Annual General meeting: Daimler: a rehabilitation case with a fascinating future?

Dark clouds were brewing already together as a OlaKälleniusnach of the annual General meeting last year, in may the Post of the Chairman of the Board of Daimler

Annual General meeting: Daimler: a rehabilitation case with a fascinating future?

Dark clouds were brewing already together as a OlaKälleniusnach of the annual General meeting last year, in may the Post of the Chairman of the Board of Daimler took over. Now, however, the vehicle group is how the whole industry is in a deep crisis, because the Corona pandemic superimposed on the problems of Transformation: to sell cars, was not temporarily at all possible, the production was also set largely. In the first half of the year, sales of the Mercedes brand dropped by 19 percent to 870.000 cars,said Daimler versammlungmit zurdiesjährigen main. Daimler expect for the second quarter of a loss and a negative Free Cash Flow in the industrial business – that is to say: each day, the cushion has built up the group in good times, melts.

Susanne Preuß

business correspondent in Stuttgart, Germany.

F. A. Z. Twitter

Threat that is not said Daimler chief OlaKälleniusden online connected shareholders. Thanks to a quick response, you have to be able to existing liquidity through a 12-billion-Euro line of credit strengthen. "We are independently capable of action – for the short-term management of the Situation and the long-term course," he said: "This also means: We stand by the dividend proposal that we have before the pandemic, output: 90 cents per share."

however, Daimler is now responding with a long-expected "program for the improvement of the cost structure" to capture all areas of the company, as Chairman of the Supervisory Board Manfred Bishop reported at the beginning of the annual General meeting."The Supervisory Board is aware of the complex tasks derVorstand," he said, and to handle a formulation, the OlaKälleniusschon had chosen months ago, even as the Corona-crisis on China was limited: the Board of management have a"bag of work"in front of.Specific Figures for the savings program were not initially made, only that there should be a tightening of the so far not described in detail the measures: "Our previous efficiency targets have covered the imminent Transformation, but not a global recession. That is why we sharpen our Kursnach“,soKällenius. One was with the representatives of the employees about it in the interview.

record sales in the second quarter in China

the management Board and the Supervisory Board have demonstrated however, a lot of Confidence, zumalbei the sales of the first positive developments can be observed – for example in China, where Mercedes has made in the second quarter, a new sales record. "We are cautiously optimistic that other markets to follow step-by-step. As soon as the demand picks up again, we can increase production quickly and efficiently“, soKällenius.And the Supervisory Board chief Manfred Bischoff explains Daimler for basically ready for the future:"The business model of Daimler, coupled with the spirit of innovation, experience and commitment of its employees has all the prerequisites to bring mobility to the next Level."

this is Precisely where many investors have significant doubts."We look back on a lost year for Daimler and its shareholders. Three profit warnings show the depth of the crisis and the vulnerability of the business model,“ says about Ingo speich, head of sustainability and CorporateGovernancebei Deka Investment, the Fund management company of the savings banks. "In the good years was incorrectly invested. Today, we have to establish that Daimler is ready for the future.“This applies particularly with a view to CO2-emissions, which are currently far below the EU-requirements.

"Daimler is a restructuring case,"

Drastic word also selects JanneWerningvon Union Investment: "Daimler is a restructuring case," is your opinion, and consistently denied, the Fund management company of the cooperative banks, both the Executive Board and the Supervisory Board discharge in respect of: "to crush the Legacy of The ÄraZetschedrohen Daimler."

Updated Date: 08 July 2020, 05:20

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