Daimler Third-Quarter Cash Flow Better Than Market Expectations
- Earnings also better than anticipated
STUTTGART, Germany, Oct. 19 /PRNewswire-FirstCall/ -- Daimler AG
(stock-exchange abbreviation DAI) today presented its preliminary figures for
the third quarter of 2009.
Group revenue amounted to euro 19.3 billion, while Group EBIT including
adjustments and special items at Freightliner and Fuso amounted to euro 470
million; the industrial business generated a free cash flow of euro 2.3
billion in the first nine months of this year (Q3 2009: euro 2.0 billion).
The divisions' earnings (EBIT) were as follows:
-- Mercedes-Benz Cars: euro 355 million
-- Daimler Trucks: minus euro 127 million
-- Mercedes-Benz Vans: euro 1 million
-- Daimler Buses: euro 23 million
-- Daimler Financial Services: euro 101 million
The industrial business generated a free cash flow of euro 2.3 billion in the
first nine months of this year (Q3 2009: euro 2.0 billion). Net liquidity thus
increased to approximately euro 6.7 billion at September 30, 2009.
The free cash flow of the industrial business in the third quarter was
affected by an increase in liabilities due to the higher production volume
after the production break in August, as well as positive management of
accounts receivables. There was also an impact from payments within the Group
that were received by the industrial business from the financial services
business within the context of fiscal unities (euro 0.6 billion).
Daimler anticipates a positive free cash flow in the industrial business in
full-year 2009.
These figures surpass analysts' consensus estimates of which the Group is
currently aware.
The Daimler Group will publish further details of its quarterly financial
statements on October 27, 2009.
Further information on Daimler is available on the internet:
www.media.daimler.com.
This document contains forward-looking statements that reflect our current
views about future events. The words "anticipate," "assume," "believe,"
"estimate," "expect," "intend," "may," "plan," "project," "should" and similar
expressions are used to identify forward-looking statements. These statements
are subject to many risks and uncertainties, including a lack of or a
considerable delay in improvement or a further deterioration of global
economic conditions; a continuation or worsening of the tense situation in the
credit and financial markets, which could result in ongoing high borrowing
costs or limit our funding flexibility; changes in currency exchange rates and
interest rates; the introduction of competing, fuel-efficient products and the
possible lack of acceptance of our products or services, which may limit our
ability to adequately utilize our production capacities or raise prices; price
increases in fuel, raw materials and precious metals; disruption of production
due to shortages of materials, labor strikes, or supplier insolvencies; a
further decline in resale prices of used vehicles; the effective
implementation of cost-reduction and efficiency-optimization programs at all
of our segments, including the repositioning of our truck activities in the
NAFTA region and in Asia; the business outlook of companies in which we hold
an equity interest, most notably EADS; changes in laws, regulations and
government policies, particularly those relating to vehicle emissions, fuel
economy and safety; the resolution of pending governmental investigations and
the outcome of pending or threatened future legal proceedings; and other risks
and uncertainties, some of which we describe under the heading "Risk Report"
in Daimler's most recent Annual Report and under the headings "Risk Factors"
and "Legal Proceedings" in Daimler's most recent Annual Report on Form 20-F
filed with the Securities and Exchange Commission. If any of these risks and
uncertainties materialize, or if the assumptions underlying any of our
forward-looking statements prove incorrect, then our 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. Any forward-looking statement speaks only as of the date on which
it is made.
About Daimler
Daimler AG, Stuttgart, with its businesses Mercedes-Benz Cars, Daimler Trucks,
Daimler Financial Services, Mercedes-Benz Vans and Daimler Buses, is a
globally leading producer of premium passenger cars and the global market
leader of heavy- and medium-duty trucks as well as buses. The Daimler
Financial Services division has a broad offering of financial services,
including vehicle financing, leasing, insurance and fleet management. Daimler
sells its products in nearly all the countries of the world and has production
facilities on five continents. The company's founders, Gottlieb Daimler and
Carl Benz, continued to make automotive history following their invention of
the automobile in 1886. As an automotive pioneer, Daimler and its employees
willingly accept an obligation to act responsibly towards society and the
environment and to shape the future of safe and sustainable mobility with
groundbreaking technologies and high-quality products. The current brand
portfolio includes the world's most valuable automobile brand, Mercedes-Benz,
as well as smart, AMG, Maybach, Freightliner, Western Star, Mitsubishi Fuso,
Setra, Orion and Thomas Built Buses. The company is listed on the stock
exchanges in Frankfurt, New York and Stuttgart (stock exchange abbreviation
DAI). In 2008, the Group sold 2.1 million vehicles and employed a workforce of
over 270,000 people; revenue totaled euro 95.9 billion and EBIT amounted to
euro 2.7 billion. Daimler is an automotive Group with a commitment to
excellence, and aims to achieve sustainable growth and industry-leading
profitability.
SOURCE Daimler Communications
Han Tjan, +1-212-909-9061, or Thomas Frohlich, +49-711-17-41361
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