Mercedes 2002 Annual Report Download - page 8
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2|Chairman’s Letter
The year 2002 was a satisfactory one for DaimlerChrysler, considering the very difficult market
conditions and growing political uncertainty worldwide.
With real GDP growth of 1.8% in 2002 the world economy suffered another tough year. Whereas
North America and parts of emerging Asia had been able to keep the world engine at least running,
Japan, continental Europe and South America disappointed again. The high degree of uncertainty
and the global lack of consumer and investor confidence have been major obstacles to a more
favorable development.
DaimlerChrysler performance in 2002. In view of the economic situation, on the whole we are
satisfied with the results for 2002. We have increased our Operating Profit to 15.8 billion. While
markets for passenger cars and commercial vehicles deteriorated, we recorded an Operating
Profit of more than four times the previous year’s level. In addition, we strengthened further the
company’s balance sheet, with amplified cash flow and significant debt reduction. This is an
accomplishment of our entire team at DaimlerChrysler – a great effort for which the Board of
Management would like to extend its sincere appreciation to our employees all around the world.
The increased strength of our earning capacity and our confidence in the future development
of our Group is also reflected in our dividend recommendation. We will propose to the Annual
General Meeting an increase in the dividend from 11 to 11.50 per share. This corresponds to a
total dividend payment of 11.52 billion.
DaimlerChrysler Outlook 2003. 2002 was an important year on our road to sustainable
profitability. Based on what is now a much improved foundation, we will continue to increase
our efficiency in all divisions and to push ahead with our product offensives. Furthermore, we
will continue to work cross-divisionally to maximize the individual strengths of our businesses
across the Group.
For 2003, on a Group level we are planning to achieve higher earnings than last year. Against the
current difficult economic background, it would be irresponsible to give a more detailed outlook.
Those factors of our business over which we have direct influence are under control. We have to
bear in mind, however, that the increasing uncertainty surrounding global economics
and politics can affect our business.