Annual Financial Statements (Entity) Daimler AG 2020
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Annual Financial Statements 2020 Daimler AG Cover photo The VISION EQS provides a preview of large electric luxury sedans to come. With this automobile, Mercedes-EQ is making a clear statement for progressive luxury. We are convinced that perfect craftsmanship, emotive design, luxurious materials and individual driving pleasure will continue to be desirable in the future. Daimler AG Annual Financial Statements 2020 The Management Report of Daimler AG is combined with the Group Management Report in accordance with Section 315 Subsection 5 of the German Commercial Code (HGB) and is published in the Daimler Group’s Annual Report 2020. The Annual Financial Statements and the combined Management Report for Daimler AG and the Daimler Group for the year 2020 are filed with the operator of the German Federal Gazette and published in the German Federal Gazette. The Annual Financial Statements of Daimler AG and the Daimler Group’s Annual Report 2020 can be found on our website at w www.daimler.com/investors/ reports-news/. ANNUAL FINANCIAL STATEMENTS 2020 OF DAIMLER AG | Contents 5 Contents A | Balance Sheet of Daimler AG 6 Other Notes 20 – 47 Personnel expenses/Employees 20 B | Income Statement Cost of materials 20 of Daimler AG 7 Derivative financial instruments and valuation units 21 Contingent liabilities 23 C | Notes to the Financial Statements Subsequent liability 24 of Daimler AG 8 –10 Other financial obligations 24 Related party relationships pursuant to Section 285 No. 21 of the German Accounting policies and methods 8 Commercial Code (HGB) 24 Recognition and measurement 8 Events after the reporting period 24 Schedule of non-current assets 10 Legal proceedings 25 Remuneration of the members of the Board of Management and the Supervisory Board 29 Notes to the Balance Sheet 11 –16 Disclosures pursuant to Section 160 Subsection 1 No. 8 of the Intangible assets 11 German Stock Corporation Act (AktG) 30 Property, plant and equipment 11 Declaration of compliance with the German Financial assets 11 Corporate Governance Code 31 Receivables and other assets 11 Members of the Board of Management Securities presented as current assets 12 and their mandates 32 Cash and cash equivalents 12 Members of the Supervisory Board Prepaid expenses 12 and their mandates 34 Equity 12 Statement of investments 37 Dividend 14 Share-based payment 14 Provisions for pensions and similar obligations 15 D | Board of Management 48 Other provisions 15 Liabilities recognizied 16 Deferred income 16 E | Responsibility Statement 49 Notes to the Income Statement 17 –19 F | Independent Auditor’s Report 50 – 54 Revenue 17 Functional costs 17 Other operating income 18 Other operating expenses 18 Income/expense from investments in subsidiaries and associated companies, net 18 Interest income/expense, net 19 Other financial income/expense, net 19 Income taxes 19 Net profit (previous year: net loss) 19 6 A | ANNUAL FINANCIAL STATEMENTS 2020 OF DAIMLER AG | Balance Sheet of Daimler AG Balance Sheet of Daimler AG Assets Notes Dec. 31, 2020 Dec. 31, 2019 In millions of euros Non-current assets Intangible assets (1) 62 58 Property, plant and equipment (2) 147 230 Financial assets (3) 55,952 56,926 56,161 57,214 Current assets Trade receivables (4) 4 69 Receivables from subsidiaries (5) 22,166 30,644 Other receivables and other assets (5) 1,397 2,047 Securities (5) 4,904 6,165 Cash and cash equivalents (6) 7,658 2,942 36,129 41,867 Prepaid expenses (7) 341 285 92,631 99,366 Equity and liabilities Notes Dec. 31, 2020 Dec. 31, 2019 In millions of euros Equity Share capital (8a) 3,070 3,070 (conditional capital €500 million) Capital reserve (8b) 11,480 11,480 Retained earnings (8c) 23,230 22,541 Distributable profit (8d) 1,444 963 39,224 38,054 Provisions Provisions for pensions and similar obligations (9) 193 94 Other provisions (10) 1,550 1,511 1,743 1,605 Liabilities Trade payables (11) 140 227 Liabilities to subsidiaries (11) 26,511 29,978 Other liabilities (11) 24,976 29,496 51,627 59,701 Deferred income (12) 37 6 92,631 99,366 B | ANNUAL FINANCIAL STATEMENTS 2020 OF DAIMLER AG | Income Statement of Daimler AG 7 Income Statement of Daimler AG Notes 2020 2019 In millions of euros Revenue (13) 1,685 2,019 Cost of sales (14) -1,641 -1,959 Gross profit 44 60 General administrative expenses (14) -928 -964 Other operating income (15) 407 88 Other operating expenses (16) -127 -360 Income/expense from investments in subsidiaries and associated companies, net (17) 3,119 -426 Interest income/expense, net (18) -176 -24 Other financial income/expense, net (19) -65 -96 Income taxes (20) -141 44 Profit after taxes (previous year: net profit) (21) 2,133 -1,678 Transfer to retained earnings (previous year: withdrawals from retained earnings) -689 2,641 Distributable profit 1,444 963 8 C | ANNUAL FINANCIAL STATEMENTS 2020 OF DAIMLER AG | Notes to the Financial Statements of Daimler AG Notes to the Financial Statements of Daimler AG Accounting policies and methods Recognition and measurement Daimler AG is entered in the Commercial Register of the Stutt- Intangible assets are measured at cost of acquisition, reduced gart District Court under No. HRB 19360 and its registered by systematic straight-line amortization. They have a useful life office is located at Mercedesstraße 137, 70372 Stuttgart, of 4 to 15 years. Germany. The capitalization option for self-produced intangible assets is Daimler AG acts as an operational and strategic management not utilized. holding company and provides services to the Group compa- nies. As the parent company, it also decides on the Group’s Property, plant and equipment are measured at cost of acquisi- strategy, decides on matters of major importance for business tion or production, reduced by systematic depreciation. operations, and ensures regulatory, legal and compliance func- tions throughout the Group. The production costs of self-constructed assets comprise direct costs as well as prorated material and production over- The financial statements of Daimler AG have been prepared in heads, including depreciation, to the extent that they are accordance with the accounting principles of the German Com- caused by the production process. mercial Code (HGB) and the German Stock Corporation Act (AktG); the amounts shown are in millions of euros (€) and the Systematic straight-line depreciation for technical equipment comparable figures for the year ended December 31, 2019 are and machinery, other equipment and operating and office also shown. equipment is based on a useful life of 3 to 23 years. The items summarized in the balance sheet and the income Impairments are recognized if an asset has to be measured at statement are listed individually and explained in these notes. a lower value. For the sake of clarity, the system of presentation according to Assets with costs of acquisition or production of up to €1,000 Section 266 of the HGB has been modified. Other receivables are immediately expensed. and other assets comprise receivables from associated com- panies and other assets. Other provisions comprise provisions Leased assets are measured at cost of acquisition or produc- for taxes and miscellaneous provisions. Other liabilities com- tion, reduced by systematic straight-line depreciation over prise liabilities to associated companies, loans and bonds, lia- their useful lives. bilities to banks and miscellaneous liabilities. For the sake of better clarity, the item of leased assets has The income statement has been prepared according to the been added to the schedule of non-current assets under prop- internationally predominant cost-of-sales method. The system erty, plant and equipment. of presentation according to Section 275 of the HGB has been modified to improve clarity with regard to financial activities. Shares in subsidiaries and associated companies and other financial assets are measured at cost of acquisition, or, if there Financial activities are presented as net income/expense from is an indication of permanent impairment, at the lower fair investments in subsidiaries and associated companies, net value. If the reasons for permanent impairment are no longer interest income/expense and net other financial income/ given, the impairment is reversed. Loans bearing low interest expense. or no interest are measured at their present values. In account- ing for non-cash contributions, the exchange principles are Due to the existing control and profit-and-loss-transfer agree- generally applied and the newly acquired shares are measured ments, the profits and losses arising in particular at Mercedes- at the carrying amount of the shares contributed. Benz AG and Daimler Truck AG are taken over by Daimler AG. C | ANNUAL FINANCIAL STATEMENTS 2020 OF DAIMLER AG | Notes to the Financial Statements of Daimler AG 9 Receivables and other assets are measured at their nominal The offset assets are measured at fair value. values with consideration of all recognizable risks. If they have a residual period of more than one year and are non-interest Expenses and income resulting from discounting the retire- bearing, they are discounted to their present value on the bal- ment benefit obligations are offset against the expenses and ance sheet date. General allowances are recognized to reflect income of the offset assets under net interest income/ general credit risks. Receivables and other assets with a resid- expense. All other components of pension expenses are pre- ual term of less than one year which are denominated in for- sented under functional costs. eign currencies are translated at the spot rates on the balance sheet date. Non-current assets denominated in foreign curren- Other provisions are recognized at the required settlement cies are translated at the spot rates on the date when booked amounts in accordance with reasonable commercial judgment. or at the lower rate on the balance sheet date.