Slide 1: Daimler AG Fixed Income Presentation Q3 2020
DAIMLER AG FIXED INCOME PRESENTATION Q3 2020
Slide 2: Agenda
AGENDA I. DAIMLER AG Q3-2020 II. DIVISIONAL REVIEW Q3-2020 III. SUSTAINABILITY IV. FUNDING V. ADDITIONAL FINANCIAL SLIDES Fixed Income Presentation Q3 2020
Slide 3: Daimler Q3 2020 Key Topics
DAIMLER Q3 2020 KEY TOPICS New Mercedes-Benz Cars strategy presented Diesel US settlement: Important step towards legal certainty Right path to reducing break-even Industrial FCF reflects strong business performance and extensive cost and cash preservation measures Issuance of first green bond with
Slide 4: Daimler Q3 2020 Key Figures
DAIMLER Q3 2020 KEY FIGURES Unit sales Revenue EBIT EBIT adjusted in thousands of units in billions of euros in billions of euros in billions of euros 3.5 3.1 3.1 839 43.3 2.7 773 40.3 -8% -7% +14% +11% Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2019 Q3 2020 Net profit Earnings per share Fre
Slide 5: Daimler Q3 2020 Group EBIT
DAIMLER Q3 2020 Mercedes-Benz Cars & Vans: • Legal proceedings • Restructuring measures -2 -297 GROUP EBIT Daimler Trucks & Buses: • Restructuring measures Daimler Mobility: -62 in millions of euros • Restructuring measures -12 Reconciliation: • Restructuring measures -36 +549 -235 +132 -109 3,479 -
Slide 6: Reconciliation from CFBIT to Free Cash Flow
DAIMLER Q3 2020 RECONCILIATION FROM CFBIT TO FREE CASH FLOW in millions of euros 1,142 -24 -133 -463 +206 5,345 5,139 4,617 • Legal proceedings +206 CFBIT CFBIT Income Interest Other Free cash flow Adjustments Free cash flow Mercedes-Benz Daimler taxes paid reconciling (industrial business) (industr
Slide 7: Net Industrial Liquidity
DAIMLER Q3 2020 NET INDUSTRIAL LIQUIDITY in billions of euros Free cash flow industrial business Q3 2020: €5.1 billion +2.1 -1.8 +0.6 -0.1 -1.0 +4.3 -0.5 13.1 9.5 Net industrial Earnings and Working Depreciation and Additions to Investments in Dividend Other Net industrial liquidity other cash capit
Slide 8: Development of Gross Industrial Liquidity
DAIMLER YTD Q3 2020 DEVELOPMENT OF GROSS INDUSTRIAL LIQUIDITY in billions of euros Financial Services Industrial Business 7.7 -3,2 8.6 -15,5 -6,4 10.8 0.8 32,6 3.5 3.5 27,5 -1,2 3.9 29.1 23.7 Gross Dividend FCF FCF Other ABS New Bond New FX & Gross Liquidity Payment IB DMO Debt Maturities ABS Maturi
Slide 9: Financial Flexibility Over a 12-Month Period
DAIMLER Q3 2020 FINANCIAL FLEXIBILITY OVER A 12-MONTH PERIOD in billions of euros 70,2 Bridge loan facility Other incl. Net industrial liquidity at €13.1 billion continues to be at a solid level 51,7 Fin. Lease ABS potential Commercial Gross industrial liquidity at €29.1 billion paper Credit facilit
Slide 10: Financial Framework
DAIMLER FINANCIAL FRAMEWORK Equity & debt markets DAIMLER Dividend Funding MERCEDES-BENZ DAIMLER TRUCK DAIMLER MOBILITY (Subgroup) (Subgroup) (Subgroup) ▸ CAPITAL MARKET ACCESS ▸ GROUP FUNDING AND LIQUIDITY MANAGEMENT ▸ CAPITAL STRUCTURE ▸ CAPITAL ALLOCATION ▸ SET AND MONITOR PERFORMANCE TARGETS ▸ D
Slide 11: 2020 Outlook Daimler Group
2020 OUTLOOK DAIMLER GROUP ASSUMPTION Daimler assumes that the economic conditions in our most important markets continue to normalize and in particular that no further setbacks occur as a result of the Covid-19 pandemic. Daimler Group Revenue Significant decrease Daimler Group EBIT At prior-year le
Slide 12: 2020 Outlook Daimler Group
2020 OUTLOOK DAIMLER GROUP ASSUMPTION Daimler assumes that the economic conditions in our most important markets continue to normalize and in particular that no further setbacks occur as a result of the Covid-19 pandemic. Unit Sales Cars Significant decrease Vans Significant decrease Trucks Signific
Slide 13: Looking Forward
DAIMLER Q3 2020 LOOKING FORWARD The transformation of Daimler is a long-distance race. We keep the pace with focus and full discipline. Daimler AG Fixed Income Presentation Q3 2020 / Page 13
Slide 14: Agenda
AGENDA I. DAIMLER AG Q3-2020 II. DIVISIONAL REVIEW Q3-2020 III. SUSTAINABILITY IV. FUNDING V. ADDITIONAL FINANCIAL SLIDES Fixed Income Presentation Q3 2020
Slide 15: Mercedes-Benz Cars & Vans Key Topics Q3 2020
MERCEDES-BENZ CARS & VANS KEY TOPICS Q3 2020 Positive development of unit sales in third quarter due to recovery of many markets Favorable development in model mix and pricing Indicators of change show operative improvement, e.g. accelerating headcount reduction, fixed cost coming down Electric firs
Slide 16: Mercedes-Benz Cars & Vans Business Recovery YTD 09/2020
MERCEDES-BENZ CARS & VANS BUSINESS RECOVERY YTD 09/2020 Group sales of Mercedes-Benz passenger cars per month in thousands of units 80 China 60 40 20 0 80 60 Europe 40 20 0 40 30 United 20 States 10 0 Jun 19 Jan 20 Sep 20 Daimler AG Fixed Income Presentation Q3 2020 / Page 16
Slide 17: Mercedes-Benz Cars & Vans Key Figures
MERCEDES-BENZ CARS & VANS KEY FIGURES Unit sales Revenue EBIT adjusted CFBIT in thousands of units in billions of euros in millions of euros in millions of euros 4,617 705 26.6 25.8 673 2,417 1,868 1,825 -4 % -3% +29% +153% Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2019 Q3 2020 Daimler AG F
Slide 18: Mercedes-Benz Cars & Vans EBIT and RoS
MERCEDES-BENZ CARS & VANS EBIT AND ROS Significant fixed cost reduction in all areas in millions of euros Favorable model mix and pricing Positive one-time pension/healthcare effect in USA Lower unit sales Gross profit -353 +196 +34 2,417 -299 +635 +37 2,118 398 1,868 -337 RoS: -36 +20 9.4% RoS: 1,4
Slide 19: Daimler Trucks & Buses Key Topics Q3 2020
DAIMLER TRUCKS & BUSES KEY TOPICS Q3 2020 Significant sales recovery vs. H1; significant decreases vs. Q3 2019 due to ongoing COVID-19 pandemic Incoming truck orders in most key regions significantly above Q2; Europe and North America also positive compared to Q3 2019 Ongoing strong focus on cash pr
Slide 20: Daimler Trucks & Buses Business Recovery YTD 09/20
DAIMLER TRUCKS & BUSES BUSINESS RECOVERY YTD 09/20 Group sales of Daimler Trucks per month in thousands of units 8 6 EU30 4 2 0 20 15 North 10 America 5 0 12 9 6 Asia 3 0 Jun 19 Jan 20 Sep 20 Daimler AG Fixed Income Presentation Q3 2020 / Page 20
Slide 21: Daimler Trucks & Buses Key Figures
DAIMLER TRUCKS & BUSES KEY FIGURES Incoming orders* Unit sales Revenue EBIT adjusted CFBIT in thousands of units in thousands of units in billions of euros in millions of euros in millions of euros 101 104 134 11.5 1,142 9.2 99 +3% -26% -20% 838 736 603 -28% +55% Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q3 2
Slide 22: Daimler Trucks & Buses EBIT and RoS
DAIMLER TRUCKS & BUSES EBIT AND ROS Significant fixed cost reduction in all areas in millions of euros Significantly lower unit sales in all regions due to market downturns Industrial performance: Q3 2019 characterized by favorable Takata one-time- Gross profit -567 effect 838 -512 RoS: 7.3% +46 603
Slide 23: Daimler Mobility Key Topics Q3 2020
DAIMLER MOBILITY KEY TOPICS Q3 2020 New business stabilized with recovery effect in almost all regions Payment restructuring programs expired in most markets with majority of customers returning to normal payment mode No further increase of credit provisions required in Q3 Implemented efficiency mea
Slide 24: Daimler Mobility Key Figures
DAIMLER MOBILITY KEY FIGURES New business Contract volume EBIT adjusted in billions of euros in billions of euros in millions of euros 601 18.3 18.7 162.8 469 149.8 +2% -8% +28% Q3 2019 Q3 2020 12/31/2019 9/30/2020 Q3 2019 Q3 2020 Daimler AG Fixed Income Presentation Q3 2020 / Page 24
Slide 25: Daimler Mobility EBIT and RoE
DAIMLER MOBILITY EBIT AND ROE Fixed cost reductions in all areas No further increase of credit risk reserve in millions of euros Impairment of software in context of streamlining IT-architecture Gross profit* +96 +169 +36 601 589 +33 +10 RoE -12 16.5% RoE +56 469 -73 Pers. Prog, -12 16.2% 413 RoE Ro
Slide 26: Agenda
AGENDA I. DAIMLER AG Q3-2020 II. DIVISIONAL REVIEW Q3-2020 III. SUSTAINABILITY IV. FUNDING V. ADDITIONAL FINANCIAL SLIDES Fixed Income Presentation Q3 2020
Slide 27: Our group strategy: Sustainability as an integral part
Our group strategy Sustainability as an integral part… Sustainability & Culture & Climate Integrity Protection Market & Growth Cooperations MOVE Efficiency Automated & Autonomous PERFORM Driving TRANSFORM Customer and Brand Digital Services & Digital Platforms Platforms and Electrification of Drivet
Slide 28: Six themes and three enablers
… with a focus on six themes and three enablers Climate Protection Human & Air Quality Rights Resource 6 ACTION FIELDS Preservation Data 3 ENABLER Responsibility Livable Cities Traffic Safety + Integrity // People // Partnerships Daimler AG Fixed Income Presentation Q3 2020 / Page 28
Slide 29: CO2 neutrality at Mercedes-Benz Cars
CO2 neutrality at Mercedes-Benz Cars 2039 2030 We are striving for a CO2-neutral fleet of new 2025 By 2030 we want to achieve more than 50 percent of our passenger cars by 2039. 2022 By 2025, irrespective of the framework conditions, we are passenger car sales with plug-in hybrids or all-electric ve
Slide 30: Daimler Trucks & Buses: Making CO2-neutral transport a reality
Daimler Trucks & Buses: Making CO2-neutral transport a reality 2039 CO2-neutral driving operation (tank- to-wheel) by 2039 for new trucks and Second half buses in the markets of Europe, Japan, and North America. of 2020s Hydrogen-based series- production vehicles in the second half of the decade. 20
Slide 31: Daimler Mobility and Mercedes-Benz Bank: CO2-neutral locations
Daimler Mobility und Mercedes-Benz Bank: CO2-neutral locations and administration 2022 Global CO2-neutral locations 2020 and administration. Sustainability – embedded in our corporate values. Daimler AG Fixed Income Presentation Q3 2020 Seite 31
Slide 32: Continuous electrification of our product portfolio
Driven by a continuous electrification of our product portfolio… 2019 2020 2021 2022 Stay tuned for more EQC Compacts e.g. EQA EV Purpose Limousines EV Purpose Frontrunner. e.g. EQS SUVs eSprinter EQV eActros Next generation smart from China Start of series production. World‘s first fully-electric S
Slide 33: Customers may decide for electric or hydrogen
Customers may decide for electric or hydrogen based on their specific needs: GenH2 Truck • Based on fuel cell and hydrogen • Range up to1000km • First customer testing in 2023 • Series production in second half of 2020s Battery Electric Truck: Hydrogen Truck: - Lower Weight, - Heavy Weight, - Shorte
Slide 34: Aim to achieve CO2-neutral production
… and our aim to achieve CO2-neutral production By 2022: CO -neutral production at our Mercedes-Benz Car and Van plants worldwide* 2 By 2022: CO -neutral production at our European plants of Daimler Trucks & Buses* 2 By 2030: Fifty percent CO emissions reductions from production operations 2 SBTI By
Slide 35: Committed investments as part of our electrification strategy
Committed investments as part of our electrification strategy €10 bn About €10 billion to expand our fleet of electric vehicles. €1 bn More than €1 billion to expand our battery production. €20 bn Buying battery cells for more than €20 billion in order to systematically promote our Group’s entry int
Slide 36: Electric first: Modular BEV-architecture
Electric first: Modular BEV-architecture for zero emission vehicles Description Development of a flexibly scalable electrical architecture for Mercedes-Benz compact cars up to luxury cars. Suitable for a wide range of vehicle concepts thanks to the modular system design and variable wheelbase, wheel
Slide 37: Factory 56: One of the world's most modern car productions
Factory 56: One of the world’s most modern car productions Description Factory 56, one of the world’s most modern car productions, built at Daimler’s Sindelfingen plant. The factory will be supplied with CO2-neutral energy when it goes into operation, is equipped with a photovoltaic system installed
Slide 38: Battery production network: Nine factories at seven locations
Battery production network: Nine factories at seven locations on three continents Description Daimler is investing more than one billion euros in a global battery production network within the global production network of Mercedes-Benz Cars. In total, the battery production network consists of nine
Slide 39: Daimler's green finance framework
Daimler’s green finance framework is part of our sustainable business strategy Project Management of Use of proceeds evaluation and Reporting External review proceeds selection Daimler’s green finance framework is developed to be in line with both the ICMA Green Bond Principles, as well as LMA and A
Slide 40: More than 50% of proceeds allocated to clean transportation (1/2)
More than 50% of proceeds will be allocated to clean transportation (1/2) GBP & GLP Eligible assets Targeted SDGs Targeted EU Investment Examples Categories Environmental Objectives • Development and Climate change mitigation • Modular BEV-architecture production of zero • Volvo Group & Daimler Truc
Slide 41: More than 50% of proceeds allocated to clean transportation (2/2)
More than 50% of proceeds will be allocated to clean transportation (2/2) GBP & GLP Eligible assets Targeted SDGs Targeted EU Investment Examples Categories Environmental Objectives • Waste management Pollution prevention and • Factory 56 (waste management) • Emission reduction control • CO2 neutral
Slide 42: Second Opinion on green bonds
Second Opinion by leading provider of independent reviews of green bonds SHADES OF GREEN Daimler’s green finance framework was rated by CICERO CICERO Green provides second as Dark Green. Dark Green is allocated to projects and opinions on institutions’ solutions that correspond to the long-term vi
Slide 43: Strategy guided by international framework agreements
Our strategy is guided by international framework agreements,… The ten principles of the UN Global Compact provide a fundamental guide for our business operations. Our internal principles and policies are founded on this international frame of reference and other international principles. Our goal i
Slide 44: Corporate principles and integrity
… our corporate principles and integrity Doing the right thing by living our values We adhere to internal and external rules, we act according to our corporate principles and we listen to our inner compass. We have incorporated integrity-related issues in our culture and our compliance management sy
Slide 45: Integrity Code
Integrity Code Our overall legal and ethical framework Concretize UNDERSTANDING of Integrity@Daimler Legal and ethical FRAMEWORK for all entities at Daimler Coverage of FUTURE STRATEGIC TOPICS In addition to the Integrity Strengthen AWARENESS and underline IMPORTANCE for Code, the Technical Integrit
Slide 46: Very positive perception of 1st green bond
VERY POSITIVE PERCEPTION OF 1ST GREEN BOND IN THE MARKET AND MEDIA - TRANSACTION SEEN AS STRONG COMMITMENT TOWARDS SUSTAINABILITY/AMBITION 2039 Selected media coverage Summary Daimler thrilled as investors steamroller green debut sub-curve Issuer Daimler AG Daimler blasted far through its convention
Slide 47: Agenda
AGENDA I. DAIMLER AG Q3-2020 II. DIVISIONAL REVIEW Q3-2020 III. SUSTAINABILITY IV. FUNDING V. ADDITIONAL FINANCIAL SLIDES Fixed Income Presentation Q3 2020
Slide 48: One Face to the Market
ONE FACE TO THE MARKET Daimler’s business model is based on a central liquidity and risk management Guarantor for all debt Funding Support by Daimler AG Credit Support via DPLTA* from Mercedes-Benz AG and Daimler Truck AG Daimler Mobility AG Daimler Iambition Mercedes Daimler Truck (Subgroup) Benz A
Slide 49: Prudent Financial Policy
DAIMLER FOLLOWS A PRUDENT FINANCIAL POLICY Financial Stability Dividend Balanced policy Pensions: approach keeping Focus on • 40% pay-out between No share funded ratio at strict liquidity ratio* shareholder buybacks • Dividend should high level management interest and planned be covered by (currentl
Slide 50: Funding strategy built on strict principles
OUR FUNDING STRATEGY IS BUILT ON STRICT PRINCIPLES No dependence from single markets, instruments, banks or investors Targeting Diversification of funding sources and instruments: Financial Bank Loans, Bonds, ABS, CP, Deposits Independence No Covenants, no MAC, no asset pledges, no CSAs Maximizing K
Slide 51: Sustainable Portfolio at Daimler Mobility
SUSTAINABLE PORTFOLIO AT DAIMLER MOBILITY Wholesale 163 154 150 140 Loan 133 117 Lease 99 Others 84 80 72 74 Trucks 72 71 Portfolio 62 Buses (in bn €) 58 48 49 Vans 38 41 Acquisitions 34 (in bn €) Passengers Cars 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD 2020 Daimler AG Fixed Income Presentat
Slide 52: Mobility business model: credit management and refinancing
DAIMLER MOBILITY BUSINESS MODEL BASED ON STRINGENT CREDIT MANAGEMENT AND SOLID REFINANCING Net credit losses as a percentage of portfolio, subject to credit risk Net credit losses still on a very favorable level, not yet showing any severe CoViD-19 impact Based on the potential macroeconomic cool-do
Slide 53: Maturity Profile Further Lengthened
MATURITY PROFILE FURTHER LENGTHENED in billions of EUR as of 30 September 2020 Issued in 2020 Maturities 18.0 0.3 14.6 1.3 11.3 3.0 17.6 7.4 0.2 13.3 6.0 2.3 4.3 3.5 8.3 1.3 3.1 3.0 2.2 7.2 0.1 2.4 2.0 0.1 3.7 3.4 2.2 1.3 2.1 3.0 0.5 0.9 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 20
Slide 54: EUR 12bn Bridge Facility Signed in April 2020
EUR 12BN BRIDGE FACILITY SIGNED IN APRIL 2020 EUR 12bn bridge facility signed in April to mainly cover volatility and uncertainty in capital markets; EUR 8.8bn still available on 30 September, 2020 Bridge facility expires 31 March, 2021 – two extension options of six months each Besides, EUR 11bn ba
Slide 55: Financing Liabilities Show a Diversified Funding Mix
FINANCING LIABILITIES SHOW A DIVERSIFIED FUNDING MIX in billions of EUR Fin. Lease (IFRS 16) Acc. Deposits Other (ex Fin. Lease) Bank Loans Com. Paper Bonds ABS 161.8 4.2 152.2 3.8 145.0 0.0 2.0 13.9 1.8 1.3 0.0 3.3 16.4 0.9 127.4 12.5 2.8 13.1 117.6 0.0 2.0 11.0 11.8 14.5 1.0 1.0 10.6 1.7 11.5 39.8
Slide 56: Balanced mix of funding instruments
TO ENSURE SUSTAINABLE PORTFOLIO GROWTH, WE MITIGATE RISK AND VOLATILITY THROUGH A BALANCED MIX OF FUNDING INSTRUMENTS Capital Markets Strengthen our global footprint and use market opportunities Other Fin. Lease (IFRS 16) 1% 3% Deepen our excellent Bank Loans bank relationships Bank loans Bank loans
Slide 57: Development to Global Capital Market Funding
CONSEQUENT DEVELOPMENT TO GLOBAL CAPITAL MARKET FUNDING - DIVERSIFICATION WILL CONTINUE Canada EMTN Domestic Bonds Euro Market ABS EMTN Program Korea CP Italian domestic Domestic Bond Prog. Hungarian domestic EUR CP Program ABS China USA Japan Turkey Domestic Bonds 144a / RegS PP Domestic CP ABS CP
Slide 58: Funding Base Further Diversified
FUNDING BASE FURTHER DIVERSIFIED TO A TRUE GLOBAL SET-UP in billions of EUR 152,2 3% 11% 1% 1% Currency Volume % 10% EUR 39,8 51% USD 23,1 30% CNY 4,0 5% GBP 3,3 4% 24% CAD 2,3 3% Currency Volume % ZAR 1,3 2% EUR 19,5 66% JPY 0,6 1% USD 7,8 27% AUD 0,6 1% Fin. Lease (IFRS 16) 0% ZAR 0,8 3% NOK 0,6 1
Slide 59: Financial KPIs Set to Support a Strong Rating
DAIMLER‘S FINANCIAL KPIS SET TO SUPPORT A STRONG RATING Agency Long-term Outlook Short-term Standard & Poor's: BBB+ Negative A-2 Moody’s: A3 Negative P-2 Current Ratings: Fitch: BBB+ Stable F1 DBRS: BBB (high) Stable R-2 (high) Scope: A Stable S-1 Daimler AG Fixed Income Presentation Q3 2020 / Page
Slide 60: Pension contributions stabilized funded ratio
IN LOW INTEREST RATE ENVIRONMENT HIGH CONTRIBUTIONS STABILIZED FUNDED RATIO 14 11.5 11.4 12 9.8 10 8.6 8.4 7.4 7.8 in EUR bn 8 6.2 6 3.4 4.5 3.7 Significant contributions of EUR 4 3.1 2 2.2 2.0 1.1 1.9 2.4 16.6bn since 2010 support the 0.3 0.5 0.7 0.7 0 0.1 solid capital structure 2010 2011 2012 201
Slide 61: Agenda
AGENDA I. DAIMLER AG Q3-2020 II. DIVISIONAL REVIEW Q3-2020 III. SUSTAINABILITY IV. FUNDING V. ADDITIONAL FINANCIAL SLIDES Fixed Income Presentation Q3 2020
Slide 62: EBIT Adjusted by Divisions
DAIMLER Q3 2020 EBIT ADJUSTED BY DIVISIONS EBIT adjusted in millions of euros; RoS/RoE adjusted in % Q3 2019 Q3 2020 EBIT RoS/RoE EBIT RoS/RoE adjusted adjusted* adjusted adjusted* Daimler Group 3,142 7.4 3,479 8.6 of which Mercedes-Benz Cars & Vans 1,868 7.0 2,417 9.4 Daimler Trucks & Buses 838 7.3
Slide 63: Adjustments Affecting EBIT
DAIMLER Q3 2020 ADJUSTMENTS AFFECTING EBIT in millions of euros Mercedes-Benz Cars & Vans Q3 2019 Q3 2020 Legal proceedings and related measures 362 2 Restructuring measures 36 297 Daimler Trucks & Buses xx Restructuring measures – 62 Daimler Mobility xx Legal proceedings and related measures 11 - R
Slide 64: Key Balance Sheet and Financial Figures
DAIMLER Q3 2020 KEY BALANCE SHEET AND FINANCIAL FIGURES Daimler Group Dec. 31, 2019 Sept. 30, 2020 Equity ratio 20.5% 20.2% Gross liquidity 27.5 32.6 Funded status of pension obligations -8.4 -11.4 Funding ratio 77% 70% Industrial business Equity ratio 36.7% 33.8% Net liquidity 11.0 13.1 Free cash f
Slide 65: Statement of Financial Position (Condensed)
DAIMLER Q3 2020 STATEMENT OF FINANCIAL POSITION (CONDENSED) in millions of euros Daimler Group Industrial Business Dec. 31, 2019 Sept. 30, 2020 Dec. 31, 2019 Sept. 30, 2020 Intangible assets 15,978 16,430 15,077 15,651 Property, plant and equipment 37,143 35,092 36,782 34,781 Receivables from financ
Slide 66: Disclaimer
DAIMLER Q3 2020 DISCLAIMER 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 identif