Following a better than expected market recovery and a strong June performance, Daimler Group adjusted EBIT, Mercedes-Benz Cars & Vans adjusted EBIT and Daimler’s Industrial Free Cash Flow for the second quarter of 2020 are all above market expectations.
Daimler’s deployment of extensive cash preservation measures plus the favourable demand-driven development of working capital combined to deliver positive Industrial free cash flow in the second quarter.
“This has been a complex quarter. We took proactive decisions on costs and spending and focused intensely on working capital management. We were then able to seize opportunities allowed by the market recovery, thanks to our compelling product line-up,” said Ola Källenius, Chairman of the Board of Management of Daimler AG and Mercedes-Benz AG.
“We also announced key strategic partnerships in electrification and vehicle software during the quarter that position us well for the future. However, there is still much to do. Our systematic efforts to lower the breakeven of the company by reducing costs and adjusting capacity will need to continue.”
The following stated figures for the second quarter 2020 are preliminary and unaudited:
- Industrial Free Cash Flow: €685 million
- Net Industrial Liquidity: €9.5 billion (Q1 2020: €9.3 billion)
- Daimler Group EBIT: – €1,682 million; adjusted EBIT: – €708 million
- Mercedes-Benz Cars & Vans EBIT: – €1,125 million; adjusted EBIT: – €284 million
- Daimler Trucks & Buses EBIT: – €756 million: adjusted EBIT: – €747 million
- Daimler Mobility EBIT: €205 million; adjusted EBIT: €313 million
The full quarterly results will be published on 23 July.