Mercedes 2003 Annual Report Download - page 58
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Please find page 58 of the 2003 Mercedes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Commercial Vehicles
Significantly higher operating profit. Despite a difficult business
environment with declining demand in many markets, in 2003 the
Commercial Vehicles division was able to increase sales of trucks,
buses and vans by 3% to 501,000 units. DaimlerChrysler thus
strengthened its position as the world’s largest supplier of Com-
mercial Vehicles. Although the euro appreciated against the US
dollar, revenues of €28.5 billion were just above the previous year’s
level. Adjusted to exclude currency-translation effects, revenues
rose by 7%. Operating profit was €855 million, compared to the
prior year’s operating loss of €343 million, which included one-time
charges of €519 million. This substantial improvement in earnings
was primarily due to the rigorous implementation of efficiency-
boosting programs in all business units.
Freightliner successfully restructured. The Freightliner/Sterling/
Thomas Built Buses business unit completed its turnaround program
at the end of 2003, a year earlier than originally scheduled. As a
result of the restructuring measures initiated in 2001, material costs
and administrative expenses were substantially reduced and
production efficiency was increased. Moreover, in the context of
further developing our business model we improved sales activities
and increased our market penetration.
Operating profit increased substantially to €855 million |Restructuring of Freightliner completed
earlier than anticipated |Attractive new products boost competitiveness |Excellent response to new
Actros |Expansion of strategic partnerships in Asia
Divisions | Mercedes Car Group | Chrysler Group | Commercial Vehicles | Executive Automotive Committee | Services | Other Activities
855
28,517
1,006
1,013
500,445
500,981
95,062
1,077
35,923
1,267
1,276
Amounts in millions US $
2003
€€
(343)
28,401
1,263
959
483,029
485,408
9 4 ,111
20022003
Operating profit (loss)
Revenues
Investments in property,
plant and equipment
Research and development
expenditure
Production (units)
Unit sales
Employees (Dec. 31)