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Interim Report Q3 2018 WorldReginfo - 960b2f43-fb64-430f-ad25-482f93dcee6c INTERIM REPORT Q3 2018 | CONTENTS 3 Contents A | Key Figures 4 B | Daimler and the Capital Market 6 C | Interim Management Report 7 - 24 Business development 7 Profitability 9 Cash flows 11 Financial position 14 Capital expenditure and research activities 17 Workforce 17 Important events 18 Risk and opportunity report 19 Outlook 22 D | The Divisions 25 - 29 Mercedes-Benz Cars 25 Daimler Trucks 26 Mercedes-Benz Vans 27 Daimler Buses 28 Daimler Financial Services 29 E | Interim Consolidated Financial Statements 30 - 65 Consolidated Statement of Income 30 Consolidated Statement of Comprehensive Income/Loss 32 Consolidated Statement of Financial Position 34 Consolidated Statement of Cash Flows 35 Consolidated Statement of Changes in Equity 36 Notes to the Interim Consolidated Financial Statements 38 Auditor’s Review Report 66 F | Addresses – Information – 67 Financial Calendar Cover photo: the new Mercedes-Benz Actros. The new Actros presents an array of new features: With Active Drive Assist, this Mercedes-Benz truck puts partially automated driving into series production. The system can brake, accelerate and steer in all speed ranges. With the further developed Active Brake Assist with a combined radar and camera system, the space in front of the truck can now be monitored even better. The driver is supported in the event of an impending collision, if necessary with full emergency braking. Enhanced safety is provided also with the new mirror cams, which replace the exterior mirrors. And two interactive color displays in the cab with touchscreen operation make multiple switches and buttons unnecessary. WorldReginfo - 960b2f43-fb64-430f-ad25-482f93dcee6c 4 A | KEY FIGURES Q3 Key Figures Daimler Group € amounts in millions Q3 2018 Q3 2017 % change Revenue 40,211 40,745 2 -11 Europe 16,151 16,682 -3 thereof Germany 5,931 5,803 +2 NAFTA 11,743 11,525 +2 thereof United States 10,068 9,881 +2 Asia 9,668 9,904 -2 thereof China 4,746 4,601 +3 Other markets 2,649 2,634 +1 Investment in property, plant, equipment 2,065 1,466 +41 Research and development expenditure 2,373 2,296 +3 thereof capitalized development costs 598 649 -8 Free cash flow of the industrial business -1,864 2,733 . EBIT 2,488 3,409 2 -27 Net profit 1,761 2,237 2 -21 Earnings per share (in euros) 1.58 2.01 2 -21 Employees 300,367 289,321 3 +4 1 Adjusted for the effects of currency translation 0%. 2 The amounts have been adjusted due to first-time adoption of IFRS 15 and IFRS 9. Further information is provided in Note 1 of the Notes to the Interim Consolidated Financial Statements. 3 As of December 31, 2017. Revenue EBIT Net profit Earnings per share In billions of euros In billions of euros In billions of euros In euros 50 5.0 5.0 5.00 45 4.5 4.5 4.50 40 4.0 4.0 4.00 35 3.5 3.5 3.50 30 3.0 3.0 3.00 25 2.5 2.5 2.50 20 2.0 2.0 2.00 15 1.5 1.5 1.50 10 1.0 1.0 1.00 5 0.5 0.5 0.50 0 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017 2018 WorldReginfo - 960b2f43-fb64-430f-ad25-482f93dcee6c A | KEY FIGURES 5 Q1-3 Key Figures Daimler Group € amounts in millions Q1-3 2018 Q1-3 2017 % change Revenue 120,752 120,541 2 +01 Europe 49,878 49,962 -0 thereof Germany 18,080 17,769 +2 NAFTA 33,826 34,098 -1 thereof United States 28,869 29,405 -2 Asia 29,511 28,842 +2 thereof China 14,399 13,697 +5 Other markets 7,537 7,639 -1 Investment in property, plant, equipment 4,958 4,170 +19 Research and development expenditure 6,984 6,561 +6 thereof capitalized development costs 1,877 2,052 -9 Free cash flow of the industrial business -60 5,771 . EBIT 8,463 10,927 2 -23 Net profit 5,940 7,401 2 -20 Earnings per share (in euros) 5.32 6.68 2 -20 Employees 300,367 289,321 3 +4 1 Adjusted for the effects of currency translation, increase in revenue of 3%. 2 The amounts have been adjusted due to first-time adoption of IFRS 15 and IFRS 9. Further information is provided in Note 1 of the Notes to the Interim Consolidated Financial Statements. 3 As of December 31, 2017. WorldReginfo - 960b2f43-fb64-430f-ad25-482f93dcee6c 6 B | DAIMLER AND THE CAPITAL MARKET Daimler and the Capital Market Key figures Slight fall in automotive stocks in third quarter of 2018 Sept. 30, Sept. 30, The ongoing trade dispute about possible punitive tariffs and 2018 2017 % change corresponding countermeasures continued to hinder the devel- opment of global stock markets in the third quarter. An impair- Earnings per share in Q3 (in €) 1.58 2.01 -21 ment of international trade has a particularly negative impact Outstanding shares (in millions) 1,069.8 1,069.8 0 on the profitability of the automotive industry with its global supply and production networks. In Europe, Italy’s structurally Market capitalization (€ billion) 58.15 72.18 -19 high national debt and the faltering Brexit negotiations had Xetra closing price (in €) 54.35 67.47 -19 additional negative effects on the financial markets. While investors recognize the long-term opportunities arising from high investments in the technologies of the future, automotive stocks nonetheless remain favorably priced compared with Daimler share price (high/low), 2017/2018 other sectors. In euros The ongoing positive development of new orders for trucks in the United States did not provide any sustained impetus for 80 the Daimler share price in the third quarter. The temporary decrease in unit sales at Mercedes-Benz Cars in connection 75 with the certification process according to the new WLTP 70 standard and increased import tariffs on US vehicles in China adversely affected the share-price development. At the end 65 of the third quarter, Daimler shares were priced at €54.35 and thus about 1% lower than at the end of the second quarter 60 of 2018. During the same period, the DAX fell by 0.5% and the STOXX Europe Auto Index fell by 2%. 55 50 Favorable interest environment used for 10/17 11/17 12/17 1/18 2/18 3/18 4/18 5/18 6/18 7/18 8/18 9/18 refinancing In the third quarter of 2018, the Daimler Group once again undertook refinancing at attractive conditions in the interna- Share-price development (indexed) tional money and capital markets. In early August, Daimler International Finance B.V. issued a triple-tranche bond with a 125 volume of €3.0 billion. And in July 2018, Daimler successfully concluded negotiations with a consortium of international 120 banks for a new credit line with a volume of €11 billion. Daimler 115 had a total liquidity inflow of €5.8 billion from the issuance of 110 bonds in the third quarter of this year (Q3 2017: €6.1 billion). 105 100 95 90 85 80 75 12/30/16 3/31/17 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 Daimler AG STOXX Europe Auto Index DAX WorldReginfo - 960b2f43-fb64-430f-ad25-482f93dcee6c C | INTERIM MANAGEMENT REPORT 7 Interim Management Report Decrease in unit sales to 794,700 vehicles (-4%) Revenue of €40.2 billion (Q3 2017: €40.7 billion) Group EBIT of €2.5 billion (Q3 2017: €3.4 billion) Net profit of €1.8 billion (Q3 2017: €2.2 billion) Free cash flow of the industrial business of minus €60 million in first nine months (Q1-3 2017: €5.8 billion) Slight growth in unit sales and revenue anticipated for full-year 2018 Group EBIT expected to be significantly lower than in 2017 Business development market in the United Kingdom contracted significantly, while demand in France was significantly higher than in the same Moderate slowdown in growth of the world economy period of last year. Sales in Eastern Europe decreased slightly The growth of the world economy slowed down somewhat in on the whole, whereas the Russian market showed a significant the third quarter as a result of increasing geopolitical tension, expansion. After tax incentives for buyers of small cars were but was still very robust at about 3%, although there were large discontinued at the beginning of the year in China, demand has differences in the economic dynamism of individual countries grown only moderately so far this year. Compared with the and regions. Fluctuations in global stock markets and trade strong prior-year period, sales there actually decreased signifi- tension, driven by the US government’s protectionist measures cantly in the third quarter. The US market for cars and light and countermeasures in particular from China, had a negative trucks was slightly smaller than in the third quarter of last year. impact on global sentiment indicators. However, the effects on Car sales in Japan were at about the prior-year level. the US economy itself were at first not noticeable; the tax reform passed at the end of 2017 continued to boost compa- Demand for medium- and heavy-duty trucks continued its nies’ optimism and private consumption also developed very generally positive development with some regional differences. dynamically once again, although less so than in the second The market in the NAFTA region continued its strong recovery quarter.
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