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Daimler Achieves EBIT of €648 Million in third quarter of 2008
Seemly PRESS RELEASE
Stuttgart, Germany, Oct 23, 2008
* EBIT includes charges from unusual factors totaling
EUR 765 million
* Net profit of EUR 213 million
(Q3 2007: net harm of EUR 1,533 million)
* Unit sales down by 3% to 522,500 cars and commercial vehicles
* Profits down by 7% to EUR 23.8 billion, adjusted for quarrel-rate effects and changes in the consolidated league down by 5%
* Share buyback program the meanwhile suspended
* Full-year EBIT from endless operations of more than
EUR 6 billion anticipated (excluding singular Items and Chrysler)
The worsening banking turning-point, its effects on the real economy, and the resulting epidemic consumer uncertainty had a negative weight on the business development of Daimler AG (stock-reciprocate abbreviation DAI) in the third quarter of this year.
Daimler achieved EBIT of EUR 648 million in the third thirteen weeks of 2008 (Q3 2007: EUR 1,891 million).
The taper off in EBIT is primarily the result of turn down earnings at the Mercedes-Benz Cars margin. In addition, special items reduced earnings by a unqualified of EUR 765 million (see table on announce 9).
There were positive effects, however, from improved earnings at the Daimler Trucks segmenting 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 even.
Net profit amounted to EUR 213 million (Q3 2007: net destruction of EUR 1,533 million), equivalent to earnings per deal of EUR 0.21 (Q3 2007: loss per equity of EUR 1.47). The net loss of the prior-year locality included special effects from the Chrysler goings-on.
Daimler will temporarily suspend the further execution of its ration buyback program. Due to the suspension Daimler might not reach its commencing target to buy back 10% of the outstanding shares.
Dieter Zetsche, Chairman of the Game table of Management of Daimler AG and head of Mercedes-Benz Cars: "We grant that the situation is very challenging indeed. We press forwards consequently with our cost efficiency programs in all our businesses. We'll also last to execute our aggressive R&D and product plans. The reality of our company is very solid - and that makes me sure - that Daimler can and will emerge strong."
Group entity sales down by 3%
In the third quarter of 2008, Daimler sold 522,500 voyager cars and commercial vehicles worldwide (Q3 2007: 537,000).
Daimler's third-spot revenue decreased from EUR 25.7 billion to EUR 23.8 billion. Adjusted for return-rate effects and changes in the consolidated group, the proceeds decrease amounted to 5%.
At the end of the third quarter of 2008, Daimler employed 275,535 people worldwide (end of Q3 2007: 271,961). Of that aggregate, 168,667 were employed in Germany (end of Q3 2007: 166,971).
Details of the divisions in the third compassion of 2008
Mercedes-Benz Cars sold 315,800 vehicles in the third quarter (-6%). 282,100 Mercedes-Benz trade-mark vehicles were sold (-8%), while sales of the aware brand rose by 20% to 32,300 units. Takings amounted to EUR 11.6 billion (Q3 2007: EUR 14.1 billion).
The partition's third-quarter EBIT of EUR 112 million was significantly deign than the result for the prior-year patch (EUR 1,331 million), despite further adeptness improvements.
The decrease in earnings was from due to the abrupt decline in sales in the NAFTA section as well as in the major European markets.
In this framework, the Group also recorded charges of EUR 449 million resulting from the reassessment of extra values of leased vehicles. Other factors with a disputatious impact on earnings were an unfavorable likeness mix, exchange-rate effects and higher raw-figures prices.
Daimler Trucks increased its constituent sales in the third quarter by 4% to 122,700 vehicles. Gain increased from EUR 7.0 billion to EUR 7.3 billion.
The department achieved EBIT of EUR 510 million in the third casern, which was higher than the prior-year sequel despite difficult market conditions in the Mutual States and Japan.
The division's earnings benefited from qualified sales of trucks in Brazil and Europe, extraordinarily in Germany. A favorable model mix and adequate product positioning also contributed to the earnings maturity. 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 proliferation in unit sales of 12% in the third thirteen weeks, selling 47,300 vehicles. Trucks NAFTA (Freightliner, Exceptional, 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 steadfast business outside Japan (+1%), Trucks Asia (Mitsubishi Fuso) was not capable to compensate for the ongoing weak desired for trucks in the Japanese market.
Daimler Economic Services division expanded its worldwide agree 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 mores, most of them in Eastern Europe and Asia. Without this force and adjusted for exchange-rate effects, the spread was 9%. Compared with the prior-year spell, new business increased by 19% to EUR 7.7 billion; adjusted flowering amounted to 18%.
Third-quarter EBIT of EUR 173 million reported by Daimler Fiscal Services was higher than the figure of EUR 87 million posted in 2007. The fruit for the prior-year period had been significantly impacted by the expense of setting up an independent financial services society in the NAFTA region following the transmission of a majority interest in the Chrysler business. The other main logically for the earnings improvement was the expanded bargain volume. A further increase in cost of gamble had a negative effect on the division's earnings.
The Vans, Buses, Other section posted EBIT of minus EUR 100 million in the third billet (Q3 2007: EUR 319 million). The Mercedes-Benz Vans and Daimler Buses units profited from the despotic 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.
Without considering difficult market conditions, Mercedes-Benz Vans increased its third-locale unit sales by 1% to 73,200 vehicles.
Daimler Buses sold 10,800 buses and chassis in the third accommodate, surpassing the very high level of the till-year period by 15%. A pungent contribution to this result came from sales in Europe, where 2,300 buses of the Mercedes-Benz and Setra brands were sold (+31%). Section sales also developed very positively in Mexico (+44%) and South America (+3%).
Daimler's allocate of the earnings of EADS amounted to minus EUR 8 million (Q3 2007: minus EUR 20 million). Daimler's disinterest interest in Chrysler negatively affected EBIT in the third shelter 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 residuary values. The results in connection with the disinterest interests in EADS and Chrysler are not cash essential.
Outlook
In light of the worsened monetary market crisis and the resulting modify on future economic developments, forecasts are connected with a foremost degree of uncertainty in the current milieu. In addition, it is not yet possible to reliably assess how post-haste the action plans announced by sundry governments will contribute to the stabilization of markets for monetary services and goods.
Mercedes-Benz Cars expects module sales to be similar to the prior-year straight-shooting, despite of the negative market improvement and adjustments to its production program. There will be bullish impetus from the full availability of the new C-Class sedan and site wagon and the new smart fortwo, as well as from the A- and B-Savoir vivre, the CLS, SLK, SL and the CLC, which were all newly launched or refreshed during the year 2008. The found of the refreshed M-Class and especially the new GLK will lay down additional sales momentum also in the following year. However, for lifecycle reasons we nullify lower unit sales of the E-Importance, which is in its last full model year.
Against the backdrop of gargantuan turmoil on financial markets and the resulting effects on cost-effective developments in the industrialized countries, including falls in part sales in major markets (in some cases of dishonest-digit percentages) and requiring reassessment of vehicles' leftover values, the previous earnings forecasts for 2008 can no longer be achieved. Daimler now assumes that the disunion will achieve EBIT in the magnitude of EUR 2.5 billion and a benefit on sales of approximately 5% in 2008; charges of EUR 449 million from the reassessment of leased vehicles' residuary values are included therein.
Daimler Trucks anticipates higher portion sales in 2008 than in the prior year. This improvement is primarily based on the positive advancement of unit sales in some important markets such as Brazil, Indonesia and the Bull's-eye East. Growth in unit sales is also indicated for Eastern Europe, but is expected to restitution yield to a moderate level by the end of 2008. This means that after six above-usual years, the European market for commercial vehicles is normalizing once again. For the US and Japanese markets, constituent sales are expected to be once again below the volumes of the ex year.
Growth in unit sales will be relatively offset by higher raw-material costs and the tired US economy. On this basis, the division expects...
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