Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q1 2023 Earnings Presentation
27 slides from Mercedes-benz's earnings presentation, Apr 28, 2023
Slide 1: Capital Market Presentation Q1 2023
Willkommen | Welcome Capital Market Presentation Q1 2023 Mercedes-Benz Group AG Stuttgart, April 28, 2023
Slide 2: Review Q1 2023
Internal Review Q1 2023
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 +8% +5% +2% +8% 37.5 5.5 5.3 5.4 28.9 5.2 26.6 34.9 +78% 2.2 1.2 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022
Slide 4: Mercedes-Benz Cars: Key messages
Internal Mercedes-Benz Cars: Key messages Performance: Significant Top-End sales and almost doubled BEV sales Profitability: Strong net pricing and double-digit margin demonstrating weatherproofed business Products: New Mercedes-Maybach EQS SUV and all new E-Class unveiled, EQE SUV start of sales St
Slide 5: Mercedes-Benz Cars: Top-End and electric vehicle unit sales
Internal Mercedes-Benz Cars: Top-End and electric vehicle unit sales In thousand units +3% 503 487 +18% +24% Top-End 78 92 92* 92 10 G 78* 7 Maybach 74 8 6 52 BEV 248 Core 280 40 AMG 27 28 S EQS 47 163 46 48 GLS 40 PHEV Entry ** 129 EQS SUV Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Total MBC T
Slide 6: Mercedes-Benz Cars: Financials
Internal Mercedes-Benz Cars: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in billion euros in billion euros +3% +8% -3% 503.5 487.0 27.8 4.2 4.1 25.8 +80% 3.0 1.7 +6% 76.0* 71.5* Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 * ASP in thousand eur
Slide 7: Mercedes-Benz Cars: Q1 2023 EBIT & RoS
Internal Mercedes-Benz Cars: Q1 2023 EBIT & RoS In million euros Gross Profit +591 1,342 -203 4,271 4,243 -548 -127 -46 4,113 35 4,148 -28 -292 -257 RoS: RoS: RoS: RoS: 16.5% 16.4% Strongly improved net pricing 14.8% 14.9% Slightly increased unit sales & favourable product mix Higher raw material pr
Slide 8: Mercedes-Benz Cars: EBIT to CFBIT
Internal Mercedes-Benz Cars: EBIT to CFBIT In million euros 4,148 350 1,521 -835 2,981 39 3,020 -481 -1,722 CCR: CCR: 0.7 0.7 t/o • Inventories - 2,899 • Legal proceedings + 72 • Trade receivables + 249 t/o • Restructuring + 92 • Trade payables + 1,815 • Result at-equity BBAC - 426 • M&A transaction
Slide 9: Mercedes-Benz Vans: Key messages
Internal Mercedes-Benz Vans: Key messages Performance: Healthy sales with strong earnings Profitability: Strongly improved net pricing outweighs cost inflation Products: World premiere of new eSprinter very well perceived Strategy: Virtual Van CMD on May 16 9
Slide 10: Mercedes-Benz Vans: Electric vehicle unit sales
Internal Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +12% 99 +22% 3.6 89 2.9 thereof thereof Q1 2022 Q1 2023 Q1 2022 Q1 2023 Total MB Vans Battery electric vehicles Share in % of volume 3% 4% 10
Slide 11: Mercedes-Benz Vans: Financials
Internal Mercedes-Benz Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in thousand units in billion euros in million euros in million euros +12% 98.9 +25% 4.6 +54% 88.5 719 3.7 +3% 466 450 437 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 11
Slide 12: Mercedes-Benz Vans: Q1 2023 EBIT & RoS
Internal Mercedes-Benz Vans: Q1 2023 EBIT & RoS In million euros Gross Profit +320 599 9 5 43 762 719 -288 -31 -26 -14 118 466 348 RoS: RoS: 15.6% 16.5% Strongly improved net pricing RoS: RoS: Significantly increased unit sales 12.6% 9.4% • Russia + 51 Higher raw material prices and one time commodi
Slide 13: Mercedes-Benz Vans: EBIT to CFBIT
Internal Mercedes-Benz Vans: EBIT to CFBIT In million euros 762 19 103 -102 -142 40 450 410 -230 CCR: CCR: 0.5 0.6 t/o • Inventories - 545 t/o • Trade receivables + 124 • Provisions - 124 • Legal proceedings + 37 • Trade payables + 319 • Result at-equity FBAC - 24 • Restructuring + 3 Net investments
Slide 14: Mercedes-Benz Mobility: Key messages
Internal Mercedes-Benz Mobility: Key messages Business: Stable portfolio and penetration rate development Performance: Stable cost of credit risk despite challenging environment reflecting high portfolio quality Profitability: Interest margin impacted by headwinds from higher interest rates Strategy
Slide 15: Mercedes-Benz Mobility: Financials
Internal Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in million euros +1% -2% 14.5 14.7 134.4 131.3 -26% 733 539 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 15
Slide 16: Mercedes-Benz Mobility: Q1 2023 EBIT & RoE
Internal Mercedes-Benz Mobility: Q1 2023 EBIT & RoE In million euros 733 0 733 14 -1 -138 -18 539 0 539 -17 -35 RoE: RoE: 20.2% 20.2% RoE: RoE: Stable portfolio and penetration rate development 15.6% 15.6% Stable cost of credit risk despite challenging environment reflecting high portfolio quality I
Slide 17: Mercedes-Benz Group: Group EBIT
Internal Mercedes-Benz Group: Group EBIT In million euros 253 192 5,422 82 5,504 5,229 72 5,301 -130 -194 • Legal proceedings + 281 • M&A transactions - 918 • Russia + 709 • Legal proceedings + 82 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjus
Slide 18: Reconciliation from CFBIT to Free Cash Flow
Internal Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 410 2,981 2,164 81 2,245 -989 -45 -98 -95 • Legal proceedings + 105 • M&A transactions - 125 • Restructuring + 101 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from Other rec
Slide 19: Mercedes-Benz Group: Net Industrial Liquidity
Internal Mercedes-Benz Group: Net Industrial Liquidity In billion euros 3.1 1.6 0.3 0.1 28.9 26.6 -0.9 -1.9 Free cash flow industrial business Q1 2023: € 2.2 billion Additions to Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital property, plant, Liquidity oth
Slide 20: Outlook 2023
Internal Outlook 2023 20
Slide 21: Mercedes-Benz Divisional Guidance 2023
Internal Mercedes-Benz Divisional Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued for the rest of the year. High, albeit gradually declining, inflation rates in many markets combined with very restrictive monetary
Slide 22: Mercedes-Benz Group Guidance 2023
Internal Mercedes-Benz Group Guidance 2023 ASSUMPTION With regional differences the overall growth momentum of the world economy is likely to remain rather subdued for the rest of the year. High, albeit gradually declining, inflation rates in many markets combined with very restrictive monetary poli
Slide 23: Internal
Internal 23
Slide 24: Appendix
Internal Appendix 24
Slide 25: Mercedes-Benz Mobility: Net credit losses
Internal Mercedes-Benz Mobility: Net credit losses* in thousand units 0.89% 0.83% 0.51% 0.43% 0.37% 0.34% 0.33% 0.31% 0.31% 0.26% 0.26% 0.24% 0.21% 0.21% 0.23% 0.18% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ytd. 2023 * As percentage of portfolio, subject to credit r
Slide 26: 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 27: 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