16 Noncurrent and current financial services receivables

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CARRYING AMOUNT

 

FAIR VALUE

 

CARRYING AMOUNT

 

FAIR VALUE

€ million

 

Current

 

Non­current

 

Dec. 31, 2015

 

Dec. 31, 2015

 

Current

 

Non­current

 

Dec. 31, 2014

 

Dec. 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables from financing business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer financing

 

21,991

 

44,985

 

66,976

 

68,452

 

21,163

 

41,681

 

62,844

 

64,778

Dealer financing

 

14,738

 

1,832

 

16,570

 

16,539

 

13,343

 

1,570

 

14,913

 

14,897

Direct banking

 

212

 

2

 

214

 

214

 

198

 

1

 

198

 

199

 

 

36,941

 

46,819

 

83,760

 

85,205

 

34,704

 

43,252

 

77,956

 

79,873

Receivables from operating leases

 

273

 

 

273

 

273

 

281

 

 

281

 

281

Receivables from finance leases

 

9,674

 

16,365

 

26,040

 

26,041

 

9,413

 

14,625

 

24,038

 

24,296

 

 

46,888

 

63,185

 

110,073

 

111,518

 

44,398

 

57,877

 

102,275

 

104,450

The receivables from customer financing and finance leases contained in financial services receivables of €110.1 billion (previous year: €102.3 billion) decreased by €18 million as a result of a fair value adjustment from portfolio hedging (previous year: increase of €39 million).

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

The receivables from dealer financing include €45 million (previous year: €98 million) receivable from unconsolidated 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, 2014 and December 31, 2015:

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€ million

 

2015

 

2016 – 2019

 

from 2020

 

Total

 

 

 

 

 

 

 

 

 

Future payments from finance lease receivables

 

10,074

 

15,474

 

84

 

25,632

Unearned finance income from finance leases (discounting)

 

−661

 

−929

 

−4

 

−1,594

Present value of minimum lease payments outstanding at the reporting date

 

9,413

 

14,545

 

80

 

24,038

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€ million

 

2016

 

2017 – 2020

 

ab 2021

 

Total

 

 

 

 

 

 

 

 

 

Future payments from finance lease receivables

 

10,320

 

17,184

 

135

 

27,639

Unearned finance income from finance leases (discounting)

 

−646

 

−949

 

−4

 

−1,600

Present value of minimum lease payments outstanding at the reporting date

 

9,674

 

16,234

 

131

 

26,040

Accumulated valuation allowances for uncollectible minimum lease payments receivable amount to €90 million (previous year: €97 million).