In 2013, the Merck Millipore division generated business free cash flow of € 494 million (2012: € 511 million). The –3.4% decline was largely due to the change in working capital. Whereas the total decrease of € –15 million in working capital had a positive impact on business free cash flow in 2012, the increase in the relevant balance sheet items by € 27 million in 2013 lowered this key figure accordingly. This effect was partially offset by the increase in EBITDA pre one-time items.
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Merck Millipore | Business free cash flow |
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€ million |
2013 |
2012 |
Change in % |
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EBITDA pre one-time items |
642.8 |
614.4 |
4.6 |
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Investments in property, plant and equipment, software as well as advance payments for intangible assets |
–121.7 |
–118.0 |
3.1 |
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Changes in inventories |
–21.3 |
0.2 |
– |
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Changes in trade accounts receivable |
–6.0 |
14.7 |
– |
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Business free cash flow |
493.8 |
511.3 |
–3.4 |
The development of business free cash flow in the individual quarters in comparison with 2012 is presented in the following table:
Merck Millipore | Business free cash flow and change by quarter 1
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