Mercedes 2009 Annual Report Download - page 212

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Receivables not subject to an individual impairment assessment
are grouped and subject to collective impairment allowances to
cover credit losses.
The carrying amount of trade receivables, of which the terms
have been renegotiated and that would otherwise be past due or
impaired as of December 31, 2009 was €14 million (2008: €73
million).
Further information on financial risk and nature of risks is provid-
ed in Note 30.
Sale of receivables. Based on market conditions and liquidity
needs, Daimler may sell portfolios of trade receivables to third
parties. At the time of the sale, Daimler determines whether the
legally transferred receivables meet the criteria for derecognition
in conformity with the appropriate provisions. If the criteria are
not met, the receivables continue to be recognized in the Group’s
consolidated statement of financial position.
As of December 31, 2009, the carrying amount of trade receiv-
ables sold, but not derecognized for accounting purposes amount-
ed to €38 million (2008: €67 million). For information on the
liabilities related to sold but not derecognized receivables, see
Note 23.
18. Assets held for sale from non-automotive leasing
portfolios
As of December 31, 2009, non-automotive assets subject to
leveraged leases are presented separately as assets held for sale
in the consolidated statement of financial position. The carrying
amount of these assets amounted to €310 million at December
31, 2009. The major part of these assets was sold in the first
two months of 2010. Prior to the classification as assets held for
sale, the leveraged lease contracts were included in receivables
from financial services. For further information, see Notes 2 and 13.
19. Equity
See also the consolidated statements of changes in equity.
The share stock is divided into no-par value shares. All shares are
fully paid up. Each share grants one vote at the Annual Meeting
of Daimler AG and, if applicable except for new shares potentially
not entitled to dividend, an equal portion of the profits as defined
by the dividend distribution resolved at the Annual Meeting.
Treasury shares. In 2009, Daimler neither purchased nor reis-
sued Daimler shares to employees in connection with an employ-
ee share purchase plan. In 2008 1.5 million (2007: 0.5 million)
Daimler shares were purchased and reissued to employees.
Share buy-back program. By resolution of the Annual Meeting
on April 4, 2007 Daimler was authorized to acquire, until Octo-
ber 4, 2008, treasury shares for certain predefined purposes,
i.e. for the purpose of cancellation and to meet the subscription
rights arising from stock option programs, up to an amount of
€267 million of the share capital, or nearly 10% of the share capi-
tal as of that date. Between August 30, 2007 and March 28,
2008, Daimler AG exercised this authorization by repurchasing
a total of 99.8 million shares in 2007 and 2008 (49.8 million of
which after December 31, 2007 between February 14, 2008 and
March 28, 2008) representing €267 million of the share capital
as of the time of the resolution of the Annual Meeting in 2007,
equivalent to 10%, for a total consideration of €6,197 million
(€2,717 million of which for the shares repurchased after Decem-
ber 31, 2007). By way of cancellation of 49.8 million repur-
chased shares without any reduction of the share capital with
effect as of the end of April 3, 2008, the amount of share
capital attributable to one share increased from approximately
€2.73 to approximately €2.87.
20082009
927
37
964
1
–
96
1,061
(37)
1,024
1,014
–
1,014
–
(50)
–
964
(37)
927
in millions of shares
Shares outstanding on January 1
Reacquired shares not cancelled
(share buy-back program) previous years
Shares issued on January 1
Creation of new shares by exercise of stock options
Reacquired and cancelled shares
(share buy-back program)
Creation of new shares by capital increase
Shares issued on December 31
Reacquired shares not cancelled
(share buy-back program)
Shares outstanding on December 31