Mercedes 2003 Annual Report Download - page 9
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– We also proved our leadership in terms of innovation and technology last year.
The prizewinning PRE-SAFE safety package of the new S-Class is just one example
of our expertise in this field.
– And the balance sheet of your company became even stronger: both net liquidity and the
equity ratio increased.
With an operating profit at Group level of €5.1 billion, excluding the effects from
restructuring the Chrysler Group and from the sale of MTU Aero Engines, we achieved the
goal we set ourselves for the year. This is the result of the commitment as well as hard
work of more than 360,000 DaimlerChrysler employees, and my thanks goes to each of
them for their individual efforts.
At the Annual Meeting in April we will propose that an unchanged dividend of €1.50 per
share should be distributed. This proposal takes into consideration both the development
of operating profit and cash flow in 2003, and the outlook for the following years.
There is reason to look forward with confidence.
– With its second product offensive, the Mercedes Car Group will not only continue to
renew its model range in the years to come, but will also substantially broaden it. It aims
to increase its earnings significantly by the year 2006.
– The Chrysler Group is about to start an unprecedented series of product launches
involving 25 new models in the next three years – nine before the end of this year alone.
The Chrysler Group’s workforce has proved that it has costs and quality under control.
We are now going on the offensive with an impressive product range.
– The Commercial Vehicles division achieved its turnaround. We found the way to
sustained profitability and will continue along this path.
– And we are striving to further increase our margins at DaimlerChrysler Services – for
example, by setting up a new sales structure in the United States and by improving risk-
management processes.
Dear shareholders, one often reads that besides unique brands, fascinating products
and flexible processes size also provides one decisive competitive advantage in the
automotive business. This is only partly true. Because size measured purely in terms of
units produced has to be converted into effective economies of scale.