Preliminary Q1 2021 Results significantly above market expectations
STUTTGART, Germany, April 15, 2021 /PRNewswire/ -- Favourable sales momentum at Mercedes-Benz Cars driven by all major regions, especially China, strongly supported the product mix and pricing in the first quarter 2021. Daimler was able to benefit from this development thanks to convincing product substance combined with significant fixed cost reductions.
Daimler Group EBIT, Mercedes-Benz Cars & Vans adjusted EBIT, Daimler Trucks & Buses Return on Sales (RoS) adjusted, Daimler Mobility adjusted EBIT and Daimler's Industrial Free Cash Flow for the first quarter of 2021 are all significantly above market expectations.
In addition to the underlying operating performance effective Working Capital Management delivered better than expected Industrial Free Cash Flow in Q1 2021 including the net of expenses for legal proceedings, expenses for restructuring and income from M&A transactions.
"We continue to execute on our ambitions in a very encouraging market environment. Our pipeline with high-tech luxury EVs is packed. The launch of the EQS is just the start. Our systematic efforts to lower the breakeven point of the company are becoming increasingly visible", said Ola Källenius, Chairman of the Board of Management of Daimler AG and of Mercedes-Benz AG.
The following stated figures for the first quarter 2021 are preliminary and unaudited:
Daimler Group
- EBIT: €5,748 million (consensus: €4,964 million)
- adjusted EBIT: €4,970 million (consensus: €3,987 million)
- Industrial Free Cash Flow: €1,810 million (consensus: €1,102 million)
- Industrial Free Cash Flow adjusted: €2,832 million (consensus: €1,802 million)
- Net Industrial Liquidity: €20.1 billion (year-end 2020: €17.9 billion)
Mercedes-Benz Cars & Vans
- EBIT: €4,078 million (consensus: €3,543 million)
- adjusted EBIT: €3,841 million (consensus: €3,055 million)
- Return on Sales (RoS) adjusted: 14.3 % (consensus: 11.7 %)
Daimler Trucks & Buses
- EBIT: €1,041 million (consensus: €1,026 million)
- adjusted EBIT: €518 million (consensus: €488 million)
- Return on Sales (RoS) adjusted: 6.0 % (consensus: 5.3 %)
Daimler Mobility
- EBIT: €744 million (consensus: €569 million)
- adjusted EBIT: €691 million (consensus: €579 million)
- Return on Equity (RoE) adjusted: 18.7 % (consensus: n.a.)
The preliminary results include the following adjustments affecting EBIT:
Mercedes-Benz Cars & Vans
- Expenses of €75 million for legal proceedings
- Expenses of €292 million for restructuring
- Income of €604 million from M&A transactions (completion of cellcentric JV)
Daimler Trucks & Buses
- Expenses of €88 million for restructuring
- Income of €611 million from M&A transactions (completion of cellcentric JV)
Daimler Mobility
- Expenses of €36 million for restructuring
- Income of €89 million from M&A transactions
The full quarterly results will be published on April 23rd, 2021.
EBIT, adjusted EBIT, Return on Sales (RoS) adjusted, Return on Equity (RoE) adjusted, Industrial Free Cash Flow and Industrial Free Cash Flow adjusted are defined on pp. 43 and 44 of the Daimler Annual Report 2020.
Further information on Daimler is available at:
www.media.daimler.com and www.daimler.com
Forward-looking statements:
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, pandemics, 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, customs and foreign trade provisions; 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 are described under the heading "Risk and Opportunity Report" in this 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 Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility divisions, the Group is one of the leading global suppliers of premium and luxury cars and one of the world's largest manufacturers of commercial vehicles. Daimler Mobility offers financing, leasing, fleet management, investments and insurance brokerage, as well as innovative mobility services. The company founders, Gottlieb Daimler and Carl Benz, made history by inventing the automobile in 1886. As a pioneer of automotive engineering, Daimler sees shaping the future of mobility in a safe and sustainable way as both a motivation and obligation. The company's focus therefore remains on innovative and green technologies as well as on safe and superior vehicles that both captivate and inspire. Daimler continues to invest systematically in the development of efficient powertrains – from high-tech combustion engines and hybrid vehicles to all-electric powertrains with battery or fuel cell – with the goal of making locally emission-free driving possible in the long term. The company's efforts are also focused on the intelligent connectivity of its vehicles, autonomous driving and new mobility concepts as Daimler regards it as its aspiration and obligation to live up to its responsibility to society and the environment. Daimler sells its vehicles and services in nearly every country of the world and has production facilities in Europe, North and South America, Asia and Africa. In addition to Mercedes-Benz, the world's most valuable luxury automotive brand (source: Interbrand study, 20 Oct. 2020), and Mercedes-AMG, Mercedes-Maybach, Mercedes-EQ and Mercedes me, its brand portfolio also includes commercial vehicle brands Mercedes-Benz Trucks Freightliner, Western Star, BharatBenz, FUSO, Setra and Thomas Built Buses as well as the brands of Daimler Mobility: Mercedes-Benz Bank, Mercedes-Benz Financial Services, Daimler Truck Financial and Athlon. The company is listed on the Frankfurt and Stuttgart stock exchanges (ticker symbol DAI). In 2020, the Group had a workforce of around 288,500 and sold 2.8 million vehicles. Group revenues amounted to €154.3 billion and Group EBIT to €6.6 billion.
SOURCE Daimler North America - Corporate Communications
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