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Preliminary Q1 2021 results significantly above market expectations

Favourable sales momentum at Mercedes-Benz Cars driven by all major regions

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.

SOURCE: Daimler 

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