The balance sheet total increased compared with December 31, 2017 from €255.3 billion to €281.6 billion; adjusted for the effects of currency translation, the increase amounts to €25.4 billion. Daimler Financial Services accounts for €165.3 billion of the balance sheet total (2017: €150.0 billion), equivalent to 5
The increase in total assets is primarily due to the increased volume of the financial services business, higher inventories, and cash and cash equivalents. In addition, the higher volume of capital expenditure led to an increase in intangible assets and property, plant and equipment. On the liabilities side, the increased refinancing requirement resulting from the portfolio growth led to increased financing liabilities. Furthermore, there was an increase in provisions and in trade liabilities. Current assets accounted for 4
Intangible assets of €14.8 billion (2017: €13.7 billion) include €11.3 billion of capitalized development costs (2017: €10.3 billion), €2.0 billion of franchises, industrial property and similar rights (2017: €2.0 billion) and €1.1 billion of goodwill (2017: €1.1 billion). The Mercedes-Benz Car division accounts for 8
Property, plant and equipment increased to €30.9 billion (2017: €28.0 billion). I
Equipment on operating leases and receivables from financial services rose to a total of €146.2 billion (2017: €133.1 billion). The increase adjusted for exchange-rate effects of €12.3 billion was primarily caused by the higher level of new business at Daimler Financial Services. The growth in business operations with customers reflects the successful course of business, especially in the NAFTA region, Asia and Western Europe. The leasing and sales-financing business as a proportion of total assets was at the prior-year level of 5
Equity-method investments of €4.9 billion (2017: €4.8 billion) mainly comprise the carrying amounts of our equity interests in Beijing Benz Automotive Co., Ltd., BAIC Motor Corporation Ltd. and There Holding B.V.
See Note 13 of the Notes to the Consolidated Financial Statements for further information.
Inventories increased from €25.7 billion to €29.5 billion, equivalent to 1
Trade receivables of €12.6 billion are above the prior-year level of €12.0 billion. The Mercedes-Benz Cars division accounts for 4
Cash and cash equivalents increased compared with the end o
Marketable debt securities and similar investments decreased compared with December 31, 2017 from €10.1 billion to €9.6 billion. Those assets include the debt instruments that are allocated to liquidity, most of which are traded in active markets. They generally have an external rating of A or better.
Other financial assets decreased by €1.1 billion to €5.7 billion. They primarily consist of derivative financial instruments, equity and debt instruments, investments in non-consolidated subsidiaries, and loans and other receivables due from third parties. The decrease is primarily attributable to lower positive fair values of currency derivatives.
Other assets of €11.0 billion (2017: €9.1 billion) primarily comprise deferred tax assets and tax refund claims. The increase in deferred tax assets is due among other things to effects from the remeasurement of derivative financial instruments not recognized in profit or loss.
Assets held for sale of €0.5 billion and liabilities held for sale of €0.2 billion result from an agreement signed between the Daimler Group and the BMW Group in Marc
See Note 3 of the Notes to the Consolidated Financial Statements for further information.
B.32 Condensed statement of financial position 1
|Consolidated||Industrial Business²||Daimler Financial Services|
|In millions of euros|
|Property, plant and equipment||30,948||27,981||30,859||27,914||89||67|
|Equipment on operating leases||49,476||47,074||18,509||18,071||30,967||29,003|
|Receivables from financial services||96,740||86,054||-90||-109||96,830||86,163|
|Cash and cash equivalents||15,853||12,072||12,799||9,515||3,054||2,557|
|Marketable debt securities and similar investments||9,577||10,063||8,364||8,894||1,213||1,169|
|Other financial assets||5,733||6,806||-12,719||-10,661||18,452||17,467|
|Assets held for sale||531||–||–||–||531||–|
|Equity and liabilities|
|Other financial liabilities||10,032||9,275||5,888||5,375||4,144||3,900|
|Contract and refund liabilities||12,519||11,208||12,146||10,862||373||346|
|Liabilities held for sale||212||–||–||–||212||–|
|Total equity and liabilities||281,619||255,345||116,303||105,356||165,316||149,989|
1 The columns “Industrial Business” and “Daimler Financial Services” represent a business point of view.
2 The industrial business comprises the vehicle segments Mercedes-Benz Cars, Mercedes-Benz Trucks, Mercedes-Benz Vans and Daimler Buses.
3 The prior-year figures have been adjusted due to the effects of first-time adoption of IFRS 15 and IFRS 9. Information on adjustments to prior-year
The Group’s equity increased compared with December 31, 2017 from €65.2 billion to €66.1 billion; adjusted for the effects of currency translation, the increase amounts to €0.7 billion. (See Statement of Income) The increase in equity was mainly due to net profit of €7.6 billion and the effects of currency translation of €0.2 billion. The increase was partially offset by the dividend of €3.9 billion paid out to Daimler’s shareholders, the effect of remeasurement of derivative financial instruments not recognized in profit or loss of €1.3 billion, and actuarial losses from defined benefit pension plans recognized in retained earnings of €1.5 billion. Equity attributable to the shareholders of
Equity increased by
Provisions increased from €22.1 billion to €24.4 billion; as a proportion of the balance sheet total, they were at the prior-year level at
Financing liabilities of €144.9 billion were significantly above the prior-year level (2017: €127.1 billion). The increase of €17.5 billion adjusted for exchange-rate effects was primarily due to the refinancing of the growing leasing and sales-financing business and the utilization of favorable interest terms for refinancing. 5
Trade payables increased to €14.2 billion due to the higher volume of business (2017: €12.5 billion). The Mercedes-Benz Cars division accounts for 6
Other financial liabilities of €10.0 billion (2017: €9.3 billion) mainly consist of liabilities from residual-value guarantees, liabilities from wages and salaries, deposits received and accrued interest on financing liabilities. The increase was primarily caused by higher negative fair values of derivative financial instruments and by the liability caused by the Toll Collect settlement.
Contract and refund liabilities of €12.5 billion are higher than a year earlier (2017: €11.2 billion). They mainly comprise deferred revenue from service and maintenance contracts and extended warranties as well as obligations from sales transactions in the scope of IFRS 15. Higher revenues from service and maintenance contracts and extended warranties mainly led to the increase in contract and refund liabilities.
Other liabilities of €9.3 billion (2017: €8.0 billion) primarily comprise deferred income, tax liabilities and deferred taxes. The increase was primarily the result of higher deferred taxes.
Further information on the assets presented in the statement of financial position and on the Group’s equity and liabilities is provided in the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in Equity and the related notes in the Notes to the Consolidated Financial Statements.