Mercedes 2009 Annual Report Download - page 204
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200
11. Equipment on operating leases
Equipment on operating leases developed as follows:
The additions of 2009 already include existing lease contracts,
formerly accounted for as receivables from financial services,
with a carrying amount of €1.2 billion, which have to be account-
ed for as equipment from operating leases due to a modified
risk sharing agreement between Daimler and independent dealers.
This modification resulted in a pre-tax expense of €79 million
at the Mercedes-Benz Cars segment.
As of December 31, 2009, equipment on operating leases with
a carrying amount of €643 million is pledged as security for liabil-
ities from ABS transactions which are related to a securitization
transaction of future lease payments on operating leases and
related vehicles (see also Note 23).
In 2008, as a result of lower estimated residual values of leased
vehicles the Group recorded impairment charges of €465 million
in cost of sales and allocated these charges to the Mercedes-
Benz Cars segment.
The impairment charges are included in the line item “Other
additions” within “Depreciation” in the 2008 table above.
Minimum lease payments. Non-cancelable future lease
payments to Daimler for equipment on operating leases are due
as follows:
Acquisition or manufacturing costs
Balance at January 1, 2008
Additions due to business combinations
Other additions
Reclassifications
Disposals
Other changes1
Balance at December 31, 2008
Additions due to business combinations
Other additions
Reclassifications
Disposals
Other changes1
Balance at December 31, 2009
Depreciation
Balance at January 1, 2008
Additions
Reclassifications
Disposals
Other changes1
Balance at December 31, 2008
Additions
Reclassifications
Disposals
Other changes1
Balance at December 31, 2009
Carrying amount at December 31, 2008
Carrying amount at December 31, 2009
1 Primarily changes from currency translation.
in millions of €
25,629
–
10,158
–
(10,655)
(204)
24,928
–
10,759
–
(11,162)
(23)
24,502
5,991
3,553
–
(3,523)
235
6,256
3,450
–
(3,723)
(13)
5,970
18,672
18,532
At December 31,
2008
2009
3,550
3,842
155
7,547
3,682
3,670
53
7,405
Maturity
within one year
between one and five years
later than 5 years
in millions of €