Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — FY2021 Earnings Presentation
37 slides from Mercedes-benz's earnings presentation, Feb 24, 2022
Slide 1: Willkommen | Welcome
Willkommen | Welcome Annual Results Conference 2021 Mercedes-Benz Group AG Stuttgart, February 24, 2022
Slide 2: Review 2021
Internal Review 2021 2
Slide 3: Mercedes-Benz Group: Achievements 2021
Internal Mercedes-Benz Group: Achievements 2021 Increased financial robustness managing through the pandemic & semiconductor shortages Accelerated strategy implementation, especially electric vehicles & automated driving Established new company structure successfully 3
Slide 4: Q4/FY reporting changes due to Spin-off Daimler Trucks & Buses
Internal Q4/FY reporting changes due to Spin-off Daimler Trucks & Buses Group P&L (Financial Statements)1 Segment P&L Q4/FY Until Q3 2021 Continued Operations (CO) Mercedes- Daimler Daimler Benz Trucks & Reconciliation Mainly: Mercedes-Benz Cars & Vans, Cars & Vans Mobility Buses Mercedes-Benz Mobil
Slide 5: 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 +9% +340% +123% +18% 168.0 29.1 19.2 21.0 154.3 2.1 17.9 34.1 32.5 13.0 +4% 8.3 8.6 8.6 17.2 0.7 0.7 1
Slide 6: Mercedes-Benz Cars & Vans: Key messages
Internal Mercedes-Benz Cars & Vans: Key messages Strong market demand for top end vehicles: record sales for Maybach, AMG and G-Class Acceleration of EVs: 4 new BEVs introduced, strong EQS demand; Van EV deliveries doubled Automated driving: next milestone with industry-first Level 3 approval in Ger
Slide 7: Mercedes-Benz Cars: Top-end and electric vehicle unit sales
Internal Mercedes-Benz Cars: Top-end and electric vehicle unit sales In thousand units -7% 2,087 +30% 1,944 305* 41 G +64% 17 Maybach 272 236* 34 10 135 AMG 166 182 PHEV 121 S 119 thereof 153 EQS 101 GLS 90 BEV 47 2020 2021 2020 2021 2020 2021 Total MBC Top-end vehicles Electric vehicles * w/o doubl
Slide 8: Mercedes-Benz Vans: Electric vehicle unit sales
Internal Mercedes-Benz Vans: Electric vehicle unit sales In thousand units +3% 386 +119% 14 375 thereof 6 thereof 2020 2021 2020 2021 Total MB Vans Battery electric vehicles Share in % of volume 2% 4% 8
Slide 9: Cars & Vans: Internal data confirms CO2 compliance 2021 in Europe
Internal Mercedes-Benz Cars & Vans: Internal data confirms CO2 compliance 2021 in Europe Target ~125g* 115g NEDC WLTP WLTP Preliminary actuals 2020 2021 excluding regulatory factors** Prognosis * Estimated target level Mercedes-Benz Group 2021ff – pending final approval by EU-Commission ** excl. Sup
Slide 10: Mercedes-Benz Cars & Vans: Financials
Internal Mercedes-Benz Cars & Vans: Financials Sales Revenue EBIT adj. CFBIT adj. in million units in billion euros in billion euros in billion euros -5% +11% +105% 2.46 2.33 109.6 13.9 +55% 98.6 12.3 7.9 6.8 2020 2021 2020 2021 2020 2021 2020 2021 10
Slide 11: Cars & Vans: FY EBIT & RoS
Internal Mercedes-Benz Cars & Vans: FY EBIT & RoS In million euros Gross Profit +7,627 9,123 -235 533 13,914 13,626 -1,261 -170 -197 -680 -288 Strongly improved net pricing 1,630 6,802 Favourable product mix RoS: RoS: Positive development of used cars business 12.7% 5,172 12.4% Income from BBAC at-e
Slide 12: Cars & Vans: Indicators of Change
Internal Mercedes-Benz Cars & Vans: Indicators of Change Mercedes-Benz Cars Active Workforce Fixed Costs R&D Investment in pp&e Revenue per unit in thousand FTE* in billion euros in billion euros in billion euros in thousand euros +26% -3% -5% 49.8 159.8 -16% 8.1 -35% 5.9 39.4 154.9 7.7 3.8 2019 202
Slide 13: Cars & Vans: EBIT to CFBIT
Internal Mercedes-Benz Cars & Vans: EBIT to CFBIT In million euros 13,626 6,176 2,125 12,295 -702 -118 10,170 -2,718 CCR: -6,095 CCR: 0.9 0.7 t/o t/o • BBAC Dividend +1,523 • Legal proceedings +1,658 • New vehicle stock +671 • Result at-Equity BBAC -1,553 • Restructuring +557 • Unfinished products -
Slide 14: Mercedes-Benz Mobility: Key messages
Internal Mercedes-Benz Mobility: Key messages Spin-off of truck business successfully completed (Phase 1 2021) New business impacted by semiconductor shortage and lower penetration rate Reduced portfolio due to truck spin-off and lower dealer stock Net credit losses on low level due to high portfoli
Slide 15: Mercedes-Benz Mobility: Financials
Internal Mercedes-Benz Mobility: Financials New Business Contract Volume EBIT adj. in billion euros in billion euros in billion euros -11%* +116% -6% 67.8 150.6 3.4 63.6 133.7 1.6 2020 2021 2020 2021 2020 2021 * t/o - 16.8bn EUR Focus effect 15
Slide 16: Mobility: FY EBIT & RoE
Internal Mercedes-Benz Mobility: FY EBIT* & RoE In million euros Lower credit risk reserve due to timely response to Covid-19 pandemic in 2020 Margin benefiting from lower refinancing costs Improved operative business performance at mobility services and fleet management 1,044 44 3,493 86 3,449 High
Slide 17: Mercedes-Benz Group: FY EBIT
Internal Mercedes-Benz Group: FY EBIT* In billion euros 9.8 29.1 1.6 19.2 1.9 7.1 16.0 -13.0 2.0 8.6 6.1 0.5 6.6 • Legal proceedings -0.3 • Restructuring -0.7 • M&A transactions +10.9 t/o t/o Deconsolidation result • EBIT of DO +1.4 (DT + MBM) +9.2 EBIT Mercedes- Mercedes- EBIT EBIT 2020 EBIT 2020 E
Slide 18: Group: Reconciliation from CFBIT to Free Cash Flow
Internal Mercedes-Benz Group: Reconciliation from CFBIT to Free Cash Flow* In billion euros 2.3 10.9 10.2 0.5 8.6 -1.9 -0.2 -0.1 • Legal proceedings +1.7 t/o • Restructuring +0.8 • FCF DO +0.7 • M&A transactions -0.2 Free cash flow Free cash flow Mercedes-Benz Income taxes Effects from Other reconci
Slide 19: Mercedes-Benz Group: Net Industrial Liquidity
Internal Mercedes-Benz Group: Net Industrial Liquidity* In billion euros 6.8 10.4 0.0 -1.4 -7.2 -1.4 1.8 21.0 17.9 Free cash flow industrial business FY 2021: € 8.6 billion -5.9 Additions to Dividend Net Industrial Depreciation and Investments in Net liquidity Net Industrial Earnings and other Worki
Slide 20: Mercedes-Benz Group: Dividend
Internal Mercedes-Benz Group: Dividend* Net profit Earnings per share Dividend (excl. decons. result) (excl. decons. result) proposed in euros in billion euros in euros +254% +280% 14.2 12.89 +270% 5.0 € 0.7 DT&B 4.0 3.39 4.3 1.4 2020 2021 2020 2021 2020 2021 * Including former Daimler Trucks & Buse
Slide 21: Outlook 2022
Internal Outlook 2022 21
Slide 22: 2021 Segment and Group KPIs as guidance base for reference
Internal 2021 Segment and Group KPIs as guidance base for reference The base for the comparative guidance are the respective continued operations KPIs of 2021. Mercedes-Benz Cars 1,944 thousand Unit Sales Mercedes-Benz Vans 386 thousand Mercedes-Benz Cars 13.1 % Return on Sales Mercedes-Benz Vans 8.
Slide 23: Divisional Guidance 2022
Internal Mercedes-Benz Divisional Guidance 2022 ASSUMPTION The macroeconomic conditions will continue to be comparatively favourable for the global demand for cars in 2022. However, it currently looks as if the semiconductor-related supply bottlenecks will continue to impact the market. Therefore we
Slide 24: Group Guidance 2022
Internal Mercedes-Benz Group Guidance 2022 ASSUMPTION The macroeconomic conditions will continue to be comparatively favourable for the global demand for cars in 2022. However, it currently looks as if the semiconductor-related supply bottlenecks will continue to impact the market. Therefore we assu
Slide 25: Strategic priorities for this year
Internal Strategic priorities for this year Scale Accelerate Grow Alleviate Focus electric car luxury supply relentlessly vehicles software business constraints on costs 25
Slide 26: Appendix
Daimler Internal Appendix Daimler AG 26
Slide 27: Mercedes-Benz Group FY 2021 Revenue by region
Internal Mercedes-Benz Group FY 2021 Revenue by region In billion euros FY 2020 FY 2021 % change Mercedes-Benz Group 154.3 121.8* 168.0 133.9* +9 of which** Europe 64.2 65.9 +3 of which Germany 25.3 24.4 -3 North America 42.9 47.6 +11 of which United States 37.8 41.8 +10 Asia 39.9 45.4 +14 of which
Slide 28: Reconciliation of EBIT reported to EBIT adjusted
Internal Mercedes-Benz Group FY 2021 Reconciliation of EBIT reported to EBIT adjusted In billion euros Mercedes-Benz Mercedes-Benz Mercedes-Benz Reconciliation Cars & Vans Mobility Group EBIT as reported FY 2021 13,626 3,493 11,950 29,069 16,028* Legal proceedings and 333 - 1 334 related measures Re
Slide 29: Mercedes-Benz Cars: Unit sales by segments
Daimler Internal Mercedes-Benz Cars: Unit sales by segments in thousand units in thousand units 2,087 smart 35 18 1,944 38 11 Sports Cars SUVs 888 947 S-Class 56 E-Class 332 91 295 C-Class 309 239 A-/B-Class 449 323 2020 2021 29
Slide 30: Mercedes-Benz Cars: Unit sales by regions
Daimler Internal Mercedes-Benz Cars: Unit sales by regions in thousand units 2,087 1,944 RoW 296 296 Europe w/o Ger 501 444 Germany 283 218 USA 249 251 China 758 735 2020 2021 30
Slide 31: Mercedes-Benz Cars: Unit sales in China
Daimler Internal Mercedes-Benz Cars: Unit sales in China In thousand units in thousand units 758 735 678 694 619 488 611 561 400 485 423 567 293 317 250 locally produced 145 170 196 193 174 imported 147 150 127 147 2014 2015 2016 2017 2018 2019 2020 2021 31
Slide 32: Mercedes-Benz Vans: Unit sales by segment
Daimler Internal Mercedes-Benz Vans: Unit sales by segment in thousand units 386 375 Sprinter 198 207 thereof Vito 103 105 V-Class X-Class 55 61 Citan 7 0 13 13 2020 2021 32
Slide 33: Mercedes-Benz Vans: Unit sales by region
Daimler Internal Mercedes-Benz Vans: Unit sales by region in thousand units 386 375 23 RoW 26 thereof 246 EU30 245 North America 55 54 Latin America 17 12 Asia 37 46 2020 2021 33
Slide 34: Mercedes-Benz Mobility: Contract volume
Daimler Internal Mercedes-Benz Mobility: Contract volume In billion euros in thousand units 150.5 China 17.7 133.7 Africa & Asia Pacific 16.8 19.0 13.2 Americas 51.2 38.4 Europe 38.9 38.1 Germany 25.9 24.9 2020 2021 34
Slide 35: Mercedes-Benz Mobility: Net credit losses
Daimler 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% * As percentage of portfolio, subject to credit risk. 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Slide 36: YOUR NOW Joint Ventures FY 2021
Daimler Internal YOUR NOW Joint Ventures FY 2021 in thousand units 1. FREE NOW & REACH NOW 2. SHARE NOW 3. CHARGE NOW 12/2021 YTD Interactions in millions 154.4 137.3 0.4 14.4 2.3 Customers* in millions 58.4 54.5 0.3 3.3 0.26 Cities* 172 152 4 16 n/a * Partially, data summation w/o consideration of
Slide 37: Disclaimer
Daimler 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 identi