In 2013, the Merck Serono division’s business free cash flow amounted to € 1,876 million, which represents only a slight decline compared with the very high level of € 1,880 million in 2012. The increase in EBITDA pre one-time items by € 130 million, or 7.1%, positively affected the business free cash flow. However, the changes in trade accounts receivable achieved in 2012 could not be reached in 2012. In 2013, receivables declined by only € –43 million, whereas in 2012 this balance sheet item was significantly reduced by € –180 million.
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Merck Serono | Business free cash flow |
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€ million |
2013 |
2012 |
Change in % |
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EBITDA pre one-time items |
1,955.0 |
1,824.7 |
7.1 |
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Investments in property, plant and equipment, software as well as advance payments for intangible assets |
–164.3 |
–160.5 |
2.4 |
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Changes in inventories |
41.7 |
35.8 |
16.3 |
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Changes in trade accounts receivable |
43.3 |
180.2 |
–75.9 |
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Business free cash flow |
1,875.7 |
1,880.2 |
–0.2 |
The development of business free cash flow in the individual quarters in comparison with 2012 is presented in the following table:
Merck Serono | Business free cash flow and change by quarter 1
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