Mercedes 2009 Annual Report Download - page 100

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Trade payables decreased compared to December 31, 2008 by
€0.9 billion to €5.6 billion. Daimler Trucks was responsible for the
largest part of this decrease.
Financing liabilities decreased by €0.3 billion to €58.3 billion.
As a proportion of the balance sheet total, financing liabilities
amounted to 45% (December 31, 2008: 44%), and mainly relate
to the leasing and sales financing business. Within financing
liabilities, liabilities from customers’ deposits in Mercedes-Benz
Bank’s direct banking business increased from €6.0 billion to
€12.6 billion. The volumes of refinancing by means of bonds, com-
mercial papers and liabilities to financial institutions were
reduced.
Other financial liabilities decreased from €10.3 billion to €9.7
billion. Other financial liabilities primarily comprise liabilities from
residual value guarantees, liabilities relating to derivative financial
instruments and to wages and salaries, as well as accrued interest
on financing liabilities.
The Group’s equity decreased compared to December 31, 2008
by €0.9 billion to €31.8 billion. The net loss of €2.6 billion and
the dividend payment for 2008 (€0.6 billion) more than offset the
capital increase through the issue of new shares to Aabar Invest-
ments PJSC in the first quarter (€1.95 billion). The Group’s equity
ratio was 24.7% at the end of the year (December 31, 2008:
24.3%), while the equity ratio for the industrial business was 42.6%
(December 31, 2008: 42.7%). The 2008 equity ratios are adjusted
for the dividend payment for the year 2008.
Further information on our financial position is provided in the
Notes to the Consolidated Financial Statements.
The funded status of the Group’s pension obligations, defined
as the difference between the present value of the pension
obligations and the fair value of pension plan assets, decreased
in 2009 by €1.0 billion to minus €5.9 billion.
At December 31, 2009, the present value of the Group’s defined
pension obligations amounted to €16.5 billion, compared to €15.0
billion at the end of the prior year. The increase resulted primarily
from the reduction in the discount rate for German pension plans
of 0.6 of a percentage point to 5.3%. The plan assets available
to finance the pension obligations increased from €10.1 billion to
€10.6 billion at December 31, 2009. The main reasons for the
increase were the positive development of capital markets in 2009
and contributions to plan assets.
Further information on pensions and similar obligations is
provided in Note 21 of the Notes to the Consolidated Financial
Statements.
132129 129132
in billions of €
Balance sheet structure Daimler Group
2008
2009
in %
Non-current assets
Current assets
of which: Liquidity
Equity
Non-current liabilities
Current liabilities
Assets Equity and liabilities
5858
4242
6
13
2525
3836
37
39
2008
2009
Equity
Non-current liabilities
Current liabilities
6465
in %
in billions of € 6564
Balance sheet structure industrial business
Non-current assets
Current assets
of which: Liquidity
Assets Equity and liabilities
43 44
39
32
18
24
39
37
9
19
6163