Daimler Truck Full-Year Report 2023
Statement of income of the Daimler Truck Group
At €55.9 billion, the Daimler Truck Group’s revenue in 2023 was 10% higher than the previous year’s €50.9 billion, a significant improve- ment. Revenue of the Industrial Business also increased significantly by 8% to €53.2 billion (2022: €49.2 billion). The increase in revenue resulted primarily from improved net pricing in the vehicle segments as well as positive volume and mix effects in unit sales. Adjusted for exchange rate effects, the Group’s revenue increased by 13%. The neg- ative exchange rate effects resulted in particular from the translation of the US dollar and Japanese yen.
Cost of sales amounted to €44.0 billion in the reporting year and rose slightly by 6% compared to the prior year. The increase in cost of sales resulted primarily from increased material costs and increased unit sales. Exchange rate effects, particularly from the translation of US dollar and Japanese yen, had a compensating effect.
Overall, gross profit rose significantly to €11.9 billion (2022: €9.4 bil- lion) and as a percentage of revenue to 21.3% (2022: 18.5%).
At €2.9 billion, selling expenses were at the same level as the previ- ous year. The prior year included a special item arising from the impair- ment of trade receivables in connection with the Russia-Ukraine war. The ratio of selling expenses to revenue fell from 5.7% to 5.2%.
The revenue of the Mercedes-Benz segment increased by 7% to €21,638 million in the 2023 financial year, largely due to improved net pricing.
Improved net pricing, the strong aftersales business and the impact of sales mix had a positive impact on gross profit. This was offset by inflation-related increase in material costs, a normalization of the used vehicle business and the loss of the previous year’s positive effects from the license agreement with Beijing Foton Daimler Automotive Co., Ltd. (BFDA). Gross profit rose from 18.2% to 22.6%. The adjust- ments included expenses in connection with the spin-off of €144 mil- lion (2022: €67 million, M&A transactions) as well as expenses for per- sonnel cost optimization programs of €16 million (2022: €169 million). The adjustments did not include any expenses in connection with the Russia-Ukraine war (2022: €205 million, M&A transactions).
