Mercedes 2009 Annual Report Download - page 96

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Despite the ongoing financial market crisis in 2009, Daimler had
adequate access to the capital markets. High borrowing costs at
the beginning of 2009 decreased significantly for the Group as
the year progressed.
At the end of 2009, Daimler had short-term and long-term credit
lines totaling €21.1 billion, of which €8.0 billion was not utilized.
These credit lines include a non-utilized syndicated US $4.9 billion
credit facility, which is available to Daimler AG until December
2011. In October 2009, we were able to replace the expiring one-
year syndicated €3 billion credit line with a new syndicated
two-year credit line maturing in October 2011. The new facility
was unused at the end of the year. The two syndicated credit
facilities serve as collateral for commercial-paper drawings and
can be used to finance general corporate activities.
The carrying values of the main financial instruments and the
weighted average interest rates are shown in the table below.
The financial instruments shown in the table above at December
31, 2009 are mainly denominated in the following currencies:
38% in US dollars, 29% in euros, 6% in Japanese yen, 4% in British
pounds and 4% in Canadian dollars.
At December 31, 2009, the financial liabilities shown in the
consolidated balance sheet, which include customer deposits
in the direct banking business, amounted to €58,294 million
(2008: €58,637 million). Of that total, €52,778 million or 91%
was accounted for by the financial services business (2008:
€54,189 million or 92%).
Detailed information on the amounts and terms of financing
liabilities is provided in Notes 23 and 30 of the Notes to the
Consolidated Financial Statements. Note 30 also provides infor-
mation on the maturities of the other financial liabilities.
Refinancing
Daimler’s refinancing measures are primarily determined by its
financial services activities. Daimler makes use of a broad spec-
trum of financial instruments to cover its funding requirements.
Depending on funding requirements and financial conditions,
Daimler issues commercial paper, bonds and financial instruments
secured by receivables in various currencies. Bank credit lines
are also used to cover financing requirements.
In 2009, the Group covered its liquidity requirements mainly
through the issuance of bonds and with bank credit. To a much
lower extent, funds were also raised by issuing commercial paper.
Furthermore, significantly increased customer deposits at
Mercedes-Benz Bank were used as an additional source of funding.
In 2009, among other issuances, the following euro benchmark
bonds were successfully placed on the market:
In order to diversify our refinancing, we made smaller private
placements in the euro market and issued bonds in the local mar-
kets of Japan, South Africa, Mexico and Argentina. The Group
also successfully placed two ABS transactions in a total amount
of US $1.8 billion in the United States.
Book value
Dec. 31,
2008
Book value
Dec. 31,
2009
Average
interest rates
Dec. 31, 2009
34,093
2,320
14,608
30,095
176
13,000
4.66
6.48
5.04
Bonds/notes
Commercial paper
Liabilities to banks
Amounts in millions of €in %
Maturity
Term
in years
Amount
in billions of €
06/2011
03/2012
01/2014
09/2014
2.25
3
5
5
1.0
0.7
2.0
2.0