Mercedes 2008 Annual Report Download - page 199

Consolidated Financial Statements |Notes to Consolidated Financial Statements |195
Cofiroute’s risks and obligations are limited to €70 million. Daim-
ler Financial Services AG and Deutsche Telekom AG are jointly
obliged to indemnify Cofiroute for amounts exceeding
this limitation.
While Daimler’s maximum future obligation resulting from the
guarantee of the bank loan can be determined (2008: €165 mil-
lion), the Group is unable to reasonably estimate the amount or
range of amounts of possible loss resulting from the financial guar-
antee in form of the equity maintenance undertaking due to the
various uncertainties described above, although it could be mater-
ial. Only the guarantee for the bank loan is included in the above
disclosures for financial guarantees.
Obligations associated with product warranties are also not
included in the above disclosures. See Note 22 for provisions
relating to such obligations.
Other financial commitments. In connection with certain pro-
duction programs, Daimler has committed to purchase various
levels of outsourced manufactured parts and components over
extended periods. The Group has also committed to purchase or
invest in the construction and maintenance of various production
facilities. Amounts under these arrangements represent commit-
ments to purchase plant or equipment in the future. As of Decem-
ber 31, 2008, commitments to purchase outsourced manufactured
parts and components as well as to invest in plant and equip-
ment are approximately €5.1 billion.
The Group has also entered into non-cancelable operating leases
for facilities, plant and equipment. In 2008, rental payments
of €563 million (2007: €817 million; 2006: €835 million) were
recognized as expense. Future minimum lease payments under
non-cancelable long-term lease agreements are due as follows
(nominal amounts):
In addition, the Group issued loan commitments for a total of
€1.5 billion and €1.9 billion as of December 31, 2008 and 2007,
respectively. The 2007 amount includes a credit line of US $1.5
billion of subordinated debt for Chrysler’s automotive business.
In 2008, a subsidiary of Chrysler Holding LLC drew down the
entire credit line of subordinated debt. Therefore, the credit line
is not included in the amount for 2008 (see Note 2).
29. Financial instruments
Carrying amounts and fair values of financial instruments
The following table shows the carrying amounts and fair values
of the Group's financial instruments. The fair value of a financial
instrument is the price at which a party would accept the rights
and/or obligations of that financial instrument from another inde-
pendent party. Given the varying influencing factors, the report-
ed fair values can only be viewed as indicators of the prices that
may actually be achieved on the market.
39,164
6,361
15,631
2,344
1,613
2,089
3,502
70,704
55,469
6,939
300
235
9,580
72,523
39,213
6,361
15,631
2,344
1,613
2,089
3,581
70,832
54,967
6,939
300
235
9,580
72,021
41,927
6,999
6,912
1,558
2,365
1,984
2,089
63,834
55,755
6,478
1,126
231
8,961
72,551
42,387
6,999
6,912
1,558
2,365
1,984
2,089
64,294
58,637
6,478
1,126
231
8,961
75,433
Financial assets
Receivables from
financial services
Trade receivables
Cash and cash equivalents
Other financial assets
Financial assets available for sale1
Financial assets recognized at fair
value through profit or loss
Derivative financial instruments
used in hedge accounting
Other receivables and assets
Financial liabilities
Financing liabilities
Trade payables
Other financial liabilities
Financial liabilities recognized at
fair value through profit or loss
Derivative financial instruments
used in hedge accounting
Miscellaneous other financial
liabilities
1 Includes equity interests measured at cost of €551 million (2007: €566 million), whose fair value
cannot be determined with sufficient reliability.
At December 31, 2007
Fair value
At December 31, 2008
Fair value
Carrying
amount
Carrying
amount
in millions of €
At December 31,
2007
2008
306
997
1,239
2,542
323
838
1,100
2,261
Maturity
within one year
between one and five years
later than five years
in millions of €