Overall, Merck’s balance sheet ratios and financial indicators remain a very solid expression of our financial strategy of securing Merck’s liquidity at all times. Merck’s bank debts are low. In addition, we have issued bonds for refinancing purposes and have secure investment deposits as well as open credit lines. In terms of business development, Merck’s performance was satisfactory until October 2008. However, we sustained declines due to negative currency effects, particularly in the Chemicals business sector. In November and December, the economic downturn led to a sharp decline in sales. This affected liquid crystals and, within the Performance & Life Science Chemicals division, particularly effect pigments for automotive coatings.
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