daimler chrysler stuttgart
Daimler Achieves EBIT of €648 Million in third quarter of 2008
Accepted PRESS RELEASE
Stuttgart, Germany, Oct 23, 2008
* EBIT includes charges from devoted factors totaling
EUR 765 million
* Net profit of EUR 213 million
(Q3 2007: net downfall of EUR 1,533 million)
* Unit sales down by 3% to 522,500 cars and commercial vehicles
* Gate down by 7% to EUR 23.8 billion, adjusted for disagreement-rate effects and changes in the consolidated bundle down by 5%
* Share buyback program for the meantime suspended
* Full-year EBIT from successive operations of more than
EUR 6 billion anticipated (excluding especial Items and Chrysler)
The worsening banking catastrophe, its effects on the real economy, and the resulting epidemic consumer uncertainty had a negative bumping on the business development of Daimler AG (stock-altercation abbreviation DAI) in the third quarter of this year.
Daimler achieved EBIT of EUR 648 million in the third quarter of 2008 (Q3 2007: EUR 1,891 million).
The lessening in EBIT is primarily the result of turn down earnings at the Mercedes-Benz Cars diremption. In addition, special items reduced earnings by a comprehensive of EUR 765 million (see table on page 9).
There were practical effects, however, from improved earnings at the Daimler Trucks line as well as at the Mercedes-Benz Vans and Daimler Buses units. The profit contribution from Daimler Pecuniary Services was also above the prior-year steady.
Net profit amounted to EUR 213 million (Q3 2007: net impoverishment of EUR 1,533 million), equivalent to earnings per ration of EUR 0.21 (Q3 2007: loss per part of EUR 1.47). The net loss of the prior-year clemency included special effects from the Chrysler acta.
Daimler will temporarily suspend the further execution of its apportion buyback program. Due to the suspension Daimler might not reach its opening target to buy back 10% of the outstanding shares.
Dieter Zetsche, Chairman of the Quarter of Management of Daimler AG and head of Mercedes-Benz Cars: "We endorse that the situation is very challenging indeed. We press forwards consequently with our cost efficiency programs in all our businesses. We'll also persist in to execute our aggressive R&D and product plans. The reality of our company is very solid - and that makes me sure - that Daimler can and will emerge strong."
Group section sales down by 3%
In the third quarter of 2008, Daimler sold 522,500 fare cars and commercial vehicles worldwide (Q3 2007: 537,000).
Daimler's third-lodge revenue decreased from EUR 25.7 billion to EUR 23.8 billion. Adjusted for barter-rate effects and changes in the consolidated corps, the revenue decrease amounted to 5%.
At the end of the third territory of 2008, Daimler employed 275,535 people worldwide (end of Q3 2007: 271,961). Of that out-and-out, 168,667 were employed in Germany (end of Q3 2007: 166,971).
Details of the divisions in the third three months of 2008
Mercedes-Benz Cars sold 315,800 vehicles in the third casern (-6%). 282,100 Mercedes-Benz maker vehicles were sold (-8%), while sales of the discerning brand rose by 20% to 32,300 units. Receipts amounted to EUR 11.6 billion (Q3 2007: EUR 14.1 billion).
The separating's third-quarter EBIT of EUR 112 million was significantly abase than the result for the prior-year patch (EUR 1,331 million), despite further proficiency improvements.
The decrease in earnings was on the whole due to the abrupt decline in sales in the NAFTA locality as well as in the major European markets.
In this surroundings, the Group also recorded charges of EUR 449 million resulting from the reassessment of leftover values of leased vehicles. Other factors with a adversative impact on earnings were an unfavorable replica mix, exchange-rate effects and higher raw-material prices.
Daimler Trucks increased its element sales in the third quarter by 4% to 122,700 vehicles. Returns increased from EUR 7.0 billion to EUR 7.3 billion.
The sectioning achieved EBIT of EUR 510 million in the third locality, which was higher than the prior-year fruit despite difficult market conditions in the Cooperative States and Japan.
The division's earnings benefited from assiduous sales of trucks in Brazil and Europe, primarily in Germany. A favorable model mix and belongings product positioning also contributed to the earnings event. Expenditure in connection with new and enhanced merchandise development had a negative impact on the EBIT of Daimler Trucks.
Trucks Europe/Latin America (Mercedes-Benz) posted repeated flowering in unit sales of 12% in the third locality, selling 47,300 vehicles. Trucks NAFTA (Freightliner, Incomparable, Western Star, Thomas Built Buses) sold 25,800 vehicles; this was 7% more than in the old-year quarter, although that period had been impacted by very pale sales in the US market. Despite its durable business outside Japan (+1%), Trucks Asia (Mitsubishi Fuso) was not masterful to compensate for the ongoing weak sought after for trucks in the Japanese market.
Daimler Economic Services division expanded its worldwide contract loudness by 11% to EUR 63.9 billion in the third put up. Compared with the prior year, 15 additional companies were consolidated for the first spell, most of them in Eastern Europe and Asia. Without this effectuate and adjusted for exchange-rate effects, the spreading was 9%. Compared with the prior-year patch, new business increased by 19% to EUR 7.7 billion; adjusted rise amounted to 18%.
Third-quarter EBIT of EUR 173 million reported by Daimler Pecuniary Services was higher than the figure of EUR 87 million posted in 2007. The issue for the prior-year period had been significantly impacted by the expense of context up an independent financial services institution in the NAFTA region following the deliver of a majority interest in the Chrysler business. The other main rational for the earnings improvement was the expanded condense volume. A further increase in cost of risk had a disputatious effect on the division's earnings.
The Vans, Buses, Other fragment posted EBIT of minus EUR 100 million in the third thirteen weeks (Q3 2007: EUR 319 million). The Mercedes-Benz Vans and Daimler Buses units profited from the assertive development of unit sales and both achieved higher earnings: Mercedes-Benz Vans reported EBIT of EUR 212 million and Daimler Buses reported EBIT of EUR 92 million.
Regardless of difficult market conditions, Mercedes-Benz Vans increased its third-abode unit sales by 1% to 73,200 vehicles.
Daimler Buses sold 10,800 buses and chassis in the third phase of the moon, surpassing the very high level of the preceding-year period by 15%. A urgent contribution to this result came from sales in Europe, where 2,300 buses of the Mercedes-Benz and Setra brands were sold (+31%). Segment sales also developed very positively in Mexico (+44%) and South America (+3%).
Daimler's due of the earnings of EADS amounted to minus EUR 8 million (Q3 2007: minus EUR 20 million). Daimler's disinterest interest in Chrysler negatively affected EBIT in the third shelter of 2008 by a total of EUR 351 million; this includes charges of EUR 248 million relating to the restructuring program and the reassessment of surplus values. The results in connection with the disinterestedness interests in EADS and Chrysler are not cash stuff.
Outlook
In light of the worsened monetary market crisis and the resulting bearing on future economic developments, forecasts are connected with a excited degree of uncertainty in the current surroundings. In addition, it is not yet possible to reliably assess how despatch the action plans announced by diversified governments will contribute to the stabilization of markets for economic services and goods.
Mercedes-Benz Cars expects component sales to be similar to the prior-year up, despite of the negative market event and adjustments to its production program. There will be indubitable impetus from the full availability of the new C-Class sedan and place wagon and the new smart fortwo, as well as from the A- and B-Grade, the CLS, SLK, SL and the CLC, which were all newly launched or refreshed during the year 2008. The sling of the refreshed M-Class and especially the new GLK will get ready for additional sales momentum also in the following year. However, for lifecycle reasons we prophesy lower unit sales of the E-Form, which is in its last full model year.
Against the backdrop of ginormous turmoil on financial markets and the resulting effects on commercial developments in the industrialized countries, including falls in section sales in major markets (in some cases of folded-digit percentages) and requiring reassessment of vehicles' surplus values, the previous earnings forecasts for 2008 can no longer be achieved. Daimler now assumes that the apportioning will achieve EBIT in the magnitude of EUR 2.5 billion and a resurfacing on sales of approximately 5% in 2008; charges of EUR 449 million from the reassessment of leased vehicles' remaining values are included therein.
Daimler Trucks anticipates higher constituent sales in 2008 than in the prior year. This vegetation is primarily based on the positive phenomenon of unit sales in some important markets such as Brazil, Indonesia and the Heart East. Growth in unit sales is also indicated for Eastern Europe, but is expected to repayment to a moderate level by the end of 2008. This means that after six above-usual years, the European market for commercial vehicles is normalizing once again. For the US and Japanese markets, component sales are expected to be once again below the volumes of the ex year.
Growth in unit sales will be degree offset by higher raw-material costs and the pitiful US economy. On this basis, the division expects...
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