Mercedes 2008 Annual Report Download - page 47

Management Report |Business and Strategy |43
The Daimler Financial Services division supports the sales of
the Daimler Group’s automotive brands in more than 40 countries.
Its product portfolio mainly comprises tailored financing and
leasing packages for customers and dealers, but it also provides
services such as insurance, fleet management, investment prod-
ucts and credit cards. The main areas of the division’s activities
are Western Europe and North America. In 2008, every third
vehicle sold by Daimler was financed by Daimler Financial Services.
Its contract volume of €63.4 billion covers 2.5 million vehicles.
Daimler Financial Services also holds a 45% interest in the Toll
Collect consortium, which operates an electronic road-charging
system for trucks over 12 metric tons on highways in Germany.
The Vans, Buses, Other segment primarily comprises the
Mercedes-Benz Vans and Daimler Buses units and our share-
holdings in the European Aeronautic Defence and Space
Company (EADS), Tognum AG and Chrysler Holding LLC.
The Mercedes-Benz Vans unit has production facilities at a total
of seven locations in Germany, Spain, the United States, Argentina
and Vietnam for the Vito/Viano, Sprinter and Vario series in
weight classes ranging from 1.9 to 7.5 metric tons. An additional
plant is now being established in China. The main sales markets
for vans are Europe (82%) and the NAFTA region (7%). The Sprinter
is also sold under the Dodge and Freightliner brands in the
United States and Canada.
The product range of Daimler Buses, the world’s leading manu-
facturer of omnibuses above 8 tons with the brands Mercedes-
Benz, Setra and Orion, comprises buses for tourist, urban and in-
terurban applications as well as bus chassis. The most important
of the 15 production sites are in Germany, Turkey, Brazil and the
NAFTA region. In 2008, 48% of the unit’s revenue was generated
in Western Europe, 15% in the NAFTA markets and 19% in Latin
America (excluding Mexico).
Report and explanation of details provided pursuant to
Section 315, Subsection 4 of the German Commercial Code
Management. Daimler AG is a stock corporation domiciled in
Germany (see pages 116 ff). It is managed by a Board of Manage-
ment, whose members are authorized to represent it vis-à-vis
third parties. The Board of Management must have at least two
members, who, in accordance with Section 84 of the German
Stock Corporation Act (AktG), are appointed by the Supervisory
Board for a maximum period of office of five years. Reappoint-
ment or the extension of a period of office, in each case for a maxi-
mum of five years, is permissible. However, the Supervisory
Board of Daimler AG has resolved generally to limit both initial
appointments and reappointments to a maximum of three years
in the future. Appointments and reappointments can only be made
by a resolution of the Supervisory Board; reappointments may
generally not be made more than one year before the end of a
Board of Management member’s current period of office. The
Supervisory Board appoints one of the members of the Board of
Management as the Chairman of the Board of Management.
In exceptional cases, a member of the Board of Management can
be appointed by the court in accordance with Section 85 of the
German Stock Corporation Act.
The Supervisory Board can revoke the appointment of a member
of the Board of Management and of the Chairman of the Board of
Management if there is an important reason to do so.
Remuneration. A description of the system of remuneration
and the individualized details of the remuneration of the members
of the Board of Management and Supervisory Board are shown
in the Remuneration Report on pages 122 ff. This is part of the
Management Report.
Purpose of the company, amendment to the Articles of
Incorporation. The general purpose for which the company is
organized is defined in Article 2 of the Articles of Incorporation.
Pursuant to Section 179 of the German Stock Corporation Act, the
Articles of Incorporation can only be amended by a resolution
of the Annual Meeting. In accordance with Section 133 of the Ger-
man Stock Corporation Act and Article 19, Paragraph 1 of the
Articles of Incorporation, resolutions of the Annual Meeting are
passed with a simple majority of the votes cast, unless otherwise
required by binding provisions of applicable law, and with a simple
majority of the capital stock represented at the Annual Meeting
if this be required. Pursuant to Section 179, Subsection 2, Sentence 2
of the German Stock Corporation Act, any amendment to the pur-
pose of the company requires a 75% majority of the capital stock
represented at the Annual Meeting. Amendments to the Articles
of Incorporation that only affect the wording can be decided upon
by the Supervisory Board in accordance with Article 7, Paragraph 3
of the Articles of Incorporation.
Mercedes-Benz Cars 49%
Daimler Trucks 27%
Daimler Financial Services 9%
Vans, Buses, Other 15%
Consolidated revenue by division