Daimler Annual Report 2011 - Alle jaarverslagen

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23. Provisions for other risks The development of provisions for other risks is summarized in table 7.59. Product warranties. Daimler issues various types of product warranties, under which it generally guarantees the performance of products delivered and services rendered for a certain period. The provision for these product warranties covers expected costs for legal and contractual warranty claims, as well as expected costs for policy coverage, recall campaigns and buyback commitments. The provision for buyback commitments represents the expected costs related to the Group’s obligation, under certain conditions, to repurchase a vehicle from a customer. Buybacks may occur for a number of reasons including litigation, compliance with laws and regulations in a particular region and customer satisfaction issues. The utilization date of product warranties depends on the incidence of the warranty claims and can span the entire term of the product warranties. The cash outflow for non-current product warranties is principally expected within a period until 2014. Personnel and social costs. Provisions for personnel and social costs primarily comprise expected expenses of the Group for employee anniversary bonuses, profit sharing arrangements and management bonuses, as well as early retirement and partial retirement plans. The additions recorded to the provisions for profit sharing and management bonuses in the reporting year usually result in cash outflows in the following year. The expected maturity of non-current provisions for personnel and social costs is primarily a period of more than 5 years. Other. Provisions for other risks include obligations for expected reductions in revenue already recognized such as bonuses, discounts and other price reduction commitments. They also include expected costs in connection with liability and litigation risks, obligations under the EU End-of-Life Vehicles Directive and environmental protection risks, as well as provisions for other taxes and various other risks. Further information on other provisions for other risks is provided in Note 28. 24. Financing liabilities Based on market conditions and liquidity needs, Daimler may sell certain receivables and future lease payments resulting from equipment on operating leases to third parties. As of December 31, 2011, liabilities relating to these transactions which do not meet all the criteria for derecognition are accounted in the value of €3,203 million (2010: €1,197 million). The respective liabilities are reported under liabilities from ABS transactions in the amount of €3,188 million (2010: €1,114 million) and under liabilities to financial institutions in the amount of €15 million (2010: €83 million). Liabilities from finance leases relate primarily to leases of property, plant and equipment which transfer substantially all risks and rewards to the Group as lessee. Future minimum lease payments under finance leases at December 31, 2011 amounted to €712 million (2010: €780 million). The reconciliation of future minimum lease payments from finance lease arrangements to the corresponding liabilities is included in table 7.61. 7.59 Provisions for other risks In millions of euros Product warranties Personnel and social costs Other Total Balance at December 31, 2010 5,640 3,117 3,783 12,540 Thereof current 2,783 1,693 2,516 6,992 Thereof non-current 2,857 1,424 1,267 5,548 Additions 2,243 1,633 2,245 6,121 Utilizations -2,250 -1,518 -1,740 -5,508 Reversals -164 -72 -679 -915 Addition of accrued interest and effects of changes in discount rates 101 81 43 225 Currency translation and other changes 38 -131 55 -38 Balance at December 31, 2011 5,608 3,110 3,707 12,425 Thereof current 2,694 1,679 2,426 6,799 Thereof non-current 2,914 1,431 1,281 5,626 222
7 | Consolidated Financial Statements | Notes to the Consolidated Financial Statements 25. Other financial liabilities The composition of other financial liabilities is presented in table 7.62. Financial liabilities recognized at fair value through profit or loss relate exclusively to derivative financial instruments which are not used in hedge accounting. Further information on other financial liabilities is provided in Note 30. 7.60 Financing liabilities In millions of euros At December 31, 2011 At December 31, 2010 Current Non-current Total Current Non-current Total Notes/bonds 5,594 20,725 26,319 10,322 15,801 26,123 Commercial paper 1,233 – 1,233 91 – 91 Liabilities to financial institutions 10,574 8,601 19,175 6,295 8,033 14,328 Deposits in the direct banking business 7,012 4,023 11,035 7,856 3,020 10,876 Liabilities from ABS transactions 1,534 1,654 3,188 595 519 1,114 Liabilities from finance leases 91 373 464 80 419 499 Loans, other financing liabilities 663 90 753 582 69 651 26,701 35,466 62,167 25,821 27,861 53,682 7.61 Minimum lease payments from finance lease arrangements In millions of euros Future minimum lease payments Interest included in future minimum lease payments Liabilities from finance lease arrangements At December 31, At December 31, At December 31, 2011 2010 2011 2010 2011 2010 Maturity within one year 111 105 20 25 91 80 between one and five years 219 233 78 84 141 149 later than five years 382 442 150 172 232 270 712 780 248 281 464 499 7.62 Other financial liabilities In millions of euros At December 31, 2011 At December 31, 2010 Current Non-current Total Current Non-current Total Derivative financial instruments used in hedge accounting 691 594 1,285 468 390 858 Financial liabilities recognized at fair value through profit or loss 613 253 866 662 488 1,150 Liabilities from residual value guarantees 1,046 779 1,825 1,016 659 1,675 Liabilities from wages and salaries 999 – 999 1,005 – 1,005 Other 4,433 285 4,718 5,475 346 5,821 Miscellaneous other financial liabilities 6,478 1,064 7,542 7,496 1,005 8,501 7,782 1,911 9,693 8,626 1,883 10,509 223
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Divisions Amounts in millions of eu
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Innovation and Growth We invented t
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Annual Report 2011 | Contents 1 | T
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Q1.11 25th anniversary of the autom
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Q3.11 Joint venture between Daimler
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25 years of the automobile and exce
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Mercedes-Benz Vans posted unit sale
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The Board of Management Andreas Ren
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150,000 km of driving before the fi
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The first locally produced Mercedes
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