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TAG overview


Combined Management Report

The management report of Merck KGaA, Darmstadt, Germany, has been combined with the Group management report and published in the 2020 Annual Report as well as in the annual financial statements of Merck KGaA, Darmstadt, Germany. The 2020 Annual Report is an additional, non-official publication, which does comply with the requirements of the European Single Electronic Format (ESEF). The official annual financial report for fiscal 2020, prepared in accordance with the ESEF format, has been filed with the electronic German Federal Gazette (elektronischer Bundesanzeiger) and is available on the website of the German company register.

This combined management report contains certain financial indicators such as operating result (EBIT), EBITDA, EBITDA pre, business free cash flow (BFCF), free cash flow, net financial debt and earnings per share pre, which are not defined by International Financial Reporting Standards (IFRS). These financial indicators should not be taken into account in order to assess the performance of Merck KGaA, Darmstadt, Germany, in isolation or used as an alternative to the financial indicators presented in the consolidated financial statements and determined in accordance with IFRSs.

The figures presented in this combined management report have been rounded. This may lead to individual values not adding up to the totals presented. The Statement of Corporate Governance according to section 15d HGB in conjunction with section 289f (1) sentence 2 HGB is available at

The separate, combined non-financial (Group) report of Merck KGaA, Darmstadt, Germany, which we issue pursuant to sections 289b–289e and 315b–315c HGB, is available as an online version on our website as of April 13, 2021 at It is integrated into the 2020 Sustainability Report. We have compiled an overview of the information contained in the combined non-financial (Group) declaration at For reasons of better readability, we do not use gender-specific formulations in this annual report. The chosen male form represents all genders.