Published:
Daimler AG Financial Year 2007: Group EBIT of Euro 8.7 Billion (US$12.7 Billion) (2006: Euro 5.0 Billion, US$7.3 Billion)
STUTTGART,Germany, Feb. 14 /PRNewswire-FirstCall/ -- Daimler AG
(NYSE: DAI) today presented its preliminary and unaudited figures for the
Group and the divisions for the 2007 financial year.
Daimler achieved EBIT of euro 8,710 million (US$12,719 million) in 2007
(2006: euro 4,992 million, US$7,290 million), surpassing the earnings target
of at least euro 8.5 billion (US$12.4 billion) that had previously been
announced for the year 2007.
There was a positive impact from the significantly higher EBIT from the
Mercedes-Benz Cars division, which profited from the efficiency improvements
it achieved and from the favorable development of unit sales. The Daimler
Trucks division achieved earnings in excess of the high prior-year level
despite the decrease in unit sales in the NAFTA region andJapan. Daimler
Financial Services was unable to equal its prior-year earnings, primarily due
to the expense of setting up its own financial services organization in the
NAFTA region following the separation from Chrysler Financial. The EBIT posted
by Vans, Buses, Other was higher than in 2006 due to earnings improvements in
the vans and buses units, but also due to special gains realized in connection
with the transfer of interest in EADS. However, this segment's EBIT was
negatively impacted by the Group's share of the results of EADS and Chrysler.
Moreover, EBIT was negatively impacted by unfavorable currency hedging
conditions. Earnings in both years were impacted by special items, as shown in
the table on pages 14 and 15. In the year 2007, earnings included gains on the
transfer of shares in EADS as well as charges relating to the new management
model and the 19.9% interest in Chrysler.
Despite charges totaling euro 2.2 billion (US$3.2 billion) related to the
Chrysler transaction, net profit of euro 4.0 billion (US$5.8 billion) was
higher than in the prior year (2006: euro 3.8 billion, US$5.5 billion).
Earnings per share reached euro 3.83 (US$5.59), compared with euro 3.66
(US$5.35) in 2006.
The Board of Management recommends to the Supervisory Board that for the
year 2007, a dividend of euro 2.00 (US$2.92) be distributed for each share
entitled to a dividend (2006: euro 1.50, US$2.19)). Related to the number of
shares entitled to a dividend as of December 31, 2007, this constitutes a
dividend distribution of euro 2,028 million (US$2,961 million) (2006: euro
1,542 million, US$2,252). The proposed dividend takes into account both the
development of operating result and cash flow in 2007 as well as the outlook
for the following years.
The Group's value added increased by euro 0.8 billion (US$1.2 billion) to
euro 1.4 billion (US$2 billion) in 2007, representing a return on net assets
of 10.5% (2006: 8.3%). This significantly exceeded the minimum required rate
of return of 7%, i.e. value was created. All divisions contributed to this
development.
Unit sales and revenue
Daimler sold a total of 2.1 million vehicles in 2007, thus surpassing the
number sold in the 2006 by 1%. Group revenue of euro 99.4 billion (US$145.2
billion) equaled the prior-year level; adjusted for currency translation
effects, the increase amounted to 3%.
Workforce
As of December 31, 2007, Daimler employed a workforce of 272,382 people
worldwide (2006: 274,024). Of that total, 166,679 were employed inGermany
(2006: 166,592) and 24,053 in theUnited States (2006: 27,629). The number of
apprentices and trainees at year-end was 9,300 (2006: 9,352). The size of the
workforce decreased compared with the end of the prior year, due to the
implementation of the new management model and other efficiency-enhancing
programs.
Profit sharing
For the year 2007, the Board of Management decided on a voluntary profit-
sharing bonus of euro 3,750 (US$5,476) per person for the approximately
131,000 eligible employees of Daimler AG, significantly exceeding the euro
2,000 (US$ 2,920) paid out in the prior year. The 2007 bonus will be paid out
in April 2008. With this high level of profit sharing, the Group is honoring
the employees' major contribution to the achievement of operating profit as
well as to the successful realignment of Daimler during the year under review.
Investment in safeguarding the future
Expenditure for research and development increased significantly to euro
4.1 billion (US$6 billion) in 2007 (2006: euro 3.7 billion, US$5.4 billion).
This figure includes expenditure to secure Daimler's leading position in
safety standards and for the further development of alternative drive systems,
fuel cell and battery technology.
At Mercedes-Benz Cars, research and development expenditure increased to
euro 2.7 billion (US$3.9 billion) from euro 2.3 billion (US$3.4 billion) in
2006. Daimler Trucks spent euro 1.0 billion (US$1.5 billion) on research and
development (2006: euro 1.0 billion, US$1.5 billion).
A key area for Daimler's research and development activities in 2007 was
once again the ongoing development of innovative drive technologies. In order
to reduce CO2 emissions even further and to be able to offer vehicles that are
compatible with future requirements over the long term, the company is also
working on alternative drive systems such as fuel cells, electric vehicles and
lightweight construction methods. The vision of accident-free driving is
another main area of research at the Daimler Group and has high strategic
importance.
Daimler invested euro 2.9 billion (US$4.2 billion) in property, plant and
equipment in 2007. This investment focused on new vehicle models that were
already launched in 2007 or will be launched in the following years. Of the
total capital expenditure on property, plant and equipment, euro 2.0 billion
(US$2.9 billion) was invested inGermany.
Share buyback program
In order to optimize its capital structure, the Group initiated a share
buyback program in August 2007. In this context, it was announced that up to
euro 7.5 billion (US$11 billion) would be applied to buy back nearly 10% of
the company's own shares. By the middle of December 2007, 50 million shares
had been acquired for euro 3.5 billion (US$5.1 billion). These shares were
canceled by the end of the year. The share buyback program will be continued
today.
The program is based on the retained earnings in the balance sheet of
Daimler AG. In its 2007 financial statements, Daimler AG will report a net
profit of euro 12.4 billion (US$18.1 billion), of which a dividend pay-out of
euro 2.0 billion (US$2.9 billion) is proposed. This means that the company
will have sufficient retained earnings to carry out further share buybacks.
The divisions in detail
Mercedes-Benz Cars, comprising the brands Mercedes-Benz, Maybach, smart,
Mercedes AMG, and Mercedes-Benz McLaren, sold 1,293,200 vehicles in 2007,
exceeding the record figure set in the prior year by 3%. The Mercedes-Benz
brand increased unit sales in the year under review by 3% to 1,180,100
vehicles. The smart brand sold 103,100 vehicles, thus equaling the prior-year
level (102,700).
The division posted revenue of euro 52.4 billion (US$76.6 billion) in
2007, which was 2% higher than the prior-year level.
Mercedes-Benz Cars improved its EBIT to euro 4,753 million (US$6,941
million) (2006: euro 1,783 million, US$2,604 million), and its return on sales
of 9.1% significantly surpassed its original target of 7%. The cost efficiency
of the Mercedes-Benz Cars division was further improved. The significant
increase in earnings was also due to the positive development of unit sales.
However, currency effects had a negative impact on EBIT in 2007.
The new C-Class was the most important new product launched by Mercedes-
Benz in 2007. Mercedes-Benz unveiled the new C-Class station wagon at the
Frankfurt International Motor Show (IAA) in September 2007, just a few months
after the sedan's launch.
Demand was still very strong for the full-size premium cars of Mercedes-
Benz also in the fifth year after market launch, especially for the sedan and
the station wagon of the E-Class. The S-Class was also very successful: it
defended its leading position as the top-selling luxury sedan in 2007.
In October 2007, Mercedes-Benz sold the 250,000th vehicle of the second
generation of the M-Class since its market launch in April 2005.
The new smart fortwo has met with outstanding response from customers,
also in theUnited States, where it was launched in January 2008.
Under the motto of "Fascination and Responsibility", Mercedes-Benz
presented an array of new, particularly economical and low-emission vehicles
at theFrankfurt Motor Show. Alongside its F 700 research vehicle with
DIESOTTO and hybrid drive, the brand presented 19 future models on the "Road
to the Future," including seven hybrids from five model series and the B-Class
F-Cell equipped with zero-emission fuel-cell drive. This demonstrates the
division's ambition to continue offering its customers superior, luxurious,
safe and environmentally friendly automobiles.
Daimler Trucks sold 467,700 vehicles in 2007 (-9%). The decline was
largely due to significantly lower market volumes in some of the division's
key sales markets: theUnited States,Canada, andJapan. Unit sales inEurope
and Latin America increased significantly, however. Revenue of euro 28.5
billion (US$41.6 billion) (2006: euro 31.8 billion, US$46.4 billion) was also
down from the prior year as a result of the lower unit sales (-10%).
Nonetheless, with EBIT of euro 2.1 billion (US$3.1 billion), the division once
again succeeded in surpassing its very high prior-year earnings by 15%. The
return on sales rose from 5.8% to 7.5%.
The increase in earnings was primarily due to the efficiency improvements
achieved in the context of the Global Excellence program, a more favorable
model mix, and higher unit sales of trucks inEurope and Latin America.
Trucks Europe/Latin America increased its unit sales by 13% to the record
level of 159,900 vehicles in 2007, benefitting in particular from strong
demand for the Mercedes-Benz Actros. In anticipation of the new EPA07 emission
limits, which took effect in theUnited States andCanada at the beginning of
2007, many customers brought forward their purchases to 2006, resulting in
exceptionally good sales figures for that year. However, due to this
development and a cyclical decline in the US market, the Trucks NAFTA unit
sold 119,000 vehicles in 2007, as expected, this was a significant decrease
compared to the prior year (2006: 187,400). Sales of 188,700 vehicles by
Trucks Asia were slightly higher than the prior-year level due to the positive
development of unit sales outsideJapan.
Trucks equipped with the environmentally friendly BLUETEC technology
continued to enjoy outstanding success in 2007. Well over 100,000 of these
trucks have been put on the road since the technology was introduced in 2005.
In May 2007, Freightliner presented its new Cascadia Class 8 heavy-duty
truck, which is designed primarily for long-distance haulage and sets the
benchmark in the NAFTA region. Built on an entirely new platform, the Cascadia
is the top-performing, most efficient, and driver-friendliest semi truck on
the US market. The Cascadia has benefited in many ways from Daimler Truck's
worldwide development network. For example, it is the first truck that will be
equipped with an engine from the new Heavy Duty Engine Platform and with
systems from the new joint electrical/electronic platform.
Daimler Trucks further intensified its activities in emerging markets in
the year under review: In December 2007, Daimler reached an understanding with
the Indian Hero Group on the establishment of a joint venture; the first step
is to be the local production of light, medium and heavy-duty commercial
vehicles for the Indian volume market. Variants of current Daimler Trucks
models will be produced that are tailored for the Indian market. And in
response to the dynamic growth of the commercial vehicle market inRussia, the
Group is now considering the development of its own production facilities
there.
The development of Daimler Financial Services was generally stable in
2007. The financial year was affected by the separation of Chrysler's
financial services business inNorth America, which had become necessary due
to the transfer of a majority interest in Chrysler. Worldwide contract volume
increased by 4% to euro 59.1 billion (US$86.3 billion); adjusted for exchange-
rate effects, the increase was 9%. At the end of the year 2007, the division's
portfolio comprised 2.3 million leased and financed vehicles. New business of
euro 27.6 billion (US$40.3 billion) was at the high level of the prior year;
adjusted for exchange-rate effects, new business grew by 3%.
Daimler Financial Services posted EBIT of euro 630 million (US$ 920
million), which was lower than in 2006 (euro 807 million, US$1,179). The
positive business development of Daimler Financial Services could not offset
the expenses connected with setting up a separate financial services
organization in the NAFTA region following the transfer of a majority interest
in Chrysler. Nonetheless, with a return on equity of 14.8% in 2007, the
division achieved its previously announced target of more than 14%.
The Vans, Buses, Other segment primarily comprises the Mercedes-Benz Vans
and Daimler Buses units, the Group's 19.9% equity interest in Chrysler Holding
LLC, its holding in the European Aeronautic Defence and Space Company (EADS),
which was 24.9% at year-end, and real-estate activities.
Primarily due to stronger demand for vans and buses, the revenue generated
by the Vans, Buses, Other segment increased by 7% to euro 14.1 billion
(US$20.6 billion).
The EBIT of the Vans, Buses, Other segment amounted to euro 1,956 million
(US$2,856 million) in 2007 (2006: euro 1,327 million, US$ 1,939 million). The
Mercedes-Benz Vans and Daimler Buses units profited from the good development
of unit sales and both achieved higher earnings. The segment's EBIT was also
boosted by special gains realized in connection with the transfer of interest
in EADS (2007: euro 1,573 million, US$2,297 million and 2006: euro 519
million, US$758 million). In the fourth quarter, however, prorated charges of
euro 235 million (US$343 million) were recognized in connection with the A400M
project (continuing operations, therefore not included in the tables below).
Like Daimler's stake in EADS, as of August 4, 2007, its interest in
Chrysler Holding LLC is also accounted for in the Vans, Buses, Other segment
using the equity method with a time lag of three months. In the year 2007,
this resulted in a negative contribution to earnings of euro 377 million
(US$551 million), including expenses of euro 322 million (US$470 million)
relating to additional restructuring measures and expenses due to the new
agreement reached with the UAW in the fall of 2007, which were recognized
without a time lag.
In accordance with IFRS, further expenses due to the new agreement reached
between Chrysler and the UAW in the fall of 2007 had to be recognized
immediately at their present value. On the other hand, the same agreement also
results in significantly lower future healthcare costs.
Mercedes-Benz Vans set a new record by selling 289,100 vehicles worldwide
in 2007 (2006: 256,900). Nearly all markets and product lines contributed to
this strong performance. Worldwide sales of the Sprinter van totaled 184,300
units (2006: 157,200).
Daimler Buses sold 39,000 complete vehicles and chassis worldwide in 2007,
thus surpassing the prior year's high figure by 8% and successfully defending
its leading position in all core markets.
Although Airbus, Eurocopter, and EADS Astrium all made positive
contributions to the business development of EADS, the year under review was
also negatively impacted by delays in the A380 and A400M programs, as well as
by the weakness of the US dollar. Daimler's share of the result of EADS
amounted to a profit of euro 13 million (US$19 million) (2006: loss of euro
193 million, US$282 million).
Outlook
The North American market for cars and light trucks is likely to continue
suffering from the impact of falling house prices. In WesternEurope, the
market for passenger cars is likely to remain flat, with total sales of
approximately 14.8 million units. Therefore, global growth in 2008 is once
again expected to be primarily driven by the high growth rates of the major
emerging markets, especiallyChina,India andRussia.
Worldwide markets for commercial vehicles are likely to continue expanding
in 2008. InNorth America, Daimler Trucks expects a recovery of demand for
medium and heavy-duty Class 5 to 8 trucks in the second half of the year. A
volume similar to the prior-year is expected for the Japanese market for
commercial vehicles. In WesternEurope, the robust development of the market
for medium and heavy-duty trucks seems likely to continue, so demand should be
similar to the very high prior-year level.
Daimler anticipates a moderate increase in revenue in 2007. From today's
perspective, all operations should contribute to this growth. The regional
focus of expansion is likely to be mainly in the growth markets of Asia and
EasternEurope.
Mercedes-Benz Cars expects to further increase its unit sales in 2008,
thus surpassing the record level of the prior year. After posting lower unit
sales in 2007 for market-cycle reasons, the Daimler Trucks division expects to
increase its unit sales once again in 2008. An ongoing rise in unit sales is
anticipated for the Mercedes-Benz Vans unit in 2008 and 2009. The Daimler
Buses unit expects to maintain its unit sales in the coming years at levels
similar to the high level it achieved in 2007. The Daimler Financial Services
division anticipates further growth in its worldwide contract volume in 2008.
On the basis of the divisions' planning, the Daimler Group expects total
unit sales to increase significantly in the year 2008. Further growth is also
anticipated in 2009.
Mercedes-Benz Cars expects to achieve a renewed increase in EBIT in 2008.
As previously announced, the division has the goal of increasing its return on
sales to an average of 10% by 2010 at the latest.
Further efficiency improvements in connection with the expected growth in
unit sales should result in a renewed increase in earnings for Daimler Trucks
this year. As of the year 2010, the division intends to achieve an average
return on sales of 8% throughout its business cycle; until recently the target
was to exceed 7%.
The profitability of the Mercedes-Benz Vans unit should continue improving
in the coming years. Taking into consideration further productivity and
efficiency advances, Daimler Buses expects to achieve a high earnings level
also in the future.
Daimler Financial Services is confident that it will be able to achieve a
return on equity of at least 14% in 2008, despite the expenses connected with
developing its own financial services organization inNorth America following
the transfer of a majority interest in Chrysler.
On the basis of the divisions' projections, Daimler expects to post EBIT
from continuing operations of well above the prior-year level in 2008. In the
year 2007, earnings included positive contributions in particular from the
disposal of shares in EADS and negative contributions related to Chrysler and
the new management model (see table below).
In the automotive business, the Group aims to achieve an average return on
sales of 9% throughout the market and product cycles.
A fundamental condition for the targeted increase in earnings is a
generally stable economic and political environment, as well as the
anticipated moderate rise in the worldwide demand for cars and commercial
vehicles. Opportunities and risks may arise from the development of currency
exchange rates and raw-material prices.
The Annual Report 2007 will be published on the Internet on February 27
and will be available in printed form as of the beginning of March.
In both 2007 and 2006, the development of earnings was affected by special
items, which are shown in detail in the following tables:
Amounts in millions of US$ 2007 2006
Mercedes-Benz Cars
Financial support for suppliers -120 -
Discontinuation of smart forfour - -1,381
Headcount reductions in the context of CORE - -418
Expenses relating to new early
retirement contracts - -315
Amounts in millions of US$ 2007 2006
Daimler Trucks
Adjustment of pension plans /
healthcare obligations 126 -235
Disposal of real-estate properties in Japan 114 -
Expenses relating to new early
retirement contracts - -196
Disposal of the off-highway business - 19
Amounts in millions of US$ 2007 2006
Vans, Buses, Other
Gain / expense relating to the
transfer of shares in EADS 2,297 758
Restructuring program at EADS -166 -
Expenses relating to restructuring
and UAW contract at Chrysler -470 -
Disposal of real estate properties 107 396
Disposal of off-highway business - 369
Expenses relating to new early
retirement contracts - -42
Amounts in millions of US$ 2007 2006
Reconciliation / elimination
New Management Model -374 -510
The figures in this document are preliminary and have neither been
approved yet by the Supervisory Board nor audited by the external auditor.
About Daimler
Daimler AG,Stuttgart, with its businesses Mercedes-Benz Cars, Daimler
Trucks, Daimler Financial Services, Mercedes-Benz Vans and Daimler Buses, is a
globally leading producer of premium passenger cars and the largest
manufacturer of commercial vehicles in the world. The Daimler Financial
Services division has a broad offering of financial services, including
vehicle financing, leasing, insurance and fleet management. Daimler sells its
products in nearly all the countries of the world and has production
facilities on five continents. The company's founders, Gottlieb Daimler and
Carl Benz, continued to make automotive history following their invention of
the automobile in 1886. As an automotive pioneer, Daimler and its employees
willingly accept an obligation to act responsibly towards society and the
environment and to shape the future of safe and sustainable mobility with
groundbreaking technologies and high-quality products. The current brand
portfolio includes the world's most valuable automobile brand, Mercedes-Benz,
as well as smart, Maybach, Freightliner, Sterling, Western Star, Mitsubishi
Fuso, Setra, Orion and Thomas Built Buses. The company is listed on the stock
exchanges inFrankfurt, New York andStuttgart (stock exchange abbreviation
DAI). In 2007, the Group sold 2.1 million vehicles and employed a workforce of
over 270,000 people; revenue totaled euro 99.4 billion (US$145 billion) and
EBIT amounted to euro 8.7 billion (US$ 12.7 billion). Daimler is an automotive
Group with a commitment to excellence, and aims to achieve sustainable growth
and industry-leading profitability.
This document contains forward-looking statements that reflect our current
views about future events. The words "anticipate," "assume," "believe,"
"estimate," "expect," "intend," "may," "plan," "project," "should" and similar
expressions are used to identify forward-looking statements. These statements
are subject to many risks and uncertainties, including an economic downturn or
slow economic growth in important economic regions, especially inEurope or
North America; changes in currency exchange rates and interest rates; the
introduction of competing products and the possible lack of acceptance of our
products or services which may limit our ability to raise prices; price
increases in fuel, raw materials, and precious metals; disruption of
production due to shortages of materials, labor strikes, or supplier
insolvencies; a decline in resale prices of used vehicles; the business
outlook for Daimler Trucks, which may be affected if the U.S. and Japanese
commercial vehicle markets experience a sustained weakness in demand for a
longer period than originally expected; the effective implementation of cost
reduction and efficiency optimization programs; the business outlook of
Chrysler, in which we hold an equity interest, including its ability to
successfully implement its restructuring plans; the business outlook of EADS,
in which we hold an equity interest, including the financial effects of delays
in and potentially lower volumes of future aircraft deliveries; changes in
laws, regulations and government policies, particularly those relating to
vehicle emissions, fuel economy and safety, the resolution of pending
governmental investigations and the outcome of pending or threatened future
legal proceedings; and other risks and uncertainties, some of which we
describe under the heading "Risk Report" in this Annual Report and under the
headings "Risk Factors" and "Legal Proceedings" in the Annual Report on Form
20-F filed with the Securities and Exchange Commission. If any of these risks
and uncertainties materialize, or if the assumptions underlying any of our
forward-looking statements prove incorrect, then our actual results may be
materially different from those we express or imply by such statements. We do
not intend or assume any obligation to update these forward-looking
statements. Any forward-looking statement speaks only as of the date on which
it is made.
Further information on Daimler is available on the Internet at:
www.media.daimler.com.
Daimler - Figures for 2007 (in US-$)
All values, including the 2006 figures, are converted from Euro figures with
the exchange rate of 1 euro = US-$ 1.4603 (based on the noon buying rate on
December 31, 2007).
Daimler Group 2007 2006
Revenues, in millions of US-$ 145,152 144,894
EBIT, in millions of US-$ 12,719 7,290
Net profit, in millions of US-$ 5,819 5,524
Earnings Per Share (EPS), in US-$ 5.59 5.35
Dividend proposed, in US-$ 2.92 2.19
Value Added, in millions of US$ 2,015 922
Employees (at year-end) 272,382 247,024
EBIT by divisions 2007 2006
in millions US-$ US-$
Mercedes-Benz Cars 6,941 2,604
Daimler Trucks 3,097 2,703
Daimler Financial Services 920 1,179
Vans, Buses, Other 2,856 1,938
Revenue by divisions 2007 2006
in millions US-$ US-$
Mercedes-Benz Cars 76,564 75,074
Daimler Trucks 41,569 46,422
Daimler Financial Services 12,721 11,837
Vans, Buses, Other 20,624 19,204
Unit sales by divisions and operating units 2007 2006
Daimler Group(1) 2,089,000 2,072,900
Mercedes-Benz Cars 1,293,200 1,251,800
Daimler Trucks 467,700 516,100
Vans 289,100 256,900
Buses 39,000 36,200
(1) Since Q1/2007 Mitsubishi L200 Pickup and Mitsubishi Pajero vehicles
manufactured in South Africa are included at Mercedes-Benz Cars; for
prior periods, these vehicles were included only at Group level.
These figures are preliminary and have neither been approved yet by the
Supervisory Board nor audited by the external auditor.
Daimler - Figures for the 4th Quarter 2007 (in US-$)
All values, including the 2006 figures, are converted from Euro figures with
the exchange rate of 1 euro = US-$ 1.4603 (based on the noon buying rate on
December 31, 2007).
Daimler Group Q4/2007 Q4/2006
Revenues, in millions of US-$ 38,704 39,463
EBIT, in millions of US-$ 2,034 803
Net profit (loss), in millions of US-$ 2,478 (18)
Earnings Per Share (EPS), in US-$ 2.50 0.02
Employees (at year-end) 272,382 274,024
EBIT by divisions Q4/2007 Q4/2006
in millions US-$ US-$
Mercedes-Benz Cars 2,082 1,428
Daimler Trucks 748 407
Daimler Financial Services 159 215
Vans, Buses, Other (719) (732)
Revenue by divisions Q4/2007 Q4/2006
in millions US-$ US-$
Mercedes-Benz Cars 20,043 21,021
Daimler Trucks 10,571 11,626
Daimler Financial Services 3,287 3,051
Vans, Buses, Other 6,291 5,254
Unit sales by divisions and operating units Q4/2007 Q4/2006
Daimler Group(1) 575,400 556,500
Mercedes-Benz Cars 364,600 337,400
Daimler Trucks 118,700 134,300
Vans 81,000 72,800
Buses 11,000 9,400
(1) Since Q1/2007 Mitsubishi L200 Pickup and Mitsubishi Pajero vehicles
manufactured in South Africa are included at Mercedes-Benz Cars;
for prior periods, these vehicles were included only at Group level.
These figures are preliminary and have neither been approved yet by the
Supervisory Board nor audited by the external auditor.
SOURCE Daimler AG
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