Daimler-Benz Annual Report 1990
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DAIMLERBENZ Annual Report 1990 Members of the Supervisory Board and the Board of Management Directors and Daimler-Benz Group Representatives To the Stockholders and Friends of our Company Report of the Board of Management Business Review The Group's Corporate Units and Divisions Mercedes-Benz Passenger Car Division Commercial Vehicle Division AEG Deutsche Aerospace debis Research and Technology Employees Finance Financial Statements Proposal for the Allocation of Unappropriated Profit Report of the Supervisory Board Daimler-Benz in Figures Principle Subsidiaries and Affiliated Companies The Daimler-Benz Share HERMANN J. ABS ERICH KLEMM*) FRANZ STEINÜUHLER*) Frankfurt am Main Calw Frankfurt am Main Honorary Chairman, Chairman of the Labor Council, First Chairman, Metal-Workers' Union Deutsche Bank AG Sindelfingen Plant, Mercedes-Benz AG HERMANN-JOSEF STRENGER Honorary Chairman Leverkusen RUDOLF KUDA*) Chairman of the Board of Management, HlLMAR KOPPER Frankfurt am Main Bayer AG Frankfurt am Main Departmental Manager within Member of the Board of Management, the Board of Management, BERNHARD WURL*) Deutsche Bank AG Metal-Workers' Union Mainz Chairman Departmental Manager within (from March 7, 1990) HUGO LOTZE*) the Board of Management, Reinhardshagen Metal-Workers' Union KARL FEUERSTEIN*) Chairman of the Labor Council, Mannheim Kassel Plant, Chairman of the Corporate Labor Mercedes-Benz AG Retired from the Supervisory Board: Council, Daimler-Benz AG DlPL-ING. HANS-GEORG POHL HERBERT LUCY*) Chairman of the Joint Labor Council, Hamburg Mannheim Mercedes-Benz AG Chairman of the Board of Management, Chairman of the loint Labor Council, Deputy Chairman Deutsche Shell AG Daimler-Benz AG (from April 25, 1990) DR. RER. POL. WOLFGANG ROLLER Deputy Chairman PROF. DR. RER. NAT. GERD BINNIG Frankfurt am Main (on March 7, 1990) Munich Speaker for the Board of Management, Head of IBM Physics Group Dresdner Bank AG WILLI BOHM*) (from July 4, 1990) Kandel SIEGFRIED SAUTER*) Member of the Labor Council, DIPL.-ING. RICHARD BOLLMANN*) Frankfurt am Main Worth Plant, Mercedes-Benz AG Mannheim Deputy Chairman of the (on October 1, 1990) Senior Departmental Manager Corporate Labor Council, RICHARD HELKEN*) (from September 2, 1990) Daimler-Benz AG Bremen Chairman of the Joint Labor Council, PROF. DR.-ING. E.h. WERNER BREITSCHWERDT Chairman of the Labor Council, AEG Aktiengesellschaft Stuttgart (from October 11, 1990) Bremen Plant, Mercedes-Benz AG (on October 1, 1990) DR. RER. POL. HORST I, BURGARD DR. JUR. ROLAND SCHELLING PROF. DR. JUR. GERHARD TREMER Frankfurt am Main Stuttgart Grafelfing near Munich Member of the Board of Management, Attorney at Law Deutsche Bank AG Member of the Board of Management, Bayerische Landesbank Girozentrale PETER SCHONFELDER*) HELMUT FUNK*) Augsburg (on July 4, 1990) Stuttgart Member of the Labor Council, Chairman of the Labor Council, Messerschmitt-Bölkow-Blohm GmbH DIPL.-ING. Unterturkheim Plant and Main Office, (from October 11, 1990) Mercedes-Benz AG MARIA-CHRISTINE FURSTIN VON URACH*) DR. JUR. WALTER SEIPP Stuttgart Frankfurt am Main Director Chairman of the Board of Management, (died September 2., 1990) Commerzbank AG PROF. DR. JUR. IOHANNES SEMLER Kronberg/Taunus Member of the Board of Management, Mercedes Aktiengesellschaft Holding EDZARD REUTER DR. JUR. MANFRED GENTZ Retired from the Board of Management: Stuttgart Stuttgart Daimler-Benz InterServices (debis) HEINZ DÜRR Chairman Frankfurt am Main DR. RER. POL. GERHARD LIENER AEG PROF. DR.-ING. E.h. DR. h.c. WERNER NIEFER Stuttgart (on December 31, 1990) Stuttgart Finance and Materials Mercedes-Benz DR.-ING. RUDOLF HÖRNIG Deputy Chairman JURGEN E. SCHREMPP Stuttgart Munich Research and Technology Deutsche Aerospace (on April 30, 1990) HELMUT WERNER Stuttgart Mercedes-Benz DR. JUR. HANS-WOLFGANG HIRSCHBRUNN (Deputy Member) Stuttgart Personnel (from July 1, 1990) ERNST GEORG STÖCKL (Deputy Member) Frankfurt am Main AEG (from January 1, 1991) PROF. DR.-ING. HARTMUT WEULE (Deputy Member) Stuttgart Research and Technology (from September 1, 1990) Directors DR. JUR. BOY-JüRGEN ANDRESEN MATTHIAS KLEINERT*) KONRAD STRAUB Personnel and Social Policy Public Relations and Economic Policy Group Accounting Control HANSJÖRG BAUMGART DR. MICHAEL KRÄMER (provisionally) DR. OEC. PUBL. PAUL WICK* Daimler-Benz Art Possessions Vehicle and Traffic Systems Research Finances and Taxes MARTIN BERGER DR. RER. NAT. VOLKER LEHMANN DR. JUR. SOLMS WITTIG*) Annual Accounts and Disclosure Research Institutes AEG/Aerospace Staff Lawyer DR. RER. POL. ROLF A. HANSSEN WERNER POLLMANN (provisionally) GERD WORIESCHECK Consolidated Planning and Controlling Technology Personnel Development for Senior Executives JÖRG SEIZER Subsidiaries and Affiliated Companies i With general power of procurement. Daimler-Benz Group Representatives BERLIN BRUSSELS TOKYO PETER-HANS KEILBACH DR. JUR. HANNS R. GLATZ MICHAEL N. BASSERMANN Hohenzollerndamm 150 133, Rue Froissart - Bte 29 P.O. Box 510, Ark Mori Bldg. D-1000 Berlin 33 B-1040 Brussels Minato-Ku, Tokyo 107, Japan BONN HONG KONG WASHINGTON D. C. DR. RER. POL. JURGEN MORLOK KLAUS BEHRENDT RICHARD H. IMUS Friedrich-Ebert-Allee 26 6th Floor, Ruttonjee House Suite 800, 1350 I Street, N.W. D-5300 Bonn 1 11 Duddell Street, Central Washington D. C 2005, U.S.A. Hong Kong 1990 was a year with which we can First and foremost exchange rates well be pleased. There were indeed have been considered. If the exchange specific problems not anticipated in rates of the D-mark to the US dollar the form in which they emerged, and and yen had remained unchanged with not least of all in parts of AEG. Nev respect to 1989, we would have been ertheless, we made commendable pro able to achieve DM 2 billion more in gress. After overcoming the quality sales revenue. Although measures to problems which appeared at times, our secure exchange rates may cause a cars gained considerable ground again certain cushioning effect over time, a facing tough competition, and consoli shift of this nature must, of course, be dated their continued leading position. reflected in our net result at the end Our commercial vehicles were able to of the day. further improve their international leading position. Deutsche Aerospace For important export areas in Ger is following the optimum course to man industry, this means that an on wards uniformly organizing its fields going currency parity which is below of activity, and is thus becoming a actual purchasing power demands con sought-after partner for international siderable structural efforts in order to cooperation ventures. Daimler-Benz be able to balance out disadvantages InterServices can look proudly at the on such a scale. In the long run they first steps it made on the services inevitably lead to the shifting abroad market. Most importantly, we can be of parts of net product added which confident that in the financial year are of fundamental importance to the under review we passed the point of productive power of the whole of Ger maximum costs and investment which man industry. It would be irrespons we consciously took on with the goal ible not to take this very seriously, of restructuring our company to be particularly as there are enough sec come an integrated technology group. tors of industry and products which will not be able to convert simply to We must not, however, overlook the the "Made in Europe" of the single fact that from a general economic European market. point of view many things have hap pened since last fall on a wide front It is therefore difficult to compre and with considerable momentum, hend which circumstances or interests which we too were not able to avoid. could force German exchange rate pol Since we wish to remain true to our icy to adopt a position which neces strategy of being traditionally oriented sarily leads in the long term to the in toward circumspection and adequate dustrial foundations of Germany being provisions, we are therefore proposing eroded. In other words, the people that the dividend should remain the bearing political responsibility must same as in 1989, at DM 12.00 per DM take note that the currency pain 50 share. threshold in the case of exchange rates has been considerably exceeded How have we reached this decision? in terms of how the latter have devel oped into 1991. The only option open as a short-term Moreover, an important factor is that All in all, the international economic counter measure to the export-oriented in Germany there is much public de scene has therefore altered drastically sectors is to take drastic action to bate about exports of defense technol over a short period of time. In Ger reduce costs within their own com ogy, which is energetically assisted by many, 1991 should on the one hand panies. Daimler-Benz is thus also politicians, yet for the most part with still see positive growth rates, but on applying measures to reduce costs, out a clear direction; a debate which the other hand also considerable addi which have now been in force over a extensively confuses an honorable tional pressure on profits, which will longer period of time, with added vigor strength of conviction with the mis not least of all be due to the new tax and more ambitious aims. We have guided view that a world without secu resolutions of the Federal government, promised ourselves a sustained re rity through defense and without secu however inevitable they may be. duction in the volume of costs over the rity based on balance would be self- next four to five years on a scale of regulating and that this should be at In order not to fall into a possibly DM 4 billion throughout the group. the top of the agenda. sustained exchange rate trap in the face of such conditions, we will closely However, as with the shifting of This subject also includes the funda examine the nature of our cost struc sourcing or of the company's own mentally justified and welcome in ture beyond the saving measures intro manufacturing facilities to other coun crease in export regulations for de duced.