Daimler Annual Report 2011 - Alle jaarverslagen

3.19
Value added
In millions of euros
2011 2010 11/10
% change
Daimler Group 3,726 2,773 +34
Mercedes-Benz Cars 3,775 3,438 +10
Daimler Trucks 796 428 +86
Mercedes-Benz Vans 690 303 +127
Daimler Buses 23 71 -68
Daimler Financial Services 643 160 +302
3.20
Net assets (average amounts)
In millions of euros
2011 2010 11/10
% change
Mercedes-Benz Cars 11,814 10,146 +16
Daimler Trucks 9,000 7,533 +19
Mercedes-Benz Vans 1,212 1,228 -1
Daimler Buses 1,161 1,200 -3
Daimler Financial Services 1 5,147 5,156 .
Net assets of the divisions 28,334 25,263 +12
Investments accounted for using
the equity method 2 2,643 2,449 +8
Assets and liabilities from income
taxes 3 -385 1,278 -130
Other reconciliation 3 834 348 +140
Daimler Group 31,426 29,338 +7
1 Total equity
2 To the extent not allocated to the segments
3 Industrial business
3.21
Reconciliation to net operating profit (loss)
In millions of euros
2011 2010 11/10
% change
Mercedes-Benz Cars 5,192 4,656 +12
Daimler Trucks 1,876 1,332 +41
Mercedes-Benz Vans 835 451 +85
Daimler Buses 162 215 -25
Daimler Financial Services 1,312 831 +58
EBIT of the divisions 9,377 7,485 +25
Value added
The Group’s value added increased by €1.0 billion to €3.7
billion, representing a return on net assets of 19.9% (2010:
17.5%). This was once again considerably higher than the
minimum required rate of return of 8%. The increase in value
added was primarily due to the significant increase in the
divisions’ operating profits. The main negative factors were
a higher income tax expense and the increase in average
net assets. 3.19 3.20
The increase in Mercedes-Benz Cars’ value added of €0.3
billion to €3.8 billion was caused by the earnings improvement
resulting from the further growth of unit sales, improved
pricing and lower warranty expenses. There was an opposing
effect from the increase in average net assets from €10.1
billion to €11.8 billion, which primarily reflects the higher
non-current assets due to increased investments.
Value added also increased at the Daimler Trucks division
(by €0.4 billion to €0.8 billion). The reason for the increase was
the significant improvement in earnings following the strong
growth in unit sales in all major regions. Average net assets
increased slightly, primarily due to the higher inventories
and the higher non-current assets.
The Mercedes-Benz Vans division more than doubled its
value added from €0.3 billion to €0.7 billion. The increase
resulted almost solely from the considerable improvement
in earnings following the excellent market response of our
products and the related increase in unit sales.
The value added of Daimler Buses decreased from €71 million
to €23 million. Despite increased shipments of bus chassis
in Latin America, earnings decreased primarily due to falling
unit sales of complete buses in Western Europe and North
America. Average net assets decreased slightly.
At the Daimler Financial Services division, value added
also increased substantially (by €0.5 billion to €0.6 billion).
Return on equity was 25.5% (2010: 16.1%). This development
is mainly a reflection of increased earnings due to lower
expenses for risk provisions, improved refinancing conditions
and growth in contract volume. Average net assets were
almost unchanged.
Table 3.22 shows the derivation of net assets from the
consolidated statement of financial position.
Income taxes 1 -2,515 -2,154 -17
Other reconcilation -622 -211 -195
Net operating profit (loss) 6,240 5,120 +22
1 Adjusted for tax effects of interest income.
90