Mercedes 2001 Annual Report Download - page 61

Analysis of the Financial Situation 57
of Airbus SAS, from the sale of 60% of the Group’s
interest in TEMIC to Continental (€0.2 billion) and from
the sale of the Rail Systems business unit (€0.3 billion).
However, charges of €0.4 billion due to the restructuring
program at Mitsubishi Motors had a negative impact
on operating profit. In 2000, one-time income totaling
€3.5 billion resulted from the exchange of the Group’s
controlling interest in DaimlerChrysler Aerospace for
shares in EADS and from the sale of the Fixed Installa-
tions business by the Rails Systems business unit.
Adjusted to exclude these one-time effects, the
Other Activities segment achieved an operating profit
of €0.2 billion in 2001, which is slightly above the
comparable result of €0.1 billion in the prior year. The
positive contributions from MTU Aero Engines and
from EADS, whose earnings were mainly influenced by
increased Airbus deliveries, compensated for the
Group’s proportionate share of the loss at Mitsubishi
Motors.
The operating profit of €1.2 billion achieved by
the Other Activities segment was below the prior
year’s level of €3.6 billion. The results of both years
were strongly influenced by one-time effects. In 2001,
operating profit was positively impacted by EADS
(€0.9 billion) due to the Group’s share of the one-time
gain arising at EADS in connection with the formation
1) 2001: Turnaround plan Chrysler Group, restructuring of Freightliner,
Sterling and Thomas Built Buses business unit, Mitsubishi
Motors restructuring, charge related to the recoverability of
lease receivables of the Capital Service’s portfolio,
impairment charge relating to e-business activities and
the economic crisis in Argentina, gain arising at EADS in
the connection with the formation of Airbus SAS, sale of
the remaining 10% equity interest in debitel, sale of 60%
of the Group’s interest in TEMIC, sale of Adtranz.
2000: Exchange of the Group’s controlling interest in
DaimlerChrysler Aerospace for shares in EADS, investment of
Deutsche Telekom in debis Systemhaus, sale of Fixed
Installations business, gain from dilution of equity interest in
Ballard, repositioning of smart, EU directive regarding the
recycling of end-of-life vehicles, impairment on carrying values
of leased vehicles, effects of changes in German tax law.
Consolidated Statements of Income (Loss)
In millions
Revenues
Cost of sales
Selling, administrative and
other expenses
Research and development
Other income
Turnaround plan expenses –
Chrysler Group
Income (loss) before financial
income
Financial income, net
Income (loss) before income
taxes
Effects of changes in
German tax laws
Income taxes
Total income taxes
Minority interests
Income (loss) before
extraordinary items and
cumulative effects of
changes in accounting
principles, net of taxes
Extraordinary items - gains on
disposals of businesses,
net of taxes
Cumulative effects of changes
in accounting principles:
transition adjustments resulting
from adoption of SFAS 133
and EITF 99-20, net of taxes
Net income (loss)
Net income (loss) adjusted
for one-time effects1)
136,072 152,873 162,384
(114,283)(128,394)(134,370)
(16,317) (18,331) (18,303)
(5,281) (5,933) (6,337)
1,079 1,212 946
(2,727) (3,064) -
(1,457) (1,637) 4,320
137 154 156
(1,320) (1,483) 4,476
--(263)
692 777 (1,736)
692 777 (1,999)
39 44 (12)
(589) (662) 2,465
--5,516
--(87)
(589) (662) 7,894
650 730 3,481
01
US $
01
€
00
€
Reconciliation to Operating Profit (Loss)
In millions
Income (loss) before
financial income
+ Pension and postretirement
benefit expenses other than
service cost
+ Operating income from
affiliated, associated and
related companies
+ Gains on disposals of
businesses
+ Miscellaneous
Operating profit (loss)
(1,457) (1,637) 4,320
(401) (450) (228)
459 516 (35)
260 292 5,832
(34) (39) (137)
(1,173) (1,318) 9,752
01
US $
01
€
00
€