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16 Noncurrent and current financial services receivables

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€ million

 

Current

 

Non-current

 

Carrying
amount
Dec. 31,
2012

 

Fair value
Dec. 31,
2012

 

Current

 

Non-current

 

Carrying
amount
Dec. 31,
2011

 

Fair value
Dec. 31,
2011

Receivables from financing business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer financing

 

17,277

 

34,460

 

51,737

 

52,439

 

15,321

 

29,675

 

44,995

 

46,092

Dealer financing

 

11,389

 

1,330

 

12,719

 

12,647

 

10,631

 

1,070

 

11,701

 

11,702

Direct banking

 

167

 

1

 

168

 

168

 

153

 

 

153

 

153

 

 

28,832

 

35,791

 

64,624

 

65,254

 

26,104

 

30,745

 

56,849

 

57,947

Receivables from operating leases

 

204

 

 

204

 

204

 

166

 

 

166

 

166

Receivables from finance leases

 

7,875

 

13,994

 

21,868

 

21,944

 

7,484

 

11,705

 

19,188

 

19,375

 

 

36,911

 

49,785

 

86,696

 

87,402

 

33,754

 

42,450

 

76,204

 

77,489

Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 37.0% (previous year: 0.0% and 37.0%), depending on the market concerned. They have terms of up to 242 months (previous year: 242 months). The noncurrent portion of dealer financing is granted at interest rates of between 0.0% and 18.4% (previous year: 0.0% and 18.4%), depending on the country.

The receivables from customer financing and finance leases contained in financial services receivables of €86.7 billion (previous year: €76.2 billion) rose by €56 million as a result of a fair value adjustment from portfolio hedging (previous year: €46 million).

The receivables from customer and dealer financing are secured by vehicles or real property liens.

The receivables from dealer financing include €124 million (previous year: €104 million) receivable from affiliated companies.

The receivables from finance leases – almost entirely in respect of vehicles – were or are expected to generate the following cash flows as of December 31, 2011 and December 31, 2012:

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€ million

 

2012

 

2013 – 2016

 

from 2017

 

Total

Future payments from finance lease receivables

 

8,190

 

12,470

 

129

 

20,789

Unearned finance income from finance leases (discounting)

 

–706

 

–886

 

–8

 

–1,600

Present value of minimum lease payments outstanding at the reporting date

 

7,484

 

11,584

 

121

 

19,188

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€ million

 

2013

 

2014 – 2017

 

from 2018

 

Total

Future payments from finance lease receivables

 

8,557

 

14,827

 

176

 

23,561

Unearned finance income from finance leases (discounting)

 

–683

 

–1,005

 

–5

 

–1,692

Present value of minimum lease payments outstanding at the reporting date

 

7,875

 

13,822

 

171

 

21,868

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