The Executive Board expects total revenues of the Merck Group to increase slightly in both 2012 and 2013. At Group level, EBITDA before exceptional items will rise slightly in 2012 and then improve further in 2013.
In view of expected economic developments, overall we expect operating business to develop positively. However, it cannot be ruled out that the operating result will be adversely impacted by one-time expenses for the introduction of efficiency-enhancement and cost-reduction measures.