16 Noncurrent and current financial services receivables
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CARRYING AMOUNT |
FAIR VALUE |
CARRYING AMOUNT |
FAIR VALUE |
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€ million |
Current |
Noncurrent |
Dec. 31, 2017 |
Dec. 31, 2017 |
Current |
Noncurrent |
Dec. 31, 2016 |
Dec. 31, 2016 |
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Receivables from financing business |
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Customer financing1 |
19,841 |
40,899 |
60,739 |
61,763 |
19,630 |
38,907 |
58,537 |
60,119 |
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Dealer financing |
17,033 |
2,194 |
19,227 |
19,200 |
15,531 |
2,108 |
17,639 |
17,626 |
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Direct banking |
269 |
4 |
272 |
272 |
254 |
2 |
256 |
256 |
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37,142 |
43,096 |
80,239 |
81,236 |
35,415 |
41,018 |
76,433 |
78,002 |
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Receivables from operating leases |
193 |
– |
193 |
193 |
197 |
– |
197 |
197 |
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Receivables from finance leases1 |
15,810 |
30,153 |
45,963 |
46,766 |
14,060 |
27,384 |
41,445 |
42,240 |
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53,145 |
73,249 |
126,395 |
128,195 |
49,673 |
68,402 |
118,075 |
120,438 |
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The receivables from customer financing and finance leases contained in financial services receivables of €126.4 billion (previous year: €118.1 billion) decreased by €31 million (previous year: €7 million) as a result of a fair value adjustment from portfolio hedging.
The receivables from customer and dealer financing are secured by vehicles or real property liens. Of the receivables, €287 million (previous year: €251 million) was furnished as collateral for financial liabilities and contingent liabilities.
The receivables from dealer financing include €51 million (previous year: €51 million) receivable from unconsolidated affiliated companies.
In the consolidated financial statements, some of the receivables previously reported as customer financing in individual markets are now presented as receivables from finance leases. The prior-year figures have been restated, resulting in a €12.2 billion reduction in receivables from customer financing and a corresponding €12.2 billion increase in receivables from finance leases as of December 31, 2016. The adjustments as of January 1, 2016 amounted to €11.9 billion. In addition, the expected cash flows from finance leases have been adjusted accordingly.
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, 2016 and December 31, 2017:
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€ million |
2017 |
2018 – 2021 |
from 2022 |
Total |
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Future payments from finance lease receivables |
15,117 |
29,352 |
137 |
44,605 |
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Unearned finance income from finance leases (discounting) |
−1,058 |
−2,094 |
−11 |
−3,162 |
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Present value of minimum lease payments outstanding at the reporting date |
14,059 |
27,258 |
126 |
41,443 |
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€ million |
2018 |
2019 – 2022 |
from 2023 |
Total |
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Future payments from finance lease receivables |
16,952 |
32,280 |
145 |
49,377 |
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Unearned finance income from finance leases (discounting) |
−1,142 |
−2,261 |
−11 |
−3,414 |
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Present value of minimum lease payments outstanding at the reporting date |
15,810 |
30,018 |
135 |
45,963 |
Accumulated valuation allowances for uncollectible minimum lease payments receivable amount to €116 million (previous year: €94 million).