Total assets of the Merck Group as of September 30, 2011 amounted to € 22,394 million, which was slightly more than the € 22,388 million recorded on December 31, 2010.
At 46.6%, the equity ratio as of September 30, 2011, was virtually consistent with the figure of 46.3% on December 31, 2010. Net financial debt as of September 30, 2011, declined by € 1,041 million to € 3,443 million from € 4,484 million at the end of 2010. The high equity ratio and the strong de-leveraging of the balance sheet over the last 12 months are affirmation of the Merck Group’s conservative financial policy.