In 2009, the free cash flow of the Merck Group nearly doubled to € 812 million compared with € 438 million in 2008. Underlying free cash flow (adjusted for acquisitions and divestments) increased by 42% to € 852 million. The Pharmaceuticals business sector contributed € 916 million and the Chemicals business sector € 432 million. The Corporate and Other segment mainly reflects cash outflows for interest and taxes. Underlying free cash flow of this segment was € −496 million. The increase in underlying free cash flow for the Group compared to 2008 is based on the good development of working capital, which we intentionally lowered in 2009.
Free cash flow and underlying free cash flow
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