This item comprises:
| XLS |
|
EUR million |
current |
non-current |
Dec. 31, 2010 |
current |
non-current |
Dec. 31, 2009 |
|
Bonds |
25.3 |
4,948.3 |
4,973.6 |
499.4 |
1,490.9 |
1,990.3 |
|
Commercial paper |
10.0 |
– |
10.0 |
– |
– |
– |
|
Bank loans and overdrafts |
85.7 |
30.0 |
115.7 |
57.3 |
30.1 |
87.4 |
|
Liabilities to related parties |
190.3 |
– |
190.3 |
118.8 |
– |
118.8 |
|
Loans from third parties and other financial liabilities |
14.3 |
63.8 |
78.1 |
11.9 |
71.0 |
82.9 |
|
Liabilities from derivatives (financial transactions) |
28.7 |
80.0 |
108.7 |
16.0 |
1.5 |
17.5 |
|
Finance lease |
1.8 |
5.3 |
7.1 |
1.8 |
8.6 |
10.4 |
|
|
356.1 |
5,127.4 |
5,483.5 |
705.2 |
1,602.1 |
2,307.3 |
Bank financing commitments vis-á-vis the Merck Group are as follows:
| XLS |
|
|
Bank credit facilities |
Utilization* as of Dec. 31, 2010 |
Interest |
Due | ||
| ||||||
|
Syndicated loan 2007 |
2,000.0 |
– |
variable |
2014 | ||
|
Bilateral credit facilities with banks |
5.9 |
5.9 |
fixed |
2012 | ||
|
Bilateral credit facilities with banks |
9.1 |
9.1 |
fixed |
2017 | ||
|
Bilaterial credit facilities with banks |
15.1 |
15.1 |
fixed |
2018 | ||
|
Various bank lines |
294.7 |
85.6 |
fixed/variable |
< 1 year | ||
|
|
2,324.8 |
115.7 |
|
| ||
The current and non-current liabilities of the Merck Group to banks were denominated in the following currencies:
| XLS |
|
in % |
Dec. 31, 2010 |
Dec. 31, 2009 |
|
Euros |
30.0 |
56.0 |
|
U.S. dollars |
0.1 |
5.6 |
|
Pounds sterling |
0.2 |
0.4 |
|
Swiss francs |
– |
– |
|
Yen |
0.3 |
– |
|
Other currencies |
69.4 |
38.0 |
|
|
100.0 |
100.0 |
In fiscal 2007, a EUR 2 billion multi-currency term loan and revolving credit facility was agreed. The loan has a term of seven years and was agreed with an international banking syndicate.
In 2009, Merck set up a debt issuance program that forms the contractual basis for the issue of bonds with a nominal volume of up to EUR 5 billion. In 2010, this volume was increased to EUR 10 billion.
The following bonds were issued by the Merck Group:
| XLS |
|
Issuer |
Nominal value |
Maturity |
Nominal interest rate |
Issue price | ||||
| ||||||||
|
Merck Financial Services GmbH, Germany |
EUR 500 million |
March 2010 – March 2012 |
2.125 % |
99.775 | ||||
|
Merck Finanz AG, Luxembourg |
EUR 500 million |
December 2005 – December 2012 |
* 2.2 % |
99.716 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 750 million |
March 2009 – September 2013 |
4.875 % |
99.697 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 1,350 million |
March 2010 – March 2015 |
3.375 % |
99.769 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 100 million |
December 2009 – December 2015 |
** 3.615 % |
100.000 | ||||
|
Millipore Corporation, USA |
EUR 250 million |
June 2006 – June 2016 |
5.875 % |
99.611 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 60 million |
November 2009 – November 2016 |
4.000 % |
100.000 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 70 million |
December 2009 – December 2019 |
4.250 % |
97.788 | ||||
|
Merck Financial Services GmbH, Germany |
EUR 1,350 million |
March 2010 – March 2020 |
4.500 % |
99.582 | ||||
Moreover, the Millipore Corporation, USA, still has convertible bonds with a nominal volume of USD 27.2 million. The possibility to convert these bonds into shares no longer exists.
The bonds issued by Merck Financial Services GmbH in 2010 serve to finance the acquisition of Millipore Corporation, USA, and are admitted to trading on the regulated market of the Luxembourg Stock Exchange. In the fourth quarter of 2010, a bond issued by Merck KGaA with a volume of EUR 500 million matured and was repaid in full.
In order to meet short-term capital requirements, Merck KGaA issued a commercial paper program with a volume of EUR 2 billion, of which a nomimal amount of EUR 10.0 million had been utilized as of the reporting date.
Liabilities from financial leasing represent the discounted amount of future payments arising from finance leases. This item primarily relates to liabilities from finance leases for buildings. Information on liabilities due to related parties can be found in Note [50].