As of December 31, 2009, total assets of the Merck Group were € 16,713 million. This corresponds to an increase of € 1,068 million, or 6.8%, over 2008. This increase is due mainly to cash inflows of € 750 million from a bond that was issued in the first quarter of 2009 with a maturity of 4.5 years. A further € 230 million is due to private placements made during 2009. The equity ratio decreased from 61.1% at the beginning of the year to 56.9% on December 31, 2009.
Net debt decreased to € 263 million compared with € 477 million at the end of 2008. Merck has an A3 rating (“stable outlook”) from Moody’s and an A– rating (“stable outlook”) from Standard & Poor’s. One of the objectives of Merck’s financial strategy is to maintain an investment-grade rating and a strong balance sheet.
During 2009, we began covering the pension provisions of Merck KGaA with appropriated financial assets on a long-term basis. Covering pension provisions with underlying financial assets will be expanded continuously. As of December 31, 2009, € 210 million were disclosed separately as a long-term investment.
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