Mercedes 2015 Annual Report Download - page 209

216 E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Structured entities
The structured entities of the Group are rental companies
and asset-backed-securities (ABS) companies. The purpose
of the rental companies primarily is the acquisition, renting
and management of assets. The ABS companies are primarily
used for the Group’s refinancing. The assets transferred
to structured entities usually result from the Group’s leasing
and sales financing business. Those entities refinance the
purchase price by issuing securities.
At the reporting date, the Group has business relationships
with 11 (2014: 18) controlled structured entities, of which
9 (2014: 16) are fully consolidated. In addition, the Group
has relationships with 5 (2014: 5) non-controlled structured
entities. The unconsolidated structured entities are not
material for the Group’s profitability, liquidity and capital
resources and financial position.
Disposals of consolidated subsidiaries
Disposals in 2015
In 2015, Daimler decided to sell its equity interest in Atlantis
Foundries (Pty.) Ltd., which had been allocated to the
Daimler Trucks segment, to Neue Halberg-Guss GmbH.
The disposal led to an expense of €61 million.
Acquisitions and disposals of equity-method investments
Acquisitions in 2015
There Holding B. V. (THBV) was founded in 2015;
Daimler, Audi and BMW each hold 33.3% of the shares
of the company. Each of the shareholders provided
a capital contribution of €668 million.
Effective as of December 4, 2015, There Acquisition B. V.,
a 100% subsidiary of THBV, acquired the mapping provider HERE
from Nokia Corporation for a purchase price of €2,602 million
subject to any further purchase price adjustments. The acqui-
sition was financed by capital contributions of €2,000 million
and by bank loans taken out by There Acquisition B.V. of €602
million. As of January 29, 2016, There Acquisition B.V. was
renamed into HERE International B.V.
THBV is accounted for in the consolidated financial statements
of Daimler AG as an associated company using the equity
method, and is allocated to the Mercedes-Benz Cars segment.
Disposals in 2014
In March 2014, the Board of Management and the Supervisory
Board of Daimler AG decided to sell the 50% equity interest
in Rolls-Royce Power Systems Holding GmbH (RRPSH) to
the partner Rolls-Royce Holdings plc (Rolls-Royce). For that
purpose, Daimler exercised a put option on its stake in RRPSH.
The measurement of the put option resulted in an expense
of €118 million. The agreed purchase price of €2,433 million
was received in August 2014. The gain on the sale amounted
to €1,006 million.
In 2014, the Group sold its 4% equity interest in Tesla
Motors, Inc. (Tesla) and prematurely terminated the related
hedging instrument. The remeasurement of the Tesla
shares after the end of Daimler’s significant influence on
Tesla led to a non-cash gain of €718 million. An expense
of approximately €124 million and a cash inflow of €625 million
resulted from the hedging instrument and the sale of
the equity interest. A gain of €594 million resulted in total.
See Note 13 for further information on the companies
accounted for using the equity method
4. Revenue
Table  E.09 shows the composition of revenue at Group level.
Revenue by segment  E.84 and region  E.86 is presented
in Note 33.
Revenue
2015 2014
In millions of euros
Revenue from sales of goods 130,705 114,013
Revenue from the rental and leasing business 14,462 12,245
Interest from the financial services
business at Daimler Financial Services
3,853
3,180
Revenue frome sales of other services 447 434
149,467 129,872
E.09
Cost of sales
2015 2014
In millions of euros
Expense of goods sold -105,643 -91,574
Depreciation of equipment on operating leases -5,946 -5,049
Refinancing costs at
Daimler Financial Services
-1,666
-1,443
Impairment losses on receivables from
financial services
-502
-433
Other cost of sales -3,913 -3,189
-117,670 -101,688
E .10