Mercedes 2009 Annual Report Download - page 136

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Positive earnings despite crisis. Daimler Financial Services’
business development in the year 2009 was affected by the global
financial and economic crisis. Due to lower vehicle unit sales,
new business fell by 15% to €25.1 billion; the decrease amounted
to 15% also after adjusting for exchange-rate effects. The weaker
new business and the sale of part of the non-automotive portfolio
in North America led to an 8% decrease in worldwide contract
volume to €58.3 billion. Adjusted for exchange-rate effects, con-
tract volume decreased by 9%. EBIT amounted to €9 million
(2008: €677 million).
Support for vehicle unit sales. Also in times of crisis, Daimler
Financial Services is a reliable partner for our vehicle customers
and dealerships. On the basis of secure refinancing, the division’s
global market presence was strengthened and unit sales of
Daimler vehicles were effectively supported.
Measures implemented to minimize risk. In view of the world-
wide economic crisis, one focus of our activities was on the man-
agement of credit risks. We intensified our collections manage-
ment and sought dialogue at an early stage with customers who
had encountered liquidity problems. Simultaneously, remarketing
processes for used vehicles were further improved, for example
by using online auctions in the United States.
Further efficiency advances with “Captive #1.” In 2009,
Daimler Financial Services successfully continued the “Captive
#1” strategic program that was started in 2007. Several thousand
actions were identified and implemented all around the world
to reduce costs and increase efficiency. In the past two years,
we were able to reduce operating costs by a total of 13%.
Lower business volumes in Europe, growth in the Africa &
Asia/Pacific region. In the Europe region, contract volume fell
by 9% to €28.0 billion as a consequence of lower vehicle unit sales.
Adjusted for exchange-rate effects, the decrease was also 9%.
New business of €13.2 billion was 18% lower than in the prior year.
In the Africa & Asia/Pacific region, however, Daimler Financial
Services was able to expand its contract volume by 6% to €7.4
billion. Contract volume in China amounted to €476 million at
the end of the year, which is 45% higher than at the end of 2008.
The contract volume of Mercedes-Benz Bank in Germany de-
creased in 2009 by 6% to €16.1 billion. Customers’ deposits in-
vested with the bank increased by 110% to €12.6 billion at the end
of the year. Mercedes-Benz Bank supports not only the refinanc-
ing of the leasing and sales-financing business in Germany, but
through branch offices also the dealer-financing business in
Spain and since May 2009 in the United Kingdom as well. In 2009,
Mercedes-Benz Bank successfully launched “Business-Leasing
plus,” a new mobility package for business customers. It consists
of a leasing contract and auto insurance with stable premiums
also in the case of claims.
Customers’ and dealers’ high levels of satisfaction with the ser-
vices provided by Daimler Financial Services are documented by
numerous awards. In 2009, Mercedes-Benz Bank was judged
as providing customers with the best showroom advice on leasing
and financing in the “Automobilwoche Award Autohandel.” And
“Autohaus Bankenmonitor” voted Mercedes-Benz Bank the best
provider of financial services in the premium segment based on
dealers’ high levels of satisfaction. In the United Kingdom, Daimler
Financial Services once again took first place in the Sewells
survey of dealers’ satisfaction with their finance houses. And in
a survey in Australia, Mercedes-Benz Financial Services also
gained the top position for dealers’ satisfaction.
Daimler Financial Services. Stronger market presence despite
difficult financial markets and lower unit sales base. Focus on risk
minimization and efficiency enhancements. Expansion of world-
wide insurance business. EBIT of €9 million.
9
11,996
25,066
58,350
14
6,800
% change
-99
+0
-15
-8
-66
-4
09/08
677
11.964
29,514
63,353
41
7,116
Amounts in millions of €
20082009
EBIT
Revenue
New business
Contract volume
Investment in property,
plant and equipment
Employees (December 31)