Mercedes 2013 Annual Report Download - page 100

104
Cash flows from investing activities resulted in a net cash
outflow of €7.1 billion in 2013 (2012: €5.5 billion). This was
primarily the result of investments in financial assets and prop-
erty, plant and equipment as well as the acquisition of securities.
Cash flows from financing activities resulted in a net cash
outflow of €1.3 billion (2012: net cash inflow of €2.4 billion).
The payment of the dividend for the year 2012 accounts
for a cash outflow of €2.3 billion. On the other hand, mainly
an increase in financing liabilities led to a cash inflow.
Equity increased compared with December 31, 2012 by €1.4
billion to €35.7 billion. This change primarily resulted from
the net profit for 2013, of which, pursuant to Section 58 Sub-
section 2 of the German Stock Corporation Act (AktG),
€1.3 billion was transferred to retained earnings. The equity ratio
at December 31, 2013 was 41.9% (December 31, 2012: 41.1%).
Provisions increased compared with December 31, 2012
by €0.3 billion to €12.6 billion. This was mainly caused
by the increase in provisions for pensions and similar obligations.
Liabilities increased by €0.1 billion to €36.5 billion. This change
was mainly caused by financing liabilities (plus €4.7 billion).
There was an opposing effect primarily from the decrease in
liabilities to subsidiaries (minus €4.7 billion).
Risks and opportunities
The business development of Daimler AG is fundamentally sub-
ject to the same risks and opportunities as the Daimler Group.
Daimler AG generally participates in the risks of its subsidiaries
and associated companies in line with the percentage of each
holding. The risks are described in the “Risk and Opportunity
Report”. E see pages 129 ff Charges may additionally arise
from relations with subsidiaries and associated companies in
connection with statutory or contractual obligations (in par-
ticular with regard to financing).
Outlook
Due to the interrelations between Daimler AG and its subsi-
diaries and the relative size of Daimler AG within the Group,
we refer to the statements in the “Outlook” chapter, which
also largely reflect our expectations for the parent company.
E see pages 142 ff Daimler AG expects to post net profit
in the year 2014 that will be slightly below the level of 2013.
The planned higher income from investments in subsidiaries
and associated companies will be more than offset, in particular
by the expected income tax expense.
C.37
Balance sheet structure of Daimler AG
Dec, 31,
2013
Dec, 31,
2012
In millions of euros
Assets
Non-current assets 44,748 42,763
Inventories 6,682 6,612
Receivables, securities and other assets 28,869 26,736
Cash and cash equivalents 4,718 7,089
Current assets 40,269 40,437
Prepaid expenses 259 177
85,276 83,377
Equity and liabilities
Share capital 3,069 3,063
(conditional capital €590 million)
Capital reserve 11,477 11,390
Retained earnings 18,748 17,061
Distributable profit 2,407 2,738
Equity 35,701 34,252
Provisions for pensions and similar obligations 3,405 3,097
Other provisions 9,214 9,205
Provisions 12,619 12,302
Trade payables 5,352 5,004
Other liabilities 31,111 31,383
Liabilities 36,463 36,387
Deferred income 493 436
85,276 83,377