Chrysler reports Q2 loss ~ Auto Guru India - Junction of News, Auto Reviews, Advice

Jul 26, 2008

Chrysler reports Q2 loss

Daimler AG reported on its 19.9 percent share of Chrysler Holding LLC's first quarter 2008 results under IFRS. Daimler AG's results for Chrysler Holding LLC include net losses of euro 65 million on a U.S. GAAP basis, of which a euro 55 million net loss is attributable to the automotive business of Chrysler LLC.

The difference between the loss of euro 373 million reported by Daimler AG related to its 19.9 percent interest in Chrysler Holding LLC and the euro 65 million of net losses is attributable to the following:

- Adjustments for differences between U.S. GAAP and International Financial Reporting Standards (IFRS) - (euro 130 million loss)

- Daimler AG adjustments related to Chrysler LLC's 2007 restructuring actions - (euro 73 million loss)

- Other Daimler AG adjustments not related to Chrysler Holding LLC results - (euro 88 million loss)

- Daimler AG impairment of its rights related to Chrysler vehicle residual values - (euro 17 million loss)

Chrysler Holding LLC is comprised of Chrysler LLC, the automotive company which manufactures and sells Chrysler, Dodge and Jeep vehicles worldwide and Chrysler Financial which provides financial services for these vehicles in the North American region.


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