Daimler Annual Report 2011 - Alle jaarverslagen

3 | Management Report | Liquidity and Capital Resources
Other financial commitments and off-balance-sheet
transactions
In the context of its normal business operations, the Group
has entered into other financial commitments in addition
to the liabilities shown in the consolidated balance sheet at
December 31, 2011. These other financial commitments
primarily relate to purchasing commitments and commitments
to invest in plant replacement and expansion. The Group
has also committed to make payments in connection with rental
and leasing agreements for the use of production facilities and
property, plant and equipment. In addition, particularly Daimler
Financial Services has made irrevocable loan commitments
within the framework of its business operations.
The table 3.36 provides an overview of these commitments
and their maturities.
The Group’s off-balance-sheet transactions relate to
transactions in the context of which Daimler has provided
guarantees and thus, in connection with these transactions,
continues to be subject to risk. However, they do not include
warranties the Group provides on its products in the context
of its vehicle sales.
The guarantees reported by the Group (excluding product warranties)
principally represent financial guarantees that require
us to make certain payments if a guarantee holder fails to
meet its financial obligations. The maximum potential obligation
resulting from these guarantees amounts to €1.4 billion at
December 31, 2011 (end of 2010: €1.1 billion); provisions
established in this context amount to €0.2 billion at the
end of the year (end of 2010: €0.2 billion).
Most of the financial guarantees relate to the situations
described as follows: In connection with the transfer of a
majority interest in Chrysler, Daimler guarantees payments
of up to US$200 million into the Chrysler pension plans.
The term of this guarantee is limited until August 2012. The
Group also provides guarantees for other Chrysler obligations;
at December 31, 2011, these guarantees amounted to €0.3
billion, whereby Chrysler provided €0.2 billion on an escrow
account as collateral for the guaranteed obligations. Another
financial guarantee of €0.1 billion relates to bank loans of
Toll Collect GmbH, the operator company of the toll-collection
system for trucks in Germany.
Other risks arise from an additional guarantee that the Group
provided for obligations of Toll Collect GmbH to the Federal
Republic of Germany. This guarantee is related to the completion
and operation of the toll-collection system. A claim on
this guarantee could primarily arise if for technical reasons toll
revenue is lost or if certain contractually defined parameters
are not fulfilled, if the Federal Republic of Germany makes
additional claims or if the final operating permit is not
granted. Furthermore, arbitration proceedings have been initiated
against the Group. The maximum obligation that could
result from this guarantee is substantial, but cannot be reasonably
estimated.
Furthermore, the Group has issued a number of smaller guarantees,
some of which specify that Daimler guarantees the
financial obligations of companies which supply us with parts,
vehicle components or services, or which lease production
facilities to us.
Buyback obligations arise for the Daimler Group from
agreements under which we guarantee to customers certain
trade-in or resale values for sold vehicles. Most of these guarantees
provide the holder with the right to return purchased
vehicles to the Group if the customer acquires another vehicle
from Daimler. At December 31, 2011, the maximum potential
obligation from these guarantees amounted to €0.7 billion
(December 31, 2010: €0.6 billion); provisions established in
this context amounted to €44 million at the end of 2011
(end of 2010: €60 million).
Further information on other financial commitments and contingent
liabilities from guarantees granted as well as on the
electronic toll-collection system and related risks is provided
in Note 29 (Guarantees and other financial commitments) and
Note 28 (Legal proceedings) of the Notes to the Consolidated
Financial Statements.
3.36
Other financial commitments and off-balance-sheet transactions
In millions of euros
in
total
within
1 year
in
1-3 years
Payments falling due:
in
4-5 years
after
5 years
Purchasing agreements, investments in property, plant and equipment 8,861 7,370 1.265 148 78
Future lease payments under rental and leasing agreements 2,480 401 632 490 957
Irrevocable loan commitments 1,960 1,642 135 183 -
103