Compared with December 31, 2011, the balance sheet total increased from €78.7 billion to €83.4 billion.
Non-current assets increased by €2.1 billion to €42.8 billion during 2012. This was primarily the result of investments in subsidiaries and associated companies: In 2012, Rolls-Royce completed the agreed contribution of the piston-engine business of the Bergen brand to Engine Holding GmbH. In return, Daimler AG made a cash contribution into the capital reserve of Engine Holding GmbH. Furthermore, a capital contribution was made to the new truck joint venture in China. Capital expenditure on property, plant and equipment (approximately €2.8 billion excluding leased assets) mainly constituted investments for the production of the new compact class, the new C- and S-Class, as well as investments in engine and transmission projects.
Inventories of €6.6 billion were slightly higher than a year earlier (2011: €6.3 billion).
Receivables, securities and other assets decreased compared with December 31, 2011 by €0.1 billion to €26.7 billion. This was primarily caused by receivables from subsidiaries (minus €0.8 billion) and receivables from associated companies (minus €0.2 billion). Securities increased compared with the end of 2011 by €0.9 billion. Cash and cash equivalents increased by €2.3 billion to €7.1 billion.
Gross liquidity – defined as cash and cash equivalents and other marketable securities – of €9.6 billion was significantly higher than a year earlier (2011: €6.5 billion).
Cash provided by operating activities amounted to €5.4 billion in 2012 (2011: €4.0 billion) and was mainly affected by the substantial net income. The main opposing effects were the higher tax payments.
|Condensed statement of income of Daimler AG|
|In millions of euros|
|Cost of sales (including R&D expenses)||-64,600||-59,562|
|General administrative expenses||-2,600||-2,443|
|Other operating income/expense, net||1,755||1,309|
|Income from ordinary activities||5,109||5,458|
|Income taxes (benefit, 2011: expense)||366||-701|
|Transfer to retained earnings||-2,737||-2,378|
The cash flow from investing activities resulted in a net cash outflow of €5.5 billion in 2012 (2011: €4.4 billion). This was primarily the result of investment in property, plant and equipment and financial assets.
The cash flow from financing activities resulted in a net cash inflow of €2.4 billion in 2012 (2011: net cash outflow of €0.5 billion). The payment of the dividend for the year 2011 accounts for a cash outflow of €2.3 billion. On the other hand, an increase in financing liabilities led to a cash inflow.
Equity increased by €3.2 billion compared with December 31, 2011 to €34.3 billion. This change primarily resulted from the net income for 2012, of which, pursuant to Section 58 Subsection 2 of the German Stock Corporation Act (AktG), €2.7 billion was transferred to retained earnings. The equity ratio at December 31, 2012 was 41.1% (2011: 39.5%).
Provisions decreased compared with December 31, 2011 by €2.2 billion to €12.3 billion. This was primarily due to the decrease in provisions for taxes in connection with the tax assessment of previous years.
Liabilities increased by €3.9 billion to €36.4 billion. This change was mainly caused by financing liabilities (plus €6.0 billion). There was an opposing effect primarily from the decrease in liabilities to subsidiaries (minus €1.8 billion).
|Balance sheet structure of Daimler AG|
|Dec. 31, 2012||Dec. 31, 2011|
|In millions of euros|
|Receivables, securities and other assets||26,736||26,820|
|Cash and cash equivalents||7,089||4,827|
|Equity and liabilities|
|(conditional capital €600 million)|
|Provisions for pensions and similar obligations||3,097||3,313|