Daimler Annual Report 2011 - Alle jaarverslagen

3 | Management Report | Liquidity and Capital Resources
The increased cash outflows for tax payments made to third
parties were partially offset by intra-Group payments received
by the industrial business from financial services companies
in the context of the organic tax unity.
The net liquidity of the industrial business 3.31 is
calculated as the total amount as shown in the balance sheet
of cash, cash equivalents and marketable debt securities
included in liquidity management, less the currency-hedged
nominal amounts of financing liabilities.
To the extent that the Group’s internal refinancing of the
financial services business is provided by the companies
of the industrial business, this amount is deducted for the
calculation of the debt of the industrial business. At December
31, 2011, due to the application of the funds of the industrial
business, the Group’s internal refinancing was larger than
the financing liabilities originally assumed by the industrial
business, as was already the case at December 31, 2010. This
resulted in a positive amount for the financing liabilities of the
industrial business, increasing its net liquidity.
The net liquidity of the industrial business amounted to
€12.0 billion at December 31, 2011 (December 31, 2010:
€11.9 billion). The trend of the net liquidity was the result
of the free cash flow and intra-Group dividend payments of the
financial services business and the payment of the
dividend for the year 2010 in an amount of €2.0 billion.
Net debt at Group level 3.32, which primarily results from
the refinancing of the leasing and sales financing business,
increased by €9.8 billion compared with December 31, 2010,
mainly due to the increased volume of new business in leasing
and sales financing and the payment of the dividend for the
year 2010. There was a smaller, opposing effect from the
free cash flow of the industrial business.
Capital expenditure
Renewed increase in investment. 3.33 In the context of
our global growth strategy, we want to make good use of the
opportunities presented by international automotive markets.
This requires substantial capital expenditure on local production
facilities, new products and new technologies. In 2011, we
therefore increased our investment in property, plant and
equipment to €4.2 billion (2010: €3.7 billion). Of that
total, €2.7 billion was invested in Germany (2010: €2.1 billion).
We also invested in engine projects and in expanding our car
production capacities in the growth markets of China and
India. Daimler Trucks made substantial investments in 2011
in the launch of the new Actros heavy truck and in platforms
for medium and heavy trucks. Another focus was on projects
for the global harmonization and standardization of engines
and other main components and for meeting stricter emission
regulations. We also invested in our production capacities
in Brazil and India. Total investment in property, plant and
equipment at Daimler Trucks amounted to €1.2 billion (2010:
€1.0 billion). At the Mercedes-Benz Vans division, the focus of
investment was on developing the next generation of the
Vito goods van and the Viano passenger van, as well as on the
local production and marketing of the Sprinter in Latin
America. We also expanded and modernized the division’s sales
organization. The main investments at Daimler Buses
in 2011 were in new products and the production facilities.
3.33
Capital expenditure
In billions of euros
5
4
3
2
1
0
3.34
Investment in property, plant and equipment
In millions of euros
2007 2008 2009 2010 2011
2011 2010 11/10
% change
Daimler Group 4,158 3,653 +14
Mercedes-Benz Cars 2,724 2,457 +11
Daimler Trucks 1,201 1,003 +20
Mercedes-Benz Vans 109 91 +20
Daimler Buses 103 95 +8
Daimler Financial Services 21 12 +75
At Mercedes-Benz Cars, investment in property, plant and
equipment increased by 11% to €2.7 billion in 2011. 3.34 One
focus was on the expansion of production capacities for
the successor to the A/B-Class at the Rastatt plant in Germany
and at the new plant in Kecskemét, Hungary. In addition,
we invested in the ramp-up of the new M- and GL-Class in
Tuscaloosa, USA, and prepared for the start of C-Class
production there as of 2014. In Sindelfingen, preparations are
under way for the production of the new S-Class starting in
the year 2013, and the main investment at the Bremen plant
was for the successor models of the SLK and SL roadsters.
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