Mercedes 2015 Annual Report Download - page 93

100 B | COMBINED MANAGEMENT REPORT | FINANCIAL POSITION
Equity-method investments of €3.6 billion (2014: €2.3 billion)
primarily comprise the carrying amounts of our equity inter-
ests in Beijing Benz Automotive Co. Ltd. (BBAC), BAIC Motor
Corporation Ltd., Beijing Foton Daimler Automotive Co. Ltd.
and Kamaz PAO. In addition, the investment in the digital map-
ping provider HERE (There Holding B.V.) in December 2015 has
been recognized. The increase was also caused by the positive
proportionate share of the profit and the capital increase at
BBAC.
Inventories increased from €20.9 billion to €23.8 billion,
equivalent to 11% of total assets, as in the prior year. Adjusted
for currency effects, there was an increase of €2.6 billion, par-
tially due to the launch of new models and a larger number of
model versions, as well as the expected positive development
of unit sales. This resulted primarily at the Mercedes-Benz Cars
and Daimler Trucks divisions in increased stocks of finished
and unfinished goods in Germany and the United States.
Trade receivables increased by €0.4 billion to €9.1 billion. The
Mercedes-Benz Cars division accounts for 45% of these
receivables and the Daimler Trucks division accounts for 32%.
Cash and cash equivalents increased compared with the end
of 2014 by €0.3 billion to €9.9 billion.
Marketable debt securities increased compared with December
31, 2014 from €6.6 billion to €8.3 billion. Those assets include
debt instruments that are allocated to liquidity, most of which
are traded in active markets. They generally have an external
rating of A or better.
Other financial assets increased from €6.0 billion to €7.5 billion.
They primarily consist of the investments in Renault and Nissan
and derivative financial instruments, as well as loans and other
receivables due from third parties. Amongst other things, the
increase was caused by higher stock-market prices of Renault
and Nissan shares.
Other assets of €8.2 billion (2014: €8.3 billion) primarily com-
prise deferred tax assets and tax refund claims.
Equipment on operating leases and receivables from financial
services increased to a total of €112.5 billion (2014: €94.7
billion). The increase was primarily caused by the higher level
of new business at Daimler Financial Services. In addition,
there was an increase due to the effects of currency translation
in an amount of €3.3 billion. The growth reflects the successful
course of business, especially in the United States. Above-aver-
age growth was achieved in the sales-financing business also
in China and other Asian countries, as well as in Turkey. The
leasing and sales-financing business as a proportion of total
assets of 52% is above the prior-year level (50%).
B.35
217217190
20
14
20
15
190
Balanc
e sheet structure Daimler Group
In
billions of euros
Non-current assets
Current assets
of which: Liquidity
Equi
ty
Non-current
liabilities
Current liabilitie
s
Assets Equity and liabilitie
s
113
77
16
5545
85
78
77
67
125
92
18