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Mercedes-Benz Group AG FY 2021 Summary

Core Content

Mercedes-Benz Group AG reported its FY 2021 results, highlighting financial resilience, strategic shifts, and progress in key areas such as electric vehicles (EVs), automated driving, and restructuring. The company successfully spun off its Daimler Trucks & Buses division, impacting financial reporting structures and segment performance. The Group also outlined its strategic priorities and financial ambitions for FY 2022 and beyond, emphasizing sustainability, innovation, and cost efficiency.

Main Points

• Financial Robustness: The company managed through the pandemic and semiconductor shortages, showing increased resilience with improved revenue quality and cost efficiency.
• Strategic Implementation: Accelerated efforts in EV development and automated driving, including the industry-first approval of Level 3 automated driving in Germany.
• Spin-off Impact: Daimler Trucks & Buses was deconsolidated as of 9 December 2021, leading to changes in financial reporting structure and segment performance.
• Segment Performance:
  • Mercedes-Benz Cars & Vans: Strong demand for top-end vehicles, significant progress in EV sales and production, and improved financial performance.
  • Mercedes-Benz Mobility: Reduced net credit losses, increased focus on core business, and support for EV sales.
• Key Financial Figures:
  • Revenue: €133.9 billion
  • EBIT: €16.0 billion
  • Free Cash Flow (Industrial Business): €7.9 billion
  • Net Industrial Liquidity: €10.9 billion
  • Dividend proposed: €2.3 billion
• Segment KPIs:
  • Unit Sales: Mercedes-Benz Cars (1,944 thousand), Mercedes-Benz Vans (386 thousand)
  • Return on Sales (adjusted): Mercedes-Benz Cars (13.1%), Mercedes-Benz Vans (8.3%), Mercedes-Benz Mobility (22.0%)
  • Cash Conversion Rate (adjusted): Mercedes-Benz Cars (0.8), Mercedes-Benz Vans (1.3)
  • Investment in PP&E: Mercedes-Benz Cars (€3.6 billion), Mercedes-Benz Vans (€0.2 billion)
  • R&D Expenditure: Mercedes-Benz Cars (€7.2 billion), Mercedes-Benz Vans (€0.5 billion)

Outlook for FY 2022

• Assumptions: Continued favorable macroeconomic conditions, but ongoing semiconductor supply chain challenges and uncertainties from geopolitical and pandemic developments.
• Guidance:
  • Unit Sales: Slightly above for both Mercedes-Benz Cars and Vans.
  • Return on Sales (adjusted): 11.5-13% for Cars, 8-10% for Vans, 16-18% for Mobility.
  • Cash Conversion Rate (adjusted): 0.8-1.0 for Cars, 0.6-0.8 for Vans.
  • Investment in PP&E and R&D: Slightly above for Cars, significantly above for Vans.
  • Revenue: Slightly above
  • EBIT: At prior-year level
  • Free Cash Flow (Industrial Business): Slightly below

Strategic Priorities

• Scale Electric Vehicles: Introducing four new BEVs in 2021, with plans for all-electric models by 2025.
• Accelerate Car Software: Focusing on digital innovation and integration.
• Grow Luxury Business: Expanding sub-brands like Maybach and AMG.
• Alleviate Supply Constraints: Working on solutions to address semiconductor shortages.
• Focus on Costs: Reducing fixed costs by more than 20% by 2025 compared to 2019.

Key Initiatives

• EV Rollout: Full-scale production of EVs with multiple models and new architectures (MB.EA, AMG.EA, VAN.EA).
• Battery Production: Expanding battery capacity and planning for battery recycling and remanufacturing.
• Green Supply Chain: Sourcing raw materials from IRMA-certified mines and partnering with lithium producers for sustainable supply.
• Charging Network: Expanding and enhancing the Mercedes me Charge network, including partnerships with Ionity and ChargePoint.
• Workforce Transformation: Shifting employees to electric drive expertise, creating 3,000 new software engineer jobs, and investing in training programs.

Financial Ambitions for 2025

• Return on Sales (RoS): Mid to high single-digit for the Group, high single-digit for Mercedes-Benz Cars.
• Contribution Margin: Targets increased by more than 20% compared to 2019.
• Fixed Costs: Reduced by more than 20% by 2025.
• CAPEX and R&D: Reduced by more than 20% by 2025.
• Net Revenue per Unit: Improved through pricing and product mix strategies.

Summary of Key Figures

Key Message

Mercedes-Benz Group AG is focused on sustainable growth, electric vehicle leadership, and a strong financial foundation, driven by innovation, cost optimization, and strategic restructuring. The company is on track to achieve double-digit RoS and a fully electric vehicle lineup by the end of the decade.