Financial position, liquidity and capital resources

The balance sheet total of €88.3 billion is €3.0 billion higher than at year-end 2014.

Non-current assets decreased by €4.5 billion to €39.3 billion in 2015, primarily due to the lower amount of financial assets. This mainly reflects the merger of Daimler Luft- und Raumfahrt Holding AG into Daimler AG. Investments in property plant and equipment (excluding leased assets, approximately €2.6 billion) mainly comprise investments for the production of the C-, E- and S-Class, as well as investments in engine and transmission projects.

Inventories increased by €0.7 billion to €8.5 billion at December 31, 2015. The increase is mainly related to finished and unfinished goods in connection with the higher production volumes.

Receivables, securities and other assets increased compared with December 31, 2014 by €8.4 billion to €38.3 billion. The main reason for this development was growth in receivables due from subsidiaries of €6.6 billion. Cash and cash equivalents decreased by €1.5 billion to €1.9 billion, partially due to the extraordinary contribution to German pension plan assets of €0.9 billion.

Gross liquidity – defined as cash and cash equivalents and other marketable securities – of €7.8 billion was lower than a year earlier (2014: €8.6 billion).

Cash provided by operating activities amounted to €6.6 billion at the end of 2015 (2014: €3.2 billion). The increase primarily reflects lower contributions to pension plan assets. Additional factors behind the increase are lower inventory growth than in the previous year and increased operating profit in 2015.

Cash flows from investing activities resulted in a net cash outflow of €4.2 billion in 2015 (2014: €1.3 billion). The increased cash outflow was the result of higher net investment in financial assets. An additional factor is that the sale of the equity interest in Rolls-Royce Power Systems Holding GmbH had a positive impact on cash flows from investing activities in the previous year.

Cash flows from financing activities resulted in a net cash outflow of €3.9 billion (2014: €3.2 billion). The increased outflow is the result of the higher increase than in 2014 in receivables due from subsidiaries from the Group’s internal transactions in connection with central finance and liquidity management. There was an opposing effect from the increase compared with the previous year in external financing liabilities. Cash flows from financing activities include the payment of the dividend for the year 2014 in an amount of €2.6 billion.

Equity increased compared with December 31, 2014 by €1.1 billion to €38.2 billion. This change primarily resulted from the net profit for 2015, of which, in accordance with Section 58 Subsection 2 of the German Stock Corporation Act (AktG), €0.3 billion was transferred to retained earnings. The equity ratio at December 31, 2015 was 43.3 % (December 31, 2014: 43.5 %).

B.37 Balance sheet structure of Daimler AG

  Dec. 31, 2015 Dec. 31, 2014
In millions of euros    
     
Assets    
Non-current assets 39,259 43,772
Inventories 8,503 7,846
Receivables, securities and other assets 38,341 29,985
Cash and cash equivalents 1,925 3,399
Current assets 48,769 41,230
Prepaid expenses 257 256
  88,285 85,258
     
Equity and liabilities    
Share capital 3,070 3,070
(conditional capital €500 million)    
Capital reserve 11,480 11,480
Retained earnings 20,169 19,891
Distributable profit 3,477 2,621
Equity 38,196 37,062
Provisions for pensions and similar obligations 1,931 1,391
Other provisions 11,811 10,470
Provisions 13,742 11,861
Trade payables 5,098 5,412
Other liabilities 30,654 30,379
Liabilities 35,752 35,791
Deferred income 595 544
  88,285 85,258

Provisions increased compared with December 31, 2014 by €1.9 billion to €13.7 billion. This primarily reflects the sales-related increase in provisions for warranty claims. The increase also resulted from provisions for pensions and similar obligations, which were affected by the lower discount rate. There was an opposing, reducing effect from the extraordinary contribution of €0.9 billion to the German pension plan assets. An additional factor is that there were higher personnel and social-security obligations than in the previous year.

Liabilities of €35.8 billion were at the prior-year level.

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