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€ million |
current |
non-current |
Carrying amount Dec. 31, 2008 |
Fair value Dec. 31, 2008 |
current |
non-current |
Carrying amount Dec. 31, 2007 |
Fair value Dec. 31, 2007 | ||||||||
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Receivables from financing business |
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customer financing |
9,534 |
20,302 |
29,836 |
30,144 |
9,531 |
18,471 |
28,002 |
28,196 | ||||||||
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dealer financing |
10,147 |
981 |
11,128 |
11,166 |
9,791 |
774 |
10,565 |
10,565 | ||||||||
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direct banking |
133 |
– |
133 |
133 |
94 |
0 |
94 |
94 | ||||||||
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19,814 |
21,283 |
41,097 |
41,443 |
19,416 |
19,245 |
38,661 |
38,855 | ||||||||
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Receivables from operating lease business |
125 |
– |
125 |
125 |
103 |
– |
103 |
103 | ||||||||
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Receivables from |
7,096 |
10,572 |
17,668 |
17,833 |
5,395 |
8,277 |
13,672 |
13,675 | ||||||||
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27,035 |
31,855 |
58,890 |
59,401 |
24,914 |
27,522 |
52,436 |
52,633 |
Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 22.1% (previous year: 0.1% and 19.5%), depending on the market concerned. They have terms of up to 84 months (previous year: 84 months). The noncurrent portion of dealer financing is granted at interest rates of between 3.8% and 20% (previous year: 2% and 20%), depending on the country.
Financial services receivables of €58.9 billion contain a fair value adjustment from portfolio hedging amounting to €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 €173 million (previous year: €202 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, 2007 and December 31, 2008:
| Download |
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€ million |
2008 |
2009 – 2012 |
from 2013 |
Total | ||||
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Future payments from finance lease receivables |
5,919 |
8,985 |
14 |
14,918 | ||||
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Unearned finance income from finance leases (discounting) |
–524 |
–721 |
–1 |
–1,246 | ||||
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Carrying amount/present value of minimum lease payments outstanding at the balance sheet date |
5,395 |
8,264 |
13 |
13,672 |
| Download |
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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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Carrying amount/present value of minimum lease payments outstanding at the balance sheet date |
7,096 |
10,530 |
42 |
17,668 |
