 Download |
|
|
|
|
|
|
|
|
|
| ||||||||
|
€ million |
Current |
Noncurrent |
Carrying amount Dec. 31, 2011 |
Fair value Dec. 31, 2011 |
Current |
Noncurrent |
Carrying amount Dec. 31, 2010 |
Fair value | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Receivables from financing business |
|
|
|
|
|
|
|
| ||||||||
|
customer financing |
15,321 |
29,675 |
44,995 |
46,092 |
13,736 |
26,224 |
39,960 |
40,256 | ||||||||
|
dealer financing |
10,631 |
1,070 |
11,701 |
11,702 |
9,235 |
738 |
9,974 |
9,966 | ||||||||
|
direct banking |
153 |
– |
153 |
153 |
143 |
– |
143 |
143 | ||||||||
|
|
26,104 |
30,745 |
56,849 |
57,947 |
23,114 |
26,962 |
50,076 |
50,365 | ||||||||
|
Receivables from operating lease business |
166 |
– |
166 |
166 |
153 |
– |
153 |
153 | ||||||||
|
Receivables from finance leases |
7,484 |
11,705 |
19,188 |
19,375 |
6,898 |
8,855 |
15,753 |
15,867 | ||||||||
|
|
33,754 |
42,450 |
76,204 |
77,489 |
30,164 |
35,817 |
65,982 |
66,385 |
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 28.5%), depending on the market concerned. They have terms of up to 242 months (previous year: 144 months). The noncurrent portion of dealer financing is granted at interest rates of between 0.0% and 18.4% (previous year: 0.0% and 21%), depending on the country.
The receivables from customer financing and finance leases contained in financial services receivables of €76.2 billion (previous year: €66.0 billion) rose by €46 million as a result of a fair value adjustment from portfolio hedging (previous year: decrease of €5 million).
The receivables from customer and dealer financing are secured by vehicles or real property liens. The receivables from customer financing include transferred receivables of €29 million (previous year: €12 million) that were not derecognized because the credit risk remains with the Volkswagen Group. A corresponding liability was recognized in the same amount.
The receivables from dealer financing include €104 million (previous year: €68 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, 2010 and December 31, 2011:
| Download |
|
|
|
|
|
| ||||
|
€ million |
2011 |
2012 – 2015 |
from 2016 |
Total | ||||
|---|---|---|---|---|---|---|---|---|
|
Future payments from finance lease receivables |
7,536 |
9,521 |
67 |
17,124 | ||||
|
Unearned finance income from finance leases (discounting) |
–638 |
–727 |
–5 |
–1,371 | ||||
|
Present value of minimum lease payments outstanding at the balance sheet date |
6,898 |
8,794 |
62 |
15,753 |
| Download |
|
|
|
|
|
| ||||
|
€ 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 balance sheet date |
7,484 |
11,584 |
121 |
19,188 |
