From：Internet Info Agency 2021-02-19 16:48:04
Daimler Group announced its 2020 fiscal year results. Despite the challenge of the new crown epidemic, Daimler Group's net profit increased by 48% to 4 billion euros. The group's industrial business has net current assets of 17.9 billion euros and will propose a plan of 1.35 euros per share. In addition, Daimler Group expects that this year's sales volume, turnover, and EBIT will be significantly higher than the previous year's levels, and intends to separate Daimler Trucks and list its majority shares separately.
On February 18, Daimler Group released its 2020 fiscal year performance report. IIA learned that, due to the new coronavirus, Daimler Group's total sales of passenger cars and commercial vehicles fell by 15%, and revenue fell by 11%. However, due to cost and cash protection measures, all departments performed well, and the financial performance in 2020 was significantly better than expected. It is reported that Daimler Group expects sales, revenue and EBIT this year to be higher than the same period last year.
Specifically, the sales of Mercedes-Benz's cars and trucks fell by 13% to 2,461,800 vehicles (2,823,800 vehicles in 2019), and revenues of 98.6 billion euros (106.9 billion euros in 2019). Earnings before interest and taxes were 5.172 billion euros and the return on sales was 5.2%. The adjusted profit before interest and tax was 6.802 billion euros, and the adjusted return on sales was 6.9%. CFBIT was 7.048 billion euros, and adjusted CFBIT was 7.917 billion euros.
Sales of Mercedes-Benz cars fell 13% to 2,087,200 units (2,385,400 in 2019), and sales of Mercedes-Benz Vans fell 15% to 374,600 units (438,300 in 2019). In 2020, the new European fleet (EU28-EU, UK, Norway and Iceland) is expected to reach 104 g/km (NEFZ 137 g/km in 2019, including trucks registered as passenger cars). As a result, the EU has achieved its 2020 CO2 emissions target.
Daimler's truck and bus unit sales fell 27% to 378,500 vehicles (521,100 vehicles in 2019), with revenues of 34.7 billion euros. The profit before interest and taxes was 525 million euros, and the return on sales was 1.5%; the adjusted profit before interest and taxes was 678 million euros, and the adjusted return on sales was 2.0%. Cash flow before interest and taxes (CFBIT) was 2.513 billion euros, and adjusted CFBIT was 2.513 billion euros. In addition, Daimler truck sales fell by 27% to 358,300 (2019: 488,500), and Daimler buses sold 20,100, a 38% decrease.
In addition, Daimler's new business decreased by 9% to 67.8 billion euros. Among them, the contract value was 150.6 billion euros (end of 2019: 162.8 billion euros), and revenue was 27.7 billion euros (2019: 28.6 billion euros). Earnings before interest and taxes in this sector were 1.436 billion euros (2019: 2.140 billion euros), and the return on equity was 9.8%. The adjusted profit before interest and tax was 1.595 billion euros (2019: 1.827 billion euros), and the adjusted return on equity was 10.9% (2019: 13.1%).
In 2020, Daimler Group's real estate, plant and equipment investment decreased by 20% to 5.7 billion euros (2019: 7.2 billion euros), and research and development expenditures were 8.6 billion euros (9.7 billion euros in 2019), a decrease of 11 %. The free cash flow of industrial business was 8.3 billion euros (2019: 1.4 billion euros), and the adjusted free cash flow of industrial business was 9.2 billion euros (2019: 2.7 billion euros).
Daimler plans to split into two independently operated companies and list a majority stake in Daimler Trucks. The financial services team of Daimler Mobility Company will be merged into the corresponding passenger car, light commercial vehicle, and truck and bus businesses. In due course, Daimler will be renamed Mercedes-Benz. It is reported that Daimler Trucks-related transactions are expected to be completed before the end of the year and listed on the Frankfurt Stock Exchange.
Daimler's board of supervisors and the board of directors agreed to evaluate the independence of its truck and bus business and begin preparations for the separate listing of Daimler Trucks. It plans to allocate a majority of Daimler Trucks' shares to existing shareholders of Daimler. Daimler Trucks business will be completely independently managed, independently carry out corporate governance, and will be qualified to enter the German Stock Index (DAX).
The more focused new enterprise structure also includes that Mercedes-Benz and Daimler Trucks will each receive the support of separate financial and travel service companies to drive sales with tailor-made financial, leasing and travel solutions, and Improve customer satisfaction and loyalty. In the process, the company plans to allocate the resources and teams of the current Daimler Mobility Company to Mercedes-Benz and Daimler Trucks.
Daimler Trucks intends to create value for its shareholders by accelerating the implementation of strategic plans, improving profitability and promoting the development of zero-emission technology for trucks and buses. Daimler Trucks is the world's largest manufacturer of trucks and buses, with seven brands under its umbrella: Bharat Benz, Freightliner, Fuso, Mercedes-Benz, Saitra, Thomas Bus and Western Star. In 2019, Daimler Trucks delivered approximately 500,000 trucks and buses to customers. In 2019, the turnover of Daimler Trucks and Daimler Buses was 40.2 billion Euros and 4.7 billion Euros, respectively, and their pre-interest and tax profits were 2.5 billion Euros and 283 million Euros respectively.
Daimler transfers majority shares of Daimler Trucks to relevant shareholders in proportion to the existing shares, but Daimler intends to retain minority shares. Daimler's representation on the Daimler Trucks Supervisory Board will be in line with the shares to be reorganized. The current decision is the beginning of the process of formulating relevant transaction details. Other details of the relevant plan will be announced to shareholders at the special general meeting of shareholders in the third quarter of 2021 to obtain the necessary approval of the plan from shareholders.
