Financial position, liquidity and capital resources

Compared with December 31, 2012, the balance sheet total increased from €83.4 billion to €85.3 billion.

Non-current assets increased by €2.0 billion to €44.7 billion during 2013, due to the higher level of financial assets, property, plant and equipment as well as increased intangible assets. Investments in property plant and equipment (approximately €2.8 billion excluding leased assets) mainly constituted investments for the production of the new C- and S-Class, the compact class and investments in engine and transmission projects.

Inventories of €6.7 billion were close to the prior-year level (2012: €6.6 billion).

Receivables, securities and other assets increased compared with December 31, 2012 by €2.1 billion to €28.9 billion. The main cause of the development was the increase of €2.1 billion in securities. Cash and cash equivalents decreased by €2.4 billion to €4.7 billion.

Gross liquidity – defined as cash and cash equivalents and other marketable securities – of €9.3 billion was slightly lower than a year earlier (2012: €9.6 billion).

Cash provided by operating activities amounted to €6.0 billion in 2013 (2012: €5.4 billion). Lower net profit than in the previous year was more than offset by lower tax payments and higher trade payables. The development of trade payables is connected with the expansion of business and partially reflects invoicing factors.

Cash flows from investing activities resulted in a net cash outflow of €7.1 billion in 2013 (2012: €5.5 billion). This was primarily the result of investments in financial assets and property, plant and equipment as well as the acquisition of securities.

C.36

Condensed statement of income of Daimler AG
  2013 2012
In millions of euros    
     
Revenue 75,531 72,727
Cost of sales (including R&D expenses) -67,579 -64,600
Selling expenses -6,032 -5,883
General administrative expenses -2,594 -2,600
Other operating income, net 1,497 1,755
Operating profit 823 1,399
Financial income 2,687 3,710
Profit from ordinary activities 3,510 5,109
Income tax benefit 203 366
Net profit 3,713 5,475
     
Transfer to retained earnings -1,306 -2,737
     
Distributable profit 2,407 2,738

Cash flows from financing activities resulted in a net cash outflow of €1.3 billion (2012: net cash inflow of €2.4 billion). The payment of the dividend for the year 2012 accounts for a cash outflow of €2.3 billion. On the other hand, mainly an increase in financing liabilities led to a cash inflow.

Equity increased compared with December 31, 2012 by €1.4 billion to €35.7 billion. This change primarily resulted from the net profit for 2013, of which, pursuant to Section 58 Subsection 2 of the German Stock Corporation Act (AktG), €1.3 billion was transferred to retained earnings. The equity ratio at December 31, 2013 was 41.9% (December 31, 2012: 41.1%).

Provisions increased compared with December 31, 2012 by €0.3 billion to €12.6 billion. This was mainly caused by the increase in provisions for pensions and similar obligations.

Liabilities increased by €0.1 billion to €36.5 billion. This change was mainly caused by financing liabilities (plus €4.7 billion). There was an opposing effect primarily from the decrease in liabilities to subsidiaries (minus €4.7 billion).

C.37 

Balance sheet structure of Daimler AG
  Dec, 31, 2013 Dec, 31, 2012
In millions of euros    
     
Assets    
Non-current assets 44,748 42,763
Inventories 6,682 6,612
Receivables, securities and other assets 28,869 26,736
Cash and cash equivalents 4,718 7,089
Current assets 40,269 40,437
Prepaid expenses 259 177
  85,276 83,377
     
Equity and liabilities    
Share capital 3,069 3,063
(conditional capital €590 million)    
Capital reserve 11,477 11,390
Retained earnings 18,748 17,061
Distributable profit 2,407 2,738
Equity 35,701 34,252
Provisions for pensions and similar obligations 3,405 3,097
Other provisions 9,214 9,205
Provisions 12,619 12,302
Trade payables 5,352 5,004
Other liabilities 31,111 31,383
Liabilities 36,463 36,387
Deferred income 493 436
  85,276 83,377
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