Merck 2014 Annual Report Download - page 235

230 CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
Biopharmaceuticals
€ million 2013 reported
Product group
transfer adjustments Disclosure change12013 adjusted
Sales 5,953.6 – 265.2 – 5,688.4
Royalty, license and commission income 372.2 – 0.2 – 372.0
Total revenues 6,325.8 – 265.4 – 6,060.4
Cost of sales1–1,106.1 81.7 – –1,024.4
(of which: amortization of intangible assets)1(–) (–) (–) (–)
Gross profit15,219.7 – 183.7 – 5,036.0
Marketing and selling expenses1–1,288.7 71.8 – 596.7 –1,813.6
(of which: amortization of intangible assets)1(–) (–) (– 596.7) (– 596.7)
Royalty, license and commission expenses – 547.7 0.4 – – 547.3
Administration expenses – 211.3 8.8 – – 202.5
Research and development costs1–1,182.8 4.7 – –1,178.1
(of which: amortization of intangible assets)1(–) (–) (–) (–)
Other operating expenses and income – 499.4 – 2.0 – – 501.4
Operating result (EBIT) 893.0 – 99.9 – 793.1
Depreciation and amortization 797.4 – – 797.4
Impairment losses 196.4 – – 196.4
Reversals of impairment losses – 0.3 – – – 0.3
EBITDA 1,886.5 – 99.9 – 1,786.6
One-time items 68.5 – – 68.5
EBITDA pre one-time items (Segment result) 1,955.0 – 99.9 – 1,855.1
EBITDA margin pre one-time items (% of sales) 32.8 – 0.2 – 32.6
Net operating assets 6,968.0 –156.1 – 6,811.9
Segment liabilities –1,358.0 – – –1,358.0
Investments in property, plant and equipment2151.3 – – 151.3
Investments in intangible assets280.6 – – 80.6
Net cash flows from operating activities 1,818.9 – 79.1 – 1,739.8
Business free cash flow 1,875.7 – 88.6 – 1,787.1
1 The disclosure of amortization of intangible assets (excluding software) has been changed. See Note “Accounting and measurement principles”.
2 According to the consolidated cash flow statement.