Mercedes 2004 Annual Report Download - page 8
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4
In 2004 your company once again made significant progress in spite of consistently difficult
circumstances. Specifically:
– At €5.8 billion the Group’s operating profit significantly exceeded last year’s reference figure of
€5.1 billion. And though we achieved our target, we are not entirely satisfied.
– At the same time, the Group’s net income also increased 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 earnings in 2004. The effort of recent months at
our Japanese subsidiary, Fuso, is continuing and bearing fruit. Fuso has also regained operating
licenses for nearly all of its models.
– DaimlerChrysler Services maintained the high earnings level of the previous year. And following a
year of hard work at Toll Collect, the commencement of toll collection operations on January 1,
2005 went smoothly.
– With regard to our investment in Mitsubishi Motors, we decided not to provide any further financial
support. However, essential projects will be continued to the benefit of both partners.
– Our balance sheet is sound. We have further increased net liquidity of our industrial operations and
free cash flow has been positive.
– In comparison with 2003 we have significantly improved Group value added.
The year 2004 has demonstrated that our strategy for DaimlerChrysler is working – even in our
challenging competitive environment. At Group level, we were not only successful in compensating for
the variances created by divisional cycles and regional developments, we were also able to achieve
growth in earnings. This ability is one of DaimlerChrysler’s key strengths, and one we’ve worked very
hard to advance over the past few years.