daimler chrysler brasil
Daimler Achieves EBIT of €648 Million in third quarter of 2008
Proper PRESS RELEASE
Stuttgart, Germany, Oct 23, 2008
* EBIT includes charges from momentous factors totaling
EUR 765 million
* Net profit of EUR 213 million
(Q3 2007: net wasting of EUR 1,533 million)
* Unit sales down by 3% to 522,500 cars and commercial vehicles
* Receipts down by 7% to EUR 23.8 billion, adjusted for trade-rate effects and changes in the consolidated place down by 5%
* Share buyback program for the meantime suspended
* Full-year EBIT from uninterrupted operations of more than
EUR 6 billion anticipated (excluding distinctive Items and Chrysler)
The worsening banking danger, its effects on the real economy, and the resulting international consumer uncertainty had a negative bearing on the business development of Daimler AG (stock-the Bourse abbreviation DAI) in the third quarter of this year.
Daimler achieved EBIT of EUR 648 million in the third compassion of 2008 (Q3 2007: EUR 1,891 million).
The fade in EBIT is primarily the result of lower earnings at the Mercedes-Benz Cars upset. In addition, special items reduced earnings by a aggregate of EUR 765 million (see table on bellhop 9).
There were positive effects, however, from improved earnings at the Daimler Trucks border as well as at the Mercedes-Benz Vans and Daimler Buses units. The profit contribution from Daimler Pecuniary Services was also above the prior-year point.
Net profit amounted to EUR 213 million (Q3 2007: net detriment of EUR 1,533 million), equivalent to earnings per split of EUR 0.21 (Q3 2007: loss per dispensation of EUR 1.47). The net loss of the prior-year thirteen weeks included special effects from the Chrysler goings-on.
Daimler will temporarily suspend the further execution of its quota buyback program. Due to the suspension Daimler might not reach its initial aim to buy back 10% of the outstanding shares.
Dieter Zetsche, Chairman of the Directors of Management of Daimler AG and head of Mercedes-Benz Cars: "We appreciate that the situation is very challenging indeed. We press forwards consequently with our cost efficiency programs in all our businesses. We'll also persevere in to execute our aggressive R&D and product plans. The matter of our company is very solid - and that makes me secure - that Daimler can and will emerge strong."
Group part sales down by 3%
In the third quarter of 2008, Daimler sold 522,500 traveller cars and commercial vehicles worldwide (Q3 2007: 537,000).
Daimler's third-rooms revenue decreased from EUR 25.7 billion to EUR 23.8 billion. Adjusted for truck-rate effects and changes in the consolidated categorize, the revenue decrease amounted to 5%.
At the end of the third ninety days of 2008, Daimler employed 275,535 people worldwide (end of Q3 2007: 271,961). Of that unqualified, 168,667 were employed in Germany (end of Q3 2007: 166,971).
Details of the divisions in the third three months of 2008
Mercedes-Benz Cars sold 315,800 vehicles in the third barracks (-6%). 282,100 Mercedes-Benz label vehicles were sold (-8%), while sales of the quick brand rose by 20% to 32,300 units. Profits amounted to EUR 11.6 billion (Q3 2007: EUR 14.1 billion).
The partition's third-quarter EBIT of EUR 112 million was significantly belittle than the result for the prior-year duration (EUR 1,331 million), despite further dexterity improvements.
The decrease in earnings was particularly due to the abrupt decline in sales in the NAFTA section as well as in the major European markets.
In this structure, the Group also recorded charges of EUR 449 million resulting from the reassessment of leftover values of leased vehicles. Other factors with a contrary impact on earnings were an unfavorable replica mix, exchange-rate effects and higher raw-mundane prices.
Daimler Trucks increased its segment sales in the third quarter by 4% to 122,700 vehicles. Take increased from EUR 7.0 billion to EUR 7.3 billion.
The section achieved EBIT of EUR 510 million in the third dwelling, which was higher than the prior-year development despite difficult market conditions in the In harmony States and Japan.
The division's earnings benefited from stiff sales of trucks in Brazil and Europe, noticeably in Germany. A favorable model mix and stock product positioning also contributed to the earnings advance. Expenditure in connection with new and enhanced produce development had a negative impact on the EBIT of Daimler Trucks.
Trucks Europe/Latin America (Mercedes-Benz) posted repeated intumescence in unit sales of 12% in the third post, selling 47,300 vehicles. Trucks NAFTA (Freightliner, Excellent, Western Star, Thomas Built Buses) sold 25,800 vehicles; this was 7% more than in the previous to-year quarter, although that period had been impacted by very wasted sales in the US market. Despite its established business outside Japan (+1%), Trucks Asia (Mitsubishi Fuso) was not masterly to compensate for the ongoing weak sought after for trucks in the Japanese market.
Daimler Monetary Services division expanded its worldwide draw together volume by 11% to EUR 63.9 billion in the third compassion. Compared with the prior year, 15 additional companies were consolidated for the first stretch, most of them in Eastern Europe and Asia. Without this for all practical purposes and adjusted for exchange-rate effects, the escalation was 9%. Compared with the prior-year days, new business increased by 19% to EUR 7.7 billion; adjusted development amounted to 18%.
Third-quarter EBIT of EUR 173 million reported by Daimler Pecuniary Services was higher than the figure of EUR 87 million posted in 2007. The consequence for the prior-year period had been significantly impacted by the expense of locale up an independent financial services classifying in the NAFTA region following the carry of a majority interest in the Chrysler business. The other main case for the earnings improvement was the expanded become infected with volume. A further increase in cost of hazard had a negative effect on the division's earnings.
The Vans, Buses, Other wedge posted EBIT of minus EUR 100 million in the third pity living quarters (Q3 2007: EUR 319 million). The Mercedes-Benz Vans and Daimler Buses units profited from the assertive development of unit sales and both achieved higher earnings: Mercedes-Benz Vans reported EBIT of EUR 212 million and Daimler Buses reported EBIT of EUR 92 million.
In the face difficult market conditions, Mercedes-Benz Vans increased its third-put up unit sales by 1% to 73,200 vehicles.
Daimler Buses sold 10,800 buses and chassis in the third barracks, surpassing the very high level of the preceding-year period by 15%. A trained contribution to this result came from sales in Europe, where 2,300 buses of the Mercedes-Benz and Setra brands were sold (+31%). Module sales also developed very positively in Mexico (+44%) and South America (+3%).
Daimler's dole out of the earnings of EADS amounted to minus EUR 8 million (Q3 2007: minus EUR 20 million). Daimler's even-handedness interest in Chrysler negatively affected EBIT in the third chambers of 2008 by a total of EUR 351 million; this includes charges of EUR 248 million relating to the restructuring program and the reassessment of surplus values. The results in connection with the impartiality interests in EADS and Chrysler are not cash moving.
Outlook
In light of the worsened monetary market crisis and the resulting brunt on future economic developments, forecasts are connected with a strong degree of uncertainty in the current surroundings. In addition, it is not yet possible to reliably assess how straight away the action plans announced by miscellaneous governments will contribute to the stabilization of markets for monetary services and goods.
Mercedes-Benz Cars expects segment sales to be similar to the prior-year supine, despite of the negative market evolution and adjustments to its production program. There will be definitive impetus from the full availability of the new C-Class sedan and assign wagon and the new smart fortwo, as well as from the A- and B-Type, the CLS, SLK, SL and the CLC, which were all newly launched or refreshed during the year 2008. The set afloat of the refreshed M-Class and especially the new GLK will purvey additional sales momentum also in the following year. However, for lifecycle reasons we preclude lower unit sales of the E-Extraction, which is in its last full model year.
Against the backdrop of tremendous turmoil on financial markets and the resulting effects on cost-effective developments in the industrialized countries, including falls in entity sales in major markets (in some cases of folded-digit percentages) and requiring reassessment of vehicles' extra values, the previous earnings forecasts for 2008 can no longer be achieved. Daimler now assumes that the partitioning will achieve EBIT in the magnitude of EUR 2.5 billion and a come back on sales of approximately 5% in 2008; charges of EUR 449 million from the reassessment of leased vehicles' leftover values are included therein.
Daimler Trucks anticipates higher piece sales in 2008 than in the prior year. This spread is primarily based on the positive evolution of unit sales in some important markets such as Brazil, Indonesia and the Halfway East. Growth in unit sales is also indicated for Eastern Europe, but is expected to put back to a moderate level by the end of 2008. This means that after six above-for the most part years, the European market for commercial vehicles is normalizing once again. For the US and Japanese markets, component sales are expected to be once again below the volumes of the quondam year.
Growth in unit sales will be degree offset by higher raw-material costs and the feckless US economy. On this basis, the division expects...
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