Merck KGaA. Merck Financial Services GmbH. EUR 15,000,000,000 Debt Issuance Program

Transkript

1 First Supplement pursuant to Art. 16(1) of Directive 2003/71/EC, as amended by Directive 2010/73/EU (the Prospectus Directive) and Art. 13(1) of the Luxembourg Act (the Luxembourg Act) relating to prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated 21 August 2015 (the Supplement) to the Base Prospectus dated June 17, 2015 (the Prospectus) with respect to Merck KGaA (Darmstadt, Germany) as Issuer and, in respect of Notes issued by Merck Financial Services GmbH, as Guarantor Merck Financial Services GmbH (Darmstadt, Germany) as Issuer EUR 15,000,000,000 Debt Issuance Program This Supplement has been approved by the Commission de Surveillance du Secteur Financier (the CSSF) which is the Luxembourg competent authority for the purposes of the approval of the Prospectus under the Luxembourg law on prospectuses for securities (loi relative aux prospectus pour valeurs mobilières) dated July 10, 2005, as amended (the Luxembourg Prospectus Law) transposing under Luxembourg law the Prospectus Directive. Each Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of Germany, the Republic of Austria and The Netherlands with a certificate of approval attesting that the Supplement has been drawn up in accordance with the Luxembourg Prospectus Law. The Issuer may request the CSSF to provide further competent authorities in host Member States within the European Economic Area with a certificate of approval attesting that the Supplement has been drawn up in accordance with the Luxembourg Act which implements the Prospectus Directive into Luxembourg law. Right to withdraw In accordance with Article 13 paragraph 2 of the Luxembourg Act, investors who have already agreed to purchase or subscribe for the securities before the Supplement is published have the right, exercisable within two working days after the publication of this Supplement, to withdraw their acceptances, provided that the new factor arose before the final closing of the offer to the public and the delivery of the securities. The final date for the right of withdrawal will be 25 August Copies of this Supplement together with the Prospectus and all documents which are incorporated therein by reference will be available free of charge from the specified offices of the Paying Agents. This Supplement together with the Prospectus and the documents incorporated by reference therein are also available for viewing at

2 The purpose of this Supplement is to incorporate by reference the relevant parts of the German and English language unaudited condensed consolidated interim financial statement for the second quarter and first half year of 2015 and 2014 of Merck KGaA and the German and English language unaudited interim financial statement for the six-months period ended 30 June 2015 and ended 30 June 2014 of Merck Financial Services GmbH as set out in the below table, and to update several sections of the Prospectus. This Supplement is supplemental to, and should be read in conjunction with the Prospectus. Terms defined in the Prospectus have the same meaning when used in this Supplement. Merck KGaA (Merck) and Merck Financial Services GmbH (Merck FS) (each of Merck KGaA and Merck FS an Issuer and together the Issuers) are solely responsible for the information given in this Supplement. Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the information contained in this Supplement for which it is responsible, is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. To the extent that there is any inconsistency between any statement included in this Supplement and any statement included or incorporated by reference in the Prospectus, the statements in this Supplement will prevail. 1. Documents incorporated by reference The first paragraph on page 283 below the heading DOCUMENTS INCORPORATED BY REFERENCE shall be deleted in its entirety and replaced by the following wording: The pages set out in the Table of documents incorporated by reference below which are extracted from the following documents shall be deemed to be incorporated in, and to form part of, this Prospectus: (a) the consolidated annual report 2013 and the consolidated annual report 2014 of Merck, including the audited consolidated financial statements of Merck for the fiscal years ending December 31, 2013 and December 31, 2014, in each case including the respective auditor's report opinion (German and English language version); (b) the audited nonconsolidated financial statements for the fiscal year ended December 31, 2013 and the fiscal year ended December 31, 2014 of Merck FS (German and English language version); (c) the unaudited condensed consolidated interim financial statements of Merck for the first quarter ended March 31, 2015 (German and English language version); (d) the unaudited condensed consolidated interim financial statements of Merck for the half year ended June 30, 2015 and June 30, 2014, and the review reports thereon (German and English language version); and (e) the unaudited condensed non-consolidated interim financial statements of Merck FS for the half year ended June 30, 2015 and June 30, 2014 (German and English language versions). 2

3 2. Documents incorporated by reference The Cross Reference List on pages 283 through 286 of the Prospectus, relating to the documents incorporated by reference into the Prospectus, shall be supplemented by the following rows: Merck KGaA (7) Unaudited condensed consolidated interim financial statement for the half year ended June 30, 2015 (IFRS) (Extracted from English language Merck KGaA Half-Year Financial Report 2015 (German language version is controlling and binding)) Consolidated Income Statement... page 54 Consolidated Statement of Comprehensive Income... page 55 Consolidated Balance Sheet... page 56 Consolidated Cash Flow Statement... page 57 Consolidated Statement of Changes in Equity... pages Notes to the Interim Consolidated Financial Statements... pages Unaudited Responsibility Statement... page 80 Review Report... page 81 (8) Unaudited condensed consolidated interim financial statement for the half year ended June 30, 2015 (IFRS) (Extracted from German language Merck KGaA six-month period interim report 2015) Konzern-Gewinn und Verlustrechnung... page 54 Konzerngesamtergebnisrechnung... page 55 Konzernbilanz... page 56 Konzernkapitalflussrechnung... page 57 Konzerneigenkapitalveränderungsrechnung... pages Erläuterungen zum Konzernzwischenabschluss... pages Ungeprüfte Versicherung der gesetzlichen Vertreter... page 80 Bescheinigung nach prüferischer Durchsicht... page 81 3

4 (9) Unaudited condensed consolidated interim financial statement for the half year ended June 30, 2014 (IFRS) (Extracted from English language Merck KGaA Half-Year Financial Report 2014 (German language version is controlling and binding)) Consolidated Income Statement... page 46 Consolidated Statement of Comprehensive Income... page 47 Consolidated Balance Sheet... page 48 Consolidated Cash Flow Statement... page 49 Consolidated Statement of Changes in Equity... page 50 Notes to the Interim Consolidated Financial Statements... pages Unaudited Responsibility Statement... page 70 Review Report... page 71 (10) Unaudited condensed consolidated interim financial statement for the half year ended June 30, 2014 (IFRS) (Extracted from German language Merck KGaA six-month period interim report 2014) Konzern-Gewinn und Verlustrechnung... page 46 Konzerngesamtergebnisrechnung... page 47 Konzernbilanz... page 48 Konzernkapitalflussrechnung... page 49 Konzerneigenkapitalveränderungsrechnung... page 50 Erläuterungen zum Konzernzwischenabschluss... pages Ungeprüfte Versicherung der gesetzlichen Vertreter... page 70 Bescheinigung nach prüferischer Durchsicht... page 71 Merck Financial Services GmbH (5) Unaudited Condensed non-consolidated interim financial statement for the half year ended June 30, 2014 (HGB) (Extracted from the English language Merck Financial Services GmbH Half-Year Financial Report 2014) Balance Sheet...page 3 Income Statement...page 4 Cash flow statement...page 5 Statement of Changes in Equity...page 6 Notes...pages

5 (6) Unaudited Condensed non-consolidated interim financial statement for the half year ended June 30, 2014 (HGB) (Extracted from the German language Merck Financial Services GmbH Half- Year Financial Report 2014) Bilanz... page 3 Gewinn- und Verlustrechnung... page 4 Kapitalflussrechnung... page 5 Eigenkapitalspiegel... page 6 Anhang... pages 7-13 (7) Unaudited Condensed non-consolidated interim financial statement for the half year ended June 30, 2015 (HGB) (Extracted from the English language Merck Financial Services GmbH Half-Year Financial Report 2015) Balance Sheet...pages 2-3 Income Statement...page 4 Cash flow statement...page 5 Statement of Changes in Equity...page 5 Notes...pages 6-19 (8) Unaudited Condensed non-consolidated interim financial statement for the half year ended June 30, 2015 (HGB) (Extracted from the German language Merck Financial Services GmbH Half- Year Financial Report 2015) Bilanz... pages 3-4 Gewinn- und Verlustrechnung... page 5 Kapitalflussrechnung... page 6 Eigenkapitalspiegel... page 7 Anhang... pages

6 3. Summary - Section B - Merck KGaA as [Issuer] [Guarantor] - Element B.12 On page 8 of the Prospectus, in Element B.12 of the Summary, the information under the heading Selected historical key financial information regarding the Group shall be deleted in its entirety and replaced by the following wording: The following tables set forth selected financial information relating to Merck. The financial information has been extracted from the audited consolidated financial statements of the Group for the financial years ended December 31, 2013 and December 31, 2014 respectively, as well as from the Group's unaudited condensed consolidated interim financial statements for the half year ended June 30, 2015 and June 30, The audited consolidated financial statements for the financial years ended December 31, 2013 and December 31, 2014, as well as the unaudited condensed consolidated interim financial statements for the half year ended June 30, 2015 and June 30, 2014 have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union (IFRS), and the additional requirements of German commercial law pursuant to Section 315a (1) German Commercial Code (Handelsgesetzbuch; HGB). Where financial information in the following table is labelled audited, this means that it was taken or derived from the audited consolidated financial statements of the Group as of and for the financial years ended December 31, 2013 and December 31, 2014, respectively. Six months ended June 30, Fiscal Year ended December 31, in EUR million (unaudited) (audited unless labelled otherwise) Net sales , , ,362.8 * 10,735.3 * Earnings before interest and tax (EBIT) , ,610.8 Margin (% of net sales 1 ) % 16.7% 15.5% * 15.0% * EBIT before depreciation and amortization (EBITDA) , , , ,069.2 Margin (% of net sales 1 ) % 28.2% 27.5%* 28.6%* EBITDA pre one-time items , , , ,253.3 Margin (% of net sales 1 ) % 30.4% 29.8%* 30.3%* Earnings per share 4 (in ) Operating cash flow , ,225.5 * Unaudited 1 As of the consolidated financial statement for the first quarter of 2015, royalty, license and commission income is no longer disclosed in a separate line in the income statement. Instead, royalty and license income is included in other operating income, and commission income is included in net sales. Consequently, there is no more any distinction made between sales and revenues in the income statement as in previous years. Figures for the fiscal years 2014 and 2013 were restated. 2 EBIT is defined as a key figure for earnings before interest and taxes on income. Equals the operating result. 3 EBITDA is defined as a key figure for earnings before interest, taxes on income, depreciation, amortization, impairments and reversals of impairments: depreciation, amortization, impairments and reversals of impairments are added back to EBIT. 4 Earnings per share, calculated as specified in IAS 33 by dividing the Group profit by the weighted average number of shares. 5 EBITDA pre one-time items excludes in addition to EBITDA specific income and expense of a one-time nature such as integration and restructuring costs, acquisition-related items, and other one-time items. 6

7 4. Summary - Section B - Merck KGaA as [Issuer] [Guarantor] - Element B.12 On page 9 of the Prospectus, in Element B.12 of the Summary, the section Significant change in the financial and trading position shall be deleted in its entirety and replaced by the following wording: Significant change in the financial and trading position Not applicable. There has been no significant change in the financial or trading position of Merck since June 30, Summary - Section B - Merck Financial Services GmbH as Issuer - Element B.12 On page 13 of the Prospectus, in Element B. 12 of the Summary, the section under the heading Selected historical key financial information regarding Merck FS shall be deleted in its entirety and replaced by the following wording: The following table sets forth selected financial information relating to Merck FS. The financial information has been extracted from the audited non-consolidated financial statements of Merck FS for the financial years ended December 31, 2013 and December 31, 2014, respectively, as well as from Merck FS's unaudited condensed non-consolidated interim financial statements for the half years ended June 30, 2015 and June 30, The audited non-consolidated financial statements for the financial years ended December 31, 2013 and December 31, 2014, respectively, as well as the unaudited condensed non-consolidated interim financial statements for the half years ended June 30, 2015 and June 30, 2014, have been prepared in accordance with German commercial law. Where financial information in the following table is labelled audited, this means that it was taken or derived from the audited non-consolidated financial statements of Merck FS as of and for the financial years ended December 31, 2013 and December 31, 2014, respectively. Six months ended June 30, Fiscal Year ended December 31, in EUR thousand (unaudited) (unaudited) (audited) (audited) Subscribed capital Equity 104,999* 104,999* 104, ,999 Liabilities 8,993,281 8,832,665 9,476,873 8,683,493 Balance sheet total 9,118,869 8,941,717 9,789,301 8,846,106 Net result for the year -34,078* -24,485* 0* 0* * Equity before consideration of net result for the year. Transfer of loss of EUR 0 for the six months ended June 30, 2015, EUR 0 for the six months ended June 30, 2014, and of EUR 80.5 million and EUR 41.3 million in the fiscal years 2014 and 2013, respectively. 6. Summary - Section B - Merck Financial Services GmbH as Issuer - Element B.12 On page 14 of the Prospectus, in Element B. 12 of the Summary, the section Significant change in the financial and trading position shall be deleted in its entirety and replaced by the following wording: Significant change in the financial and trading position Not applicable. There has been no significant change in the financial or trading position of Merck FS since June 30,

8 7. German translation of the summary - Abschnitt B - Merck KGaA als [Emittentin] [Garantin] - Element B.12 On page 29 of the Prospectus, in Element B.12 of the German translation of the summary, the information under the heading Ausgewählte wesentliche historische Finanzinformationen der Gruppe shall be deleted in its entirety and replaced by the following wording: In den nachstehenden Tabellen sind ausgewählte Finanzinformationen von Merck aufgeführt. Die Finanzinformationen wurden den geprüften Konzernabschlüssen der Gruppe für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre bzw. dem ungeprüften verkürzten Konzernzwischenabschluss für das zum 30. Juni 2015 und zum 30. Juni 2014 endende Halbjahr entnommen. Die geprüften Konzernabschlüsse für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre und der ungeprüfte verkürzte Konzernzwischenabschluss für das zum 30. Juni 2015 und zum 30. Juni 2014 endende Halbjahr sind gemäß den International Financial Reporting Standards (IFRS), wie sie von der Europäischen Union übernommen wurden, und den ergänzend nach 315a Abs. 1 Handelsgesetzbuch (HGB) anzuwendenden handelsrechtlichen Vorschriften erstellt worden. Sind Finanzinformationen in der nachstehenden Tabelle als geprüft gekennzeichnet, so bedeutet dies, dass sie den geprüften Konzernabschlüssen für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre entnommen oder daraus abgeleitet wurden. Sechs Monate zum 30. Juni Geschäftsjahr zum 31. Dezember in Mio. EUR (ungeprüft) (geprüft soweit nicht abweichend gekennzeichnet) Umsatzerlöse , , ,8 * ,3 * Operatives Ergebnis (EBIT) ,3 909, , ,8 Marge (in % der Umsatzerlöse 1 )... 15,7% 16,7% 15,5% * 15,0% * EBIT vor Abschreibungen und Wertminderungen (EBITDA) , , , ,2 Marge (in % der Umsatzerlöse 1 )... 26,4% 28,2% 27,5%* 28,6%* EBITDA vor Sondereinflüssen , , , ,3 Marge (in % der Umsatzerlöse 1 )... 28,0% 30,4% 29,8%* 30,3%* Ergebnis je Aktie 4 (in )... 1,44 1,45 2,66 2,77 Mittelfluss aus betrieblicher Tätigkeit ,0 838, , ,5 * Ungeprüft 1 Ab dem konsolidierten Zwischenabschluss für das erste Quartal in 2015 werden Lizenz- und Provisionserlöse nicht mehr gesondert in einer eigenen Position der Gewinn- und Verlustrechnung ausgewiesen. Stattdessen erfolgt nunmehr ein Ausweis der Lizenzerlöse als Teil der sonstigen betrieblichen Erträge und der Provisionserlöse als Teil der Umsatzerlöse. Infolgedessen wird in der Gewinn- und Verlustrechnung nicht mehr zwischen Umsatzerlösen und Gesamterlösen differenziert wie in den letzten Jahren. Die Zahlen für die Jahre 2013 und 2014 wurden entsprechend angepasst. 2 EBIT ist definiert als Kennzahl für den Gewinn vor Zinsen und Ertragsteuern. Entspricht dem operativen Ergebnis. 3 EBITDA ist definiert als Kennzahl für den Gewinn vor Zinsen, Ertragsteuern, Abschreibungen (auf Sachanlagen), Abschreibungen (auf immaterielle Vermögenswerte), Wertberichtigungen und Auflösungen von Wertberichtigungen: Zum EBIT werden Abschreibungen (auf Sachanlagen), Abschreibungen (auf immaterielle Vermögenswerte), Wertberichtigungen und Auflösungen von Wertberichtigungen hinzuaddiert. 4 Das Ergebnis je Aktie errechnet sich gemäß IAS 33 durch Division des Konzernergebnisses durch die gewichtete durchschnittliche Anzahl der Aktien. 5 EBITDA vor Sondereinflüssen beinhaltet im Gegensatz zu EBITDA keine Einnahmen oder Ausgaben von einmaliger Natur, wie beispielsweise Integrations- und Restrukturierungskosten, Faktoren im Zusammenhang mit Akquisitionen oder andere einmalige Einflüsse. 8

9 8. German translation of the summary - Abschnitt B - Merck KGaA als [Emittentin] [Garantin] - Element B.12 On page 30 of the Prospectus, in Element B.12 of the German translation of the summary, the section Wesentliche Veränderungen in der Finanzlage und Handelsposition shall be deleted in its entirety and replaced by the following wording: Wesentliche Veränderungen in der Finanzlage und Handelsposition Entfällt. Die Finanzlage und Handelsposition der Merck hat sich seit dem 30. Juni 2015 nicht wesentlich geändert. 9. German translation of the summary - Abschnitt B - Merck KGaA als [Emittentin] [Garantin] - Element B.15 On page 31 of the Prospectus, in Element B.15 (Haupttätigkeiten) of the German translation of the summary at the end of subsection Unternehmensbereich Healthcare the following wording shall be inserted: Biosimilars: Das Biosimilars Geschäftsfeld entwickelt biologisch hergestellte Arzneimittel ähnlich der bereits existierenden Biopharmazeutika (die Referenzmedikamente). Das Geschäftsfeld entwickelt ein Portfolio von Biosimilar-Verbindungen, die auf diversen Krankheitsgebieten, einschließlich Onkologie und Autoimmunerkrankungen, einsetzbar sind. 9

10 10. German translation of the summary - Abschnitt B - Merck Financial Services GmbH als Emittentin - Element B.12 On page 34 of the Prospectus, in Element B.12 of the German translation of the summary, the section under the heading Ausgewählte wesentliche historische Finanzinformationen über Merck FS shall be deleted in its entirety and replaced by the following wording: In der nachstehenden Tabelle sind ausgewählte Finanzinformationen über Merck FS aufgeführt. Die Finanzinformationen wurden den geprüften Jahresabschlüssen der Merck FS für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre sowie den ungeprüften verkürzten Einzelzwischenabschlüssen für das am 30. Juni 2015 und am 30. Juni 2014 endende Halbjahr entnommen. Die geprüften Jahresabschlüsse für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre sowie der ungeprüften verkürzten Einzelzwischenabschlüsse für das am 30. Juni 2015 und am 30. Juni 2014 endende Halbjahr sind gemäß den deutschen anzuwendenden handelsrechtlichen Vorschriften erstellt worden. Sind Finanzinformationen in der nachstehenden Tabelle als geprüft gekennzeichnet, so bedeutet dies, dass sie den geprüften Jahresabschlüssen für die zum 31. Dezember 2013 bzw. 31. Dezember 2014 endenden Geschäftsjahre entnommen oder daraus abgeleitet wurden. Sechs Monate zum 30. Juni Geschäftsjahr zum 31. Dezember in EUR Tausend (ungeprüft) (ungeprüft) (geprüft) (geprüft) Gezeichnetes Kapital Eigenkapital * * Verbindlichkeiten Bilanzsumme Jahresergebnis * * 0* 0* * Eigenkapital vor Berücksichtigung des Jahresergebnisses. Erträge aus Verlustübernahmen durch Merck von EUR 0 für die sechs Monate zum 30. Juni 2015 bzw. EUR 0 für die sechs Monate zum 30. Juni 2014, sowie von EUR 80,5 Millionen im Geschäftsjahr 2014 bzw. EUR 41,3 Millionen im Geschäftsjahr German translation of the summary - Abschnitt B - Merck Financial Services GmbH als Emittentin - Element B.12 On page 35 of the Prospectus, in Element B. 12 of the German translation of the summary, the section Wesentliche Veränderungen in der Finanzlage und Handelsposition shall be deleted in its entirety and replaced by the following wording: Wesentliche Veränderungen in der Finanzlage und Handelsposition Entfällt. Seit dem 30. Juni 2015 hat es keine wesentlichen Veränderungen in der Finanzlage und Handelsposition der Merck FS gegeben. 10

11 12. Risk Factors Risk factors relating to Merck and the Group On page 59 of the Prospectus, the sentence Closing is expected mid-2015, subject to regulatory approvals and other customary closing conditions. in the risk factor The Group is exposed to risks relating to the proposed acquisition of Sigma-Aldrich Corporation and other future acquisitions and divestments. shall be deleted in its entirety and replaced by the following sentence: Completion of the transaction is expected in the third quarter Acquisition of Sigma Aldrich Introduction On page 215 of the Prospectus, the sentence The closing of the transaction is planned for mid in section Introduction shall be deleted in its entirety and replaced by the following sentence: The completion of the transaction is expected in the third quarter Description of Merck and the Group Businesses On page 233 of the Prospectus, the sentence After closing of the proposed acquisition, which is planned in mid-2015, the Group and Sigma-Aldrich will be able to serve life science customers around the world with a set of established brands and a supply chain that can support the delivery of more than 300,000 products. in the section Life Science - Overview shall be deleted in its entirety and replaced by the following wording: After closing of the proposed acquisition, which is planned in third quarter 2015, the Group and Sigma-Aldrich will be able to serve life science customers around the world with a set of established brands and a supply chain that can support the delivery of more than 300,000 products. 15. Description of Merck and the Group Trend Information and Significant Changes On page 246 of the Prospectus, the section Trend Information and Significant Changes shall be deleted in its entirety and replaced by the following wording: Trend Information and Significant Changes There has been no material adverse change in the prospects of Merck since December 31, There has been no significant change in the financial or trading position of Merck since June 30,

12 16. Description of Merck and the Group Auditors On page 257 of the Prospectus, the section Auditors shall be deleted in its entirety and replaced by the following wording: Auditors The auditor of Merck's statutory and annual consolidated financial statements for the 2013 and 2014 fiscal years as well as the unaudited condensed consolidated interim financial statement for the half years ended June 30, 2015 and June 30, 2014 is KPMG AG Wirtschaftsprüfungsgesellschaft, Klingelhöferstrasse 18, Berlin, (KPMG). The statutory financial statements according to HGB, as well as the annual consolidated financial statements of Merck according to IFRS for the 2013 and 2014 fiscal years, were audited by KPMG and each provided with an unqualified auditor's opinion. The unaudited condensed consolidated interim financial statements for the half years ended June 30, 2015 and June 30, 2014 were reviewed by KPMG and provided with a review report. KPMG is a member of the German Chamber of Auditors (Wirtschaftsprüferkammer). 17. Description of Merck and the Group Selected Consolidated Financial Information for Merck KGaA On page 258 of the Prospectus, the section Selected Consolidated Financial Information for Merck KGaA shall be deleted in its entirety and replaced by the following wording: Selected Consolidated Financial Information for Merck KGaA The following selected historical financial information for the Group is based on the audited consolidated financial statements of Merck KGaA for the fiscal years ended December 31, 2013 and 2014 (Consolidated Annual Financial Statements) and the unaudited condensed consolidated interim financial statements for the half years ended June 30, 2015 and June 30, 2014 (Consolidated Interim Financial Statements) all of which are reproduced elsewhere or incorporated by reference in this Prospectus, and should be read together with them. The Consolidated Annual Financial Statements and the Consolidated Interim Financial Statement were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted in the European Union. The Consolidated Annual Financial Statements were audited by KPMG AG Wirtschaftsprüfungsgesellschaft and issued in each case with an unqualified auditor's opinion. The Consolidated Annual Financial Statements were prepared using the cost of sales method, that is expenses are classified according to their function (production, marketing and sales, administration and research and development) and the costs directly incurred to generate the sales for the reporting period are presented as cost of sales. The Consolidated Interim Financial Statemenst were reviewed by KPMG AG Wirtschaftsprüfungsgesellschaft and issued with a review report. 12

13 Six months ended June 30, Fiscal Year ended December 31, in EUR million (unaudited) (audited unless labelled otherwise) Net sales , , ,362.8 * 10,735.3 * Earnings before interest and tax (EBIT) , ,610.8 Margin (% of Net sales 1 ) % 16.7% 15.5% * 15.0% * EBIT before depreciation and amortization (EBITDA) , , , ,069.2 Margin (% of Net sales 1 ) % 28.2% 27.5%* 28.6%* EBITDA pre one-time items , , , ,253.3 Margin (% of Net sales 1 ) % 30.4% 29.8%* 30.3%* Earnings per share 4 (in ) Operating cash flow , ,225.5 * Unaudited 1 As of the consolidated financial statement for the first quarter of 2015, royalty, license and commission income is no longer disclosed in a separate line in the income statement. Instead, royalty and license income is included in other operating income, and commission income is included in Net sales. Consequently, there is no more any distinction made between sales and revenues in the income statement as in previous years. Figures for the fiscal years 2014 and 2013 were restated. 2 EBIT is defined as a key figure for earnings before interest and taxes on income. Equals the operating result. 3 EBITDA is defined as a key figure for earnings before interest, taxes on income, depreciation, amortization, impairments and reversals of impairments: depreciation, amortization, impairments and reversals of impairments are added back to EBIT. 4 Earnings per share, calculated as specified in IAS 33 by dividing the Group profit by the weighted average number of shares. 5 EBITDA pre one-time items excludes in addition to EBITDA specific income and expense of a one-time nature such as integration and restructuring costs, acquisition-related items, and other one-time items. 18. Description of Merck Financial Services GmbH Auditors On page 261 of the Prospectus, the section Auditors shall be deleted in its entirety and replaced by the following wording: Auditors The statutory financial statements according to German GAAP for the fiscal years 2013 and 2014 of Merck FS were audited by KPMG AG Wirtschaftsprüfungsgesellschaft. The unaudited non-consolidated interim financial statements for the half years ended June 30, 2015 and June 30, 2014 of Merck FS were neither audited nor reviewed by KPMG. 19. Description of Merck Financial Services GmbH Trend Information and Significant Changes On page 262 of the Prospectus, the section Trend Information and Significant Changes shall be deleted in its entirety and replaced by the following wording: Trend Information and Significant Changes There has been no material adverse change in the prospects of Merck FS since December 31, 2014 and no significant change in the financial or trading position of Merck FS since June 30, Merck FS expects that the interest rates on the capital markets will rise in future years. Such an increase may positively affect the operating results of Merck FS as it could close the existing gap between the higher interest rates of Notes issued by Merck FS and the lower interest rates from reinvestments of the funds of the Notes. Other than that, no developments are currently foreseen that are reasonably likely to have a material effect on the prospects of Merck FS. 13

14 For trend information and significant changes regarding Merck and the Group as a whole, please refer to Description of Merck and the Group Trend Information and Significant Changes. 20. Description of Merck Financial Services GmbH Selected Financial Information for Merck FS On page 262 of the Prospectus, the section Selected Financial Information for Merck FS shall be deleted in its entirety and replaced by the following wording: Selected Financial Information for Merck FS The following selected historical financial information for Merck FS is based on the audited financial statements of Merck FS for the fiscal years ended December 31, 2013 and 2014 (Merck FS Annual Financial Statements) and the unaudited condensed non-consolidated interim financial statement for the half year ended June 30, 2014 and June 30, 2015 (Merck FS Interim Financial Statement), all of which are reproduced elsewhere or incorporated by reference in this Prospectus, and should be read together with them. The Merck FS Annual Financial Statements and the Merck FS Interim Financial Statement were prepared in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch; HGB) applicable to big corporations. The Merck FS Annual Financial Statements were audited by KPMG AG Wirtschaftsprüfungsgesellschaft and issued in each case with an unqualified auditor's opinion. The Merck FS Annual Financial Statements were prepared using the total cost accounting method, i.e. all costs incurred during the reporting period by the operations are taken into account and such costs are compared to all generated earnings. The Merck FS Interim Financial Statement were neither audited nor reviewed by KPMG. Six months ended June 30, Fiscal Year ended December 31, in EUR thousand 2015 (unaudited) 2014 (unaudited) 2014 (audited) 2013 (audited) Subscribed capital Equity ,999* 104,999* 104, ,999 Liabilities... 8,993,281 8,832,665 9,476,873 8,683,493 Balance sheet total 9,118,869 8,941,717 9,789,301 8,846,106 Net result for the year -34,078* -24,485* 0* 0* * Equity before consideration of net result for the year. Transfer of loss of EUR 0 for the six months ended June 30, 2015, EUR 0 for the six months ended June 30, 2014, and of EUR 80.5 million and EUR 41.3 million in the fiscal years 2014 and 2013, respectively. 14

15 NAMES AND ADDRESSES OF THE ISSUERS Merck KGaA Merck Financial Services GmbH Frankfurter Str. 250 Frankfurter Str Darmstadt Darmstadt Federal Republic of Germany Federal Republic of Germany 15