Summary assessment
In summary, Merck’s overall business development in 2009 was again satisfactory following the unexpected steep decline at the end of 2008 and the beginning of 2009. The Pharmaceuticals business sector continued to develop well; however, one-time expenses adversely affected the fourth quarter in particular. The Chemicals business sector recovered in the course of the year. The balance sheet ratios and key performance indicators of Merck remain very solid and an expression of our financial strategy of ensuring 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.
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Total revenues by quarter |
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|
|
|
|
|
|
|
|
€ million |
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
2009 |
2008 |
|
Total |
1,858 |
1,910 |
1,950 |
2,029 |
7,747 |
7,590 |
|
Pharmaceuticals |
1,422 |
1,423 |
1,442 |
1,525 |
5,812 |
5,456 |
|
Chemicals |
436 |
487 |
508 |
504 |
1,935 |
2,127 |
|
Corporate and Other |
– |
0 |
0 |
– |
0 |
7 |
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Components of growth in total revenues by quarter |
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in % |
1st quarter |
2nd quarter |
3rd quarter |
4th quarter |
2009 |
2008 |
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Organic growth |
–0.8 |
–1.2 |
2.2 |
8.7 |
2.2 |
11.4 |
|
Pharmaceuticals |
8.5 |
4.4 |
6.8 |
8.2 |
7.0 |
14.9 |
|
Chemicals |
–21.1 |
–14.6 |
–9.4 |
10.3 |
–9.5 |
4.8 |
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Currency effects |
0.3 |
1.0 |
0.4 |
–2.4 |
–0.2 |
–4.2 |
|
Acquisitions/divestments |
0.1 |
0.1 |
0.2 |
–0.3 |
0.0 |
–0.1 |
|
Total |
–0.4 |
0.0 |
2.7 |
5.9 |
2.1 |
7.2 |
Dividend proposal
The objective of our dividend policy is to distribute, on a long-term average, a total dividend equivalent to 30%−40% of Group profit after tax. We will propose to the Annual Meeting on April 9, 2010 the payment of a dividend of € 1.00 per share.
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