[28] Financial liabilities Audited

This item comprised:

Bank financing commitments vis-á-vis the Merck Group were as follows:

The current and non-current liabilities of the Merck Group to banks were denominated in the following currencies:

In 2009, Merck created a Debt Issuance Program that forms the contractual basis for issuing bonds with a nominal volume of up to € 5 billion. In 2010, this volume was increased to € 10 billion.

The following bonds were issued by the Merck Group:

Within the scope of the Millipore acquisition, Merck took over a convertible bond with a nominal value of US$ 550 million. In 2010, the majority of investors exercised the conversion right that resulted in the course of the acquisition. Millipore Corporation, USA, repaid the remaining outstanding interests with a nominal volume of US$ 27.2 million in 2011 for an amount of € 20.8 million.

To meet short-term capital requirements, Merck KGaA has a commercial paper program with a volume of € 2 billion, which had not been utilized as of the reporting date.

In addition, a € 2 billion multi-currency term loan and revolving credit facility from fiscal 2007 is available. The loan has a term of seven years and was agreed with an international banking syndicate. This credit line had not 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 [52].