Mercedes 2002 Annual Report Download - page 40

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Earnings higher despite difficult markets
In 2002, the Commercial Vehicles division sold a total
of 485,400 trucks, buses and vans comprising the
brands, Mercedes-Benz, Freightliner, Sterling, Western
Star, Thomas Built Buses, Setra, Orion and American
LaFrance (2001: 492,900). DaimlerChrysler thus main-
tained its position as the world’s biggest manufacturer
of commercial vehicles in a very difficult market
environment. Revenues totaled 128.4 billion (2001: 128.6
billion). Decreases in Europe (- 3%) and South America
(- 25%) were almost offset by increases in the NAFTA
region (+5%). Operating profit excluding one-time
effects totaled 1176 million (2001: 151 million) surpass-
ing, as targeted, the prior year’s figure. The key factor
in this improved performance was the successful imple-
mentation of the turnaround plan at the Freightliner/
Sterling/Thomas Built Buses business unit. Including
one-time effects there was an operating loss of 1343
million. One-time charges arose at varlous business
units in a total amount of 1519 million, primarily as
a result of structural changes, but also due to a special
depreciation of production facilities in connection
with the long-term product and production strategy
(see page 70).
2001
3
Commercial Vehicles
34 |Commercial Vehicles
Successful restructuring at Freightliner
The Freightliner/Sterling/Thomas Built Buses business
unit returned to profitability in the second quarter of
2002 – two quarters earlier than anticipated. This was
largely due to the implementation of the restructuring
program initiated in October 2001, which significantly
exceeded the original cost-cutting targets for 2002.
Another important factor was that unit sales rose by
14% from the very low level of 2001 to 114,000 vehicles,
mainly because of advanced purchasing of heavy-duty
vehicles in anticipation of new emission requirements
(EPA 2000) which took effect in the United States in
October 2002. US sales of Class 8 (15 metric tons gross
vehicle weight and up) Freightliner-, Sterling- and
Western Star-brand vehicles amounted to 56,000 units,
up 2% on the prior year. However, sales of Class 6/7
vehicles (8.8 to 15 metric tons) fell to 32,000 units
(2001: 37,000 units). With an overall market share of
38% (2001: 39%), DaimlerChrysler is still the market
leader for Class 8 vehicles in the US. Our market share
in Class 6/7 was 28% (2001: 27%).
Adjusted operating profit at 3176 million above prior year’s
figure |Successful restructuring program at Freightliner |
New products boost competitiveness |Expansion of strategic
partnerships in Asia
2002
3
2002
US $
Amounts in millions
(360)
185
29,778
1,324
1,006
(343)
176
28,401
1,263
959
483,029
485,408
94,111
(514)
51
28,572
1,484
1,015
494,866
492,851
96,644
1 To exclude one-time effects
Operating profit (loss)
Operating profit adjusted 1
Revenues
Investments in property,
plant and equipment
Research and development expenditure
Production (units)
Unit sales (units)
Employees (Dec. 31)