In conclusion, in 2012 total revenues grew to € 11,173 million, slightly exceeding the guidance of up to € 11 billion. Merck implemented its first Group-wide efficiency program and already realized first savings. EBITDA pre one-time items amounted to € 2,965 million, including around € 115 million in savings from the efficiency program. This was slightly above guidance of up to € 2.95 billion, including € 55 million in net savings. Merck generated record cash flow due to good profitability and strong working capital management. The Group was able to again reduce net financial debt, also evidenced by an improved credit rating (Baa1/A-).
The above tables as well as those in the divisional reviews may contain rounding differences.