Mercedes 2004 Annual Report Download - page 152

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26. Financial Liabilities
Weighted average interest rates for notes/bonds, commercial
paper, liabilities to financial institutions and deposits from direct
banking business are 5.22%, 2.66%, 4.47% and 2.35%, respec-
tively, at December 31, 2004.
Commercial papers are primarily denominated in euros and
U.S. dollars and include accrued interest. Liabilities to financial
institutions are partly secured by mortgage conveyance, liens
and assignment of receivables of approximately €2,232 million
(2003: €1,714 million).
DaimlerChrysler Corporation (“DCC”) maintains a Trade Payables
Agreement with General Electric Capital Corporation (“GECC”) to
provide financial flexibility to DCC and its suppliers. GECC
pays participating suppliers on accelerated payment terms for
a discount on the invoiced amount. DCC then pays GECC under
the terms of the original invoice from the supplier. To the extent
GECC can realize favorable economics from the transactions,
they are shared with DCC. The program will terminate in the first
half of 2005. The outstanding balance due GECC at December
31, 2004 and 2003 was €410 million and €416 million, respec-
tively, shown within other short term financial liabilities in the
table above.
Aggregate nominal amounts of financial liabilities maturing during
the next five years and thereafter are as follows:
At December 31, 2004, the Group had unused short-term credit
lines of €9,278 million (2003: €10,700 million) and unused
long-term credit lines of €8,981 million (2003: €10,441 million).
The credit lines include an $18 billion revolving credit facility
with a syndicate of international banks. The credit agreement is
comprised of a multi-currency revolving credit facility which
allows DaimlerChrysler AG to borrow up to $5 billion until 2009, an
U.S. dollar revolving credit facility which allows DaimlerChrysler
North America Holding Corporation, a wholly-owned subsidiary of
DaimlerChrysler AG, to borrow up to $6 billion available until
2005, and a multi-currency revolving credit facility for working
capital purposes which allows DaimlerChrysler AG and several
subsidiaries to borrow up to $7 billion until 2008. A part of the $18
billion facility serves as back-up for commercial paper drawings.
148
(in millions of €)
11 ,12 2
6,824
10,254
438
2,945
1,123
1,422
34,128
33,919
6,807
179
145
1,442
42,492
76,620
9,975
7,048
6,183
344
3,041
475
1,189
28,255
37,802
7,911
97
400
1,225
47,435
75,690
20032004
At December 31,
Short-term:
Notes/Bonds
Commercial paper
Liabilities to financial institutions
Liabilities to affiliated companies
Deposits from direct banking business
Loans, other financial liabilities
Liabilities from capital lease and residual value guarantees
Short-term financial liabilities (due within one year)
Long-term:
Notes/Bonds
of which due in more than five years
€10,492 (2003: €11,213)
Liabilities to financial institutions
of which due in more than five years
€1,264 (2003: €1,812)
Deposits from direct banking business
of which due in more than five years
€9 (2003: €22)
Loans, other financial liabilities
of which due in more than five years
€2 (2003: €13)
Liabilities from capital lease and residual value guarantees
of which due in more than five years
€210 (2003: €207)
Long-term financial liabilities
Maturities
2006-
2097
2006-
2019
(in millions of €)
2005
14,095 8,681 4,478 3,051 11,226
2006 2007 2008 2009
there-
after
34,459 Financial liabilities