| XLS |
|
Investments in |
Securities |
Financial assets covering pensions |
Loans and other non-current financial assets |
Total |
|||
€ million |
available-for-sale affiliates |
available-for-sale companies |
available-for-sale financial investments |
financial investments held to maturity |
available-for-sale financial assets |
financial assets held to maturity |
||
Acquisition cost January 1, 2008 |
94.7 |
27.4 |
5.6 |
11.7 |
– |
– |
16.2 |
155.6 |
Currency translation |
0.3 |
– |
– |
–1.6 |
– |
– |
–0.1 |
–1.4 |
Changes in scope of consolidation |
– |
–58.5 |
– |
– |
– |
– |
– |
–58.5 |
Additions |
19.0 |
57.2 |
0.1 |
– |
– |
– |
6.2 |
82.5 |
Disposals |
–3.4 |
–0.4 |
–0.5 |
– |
– |
– |
–6.7 |
–11.0 |
Transfers |
– |
– |
– |
– |
– |
– |
– |
– |
December 31, 2008 |
110.6 |
25.7 |
5.2 |
10.1 |
– |
– |
15.6 |
167.2 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
–20.3 |
–0.1 |
–4.5 |
– |
– |
– |
–0.4 |
–25.3 |
Currency translation |
– |
– |
– |
– |
– |
– |
– |
– |
Changes in scope of consolidation |
– |
–0.1 |
– |
– |
– |
– |
– |
–0.1 |
Depreciation and impairment losses |
–29.7 |
– |
– |
– |
– |
– |
– |
–29.7 |
Disposals |
– |
– |
0.2 |
– |
– |
– |
0.1 |
0.3 |
Fair value adjustments of longterm investments taken directly to equity |
–15.0 |
– |
– |
– |
– |
– |
– |
–15.0 |
December 31, 2008 |
–65.0 |
–0.2 |
–4.3 |
– |
– |
– |
–0.3 |
–69.8 |
|
|
|
|
|
|
|
|
|
Net carrying amount |
45.6 |
25.5 |
0.9 |
10.1 |
– |
– |
15.3 |
97.4 |
|
|
|
|
|
|
|
|
|
Acquisition cost January 1, 2009 |
110.6 |
25.7 |
5.2 |
10.1 |
– |
– |
15.6 |
167.2 |
Currency translation |
– |
– |
–0.1 |
– |
– |
– |
– |
–0.1 |
Changes in scope of consolidation |
– |
–34.3 |
– |
– |
– |
– |
– |
–34.3 |
Additions |
9.6 |
35.6 |
1.1 |
– |
187.2 |
61.1 |
4.3 |
298.9 |
Disposals |
–0.4 |
–4.2 |
–0.2 |
–10.1 |
–47.0 |
– |
–3.9 |
–65.8 |
Transfers |
0.6 |
–0.6 |
– |
– |
– |
– |
– |
– |
December 31, 2009 |
120.4 |
22.2 |
6.0 |
– |
140.2 |
61.1 |
16.0 |
365.9 |
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
–65.0 |
–0.2 |
–4.3 |
– |
– |
– |
–0.3 |
–69.8 |
Currency translation |
– |
– |
– |
– |
– |
– |
0.1 |
0.1 |
Changes in scope of consolidation |
– |
– |
– |
– |
– |
– |
– |
– |
Depreciation and impairment losses |
–1.9 |
– |
–0.7 |
– |
– |
– |
– |
–2.6 |
Disposals |
0.4 |
– |
– |
– |
– |
– |
0.2 |
0.6 |
Fair value adjustments of longterm investments taken directly to equity |
25.5 |
– |
– |
– |
8.3 |
– |
– |
33.8 |
December 31, 2009 |
–41.0 |
–0.2 |
–5.0 |
– |
8.3 |
– |
– |
–37.9 |
|
|
|
|
|
|
|
|
|
Net carrying amount |
79.4 |
22.0 |
1.0 |
– |
148.5 |
61.1 |
16.0 |
328.0 |
As of December 31, 2009, non-current financial assets available-for-sale (investments) with a book value of € 48.2 million were carried at cost since fair value could not be reliably determined.
During fiscal 2009, Merck began to cover the pension obligations of Merck KGaA with financial assets appropriated for this purpose. Covering pension obligations with underlying financial assets is long term and will be continuously expanded. These assets are actively being managed by an external service provider within the scope of asset management agreements. Merck is steering the investments via restrictions with respect to ratings and the choice of investments exist. Performance and risk controlling take place on a regular basis and include monthly performance measurements. In addition, the conformity of the investment strategy and structure with the objectives and the implementation thereof are reviewed. The strategic spread of assets is highly cautious, with approximately 75% invested in fixed-income securities. All investments will be denominated exclusively in euros.
These financial assets are primarily allocated to the measurement category “Available-for-sale financial assets”, otherwise to the measurement category “Held-to-maturity investments”. To ensure reporting transparency, we are disclosing these financial assets separately in the balance sheet.
The following amounts arising from non-current financial assets classified as available-for-sale were recognized in equity as of the balance sheet date:
| XLS |
€ million |
Available- |
Available- |
Total |
Available- |
Available- |
Total |
Fair values/Book values |
101.4 |
149.5 |
250.9 |
71.1 |
0.9 |
72.0 |
Amortized acquisition cost |
90.0 |
141.2 |
231.2 |
85.2 |
0.9 |
86.1 |
Unrealized gains/losses |
11.4 |
8.3 |
19.7 |
–14.1 |
– |
–14.1 |
Available-for-sale securities amounting to € 149.5 million included investments of € 148.5 million to cover pension obligations. In 2008, no such investments existed.
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