Daimler AG "Q1 2013 Results Charts"

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    Daimler AG "Q1 2013 Results Charts" Daimler AG "Q1 2013 Results Charts" Presentation Transcript

    • April 24, 2013Q1 2013 ResultsBodo UebberMember of the Board of ManagementFinance & Controlling and Daimler Financial Services
    • ContentsActuals Q1 2013Outlook 2013Divisional Information2
    • Development in Q1 2013Actuals Q1 2013Very weak European markets at the beginning of 2013Demand for passenger cars, trucks and vans in Europe lower than expectedIn China, sales of Mercedes-Benz passenger cars not yet back on a sustainable growth pathGreat acceptance of the new A- and CLA-ClassProduct offensive of Daimler Trucks largely completed by new Arocs and new AtegoVery positive response to the new E-ClassIn USA, high demand for passenger cars and early signs of recovery of the truck marketIncrease in market share in core marketsWeak demand for trucks in North America and Japan3
    • Key financialsQ1 2012 Q1 2013Revenue 27.0 26.1EBIT*as reported 2.1 0.9from ongoing business 2.1 0.9Net profit* 1.4 0.6Earnings per share (in euros)* 1.26 0.50Net liquidity industrial business (2012: year-end) 11.5 10.0Free cash flow industrial business -2.0 -1.2- in billions of euros -Actuals Q1 2013* The previous year’s figures were adjusted for the effects of the application of the revised IAS 19.Further information related to the adjustments of the prior-year figures is disclosed in charts no. 38 and 39 of this presentation.4
    • Key balance-sheet figures- in billions of euros -Daimler Group Dec. 31, 2012 March 31, 2013Equity ratio 22.7%* 22.5%Gross liquidity 16.6 17.7Industrial businessEquity ratio 39.8%* 38.3%Net liquidity 11.5 10.0Actuals Q1 2013* Figures adjusted for the effects of the application of the revised IAS 19.Further information related to the adjustments of the prior-year figures is disclosed in charts no. 38 and 39 of this presentation.5
    • Net industrial liquidity: Development in Q1 2013- in billions of euros -Net liquidityindustrial12/31/2012Earnings andother cash flowimpactWorkingcapitalimpactOther Net liquidityindustrial3/31/2013-0.3 10.011.5-0.4-0.7*Free cash flow industrial businessQ1 2013: minus €1.2 billionM&A-0.1Actuals Q1 2013* Including investments in property, plant and equipment and capitalized development cost of €1.4 billion6
    • Unit sales- in thousand units-Q1 2012 Q1 2013 % ChangeDaimler Group 502.1 501.6 -0.1of whichMercedes-Benz Cars 338.3 341.5 +0.9Daimler Trucks 107.7 101.4 -5.8Mercedes-Benz Vans 51.2 52.6 +2.7Daimler Buses 4.9 6.0 +23.2Actuals Q1 20137
    • Product highlightsNew E-ClassA-Class A 45 AMG New CLA-ClassMercedes-Benz Cars8
    • Product highlightsMercedes-Benz Arocs Freightliner CascadiaFuso Canter Eco HybridAuman truckMercedes-Benz AntosBharatBenz trucksDaimler Trucks9
    • Product highlightsMercedes-Benz Sprinter, Vito and CitanMercedes-Benz Vans10
    • Product highlightsDaimler Buses11Mercedes-Benz Citaro Euro VIMercedes-Benz Travego Euro VISetra ComfortClass 500
    • Revenue by segment- in billions of euros -Q1 2012 Q1 2013 % ChangeDaimler Group 27.0 26.1 -3.4of whichMercedes-Benz Cars 14.9 14.1 -5.5Daimler Trucks 7.4 7.0 -4.9Mercedes-Benz Vans 2.1 2.0 -4.9Daimler Buses 0.7 0.8 +2.9Daimler Financial Services 3.1 3.6 +13.9Contract volume ofDaimler Financial Services*80.0 81.7 +2.1* Figures as of December 31, 2012 and March 31, 2013.Actuals Q1 201312
    • EBIT by division- EBIT in millions of euros; RoS in % -Q1 2012 Q1 2013EBIT RoS* EBIT RoS*Daimler Group 2,098 6.6 917 2.6of whichMercedes-Benz Cars 1,230 8.2 460 3.3Daimler Trucks 376 5.1 116 1.7Mercedes-Benz Vans 167 8.0 81 4.1Daimler Buses -105 -14.4 -31 -4.1Daimler Financial Services 344 – 314 –Reconciliation 86 – -23 –* Return on sales; Daimler Group excluding Daimler Financial ServicesActuals Q1 201313
    • Group EBIT in Q1 2013- in millions of euros -ActualQ1 2012Volume/Structure/Net pricingForeignexchangeratesOther costchangesOther ActualQ1 2013FinancialServices-816-89917-302,098+91-337• Cars -297• Trucks -19• Vans -52• Buses +30• Cars +55• Trucks +19• Vans +2• Buses +15• Cars -528• Trucks -248• Vans -36• Buses -4thereof:Discounting ofprovisions +123• Cars +72• Trucks +23thereof:WorkforceadjustmentsDaimler Trucks -13BusinessrepositioningDaimler Buses +32Actuals Q1 201314
    • Special items affecting EBIT- in millions of euros -1st quarterDaimler Trucks 2012 2013Workforce adjustments* – -13Daimler BusesBusiness repositioning** -36 -4Actuals Q1 2013* Daimler Trucks expects special items from workforce adjustments of up to €250 million.** Daimler Buses expects special items from the business repositioning of up to €30 million in 2013.15
    • EBIT from ongoing business- EBIT in millions of euros; RoS in % -Q1 2012 Q1 2013EBIT RoS* EBIT RoS*Daimler Group 2,134 6.8 934 2.7of whichMercedes-Benz Cars 1,230 8.2 460 3.3Daimler Trucks 376 5.1 129 1.8Mercedes-Benz Vans 167 8.0 81 4.1Daimler Buses -69 -9.5 -27 -3.6Daimler Financial Services 344 – 314 –Reconciliation 86 – -23 –* Return on sales; Daimler Group excluding Daimler Financial ServicesActuals Q1 201316
    • ContentsActuals Q1 2013Outlook 2013Divisional Information17
    • Launch of new vehiclesCompact carsSedans2012 2013 2014New E-classcoupe and cabrioletNew A-classNew E-classNew GLA-classNew C-classNew CLA-classTrucksVansNew mid-size vanBusesNew Setra TopClass 500New Antos New Arocs New GenerationFuso Super GreatNew Generation SprinterSprinter Classic RussiaNew AtegoNew CitanNew CascadiaEvolutionNew UnimogNew CitaroEuro VITravegoEuro VINew Comfort-Class 50018New S-classOutlook 2013
    • Mercedes-Benz Cars: Fit for LeadershipFlight path towards benefits Key levers• Material costs/Net-zero approach• Further reduction of hours per vehicle• Optimization of funding requirements• Reduction of fixed costs• Increase of efficiency in use of funds• Higher flexibility of MBC business model12/2012 12/2013 12/2014Additional top-line effectsWe aim to achievea significantportion of costreduction by theend of 2013Cost reduction€2.0bnOutlook 201319
    • Daimler Trucks #1Top-lineCostreduction 70%30%€1.6bn12/2012 12/2013 12/2014We aim to achievea significant portionof cost reduction bythe end of 2013• Sales and aftersales push• Module strategy to realize global scale• Future Asia Business Model• Strong efficiency push in all OperatingUnits: Fixed costs Material costs Production costs Warranty and quality costsFlight path towards benefits Key leversOutlook 201320
    • Assumptions for automotive markets in 2013Outlook 2013Car marketsGlobalWestern EuropeTruck marketsNAFTAEuropeJapanBrazilEuropeBus marketsWestern EuropeBrazil+2% to +4%declineup to -5%around -5%up to -5%up to +10%around -5%at prior year’s levelmoderate growthU.S./Asia growth in China and USAVan markets21
    • Sales outlook FY 2013• Higher unit sales• Growth supported by new Mercedes-Benz Citaro and Setra 500• Maintain market leadership in core markets• Increase in unit sales• Support from new city van Citan and new generation of Sprinter• Launch of Sprinter Classic in Russia• Further unit sales increase• Strong momentum from new compact cars and SUVs• Launch of new CLA, E-Class and S-Class• Unit sales slightly above prior year• Further increase based on strong product portfolio• Growth of market share in major regionsOutlook 201322
    • 2013 expectations for EBIT from ongoing businessOutlook 201323Second half of 2013:Earnings improvement expected compared with the level of the first half, due to the plannednew models, the increasing effects of the efficiency measures that have been initiated andthe assumptions made for the development of markets important to Daimler.Full year 2013:Daimler: Due to the fact that there will be no further equity-method results from EADS in thecourse of the year as well as lowered market expectations and the weaker than expected EBITin the first quarter, Group EBIT from the ongoing business is expected to be below the previousyear’s level.Mercedes-Benz Cars: Full-year EBIT is expected to be below the previous year’s level.Daimler Trucks and Mercedes-Benz Vans: Full-year EBIT is expected in the magnitudeof the prior year.Daimler Buses: Earnings are expected to be higher than in the prior year.2014 and the following years:Improvements in operative profit expected for all automotive divisions and for the Group.Daimler Financial Services:Stable development of earnings anticipated in the next two years.
    • ContentsActuals Q1 2013Outlook 2013Divisional Information24
    • EBIT Mercedes-Benz CarsForeign exchange ratesRegional and model mixEnhancement of product attractivenessHigher expenses, among others for newtechnologies, new products and additional capacityEBITQ1 2012EBITQ1 20131,230460- 7708.2%*3.3%** Return on salesMercedes-Benz Cars- in millions of euros -25
    • Balanced sales structure- Unit sales in thousands -Q1 2012Rest of worldGermanyUSAChina338Western Europeexcl. Germany342Q1 201346686189784369659269Mercedes-Benz Cars26
    • - Unit sales in thousands -Increase in unit sales mainly of A-/B-Class and SUVsQ1 2012338 342Q1 2013165989797222761005261smartC-ClassE-ClassS-ClassA-/B-ClassSUV segment2627Mercedes-Benz Cars27
    • EBIT Daimler TrucksEBITQ1 2012EBITQ1 2013376116- 2605.1%*1.7%** Return on salesIncreased sales in BrazilMarket-related sales decrease in NAFTA, Europeand AsiaExpenses related to the expansion of business inIndia and ChinaProduction adjustments especially in NAFTA andEuropeHigher warranty costsDaimler Trucks- in millions of euros -28
    • Sales decrease especially in Asia- in thousands of units -Q1 2012Rest of world108Asia101Q1 201312311335101333104012Western EuropeNAFTA regionLatin AmericaDaimler Trucks29
    • Higher level of order intake in most regions- in thousands of units -* Due to the business model, incoming orders in Brazil correspond with unit sales.Q1 2012107127Q1 201315361445171528104014AsiaWestern EuropeNAFTARest of worldLatin America*Daimler Trucks30
    • EBIT Mercedes-Benz Vans- in millions of euros -EBITQ1 2012EBITQ1 201316781- 868.0%*4.1%** Return on salesProduct mix and regional sales structurePreparation for new products includinglaunch costs for Sprinter Classic in RussiaMercedes-Benz Vans31
    • - Unit sales in thousands -Higher unit sales due to increase outside WesternEuropeQ1 201251.2 52.6Q1 20134.112.231.30.74.513.432.70.6VianoSprinterVarioVitoMercedes-Benz Vans4.4Citan32
    • EBIT Daimler BusesEBITQ1 2012EBITQ1 2013-105-31+ 74-14.4%*-4.1%** Return on salesIncrease in unit sales especially in Latin AmericaForeign exchange ratesEfficiency enhancementsLower costs for business repositioning in EuropeDaimler Buses- in millions of euros -33
    • Increase in unit sales especially due to higher demandin BrazilQ1 2012 Q1 2013EuropeNAFTA regionRest of worldBrazilLatin America(excl. Brazil)0.64.90.90.61.71.16.01.00.42.60.51.5Daimler Buses- Unit sales in thousands -34
    • EBIT Daimler Financial Services- in millions of euros -EBITQ1 2012EBITQ1 2013- 30344314Daimler Financial ServicesHigher contract volumeNormalizing cost of riskLower interest margins35
    • Increase in contract volume driven by growth in theAmericas regions- in billions of euros -12/31/2012 3/31/2013Europe (excl. Germany)AmericasAfrica & Asia/PacificGermany80.017.816.734.111.381.717.616.835.611.6Daimler Financial Services36
    • Net credit losses*0.69% 0.68%0.50%0.61%0.36%0.51%0.89%0.83%0.43%0.30%* as a percentage of portfolio, subject to credit risk** annualized rate0.30%**2003 2004 2005 2006 2007 2008 2009 2010 2011 2013YTD2012Daimler Financial Services37
    • Effects of the application of the revised accountingstandard IAS 19Total equity (in billions of euros) Net profit (in millions of euros)12/2012reported12/2012adjustedPensionsObligations for part-time early retirementAdjustments45.539.3-8.3 +1.8+0.3Mainly deferred taxesQ1 2013IAS 19 oldQ1 2013reportedAdjustments538 564+29 -20+17-6.2Direct effect of actuarial gains and losses on equityPro-rata addition to part-time early retirement provisionEBIT:Effects of part-time early retirement provisionInterest result:No amortization of actuarial gains and lossesNet interest approach: expected rate of return of planassets equals discount rate of defined benefit obligationEBITInterest resultTaxes+2638
    • Effects of the application of IAS 19 on the majorpositions of the consolidated financial statements- in millions of euros -Effects on the consolidated statement of financial position Dec. 31, 2011 Dec. 31, 2012Investments accounted for using the equity method -357 -342Other assets -37 -33Total equity -4,045 -6,139Provisions for pensions and similar obligations 4,682 8,264Provisions for other risks -334 -347Balance of deferred tax assets and deferred tax liabilities -697 -2,153Effects on the consolidated statement of income Q1 2012 FY 2012EBIT -30 -7Interest result 46 193Income taxes -6 -63Net profit 10 12339
    • DisclaimerThis 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-looking statements. These statements are subject to many risksand uncertainties, including an adverse development of global economic conditions, in particular a decline ofdemand in our most important markets; a worsening of the sovereign-debt crisis in the Eurozone; a deterioration ofour refinancing possibilities on the credit and financial markets; events of force majeure including natural disasters,acts of terrorism, political unrest, industrial accidents and their effects on our sales, purchasing, production orfinancial services activities; changes in currency exchange rates; a shift in consumer preference towards smaller,lower-margin vehicles; or a possible lack of acceptance of our products or services which limits our ability to achieveprices and adequately utilize our production capacities; price increases in fuel or raw materials; disruption ofproduction due to shortages of materials, labor strikes or supplier insolvencies; a decline in resale prices of usedvehicles; the effective implementation of cost-reduction and efficiency-optimization measures; the business outlookof companies in which we hold a significant equity interest; the successful implementation of strategic cooperationsand joint ventures; changes in laws, regulations and government policies, particularly those relating to vehicleemissions, fuel economy and safety; the resolution of pending government investigations and the conclusion ofpending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe underthe heading “Risk Report” in Daimler’s most recent Annual Report. If any of these risks and uncertainties materialize,or if the assumptions underlying any of our forward-looking statements prove to be incorrect, the actual results maybe materially different from those we express or imply by such statements. We do not intend or assume anyobligation to update these forward looking statements since they are based solely on the circumstances at thepublication date.40