Mercedes 2015 Annual Report Download - page 87

94 B | COMBINED MANAGEMENT REPORT | LIQUIDITY AND CAPITAL RESOURCES
The net liquidity of the industrial business  B.26 is
calculated as the total amount as shown in the statement
of financial position of cash, cash equivalents and marketable
debt securities included in liquidity management, less the
currency-hedged nominal amounts of financing liabilities.
To the extent that the Group’s internal refinancing of the
financial services business is provided by the companies of the
industrial business, this amount is deducted in the calculation
of the net debt of the industrial business. At December 31, 2015,
the Group’s internal refinancing was of a higher volume than
the financing liabilities originally taken on in the industrial busi-
ness due to the application of the industrial business’s own
financial resources. This resulted in a positive value for the financ-
ing liabilities of the industrial business, thus increasing net
liquidity, so the net liquidity of the industrial business exceeds
the gross liquidity presented here.
Compared with December 31, 2014, the net liquidity of the
industrial business increased from €17.0 billion to €18.6 billion.
The increase mainly reflects the positive free cash flow of
€4.0 billion. Opposing effects resulted from the dividend pay-
ments to the shareholders of Daimler AG (€2.6 billion) and to
minority interests of subsidiaries (€0.3 billion). Positive exchange-
rate effects were partially compensated by capital increases
in financial services companies and led in total to an increase
in net liquidity of €0.5 billion.
Net debt at Group level, which primarily results from the
refinancing of the leasing and sales-financing business,
increased compared with December 31, 2014 from €70.1 billion
to €82.4 billion.  B.27
B.27
Net debt of the Daimler Group
Dec. 31,
2015
Dec. 31,
2014 15/14
In millions of euros Change
Cash and cash equivalents 9,936 9,667 +269
Marketable debt securities 8,273 6,634 +1,639
Liquidity 18,209 16,301 +1,908
Financing liabilities -101,142 -86,689 -14,453
Market valuation and currency
hedges for financing liabilities
583
270 +313
Financing liabilities (nominal) -100,559 -86,419 -14,140
Net debt -82,350 -70,118 -12,232
B.28
Other financial obligations (nominal amounts)
Dec. 31,
2015
Dec. 31,
2014
In millions of euros
Obligations from purchasing agreements 13,371 9,769
Non-terminable rental and leasing agreements 2,156 2,157
Irrevocable loan obligations 1,931 1,320
Miscellaneous other financial obligations 1,518 2,318
Other financial obligations 18,976 15,564
B.26
Net liquidity of the industrial business
Dec. 31,
2015
Dec. 31,
2014 15/14
In millions of euros Change
Cash and cash equivalents 8,369 8,341 +28
Marketable debt securities 6,999 5,156 +1,843
Liquidity 15,368 13,497 +1,871
Financing liabilities 2,612 3,193 -581
Market valuation and currency
hedges for financing liabilities
600
263 +337
Financing liabilities (nominal) 3,212 3,456 -244
Net liquidity 18,580 16,953 +1,627