Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — FY2022 Earnings Presentation
31 slides from Mercedes-benz's earnings presentation, Feb 17, 2023
Slide 1: Annual Results Conference 2022
Willkommen | Welcome Annual Results Conference 2022 Mercedes-Benz Group AG Stuttgart, February 17, 2023
Slide 2: Recap: Our strategic priorities for 2022
Internal Recap: Our strategic priorities for 2022 Scale Accelerate Grow Alleviate Focus electric car luxury supply relentlessly vehicles software business constraints on costs 2
Slide 3: Mercedes-Benz Group: Key figures
Internal Mercedes-Benz Group: Key figures* Revenue EBIT EBIT adj. Free Cash Flow (IB) Net Industrial Liquidity in billion euros in billion euros in billion euros in billion euros in billion euros +12% +28% +20% +27% 150.0 20.5 20.7 26.6 17.2 +3% 16.0 21.0 7.9 8.1 133.9 2021 2022 2021 2022 2021 2022
Slide 4: Mercedes-Benz Cars: Key messages
Internal Mercedes-Benz Cars: Key messages Performance: Resilience in challenging environment, vigilance towards macroeconomics & geopolitics Profitability: Improvement of revenue quality, cost efficiency & pricing power compensating inflation Products: world premiere of GLC, EQS SUV & EQE SUV Techno
Slide 5: Cars: Top-End and electric vehicle unit sales
Internal Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units +5% 2,041 1,944 +23% +8% 328 Top-End 305 333 328* 305* 39 G 23 272 41 Maybach 17 149 BEV 1,117 90 Core 1,029 138 AMG 135 S EQS 182 184 PHEV 177 Entry ** 610 596 153 GLS EQS SUV 2021 2022 2021 2022 2021 2022 Total
Slide 6: Mercedes-Benz Vans: Key messages
Internal Mercedes-Benz Vans: Key messages Performance: Global sales significantly increased despite geopolitical challenges & supply constraints Profitability: Solid margin reflects healthy mix & pricing Products: Sales start of new T-Class & world premiere of all-electric EQT Transformation: Reorga
Slide 7: Vans: Electric vehicle unit sales
Internal Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +8% 415 +9% 15 386 14 thereof thereof 2021 2022 2021 2022 Total MB Vans Battery electric vehicles Share in % of volume 4% 4% 7
Slide 8: Internal data confirms CO2 compliance 2022 in Europe
Internal Mercedes-Benz Group: Cars and Private Vans Internal data confirms CO2 compliance 2022 in Europe* Regulatory Target ~127g 115g 115g Actuals 2021** Prognosis 2022*** * Average CO2 emissions of the total fleet of newly registered Mercedes-Benz cars in Europe (European Union, Norway and Iceland
Slide 9: Cars: Financials
Internal Mercedes-Benz Cars: Financials Sales Revenue EBIT adj. CFBIT adj. in million units in billion euros in billion euros in billion euros +5% +15% +28% 2.04 1.94 111.6 16.2 96.7 +7% 12.7 11.4 10.7 2021 2022 2021 2022 2021 2022 2021 2022 * ASP in thousand euros excl. Smart, BBAC sales and pbp re
Slide 10: Cars: FY EBIT & RoS
Internal Mercedes-Benz Cars: FY EBIT & RoS In million euros Gross Profit +3,938 8,318 368 216 16,245 95 16,340 -4,748 -274 -54 -271 12,487 202 12,689 Strongly improved net pricing Favourable product mix RoS: RoS: RoS: RoS: Slightly increased unit sales 14.6% 14.6% 12.9% 13.1% Discounting of non-curr
Slide 11: Cars: Indicators of Change
Internal Mercedes-Benz Cars: Indicators of Change Average Sales Price* Active Workforce Fixed Costs R&D Investment in pp&e in thousand euros in thousand FTE** in billion euros in billion euros in billion euros +43% +7% -5% 139.2 -13% 8.0 +9% 7.5 -42% 72.9 5.6 67.1 132.4 51.0 3.3 2019 2021 2022 2019
Slide 12: Cars: EBIT to CFBIT
Internal Mercedes-Benz Cars: EBIT to CFBIT In million euros 16,340 208 5,943 -2,936 11,413 695 10,718 -2,122 16,340 -6,715 CCR: CCR: t/o 0.7 0.7 • BBAC Dividend + 1,431 t/o • Result at-Equity BBAC - 1,711 • Legal proceedings + 549 • New vehicle stock - 3,758 • Retail outlet sale - 478 • Restructurin
Slide 13: Vans: Financials
Internal Mercedes-Benz Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros +8% 415.3 +17% 386.2 17.2 +29% +57% 14.7 2.0 1.9 1.6 1.2 2021 2022 2021 2022 2021 2022 2021 2022 13
Slide 14: Vans: FY EBIT & RoS
Internal Mercedes-Benz Vans: FY EBIT & RoS In million euros Gross Profit +618 1,565 33 153 1,927 1,897 23 -980 -30 -77 -20 86 1,229 1,143 Strongly improved net pricing RoS: RoS: Significantly increased unit sales 11.2% 11.0% RoS: RoS: Favourable product mix 7.8% 8.3% • Russia - 51 Higher raw materia
Slide 15: Vans: EBIT to CFBIT
Internal Mercedes-Benz Vans: EBIT to CFBIT In million euros 309 2,040 1,897 452 54 1,731 -167 -141 -364 CCR: CCR: 1.1 0.9 • Legal proceedings + 335 t/o t/o • Restructuring + 17 • New vehicle stock - 170 • FBAC - 122 • M&A transactions - 43 Net investments Depreciation and CFBIT EBIT Change in workin
Slide 16: Mercedes-Benz Mobility: Key messages
Internal Mercedes-Benz Mobility: Key messages Performance: High portfolio quality results in low credit losses despite challenging environment Profitability: Solid margins despite headwinds from higher interest rates and increase in cost of credit risk Fleet Management: Improved business performance
Slide 17: Mobility: Financials
Internal Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in billion euros -9% -1% 63.6 133.7 132.4 58.0 -30% 3.4 2.4 2021 2022 2021 2022 2021 2022 17
Slide 18: Mobility: FY EBIT & RoE
Internal Mercedes-Benz Mobility: FY EBIT & RoE In million euros 165 3,493 3,449 -44 -448 138 2,428 0 2,428 -832 -36 -8 RoE: RoE: 22.3% 22.0% Favourable FX development Improved business performance at fleet management RoE: RoE: Lower volume due to Daimler Truck spin-off and lower penetration 16.8% 16
Slide 19: Group: Group EBIT
Internal Mercedes-Benz Group: Group EBIT In million euros 3,556 698 264 20,655 20,458 -1,021 -197 1,130 17,158 16,028 • Legal proceedings + 334 • Legal proceedings - 119 • Restructuring + 549 t/o • M&A transactions + 631 • M&A transactions + 247 • At-equity Daimler Truck +227 • Russia - 709 EBIT EBI
Slide 20: Reconciliation from CFBIT to Free Cash Flow
Internal Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 1,731 10,718 1,166 9,294 320 8,128 -4,137 -255 -249 • Legal proceedings + 878 • Restructuring + 374 • M&A transactions - 86 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from
Slide 21: Group: Net Industrial Liquidity
Internal Mercedes-Benz Group: Net Industrial Liquidity* In billion euros 6.4 11.4 0.3 -3.2 -6.8 2.9 26.6 21.0 -5.3 Free cash flow industrial business FY 2022: € 8.1 billion Additions to Net Industrial Depreciation and Investments in Net Industrial Earnings and other Working capital property, plant,
Slide 22: Group: Dividend
Internal Mercedes-Benz Group: Dividend Net profit Earnings per share Dividend in billion euros in euros proposed in euros +4% +5% 14.8 14.2* 13.55 12.89* +4% 5.0 5.2 € 0.7 DT&B 4.3 2021 2022 2021 2022 2021 2022 * 2021 figures excl. deconsolidation result 22
Slide 23: Group: Share buyback up to € 4 Billion
Internal Mercedes-Benz Group: Share buyback Strategic course set Excess cash generation after addressing strategic priorities up to € 4 Billion Honouring dividend policy 2 years max. Optimizing capital structure post spin-off starting March 2023 Buybacks funded by MBG’s prevailing strong free cash f
Slide 24: Outlook 2023
Internal Outlook 2023 24
Slide 25: Divisional Guidance 2023
Internal Mercedes-Benz Divisional Guidance 2023 ASSUMPTION The global economic conditions continue to be characterized by an exceptional degree of uncertainty. In addition to unexpected macroeconomic developments, uncertainties for the global economy and the business development of the Mercedes-Benz
Slide 26: Group Guidance 2023
Internal Mercedes-Benz Group Guidance 2023 ASSUMPTION The global economic conditions continue to be characterized by an exceptional degree of uncertainty. In addition to unexpected macroeconomic developments, uncertainties for the global economy and the business development of the Mercedes-Benz Grou
Slide 27: Strategic priorities for this year
Internal Strategic priorities for this year Safeguard our Further upgrade Maintain Continue Future-proof operating customer cost scaling BEVs supply chains optimum experience discipline 27
Slide 28: Appendix
Internal Appendix 28
Slide 29: Group/Divisional Guidance Ranges
Internal Mercedes-Benz Group/Divisional Guidance Ranges Specification/ Significantly Slightly below At prior-year Slightly above Significantly KPI below level above Revenue/ Above -7.5% -7.5% to -2% -2% to +2% +2% to +7.5% Above +7.5% Unit Sales EBIT (Group) Above -15% -15% to -5% -5% to +5% +5% to
Slide 30: Mobility: Net credit losses
Internal Mercedes-Benz Mobility: Net credit losses* in thousand units 0.89% 0.83% 0.68% 0.61% 0.50% 0.51% 0.43% 0.36% 0.37% 0.34% 0.33% 0.31% 0.31% 0.26% 0.26% 0.24% 0.21% 0.21% 0.2% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 * As percentage of por
Slide 31: Disclaimer
Internal 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 identify forwa