Mercedes 2009 Annual Report Download - page 207

Consolidated Financial Statements |Notes to Consolidated Financial Statements |203
The rights retained by the Group in connection with the transfer
of the majority interest in Chrysler, which were contingent upon
the residual values of leased vehicles and certain other events,
were impaired in 2008 because of an expected decline in the fair
value of the financial asset. In addition, due to the significant
financial difficulties at Chrysler in the fourth quarter of 2008, the
Group determined that objective evidence existed that the carry-
ing amount of loans and receivables due from Chrysler and certain
other assets was impaired. The total impairments recognized
in 2008 amounted to €1.8 billion and are primarily recorded in
“Other financial income (expense), net.” In the segment report-
ing, these impairment charges are included in the reconciliation
of total segments’ EBIT to Group EBIT.
Tognum. The Group reports its investment and its proportionate
share in the results of Tognum in the reconciliation of total seg-
ments’ assets to Group assets and total segments’ EBIT to Group
EBIT, respectively, in the segment reporting.
Kamaz. In December 2008, as a part of a strategic partnership,
the Group acquired a 10% stake in the Russian commercial vehi-
cle manufacturer Kamaz OAO (Kamaz). Resulting from its repre-
sentation on Kamaz’s board of directors and its significant con-
tractual rights under the terms of a shareholder agreement,
the Group can exercise significant influence on Kamaz. Therefore,
the Group accounts for its equity interest in Kamaz using the
equity method; the investment and the proportionate share in the
results of Kamaz are allocated to the Daimler Trucks segment.
13. Receivables from financial services
Receivables from financial services are comprised of the
following:
Types of receivables. Retail receivables include loans and
finance leases to end users of the Group’s products who
purchased their vehicle either from a dealer or directly from
Daimler.
Wholesale receivables represent loans for floor financing pro-
grams for vehicles sold by the Group’s automotive businesses
to dealers or loans for assets purchased by dealers from third
parties, primarily used vehicles traded in by dealers’ customer
or real estate such as dealer showrooms.
Other receivables mainly represent non-automotive assets from
contracts of the financial services business with third parties.
At December 31, 2008
Total
Non-currentCurrent
At December 31, 2009
TotalNon-currentCurrent
32,607
5,809
1,230
39,646
(1,168)
38,478
20,772
1,001
1,105
22,878
(628)
22,250
11,835
4,808
125
16,768
(540)
16,228
33,292
7,141
2,888
43,321
(934)
42,387
21,759
1,054
2,793
25,606
(603)
25,003
11,533
6,087
95
17,715
(331)
17,384
Receivables from
Retail
Wholesale
Other
Gross carrying amount
Allowances for doubtful accounts
Carrying amount, net
in millions of €