Mercedes 2010 Annual Report Download - page 101

Management Report | Financial Position | 97
Marketable debt securities decreased compared with
December 31, 2009 from €6.3 billion to €2.1 billion. These items
primarily comprise debt instruments quoted in an active market
and are allocated to liquidity.
Other financial assets increased from €5.1 billion to €5.4 billion.
They mainly comprise investments and derivative financial
instruments, as well as loans and other receivables due from third
parties. The increase in investments reflects the cross-share-
holding arising from the strategic cooperation with the Renault-
Nissan Alliance, and was partially offset by the sale of our
interest in Tata Motors. The fair values of derivative financial
instruments decreased partially as a result of the weaker euro.
Other assets of €5.6 billion mainly comprise deferred tax assets
and reimbursements due to tax refunds (December 31, 2009:
€5.4 billion).
The Group’s equity increased compared with December 31, 2009
by €6.1 billion to €38.0 billion. The increase primarily reflects
the net profit of €4.7 billion, boosted by exchange-rate effects
and the issue of shares in connection with the acquisition of
shares in Renault and Nissan. The shares in Renault and Nissan
were mainly acquired with the use of treasury shares. The
equity ratio was 26.5% for the Group (December 1, 2009: 24.7%)
and 45.8% for the industrial business (December 31, 2009:
42.6%). The 2010 equity ratios are adjusted for the proposed
dividend payment for the year 2010.
Provisions account for 15% of the balance sheet total. Most of
them relate to provisions for warranty claims and personnel and
pension obligations, and at €20.6 billion were above the level of
December 31, 2009 (€18.4 billion). The increase was mainly due
to higher provisions for personnel obligations.
Financing liabilities decreased by €4.6 billion to €53.7 billion.
The decrease adjusted for currency effects of €6.9 billion is
mainly related to bonds and liabilities arising from customers’
deposits in Mercedes-Benz Bank’s direct banking business.
Trade payables increased by €2.0 billion to €7.7 billion, partially
due to the higher production volumes.
Other financial liabilities increased to €10.5 billion
(December 31, 2009: €9.7 billion). They primarily relate to
residual-value guarantees, wages and salaries, derivative
financial instruments and accrued interest on financing liabilities.
The increase mainly resulted from the revaluation of hedging
instruments due to the weakness of the euro.
Other liabilities of €5.4 billion mainly comprise deferred tax
liabilities, tax liabilities and accrued expenses as well as deferred
income (December 31, 2009: €5.0 billion).
The funded status of the Group’s pension benefit obligations,
defined as the difference between the present value of the
pension obligations and the fair value of pension plan assets,
decreased in 2010 by €0.6 billion to minus €6.5 billion.
At December 31, 2010, the present value of the Group’s pension
obligations amounted to €17.7 billion, compared with €16.5
billion at the end of the prior year. The increase resulted primarily
from a reduction in the discount rate for German pension
benefit plans of 0.3 of a percentage point to 5.0%. The plan assets
available to finance the pension obligations increased from
€10.6 billion to €11.2 billion, due to the positive development
of capital markets as well as contributions.
Further information on pension benefit and similar obligations
is provided in Note 22 of the Notes to the Consolidated Financial
Statements.
2009
2010
In billions of euros
Assets
Balance sheet structure Daimler Group
Non-current assets
Current assets
of which: Liquidity
Equity
Non-current liabilities
Current liabilities
Equity and liabilities
129129136136
7579
54
57
16 13
3832
45
49
53
48
2009
2010
In billions of euros
Equity
Non-current liabilities
Current liabilities
Balance sheet structure industrial business
Non-current assets
Current assets
of which: Liquidity
Assets Equity and liabilities
6864
6468
27
25
12
24
25
12 11
4043 33
17
18