Financial position, liquidity and capital resources
The balance sheet total of €117.2 billion is €9.9 billion higher than at the end o
B.35 Balance sheet structure of
|Dec. 31, 2018||Dec. 31, 2017|
|In millions of euros|
|Receivables, securities and other assets||44,784||49,516|
|Cash and cash equivalents||6,354||1,782|
|Net defined-benefit plan asset||-||3,462|
|Equity and liabilities|
|(Conditional capital €500 million)|
|Provisions for pensions and similar obligations||838||-|
Non-current assets increased during the year by €12.4 billion to €55.1 billion, reflecting the €11.9 billion increase in financial assets, which resulted primarily from internal restructuring within the Group as part of Project Future. Furthermore, property, plant and equipment increased by €0.4 billion to €9.5 billion. Investments in property, plant and equipment (excluding leased assets, approximately €3.0 billion) mainly relate to investments in the production of the new S-, A- and B-Class models and the new Sprinter, as well as investments in engine and transmission projects.
Inventories increased compared with December 31, 2017 by €1.0 billion to €10.5 billion. The increase is mainly related to unfinished and finished products.
Receivables, securities and other assets decreased compared with December 31, 2017 by €4.7 billion to €44.8 billion. The main reason for this development was the lower level of €5.4 billion in receivables due from subsidiaries, primarily resulting from sales of receivables in foreign currencies in the amount of €4.2 billion to a Group company during the year, and the decrease of €0.4 billion in securities. However, other assets increased by €1.0 billion. Cash and cash equivalents rose by €4.6 billion to €6.4 billion.
Gross liquidity – defined as cash and cash equivalents and other marketable securities as well as fixed-term deposits presented under other assets – increased by €4.7 billion to €14.3 billion on the balance sheet date. The main reason for the increase in gross liquidity was the €4.6 billion increase in cash and cash equivalents.
Cash provided by operating activities amounted to €13.8 billion in th
Cash flows from investing activities resulted in a net cash outflow of €14.7 billion i
Cash flows from financing activities resulted in a net cash inflow of €5.5 billion (2017: outflow of €0.6 billion). The inflow is explained by higher liabilities from the Group’s internal transactions in connection with central financial and liquidity management. On the other hand, the decrease in external financing liabilities resulted in higher cash outflows than in the previous year. Cash flows from financing activities include the payment of the dividend for the yea
Equity increased i
Provisions increased compared with December 31, 2017 by €2.4 billion to €16.4 billion. This resulted mainly from increased provisions for pensions and similar obligations, increased obligations in connection with sales transactions and warranties, legal proceedings and higher personnel and social provisions.
Provisions for pensions and similar obligations amounted to €0.8 billion at December 31, 2018 (2017: net defined-benefit plan asset of €3.5 billion). The change is primarily attributable to the transfer of pension obligations of €6.9 billion for retired employees and their surviving dependents to Daimler Pensionsfonds AG. To cover these pension obligations, special-purpose assets of €8.2 billion were transferred to Daimler Pensionsfonds AG. Additionally, the measurement of the pension obligations and the negative return on the special-purpose assets led to an increase in the provision.
Liabilities increased by €6.1 billion to €56.4 billion. This primarily reflects higher liabilities to subsidiaries and results in particular from purchase-price obligations from the Group’s internal restructuring in connection with Project Future. On the other hand, there were decreases in bonds and notes and liabilities to banks.