[...] pre*. Further important financial indicators used to assess the performance of operating business are sales and business free cash flow (BFCF)*. The Merck Value Creation and Financial KPI Pyramid, which summarizes the important financial performance measures of the Merck Group, reflects the comprehensive framework of financial KPIs to steer our businesses and prioritize the allocation of our cash resources. It consists of three managerial dimensions, which require the use of different indicators: Merck Group, Business Portfolio and Projects. Apart from its strong focus on operational performance, the Merck Value Creation and Financial KPI Pyramid also emphasizes [...]

Corporate and Other comprises Group administration expenses for Group functions that cannot be directly allocated to the divisions, such as Finance, Procurement, Legal, Communications, and Human Resources. Corporate costs additionally encompass expenses for central, non-allocated IT functions, including expenses related to the expansion and harmonization of IT systems within the Merck Group. Accordingly, Corporate and Other has no sales to report. Gains or losses on currency hedging are also disclosed in Corporate and Other. XLS Corporate and Other | Key figures € million Q2 – 2014 Q2 – 2013 Change in % Jan.–June 2014 Jan.–June 2013 Change in % Operating [...]