1、Willkommen|WelcomeAnnual Results Conference 2023Mercedes-Benz Group AGStuttgart,February 22,2024Mercedes-Benz Group:Key figures*2RevenueRevenuein billion eurosEBITEBITin billion eurosEarnings per shareEarnings per sharein eurosFree Cash Flow(IB)Free Cash Flow(IB)in billion eurosNet Industrial Liquid

2、ityNet Industrial Liquidityin billion euros202220222023202320.519.7-4%4%202220222023202313.5513.46-1%1%20222022202320238.111.3+39%+39%202220222023202326.631.7+19%+19%2022202220232023150.0153.2+2%+2%*2023 figures preliminary and unaudited3Mercedes-Benz Cars:Key messagesSolid results demonstrate resil

3、ience in challenging environmentScaling BEV:+73%sales growth at Mercedes-Benz Brand.Premiere of E-Class family,GLC Coup,CLE,AMG GT Coup and Maybach EQS SUVConcept CLA gives glimpse of MMA platform;L3 introduction in California,testing license in China approved;ChatGPT integrated into U.S.cars;hyper-

4、personalised user experience showcased at CES Further rollout of direct sales model in UK,Germany,Turkey and Malaysia Mercedes-Benz Cars:Top-End and electric vehicle unit sales420%16%16%16%Share in%of volume*w/o double counting(e.g.G63,S-Class,Maybach)*incl.smartTotal MBCElectric vehiclesTop-Endther

5、eof232023BEV*PHEV333402+21%+21%3281,0223281,09761920232023Top-EndCoreEntry*2,0412,0440%0%39230224328023GMaybachAMGSEQSGLSEQS SUV328*328*0%0%In thousand unitsMercedes-Benz Vans:Key messages5Executing value growth strategy:large vans dominating sa

6、les growth with Sprinter as segment leader in Europe,total market leader in Germany,sales record in U.S.Premiere of new eSprinter and mid-size van portfolio;electrification of each segment completedStrong product substance,healthy mix,robust net pricing&price premium combined with efficiency measure

7、s result in good financial performanceLong-term targets outlined at Strategy Update in MayMercedes-Benz Vans:Electric vehicle unit sales6thereofIn thousand units5%4%Share in%of volume220232023BEV+51%+51%Electric vehiclesthereof42220232023+8%+8%Total MB VansMercedes-Benz Group:C

8、ars and private VansInternal data confirms CO2 compliance 2023 in Europe*7*Average CO2 emissions of the total fleet of newly registered vehicles within the Mercedes-Benz CO2 pool in Europe(European Union,Norway and Iceland)in the reporting year as measured on the basis of the WLTP,i.e.including vans

9、 that are registered as passenger cars.*Based on internal data;incl.Eco-Innovation*Based on internal data;for MB CO2 pool(incl.Eco-Innovation and smart automobile Co Ltd.)Regulatory Target 129g2023*2023*109g2022*2022*115gMercedes-Benz Cars:Financials8EBIT adj.EBIT adj.in billion eurosCFBIT adj.CFBIT

10、 adj.in billion eurosRevenueRevenuein billion euros20222022202320232.042.040%0%2022202220232023111.6112.8+1%+1%202220222023202316.214.3-12%12%202220222023202311.412.5+10%+10%SalesSalesin million unitsMercedes-Benz Cars:FY EBIT&RoS 9In million eurosRoS:14.6%RoS:14.6%RoS:12.6%RoS:12.6%16,340-9516,2451

11、,876-782-1,808-199-78-498-50414,252-2814,224Gross Profit -714EBIT2022AdjustmentsEBITadjusted 2022Volume/structure/net pricingForeign exchange ratesIndustrial performanceEBITadjusted 2023Selling expensesGeneral administrative expensesResearch&non-capitalized development costsOthersAdjustmentsEBIT2023

12、Improved net pricingLower raw material pricesImproved manufacturing costsHigher inflation and supply chain related costForeign exchange ratesHigher expenses for future technologies and vehiclesDiscounting of non-current provisionsLower BBAC at-equity contribution Russia+658 Legal proceedings+110 M&A

13、 transactions 863 Russia+66 Legal proceedings 94Mercedes-Benz Cars:Indicators of Change10*ASP excl.smart,BBAC sales and pbp revenues*FTE=Full time equivalentActive Workforce Active Workforce in thousand FTE*Fixed CostsFixed Costsin billion eurosR&DR&Din billion eurosInvestment in Investment in pp&ep

14、p&ein billion euros20023139.2129.9-7%7%20023-16%16%200237.59.1+21%+21%200235.63.3-41%41%200222023202351.072.974.2+46%+46%+2%+2%Average Sales Price*Average Sales Price*in thousand eurosMercedes-Benz Cars:EBIT to CFBIT11In million eurosNet investm

15、entsin pp&e and intangible assetsEBIT2023AdjustmentsCFBIT2023Depreciation andamortization/impairmentsChange in working capitalNet financial investmentsOther51421199CCR:0.9CCR:0.914,224-1,095-7,4536,12512,33612,535CFBITadjusted2023t/o New vehicle stock 1,148 Legal proceedings +251 Restructuring+92 M&

16、A transactions 144t/o BBAC Dividend+1,660 Result at-Equity BBAC 1,457Mercedes-Benz Vans:Financials12EBIT adj.EBIT adj.in billion eurosCFBIT adj.CFBIT adj.in billion eurosRevenueRevenuein billion euros2022202220232023415.3447.8+8%+8%202220222023202317.220.3+18%+18%20222022202320231.93.1+59%+59%202220

17、22202320232.03.0+48%+48%SalesSalesin thousand units13Mercedes-Benz Vans:FY EBIT&RoS 3081101175RoS:11.0%RoS:11.2%RoS:15.1%RoS:15.5%1,8971,9272,418-1,168-107-1093,0633,138In million eurosGross Profit +1,331EBIT2022AdjustmentsEBITadjusted 2022Volume/structure/net pricingForeign exchange ratesIndustrial

18、 performance*EBITadjusted 2023Selling expensesGeneral administrative expensesResearch&non-capitalized development costsOthersAdjustmentsEBIT2023Strongly improved net pricingSignificantly improved unit salesLower raw material pricesSignificantly higher inflation related and logistics costs Russia+5 L

19、egal proceedings+70 Russia+51 Legal proceedings+15 M&A transactions 36*Including mid three-digit million euro figure related to higher inflation in ArgentinaMercedes-Benz Vans:EBIT to CFBIT14In million eurosNet investmentsin pp&e and intangible assetsEBIT2023AdjustmentsCFBIT2023Depreciation andamort

20、ization/impairmentsChange in working capitalNet financial investmentsOther420353201CCR:0.9CCR:1.03,138-340-29-7252,8173,018CFBITadjusted2023t/o New vehicle stock 564 Legal proceedings +198 Restructuring+3t/o Dividend FBAC+107 At-equity FBAC 126Mercedes-Benz Vans:Indicators of Change023202

21、335.248.0+36%+36%2002320.618.9-8%8%20023-16%16%54487320023+60%+60%24035232023+46%+46%Average Sales Price*Average Sales Price*in thousand eurosActiveActive WorkforceWorkforcein thousand FTE*Fixed CostsFixed Costsin billion eurosR&DR&Din million eurosInvestm

22、ent in Investment in pp&epp&ein million euros*Excluding FBAC Business*FTE=Full time equivalent16Mercedes-Benz Mobility:Key messagesSound new business development with continued focus on electric vehicles;xEV penetration rate above averagePortfolio margin impacted by higher interest rates in competit

23、ive environment while acquisition margin started to improveOverall solid cost of credit risk despite macroeconomic environmentFirst sites of Mercedes-Benz high-power charging network live in Germany,USA and China;further investing into ramp-up of charging businessMercedes-Benz Mobility:Financials17E

24、BIT adj.EBIT adj.in billion euros20222022202320232.41.7-30%30%Contract VolumeContract Volumein billion euros202220222023202358.062.0+7%+7%New BusinessNew Businessin billion euros31/12/202231/12/202231/12/202331/12/2023132.4135.0+2%+2%Mercedes-Benz Mobility:FY EBIT&RoE18In million euros2225178RoE:16.

25、8%RoE:16.8%RoE:12.3%RoE:9.5%2,42802,428-72-808-791,695-3931,302*Excluding FX effectsGeneral administrative expenses*Selling expenses*EBIT adjusted 2023AdjustmentsOther*Volume/Margin*AdjustmentsEBIT adjusted 2022Cost of risk*EBIT2022EBIT2023Overall solid cost of credit risk despite macroeconomic envi

26、ronmentAt-equity result of mobility participations improved driven by better performance and restructuring measuresInterest margin impacted by higher interest rates in competitive environmentLower remarketing result at Athlon after softening of used car market Unfavorable FX developmentRamp-up of ch

27、arging business M&A transactions 117 Russia276Foreign exchange ratesMercedes-Benz Group:EBIT1919793920,45820,655-1,9931,136-73320,004-34419,660In million eurosAdjustmentsEBIT adjusted 2022Mercedes-BenzCarsMercedes-BenzVansMercedes-BenzMobilityReconciliationEBITadjusted2023AdjustmentsEBIT2023EBIT 202

28、2t/o At-equity Daimler Truck +572 Legal proceedings +119 M&A transactions 631 Russia+709 Legal proceedings 22 M&A transactions 117 Russia 205Mercedes-Benz Group:Reconciliation from CFBIT to Free Cash Flow20In million eurosMercedes-Benz CarsIncome taxes paid*Interest receivedEffects from PensionsOthe

29、r reconciling itemFree cash flow(industrial business)AdjustmentsFree cash flow(industrial business)adjustedMercedes-Benz Vans324,3362,817-4,80711,31611,720 Legal proceedings+447 Restructuring+101 M&A transactions 144*Includes internal tax prepayments from Mercedes-Benz Mobility to the ind

30、ustrial businessMercedes-Benz Group:Net Industrial Liquidity21*Mainly dividends from MBM26.613.8-1.46.5-8.10.5-5.6-1.91.331.7Free cash flow industrial businessFY 2023:11.3 billionEarnings and other cash flow impactWorking capital impactDepreciation and amortizations/impairmentsAdditions to property,

31、plant,equipment and intangible assetsInvestments in and disposals of shareholdingsShare buy-backNet Industrial Liquidity 12/31/2022Net Industrial Liquidity 12/31/2023In billion eurosDividend payment MBGOther*22Mercedes-Benz Group:DividendEarnings per shareEarnings per sharein eurosNet profitNet prof

32、itin billion euros202220222023202314.814.5-2%2%202220222023202313.5513.46-1%1%Dividend per share proposedDividend per share proposedin euros20222022202320235.205.30+2%+2%Capital Allocation Framework23New Share Buyback PolicyNew Share Buyback PolicyDistributing available Free Cash Flow Distributing a

33、vailable Free Cash Flow of the industrial business(after M&A)generated beyond the dividend payout ratio of approx.40%of Group Net Income to our shareholdersDividend policy confirmedDividend policy confirmedSustainably attractive dividend with target payout ratio of approx.40%target payout ratio of a

34、pprox.40%of Group Net IncomeCompletion of current Share Buyback in Q3 2024 possibleCompletion of current Share Buyback in Q3 2024 possibleRepurchases well underwayRepurchases well underway(already acquired EUR 2.1 bn out of EUR 4.0 bn to date)Additional Share Buyback of up to EUR 3.0 bnAdditional Sh

35、are Buyback of up to EUR 3.0 bnUsing remaining headroom from existing AGM approval of 10remaining headroom from existing AGM approval of 10%Begin after current share buyback,expected completion until Q2 2025AGM 2025AGM 2025We intend to ask for a renewal of the authorization for share buybacks renewa

36、l of the authorization for share buybacks in our AGM 2025 in our AGM 2025 to further continue share buybacks in line with the Share Buyback PolicyGeneral principle:With any share buyback programme we will keep flexibility on the execution in case of unexpected market developmentsFree Cash Flow Free

37、Cash Flow IBIBDividend of approx.40%Dividend of approx.40%New Share BuybacksNew Share BuybacksCapital Allocation FrameworkCapital Allocation FrameworkTarget:Continuously growing EPS Target:Continuously growing EPS and DPS over the next yearsand DPS over the next years24Outlook 2024Mercedes-Benz Divi

38、sional Guidance 202425ASSUMPTIONThe premises regarding the economic situation and the development of automotive markets continue to be characterized by anexceptional degree of uncertainty.In addition to unexpected macroeconomic developments,uncertainties for the globaleconomy and the business develo

39、pment of the Mercedes-Benz Group may arise in particular from geopolitical events and tradepolicy.Among them are the current Middle East conflict,the Russia-Ukraine war and other potential regional crises.Otheruncertainties that are particularly worth mentioning include an exacerbation of tensions b

40、etween the United States and Chinaand a furtherdeterioration of politicalrelationsbetweenthe EuropeanUnionand China.Further supply chain disruptions and,in particular,availability bottlenecks for critical components remain a significant riskfactor.Sharp rises in energy and commodity prices,higher-th

41、an-expected inflation rates and interest rates,potential financialmarket disruptions and an even more pronounced slowdown in economic growth in individual regions or worldwide may alsohavean impacton the development of the world economy and the automotivemarkets.Unit SalesMercedes-Benz CarsAt prior-

42、year levelMercedes-Benz VansSlightly belowxEV shareMercedes-Benz Cars(xEV)19 to 21%Mercedes-Benz Vans(xEV)6 to 8%Return on Sales(adjusted*)Mercedes-Benz Cars10 to 12%Mercedes-Benz Vans12 to 14%Mercedes-Benz Mobility(RoE)10 to 12%Cash Conversion Rate*(adjusted)Mercedes-Benz Cars0.8 to 1.0Mercedes-Ben

43、z Vans0.6 to 0.8Investment in pp&eMercedes-Benz CarsSignificantly aboveMercedes-Benz VansSignificantly aboveR&D expenditureMercedes-Benz CarsAt prior-year levelMercedes-Benz VansSignificantly above*The adjustments include material adjustments if they lead to significant effects in a reporting period

44、.These material adjustments relate in particular to legal proceedings and related measures,restructuring measures and M&A transactions.*Adjusted Cash Flow before Interest and Taxes(CFBIT)divided by adjusted EBIT.Mercedes-Benz Group Guidance 202426ASSUMPTIONThe premises regarding the economic situati

45、on and the development of automotive markets continue to be characterized by anexceptional degree of uncertainty.In addition to unexpected macroeconomic developments,uncertainties for the globaleconomy and the business development of the Mercedes-Benz Group may arise in particular from geopolitical

46、events and tradepolicy.Among them are the current Middle East conflict,the Russia-Ukraine war and other potential regional crises.Otheruncertainties that are particularly worth mentioning include an exacerbation of tensions between the United States and Chinaand a furtherdeterioration of politicalre

47、lationsbetweenthe EuropeanUnionand China.Further supply chain disruptions and,in particular,availability bottlenecks for critical components remain a significant riskfactor.Sharp rises in energy and commodity prices,higher-than-expected inflation rates and interest rates,potential financialmarket di

48、sruptions and an even more pronounced slowdown in economic growth in individual regions or worldwide may alsohavean impacton the development of the world economy and the automotivemarkets.RevenueAt prior-year levelEBITSlightly belowFree Cash Flow(Industrial Business)Slightly below27Strategicprioriti

49、es We are expanding our leading position as the worlds most valuable luxury automotive brand28$61 bn.Mercedes-Benz brand value 2023 which equals+9%vs.prior year*Interbrand:Best Global Brands 2023Weelevateourphysicalbrandexperiencewithunique“Mercedes moments”29New retail brand conceptNew retail brand

50、 conceptCustomers experience new look and feelalready visible in 30%of showrooms worldwide Brand center networkBrand center networkGlobal expansion to ensure highly individual customer experience for AMG,Maybach&G“The Mercedes“The Mercedes-Benz Way”Benz Way”Train sales and service partners in 28 mar

51、kets until end of 2024 to elevate customer experienceWe put our customer at the center of our businessRetail of the futureRetail of the futureRollout of agency model in full swing.11 markets live today,covering 50%of sales volume in Europe and 30%in OverseaseCommerce&digital customer experienceeComm

52、erce&digital customer experienceOption to buy MB offline and online in40 markets worldwide.MB online store among Top 3 in industry-wide benchmarks*30*Benchmark Studies by Concertare and Psyma in 2023We want to ease the life of our customers with fast,convenient,and reliable charging solutions31Globa

53、l Joint VenturesGlobal Joint VenturesEU:3,300 HPC plugs builtChina:7,000*HPC plugs by 2026North America:30,000*HPC plugs by end of decadeAdding more optionsAdding more optionsAccess to superchargers in North America from 2024 onwards.Integration of NACS starting 2025MB branded HPC networkMB branded

54、HPC network10,000*HPC plugs across our key markets by end of decade*Figures are target valuesWe focus on our main task:Building desirable cars32At Mercedes-Benz,desirability is not a matter of drivetrain33S63“the quiet luxury of driving”BloombergE-Class“debuts a bevy of new tech”Top GearGLC Coup“qua

55、lities that few if any rivals can match”AutocarWe will introduce new tailor-made products to capture further growth potential in China3415new models will be introduced to China in 2024E-Class LWB fond developed in China for ChinaWe are creating new opportunities for profitable growth at the top-end

56、of our product and brand portfolioMaybachMaybach:redefining sophisticated luxury,e.g.rollout MM EQS SUVS S-ClassClass:strengthening position as undisputed market leaderAMGAMG:pushing forward performance luxury with new AMG GT familyG G-ClassClass:evolving the adventurous luxury icon in 2024 35Merced

57、es-Maybach EQS 680 SUV|WLTP:combined power consumption:24.1-22.5 kWh/100km;CO2-emissions:0 g/kmFor our most demanding customers,we will offer even more individualisationand exclusive editions36MythosMythos:First Mythos car next yearExtension of Extension of individualisationindividualisationprogramp

58、rogram:MANUFAKTURCollaborations to shape Collaborations to shape the brandthe brand:MonclerExclusive limited Exclusive limited editionseditions:Maybachby Virgil AblohWith MMA we will redefine what customers can expect at the entry point into the world of Mercedes-Benz37750 km range(WLTP)Up to 400 km

59、 charge in 15 min12 kWh/100 km consumptionUp to 93%drive train efficiencyUp to 300 kW charging power incl.boost150 kW to 400 kW outputBidirectional chargingWe are taking the necessary steps to go all-electric38MB.EAAMG.EAVAN.EAWe are addressing the battery cost challenge3930%possible/kWhbatterycost

60、reduction in coming years while improving efficiency&charging time Improvedvehicleintegration Further developmentofNMC andnext gen LFP CellupdatesduringlifecycleContinuous improvement agreements with suppliers OptimisedcellandmoduledesignCustomers and market conditions will set the pace of the trans

61、formation40BEV:Strategic consistency&ICE:Tactical flexibilityupto50%Will be able to cater to different customer needs until well into2030sxEV sales in 2ndhalf of decade.Our sustainable business strategy“Ambition 2039”goes far beyond our products41RetailRetail:aim fornet-carbon neutralityby 2030 acro

62、ss sales&aftersaleslocationsProductionProduction:aim to cut CO2emissions by 2030 at own plants by 80%*Closing the loopClosing the loop:building battery recycling factory with recycling rate of 96%SourcingSourcing:60%of critical raw material assessment process finalised*Compared to 2018;Scope 1 and 2

63、CHECK Foto:Winter testing CLANext level infotainmentNext level infotainmentHuman-like interaction with generative AI,expansion of digital offering,advanced graphicsOwn operating system MB.OSOwn operating system MB.OSLaunch in 2025 with MMAChipChip-to to-cloud architecturecloud architectureHigh-end c

64、omputers give full access to hard-&software42We are creating an exceptional digital experienceMercedes-Benz continues to pioneer advancements in automated drivingAdvancing DRIVE PILOT(L3)Advancing DRIVE PILOT(L3)Aim to extendspeed to 90 km/h in Germany by end of 2024,plans togo beyond43Launching Lau

65、nching Automatic Lane ChangeAutomatic Lane ChangeFunction introduced in U.S.and China,Europe to follow soonCooperating with NVIDIACooperating with NVIDIAJoint development of future automated driving systems,rollout with MMAWe are continuously optimizing our footprintand our cost baseRetailRetail:eva

66、luating potential sale of own retail business in GermanyProductionProduction:rightsizing industrial footprint,e.g.Jawor:transformation from powertrain into van site,benefit for entire GroupProcurementProcurement:target to reduce material costs in the next years44The essence of our brand and our way

67、forward45ICONICLUXURYLEADING TECHNOLOGYAppendixMercedes-Benz Mobility:Net credit losses*4720080.89%20090.83%20100.43%20110.34%20120.37%20130.31%20140.24%20150.51%20160.26%20170.21%20180.26%20190.33%20200.21%20210.20%20220.29%20230.31%*As percentage of portfolio,subject to credit risk.Mercedes-Benz G

68、roup/Divisional Guidance Ranges*48Specification/Specification/KPIKPISignificantly Significantly belowbelowSlightly belowSlightly belowAt priorAt prior-year year levellevelSlightly aboveSlightly aboveSignificantly Significantly aboveaboveRevenue/Revenue/Unit SalesUnit SalesX -7.5%-7.5%X -2%-2%X +2%+2

69、%+7.5%EBIT(Group)EBIT(Group)X -15%-15%X-5%-5%X +5%+5%+15%FCF IBFCF IBX -25%-25%X -10%-10%X +10%+10%+25%Investments/Investments/R&DR&DX -10%-10%X -2.5%-2.5%X +2.5%+2.5%+10%CO2 emission*CO2 emission*X 5%-5%X -2.5%-2.5%X +2.5%+2.5%+5%*X=Actual Guidance Figure*Europe(European Union,Norway,Island).Only r

70、elevant up to 2023.Disclaimer This 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-l

71、ooking statements.These statements are subject to many risks and uncertainties,including an adverse development of global economic conditions,in particular a negative change in market conditions in our most important markets;adeterioration of our refinancing possibilities on the credit and financial

72、 markets;events of force majeure including natural disasters,pandemics,acts of terrorism,political unrest,armed conflicts,industrial accidents and their effects on our sales,purchasing,production or financial services activities;changes in currency exchange rates,customs and foreign trade provisions

73、;changes in laws,regulations and government policies(or changes in their interpretation),particularly those relating to vehicle emissions,fuel economy and safety or to ESG reporting(environmental,social or governance topics);price increases for fuel,raw materials or energy;disruption of production d

74、ue to shortages of materials or energy,labour strikes or supplier insolvencies;a shift in consumer preferences towards smaller,lower-margin vehicles;a limited demand for all-electric vehicles;a possible lack of acceptance of our products or services which limits our ability to achieve prices and ade

75、quately utilize our production capacities;a decline in resale prices of used vehicles;the effective implementation of cost-reduction and efficiency-optimization measures;the business outlook for companies in which we hold a significant equity interest;the successful implementation of strategic coope

76、rations and joint ventures;the resolution of pending governmental investigations or of investigations requested by governments and the outcome ofpending or threatened future legal proceedings;and other risks and uncertainties,some of which are described under the heading“Risk and Opportunity Report”

77、in this Annual Report.If any of these risks and uncertainties materializes or if the assumptions underlying any of our forward-looking statements prove to be incorrect,the 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 since they are based solely on the circumstances at the date of publication.49