Mercedes 2010 Annual Report Download - page 228

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– Equity maintenance undertaking. The consortium members
have the obligation to contribute, on a joint and several basis,
additional funds to Toll Collect GmbH as may be necessary
for Toll Collect GmbH to maintain a minimum equity (based
on German Commercial Code accounting principles) of 15%
of total assets (a so-called “equity maintenance undertaking”).
This obligation will terminate on August 31, 2015, when the
operating agreement expires, or earlier if the agreement
is terminated. Such obligation may arise if Toll Collect GmbH
is subject to revenue reductions caused by underperformance,
if the Federal Republic of Germany is successful in claiming
lost revenue against Toll Collect GmbH for any period the system
was not fully operational, or if Toll Collect GmbH incurs
penalties that may become payable under the above mentioned
agreements. If such penalties, revenue reductions or other
events reduce Toll Collect GmbH’s equity to a level below the
minimum equity percentage agreed upon, the consortium
members are obligated to fund Toll Collect GmbH’s operations
to the extent necessary to reach the required minimum equity.
Cofiroute’s risks and obligations are limited to €70 million. Daimler
Financial Services AG and Deutsche Telekom AG are jointly
obliged to indemnify Cofiroute for amounts exceeding this
lim itation.
While Daimler’s maximum future obligation resulting from the
guarantee of the bank loan can be determined (2010: €105
million), the Group is unable to reasonably estimate the amount
or range of amounts of possible loss resulting from the financial
guarantee in form of the equity maintenance undertaking due
to the various uncertainties described above, although it could
be material. Only the guarantee for the bank loan is included
in the above disclosures for financial guarantees.
Obligations associated with product warranties are also not
included in the above disclosures. See Note 23 for provisions
relating to such obligations.
Other financial commitments. In connection with its production
programs, Daimler has committed to purchase various volumes
of parts and components over extended periods. The Group also
has entered into service arrangements for the provision of
future services. In addition, the Group has committed to purchase
or invest in the construction and maintenance of production
facilities. Amounts under the latter arrangements represent
commitments to purchase plant or equipment in the future.
As of December 31, 2010, total other financial commitments
amounted to €7.4 billion (2009: €4.5 billion).
The Group has also entered into operating leases for property,
plant and equipment. In 2010, Daimler recognized as expense
rental payments of €491 million (2009: €513 million). Future
minimum lease payments under long-term lease agreements are
due as follows (nominal amounts):
At December 31,
2010 2009
In millions of euros
Maturity
within one year 297 304
between one and three years 504 524
between four and five years 396 427
later than five years 953 1,117
2,150 2,372
In addition, the Group issued loan commitments for a total of
€1.9 billion and €1.6 billion as of December 31, 2010 and 2009,
respectively. These loan commitments are unused as of those
dates.