Due to the various items mentioned above, the second-quarter operating result fell to € –11 million from € 326 million in the year-ago quarter. The second-quarter core operating result, which excludes Merck Serono- and Merck Millipore-related amortization of intangible assets and integration costs as well as impairment losses on intangible assets in the Performance Materials division, declined 37% to € 315 million from € 501 million in the very strong year-ago quarter. The first-half operating result was € 360 million – due to excellent results in the first quarter – compared to € 621 million in the first half of 2010. In the first half of 2011, the core operating result amounted to € 945 million compared to € 934 million in the first half of 2010.
The Group return on sales (ROS: operating result/total revenues) decreased to –0.4% in the second quarter from 14.8% in the year-ago quarter. Group core ROS (operating result excluding Merck Serono- and Merck Millipore-related amortization of intangible assets and integration costs, as well as impairment losses on intangible assets in the Performance Materials division/total revenues) declined to 12.3% in the second quarter compared to 22.7% in the year-earlier quarter.
Exceptional items in the second quarter of 2011 totaled € –11 million, which mainly concerned adjustments for risks on discontinued businesses. Exceptional items in the second-quarter of 2010 totaled € –1.2 million.
Earnings before interest and tax (EBIT) in the second quarter of 2011 fell to € –22 million compared to € 325 million in the year-ago quarter. First-half EBIT declined 18% to € 507 million from € 620 million in the first half of 2010.
Merck’s financial result improved by 4.7% to € –75 million in the second quarter of 2011 from
The Merck Group’s second-quarter profit before tax was € –97 million compared to € 247 million in the year-ago quarter. Merck’s underlying tax ratio was just 12.9% for the second quarter of 2011 compared to 24.2% in the year-ago quarter. Due to higher deferred tax income, the actual tax benefits in the second quarter of 2011 amounted to € 13 million compared to a tax burden of € 60 million in the corresponding quarter of 2010.
Profit after tax in the second quarter of 2011 fell to € –84 million from € 187 million in the second quarter of 2010.