Mercedes 2013 Annual Report Download - page 87

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C | Combined Management Report | Profitability
Value added at the Daimler Trucks of €0.4 billion was
at the prior-year level. The slight decrease in EBIT was offset
by the lower level of average net assets. The development
of earnings was primarily driven by the revival of vehicle unit
sales, especially in Brazil and Western Europe. There were
opposing effects from higher warranty costs, exchange rate
effects and expenses in connection with the optimization
programs in Germany and Brazil.
The value added of the Mercedes-Benz Vans division of €0.4
billion was slightly higher than in 2012. Increased earnings
were achieved due to higher unit sales, improved pricing and
efficiency improvements. There was an opposing effect from
average net assets, which increased by €0.2 billion to €1.5 billion
due to the higher level of fixed assets.
The Daimler Buses division achieved value added of minus
€4 million (2012: minus €360 million). Higher unit sales
in Western Europe and Latin America, further efficiency prog-
ress in the European business system and lower expenses
for optimization programs led to a significant increase in EBIT.
The division’s average net assets decreased slightly by
€0.1 billion and thus made a small contribution to the increase
in value added.
The value added of the Daimler Financial Services division
decreased by €0.1 billion to €0.4 billion. Return on equity
was 19.2% (2012: 22.0%). This development was primarily the
result of an increase in average equity of €0.7 billion to €6.6
billion, due to the higher contract volume, while earnings were
at the level of the prior year.
Net assets of the Daimler Group at year-end
2013 2012 13/12
In millions of euros % change
Net assets of the industrial
business
Intangible assets 9,228 8,761 +5
Property, plant and equipment 21,732 20,546 +6
Leased assets 13,207 12,163 +9
Inventories 16,648 17,075 -3
Trade receivables 7,208 6,864 +5
Less provisions for other risks -11,382 -10,975 +4
Less trade payables -8,778 -8,515 +3
Less other assets and liabilities -15,983 -14,864 +8
Assets and liabilities from
income taxes
1,878
2,717 -31
Total equity of
Daimler Financial Services
6,596
6,092 +8
Net assets 40,354 39,864 +1
C.23
C.22
Net assets (average)
2013 2012 13/12
In millions of euros % change
Mercedes-Benz Cars 16,658 14,107 +18
Daimler Trucks 10,571 11,082 -5
Mercedes-Benz Vans 1,547 1,302 +19
Daimler Buses 1,068 1,157 -8
Daimler Financial Services16,607 5,871 +13
Net assets of the divisions 36,451 33,519 +9
Investments accounted for
using the equity method2
638
1,938 -67
Assets and liabilities from
income taxes3
2,479
1,256 +97
Other reconcilation3 1,080 808 +34
Daimler Group 40,648 37,521 +8
1 Total equity
2 To the extent not allocated to the segments
3 Industrial business