Annual Report 2014 Annual Report 2014
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Corporate and Other

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 operational currency hedging are also disclosed under Corporate and Other.

Corporate and Other → Key figures

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€ million 2014 2013 Change
in %
       
Operating result (EBIT) – 245.1 – 259.7 – 5.6
EBITDA – 226.0 – 244.0 – 7.3
EBITDA pre one-time items – 166.0 – 196.7 – 15.5
Business free cash flow – 214.7 – 281.2 – 23.7

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In 2014, administration expenses reported under Corporate and Other decreased to € 195 million (2013: € 206 million). The net amount of operating expenses and income improved to € – 42 million (2013: € – 47 million), as increased operating foreign currency gains more than offset the higher level of one-time items. In 2014, the foreign currency result showed income of € 53 million (2013: € 32 million) and one-time expenses amounted to € 60 million (2013: € 47 million).

Overall, EBIT improved 5.6 % to € – 245 million (2013: € – 260 million) and EBITDA by 7.3 % to € – 226 million (2013: € – 244 million). Adjusted for one-time effects, EBITDA pre one-time items totaled € –166 million in 2014 (2013: € –197 million). The business free cash flow reported under Corporate and Other amounted to € – 215 million in 2014 (2013: € – 281 million).

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