Daimler: Net profit almost doubles in first quarter of 2014

• Total unit sales of 565,800 vehicles at record level in first quarter

• Revenue up by 13% to €29.5 billion

• Disproportionately high increase in Group EBIT to €1,787 million (Q1 2013: €917 million)

• Net profit of €1,086 million (Q1 2013: €564 million)

• Significant growth in unit sales and revenue expected

• Group EBIT from ongoing business anticipated to be significantly higher than in 2013

• Dr. Dieter Zetsche: "Our strategy is paying off; our investments are bearing fruit. We made a good start to the year, as expected."

Daimler AG (ticker symbol DAI) started the year 2014 with significant growth in unit sales, revenue and earnings. Worldwide, the Group sold 565,800 cars and commercial vehicles in the first quarter – more than ever before – and thus increased its unit sales by 13% compared with the prior-year period. Despite unfavourable exchange rate developments, revenue increased by 13% to €29.5 billion. Group EBIT rose to €1,787 million (Q1 2013: €917 million). Net profit reached €1,086 million (Q1 2013: €564 million), and thus nearly doubled compared with the prior-year period.

"Our strategy is paying off; our investments are bearing fruit," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. "We made a good start to this year, as expected. As the year progresses, we will continue working systematically on our profitable growth path."

The significant increase in earnings at the beginning of the year was influenced by the very positive development of unit sales and revenue, a better model mix and further efficiency gains at all divisions. Foreign exchange rates had a negative impact on EBIT in the first quarter. The hedging of the investment in Tesla and the disposal of the shares in Rolls-Royce Power Systems Holding GmbH (RRPSH) resulted in expenses of €161 million and €118 million respectively. Without those two special items, operating profit would have more than doubled compared with the prior-year period. EBIT from the ongoing business increased to €2,072 million (Q1 2013: €949 million). The sale of the shares in Rolls-Royce Power Systems Holding and the changeover from the equity-method measurement of the shares in Tesla to first-time fair-value measurement at the reference date March 31, 2014, will lead to a significant contribution to earnings of approximately €1.7 billion.

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