Mercedes 2010 Annual Report Download - page 67

Management Report | Business and General Conditions | 63
The Daimler Buses division with its brands Mercedes-Benz,
Setra and Orion is the world’s leading manufacturer of buses and
coaches above 8 tons. The product range supplied by Daimler
Buses comprises city and intercity buses, coaches and bus chassis.
The most important of the 15 production sites are in Germany,
Turkey, Latin America, France, Spain and the NAFTA region. In 2010,
45% of Daimler Buses’ revenue was generated in Western Europe,
12% in the NAFTA markets and 27% in Latin America (excluding
Mexico). While we mainly sell complete buses in Europe and
the NAFTA region, our business in Latin America, Africa and Asia
is focused on the production and distribution of bus chassis.
The Daimler Financial Services division supports the sales of
the Daimler Group’s automotive brands in nearly 40 countries.
Its product portfolio primarily comprises tailored financing and
leasing packages for customers and dealers, but it also provides
services such as insurance, fleet management, investment prod-
ucts and credit cards. The main areas of the division’s activities
are in Western Europe and North America. In 2010, more than
40% of the vehicles sold by the Daimler Group were financed by
Daimler Financial Services. Its contract volume of €63.7 billion
covers 2.5 million vehicles. Daimler Financial Services also holds
a 45% interest in the Toll Collect consortium, which operates an
electronic road-charging system for trucks over 12 tons on high-
ways in Germany.
Through a subsidiary, Daimler holds a 22.5% equity interest in
the European Aeronautic Defence and Space Company (EADS),
a leading company in the aerospace and defense industries.
In economic terms, Daimler owns a 15% stake in EADS, because
a consortium of national and international investors owns a
one-third interest in the subsidiary that holds the EADS shares.
Daimler also holds a 28.4% equity interest in Tognum AG, one
of the world’s leading producers of off-highway engines. Through
a broad network of holdings, joint ventures and cooperations,
Daimler is active in the global automotive industry and related
sectors. A list of shareholdings in accordance with Section 313
of the German Commercial Code (HGB) can be found on the
Internet at http://www.daimler.com/ir/results2010.
Corporate governance
Full information on the subject of corporate governance at
Daimler is provided in the Corporate Governance section of this
Annual Report on pages 148 ff.
Corporate Governance Statement. The Corporate Governance
Statement to be issued pursuant to Section 289a of the German
Commercial Code (HGB) is a constituent part of this combined
Management Report and can be seen on the Internet at
www.daimler.com/corpgov/de. Pursuant to Section 317 Sub-
section 2 Sentence 3 of the HGB, the contents of the statement
pursuant to Section 289a of the HGB are not included in the
audit carried out by the external auditors.
Remuneration Report. A description of the system of remuner-
ation and the individualized details of the remuneration of the
members of the Board of Management and of the Supervisory
Board are provided in the Remuneration Report on pages 152 ff.
That report is also a constituent part of the Management Report.
Information and explanation relevant to acquisitions
(Report pursuant to Section 315 Subsection 4 and Section 289
Subsection 4 of the German Commercial Code (HGB))
Management; appointment and dismissal of members of
the Board of Management. Daimler AG is a stock corporation
domiciled in Germany. It is managed by a Board of Management,
whose members are authorized to represent it vis-à-vis third parties.
The Board of Management must have at least two members,
who, in accordance with Section 84 of the German Stock Corpo-
ration Act (AktG), are appointed by the Supervisory Board for
a maximum period of office of five years. Reappointment or the
extension of a period of office is permissible, in each case for
a maximum of five years. Appointments and reappointments can
only be made by a resolution of the Supervisory Board; reap-
pointments may generally not be made more than one year before
the end of a Board of Management member’s current period
of office. The Supervisory Board appoints one of the members
of the Board of Management as the Chairman of the Board
of Management. In exceptional cases, a member of the Board
of Management can be appointed by the court in accordance
with Section 85 of the German Stock Corporation Act (AktG). The
Supervisory Board can revoke the appointment of a member
of the Board of Management and of the Chairman of the Board
of Management if there is an important reason to do so.
Mercedes-Benz Cars 53%
Daimler Trucks 22%
Mercedes-Benz Vans 8%
Daimler Buses 5%
Daimler Financial Services 12%
Consolidated revenue by division