The cost of ongoing contributions for defined contribution
plans that are financed exclusively by external funds and for
which the companies of the Group are only obliged to pay the
contributions amounted to €38.7 million (2013: €19.3 million).
In addition, employer contributions amounting to €57.2 million
(2013: €55.5 million) were transferred to the German statutory
pension insurance system and €28.5 million (2013: €29.7 mil-
lion) to statutory pension insurance systems abroad.
(50) EQUITY
Equity capital
The total capital of the company consists of the share capital com-
posed of shares and the equity interest held by the general partner
E. MerckKG, Darmstadt, Germany. As of the balance sheet date,
the company’s share capital amounting to € 168.0 million was
divided into 129,242,251 no-par value bearer shares plus one reg-
istered share and is disclosed as subscribed capital. The number of
shares doubled compared to the previous year, after the Annual
General Meeting of MerckKGaA, Darmstadt, Germany, resolved a
1:2 stock split, which was implemented as of June 30, 2014.
The amount resulting from the issue of shares by MerckKGaA,
Darmstadt, Germany, exceeding the nominal amount was recog-
nized in the capital reserves. The equity interest held by the genera l
partner amounted to €397.2 million.
Share of net profit of E. MerckKG, Darmstadt, Germany
E. MerckKG, Darmstadt, Germany, and MerckKGaA, Darmstadt,
Germany, engage in reciprocal net profit transfers. This makes it
possible for E. MerckKG, Darmstadt, Germany, the general partner
of MerckKGaA, Darmstadt, Germany, and the shareholders to par-
ticipate in the net profit / loss of MerckKGaA, Darmstadt, Germany,
in accordance with the ratio of the general partner’s equity interest
and the share capital (70.274 % or 29.726 % of the total capital).
The allocation of net profit / loss is based on the net income of
E. MerckKG, Darmstadt, Germany, determined in accordance with
the provisions of the German Commercial Code as well as the in-
come / loss from ordinary activities and the extraordinary result of
MerckKGaA, Darmstadt, Germany. These results are adjusted for
trade tax and create the basis for the allocation of net profit / loss.