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MAN-ERF acts on residuals
Page 16
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MAN-ERF has spent £20m on supporting its liabilities on secondhand
truck values after ERF profits rose by 68%. Andy Salter reports.
MAN-ERF UK has taken a €30m (£20m) hit to balance its liabilities on second-hand truck values, predominantly on ERF branded products. This led the company to report a loss during 2004.
Parent company MAN Nutzfahrzeuge registered pre-tax profits of more than €340m during 2004: a rise of 68%, according to MANERF chairman and member of the MAN board Fred van Putten. This figure could have exceeded €400m if the company had not built in provisions on residual values in the UK and elsewhere.
The money was available in the trading to make this provision now, so we took the decision to act" says van Putten."2005 will be a big year for MAN as the growth of the company continues so we felt it was important to take the provision. We have made a very conservative assessment of the situation, so if the vehicles ultimately make more than the provision, which I expect to be the case, then this will be reported back into the figures."
• MAN is confident it can strike a deal with a van manufacturer to jointly distribute and service a van range within the MAN dealer network throughout Europe.
"The negotiations have taken a little longer than I first envisaged," says van Putten. "But we have now shortened the list of the companies we are talking to and I am confident we will find a solution."
Van Putten also confirms the company is interested in purchasing industrial engine manufacturer MTU Friedrichshafen from its DahnlerChrysler parent.