Annual Financial Statements 2013. Daimler AG
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Annual Financial Statements 2013. Daimler AG. 40736 E_JA_U1.indd 1 19.02.14 14:38 Cover: The new Mercedes-Benz GLA – an all-round talent. The SUV from our new compact-car family combines superior everyday driving performance with off-road mobility. The GLA celebrated its world premiere at the Frankfurt Motor Show in September 2013. Deliveries to customers will begin in March 2014. Daimler AG Annual Financial Statements 2013 The Management Report of Daimler AG is combined with the Group Management Report in accordance with Section 315 Subsection 3 of the German Commercial Code (HGB) and published in the Group Annual Report 2013. The Annual Financial Statements and the summarized Management Report of Daimler AG for the year 2013 are filed with the operator of the electronic version of the German Federal Gazette and published in the electronic version of the German Federal Gazette. The Annual Financial Statements of Daimler AG and the Group Annual Report 2013 can be found in the “Investor Relations” section of our website w www.daimler.com/ir/reports Annual Financial Statements 2013 of Daimler AG | Table of Contents Table of Contents A | Balance Sheet of Daimler AG (page 6) Other Notes (pages 22 – 43) 22 Personnel expenses / Employees 22 Cost of materials B | Income Statement of Daimler AG (page 7) 22 Derivative financial instruments and valuation units 24 Contingent liabilities 25 Other financial liabilities C | Notes to the Financial Statements of Daimler AG 25 Related party relationships according to (pages 8 – 43) Section 285 No. 21 of the German Commercial Code (HGB) 8 Accounting policies and methods 25 Legal proceedings 8 Recognition and measurement 27 Remuneration of the members of the Board 11 Schedule of non-current assets of Management and the Supervisory Board 28 Disclosures according to Section 160 Subsection 1 No. 8 of the German Stock Corporation Act (AktG) Notes to the Balance Sheet (pages 12 – 18) 29 Declaration of Compliance with the German Corporate Governance Code 12 Intangible assets 30 Members of the Board of Management 12 Property, plant and equipment and their mandates 12 Financial assets 32 Members of the Supervisory Board 12 Inventories and their mandates 12 Receivables and other assets 35 Statement of Investments in affiliated 12 Securities and related companies 13 Cash and cash equivalents 13 Prepaid expenses 13 Equity 16 Dividend D | Board of Management (page 44) 16 Share-based payment 17 Provisions for pensions and similar obligations 17 Other provisions 18 Liabilities E | Responsibility Statement (page 45) 18 Deferred income Notes to the Income Statement (pages 19 – 21) F | Auditors’ Report (page 46) 19 Revenue 19 Functional costs 20 Other operating income 20 Other operating expenses 20 Income/expense from investments in subsidiaries and associated companies, net 21 Interest income/expense, net 21 Other financial income/expense, net 21 Income taxes 21 Net income 5 Balance Sheet of Daimler AG Assets Notes Dec. 31, 2013 Dec. 31, 2012 In millions of euros Non-current assets Intangible assets (1) 961 528 Property, plant and equipment (including equipment on operating leases) (2) 7,992 7,285 Financial assets (3) 35,795 34,950 44,748 42,763 Current assets Inventories (4) 6,682 6,612 Trade receivables (5) 1,940 1,791 Receivables from subsidiaries (5) 19,482 19,462 Other receivables and other assets (5) 2,859 2,930 Securities (6) 4,588 2,553 Cash and cash equivalents (7) 4,718 7,089 40,269 40,437 Prepaid expenses (8) 259 177 85,276 83,377 Equity and liabilities Notes Dec. 31, 2013 Dec. 31, 2012 In millions of euros Equity Share capital (9a) 3,069 3,063 (conditional capital €590 million) Capital reserve (9b) 11,477 11,390 Retained earnings (9c) 18,748 17,061 Distributable profit (9d) 2,407 2,738 35,701 34,252 Provisions Provisions for pensions and similar obligations (10) 3,405 3,097 Other provisions (11) 9,214 9,205 12,619 12,302 Liabilities Trade liabilities (12) 5,352 5,004 Liabilities to subsidiaries (12) 12,774 17,468 Other liabilities (12) 18,337 13,915 36,463 36,387 Deferred income (13) 493 436 85,276 83,377 6 A / B | Annual Financial Statements 2013 of Daimler AG | Balance Sheet of Daimler AG / Income Statement of Daimler AG Income Statement of Daimler AG Notes 2013 2012 In millions of euros Revenue (14) 75,531 72,727 Cost of sales (15) -67,579 -64,600 Gross profit 7,952 8,127 Selling expenses (15) -6,032 -5,883 General administrative expenses (15) -2,594 -2,600 Other operating income (16) 1,921 2,072 Other operating expenses (17) -424 -317 Income/expense from investments in subsidiaries and associated companies, net (18) 3,758 3,928 Interest income/expense, net (19) -879 -146 Other financial income/expense, net (20) -192 -72 Income from ordinary activities 3,510 5,109 Income taxes (benefit) (21) 203 366 Net income (22) 3,713 5,475 Transfer to retained earnings -1,306 -2,737 Distributable profit 2,407 2,738 7 Notes to the Financial Statements of Daimler AG Accounting policies and methods Recognition and measurement The financial statements of Daimler AG have been prepared Intangible assets are measured at cost of acquisition, reduced in accordance with the accounting principles of the German by systematic straight-line amortization. They have a useful life Commercial Code (HGB) and the German Stock Corporation of between 2 and 30 years. Act (AktG); the amounts shown are in millions of euros (€) and the comparable figures for the year ended December 31, 2012 The capitalization option for self-produced intangible assets is are also shown. The items summarized in the balance sheet and not utilized. Research and development costs are immediately the income statement are listed individually and explained expensed. in these notes. Property, plant and equipment are measured at cost of For the sake of clarity, the system of presentation in accor- acquisition or production, reduced by systematic depreciation. dance with Section 266 of the HGB has been modified. Other receivables and other assets comprise receivables The production costs of self-constructed assets comprise from associated companies and other assets. Other direct costs as well as prorated material and production provisions comprise pro visions for taxes and miscellaneous overheads, including depreciation, to the extent that they are provisions. Other liabilities comprise liabilities to associated caused by the production process. In addition, production companies, loans and bonds, liabilities to banks and costs also include production-related general administrative other liabilities. expenses as well as production-related expenses for the company’s social facilities, voluntary social benefits and for The income statement has been prepared according to the company pensions, to the extent that those costs are internationally predominant cost-of-sales method. The system incurred during the period of production. of presentation according to Section 275 of the HGB has been modified to improve clarity with regard to financial activities. Systematic depreciation for technical equipment and machin- Financial activities are presented as net income/expense ery, other equipment and operating and office equipment is from investments in subsidiaries and associated companies, net based on a useful life of 3 to 33 years. Correspondingly shorter interest income/expense and net other financial income/ periods apply for equipment used in multiple shifts. expense. Movable non-current assets which were first measured before January 1, 2008 are generally depreciated using the declining-balance method. The method of depreciation is changed from declining-balance to straight-line as soon as the equal distri bution of the carrying value over the remaining useful life leads to higher depreciation amounts. Movable non-current assets first measured since January 1, 2008 are depreciated using the straight-line method. Impairments are recognized if an asset has to be measured at a lower value. From January 1, 2008, low-value assets up to a cost of production or acquisition of €150 are immediately expensed. For assets with costs of €150 to €1,000 first recognized between January 1, 2008 and December 31, 2009, a pool was formed which is depreciated on a straight-line basis by 20% per annum. As of January 1, 2010, assets with costs of acquisition or production of up to €1,000 are immediately expensed. 8 C | Annual Financial Statements 2013 of Daimler AG | Notes to the Financial Statements of Daimler AG Leased assets are measured at cost of acquisition or production Securities are measured at the lower of cost of acquisition and are systematically depreciated. Systematic depreciation or fair value on the balance sheet date. is based on a useful life of 3 to 12 years. The method of deprecia- tion is changed from declining-balance to straight-line as Payments made prior to the balance sheet date that constitute soon as the equal distribution of the carrying value over the expenses for a specific period after that date are reported as remaining useful life leads to higher depreciation amounts. prepaid expenses. Any difference between the settlement Leased assets which were first measured since January 1, 2008 amount and the lower issue amount of a liability is capitalized are reduced by systematic depreciation using the straight-line and amortized systematically over the period of the liability. method. Depending on the various lessees, leased assets first measured before January 1, 2008 are depreciated using Deferred taxes are calculated for timing differences between the the straight-line method or the declining-balance method. amounts according to HGB and the amounts according to tax regulations for assets, liabilities and accruals and deferrals, Shares in subsidiaries, associated companies and other with due consideration of applicable loss carryforwards financial assets are measured at cost of acquisition, or, if there and interest carryforwards.