Mercedes 2013 Annual Report Download - page 96

100
Inventories decreased from €17.7 billion to €17.3 billion,
equivalent to 10% of total assets (2012: 11%). Adjusted
for exchange-rate effects, there was an increase of €0.6 billion
mainly of inventories in the United States, Brazil and Japan,
while inventories decreased in China due to the high levels
of car unit sales in the fourth quarter of 2013.
Trade receivables increased by €0.3 billion to €7.8 billion.
The Mercedes-Benz Cars division accounts for 40% of the
receivables and the Daimler Trucks division accounts for 38%.
The increase primarily relates to Daimler Trucks and is con-
nected with the sales revival in South America and vehicle pur-
chases brought forward in Western Europe due to the intro-
duction of stricter emission standards in 2014.
Cash and cash equivalents of €11.1 billion were at the
prior-year level. Adjusted for exchange-rate effects, there was
an increase of €0.3 billion.
Marketable debt securities increased compared with
December 31, 2012 from €5.6 billion to €7.1 billion. They consist
of debt instruments, most of which are quoted in an active
market, and are allocated to liquidity. The debt instruments
generally have an external rating of A or better.
Other financial assets increased by €0.3 billion to €6.2 billion.
They principally comprise investments (in Renault and
Nissan for example), derivative financial instruments, and
loans and other receivables due from third parties.
Other assets of €5.5 billion primarily comprise deferred
tax assets and tax refund claims (2012: €6.3 billion).
The decrease is mainly a reflection of exchange-rate effects.
The Group’s equity increased compared with December 31, 2012
from €39.3 billion to €43.4 billion. Net profit E see page 89
of €8.7 billion was primarily offset by the distribution of the
dividend of €2.3 billion for the year 2012 to the share holders
of Daimler AG and the effects of currency translation of
€1.5 billion. In addition, due to the transfer of EADS shares
to the Dedalus investors, equity decreased without any impact
on the income statement by €2.4 billion. Equity attributable
to the shareholders of Daimler AG increased to €42.7 billion
(2012: €37.9 billion).
Equipment on operating leases and receivables from
financial services increased to a total of €78.9 billion
(2012: €75.1 billion). The increase of €8.2 billion adjusted
for exchange-rate effects was caused by the higher level
of new business due to growth in unit sales by the automotive
divisions. The proportion of total assets of 47% is slightly
higher than in the previous year (46%).
Investments accounted for using the equity method
of €3.4 billion (2012: €4.3 billion) primarily comprise the
carrying amounts of our equity interests in Rolls-Royce Power
Systems AG, in Beijing Benz Automotive Co., Ltd. and BAIC
Motor in the area of passenger cars in China, and in Beijing
Foton Daimler Automotive and Kamaz in the truck business.
The decrease primarily reflects the dissolution of the share-
holders’ pact and the loss of significant influence on EADS
in April 2013. There was an opposing effect from the acquisition
of shares in BAIC Motor.
Balance sheet structure Daimler Group
In billions of euros
C.35
169169163
2012
2013
163
Non-current assets
Current assets
of which: Liquidity
Equity
Non-current liabilities
Current liabilities
Assets Equity and liabilities
9698
6771
1718
4339
6765
5959