Daimler reports on successful second quarter

The earnings posted by Daimler AG (ticker symbol DAI) for the second quarter of 2013 were significantly higher than in the second quarter of last year and than the market expected. Daimler's Group EBIT for the period of April through June amounted to €5,242 million (Q2 2012: €2,268 million). Earnings for the second quarter were boosted by a gain totaling €3.2 billion related to the remeasurement and to the sale of the remaining EADS shares. As a result of that transaction, net profit amounted to €4,583 million (Q2 2012: €1,565 million). Earnings per share amounted to €2.65 (Q2 2012: €1.39); adjusted for the EADS effect, earnings per share were €1.25.

"As we previously announced, our earnings in the second quarter improved significantly compared with the first three months of the year and exceeded market expectations. This represents progress in our earnings development, but no cause for complacency. We will continue to work hard on achieving our goals," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars.

"We presented the new S-Class in May, which met with an excellent response, and our compact-car offensive is also continuing very successfully. The completely upgraded range of Mercedes-Benz trucks in Europe, the first to be fully available with Euro VI emission technology, has also been very well received by the customers. As a result of our new products, the increasing impact of the efficiency programs running in all business units and the further development of the markets that are especially important for us, we can assume that our earnings in the second half of 2013 will be significantly better than in the first six months of the year," continued Dr. Zetsche.

"The free cash flow of the industrial business was at the encouragingly high level of €3.5 billion because both the ongoing business operations and the sale of the remaining shares in EADS led to cash inflows in the second quarter. At the same time, we continue to invest in products and projects that underpin our future growth," explained Bodo Uebber, Member of the Board of Management of Daimler AG for Finance & Controlling and Financial Services.

At the Mercedes-Benz Cars division, growth in unit sales in the second quarter was not fully reflected in earnings, primarily due to the changed product mix. And Daimler Trucks' earnings were reduced by ongoing weak demand, especially in Asia and Western Europe. Mercedes-Benz Vans and Daimler Buses improved their earnings in the second quarter of 2013, while Daimler Financial Services' EBIT decreased.

The compounding of non-current provisions and effects resulting from higher discount factors led to income of €13 million in the second quarter (Q2 2012: expenses of €77 million). Exchange-rate effects had a slightly positive impact on EBIT.

The special items that affected EBIT in the second quarter are shown in the table on page 11.

Unit sales up by 6% compared with prior-year quarter

In the second quarter of 2013, the Daimler Group sold 605,800 cars and commercial vehicles worldwide, surpassing the prior-year by 6%.

The Daimler Group's second-quarter revenue amounted to €29.7 billion, which is 3% higher than in the second quarter of last year. Adjusted for exchange-rate effects, revenue grew by 5%.

The free cash flow amounted to €2.3 billion in the first half of 2013. The net liquidity of the industrial business of €11.3 billion was slightly below the level of December 31, 2012.

At the end of the second quarter of 2013, Daimler employed 276,044 people worldwide (end of Q2 2012: 273,749). Of that total, 167,926 were employed in Germany (end of Q2 2012: 166,477), 21,555 in the United States (end of Q2 2012: 22,137), 14,348 in Brazil (end of Q2 2012: 14,712) and 11,404 in Japan (end of Q2 2012: 11,417). The consolidated subsidiaries in China employed 1,834 people at the end of the second quarter (end of Q2 2012: 2,374). The decreased headcount in China resulted from the integration of the sales organizations for cars into a non-consolidated joint-venture company. In South Africa, employees in sales functions were previously allocated to the Mercedes-Benz Cars division and are now reported within the sales organization.

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