Mercedes 2010 Annual Report Download - page 102

98
Daimler AG
Condensed version according to the German Commercial Code (HGB)
In addition to reporting on the Daimler Group, in this section, we
also describe the development of Daimler AG.
Daimler AG is the parent company of the Daimler Group and is
domiciled in Stuttgart. Its principal business activities comprise
the development, production and distribution of cars, vans and
trucks in Germany and the management of the Daimler Group.
The vehicles are produced at the domestic plants of Daimler AG,
under contract-manufacturing agreements by domestic and foreign
subsidiaries, and by producers of special vehicles. Daimler AG
distributes its products through its own sales network of 34 German
sales-and-service centers, through foreign sales subsidiaries
and through third parties.
Unlike Daimler’s consolidated financial statements, which are
prepared in accordance with the International Financial Reporting
Standards (IFRS), the annual financial statements of Daimler AG
are prepared according to the German Commercial Code (HGB).
This results in some differences with regard to recognition and
measurement, mainly relating to intangible assets, provisions,
financial instruments and deferred taxes.
The financial statements for the year 2010 were for the first
time prepared with application of the provisions of Germany’s
Accounting Law Modernization Act (BilMoG).
The main effects of changing over to the new accounting regula-
tions were the netting of pension plan assets with provisions
for pensions, changes in the area of measuring provisions, inven-
tories and amounts in foreign currencies, and a change in the
presentation of treasury shares.
The result of operations reported by Daimler AG improved
by €254 million as a result of changing over to the new account-
ing regulations according to BilMoG. The balance sheet total
decreased by €7,936 million.
The following overview shows the reconciliation of the balance
sheet amounts shown in the 2009 financial statements to the
“transitional amounts” according to HGB as amended by the
Accounting Law Modernization Act (HGB n.F.) at the time of first
application (January 1, 2010).
Reconciliation of the 2009 financial statements to transitional amounts
according to BilMoG at January 1, 2010
Jan. 1,
2010
Reconcil-
iation
Dec. 31,
2009
In millions of euros
Assets
Non-current assets 37,637 -7,811 45,448
Inventories 5,006 134 4,872
Receivables, securities
and other assets
20,582
-259 20,841
Cash and cash equivalents 2,251 2,251
Current assets 27,839 -125 27,964
Deferred expenses
and accrued income
53
53
65,529 -7,936 73,465
Equity and liabilities
Share capital 2,938 -107 3,045
(conditional capital €415 million)
Capital reserve 11,12 3 11,123
Retained earnings 7,279 1,558 5,721
Unappropriated profit 254 254 0
Equity 21,594 1,705 19,889
Provisions for pensions
and similar obligations
3,961
-9,020 12,981
Other provisions 10,624 -580 11,204
Total provisions 14,585 -9,600 24,185
Trade payables 3 ,111 -7 3,118
Other liabilities 24,427 -34 24,461
Total liabilities 27,538 -41 27,579
Deferred income
and accrued expenses
1,812
1,812
65,529 -7,936 73,465
Effects of the application of BilMoG at January 1, 2010 on the
statement of income/loss for 2010
In millions of euros
Measurement of inventories 134
Fair valuation of pension plan assets 38
Allocation to other provisions -12
Measurement of assets and liabilities denominated in
foreign currencies
94
Extraordinary income 254
The equity ratio increased due to the changeover to HGB n.F. to
33.0% at January 1, 2010 (December 31, 2009: 27.1%).