Merck 2014 Annual Report Download - page 98

Download and view the complete annual report

Please find page 98 of the 2014 Merck annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 271

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232
  • 233
  • 234
  • 235
  • 236
  • 237
  • 238
  • 239
  • 240
  • 241
  • 242
  • 243
  • 244
  • 245
  • 246
  • 247
  • 248
  • 249
  • 250
  • 251
  • 252
  • 253
  • 254
  • 255
  • 256
  • 257
  • 258
  • 259
  • 260
  • 261
  • 262
  • 263
  • 264
  • 265
  • 266
  • 267
  • 268
  • 269
  • 270
  • 271

93GROUP MANAGEMENT REPORT → REPORT ON ECONOMIC POSITION → Course of business and economic position
GROUP →
NET FINANCIAL DEBT
Book value
Dec. 31, 2014
Book value
Dec. 31, 2013 Change
Maturity Interest rate (%) Financial Covenant € million € million € million in %
Eurobond 2010 / 2015
( Nominal volume
€ 1,350 million) March 2015 3.375 No 1,349.7 1,348.2 1.5 0.1
Eurobond 2009 / 2015
(Nominal volume € 100 million) Dec. 2015 3.6151No 100.0 100.0 – –
Eurobond 2006 / 2016
(Nominal volume € 250 million) June 2016 5.875 No 218.4 222.4 – 4.0 –1.8
Eurobond 2009 / 2016
(Nominal volume € 60 million) Nov. 2016 4.000 No 60.0 60.0 – –
Eurobond 2009 / 2019
(Nominal volume € 70 million) Dec. 2019 4.250 No 69.1 69.0 0.1 0.1
Eurobond 2010 / 2020
( Nominal volume
€ 1,350 million) March 2020 4.500 No 1,344.1 1,343.1 1.0 0.1
Hybrid bond KGaA 2014 / 2074
( Nominal volume
€ 1,000 million) Dec. 207422.6252No 986.2 – 986.2 –
Hybrid bond KGaA 2014 / 2074
( Nominal volume
€ 500 million) Dec. 207433.3753No 496.7 – 496.7 –
Total bonds 4,624.2 3,142.7 1,481.5 47.1
Other financial liabilities No 1,012.8 555.2 457.6 82.4
Total financial liabilities 5,637.0 3,697.9 1,939.1 52.4
less:
Cash and cash equivalents 2,878.5 980.8 1,897.7 193.5
Current financial assets 2,199.4 2,410.5 – 211.1 – 8.8
Net financial debt 559.1 306.6 252.5 82.3
1 Fixed by interest rate swaps.
2 Merck KGaA, Darmstadt, Germany, has the right of first-time premature repayment in June 2021 for this tranche of the hybrid bond issued in December 2014; the nominal interest rate
stated above has been fixed until this date.
3 Merck KGaA, Darmstadt, Germany, has the right of first-time premature repayment in December 2024 for this tranche of the hybrid bond issued in December 2014; the nominal interest
rate stated above has been fixed until this date.