Daimler Annual Report 2011 - Alle jaarverslagen

Each of the consortium members (including Daimler Financial
Services AG) has provided guarantees supporting the obligations
of Toll Collect GmbH towards the Federal Republic
of Germany relating to the completion and operation of the
toll collection system, which are subject to specific triggering
events. In addition, Daimler AG has guaranteed bank loans
obtained by Toll Collect GmbH. The guarantees are described
in detail below:
– Guarantee of bank loans. Daimler AG issued a guarantee
to third parties up to a maximum amount of €105 million for
bank loans which could be obtained by Toll Collect GmbH.
This amount represents the Group’s 50% share of Toll Collect
GmbH’s external financing guaranteed by its shareholders.
7.67
Future minimum lease payments under long-term lease agreements
In millions of euros
At December 31,
2011 2010
Maturity
within one year 401 297
between one and three years 632 504
between four and five years 490 396
later than five years 957 953
2,480 2,150
– Equity maintenance undertaking. The consortium members
have the obligation to contribute, on a joint and several basis,
additional funds to Toll Collect GmbH as may be necessary
for Toll Collect GmbH to maintain a minimum equity (based
on German Commercial Code accounting principles) of
15% of total assets (a so-called “equity maintenance undertaking”).
This obligation will terminate on August 31, 2015,
when the operating agreement expires, or earlier if the agreement
is terminated. Such obligation may arise if Toll Collect
GmbH is subject to revenue reductions caused by underperformance,
if the Federal Republic of Germany is successful
in claiming lost revenue against Toll Collect GmbH for any
period the system was not fully operational, or if Toll Collect
GmbH incurs penalties that may become payable under the
above mentioned agreements. If such penalties, revenue
reductions or other events reduce Toll Collect GmbH’s equity
to a level below the minimum equity percentage agreed
upon, the consortium members are obligated to fund Toll
Collect GmbH’s operations to the extent necessary to
reach the required minimum equity.
Cofiroute’s risks and obligations are limited to €70 million.
Daimler Financial Services AG and Deutsche Telekom AG are
jointly obliged to indemnify Cofiroute for amounts exceeding
this limitation.
While Daimler’s maximum future obligation resulting from
the guarantee of the bank loan can be determined (2011:
€105 million), the Group is unable to reasonably estimate the
amount or range of amounts of possible loss resulting from
the financial guarantee in form of the equity maintenance undertaking
due to the various uncertainties described above,
although it could be material. Only the guarantee for the bank
loan is included in the above disclosures for financial
guarantees.
Obligations associated with product warranties are also not
included in the above disclosures. See Note 23 for provisions
relating to such obligations.
Other financial commitments. In connection with its production
programs, Daimler has committed to purchase various
volumes of parts and components over extended periods.
The Group also has entered into service arrangements for the
provision of future services. In addition, the Group has committed
to purchase or invest in the construction and maintenance
of production facilities. Amounts under the latter arrangements
represent commitments to purchase plant or equipment
in the future. As of December 31, 2011, total other financial
commitments amounted to €8.9 billion (2010: €7.4 billion).
The Group has also entered into operating leases for property,
plant and equipment. In 2011, Daimler recognized as
expense rental payments of €495 million (2010: €491 million).
Table 7.67 provides an overview of when future minimum
lease payments under long-term lease agreements fall due
(nominal amounts).
In addition, the Group issued loan commitments for a total
of €2.0 billion and €1.9 billion as of December 31, 2011 and
2010 respectively. These loan commitments are unused as
of those dates.
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