In 2021, good product mix, solid net pricing, continued cost-discipline and favourable used car performance lifted the adjusted Return on Sales (RoS) for the Mercedes-Benz Cars & Vans division to 12.7% in the full year, even as the COVID-19 pandemic and semiconductor supply chain bottlenecks continued to affect the business.
Since 2019 fixed costs at Mercedes-Benz Cars have fallen by 16% while revenue per unit improved by 26% to an average €49,800 per vehicle.
Mercedes-Benz Group revenue reached €168 billion (2020: €154.3 billion). The share from continuing operations was €133.9 billion (2020: €121.8 billion). Group EBIT was €29.1 billion (2020: €6.6 billion), thereof the share from continuing operations was €16.0 billion (2020: €6.1 billion).
Adjusted EBIT, reflecting the underlying business, was €19.2 billion (2020: €8.6 billion). Group net profit was €23.4 billion (2020: €4.0 billion). The share from continuing operations was €11.1 billion (2020: €4.0 billion).
In 2021, net profit excluding the deconsolidation result rose to €14.2 billion (2020: €4.0 billion). Earnings per share, excluding the deconsolidation result, rose by 280% to €12.89 (2020: €3.39).
Thanks to a tight grip on working capital and investments, the strong profitability translated into a solid level of free cash flow.
The free cash flow of the industrial business was €8.6 billion (2020: €8.3 billion), including important upfront investments in future products.
The adjusted free cash flow of the industrial business was €10.9 billion (2020: €9.2 billion). The net liquidity of the industrial business amounted to €21.0 billion (end of Q3 2021: €23.5 billion/end of 2020 €17.9 billion), even after the spin-off of Daimler Truck.
The Group’s investments in property, plant and equipment in the full year totaled €3.8 billion from continued operations (2020: €4.9 billion). Research & development expenditure for 2021 for continued activities amounted to €7.7 billion (2020: €7.2 billion). ■