Mercedes 2009 Annual Report Download - page 9
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OverviewoftheGroup|Chairman’sLetter| 5
2009willbexedinourmemoriesastheyearoftheglobalnancialandeconomic
crisis.WorldeconomicoutputfellforthersttimesincetheSecondWorldWar.Many
carmarketstemporarilycontractedby20to40percent.Thedeclineofcommercial
vehiclemarketswasevenmoredramatic.
Thismarketslumpisalsoreectedinourresults:EBITamountedtominus1.5billion
eurosandtheGrouppostedanetlossof2.6billioneuros.
Thatisunsatisfactory–yetthelosswouldhavebeenevenbiggerifwehadnottaken
enormouscountermeasures.Wesystematicallystreamlinedourbusinessprocesses,
increasedefciency,reducedcosts,cancelledbonusesandotherwiseleftnostone
unturned.Thosewhocouldbearmoresacricewererequiredtomakeone.Noone
enjoysstrictsavings,short-timeworkorwaivingaportionofone’sincome.Butthe
exceptionalnatureofthemarketcrisisleftuswithnoalternative.Andmanagement,
alongwithourrepresentedemployees,oftenworkedtogetherincoordinatedactions.
Duetotheextremeconditionsofcrisisyear2009,theBoardofManagementand
theSupervisoryBoarddecidedthat-asanexception-nodividendshouldbepaidout
fortheyear2009.Wedidnotmakethisdecisioneasily.Butitreectsourearnings
situationin2009.Fortheyear2010,youcanassumethatDaimlerwillpayadividend
onceagain.
Whydowehavethisexpectation?
Inbrief:thefacts.
Daimlerdidnotlimititselftojust“tighteningitsbelt”duringthecrisis.Atthesame
time,wecreatedtherightconditionsforfuturesuccess–intermsofourstrategy,our
technology,andalso,ofcourse,ourproducts.Forexample,theE-Classserieshas
beenavailableinallfourmodelversionssincethebeginningof2010;thisgivesusalead
overthecompetition.Wewillfollowthatupastheyearprogresses–withthenew
CLS,amongothers.Wewillalsolaunchthemostfuel-efcientandenvironmentally
compatibleS-Classtodate.AttractivenewproductswillsoonbelaunchedbyTrucks,
VansandBuses.Andnocompanyisaheadofusintheareaofelectricmobility.Allof
thisshowsthatweareexitingthecrisiswithplentyof“torque”–andwearedetermined
toincreaseourpaceevenfurther.