Daimler Annual Report 2020

Annual Report 2020

2 ANNUAL REPORT 2020 | Key Figures for the Daimler Group

Key Figures for the Daimler Group

amounts in millions

Unit sales Revenue EBIT Adjusted EBIT Net profit Earnings per share (in ) Dividend per share (in ) Free cash flow of the industrial business Adjusted free cash flow of the industrial business Net liquidity of the industrial business (December 31) Investment in property, plant and equipment Research and development expenditure Employees (December 31)

1 Adjusted for the effects of currency translation, revenue decreased by 9%.

2020

2,840,402 154,309 6,603 8,641 4,009 3.39 1.35 8,259 9,155 17,855 5,741 8,614 288,481

2019

2020/2019 % change

3,344,951 172,745 4,313 10,276 2,709 2.22 0.90 1,368 2,709 10,997 7,199 9,662 298,655

-15 -111 +53 -16 +48 +53 +50 +504 +238 +62 -20 -11 -3

ANNUAL REPORT 2020 | Key Figures for the Divisions 3

Key Figures for the Divisions

amounts in millions

Mercedes-Benz Cars & Vans Unit sales Revenue EBIT Adjusted EBIT Return on sales (in %) Adjusted return on sales (in %) CFBIT Adjusted CFBIT Adjusted cash conversion rate1 Investment in property, plant and equipment Research and development expenditure

thereof capitalized CO2 emissions of our total passenger new car fleet in Europe Employees (December 31)

Daimler Trucks & Buses Unit sales Revenue EBIT Adjusted EBIT Return on sales (in %) Adjusted return on sales (in %) CFBIT Adjusted CFBIT Adjusted cash conversion rate1 Investment in property, plant and equipment Research and development expenditure

thereof capitalized Employees (December 31)

Daimler Mobility Revenue EBIT Adjusted EBIT Return on equity (in %) Adjusted return on equity (in %) New business Contract volume (December 31) Investment in property, plant and equipment Employees (December 31) 1The adjusted cash conversion rate is the ratio of adjusted CFBIT to adjusted EBIT.

2020

2,461,884 98,576 5,172 6,802 5.2 6.9 7,048 7,917 1.2 4,862 7,199 2,391 104

170.515

378,518 34,671 525 678 1.5 2.0 2,513 2,513 3.7 789 1,488 107 99,640

27,699 1,436 1,595 9.8 10.9

67,786 150,553

39 11,650

2019

2,823,818 106,897 -109 6,151 -0.1 5.8 598 1,939 0.3 5,869 8,061 3,000 137 177,187

521,133 44,429 2,672 2,672 6.0 6.0 2,654 2,654 1.0 1,105 1,689 76

101,639

28,646 2,140 1,827 15.3 13.1

74,377 162,843

87 12,680

2020/2019 % change

-13 -8 .

+11 . . .

+308 .

-17 -11 -20 -24

-4

-27 -22 -80 -75

. . -5 -5 . -29 -12 +41 -2

-3 -33 -13

. . -9 -8 -55 -8

4 ANNUAL REPORT 2020 | Our Brands

Our Brands

Daimler AG is one of the world's most successful automotive companies. With its Mercedes-Benz Cars & Vans, Daimler Trucks & Buses and Daimler Mobility divisions, the Group is one of the leading global suppliers of premium and luxury cars and one of the world's largest manufacturer of commercial vehicles. Daimler Mobility offers financing, leasing, fleet management, investments and insurance brokerage, as well as innovative mobility services. For more information:

Contents

09 To Our

Shareholders

Corporate Governance

136

ANNUAL REPORT 2020 | CONTENTS 5

Combined Management Report with Non-Financial Statement

35

Consolidated Financial Statements

Further Information

154

253

Annual Report 2020

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6 ANNUAL REPORT 2020 | CONTENTS

To Our Shareholders

09

Letter from the CEO The Board of Management Report of the Supervisory Board The Supervisory Board Daimler and the Capital Market Objectives and Strategy

The role of Daimler AG Sustainability as an integral part of our corporate strategy Integrity as a guiding principle Mercedes-Benz Cars strategy Mercedes-Benz Vans strategy Daimler Trucks & Buses strategy 2030 Daimler Mobility strategy 2025

Combined Management Report with Non-Financial Statement

35

10

Corporate Profile

37

13

Business model

37

14

Important events Performance measurement system

39 43

22

Financial performance measures

43

23

Key performance indicators Declaration on Corporate Governance

44 44

26

26

Economic Conditions and

26 27

Business Development

45

28

The world economy

45

30

Automotive markets

46

32

Business development

47

34

Investment and research activities

50

Profitability, Liquidity and

Capital Resources, Financial Position

52

Profitability

53

Liquidity and capital resources

58

Financial position

66

Daimler AG (condensed version according to HGB) 69

Profitability

69

Financial position, liquidity and capital resources

70

Risks and opportunities

71

Outlook

71

Non-Financial Declaration

72

Sustainability at Daimler

72

Environmental issues

76

Employee issues

77

Social issues

80

Integrity and compliance

82

Overall Assessment of the

Economic Situation

88

Events after the Reporting Period

88

Remuneration Report

89

Principles of Board of Management remuneration

89

Board of Management remuneration in

financial year 2020

97

Commitments upon termination of service

106

Remuneration of the Supervisory Board

108

Takeover-Relevant Information

and Explanation

110

Risk and Opportunity Report

114

Risk and opportunity management system

114

Risks and opportunities

116

Industry and business risks and opportunities

116

Company-specific risks and opportunities

121

Financial risks and opportunities

123

Legal and tax risks and opportunities

125

Overall assessment of the risk and

opportunity situation

129

Outlook

The world economy Automotive markets Unit sales Revenue and earnings Free cash flow and liquidity Dividend Investment and research activities CO2 emissions of the new-car fleet in Europe Overall statement on future development

130

130 131 132 132 133 133 134 134 134

ANNUAL REPORT 2020 | CONTENTS 7

Corporate Governance

136

Report of the Audit Committee

137

Declaration on Corporate Governance

Declaration of compliance with the German Corporate Governance Code The main principles and practices of corporate governance Composition and mode of operation of the Board of Management Composition and mode of operation of the Supervisory Board and its committees Germany's law on the equal participation of women and men in executive positions Overall requirement profiles for the composition of the Board of Management and the Supervisory Board Shareholders and the Shareholders' Meeting

140

140 141 143 144 147

148 153

8 ANNUAL REPORT 2020 | CONTENTS

Consolidated Financial Statements

154

Further Information

253

Consolidated Statement of Income

155

Responsibility Statement

254

Consolidated Statement of

Independent Auditor's Report

255

Comprehensive Income/Loss

156

Ten-Year Overview

264

Consolidated Statement of Financial

Position

157

Consolidated Statement of Cash Flows 158

Consolidated Statement of Changes

in Equity

159

Notes to the Consolidated

Financial Statements

161

1.Significant accounting policies

161

2. Accounting estimates and management judgments 175

3. Consolidated Group

177

4. Revenue

179

5. Functional costs

180

6.Other operating income and expense

181

7.Other financial income/expense, net

182

8.Interest income and expense

182

9.Income taxes

182

10.Intangible assets

186

11.Property, plant and equipment

187

12.Equipment on operation leases

189

13.Equity-method investments

190

14. Receivables from financial services

194

15.Marketable debt securities and similar investments 197

16.Other financial assets

197

17.Other assets

197

18.Inventories

198

19.Trade receivables

198

20.Equity

200

21.Share-based payment

201

22.Pensions and similar obligations

203

23.Provisions for other risks

208

24. Financing liabilities

209

25.Other financial liabilities

209

26. Deferred income

209

27. Contract and refund liabilities

210

28.Other liabilities

210

29. Consolidated statement of cash flows

211

30.Legal proceedings

212

31. Contingent liabilities and other financial obligations 215

32. Financial instruments

216

33.Management of financial risks

226

34.Segment reporting

235

35. Capital management

239

36.Earnings per share

239

37. Related-party disclosures

240

38. Remuneration of the members of the Board of

Management and the Supervisory Board

241

39. Auditor fees

242

40.Events after the reporting period

242

41. Additional information

242

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