Daimler Annual Report 2011 - Alle jaarverslagen

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Balance sheet structure of Daimler AG
In millions of euros
Dec. 31,
2011
Dec. 31,
2010
Assets
Non-current assets 40,623 39,151
Inventories 6,331 5,574
Receivables, securities and other assets 26,820 26,123
Cash and cash equivalents 4,827 5,753
Current assets 37,978 37,450
Prepaid expenses 97 99
78,698 76,700
Equity and liabilities
Share capital 3,060 3,057
(conditional capital €600 million)
Capital reserve 11,351 11,321
Retained earnings 14,298 11,193
Distributable profit 2,379 2,700
Equity 31,088 28,271
Provisions for pensions and similar obligations 3,313 4,027
Other provisions 11,179 11,463
Provisions 14,492 15,490
Trade payables 5,175 4,334
Other liabilities 27,361 27,598
Liabilities 32,536 31,932
Deferred income 582 1,007
78,698 76,700
The cash flow from investing activities resulted in a net
cash outflow of €4.4 billion in 2011 (2010: net cash inflow
of €0.4 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
outflow of €0.5 billion in 2011 (2010: net cash outflow of
€3.6 billion). The payment of the dividend for the year 2010
accounts for a cash outflow of €2.0 billion. The main cash
inflow was caused by the decrease in receivables from subsidiaries
in the context of the Group’s central financial and
liquidity management.
Equity increased by €2.8 billion compared with December 31,
2010. This change primarily resulted from the net income
for 2011, of which, pursuant to Section 58 Subsection 2 of
the German Stock Corporation Act (AktG), €2.4 billion was
transferred to retained earnings. In addition, as a result of the
resolution of the Annual Shareholders’ Meeting on the appropriation
of distributable profit, a further €0.7 billion was transferred
to retained earnings. The equity ratio at December 31,
2011 was 39.5% (2010: 36.9%).
Provisions decreased compared with December 31, 2010 by
€1.0 billion to €14.5 billion. This was primarily due to the
reduction in provisions for pensions and similar obligations.
Liabilities increased by €0.6 billion to €32.5 billion.
This change was mainly caused by trade payables (plus
€0.8 billion).
Risks and opportunities
The business development of Daimler AG is fundamentally
subject to the same risks and opportunities as the Daimler
Group. Daimler AG generally participates in the risks of its
associated companies and subsidiaries in line with the percentage
of each holding. The risks are described in the Risk
Report. Charges may additionally arise from relations with
associated companies and subsidiaries in connection with
statutory or contractual obligations (in particular with regard
to financing).
Outlook
Due to the interrelations between Daimler AG and its subsidiaries
and the relative size of Daimler AG within the Group,
we refer to the statements in the Outlook chapter, which also
largely reflect our expectations for the parent company.
Daimler AG expects to post a significant profit in the year 2012,
but lower than in 2011. Annual earnings are expected to
increase in the medium term.
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