Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Q2 2023 Earnings Presentation
28 slides from Mercedes-benz's earnings presentation, Jul 27, 2023
Slide 1: Capital Market Presentation Q2 2023
Willkommen | Welcome Capital Market Presentation Q2 2023 Mercedes-Benz Group AG Stuttgart, July 27, 2023
Slide 2: Review Q2 2023
Internal Review Q2 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 +5% +6% +8% 38.2 5.2 -3% 5.0 4.9 4.6 26.6 36.4 +137% 25.8 3.4 1.4 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022
Slide 4: Mercedes-Benz Cars: Key messages
Internal Mercedes-Benz Cars: Key messages Performance: Strong growth in Top-End segment; BEV sales Mercedes-Benz Passenger Cars more than doubled Profitability: Solid results demonstrate resilience in challenging environment Products: Production start of new E-Class with MB.OS precursor; premiere of
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 +6% +51% 516 96 487 +12% 85 85* Top-End 75 11 G 75* 6 Maybach 9 64 61 BEV 5 277 38 AMG Core 273 32 31 thereof S EQS 40 43 32 35 PHEV 154 GLS Entry ** 139 EQS SUV Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Tot
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 +6% +5% 515.7 +30% -1% 28.2 3.8 3.8 3.8 487.1 27.0 2.9 +5% 73.5* 70.3* Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 * ASP in thousand eur
Slide 7: Mercedes-Benz Cars: Q2 2023 EBIT & RoS
Internal Mercedes-Benz Cars: Q2 2023 EBIT & RoS In million euros Gross Profit +270 919 -337 3,792 41 3,833 52 3,812 40 3,852 -312 -77 -59 -207 RoS: RoS: RoS: RoS: 14.0% 14.2% 13.5% 13.6% Improved net pricing Increased unit sales Foreign exchange rates Higher raw material prices and one time commodit
Slide 8: Mercedes-Benz Cars: EBIT to CFBIT
Internal Mercedes-Benz Cars: EBIT to CFBIT In million euros 3,852 490 3,769 73 3,842 1,497 -482 -52 CCR: CCR: 1.0 1.0 -1,536 t/o • Inventories - 136 t/o • Trade receivables + 14 • BBAC Dividend + 897 • Trade payables - 360 • Result at-equity BBAC - 335 • Legal proceedings + 73 Net investments Deprec
Slide 9: Mercedes-Benz Vans: Key messages
Internal Mercedes-Benz Vans: Key messages Performance: Strong sales and order book in favourable market conditions Profitability: Solid net pricing and volume outweigh cost increases and inflation Products: Product portfolio fully electrified in each segment with start of sales for EQT* and eCitan S
Slide 10: Mercedes-Benz Vans: Electric vehicle unit sales
Internal Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +19% +18% 120 5.1 100 4.3 thereof thereof Q2 2022 Q2 2023 Q2 2022 Q2 2023 Total MB Vans Battery electric vehicles Share in % of volume 4% 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 +19% +25% +91% 119.5 5.1 792 +146% 819 100.1 4.1 414 333 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 11
Slide 12: Mercedes-Benz Vans: Q2 2023 EBIT & RoS
Internal Mercedes-Benz Vans: Q2 2023 EBIT & RoS In million euros Gross Profit +387 673 2 16 792 14 806 5 13 -288 -43 32 414 RoS: RoS: 382 15.5% 15.7% Strongly improved net pricing RoS: RoS: Significantly increased unit sales 9.3% 10.1% Higher material one time commodity charges, inflation and supply
Slide 13: Mercedes-Benz Vans: EBIT to CFBIT
Internal Mercedes-Benz Vans: EBIT to CFBIT In million euros 806 42 819 352 777 -283 105 -53 CCR: CCR: 1.0 1.0 -150 t/o • Inventories - 236 • Trade receivables + 39 t/o • Trade payables - 86 • Dividend FBAC + 107 • Legal proceedings + 42 Net investments Depreciation and CFBIT EBIT Change in working N
Slide 14: Mercedes-Benz Mobility: Key messages
Internal Mercedes-Benz Mobility: Key messages Business: Challenging market environment; Higher penetration rate for battery electric vehicles Profitability: Interest margin impacted by higher interest rates and increased competition Products: Ramp-up of Mercedes-Benz charging business started Russia
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 +9% 0% 15.4 131.4 131.3 14.1 -28% 624 448 Q2 2022 Q2 2023 03/31/2023 06/30/2023 Q2 2022 Q2 2023 15
Slide 16: Mercedes-Benz Mobility: Q2 2023 EBIT & RoE
Internal Mercedes-Benz Mobility: Q2 2023 EBIT & RoE In million euros 60 624 0 624 -22 56 448 -245 -4 -21 RoE: RoE: 17.1% 17.1% RoE: 12.8% 172 Cost of credit risk development despite challenging environment -276 Interest margin impacted by higher interest rates and increased RoE: competition 4.9% • R
Slide 17: Mercedes-Benz Group: Group EBIT
Internal Mercedes-Benz Group: Group EBIT In million euros 378 91 5,211 317 4,939 4,988 4,622 -176 -21 -223 • Legal proceedings + 73 • Legal proceedings - 18 • M&A transactions + 244 • Russia - 205 EBIT EBIT EBIT Mercedes-Benz Mercedes-Benz Mercedes-Benz EBIT Adjustments adjusted Reconciliation adjus
Slide 18: Group: Reconciliation from CFBIT to Free Cash Flow
Internal Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In million euros 777 3,769 3,363 116 3,479 249 85 15 -1,532 t/o • Dividend DT + 321 • Legal proceedings + 116 Free cash flow Free cash flow Mercedes-Benz Mercedes-Benz Income taxes Effects from Other reconciling (industrial I
Slide 19: Group: Net Industrial Liquidity
Internal Mercedes-Benz Group: Net Industrial Liquidity In billion euros 4.3 1.6 28.9 -0.8 -1.6 -0.1 25.8 -5.6 -0.6 -0.3 Free cash flow industrial business Q2 2023: € 3.4 billion Additions to Dividend payment Net Industrial Earnings and Depreciation and Investments in Net Industrial Working capital p
Slide 20: Outlook 2023
Internal Outlook 2023 20
Slide 21: 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 in the second half of the year. Despite an ongoing monthly decrease in the rate of inflation, inflation is expected to remain above
Slide 22: 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 in the second half of the year. Despite an ongoing monthly decrease in the rate of inflation, inflation is expected to remain above aver
Slide 23: 2023: Strategic priorities & YTD achievements
Internal 2023: Strategic priorities & YTD achievements Safeguard our Continue scaling Future-proof Further upgrade Maintain operating optimum BEVs supply chains customer experience cost discipline More than Improved Next steps Pricing & mix doubled supply chain charging & On track discipline BEV sal
Slide 24: There is so much more to come
There is so much more to come MMA MB.EA AMG.EA VAN.EA
Slide 25: Appendix
Appendix
Slide 26: 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% 0.24% 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 27: 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 28: 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