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Annual Report 2015
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Table of contents

  • Page 1
    Annual Report 2015

  • Page 2
    ... Group 2015 â,¬ amounts in millions Revenue Western Europe thereof Germany NAFTA thereof United States Asia thereof China Other markets Investment in property, plant and equipment Research and development expenditure 2 thereof capitalized Free cash ï¬,ow of the industrial business EBIT Value added...

  • Page 3
    ... 2015 â,¬ amounts in millions Mercedes-Benz Cars EBIT Revenue Return on sales (in %) Investment in property, plant and equipment Research and development expenditure 1 thereof capitalized Unit sales Employees (December 31) 2 Daimler Trucks EBIT Revenue Return on sales (in %) Investment in property...

  • Page 4
    OUR BRANDS AND DIVISIONS Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses Daimler Financial Services

  • Page 5
    ... 14 26 C | The Divisions Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses Daimler Financial Services 158 160 166 171 174 177 Chairman's Letter A | To Our Shareholders The Board of Management Report of the Supervisory Board The Supervisory Board Highlights of 2015 Daimler and the...

  • Page 6

  • Page 7
    ... drive system technologies a reality today with world firsts such as the new Mercedes-Benz E-Class, the Freightliner Inspiration Truck and the F 015 Luxury in Motion. Daimler continues to move ahead with its transformation from an automotive company into a networked mobility services provider...

  • Page 8
    ... driving research vehicle becomes a luxurious lounge. When switched to the self-driving mode, our Vision Tokyo becomes a "chill-out zone" amidst the hectic city traffic. Our customers are already using partially autonomous features today in Mercedes-Benz S-Class, E-Class and C-Class models...

  • Page 9
    ... It uses LED light modules to communicate with the outside world. It can recognize pedestrians and is helpful and accommodating - for example when it projects a virtual crosswalk onto the street. It also sends other vehicles information on traffic conditions ahead. Our innovative technologies enable...

  • Page 10
    ... is Tokyo. This Mercedes-Benz show car is designed for Generation Z, whose members were born after 1995 and therefore grew up with the new digital media. Automobiles have a different type of significance for this generation: Cars are viewed as both a means of transportation and a digital companion...

  • Page 11
    ... in automotive engineering, Daimler has already created the technological basis for autonomous driving, as many current Mercedes-Benz models - from the C-Class to the S-Class - are capable of partially autonomous driving today. As early as 2013, the near-production Mercedes-Benz S 500 INTELLIGENT...

  • Page 12
    ... journey of the company's first autonomous series-production truck - a Mercedes-Benz Actros - on the A8 autobahn in Germany. This type of testing in real traffic conditions marks another important step on the path to a marketready product - and to safe and sustainable road freight transport in the...

  • Page 13
    DAIMLER | INNOVATIVE. DIGITAL. LEADING. 11

  • Page 14
    ... already using high-tech hybrid systems in all production models from the Mercedes-Benz C-Class upwards. Plug-in hybrid systems represent a key technology on the road to locally emission-free vehicles. They combine the advantages of two technologies in a manner that allows our customers to drive in...

  • Page 15
    ... our product portfolio into the digital world of our customers and linking navigation, infotainment and vehicle operation systems. Mercedes me connects people, experiences and services, and intelligent "co-drivers" in Mercedes-Benz models ensure outstanding safety and comfort. In line with...

  • Page 16
    ... and is now a part of our core business. This transformation has been given the same strategic importance as green technologies and our measures for growing in new markets. The digitization process is being supported by the DigitalLife@Daimler initiative, which we're using to develop strategies and...

  • Page 17
    ... - regardless of whether they drive a Mercedes-Benz, use car2go, Mercedes-Benz Rent, or moovel, or own a vehicle from a non-Group brand. Daimler has been setting the standard for personalized customer service with Mercedes me since 2014. Mercedes me allows Daimler to address people on the Internet...

  • Page 18
    ... can be used to further customize the suggested vehicles. The lifestyle configurator has been available in Germany since the end of 2015 and will be successively introduced at country-specific Mercedes-Benz websites worldwide as an alternative to the traditional vehicle configurator. Information...

  • Page 19
    ... we're on the right track. car2go has made Daimler the market leader for freeï¬,oating car-sharing systems that operate without rental stations. With its ï¬,eet of around 14,500 smart fortwo vehicles (including 1,600 battery-electric cars) at 31 locations in Europe and North America, car2go is now...

  • Page 20
    DAIMLER | INNOVATIVE. DIGITAL. LEADING. 21 The city is full of exciting places.

  • Page 21
    ... workng lives. Telematics services offer truck ï¬,eet operators many benefits, such as reduced fuel consumption, greater vehicle availability and lower maintenance costs. Daimler Trucks offers the right solution for each market with FleetBoard in Europe, South Africa and Brazil, and Detroit...

  • Page 22
    ...new Mercedes-Benz E-Class impressively shows how the networking of the value chain has become a reality at Daimler. The vehicle was shaped by digital technology for everything from development to production to sales. The smart factory is a core component of the process of digitization at our company...

  • Page 23
    ...moved in order to get them to start working. Staff at the Mercedes-Benz plant in Untertürkheim are already being assisted by the latest generation of robots in the series production of dual-clutch transmissions. "With our vision of Industry 4.0, we are digitizing the entire value creation process...

  • Page 24
    ...-Benz Research & Development North America (MBRDNA) in one of the world's most creative regions - Silicon Valley. More than 100 programmers and creative individuals attended the three-day event for developing apps that can be used in Mercedes-Benz vehicles. MBRDNA headquarters is part of the global...

  • Page 25
    ... product range in our history. We have completely renewed our model lineup in the growing SUV market, and we are also setting the standard for modern luxury, connectivity and autonomous driving with our new Mercedes-Benz E-Class. In addition, we occupy an outstanding position with our trucks, vans...

  • Page 26
    ..., the DYNAMIC SELECT driving program provides individualized agility while AIR BODY Control ensures enhanced comfort on any terrain. The models also feature state-of-the-art assistance systems that underscore the high safety standards at Mercedes-Benz. Off the beaten track The SUV campaign uses...

  • Page 27
    ... production vehicle in the world. The business sedan is the leader in terms of safety, efficiency and vehicle intelligence. The exterior of the new E-Class makes a stylish and powerful impression right from the start. The vehicle's doors can be opened using a smartphone as a key. The interior...

  • Page 28
    ..., Active Blind Spot Assist and PRE-SAFE® PLUS - as well as numerous groundbreaking innovations that are bringing autonomous driving within reach. DRIVE PILOT: a further technological step toward autonomous driving DRIVE PILOT automatically keeps the car at a proper distance behind other vehicles on...

  • Page 29
    DAIMLER | INNOVATIVE. DIGITAL. LEADING. 33 "Taken together, the pioneering assistance systems reduce driver stress immensely and offer unprecedented levels of safety and comfort. In addition, the intelligent E-Class heralds a new era of vehicle digitization and connectivity."

  • Page 30
    Further cost reductions of up to 4 % for fuel and AdBlue in Mercedes-Benz and Setra coaches. With the latest generation of the OM 471 engine, the Mercedes-Benz Actros is once again significantly extending its lead in terms of efficiency.

  • Page 31
    ...of 2015, the Actros began another round of Fuel Duels with the new-generation OM 471 engine. Fuel Duels: second round Further information: w fuelduel.com/ "The Mercedes-Benz Actros with the latest generation of the OM 471 engine is designed for efficiency like no other long-distance truck before...

  • Page 32
    ... use. In addition, a total of 11 assistance systems ensure a high level of safety with the help of state-of-theart radar, cameras and ultrasound sensors based on the Mercedes-Benz Intelligent Drive concept. The range of standard equipment in the Marco Polo is exemplary and includes ATTENTION ASSIST...

  • Page 33
    ...of tomorrow. Our fascinating vehicles, technologies and mobility concepts perfectly combine the wishes of our customers with the options offered ...planned as well. As a pioneer, we will continue to exploit our innovative capabilities and the potential offered by further digitization in order to help...

  • Page 34
    A lot achieved - more to come +15 % revenue growth to â,¬149.5 billion + 36 % increase in EBIT from ongoing business to â,¬13.8 billion â,¬ 3.25 proposed dividend 80 cents higher than in the prior year 123 g/km average CO2 emissions of cars in EU down by 6 g/km

  • Page 35

  • Page 36
    ... basis. Our numbers show that we have the potential to do that: 2.9 million customers decided in favor of a vehicle from the Daimler Group last year - an absolute record. And at 149.5 billion euros, our revenue was higher than ever before as well. EBIT from the ongoing business increased by 36...

  • Page 37
    ...China was the most important market for Mercedes-Benz. Our multitude of models is the key to this success. The main drivers of the sales growth were the C-Class, our SUVs and the compact cars. In addition, we achieved our profitability target of a ten-percent return on sales in 2015. Daimler Trucks...

  • Page 38
    ... product offensive at Mercedes-Benz enters the next phase. With the new E-Class, we have already had the year's most important premiere. The most intelligent business sedan sets new standards for interior design and autonomous driving. Another major feature of the year 2016 will be our "Dream Cars...

  • Page 39
    ... business, grow worldwide, lead in terms of technology, and push forward with the digitization of our products and services and along our entire value chain. For this purpose, we will significantly increase our budget for research and development and our capital expenditure in the next two years...

  • Page 40
    ... products and services and with pioneering innovations. In this way, we will create value - for our shareholders, our customers, our employees and society in general. To achieve that, we are pursuing a globally oriented technology and growth strategy. We reached some major milestones in the year...

  • Page 41
    ...OUR SHAREHOLDERS | THE BOARD OF MANAGEMENT 47 Hubertus Troska | 55 Greater China, Appointed until December 2020 Thomas Weber | 61 Group Research & Mercedes-Benz Cars Development, Appointed until December 2016 Wilfried Porth | 57 Human Resources and Director of Labor Relations, IT & Mercedes-Benz...

  • Page 42
    ... questions of corporate planning including finance, investment, sales and personnel planning, current developments at the companies of the Group, the development of revenue and the situation of the Company and the divisions. In addition, the Board of Management reported to the Supervisory Board...

  • Page 43
    ... of fundamental importance for the Group such as the macroeconomic situation of key sales markets, questions of corporate governance and changes in the legal framework, and new products and forward-looking technologies. In addition, the members representing the employees and the members representing...

  • Page 44
    ... of human rights and possibilities of making a positive contribution to the development of society in certain regions, as well as the Group's sustainability communication. During a two-day strategy workshop at the Mercedes-Benz plant in Sindelfingen in the fall of 2015, the Supervisory Board was...

  • Page 45
    ... of specialist departments used market stalls and exhibits to give the members of the Supervisory Board and the Board of Management direct insights into new products and technologies, such as "Industry 4.0," "Transport systems of the future from Mercedes-Benz Vans" and "Communication in the digital...

  • Page 46
    ... times last year. It dealt primarily with corporate governance topics and questions of remuneration, as well as with personnel matters of the Board of Management. As in previous years, compliance targets constituted part of the individual target agreements of the members of the Board of Management...

  • Page 47
    ... for Group Research & Mercedes-Benz Cars Development to Ola Källenius as of January 1, 2017. He will thus succeed to Professor Dr. Thomas Weber, who will step down from his position as a member of the Board of Management of Daimler AG after 14 years when his contract expires on December 31, 2016...

  • Page 48
    .... Manfred Bischoff Munich Chairman of the Supervisory Board of Daimler AG elected until 2016 Other supervisory board memberships/directorships: Airbus Group N.V. SMS Holding GmbH UniCredit S.p.A. Dr. Bernd Bohr Stuttgart Former Member of the Management Board of Robert Bosch GmbH elected until 2019...

  • Page 49
    ... Chairman of the Works Council at the Sindelfingen Plant; Deputy Chairman of the General Works Council of Daimler AG elected until 2018 Sindelfingen Director of the Press Shop, Sindelfingen Plant, Daimler AG; Chairman of the Management Representatives Committee, Daimler Group elected until 2018...

  • Page 50
    ...Daimler continued to implement its strategy of profitable growth at an accelerated pace in 2015. The most important factor in the Group's success is our extremely attractive and innovative range of products and services, which we expanded systematically during the year under review. We have further...

  • Page 51
    ... plant in Brazil Mercedes-Benz expands its global production network: A new passenger car manufacturing facility in Iracemápolis (near São Paulo) will begin building C-Class models in the first quarter of 2016; production of the compact GLA SUV will start in the middle of the year. New Metris van...

  • Page 52
    ... key milestone on the path to completely networked vehicles and value-added services for ï¬,eet operators and drivers. New bus plant in Colombia Daimler's wholly owned subsidiary in Colombia, Daimler Colombia S. A., opens a new bus plant in the city of Funza (near Bogotá) with a production capacity...

  • Page 53
    ...Argentina as well Local production of the new Vito in Argentina and the model's launch in that country's market is part of the "Mercedes-Benz Vans goes global" growth strategy, whose goals are to further increase the division's technology leadership, expand existing activities and utilize new growth...

  • Page 54
    ...roads. The testing of a self-driving truck on public roads in Germany is another milestone on the path to this technology's market maturity - and to safe and sustainable road freight transport in the future. Most successful motorsport year in Daimler's history MERCEDES AMG PETRONAS clinches both the...

  • Page 55
    ...As a result, share prices fell significantly in Europe and the United States in August. Given the importance of the Chinese market for vehicle manufacturers, automotive stocks were significantly impacted by the aforementioned developments. There were also further concerns at the time that economic...

  • Page 56
    ... in line with the Dow Jones STOXX Auto Index (+13%). When the dividend payout of â,¬2.45 per share is included, our shareholders saw the value of their investment rise by 16%. Stock exchanges started the year 2016 with falling prices worldwide. The main unsettling factors were concerns about China...

  • Page 57
    ... in Frankfurt and Stuttgart. A total volume of 1,188 million shares were traded in Germany in 2015 (2014: 957 million). Daimler shares are also increasingly being traded on multilateral trading platforms and in the over-the-counter market. Employee share purchase plan implemented once again Sta...

  • Page 58
    ...Annual Report 2014. Daimler was also named the best listed company in Germany in the "Investor's Darling" rankings of Manager Magazin, which took into account reporting, investor relations activities and capital market presence. Corporate website with new software platform and layout The broad range...

  • Page 59
    ... business. Mercedes-Benz Vans aims to achieve further profitable growth with the help of its "Mercedes-Benz Vans goes global" strategy. Daimler Buses will further strengthen its leading position in the segment for buses above eight metric tons gross vehicle weight. Daimler Financial Services plans...

  • Page 60
    ... strategy Strengthening our core business We are strengthening our core business with innovative first-class products, competitive structures, ï¬,exible processes and a customer-oriented organization. We are continuing the model offensive launched at Mercedes-Benz Cars in 2012 by developing...

  • Page 61
    ... on the product features that are especially important to customers: economy and safety. With the very successful V-Class multipurpose vehicle, the Marco Polo models and the Vito Tourer, Mercedes-Benz Vans is addressing additional target groups. New markets are to be developed with these models also...

  • Page 62
    ...Mercedes-Benz Vans goes global" strategy, Mercedes-Benz Vans also plans to grow in new markets. In order to meet the rising demand for our Sprinter in North America and to improve our cost position over the long term, a new production plant is being established in Charleston in the US state of South...

  • Page 63
    ... North America in cooperation with our strategic partner Zonar Systems. We are further developing FleetBoard in Europe, South Africa and Brazil, where the system is now included in half of all our new trucks. The Mercedes-Benz Vans and Daimler Buses divisions are also developing integrated transport...

  • Page 64
    ...new models, to modernize and realign our manufacturing facilities in Germany, to expand local production in growth markets and to enhance page 95 and restructure our sales organization. Research and development expenditure 2016 - 2017 In % Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler...

  • Page 65
    ... the year 2015. Unit sales, revenue and earnings were significantly higher than in the previous year. We inspired our customers with numerous new products and improved Daimler's market position. At the same time, we succeeded in putting pioneering innovations on the road, such as autonomous driving...

  • Page 66
    ... Management Report Corporate Profile Business model Portfolio changes and strategic partnerships Efficiency programs take full effect Performance measurement system Corporate governance statement 74 74 76 77 77 78 Sustainability Sustainability at Daimler Research and development Innovation...

  • Page 67
    ... most important markets for Mercedes-Benz Cars in 2015 were China with 20% of unit sales, the United States (18%), Germany (15%) and the other markets of Western Europe (24%). As the biggest globally active manufacturer of trucks above 6 metric tons gross vehicle weight, Daimler Trucks develops and...

  • Page 68
    ...license by our partner GAZ in Russia. The most important markets for vans at the moment are in Western Europe, which accounts for 65% of unit sales. As part of the "Mercedes-Benz Vans goes global" business strategy, we are also increasingly developing the growth markets of South America and Asia, as...

  • Page 69
    .... The investment is a key milestone along the way to completely connected vehicles and value-added services for truck ï¬,eet operators and drivers. DTNA and Zonar will work together to launch tailored applications for North American customers. Reorganization of the sales system Mercedes-Benz is...

  • Page 70
    ...Leadership Next Stage" follow-up program was launched at Mercedes-Benz Cars in 2015. We are also continuing the standardization and modularization of production processes throughout the Group, making intelligent use of vehicle platforms in order to generate additional cost benefits, for example. In...

  • Page 71
    ... B.04 Cost of capital 2015 In percent Group, after taxes Industrial business, before taxes Daimler Financial Services, before taxes 8 12 13 8 12 13 2014 E E Corporate governance statement The corporate governance statement to be issued pursuant to Section 289a of the German Commercial Code (HGB...

  • Page 72
    ... Chinese stock market in the middle of the year triggered considerable uncertainty in the global financial markets. B.05 Economic growth Gross domestic product, growth rates in % 6 5 4 3 2 1 0 -1 -2 Total Western Europe NAFTA Asia South America Eastern Europe 2014 2015 Source: IHS Global Insight...

  • Page 73
    ...the year 2000 with sales of approximately 17.5 million cars and light trucks. Demand in Western Europe also developed very positively. The market recovery that had started in 2014 became more dynamic and led to significant growth of about 9%. It must be emphasized that this market growth took place...

  • Page 74
    ... in China. In Western Europe, Mercedes-Benz sold a total of 678,200 vehicles, surpassing the prior-year number by 11%. Growth was particularly strong in Spain (+24%), the United Kingdom (+17%) and Italy (+16%). But also in Germany, we increased our unit sales by 4% to 259,200 vehicles. Unit sales in...

  • Page 75
    ... and India. The product portfolio of BharatBenz was expanded once again last year with the BharatBenz 3143, which is designed for use in mining and on construction sites. Our unit sales in Indonesia decreased significantly, but we increased our market share to 48.0% (2014: 47.4%). In total, we sold...

  • Page 76
    ... MANAGEMENT REPORT | ECONOMIC CONDITIONS AND BUSINESS DEVELOPMENT 83 Mercedes-Benz Vans once again achieved record unit sales in the year 2015, surpassing the prior-year figure by 9% with sales of 321,000 vehicles. Our Sprinter, Vito and Citan vans are targeted mainly at commercial customers...

  • Page 77
    ... new vehicle models. The divisions Mercedes-Benz Cars (+14%), Daimler Trucks (+16%) Mercedes- Benz Vans (+15%) and Daimler Financial Services (+19%) all increased their business volumes significantly. The factors behind this strong growth were the market success of our products, as well as exchange...

  • Page 78
    ..., which is in line with our expectations as stated in the Outlook section of Annual Report 2014.  B.12 B.12 EBIT by segment EBIT 2015 In millions of euros Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses Daimler Financial Services Reconciliation Daimler Group 7,926 2,576 880...

  • Page 79
    ... Mercedes-Benz Vans divisions signi ficantly increased their EBIT from the on going business in 2015 and thus met the forecasts made in Annual Report 2014. Daimler Buses also fulfilled our expectations with EBIT just under the prior-year level. The earnings of Daimler Financial Services developed...

  • Page 80
    ... on Sales In % 12 9 6 3 0 -3 -6 -9 Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses 2011 2012 2013 2014 2015 B.16 Return on Equity Daimler Financial Services In % 30 25 20 15 10 5 0 2011 2012 2013 2014 2015 B.17 Reconciliation of Group EBIT to profit before income taxes 2015 In...

  • Page 81
    ...18 Consolidated statement of income 2015 In millions of euros Revenue Cost of sales Gross profit Selling expenses General administrative expenses Research and non-capitalized development costs Other operating income Other operating expense Share of profit from equity-method investments, net Other...

  • Page 82
    ...reconciliation items. 1 Adjusted for tax effects on interest income/expense and amortization of capitalized borrowing costs. B.21 Value Added 2015 In millions of euros Daimler Group Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses Daimler Financial Services 5,675 5,881 1,619 703...

  • Page 83
    ... in the associated company RRPSH in 2014 also led to the increase in value added. Mercedes-Benz Vans' value added increased by â,¬0.2 billion to â,¬0.7 billion as a result of the significant improvement in EBIT reflecting the very positive development of unit sales, especially in Europe and in...

  • Page 84
    ... from operating and financial activities in a rolling plan. The resulting financial requirements are covered by the use of appropriate instruments for liquidity management (e.g. bank credits, commercial papers, notes); liquidity surpluses are invested in the money market or the capital market to...

  • Page 85
    .... Further information on the management of market-price Note 32 risk, credit-default and liquidity risk is provided in of the Notes to the Consolidated Financial Statements. E Cash ï¬,ows Cash used for/provided by operating activities  B.24 amounted to â,¬0.2 billion in 2015 (2014: cash...

  • Page 86
    ...in intangible assets and property, plant and equipment. Higher tax payments were another factor. B.25 Free cash ï¬,ow of the industrial business 2015 In millions of euros Cash provided by operating activities Cash used for investing activities Change in marketable debt securities Other adjustments1...

  • Page 87
    ... partially compensated by capital increases in financial services companies and led in total to an increase in net liquidity of â,¬0.5 billion. Net debt at Group level, which primarily results from the refinancing of the leasing and sales-financing business, increased compared with December 31...

  • Page 88
    ...2011 2012 2013 2014 2015 B.30 Investment in property, plant and equipment by division 2015 In millions of euros Daimler Group in % of revenue Mercedes-Benz Cars in % of revenue Daimler Trucks in % of revenue Mercedes-Benz Vans in % of revenue Daimler Buses in % of revenue Daimler Financial Services...

  • Page 89
    ...Total investment in property, plant and equipment at Daimler Trucks increased to â,¬1.1 billion. At the Mercedes-Benz Vans division, the focus of investment was on the next-generation Sprinter, the new midsize pickup and production preparations for the new Vito in Latin America. The main investments...

  • Page 90
    ... 97 Bank credit was another important source of re financing in 2015. Funds were provided not only by large, globally active banks, but increasingly also by a number of local banks. The lenders included supranational banks such as the European Investment Bank and the Brazilian Development Bank...

  • Page 91
    ... cost-reduction activities. The rather favorable market conditions (in aggregate) are regarded as another driver of the positive sales development. DBRS referred in particular to the sales successes of Mercedes-Benz Cars in China and Daimler Trucks in North America. The short-term credit ratings...

  • Page 92
    ... year, â,¬0.7 billion of goodwill. Mercedes-Benz Cars accounts for 73% (2014: 69%) and Daimler Trucks for 18% (2014: 22%) of the develoment costs. Capitalized development costs amounted to â,¬1.8 billion (2014: â,¬1.1 billion), and account for 27% of the Group's total research and development...

  • Page 93
    ... of new models and a larger number of model versions, as well as the expected positive development of unit sales. This resulted primarily at the Mercedes-Benz Cars and Daimler Trucks divisions in increased stocks of finished and unfinished goods in Germany and the United States. Trade receivables...

  • Page 94
    ... comprise deferred income, tax liabilities and deferred taxes. The increase mainly results from the increase in deferred income of â,¬1.7 billion, which resulted from a higher volume of service and maintenance contracts. Further information on the assets presented in the statement of financial...

  • Page 95
    ... parent company of the Daimler Group and is domiciled in Stuttgart. Its principal business activities comprise the development, production and distribution of cars, vans and trucks in Germany and the management of the activities of the Daimler Group. The vehicles are produced at the domestic plants...

  • Page 96
    ...fit in 2015. B.36 Condensed statement of income of Daimler AG 2015 In millions of euros Revenue Cost of sales (including R&D expenses) Selling expenses General administrative expenses Other operating income, net Operating profit Financial income Profit from ordinary activities Income tax expense...

  • Page 97
    ...relative size of Daimler AG within the Group, we refer to the statements in the "Outlook" chapter, which largely reï¬,ect our expectations also for the parent company. This includes the statements on unit sales and revenue. pages 152 ff For the year 2016, we plan for Daimler AG to achieve a net pro...

  • Page 98
    ... case in vehicle production. We therefore employ a consistent system of environmental management in order to minimize this impact. - As an employer, we have a responsibility to ensure fair and attractive working conditions for our more than 284,000 employees worldwide. - As a corporate citizen, we...

  • Page 99
    ...employees in research and development are key factors behind our vehicles' market success. At the end of 2015, Daimler employed 23,300 men and women at its research and development units (2014: 21,700). A total of 15,500 of those employees (2014: 14,000) worked at Group Research & Mercedes-Benz Cars...

  • Page 100
    ... revenue. Research in the reporting year focused on new vehicle models, extremely fuel-efficient and environmentally friendly drive systems, new safety technologies, autonomous driving systems and the digital networking of our products. The most important development projects at Mercedes-Benz Cars...

  • Page 101
    ... rely on innovative concepts and environmentally sound product development to help us achieve all of those goals simultaneously. Our innovations range from pioneering vehicle and drive-system technologies to intelligent lightweight engineering concepts, innovative comfort features and sophisticated...

  • Page 102
    ...MANAGEMENT REPORT | SUSTAINABILITY 109 Efficient cars and commercial vehicles with internal combustion engines Much of our research and development work focuses on making our cars and commercial vehicles with internal combustion engines even more efficient. This is largely made possible by engines...

  • Page 103
    ... a key component of our product strategy. An important chapter in the history of vehicle safety actually began 75 years ago when the engineer Béla Barényi joined the former Daimler-Benz AG. Mercedes-Benz has been shaping the development of safety systems ever since that time. Many of the company...

  • Page 104
    ... are shaping the image of America's road freight transport. In the form of the DISTRONIC proximity cruise control system installed in many of our Mercedes-Benz vehicles, the DRIVE PILOT can not only automatically maintain a proper distance to vehicles ahead but can also safely follow them at speeds...

  • Page 105
    ... just two vehicle generations. More than 68 Mercedes-Benz models emit less than 120 g CO2/km and more than 108 models have received A+ or A energy efficiency labels.  B.41 We plan to use innovative technologies for locally emission-free mobility, and in particular new hybrid models, in order to...

  • Page 106
    ...was the first manufacturer to switch its entire European product range to Euro VI before that new emissions standard went into effect in January 2014. Mercedes-Benz is achieving further efficiency gains with the latest generation of the Mercedes-Benz OM 471 heavyduty engine, whose fuel consumption...

  • Page 107
    ... other companies the chance to launch short-term development activities in this area. Mercedes-Benz has taken on a pioneering role here and has become the first automaker to commission not only development work on CO2 air conditioning systems and their components but also production orders. Despite...

  • Page 108
    ... divisions for the years 2014 and 2015. Since the end of 2015, this has also applied to the Group's own sales and service centers in Germany and the global logistics center in Germersheim, whose employees are now grouped under MercedesBenz Cars, Daimler Trucks, Mercedes-Benz Vans and Daimler Buses...

  • Page 109
    ... of companies that we manage together with Chinese partners; on December 31, 2015, they numbered approximately 19,000 people. Number of years at Daimler The average number of years our employees have worked for Daimler was close to the prior-year level at 16.0 years (2014: 16.1 years). In Germany...

  • Page 110
    ... and production work. A total of 50 additional trainee positions for refugees are also being offered at various Group locations in Germany in the coming years. For information on other assistance activities: page 119. E E Social responsibility Responsible business activity Our global presence...

  • Page 111
    ... on the subject of automotive technologies. genius-community.com Traffic safety As we move along the "road to accident-free driving," we are utilizing assistance systems to ease the burden on drivers and to protect and support them in dangerous situations. More importantly, we also seek to ensure...

  • Page 112
    ... ï¬,eet" of Mercedes-Benz vehicles. We also assist efforts to integrate refugees and support the individual campaigns of our employees. For example, our staff members donated more than â,¬300,000 to refugee assistance projects and we doubled that amount to â,¬601,332, which was then given to the...

  • Page 113
    ... was primarily due to the MercedesBenz Cars and Daimler Trucks divisions, but Mercedes Benz Vans and Daimler Financial Services also significantly increased their EBIT. At Mercedes-Benz Cars, the return on sales from the ongoing business for the first time reached the division's target of 10%, and...

  • Page 114
    ...than â,¬13 billion in property, plant and equipment, associated companies and joint ventures, research and development for new products, new technologies and digitization, and the expansion of our global production network. And even higher amounts are planned for the coming years. The high levels of...

  • Page 115
    ...of the members of the Board of Management as well as the longterm performance of the Group. The interests of all stakeholders, in particular those of the shareholders as the owners of the Company and those of the employees, are harmonized through the focus on the Group's long-term success. Practical...

  • Page 116
    ... Code in 2013. Effective January 1, 2014, the members of the Board of Management agreed to the inclusion of such limits in their current contracts of service. The maximum amounts of remuneration of the members of the Board of Management were set as of financial year 2015 at 1.9 times the target...

  • Page 117
    ... corporate value of integrity, as well as diversity and the maintenance and enhancement of a high level of employee satisfaction and product quality. Also in 2015, further qualitative targets were agreed upon with the individual members of the Board of Management with regard to the development and...

  • Page 118
    ... factor = final number of phantom shares, dividend entitlement in fourth year after expiry of fourth plan year final number of phantom shares x Daimler share price at end of plan = amount paid out Time of payment of Performance Phantom Share Plan 2015 in February of the year 2019 Development...

  • Page 119
    ... MANAGEMENT REPORT | REMUNERATION REPORT Reference parameters for Plan 2015: - 50% relates to the Group's return on sales in a three-year comparison with a group of competitors comprising all listed vehicle manufacturers with an automotive proportion of more than 70% by revenue and an investment...

  • Page 120
    ...B.53. B.52 Board of Management remuneration in 2015 Base salary Short and medium-term variable remuneration (annual bonus) Short-term Medium-term Long-term variable remuneration (PPSP) Number Value when granted (2015: at share price â,¬83.35) (2014: at share price â,¬66.83) Total In thousands of...

  • Page 121
    ... from a fixed percentage of the base salary and the total annual bonus for the respective financial year calculated as of the balance sheet date. This percentage is 15%. This calculation takes into consideration the targeted level of retirement provision for each Board of Management member - also...

  • Page 122
    ...in the notes to the annual company financial statements of Daimler AG and on our website. In general, Board of Management members have no right to separate remuneration for board positions held at other companies of the Group. Loans to members of the Board of Management In 2015, no advances or loans...

  • Page 123
    ... in 2016 for 2014 at the value for target achievement of 100%, B.55 Benefits granted Dr. Dieter Zetsche Chairman of the Board of Management, Head of Mercedes-Benz Cars Jan. 1 - Dec. 31, 2014 In thousands of euros Base salary Taxable non-cash benefits and other fringe benefits Total Annual variable...

  • Page 124
    ... in 2014 (service costs in 2014). The total of "benefits granted" for financial year 2015 is calculated from: - the base salary in 2015, - the taxable non-cash benefits and other fringe benefits in 2015, - the half of the annual bonus payable in 2016 for 2015 at the value for target achievement...

  • Page 125
    ... place in 2018, the year that PPSP 2014 is paid out. B.56 Payments made Dr. Dieter Zetsche Chairman of the Board of Management, Head of Mercedes-Benz Cars Jan. 1 - Dec. 31, Jan. 1 - Dec. 31, 2014 2015 In thousands of euros Base salary Taxable non-cash benefits and other fringe benefits Total Annual...

  • Page 126
    ...Thomas Weber Group Research & Mercedes-Benz Cars Development Jan. 1 - Dec. 31, Jan. 1 - Dec. 31, 2014 2015 758 121 879 652 544 3,194 - 83 65 61 41 - 4,640 333 5,852 781 127 908 890 664 - 2,725 - 129 66 45 39 4,558 419 5,885 7,270 Total remuneration 1 In 2014, Board of Management remuneration paid...

  • Page 127
    ... remuneration approved by the Annual Shareholders' Meeting in April 2014 and effective for the financial year beginning on January 1, 2014 specify that the members of the Supervisory Board receive, in addition to the refund of their expenses and the cost of any value-added tax incurred by them in...

  • Page 128
    ...of the employee share program may not be disposed of until the end of the following year. Eligible participants in the Performance Phantom Share Plans are obliged by the Plans' terms and conditions and by the Stock Ownership Guidelines to acquire Daimler shares with a part of their Plan income up to...

  • Page 129
    ... of shareholders' subscription rights, for, among other things, corporate mergers and acquisitions or else can be sold for cash to third parties at a price that is not significantly below the market price at the time of the sale. The shares can also be used to service debt on convertible bonds...

  • Page 130
    ... and supply of a small urban delivery van, the development, production and supply of pickups, the use of an existing architecture for compact cars, the joint development of components for a new architecture for compact cars, and the joint production of Infiniti and Mercedes-Benz compact vehicles in...

  • Page 131
    ... for recognizing and managing business risks and opportunities at an early stage. As part of the strategy process, risks related to the planned long-term development and opportunities for further profitable growth are identified and integrated into the decision-making process. In order to identify...

  • Page 132
    ...developed further and is an integral part of the accounting and financial reporting process in all relevant legal entities and corporate functions. The system includes principles and procedures as well as preventive and detective controls. Among other things, it is regularly checked, if - the Group...

  • Page 133
    140 B | COMBINED MANAGEMENT REPORT | RISK AND OPPORTUNITY REPORT In order to ensure the complete presentation and assessment of material risks and risks threatening the existence of the Group, as well as the control and risk processes with regard to the corporate accounting process, Daimler has ...

  • Page 134
    ...increase in investment activity, resulting from the targeted structural reforms and the expansive monetary and fiscal policies that have already been initiated. The Mercedes-Benz Cars and Daimler Trucks divisions could then benefit from this positive development. Due to China's enormous importance...

  • Page 135
    ... example when market expectations with regard to central bank activities in the United States or Europe are not fulfilled. Such developments could impact the worldwide investment climate and have a negative effect on the global economy. In addition, tensions resulting from exchange-rate volatility...

  • Page 136
    ... already planned do not have to be applied in full. Further risks and opportunities at Mercedes-Benz Cars and Daimler Trucks relate to the development of the used vehicle markets and thus to the residual values of the vehicles produced. As part of the established residual-value management process...

  • Page 137
    ... of increased refinancing costs due to changes in interest rates (interest-rate risk). An adjustment of credit conditions for customers in the leasing and sales-financing business due to higher refinancing costs could reduce the new business and contract volume of Daimler Financial Services, also...

  • Page 138
    ..., South Korea, India, Canada, Switzerland, Mexico, Saudi Arabia, Brazil and Australia. Daimler gives these targets due consideration in its product planning. The increasingly ambitious targets require significant proportions of plug-in hybrids or cars with other types of electric drive. The market...

  • Page 139
    ... both light-duty and heavyduty vehicles. The stricter limits planned for the years 2021 to 2027 will also affect Mercedes-Benz Vans. Daimler currently does not anticipate any additional risks from worldwide statutory safety regulations due to the Group's longstanding strong focus on vehicle safety...

  • Page 140
    ...volumes. In order to achieve a very high level of quality, which is one of the key factors for a customer's decision to buy a product of the Daimler Group, it is necessary to make investments in new products and technologies that sometimes exceed the originally planned scope. This cost overrun would...

  • Page 141
    ... with partners in associated companies, joint ventures and joint operations and other types of partnerships is of key importance for Daimler. Along with ensuring better access to growth markets and new technologies, equity interests and joint ventures help us exploit synergies and improve cost...

  • Page 142
    ... both market-price risks and opportunities are limited. In addition, the Group is exposed to credit and country-related risks. As part of the risk management process, Daimler regularly assesses these risks by considering changes in key economic indicators and market information. Pension plan assets...

  • Page 143
    150 B | COMBINED MANAGEMENT REPORT | RISK AND OPPORTUNITY REPORT ï¬,ows and profitability. In recent years, the limit methodology for exposures with financial institutions has been continually further developed in order to counteract the diminished creditworthiness of the banking sector since the ...

  • Page 144
    ... potential as well as challenges for the Daimler Group. By effectively and ï¬,exibly focusing the production program and sales activities on changing conditions, the divisions of the Daimler Group strive to secure or surpass their respective targets and plans. As far as it lays within the control...

  • Page 145
    ...recent business development. The statements made below are based on the information available to us in February 2016. Our assessments for the year 2016 are based on the assumption of generally stable economic conditions and the expectation that the upward trend of the global economy and of worldwide...

  • Page 146
    ... to be expected also in 2016. In the US market for cars and light trucks, only slight growth is to be expected after the all-time high in the reporting year. We anticipate slight market growth also for the market of Western Europe. While little growth is likely in the core markets of Germany and the...

  • Page 147
    ... 2017, a total of ten Mercedes-Benz plug-in hybrid models will be on the market. We expect significant growth in unit sales also from the smart brand in 2016. This will be assisted by the new smart fortwo convertible, which had its world premiere at last year's Frankfurt Motor Show. Delivery of the...

  • Page 148
    ... their products, and Daimler Financial Services' new business will profit from further growth in unit sales. We anticipate significant revenue growth at Mercedes-Benz Cars and Mercedes-Benz Vans and expect Daimler Trucks and Daimler Buses to post revenue in the magnitude of the previous year. We...

  • Page 149
    ... Trucks and Mercedes-Benz Vans divisions will account for this increase. In addition to capital expenditure, we are developing our position in the emerging markets by means of targeted financial investments in our holdings. That includes the expansion of our car production capacities in China...

  • Page 150
    ... statement on future development We have implemented our strategy with great determination in recent years, thus creating the basis for further growth: - We are very well positioned in our markets with innovative products and services. We are increasingly succeeding in addressing new target groups...

  • Page 151
    ... and further increased their profitability. We developed additional markets and market segments with numerous new vehicle models and innovative service offerings. At the same time, we pushed forward with the digitization of our business at all levels. In order to create the right conditions for...

  • Page 152
    ...Renewal and expansion of SUV range Numerous awards for Mercedes-Benz Foundation laid for further growth in China "Best Customer Experience" pushed forward with new sales formats - Expansion of global production network - Most successful motorsport year in Daimler's history - CO2 emissions reduced to...

  • Page 153
    ... expanded our global production network in the year under review, thereby creating the conditions necessary for future growth. C.01 Mercedes-Benz Cars 2015 â,¬ amounts in millions EBIT Revenue Return on sales (in %) Investment in property, plant and equipment Research and development expenditure...

  • Page 154
    ... Chinese market. Model offensive accelerated During the year under review, Mercedes-Benz Cars once again expanded its range of models within the framework of its "Mercedes-Benz 2020" growth strategy. The most wide-ranging product portfolio in our history enabled us to attract new customer groups and...

  • Page 155
    ... driving experience and the ability to serve as a driving force in the high-performance segment. The AMG sports-car brand enhances the fascination of Mercedes-Benz. The brand's dynamic vehicles especially attract young and sporty customers to the brand with the three-pointed star. AMG models...

  • Page 156
    ... a completely open roof. The smart convertible - the most exclusive way to drive a smart The new smart fortwo and forfour models, deliveries of which started in Europe in late 2014, were also launched in China, the United States and Japan in the reporting year. Total sales of smart-brand vehicles...

  • Page 157
    ... approximately 500 dealerships nationwide. With the start of compact-vehicle production in the form of the GLA, the plant in Beijing has become the only Mercedes-Benz facility in the world to manufacture both front and rear-drive car models, as well as engines, at one site. In October 2015, we began...

  • Page 158
    ... at traditional Mercedes-Benz showrooms. The centerpiece mercedes.me. of Best Customer Experience is Mercedes me This platform is also the name of a new chain of stores Mercedes-Benz has opened in inner-city locations. A total of five Mercedes me Stores have opened around the world since 2014. New...

  • Page 159
    ...we tested the first autonomously driving series-production truck on public roads in Germany. With our successful products and supported by positive market developments in the NAFTA region and Europe, we further increased our unit sales to more than 500,000 vehicles, setting a major milestone in our...

  • Page 160
    ...DT12) for the North American market. In Western Europe, we increased our sales by 13% to 64,800 units. Unit sales became more dynamic as the year progressed. Our Mercedes-Benz brand maintained its market lead in the medium-duty and heavy-duty segments with a share of 22.5% (2014: 24.4%). As a result...

  • Page 161
    ... truck market (2014: 20.1%). In India, we increased deliveries by 36%, selling a total of 14,000 trucks. Our new BharatBenz vehicles allowed us to increase our market share of the upper medium- and heavy-duty segments to 7.3% (2014: 6.2%). The BharatBenz product range was expanded further last year...

  • Page 162
    ... demonstrated in 2015 how intelligent technologies can be rolled out for several brands and multiple markets in a very short period of time. The autonomously driving vehicles from Daimler Trucks are based on the series-production trucks used in the respective markets. These trucks are equipped...

  • Page 163
    ...-duty distribution transport each day. The electrically powered light trucks are locally emission-free and nearly silent, making them well-suited for short-distance distribution transport in inner cities. Daimler Trucks studies and series vehicles win awards Daimler Trucks North America received the...

  • Page 164
    ... Mercedes-Benz Vans' products remained successful also in 2015. Our Sprinter, Vito and Citan vans are targeted mainly at commercial customers while the V-Class is designed primarily for private use. Unit sales in Western Europe, our most important market, rose by 10% to 208,500 vans in the year...

  • Page 165
    ...-term cost position and meet the demand for the Sprinter in North America, which has been rising for several years now, we will build a new Mercedes-Benz Vans production plant in Charleston, in the US federal state of South Carolina. The facility will enable us to supply customers in North America...

  • Page 166
    ... offer solid sales potential. The initial target markets for the new model will be Latin America, South Africa, Australia and Europe. Awards for the Mercedes-Benz Sprinter and Vito Mercedes-Benz Vans gained a double victory in the competition "CEP Van of the Year 2015." The vehicles were assessed...

  • Page 167
    ...set the lower unit sales in Latin America, resulting in a slight increase in EBIT to â,¬214 million (2014: â,¬197 million). Varied business development in core regions In Western Europe, the Daimler Buses brands Mercedes-Benz and Setra offer not only a complete range of city buses, intercity buses...

  • Page 168
    C | THE DIVISIONS | DAIMLER BUSES 175 The Mercedes-Benz Citaro NGT (Natural Gas Technology) city bus convinces with its quiet operation and reduced CO2 emissions. The TopClass 500 from the Setra brand offers a new travel feeling combining the highest levels of luxury and functionality.

  • Page 169
    ...VI diesel engines - with low additional costs for customers. New bus plants facilitate entry into growth markets In autumn 2015, series production operations were launched at the Chennai bus plant in India, which opened in mid-2015. The new facility gives Daimler Buses the opportunity to profit from...

  • Page 170
    ... the year under review, Daimler Financial Services concluded 766,399 new financing and leasing contracts worth â,¬24.6 billion (+14%) in the Europe region. Particularly high rates of growth were recorded in Spain (+43%) and Italy (+30%). In Germany, Mercedes-Benz Bank's new business increased by...

  • Page 171
    ... services expanded further Daimler Financial Services offers a broad range of innovative mobility solutions. During the year under review, the division also further expanded its services in this area. The number of customers using the car2go car-sharing system increased to 1.2 million in 2015...

  • Page 172
    ...to further increase the share of business they conduct with Mercedes-Benz Financial Services USA due to the exceptional customer focus of the company's sales staff. During the year under review, Mercedes-Benz Financial Services was once again named the most popular partner for auto dealerships also...

  • Page 173
    We act responsibly and sustainably The Board of Management and the Supervisory Board of Daimler are committed to the principles of good corporate governance. All of our actions take place within the framework of responsible, transparent and sustainable corporate governance.

  • Page 174
    ...Board - Germany's law on the equal participation of women and men in executive positions - Shareholders and the Annual Shareholders' Meeting - Shares and Share Transactions by Board of Management and Supervisory Board members - Risk management and financial reporting - Corporate governance statement...

  • Page 175
    ... the next day (February 5, 2015). In another meeting held on February 13, 2015, the Audit Committee dealt with the annual company financial statements, the annual consolidated financial statements and the combined management report for Daimler AG and the Daimler Group for the year 2014, which had...

  • Page 176
    ... for the 2015 Annual Shareholders' Meeting and the annual audit plan for 2015 of the Corporate Auditing department. In the meetings during 2015 relating to the quarterly results, the Audit Committee discussed the interim financial reports before their publication with the Board of Management and...

  • Page 177
    ... departments issues related to residual-value management and associated accounting processes. In the meeting held on July 22, 2015, the Audit Committee received the annual report from the Group's Data Protection Officer and was informed about the main topics and current developments in the field of...

  • Page 178
    ... center In March 2015, we launched the "Infopoint Integrity" for the employees at our locations in Germany. The team offers advice on integrity-related issues in the daily work environment and puts employees in touch with the right contact partner if necessary. Communicating with employees By means...

  • Page 179
    ... and compliance in line with the specific risks they face. We reserve the right to terminate our cooperation with business partners who fail to conform to our standards. For the expectations we place on our business daimler.com/sus/obr. partners, see also w Sharing experience of compliance in...

  • Page 180
    ... version of the German Corporate Governance Code, dated May 5, 2015, since the determination of such a limit with a Supervisory Board resolution dated December 9, 2015. Stuttgart, December 2015 For the Supervisory Board Dr. Manfred Bischoff Chairman For the Board of Management Dr. Dieter Zetsche...

  • Page 181
    ... within the company as well as conduct toward customers and business partners. Fairness, responsibility and compliance with legislation are key principles in this context. The Integrity Code is based on a shared understanding of values, which was developed together with the Daimler employees. In...

  • Page 182
    ... strategy, corporate planning, profitability, business development and the situation of the Group, as well as on the internal control system, the risk management system and compliance. The Supervisory Board has specified the information and reporting duties of the Board of Management. Expectations...

  • Page 183
    ...elected by the Company's employees who work in Germany. The members representing the shareholders and the members representing the employees are equally obliged by law to act in the Company's best interests. Information on the individual members of the Supervisory daimler.com/dai/ Board is available...

  • Page 184
    ... monitors and advises the Board of Management with regard to its management of the Company. At regular intervals, the Board of Management reports to the Supervisory Board on corporate strategy, corporate planning, profitability, business development and the situation of the Group, as well as on the...

  • Page 185
    ... the limits of its responsibilities. The Supervisory Board reviews the annual company financial statements, the annual consolidated financial statements and the combined management report of the Company and the Group, as well as the proposal for the appropriation of distributable profits. Following...

  • Page 186
    ... the Board of Management the interim reports on the first quarter, first half and first nine months of the year before they are published. On the basis of the report of the external auditors, the Audit Committee reviews the annual company financial statements and the annual consolidated financial...

  • Page 187
    ... in its business. In addition to other methods of communication, we also make extensive use of the Company's website. All of the important information disclosed in 2015, including annual and interim reports, press releases, voting rights notifications from major shareholders, presentations, and...

  • Page 188
    ... the Annual Shareholders' Meeting. Risk management and financial reporting Risk management at the Group pages 138 ff Daimler has a risk management system commensurate with its size and position as a company with global operations. The risk management system is one component of the overall planning...

  • Page 189
    ... Consolidated Financial Statements presented as follows have been prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). They also comply with additional requirements set forth in Section 315a (1) of the German Commercial Code (HGB...

  • Page 190
    ... Revenue Functional costs Other operating income and expense Other financial income/expense, net Interest income and interest expense Income Taxes Intangible assets Property, plant and equipment Equipment on operating leases Equity-method investments Receivables from financial services Marketable...

  • Page 191
    ... 2015 2014 Daimler Financial Services (unaudited additional information) 2015 2014 Note In millions of euros Revenue Cost of sales Gross profit Selling expenses General administrative expenses Research and non-capitalized development costs Other operating income Other operating expense Profit/loss...

  • Page 192
    ... Statement of Comprehensive Income/Loss1 E.02 Daimler Shareholders Group of Daimler AG 2015 In millions of euros Net profit Unrealized gains/losses from currency translation adjustments Unrealized gains/losses from financial assets available-for-sale Unrealized gains/losses (pre-tax) Taxes...

  • Page 193
    ..., 2014 2015 At December 31, 2014 2015 Note In millions of euros Assets Intangible assets Property, plant and equipment Equipment on operating leases Equity-method investments Receivables from financial services Marketable debt securities Other financial assets Deferred tax assets Other assets Total...

  • Page 194
    ... Financial Services (unaudited additional information) 2015 2014 2015 In millions of euros Profit before income taxes Depreciation and amortization/impairments Other non-cash expense and income Gains (-)/losses (+) on disposals of assets Change in operating assets and liabilities Inventories Trade...

  • Page 195
    ... IN EQUITY Consolidated Statement of Changes in Equity1 E.05 Share capital In millions of euros Balance at January 1, 2014 Net profit Other comprehensive income/loss before taxes Deferred taxes on other comprehensive income Total comprehensive income/loss Dividends Capital increase/Issue of new...

  • Page 196
    ... reserves items that may be reclassified in profit/loss Share of investments Derivative accounted for financial using the equity instruments method Equity attributable to Treasury shareholders share of Daimler AG Noncontrolling interests Total equity In millions of euros 853 - -2,685 800 -1,885...

  • Page 197
    ... mandatory for reporting periods beginning on or after January 1, 2018. Early adoption is permitted. Investigation of the effects on the consolidated financial statements of adopting IFRS 9 has not yet been completed. In May 2014, the IASB published IFRS 15 Revenue from Contracts with Customers. It...

  • Page 198
    ... of income is presented using the cost-of-sales method. The Group's consolidated financial statements are significantly inï¬,uenced by the activities of its financial services business. To enhance readers' understanding of the Group's profitability, liquidity and capital resources and financial...

  • Page 199
    ... business results from operating leases and is recognized on a straight-line basis over the periods of the contracts. In addition, sales revenue is generated at the end of lease contracts from the subsequent sale of the vehicles. Revenue from receivables from financial services is recognized using...

  • Page 200
    ... such as when vehicles are sold with free or reduced-in-price maintenance programs or with free online services, the Group allocates revenue to the various elements based on their estimated fair values. Research and non-capitalized development costs Expenditure for research and development that does...

  • Page 201
    ...the expected product life cycle (a maximum of ten years). Amortization of capitalized development costs is an element of manufacturing costs and is allocated to those vehicles and components by which they were generated and is included in cost of sales when the inventory (vehicles) is sold. Goodwill...

  • Page 202
    ... Group sells and guarantees to buy back or guarantees a residual value. These vehicles are capitalized at (depreciated) cost of production under leased equipment in the industrial business and are depreciated over the contract term on a straight-line basis with consideration of the expected residual...

  • Page 203
    ...the capital asset pricing model (CAPM) taking into account current market expectations. In calculating the risk-adjusted interest rate for impairment test purposes, specific peer group information for beta factors, capital structure data and cost of debt are used. Periods not covered by the forecast...

  • Page 204
    ...the host contract, which are not classified as hedging instruments in hedge accounting, as well as shares and marketable debt securities acquired for the purpose of selling in the near term are classified as held for trading. Gains or losses on these financial assets are recognized in profit or loss...

  • Page 205
    ... recognized in profit or loss. In most cases, an impairment loss on loans and receivables (e.g. receivables from financial services including finance lease receivables and trade receivables) is recorded using allowance accounts. The decision to account for credit risks using an allowance account or...

  • Page 206
    ... value through profit or loss. Pensions and similar obligations The measurement of defined benefit plans for pensions and other post-employment benefit obligations (medical care) in accordance with IAS 19 Employee Benefits is based on the projected unit credit method. Plan assets invested to cover...

  • Page 207
    ... on the market values of the vehicles assigned as collateral. Changes to the estimation and assessment of these factors inï¬,uence the allowance for credit losses with a resulting impact on the Group's net profit. See also Notes 14 and 32 for further information. Product warranties The recognition...

  • Page 208
    ... totals of the subsidiaries, associated companies, joint ventures and joint operations accounted for at amortized cost whose business is non-active or of low volume and which are not material for the Group and the fair presentation of its profitability, liquidity and capital resources and financial...

  • Page 209
    ... THBV is accounted for in the consolidated financial statements of Daimler AG as an associated company using the equity method, and is allocated to the Mercedes-Benz Cars segment. Disposals in 2014 In March 2014, the Board of Management and the Supervisory Board of Daimler AG decided to sell the 50...

  • Page 210
    ...sale are not presented separately in the consolidated statement of financial position. Measurement at fair value less cost to sell led to an impairment of property, plant and equipment in 2014 in an amount of â,¬93 million. Daimler already sold parts of the disposal group in 2015. In 2016, the Group...

  • Page 211
    ...marketing are included in the respective divisions since 2014. Since the end of 2015, this also applies to the Group's own sales and service centers in Germany and the global logistics center in Germersheim, whose employees are now grouped under Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans...

  • Page 212
    ... and interest expense 2015 In millions of euros Interest income 2014 9. Income Taxes Profit before income taxes is comprised as shown in table  E.18. Profit before income taxes in Germany includes profit/loss from equity-method investments if the equity interests in those companies are held by...

  • Page 213
    ... before offset At December 31, 2014 2015 In millions of euros Intangible assets Property, plant and equipment Equipment on operating leases Inventories Receivables from financial services Other financial assets Tax loss carryforwards and unused tax credits Provisions for pensions and similar...

  • Page 214
    ... FINANCIAL STATEMENTS 221 At December 31, 2015, the valuation allowance on deferred tax assets relates, among other things, to corporate income tax loss carryforwards (â,¬590 million), tax loss carryforwards in connection with capital losses (â,¬19 million) and tax credits (â,¬27 million...

  • Page 215
    ... distribution rights of Mercedes-Benz Cars with indefinite useful lives. The Group plans to continue to use these assets unchanged. Table  E.27 shows the line items of the consolidated statement of income in which total amortization expense for intangible assets is included. At December 31, 2015...

  • Page 216
    ... assets in the consolidated statement of income 2015 In millions of euros Cost of sales Selling expenses General administrative expenses Research and non-capitalized development costs Other operating expense 1,434 73 44 35 4 1,590 1,344 92 41 30 - 1,507 2014 E.28 Property, plant and equipment Land...

  • Page 217
    224 E | CONSOLIDATED FINANCIAL STATEMENTS | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS E.29 Equipment on operating leases In millions of euros Acquisition or manufacturing costs Balance at January 1, 2014 Additions due to business acquisitions Other additions Reclassifications Disposals Other ...

  • Page 218
    ...presents key figures on interests in associated companies accounted for using the equity method in the Group's consolidated financial statements. E.31 Summarized carrying amounts and profits/losses from equity-method investments Associated companies In millions of euros At December 31, 2015 Equity...

  • Page 219
    ...) is the passenger car division of BAIC Group, one of the leading automotive companies in China. Directly or via subsidiaries, BAIC Motor is engaged in the business of researching, developing, manufacturing, selling, marketing and servicing of automotive vehicles and related parts and components and...

  • Page 220
    ... associated companies accounted for using the equity method BBAC1 2014 BAIC Motor2 2014 THBV3 (HERE) 2014 2015 Kamaz4 2014 2015 In millions of euros Information on the statement of income Revenue Profit/loss from continuing operations after taxes Profit/loss from discontinued operations after taxes...

  • Page 221
    ...equity-method investments Associated companies 2014 2015 In millions of euros Summarized aggregated financial information (pro rata) Profit/loss from continuing operations after taxes Profit/loss from discontinued operations after taxes Other comprehensive income/loss Total comprehensive income/loss...

  • Page 222
    ... cash provided by/used for operating activities in the consolidated statement of cash ï¬,ows. E.35 Receivables from financial services At December 31, 2015 Non-current Total At December 31, 2014 Non-current Total Current In millions of euros Sales financing with customers Sales financing with...

  • Page 223
    ... business, Daimler Financial Services sold non-automotive assets that were subject to finance lease contracts in 2015. This resulted in a cash inï¬,ow of â,¬73 million (2014: â,¬69 million). In 2015, the sale of these assets had no signi ficant impact on the consolidated statement of income...

  • Page 224
    ... expected to be recovered or settled after more than twelve months amounted to â,¬930 million at December 31, 2015 (2014: â,¬977 million) and are primarily spare parts. Based on the requirement to provide collateral for certain vested employee benefits in Germany, the value of company cars included...

  • Page 225
    ...grouped and subject to collective impairment allowances to cover credit losses. Further information on financial risk and types of risk is provided in Note 32. 20. Equity See also the consolidated statement of changes in equity  E.05. E.42 Trade receivables At December 31, 2014 2015 In millions...

  • Page 226
    ...purposes. The shares can be used, amongst other things excluding shareholders' subscription rights, for business combinations or to acquire companies or to be sold to third parties for cash at a price that is not significantly lower than the stock-exchange price of the Company's shares. The acquired...

  • Page 227
    ... profit reported in the annual financial statements of Daimler AG (parent company only) in accordance with the German Commercial Code (HGB). For the year ended December 31, 2015 , the Daimler management will propose to the shareholders at the Annual Shareholders' Meeting to pay out â,¬3,477 million...

  • Page 228
    ... is limited to 2.5 times the Daimler share price at the date of grant. For the plans granted as of the beginning of 2012, the payout for the members of the Board of Management is also limited to 2.5 times the allotment value used to determine the preliminary number of phantom shares. The limitation...

  • Page 229
    ...death. The Group's main German and non-German pension plans are described below. E.47 Development of the stock options issued 2015 Average exercise price in euros per share - - - - - 2014 Average exercise price in euros per share 43.57 43.57 43.57 - - Number of stock options in millions Balance at...

  • Page 230
    ... and credited to the individual pension account with the application of fixed factors related to each employee's age. The conversion factors include a fixed value increase. The pension plans were newly structured for new entrants in 2011 to reduce the risks associated with defined benefit plans. New...

  • Page 231
    ...Group's pension plan assets is shown in table  E.50. E.49 Present value of defined benefit pension obligations and fair value of plan assets 2015 Non-German Plans 2014 Non-German Plans Total In millions of euros Present value of the defined benefit obligation at January 1 Current service cost...

  • Page 232
    ... plans use dedicated liability driven investment approaches to take the structure of pension obligations into account in the investment process. E.50 Composition of plan assets At December 31, 2015 German Non-German Plans Plans At December 31, 2014 German Non-German Plans Plans Total In millions...

  • Page 233
    ... quarter of a financial year. In addition, the Group expects to make pension benefit payments of â,¬0.9 billion in 2016. The weighted average duration of the defined benefit obligations is shown in table  E.55. E.51 Pension cost 2015 Non-German Plans 2014 Non-German Plans Total In millions...

  • Page 234
    ... CONSOLIDATED FINANCIAL STATEMENTS 241 E.52 Net periodic pension cost within the consolidated statement of income 2015 In millions of euros Cost of sales Selling expenses General administrative expenses Research and non-capitalized development costs Other operating expense Interest income Interest...

  • Page 235
    ... In 2015, the total cost from defined contribution plans amounted to â,¬1.5 billion (2014: â,¬1.4 billion). Of those payments â,¬1.4 billion (2014: â,¬1.3 billion) was related to governmental pension plans. E.56 Key data for other post-employment benefits 2015 In millions of euros Present value of...

  • Page 236
    ... for non-current product warranties is principally expected within a period until 2018. Personnel and social costs Provisions for personnel and social costs primarily comprise expected expenses of the Group for employee anniversary bonuses, profit sharing arrangements and management bonuses as well...

  • Page 237
    ...E.58 Financing liabilities At December 31, 2015 Non-current Total At December 31, 2014 Non-current Total Current In millions of euros Notes/bonds Commercial paper Liabilities to financial institutions Deposits in the direct banking business Liabilities from ABS transactions Liabilities from finance...

  • Page 238
    ... Total Current In millions of euros Deferral of revenue from multi-year service and maintenance agreements Deferral of sales revenue received from sales with residual-value guarantees Deferral of advance rental payments received from operating lease arrangements Other deferred income Current...

  • Page 239
    ... by/used for operating activities. The line item other non-cash expense and income within the reconciliation of profit before income taxes to cash provided by/used for operating activities in the reporting year primarily comprises the Group's share in the profit/loss of companies accounted for using...

  • Page 240
    ... vehicle safety, emissions, fuel economy, financial services, dealer, supplier and other contractual relationships, intellectual property rights, product warranties, environmental matters, antitrust matters and shareholder matters. Legal proceedings relating to products deal with claims on account...

  • Page 241
    ... agreement in order to jointly develop, install and operate under a contract with the Federal Republic of Germany (operating agreement) a system for the electronic collection of tolls for all commercial vehicles over 12 tons gross vehicle weight using German highways. Daimler Financial Services AG...

  • Page 242
    ...  E.66. In connection with its production programs and the ongoing expansion of its business activities, Daimler has signed additional agreements with suppliers in 2015 to purchase various volumes of parts and components over extended periods. The Group also has entered into further arrangements...

  • Page 243
    ... the prices that may actually be achieved on the market. The fair values of financial instruments were calculated on the basis of market information available on the balance sheet date. The following methods and premises were used: Receivables from financial services The fair values of receivables...

  • Page 244
    ...-sale financial assets Other financial assets Available-for-sale financial assets thereof equity instruments measured at fair value thereof equity instruments measured at cost Financial assets recognized at fair value through profit or loss Derivative financial instruments used in hedge accounting...

  • Page 245
    ... | NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other financial liabilities Financial liabilities recognized at fair value through profit or loss comprise derivative financial instruments not used in hedge accounting. For information regarding these financial instruments as well as derivative...

  • Page 246
    ... millions of euros Financial assets measured at fair value Financial assets available for sale thereof equity instruments measured at fair value thereof marketable debt securities Financial assets measured at fair value through profit or loss Derivative financial instruments used in hedge accounting...

  • Page 247
    ... at fair value Level 11 At December 31, 2015 Level 22 Level 33 Level 11 At December 31, 2014 Level 22 Level 33 Total In millions of euros Fair values of financial assets measured at cost Receivables from financial services Fair values of financial liabilities measured at cost Financing liabilities...

  • Page 248
    ... 39 measurement category. E.74 Net gains/losses 2015 In millions of euros Financial assets and liabilities recognized at fair value through profit or loss1 Available-for-sale financial assets Loans and receivables Financial liabilities measured at (amortized) cost 2014 197 130 -313 103 -578 235...

  • Page 249
    ... pre-tax gains/losses from equity to the statement of income 2015 In millions of euros Revenue Cost of sales Interest income Interest expense -2,755 -99 - -3 -2,857 340 -90 - -2 248 2014 Net profit for 2015 includes net losses (before income taxes) of â,¬9 million (2014: â,¬17 million) attributable...

  • Page 250
    ... finance market risk. E.80 Nominal values of derivative financial instruments At December 31, 2015 Maturity Maturity ≤ 1 year > 1 year At December 31, 2014 Nominal values Nominal values In millions of euros Hedging of currency risks from receivables/liabilities Forward exchange contracts Cross...

  • Page 251
    ... the current business development, the Group also temporarily holds high levels of liquidity in emerging markets. At the same time, the Group has increased the number of financial institutions with which investments are made. In connection with investment decisions, priority is placed E.81 Maximum...

  • Page 252
    ... Group's consolidated financial statements. Overdue lease payments from operating lease contracts are recognized in trade receivables. In addition, the Daimler Financial Services segment is exposed to credit risk from irrevocable loan commitments to retailers and end customers. At December 31, 2015...

  • Page 253
    ... 2015, Daimler had very good access to the money and capital markets. Bank credit lines are also used to cover financing requirements. These credit lines include a syndicated â,¬9.0 billion credit facility of Daimler AG with five year tenor and two extension options of one year each which was signed...

  • Page 254
    ... plan assets (see Note 22), as well as from the purchase of the digital map business HERE, which took place in December 2015. From an operating point of view, the management of the Group's liquidity exposures is centralized by a daily cash pooling process. This process enables Daimler to manage...

  • Page 255
    .... As part of its risk management system, Daimler employs value at risk. In performing these analyses, Daimler quantifies its market risk exposure to changes in foreign currency exchange rates and interest rates on a regular basis by predicting the potential loss over a target time horizon (holding...

  • Page 256
    ... pounds in calendar year 2016 of 29%. The hedged position of the operating vehicle businesses is inï¬,uenced by the amount of derivative currency contracts held. The derivative financial instruments used to cover foreign currency exposure are primarily forward foreign exchange contracts and currency...

  • Page 257
    ... are accounted for using the equity method, such as BAIC Motor or Kamaz. Therefore, the Group does not include these investments in a market risk assessment. E.83 Value at risk for exchange rate risk, interest rate risk and commodity price risk 2015 Average 2014 Average Period-end In millions of...

  • Page 258
    ... of the Group are Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services. The segments are largely organized and managed separately according to nature of products and services provided, brands, distribution channels and profile of customers. The vehicle...

  • Page 259
    ...physical location of these assets. Table  E.84 presents segment information as of and for the years ended December 31, 2015 and 2014. E.84 Segment information MercedesBenz Cars In millions of euros 2015 External revenue Intersegment revenue Total revenue Segment profit (EBIT) thereof profit/loss...

  • Page 260
    ... Services The interest income and interest expenses of Daimler Financial Services are included in revenue and cost of sales, and are presented in Notes 4 and 5. MercedesBenz Cars In millions of euros 2014 External revenue Intersegment revenue Total revenue Segment profit (EBIT) thereof profit/loss...

  • Page 261
    ... cost of sales. 3 Mainly comprises the carrying amount of the investment in BAIC Motor. 4 Industrial business. E.86 Revenue and non-current assets by region Revenue 2014 Non-current assets 2014 2015 In millions of euros Western Europe thereof Germany NAFTA thereof United States Asia thereof China...

  • Page 262
    ...â,¬8,424 million (2014: â,¬6,962 million). The weighted average number of shares outstanding (basic and diluted) amounts to 1,069.8 million (2014: 1,069.8 million). E.87 Average net assets 2015 In millions of euros Mercedes-Benz Cars Daimler Trucks Mercedes-Benz Vans Daimler Buses Daimler Financial...

  • Page 263
    ... services relating to marketing, sales and distribution in the Chinese market. Note 13 provides details of the business operations of the significant associated companies and joint ventures, as well as significant transactions in the years 2015 and 2014. Contributions to plan assets In 2015 and 2014...

  • Page 264
    ... rights granted and not yet due under the Performance Phantom Share Plans (PPSP). In 2015, the active members of the Board of Management were granted 147,170 (2014: 153,912) phantom shares in connection with the PPSP; the fair value of these phantom shares at the grant date was â,¬12.3 million (2014...

  • Page 265
    ...connected with the annual financial statements and performed in the context of the introduction and further development of IT systems (2015: â,¬6 million; 2014: â,¬5 million). 39. Additional information German Corporate Governance Code The Board of Management and the Supervisory Board of Daimler AG...

  • Page 266
    ... FINANCIAL STATEMENTS 273 E.92 Statement of investments of Daimler AG Name of the Company Domicile, Country Capital share in %1 Equity in millions of â,¬ Net income Footnote (loss) in millions of â,¬ I. Consolidated subsidiaries Auto Testing Company, Inc. AutoGravity Corporation Banco Mercedes...

  • Page 267
    ... 15 15 5, 6, 15 5, 6 5, 6 15 5, 6 5, 6 5, 6 15 Daimler Nederland B.V. Daimler North America Corporation Daimler North America Finance Corporation Daimler Northeast Asia Parts Trading and Services Co., Ltd. Daimler Parts Brand GmbH Daimler Re Brokers GmbH Daimler Re Insurance S.A. Luxembourg Daimler...

  • Page 268
    ...Trust 2013-1 Mercedes-Benz Auto Receivables Trust 2014-1 Mercedes-Benz Auto Receivables Trust 2015-1 Mercedes-Benz Bank AG Mercedes-Benz Bank GmbH Mercedes-Benz Bank Polska S.A. Mercedes-Benz Bank Rus OOO Mercedes-Benz Bank Service Center GmbH Mercedes-Benz Banking Service GmbH Mercedes-Benz Belgium...

  • Page 269
    ... AG Mercedes-Benz Financial Services Singapore Ltd. Mercedes-Benz Financial Services Slovakia s.r.o. Mercedes-Benz Financial Services South Africa (Pty) Ltd Mercedes-Benz Financial Services Taiwan Ltd. Mercedes-Benz Financial Services UK Limited Mercedes-Benz Financial Services USA LLC Mercedes-Benz...

  • Page 270
    ...Benz Research & Development North America, Inc. Mercedes-Benz Retail Group UK Limited Mercedes-Benz Retail, S.A. Mercedes-Benz Risk Solutions South Africa (Pty.) Ltd. Mercedes-Benz Roma S.p.A. Mercedes-Benz Romania S.R.L. Mercedes-Benz Russia AO Mercedes-Benz Schweiz AG Mercedes-Benz Service Leasing...

  • Page 271
    ...Fuso Truck and Bus Corporation MITSUBISHI FUSO TRUCK EUROPE - Sociedade Europeia de Automóveis, S.A. Mitsubishi Fuso Truck of America, Inc. moovel GmbH moovel Group GmbH Multistate LIHTC Holdings III Limited Partnership MVSA COMPANY, INC. myTaxi Iberia SL N.V. Mercedes-Benz Aalst N.V. Mercedes-Benz...

  • Page 272
    ... GmbH Mercedes-Benz GastroService GmbH Mercedes-Benz Group Services Philippines, Inc. Mercedes-Benz Hungária Kft. Mercedes-Benz Museum GmbH Mercedes-Benz Parts Manufacturing & Services Ltd. Mercedes-Benz Project Consult GmbH Mercedes-Benz Research and Development India Private Limited Mercedes-Benz...

  • Page 273
    ... Mercedes-Benz Sales Service Co., Ltd. COBUS Industries GmbH Cooperation Manufacturing Plant Aguascalientes, S.A.P.I de C.V. Esslinger Wohnungsbau GmbH European Center for Information and Communication Technologies - EICT GmbH EvoBus Hungária Kereskedelmi Kft. Gottapark, Inc. Weissach, Germany...

  • Page 274
    ... FINANCIAL STATEMENTS 281 Name of the Company Domicile, Country Capital share in %1 18.37 2.90 20.00 26.25 0.00 50.00 35.00 50.00 36.00 50.00 51.00 33.40 26.00 33.51 20.00 34.00 50.00 51.00 18.46 28.20 Equity in millions of Net income Footnote (loss...

  • Page 275
    ... dividend policy At the Annual Shareholders' Meeting on April 6, 2016, the Board of Management and the Supervisory Board will therefore propose an increase in the dividend to â,¬3.25 per share (prior year: â,¬2.45). With the highest dividend payout in Daimler's history we expressing our confidence...

  • Page 276
    F | FURTHER INFORMATION | CONTENTS 283 F | Further Information Responsibility Statement Independent Auditors' Report Ten Year Summary Glossary Index List of Charts and Tables Daimler Worldwide 284 285 286 288 289 290 292

  • Page 277
    ... the management report for DAG, includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group. Stuttgart, February 16, 2016 Dieter...

  • Page 278
    ... with these requirements. Report on the Combined Management Report We have audited the accompanying group management report of Daimler AG, which is combined with the management report of the company for the financial year from January 1 to December 31, 2015. The Board of Management of Daimler AG is...

  • Page 279
    ... F | FURTHER INFORMATION | TEN YEAR SUMMARY Ten Year Summary F.01 2006 â,¬ amounts in millions From the statements of income Revenue Personnel expenses 1, 2 Research and development expenditure 3 thereof capitalized EBIT 2 Operating margin (%) 2 Profit (loss) before income taxes and extraordinary...

  • Page 280
    ...Investments in property, plant and equipment Depreciation and amortization Cash provided by (used for) operating activities investing activities financing activities Free cash flow of the industrial business 5,874 7,169 14,337 -15,857 2,396 2,679 2007 2008 2009 2010 2011 2012 2013 2014 2015...

  • Page 281
    ...are the measure pages 85 ff of operating profit before taxes. E Equity method Accounting and valuation method for shareholdings in associated companies and joint ventures. Fair value The amount for which an asset or liability could be exchanged in an arm's length transaction between knowledgeable...

  • Page 282
    ... used in Europe for the objective assessment of vehicles' fuel consumption. Net assets Net assets represent the capital employed by the Group and the industrial divisions. The relevant capital basis page 90 for Daimler Financial Services is equity capital. E Net operating profit Net operating...

  • Page 283
    ... 2015 (enclosed brochure) Front cover Front cover Front cover Economic Conditions and Business Development B.05 B.06 B.07 B.08 B.09 B.10 B.11 Economic growth Global automotive markets Unit sales structure of Mercedes-Benz Cars Unit sales structure of Daimler Trucks Market share Consolidated revenue...

  • Page 284
    ... Mercedes-Benz Cars Unit sales by Mercedes-Benz Cars Daimler Trucks Unit sales by Daimler Trucks Mercedes-Benz Vans Unit sales by Mercedes-Benz Vans Daimler Buses Unit sales by Daimler Buses Daimler Financial Services 160 160 166 166 171 171 174 174 177 Sustainability B.38 Research and development...

  • Page 285
    ...INFORMATION | DAIMLER WORLDWIDE Daimler Worldwide F.02 Mercedes-Benz Cars Europe Production locations Sales outlets Revenue (in millions of euros) Employees NAFTA Production locations Sales outlets Revenue (in millions of euros) Employees Latin America (excluding Mexico) Production locations Sales...

  • Page 286
    ... the Group's annual and interim reports and the company financial statements of Daimler AG. You can also find topical reports, presentations, an overview of various key figures, information on our share price and other services. w w daimler.com/investors Publications for our shareholders: Annual...

  • Page 287
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