Merck 2014 Annual Report Download - page 99
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94 GROUP MANAGEMENT REPORT → REPORT ON ECONOMIC POSITION → Course of business and economic position
1 Quarterly breakdown unaudited.
2014
2013
15.4
684
593
Q1 →
Q2 →
Q3 →
Q4 →
632
784
– 19.3
614
853
– 28.0
675
730
– 7.6
%
GROUP →
BUSINESS FREE CASH FLOW AND CHANGE BY QUARTER1
€ million / change in %
The increase in financial liabilities as well as liquid assets is related
to the financing of the planned acquisition of Sigma-Aldrich. Net
financial debt rose by only €252 million to €559 million (2013:
€307 million), even though the payment of the purchase price
for
AZ amounting to around €1.9 billion was financed in 2014.
This illustrates yet again the high internal financing power of the
Group. Expected future cash flows such as repayments and
inter-
est from financial liabilities are presented under “Manage
ment of
financial risks” in the Notes to the Group accounts.
GROUP →
WORKING CAPITAL
Change
€ million Dec. 31, 2014 Dec. 31, 2013 € million in %
Trade accounts receivable 2,235.6 2,021.4 214.2 10.6
Inventories 1,659.7 1,474.2 185.5 12.6
Trade accounts payable –1,539.4 –1,364.1 –175.3 12.9
Working capital 2,355.9 2,131.5 224.4 10.5
% of sales 20.9 % 19.9 %
Working capital increased in 2014 by €224 million. Approximately
two-thirds of this increase were due to the first-time consolidation
of AZ. Consequently, working capital increased
to 20.9 % of sales
(2013: 19.9 %).
Business free cash flow of the
Group
was €2,605 million
in
2014 (2013: €2,960 million), which did not meet the high pre
vious
year’s level. The composition of this financial indicator is presented
in the Group management report under “Internal Management
System of the Group”.
The distribution of business free cash flow across the individual
quarters as well as the percentage changes in comparison with 2013
were as follows: