| XLS |
|
|
|
|
|
|
|
€ million |
< 1 year |
1 – 5 years |
> 5 years |
Total |
|
Loans and commercial paper |
– |
1,730.6 |
1,412.1 |
3,142.7 |
|
Liabilities to banks |
42.2 |
– |
– |
42.2 |
|
Liabilities to related parties |
361.9 |
– |
– |
361.9 |
|
Loans from third parties and other financial liabilities |
24.0 |
60.0 |
– |
84.0 |
|
Liabilities from derivatives (financial transactions) |
10.0 |
49.4 |
– |
59.4 |
|
Finance lease liabilities |
2.3 |
5.0 |
0.4 |
7.7 |
|
|
440.4 |
1,845.0 |
1,412.5 |
3,697.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
€ million |
< 1 year |
1 – 5 years |
> 5 years |
Total |
|
Loans and commercial paper |
749.1 |
1,734.9 |
1,411.0 |
3,895.0 |
|
Liabilities to banks |
48.1 |
19.9 |
– |
68.0 |
|
Liabilities to related parties |
233.1 |
– |
– |
233.1 |
|
Loans from third parties and other financial liabilities |
21.5 |
66.6 |
– |
88.1 |
|
Liabilities from derivatives (financial transactions) |
37.1 |
122.4 |
– |
159.5 |
|
Finance lease liabilities |
2.5 |
6.2 |
1.1 |
9.8 |
|
|
1,091.4 |
1,950.0 |
1,412.1 |
4,453.5 |
The liabilities of the Merck Group to banks were denominated in the following currencies:
| XLS |
|
|
|
|
|
in % |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Euros |
14.4 |
65.6 |
|
Argentinian pesos |
39.2 |
13.3 |
|
Chinese renminbi |
20.5 |
8.3 |
|
Indian rupees |
8.4 |
4.6 |
|
Turkish lira |
6.9 |
0.4 |
|
U.S. dollars |
5.6 |
4.0 |
|
Other currencies |
5.0 |
3.8 |
|
|
100.0 |
100.0 |
On the balance sheet date, the bank financing commitments vis-à-vis the Merck Group were as follows:
| XLS |
|
|
|
|
|
|
||
|
€ million |
Financing commitments from banks |
Utilization1 |
Interest |
Maturity |
||
|
||||||
|
Syndicated loan 2013 |
2,000.0 |
– |
variable |
2018 |
||
|
Bilateral credit agreements with banks |
22.2 |
22.2 |
fixed |
2014 |
||
|
Various bank credit lines |
245.0 |
20.0 |
fixed/variable |
< 1 year |
||
|
|
2,267.2 |
42.2 |
|
|
||
A € 2 billion multi-currency revolving credit facility was renewed in fiscal 2013 (“Syndicated Loan 2013”). The credit line was underwritten by an international group of banks and has a tenor of five years, with two extension options of one year each that Merck can exercise at its own discretion. This credit line had not been utilized as of the reporting date.
Furthermore, Merck KGaA had access to a commercial paper program with a volume of € 2 billion to meet short-term capital requirements, which had not been utilized as of the reporting date.
In September 2013, Merck increased the volume of its debt issuance program to € 15 billion. The debt issuance program forms a flexible contractual basis for issuing bonds.
The following bonds issued by the Merck Group are currently outstanding:
| XLS |
|
|
|
|
|
|
||
|
Issuer |
Nominal volume |
Maturity |
Nominal interest rate |
Issue price |
||
|
||||||
|
Merck Financial Services GmbH, Germany |
€ 1,350 million |
March 2010 – March 2015 |
3.375% |
99.769 |
||
|
Merck Financial Services GmbH, Germany |
€ 100 million |
December 2009 – December 2015 |
3.615%1 |
100.000 |
||
|
Millipore Corporation, USA |
€ 250 million |
June 2006 – June 2016 |
5.875% |
99.611 |
||
|
Merck Financial Services GmbH, Germany |
€ 60 million |
November 2009 – November 2016 |
4.000% |
100.000 |
||
|
Merck Financial Services GmbH, Germany |
€ 70 million |
December 2009 – December 2019 |
4.250% |
97.788 |
||
|
Merck Financial Services GmbH, Germany |
€ 1,350 million |
March 2010 – March 2020 |
4.500% |
99.582 |
||
A bond issued by Merck Financial Services GmbH, Germany, with a nominal volume of € 750 million was repaid in September 2013.
The financial liabilities of the Merck Group are not secured by liens or similar forms of collateral. The loan agreements do not contain any financial covenants. The Merck Group’s average borrowing cost in 2013 was 3.9%.
Finance lease liabilities represented the present value of future payments arising from finance leases. This item primarily related to liabilities from finance leases for buildings.
Information on liabilities to related parties can be found in Note [67].