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, 2015 |
Dec. 31, 2015 |
Current |
Noncurrent |
Dec. 31, 2014 |
Dec. 31, 2014 |
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Receivables from financing business |
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Customer financing |
21,991 |
44,985 |
66,976 |
68,452 |
21,163 |
41,681 |
62,844 |
64,778 |
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Dealer financing |
14,738 |
1,832 |
16,570 |
16,539 |
13,343 |
1,570 |
14,913 |
14,897 |
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Direct banking |
212 |
2 |
214 |
214 |
198 |
1 |
198 |
199 |
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36,941 |
46,819 |
83,760 |
85,205 |
34,704 |
43,252 |
77,956 |
79,873 |
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Receivables from operating leases |
273 |
– |
273 |
273 |
281 |
– |
281 |
281 |
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Receivables from finance leases |
9,674 |
16,365 |
26,040 |
26,041 |
9,413 |
14,625 |
24,038 |
24,296 |
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46,888 |
63,185 |
110,073 |
111,518 |
44,398 |
57,877 |
102,275 |
104,450 |
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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 |
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Future payments from finance lease receivables |
10,074 |
15,474 |
84 |
25,632 |
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Unearned finance income from finance leases (discounting) |
−661 |
−929 |
−4 |
−1,594 |
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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 |
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Future payments from finance lease receivables |
10,320 |
17,184 |
135 |
27,639 |
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Unearned finance income from finance leases (discounting) |
−646 |
−949 |
−4 |
−1,600 |
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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).