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€ million |
current |
non-current |
Carrying amount Dec. 31, 2009 |
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current |
non-current |
Carrying amount Dec. 31, 2008 |
Fair value Dec. 31, 2008 | ||||||||
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Receivables from financing business |
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customer financing |
11,613 |
22,815 |
34,428 |
34,496 |
9,534 |
20,302 |
29,836 |
30,144 | ||||||||
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dealer financing |
8,698 |
856 |
9,555 |
9,550 |
10,147 |
981 |
11,128 |
11,166 | ||||||||
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direct banking |
146 |
– |
146 |
146 |
133 |
– |
133 |
133 | ||||||||
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20,457 |
23,672 |
44,129 |
44,192 |
19,814 |
21,283 |
41,097 |
41,443 | ||||||||
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Receivables from operating lease business |
152 |
– |
152 |
152 |
125 |
– |
125 |
125 | ||||||||
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Receivables from |
6,793 |
9,502 |
16,296 |
16,322 |
7,096 |
10,572 |
17,668 |
17,833 | ||||||||
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27,403 |
33,174 |
60,577 |
60,667 |
27,035 |
31,855 |
58,890 |
59,401 |
Fair valueNoncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 24% (previous year: 0.0% and 22.1%), depending on the market concerned. They have terms of up to 144 months (previous year: 84 months). The noncurrent portion of dealer financing is granted at interest rates of between 1.9% and 18% (previous year: 3.8% and 20%), depending on the country.
Financial services receivables of €60.6 billion (previous year: €58.9 billion) contain a fair value adjustment from portfolio hedging amounting to €84 million (previous year: €151 million).
The receivables from customer and dealer financing are secured by vehicles or real property liens.
The receivables from dealer financing include an amount of €188 million (previous year: €173 million) receivable from affiliated companies.
The receivables from finance leases – almost entirely in respect of vehicles – were or are expected to generate the following cash flows as of December 31, 2008 and December 31, 2009:
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€ million |
2009 |
2010 – 2013 |
from 2014 |
Total | ||||
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Future payments from finance lease receivables |
7,806 |
11,586 |
44 |
19,436 | ||||
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Unearned finance income from finance leases (discounting) |
–710 |
–1,056 |
–2 |
–1,768 | ||||
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Present value of minimum lease payments outstanding at the balance sheet date |
7,096 |
10,530 |
42 |
17,668 |
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€ million |
2010 |
2011 – 2014 |
from 2015 |
Total | ||||
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Future payments from finance lease receivables |
7,470 |
10,312 |
67 |
17,849 | ||||
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Unearned finance income from finance leases (discounting) |
–677 |
–870 |
–6 |
–1,553 | ||||
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Present value of minimum lease payments outstanding at the balance sheet date |
6,793 |
9,442 |
61 |
16,296 |
