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DaimlerChrysler - News ( Group Figures for 1998)
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Group Figures for 1998
DaimlerChrysler Operating Profit at EUR 8.6 bn (+38 %)
IBT up 32 % to EUR 8.2 bn Board of Management proposes 1998
dividend of EUR 2.35 per share
Stuttgart/Auburn Hills, February 25,1999
> News
In its first business year 1998, DaimlerChrysler has achieved an operating profit of EUR 8.6 bn. This is an increase of 38 % compared to the 1997 combined figure of
EUR 6.2 bn. According to the group figures published
today, 1998 income before taxes (IBT) is up 32 % to EUR 8.2 bn against the 1997 combined figures.
DaimlerChrysler Group
1998
1997 98:97
Euro U.S.'S DM
Euro Change
Operating Profit, in millions
IBT (Income Before Taxes),in millions Net Income**, in mill.
8,593 8,154
5,221
10,082 9,567
6,126
16,807 15,948
10,212
6,230 6,180
4,057
+ 38 % + 32 %
+ 29 %
Earnings Per Share**
5.58
6.54 10.90 4.28 + 30 %
Proposed Dividend Per Share 2.35
2.76
4.60
Revenues, in millions
131,782 154,615 257,744 117,572 + 12 %
* Based on Euro figures ** Excluding nonrecurring items: 1998 before merger costs; 1997 excluding one time positive tax effects, esp. special pay-out of DM 20 per share
Net income for 1998 is in the amount of EUR 5.2 bn, up 29 % against the 1997 net income for the combined businesses of EUR 4.1 bn. Earnings per share (EPS) are at EUR 5.58, up 30 %. The 1998 figure is excluding the merger costs; the 1997 figure is calculated on a
comparable basis, excluding nonrecurring items.
Net income including nonrecurring items - merger costs in 1998 and one time positive tax effects from the special pay-out of DM 20 per share for 1997 - is about EUR 4.8 bn (1997: EUR 6.5 bn); earnings per share including these items are at EUR 5.16.
Group revenues rose by 12 % to EUR 131.8 bn.
The Board of Management intends to propose to the Annual General Meeting of shareholders on May 18,1999, a dividend of EUR 2.35 per share. The DaimlerChrysler Supervisory Board will decide on the dividend proposal on March 30, 1999. For the former Daimler-Benz
shareholders, this dividend would mean a significantly higher pay-out, whereas the former Chrysler shareholders
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DaimlerChrysler - News ( Group Figures for 1998)
continue to receive a dividend on the high level of previous pay-outs.
In the income before taxes figure, merger costs of EUR 685 millions are included. This comprises all costs for the preparation and execution of the merger, as well as real estate transfer taxes, and the costs of the exchange offer for former Daimler-Benz shareholders.
DaimlerChrysler will present and explain the detailed financial statements for 1998 at its annual press conference in Stuttgart on March 31, 1999.
Please note:
1998 figures are calculated on a U.S.-$/DM exchange rate of 1.6670 (Noon Buying Rate on December 31, 1998, as required by the SEC). (Average U.S.-$/DM exchange rate in 1998 was 1.7597.)
1 EUR (Euro) = DM 1.95583 Operating Profit is according
to FAS 131
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