Mercedes 2010 Annual Report Download - page 222
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218
24. Financing liabilities
At December 31, 2010 At December 31, 2009
Current Non-current Total Current Non-current Total
In millions of euros
Notes/bonds 10,322 15,801 26,123 7,972 22,123 30,095
Commercial paper 91 –91 176 – 176
Liabilities to financial institutions 6,295 8,033 14,328 6,066 6,934 13,000
Deposits in the direct banking business 7,856 3,020 10,876 9,403 3,195 12,598
Liabilities from ABS transactions 595 519 1,114 753 539 1,292
Liabilities from finance lease 80 419 499 49 348 397
Loans, other financing liabilities 582 69 651 617 119 736
25,821 27,861 53,682 25,036 33,258 58,294
Based on market conditions and liquidity needs, Daimler may sell
certain receivables and future lease payments resulting from
equipment on operating leases to third parties. As of December
31, 2010, liabilities relating to these transactions, which do
not meet all the criteria for derecognition, are accounted in the
value of €1,197 million (2009: €1,330 million). The respective
liabilities are reported under liabilities from ABS transactions in
the amount of €1,114 million (2009: €1,292 million) and under
liabilities to financial institutions in the amount of €83 million
(2009: €38 million).
Liabilities from finance leases relate primarily to leases of
property, plant and equipment which transfer substantially all
risks and rewards to the Group as lessee. Future minimum
lease payments under finance leases at December 31, 2010
amounted to €780 million (2009: €588 million). The recon-
ciliation of future minimum lease payments from finance lease
arrangements to the corresponding liabilities is as follows:
Future minimum
lease payments
At December 31,
Interest included in future
minimum lease payments
At December 31,
Liabilities from finance lease
arrangements
At December 31,
2010 2009 2010 2009 2010 2009
In millions of euros
Maturity
within one year 105 61 25 12 80 49
between one and five years 233 160 84 62 149 98
later than five years 442 367 172 117 270 250
780 588 281 191 499 397