Total assets of the Merck Group amounted to EUR 23,010 million as of September 30, 2010. This corresponds to an increase of EUR 6,297 million, or 38%, compared with December 31, 2009. The balance sheet structure is primarily influenced by the acquisition of Millipore and the financing thereof. To finance the acquisition, bonds with a total volume of EUR 3.2 billion were issued during 2010. Against this background, the equity ratio decreased from 56.9% at the beginning of the year to 45.8% as of September 30, 2010. Apart from profit after tax of EUR 596 million recognized in equity, positive currency translation differences also increased equity by around EUR 778 million.
Within the scope of the purchase price allocation for the Millipore acquisition in accordance with IFRS 3, the acquired assets, liabilities and contingent liabilities have been recognized at fair values in the balance sheet. This primarily led to an increase of around EUR 5,206 million in intangible assets. This also includes goodwill of EUR 2,638 million stemming from the transaction. Goodwill mainly reflects future synergy effects and the expertise of the workforce. The fair value adjustments made in the third quarter of 2010 as part of the purchase price allocation are still to be considered as preliminary and may be changed within one year of the date of the acquisition.
As a result of the acquisition, net financial debt increased to around EUR 4,670 million as of September 30. Thanks mainly to the positive cash flow development, net debt since the acquisition declined in the course of the third quarter.
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