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Annual Report

16 Noncurrent and current financial services receivables

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€ million

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2010

 

Fair value
Dec. 31, 2010

 

current

 

noncurrent

 

Carrying amount
Dec. 31, 2009

 

Fair value
Dec. 31, 2009

Receivables from financing business

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

customer financing

 

13,736

 

26,224

 

39,960

 

40,256

 

11,613

 

22,815

 

34,428

 

34,496

dealer financing

 

9,235

 

738

 

9,974

 

9,966

 

8,698

 

856

 

9,555

 

9,550

direct banking

 

143

 

 

143

 

143

 

146

 

 

146

 

146

 

 

23,114

 

26,962

 

50,076

 

50,365

 

20,457

 

23,672

 

44,129

 

44,192

Receivables from operating lease business

 

153

 

 

153

 

153

 

152

 

 

152

 

152

Receivables from finance leases

 

6,898

 

8,855

 

15,753

 

15,867

 

6,793

 

9,502

 

16,296

 

16,322

 

 

30,164

 

35,817

 

65,982

 

66,385

 

27,403

 

33,174

 

60,577

 

60,667

Noncurrent receivables from the customer financing business mainly bear fixed interest at rates of between 0.0% and 28.5% (previous year: 0.9% and 24%), depending on the market concerned. They have terms of up to 144 months (previous year: 144 months). The noncurrent portion of dealer financing is granted at interest rates of between 0.0% and 21% (previous year: 1.9% and 18%), depending on the country.

Financial services receivables of €66.0 billion (previous year: €60.6 billion) contain a fair value adjustment from portfolio hedging of €5 million (previous year: €84 million) for the receivables from customer financing and finance leases.

The receivables from customer and dealer financing are secured by vehicles or real property liens. The receivables from customer financing include transferred receivables of €12 million (previous year: €– 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 an amount of €68 million (previous year: €188 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, 2009 and December 31, 2010:

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€ million

 

2010

 

2011 – 2014

 

from 2015

 

Total

Future payments from finance lease receivables

 

7,470

 

10,312

 

67

 

17,849

Unearned finance income from finance leases (discounting)

 

–677

 

–870

 

–6

 

–1,553

Present value of minimum lease payments outstanding at the balance sheet date

 

6,793

 

9,442

 

61

 

16,296

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€ 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

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