Daimler Group

Profit Statement 2015 2016 2017
Sales EUR mil 149,467 153,261 164,330
Gross Profit EUR mil 58,130 45,336 50,276
EBITDA EUR mil 18,570 18,380 20,358
EBIT EUR mil 13,186 12,902 14,682
Financing Cost EUR mil 442 41.0 598
Pre-Tax Profit EUR mil 12,744 12,574 14,301
Net Profit EUR mil 8,424 8,526 10,525
Dividends EUR mil 3,477 3,477 3,905
Balance Sheet 2015 2016 2017
Total Assets EUR mil 217,166 242,988 255,605
Non-Current Assets EUR mil 125,319 140,936 148,870
Current Assets EUR mil 91,847 102,052 106,735
Working Capital EUR mil 22,266 24,431 25,202
Shareholders' Equity EUR mil 54,624 59,133 65,314
Liabilities EUR mil 162,542 183,855 190,291
Total Debt EUR mil 101,142 117,686 127,124
Net Debt EUR mil 91,206 106,705 115,052
Ratios 2015 2016 2017
ROE % 17.0 15.0 16.9
ROCE % 6.03 5.45 6.20
Gross Margin % 38.9 29.6 30.6
EBITDA Margin % 12.4 12.0 12.4
EBIT Margin % 8.82 8.42 8.93
Net Margin % 5.64 5.56 6.40
Net Debt/EBITDA 4.91 5.81 5.65
Net Debt/Equity % 167 180 176
Cost of Financing % 0.471 0.037 0.489
Valuation 2015 2016 2017
Market Capitalisation USD mil 90,357 79,893 90,796
Enterprise Value (EV) USD mil 189,653 192,573 228,714
Number Of Shares mil 1,070 1,070 1,070
Share Price EUR 77.6 70.7 70.8
EV/EBITDA 8.91 9.77 10.0
EV/Sales 1.11 1.17 1.24
Price/Earnings (P/E) 9.85 8.87 7.20
Price/Book Value (P/BV) 1.52 1.28 1.16
Dividend Yield % 4.19 4.60 5.16

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summary Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                              
Sales EUR mil ...                               106,540 114,297 117,982 129,872 149,467    
Gross Profit EUR mil ...                               42,941 47,617 48,319 52,790 58,130    
EBIT EUR mil ...                               8,755 8,820 10,815 10,752 13,186    
Net Profit EUR mil ...                               5,667 6,428 6,842 6,962 8,424    
ROE % ... ...                             14.3 15.9 16.5 15.8 17.0    
EBIT Margin % ...                               8.22 7.72 9.17 8.28 8.82    
Net Margin % ...                               5.32 5.62 5.80 5.36 5.64    
Employees ...                               267,274 274,605 275,384 279,857 284,562    
balance sheet                                              
Total Assets EUR mil ... ...                             148,132 163,062 168,518 189,635 217,166    
Non-Current Assets EUR mil ... ...                             87,014 95,520 98,077 112,490 125,319    
Current Assets EUR mil ... ...                             61,118 67,458 70,441 77,145 91,847    
Shareholders' Equity EUR mil ... ...                             41,337 39,330 43,363 44,584 54,624    
Liabilities EUR mil ... ...                             106,795 123,732 125,155 145,051 162,542    
Non-Current Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...             51,940 65,016 66,047 78,077 85,461    
Current Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...             54,855 58,716 59,108 66,974 77,081    
Net Debt/EBITDA ... ...                             4.27 5.06 4.39 4.89 4.91    
Net Debt/Equity % ... ...                             127 166 154 173 167    
Cost of Financing % ... ... ...                           0.528 1.02 0.878 0.704 0.471    
cash flow                                              
Total Cash From Operations EUR mil ... ...                             -696 -1,100 3,285 -1,274 222    
Total Cash From Investing EUR mil ... ...                             -6,537 -8,864 -6,829 -2,709 -9,722    
Total Cash From Financing EUR mil ... ...                             5,842 11,506 3,855 2,274 9,631    
Net Change In Cash EUR mil ... ...                             -1,391 1,542 311 -1,709 131    
valuation                                              
Market Capitalisation USD mil ... ... ...                           46,916 58,211 92,763 89,322 90,357    
Number Of Shares mil ...                               1,067 1,067 1,069 1,070 1,070    
Share Price EUR ... ... ...                           33.9 41.3 62.9 69.0 77.6    
Earnings Per Share (EPS) EUR ...                               5.31 6.02 6.40 6.51 7.87    
Book Value Per Share EUR ... ...                             38.7 36.9 40.6 41.7 51.1    
Dividend Per Share EUR ...                               2.20 2.20 2.25 2.45 3.25    
Price/Earnings (P/E) ... ... ...                           6.39 6.86 9.83 10.6 9.85    
Price/Book Value (P/BV) ... ... ...                           0.876 1.12 1.55 1.65 1.52    
Dividend Yield % ... ... ...                           6.48 5.33 3.58 3.55 4.19    
Earnings Per Share Growth % ... ...                             24.1 13.4 6.24 1.69 21.0    
Book Value Per Share Growth % ... ... ...                           7.32 -4.86 10.0 2.75 22.5    
income statement Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                              
Sales EUR mil ...                               106,540 114,297 117,982 129,872 149,467    
Cost of Goods & Services EUR mil ...                               63,599 66,680 69,663 77,082 91,337    
Gross Profit EUR mil ...                               42,941 47,617 48,319 52,790 58,130    
Staff Cost EUR mil ...                               17,424 18,002 18,753 19,607 20,949    
Other Cost EUR mil ...                               13,187 16,728 14,383 17,432 18,611    
EBITDA EUR mil ...                               12,330 12,887 15,183 15,751 18,570    
Depreciation EUR mil ...                               3,575 4,067 4,368 4,999 5,384    
EBIT EUR mil ...                               8,755 8,820 10,815 10,752 13,186    
Financing Cost EUR mil ...                               306 704 676 579 442    
Extraordinary Cost EUR mil ...                               0 0 0 0 0    
Pre-Tax Profit EUR mil ...                               8,449 8,116 10,139 10,173 12,744    
Tax EUR mil ...                               2,420 1,286 1,419 2,883 4,033    
Minorities EUR mil ...                               362 402 1,878 328 287    
Net Profit EUR mil ...                               5,667 6,428 6,842 6,962 8,424    
Dividends EUR mil                                 2,346 2,349 2,407 2,621 3,477    
growth rates                                              
Total Revenue Growth % ... ...                             8.98 7.28 3.22 10.1 15.1    
Operating Cost Growth % ... ...                             7.07 13.5 -4.59 11.8 6.81    
EBITDA Growth % ... ...                             15.9 4.52 17.8 3.74 17.9    
EBIT Growth % ... ...                             20.4 0.742 22.6 -0.583 22.6    
Pre-Tax Profit Growth % ... ...                             27.5 -3.94 24.9 0.335 25.3    
Net Profit Growth % ... ...                             26.0 13.4 6.44 1.75 21.0    
ratios                                              
ROE % ... ...                             14.3 15.9 16.5 15.8 17.0    
ROCE % ... ... ...                           5.83 6.02 6.05 5.66 6.03    
Gross Margin % ...                               40.3 41.7 41.0 40.6 38.9    
EBITDA Margin % ...                               11.6 11.3 12.9 12.1 12.4    
EBIT Margin % ...                               8.22 7.72 9.17 8.28 8.82    
Net Margin % ...                               5.32 5.62 5.80 5.36 5.64    
Payout Ratio % ...                               41.4 36.5 35.2 37.6 41.3    
Cost of Financing % ... ... ...                           0.528 1.02 0.878 0.704 0.471    
Net Debt/EBITDA ... ...                             4.27 5.06 4.39 4.89 4.91    
balance sheet Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                              
Non-Current Assets EUR mil ... ...                             87,014 95,520 98,077 112,490 125,319    
Property, Plant & Equipment EUR mil ... ...                             19,180 20,599 21,779 23,182 24,322    
Intangible Assets EUR mil ... ...                             8,259 8,885 9,388 9,367 10,069    
Goodwill EUR mil ... ...                             736 729 681 740 727    
Current Assets EUR mil ... ...                             61,118 67,458 70,441 77,145 91,847    
Inventories EUR mil ... ...                             17,081 17,720 17,349 20,864 23,760    
Receivables EUR mil ... ...                             6,964 7,543 7,803 8,634 9,054    
Cash & Cash Equivalents EUR mil ... ...                             9,576 10,996 11,053 9,667 9,936    
Total Assets EUR mil ... ...                             148,132 163,062 168,518 189,635 217,166    
Shareholders' Equity EUR mil ... ...                             41,337 39,330 43,363 44,584 54,624    
Of Which Minority Interest EUR mil ... ...                             1,713 1,425 683 919 1,063    
Liabilities EUR mil ... ...                             106,795 123,732 125,155 145,051 162,542    
Non-Current Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...             51,940 65,016 66,047 78,077 85,461    
Long-Term Debt EUR mil ... ...                             35,466 43,340 44,746 50,399 59,831    
Deferred Tax Liabilities EUR mil ... ...                             1,081 268 892 1,070 2,215    
Current Liabilities EUR mil ... ... ... ... ... ... ... ... ... ...             54,855 58,716 59,108 66,974 77,081    
Short-Term Debt EUR mil ... ...                             26,701 32,911 32,992 36,290 41,311    
Trade Payables EUR mil ... ...                             9,515 8,832 9,086 10,178 10,548    
Provisions EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 6,292 6,619 7,267 9,710    
Equity And Liabilities EUR mil ... ...                             148,132 163,062 168,518 189,635 217,166    
growth rates                                              
Total Asset Growth % ... ... ...                           9.06 10.1 3.35 12.5 14.5    
Shareholders' Equity Growth % ... ... ...                           8.92 -4.86 10.3 2.82 22.5    
Net Debt Growth % ... ... ...                           22.9 24.1 2.19 15.5 18.4    
Total Debt Growth % ... ... ...                           15.8 22.7 1.95 11.5 16.7    
ratios                                              
Total Debt EUR mil ... ...                             62,167 76,251 77,738 86,689 101,142    
Net Debt EUR mil ... ...                             52,591 65,255 66,685 77,022 91,206    
Working Capital EUR mil ... ...                             14,530 16,431 16,066 19,320 22,266    
Capital Employed EUR mil ... ...                             101,544 111,951 114,143 131,810 147,585    
Net Debt/Equity % ... ...                             127 166 154 173 167    
Cost of Financing % ... ... ...                           0.528 1.02 0.878 0.704 0.471    
cash flow Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                              
Net Profit EUR mil ...                               5,667 6,428 6,842 6,962 8,424    
Depreciation EUR mil ...                               3,575 4,067 4,368 4,999 5,384    
Non-Cash Items EUR mil ... ... ...                           -9,487 -9,694 -8,290 -9,981 -10,640    
Change in Working Capital EUR mil ... ... ...                           -451 -1,901 365 -3,254 -2,946    
Total Cash From Operations EUR mil ... ...                             -696 -1,100 3,285 -1,274 222    
Capital Expenditures EUR mil ... ...                             -4,158 -6,657 -6,907 -6,307 -7,336    
Other Investments EUR mil ... ...                             -2,379 -2,207 78.0 3,598 -2,386    
Total Cash From Investing EUR mil ... ...                             -6,537 -8,864 -6,829 -2,709 -9,722    
Dividends Paid EUR mil ... ...                             -2,346 -2,349 -2,407 -2,621 -3,477    
Issuance Of Debt EUR mil ... ... ...                           8,485 14,084 1,487 8,951 14,453    
Total Cash From Financing EUR mil ... ...                             5,842 11,506 3,855 2,274 9,631    
Net Change In Cash EUR mil ... ...                             -1,391 1,542 311 -1,709 131    
ratios                                              
Days Sales Outstanding days ... ...                             23.9 24.1 24.1 24.3 22.1    
Days Sales Of Inventory days ... ...                             98.0 97.0 90.9 98.8 94.9    
Days Payable Outstanding days ... ...                             54.6 48.3 47.6 48.2 42.2    
Cash Conversion Cycle days ... ...                             67.3 72.7 67.4 74.9 74.9    
Cash Earnings EUR mil ...                               9,242 10,495 11,210 11,961 13,808    
Cash Earnings Per Share EUR ...                               8.66 9.84 10.5 11.2 12.9    
Price/Cash Earnings (P/CE) ... ... ...                           3.92 4.20 6.00 6.17 6.01    
Free Cash Flow EUR mil ... ...                             -7,233 -9,964 -3,544 -3,983 -9,500    
Free Cash Flow Yield % ... ... ...                           -21.4 -22.0 -5.07 -5.75 -12.1    
other data Unit 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                              
ROA % ... ...                             3.99 4.13 4.13 3.89 4.14    
Gross Margin % ...                               40.3 41.7 41.0 40.6 38.9    
Employees ...                               267,274 274,605 275,384 279,857 284,562    
Cost Per Employee USD per month ...                               7,554 7,014 7,533 7,526 7,032    
Cost Per Employee (Local Currency) EUR per month ...                               5,433 5,463 5,675 5,838 6,135    
Staff Cost (As % Of Total Cost) % ...                               17.8 17.1 17.5 16.5 15.4    
Effective Tax Rate % ...                               28.6 15.8 14.0 28.3 31.6    
Enterprise Value (EV) USD mil ... ... ...                           115,084 144,322 184,692 182,546 189,653    
EV/EBITDA ... ... ...                           6.71 8.72 9.16 8.99 8.91    
EV/Capital Employed ... ... ...                           0.874 0.977 1.17 1.14 1.18    
EV/Sales ... ... ...                           0.777 0.983 1.18 1.09 1.11    
EV/EBIT ... ... ...                           9.45 12.7 12.9 13.2 12.5    
Domestic Sales EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 20,227 20,449 22,001    
Capital Expenditures (As % of Sales) % ... ...                             3.90 5.82 5.85 4.86 4.91    
Revenues From Abroad EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 97,755 109,423 127,466    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 82.9 84.3 85.3    
Price Per Vehicle Sold EUR ... ...                             50,733 52,000 50,128 51,011 52,389    
EBIT Per Vehicle Sold EUR ... ...                             4,169 4,013 4,595 4,223 4,622    
Net Profit Per Vehicle Sold EUR ... ...                             2,699 2,924 2,907 2,735 2,953    
Price Per Vehicle Sold (USD) USD ... ...                             70,540 66,765 66,545 65,752 60,054    
EBIT Per Vehicle Sold (USD) USD ... ...                             5,797 5,152 6,100 5,444 5,298    
Net Profit Per Vehicle Sold (USD) USD ... ...                             3,752 3,755 3,859 3,525 3,385    
Sales From Automotive EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 106,048 109,254 120,159 136,973 ... ...
Production of Vehicles vehicles ... ... ... ... ... ... ... ... ... ... ... ...         2,137,240 2,195,150 2,384,080 2,582,320 2,923,710    
Sales of Vehicles vehicles ... ...                             2,100,000 2,198,030 2,353,620 2,545,980 2,853,010    
Sales of Vehicles At Home vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 394,083 386,960 411,763 452,167 ... ...
Exports Of Vehicles vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,803,950 1,966,660 2,134,220 2,400,850 ... ...
Exports (As % Of Total Vehicles Sold) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 82.1 83.6 83.8 84.2 ... ...
Sales of Mercedes-Benz Cars vehicles ... ...                             1,381,420 1,451,570 1,565,560 1,722,560 2,001,440    
Sales of Smart vehicles ... ... ...                           99,700 105,700 98,000 92,000 121,000    
Sales of Daimler Trucks vehicles ... ... ... ... ... ... ... ... ... ... ...           425,756 461,954 484,211 495,668 502,478    
Sales of Mercedes-Benz Vans vehicles ... ... ... ... ... ... ... ... ... ... ...           264,193 252,418 270,144 294,594 321,017    
Sales of Daimler Buses vehicles ... ... ... ... ... ... ... ... ... ... ...           39,741 32,088 33,705 33,162 28,081    
Sales of Other Commercial Vehicles vehicles ... ...                   ... ... ... ... ... ... ... ... ... ... ... ...
Production of Mercedes-Benz Cars vehicles ... ...                             1,392,080 1,455,650 1,588,660 1,754,120 2,059,820    
Production of Daimler Trucks vehicles ... ... ... ... ... ... ... ... ... ... ...           435,918 450,622 490,280 497,710 506,663    
Production of Mercedes-Benz Vans vehicles ... ... ... ... ... ... ... ... ... ... ...           268,851 257,496 270,675 299,008 328,129    
Production of Daimler Buses vehicles ... ... ... ... ... ... ... ... ... ... ...           40,391 31,384 34,467 31,485 29,092    
Revenues of Mercedes-Benz Cars EUR mil ... ...                             57,410 61,660 64,307 73,584 83,809    
Revenues of Daimler Trucks EUR mil ... ... ... ... ... ... ... ... ... ... ...           28,751 31,389 31,473 32,389 37,578    
Revenues of Mercedes-Benz Vans EUR mil ... ... ... ... ... ... ... ... ... ...             9,179 9,070 9,369 9,968 11,473    
Revenues of Daimler Buses EUR mil ... ... ... ... ... ... ... ... ... ...             4,418 3,929 4,105 4,218 4,113    
EBIT of Mercedes-Benz Cars EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,006 5,853 7,926    
EBIT of Daimler Trucks EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1,637 1,878 2,576    
EBIT of Mercedes-Benz Vans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 631 682 880    
EBIT of Daimler Buses EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 124 197 214    
Sales of A-/B-Class vehicles ... ... ... ... ... ... ... ... ...               192,300 231,100 384,000 387,000 425,000    
Sales of C-/CLK-/SLK-Class vehicles ... ... ... ... ... ... ... ... ...               411,800 425,000 357,000 342,000 470,000    
Sales of E-/CLS-Class vehicles ... ... ... ... ... ... ... ... ...               340,100 313,600 332,000 329,000 306,000    
Sales of S-/CL-/SL-Class/SLR/Maybach vehicles ... ... ... ... ... ... ... ... ...               80,700 80,700 71,000 115,000 106,000    
Sales of M-/R-/GL-/GLK-/G-Class vehicles ... ... ... ... ... ... ... ... ...               254,300 295,400 323,000 426,000 543,000    
Price Per Mercedes-Benz Car Sold EUR ... ...                             41,559 42,478 41,076 42,718 41,874    
Price Per Daimler Truck Sold EUR ... ... ... ... ... ... ... ... ... ... ...           67,529 67,948 64,999 65,344 74,785    
Price Per Mercedes-Benz Van Sold EUR ... ... ... ... ... ... ... ... ... ... ...           34,744 35,933 34,682 33,836 35,740    
Price Per Daimler Bus Sold EUR ... ... ... ... ... ... ... ... ... ... ...           111,170 122,445 121,792 127,194 146,469    
EBIT Per Mercedes-Benz Car Sold EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,559 3,398 3,960    
EBIT Per Daimler Truck Sold EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,381 3,789 5,127    
EBIT Per Mercedes-Benz Van Sold EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2,336 2,315 2,741    
EBIT Per Daimler Bus Sold EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,679 5,941 7,621    
Price Per Mercedes-Benz Car Sold (USD) USD ... ...                             57,783 54,540 54,528 55,063 48,001    
Price Per Daimler Truck Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ...           93,893 87,242 86,285 84,228 85,727    
Price Per Mercedes-Benz Van Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ...           48,307 46,135 46,040 43,615 40,969    
Price Per Daimler Bus Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ...           154,570 157,212 161,678 163,952 167,899    
EBIT Per Mercedes-Benz Car Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,397 4,380 4,540    
EBIT Per Daimler Truck Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,488 4,884 5,877    
EBIT Per Mercedes-Benz Van Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,101 2,984 3,142    
EBIT Per Daimler Bus Sold (USD) USD ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 4,884 7,657 8,736    

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Daimler-Motoren-Gesellschaft was a German engine and later automobile manufacturer. Founded by Gottlieb Daimler and Wilhelm Maybach, the enterprise was begun to produce petrol engines but after the success of a small number of racing cars built on contract by Wilhelm Maybach for Emil Jellinek, it began to produce the Mercedes model of 1902. Because of the post-WWI German economic crisis, in 1926 DMG merged with Benz & Cie., becoming Daimler-Benz and adopting Mercedes-Benz as its automobile trademark. Mercedes-Benz introduced many technological and safety innovations that later became common in other vehicles. Mercedes-Benz is one of the best-known and most established automotive brands in the world, and is also the world's oldest automotive brand still in existence today

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