Currency translation effects were mainly responsible for the decline in amortization of intangible assets from € 204 million to € 200 million. Including these effects, the division’s operating result (EBIT) rose by 4.1% to € 262 million (2012: € 252 million). After eliminating depreciation and amortization, EBITDA rose by 5.2% to € 590 million (2012: € 561 million). Adjusted for one-time charges, EBITDA pre rose by 4.6% to € 643 million, or 24.5% of sales (2012: € 614 million, 23.6% of sales). Despite unfavorable foreign exchange developments and the difficult market situation in North America, Merck Millipore increased its EBITDA pre margin, reflecting strong organic growth, a resilient portfolio, and strict cost control.
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Merck Millipore | Reconciliation EBIT to EBITDA pre one-time items |
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€ million |
2013 |
2012 |
Change in % |
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Operating result (EBIT) |
262.0 |
251.7 |
4.1 |
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Depreciation/Amortization/Reversals of impairments |
327.8 |
309.2 |
6.0 |
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EBITDA |
589.8 |
560.9 |
5.2 |
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One-time items |
53.0 |
53.5 |
–0.9 |
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EBITDA pre one-time items |
642.8 |
614.4 |
4.6 |
The development of EBITDA pre one-time items in the individual quarters in comparison with 2012 is presented in the following table:
Merck Millipore | EBITDA pre one-time items and change by quarter 1
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