Mercedes 2006 Annual Report Download - page 65
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Management Report | Profitability | 49
In the operational units of the Van, Bus, Other segment, return
on net assets remained nearly unchanged. Falling earnings
at Mercedes-Benz Vans and EADS were offset by a higher profit
contribution from DaimlerChrysler Buses and the gain realized
on the sale of the off-highway business. The segment’s decrease
in net assets was mainly related to the sale of the off-highway
business.
The Financial Services division increased its return on equity to
18.2% (2005: 16.2%), once again surpassing its minimum required
rate of return of 14%. The improvement compared with the prior
year was primarily a result of the distinct increase in earnings due
to the expanded volume of business in the leasing and sales-
financing business and the positive development at Toll Collect.
Net assets are derived from the consolidated balance sheet –
as shown in the following table:
Net assets and return on net assets
6.6
(3.8)
18.2
21.0
18.3
55.3
13.2
8.4
7.7
8.4
6.9
19.6
(11.6)
24.1
18.5
56.7
12.3
9.6
8.4
7.8
9.4 9.1 16.218.2
20062006
DaimlerChrysler Group,
(after taxes)
Industrial divisions,
(before interest and taxes)
Mercedes Car Group
Chrysler Group
Truck Group
Van, Bus, Other1
Stockholders’ equity Return on equity 2
Financial Services
1 Van, Bus, Other includes the operating units Van, Bus, the equity investment in EADS and,
for the year 2005, the off-highway business.
2 Before taxes.
2005
%
Return on net assets
2005
(Annual average, in billions of €)
Net assets
Amounts in millions of € % change
Value added
.(236)
(58)
20052006 06/05
DaimlerChrysler Group
Amounts in millions of € % change
Reconciliation to net operating income
+13
-24
-20
-9
+8
2,846
74
192
523
3,635
3,227
56
153
478
3,914
20052006 06/05
Net income (loss)
Minority interests
Interest expense related to industrial
activities, after taxes
Interest cost of pensions related to
industrial activities, after taxes
Net operating income
Amounts in millions of € % change
Net assets1
of the DaimlerChrysler Group
-7
+2
+22
+20
+3
35,824
653
4,146
15,413
56,036
33,266
663
5,056
18,467
57,452
20052006 06/05
Stockholders’ equity2
Minority interests
Financial liabilities of the
industrial segment
Pension provisions of the
industrial segment
Net assets
1 Represents the value at year-end; the average for the year was €56.7 billion (2005: €55.3 billion).
2 Adjusted for the effects from the application of SFAS 133.