Mercedes 2001 Annual Report Download - page 58

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54 Analysis of the Financial Situation
Group operating loss impacted by one-time effects
and intense competition in North America. For 2001,
DaimlerChrysler reported an operating loss of €1.3
billion, compared to an operating profit of €9.8 billion
in the prior year. The year under review was particularly
affected by sizeable expenses for restructuring mea-
sures and the extremely competitive market in North
America. Earnings in both years were significantly
influenced by one-time effects.
In February 2001, the Supervisory Board of
DaimlerChrysler AG approved the turnaround plan for
Chrysler Group, which resulted in a charge of €3.1
billion. In addition, operating profit was impacted by a
charge of €0.5 billion at the Freightliner, Sterling and
Thomas Built Buses business unit resulting from the
initiation of the turnaround plan and special costs
associated with unforeseen market developments.
Furthermore, as a result of the Group’s investment in
Mitsubishi Motors, a proportionate share of its restruc-
turing charges amounting to €0.4 billion was recorded
in 2001. A charge of €0.2 billion related to the recover-
ability of lease receivables was recorded on portfolios of
Capital Services in 2001. An impairment charge of
€0.1 billion relating to e-business activities was recog-
nized and allocated to the segments Mercedes-Benz
Passenger Cars & smart, Chrysler Group and Commer-
cial Vehicles. Due to the decision of the Argentine gov-
ernment to reform its financial system and monetary
policy, which has resulted in a floating exchange rate
against the U.S. dollar since January 2002, the Group
recognized a loss of €0.1 billion in 2001, which mainly
affected the segments Services and Commercial
Vehicles.
A positive impact of €0.9 billion resulted from the
Group’s share of the one-time gain arising at EADS in
connection with the formation of Airbus SAS. In addition,
gains resulted from the sale of the Rail Systems business
unit to Bombardier (€0.3 billion), from the sale of the
remaining equity interest in debitel to Swisscom
(€0.3 billion), and from the sale of 60% of the Group’s
interest in TEMIC to Continental (€0.2 billion).
Last year’s operating profit also included one-time
effects totaling €4.5 billion.
The one-time effects reported in the 2001 and
2000 financial years are shown by segment in the table
on page 55.
Note: The chapters “Business Review”, “Analysis of the Financial
Situation” and “Outlook” correspond to the consolidated business
review report of DaimlerChrysler Group based on the Financial
Statements compiled according to United States generally
accepted accounting principles (U.S. GAAP).
Analysis of the Financial Situation
■Operating loss €1.3 billion (2000: €9.8 billion operating profit);
adjusted for one-time effects operating profit of €1.3 billion (2000: €5.2 billion)
■Operating result significantly impacted by restructuring measures and intense competition
in North America
■Net loss €0.7 billion (2000: €7.9 billion net income);
adjusted to exclude one-time effects net income of €0.7 billion (2000: €3.5 billion)
Mercedes-Benz
Passenger Cars & smart
Chrysler Group
Commercial Vehicles
Services
Other Activities
Eliminations
DaimlerChrysler Group
Adjusted for one-time effects
Operating Profit (Loss) by Segments
In millions
2,627 2,951 2,145
(4,701) (5,281) 501
(458) (514) 1,212
545 612 2,457
1,051 1,181 3,590
(237) (267) (153)
(1,173) (1,318) 9,752
1,197 1,345 5,213
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