Mercedes 2010 Annual Report Download - page 100

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Intangible assets increased to €7.5 billion (December 31, 2009:
€6.8 billion). The increase of €0.6 billion after adjusting for the
effects of currency translation was mainly caused by capitalized
development costs, which accounted for 28.3% of total develop-
ment expenditure (2009: 30.7%).
Capital expenditure that was significantly higher than depreciation
and exchange-rate effects caused property, plant and equip-
ment to increase to €17.6 billion (December 31, 2009: €16.0
billion). The investments were made at the car plants in Kecskemét,
Rastatt, Tuscaloosa and Kölleda and at the truck plants in
Germany, Brazil and India.
Equipment on operating leases and receivables from financial
services increased primarily due to exchange-rate effects by
€3.9 billion to a total of €61.0 billion. The increase adjusted for
exchange-rate effects was due to the higher volume of new
business resulting from growth in unit sales in the automotive
divisions, and mainly related to the business with end-customers.
The proportion of the balance sheet total was 45% (December
31, 2009: 44%).
Investments accounted for using the equity method of
€4.0 billion primarily comprise the carrying amounts of our equity
interests in EADS, Tognum and Kamaz. The decrease of €0.3
billion mainly relates to our investment in EADS and reflects
impairments of derivative financial instruments recognized
directly in equity at EADS as well as the company’s net loss for
the period.
Inventories increased by €1.7 billion to €14.5 billion, equi-
valent to 11% of total assets. Higher production volumes
and exchange-rate effects were the reasons for the increase,
which primarily reflects increased stocks of finished vehicles.
Due to higher unit sales and exchange-rate effects, trade
receivables increased by €1.9 billion to €7.2 billion.
Cash and cash equivalents increased compared with
December 31, 2009 by €1.1 billion to €10.9 billion.
Condensed consolidated statement of financial position
Dec. 31,
2010
Dec. 31,
2009
% change
10/09
In millions of euros
Assets
Intangible assets 7,504 6,753 11
Property, plant and equipment 17,593 15,965 10
Equipment on operating leases
and receivables from financial
services
60,955
57,010 7
Investments accounted for using
the equity method
3,960
4,295 -8
Inventories 14,544 12,845 13
Trade receivables 7,192 5,285 36
Cash and cash equivalents 10,903 9,800 11
Interest-bearing securities 2,096 6,342 -67
Other financial assets 5, 4 41 5,135 6
Other assets 5,642 5,391 5
Total assets 135,830 128,821 5
Equity and liabilities
Equity 37,953 31,827 19
Provisions 20,637 18,372 12
Financing liabilities 53,682 58,294 -8
Trade payables 7,657 5,622 36
Other financial liabilities 10,509 9,737 8
Other liabilities 5,392 4,969 9
Total equity and liabilities 135,830 128,821 5
The Group’s balance sheet total increased compared with
December 31, 2009 by €7.0 billion to €135.8 billion. Adjusted
for the effects of currency translation, the balance sheet total
grew by €0.7 billion. The financial services business accounted
for €67.9 billion of the balance sheet total (December 31, 2009:
€65.1 billion), equivalent to 50% of the Daimler Group’s total
assets (December 31, 2009: 51%).
Current assets accounted for 42% of the balance sheet total,
the same as a year earlier. The increases in receivables, inventories
and cash and cash equivalents were offset by the reduction in
marketable debt securities. Current liabilities increased to 39%
of the balance sheet total (December 31, 2009: 37%), primarily
due to higher trade payables and higher provisions.
Financial Position