Mercedes 2015 Annual Report Download - page 66

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B | COMBINED MANAGEMENT REPORT | CONTENTS 73
Corporate Profile 74
Business model 74
Portfolio changes and strategic partnerships 76
Efficiency programs take full effect 77
Performance measurement system 77
Corporate governance statement 78
Economic Conditions and Business
Development 79
The world economy 79
Automotive markets 80
Business development 81
Profitability 85
EBIT 85
Consolidated statement of income 88
Dividend 89
Net operating profit 89
Value added 89
Liquidity and Capital Resources 91
Principles and objectives of financial management 91
Cash flows 92
Other financial obligations, financial
guarantees and contingent liabilities 95
Investment 95
Refinancing 96
Credit ratings 98
Financial Position 99
Daimler AG (condensed version
according to HGB) 102
Profitability 102
Financial position, liquidity and capital resources 103
Risks and opportunities 104
Outlook 104
Sustainability 105
Sustainability at Daimler 105
Research and development 106
Innovation and safety 108
Environmental protection 112
The workforce 115
Social responsibility 117
Overall Assessment
of the Economic Situation 120
Events after the Reporting Period 121
Remuneration Report 122
Principles of Board of Management remuneration 122
Board of Management remuneration in 2015 126
Commitments upon termination of service 128
Remuneration of the Supervisory Board 134
Takeover-Relevant Information
and Explanation 135
Risk and Opportunity Report 138
Risk and opportunity management system 138
Risks and opportunities 140
Industry and business risks and opportunities 140
Company-specific risks and opportunities 146
Financial risks and opportunities 148
Risks from guarantees, legal and tax risks 150
Overall assessment of the risk
and opportunity situation 151
Outlook 152
The world economy 152
Automotive markets 153
Unit sales 154
Revenue and earnings 155
Free cash flow and liquidity 156
Dividend 156
Investment 156
Research and development 156
The workforce 157
Overall statement on future development 157
B | Combined Management Report