Document aJ9bE88YGzGj8E5deGkL5wOmb
Page 1
Search Result
Rank 1 of 55
Database S&P-CORPDE
(c) 1999 McGraw-Hill Co. Inc. All rights reserved.
PROFILE
DaimlerChrysler AG
Stuttgart, 70567
Germany
TELEPHONE: 011-49-711-17-0
TYPE OF COMPANY: Industrial
CUSIP: D1668R
TICKER SYMBOL: DCX PRIMARY STOCK EXCHANGE: NYS (New York Stock Exchange) SECONDARY STOCK EXCHANGE(S):
S&P NON-CONVERTIBLE BOND RATING(S): A+ (See BOND DESCRIPTIONS for details and RECENT NEWS for possible bond rating changes.)
EMPLOYEES:
428000
INCORPORATION YEAR:
1926
INCORPORATION LOCATION: Germany
PRIMARY SIC CODE: 3711 Motor vehicles and passenger car bodies
SECONDARY SIC CODE(S): 3714 Motor vehicle parts and accessories
3721 Aircraft 3724 Aircraft engines and engine parts 6141 Personal credit institutions 6153 Short-term business credit institutions,
except agriculture
RECENT NEWS
DAIMLERCHRYSLER AG DATE: 990225 EVENT: Annual Earnings (ANE) TITLE: Annual Earns.: Dec. '98 (For full details see RECENT FINANCIAL STATEMENTS.)
Copr. West 1999 No Claim to Orig. U.S. Govt Works
Page 2
COMPANY DESCRIPTION (REVISION DATE: 990106)
CAPITALIZATION (June 30 '98)
after acquisition of Chrysler Corp. in Nov. '98 and certain related
transactions
FINANCIAL LIABILITIES- DM 79,343,000,000.
NOTE: For details and ratings of publicly held debt, see Bond
Descriptions below.
STOCK OUTSTANDING-
Outstg. Shs.
Ordinary no par.....................................................................................................1,003,000,000
CORPORATE BACKGROUND
BUSINESS DESCRIPTIONDaimlerChrysler AG manufactures and assembles passenger cars, trucks and
buses on six continents. Brand names include Mercedes-Benz, Chrysler , Dodge, Plymouth and Jeep. The world's third largest car maker, DaimlerChrysler is also a leading European aerospace firm, and it provides financial services.
On November 12, 1998, Daimler-Benz AG, German's largest industrial concern, and Chrysler Corp., the 'three' in that exclusive club known as
America's Big Three automakers, completed their long-awaited merger. The resulting company, DaimlerChrysler AG, emerges as the world's third-largest automaker in terms of revenue and the fifth largest in unit sales. Following the merger and certain related transactions, former Chrysler shareholders became the owners of some 42% of DaimlerChrysler's stock, with former Daimler-Benz shareholders receiving about 58% of the new entity.
Daimler-Benz has been most active in Europe, North and South America and Japan, with an expanding presence in such markets as Eastern Europe and East and Southeast Asia. Known mainly for its luxury Mercedes-Benz passenger cars, Daimler-Benz, prior to its combination with Chrysler , was also the world's leading manufacturer of trucks over six metric tons gross vehicle weight and of buses over eight metric tons gross vehicle weight. With manufacturing plants and assembly facilities producing cars, trucks and buses on six continents, Daimler-Benz derived 71% of its 1997 revenues from automotive activities.
DaimlerChrysler's aerospace unit is one of Europe's leading aerospace firms and the German partner (with a 38% share) in the European Airbus consortium. Airbus Industrie G.I.E. Activities include civil aircraft and helicopters, military aircraft and aeroengines. Aerospace contributed some 12% of Daimler-Benz's revenues in 1997.
Daimler-Benz's services arm, debis, contributed 11% of the German company's 1997 revenues. The unit's financial services support the sale of Mercedes-Benz cars and trucks and other company products.
Prior to the combination, U.S. automaker Chrysler operated in two principal industry segments, automotive operations and financial services. Chrysler (which will be renamed DaimlerChrysler Corp.) manufactures and assembles passenger cars in various size classes and models and produces trucks in pickup, sport-utility and van/wagon models. These vehicles are sold under the brand names Chrysler , Dodge, Plymouth and Jeep. In
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 3
addition, Chrysler buys and distributes certain passenger cars manufactured in the U.S. by Mitsubishi Motor Manufacturing of America, a subsidiary of Mitsubishi Motors Corp. Through subsidiaries, Chrysler also provides consumer and dealer automotive financing for its products.
In the weeks leading up to the Daimler/Chrysler merger, Daimler-Benz said it expected to generate up to $3 billion in annual cost savings within three to five years of the merger and as much as $1.4 billion in 1999. DaimlerChrysler will maintain two operational headquarters, one at the current Chrysler headquarters in Auburn Hills, MI, and one at the current Daimler-Benz headquarters in Stuttgart, Germany. Automotive business will account for 90% of the combined company's sales. EMPLOYEES- Nov. 17, 1998, apx. 428,000.
PRINCIPAL SUBSIDIARY- wholly ownedDaimlerChrysler Corp.
INCORPORATED in Germany for the purpose of becoming the successor corporation to Daimler-Benz AG following completion of the Daimler-Benz exchange offer and merger. Pursuant to the Daimler-Benz exchange offer, which expired on Nov. 6, 1998, Co. accepted for exchange apx. 563,800,000 Daimler-Benz Ord. shs. (98.2%) on the basis of 1.005 Ord. shs. of Co. for each Ord. share of Daimler-Benz exchanged. Daimler-Benz was subsequently merged into Co. On Nov. 12, 1998, Co. acquired Chrysler Corp. (which was renamed DaimlerChrysler orp.), with Chrysler stockholders receiving 0.6235 of an Ord. share of Co. for each Chrysler share held.
Daimler-Benz AG was formed in Germany in 1926 through the merger of Daimler-Motoren-Gesellschaft (formed by Gottlieb Daimler in 1890) and Benz & Cie. (formed by Carl Benz in 1883).
BOARD OF MANAGEMENTR. J. Eaton, Co-Chrm J. E. Schrempp, Co-Chrm Manfred Bischoff Eckhard Cordes T. R. Cunningham T. C. Gale Manfred Gentz J. P. Holden Jurgen Hubbert K. J. Lauk Klaus Mangold D. K. Pawley T. W. Sidlik T. T. Stallkamp Heiner Tropitzsch G. C. Valade Klaus-Dieter Voehringer Dieter Zetsche
SUPERVISORY BOARDHilmar Kopper
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 4
R. E. Allen Sir E. J. P. Browne J. A. Califano, Jr. Martin Kohlhaussen R. J. Lanigan P. A. Magowan Manfred Schneider G. R. Thoman Bernard Walter L. R. Wilson Mark Wossner
OFFICE- Epplestrasse 225, Stuttgart, Germany 70567 (Tel.: 011-49-711-17-0). WEBSITE-http://www.daimlerchrysler.de.
BOND DESCRIPTIONS
AUBURN HILLS TRUST GTD. EXCHG. CERTIFICATES; Due May 1, 2020 (S&P Rating A+; at Oct. 30, 1998) Authorized............................................................................................................... $1,100,000,000 Outstanding (Dec. 31, 1998)........................................................................ $550, 000,000 Retired or in treas.............................................................................................$550, 000,000 TRUST AGREEMENT DATED May 1, 1990. INTEREST PAYABLE May & Nov. 1, to holders registered the preceding Apr. & Oct. 15, respectively. PRINCIPAL & INTEREST PAYABLE at Cede & Co., as Nominee of Depository Trust Co., NYC. INTEREST GRACE PERIOD- 30 days.
INTEREST- Interest will be paid at a rate of 12% per annum for the interest period ending Oct. 31, 1998 (payable Nov. 1, 1998). Interest shall be based upon the debt rating for the Certificates and adjusted if necessary in response to changes in the rating. Based on such rating, the Applicable Rate (as defined) shall not be greater than 16.875% nor less than 11.125%.
TRUSTEE- Chase Manhattan Bank Delaware, Wilmington. DENOMINATIONS- Issued in book-entry form covered by one or more fully registered Global Certificates registered in the name of Cede & Co., as Nominee of Depository Trust Co., NYC (Depository). EXCHANGEABLE at the option of DaimlerChrysler Corp. at any time in whole only for DaimlerChrysler Corp. Debs, due 2020. GUARANTEED unconditionally as to principal and interest by DaimlerChrysler Corp. Such Guaranty will rank equally with all unsecured and unsubordinated debt of DaimlerChrysler Corp. SECURITY- With certain exceptions, neither Chrysler Corp. nor any Subsidiary may guarantee or suffer to exist any debt secured by a mortgage, pledge or other lien on any Principal Domestic Automotive Plant or any shares of debt of any Subsidiary which owns or leases a Principal Domestic Automotive Plant, without securing the Certificates equally and ratably therewith-- all as defined. PRICE RANGE- OTC bid from Nov. 30, 1998 when trading on NYSE was suspended (delisted Dec. 23, 1998):
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 5
1997.....................160.875 143.875
1996........................... 157.5
138.125
1995.....................151 1/2
129 1994........................... 159.5
126
CHRYSLER CORP. 7.45% (SR.) DEBS.; Due Mar. 1, 2027
(S&P Rating A+; at Oct. 30, 1998)
Authorized & Outstg. (Dec. 31, 1997)................................................. $600, 000,000
INDENTURE DATED Mar. 1, 1995. INTEREST PAYABLE Mar. & Sept. 1, to holders
registered the preceding Feb. & Aug. 15, respectively. PRINCIPAL & INTEREST
PAYABLE at Depository Trust Co., NYC. INTEREST GRACE PERIOD- 30 days.
TRUSTEE- State Street Bank & Trust Co., Boston.
DENOMINATIONS- Issued in book-entry form and covered by one or more fully
registered Global Securities deposited with, or on behalf of. Depository
Trust Co., NYC.
REDEEMABLE at the option of DaimlerChrysler Corp. (formerly Chrysler
Corp.) in whole or in part on 30 days' notice at the greater of (i) 100 and
(ii) the sum of the present values of the Remaining Scheduled Payments
thereon discounted to the redemption date on a semiannual basis at the
Treasury Rate plus 18 basis points-- all as defined, plus int. in each
case.
SECURITY- A direct unsecured obligation.
PRICE RANGE- OTC bid:
1997..................... 106.875
94.875 CHRYSLER CORP. 7.40% (SR.) DEBS.; Due Aug.
1, 2097
(S&P Rating A+; at Oct. 30, 1998)
Authorized & Outstg. (Dec. 31, 1997)................................................. $500, 000,000
NOTE- Upon the occurrence of a Tax Event, DaimlerChrysler Corp. (formerly
Chrysler Corp.) shall have the right to shorten the maturity of the Debs,
to the minimum extent required, in the opinion of independent tax counsel,
such that, after the shortening of the maturity, interest paid on the Debs,
will be deductible for U.S. federal income tax purposes or, if such counsel
is unable to opine definitively as to such minimum period, the minimum
extent so required as determined by DaimlerChrysler Corp.'s directors,
after receipt of an opinion of such counsel regarding the applicable legal
standards. Prospective investors should be aware, however, that
DaimlerChrysler Corp.'s exercise of its right to shorten the maturity of
the Debs, will be a taxable event to holders for U.S. federal income tax
purposes if the Debs, are treated as equity for such purposes before the
maturity is shortened, assuming that the Debs, of shortened maturity are
treated as debt for such purposes. Tax Event means, generally, that
DaimlerChrysler Corp. shall have received an opinion of tax counsel to the
effect that, as a result of certain changes in tax law, there is more than
an insubstantial increase in the risk that interest paid by DaimlerChrysler
Corp. on the Debs, is not, or will not be, deductible, in whole or in part,
by DaimlerChrysler Corp. for U.S. federal income tax purposes.
INDENTURE DATED Mar. 1, 1985. INTEREST PAYABLE Feb. & Aug. 1, to holders
registered the preceding Jan. & July 15, respectively. PRINCIPAL & INTEREST
PAYABLE at Depository Trust Co., NYC. INTEREST GRACE PERIOD- 30 days.
TRUSTEE- State Street Bank & Trust Co., Boston.
DENOMINATIONS- Issued in book-entry form covered by one or more fully
registered Global Securities deposited with, or on behalf of, Depository
Trust Co., NYC.
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 6
REDEEMABLE at the option of DaimlerChrysler Corp. (formerly Chrysler
Corp.) in whole or in part on 30 days' notice at a price equal to the
greater of (i) 100 or (ii) the sum of the present values of the Remaining
Scheduled Payments (as defined) thereon discounted to the redemption date a
semiannual basis at the Treasury Rate (as defined) plus 20 basis points,
plus int. in each case.
On or after Aug. 1, 2087, the Debs, will be redeemable at the option of
DaimlerChrysler Corp. in whole or in part on 30 days' notice at 100 & int.
SPECIAL REDEMPTION PROVISION- If a Tax Event occurs and in the opinion of
an independent tax counsel there would, notwithstanding any shortening of
the maturity of the Debs., be more than an insubstantial risk that interest
paid by DaimlerChrysler Corp. (formerly Chrysler Corp.) on the Debs, is
not, or will not be, deductible, in whole or in part, by DaimlerChrysler
Corp. for U.S. federal income tax purposes, DaimlerChrysler Corp. will have
the right, within 90 days following the occurrence of such Tax Event, to
redeem the Debs, in whole (but not in part) on 30 days' notice at the
greater of (i) 100 and (ii) the sum of the present values of the Remaining
Scheduled Payments (as defined) thereon discounted to the redemption date
on a semiannual basis at the Treasury Rate (as defined) plus 35 basis
points, plus int. in each case.
SECURITY- A direct unsecured obligation.
PRICE RANGE- OTC bid:
1997....................... 106.75
98 DAIMLER-BENZ NORTH AMERICA CORP. 7 3/8%
(GTD.) NOTES; Due Sept. 15, 2006
(S&P Rating A+; at Oct. 30, 1998)
Authorized & Outstg. (Sept. 24, 1996)......................................... US$500,000,000
NOTE- Subject to certain exceptions and limitations, Daimler-Benz North
America Corp. (DBNCA) or DaimlerChrysler AG, as the case may be, will pay
to the holder of any Note such additional amounts as may be necessary in
order that every net payment of the principal of (and premium, if any) and
interest, if any, on any such Notes after deduction or other withholding
for or on account of any present or future tax, assessment, duty or other
governmental charge of any nature whatsoever imposed, levied or collected
by or on behalf of the country in which DBNCA or DaimlerChrysler AG, as the
case may be, is organized, or any political subdivision or taxing authority
thereof or therein having power to tax will, not be less than the amount
provided for in any such Notes to be then due and payable.
INDENTURE DATED Sept. 17, 1996. INTEREST PAYABLE Mar. & Sept. 15, to
holder registered 15 day preceding each interest payment date. PRINCIPAL &
INTEREST PAYABLE at Depository Trust Co., NYC. INTEREST GRACE PERIOD- 30
days.
TRUSTEE- Chase Manhattan Bank, NYC.
DENOMINATIONS- Issued in book-entry form in denominations of US$1,000 and
multiples thereof, and covered by one or more fully registered Global
Securities deposited with, or on behalf of, Depository Trust Co., NYC. If
at any time Notes are no longer represented by a Global Security, Notes
will be issued in definitive form.
OPTIONAL TAX REDEMPTION- Notes may be redeemed in whole but not in part
on 30 days' notice at 100 & int. if (a) Daimler-Benz North America Corp.
(DBNCA) would be obligated to (i) pay any additional amounts or (ii)
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 7
account to any taxing authority in the country in which DBNCA is organized
for any amount (other than any tax withheld or deducted from interest
payable on the Notes) in respect of any payment made or to be made on the
Notes, (b) DaimlerChrysler AG would be unable, for reasons outside of its
control, to procure payment by DBNCA without such additional amounts being
payable or being required to account as aforesaid and in making such
payment itself would be required to pay additional amounts as provided in
the Indenture or to account as aforesaid or (c) DaimlerChrysler AG would be
required to deduct or withhold amounts for or on account of any taxes of
whatever nature imposed or levied by or on behalf of the country of DBNCA
or DaimlerChrysler AG in making any payment of any sum to DBNCA required to
enable DBNCA to make a payment in respect of such Notes or to account to
any taxing authority in the country in which DBNCA is organized for any
amount calculated by reference to the amount of any such sum to be paid to
DBNCA.
GUARANTEED unconditionally and irrevocably as to the payment of
principal, (premium, if any), interest and any additional amounts by
DaimlerChrysler AG.
SECURITY- A direct unsecured obligation.
LISTED- NYSE Nov. 13, 1996; OTC bid prior thereto:
1997 ..................................No
Sale
1996....................... 103.75
99.875
STOCK DATA
DAIMLER-BENZ AG (5 3/4%) AMERICAN DEPOSITARY NOTES (representing Subord. Mandatory Conv. Notes due June 14, 2002): PAYMENTS- 5 3/4% American Depositary Notes, representing Subord. Mandatory Conv. Notes due June 14, 2002, entitle the holder to US$4.58 per annum payable semi-annually each May & Nov. 15. NOTE- Subject to certain exceptions and limitations, if any withholding or deduction for or on account of any taxes or other duties shall be imposed, levied or collected by or in the Federal Republic of Germany, Co. will pay such Additional Amounts as may be necessary in order that Note holders receive the same amounts of principal and interest on the Notes they would have received had no such withholding or deduction been made. INTEREST PAYABLE at Depository Trust Co., NYC. INTEREST GRACE PERIOD30 days. TRUSTEE- Citibank, N.A., NYC. DENOMINATIONS- Issued in book-entry form in denominations of US$79.67 and multiples thereof and covered by one or more Global Receipts deposited with, or on behalf of. Depository Trust Co., NYC. If at any time the Notes are no longer represented by Global Receipts, Notes will be issued in definitive form. SECURITY- A direct unsecured obligation, subordinated in liquidation, bankruptcy, composition or other proceedings to avoid bankruptcy to the claims of all other
creditors of Co. which are not also subordinated. CONVERTIBLE AT THE HOLDER'S OPTION through June 4, 2002 (if called for redemption for tax reasons, through the tenth Frankfurt Business Day prior to the redemption date) into 0.86631 Ord. share (as adjtd.). The exercise of the conversion right shall be excluded during any of the following periods: (i) in connection with any shareholders' meeting of Co., a period commencing on the last day for the deposit of Ord. shares in order to participate in the shareholders' meeting and ending on the third Frankfurt Business Day
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 8
following such shareholders' meeting, both dates exclusive; (ii) a period of 14 days before the end of Co.'s fiscal year; and (iii) a period commencing on the date on which an offer by Co. to its shareholders to subscribe for shares, warrants on Co.'s shares or bonds with conversion or subscription rights or obligations is published in a newspaper designated as a publication in which such announcements must be made by one of the German stock exchanges where the Ord. shares are admitted for trading, or in the German Federal Gazette, whichever is earlier, and ending on the last day of the subscription period, both dates inclusive. Fractional shares will be settled in cash. Conversion privilege is protected against dilution, as defined. Terms of the conversion privilege should be checked in detail. MANDATORY CONVERSION- On June 14, 2002, each Note will be converted mandatorily into Ord. shares at a rate equal to: (i) if the Maturity Price is greater than or equal to DM 150.87, 0.86631 Ord. share per Note; (ii) if the Maturity Price is less than DM 150.87, but is greater than DM 104.04, such number of Ord. shares per Note which results from dividing DM 130.70 (the Nominal Amount) by the Maturity Price; or (iii) if the Maturity Price is less than or equal to DM 104.04, 1.25625 Ord. shares per Note-- all adjtd. for the merger of Daimler-Benz AG and Chrysler Corp. into DaimlerChrysler AG, Nov. 12, 1998. Maturity Price means the average of the official quotation of the Ord. shares on the Frankfurt Stock Exchange during the 20 trading days immediately prior to June 8, 2002, rounded to the nearest 10 Pfennig. DIVIDENDS- Daimler-Benz AG Ord.: 1988-90, DM 12.00; 1991-92, DM 13.00; 1993, DM 8.00; 1994, DM 11.00; 1995, nil; 1996, DM 1.10, plus 10-for-l split June 28; 1997, DM 1.60.
STOCK PRICE-
LISTED- Ord. NYSE (Symbol DCX) Oct. 26, 1998; also listed Frankfurt SE,
and traded Chicago, Pacific, Phila., London, Paris, Montreal,
Toronto,
Swiss, Vienna, Tokyo and other German SEs:
1998.....................99 1/16
74 1/2
--Daimler-Benz AG Ord. (German prices follow)--
1997. . . ................161.80
103.90
*1996.......... .......... 105.50
72.46
1995... ................761.20
607
1994 ............................... 904
689
1993... ....................... 850 1991. . . ....................... 802
530 1/2 501
1992....................... 816.80
500.60
*Adj td. for 10-for-l split June 28.
EARNINGS AND FINANCES
AUDITORS- KPMG Deutsche Treuhand-Gesellschaft, Frankfurt.
CONSOL. EARNS. of Daimer-Benz AG, Y-E Dec. 31: Mil.
(U.S. GAAP)
Gross
Oper.
Oper. Depr. &
Revs.
Inc. Amort.
1997............................................................................................. 124,050
DM 9,532
7,521
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 9
1996............................................................................................. 106,339
6, 992
6, 929
1995............................................................................................. 103,549
1,726
7,431
al995...........................................................................................102, 985
1,201
6, 929
1994............................................................................................. 104,075
5,843
7,676
1993................................................................................................99, 494
d653
8,059
1992............................................................................................. 100,879
4,538
7,085
1991................................................................................................98,566
5,914
5, 977
1990................................................................................................88,383
4,957
5,169
1989................................................................................................ 80,552
N.R.
N.R.
1988................................................................................................75, 637
N.R.
N.R.
@Inc.
*Net
*Sh. Earns (DM)
Taxes
Inc,
Basic
Dltd,
1997.......................... ................cr3,982
8,042
15.59
15.30
1996.......................... ..................... cr712
2,762
5.35
5.35
1995.......................... ..................... 1,015
d5,734
dll.17
dll.17
al995.......................
d5,729
dill.17
--
1994 .......................... ..................... 1,182
895 21.57
--
1993.......................... .......................... 515
615 12.92
--
1992.......................... .......................... 586 1991.......................... ..................... 1,039 1990.......................... .....................1,814
1,451 2,486 1,795
30.50 40.20 36.20
--
-- --
1989.......................... ..................... 3,287 1988 .......................... ..................... 3,495
6, 809 1,702
N.R. N.R.
--
--
*ADS Earns. ($) Conv.
Rate
Basic
Dltd. Per $ (DM)
1997..........................
.8.66
8.50
1.80
1996........................................................................................................3.48
3.47
1.54
1995..................................................................................................... d7.81
d7.81
1.43
al995...................................................................................................... --
1994
........ ....... .......
1993.......................................................................................................
1992............................................................................................................... ....... .......
1991............................................................................................................... ....... .......
1990........................................................................................................ --
1989............................................................................................................... ....... .......
1988 ....................................................................................................... ........ ....... .......
dDeficit.
*Bef. extraord. item: (Mil. DM) 1991, dr544.
Sh. earns, are as reported by Co.
ADS earns are based on avge. shs. (each ADS represents 1 ord. sh.).
@Incls. taxes, other than inc. prior to 1990.
aRestated.
Note: In February 1997, the Financial Accounting Standards Board issued
FASB #128 'Earnings Per Share.' This statement replaces the previous
standard APB Opinion #15, 'Earnings per Share.' Effective for periods
ending after December 15, 1997, FASB #128 requires companies to report both
'basic' and 'diluted' earnings per share. 'Basic' earnings per share does
not include the addition of common stock equivalents to the shares
outstanding. 'Diluted' earnings per share requires the addition of common
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 10
stock equivalents to the shares outstanding. Average shares outstanding is
the denominator used in 'basic' earnings per share calculations.
Accordingly, 'basic' earnings per share will be higher than 'diluted'
earnings per share.
Note: Effective. Nov. 1998 Daimler Benz AG (DBA) acqd. Chrysler Corp.;
Transaction was acctd. for on a pooling-of-interest basis. Subsequent to
the acquisition the newly combined comapany changed its name to
DaimlerChrysler AG (Co.). Pro forma results reflect this transaction as if
it had occurred on Jan. 1 '95.
ADJUSTED EARNS, for adjtd. for June ' 96 10-for-1 stk. split: $
1995 dll.17
1994
2.16
1993
1.29
1992
3.05
1991
4.02
1990
3.62 dDeficit.
CONSOL . EARNS, of Chrysler Corp., Y-E Dec. 31: Mil. $
aGross
Oper.
bOper.
@Depr.
Fxd
#Tms.
Revs.
Inc. & Amort.
Chgs .
Earns.
1997. .
58,622
5,734
2,696
1,200
4.64
1996. .
59,333
7,347
2,312
1,163
6.10
1995. .
51,190
4,659
2,220
1,199
3.71
1994 . .
50,736
7,223
983
937 7.22
1993. .
42,260
4,977
969 1,104
4.48
1992. .
35,501
2,512
969 1, 405
1.74
1991. .
28,162
2,524
644 2,031
0.42
1990. .
29,797
3,902
781 2,598
0.96
1989. .
34,922
5,669
721 2,968
1.29
1988. .
31,884
5,367
617 2,592
1.62
Inc.
*Net
*-Sh. Earns.-
Taxes
Inc.
Basic
Dltd.
1997 . .
............. 1,752
2,805
4.15
4.09
1996. .
............. 2,372
3,720
5.03
5.00
1995. .
............. 1,328
2,121
5.55
5.35
1994 . . 1993. .
............. 2,117 ............. 1,423
3,713 2,415
10.11 6.77
9.10 --
1992. . 1991. . 1990. . 1989. . 1988 . .
.................. 429 ............. cr272 ..................... 79 ............. :.237 .................. 642
505 d538
68 359 1,050
1.47 d2.22
0.30 1.55 4.66
1.49 --
--
--
--
dDeficit.
*Bef . cum. effect of acctg. change (Mil. $): 1991, dr257 or $1.06; 1992,
cr218 or $0.74 ($0.64 dltd.); 1993, dr4,966 or $14.39; 1995, dr96 or $0.25
($0.24 dltd.) .
Also bef. extraord. item (Mil. $): 1996, drl91 or $0.26 ($0.26 dltd.).
Also, incls. results fr. discontd. opers. (Mil. $): 1989, 44 or $0.19.
Sh. earns, are as reported by Co.
@Excls. amort, of special tools prior to '92.
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 11
-On a pre-tax basis.
aNet sales prior to '89.
bTotal income prior to 192.
Note: In February 1997, the Financial Accounting Standards Board issued
FASB #128 'Earnings Per Share.' This statement replaces the previous
standard APB Opinion #15, 'Earnings per Share.' Effective for periods
ending after December 15, 1997, FASB #128 requires companies to report both
'basic' and 'diluted' earnings per share. 'Basic' earnings per share does
not include the addition of common stock equivalents to the shares
outstanding. 'Diluted' earnings per share requires the addition of common
stock equivalents to the shares outstanding. Average shares outstanding is
the denominator used in 'basic' earnings per share calculations.
Accordingly, 'basic' earnings per share will be higher than 'diluted'
earnings per share.
ADJUSTED EARNS, of Chrysler Corp. for June '96 2-for-l stk. split: $
1995 2.68
1994
5.06
1993
3.39
1992
0.74
1991
dl.ll
1990
0.15
1989
0.78
1988
2.33 RESTATED EARNS, of Chrysler Corp., Y-E Dec. 31: Mil. $
(Reflects discontd. opers.)
Gross
-Net Income-
Oper.
Contng. Opers.
Discontd. Opers.
Revs. Fr.
Amt. *Per Sh.
Amt. *Per Sh.
1988..................................34,148
1,003
4.45
*As reported by Co.
47
0.21
FINANCIAL STATEMENTS
Annual Report- Consol. Inc. Acct. of Daimer-Benz AG Yrs.
Mil. DM
(U.S. GAAP)
1997
1996
1995
Revenues.................................... .................. 124,050
106,339
Cost & exps............................ .................. 114,518
99,350
Oper. income.......................... ....................... 9,532
6, 989
Interest income.................. ....................... 2,289
1,641
Investment income, net. ....................... dr7 00
dr273
Other income, net............. ....................... 1,620
1,402
Total income.......................... .....................12,741 Depr. & amort....................... ....................... 7,521
9,759 6, 926
Interest exp.......................... .............................971
872
Income tax............................... .................. cr3,982
cr712
Minority int..........................
cr89
Net income............................. .....................8,042
2,762
End. Dec.
102,985 101,784
1,201 1,729
384 1,742 5,056 11,105 1,184 crl,620
116 d5,729
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 12
Com. divds............................................ ................579
Bal. aft. divds............................... ...........7,463
Share earns, (basic).................. ...........15.59
*Share earns, (diluted)
15.30
aADS earns, (basic)..................... ...........$8.66
aADS earns, (diluted)................ ...........$8.50
10 2,752
5.37 5.35 $3.48 $3.47
580 6,309 dll.17 dll.17 d$7.81 d$7.81
Avge. shs. (Mil.):....................... ................528
518 513
dDeficit.
*Based on avge. shs., adjtd. for June '96 10-for-l stk.
aBased on avge. shs. (each ADS represents 1 ord. sh.), converted at the
rate of DM1.80 per $1 in 1997, DM1.54 per $1 in 1996 and DM1.43 per $1 in
1995.
Note: In February 1997, the Financial Accounting Standards Board issued
FASB #128 'Earnings Per Share.' This statement replaces the previous
standard APB Opinion #15, 'Earnings per Share.' Effective for periods
ending after December 15, 1997, FASB #128 requires companies to report both
'basic' and 'diluted' earnings per share. 'Basic' earnings per share does
not include the addition of common stock equivalents to the shares
outstanding. 'Diluted' earnings per share requires the addition of common
stock equivalents to the shares outstanding. Average shares outstanding is
the denominator used in 'basic' earnings per share calculations.
Accordingly, 'basic' earnings per share will b< higher than 'diluted
earnings per share.
Consol. Bal. Sheet of Daimer-Benz AG Dec. 31: Mil. DM
Assets-
1997
1996
Cash.....................................................................................................................55,,8833
4,557
Mktble. secs............................................................................................1144,,6687
9,783
Receivables, net..................................................................................5500,,181
38,875
Inventories...............................................................................................1144,,3390
13,602
Investments...................................................................................................33,,4453
3,536
*Net property................................................................................... 20.2, 065,6656
18,225
Leased property.....................................................................................1144,,9931
11,941
Intangibles...................................................................................................11,,9915
1,951
Defr. inc. tax......................................................................................1100,,462
9, 603
Other assets.........................................................................................._.._.._.._...559911
388
Total assets...................................................................................137,099
112,461
Liabilities-..................................................................................................
Accruals...................................................................................................... 36,618
34,886
Financial liabs...................................................................................39, 302
28,850
Trade liabs.............................................................................................. 11,079
9, 027
Defr. income.............................................................................................. 1,726
1,324
Defr. taxes................................................................................................ 2,003
2,253
Other liabs.............................................................................................. 10,116
8,792
Minority int.............................................................................................. 1,170
936
@Com. stk. p.DM5....................................................................................2,584
2,577
Paid-in cap.................................................................................................5,247
5, 080
Retained earns...................................................................................... 26,508
19,033
Other stockholders equity..................................................................746
dr297
Total liabs..................................................................................... 137,099
112,461
Equity per sh............................................................................................64.16
47.46
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
*Depr. & amort, res......................................................
@Com. shs. (Mil.):......................................................... Note: Consol. Inc. Acct. of Chrysler Corp
1997
1996
1995
Revs, from manufactured products .......................... 56, 986
Revs, from financial
services.............................................................. 1, 636
Gross oper. revs..................................58,622
Cost & exps................................................... 52,888
Oper. income..................................................... 5,734 Other income..................................................... 2,525
Total income..................................................... 8,259
Depr. & amort.................................................. 2,696
Interest exp.................................................... 1,200
Capitalized int.............................................crl94
Income tax......................................................... 1,752
Inc. bef. extraord.
item & cum. effect of
acctg. change..................................................2,805
Extraord. item............................................................
Cum. effect of acctg.
change........................................................................ ........
Net income...................................................2,805
Pfd. divds....................................
1
Com. divds.......................................................... 1,095
Bal. aft. divds............................................. 1,709
Share earns, (basic):.......................................
Bef. extraord. item
& acctg. change............................................ $4.15
Extraord. item.......................................................
Acctg. change................................................. ........
Net income.......................................................4.15
*Share earns.
(diluted):...................................................................
Bef. extraord. item
& acctg. change............................................. $4.09
Extraord. item.......................................................
Acctg. change................................................. ........
Net income.......................................................4.09
Avge. com. & com.
equiv. shs. (Mil.):........................................ 685
Fixed Charges
Coverage:......................................................................
Avail, for Fxd. Chgs................................5,563
Gross Fxd. Chgs............................................. 1,200
F.C. Tms . Earn.................................................. 4.64
F.C. & Pfd. Divds.
Tms. Earn............................................................... 4.63
dDeficit.
. .48,720
47,006
...........517
515
Yrs. End. Dec. 31: Mil. $
57,587
1,746 59,333
51,986 7,347 2,064 9,411 2,312 1,163 crl56 2,372
49,601
1,589 51,190
46,531 4,659 2,005 6,664 2,220 1,199 cr204 1,328
3,720 adrl91
3,529 3
960 2,566
2,121
@dr96 2,025
21 689 1,315
$5.09 dr0.26
4.83
$2.81
drO.13 2.68
$5.00 drO.26
4.74
744
7,099 1,163
6.10
6.09
$2.68
drO.12 2.56
792
4,444 1,199
3.71
3.64
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 14
*Based on avge. com. & com. equiv. shs., after pfd. divds. adjtd. for
June '96 2-for-l stk. split.
QReflects adoption of Emerging Issues Task Force Issue 95-1, 'Revenue
Recognition on Sales with a Guaranteed Minimum Resale Value.'
aFrom early extinguishment of debt.
Note: In February 1997, the Financial Accounting Standards Board issued
FASB #128 'Earnings Per Share.' This statement replaces the previous
standard APB Opinion #15, 'Earnings per Share.' Effective for periods
ending after December 15, 1997, FASB #128 requires companies to report both
'basic' and 'diluted' earnings per share. 'Basic' earnings per share does
not include the addition of common stock equivalents to the shares
outstanding. 'Diluted' earnings per share requires the addition of common
stock equivalents to the shares outstanding. Average shares outstanding is
the denominator used in 'basic' earnings per share calculations.
Accordingly, 'basic' earnings per share will be higher than 'diluted'
earnings per share.
Note: Results for 1997 included net costs of $364 million from the impact
of an 29 day strike and $41 million charge to discontinue Chrysler's Eagle
brand, partially offset by recognition of $60 million of defr. profits from
the sale of vehicles from Chrysler to Dollar Thrifty Automotive Group.
Note: At Dec. 31 '97, Co. had avail, net oper. loss carryforwards of
$52,000,000.
Note: Consol. Bal. Sheet of Chrysler Corp Dec. 31: Mil. $
Assets-
1997
1996
Cash & equiv...........................................................................
. .4,898
5,158
Mktble. secs...........................................................................
. .2,950
2,594
Accts. rec., net.................................................................
. .1,646
2,126
Inventories.............................................................................
. .4,738
5,195
Finance receivables.........................................................
.13,518
12,339
*Net property........................................................................
.17,968
14,905
Special tools........................................................................
. .4,572
3, 924
Intangibles.............................................................................
. .1,573
1,995
Other assets...........................................................................
. .8,555
7,948
Total assets........................................................................
60,418
56,184
Liabilities-
Short-term debt...................................................................
. .3,841
3,214
Curr. debt mat......................................................................
..2,638
2,998
Accts. pay................................................................................
..9,512
8,981
Accruals.......................... ...........................................................
. .9,717
8,864
Long-term debt......................................................................
..9,006
7,184
Postretirement liabs......................................................
..9,841
9,431
Other liabs.............................................................................
..4,501
3, 941
@Pfd. stk. p.$1...................................................................
____ Nil
Nil
aCom. stk. p.$l...................................................................
____ 823
822
bTreas. stk.............................................................................
dr5,297
dr3,209
Paid-in cap.............................................................................
..5,231
5,129
Retained earns...................................................................... Total liabs...........................................................................
.10,605 60,418
8,829 56,184
Equity per sh........................................................................
.$15.09
$13.59
*Depr. res.............................................................................
.9,114
8,147
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Page 15
@Pfd. shs. (Mil.):. aCom. shs. (Mil.):. bTreas. shs. (Mil.) Com.........................................
0.020 . .823
175
0.040 822
119
Pro Forma Report- Consol. Inc. Acct. Yrs. End. Dec. 31: Mil. DM
(U.S. GAAP)
1997
1996
1995
Revenues............................................... ____ 229,255
Cost & exps....................................... ____ 219,593
Oper. income.................................... ............. 9,662
Interest income, net................ .................. 869
Other income.................................... ............. 1,620
Total income.................................... ...........12,151
Income tax.........................................
Minority int....................................
Net income....................................... ____ 12,906
Share earns, (basic)................ ............. 13.29
*Share earns, (diluted)
13.16
Avge. shs. (Mil.):..................... .................. 984
dDeficit.
198,082 189,009
9, 073 652
1,402 11,127
2,857 cr89
8,359 8.44 8.41 994
178,551 183,786
d5,235 1,203 1,742
d2,290 283 116
d2,689 d2.64 d2.64
1,019
*Based on avge. shs.
Unaudited. Note: Effective. Nov. 1998 Daimler Benz AG (DBA) acqd. Chrysler Corp.; Transaction was acctd. for on a pooling-of-interest basis. Subsequent to the acquisition the newly combined comapany changed its name to DaimlerChrysler AG (Co.). Pro forma results reflect this transaction as if it had occurred on Jan. 1 '95.
Note: In February 1997, the Financial Accounting Standards Board issued FASB #128 'Earnings Per Share.' This statement replaces the previous standard APB Opinion #15, 'Earnings per Share.' Effective for periods ending after December 15, 1997, FASB #128 requires companies to report both 'basic' and 'diluted' earnings per share. 'Basic' earnings per share does not include the addition of common stock equivalents to the shares outstanding. 'Diluted' earnings per share requires the addition of common stock equivalents to the shares outstanding. Average shares outstanding is the denominator used in 'basic' earnings per share calculations. Accordingly, 'basic' earnings per share will be higher than 'diluted' earnings per share.
Note: Co. reported the following results for the year ended Dec. 31 '97, translated into U.S. dollars at the rate of DM1.8033 per $1: (Thou. $)
Yr. End. Dec. 31:
1997
Revenues......................................................................................................................................127,131
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Net income....................................................................................................................................... 7,158 Share earns, (basic)............................................................................................................ $7.37 Share earns, (diluted)....................................................................................................... $7.30 Avge . shs . (Mil.):........................................................................................................................ 984
Note: Co. reported the following pro forma results for the 6 mos. end. June 30 '98: (Mil. DM)
6 Mos. End. June 30:
1998
Revenues....................................................................................................................................... 128,308
Net income....................................................................................................................................... 5,721
Share earns, (basic)............................................................................................................... 5.96
Share earns, (diluted)..........................................................................................................5.83
Avge. shs. (Mil.):........................................................................................................................ 985
aConsol. Bal. Sheet June 30 '98 Mil. DM
AssetsCash & equiv................................................................................................................................19,694 Mktble. secs................................................................................................................................24,240 Receivables, net..................................................................................................................... 86,402 Inventories.................................................................................................................................. 22,181 Investments................................................................................................................................... 5,7 99 Net property................................................................................................................................57,559 Leased property........................................................................................................................ 27,393 Intangibles..................................................................................................................................... 4,653 Other assets................................................................................................................................19,541
Total assets........................................................................................................................ 267,462 Liabilities-...................................................................................................................................... Accruals.......................................................................................................................................... 73,382 Financial liabs.......................................................................................................................79, 343 Defr. liabs.................................................................................................................................. 12,837 Other liabs.................................................................................................................................. 41,081 Minority int.................................................................................................................................. 1,108 @Ord. stk. n.p. & Paid-in cap....................................................................................20,242 Retained earns.......................................................................................................................... 38,342 Other stockholders equity............................................................................................... 1,127 Total liabs.......................................................................................................................... 267,462 Equity per sh................................................................................................................................54.88 @Ord. shs. (Mil. ).............................................................................................................. 1,003 aUnaudited. RECENT FINANCIAL STATEMENTS(Also see RECENT NEWS for more information)
DAIMLERCHRYSLER AG DATE: 990225 EVENT: Annual Earnings (ANE) TITLE: Annual Earns.: Dec. '98 Consol. Inc. Acct.: Mil. Euro $ Years Ended Dec. 31: Revenues
1998 131,782
1997 117,572
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
Net income
5,221
4,057
*Sh. earns.:
Euro $5.58
Euro $4.28
*As reported.
Note:Results were reported by Co. before merger costs in 1998 and
special pay-out of DM20 per share in 1997. Including these items net
income would be Euro 4.8 billion for 1998 and Euro 6.5 billion for
1997.
NoterCo. reported the following results for 1998 in U.S. dollars:
revenues, $154.6 billion. Net income, $6.1 billion. Share earnings,
$6.54.
FIELDED ANNUAL REPORT DATA
----------------------------------------------------- Income Account, German Mark
Year End
12/97
NET SALES/REVENUE
124,050,000
COST AND EXPENSES
114,518,000
OPERATING INCOME
9,532,000
INTEREST INCOME
2,289,000
OTHER INCOME
920,000
TOTAL INCOME
12,741,000
DEPRECIATION & AMORT.
7,521,000
FIXED CHARGES
971,000
MINORITY INTEREST-INCOME
189,000
INCOME TAXES - EXPENSE
-3,982,000
NET INCOME
8,042,000
(000's) -----------------------------
12/96
12/95
106,339,000
102,985,000
99,350,000
101,784,000
6,989,000
1,201,000
1,641,000
1,729,000
1,129,000
2,126,000
9,759,000
5,056,000
6,926,000
11,105,000
872,000
1,184,000
-89,000
116,000
-712,000
-1,620,000
2,762,000
-5,729,000
i\33C^hi f
Year End CASH AND EQUIVALENT RECEIVABLES INVENTORIES INVESTMENTS - ASSET NET PROPERTY LEASED PROPERTY INCOME TAX - ASSET INTANGIBLES OTHER ASSETS TOTAL ASSETS
berman waiK ^uuu 1 s~ \)
.. .
12/97
12/96
5,833,000
4,557,000
50,181,000
38,875,000
14,390,000
13,602,000
18,140,000
13,319,000
20,656,000
18,225,000
14,931,000
11,941,000
10,462,000
9,603,000
1,915,000
1,951,000
591,000
388,000
137,099,000
112,461,000
U 1 LJj X u X X
XC3 f
Year End
ACCRUALS - LIABILITY
INCOME TAXES - LIABILITY
DEFERRALS
MINORITY INTEREST - LIAB.
OTHER LIABILITIES
COMMON STOCK
CAPITAL SURPLUS
U C XIIlu 11 ri L X K 12/97
36,618,000 2,003,000 1,726,000 1,170,000
60,497,000 2,584,000 5,247,000
\ UUU S ) 12/96
34,886,000 2,253,000 1,324,000 936,000
46,669,000 2,577,000 5,080,000
Copr. West 1999 No Claim to Orig. U.S. Govt. Works
OTH. STKHLDR.EQUITY ITEMS RETAINED EARNINGS TOTAL LIABILITIES ACCUMULATED DEPRECIATION
746,000 26.508.000 137,099,000 48.720.000
-297,000 19.033.000 112,461,000
47.006.000
FINANCIAL RATIOS Year End TOTAL LIABS./NET WORTH (%)
FIXED ASSETS/NET WORTH (%) COLLECTION PERIOD (DAYS) NET SALES/INVENTORY TOTAL ASSETS/NET SALES (%) RETURN ON SALES (%) RETURN ON ASSETS (%) RETURN ON NET WORTH (%)
12/97 307.5
62.3 148
8.621 110.5
6.5 5.9 24.2
12/96 352.1
74.6 133
7.818 105.8
2.6 2.5 11.3
END OF DOCUMENT
Copr. West 1999 No Claim to Orig. U.S. Govt. Works