Mercedes-benz Group Ag · XETR:MBG
Mercedes-benz — Daimler — Debt Investor Presentation (November 2017)
11 slides from Mercedes-benz's debt investor presentation, November 2017
Slide 1: Fixed Income Presentation Q3 2017
Fixed Income Presentation Q3 2017
Slide 2: Daimler follows a conservative Financial Policy
Daimler follows a conservative Financial Policy Clear commitment to a single A rating Balanced approach between shareholder interest and credit providers Dividend policy on a sustainable basis (40% target pay-out ratio) No share buybacks planned, further pension contributions will be evaluated Daiml
Slide 3: Positive Asset Returns and Contributions led to a significantly improved Funded Ratio
Positive Asset Returns and Contributions led to a significantly improved Funded Ratio Fair value of Group’s pension plan assets Daimler Group’s Funded Ratio Development in bn EUR Funded Ratio Group & Discount Rate Development DAG 2009 – 09/2017 in % 90 10 23.7 80 +11% 9 73% 75% 75% 70 66% 8 64% 63%
Slide 4: Daimler follows a conservative financial management approach and further strengthened the balance sheet
Daimler follows a conservative financial management approach and further strengthened the balance sheet… Gross Group Liquidity (in bn EUR) Net Industrial Liquidity (in bn EUR) Financial Services Industrial Business 26.9 20.8 3.4 19.7 21.7 18.6 17.0 18.1 18.2 3.5 16.3 13.8 3.0 2.8 12.0 11.5 13.0 2.8
Slide 5: Financing Liabilities Structure 2013 – 2017
Financing Liabilities Structure 2013 – 2017 in billions of EUR Other Acc. Deposits Com. Paper Bank Loans ABS Bonds 123.9 117.6 117.4 119.4 1.0 1.1 1.4 1.8 1.7 1.1 1.9 12.4 1.3 10.6 8.9 11.2 100.6 1.5 11.6 11.6 11.7 11.7 3.0 86.4 1.5 7.4 77.7 1.4 6.0 2.3 10.5 30.1 31.6 29.7 29.9 6.1 1.1 10.9 11.3 27.
Slide 6: Consequent development to global bond funding
Consequent development to global bond funding Diversification will continue Daimler AG Fixed Income Presentation November 2017/ Page 6
Slide 7: Funding Base further diversified to a true Global Set-Up
Funding Base further diversified to a true Global Set-Up in billions of EUR 123,9 1% 10% 1% 9% 26% Currency Volume % EUR 29,3 45% USD 22,6 35% Other 57,3 2% GBP 4,2 6% Com. Paper 0% CAD 2,2 3% ABS 2% Currency Volume % CNY 2,1 3% 22% Acc. Deposits EUR 19,5 66% ZAR 1,5 2% Bank Loans 23% USD 7,8 27% AU
Slide 8: Financial Flexibility increased by extending our maturity profile
Financial Flexibility increased by extending our maturity profile in billions of EUR as of 15 November 2017 13.8 13.7 1.7 12.8 Total issued in 2017: EUR 20.6 bn Issued in 2017 1.9 thereof EUR 9.5 bn with maturity ≥ 2022 Maturities 5.7 7.8 1.9 12.1 10.9 4.1 8.0 3.2 5.9 2.2 2.3 1.3 1.7 1.5 1.2 1.2 1.3
Slide 9: Our funding strategy is built on prudent principles
Our funding strategy is built on prudent 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 Keeping pru
Slide 10: Solid rating supports Daimler's funding
Solid rating supports Daimler‘s funding Current ratings: S&P: A stable A-1 Moody’s: A3 positive P-2 Fitch: A- stable F2 DBRS: A (low) stable R-1 (low) Scope: A stable S-1 Daimler target: Sustaining the A rating at all rating agencies Daimler AG Fixed Income Presentation November 2017/ Page 10
Slide 11: Disclaimer
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 forward-lookin