The free cash flow of the Merck Group in the first quarter of 2011 totaled EUR 645 million, which was EUR 451 million higher than in the year-ago quarter. This was mainly the result of payments received on the sale of the Crop BioScience and Théramex businesses. The first interest payment on the bonds for financing the Millipore acquisition, EUR 117 million, was made during the first quarter. The underlying free cash flow (defined as free cash flow excluding acquisitions and divestments) was EUR 186 million in the first quarter of 2011, compared to EUR 207 in the year-ago quarter. The free cash flow on revenues (FCR, defined as underlying free cash flow / total revenues) was 7.2% in the first quarter compared to 9.8% in the year-ago quarter.
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