UPDATE 1-Daimler casts doubt over Mercedes 2013 target

* Daimler CEO says business environment more challenging

* Says to provide more details on outlook later this year

By Christiaan Hetzner

PARIS, Sept 27 (Reuters – Daimler AG Chief
Executive Dieter Zetsche called into doubt the 2013 profit
target for the German car group’s core Mercedes (Xetra: 710000 – news -Benz business on
Thursday, pointing to a tougher environment for vehicle sales.

Speaking at the Paris auto show, Zetsche said Mercedes’ 10
percent EBIT margin (earnings before interest and tax goal had
always been conditional on the business environment, which he
said was becoming more challenging.

«As long as we don’t change it, what we have said is
relevant,» the Daimler CEO said. «But … we always said (the
guidance was explicitly within the framework of a given
environment.»

This included factors such as gross domestic product, market
developments and exchange rates.

«So it was always qualified in that sense. These parameters
in recent times definitely have not improved and therefore what
lies ahead of us is certainly becoming more challenging,» he
said.

Zetsche added that next year’s results would also depend on
the extent of an efficiency and streamlining programme, dubbed
«Fit for Leadership», whose cost cuts have yet to be determined.

«We are not excluding any part of the company in the
scrutiny for efficiencies,» he said.

Zetsche said he would be able to provide more detail about
the 2013 target for Mercedes later this year after the company
decides on the scale of cost cutting, adding that management was
in very early discussions with worker representatives.

Daimler admitted in February that 2012 would be a
«transitional» year with flat profits for both Mercedes and the
group. But it sought to keep investors happy with the prospect
that Mercedes would still meet the 10 percent target for next
year first announced in May 2010.

Zetsche was forced to warn last week that it would fall
short of its 2012 target for flat annual profits at Mercedes due
to a deteriorating market in Europe (Chicago Options: ^REURUSD – news and China.

«On that basis we will not be able as further guided to come
to a level of about 5 billion,» he said. Last year, Mercedes
posted 12 percent EBIT growth to 5.2 billion euros ($6.68
billion.

Zetsche declined to give a view on the future of aerospace
and defence company EADS (Other OTC: EADSF.PK – news , in which Daimler holds a 15
percent direct stake and which is in talks about a merger with
Britain’s BAE Systems (LSE: BA.L – news .

«We made it very clear that we want to focus on our
automotive business,» he said. «It is not our key responsibility
to determine the future strategy of the aerospace industry.

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