The objective of capital management is to secure the financial flexibility in order to maintain long-term business operations and to realize strategic options. Maintaining a stable investment grade rating, ensuring liquidity, limiting financial risks as well as optimizing the costs of capital are the objectives of our financial policy and set important framework conditions for capital management. Merck prefers to borrow capital via the capital markets and has a debt issuance program that enables rapid access to the capital market. In addition, we have both a commercial paper program with a volume of € 2 billion for short-term financing on the capital market as well as a syndicated credit facility of € 2 billion with a term of until October 2014.
The responsible committees of the Merck Group decide on the capital structure of the balance sheet, the equity base, the appropriation of net retained profit, the dividend level, financing of investments, as well as the assumption and repayment of debt.