Daimler continues its growth with increased unit sales in the second quarter - EBIT of €2.6 billion despite negative factors

STUTTGART, Germany, July 26, 2018 /PRNewswire/ --

• Unit sales increased to 833,000 vehicles (+1%)
• Revenue of €40.8 billion (Q2 2017: €41.2 billion)
• Group EBIT of €2.6 billion (Q2 2017: €3.7 billion)
• Net profit of €1.8 billion (Q2 2017: €2.5 billion)
• Free cash flow of the industrial business of €1.8 billion in first half of year
  (Q1-2 2017: €3.0 billion)
• Expectation of slight growth in unit sales and revenue and Group EBIT slightly lower than in 2017
• Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars: "We plan to further strengthen and expand our position with numerous new models and technologies. We are focusing on innovative technologies not only with our CASE strategy, at the same time, we are using Project Future to shape our company for a sustainable and successful future. In this way, Daimler is optimally positioning itself for the future in terms of technology, culture and structure."
• Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling and Daimler Financial Services: "Our earnings and the good liquidity and financial situation enable us to continue investing in the future and in new technologies. In addition, we have made optimum use of the favorable conditions in a volatile environment and have created a long-term liquidity buffer with the early renewal of the existing credit line at attractive conditions."

Daimler AG (ticker symbol DAI) continued its growth in the second quarter of 2018 and once again increased its total unit sales compared with the same quarter of the previous year. In the months of April through June, Daimler sold a total of 833,000 cars and commercial vehicles worldwide, which is 1% more than in the prior-year period (Q2 2017: 822,500). This development was primarily driven by Mercedes-Benz Vans, with a new second-quarter record of 110,900 units sold, and by Daimler Trucks. Group revenue amounted to €40.8 billion in the second quarter of this year (Q2 2017: €41.2 billion). Adjusted for exchange-rate effects, revenue increased by 2%.

The Daimler Group achieved second-quarter EBIT of €2,640 million in 2018, which is significantly below its prior-year earnings of €3,747 million. Net profit of €1,825 million for the second quarter of 2018 was significantly below the prior-year figure of €2,512 million. Net profit attributable to the shareholders of Daimler AG amounts to €1,726 million (Q2 2017: €2,444 million), representing a decrease in earnings per share to €1.61 (Q2 2017: €2.28).

The Mercedes-Benz Cars division was not able to achieve its earnings of the prior-year quarter due to a temporarily weaker pricing including tariffs. Daimler Trucks' earnings were at the level of the prior-year quarter. The Mercedes-Benz Vans and Daimler Buses divisions posted significantly lower earnings than in the prior-year quarter. At Daimler Financial Services, earnings decreased substantially due to the settlement agreement on concluding the Toll Collect arbitration proceedings. Exchange-rate effects had an overall negative impact on earnings. The reconciliation of segment earnings to Group EBIT in the second quarter of the year 2018 had a smaller negative impact than in the prior-year quarter.

"The automotive industry and therefore we too have many challenges to overcome. That's why it's important that we systematically implement our strategy," stated Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. "We plan to further strengthen and expand our position with numerous new models and technologies. We are focusing on innovative technologies not only with our CASE strategy, at the same time, we are using Project Future to shape our company for a sustainable and successful future. In this way, Daimler is optimally positioning itself for the future in terms of technology, culture and structure."

Free cash flow and liquidity

In the first six months of 2018, the free cash flow of the industrial business amounted to €1.8 billion (Q1-2 2017: €3.0 billion). This decrease resulted primarily from the development of working capital and the general business performance.

Compared with December 31, 2017, the net liquidity of the industrial business decreased by €2.1 billion to €14.5 billion. The dividend payment to shareholders of Daimler AG led to a decrease in net liquidity that was only partially offset by the positive free cash flow and positive exchange-rate effects.

"The second quarter featured various external factors that had a significant impact on our earnings," said Bodo Uebber, Member of the Board of Management of Daimler AG responsible for Finance & Controlling and Daimler Financial Services. "Despite these factors, we were able to achieve EBIT of €2.6 billion. These earnings and the good liquidity and financial situation enable us to continue investing in the future and in new technologies. In addition, we have made optimum use of the favorable conditions in a volatile environment and have created a long-term liquidity buffer with the early renewal of the existing credit line at attractive conditions."

The Daimler Group once again utilized attractive conditions in the international money and capital markets for refinancing in the first half of 2018. During that period, Daimler had a cash inflow of €13.6 billion from the issuance of bonds (Q1-2 2017: €10.7 billion). The redemption of bonds resulted in cash outflows of €8.0 billion (Q1-2 2017: €7.5 billion). A large proportion of the issuance volume was carried out in the form of so-called benchmark bonds (bonds with high nominal values). In the second quarter of 2018, particular use was made of the favorable conditions for benchmark issuances in Europe and the United States. At the beginning of May, Daimler Finance North America LLC issued two-, three-, five- and nearly ten-year bonds with a total volume of $4.0 billion in the US capital market. In addition, Daimler AG issued a dual-tranche bond in the European capital market with a volume of €2.25 billion.

In July 2018, Daimler successfully concluded negotiations with a consortium of international banks for a new credit line with a volume of €11 billion. With a term of five years, it grants Daimler additional financial flexibility until 2023. If the agreed extension options are exercised, the term would be extended into the year 2025. Daimler does not intend to utilize the credit line.

Workforce

At the end of the second quarter of 2018, the Daimler Group employed 300,777 people worldwide (end of 2017: 289,321; Q2 2017: 290,867). Of that total, 177,082 were employed in Germany (end of 2017: 172,089) and 25,959 in the United States (end of 2017: 23,513). The consolidated companies in China had 4,332 employees at the end of June 2018 (end of 2017: 4,099).

Details of the divisions

Unit sales of 590,700 vehicles by Mercedes-Benz Cars in the second quarter of 2018 were at the high prior-year level (-1%). In Europe, 7% fewer vehicles of the Mercedes-Benz and smart brands were sold than in the prior-year period. Unit sales in Germany decreased by 4%. In China, the division's biggest market, a new record was set with an increase of 11%. Best-ever unit sales were achieved also in South Korea (+9%) and India (+34%). In the United States, unit sales were at the prior-year level. The Mercedes-Benz brand can look back on the strongest-selling quarter in the company's history in terms of retail sales. From April through June, 594,528 customers took delivery of their new Mercedes-Benz passenger cars (+2%). As a result, Mercedes-Benz sold more vehicles in the first six months of 2018 than ever before in a half-year: 1,188,832 vehicles with the three-pointed star were delivered to customers worldwide in the first six months of this year.

In second quarter of 2018, the division's EBIT of €1,901 million was significantly below the prior-year figure of €2,365 million. Revenue decreased by 4% to €22.6 billion. Its return on sales was 8.4% (Q2 2017: 10.0%). One of the main reasons for the decline in earnings was a temporarily weaker pricing including tariffs. Furthermore, a fire at a supplier's facility in the United States and the resulting production shortfall had a negative impact on EBIT. In addition, advance expenditure for new technologies and future products as well as unfavorable exchange-rate effects also affected earnings negatively. Expenses incurred in connection with service activities initiated for diesel vehicles had a negative impact on earnings. Due to the further technical development of components, it was possible to reduce provisions for warranty measures.

Daimler Trucks' unit sales of 123,900 vehicles were 6% higher than in the second quarter of last year (Q2 2017: 116,400). The sales volume in the NAFTA region increased to 44,300 units (Q2 2017: 42,300). Sales of 7,900 units in Latin America were significantly higher than in the prior-year quarter (Q2 2017: 7,000); in Brazil, sales increased by more than 50% to 4,400 units. In the EU30 region, sales increased slightly to 21,100 units (Q2 2017: 20,400) while sales of 7,800 units in Germany were slightly lower than the prior-year volume (Q2 2017: 8,100). In Turkey, 1,700 trucks were sold (Q2 2017: 2,900). Unit sales in Asia increased by 13% to 40,300 vehicles. In addition to a significant increase in Indonesia to 16,400 units (Q2 2017: 9,800), growth was achieved also in India with sales of 5,800 vehicles (Q2 2017: 3,600). Sales of 10,400 trucks in Japan were slightly higher than in the prior-year period (Q2 2017: 10,200). Sales of 2,000 units in the Middle East were significantly lower than in the second quarter of last year (Q2 2017: 6,400).

The division's second-quarter EBIT of €546 million was at the level of the prior-year period (Q2 2017: €548 million). Revenue amounted to €9.2 billion (Q2 2017: €9.0 billion). Its return on sales was 5.9% (Q2 2017: 6.1%). In the second quarter of the year 2018, increasing unit sales especially in the NAFTA region and further efficiency enhancements had positive effects on earnings. Expenses for customer service measures at Mercedes-Benz Trucks were included in the same quarter of the previous year. However, earnings were reduced by higher expenses for raw materials, negative exchange-rate effects and additional costs, mainly resulting from supply-chain constraints.

Mercedes-Benz Vans increased its unit sales in the second quarter of 2018 by 7% to a new record of 110,900 units. In the EU30 region, sales of 71,300 units were at the prior-year level (Q2 2017: 70,400). Growth was achieved for example in France (+9%) and Sweden (+79%). In the German market, the van division posted a new record in the second quarter with sales of 28,100 vehicles (Q2 2017: 27,400). The development in the NAFTA region was very positive. Unit sales in the United States increased by 10% to a new high of 9,900 vehicles in the second quarter. In Latin America, second-quarter sales reached the prior-year level of 4,000 units. In China, Mercedes-Benz Vans further improved its position and achieved its best quarter so far with sales of 7,500 units (+18%). The development of unit sales was very positive also in Turkey (+8%) and Russia (+26%).

In the second quarter of 2018, Mercedes-Benz Vans' earnings of €152 million were significantly below the prior-year level (Q2 2017: €349 million). Revenue grew by 6% to €3.5 billion. The division's return on sales decreased to 4.3% (Q2 2017: 10.5%). The positive development of unit sales, especially in Europe, Asia and Australia, had a positive effect on earnings. On the other hand, EBIT was reduced by advance expenditure for new technologies and products and the Sprinter model change. Expenses incurred in connection with service activities initiated for diesel vehicles and delivery delays also had a negative impact on earnings.

Second-quarter unit sales by Daimler Buses of 7,500 units were at the level of the prior-year period. In the EU30 region, sales of 2,200 complete buses and bus chassis of the Mercedes-Benz and Setra brands were also in the magnitude of the second quarter of last year. Despite undisputed market leadership, sales of 700 units in Germany, the domestic market, did not match the prior-year level (Q2 2017: 800). The market recovery in Brazil has slowed down, but sales of 2,500 units were nonetheless 18% higher than in the second quarter of last year. In Latin America (excluding Mexico), Daimler Buses' sales of 3,400 units were slightly below the previous year's level. Sales of 800 units in Mexico were significantly lower than in the prior-year quarter (Q2 2017: 1,000). However, Daimler Buses achieved strong growth in India with sales of 500 units (Q2 2017: 250).

Daimler Buses' EBIT of €66 million in the second quarter of 2018 was also significantly below the prior-year level of €78 million. Primarily due to a weaker global product mix and a negative exchange-rate effect, revenue decreased significantly to €1.1 billion (Q2 2017: €1.2 billion). This resulted in a return on sales of 6.1% (Q2 2017: 6.4%). Further efficiency enhancements and positive exchange-rate effects only partially offset the negative impact on earnings from an unfavorable product mix and higher inflation-related costs.

Daimler Financial Services further increased its new business in the second quarter of 2018: Worldwide, 501,000 new leasing and financing contracts were concluded with a total volume of €18.3 billion, which is 2% more than in the prior-year period. Daimler Financial Services' portfolio included more than five million vehicles at the end of June; this is equivalent to a contract volume of €146.7 billion and thus growth of 5% compared with the end of 2017. In the insurance business, Daimler Financial Services brokered 579,000 contracts in the second quarter of this year (+11%). Daimler Financial Services' mobility portfolio with car2go, moovel and the ride-hailing group that includes mytaxi, beat, Clever Taxi and Chauffeur Privé had approximately 23.5 million customers at June 30, 2018. The number of transactions in the second quarter totaled 42.4 million in more than 110 cities worldwide. That represents growth of 61% compared with the prior-year period. Daimler is pushing forward systematically with its transition into a mobility provider will strengthen its leading position for mobility services in Europe and develop it further worldwide through its planned cooperation with BMW.

In the second quarter of 2018, the division achieved EBIT of €66 million, which is significantly below its earnings of €522 million in the prior-year period. The determining factor was the agreement reached to conclude the Toll Collect arbitration proceedings with the Federal Republic of Germany. This had a negative impact on income from the equity-method investment in Toll Collect of €418 million. Furthermore, the higher level of interest rates and exchange-rate effects had a negative effect on EBIT. Increasing contract volume had a positive impact on EBIT.

The reconciliation of the divisions' EBIT to Group EBIT comprises gains at the corporate level and the effects on earnings of eliminating intra-group transactions between the divisions. Items at the corporate level resulted in expenses of €95 million in the second quarter of 2018 (Q2 2017: €122 million). The elimination of intra-group transactions resulted in income of €4 million in the second quarter of 2018 (Q2 2017: €7 million).

Investments in the future

The Daimler Group invested €2.9 billion in property, plant and equipment in the first half of this year (Q1-2 2017: €2.7 billion). Most of that investment, €2.3 billion, was at the Mercedes-Benz Cars division (Q1-2 2017: €1.9 billion). The Daimler Group's research and development spending in the first half of the year amounted to €4.6 billion (Q1-2 2017: €4.3 billion). More than three quarters, €3.5 billion, of the research and development spending was at the Mercedes-Benz Cars division (Q1-2 2017: €3.3 billion).

Outlook for the divisions

On the basis of the assumptions on the development of the markets important for the Group and of the divisions' current assessments, Daimler expects to slightly increase its total unit sales in the year 2018.

Due to challenges in the supply chain as well as a longer certification process than usual for a number of models in some international markets it will come to temporary suspensions in the availability of vehicles. Mercedes-Benz Cars therefore now plans to achieve unit sales around the prior-year level. The division expects further growth in the Chinese market. The sales outlook is supported by the attractive and innovative model portfolio, which is more diverse than ever before this year. Sales impetus is anticipated from the SUVs. During the course of the year, the main sales drivers will also include the new A-Class as the forerunner of the new generation of compact cars, the upgraded C-Class and the E-Class family, along with the SUVs – above all the GLC. The four-door sedan model of the A-Class will provide new stimulus as of late 2018. The battery-electric smart models have been the first fully electric EQ models on the roads since May, and are perfect for urban mobility with the optional 22-kilowatt onboard charger with a fast-charging function. Furthermore, the car division will launch new, attractive Mercedes-Benz models worldwide. They will include – from the high-performance brand Mercedes-AMG – the new CLS 53 models as well as the AMG models of the C- and E-Class series. The AMG sports-car family will be expanded this year with the Mercedes-AMG GT four-door.

Daimler Trucks assumes that its total unit sales in the year 2018 will be significantly higher than in the previous year. This is largely due to the significant recovery of some important markets. In the NAFTA region, the division expects a significant sales increase compared with 2017 as a result of the ongoing market recovery. In the EU30 region, the truck division anticipates unit sales in the magnitude of the previous year. In Brazil, unit sales in 2018 are expected to be significantly higher than the low level of 2017. Daimler Trucks anticipates significant sales growth also in India. Unit sales should grow again significantly also in Indonesia, while in Japan, unit sales are expected to be at about the prior-year level.

Mercedes-Benz Vans plans to increase its unit sales significantly in the year 2018. Growth is expected to be particularly strong in China and the United States. Slight growth is anticipated in the EU30 region, due not least to the new X-Class. In the context of the "Mercedes-Benz Vans goes global" strategy for the division, the portfolio was expanded with the Mercedes-Benz X-Class, a premium pickup for markets in Europe, South Africa, Australia and New Zealand. Market launch in Latin America is planned for the year 2019. The van division expects additional growth in 2018 from the new Sprinter, which will be produced also in North America in the future.

The Daimler Buses division continues to expect its total unit sales in 2018 to be significantly above the prior-year level. It is assumed that unit sales in the EU30 region will increase perceptibly. After the significant growth in unit sales in Latin America last year, the bus division anticipates a further increase in that region in 2018, although with significantly less dynamism. A positive development of unit sales is expected also in India.

Daimler Financial Services anticipates further growth in contract volume in the year 2018. New business is expected to be in the magnitude of the previous year. In China, new business continues to grow very dynamically. The division will utilize new market potential through new and digital possibilities for customer contacts – in particular by systematically further developing its online sales channels.

Outlook for Daimler

Based on the generally positive development of unit sales, Daimler assumes that Group revenue will increase slightly in the year 2018. Significant revenue growth is anticipated in the Mercedes-Benz Vans, Daimler Trucks and Daimler Financial Services divisions. At Mercedes-Benz Cars, the expected exchange-rate developments and lifecycle effects will dampen the development of revenue, so the division is expected to post full-year revenue at the high level of 2017. Revenue in the magnitude of the previous year is now anticipated also for the Daimler Buses division.

In late March 2018, Daimler and the BMW Group announced their intention, subject to review and approval by the relevant competition authorities, to combine and strategically expand their existing services for on-demand mobility in the areas of car sharing, ride hailing, parking, charging and multimodality. To those ends, the two companies signed an agreement on the merger of their business units for mobility services. Each company will hold 50% of the shares in the planned joint ventures for the mobility services of both companies. The establishment of the joint ventures will lead to significant positive changes to net assets and earnings at Daimler Financial Services, which are taken into consideration in the following EBIT outlook.

As reported in the ad-hoc announcement of June 20, current developments have caused Daimler to reassess its earnings potential for financial year 2018. This was mainly because increased import tariffs for US vehicles exported to the Chinese market mean that Mercedes-Benz Cars anticipates lower SUV sales as well as higher costs (which cannot be fully passed on to customers) than previously expected. This effect cannot be fully offset by the reallocation of vehicles to other markets. It is also important to note that the certification process according to the new WLTP (Worldwide Harmonized Light Vehicles Test Procedure) standard is expected to cause expenses in the second half of the year. Furthermore, Mercedes-Benz Vans' earnings will be reduced as a result of the recall of diesel vehicles. In addition, the earnings of the Daimler Buses division will be negatively impacted by weaker demand than expected in Latin America.

Due to several factors, some temporary restrictions in the availability of vehicles of Mercedes-Benz Cars will occur as the year progresses. This also means that some of Daimler's customers have to switch to vehicles with lower margins. Among others, these factors include the known delivery hold for some diesel models and challenges in the supply chain. Furthermore, certification of vehicles in some international markets currently require longer preparation than usual. For a longer time period, Daimler has been working intensively on software updates, the changeover to the new European test standard WLTP, as well as technical and legal clarification of open questions. Therefore, the certification of new models has, in part, not yet advanced as expected. From today's perspective, Daimler therefore assumes that Mercedes-Benz Cars' third-quarter EBIT will be significantly below the level of Q2 2018 and Q3 2017, and that inventories will increase temporarily. Based on unchanged high demand for Mercedes-Benz vehicles, Daimler expects however, that the situation will return to normal in the fourth quarter and that inventories could be reduced again by the end of the year. Correspondingly, the described factors, also apply for Mercedes-Benz Vans. Therefore, the company has to assume that the business of Mercedes-Benz Vans will be affected.

On the basis of these effects as well as expected market developments and the current assessments of the divisions, Daimler now assumes that Group EBIT in 2018 will be slightly lower than in the previous year.

The individual divisions have the following expectations for EBIT in the year 2018:

– Mercedes-Benz Cars: slightly below the prior-year level,
– Daimler Trucks: significantly above the prior-year level,
– Mercedes-Benz Vans: significantly below the prior-year level,
– Daimler Buses: in the prior-year magnitude and
– Daimler Financial Services: in the prior-year magnitude.

Despite a further increase in advance expenditure for new products and technologies, the free cash flow of the industrial business should be significantly higher than in 2017 and also higher than the dividend distribution in 2018. It must be taken into consideration, however, that the free cash flow of the industrial business in 2017 was reduced by an extraordinary contribution of €3 billion to the German pension plan assets of Daimler AG.

In order to achieve the ambitious growth targets, the already very high investment in property, plant and equipment will be slightly increased in the year 2018 (2017: €6.7 billion). Capital expenditure in 2018 at both Mercedes-Benz Cars and Daimler Trucks will be primarily for successor generations for existing products, new products, global component projects, the expansion of production capacities and the optimization of the international production network, as well as for the worldwide production network for electric mobility.

With research and development activities, a total volume slightly above last year's spending of €8.7 billion is anticipated. Key projects at Mercedes-Benz Cars include successor models for the current S-Class and C-Class. In addition, the Group is investing in new, more efficient engines, alternative drive systems and vehicles, autonomous driving and connectivity. At Daimler Trucks, the main areas of investment are for improved fuel efficiency and emission reductions, as well as for tailored products and technologies for important growth markets. In addition, the future technologies of electric mobility, connectivity and automated driving continue to gain importance.

Against the backdrop of further efficiency improvements in the context of the medium- and long-term programs for the structural improvement of business processes, the Daimler Group assumes that its ambitious growth targets can be achieved with only a slight increase in the size of the workforce.

This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "can," "could," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including an adverse development of global economic conditions, in particular a decline of demand in our most important markets; a deterioration of our refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters, acts of terrorism, political unrest, armed conflicts, industrial accidents and their effects on our sales, purchasing, production or financial services activities; changes in currency exchange rates; a shift in consumer preferences towards smaller, lower-margin vehicles; a possible lack of acceptance of our products or services which limits our ability to achieve prices and adequately utilize our production capacities; price increases for fuel or raw materials; disruption of production due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlook for companies in which we hold a significant equity interest; the successful implementation of strategic cooperations and joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending government investigations or of investigations requested by governments and the conclusion of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk and Opportunity Report" in the current Annual Report. If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements since they are based solely on the circumstances at the date of publication.

Daimler at a Glance
Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides financing, leasing, fleet management, insurance, financial investments, credit cards, and innovative mobility services. The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As a pioneer of automotive engineering, it is a motivation and commitment of Daimler to shape safely and sustainably the future of mobility: The Group's focus is on innovative and green technologies as well as on safe and superior automobiles that appeal and fascinate. Daimler consequently invests in the development of efficient drive trains with the long-term goal of locally emission-free driving: from hightech combustion engines about hybrid vehicles to electric drive trains powered by battery or fuel cell. Furthermore, the company follows a consistent path towards intelligent connectivity of its vehicles, autonomous driving and new mobility concepts. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment. Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities in Europe, North and South America, Asia, and Africa. Its current brand portfolio includes, in addition to the world's most valuable premium automotive brand, Mercedes-Benz (Source: Interbrand-Study "The Anatomy of Growth", 10/5/2016), as well as Mercedes-AMG, Mercedes-Maybach and Mercedes me, the brands smart, EQ, Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses, and Daimler Financial Services' brands: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial, moovel, car2go and mytaxi. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2017, the Group sold around 3.3 million vehicles and employed a workforce of more than 289,300 people. With application of IFRS 15 and IFRS 9 in financial year 2017, Group revenue would have amounted to €164.2 billion and Group EBIT would have amounted to €14.3 billion. Before application of IFRS 15 and 9, Group revenue in 2017 amounted to €164.3 billion and Group EBIT amounted to €14.7 billion, as previously reported.

SOURCE Daimler North America - Corporate Communications

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