Annual Financial Statements 2015 of Daimler AG

Annual Financial Statements 2015 of Daimler AG
Annual Financial Statements 2015
Daimler AG
Daimler AG
Mercedesstraße 137
70327 Stuttgart
Germany
www.daimler.com
ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | FORWARD-LOOKING STATEMENTS
Forward-looking statements:
This document contains forward-looking statements that reflect our current
views about future events. The words “anticipate,” “assume,” “believe,”
“estimate,” “expect,” “intend,” “may,” “can,” “could,” “plan,” “project,” “should”
and similar expressions are used to identify forward-looking statements.
These statements are subject to many risks and uncertainties, including an
adverse development of global economic conditions, in particular a decline
of demand in our most important markets; a worsening of the sovereign-debt
crisis in the euro zone; an increase in political tension in Eastern Europe;
a deterioration of our refinancing possibilities on the credit and financial
markets; events of force majeure including natural disasters, epidemics,
acts of terrorism, political unrest, armed conflicts, industrial accidents and
their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates; a shift in consumer preferences
towards smaller, lower-margin vehicles; a possible lack of acceptance of our
products or services which limits our ability to achieve prices and adequately
utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier
insolvencies; a decline in resale prices of used vehicles; the effective imple­
mentation of cost-reduction and efficiency-optimization measures; the business
outlook for companies in which we hold a significant equity interest; the
successful implementation of strategic cooperations and joint ventures;
changes in laws, regulations and government policies, particularly those
relating to vehicle emissions, fuel economy and safety; the resolution of pending
official investigations and the conclusion of pending or threatened future
legal proceedings; and other risks and uncertainties, some of which we describe
under the heading “Risk and Opportunity Report” in the current Annual
Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect,
the actual results may be materially different from those we express or
imply by such statements. We do not intend or assume any obligation to update
these forward-looking statements since they are based solely on the
circumstances at the date of publication.
Cover:
The Freightliner Inspiration Truck is the first autonomously driving truck licensed for use on a public road.
It offers maximum efficiency, safety and connectivity.
The key elements of the autonomous vehicle system in
the Inspiration Truck have already been successfully
applied in the Freightliner Cascadia Evolution.
These documents represent the English translation of the
German “Jahresabschluss” which is the sole authoritative
version.
47
Daimler AG
Annual Financial Statements 2015
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 2015.
The Annual Financial Statements and the summarized Management Report
of Daimler AG for the year 2015 are filed with the operator of the German Federal
Gazette and published in the German Federal Gazette.
The Annual Financial Statements of Daimler AG and the Group Annual Report
2015 can be found in the “Investor Relations” section of our website
w www.daimler.com/ir/reports
ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | TABLE OF CONTENTS
5
Table of Contents
A | Balance Sheet of Daimler AG
B | Income Statement of Daimler AG
C | Notes to the Financial Statements
of Daimler AG
Accounting policies and methods
Recognition and measurement
Schedule of non-current assets
Notes to the Balance Sheet
Intangible assets
Property, plant and equipment
Financial assets
Inventories
Receivables and other assets
Securities
Cash and cash equivalents
Prepaid expenses
Equity
Dividend Share-based payment
Provisions for pensions and similar obligations
Other provisions
Liabilities
Deferred income
Notes to the Income Statement
Revenue
Functional costs
Other operating income
Other operating expenses
Income/expense from investments in subsidiaries
and associated companies, net
Interest income/expense, net
Other financial income/expense, net
Income taxes
Net income
6
7
8 – 43
8
8
11
12 – 18
12
12
12
12
12
12
13
13
13
16
16
16
17
18
18
19 – 21
19
19
20
20
20
21
21
21
21
Other Notes
Personnel expenses/Employees
Cost of materials
Derivative financial instruments and
valuation units
Contingent liabilities
Other financial commitments
Related party relationships according to
Section 285 No. 21 of the German
Commercial Code (HGB)
Legal proceedings
Remuneration of the members of the Board
of Management and the Supervisory Board
Disclosures according to
Section 160 Subsection 1 No. 8 of the
German Stock Corporation Act (AktG)
Declaration of Compliance with the German
Corporate Governance Code
Members of the Board of Management
and their mandates
Members of the Supervisory Board
and their mandates
Statement of Investments in affiliated
and related companies
22 – 43
22
22
22
24
24
25
25
26
28
29
30
32
35
D | Board of Management
44
E | Responsibility Statement
45
F | Auditors’ Report
46
6
A | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | BALANCE SHEET OF DAIMLER AG
Balance Sheet of Daimler AG
Assets
Notes
Dec. 31, 2015
Dec. 31, 2014
Intangible assets
(1)
1,005
928
Property, plant and equipment (including equipment on operating leases)
(2)
8,396
8,203
Financial assets
(3)
29,858
34,641
39,259
43,772
7,846
In millions of euros
Non-current assets
Current assets
Inventories
(4)
8,503
Trade receivables
(5)
2,495
2,216
Receivables from subsidiaries
(5)
26,673
20,062
Other receivables and other assets
(5)
3,274
2,501
Securities
(6)
5,899
5,206
Cash and cash equivalents
(7)
1,925
3,399
48,769
41,230
257
256
88,285
85,258
Notes
Dec. 31, 2015
Dec. 31, 2014
(9a)
3,070
3,070
Capital reserve
(9b)
11,480
11,480
Retained earnings
(9c)
20,169
19,891
Distributable profit
(9d)
3,477
2,621
38,196
37,062
Prepaid expenses
(8)
Equity and liabilities
In millions of euros
Equity
Share capital
(conditional capital €500 million)
Provisions
Provisions for pensions and similar obligations
(10)
1,931
1,391
Other provisions
(11)
11,811
10,470
13,742
11,861
Liabilities
Trade liabilities
(12)
5,098
5,412
Liabilities to subsidiaries
(12)
6,640
10,141
Other liabilities
(12)
24,014
20,238
35,752
35,791
595
544
88,285
85,258
Deferred income
(13)
B | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | INCOME STATEMENT OF DAIMLER AG
7
Income Statement of Daimler AG
Notes
2015
Revenue
(14)
101,537
83,947
Cost of sales
(15)
-91,733
-75,307
9,804
8,640
Selling expenses
(15)
-6,695
-6,518
General administrative expenses
(15)
-1,969
-1,885
Other operating income
(16)
2,174
2,117
Other operating expenses
(17)
-733
-995
Income/expense from investments in subsidiaries and associated companies, net
(18)
4,775
4,665
Interest income/expense, net
(19)
-2,408
-751
Other financial income/expense, net
(20)
-293
-279
Income from ordinary activities
Income taxes
4,655
4,994
(21)
-900
-1,223
Net income
(22)
3,755
3,771
-278
-1,150
3,477
2,621
2014
In millions of euros
Gross profit
Transfer to retained earnings
Distributable profit
8
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE FINANCIAL STATEMENTS OF DAIMLER AG
Notes to the Financial Statements of Daimler AG
Accounting policies and methods
Recognition and measurement
The financial statements of Daimler AG have been prepared
in accordance with the accounting principles of the German
Commercial Code (HGB) and the German Stock Corporation
Act (AktG); the amounts shown are in millions of euros (€) and
the comparable figures for the year ended December 31, 2014
are also shown. The items summarized in the balance sheet and
the income statement are listed individually and explained
in these notes.
Intangible assets are measured at cost of acquisition, reduced
by systematic straight-line amortization. They have a useful life
of between 2 and 30 years.
For the sake of clarity, the system of presentation in accordance with Section 266 of the HGB has been modified.
Other receivables and other assets comprise receivables
from associated companies and other assets. Other
provisions comprise pro­visions for taxes and miscellaneous
provisions. Other liabilities comprise liabilities to associated
companies, loans and bonds, liabilities to banks and
other liabilities.
The income statement has been prepared according to the
internationally predominant cost-of-sales method. The system
of presentation according to Section 275 of the HGB has been
modified to improve clarity with regard to financial activities.
Financial activities are presented as net income/expense
from investments in subsidiaries and associated companies, net
interest income/expense and net other financial income/
expense.
The capitalization option for self-produced intangible assets is
not utilized. Research and development costs are immediately
expensed.
Property, plant and equipment are measured at cost of
acquisition or production, reduced by systematic depreciation.
The production costs of self-constructed assets comprise
direct costs as well as prorated material and production
overheads, including depreciation, to the extent that they are
caused by the production process. In addition, production
costs also include production-related general administrative
expenses as well as production-related expenses for the
company’s social facilities, voluntary social benefits and for
company pensions, to the extent that those costs are
incurred during the period of production.
Systematic straight-line depreciation for technical equipment
and machinery, other equipment and operating and office
equipment is based on a useful life of 3 to 33 years. Correspondingly shorter periods apply for equipment used in multiple
shifts.
Impairments are recognized if an asset has to be measured
at a lower value.
Assets with costs of acquisition or production of up to €1,000
are immediately expensed.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE FINANCIAL STATEMENTS OF DAIMLER AG
Leased assets are measured at cost of acquisition or production
and are systematically depreciated. Systematic depreciation
is based on a useful life of 3 to 9 years. The method of depreciation is changed from declining-balance to straight-line as
soon as the equal distribution of the carrying value over the
remaining useful life leads to higher depreciation amounts.
Leased assets which were first measured since January 1, 2008
are reduced by systematic depreciation using the straight-line
method. Depending on the various lessees, leased assets first
measured before January 1, 2008 are depreciated using
the straight-line method or the declining-balance method.
For the sake of better clarity, the item of leased assets has
been added to the schedule of non-current assets under
property, plant and equipment.
Shares in subsidiaries, associated companies and other
financial assets are measured at cost of acquisition, or, if there
is an indication of permanent impairment, at the lower fair
value. If the reasons for permanent impairment are no longer
given, the value is written up. Loans bearing low interest
or no interest are measured at their present values.
Raw materials, manufacturing supplies and goods are measured
at the lower of cost of acquisition or fair value; work in progress
and finished products are measured at cost of production.
Cost of production comprises production material and labor
as well as prorated material and production overheads,
including depreciation, to the extent that they are caused by
the production process. In addition, production costs also
include production-related general administrative expenses as
well as production-related expenses for the company’s social
facilities, voluntary social benefits and for company pensions,
to the extent that those costs are incurred during the period
of production. Impairments are recognized if an asset has to be
measured at a lower value.
Receivables and other assets are measured at their nominal
values with consideration of all recognizable risks. If they have a
residual period of more than one year and are non-interest
bearing, they are discounted to their present value on the balance
sheet date. General allowances are recognized to reflect general
credit risks. Receivables and other assets with a residual term
of less than one year which are denominated in foreign currencies are translated at the spot rates on the balance sheet date.
Non-current assets denominated in foreign currencies are translated at the spot rates on the date when booked or at the lower
rate on the balance sheet date.
9
Securities are measured at the lower of cost of acquisition
or fair value on the balance sheet date.
Payments made prior to the balance sheet date that constitute
expenses for a specific period after that date are reported as
prepaid expenses. Any difference between the settlement
amount and the lower issue amount of a liability is capitalized
and amortized systematically over the period of the liability.
Deferred taxes are calculated on temporary differences of assets,
liabilities, accruals and deferrals between the tax basis and
the financial reporting according to HGB as well as on tax-loss
carryforwards. Tax-loss carryforwards can only be taken into
account if they can be offset against taxable income within the
statutory period of five years. Deferred taxes are measured
based on the combined tax rate of 29.825% for the income tax
consolidation group of Daimler AG. The combined tax rate
includes corporate income tax, trade tax and the solidarity
surcharge. Deferred tax assets and deferred tax liabilities
are netted. Any resulting tax liability is recorded as deferred tax
liability in the balance sheet. Any resulting tax asset is not
recognized, in line with the capitalization option.
Provisions for pensions and similar obligations for pension plans
which stipulate a predefined benefit during retirement are
recognized at the required settlement amounts in accordance
with reasonable commercial judgment. The amounts are
measured using the projected unit credit method. The discount
rate is the average market interest rate of the past 7 years
as published on December 31, 2015 by the German central
bank (Bundesbank) for an assumed residual period of 15
years.
Provisions for retirement benefit obligations which at least
guarantee the contributions paid in are recognized at the fair
values of the related assets as they exceed the guaranteed
minimum amount. Future claims are related to the fair value of
the assets (securities or comparable assets).
Assets to which other creditors have no recourse and which
are solely used to fulfill retirement benefit obligations or
similar long-term liabilities are offset against pension obligations. The offset assets are measured at their fair values.
Expenses and income resulting from discounting the retirement benefit obligations are offset against the expenses and
income of the offset assets under net interest income/
expense. All other components of pension expenses are
presented under functional costs.
10
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE FINANCIAL STATEMENTS OF DAIMLER AG
Other provisions are recognized at the required settlement
amounts in accordance with reasonable commercial judgment.
Future increases in prices and costs until the time of settlement
of the liabilities are taken into consideration. Provisions with
a residual period of more than one year are discounted
according to the net method over that period using the average
market interest rate as published by the German central bank
(Bundesbank). Changes in the discount rate or interest effects
of a changed estimate of the residual period are presented
under interest income/expense.
Other provisions also include provisions for taxes. For the case
that the amounts stated in the tax return might not be realized
(uncertain tax positions), the provisions are based on the best
estimate of the expected tax payments.
In accordance with Section 254 of the HGB, derivative financial
transactions are linked as a hedging relationship with an
underlying transaction, provided there is a direct hedging context
between the financial transaction and the underlying trans­
action. Financial transactions for which no units of valuation
are formed are measured individually at fair value. Any
resulting unrealized losses are expensed.
Liabilities are measured at their settlement amounts. Liabilities
denominated in foreign currencies with a residual period of
up to one year are translated at the spot rates on the balance
sheet date. Non-current liabilities denominated in foreign
currencies are translated at the spot rates on the date when
booked or at the higher rate on the balance sheet date.
Payments received prior to the balance sheet date that
constitute income for a specific period after that date are
reported as deferred income.
Daimler AG recognizes revenue from sales of vehicles, spare
parts and other related products and services, and from
leasing. Revenue is recognized net of discounts, cash sales
incentives, customer bonuses and rebates granted. For
transactions with multiple deliverables, such as when vehicles
are sold with free service programs, Daimler AG allocates
revenue to the various elements based on their objectively
and reliably determined fair values. Outstanding elements
are recognized in the balance sheet as deferred income.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE FINANCIAL STATEMENTS OF DAIMLER AG
11
Schedule of non-current assets
Cost of acquisition or production
Jan. 1,
2015
Additions
Reclassifications
Dis­ Dec. 31,
posals
2015
Depreciation/Amortization/Write-ups
Jan. 1,
2015
Additions
Writeups
Reclassifications
Book value
Dis­­ Dec. 31, Dec. 31, Dec. 31,
posals
2014
2015
2015
In millions of euros
Intangible assets
Purchased concessions,
industrial property rights
and similar rights and
values, as well as licenses
to such rights and values
1,460
103
6
56
1,513
571
209
-
-
52
728
785
39
188
-6
1
220
–
-
-
-
-
-
220
39
1,499
291
-
57
1,733
571
209
-
-
52
728
1,005
928
Technical equipment
and machinery
13,707
759
664
437
14,693
11,105
1,113
-
.
424
11,794
2,899
2,602
Other equipment, factory
and office equipment
13,212
1,117
236
324
14,241
10,356
1,288
-
.
306
11,338
2,903
2,856
1,592
1,433
-
1,428
1,597
257
206
-
-
230
233
1,364
1,335
Advance payments made
889
Property, plant and
equipment
Leased assets
Advance payments
made and construction
in progress
1,410
743
-900
23
1,230
–
-
-
-
-
-
1,230
1,410
29,921
4,052
-
2,212
31,761
21,718
2,607
-
-
960
23,365
8,396
8,203
Financial assets
33,310
1,852
-1
6,856
28,305
1,017
702
2
-
180
1,537
26,768
32,293
Loans to subsidiaries
980
155
-
28
1,107
2
-
.
-
.
2
1,105
978
Shares in associated
companies
1,537
643
1
15
2,166
182
24
-
-
14
192
1,974
1,355
23
-
-
9
14
8
-
5
-
-
3
11
15
35,850
2,650
-
6,908
31,592
1,209
726
7
-
194
1,734
29,858
34,641
67,270
6,993
-
9,177
65,086
23,498
3,542
7
-
1,206
25,827
39,259
43,772
Shares in subsidiaries
Other loans
Non-current assets
12
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
Notes to the Balance Sheet
1 Intangible assets
In 2015, shares in subsidiaries and associated companies were
impaired by an amount of €726 million (2014: €167 million).
Write-ups amounted to €2 million (2014: €243 million).
Intangible assets of €1,005 million primarily comprise purchased licenses, name rights, rights in connection with vehicle
development and production from cooperation projects
and similar values. Systematic amortization amounted to €209
million (2014: €178 million).
E
2 Property, plant and equipment
The development of non-current assets is presented in the
schedule of non-current assets.
Additions of €4,052 million include leased assets of €1,433
million. These are primarily vehicles sold with leasing
contracts. The other additions consist only of movable assets.
Systematic depreciation on property, plant and equipment
amounted to €2,607 million (2014: €2,376 million).
3 Financial assets
Shares in subsidiaries and associated companies decreased by
€4,906 million to €28,742 million (2014: €33,648 million).
The decrease compared with 2014 was primarily caused by
the merger of Daimler Luft- und Raumfahrt Holding AG into
Daimler AG. This resulted in a disposal of shares in subsidiaries of €3,445 million. Another substantial disposal relates to
capital repayments by Daimler North America Corporation.
Significant additions to shares in subsidiaries relate contributions to equity at Mercedes-Benz do Brasil Ltda, Daimler India
Commercial Vehicles Private Limited and Daimler Financial
Services AG, as well as the non-cash contribution of shares to
Daimler Vermögens- und Beteiligungsgesellschaft mbH.
The additions to investments in associated companies primarily relate to the joint ownership by Audi, BMW and Daimler
of There Holding B.V. and the related acquisition of the digital
mapping business, HERE, from Nokia Corporation. The
additions also relate in particular to payments into the share
capital of Beijing Benz Automotive Co., Ltd.
The statement of investments pursuant to Section 285
of the German Commercial Code (HGB) is included in the
“Statement of investments” chapter.
4 Inventories  C.01
Finished products and goods comprise vehicles and spare
parts produced both in the plants of Daimler AG and in
the context of contract manufacturing. Used vehicles are also
included.
5 Receivables and other assets  C.02
Receivables from subsidiaries primarily include intragroup (cash)
receivables within the scope of central financial and liquidity
management (€21,212 million, 2014: €15,195 million), as well
as trade receivables due to domestic and foreign subsidiaries
(€5,461 million, 2014: €4,867 million). Receivables from associated companies primarily comprise trade receivables that
originally arose from associated companies in Germany and
abroad (€883 million, 2014: €834 million).
Other assets include tax-refund claims (€1,201 million,
2014: €1,008 million), accrued interest (€202 million,
2014: €236 million) and paid option premiums (€46 million,
2014: €22 million).
6 Securities
Securities consist solely of other securities, which include
fixed or variable-interest marketable debt securities. The
increase of €693 million to €5,899 million is due in particular
to the increased volume of variable-interest securities.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
7 Cash and cash equivalents
13
C.01
Inventories
Cash and cash equivalents amount to €1,925 million at the
end of the year (2014: €3,399 million) and consist of bank
balances, cash in hand and checks.
Liquidity also includes securities (€5,899 million, 2014: €5,206
million) as well as cash and cash equivalents.
Dec. 31, 2015
Dec. 31, 2014
Raw materials and manufacturing supplies
1,683
1,551
Work in progress
1,501
1,265
Finished products and goods
5,318
4,992
66
74
8,568
7,882
In millions of euros
Advance payments made
8 Prepaid expenses
Prepaid expenses include discount amounts of €74 million.
They result from the difference between the settlement
amount and the lower issue amount of liabilities.
9 Equity  C.03
Inventories excluding advance
payments received
Advance payments received
Inventories
7,846
Dec. 31, 2015
Dec. 31, 2014
2,495
2,216
Receivables and other assets
In millions of euros
The share capital (Authorized Capital) is divided into no-par
value shares. All shares are fully paid up. Each share confers
the right to one vote at the Annual Shareholders’ Meeting of
Daimler AG and, if applicable, with the exception of any new
shares potentially not entitled to dividends, to an equal portion
of the profits as defined by the dividend distribution resolved
at the Annual Shareholders’ Meeting. Each share represents a
proportionate amount of approximately €2.87 of the share
capital.  C.04
Trade receivables
thereof more than 1 year until maturity
Receivables from subsidiaries
3
3
26,673
20,062
thereof more than 1 year until maturity
7,329
6,092
Receivables from associated companies
1,066
896
thereof more than 1 year until maturity
–
–
2,208
1,605
Other assets
thereof more than 1 year until maturity
Receivables and other assets
thereof more than 1 year until maturity
The shares can be used, amongst other things, to exclude shareholders’ subscription rights, for business combinations or to
acquire companies or to be sold to third parties for cash at a
price that is not significantly lower than the stock-exchange
price of the Company’s shares. The acquired shares can also
be used to fulfill obligations from issued convertible bonds
and/or bonds with warrants and to be issued to employees of
the Company and employees and board members of the
Company’s affiliates pursuant to Sections 15 et seq. of the
German Stock Corporation Act (Aktiengesetz). The treasury
shares can also be canceled.
-36
8,503
C.02
a) Share capital
Treasury shares
The authorization resolved by the Annual Shareholders’ Meeting
on April 14, 2010 to acquire treasury shares including the authorization to use derivative financial instruments in this context
until April 13, 2015 has been canceled by resolution of the Annual
Shareholders’ Meeting held on April 1, 2015 and has been
replaced by a new authorization. This authorizes the Company
until March 31, 2020 to acquire treasury shares in a volume up to
10% of the share capital issued as of the day of the resolution to
be used for all legal purposes.
-65
28
29
32,442
24,779
7,360
6,124
Dec. 31, 2015
Dec. 31, 2014
C.03
Equity
In millions of euros
3,070
3,070
Capital reserve
11,480
11,480
Retained earnings
20,169
19,891
Distributable profit
3,477
2,621
38,196
37,062
2015
2014
3,070
3,069
Share capital
Equity
C.04
Share capital
In millions of euros
Balance at January 1
Creation of new shares through the
exercise of option rights
–
1
Balance at December 31
3,070
3,070
thereof treasury shares
–
–
14
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
C.05
Number of shares
Shares outstanding / issued
at January 1
2015
2014
1,069,837,447
1,069,772,847
Shares reacquired in the context
of employee share programs and
not cancelled
-298,702
-389,968
Sale of treasury shares to
employees in the context
of employee share programs
298,702
389,968
Creation of new shares by
exercise of stock option plans
–
64,600
Shares outstanding / issued
at December 31
1,069,837,447
1,069,837,447
The Board of Management is further authorized, with the consent of the Supervisory Board, to exclude shareholders’ subscription rights in other defined cases. In a volume up to 5% of
the share capital issued as of the day of the resolution, the
Company was authorized to acquire treasury shares also by
using derivatives (put options, call options, forward purchases
or a combination of these instruments), whereby term of a
derivative must not exceed 18 months and must not end later
than March 31, 2020.
The authorization to acquire treasury shares was not exercised
in the reporting period.
As at December 31, 2014, Daimler AG held no treasury shares
at December 31, 2015.  C.05
Employee share programs
In connection with employee share programs in 2015, Daimler AG
acquired 298,702 Daimler shares (2014: 389,968 Daimler shares)
representing €0.86 million or 0.03% of the share capital for an
average price of €90.99 per share and sold them to employees
for an average price of €67.83 per share. The proportionate loss
arising for Daimler AG of €6.21 million was recognized through
profit and loss as a personnel expense in 2015. The proportionate loss of €0.71 million from the sale of employee shares
to entitled employees of Group companies was charged by
Daimler AG to the respective companies of the Group.
Approved capital
By resolution of the Annual Meeting on April 9, 2014, the Board
of Management was authorized, with the consent of the Super­
visory Board, to increase the share capital of the Company in the
period until April 8, 2019 by a total of €1,000 million in one
lump sum or by separate partial amounts at different times by
issuing new, registered no-par-value shares in exchange for
cash and/or non-cash contributions (Approved Capital 2014).
The new shares are generally to be offered to the shareholders
for subscription (also by way of indirect subscription pursuant to
Section 186 Subsection 5 Sentence 1 of the German Stock
Corporation Act (AktG)). Among other things, the Board of Management was authorized with the consent of the Supervisory
Board to exclude shareholders’ subscription rights under certain
conditions and within defined limits.
Approved Capital 2009, which was limited until April 7, 2014
and was not utilized, was replaced by Approved Capital 2014,
which has also not yet been utilized.
Conditional capital
The resolution of the Annual Shareholders’ Meeting on April 14,
2010 authorizing the Company until April 13, 2015 to issue
convertible and/or warrant bonds, which had not been utilized,
was replaced by a new authorization of the Annual Shareholders’
Meeting on April 1, 2015. This authorizes the Board of Management, with the consent of the Supervisory Board, until March 31,
2020 to issue convertible and/or warrant bonds or a combination of these instruments (“bonds”) with a total face value of
up to €10,000 million and a maturity of no more than ten years.
The Board of Management is allowed to grant the holders of
these bonds conversion or warrant rights for new registered
no-par-value shares in Daimler AG with an allocable portion
of the share capital of up to €500 million in accordance with
the details defined in the terms and conditions of the bonds.
The bonds can be offered in exchange for cash and/or non-cash
contributions, in particular for shares in other companies. The
terms and conditions of the bonds can include warranty obligations or conversion obligations. The bonds can be issued once
or several times, wholly or in installments, or simultaneously in
various tranches as well by affiliates of the Company within the
meaning of Sections 15 et seq. of the German Stock Corporation
Act (Aktiengesetz). Among other things, the Board of Management was authorized to exclude shareholders’ subscription rights
for the bonds under certain conditions and within defined constraints with the consent of the Supervisory Board.
This new authorization to issue convertible and/or warrant
bonds has not yet been utilized.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
15
In order to fulfill the conditions of the above-mentioned authorization, the Annual Shareholders’ Meeting on April 1, 2015
also resolved to increase the share capital conditionally by an
amount of up to €500 million (Conditional Capital 2015).
Conditional Capital 2010 has been canceled.
d) Distributable profit
The share capital was conditionally increased as of January 1,
2014 by an amount of up to €90 million by the issue of new,
registered no-par-value shares in Daimler AG (the remaining
Conditional Capital II). The remaining Conditional Capital II
covers subscription rights from the stock options issued until
2004. Stock options not exercised by March 31, 2014 expired
on that date. The Articles of Incorporation have been adjusted
to delete the remaining Conditional Capital II.
Information on amounts that may not be distributed
The valuation of the fair value of assets netted off against pension obligations led to an amount of €187 million that may not
be distributed. On the other hand, retained earnings exist which
may be freely disposed of in the amount of €20,169 million.
Therefore, the distributable profit of €3,477 million is in fact
fully distributable.
Stock option plan
The stock option plan initiated in 2004 expired on March 31,
2014. From the remaining 212,675 options from this plan on
January 1, 2014 granting subscription rights to new shares representing €0.6 million of the share capital, 64,600 options granting subscription rights to new shares representing €0.2 million
of the share capital had been exercised in 2014. The remaining
options that not been exercised by March 31, 2014 expired on
this day.
Distributable profit for the year 2015 is calculated in accordance with Section 158 Subsection 1 of the German Stock
Corporation Act (AktG) and amounts to €3,477 million.  C.08
C.06
Capital reserve
2015
2014
11,480
–
11,477
Transferred from exercise of options
Balance at December 31
11,480
11,480
In millions of euros
Balance at January 1
3
b) Capital reserve
C.07
The capital reserve amounts to €11,480 million at the end
of 2015. In 2014, €3 million were transferred to the capital
reserve as a result of the exercise of share options from Stock
Option Plan 2004.  C.06
Other retained earnings
Balance at January 1
Purchase of treasury shares
c) Retained earnings
Allocated by the Annual Meeting
2014
19,891
–
18,748
-7
–
278
1,150
Balance at December 31
20,169
19,891
thereof treasury shares
–
–
Transfer from net income
At December 31, 2015 other retained earnings amount to
€20,169 million.  C.07
2015
In millions of euros
–
C.08
Distributable profit
2015
In millions of euros
Balance at January 1
2,621
Dividend distribution
-2,621
Allocation to retained earnings by the Annual Meeting
Net income 2015
–
3,755
Allocation to retained earnings by the Board of Management
and the Supervisory Board pursuant to Section 58 of the
German Stock Corporation Act (AktG)
Balance at December 31
-278
3,477
16
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
Dividend
Pursuant to the German Stock Corporation Act (AktG), the
maximum dividend that can be distributed to the shareholders
is the distributable profit reported in the year-end financial
statements of Daimler AG (individual financial statements)
according to the German Commercial Code (HGB). The proposal
will be made to the shareholders at the Annual Shareholders’
Meeting that a dividend of €3,477 million (€3.25 per dividendentitled share) should be paid to the shareholders out of the
distributable profit of Daimler AG for the year 2015 (2014:
€2,621 million equivalent to €2.45 per dividend-entitled share).
Share-based payment
As of December 31, 2015, Daimler AG has Performance
Phantom Share Plans (PPSP) 2012 through 2015 in operation.
As instruments of share-based payment with cash settlement,
the PPSP are measured at their fair values on the balance sheet
date. They are paid out at the end of their contractually
defined periods; an earlier, proportionate payout is only possible
under certain conditions when a beneficiary leaves the
company. PPSP 2011 was paid out as planned in the first
quarter of 2015.
In the year 2014, entitlements still existed from Stock Option
Plan (SOP) 2004. The stock options granted in 2004 were
defined as share-based payment with settlement through
equity instruments at the fair values at the time when the plan
was adopted. The non-exercised rights from SOP 2004 lapsed
as of March 31, 2014.
Performance Phantom Share Plan
In 2015, Daimler AG adopted a Performance Phantom Share
Plan similar to that used from 2005 through 2014, under which
eligible board members and employees are granted phantom
shares entitling them to receive cash payments provided that
predefined targets are met in the three-year performance
period. The amount of cash paid to eligible persons is based on
the number of vested phantom shares (determined depending
on target achievement over a three-year performance period)
multiplied by the quoted price of Daimler’s ordinary shares
(calculated as an average price over a specified period at the
end of the four years of service). The determination of target
achievement for the existing PPSP 2012 and 2013 is based on
return on net assets, derived from internal targets, and return
on sales compared with benchmarks oriented towards the competition. For the PPSP adopted in 2014 and 2015, the de­
termination of target achievement is based on the relative share
performance, which measures the development of a shareprice index of a group of competitors including Daimler, and the
return on sales (RoS) compared with benchmarks oriented towards the competition. In this context, special regulations apply
to the members of the Board of Management to the extent
that Daimler has to achieve a higher RoS than the average of
its competitors in order to obtain the same target achievement
as the other plan participants obtain in the case of a RoS equal
to the average of the competitors.
Stock option plan
On the basis of the authorization granted by the Annual Shareholders’ Meeting of April 2000, stock options for subscription
to Daimler shares were granted to eligible board members and
employees, for the last time in 2004. Options granted under
the SOPs were exercisable at a reference price per Daimler ordinary share, which was determined in advance, plus a 20%
premium. The options became exercisable in two equal installments on the second and third anniver­saries of the date of
grant. All unexercised options expired ten years after the date
of grant. If the market price per Daimler ordinary share on the
date of exercise was at least 20% higher than the reference price,
the holder was entitled to receive a cash payment equal to the
original exercise premium of 20%. The last SOP 2004 expired as
of March 31, 2014. The rights that had not been exercised by
then have therefore lapsed.
In order to serve the exercise of stock options, Daimler AG
has primarily issued new shares.
10 Provisions for pensions and
similar obligations
Provisions for pensions and similar obligations after offsetting
with the related special purpose assets amount to €1,931
million at December 31, 2015 (2014: €1,391 million).  C.09
The settlement amount for obligations that provide for a defined
benefit during retirement is €16,992 million (2014: €15,284
million). The calculation is based on the tables of mortality
rates published by Heubeck (2005 G) and on an interest rate of
3.89% (2014: 4.55%). The calculation also takes into account
annual cost-of-living increases and annual pension entitlement increases of 1.70% (2014: 1.80%) and anticipated annual
increases in wages and salaries of 3.0% (2014: 3.0%).
These obligations are offset with the special purpose assets.
At December 31, 2015 those assets have a fair value of
€15,061 million (2014: €13,893 million) and a cost of acquisition of €14,870 million (2014: €12,665 million).
The obligations for the pension plans, the amounts of which are
determined by the fair values of securities or comparable
assets, are recognized with the fair values of those assets at
December 31, 2015 of €263 million (2014: €168 million), as this
exceeds the guaranteed minimum value of the obligations at
December 31, 2015. There is then an offset with those special
purpose assets that have original acquisition costs of €267
million (2014: €164 million). As a result, this leads to the full
offsetting of the obligations with the related special purpose
assets.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
The assets offset as of December 31, 2015 include the
shares as shown in table  C.10 of more than 10% in German
or comparable foreign special funds as defined by Section 1
Subsection 10 of the German Capital Investment Act (KAGB)
and investments in investment fund companies with variable
equity pursuant to Sections 108 to 123 of the German Capital
Investment Act (KAGB). The special funds include, as their
investment focus, securities funds and a private equity fund
with an international orientation which reflect individual
investors’ needs.
There are no restrictions on the possibility of returning the
shares on stock-exchange trading days. The return of shares
can be temporarily suspended under unusual circumstances
that make suspension seem necessary under consideration
of the interests of the investors.
17
C.09
Provisions for pensions and similar obligations
Dec. 31, 2015
Dec. 31, 2014
Settlement amount of obligations
from defined benefit plans
16,992
15,284
Fair value of related special purpose
assets for obligations from defined benefit
plans
In millions of euros
-15,061
-13,893
Settlement amount for obligations
from plans with commitments backed
by securities
263
168
Fair value of related special purpose
assets for obligations from plans
with commitments backed by securities
-263
-168
1,931
1,391
Net value of pensions and similar
obligations (provision)
11 Other provisions  C.11
C.10
Provisions for taxes relate primarily to income taxes for years
not yet finally assessed.
Miscellaneous provisions relate primarily to worldwide warranty
risks, personnel and social obligations, obligations from the
sales business, provisions for liability and litigation risks and
unrealized losses from the valuation of derivative financial
instruments. In addition, provisions are recognized for deferred
maintenance that will be carried out in the first quarter of the
following year. The increase in miscellaneous provisions primarily
results from higher provision for warranty claims due to
increased unit sales and an increase in personnel and social
obligations.
Shares in investment funds by investment objective at Dec. 31, 2015
Book value /
fair value
Cost of
acquisiDividend for
tion Difference
the year
Daily
return
possible
In millions of euros
Mixed funds
13,607
13,592
15
Private
equity funds
1,246
yes
348
264
Equity funds
49
55
84
–
yes
-6
12
Bond funds
13
yes
13
0
1
14,017
yes
13,924
93
1,259
C.11
Other provisions
Dec. 31, 2015
Dec. 31, 2014
1,153
1,001
In millions of euros
Provisions for taxes
Miscellaneous provisions
10,658
9,469
11,811
10,470
18
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE BALANCE SHEET
12 Liabilities  C.12
C.12
Liabilities
Dec. 31, 2015
Dec. 31, 2014
Notes/bonds and commercial paper
19,047
16,989
of which due in less than 1 year
4,258
3,185
of which due in more than 5 years
3,649
5,075
In millions of euros
3,718
2,108
of which due in less than 1 year
801
.
of which due in more than 5 years
500
–
5,098
5,412
5,098
5,412
.
.
6,640
10,141
6,580
9,615
–
–
81
57
81
57
–
–
1,168
1,084
1,160
1,073
Liabilities to banks
Trade payables
of which due in less than 1 year
of which due in more than 5 years
Liabilities due to subsidiaries
of which due in less than 1 year
of which due in more than 5 years
Liabilities due to associated companies
of which due in less than 1 year
of which due in more than 5 years
Other liabilities
of which due in less than 1 year
of which due in more than 5 years
of which tax liabilities
of which obligations concerning
social security
Total of liabilities
of which due in less than 1 year
of which due in more than 5 years
.
.
175
141
57
51
35,752
35,791
17,978
19,342
4,149
5,075
Notes, bonds and commercial paper are primarily European
medium-term notes in the amount of €17,083 million (2014:
€16,732 million).
Liabilities to banks of €3,718 million (2014: €2,108 million) primarily comprise loans of €3,717 million (2014: €2,108 million).
Liabilities due to subsidiaries comprise liabilities that originally arose from intra-group transactions within the scope of
central financial and liquidity management (€6,060 million,
2014: €9,469 million) as well as from the supply of goods and
services by domestic and foreign subsidiaries (€580 million,
2014: €672 million).
Liabilities due to associated companies include trade payables
due to domestic and foreign associated companies (€75 million,
2014: €51 million) as well as intragroup (cash) liabilities within the
scope of central financial and liquidity management (€6 million,
2014: €6 million).
Other liabilities (€1,168 million, 2014: €1,084 million) mainly
comprise liabilities from wages and salaries, withheld income
tax and social security contributions, accrued interest
and option premiums.
13 Deferred income
The increase in deferred income primarily relates to deferred
revenue in connection with Mercedes me connectivity services.
The release of deferred income takes place pro rata in line
with the periods of the underlying contracts.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE INCOME STATEMENT
19
Notes to the Income Statement
14 Revenue
C.13
Revenue
The development of revenue can be seen in table  C.13.
2015
2014
Cars
77,873
63,016
Commercial vehicles
23,664
20,931
101,537
83,947
Germany
22,200
20,477
International
79,337
63,470
101,537
83,947
Western Europe (excluding Germany)
21,044
17,373
United States
21,746
16,041
Asia (excluding China)
10,999
8,814
China
10,162
8,207
Eastern Europe
7,157
6,433
The Americas (excluding United States)
3,364
2,847
Other markets
4,865
3,755
79,337
63,470
In millions of euros
15 Functional costs
Functional costs are broken down in the income statement
into the categories cost of sales, selling expenses and general
administrative expenses.
Revenue by product
Revenue by region
Cost of sales includes manufacturing costs incurred for products,
goods and services sold. These costs mainly consist of the
costs of production materials, personnel expenses, purchased
goods and services, depreciation, rental and lease expenses
for the production premises and currency gains from business
operations. The increase in cost of sales results in particular
from the growth in unit sales and higher expenses for new products and technologies. Cost of sales also includes €5,583
million (2014: €4,865 million) of research and development
expenses.
Selling expenses mainly include purchased services such as
for advertising and marketing, personnel expenses, commission,
outbound shipping costs, and the rental and lease expenses
of the sales organization. The increase primarily result from
higher expenses for marketing and outbound shipping.
General administrative expenses primarily comprise personnel
expenses, IT costs and fees for expertise and consulting.
Other taxes and customs duties amounting to €103 million
(2014: €82 million) are included within functional costs.
The fees of the external auditors are shown in the notes to the
consolidated financial statements.
Breakdown of international revenue
20
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE INCOME STATEMENT
16 Other operating income
17 Other operating expenses
Other operating income of €2,174 million (2014: €2,117 million)
consists mainly of cost reimbursements, income from supplying other goods and services, income from subsidies, rent and
lease income as well as insurance compensation received.
Other operating expenses amount to €733 million (2014: €995
million). The change results in particular from the discontinuation
of expenses for legal proceedings and liability risks (2014:
€570 million). In the context of the organizational focus on the
divisions, a restructuring program for the German sales
organization was started in 2014, whereby individual, selected
locations of the Group’s own sales organization in Germany
were sold in 2015. The income and expenses from the individual
sales locations and in particular the expenses for personnel
actions were netted off in other operating expenses of €244
million. In the previous year, €11 million was presented under
functions expenses in this context.
Other operating income includes €444 million (2014: €371
million) of income assignable to other financial periods and
relates mostly to income from the release of provisions
and of accruals and deferrals and income from disposals
of non-current assets. The income from the release of
provisions primarily comprises income from other periods
of €133 million from the release of long-term provisions
(2014: €0 million).
Income from the currency translation of trade receivables and
payables amount to €81 million in 2015 (2014: €146 million).
Other operating expenses of €104 million (2014: €98 million)
are attributable to other periods and mainly reflect expenses
from writing off other receivables as well as from the sale
of fixed assets.
C.14
The expense from the currency translation of trade
receivables and payables amount to €155 million in 2015
(2014: €59 million).
Income/expense from investments in subsidiaries
and associated companies, net
2015
2014
18 Income/expense from investments in
subsidiaries and associated companies, net  C.14
In millions of euros
Income from profit and
loss transfer agreements
thereof D
aimler Vermögens- und
Beteiligungsgesellschaft mbH
2,440
1,962
1,598
1,478
-45
-38
2,895
1,853
Income from associated companies
207
109
Impairment of investments in subsidiaries
and associated companies
-726
-167
Write-ups on investments in subsidiaries
and associated companies
2
243
Gains on disposals of investments in
subsidiaries and associated companies
7
703
Expenses from loss assumptions
Income from subsidiaries
Losses on disposals of investments in
subsidiaries and associated companies
-5
.
4,775
4,665
The net income from investments in subsidiaries and associated
companies increased mainly due to the higher income from subsidiaries. This resulted from higher dividends from subsidiaries.
The increase in income from profit-and-loss-transfer agreements
was mainly the result of the higher profit transfer from Daimler
Financial Services AG and Daimler Vermögens- und Beteiligungs­
gesellschaft mbH.
The loss assumptions were mainly from EHG Elektroholding
GmbH.
The increase in impairments of investments in subsidiaries and
associated companies mainly relates to country companies in
Brazil, India and Russia, and is primarily the result of economic
developments in those emerging markets.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | NOTES TO THE INCOME STATEMENT
21
19 Interest income/expense, net  C.15
22 Net income
All of the earnings components of the existing special purpose
assets are recognized under interest income/expense, net
and are offset with the interest component of the retirement
benefit obligation.
Net income for financial year 2015 is €3,755 million. After
a transfer to retained earnings of €278 million pursuant
to Section 58 Subsection 2 of the German Stock Corporation
Act (AktG), distributable profit amounts to €3,477 million.
The interest component of the retirement benefit obligation
amounts to an expense of €2,234 million (2014: €1,409 million),
while the development of the special purpose assets resulted
in income of €269 million (2014: €872 million). The compounding
of provisions with an original maturity of more than one year
results in an interest expense of €466 million (2014: €280 million).
In millions of euros
20 Other financial income/expense, net
Other financial income/expense, net includes currency
losses of €391 million (2014: €251 million) from current Group
financing. It also includes income of €23 million (2014:
expenses of €63 million) from the measurement of derivative
financial instruments (interest-rate hedging contracts).  C.16
C.15
Interest income/expense, net
2015
2014
Income from other securities
and loans of financial assets
19
22
thereof from subsidiaries
19
21
674
855
Other interest and similar income
thereof from subsidiaries
Interest and similar expenses
246
261
-3,101
-1,628
-92
-132
-2,408
-751
2015
2014
Currency income/expense, net
-391
-251
Miscellaneous income
129
122
-31
-150
-293
-279
thereof to subsidiaries
21 Income taxes
C.16
The parent company, Daimler AG, is also a taxpayer with
respect to the profit and loss transfer agreements concluded
with its subsidiaries. The individual companies are listed
“Statement of investments” pursuant to Section 285
in the
of the German Commercial Code (HGB) and are marked
with a separate footnote.
E
The income tax expense amounts to €900 million (2014:
€1,223 million). It includes an expense of €1,595 million for the
year 2015 (2014: €1,266 million) and a benefit of €695 million
for previous years (2014: €43 million). The tax benefits relating
to other periods arise in connection with the tax assessment
of previous years and are not offset by the increased tax expense
for the year 2015. This leads to an overall decrease in income
tax expense compared to the previous year.
The income tax expense for 2015 increased despite the lower
profit before income taxes compared with 2014 due to the
changed composition of profit before income taxes. The improvement in earnings from operating activities led to higher
taxable income and thus to a higher tax expense. However, expenses in 2014 connected with the ongoing antitrust investigations of European manufacturers of commercial vehicles by
the EU Commission were not tax deductible. The increased
financial expense for pensions due to the lower discount rate
did not reduce taxable income in 2015 because a constant in­
terest rate is to be applied for the calculation of taxable income.
In both years, substantial components of income from investments in subsidiaries and associated companies were nearly
tax free.
Deferred taxes are not included in this item because the capitalization of deferred tax assets is optional. The future tax
benefits mainly arise from temporary differences in connection
with pensions and other provisions.
Other financial income/expense, net
In millions of euros
Miscellaneous expenses
22
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Other Notes
Personnel expenses/Employees  C.17
C.17
Personnel expenses
2015
2014
10,917
10,289
1,696
1,638
130
285
12,743
12,212
In millions of euros
Wages and salaries
Social security contributions
Pension costs
Employees
2014
Wages and salaries include direct labor, salaries, severance
payments, holiday bonuses, special bonuses and expenses
resulting from personnel-related provisions.
Social security contributions primarily relate to the employer’s
contributions to pension, unemployment, nursing-care and
medical insurance plans.
Pension costs comprise the components to be shown under
functional costs pursuant to applicable law as well as the
contributions to the German Pension Insurance Association.
Annual average numbers
Hourly employees
84,125
Salaried employees
59,098
58,435
143,223
143,139
84,704
9,772
9,601
Total (average for the year)
152,995
152,740
Total (at the end of the year)
151,183
151,524
Trainees/apprentices/interns
Cost of materials
Cost of materials include expenses for raw materials and
manufacturing supplies as well as for purchased goods and
services.  C.18
Derivative financial instruments and
valuation units
C.18
Cost of materials
2015
2014
Cost of raw materials, manufacturing
supplies and purchased goods
67,368
56,720
Cost of purchased services
12,646
10,531
80,014
67,251
In millions of euros
C.19
Derivative financial instruments serve solely to hedge risks
relating to foreign exchange rates, interest rates and raw
material prices. They cover the underlying transactions of the
companies of the Daimler Group and the original financial
transactions (underlying transactions) and are placed together
with them as far as possible in valuation units.
The derivative financial instruments held by Daimler AG have
the nominal values as shown in table  C.19 at the end
of the reporting year and the prior year. The nominal values
are the totals of the basic values of all purchase and sale
contracts without netting off.
Derivative financial instruments: Nominal values
Dec. 31, 2015
Dec. 31, 2014
Foreign exchange contracts
57,150
47,567
Interest rate contracts
19,718
19,237
In millions of euros
Commodity forward contracts
1,747
1,872
78,615
68,676
The foreign exchange contracts primarily comprise currency
forwards and currency options. They mainly serve to hedge the
foreign exchange risks of the companies of the Group from
the cash flows expected with a high degree of certainty from the
automotive business. Currency forwards are also held to hedge
the risks connected with financial receivables and liabilities from
the Group’s financing. Interest rate contracts include interest
rate swaps as well as interest/currency swaps. They are primarily
used to minimize the risk of changes in interest rates. Commodity contracts currently consist of commodity swaps used
for hedging purchasing prices of purchases of raw materials
expected with a high degree of certainty.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
The book values and fair values of derivative financial
instruments at the end of the reporting year and the prior
year are shown in the table  C.20.
The book values are taken from the items of the balance sheet
and relate to other assets, other liabilities and other provisions. Other assets and other liabilities primarily comprise paid
and received option premiums from currency options as well as
advance payments made and received for interest-rate/currency
swaps. Other provisions consist on the one hand of negative
fair values and changes in fair values of derivatives which are
not included in a valuation unit, and on the other hand of negative ineffectiveness from valuation units.
The fair values of currency forwards are determined on the basis
of current ECB reference rates with consideration of forward
premiums or discounts. Currency options are measured with the
use of quoted rates or option price models. The fair values of
interest rate contracts are determined on the basis of discounted
expected future cash flows with the use of the market interest
rates applicable for the remaining time until maturity of the financial instruments. The fair values of commodity contracts are
determined on the basis of current spot rates on commodity
exchanges with consideration of forward premiums or discounts.
23
Of the derivative financial instruments held on the balance
sheet date in a nominal amount of €78,615 million, financial
instruments in a total amount of €63,876 million serve as
hedging instruments in valuation units. Of that total, €50,484
million are accounted for by foreign exchange contracts,
€12,139 million by interest rate contracts and €1,253 million
by commodity forward contracts.
Table  C.21 shows the hedged exchange rate, interest and
commodity price risks included in valuation units.
If derivative financial instruments are included in valuation units
with the related underlying transactions, an effectiveness
measurement is carried out both at the beginning of the hedging
period and on each following balance sheet date upon which
the hedge exists. In connection with the hedging of exchange
rate risks of assets and liabilities, the terms and parameters
of the underlying transaction and the hedging transaction are
compared with each other. With the hedging of future trans­
actions, the dollar-offset method is mainly used. The risk management system at the Daimler Group monitors the effectiveness
of hedges.
C.20
Derivative financial instruments: book value / fair value
Book value
Dec. 31, 2015
Fair value
Book value
Dec. 31, 2014
Fair value
Foreign exchange contracts
46
656
22
582
Interest rate contracts
56
614
36
681
Commodity forward contracts
11
114
8
62
113
1,384
66
1,325
Foreign exchange contracts
-70
-2,695
-129
-2,095
Interest rate contracts
-89
-286
-105
-325
Commodity forward contracts
-38
-320
-16
-107
-197
-3,301
-250
-2,527
-84
-1,917
-184
-1,202
Hedging
instrument
Hedged
volume
Positive
fair value
Dec. 31, 2015
Negative
fair value
Interest rate contracts
Foreign exchange contracts
12,139
1,060
213
19
-295
-3
Exchange rate risk of future transactions
Foreign exchange contracts
49,424
2,639
-533
Purchase price risk of future transactions
Commodity forward contracts
1,253
114
-196
In millions of euros
Assets
Liabilities
Balance
C.21
Derivative financial instruments: valuation units
In millions of euros
Exchange rate / interest rate risk of assets and liabilities
24
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Foreign exchange contracts
Currency forwards and currency options in the automotive
business are combined with the expected cash flows they are
based upon for each currency in valuation units. To the extent
that negative fair values from the valuation of hedges are offset
by currency gains from the expected underlying transactions,
they are not accounted for; in this case, the corresponding losses
are only recognized in profit and loss for the period when the
derivatives mature, simultaneously with the currency gains from
the underlying transactions. Provisions are recognized for any
amounts in excess of that. The hedging period is generally up to
five years. Setting hedging volumes lower than the planned
cash flows in the respective foreign currency and decreasing as
time passes ensures that the future cash flows from the de­
rivatives are covered to a high degree of certainty by opposing
currency effects from the underlying transactions.
Currency forwards of the financing activities outside the
Group are combined into valuation units with opposing hedges
concluded within the Group. Currency forwards outside
the Group that are not opposed by any corresponding hedges
within the Group are included with the related financial
receivables and liabilities in valuation units, provided that the
documen­t ation requirements are fulfilled. To the extent
that negative fair values from the valuation of hedges are offset
by currency gains from the underlying transactions, they
are not accounted for; in this case, the corresponding losses
are only recognized in profit and loss for the period when
the derivatives mature, simultaneously with the currency gains
from the underlying transactions. Provisions are recognized
for any amounts in excess of that. The hedging period is generally one to three years.
Interest rate contracts
Interest swaps and interest/currency swaps outside the Group
are combined into valuation units with opposing interest and
interest/currency contracts within the Group. For interest hedges
outside the Group that are not opposed by any corresponding
hedges within the Group, provided the documentation requirements are fulfilled, they are included in valuation units with the
related financial receivables and liabilities. To the extent that
negative fair values from the valuation of hedges are offset by
currency gains from the underlying transactions, they are not ac­
counted for. Provisions are recognized for any amounts in excess
of that. The hedging period is one to a maximum of ten years.
Commodity forward contracts
Raw-material hedges outside the Group are combined into valuation units with opposing hedges within the Group. For rawmaterial hedges outside the Group that are not opposed by any
corresponding hedges within the Group, to the extent that
applicable statutory requirements can be fulfilled, commodity
forward contracts are combined in valuation units with the
price-change effects of the future material purchases they are
intended to hedge. To the extent that negative fair values from
the valuation of hedges are opposed by positive price-change
effects from the expected underlying transactions, they are
not accounted for; in this case, the corresponding losses are recognized in profit and loss for the period when the price-change
effects from the purchases of raw materials are recognized.
Provisions are recognized for any amounts in excess of that.
The hedging period is generally one to three years. Setting
hedging rates lower than the planned material requirements and
decreasing as time passes ensures that the future cash flows
from the deri­vatives are covered to a high degree of certainty by
opposing price-change effects of the hedged materials.
Contingent liabilities
Contingent liabilities relate to potential future events, the
occurrence of which would lead to an obligation. At the
balance sheet date, the contingent liabilities of Daimler AG
were reviewed with consideration of available knowledge
about the financial position, cash flows and profitability of business partners with regard to the risk situation. Daimler AG
therefore assesses the risk of possible claims on all the listed
obligations as unlikely. At December 31, 2015, contingent
liabilities amount to €60,034 million (2014: €50,354 million),
primarily consisting of guarantees. They include guarantees
to domestic and foreign subsidiaries amounting to €59,883
million (2014: €50,166 million), which primarily comprise
guarantees provided to creditors of subsidiaries of Daimler AG,
for example for loans they have taken out and bonds they
have issued and liabilities to banks. To the benefit of co-shareholders of Mercedes-Benz (China) Ltd., Daimler AG is
liable for guaranteed dividends for 2015 and following years.
Guarantees were issued for the benefit of third parties in a
total amount of €151 million (2014: €188 million). This includes
a payment guarantee in an amount of €100 million that was
provided in the context of obligations from bank loans granted
to Toll Collect GmbH.
Other financial commitments
Other financial commitments total €21,599 million (thereof due
in 2016: €13,661 million). Such commitments to subsidiaries
amount to €7,355 million (thereof due in 2016: €4,124 million).
In connection with vehicle sales and leasing, buyback obligations exist in an amount of €5,052 million (thereof due in 2016:
€1,891 million). Such obligations to subsidiaries amount to
€3,612 million (thereof due in 2016: €1,537 million).
Other financial commitments resulting from rental and leasing
agreements amount to €2,197 million (thereof due in 2016:
€879 million). Of that total, €1,381 million relate to subsid­iaries
(thereof due in 2016: €669 million). Rental obligations to property management companies amount to €1,353 million
(thereof due in 2016: €661 million).
The remaining financial commitments, in particular the purchase commitment, are of a magnitude typical for the industry.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Related party relationships according to
Section 285 No. 21 of the German Commercial
Code (HGB)
Subsidiaries and associated companies
Most of the goods and services supplied within the ordinary
course of business between Daimler AG and related parties
comprise transactions with subsidiaries and associated companies and are included in table  C.22.
In connection with a 45% equity interest of the Daimler Group
in Toll Collect GmbH, Daimler has issued a guarantee that is
not included in table  C.22.
Board members
Throughout the world, Daimler AG has business relationships
with numerous entities that are also customers and/or suppliers of Daimler AG. Those customers and/or suppliers include
companies that have a connection with some of the members
of the Supervisory Board or of the Board of Management of
Daimler AG or its subsidiaries.
Legal proceedings
Various legal proceedings, claims and governmental investi­
gations (legal proceedings) are pending against Daimler AG
and its subsidiaries on a wide range of topics, including vehicle
safety, emissions, fuel economy, financial services, dealer,
supplier and other contractual relationships, intellectual property
rights, product warranties, environmental matters, antitrust
matters and shareholder matters. Legal proceedings relating
to products deal with claims on account of alleged vehicle
defects. Some of these claims are asserted by way of class
action suits. If the outcome of such legal proceedings is detrimental to Daimler, we may be required to pay substantial
compensatory and punitive damages or to undertake service
actions, recall campaigns or other costly actions.
25
The Federal Republic of Germany initiated arbitration proceedings against Daimler Financial Services AG, Deutsche Telekom
AG and Toll Collect GbR and submitted its statement of claims
in August 2005. It seeks damages, contractual penalties and the
transfer of intellectual property rights to Toll Collect GmbH.
In particular, the Federal Republic of Germany is claiming
– lost revenue of €3.33 billion for the period September 1, 2003
through December 31, 2004 plus interest at 5% per annum
above the respective base rate since submission of claims
(an amount of €2 billion as at the date of September 29, 2014),
– and contractual penalties of approximately €1.65 billion
through July 31, 2005 plus interest at 5% per annum above the
respective base rate since submission of claims (an amount of
€225 million as at the date of September 29, 2014),
– plus refinancing costs of €196 million.
Since, among other things, some of the contractual penalties are
dependent on time and further claims for contractual penalties
have been asserted by the Federal Republic of Germany, the
amount claimed as contractual penalties may increase. The
defendants submitted their response to the statement of claims
on June 30, 2006. The Federal Republic of Germany delivered
its reply to the arbitrators on February 15, 2007, and the defendants delivered their rebuttal on October 1, 2007. The arbitrators held the first hearing on June 16 and 17, 2008. Additional
briefs from the claimant and the defendants have been filed
since then. A hearing of witnesses and experts took place
between December 6 and 14, 2010. The parties submitted further
written statements on July 15 and November 15, 2011. After the
Tribunal’s President resigned for personal reasons as of March 30,
2012, the new President was determined by the Administrative
Court in Berlin as of October 29, 2012. The arbitrators held further
hearings in May and October 2014 and June 2015. Daimler believes the claims of the Federal Republic of Germany are without
merit and will continue to defend itself vigorously.
C.22
In mid-January 2011, the European Commission carried out
antitrust investigations of European commercial vehicle manufacturers, including Daimler AG. If antitrust infringements
are discovered, the European Commission can impose considerable fines depending on the gravity of the infringement.
In November 2014, the European Commission served Daimler
with its statement of objections which, from the European
Commission’s perspective, further explains and legally evaluates
the relevant facts. Resulting from knowledge gained from
access to essential documents of the European Commission’s
file, Daimler AG decided in December 2014 to increase pro­
visions by €570 million. Daimler is taking the Commission’s
investigation very seriously. The company is cooperating with
the authorities but will at the same time – while stating the
company’s legal view – safeguard its rights in the further proceedings and is also reviewing all of its procedural options.
Business between Daimler AG and related parties
Subsidiaries
Associated
companies
In millions of euros
Sales of goods and services
and other income in 2015
13,499
3,363
Purchases of goods and services
and other expenses in 2015
1,124
453
Receivables
at December 31, 2015
2,863
1,082
Payables
at December 31, 2015
599
90
26
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Daimler AG recognizes provisions in connection with pending
or threatened proceedings to the extent that a loss is probable
and can be reasonably estimated. Such provisions are
reflected in the financial statements and are based on estimates.
Risks resulting from legal proceedings, however, sometimes
cannot be assessed reliably or only to a limited extent. Consequently, provisions accrued for some legal proceedings may
turn out to be insufficient once such proceedings have ended.
Daimler may also become liable for payments in legal pro­
ceedings no provisions were established for. Although the final
resolution of any such proceedings could have a material
effect on Daimler’s operating results and cash flows for a particular reporting period, Daimler believes that the possible
resulting obligations should not materially affect its financial
position.
Remuneration of the members of the
Board of Management and the Supervisory Board
The following information regarding the remuneration of the
members of the Board of Management and of the Supervisory
Board is disclosed on an individual basis in the Remuneration
Report. The Remuneration Report is a component of the Combined Management Report for Daimler AG and the Daimler
Group.
Board of Management remuneration
The total remuneration (excluding retirement benefit commitments) granted to the members of the Board of Management
of Daimler AG pursuant to Section 285 No. 9 of the German
Commerciasl Code (HGB) is calculated as the total of the
amounts of
– the base salary in 2015,
– the half of the annual bonus for 2015 payable in 2016
with its value at the balance sheet date,
– the half of the medium-term share-based component of the
annual bonus for 2015 (“deferral”) payable in 2017 with
its value at the balance sheet date (entitlement depending
on the development of Daimler’s share price compared
with the Dow Jones STOXX Auto Index),
– the value of the long-term share-based remuneration
at the time when granted in 2015 (Performance Phantom
Share Plan – PPSP), and
– taxable non-cash benefits in 2015.
For both of the share-based components of remuneration –
both the deferred payment of the second 50% of the annual
bonus (deferral) and the PPSP with a long-term orientation – the
amounts actually paid out can deviate significantly from the
values described depending on the development of the Daimler
share price and on the achievement of the relevant target
parameters. Upward deviation is limited. Both components can
also be zero. Further information on share-based remu­neration
“Equity” chapter and in the Remuneration
is provided in the
Report.
E
In 2015, €8.9 million was fixed, that is, non-performancerelated remuneration (2014: €8.1 million), €17.4 million
(2014: €11.6 million) was short- and medium-term performancerelated variable remuneration (annual bonus with deferral)
and €12.3 million was variable performance-related remu­
neration granted in 2015 with a long-term incentive effect
(2014: €10.1 million). This adds up to a total of €38.6 million
for 2015 (2014: €29.8 million).
The pension agreements of some Board of Management
members include a commitment to an annual retirement pension,
calculated as a proportion of the former base salary and
depending on the number of years of service. Those pension
rights were granted until 2005 and remain valid; the same
procedure was applied for the relevant hierarchy level for
Wilfried Porth for the period before his membership of the Board
of Management. These pension rights have been frozen at
that level, however. Payments of these retirement pensions start
upon request when the term of service ends at or after the
age of 60, or are paid as disability pensions if the term of service
ends before the age of 60 due to disability. The respective
agreements provide starting when benefits are received for
a 3.5% annual increase in benefits (with the exception that
Wilfried Porth’s benefits are adjusted in accordance with applicable law). The agreements include a provision by which a
spouse of a deceased Board of Management member is entitled
to 60% of that member’s pension. That amount can increase
by up to 30 percentage points depending on the number of
dependent children.
Effective as of January 1, 2006, we replaced the pension
agreements of the Board of Management members with a new
arrangement, the so-called pension capital system. Under
this system, each Board of Management member is credited
with a capital component each year. This capital component
comprises an amount equal to 15% of the sum of the Board
of Management member’s fixed base salary and the actual
annual bonus, multiplied by an age factor equivalent to a rate
of return of 6% until 2015 and 5% as of 2016 (Wolfgang
Bernhard and Wilfried Porth: 5% for all years). These contributions to pension plans are granted only until the age of 60.
The benefit from the pension plan is payable to surviving Board
of Management members upon retirement at the earliest
at the age of 60, also if retirement is before 60. If a member
of the Board of Management retires due to disability, the pension
is paid as a disability pension, also before the age of 60.
In 2012, Daimler introduced a new company retirement benefit
plan for new entrants and new appointments for employees
paid according to collective bargaining wage tariffs as well as
for executives: the “Daimler Pensions Plan.” As before, the
new retirement benefit system features the payment of annual
contributions by Daimler, but is oriented towards the capital
market. Daimler makes a commitment to guarantee the total of
contributions paid, which are invested in the capital market
according to a precautionary investment concept. The Super­
visory Board of Daimler AG has approved the application of
this system for all members of the Board of Management newly
appointed since 2012. The amount of the annual contributions
results from a fixed percentage of the base salary and the total
annual bonus for the respective financial year calculated at the
balance sheet date. This percentage is 15%. For the measurement
of the total commitment, the targeted level of retirement pro­
vision – also according to the period of Board of Management
membership – and the resulting annual and long-term expense
for the Company are taken into consideration for each member
of the Board of Management. The contributions to retirement
provision are granted until the age of 62. The benefit from the
pension plan is payable to surviving Board of Management members at the earliest at the age of 62, also if retirement is before
62. If a member of the Board of Management retires due to
disability, the benefit is paid as a disability pension, also before
the age of 62.
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
27
Payments under the pension capital system and the
Daimler Pensions Plan can be made in three ways:
– as a single amount;
– in twelve annual instalments, whereby interest accrues on
each partial amount from the time of retirement until it is
paid out (Pension Capital: 6% or 5%; Daimler Pensions Plan:
according to the applicable law);
– as a pension with an annual increment (Pension Capital 3.5%
or in accordance with applicable law; Daimler Pensions Plan
in accordance with applicable law).
Departing Board of Management members with pension agreements modified as of the beginning of 2006, receive for the
period between the end of the last service period and reaching
the age of 60, payments in the amounts of the pension
commitments granted as described above. Departing Board
of Management members are also provided with a company
car, in some case for a defined period. These payments are made
until the age of 60, possibly reduced due to other sources
of income, and are subject to annual percentage increases described above in the explanation of these pension agreements.
The contracts specify that if a Board of Management member
passes away before retiring for reason of age, the spouse or
dependent children is/are entitled to the full committed amount
in the case of the Pension Capital system, and to the credit
amount reached plus a supplement for the remaining time until
the arithmetical age of 62 of the Board of Management member
in the case of the Daimler Pensions Plan. If a Board of Management member passes away after retiring for reason of age, in
the case of payment of twelve annual installments, the heirs are
entitled to the remaining present value. In the case of a pension
with benefits for surviving dependents, the spouse/registered
partner or dependent children is/are entitled to 60% of the
discounted terminal value (pension capital), or the spouse/
registered partner is entitled to 60% of the actual pension
(Daimler Pensions Plan).
The following details of retirement benefits have been calculated
with consideration of the parameters used to calculate the
pension obligation. The service cost of the pension obligation in
2015 was €2.6 million (2014: €2.4 million). The present value
of the total obligation at December 31, 2015 was €67.5 million
(2014: €55.7 million). Taking age and years of service into
consideration, the individual pensions, service costs and present values are as shown in table  C.23.
C.23
Individual entitlements, service costs and present values for members of the Board of Management
Annual pension
(as regulated
until 2005)
as of age 60
Service cost
(for pension,
pension capital and
Daimler Pensions Plan)
Present value2
of obligations
(for pension,
pension capital and
Daimler Pensions Plan)
In thousands of euros
Dr. Dieter Zetsche
2015
2014
1,050
1,050
742
685
32,040
27,221
Dr. Wolfgang Bernhard
2015
2014
–
–
344
324
2,187
1,924
Ola Källenius
2015
2014
–
–
117
–
1,366
–
Wilfried Porth 2015
2014
156
156
195
180
6,715
5,955
Andreas Renschler1
2015
2014
–
225
–
25
–
–
Hubertus Troska
2015
2014
–
–
319
302
2,811
2,668
Bodo Uebber
2015
2014
275
275
600
561
12,055
9,281
Prof. Dr. Thomas Weber
2015
2014
300
300
299
276
10,315
8,682
Total
2015
2014
1,781
2,006
2,616
2,353
67,489
55,731
1 Andreas Renschler pro rata until January 28, 2014.
2 The increase in the present values is primarily due to the decrease in the relevant interest rate.
Dr. Hohmann-Dennhardt had no entitlement to a company retirement benefit.
28
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
In the case of early termination of a service contract without
an important reason, Board of Management service contracts
include commitments to payment of the base salary and
pro­vision of a company car until the end of the original service
period at a maximum. However, entitlement to the payment
of the annual bonus exists only pro-rata for the time until the
termination of the service contract or of the Board of Management membership takes effect. Entitlement to payment of the
performance-related component of remune­ration with a longterm incentive effect that has already been allocated is defined
by the conditions of the respective plans. To the extent that
the benefits described above are subject to the provisions of
the so-called severance cap of the German Corporate Governance Code, their total including fringe benefits is limited to
double the annual remuneration and may not exceed the total
remuneration for the remaining period of the service contract.
“BlackRock Group Limited, London, England and Wales, has
notified us on October 28, 2015 pursuant to section 21 (1)
German Securities Trading Act (WpHG) that its percentage of
voting rights in Daimler AG, Stuttgart, Germany, exceeded the
threshold of 3% on October 26, 2015 and amounts to 3.01%
(equals: 32,156,174 out of a total of 1,069,837,447 voting rights)
as per this date. Of these voting rights 1.85% (equals:
19,748,898 voting rights) are to be attributed to BlackRock
Group Limited, London, England and Wales, pursuant to section 22 (1) sentence 1 no. 1 WpHG; 1.50% (equals: 16,033,229
voting rights) are to be attributed pursuant to section 22 (1)
sentence 1 no. 6 in connection with sentence 2 WpHG. Please
note that the total amount stated above does not necessarily
equal the sum of the detailed attributed holdings. This results
from voting rights having multiple attributions within the
BlackRock group structure.”
Payments made in 2015 to former members of the Board
of Management of Daimler AG and their survivors amounted
to €15.5 million (2014: €16.8 million). Pension obligations for
former members of the Board of Management and their survivors
amounted to €208.9 million at December 31, 2015 (2014:
€199.8 million).
“BlackRock International Holdings, Inc., Wilmington, DE, USA,
has notified us on October 13, 2015 pursuant to section 21 (1)
German Securities Trading Act (WpHG) that its percentage of
voting rights in Daimler AG, Stuttgart, Germany, exceeded
the threshold of 3% on October 8, 2015 and amounts to 3.02%
(equals: 32,302,705 voting rights) as per this date. Of these
voting rights 1.87% (equals: 20,039,774 voting rights) are to be
attributed to BlackRock International Holdings, Inc., Wilmington,
DE, USA, pursuant to section 22 (1) sentence 1 no. 1 WpHG; 1.48%
(equals: 15,782,049 voting rights) are to be attributed pursuant
to section 22 (1) sentence 1 no. 6 in connection with sentence 2
WpHG. Please note that the total amount stated above does
not necessarily equal the sum of the detailed attributed holdings.
This results from voting rights having multiple attributions
within the BlackRock group structure.”
In 2015, no advances or loans were made to members
of the Board of Management of Daimler AG.
Supervisory Board remuneration
Remuneration for all the activities of the members of the Supervisory Board of Daimler AG amounted to €3.5 million in 2015
(2014: €3.6 million). The remuneration of the members of the
Supervisory Board does not include a performance-related
variable component.
With the exception of the remuneration paid to the members of
the Supervisory Board representing the employees in accordance with their contracts of employment, no remuneration was
paid to the members of the Supervisory Board for services
provided personally beyond the board and committee activities
in 2015, in particular for advisory or agency services. The members of the Super­visory Board solely receive remuneration due
in the short term.
In 2015, no advances or loans were made to members of the
Supervisory Board of Daimler AG.
Disclosures according to Section 160
Subsection 1 No. 8 of the German Stock
Corporation Act (AktG)
At the balance sheet date of December 31, 2015, share­holdings
in the Company exist that were communicated pursuant to
Section 21 Subsection 1 of the German Securities Trading Act
(WpHG) and disclosed pursuant to Section 26 Subsection 1
of the WpHG as follows:
“BR Jersey International Holdings L.P., St. Helier, Jersey, Jersey,
has notified us on October 13, 2015 pursuant to section 21 (1)
German Securities Trading Act (WpHG) that its percentage of
voting rights in Daimler AG, Stuttgart, Germany, exceeded
the threshold of 3% on October 8, 2015 and amounts to 3.02%
(equals: 32,302,705 voting rights) as per this date. Of these
voting rights 1.87% (equals: 20,039,774 voting rights) are to be
attributed to BR Jersey International Holdings L.P., St. Helier,
Jersey, Jersey, pursuant to section 22 (1) sentence 1 no. 1 WpHG;
1.48% (equals: 15,782,049 voting rights) are to be attributed
pursuant to section 22 (1) sentence 1 no. 6 in connection with
sentence 2 WpHG. Please note that the total amount stated
above does not necessarily equal the sum of the detailed attributed holdings. This results from voting rights having multiple
attributions within the BlackRock group structure.”
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
“BlackRock Financial Management, Inc., Wilmington, DE,
U.S.A., has notified us pursuant to section 21 (1) German Securities Trading Act (WpHG) that its percentage of voting rights in
Daimler AG, Stuttgart, Germany, exceeded the threshold of 5%
on May 11, 2015 and amounts to 5.02% (equals: 53,677,003
out of a total of 1,069,837,447 voting rights) as per this date. Of
these voting rights 2.27% (equals: 24,241,876 voting rights)
are to be attributed to BlackRock Financial Management, Inc.,
Wilmington, DE, U.S.A, pursuant to section 22 (1) sentence 1
no. 1 WpHG; 0.00005% (equals: 488 voting rights) are to be
attributed pursuant to section 22 (1) sentence 1 no. 2 in connection with sentence 2 WpHG, 0.01% (equals: 94,453 voting
rights) are to be attributed to section 22 (1) sentence 1 no. 6
WpHG, and 2.96% (equals: 31,643,915 voting rights) are to be
attributed pursuant to section 22 (1) sentence 1 no. 6 in connection with sentence 2 WpHG. Please note that the total amount
stated above does not necessarily equal the sum of the detailed attributed holdings. This results from voting rights having
multiple attributions within the BlackRock group structure.”
“BlackRock Holdco 2, Inc., Wilmington, DE, U.S.A., has notified
us pursuant to section 21 (1) German Securities Trading Act
(WpHG) that its percentage of voting rights in Daimler AG, Stuttgart, Germany, exceeded the threshold of 5% on May 11, 2015
and amounts to 5.02% (equals: 53,677,003 out of a total of
1,069,837,447 voting rights) as per this date. Of these voting
rights 2.27% (equals: 24,241,876 voting rights) are to be attributed to BlackRock Holdco 2, Inc., Wilmington, DE, U.S.A.
pursuant to section 22 (1) sentence 1 no. 1 WpHG; 0.00005%
(equals: 488 voting rights) are to be attributred to section 22 (1)
sentence 1 no. 2 in connection with sentence 2 WpHG, and
2.97% (equals: 31,735,304 voting rights) are to be attributed
pursuant to section 22 (1) sentence 1 no. 6 in connection with
sentence 2 WpHG. Please note that the total amount stated
above does not necessarily equal the sum of the detailed attributed holdings. This results from voting rights having multiple
attributions within the BlackRock group structure.”
“BlackRock, Inc., Wilmington, DE, U.S.A., has notified us pursuant to section 21 (1) German Securities Trading Act (WpHG)
that its percentage of voting rights in Daimler AG, Stuttgart,
Germany, exceeded the threshold of 5% on April 7, 2015 and
amounts to 5.05% (equals: 54,051,647 out of a total of
1,069,837,447 voting rights) as per this date. Of these voting
rights 2.56% (equals: 27,358,516 voting rights) are to be attributed to BlackRock Inc., Wilmington, DE, U.S.A. pursuant to
section 22 (1) sentence 1 no. 1 WpHG; 0.0001% (equals: 1,230
voting rights) are to be attributed pursuant to section 22 (1)
sentence 1 no. 2 in connection with sentence 2 WpHG and
2.78% (equals: 29,766,392 voting rights) are to be attributed
pursuant to section 22 (1) sentence 1 no. 6 in connection with
sentence 2 WpHG. Please note that the total amount stated
above does not necessarily equal the sum of the detailed
attributed holdings. This results from voting rights having
multiple attributions within the BlackRock group structure.”
29
“Norges Bank (the Central Bank of Norway), Oslo, Norway,
has notified us on October 27, 2015 pursuant to sec. 21 para.
1 German Securities Trading Act (WpHG), that its percentage
of voting rights in Daimler AG, Stuttgart, Germany, fell below
the threshold of 3% on October 26, 2015 and amounts to
2.99% (31,965,018 voting rights) as per this date.
The Ministry of Finance on behalf of the State of Norway, Oslo,
Norway, has notified us on Octobe 27, 2015 pursuant to sec.
21 para. 1 German Securities Trading Act (WpHG), that its percentage of voting rights in Daimler AG, Stuttgart, Germany,
fell below the threshold of 3% on October 26, 2015 and amounts
to 2.99% (31,965,018 voting rights) as per this date. Of these
voting rights, 2.99% (31,965,018 voting rights) are to be attributed
to the Ministry of Finance on behalf of the state of Norway
pursuant to sec. 22 para. 1 sent. 1 no. 1 WpHG.”
“Renault S. A., Boulogne-Billancourt, France, has notified us pursuant to Section 21 Subsection 1 of the German Securities
Trading Act (WpHG) that its percentage holding of the voting
rights in Daimler AG, Mercedesstr. 137, 70327 Stuttgart,
Germany, exceeded the threshold of 3% on April 28, 2010 and
amounts to 3.10% (32,896,756 voting rights) on that day.
Thereof 16,448,378 voting rights (representing 1.55% of the voting
rights in Daimler AG) directly held by Nissan Motor Co. Ltd. are
attributable to Renault S. A. pursuant to Section 22 Subsection 2
of the WpHG.
Nissan Motor Co. Ltd., Yokohama, Japan, has notified us
pursuant to Section 21 Subsection 1 of the German Securities
Trading Act (WpHG) that its percentage holding of the voting
rights in Daimler AG, Mercedesstr. 137, 70327 Stuttgart, Germany,
exceeded the threshold of 3% on April 28, 2010 and amounts
to 3.10% (32,896,756 voting rights) on that day. Thereof
16,448,378 voting rights (representing 1.55% of the voting rights
in Daimler AG) directly held by Renault S. A. are attributable
to Nissan Motor Co. Ltd. pursuant to Section 22 Subsection 2
of the WpHG.”
“The Kuwait Investment Authority as Agent for the
Government of the State of Kuwait, Kuwait City, State of Kuwait,
has notified us pursuant to Section 21 Subsection 1 of the
German Securities Trading Act that the voting rights of the State
of Kuwait in Daimler AG, Mercedesstr. 137, 70327 Stuttgart,
Germany, exceeded the threshold of 5% on April 22, 2010 and
that it held 5.33% (56,589,320 voting rights) as per this date.
According to the notification, all voting rights are directly held.”
Declaration of Compliance with the
German Corporate Governance Code
The mandatory statement pursuant to Section 161 of the
German Stock Corporation Act (AktG) has been issued by the
Board of Management and the Supervisory Board and is
www.daimler.com/dai/gcgc.
permanently accessible on
w
30
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Members of the Board of Management and their mandates
Members of the Board of Management
Supervisory Board Memberships/Directorships
Dr.-Ing. Dieter Zetsche
Stuttgart
Chairman of the Board of Management Daimler AG/
Head of Mercedes-Benz Cars
Appointed until December 2019
Internal Directorships
None
Dr. Wolfgang Bernhard
Stuttgart
Daimler Trucks and Buses
Appointed until February 2018
Internal Directorships
Daimler India Commercial Vehicles Private Ltd.
EvoBus GmbH – Chairman
Mercedes-Benz Grand Prix Ltd.
Mitsubishi Fuso Truck and Bus Corporation
External Directorships
RWE AG
External Directorships
Beijing Foton Daimler Automotive Co., Ltd.
Dr. Christine Hohmann-Dennhardt
Stuttgart
Integrity and Legal Affairs
Termination of the appointment at the end of
December 31, 2015
Until the termination of the appointment as of the end of
December 31, 2015, Dr. Christine Hohmann-Dennhardt, as
member of the Board of Management, had no memberships.
Internal Directorships
None
External Directorships
None
Renata Jungo Brüngger
Stuttgart
Integrity and Legal Affairs
(since January 1, 2016)
Appointed until December 2018
Internal Directorships
Daimler North America Corporation
Ola Källenius
Stuttgart
Mercedes-Benz Cars Marketing & Sales
Appointed until December 2017
(since January 1, 2015)
Internal Directorships
Daimler Financial Services AG
Mercedes-Benz (China) Ltd.
Mercedes-Benz South Africa Ltd.
Mercedes-AMG GmbH
Mercedes-Benz Grand Prix Ltd.
External Directorships
None
External Directorships
Beijing Mercedes-Benz Sales Service Co., Ltd.
Laureus World Sports Awards Ltd.
Wilfried Porth
Stuttgart
Human Resources and Director of Labor Relations,
IT & Mercedes-Benz Vans
Appointed until April 2017
Internal Directorships
Daimler Financial Services AG
External Directorships
None
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Members of the Board of Management
Supervisory Board Memberships/Directorships
Hubertus Troska
Stuttgart
Greater China
Appointed until December 2020
Internal Directorships
Daimler Greater China Ltd. – Chairman
Daimler Northeast Asia Parts Trading & Services Co., Ltd. –
Chairman
Daimler Trucks and Buses (China) Ltd.
Daimler Vans Hong Kong Ltd. – Chairman
Mercedes-Benz Auto Finance Ltd.
Mercedes-Benz Leasing Co., Ltd.
Mercedes-Benz (China) Ltd.
Mercedes-Benz Hong Kong Ltd.
Mercedes-Benz Taiwan Ltd.
External Directorships
BAIC Motor Corporation Ltd.
Beijing Mercedes-Benz Sales Service Co., Ltd. – Chairman
Beijing Benz Automotive Co., Ltd. – Vice Chairman
Beijing Foton Daimler Automotive Co., Ltd. – Vice Chairman
Fujian Benz Automotive Co., Ltd. – Vice Chairman
Daimler Culture Development Co., Ltd. - Chairman
Shenzhen BYD Daimler New Technology Co., Ltd. – Chairman
Bodo Uebber
Stuttgart
Finance & Controlling/Daimler Financial Services
Appointed until December 2019
Internal Directorships
Daimler Financial Services AG – Chairman
Prof. Dr.-Ing. Thomas Weber
Stuttgart
Group Research & Mercedes-Benz Cars Development
Appointed until December 2016
Internal Directorships
Mercedes-AMG GmbH – Chairman of the Advisory Board
Mercedes-Benz AMG HighPerformancePowertrains Ltd. –
Chairman
Mercedes-Benz Grand Prix Ltd.
External Directorships
BAIC Motor Corporation Ltd.
Bertelsmann SE & Co. KGaA / Bertelsmann Management SE
Delta Topco Ltd.
External Directorships
Shenzhen BYD Daimler New Technology Co., Ltd.
There Acquisition B.V.*
* On January 29, 2016, There Acquisition B.V. was renamed as HERE International B.V.
31
32
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Members of the Supervisory Board and their mandates
Members of the Supervisory Board
Supervisory Board Memberships/Directorships
Dr. Manfred Bischoff
Munich
Chairman of the Supervisory Board of Daimler AG
Elected until 2016
Airbus Group N.V.
SMS Holding GmbH
UniCredit S.p.A.
Michael Brecht*
Gaggenau
Chairman of the General Works Council, Daimler Group
and Daimler AG; Chairman of the Works Council, Gaggenau
Plant, Daimler AG; Deputy Chairman of the Supervisory Board
of Daimler AG
Elected until 2018
Dr. Paul Achleitner
Munich
Chairman of the Supervisory Board of Deutsche Bank AG
Elected until 2020
Deutsche Bank AG – Chairman
Bayer AG
Sari Baldauf
Helsinki
Former Executive Vice President and General Manager
of the Networks Business Group of Nokia Corporation
Elected until 2018
Fortum OYj – Chairwoman
Deutsche Telekom AG
AkzoNobel N.V.
Michael Bettag*
Nuremberg
Chairman of the Works Council of the Nuremberg Dealership,
Daimler AG
(since January 1, 2015)
Appointed until 2018
Dr. Bernd Bohr
Stuttgart
Former Member of the Management Board of Robert Bosch
GmbH
Elected until 2019
Formel D GmbH
Dr. Clemens Börsig
Frankfurt am Main
Chairman of the Board of Directors
of Deutsche Bank Foundation
Elected until 2017
Linde AG
Bayer AG
Emerson Electric Co.
IOR Istituto per le Opere di Religione (Vatican Bank)
Dr. Jürgen Hambrecht
Ludwigshafen
Chairman of the Supervisory Board of BASF SE
Elected until 2018
BASF SE - Chairman
Fuchs Petrolub SE – Chairman
Trumpf GmbH + Co. KG – Chairman
Petraea Heynike
Vevey
Former Executive Vice President of the Executive Board
of Nestlé S.A.
Elected until 2016
Schulich School of Business
Aiglon College
Climate and Land Use Alliance
Andrea Jung
New York
President and Chief Executive Officer of Grameen America, Inc.
Elected until 2018
Apple Inc.
General Electric Company
Joe Kaeser
Munich
Chairman of the Board of Management of Siemens AG
Elected until 2019
Allianz Deutschland AG
NXP Semiconductors N.V.
* Representative of the employees
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Members of the Supervisory Board
Supervisory Board Memberships/Directorships
Ergun Lümali*
Sindelfingen
Chairman of the Works Council at the Sindelfingen Plant;
Deputy Chairman of the General Works Council of Daimler AG
Elected until 2018
Dr. Sabine Maaßen*
Frankfurt am Main
General Counsel of the German Metalworkers’ Union
(IG Metall)
Elected until 2018
ThyssenKrupp AG
Wolfgang Nieke*
Stuttgart
Chairman of the Works Council, Untertürkheim Plant,
Daimler AG
Elected until 2018
Dr. Bernd Pischetsrieder
Munich
Chairman of the Supervisory Board of the Münchener
Rückversicherungs-Gesellschaft, Aktiengesellschaft in München
Elected until 2019
Münchener Rückversicherungs-Gesellschaft
Aktiengesellschaft in München – Chairman
Tetra-Laval International S.A. Group
Valter Sanches*
São Paulo
Director of Communications of the Metalworkers’ Union ABC;
President of the Fundação Sociedade Comunicação,
Cultura e Trabalho (Foundation Society of Communications,
Culture and Work); International Secretary of the National
Confederation of the Metalworkers of CUT – CNM/CUT
Elected until 2018
Jörg Spies*
Stuttgart
Chairman of the Works Council, Headquarters, Daimler AG
Elected until 2018
Elke Tönjes-Werner*
Bremen
Deputy Chairwoman of the Works Council, Bremen Plant,
Daimler AG
Elected until 2018
Dr. Frank Weber*
Sindelfingen
Director of the Press Shop, Sindelfingen Plant, Daimler AG;
Chairman of the Management Representative Committee,
Daimler Group
Elected until 2018
Roman Zitzelsberger*
Stuttgart
German Metalworkers’ Union (IG Metall)
District Manager Baden-Württemberg
(since November 4, 2015)
Appointed until 2018
* Representative of the employees
Heidelberger Druckmaschinen AG
33
34
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Retired from the Supervisory Board:
Committees of the Supervisory Board:
Jörg Hofmann*
Frankfurt am Main
First Chairman of the German Metalworkers’ Union (IG Metall)
(retired on October 31, 2015)
Committee pursuant to Section 27 Subsection 3
of the German Codetermination Act (MitbestG)
Dr. Manfred Bischoff – Chairman
Michael Brecht*
Dr. Jürgen Hambrecht
Roman Zitzelsberger*
Presidential Committee
Dr. Manfred Bischoff – Chairman
Michael Brecht*
Dr. Jürgen Hambrecht
Roman Zitzelsberger*
Audit Committee
Dr. Clemens Börsig – Chairman
Michael Brecht*
Joe Kaeser
Dr. Sabine Maaßen*
Nomination Committee
Dr. Manfred Bischoff – Chairman
Dr. Paul Achleitner
Sari Baldauf
* Representative of the employees
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
35
Statement of Investments in
affiliated and related companies
pursant to Sections 285 and 313 of the German Commercial
Code (HGB) in conjunction with Section 286 Subsection 3
Sentence 1 No. 1 of the German Commercial Code (HGB)
The statement of investments of Daimler AG pursuant to
Sections 285 and 313 of the German Commercial Code (HGB)
is presented as follows. In prior years, for information regarding
equity and earnings, values from local financial statements
were generally used. As of the financial statements for the year
under review, IFRS values are used for fully consolidated
companies. The change to IFRS values allows a better compar­
ison of the values.
Information on equity and earnings is omitted pursuant to
Section 286 Subsection 3 Sentence 1 No. 1 of the HGB if such
information is of minor relevance for a fair presentation of
the financial position, cash flows and profitability of Daimler AG.
C.24
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Net income Footnote
(loss) in
millions of €
I. Consolidated subsidiaries
Auto Testing Company, Inc.
Wilmington, USA
100.00
–
AutoGravity Corporation
Wilmington, USA
100.00
–
–
–
Banco Mercedes-Benz do Brasil S.A.
São Paulo, Brazil
100.00
337
22
Belerofonte Empreendimentos Imobiliários Ltda.
São Paulo, Brazil
100.00
–
–
–
Brooklands Estates Management Limited
Milton Keynes, United Kingdom
100.00
–
Campo Largo Comercio de Veículos e Peças Ltda.
São Bernardo do Campo, Brazil
100.00
–
–
car2go Canada Ltd.
Vancouver, Canada
100.00
4
-13
–
car2go China Co., Ltd.
Beijing, China
100.00
–
car2go Danmark A/S
Copenhagen, Denmark
100.00
–
–
car2go Deutschland GmbH
Leinfelden-Echterdingen, Germany
100.00
6
-17
car2go Europe GmbH
Leinfelden-Echterdingen, Germany
75.00
–
–
car2go Group GmbH
Leinfelden-Echterdingen, Germany
100.00
–
–
car2go Iberia S.L.
Madrid, Spain
100.00
–
–
car2go Italia S.R.L.
Milan, Italy
100.00
2
-10
car2go N.A. LLC
Wilmington, USA
100.00
12
-24
car2go Nederland B.V.
Utrecht, Netherlands
100.00
–
–
car2go Österreich GmbH
Vienna, Austria
100.00
–
–
car2go Sverige AB
Stockholm, Sweden
100.00
–
–
car2go UK Ltd.
Milton Keynes, United Kingdom
100.00
–
–
CARS Technik & Logistik GmbH
Wiedemar, Germany
100.00
–
–
CLIDET NO 1048 (Proprietary) Limited
Centurion, South Africa
100.00
–
–
Conemaugh Hydroelectric Projects, Inc.
Farmington Hills, USA
100.00
–
–
Coventry Lane Holdings, L.L.C.
Farmington Hills, USA
100.00
–
–
DA Investments Co. LLC
Wilmington, USA
100.00
–
–
DAF Investments, Ltd.
Farmington Hills, USA
100.00
–
–
Daimler AC Leasing, d.o.o.
Ljubljana, Slovenia
Daimler Australia/Pacific Pty. Ltd.
Melbourne, Australia
52.00
–
–
100.00
–
–
Daimler Automotive de Venezuela C.A.
Valencia, Venezuela
100.00
–
–
Daimler Buses North America Inc.
Oriskany, USA
100.00
34
16
Daimler Buses North America Ltd.
Toronto, Canada
100.00
–
–
Daimler Canada Finance Inc.
Montreal, Canada
100.00
239
7
Daimler Canada Investments Company
Halifax, Canada
100.00
–
–
Daimler Capital Services LLC
Farmington Hills, USA
100.00
–
–
Daimler Colombia S. A.
Bogota D.C., Colombia
100.00
13
-10
Daimler Export and Trade Finance GmbH
Berlin, Germany
100.00
–
–
Daimler Finance North America LLC
Wilmington, USA
100.00
–
–
Daimler Financial Services AG
Stuttgart, Germany
100.00
1,894
–
Daimler Financial Services India Private Limited
Chennai, India
100.00
–
–
Daimler Financial Services Japan Co., Ltd.
Kawasaki, Japan
100.00
86
14
15
5, 6
5, 6
15
5, 6
5, 6
15
36
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Daimler Financial Services México, S. de R.L. de C.V.
Daimler Financial Services, S.A. de C.V., S.O.F.O.M., E.N.R.
Mexico City, Mexico
100.00
116
30
Mexico City, Mexico
100.00
–
–
Daimler Fleet Management GmbH
Stuttgart, Germany
100.00
20
–
Daimler Fleet Management Singapore Pte. Ltd.
Singapore, Singapore
100.00
–
–
Daimler Fleet Management South Africa (Pty.) Ltd.
Centurion, South Africa
Daimler Fleet Management UK Limited
Milton Keynes, United Kingdom
Net income Footnote
(loss) in
millions of €
65.00
–
–
100.00
–
–
Daimler Fleet Services A.S.
Istanbul, Turkey
100.00
–
–
Daimler FleetBoard GmbH
Stuttgart, Germany
100.00
–
–
Daimler Greater China Ltd.
Beijing, China
100.00
1,373
361
Daimler Grund Services GmbH
Schönefeld, Germany
100.00
–
–
Daimler India Commercial Vehicles Private Limited
Chennai, India
100.00
-120
-188
Daimler Insurance Agency LLC
Farmington Hills, USA
100.00
–
–
Daimler Insurance Services GmbH
Stuttgart, Germany
100.00
–
–
Daimler Insurance Services Japan Co., Ltd.
Tokyo, Japan
100.00
–
–
Daimler Insurance Services UK Limited
Milton Keynes, United Kingdom
100.00
–
–
Daimler International Finance B.V.
Utrecht, Netherlands
100.00
–
–
15
5, 6
5, 6
5, 6
5, 6
Daimler Investments US Corporation
Wilmington, USA
100.00
–
–
Daimler Manufactura, S. de R.L. de C.V.
Mexico City, Mexico
100.00
–
–
Daimler Mexico, S.A. de C.V.
Mexico City, Mexico
100.00
377
12
Daimler Motors Investments LLC
Farmington Hills, USA
100.00
–
–
Daimler Nederland B.V.
Utrecht, Netherlands
100.00
836
2
Daimler North America Corporation
Wilmington, USA
100.00
10,963
1,993
Daimler North America Finance Corporation
Newark, USA
100.00
–
–
Daimler Northeast Asia Parts Trading and Services Co., Ltd.
Beijing, China
100.00
93
26
Daimler Parts Brand GmbH
Stuttgart, Germany
100.00
–
–
5, 6
Daimler Re Brokers GmbH
Bremen, Germany
74.90
–
–
5, 6
Daimler Re Insurance S.A. Luxembourg
Luxembourg, Luxembourg
100.00
46
10
Daimler Real Estate GmbH
Berlin, Germany
100.00
–
–
Daimler Retail Receivables LLC
Farmington Hills, USA
100.00
–
–
DAIMLER SERVICIOS CORPORATIVOS MEXICO
S. DE R.L. DE C.V.
Mexico City, Mexico
100.00
–
–
Daimler South East Asia Pte. Ltd.
Singapore, Singapore
100.00
214
91
Daimler Trucks and Buses (China) Ltd.
Beijing, China
100.00
–
–
Daimler Trucks Canada Ltd.
Mississauga, Canada
100.00
30
65
Daimler Trucks Korea Ltd.
Seoul, South Korea
100.00
–
–
Daimler Trucks North America LLC
Portland, USA
100.00
2,337
1,543
Daimler Trucks Remarketing Corporation
Portland, USA
100.00
100
-10
Daimler Trust Holdings LLC
Farmington Hills, USA
100.00
–
–
Daimler Trust Leasing Conduit LLC
Farmington Hills, USA
100.00
–
–
Daimler Trust Leasing LLC
Farmington Hills, USA
100.00
–
–
Daimler UK Limited
Milton Keynes, United Kingdom
100.00
561
48
67.55
–
–
100.00
–
–
Daimler Vans Hong Kong Limited
Hong Kong, China
Daimler Vans Manufacturing, LLC
Ladson, USA
15
5, 6
15
Daimler Vans USA, LLC
Wilmington, USA
100.00
–
–
Daimler Vehículos Comerciales Mexico S. de R.L. de C.V.
Mexico City, Mexico
100.00
–
–
15
Daimler Vermögens- und Beteiligungsgesellschaft mbH
Stuttgart, Germany
100.00
4,125
–
5, 6, 15
Daimler Verwaltungsgesellschaft für Grundbesitz mbH
Schönefeld, Germany
100.00
3,866
–
5, 6
Daimler Vorsorge und Versicherungsdienst GmbH
Berlin, Germany
100.00
–
–
5, 6
Daimspain S.L.
Madrid, Spain
100.00
2,308
48
Daiprodco Mexico S. de R.L. de C.V.
Mexico City, Mexico
100.00
–
–
DCS UTI LLC, Mercedes Series
Farmington Hills, USA
100.00
–
–
Detroit Diesel Corporation
Detroit, USA
100.00
193
259
Detroit Diesel Remanufacturing LLC
Detroit, USA
100.00
64
22
15
Detroit Diesel Remanufacturing Mexicana, S. de R.L. de C.V.
Toluca, Mexico
100.00
–
–
Detroit Diesel-Allison de Mexico, S. de R.L. de C.V.
San Juan Ixtacala, Mexico
100.00
–
–
Deutsche Accumotive GmbH & Co. KG
Kirchheim unter Teck, Germany
100.00
64
-17
5
EHG Elektroholding GmbH
Stuttgart, Germany
100.00
1,115
–
5, 6
EvoBus (Schweiz) AG
Kloten, Switzerland
100.00
–
–
EvoBus (U.K.) Ltd.
Coventry, United Kingdom
100.00
–
–
EvoBus Austria GmbH
Wiener Neudorf, Austria
100.00
–
–
EvoBus Belgium N.V.
Kobbegem-Asse, Belgium
100.00
–
–
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
37
Net income Footnote
(loss) in
millions of €
EvoBus Ceská republika s.r.o.
Prague, Czech Republic
100.00
–
EvoBus Danmark A/S
Koege, Denmark
100.00
–
–
–
EvoBus France S.A.S.
Sarcelles, France
100.00
–
–
EvoBus GmbH
Kirchheim unter Teck, Germany
100.00
251
–
EvoBus Ibérica, S.A. (Sociedad Unipersonal)
Sámano, Spain
100.00
–
–
EvoBus Italia S.p.A.
Bomporto, Italy
100.00
–
–
EvoBus Nederland B.V.
Nijkerk, Netherlands
100.00
–
–
–
5, 6
EvoBus Polska Sp. z o.o.
Wolica, Poland
100.00
–
EvoBus Portugal, S.A.
Mem Martins, Portugal
100.00
–
–
EvoBus Sverige AB
Vetlanda, Sweden
100.00
–
–
Freightliner Custom Chassis Corporation
Gaffney, USA
100.00
24
84
GlobeSherpa Inc.
Portland, USA
100.00
–
–
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 1 OHG
Schönefeld, Germany
100.00
2,097
334
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 2 OHG
Schönefeld, Germany
100.00
–
–
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 3 OHG
Schönefeld, Germany
100.00
–
–
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 4 OHG
Schönefeld, Germany
100.00
403
48
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 5 OHG
Schönefeld, Germany
100.00
592
34
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 6 OHG
Schönefeld, Germany
100.00
215
13
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Alpha 7 OHG
Schönefeld, Germany
100.00
–
–
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Beta OHG
Schönefeld, Germany
100.00
151
35
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Delta OHG
Schönefeld, Germany
100.00
187
23
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Epsilon OHG
Schönefeld, Germany
100.00
170
15
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Gamma 1 OHG
Schönefeld, Germany
100.00
279
69
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Gamma 2 OHG
Schönefeld, Germany
100.00
144
14
5
Grundstücksverwaltungsgesellschaft Daimler AG & Co.
Gamma 3 OHG
Schönefeld, Germany
100.00
–
–
5
Grundstücksverwaltungsgesellschaft EvoBus GmbH & Co.
OHG
Schönefeld, Germany
100.00
166
14
5, 7
Grundstücksverwaltungsgesellschaft Henne-Unimog
GmbH & Co. OHG
Schönefeld, Germany
100.00
–
–
5
Henne-Unimog GmbH
Kirchheim-Heimstetten, Germany
100.00
–
–
5, 6
Intelligent Apps GmbH
Hamburg, Germany
100.00
31
–
5, 6
Intrepid Insurance Company
Farmington Hills, USA
100.00
–
–
–
Invema Assessoria Empresarial Ltda
São Paulo, Brazil
100.00
–
Koppieview Property (Pty) Ltd
Zwartkop, South Africa
100.00
–
–
Li-Tec Battery GmbH
Kamenz, Germany
100.00
–
–
MBarc Credit Canada Inc.
Mississauga, Canada
100.00
–
–
MDC Power GmbH
Kölleda, Germany
100.00
–
–
5, 6
MDC Technology GmbH
Arnstadt, Germany
100.00
–
–
5, 6
Mercedes AMG High Performance Powertrains Ltd
Brixworth, United Kingdom
100.00
108
13
5, 6
Mercedes-AMG GmbH
Affalterbach, Germany
100.00
459
–
Mercedes-Benz - Aluguer de Veículos, Unipessoal Lda.
Mem Martins, Portugal
100.00
–
–
Mercedes-Benz (China) Ltd.
Beijing, China
75.00
2,048
627
15
Mercedes-Benz (Thailand) Limited
Bangkok, Thailand
100.00
294
107
15
Mercedes-Benz (Yangzhou) Parts Distribution Co., Ltd.
Yangzhou, China
100.00
–
–
Mercedes-Benz Accessories GmbH
Stuttgart, Germany
100.00
6
–
5, 6
Mercedes-Benz AG & Co. Grundstücksvermietung Objekte
Leipzig und Magdeburg KG
Düsseldorf, Germany
100.00
–
–
3
–
Mercedes-Benz Antwerpen N.V.
Antwerp, Belgium
100.00
–
Mercedes-Benz Argentina S.A.
Buenos Aires, Argentina
100.00
–
–
Mercedes-Benz Asia GmbH
Stuttgart, Germany
100.00
–
–
Mercedes-Benz Assuradeuren B.V.
Utrecht, Netherlands
100.00
–
–
5, 6
5, 6
38
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Net income Footnote
(loss) in
millions of €
Mercedes-Benz Australia/Pacific Pty Ltd
Melbourne, Australia
100.00
538
147
Mercedes-Benz Auto Finance Ltd.
Beijing, China
100.00
1,190
83
Mercedes-Benz Auto Lease Trust 2014-A
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Auto Lease Trust 2015-A
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Auto Lease Trust 2015-B
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Auto Receivables Trust 2013-1
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Auto Receivables Trust 2014-1
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Auto Receivables Trust 2015-1
Wilmington, USA
0.00
–
–
3
Mercedes-Benz Bank AG
Stuttgart, Germany
100.00
1,732
–
6
Mercedes-Benz Bank GmbH
Vienna, Austria
100.00
–
–
Mercedes-Benz Bank Polska S.A.
Warsaw, Poland
100.00
–
–
Mercedes-Benz Bank Rus OOO
Moscow, Russian Federation
100.00
–
–
Mercedes-Benz Bank Service Center GmbH
Berlin, Germany
100.00
–
–
Mercedes-Benz Banking Service GmbH
Saarbrücken, Germany
100.00
–
–
5, 6
Mercedes-Benz Belgium Luxembourg S.A.
Brussels, Belgium
100.00
–
–
15
Mercedes-Benz Bordeaux S.A.S.
Begles, France
100.00
–
–
Mercedes-Benz Broker Biztositási Alkusz Hungary Kft.
Budapest, Hungary
100.00
–
–
Mercedes-Benz Brooklands Limited
Milton Keynes, United Kingdom
100.00
–
–
Mercedes-Benz Canada Inc.
Toronto, Canada
100.00
114
89
Mercedes-Benz Capital Rus OOO
Moscow, Russian Federation
100.00
–
–
Mercedes-Benz Ceská republika s.r.o.
Prague, Czech Republic
100.00
48
12
Mercedes-Benz CharterWay España, S.A.
Alcobendas, Spain
100.00
–
–
Mercedes-Benz CharterWay
Gesellschaft mit beschränkter Haftung
Berlin, Germany
100.00
13
–
Mercedes-Benz CharterWay S.A.S.
Le Chesnay, France
100.00
–
–
Mercedes-Benz CharterWay S.r.l.
Trent, Italy
100.00
–
–
Mercedes-Benz Comercial, Unipessoal Lda.
Mem Martins, Portugal
100.00
–
–
Mercedes-Benz Compania de Financiamiento Colombia S.A.
Bogota D.C., Colombia
100.00
–
–
100.00
–
–
99.98
–
–
Mercedes-Benz Compañía Financiera Argentina S.A.
Buenos Aires, Argentina
Mercedes-Benz Corretora de Seguros Ltda
São Paulo, Brazil
Mercedes-Benz Côte d'Azur SAS
Villeneuve-Loubet, France
100.00
–
–
Mercedes-Benz CPH A/S
Horsholm, Denmark
100.00
–
–
Mercedes-Benz Credit Pénzügyi Szolgáltató Hungary Zrt.
Budapest, Hungary
100.00
–
–
Mercedes-Benz Danmark A/S
Copenhagen, Denmark
100.00
174
23
Mercedes-Benz Dealer Bedrijven B.V.
The Hague, Netherlands
100.00
–
–
Mercedes-Benz Desarrollo de Mercados, S. de R.L. de C.V.
Mexico City, Mexico
100.00
–
–
Mercedes-Benz do Brasil Assessoria Comercial Ltda.
São Paulo, Brazil
100.00
–
–
-279
Mercedes-Benz do Brasil Ltda.
São Bernardo do Campo, Brazil
100.00
1,081
Mercedes-Benz Drogenbos N.V.
Drogenbos, Belgium
100.00
–
–
Mercedes-Benz Espana, S.A.U.
Alcobendas, Spain
100.00
460
66
Mercedes-Benz Finance China Ltd.
Hong Kong, China
100.00
–
–
Mercedes-Benz Finance Co., Ltd.
Tokyo, Japan
90.00
198
25
Mercedes-Benz Financial Services Australia Pty. Ltd.
Melbourne, Australia
100.00
159
26
Mercedes-Benz Financial Services Austria GmbH
Salzburg, Austria
100.00
–
–
Mercedes-Benz Financial Services BeLux NV
Brussels, Belgium
100.00
–
–
Mercedes-Benz Financial Services Canada Corporation
Mississauga, Canada
100.00
233
66
Mercedes-Benz Financial Services Ceská republika s.r.o.
Prague, Czech Republic
100.00
103
10
Mercedes-Benz Financial Services España, E.F.C., S.A.
Alcobendas, Spain
100.00
–
–
Mercedes-Benz Financial Services France S.A.
Montigny-le-Bretonneux, France
100.00
358
20
Mercedes-Benz Financial Services Hellas Vehicle
Sales and Rental SA
Kifissia, Greece
100.00
–
–
Mercedes-Benz Financial Services Hong Kong Ltd.
Hong Kong, China
Mercedes-Benz Financial Services Italia SpA
Rome, Italy
Mercedes-Benz Financial Services Korea Ltd.
Seoul, South Korea
Mercedes-Benz Financial Services Nederland B.V.
Utrecht, Netherlands
Mercedes-Benz Financial Services New Zealand Ltd
Auckland, New Zealand
Mercedes-Benz Financial Services Portugal –
Sociedade Financeira de Crédito S.A.
Mem Martins, Portugal
80.00
–
–
100.00
212
12
80.00
227
28
100.00
95
23
100.00
–
–
100.00
–
–
Mercedes-Benz Financial Services Rus OOO
Moscow, Russian Federation
100.00
–
–
Mercedes-Benz Financial Services Schweiz AG
Schlieren, Switzerland
100.00
94
15
Mercedes-Benz Financial Services Singapore Ltd.
Singapore, Singapore
85.00
–
–
Mercedes-Benz Financial Services Slovakia s.r.o.
Bratislava, Slovakia
75.00
–
–
5, 6
15
15
15
15
15
15
15
15
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Mercedes-Benz Financial Services South Africa (Pty) Ltd
Mercedes-Benz Financial Services Taiwan Ltd.
39
Capital
share in
%1
Equity in
millions of €
Net income Footnote
(loss) in
millions of €
Centurion, South Africa
100.00
115
35
15
Taipei, Taiwan
100.00
–
–
15
Mercedes-Benz Financial Services UK Limited
Milton Keynes, United Kingdom
100.00
692
146
15
Mercedes-Benz Financial Services USA LLC
Farmington Hills, USA
100.00
2,413
419
15
Mercedes-Benz Finans Danmark A/S
Copenhagen, Denmark
100.00
–
–
–
Mercedes-Benz Finans Sverige AB
Malmö, Sweden
100.00
–
Mercedes-Benz Finansal Kiralama Türk A.S.
Istanbul, Turkey
100.00
–
–
Mercedes-Benz Finansman Türk A.S.
Istanbul, Turkey
100.00
182
37
Mercedes-Benz Försäljnings AB
Malmö, Sweden
100.00
–
–
Mercedes-Benz France S.A.S.
Montigny-le-Bretonneux, France
100.00
321
54
Mercedes-Benz Gent N.V.
Gent, Belgium
100.00
–
–
Mercedes-Benz Grand Prix Ltd.
Brackley, United Kingdom
60.00
-151
-44
Mercedes-Benz Hellas S.A.
Kifissia, Greece
100.00
–
–
Mercedes-Benz Hong Kong Limited
Hong Kong, China
100.00
77
10
Mercedes-Benz India Private Limited
Pune, India
100.00
212
47
Mercedes-Benz Insurance Broker S.R.L.
Voluntari, Romania
100.00
–
–
Mercedes-Benz Insurance Services Nederland B.V.
Utrecht, Netherlands
100.00
–
–
15
15
Mercedes-Benz Insurance Services Taiwan Ltd.
Taipei, Taiwan
100.00
–
–
Mercedes-Benz Italia S.p.A.
Rome, Italy
100.00
350
28
Mercedes-Benz Japan Co., Ltd.
Tokyo, Japan
100.00
528
123
Mercedes-Benz Korea Limited
Seoul, South Korea
51.00
182
72
Mercedes-Benz Leasing (Thailand) Co., Ltd.
Bangkok, Thailand
100.00
–
–
Mercedes-Benz Leasing Co., Ltd.
Beijing, China
65.00
–
–
Mercedes-Benz Leasing do Brasil Arrendamento
Mercantil S.A.
Barueri, Brazil
100.00
–
–
Mercedes-Benz Leasing GmbH
Stuttgart, Germany
100.00
511
–
Mercedes-Benz Leasing Hrvatska d.o.o.
Zagreb, Croatia
100.00
–
–
Mercedes-Benz Leasing IFN S.A.
Bucharest, Romania
100.00
–
–
15
Mercedes-Benz Leasing Kft.
Budapest, Hungary
100.00
–
–
15
Mercedes-Benz Leasing Polska Sp. z o.o.
Warsaw, Poland
100.00
–
–
15
Mercedes-Benz Leasing Taiwan Ltd.
Taipei, Taiwan
100.00
–
–
Mercedes-Benz Leasing Treuhand GmbH
Stuttgart, Germany
100.00
–
–
5, 6
Mercedes-Benz Ludwigsfelde GmbH
Ludwigsfelde, Germany
100.00
41
–
5, 6
Mercedes-Benz Luxembourg S.A.
Luxembourg, Luxembourg
90.00
–
–
Mercedes-Benz Lyon S.A.S.
Lyon, France
Mercedes-Benz Malaysia Sdn. Bhd.
Kuala Lumpur, Malaysia
100.00
–
–
51.00
150
130
–
Mercedes-Benz Manhattan, Inc.
Wilmington, USA
100.00
–
Mercedes-Benz Manufacturing (Thailand) Limited
Bangkok, Thailand
100.00
–
–
Mercedes-Benz Manufacturing Hungary Kft.
Kecskemét, Hungary
100.00
231
65
Mercedes-Benz Master Owner Trust
Wilmington, USA
Mercedes-Benz Mexico, S. de R.L. de C.V.
Mexico City, Mexico
0.00
–
–
100.00
16
11
15
5, 6
3
Mercedes-Benz Milano S.p.A.
Milan, Italy
100.00
–
–
Mercedes-Benz Minibus GmbH
Dortmund, Germany
100.00
–
–
5, 6
Mercedes-Benz Mitarbeiter-Fahrzeuge Leasing GmbH
Stuttgart, Germany
100.00
4
–
5, 6
Mercedes-Benz Molsheim S.A.S.
Molsheim, France
100.00
–
–
Mercedes-Benz Nederland B.V.
Utrecht, Netherlands
100.00
207
31
Mercedes-Benz New Zealand Ltd
Auckland, New Zealand
100.00
43
10
15
Mercedes-Benz Ninove N.V.
Ninove, Belgium
100.00
–
–
Mercedes-Benz Österreich GmbH
Salzburg, Austria
100.00
–
–
Mercedes-Benz Paris SAS
Port-Marly, France
100.00
–
–
Mercedes-Benz Polska Sp. z o.o.
Warsaw, Poland
100.00
73
28
15
Mercedes-Benz Portugal, S.A.
Mem Martins, Portugal
100.00
93
11
15
Mercedes-Benz Renting, S.A.
Alcobendas, Spain
100.00
–
–
–
Mercedes-Benz Research & Development North America, Inc.
Wilmington, USA
100.00
–
Mercedes-Benz Retail Group UK Limited
Milton Keynes, United Kingdom
100.00
–
–
Mercedes-Benz Retail, S.A.
Madrid, Spain
100.00
–
–
–
Mercedes-Benz Risk Solutions South Africa (Pty.) Ltd.
Centurion, South Africa
100.00
–
Mercedes-Benz Roma S.p.A.
Rome, Italy
100.00
–
–
Mercedes-Benz Romania S.R.L.
Bucharest, Romania
100.00
–
–
Mercedes-Benz Russia AO
Moscow, Russian Federation
100.00
120
130
Mercedes-Benz Schweiz AG
Schlieren, Switzerland
100.00
156
47
40
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Net income Footnote
(loss) in
millions of €
Mercedes-Benz Service Leasing S.R.L.
Bucharest, Romania
100.00
–
–
Mercedes-Benz Services Correduria de Seguros, S.A.
Alcobendas, Spain
100.00
–
–
–
Mercedes-Benz Services Malaysia Sdn Bhd
Petaling Jaya, Malaysia
100.00
–
Mercedes-Benz Servizi Assicurativi Italia S.p.A.
Rome, Italy
100.00
–
–
Mercedes-Benz Sigorta Aracilik Hizmetleri A.S.
Istanbul, Turkey
100.00
–
–
Mercedes-Benz Sosnowiec Sp. z o.o.
Sosnowiec, Poland
100.00
–
–
Mercedes-Benz South Africa Ltd
Pretoria, South Africa
100.00
540
109
15
Mercedes-Benz Sverige AB
Malmö, Sweden
100.00
62
27
15
Mercedes-Benz Taiwan Ltd.
Taipei, Taiwan
51.00
116
45
Mercedes-Benz Technical Center Nederland B.V.
Nijkerk, Netherlands
Mercedes-Benz Türk A.S.
Istanbul, Turkey
100.00
–
–
66.91
933
155
Mercedes-Benz U.S. International, Inc.
Mercedes-Benz Ubezpieczenia Sp. z o.o.
Vance, USA
100.00
223
89
Warsaw, Poland
100.00
–
–
Mercedes-Benz UK Limited
Milton Keynes, United Kingdom
100.00
236
61
15
Mercedes-Benz USA, LLC
Wilmington, USA
100.00
230
136
15
Mercedes-Benz V.I. Lille SAS
Vendeville, France
100.00
–
–
Mercedes-Benz V.I. Lyon SAS
Genas, France
100.00
–
–
Mercedes-Benz V.I. Paris Ile de France SAS
Herblay, France
100.00
–
–
Mercedes-Benz V.I. Toulouse SAS
Fenouillet, France
100.00
–
–
Mercedes-Benz Versicherung AG
Stuttgart, Germany
100.00
–
–
6
Mercedes-Benz Vertrieb NFZ GmbH
Stuttgart, Germany
100.00
–
–
5, 6
Mercedes-Benz Vertrieb PKW GmbH
Stuttgart, Germany
100.00
–
–
5, 6
Mercedes-Benz Vietnam Ltd.
Ho Chi Minh City, Vietnam
70.00
86
21
–
Mercedes-Benz Warszawa Sp. z o.o.
Warsaw, Poland
100.00
–
Mercedes-Benz Waterloo S.A.
Braine-L'Alleud, Belgium
100.00
–
–
Mercedes-Benz Wavre S.A.
Wavre, Belgium
100.00
–
–
Mercedes-Benz Wemmel N.V.
Wemmel, Belgium
100.00
–
–
Mercedes-Benz Wholesale Receivables LLC
Farmington Hills, USA
100.00
–
–
MFTA Canada, Inc.
Toronto, Canada
100.00
–
–
Mitsubishi Fuso Truck and Bus Corporation
Kawasaki, Japan
89.29
1,869
267
MITSUBISHI FUSO TRUCK EUROPE –
Sociedade Europeia de Automóveis, S.A.
Tramagal, Portugal
100.00
–
–
Mitsubishi Fuso Truck of America, Inc.
Logan Township, USA
100.00
–
–
15
moovel GmbH
Leinfelden-Echterdingen, Germany
100.00
52
–
5, 6
moovel Group GmbH
Stuttgart, Germany
100.00
–
–
5, 6
Multistate LIHTC Holdings III Limited Partnership
Farmington Hills, USA
100.00
–
–
MVSA COMPANY, INC.
Jacksonville, USA
100.00
–
–
myTaxi Iberia SL
Barcelona, Spain
100.00
–
–
N.V. Mercedes-Benz Aalst
Erembodegem, Belgium
100.00
–
–
N.V. Mercedes-Benz Mechelen
Mechelen, Belgium
100.00
–
–
NuCellSys GmbH
Kirchheim unter Teck, Germany
100.00
–
–
ogotrac S.A.S.
Paris, France
100.00
–
–
P.T. Mercedes-Benz Distribution Indonesia
Jakarta, Indonesia
100.00
–
–
P.T. Mercedes-Benz Indonesia
Bogor, Indonesia
100.00
–
–
P.T. Star Engines Indonesia
Bogor, Indonesia
100.00
–
–
Renting del Pacífico S.A.C.
Lima, Peru
100.00
–
–
RideScout LLC
Austin, USA
100.00
21
-14
–
Sandown Motor Holdings (Pty) Ltd
Bryanston, South Africa
62.62
–
SelecTrucks of America LLC
Portland, USA
100.00
–
–
SelecTrucks of Toronto, Inc.
Mississauga, Canada
100.00
–
–
100.00
–
–
0.00
–
–
71
18
Setra of North America, Inc.
Oriskany, USA
Silver Arrow S.A.
Luxembourg, Luxembourg
smart France S.A.S.
Hambach, France
100.00
smart Vertriebs gmbh
Berlin, Germany
100.00
–
–
Starexport Trading S.A.
São Bernardo do Campo, Brazil
100.00
222
4
-2
Sterling Truck Corporation
Portland, USA
100.00
-602
Sumperská správa majetku k.s.
Prague, Czech Republic
100.00
–
–
Thomas Built Buses of Canada Limited
Calgary, Canada
100.00
–
–
Thomas Built Buses, Inc.
High Point, USA
100.00
58
19
Tróia Empreendimentos Imobiliários Ltda
São Paulo, Brazil
100.00
–
–
Trona Cogeneration Corporation
Farmington Hills, USA
100.00
–
–
3
5, 6
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Western Star Trucks Sales, Inc
3218095 Nova Scotia Company
Portland, USA
100.00
-1
14
Halifax, Canada
100.00
–
6353 Sunset Boulevard, Inc.
–
Wilmington, USA
100.00
–
–
41
Net income Footnote
(loss) in
millions of €
II. Unconsolidated subsidiaries2
AEG do Brasil Produtos Eletricos e Eletronicos Ltda.
São Paulo, Brazil
100.00
–
–
AEG Olympia Office GmbH
Stuttgart, Germany
100.00
–
–
6
Anota Fahrzeug Service- und Vertriebsgesellschaft mbH
Berlin, Germany
100.00
–
–
6
Brefa Bremsen- und Fahrzeugdienst AG (in Liquidation)
Niederzier, Germany
100.00
–
–
4
Circulo Cerrado S.A. de Ahorro para Fines Determinados
Buenos Aires, Argentina
71.30
–
–
Cúspide GmbH
Stuttgart, Germany
100.00
–
–
Daimler AG & Co. Anlagenverwaltung OHG
Ludwigsfelde, Germany
100.00
–
–
Daimler Commercial Vehicles Africa Ltd.
Nairobi, Kenya
100.00
–
–
Daimler Commercial Vehicles MENA FZE
Dubai, United Arab Emirates
100.00
–
–
Daimler Compra y Manufactura Mexico S. de R.L. de C.V.
Mexico City, Mexico
100.00
–
–
Daimler Culture Development Co., Ltd.
Beijing, China
50.00
–
–
Daimler Financial Services UK Trustees Ltd.
Milton Keynes, United Kingdom
100.00
–
–
Daimler Group Services Berlin GmbH
Berlin, Germany
100.00
–
–
Daimler Group Services Madrid, S.A.U.
San Sebastián de los Reyes, Spain
100.00
–
–
7
3
6
Daimler International Assignment Services USA, LLC
Wilmington, USA
100.00
–
–
Daimler IT Retail GmbH
Böblingen, Germany
100.00
–
–
Daimler Middle East & Levant FZE
Dubai, United Arab Emirates
100.00
–
–
Daimler Mitarbeiter Wohnfinanz GmbH
Stuttgart, Germany
100.00
–
–
6
Daimler Protics GmbH
Stuttgart, Germany
100.00
–
–
6
Daimler Purchasing Coordination Corp.
Wilmington, USA
100.00
–
–
Daimler Starmark A/S
Horsholm, Denmark
100.00
–
–
Daimler TSS GmbH
Ulm, Germany
100.00
–
–
Daimler UK Share Trustee Ltd.
Milton Keynes, United Kingdom
100.00
–
–
Daimler UK Trustees Limited
Milton Keynes, United Kingdom
100.00
–
–
Daimler Unterstützungskasse GmbH
Stuttgart, Germany
100.00
1,211
30
Deméter Empreendimentos Imobiliários Ltda.
São Paulo, Brazil
100.00
–
–
Deutsche Accumotive Verwaltungs-GmbH
Kirchheim unter Teck, Germany
100.00
–
–
Elfte Vermögensverwaltungsgesellschaft DVB mbH
Stuttgart, Germany
100.00
–
–
EvoBus Reunion S. A.
Le Port, France
96.00
–
–
EvoBus Russland OOO
Moscow, Russian Federation
100.00
–
–
Fünfte Vermögensverwaltungsgesellschaft Zeus mbH
Stuttgart, Germany
100.00
–
–
Gemini-Tur Excursoes Passagens e Turismo Ltda.
São Paulo, Brazil
100.00
–
–
Lapland Car Test Aktiebolag
Arvidsjaur, Sweden
100.00
–
–
6
6
11, 13
6
Legend Investments Ltd.
Milton Keynes, United Kingdom
100.00
–
–
MB GTC GmbH Mercedes-Benz Gebrauchtteile Center
Neuhausen auf den Fildern, Germany
100.00
–
–
6
Mercedes-Benz AG & Co. Grundstücksvermietung
Objekte Baden-Baden und Dresden OHG
Düsseldorf, Germany
100.00
–
–
3, 7
Mercedes-Benz Adm. Consorcios Ltda.
São Bernardo do Campo, Brazil
100.00
–
–
Mercedes-Benz Consulting GmbH
Stuttgart, Germany
100.00
–
–
Mercedes-Benz Customer Assistance Center Maastricht N.V.
Maastricht, Netherlands
100.00
–
–
–
Mercedes-Benz Egypt S.A.E.
Cairo, Egypt
100.00
–
Mercedes-Benz G GmbH
Raaba, Austria
100.00
–
–
Mercedes-Benz GastroService GmbH
Gaggenau, Germany
100.00
–
–
Mercedes-Benz Group Services Philippines, Inc.
Cebu City, Philippines
99.99
–
–
6
6
Mercedes-Benz Hungária Kft.
Budapest, Hungary
100.00
–
–
Mercedes-Benz Museum GmbH
Stuttgart, Germany
100.00
–
–
Mercedes-Benz Parts Manufacturing & Services Ltd.
Shanghai, China
100.00
–
–
Mercedes-Benz Project Consult GmbH
Stuttgart, Germany
100.00
–
–
6
Mercedes-Benz Research and
Development India Private Limited
Bangalore, India
100.00
39
15
12
Mercedes-Benz Slovakia s.r.o.
Bratislava, Slovakia
51.00
–
–
Mercedes-Benz Solihull Ltd.
Milton Keynes, United Kingdom
100.00
–
–
–
Mercedes-Benz Srbija i Crna Gora d.o.o.
Novi Beograd, Serbia
100.00
–
Mercedes-Benz Venezuela S.A.
Valencia, Venezuela
100.00
–
–
Mercedes-Benz Vertriebsgesellschaft mbH
Berlin, Germany
100.00
–
–
MercedesService Card Beteiligungsgesellschaft mbH
Kleinostheim, Germany
51.00
–
–
6
6
42
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
Net income Footnote
(loss) in
millions of €
Mitsubishi Fuso Bus Manufacturing Co., Ltd.
Toyama, Japan
100.00
–
–
Monarch Cars (Tamworth) Ltd.
Milton Keynes, United Kingdom
100.00
–
–
–
Montajes y Estampaciones Metálicas, S.L.
Esparraguera, Spain
51.00
–
mytapp Portugal Unipessoal LDA
Lisbon, Portugal
100.00
–
–
mytaxi Austria GmbH
Vienna, Austria
100.00
–
–
MYTAXI ITALIA S.R.L.
Milan, Italy
100.00
–
–
MYTAXI POLSKA SPÓLKA Z OGRANICZONA
ODPOWIEDZIALNOSCIA
Warsaw, Poland
100.00
–
–
myTaxi Swiss GmbH
Zurich, Switzerland
100.00
–
–
myTaxi UG
Hamburg, Germany
100.00
–
–
myTaxi UK Ltd.
London, United Kingdom
100.00
–
–
myTaxi USA Inc.
Washington D.C., USA
100.00
–
–
NAG Nationale Automobil-Gesellschaft Aktiengesellschaft
Stuttgart, Germany
100.00
–
–
PABCO Co., Ltd.
Ebina, Japan
100.00
–
–
Porcher & Meffert Grundstücksgesellschaft mbH & Co.
Stuttgart OHG
Schönefeld, Germany
100.00
–
–
PT Fuso Trucks Indonesia
Jakarta, Indonesia
100.00
–
–
R.T.C. Management Company Limited
Bicester, United Kingdom
88.89
–
–
Ring Garage AG Chur
Chur, Switzerland
100.00
–
–
Ruth Verwaltungsgesellschaft mbH
Stuttgart, Germany
100.00
–
–
SelecTrucks Comércio de Veículos Ltda
Mauá, Brazil
100.00
–
–
Siebte Vermögensverwaltungsgesellschaft DVB mbH
Stuttgart, Germany
100.00
–
–
Star Assembly SRL
Sebes, Romania
100.00
–
–
Star Egypt For Import LLC
Cairo, Egypt
99.50
–
–
STAR TRANSMISSION SRL
Cugir, Romania
100.00
–
–
STARKOM d.o.o.
Maribor, Slovenia
100.00
–
–
T.O.C. (Schweiz) AG
Schlieren, Switzerland
51.00
–
–
Vermögensverwaltungsgesellschaft Daimler Atlanta mbH
Stuttgart, Germany
100.00
–
–
Woking Motors Limited
Milton Keynes, United Kingdom
100.00
–
–
Zweite Vermögensverwaltungsgesellschaft Zeus mbH
Stuttgart, Germany
100.00
–
–
6
6
III. Joint operations accounted for using the equity method
AFCC Automotive Fuel Cell Cooperation Corp.
Burnaby, Canada
50.10
–
–
EM-motive GmbH
Hildesheim, Germany
50.00
–
–
North America Fuel Systems Remanufacturing LLC
Kentwood, USA
50.00
39
13
9
Beijing Foton Daimler Automotive Co., Ltd
Beijing, China
50.00
745
14
8
Daimler Kamaz Trucks Holding GmbH
Vienna, Austria
50.00
–
–
IV. Joint ventures accounted for using the equity method
Enbase Power GmbH
Munich, Germany
25.10
–
–
Fujian Benz Automotive Co., Ltd.
Fuzhou, China
50.00
218
-28
Polomex, S.A. de C.V.
Garcia, Mexico
26.00
–
–
SelecTrucks of Atlanta LLC
McDonough, USA
50.00
–
–
SelecTrucks of Houston LLC
Houston, USA
50.00
–
–
SelecTrucks of Houston Wholesale LLC
Houston, USA
50.00
–
–
SelecTrucks of Omaha LLC
Council Bluffs, USA
50.00
–
–
Shenzhen BYD Daimler New Technology Co., Ltd.
Shenzhen, China
50.00
253
-26
TASIAP GmbH
Stuttgart, Germany
60.00
–
–
Toll Collect GbR
Berlin, Germany
45.00
–
–
Toll Collect GmbH
Berlin, Germany
45.00
562
72
9
8
10
V. Associated companies accounted for using the equity method
BAIC Motor Corporation Ltd.
Beijing, China
10.08
–
–
Beijing Benz Automotive Co., Ltd.
Beijing, China
49.00
3,023
862
Blacklane GmbH
Berlin, Germany
17.13
–
–
Flixbus GmbH
Munich, Germany
5.52
–
–
FUSO LAND TRANSPORT & Co. Ltd.
Kawasaki, Japan
21.67
–
–
KAMAZ PAO
Naberezhnye Chelny,
Russian Federation
15.00
–
–
Kanagawa Mitsubishi Fuso Truck & Bus Sales Co., Ltd.
Yokohama, Japan
43.83
–
–
MBtech Group GmbH & Co. KGaA
Sindelfingen, Germany
35.00
–
–
9
C | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | OTHER NOTES
Name of the Company
Domicile, Country
Capital
share in
%1
Equity in
millions of €
MV Agusta Motor S.P.A.
Okayama Mitsubishi Fuso Truck & Bus Sales Co., Ltd.
Varese, Italy
25.00
67
-23
Okayamashi, Japan
50.00
–
–
–
43
Net income Footnote
(loss) in
millions of €
P.T. Krama Yudha Tiga Berlian Motors
Jakarta, Indonesia
18.00
–
P.T. Mitsubishi Krama Yudha Motors and Manufacturing
Jakarta, Indonesia
32.28
–
–
There Holding B.V.
Rijswijk, Netherlands
33.33
2,003
–
Zonar Systems, Inc.
Seattle, USA
20.94
–
–
8
9, 16
VI. Joint operations, joint ventures and associated companies accounted for at (amortized) cost2
Abgaszentrum der Automobilindustrie GbR
Weissach, Germany
25.00
–
–
BDF IP Holdings Ltd.
Burnaby, Canada
33.00
–
–
Beijing Mercedes-Benz Sales Service Co., Ltd.
Beijing, China
51.00
–
–
COBUS Industries GmbH
Wiesbaden, Germany
40.82
–
–
Cooperation Manufacturing Plant Aguascalientes,
S.A.P.I de C.V.
Mexico City, Mexico
50.00
–
–
Esslinger Wohnungsbau GmbH
Esslingen am Neckar, Germany
26.57
–
–
European Center for Information and
Communication Technologies – EICT GmbH
Berlin, Germany
20.00
–
–
–
EvoBus Hungária Kereskedelmi Kft.
Budapest, Hungary
33.33
–
Gottapark, Inc.
San Francisco, USA
18.09
–
–
Grundstücksgesellschaft Schlossplatz 1 mbH & Co. KG
Berlin, Germany
18.37
–
–
H2 Mobility Deutschland GmbH & Co. KG
Berlin, Germany
2.90
–
–
INPRO Innovationsgesellschaft für fortgeschrittene
Produktionssysteme in der Fahrzeugindustrie mbH
Berlin, Germany
20.00
–
–
26.25
–
–
0.00
–
–
50.00
–
–
Institut für angewandte Systemtechnik Bremen GmbH
Bremen, Germany
Juffali Industrial Products Company
Jeddah, Saudi Arabia
Laureus World Sports Awards Limited
London, United Kingdom
MBtech Verwaltungs-GmbH
Sindelfingen, Germany
35.00
–
–
Mercedes-Benz Buses Central Asia GmbH
Stuttgart, Germany
50.00
–
–
Mercedes-Benz Lackzentrum Dresden GmbH
Dresden, Germany
36.00
–
–
Mercedes-Benz Starmark I/S
Vejle, Denmark
50.00
–
–
MercedesService Card GmbH & Co. KG
Kleinostheim, Germany
51.00
–
–
MFTB Taiwan Co., Ltd.
Taipei, Taiwan
33.40
–
–
National Automobile Industry Company Ltd.
Jeddah, Saudi Arabia
26.00
–
–
Omuta Unso Co., Ltd.
Ohmuta, Japan
33.51
–
–
PDB – Partnership for Dummy Technology and
Biomechanics GbR
Ingolstadt, Germany
20.00
–
–
–
Reva SAS
Cunac, France
34.00
–
smart-BRABUS GmbH
Bottrop, Germany
50.00
–
–
STARCAM s.r.o.
Most, Czech Republic
51.00
–
–
tiramizoo GmbH
Munich, Germany
18.46
–
–
Toyo Kotsu Co., Ltd.
Sannoseki, Japan
28.20
–
–
01 Share pursuant to Section 16 of the German Stock Corporation Act (AktG)
02 As the impact of these companies is not material for the consolidated financial statements,
they are not consolidated and not accounted for using the equity method.
03 Control due to economic circumstances
04 In liquidation
05 Qualification for Section 264 Subsection 3 and Section 264b of the German Commercial Code (HGB)
06 Profit and loss transfer agreement with Daimler AG (direct or indirect)
07 Daimler AG is unlimited partner
08 Financial statements according to local GAAP 2014
09 Financial statements according to IFRS
10 Financial statements according to local GAAP September 1, 2014 – August 31, 2015
11 Financial statements according to local GAAP November 1, 2013 – October 31, 2014
12 Financial statements according to local GAAP 2015
13 Control of the investment of the assets. No consolidation of the assets due to the contractual situation.
14 Joint control due to economic circumstances
15 Pre-consolidating entity
16 T he equity figure relates to the date of acquisition of HERE of December 4, 2015.
Daimler recognizes its proportionate share of the profits or losses of There Holding B.V. (THBV) with a one-month time lag.
7
14
7
44
D | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | BOARD OF MANAGEMENT
Board of Management
Stuttgart, February 16, 2016
Dieter Zetsche
Wolfgang Bernhard
Renata Jungo Brüngger
Ola Källenius
Wilfried Porth
Hubertus Troska
Bodo Uebber
Thomas Weber
E | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | RESPONSIBILITY STATEMENT
Responsibility Statement
To the best of our knowledge, and in accordance with the
applicable reporting principles, the financial statements give
a true and fair view of the assets, liabilities, financial position
and profit or loss of Daimler AG, and the management report,
which has been combined with the Group management report,
includes a fair review of the development and performance of the
business and the position of the Company, together with a
description of the principal opportunities and risks associated
with the expected development of Daimler AG.
Stuttgart, February 16, 2016
Dieter Zetsche
Wolfgang Bernhard
Renata Jungo Brüngger
Ola Källenius
Wilfried Porth
Hubertus Troska
Bodo Uebber
Thomas Weber
45
46
F | ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | AUDITORS’ REPORT
Auditors’ Report
(Translation)
We have audited the annual financial statements, comprising
the balance sheet, the income statement and the notes to the
financial statements, together with the bookkeeping system,
of Daimler AG, Stuttgart, and its report of the position of the
company and the group for the financial year from January 1
to December 31, 2015. The maintenance of the books and
records and the preparation of the annual financial statements
and management report in accordance with German commercial law are the responsibility of the company’s Board of Management. Our responsibility is to express an opinion on the
annual financial statements, together with the bookkeeping
system, and the management report based on our audit.
Our audit has not led to any reservations.
We conducted our audit of the annual financial statements in
accordance with Section 317 of the German Commercial Code
[Handelsgesetzbuch] and the generally accepted standards
for the audit of financial statements promulgated by the Institute
of Public Auditors in Germany [Institut der Wirtschaftsprüfer
in Deutschland]. Those standards require that we plan and
perform the audit such that misstatements materially affecting
the presen­tation of the net assets, financial position and
results of operations in the annual financial statements in accordance with German principles of proper accounting and in
the management report are detected with reasonable assurance.
Knowledge of the business activities and the economic and
legal environment of the company and expectations as to possible misstatements are taken into account in the determination
of audit procedures. The effectiveness of the accountingrelated internal control system and the evidence supporting the
disclosures in the books and records, the annual financial
statements and the management report are examined primarily
on a test basis within the framework of the audit. The audit
includes assessing the accounting principles used and significant
estimates made by the Board of Management, as well as evalu­
ating the overall presentation of the annual financial statements
and management report. We believe that our audit provides
a reasonable basis for our opinion.
Stuttgart, February 16, 2016
In our opinion, based on the findings of our audit, the annual
financial statements comply with the legal requirements
and give a true and fair view of the net assets, financial position
and results of operations of Daimler AG in accordance with
German principles of proper accounting. The management report
is consistent with the annual financial statements and as a
whole provides a suitable view of the company’s position and
suitably presents the opportunities and risks of future
development.
KPMG AG
Wirtschaftsprüfungsgesellschaft
Becker
Dr. Thümler
WirtschaftsprüferWirtschaftsprüfer
ANNUAL FINANCIAL STATEMENTS 2015 OF DAIMLER AG | FORWARD-LOOKING STATEMENTS
Forward-looking statements:
This document contains forward-looking statements that reflect our current
views about future events. The words “anticipate,” “assume,” “believe,”
“estimate,” “expect,” “intend,” “may,” “can,” “could,” “plan,” “project,” “should”
and similar expressions are used to identify forward-looking statements.
These statements are subject to many risks and uncertainties, including an
adverse development of global economic conditions, in particular a decline
of demand in our most important markets; a worsening of the sovereign-debt
crisis in the euro zone; an increase in political tension in Eastern Europe;
a deterioration of our refinancing possibilities on the credit and financial
markets; events of force majeure including natural disasters, epidemics,
acts of terrorism, political unrest, armed conflicts, industrial accidents and
their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates; a shift in consumer preferences
towards smaller, lower-margin vehicles; a possible lack of acceptance of our
products or services which limits our ability to achieve prices and adequately
utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier
insolvencies; a decline in resale prices of used vehicles; the effective imple­
mentation of cost-reduction and efficiency-optimization measures; the business
outlook for companies in which we hold a significant equity interest; the
successful implementation of strategic cooperations and joint ventures;
changes in laws, regulations and government policies, particularly those
relating to vehicle emissions, fuel economy and safety; the resolution of pending
official investigations and the conclusion of pending or threatened future
legal proceedings; and other risks and uncertainties, some of which we describe
under the heading “Risk and Opportunity Report” in the current Annual
Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect,
the actual results may be materially different from those we express or
imply by such statements. We do not intend or assume any obligation to update
these forward-looking statements since they are based solely on the
circumstances at the date of publication.
Cover:
The Freightliner Inspiration Truck is the first autonomously driving truck licensed for use on a public road.
It offers maximum efficiency, safety and connectivity.
The key elements of the autonomous vehicle system in
the Inspiration Truck have already been successfully
applied in the Freightliner Cascadia Evolution.
These documents represent the English translation of the
German “Jahresabschluss” which is the sole authoritative
version.
47
Annual Financial Statements 2015
Daimler AG
Daimler AG
Mercedesstraße 137
70327 Stuttgart
Germany
www.daimler.com
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