| XLS |
EUR million |
Available-for-sale financial assets |
Financial assets held to maturity |
Total |
Book value January 1, 2009 |
– |
– |
– |
Currency translation |
– |
– |
– |
Changes in scope of consolidation |
– |
– |
– |
Additions |
187.2 |
61.1 |
248.3 |
Impairment losses |
– |
– |
– |
Disposals |
–47.0 |
– |
–47.0 |
Fair value adjustments of longterm investments taken directly to equity |
8.3 |
– |
8.3 |
Transfers |
– |
– |
– |
Book value December 31, 2009 |
148.5 |
61.1 |
209.6 |
|
|
|
|
Book value January 1, 2010 |
148.5 |
61.1 |
209.6 |
Currency translation |
– |
– |
– |
Changes in scope of consolidation |
– |
– |
– |
Additions |
72.1 |
21.0 |
93.1 |
Impairment losses |
– |
– |
– |
Disposals |
–60.2 |
–17.5 |
–77.7 |
Fair value adjustments of longterm investments taken directly to equity |
–8.1 |
– |
–8.1 |
Transfers |
– |
– |
– |
Book value December 31, 2010 |
152.3 |
64.6 |
216.9 |
In 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. Performance and risk controlling take place on a regular basis and include monthly performance measurements. In addition, the investment strategy and structure as well as the implementation thereof are reviewed for conformity with the objectives. 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 financial assets covering pension obligations classified as available-for-sale were recognized in equity as of the balance sheet date:
| XLS |
EUR million |
Dec. 31, 2010 |
Dec. 31, 2009 |
Fair values/Book values |
152.3 |
148.5 |
Amortized acquisition cost |
152.1 |
140.2 |
Unrealized gains/losses |
0.2 |
8.3 |