With profit off 65% for year, Daimler blames Chrysler

— -- Daimler's main operation, Mercedes-Benz Cars, lost $453 million the fourth quarter. Mercedes-Benz Cars includes the Mercedes-Benz, Maybach, AMG and Smart brands.

As a result of the poor results and an uncertain future, the company plans to cut its dividend 70% to the equivalent of 76 cents a share, and said it will cut employee pay and make other adjustments to preserve cash.

Daimler separated the Chrysler red ink into an operating loss of $1.75 billion the first three quarters and charges against Daimler earnings of $2.32 billion to cover "impairment of loans and other" Chrysler-related expenses.

Daimler's accounting system reports Chrysler's impact on Daimler's earnings one quarter behind other financial details, so the U.S. automaker's fourth-quarter numbers are not included.

Private U.S. investment company Cerberus Capital Management owns 80.1% of Chrysler and, as a private company, Chrysler doesn't publicly report earnings.

Daimler spokesman Han Tjan said that differences in U.S. and German accounting mean it is not possible to use the Daimler numbers to extrapolate Chrysler's total operating results, "but you can be sure they were not profitable."

Daimler previously wrote down the value of its Chrysler stake to $0.

Chrysler and General Motors both are operating on emergency loans from the U.S. government. Both filed reports Tuesday with the government that are meant to show how they would remain viable companies if the government lends them more money.