Mercedes 2004 Annual Report Download

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ations
DISTRONIC
HEMI®
PRE¯SAFE®
7G¯TRONIC
Night View Stow’n GoTM
ESP®
Telligent
BlueTec 5
Hybrid
Innovations for our Customers
Annual Report 2004

Table of contents

  • Page 1
    ations ESP ® 7G¯TRONIC BlueTec 5 Hybrid HEMI® Night View ® Telligent PRE¯SAFE Stow'n GoTM DISTRONIC Annual Report 2004 Innovations for our Customers

  • Page 2
    ... with hybrid drive, night-vision system, multi-vision display and many more innovations for our customers. DaimlerChrysler research engineers use the F500 Mind to test the effectiveness and everyday usability of new technical developments under real driving conditions. Further information on this...

  • Page 3
    ... include discontinued operations (MTU Aero Engines). Commercial Vehicles 2004 Amounts in millions US $ 2004 â,¬ 2003 â,¬ 04/03 Change in % Operating profit (loss) Revenues Investments in property, plant and equipment Research and development expenditure Unit sales Employees (Dec. 31) 1,803 47...

  • Page 4
    ... planned by Mitsubishi Motors Corporation (MMC) and to cease providing further financial support for MMC. Contractually agreed projects will be continued (see page 20). November 2004 Contracts signed in China on November 26 for local production of Mercedes-Benz passenger cars and vans. A key...

  • Page 5
    .... With about 4,700 patents each year, DaimlerChrysler secures its leading technological position and thus its lead in international competition. We also intend to set new trends in the future with innovations that our customers can experience in our products every day. Many creative men and women...

  • Page 6
    Contents Essentials Management Report Divisions Cross-Divisional Activities Corporate Governance Consolidated Financial Statements Additional Information

  • Page 7
    ... Financial Year Risk Report Outlook 48 54 60 Mercedes Car Group Chrysler Group Commercial Vehicles 66 70 Services Other Activities 72 74 76 Human Resources Research and Technology DaimlerChrysler and the Environment 78 80 Global Procurement and Supply DaimlerChrysler's Social Responsibility...

  • Page 8
    ... markedly. - Despite good sales figures the Mercedes Car Group had a difficult year and earnings were unsatisfactory. But the problems are being solved. - Chrysler Group achieved a turnaround and performed very well in relation to its competitors. - The Commercial Vehicles Division posted record...

  • Page 9
    ... worthwhile. smart's products are good, and the brand has already attained a degree of cult status among many customers and admirers. smart has a strong foundation, but its current financial performance is inadequate. That is why we are striving to develop a sustainable long-term business model. 5

  • Page 10
    ... floor. Our Commercial Vehicles Division is also performing very well and achieved a record operating profit of â,¬1.3 billion last year. Significantly, it did so in spite of costs associated with quality problems at Fuso that predate our involvement with that company. Our truck business in Europe...

  • Page 11
    ... brand. The Mercedes Car Group aims to improve performance by more than â,¬3 billion. As a result it expects to once again achieve a return on sales of 7% in 2007. Furthermore, with several new product launches scheduled for the near future, our business expects a significant boost this year...

  • Page 12
    ... at achieving cost savings of â,¬500 million a year following tough negotiations with our works council. That agreement not only safeguards the future of our passenger car and commercial vehicle production plants in Germany but also protects related jobs in those plants. It has shown Germany the way...

  • Page 13
    ...a global association for sustainable production. In India we are producing biodiesel from the jatropha plant. In the Philippines we are producing another type of natural fiber that is being incorporated into our new A- and B-Class vehicles as a substitute for fiberglass. And in Freiberg, Germany, we...

  • Page 14
    ...2009 Manfred Gentz (63) Finance & Controlling, Retired from the Board of Management on December 15, 2004 Thomas Weber (50) Research & Technology, Appointed until 12/2010 Andreas Renschler (46) Commercial Vehicles, Appointed until 09/2007 Eckhard Cordes (54) Mercedes Car Group, Appointed until 12...

  • Page 15
    ... Grube (53) Corporate Development/China Appointed until 09/2007 Thomas W. Sidlik (55) Global Procurement & Supply, Appointed until 12/2008 Thomas W. LaSorda (50) Chief Operating Officer (COO) Chrysler Group, Deputy Member of the Board of Management, Appointed until 04/2007 Jürgen E. Schrempp...

  • Page 16
    ... burden on automobile stocks due to tough competitive situation in the United States | DaimlerChrysler shares in a difficult environment slightly below previous year's level | 50,000 shareholders make use of Personal Internet Service Development of Important Indices Status End of 2004 Status End of...

  • Page 17
    ... had started in the fall of 2003. Our equity benefited from the confidence that the economic recovery in the United States would continue and that the Chrysler Group could profit over the long term from the product offensive that was just beginning. By the end of January, the share price was just...

  • Page 18
    ... a timely and reliable manner. Two of the key instruments used to inform our retail shareholders about the Group's strategy and business developments were the Annual Meeting in Berlin with approximately 10,000 participants and the Investor Relations section of DaimlerChrysler's website. Statistics...

  • Page 19
    ... into the Mercedes Car Group, the Chrysler Group and the Commercial Vehicles Division. We also provided information to the investment community on our quarterly results and various important events by means of conference calls, which were simultaneously transmitted on the Internet. Direct electronic...

  • Page 20
    ... Aero Engines). This increase was primarily due to the significant improvement in earnings posted by the Chrysler Group and the Commercial Vehicles Division. On the other hand, the contribution to Group operating profit from the Mercedes Car Group decreased substantially, while the Services division...

  • Page 21
    ...- and company-specific risks Foreign exchange rate, interest rate, equity price and commodity price risk Legal risks Overall risk 29 29 30 Value-Based Performance Measures Management and control tools 41 43 43 Development of return on net assets 31 31 32 33 Liquidity and Capital Resources Cash...

  • Page 22
    ...by Division Business and General Conditions In % Mercedes Car Group Chrysler Group Commercial Vehicles Services Other Activities 33% 35% 23% 8% 1% The company DaimlerChrysler AG was formed in November 1998 as a result of the merger between Daimler-Benz AG and Chrysler Corporation. The Group can...

  • Page 23
    DaimlerChrysler Business Portfolio Mercedes Car Group MercedesBenz Passenger Cars smart Chrysler Group Chrysler Commercial Vehicles Trucks Services Other Activities Off-Highway EADS (33%) Financial Services Jeep® Vans NonAutomotive Business Dodge Maybach Buses & Coaches The Other ...

  • Page 24
    ... Motor Company (HMC), - the production of gasoline engines for smart and Mitsubishi in Kölleda, Germany, - the production of the smart forfour and the Mitsubishi Colt in Born, the Netherlands, and - the development of a platform for medium-sized passenger cars for MMC and the Chrysler Group. On...

  • Page 25
    ...of the smart forfour, the brand's first car with four seats (see pages 50 ff). In the context of its product offensive, the Chrysler Group launched nine new models last year. Due to the market success of the new products, unit sales increased by 5% to 2.8 million vehicles of the Chrysler, Jeep® and...

  • Page 26
    ... at â,¬47.4 billion. In the rest of the world we expanded our business volume by 31% to â,¬21.4 billion. Revenues 2004 In millions US $ 2004 â,¬ 2003 â,¬ DaimlerChrysler Group Mercedes Car Group Chrysler Group Commercial Vehicles Services Other Activities 1 192,319 67,189 67,010 47,064 18,871...

  • Page 27
    ... Aero Engines). The Mercedes Car Group's operating profit of â,¬1,666 million in 2004 was significantly lower than in 2003 (â,¬3,126 million). Charges on earnings resulted at the Mercedes-Benz Passenger Cars business unit from a slight decrease in unit sales of 2% to a total of 1,074,600 vehicles...

  • Page 28
    ... its Financial Services business unit. The operating profit of Financial Services increased by â,¬305 million to â,¬1,790 million, mainly as a result of lower risk costs. The overall improvement in the risk management situation in all markets and the measures taken to promote the active risk control...

  • Page 29
    ... the start of the system on January 1, 2005. In the year 2004, a settlement agreement was reached with Bombardier with respect to all disputes relating to the sale of Adtranz, which - taking into account the purchase price adjustment and including additional costs - led to a gain of â,¬120 million...

  • Page 30
    ... 5,754 5,686 2004 In millions US $ 2004 â,¬ 2003 â,¬ (1,144) (845) (870) Revenues Cost of sales Gross profit Selling, administrative and other expenses Research and development Other income Turnaround plan expenses - Chrysler Group Income before financial income Impairment of investment in...

  • Page 31
    ... Financial Income DaimlerChrysler Group Mercedes Car Group In millions of â,¬ Chrysler Group Commercial Vehicles Services Other Activities Total Segments Eliminations 2004 Operating profit (loss) Pension and postretirement benefit expenses, other than current and prior service costs and...

  • Page 32
    ... in the operating business and also from a higher financial income, which had been significantly impacted in the prior year by, among other factors, the impairment of the book value of the Group's investment in EADS (â,¬1,960 million). Based on the reported net income, earnings per share amounted to...

  • Page 33
    ...of the capital employed at the beginning and at the end of the financial year. In the financial services business, financial controlling takes place on an equity basis, in line with the usual practice in the banking business. Dividend The Board of Management and the Supervisory Board will recommend...

  • Page 34
    ...of 11%. The return on equity before taxes required for the financial services business remains unchanged at 14%. Development of return on net assets Net operating income amounted to â,¬3.2 billion in 2004, compared with â,¬1.5 billion in the prior year. In combination with a decrease in average net...

  • Page 35
    ... time consolidation of MFTBC (â,¬0.4 billion), there was nearly no change in cash due to the shares purchased in 2004. DaimlerChrysler Group, (after taxes) Industrial divisions, (before interest and taxes) Mercedes Car Group Chrysler Group Commercial Vehicles Other Activities 1 Financial Services...

  • Page 36
    ... were mainly related to the disposal of the Group's shares in HMC (â,¬0.7 billion). In the prior year, the corresponding inflows were primarily a result of the sale of MTU Aero Engines (â,¬0.9 billion). Cash provided by financing activities in 2004 was affected by the (net) increase in financial...

  • Page 37
    ...flexibility to cover its refinancing needs at any time. Above all, the progress made with the restructuring of the Chrysler Group, but also in the Commercial Vehicles Division, caused Fitch Ratings (Fitch) to lift its outlook for DaimlerChrysler's long-term rating from stable to positive on June 24...

  • Page 38
    ... to the expansion of the leasing and sales financing business in the Services division. Opposing effects arose from currency translation due to the appreciation of the euro against the US dollar. The assets and liabilities of our US companies were translated into euros using the exchange rate of...

  • Page 39
    ... balance-sheet date (2003: â,¬75.7 billion). This development is related to the increased funding requirements of the leasing and sales-financing business. The increase in financial liabilities was partially offset by currency translation effects. Trade liabilities and other liabilities increased by...

  • Page 40
    ... were new drive-system technologies, especially hybrid drives and fuel cells, and electronic systems designed to enhance traffic safety (see pages 74 f). Research and Development Expenditure 2004 â,¬ 2003 â,¬ DaimlerChrysler Group Mercedes Car Group Chrysler Group Commercial Vehicles Services...

  • Page 41
    ...of Mitsubishi Fuso Truck and Bus Corporation (MFTBC) with 18,281 employees. Staffing levels also rose in the Mercedes Car Group, the Services division and the joint sales organization for Mercedes-Benz passenger cars and commercial vehicles. The workforce at Chrysler Group decreased primarily due to...

  • Page 42
    ... possible extent of damage usually takes place in terms of the risks' effect on operating profit. The communication and reporting of relevant risks is controlled by value limits set by management. The responsible persons also have the task of developing, and initiating as required, measures to avoid...

  • Page 43
    ...Mitsubishi Fuso Truck and Bus Corporation. In addition, another economic downturn in Japan could have a negative impact on the emerging markets of Asia. The Group's strategic expansion plans in Asia would be negatively affected by such a development. A marked reduction in growth rates in China would...

  • Page 44
    ... extremely important for the Group's future profitability. Product quality has a key impact on a customer's decision to buy a particular brand of passenger car or commercial vehicle. Technical problems could lead to further recall and repair campaigns, or can even necessitate new developments which...

  • Page 45
    ... these market risks by monitoring changes in key economic indicators and market information on an ongoing basis. To quantify the exchange rate risk, interest rate risk and equity price risk of the Group on a continuous basis, DaimlerChrysler's risk management systems employ value-at-risk analyses as...

  • Page 46
    ... financial instruments to manage its liquidity and the cash needs of the day-to-day operations. A substantial volume of interest rate sensitive assets and liabilities is related to the leasing and sales financing business operated by DaimlerChrysler Services. The leasing and sales financing business...

  • Page 47
    ... the Group's leasing and sales financing business and the respective funding of that business. Management of equity price risks. DaimlerChrysler holds investments in equity securities, but presently only to a minor extent. The corresponding market risk in 2004 was not, and is not currently, material...

  • Page 48
    ... for commercial vehicles in the emerging economies are likely to show further growth, while demand in Western Europe should continue at the same high level as in 2004. Despite the weak growth of major markets, the Mercedes Car Group plans to increase its unit sales in 2005 and the following years...

  • Page 49
    ... Chrysler Group's attractive new vehicles will help it to close the gap with the world's best competitors in terms of customer awareness, product quality and productivity. At the same time, we aim to set ourselves apart from the competition with our outstanding design and by offering excellent value...

  • Page 50
    ... 2005-2007 In billions of â,¬ DaimlerChrysler Group 21.1 Mercedes Car Group Chrysler Group Commercial Vehicles Services Other Activities 7.4 9.1 4.2 0.1 0.3 the toll system for trucks on autobahns in Germany, Toll Collect intends to change over to the second version of the on-board units on...

  • Page 51
    ...of DaimlerChrysler's research and development expenditure is on the new vehicle models from the Mercedes Car Group and the Chrysler Group divisions. Important projects at Commercial Vehicles include new truck engines fulfilling the future emission regulations in the United States, Western Europe and...

  • Page 52
    Mercedes Car Group 48

  • Page 53
    ... Mercedes-Benz: the new CLS-Class. A coupe generation ahead. Hans-Dieter Futschik, Siegfried Mack, Professor Jürgen Bräuchle and Nicola Ehrenberg (from left to right) worked on refining the design of the CLS coupe from the start. Its appealing aesthetics and trailblazing technology infuse driving...

  • Page 54
    Mercedes Car Group Unit sales slightly above prior year's level | Product offensive successfully continued | High expenditures for new models and quality offensive | Program started to increase efficiency and earnings | Sales offensive by smart | Operating profit significantly lower than in 2003 ...

  • Page 55
    ... our products. We are also intensifying employee training in our worldwide sales-and-service organization, including the establishment of a global training center with state-of-the-art media technology in Stuttgart in October 2004. To ensure the top quality of newly delivered vehicles in use with...

  • Page 56
    ... at our plant in Rastatt, Germany, where the workforce will be increased by 1,800 people to 6,500. Market launch of new Mercedes-Benz SLR. Mercedes-Benz began delivering its new SLR super sports car to customers in April 2004. The vehicle was presented to the public for the first time at the...

  • Page 57
    ... started a sales offensive in key European markets. Within the framework of this offensive, we intend to make more use of the Mercedes-Benz dealer network for the distribution of smart cars. We are also gradually moving into new markets. For example, in 2004, we launched the smart brand in Canada...

  • Page 58
    Chrysler Group 54

  • Page 59
    ...pushes the right buttons! A really hot number. Ralph Gilles is convincing. Since graduating from college he has been working in the Chrysler Design department. He says that most of the designers and engineers have been disappointed by the market place's declining interest in the American automobile...

  • Page 60
    ... Group also shipped 170,200 vehicles to markets outside of NAFTA (-6%). Worldwide retail and fleet sales for the Chrysler Group totalled 2.7 million in 2004, a 4% increase over 2003 (2003: 2.61 million). Due to the success of several new products, the Chrysler Group increased its market share...

  • Page 61
    ...: 74 days). Product offensive starts with nine new models in 2004. The Chrysler Group's strategy of enhancing its competitive position over the long term was bolstered by the launch of nine all-new models - the most all-new products ever launched in the company's history. An ambitious plan to bring...

  • Page 62
    ...Touring. This product offering is supported by the expansion of the Dodge brand in international markets, including Western Europe. By 2007, the Chrysler Group will significantly increase the number of models supplied in markets outside of North America. During the same time period, the company will...

  • Page 63
    ... Assembly Plant, where the Jeep® Wrangler and the Jeep® Liberty are currently produced. These suppliers will build and manage key manufacturing processes in body, paint and chassis operations on future products. Unit Sales 2004 1 1,000 units 04/03 in % Total of which: Passenger cars Light trucks...

  • Page 64
    Commercial Vehicles 60

  • Page 65
    ... electronics for DaimlerChrysler commercial vehicles. Pulling together on the same line. The four DaimlerChrysler Managers, Dr. Michael Kokes, Wolfgang Appel, Dr. Sascha Paasche and Nobuaki Takeda (from left to right), have combined their worldwide expertise: In a shared project, they have created...

  • Page 66
    ... to acquisition of Mitsubishi Fuso and joint venture for vans | Strong increase in operating profit 2004 Amounts in millions US $ 2004 â,¬ 2003 â,¬ Operating profit Revenues Investments in property, plant and equipment Research and development expenditure Production (units) Unit sales Employees...

  • Page 67
    ... of the component plants. Strong performance by Trucks Europe/Latin America (Mercedes-Benz). Worldwide sales of Mercedes-Benz brand trucks rose by 24% over the previous year's level to an all-time high of 137,400 units. Growth rates were particularly high in our key markets of Western Europe, Latin...

  • Page 68
    ... and Western Star brands saw sales of Class 8 vehicles (heavy-duty trucks over 15 metric tons gross vehicle weight) rise to 87,700 units (2003: 67,700). Market share fell, however, to 35% (2003: 38%), due to production bottlenecks and the discontinuation of insufficiently profitable fleet-management...

  • Page 69
    ...of which: Germany NAFTA of which: United States South America of which: Brazil Asia/Australia 1 Group sales (including leased vehicles) 2 Including school buses by Thomas Built Buses and bus chassis by Freightliner 3 Mitsubishi L200 pickup and the Mitsubishi Pajero manufactured in South Africa 65

  • Page 70
    Services 66

  • Page 71
    How DaimlerChrysler Services guarantees customer satisfaction. Callers welcome. Marguerite Lawig and her team work in a call center. The display at the Troy Customer Contact Center shows them how many calls have been received at any one time. However, the most important number for the team is on ...

  • Page 72
    Services Positive business developments in all regions | North America remains most important market for financial services | Toll Collect successfully launches toll system for trucks in Germany on January 1, 2005 | Operating profit at prior year's high level 2004 Amounts in millions US $ 2004 â,¬...

  • Page 73
    ... Services plans to support sales of Group vehicle brands in China with its own financing company. Fleet-management activities further expanded. The Fleet Management unit expanded its worldwide vehicle fleet by 14% to 383,300 units in 2004, gaining numerous new customers by offering attractive new...

  • Page 74
    ... current energy shortage in China led to strong demand for engines for stationary power generators. In the year under review, the business unit recorded incoming orders totaling â,¬1.84 billion, 7% higher than the figure for 2003. As was the case with revenues, incoming orders benefited mainly from...

  • Page 75
    ... Airways - the national airline of the United Arab Emirates - as well as from Thai Airways. Both customers are substantially expanding their fleets of Airbus aircraft and have also decided to purchase the new A380 wide-body jet. This new aircraft is scheduled to make its maiden flight in spring...

  • Page 76
    ... plans to use the "Securing the Future 2012" agreement, which was reached between the Group's management and the General Labor Council, primarily to achieve DaimlerChrysler Group Mercedes Car Group Chrysler Group Commercial Vehicles Sales Organization Automotive Businesses Services Other...

  • Page 77
    ... health care at our truck assembly plant in Wörth, Germany, whereby external doctors work together with staff from the plant infirmary to ensure comprehensive medical care for employees. Intensified management development. Five years ago, DaimlerChrysler introduced a Group-wide standardized process...

  • Page 78
    ... last year include a night-vision system developed by DaimlerChrysler Research. We also monitored the operating behavior of a diesel-hybrid drive installed in the F500 Mind, in order to determine the ideal conditions for employing either the diesel engine or the electric motor. The research car...

  • Page 79
    ... vehicle type is automatically collected and analyzed by the system. The information is then sent automatically along with details about the accident location to emergency services units. Such a system can help rescuers better prepare their recovery procedure, saving time - and possibly lives. Drive...

  • Page 80
    ... and Mercedes A-Class cars with fuel-cell drive are being tested in everyday use in Berlin, Japan, Singapore and the US. The Clean Energy Partnership (CEP) is an initiative launched by partners in the automotive and oil industries as well as energy suppliers, with the goal of establishing new energy...

  • Page 81
    ... the year 2007 onwards, new emission limits will also apply to commercial vehicles in the United States. To fulfill these limits, we will increase the exhaust-gas recirculation already in use to up to 25%. As an improvement inside the engines, we will also introduce a flexible fuel-injection system...

  • Page 82
    ...billion (2003: â,¬99.7 billion). The Mercedes Car Group accounted for 38% of our total purchasing volume, the Chrysler Group 32%, Commercial Vehicles 26% and other units 4%. In order to manage this purchasing volume efficiently and to ensure proximity to the suppliers as well as to our manufacturing...

  • Page 83
    ... production processes is guaranteed in our plants and DaimlerChrysler's financial risks are minimized. The possible remedial measures that can be taken range from more intensive discussion of specific financial parameters with the suppliers' top management to the joint design of new financing plans...

  • Page 84
    ... for ways in which to use renewable resources in vehicle production. In Freiberg in Saxony (Germany), we are working to develop alternative drive systems using biomass. In India, we support research on the jatropha plant as a source of biodiesel. At the same time, this robust plant is also being...

  • Page 85
    ..." initiative, a group of several German companies headed by DaimlerChrysler, fulfilled the promise made by Chancellor Schröder shortly after the terrorist attacks of September 11, 2001 to invite 1,000 New York students to spend time in Germany. Training network promotes intercultural exchange...

  • Page 86
    ... its business and financial developments, personnel situation, investment plans and questions of fundamental business policy and strategy. The Board of Management presented the Group's key performance figures to the Supervisory Board in the form of monthly reports, and submitted in good time those...

  • Page 87
    ...December, the main subjects for discussion were the operative planning for the period of 2005 through 2007 and the approval of a financing limit for the 2005 financial year. In this context, the Board of Management reported extensively to the Supervisory Board on the company's risk-monitoring system...

  • Page 88
    ... Chrysler Group, effective May 1, 2004 for a term of three years. Mr. Thomas Weber, responsible for the area of Research and Technology, was appointed as a full member of the Board of Management as of May 1, 2004, and given the additional responsibilty for the area of Passenger Car Development...

  • Page 89
    ... Magowan San Francisco President of San Francisco Giants Earl G. Graves New York Publisher, Black Enterprise Magazine Lynton R. Wilson Toronto Chairman of the Board of CAE Inc.; Chairman of the Board of Nortel Networks Corporation William A. Owens Kirkland President and Chief Executive Officer of...

  • Page 90
    ... and investigations by the Securities and Exchange Commission (SEC) and on the related investigations taking place in the company, and supported the cooperation with the SEC. Furthermore, in 2004, the Audit Committee was occupied with new accounting standards and their interpretation, as well...

  • Page 91
    ... initiatives aimed at raising general standards of corporate governance. Many of the resulting principles and recommendations have already been practiced for a long time at our company. As DaimlerChrysler is a company with its roots in both Germany and the United States, the Board of Management...

  • Page 92
    ... and the interested public on the situation of the Group and on any significant changes in its business. Information is made public according to the principle of fair disclosure. All new material facts that are communicated to financial analysts and institutional investors are simultaneously also...

  • Page 93
    ... the members of the Board of Management and a large number of senior officers who have a significant influence on planning and reporting in the context of the year-end and interim financial statements. The provisions of the code aim to prevent mistakes by the persons addressed and to promote ethical...

  • Page 94
    ... 2004 was based for the last time on two components: the medium term incentive and the stock option plan. - The idea behind the medium-term incentive (MTI) is to reflect the mid-term development of the company within a three-year perspective in Board of Management compensation. The MTI is determined...

  • Page 95
    ... million stock options from the Stock Option Plan 2000 were for the last time granted to the members of the Board of Management as a long-term compensation component. Also in 2004, 395,000 performance-based awards were granted to the members of the Board of Management based on a 3 year performance...

  • Page 96
    ... to be paid out is calculated by multiplying the number of phantom shares by the share price valid at that time. The members of the Board of Management have to use a quarter of this gross amount paid out to purchase "real" shares in the company. These shares have to be held until the end of their...

  • Page 97
    ... the current members of the Board of Management held a total of 10.4 million shares, options or stock appreciation rights of DaimlerChrysler AG (1.027% of the shares issued). Shares held by the Supervisory Board. The aforementioned regulation of Section 15a of the German Securities Trading Law (WpHG...

  • Page 98
    ... with the German Corporate Governance Code Section 161 of the German Stock Corporation Act (AktG) requires the Board of Management and the Supervisory Board of listed stock corporations to declare each year that the recommendations of the "German Corporate Governance Code Government Commission...

  • Page 99
    ... of collective responsibility, the incentives provided for the Board of Management as a whole are the decisive factor, not those for each individual member. Another factor is that listing these details individually could lead to a leveling of performance-related and task-related differences in...

  • Page 100
    ... Equity Method Investments 115 104 106 120 Acquisitions and Dispositions 123 Notes to Consolidated Statements of Income (Loss) 123 124 124 126 127 129 129 Functional Costs and Other Expenses Other Income Turnaround Plan for the Chrysler Group Financial Income (Expense), net Income Taxes...

  • Page 101
    ... Assets Property, Plant and Equipment, net Equipment on Operating Leases, net Inventories Trade Receivables Receivables from Financial Services Other Assets Securities, Investments and Long-Term Financial Assets Liquid Assets Prepaid Expenses Stockholders' Equity Stock-Based Compensation Accrued...

  • Page 102
    ... the number HRB 19 360, will be provided to shareholders on request. The Board of Management of DaimlerChrysler AG is responsible for preparing the accompanying financial statements. We have implemented effective controlling and monitoring systems to guarantee compliance with accounting principles...

  • Page 103
    ...'s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the...

  • Page 104
    ... Year ended December 31, 2003 2002 â,¬ â,¬ Note (in millions, except per share amounts) 2004 (Note 1) $ 2004 â,¬ Revenues Cost of sales Gross profit Selling, administrative and other expenses Research and development Other income Turnaround plan expenses - Chrysler Group Income before financial...

  • Page 105
    ... Cost of sales Gross profit Selling, administrative and other expenses Research and development Other income Turnaround plan expenses - Chrysler Group Income before financial income Impairment of investment in EADS Other financial income (expense), net (therein loss on issuance of associated company...

  • Page 106
    ... â,¬ Note (in millions) 2004 (Note 1) $ Assets Goodwill Other intangible assets Property, plant and equipment, net Investments and long-term financial assets Equipment on operating leases, net Fixed assets Inventories Trade receivables Receivables from financial services Other assets Securities...

  • Page 107
    ...-sale securities Derivative financial instruments Minimum pension liability Capital stock (in millions of â,¬) Retained earnings Treasury stock Total Balance at January 1, 2002 Net income Other comprehensive income (loss) Total comprehensive loss Stock based compensation Issuance of shares...

  • Page 108
    ... Turnaround plan payments - Chrysler Group Net changes in inventory-related receivables from financial services Changes in other operating assets and liabilities: - Inventories, net - Trade receivables - Trade liabilities - Other assets and liabilities Cash provided by operating activities Purchases...

  • Page 109
    ... Turnaround plan payments - Chrysler Group Net changes in inventory-related receivables from financial services Changes in other operating assets and liabilities: - Inventories, net - Trade receivables - Trade liabilities - Other assets and liabilities Cash provided by operating activities Purchases...

  • Page 110
    ...improvements and buildings including buildings on land owned by others Technical equipment and machinery Other equipment, factory and office equipment Advance payments relating to plant and equipment and construction in progress Property, plant and equipment Investments in affiliated companies Loans...

  • Page 111
    ...improvements and buildings including buildings on land owned by others Technical equipment and machinery Other equipment, factory and office equipment Advance payments relating to plant and equipment and construction in progress Property, plant and equipment Investments in affiliated companies Loans...

  • Page 112
    ... or financial services business activities. Transactions between the Group's industrial and financial services business activities principally represent intercompany sales of products, intercompany borrowings and related interest, and other support under special vehicle financing programs. The...

  • Page 113
    ... cost of sales. Shipping and handling costs are recorded as cost of sales in the period incurred. DaimlerChrysler uses price discounts (primarily at the Chrysler Group) to adjust market pricing in response to a number of market and product factors, including: pricing actions and incentives offered...

  • Page 114
    ... special financing programs are used to promote sales of vehicles and the Services segment finances the vehicle,...Sales under which the Group guarantees the minimum resale value of the product, such as in sales to certain rental car company customers, are accounted for similar to an operating lease...

  • Page 115
    ... is determined based on the expected long-term rate of return on plan assets and the fair value or market-related value of plan assets. Amortization of an unrecognized net gain or loss is included as a component of the Group's net periodic benefit plan cost for a year if, as of the beginning of the...

  • Page 116
    ...method investment to fair value establishing a new cost basis. Buildings Site improvements Technical equipment and machinery Other equipment, factory and office equipment 10 to 50 years 5 to 40 years 3 to 30 years 2 to 33 years Leasing. Leasing includes all arrangements that transfer the right to...

  • Page 117
    ... and wholesale finance receivables. Such retained interests represent the present value of the estimated residual cash flows after repayment of all senior interests in the sold receivables. The Group determines the value of its retained interests using discounted cash flow modeling upon the sale of...

  • Page 118
    ...by the Group contain parts manufactured (and warranted) by suppliers, the amount of warranty costs accrued also contains an estimate of recoveries from suppliers. The accrued liability for sales incentives is based on the estimated cost of the sales incentive programs and the number of vehicles held...

  • Page 119
    ... business. This policy, when applied to receivables from financial services related to sales of the Group's products to its customers, had the effect of presenting an investing cash outflow and an operating cash inflow even though there was no cash flow on a consolidated basis. In the current year...

  • Page 120
    ... and equity proceeds to purchase property and equipment, which is leased by the Group and used in the normal course of business. At the end of the lease term, DaimlerChrysler generally has the option to purchase the property and equipment or re-lease the property and equipment under new terms. Total...

  • Page 121
    ... MMC's operating and financial policies. Consequently, as of the annual shareholders' meeting of MMC on June 29, 2004, DaimlerChrysler ceased to account for its investment in MMC using the equity method and has since accounted for MMC shares as a marketable security at fair value (see Note 20...

  • Page 122
    ... as the Federal Republic of Germany to develop, install and operate a system for electronic collection of tolls from all commercial vehicles over 12t GVW using German highways ("Operating Agreement"). DaimlerChrysler Services and Deutsche Telekom each hold a 45% equity interest and Cofiroute holds...

  • Page 123
    ... Germany and the consortium members agreed on introducing toll collection on January 1, 2005, with on-board units ("OBUs") that allow for slightly less than full technical performance in accordance with the technical specification (start of phase 1). Subject to an extension of phase 1 up to one year...

  • Page 124
    ... global commercial vehicle strategy, DaimlerChrysler acquired from MMC a 43% non-controlling interest in Mitsubishi Fuso Truck and Bus Corporation ("MFTBC") for â,¬764 million in cash plus certain direct acquisition costs. MFTBC is involved in the development, design, manufacture, assembly and sale...

  • Page 125
    ... in DaimlerHyundai Truck Corporation ("DHTC") to HMC for a total pretax gain of â,¬60 million (â,¬27 million is recognized in other income and â,¬33 million is recognized in financial income (expense), net), which is attributed to the Commercial Vehicles segment. In August 2004, as part of the...

  • Page 126
    ...of the Mercedes Car Group segment. Prior to the sale, DaimlerChrysler accounted for CTS Fahrzeug-Dachsysteme GmbH using the cost method. In the fourth quarter of 2002, as part of the Group's ongoing strategy to focus on its core automotive business, DaimlerChrysler entered into an agreement to sell...

  • Page 127
    ... in cost of sales of the Mercedes Car Group segment. In 2002, DaimlerChrysler recognized an impairment charge amounting to â,¬201 million. Moderate demand and strong competition in the European market for commercial vehicles resulted in idle capacity at one of the Group's German assembly plants...

  • Page 128
    ...the following: Year ended December 31, 2002 2003 2004 (in millions of â,¬) Gains of sales of property, plant and equipment Rental income, other than relating to financial services Gains on sales of companies Income from employee leasing programs Reimbursement of contract costs Government subsidies...

  • Page 129
    ...220 The Chrysler Group sold the Dayton Thermal Products facility on May 1, 2002 to a joint venture company with Behr America, Inc. and maintained a minority interest for two years. The Chrysler Group sold its remaining minority interest in the joint venture to Behr America for net book value on May...

  • Page 130
    ... by and transferred to the employee benefit plans represents the cost of the special early retirement programs and the curtailment of prior service costs actuarially recognized by the pension and postretirement health and life insurance benefit plans. As a result of the planned idling, closing...

  • Page 131
    ... Group's German companies was recognized in the year of enactment and as a result, a net charge of â,¬3 million was included in the consolidated statement of income (loss) in 2002. The effect of the tax law changes in Germany in 2003 and 2002 are reflected separately in the reconciliations presented...

  • Page 132
    ...trade tax NOLs amounting to â,¬81 million (2003: â,¬40 million) and tax credit carryforwards amounting to â,¬1,640 million (2003: â,¬1,700 million). The corporate tax NOLs mainly relate to losses of U.S. companies and are partly limited in their use to the Group. Of the total amount of corporate tax...

  • Page 133
    ... for income taxes of discontinued operations Income tax benefit from changes in accounting principles Stockholders' equity for items in accumulated other comprehensive loss Stockholders' equity for U.S. employee stock option expense in excess of amounts recognized for financial purposes 1,177...

  • Page 134
    ... related per share amount are reported as the cumulative effect of a change in accounting principles in the Group's consolidated statement of income (loss) for the year ended December 31, 2002 (see Note 11). DaimlerChrysler's investor level goodwill in companies accounted for using the equity method...

  • Page 135
    ...Group's equipment on operating leases is presented in the Consolidated Fixed Assets Schedule included herein. Of the total equipment on operating leases, â,¬26,017 million represent automobiles and commercial vehicles (2003: â,¬23,653 million). Noncancellable future lease payments due from customers...

  • Page 136
    ... vested employee benefits in Germany. Wholesale receivables represent loans for floor financing programs for vehicles sold by the Group's automotive businesses to the dealer or loans for assets purchased by the dealer from third parties, primarily used vehicles traded in by the dealer's customer or...

  • Page 137
    ... are generally secured by vehicles or other assets. Contractual payments from the receivables from financial services at December 31, 2004 amounted to â,¬61,300 million and are as follows: thereafter 20. Securities, Investments and Long-Term Financial Assets 2005 (in millions of â,¬) 2006 2007...

  • Page 138
    ...months or longer are shown separately together with their appropriate fair values. Unrealized gain Unrealized Loss less 1 year Unrealized Loss 1 year or more Unrealized Unrealized Fair value loss Fair value loss Unrealized Loss total Unrealized loss Cost (in millions of â,¬) Fair value Fair value...

  • Page 139
    ... with an employee share purchase plan, of which 0.8 million (2003: 1.3 million; 2002: 1.1 million) were re-issued to employees. Authorized and Conditional Capital. On April 7, 2004, the annual meeting authorized the Board of Management through October 7, 2005, to acquire treasury stock for certain...

  • Page 140
    ...), which entitled the bond holders to subscribe for a total of 12,366,324 shares (7,728,048 of which represents newly issued shares totaling â,¬383 million) of DaimlerChrysler. According to the note agreements the option price per share was â,¬42.67 in consideration of exchange of the notes or â,¬44...

  • Page 141
    ... market price per share on the day of conversion was at least 15% higher than the predetermined conversion price and the options (granted in 1998 and 1997) had been held for a 24 month waiting period. The basic terms of the bonds and the related stock options issued (in millions) under these plans...

  • Page 142
    ...its existing stock option plans from 1997 and 1998 into SARs. In conjunction with the consummation of the merger between Daimler-Benz and Chrysler in 1998, the Group implemented a SAR plan through which 22.3 million SARs were issued at an exercise price of $75.56 each, of which 13.1 million SARs are...

  • Page 143
    ... achievement of corporate goals derived from competitive and internal planning benchmarks and the value of DaimlerChrysler Ordinary Shares at the end of three year performance periods. The benchmarks are return on net assets and return on sales. The Group issued 0.7 million medium term incentives in...

  • Page 144
    ... Shares in a German Plan with a market value of â,¬91 million. Assets and income accruing on all pension trust and relief funds are used solely to pay pension benefits and administer the plans. The Group's pension asset allocation at December 31, 2004 and 2003, and target allocation for the year...

  • Page 145
    ... at end of year Change in plan assets: Fair value of plan assets at beginning of year Foreign currency exchange rate changes Actual return on plan assets Employer contributions Plan participant contributions Dispositions Acquisitions and other Benefits paid Fair value of plan assets at end...

  • Page 146
    ...based on surveys of large asset portfolio managers and peer group companies of future return expectations over the next ten years. Accordingly, negative returns during one or several years may not significantly change the historical long term rate of return such as to necessitate or warrant revision...

  • Page 147
    ...at the Group's discretion. The Group anticipates that the expected 2005 employer contribution will comprise â,¬1.5 billion in cash. Estimated Future Pension Benefit Payments. Pension benefits pertaining to the Group's German and non-German plans were â,¬550 million and â,¬1,541 million, respectively...

  • Page 148
    ... is presented with respect to the Group's postretirement benefit plans: At December 31, 2004 2003 (in millions of â,¬) Change in accumulated postretirement benefit obligations: Accumulated postretirement benefit obligations at beginning of year Foreign currency exchange rate changes Service cost...

  • Page 149
    ... the amounts reported for the Group's health care plans. The following schedule presents the effects of a one-percentage-point change in assumed ultimate health care cost inflation rates as from 2011: 1-PercentagePoint Increase (in millions of â,¬) 1-PercentagePoint Decrease Medicare Act - 40 43...

  • Page 150
    ... guarantees the performance of products delivered and services rendered for a certain period or term (see Note 32). The accrued liability for these product guarantees covers expected costs for legally and contractually obligated warranties as well as expected costs for policy coverage, recall...

  • Page 151
    ... costs in 2002 (â,¬302 million) were related to supplier contract cancellation and facility deactivation costs in connection with the termination of production activities and product programs within the Chrysler Group (see Note 7). The Commercial Vehicles segment accrued â,¬62 million in exit costs...

  • Page 152
    ...232 million (2003: â,¬1,714 million). DaimlerChrysler Corporation ("DCC") maintains a Trade Payables Agreement with General Electric Capital Corporation ("GECC") to provide financial flexibility to DCC and its suppliers. GECC pays participating suppliers on accelerated payment terms for a discount...

  • Page 153
    ... affiliated companies Liabilities to related companies Other liabilities 354 77 8,276 8,707 10 - 542 552 - - 166 166 316 131 8,358 8,805 10 - 699 709 - - 315 315 As of December 31, 2004, other liabilities include tax liabilities of â,¬803 million (2003: â,¬682 million) and social benefits due...

  • Page 154
    ...largest private clients for buses, had purchased and paid for some 200 buses over the period 1999 to 2000. In April 2003, the customer was placed in receivership and subsequently in liquidation. The customer had obtained finance by purporting to sell to financiers and lease back buses which, in many...

  • Page 155
    ... from direct and indirect exposure to asbestos used in some vehicle components (principally brake pads). Typically, these suits name many other corporate defendants and may also include claims of exposure to a variety of non-automotive asbestos products. A single lawsuit may include claims by...

  • Page 156
    ... Group violated EU competition rules by impeding cross-border sales of Mercedes-Benz passenger cars to final customers in the European Economic Area. In October 2001, the European Commission found that DaimlerChrysler infringed EU competition rules and imposed a fine of approximately â,¬72 million...

  • Page 157
    ... North American commercial vehicles subsidiary, acquired in September 2000 Western Star Trucks Holdings Ltd., a Canadian company engaged in the design, assembly, and distribution of heavy duty trucks and transit buses. Prior to its acquisition by Freightliner, Western Star had completed the sale of...

  • Page 158
    ... and third parties and commitments by Group companies as to contractual performance by joint venture companies and certain non-incorporated companies, partnerships, and project groups. The term under these arrangements generally covers the range of the related indebtedness of the non-consolidated...

  • Page 159
    ...non-consolidated affiliated companies and third parties. Such guarantees provide the holder with the right to return purchased assets or products back to the Group in connection with a future purchase of products or services. The table above excludes residual value guarantees related to arrangements...

  • Page 160
    ... to a lesser extent equity securities that subject the Group to risks from changes in interest rates and market prices. DaimlerChrysler manages the various types of market risks by using among others derivative financial instruments. Without these instruments the Group's market risks would be higher...

  • Page 161
    ... market prices. The Group has certain equity investments in related and affiliated companies not presented in the table, as these investments are not publicly traded and determination of fair values is impracticable. Receivables from Financial Services. The carrying amounts of variable rate finance...

  • Page 162
    ... to manage the liquidity and cash needs of its day-to-day operations. In addition a substantial volume of interest rate sensitive assets and liabilities is related to the leasing and sales financing business which is operated by DaimlerChrysler Services. In particular, the Group's leasing and sales...

  • Page 163
    ... The effect of a 10% and 20% adverse change in the discount rate used to compute the fair value of the retained subordinated securities would be a decrease of â,¬4 million and â,¬7 million, respectively. Similar changes to the monthly prepayment speed and the expected remaining net credit losses as...

  • Page 164
    ... â,¬1 million. These values were determined by discounting expected cash flows at current market rates. During the year ended December 31, 2004, the Group recognized servicing liabilities of â,¬8 million (2003: â,¬10 million) and related amortization of â,¬11 million (2003: â,¬2 million). The Group...

  • Page 165
    ...-Benz, smart and Maybach as well as related parts and accessories. Chrysler Group. This segment includes the development, design, manufacture, assembly and sale of cars and trucks under the brand names Chrysler, Jeep® and Dodge and related automotive parts and accessories. Commercial Vehicles...

  • Page 166
    ... sharing of risks associated with the residual values of certain leased vehicles. In addition, the Chrysler Group and Services segments negotiated reduced pricing on certain retail financing programs offered by the Chrysler Group as sales incentives in 2003. The adjusted pricing reflects the current...

  • Page 167
    ... the recall issues reduced 2004 operating profit of the Commercial Vehicle segment by â,¬475 million. The reduction in operating profit consisted of â,¬70 million classified as financial income (expense), net, in the Group's 2004 statement of operations and â,¬735 million classified as cost of sales...

  • Page 168
    ... of changes in accounting principles is as follows: 2004 (in millions of â,¬) 2003 2002 Total segment operating profit Elimination and consolidation amounts Total Group operating profit Pension and postretirement benefit income (expenses), other than current and prior service costs and settlement...

  • Page 169
    ...supplies to the West McLaren Mercedes team in support of motor sport activities under the Mercedes-Benz brand. DaimlerChrysler has consolidated Mercedes-Ilmor Ltd. since January 1, 2003. In May 2002, DCC sold its Dayton Thermal Products Plant to Behr Dayton, a joint venture company with Behr America...

  • Page 170
    ... the Board of Management based on a 3 year performance plan. For detailed information on stock-based compensation programs, see Note 24. The compensation paid in 2004 to the members of the Supervisory Board of DaimlerChrysler AG for services in all capacities to the Group amounted to â,¬2.0 million...

  • Page 171
    ...the fiscal year just ended, the following transaction by members of the Supervisory Board or Board of Management was reported: Share Ownership. As of December 31, 2004, the current members of the Board of Management as a group owned 10.4 million Ordinary Shares, options or stock appreciation rights...

  • Page 172
    ... - 274 - NAFTA Production locations Sales outlets Revenues in millions of â,¬ Africa Production locations Sales outlets Revenues in millions of â,¬ Employees Employees Mercedes Car Group Chrysler Group Commercial Vehicles Sales Organization Automotive Businesses Services Other Activities 1 29...

  • Page 173
    Asia Production locations Sales outlets Revenues in millions of â,¬ Australia /Oceania Production locations Sales outlets Revenues in millions of â,¬ Employees Employees Mercedes Car Group Chrysler Group Commercial Vehicles Sales Organization Automotive Businesses Services Other Activities 3 1 ...

  • Page 174
    ... in % Stockholders' equity in â,¬ million Revenues in â,¬ million 2004 2003 Employees at year-end 2004 2003 Mercedes Car Group smart GmbH, Böblingen Mercedes-Benz U.S. International, Inc., Tuscaloosa DaimlerChrysler India Private Limited, Poona DaimlerChrysler South Africa (Pty.) Ltd., Pretoria...

  • Page 175
    Ownership 1 in % Stockholders' equity in â,¬ million Revenues in â,¬ million 2004 2003 Employees at year-end 2004 2003 Vehicles Sales Organization Mercedes-Benz USA, L.L.C., Montvale 2 DaimlerChrysler France S.A.S, Le Chesnay 2 DaimlerChrysler Belgium Luxembourg S.A., Brussels 2 DaimlerChrysler ...

  • Page 176
    ...the balance sheets: Property, plant and equipment Leased equipment Current assets of which: Liquid assets Total assets Stockholders' equity of which: Capital stock Accrued liabilities Liabilities of which: Financial liabilities Debt-to-equity ratio Mid- and long-term provisions and liabilities Short...

  • Page 177
    ... 13,826 (13,608) 6,386 17,678 5,498 5,445 11,060 (16,682) From the stock exchanges: Share price at year-end Frankfurt (â,¬) New York (US $) Average shares outstanding (in millions) Average dilutive shares outstanding (in millions) - - 981.6 994.0 - - 949.3 968.2 83.60 96.06 959.3 987.1 77.00 78.25...

  • Page 178
    ... +852 2594 8876 Fax +852 2594 8801 Moscow Phone +7 095 926 4018 Fax +7 095 745 2614 Phone +886 2 2715 9696 Fax +886 2 2719 2776 Tashkent Abu Dhabi Phone +97 1 4 8833 200 Fax +97 1 4 8833 201 Istanbul Phone +90 212 482 3520 Fax +90 212 482 3521 New Delhi Phone +91 1 1410 4959 Fax +91 1 1410 5226...

  • Page 179
    .... The aforementioned publications can be requested from: DaimlerChrysler AG Investor Relations HPC 0324 70546 Stuttgart Germany The documents can also be ordered by phone or fax using the following number: +49 711 17 92287 DaimlerChrysler Corporation Auburn Hills, MI 48326-2766 USA Phone +1 248 576...

  • Page 180
    ... background information via links to other pages and videos. Additional information on the Internet. Special information on our shares and earnings developments can be found in the "Investor Relations" section of our website. It includes the Group's annual and interim reports, the company financial...

  • Page 181
    Financial Calendar 2005 Annual Press Conference February 10, 2005, 10 a.m. CET Mercedes Event Center (MEC) Sindelfingen Analysts' and Investors' Conference Call February 10, 2005, 2.30 p.m. Annual Meeting April 6, 2005, 10 a.m. Messe Berlin Interim Report Q1 2005 April 28, 2005 Interim Report Q2 ...

  • Page 182
    ABC Common Rail Diesel Innov SunDiesel Rear Park Assist PBL Bus AIRMATIC NGT F¯Cell DaimlerChrysler Stuttgart, Germany Auburn Hills, USA www.daimlerchrysler.com