Daimler-Benz preliminary figures for 1996: Daimler-Benz operating profit of DM 2.4 billion.STUTTGART/NEW YORK--(BUSINESS WIRE)--March 26, 1997-- Net income in accordance with U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). DM 2.8 billion Proposed dividend DM 1.10 per share Daimler-Benz made good headway in its drive to improve earning power Earning power Earnings before interest and taxes (EBIT) divided by total assets. earning power 1. The earnings that an asset could produce under optimal conditions. For example, AT&T may currently be earning $2. and has announced operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. U.S. GAAP for the 1996 financial year of DM 2.4 billion. Net income, at DM 2.8 billion, was higher than operating profit due to non-recurring elements relating in particular to deferred taxes. Direct comparison with 1995, when Daimler-Benz recorded a net loss of DM 5.7 billion, is hampered by various exceptional items which influenced the 1995 financial statements. In that year, the divestment of loss-making businesses and the streamlining of the business portfolio resulted in high exceptional one-off charges. Operating profit of 1996 includes contributions from almost all of the group's business units. On a comparable basis, sales of the Daimler-Benz group increased in 1996 by 10 per cent to DM 106.3 billion. In view of the positive operating result, the Board of Management of Daimler-Benz is proposing a dividend of DM 1.10 per share for the 1996 financial year, subject to the approval of the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. , which meets on April 11, 1997 and thereafter ratification at the Annual Meeting of Shareholders on May 28, 1997. The Board of Management of Daimler-Benz will present and discuss the detailed financial statements for 1996 on April 16, 1997, at the Annual Press Conference. CONTACT: Daimler-Benz AG Daimler-Benz North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Corp. Corporate Communications Corporate Communications Roland Klein Bernhard Harling Tel: 011 49 711 17-93635 Tel: 212-909-9717 Fax: 011 49 711 17-94686 Fax: 212-308-4252 |
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