Mercedes 2001 Annual Report Download - page 65

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Analysis of the Financial Situation 61
Property, plant and equipment increased by 3%
to €41.2 billion during the period under review. The
increase resulted mainly from currency effects, which
were partially offset by higher depreciation in particular
at Chrysler Group in connection with the restructuring
activities.
Financial assets increased slightly over the
preceding year, reaching an amount of €12.4 billion
(2000: €12.1 billion). This increase was primarily
due to the one-time gain arising at EADS in connection
with the formation of Airbus SAS, which accordingly
increased the book value of our equity method invest-
ment in EADS. On the other hand, the book value of
our equity method investment in Mitsubishi Motors fell
due to the negative earnings at that company.
Inventories – net of advance payments received –
totaled €16.8 billion (2000: €16.3 billion) in the consoli-
dated balance sheet. As well as the positive currency
translation effects (€0.2 billion), the increase in invento-
ries was primarily caused by the market launch of new
products in the Mercedes-Benz Passenger Cars & smart
segment (€0.9 billion). The deconsolidation of the
Adtranz Group had an offsetting effect of €0.5 billion.
Trade receivables and other receivables increased
slightly to €22.6 billion (2000: €22.4 billion). A reduction
of €1.6 billion in trade receivables occurred mainly due
to the deconsolidation of Adtranz (€0.7 billion) and a
decrease (€0.3 billion) at the Mercedes-Benz Passenger
Cars & smart segment, while other receivables rose
by €2.2 billion. Besides positive currency effects, an
increase occurred in other receivables because of the
higher market values of derivative financial instruments
and higher retained interests in sold receivables.
The level of liquid funds rose by 16% to €14.5
billion. This was largely a reflection of the increase in
cash and cash equivalents to €11.4 billion (2000: €7.1
billion), which was primarily due to a higher cash flow
from receivables sold by the financial services business
and a general shift from securities into cash. The value
of securities fell by 43% to €3.1 billion.
Balance Sheet Structure
In billions of €
Balance Sheet Structure of the Industrial Business
In billions of €
of which:
Financial liabilities
Deferred taxes and
prepaid expenses
of which: Liquidity
Non-fixed assets
Fixed assets Stockholders’ equity
Accrued liabilities
Liabilities
Deferred taxes
and income
01 00 00 01
5% 5%
6%
50%
45% 20%
18%
5% 6%
56%
20%
18%
7%
50%
45%
207
199 199
207
57%
43%
44%
Deferred taxes and
prepaid expenses
Liquidity
Receivables
Inventories
Other fixed assets
Property, plant
and equipment Stockholders’ equity
Accrued liabilities
Liabilities
Deferred taxes
and income
01 00 00 01
10% 9%
10%
14%
14%
16%
37% 31%
33%
33%
3% 2%
35%
37%
26%
10%
13%
14%
16%
37%
109
107 107
109