Mercedes 2013 Annual Report Download - page 86

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Dividend
At the Annual Shareholders’ Meeting on April 9, 2014, the
Board of Management and the Supervisory Board will propose
an increase in the dividend to €2.25 per share (prior year:
€2.20). With this proposal, we are letting our shareholders
participate in the Company’s success while expressing our
confidence about the ongoing course of business. The total divi-
dend will thus amount to €2,407 million (prior year: €2,349
million) and the distribution ratio will be 35.2% of the net profit
attributable to the Daimler shareholders (prior year: 36.5%).

C.19
Net operating profit
Table

C.20 shows the reconciliation of the EBIT of the
divisions to net operating profit. In addition to the EBIT of the
divisions, net operating profit also includes earnings effects
for which the divisions are not accountable such as income taxes
and other reconciliation items.
Value added
As described in the “Performance measurement system”
section of the E “Corporate Profile” chapter

C.03, the
cost of capital is the result of net assets and cost of capital
expressed as a percentage, which is subtracted from earnings
in order to calculate value added. The tables

C.21 and

C.22 show value added and net assets for the Group and for
the individual divisions. Table

C.23 shows how net assets
are derived from the consolidated statement of financial position.
The Group’s value added increased by €1.6 billion to €5.9
billion in 2013, representing a return on net assets of 22.6%
(2012: 19.5%). This was once again substantially higher than
the minimum required rate of return of 8%. Value added in both
years was influenced in particular by the remeasurement
and sale of the remaining EADS shares.
Mercedes-Benz Cars achieved value added of €2.0 billion
(2012: €2.7 billion). Ongoing growth in unit sales and better
pricing were offset by a less favorable model mix and exchange
rate effects. There was also an impact from expenses relating
to the enhancement of products’ attractiveness, capacity
expansions and advance expenditure for new technologies and
vehicles. The increase in average net assets by €2.6 billion
to €16.7 billion also affected the development of value added.
This was mainly caused by the higher level of fixed assets
following increased investment in new products and produc-
tion plants.
C. 21
Value added
2013 2012 13/12
In millions of euros % change
Daimler Group 5,921 4,300 +38
Mercedes-Benz Cars 2,007 2,698 -26
Daimler Trucks 369 365 +1
Mercedes-Benz Vans 445 387 +15
Daimler Buses -4 -360 +99
Daimler Financial Services 409 530 -23
C.20
Reconciliation to net operating profit
2013 2012 13/12
In millions of euros % change
Mercedes-Benz Cars 4,006 4,391 -9
Daimler Trucks 1,637 1,695 -3
Mercedes-Benz Vans 631 543 +16
Daimler Buses 124 -221 .
Daimler Financial Services 1,268 1,293 -2
EBIT of the divisions 7,666 7,701 -0
Income taxes1 -1,642 -1,518 +8
Other reconciliation 3,149 1,119 +181
Net operating profit 9,173 7,302 +26
1 Adjusted for tax effects on interest income/expense and amortization of
capitalized borrowing costs.
Dividend per share
In euros
C.19
2.25
2.50
2.00
1.50
1.00
0.50
00.00
2.20 2.20
1.85
2009 2010 2012 20132011