Annual Financial

Statements 2021
Mercedes-Benz Group AG
Cover photo
Mercedes-Benz is taking the next step with the VISION EQXX. According to internal, digital
simulations, it can be assumed that the technology carrier will travel over 1,000 kilometres1
in real road traffic on a single battery charge. This corresponds to an energy consumption
of less than 10 kWh per 100 kilometres or an energy efficiency of more than six miles per
kWh. In addition to increased efficiency, resource conservation and the best possible envi-
ronmental compatibility were equally important development goals. The interdisciplinary
project team therefore chose a holistic approach. This started with improving all the com-
ponents of the state-of-the-art electric powertrain and the use of lightweight and sustaina-
ble materials, supplemented with further efficiency measures - from tyres with extremely
low rolling resistance to sophisticated aerodynamics (cW 0.17) and the latest software. The
result is that the VISION EQXX breaks through previous technological limits and sets the
new benchmark for energy efficiency.

1 The range figures are provisional and are based on digital simulations in real traffic. The
VISION EQXX has not undergone a type-approval/homologation procedure.
Mercedes-Benz Group AG
Annual Financial Statements 2021
(Daimler AG until 1 February 2022)

The Management Report of Mercedes-Benz Group AG is combined with the

Group Management Report in accordance with Section 315 Subsection 5 of
the German Commercial Code (HGB) and is published in the Mercedes-Benz
Group’s Annual Report 2021.

The Annual Financial Statements and the combined Management Report for
Mercedes-Benz Group AG and the Mercedes-Benz Group for the year 2021
are filed with the operator of the German Federal Gazette and published in
the German Federal Gazette.

The Annual Financial Statements of Mercedes-Benz Group AG and the

Annual Report on the year 2021 can also be found on our website at
w group.mercedes-benz.com/investors/reports-news/.
 6

BALANCE SHEET OF MERCEDES-BENZ GROUP AG

INCOME STATEMENT
OF MERCEDES-BENZ GROUP AG

NOTES TO THE FINANCIAL STATEMENTS

OF MERCEDES-BENZ GROUP AG

13

NOTES TO THE BALANCE SHEET

23

NOTES TO THE INCOME STATEMENT

27

OTHER NOTES

58

BOARD OF MANAGEMENT

59

RESPONSIBILITY STATEMENT

60

INDEPENDENT AUDITOR’S REPORT

 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Balance Sheet

Balance Sheet of
Mercedes-Benz Group AG
(Daimler AG until 1 February 2022)

Assets
Note 31 Dec. 2021 31 Dec. 2020
In millions of euros

Non-current assets
Intangible assets (1) 39 62
Property, plant and equipment (2) 76 147
Financial assets (3) 41,016 55,952
41,131 56,161

Current assets
Trade receivables (4) 41 4
Receivables from subsidiaries (4) 24,037 22,166
Other receivables and other assets (4) 2,452 1,397
Securities (5) 6,053 4,904
Cash and cash equivalents (6) 9,047 7,658
41,630 36,129

Prepaid expenses (7) 231 341

82,992 92,631

6
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Balance Sheet

Equity and liabilities

Note 31 Dec. 2021 31 Dec. 2020
In millions of euros

Equity
Share capital (8) 3,070 3,070
(Conditional capital €500 million)
Capital reserve (8) 11,480 11,480
Retained earnings (8) 13,540 23,230
Distributable profit (8) 5,349 1,444
33,439 39,224

Provisions
Provisions for pensions and similar obligations (9) 128 193
Other provisions (10) 1,775 1,550
1,903 1,743

Liabilities
Trade payables (11) 358 140
Liabilities to subsidiaries (11) 27,018 26,511
Other liabilities (11) 20,253 24,976
47,629 51,627

Deferred income (12) 21 37

82,992 92,631

7
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Income Statement

Income Statement of
Mercedes-Benz Group AG
(Daimler AG until 1 February 2022)

Note 2021 2020

In millions of euros

Revenue (13) 1,488 1,685

Cost of sales (14) -1,470 -1,641

Gross profit 18 44
General administrative expenses (14) -1,237 -928
Other operating income (15) 241 407
Other operating expenses (16) -100 -127
Income/expense from investments in subsidiaries and associated companies, net (17) 11,840 3,119
Interest income/expense, net (18) -453 -176
Other financial income/expense, net (19) -116 -65
Income taxes (20) -655 -141

Profit after taxes (21) 9,538 2,133

Offset against other retained earnings 13,879 -

Asset reduction due to spin-off -13,879 -
Transfer to other retained earnings -4,189 -689

Distributable profit 5,349 1,444

8
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Notes to the Financial Statements of

Mercedes-Benz Group AG
(Daimler AG until 1 February 2022)

Accounting policies and methods as well as changes holds a minority interest totalling 35% of the share capi-
in the corporate structure and renaming of the com- tal of Daimler Truck Holding AG as of the balance sheet
pany from Daimler AG to Mercedes-Benz Group AG date, and therefore no longer exercises a controlling
influence on the basis of the agreements concluded in
Mercedes-Benz Group AG is entered in the Commercial connection with the transaction. A detailed description
Register of the Stuttgart District Court under No. HRB of the effects on shareholdings of the spin-off and hive-
19360 and its registered office is located at down is provided in the “Financial assets” section. The
Mercedesstraße 120, 70372 Stuttgart, Germany. control and profit-and-loss-transfer agreement existing
between Daimler AG (now Mercedes-Benz Group AG
On 1 October 2021, the Extraordinary General Meeting and Daimler Truck AG has been transferred to Daimler
approved the change of name from Daimler AG to Truck Holding AG by way of the spin-off effective
Mercedes-Benz Group AG. The entry in the Commercial 1 January 2021.
Register took place on 1 February 2022. For this reason,
in addition to the name Mercedes-Benz Group AG, the Closely linked to Mercedes-Benz AG, Mercedes-Benz
name Daimler AG is also used here, depending on the Group AG functions as an operating business unit that
respective facts and time. decides on the Group’s strategy. In addition, it decides
on matters of strategic importance for business opera-
In the context of the company’s realignment (Project tions and, as the Group parent company, is responsible
Focus), the Board of Management, with the consent of for the regulatory, legal and compliance functions
the Supervisory Board, resolved on 30 July 2021 to spin throughout the Group.
off and hive down significant parts of the former
Daimler Trucks & Buses segment, including the related The financial statements of Mercedes-Benz Group AG
financial services business (Daimler commercial vehicle have been prepared in accordance with the accounting
business). The legal basis for the restructuring is the principles of the German Commercial Code (HGB) and
spin-off and hive-down agreement concluded between the German Stock Corporation Act (AktG); the amounts
Daimler AG and Daimler Truck Holding AG on 6 August shown are in millions of euros (€) and the comparable
2021. figures for the year ended 31 December 2020 are also
shown.
At the Extraordinary General Meeting of Daimler AG on
1 October 2021, the shareholders approved the spin-off The items summarised in the balance sheet and the
and hive-down agreement. The approval of the Annual income statement are listed individually and explained
General Meeting of Daimler Truck Holding AG was given in these notes.
on 5 November 2021. The spin-off and hive-down were
entered in the Commercial Register on 9 December 2021 For the sake of materiality, clarity and transparency, the
with economic effect as of 1 January 2021 (spin-off date). system of presentation has been modified in accord-
With the spin-off and hive-down taking effect, as well ance with Section 266 of the HGB. Other receivables
as other measures provided for in the demerger agree- and other assets include in particular receivables from
ment, Mercedes-Benz Group AG directly and indirectly associated companies. Other provisions comprise

9
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

provisions for taxes and miscellaneous provisions. Other Assets with costs of acquisition or production of up to
liabilities comprise liabilities to associated companies, €1,000 are immediately expensed.
loans and bonds, liabilities to banks and miscellaneous
liabilities. The assets included separately under leased assets in
the previous year are shown under factory and office
The income statement has been prepared according to equipment as of the year under review for reasons of
the internationally predominant cost-of-sales method. materiality, clarity and transparency.
The system of presentation according to Section 275 of
the HGB has been modified to improve clarity with Shares in subsidiaries and associated companies and
regard to financial activities. other financial assets are measured at cost of acquisi-
tion, or, if there is an indication of permanent impair-
Financial activities are presented as net income/ ment, at the lower fair value. If the reasons for perma-
expense from investments in subsidiaries and associ- nent impairment are no longer given, the impairment is
ated companies, net interest income/expense and net reversed. Loans bearing low interest or no interest are
other financial income/ expense. measured at their present values. In accounting for non-
cash contributions, the exchange principles are gener-
Due to the existing control and profit-and-loss-transfer ally applied and the newly acquired shares are meas-
agreements, the profits and losses arising in particular ured at the carrying amount of the shares contributed.
at Mercedes Benz AG is taken over by Mercedes-Benz
Group AG. Receivables and other assets are measured at their
nominal values with consideration of all recognisable
risks. If they have a residual period of more than one
Recognition and measurement year and are non-interest bearing, they are discounted
to their present value on the balance sheet date. Gen-
Intangible assets are measured at cost of acquisition, eral allowances are recognised to reflect general credit
reduced by systematic straight-line amortisation. They risks. Receivables and other assets with a residual term
have a useful life of 4 to 15 years. of less than one year which are denominated in foreign
currencies are translated at the spot rates on the bal-
The capitalisation option for self-produced intangible ance sheet date. Non-current assets denominated in
assets is not utilised. foreign currencies are translated at the spot rates on
the date when booked or at the lower rate on the bal-
Property, plant and equipment are measured at cost of ance sheet date.
acquisition or production, reduced by systematic depre-
ciation. Securities presented under current assets are meas-
ured at the lower of cost of acquisition or fair value on
The production costs of self-constructed assets com- the balance sheet date.
prise direct costs as well as prorated material and pro-
duction overheads, including depreciation, to the extent Payments made prior to the balance sheet date that
that they are caused by the production process. constitute expenses for a specific period after that date
are reported as prepaid expenses. Any difference
Systematic straight-line depreciation for technical between the settlement amount and the lower issue
equipment and machinery, other equipment, and fac- amount of a liability is capitalised and amortised sys-
tory and office equipment is based on a useful life of 3 tematically over the period of the liability.
to 23 years.

Impairments are recognised if an asset has to be meas-

ured at a lower value.

10
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Deferred taxes are calculated on temporary differences Expenses and income resulting from discounting the
in the measurement of assets, liabilities, accruals and retirement benefit obligations are offset against the
deferrals between the tax basis and financial reporting expenses and income of the offset assets under net
according to HGB, as well as on tax-loss carryforwards. interest income/ expense. All other components of pen-
Tax-loss carryforwards can only be taken into account if sion expenses are presented under functional costs.
they can be offset against taxable income within the
statutory period of five years. Deferred taxes are meas- Other provisions are recognised at the required settle-
ured based on the combined tax rate of 29.825% for the ment amounts in accordance with reasonable commer-
income-tax fiscal unity of Mercedes-Benz Group AG. The cial judgment. Expected future increases in prices and
combined tax rate includes corporate income tax, trade costs until settlement of the liabilities are taken into
tax and the solidarity surcharge. Deferred tax assets and consideration. Provisions with a residual period of more
deferred tax liabilities are netted. Any resulting tax lia- than one year are discounted according to the net
bility is recognised as a deferred tax liability in the bal- method over that period using the average market inter-
ance sheet. Any resulting tax asset is not recognised in est rate of the past seven financial years as published
the balance sheet, as no use is made of the capitalisa- by the German central bank (Deutsche Bundesbank).
tion option. Changes in the discount rate or interest effects of a
changed estimate of the residual period are presented
Provisions for pensions and similar obligations for under interest income/ expense.
pension plans result from the offsetting of pension obli-
gations and assets that are not available to all other Other provisions also include provisions for taxes. In
creditors and serve exclusively to settle pension obliga- particular for the case that the amounts stated in the
tions (special-purpose assets). tax returns might not be realised (uncertain tax posi-
tions), the provisions are based on the best estimate of
Retirement benefit obligations from pension plans that the expected tax payments. Tax refund claims are only
provide for a predefined benefit in old age are recog- recognised in the balance sheet if they are sufficiently
nised at the settlement amount required according to certain.
reasonable business judgment. Measurement is based
on the actuarial projected unit credit method. Discount- In accordance with Section 254 of the HGB, derivative
ing of pension obligations is based on the average mar- financial transactions are linked as a hedging rela-
ket interest rate of the past ten financial years as pub- tionship with an under- lying transaction, provided there
lished on 31 December 2021 by the German central bank is a direct hedging context between the financial trans-
(Deutsche Bundesbank) for an assumed residual period action and the underlying transaction. Financial transac-
of 15 years. tions for which no units of valuation are formed are
measured individually at fair value. Any resulting unreal-
Provisions for retirement benefit obligations which at ised losses are expensed.
least guarantee the contributions paid in are recognised
at the fair value of the related assets, as this exceeds
the guaranteed minimum amount. Future claims are
related to the fair value of the assets (securities or com-
parable assets).

The offset assets are measured at fair value.

11
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Liabilities are measured at their settlement amounts. Payments received prior to the balance sheet date that
Liabilities denominated in foreign currencies with a constitute income for a specific period after that date
residual period of up to one year are translated at the are reported as deferred income.
spot rates on the balance sheet date. Non-current liabil-
ities denominated in foreign currencies are translated at
the spot rates on the date when booked or at the higher
rate on the balance sheet date.

Schedule of non-current assets

Cost of acquisition or production Depreciation/Amortization/Write-ups Carrying amount

Reclas-­ Reclas-­
01. 01. Addi- sifica- Dis- 31.12. 01. 01. Addi- Write- sifica-­ Dis- 31.12. 31.12. 31.12.
2021 tions tions posals 2021 2021 tions ups tions posals 2021 2021 2020
In millions of euros

Intangible assets
Purchased concessions,
industrial property rights and similar
rights and values,
as well as licenses to such
rights and values 181 12 2 43 152 125 26 - - 38 113 39 56
Advance payments made 6 . -2 4 . - - - - - - . 6
187 12 - 47 152 125 26 - - 38 113 39 62

Property, plant and equipment

Technical equipment
and machinery 45 1 . 6 40 20 3 - - 4 19 21 25
Other equipment, factory and office
equipment 1) 439 8 4 257 194 326 34 - - 214 146 48 113
Advance payments made and
­construction in progress 9 4 -4 2 7 - - - - - - 7 9
493 13 - 265 241 346 37 - - 218 165 76 147

Financial assets
Shares in subsidiaries 54,324 6,406 137 27,438 33,429 1,439 - - - 1,116 323 33,106 52,885
Loans to subsidiaries 1,559 20 -137 130 1,312 - - - - - - 1,312 1,559
Shares in associated companies 1,677 5,145 . 19 6,803 290 49 - - 12 327 6,476 1,387
Securities presented as non-current
assets 120 - - - 120 - . - - - . 120 120
Other loans 1 1 - - 2 - - - - - - 2 1
57,681 11,572 - 27,587 41,666 1,729 49 - - 1,128 650 41,016 55,952

Non-current assets 58,361 11,597 - 27,899 42,059 2,200 112 - - 1,384 928 41,131 56,161
1 The assets included separately under leased assets in the previous year are shown under factory and office equipment as of the year under review for reasons of materiality, clarity and
transparency.

12
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Notes to the Balance Sheet

1. Intangible assets 3. Financial assets

The intangible assets of Mercedes-Benz Group AG in the Shares in subsidiaries and associated companies
amount of €39 million primarily comprise purchased decreased by €14,690 million to €39,582 million (2020:
licenses. Systematic amortisation amounts to €26 mil- €54,272 million).
lion (2020: €29 million). No unscheduled depreciation
was recognised in 2021 (2020: €0 million). The development of financial assets in the year under
review was significantly affected by the accounting
treatment of the spin-off and hive-down of shares in
2. Property, plant and equipment Daimler Truck AG. On the one hand, significant effects
result from the spin-off of 65.00% of the increased
The property, plant and equipment of Mercedes-Benz share capital of Daimler Truck AG to Daimler Truck Hold-
Group AG primarily consists of other equipment, factory ing AG in exchange for the granting of shares in Daimler
and office equipment, and technical equipment and Truck Holding AG to the shareholders of Mercedes-Benz
machinery. Group AG. On the other hand, the hive-down of approxi-
mately 28.43% of the increased share capital of Daimler
Additions in 2021 relate solely to movable assets. Sys- Truck AG to Daimler Truck Holding AG in exchange for
tematic depreciation of property, plant and equipment the granting of shares in Daimler Truck Holding AG to
amounts to €37 million (2020: €64 million). No Mercedes-Benz Group AG had a material effect on the
unscheduled depreciation was recognised in 2021 financial statements. Due to the contribution of various
(2020: €0 million). real-estate companies from Daimler Verwaltungs-
gesellschaft für Grundbesitz mbH to Daimler Truck AG,
Disposals of assets include disposals of €37 million in Daimler Verwaltungsgesellschaft für Grundbesitz mbH
connection with an external relocation of IT functions. held an interest of approximately 6.57% in the increased
share capital of Daimler Truck AG before the spin-off
became effective. The measurement of the shareholding
ratio is the result of company valuations by an external
expert. The percentage shareholding of Mercedes-Benz
Group AG in Daimler Truck AG was reduced accordingly
prior to the completion of the spin-off; from the per-
spective of Mercedes-Benz Group AG, no further effects
result from the latter transaction.

The additions to investments in subsidiaries result in

particular from the capital contribution from Mercedes-
Benz Group AG to Daimler Truck AG in the amount of
€5,380 million in the reporting year to strengthen the
equity base of Daimler Truck AG prior to the completion
of the spin-off. The equity strengthening also led to an
increase in the carrying amount of the investment in the
subsidiary Daimler Verwaltungsgesellschaft für Grund-
besitz mbH after completion of the spin-off in line with
its shareholding in Daimler Truck Holding AG.

13
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Furthermore, Mercedes-Benz Group AG carried out cap- The additions to investments in associated companies
ital increases at Daimler Grund Services GmbH and mainly result from the hive-off of the increased share
Mercedes-Benz Mobility AG (formerly Daimler Mobil- capital of Daimler Truck AG to Daimler Truck Holding AG.
ity AG) as well as a debt-equity swap at Daimler India The carrying amount of the investment in Daimler
Commercial Vehicles Private Limited in the year under Truck AG was derecognized pro rata and the shares in
review. Finally, the contributions in kind of Mercedes- Daimler Truck Holding AG received in the course of the
Benz France S.A.S. and Mercedes-Benz Portugal, S.A. to exchange transaction were recognized under invest-
Mercedes-Benz AG increased the carrying amount of ments in associated companies with an ownership
the investment in Mercedes-Benz AG. interest of approximately 23.44%. The further shares
received in Daimler Truck Holding AG amounting to an
The disposals of shares in subsidiaries are mainly due to interest of approximately 4.99% were recognized
spin-off and hive-down effects. Due to the spin-off of directly in other assets due to the short-term holding
65.00% of the increased share capital of Daimler intention. These were sold within the Group to
Truck AG and the hive-down of approximately 28.43% of Mercedes-Benz AG in January 2022. In addition, the
the increased share capital of Daimler Truck AG to capital contribution by Mercedes-Benz Group AG into
Daimler Truck Holding AG with economic effect as of Daimler Truck AG during the year following completion
1 January 2021 (spin-off date), the carrying amount of of the spin-off and hive-down led to an increase in the
the investment in Daimler Truck AG was fully derecog- carrying amount of the investment in Daimler Truck
nised as of the spin-off date. In addition, the carrying Holding AG and in other assets in the amount of
amount of the investment in Daimler Truck AG, which Mercedes-Benz Group AG’s shareholding in Daimler
was increased during the year by the equity strengthen- Truck Holding AG. Finally, the intra-Group acquisition of
ing, was also derecognised at the time of completion of the shares in KAMAZ PAO resulted in a further addition
the demerger. The other disposals of shares in subsidi- to investments in associated companies.
aries are mainly due to capital repayments by
Mercedes-Benz Capital Nederland B.V. (formerly Daimler In 2021, shares in subsidiaries and associated compa-
International Nederland B.V.) and Mercedes-Benz Mobil- nies were impaired by an amount of €49 million (2020:
ity AG (formerly Daimler Mobility AG) to Mercedes-Benz €373 million). This relates to BAIC Motor Corporation
Group AG, and the sale of shares in Daimler Trucks Ltd. (2020: €279 million).
Finance Canada Inc. and Daimler India Commercial
Vehicles Private Limited to Daimler Truck AG. Finally, the No write-ups of shares in subsidiaries or associated
shares in Mercedes-Benz France S.A.S. and Mercedes- companies took place in 2021 (2020: €0 million).
Benz Portugal, S.A. were contributed to Mercedes-
Benz AG by way of contributions in kind.

14
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

4. Receivables and other assets  C.01 C.01

Receivables and other assets
Receivables from subsidiaries (€24,037 million, 2020: 31 Dec. 2021 31 Dec. 2020
€22,166 million) comprise receivables that originally In millions of euros
arose from the Group’s internal transactions in connec-
tion with central finance and liquidity management Trade receivables 41 4
(€16,775 million, 2020: €21,043 million), from profit thereof more than 1 year until maturity - –
transfers from subsidiaries (€7,040 million, 2020: Receivables from subsidiaries 24,037 22,166
€897 million) and from the supply of goods and services thereof more than 1 year until maturity 4,534 5,119
to German and foreign companies (€222 million, 2020:
Receivables from associated companies 65 23
€226 million).
thereof more than 1 year until maturity - –
Other assets 2,387 1,374
In connection with the spin-off and hive-down of the
thereof more than 1 year until maturity 42 57
Daimler commercial vehicle business, receivables from
Receivables and other assets 26,530 23,567
subsidiaries were settled in the amount of €1,898 mil-
thereof more than 1 year until maturity 4,576 5,176
lion.

Receivables from associated companies are receivables

arising from the supply of goods and services to Ger-
man and foreign associated companies (€51 million,
2020: €5 million) and from intra-Group clearing transac- million. This was partially offset by disposals, mainly
tions in the context of central financial and liquidity from the repayment of loans in an amount of €987 mil-
management (€14 million, 2020: €18 million). lion.

Due to the spin-off and hive-down of the Daimler com-

mercial vehicle business, Mercedes-Benz Group AG 6. Cash and cash equivalents
reports receivables from Daimler Truck Holding AG and
its subsidiaries as receivables from associated compa- Cash and cash equivalents amount to €9,047 million at
nies at the balance sheet date. the end of the year (2020: €7,658 million) and consist of
bank balances, cash in hand and checks. As well as cash
Other assets include approximately 4.99% of the shares and cash equivalents, liquidity also includes securities
in Daimler Truck Holding AG due to the intra-Group sale presented as current assets (€6,053 million, 2020:
in January 2022 (€1,067 million, 2020: €0 million), €4,904 million) and fixed-term deposits (€250 million,
tax-refund claims (€859 million, 2020: €726 million), 2020: €400 million), which are presented under other
fixed-term deposits (€250 million, 2020: 400 million) assets.
and accrued interest (€123 million, 2020: €132 million).

7. Prepaid expenses
5. Securities presented as current assets
Prepaid expenses include discount amounts of €94 mil-
Securities presented as current assets consist solely of lion (2020: €122 million). They result from the difference
miscellaneous securities, which include fixed or varia- between the settlement amount and the lower issue
ble-interest marketable debt securities as well as mon- amount of liabilities.
ey-market funds.

The increase of €1,149 million to €6,053 million (2020:

€4,904 million) is due in particular to the acquisition of
shares in money-market funds amounting to €2,236

15
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

8. Equity  C.02 C.02

Equity
Share capital 31. Dec. 2021 31 Dec. 2020
The share capital (authorised capital) is divided into In millions of euros
no-par-value shares. All shares are fully paid up. Each
share confers the right to one vote at the Annual Gen- Share capital 3,070 3,070
eral Meeting of Mercedes-Benz Group AG and, if appli- Capital reserve 11,480 11,480
cable, with the exception of any new shares potentially Retained earnings 13,540 23,230
not entitled to dividends, to an equal portion of the Distributable profit 5,349 1,444
profits as defined by the dividend distribution resolved
Equity 33,439 39,224
at the Annual General Meeting. Each share represents a
proportionate amount of approximately €2.87 of the
share capital. The number of shares outstanding/issued
at 31 December 2021 is 1,070 million, unchanged from C.03
31 December 2020. Number of shares
2021 2020
Treasury shares
By resolution of the Annual Shareholders’ Meeting held Shares outstanding/issued
on 8 July 2020, the Board of Management was again at 1 January 1,069,837,447 1,069,837,447
authorised, with the consent of the Supervisory Board, Shares reacquired in the context of
employee share programs and not
until 7 July 2025 to acquire treasury shares in a volume
­cancelled -664,078 -1,052,569
up to 10% of the share capital issued as of the day of
Sale of treasury shares to ­employees
the resolution, or – if this is less – as of the day of exer- in the context of employee share
cising the authorisation, to be used for all legal pur- ­programs 664,078 1,052,569
poses. The shares can be used, among other things, Shares outstanding/issued at 3
­1
with the exclusion of shareholders’ subscription rights, December 1,069,837,447 1,069,837,447

for business combinations or to acquire companies, or

to be sold to third parties for cash at a price that is not
significantly lower than the stock-exchange price of the
Company’s shares. The acquired shares can also be The authorisation to acquire treasury shares was not uti-
used to fulfil obligations from issued convertible bonds lised in the reporting period. As at 31 December 2020,
and/or bonds with warrants and to be issued to employ- no treasury shares were held by Mercedes-Benz
ees of the Company and employees and board mem- Group AG at 31 December 2021.  C.03.
bers of the Company’s subsidiaries pursuant to Sections
15 et seq. of the German Stock Corporation Act (AktG).
The treasury shares can also be cancelled. In a volume
up to 5% of the share capital issued as of the day of the
resolution of the Annual Shareholders’ Meeting, the
Company was authorised to acquire treasury shares
also by using derivatives (put options, call options, for-
ward purchases or a combination of these instruments),
whereby the term of a derivative must not exceed
18 months and must not end later than 7 July 2025.

16
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Employee share purchase plan Conditional capital

In the first quarter of 2021, pursuant to Section 71 Sub- By resolution of the Annual General Meeting on 8 July
section 1 No. 2 of the German Stock Corporation Act 2020, the Board of Management was authorised, with
(AktG) in connection with the employee share pro- the consent of the Supervisory Board, until 7 July 2025
grammes, without utilising the authorisation to acquire to issue convertible and/or warrant bonds or a combi-
treasury shares granted by the Annual General Meeting nation of these instruments (“bonds”) with a total face
on 8 July 2020, Mercedes-Benz Group AG acquired value of up to €10,000 million and a maturity of no more
664,078 Mercedes-Benz Group shares (2020: 1,052,569 than ten years. The Board of Management is allowed to
Daimler shares) and reissued them to employees. The grant the holders of these bonds conversion or warrant
employee shares represent €1.91 million or 0.06% of the rights for new registered no-par-value shares in
share capital; they were acquired for an average price of Mercedes-Benz Group AG with an allocable portion of
€72.07 per share and reissued to employees for an aver- the share capital of up to €500 million in accordance
age price of €53.95 per share. The proportionate loss with the details defined in the terms and conditions of
arising for Mercedes-Benz Group AG of €12.03 million the bonds. The bonds can be offered in exchange for
was recognised through profit and loss as a personnel cash and/or non-cash contributions, in particular for
expense in 2021. The proportionate loss of €11.33 mil- shares in other companies. The terms and conditions of
lion from the sale of employee shares to entitled the bonds can include warranty obligations or conver-
employees of Group companies was charged by sion obligations. The bonds can be issued once or sev-
Mercedes-Benz Group AG to the respective companies eral times, wholly or in instalments, or simultaneously in
of the Group. various tranches, as well as by subsidiaries of
Mercedes-Benz Group AG within the meaning of Sec-
Approved capital tions 15 et seq. of the German Stock Corporation Act
The Annual General Meeting held on 5 April 2018 (AktG). Among other things, the Board of Management
authorised the Board of Management, with the consent was authorised, with the consent of the Supervisory
of the Supervisory Board, to increase the share capital Board, to exclude shareholders’ subscription rights for
of the Mercedes-Benz Group AG in the period until the bonds under certain conditions and within defined
4 April 2023 by a total of €1,000 million in one lump limits.
sum or by separate partial amounts at different times by
issuing new, registered no-par-value shares in exchange In order to fulfil the conditions of the above-mentioned
for cash and/or non-cash contributions (Approved Capi- authorisation, the Annual General Meeting on 8 July
tal 2018). The new shares are generally to be offered to 2020 also resolved to increase the share capital condi-
the shareholders for subscription (also by way of indi- tionally by an amount of up to €500 million (Conditional
rect subscription pursuant to Section 186 Subsection 5 Capital 2020).
Sentence 1 of the German Stock Corporation Act (AktG)).
The Board of Management was also authorised, among The new authorisation to issue convertible and/or war-
other things, with the consent of the Supervisory Board rant bonds has not yet been utilised.
to exclude shareholders’ subscription rights under cer-
tain conditions and within defined limits. Approved Capital reserve
Capital 2018 has not yet been utilised. The capital reserve amounts to €11,480 million at
31 December 2021 (2020: €11,480 million).

17
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Retained earnings C.04

At 31 December 2021, other retained earnings amount to Other retained earnings
€13,540 million (2020: €23,230). The spin-off of 65% of 2021 2020
the shares in Daimler Truck AG to Daimler Truck Hold- In millions of euros
ing AG and the equity strengthening carried out to the
benefit of Daimler Truck AG in the context of this spin- Balance at 1 January 23,230 22,541
off, as well as the contractually agreed reimbursement Purchase of treasury shares - -
by Mercedes-Benz Group AG of the costs incurred by Allocated by the Annual Shareholders’
Daimler Truck AG in connection with the spin-off, Meeting - -
resulted in a decrease of €13,879 million in other Transfer from net profit 4,189 689
retained earnings.  C.04. Transfer from retained earnings - -
Spin-off of the Daimler commercial vehicle
Distributable profit business -13,879
Distributable profit for the 2021 financial year is calcu- Balance at 31 December 13,540 23,230
lated in accordance with Section 158 Subsection 1 of the thereof treasury shares - –
German Stock Corporation Act (AktG) and amounts to
€5,349 million.  C.05
C.05
Information on amounts that may not be distributed Distributable profit
The difference between the recognition of the retire- 2021
ment benefit obligations with the average market inter- In millions of euros
est rate of the past ten financial years and the recogni-
tion of the retirement benefit obligations with the Balance at 1 January 1,444
average market interest rate of the past seven financial
Dividend distribution -1,444
years amounts to €116 million and may not be distrib-
Net profit 2021 9,538
uted. The measurement at fair value of assets offset
Transfer from retained earnings -4,189
against retirement benefit obligations resulted in an
Balance at 31 December 5,349
amount of €158 million that may not be distributed.

On the other hand, retained earnings exist which may

be freely disposed of in the amount of €13,540 million.
Therefore, the distributable profit of €5,349 million is in Share-based payment
fact fully distributable. As of 31 December 2021, Mercedes-Benz Group AG has
Performance Phantom Share Plans (PPSP) 2018 through
Dividend 2021 in operation. As instruments of share-based pay-
Under the German Stock Corporation Act (AktG), the ment with cash settlement, the PPSP are measured at
dividend is paid out of the distributable profit reported their fair values on the balance sheet date. They are
in the annual financial statements of Mercedes-Benz paid out at the end of their contractually defined peri-
Group AG (parent company only) in accordance with the ods; an earlier, proportionate payout is only possible
German Commercial Code (HGB). For the year ended under certain conditions when a beneficiary leaves the
31 December 2021, the Daimler management will pro- company. PPSP 2017 was paid out as planned in the first
pose to the shareholders at the Annual General Meeting quarter of 2021.
the payment of €5,349 million of the distributable profit
of Mercedes-Benz Group AG as a dividend to the share-
holders, equivalent to €5.00 per no-par-value share
entitled to a dividend (2020: €1,444 million and €1.35
per no-par-value share entitled to a dividend, respec-
tively).

18
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Performance Phantom Share Plans Changes to the conditions for PPSP 2018
In 2021, Mercedes-Benz Group AG adopted a Perfor- For PPSP 2018, the term ends on 31 December 2021 and
mance Phantom Share Plan similar to that used in prior the final number of phantom shares earned is fixed.
years, under which eligible board members and employ- Unlike the original plan conditions, the price by which
ees are granted phantom shares entitling them to the (finally) earned number of phantom shares is multi-
receive cash payments provided that predefined targets plied is determined on the basis of the average prices of
are met in the three-year performance period. The Mercedes-Benz Group shares and Daimler Truck Holding
amount of cash paid to eligible persons is based on the shares within a defined period at the beginning of 2022,
number of vested phantom shares (determined depend- taking into account the allocation ratio defined for the
ing on target achievement over a three-year perfor- shareholders, under which each shareholder receives
mance period) multiplied by the quoted price of one Daimler Truck Holding share for every two
Mercedes-Benz Group’s ordinary shares (calculated as Mercedes-Benz Group shares.
an average price over a specified period at the end of
the four-year plan period). The determination of target Changes to the terms and conditions for PPSP 2019
achievement is based on relative share performance, to 2021
which measures the performance development of For PPSP 2019 to PPSP 2021, further adjustments are
Mercedes-Benz Group shares compared with the devel- necessary in order to continue the respective plans after
opment of a performance index based on a group of the spin-off in a Group-specific manner. Here, the num-
competitors including the Mercedes-Benz Group, and ber of phantom shares granted is adjusted with the help
the return on sales (RoS) of the Mercedes-Benz Group of a conversion factor. The conversion factor increases
compared with the average RoS of a group of competi- the number of (provisionally) granted Mercedes-Benz
tors. Group AG phantom shares by converting the notional
allocation of Daimler Truck Holding AG phantom shares
Since PPSP 2018, the average RoS of the group of com- into additional Mercedes Group AG phantom shares on
petitors is additionally revenue weighted. In this con- the basis of the allocation ratio defined for the share-
text, special regulations apply to the members of the holders. The increase in the number of (provisionally)
Board of Management to the extent that the Mercedes- allocated Mercedes-Benz Group AG phantom shares
Benz Group has to achieve a higher RoS than the aver- represents equivalent remuneration for the loss in value
age of its competitors in order to obtain the same target resulting from the spin-off. The exchange takes place on
achievement that the other plan participants obtain in the basis of the average of the prices of Mercedes-Benz
the case of a RoS equal to the average of the competi- Group AG shares and Daimler Truck Holding AG shares
tors. within a defined period in December 2021. The amount
paid out will be measured from the spin-off onwards on
With the completion of the spin-off and hive-down of the basis of the specific success factors of the
the Daimler commercial vehicle business, the outstand- Mercedes-Benz Group.
ing PPSP plans will be continued as Group-specific
plans. In this context, the plan conditions for the out- The payment of a dividend equivalent will be based in
standing PPSP 2018 to PPSP 2021 plans have been the future on the adjusted number of performance
adjusted as explained below. phantom shares and the actual dividend paid on ordi-
nary shares of Mercedes-Benz Group AG.

19
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

If plan participants have been transferred from a com- C.06

pany of the Mercedes-Benz Group to a company of the Provisions for pensions and similar obligations
Daimler Truck Group or vice versa, the provision has 31 Dec. 2021 31 Dec. 2020
been transferred as far as possible. Payment of the In millions of euros
PPSP is ultimately made by the new employer company.
If the provision could not be transferred, a reimburse- Settlement amount of obligations from
ment agreement exists for the portion of the PPSP that defined-benefit plans 1,440 1,455
was earned in a company of the respective other group Fair value of related special-
prior to the spin-off. purpose assets for obligations
from defined-benefit plans -1,312 -1,262
Settlement amount for obligations
from plans with commitments backed
9. Provisions for pensions and similar obligations by securities 98 92
Fair value of related special-purpose
Provisions for pensions and similar obligations amount assets for obligations from plans
with commitments backed by securities -98 -92
to €128 million at 31 December 2021 (2020: €193 mil-
Provisions for pensions and similar
lion).  C.06
obligations 128 193

The settlement amount for obligations that provide for a

defined benefit during retirement is €1,440 million
(2020: €1,455 million). In connection with the spin-off The obligations for the pension plans, the amounts of
and hive-down of significant parts of the former Daimler which are determined by the fair value of securities or
Trucks & Buses segment as well as further transfers of comparable assets, are recognised with the fair value of
operations and other group transfers to Mercedes- those assets at 31 December 2021 of €98 million (2020:
Benz AG and Daimler Truck AG, obligations amounting to €92 million), as this exceeds the guaranteed minimum
€121 million were disposed of. There were opposing value of the obligations at 31 December 2021. There is
effects in a total of €118 million from the decrease in the then an offset with those special-purpose assets that
actuarial interest rate and from the compounding of the have original costs of acquisition of €90 million (2020:
obligations. €89 million). As a result, this leads to the full offsetting
of the obligations with the related special purpose
The measurement of the pension obligations is based assets.
on an interest rate of 1.87% (2020: 2.30%). Life expec-
tancy is calculated on the basis of the 2018 Heubeck
mortality tables. The mortality tables take into account
the latest statistics of the statutory pension insurance
and the Federal Statistical Office. In addition, the meas-
urement is based on annual increases in the cost of liv-
ing and annual increases in future entitlements of 1.80%
(2020: 1.80%) and expected annual wage and salary
increases of 3.00% (2020: 3.00%).

These obligations are offset against the special-purpose

assets, which as at 31 December 2021 have a fair value
of €1,312 million (2020: €1,262 million) and cost of
acquisition of €1,238 million (2020: €1,211 million).

20
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

The assets offset at 31 December 2021 include the C.07

shares shown in Table  C.07 in foreign funds in the Shares in investment funds at 31 December 2021
form of shares in an investment-fund company with var- Private equity funds
iable equity of more than 10% pursuant to Sections 108 In millions of euros
to 123 of the German Capital Investment Act (KAGB).
This is a private equity fund with an international focus Carrying value/fair value 42
that reflects individual investor needs. There are no Cost of acquisition 38
restrictions on the possibility of returning the shares on Difference 4
stock-exchange trading days. The return of shares can Dividend for the year 18
be temporarily suspended under unusual circumstances
Daily return possible Yes
that make suspension seem necessary under considera-
tion of the interests of the investors.

10. Other provisions  C.08 C.08

Other provisions
Provisions for taxes relate primarily to income taxes for 31 Dec. 2021 31 Dec. 2020
years not yet finally assessed. In millions of euros

Mercedes-Benz Group AG is the controlling company Provisions for taxes 1,252 1,070
within the fiscal unity. All provisions for income taxes Miscellaneous provisions 523 480
are recognised at Mercedes-Benz Group AG. 1,775 1,550

Other provisions primarily relate to personnel and social

­obligations as well as impending losses from derivative
transactions. services with German and foreign companies of the
Group (€105 million, 2020: €31 million), and from profit-
As part of Project Focus, employees of Mercedes-Benz and-loss transfers from subsidiaries (€8 million, 2020:
Group AG were transferred to Daimler Truck AG. This €297 million).
resulted in a decrease in personnel provisions of
€20 million. Liabilities to subsidiaries in the amount of €2,341 million
were settled as part of the spin-off and hive-down of
the Daimler commercial vehicle business.
11. Liabilities  C.09
Liabilities to associated companies are liabilities that
Notes, bonds and commercial paper are primarily Euro- originally arose from the supply of goods and services
pean medium-term notes in the amount of €18,884 mil- with German and foreign associated companies
lion (2020: €22,367 million). (€59 million, 2020: €1 million) and from intra-Group set-
tlement transactions in the context of central finance
Liabilities to banks of €48 million (2020: €25 million) and liquidity management (€34 million, 2020: €0 mil-
primarily comprise loans of €25 million (2020: €25 mil- lion).
lion).
Due to the spin-off and hive-down of the Daimler com-
Liabilities to subsidiaries (€27,018 million, 2020: mercial vehicle business, Mercedes-Benz Group AG
€26,511 million) are liabilities that originally arose from reports liabilities to Daimler Truck Holding AG and its
transactions within the Group in the context of central subsidiaries as liabilities to associated companies at the
finance and liquidity management (€26,905 million, reporting date.
2020: €26,183 million), from the supply of goods and

21
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Financial Statements

Miscellaneous liabilities of €460 million (2020: C.09

€396 million) mainly comprise accrued and deferred Liabilities recognized
interest, tax liabilities and liabilities from wages and sal- 31 Dec. 2021 31 Dec. 2020
aries. In millions of euros

Notes/bonds and commercial paper 19,652 24,554

12. Deferred income of which due in less than 1 year 1,591 3,172
of which due in 1 year to 5 years 7,072 8,140
The deferred income of €21 million existing at of which due in more than 5 years 10,989 13,242
31 December 2021 comprises earnings effects from pay-
ments made in the charging-on of software to compa-
Liabilities to banks 48 25
nies of the Group and to associated companies.
of which due in less than 1 year 48 -
of which due in 1 year to 5 years - 25
of which due in more than 5 years - -

Trade payables 358 140

of which due in less than 1 year 358 140
of which due in 1 year to 5 years - -
of which due in more than 5 years - -

Liabilities due to subsidiaries 27,018 26,511

of which due in less than 1 year 25,518 20,796
of which due in 1 year to 5 years 1,500 5,715
of which due in more than 5 years - -

Liabilities due to associated companies 93 1

of which due in less than 1 year 93 1
of which due in 1 year to 5 years - -
of which due in more than 5 years - -

Other liabilities 460 396

of which due in less than 1 year 431 396
of which due in 1 year to 5 years 27 -
of which due in more than 5 years 2 -
of which tax liabilities 112 14
of which obligations concerning
social security 1 3

Total of liabilities 47,629 51,627

of which due in less than 1 year 28,039 24,505
of which due in 1 year to 5 years 8,599 13,880
of which due in more than 5 years 10,991 13,242

22
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Income Statement

Notes to the Income Statement

13. Revenue 14. Functional costs

The Company generates revenue primarily from the pro- Functional costs are broken down in the income state-
vision of internal services of corporate functions, which ment into cost of sales and general administrative
are charged to the companies of the Group. expenses.

In the past financial year, Mercedes-Benz Group AG Cost of sales includes the expenses incurred to gener-
generated revenue of €1,470 million (2020: €1,560 mil- ate sales revenue. These are mainly personnel expenses,
lion) from the provision of services by corporate func- the cost of purchased services, IT expenses, deprecia-
tions within the Group and revenue of €18 million from tion, and rental and lease expenses. Cost of sales of
the provision of services to Daimler Truck Holding AG €1,470 million was lower than in the previous year
and its subsidiaries. (2020: €1,641 million).

Due to legal restrictions, Mercedes-Benz Group AG was General administrative expenses primarily comprise
used for specific sales of Mercedes-Benz AG and personnel expenses, IT costs and fees for expertise and
Daimler Truck AG until August 2020 and generated reve- consulting. The increase in administrative expenses pri-
nue from the vehicle business in the amount of marily resulted from expenses in connection with the
€125 million in the period 1 January to 30 August 2020. spin-off and hive-down of the Daimler commercial vehi-
cle business in the amount of €238 million (2020:
Domestic revenue (€1,271 million) accounts for 85% of €0 million) as well as expenses for the transformation of
total revenue, with 15% coming from abroad (€217 mil- the IT infrastructure of €78 million (2020: €0 million).
lion). The revenue generated outside Germany is attrib- On the other hand, there were lower expenses of
utable in particular to America (€84 million), Asia €41 million (2020: €86 million) for cost-optimisation
(€64 million) and Europe (€60 million). programmes resulting from a general works agreement
concluded in January 2020. This agreement includes
voluntary termination agreements for employees work-
ing in administrative and production-related areas.

The expenses for consulting include auditor fees. The

shareholders of the former Daimler AG elected
KPMG AG Wirtschaftsprüfungsgesellschaft as the exter-
nal auditor at the Annual General Meeting held on
31 March 2021.

23
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Income Statement

Table  C.10 shows the fees of KPMG AG Wirtschafts- C.10

prüfungsgesellschaft recognised as expenses for ser- Auditor fees
vices provided to Mercedes-Benz Group AG and its sub- 2021 2020
sidiaries in the respective financial year. These also In millions of euros
include the fees of the companies of the former Daimler
Truck & Buses segment incurred until the date of the Audit services 25 23
spin-off and hive-down of the Daimler commercial vehi- Other attestation services 17 5
cle business. Audit services relate to the audit of the Tax services 1 .
consolidated financial statements and the year-end
Other services 1 1
financial statements, as well as to all services required
44 29
for the audit, including the reviews of the interim finan-
cial statements, the accounting-related audit of the
internal control system and accounting-related reviews
of the introduction of IT systems and processes. and accruals and deferrals. The decrease was primarily
the result of the release of provisions for derivatives in
Other attestation services were particularly provided for the vehicle business in the previous year, which had
voluntary project-supporting reviews of IT systems and been recognised in connection with the Project Future.
processes, reviews in connection with compliance man-
agement systems, the issuing of comfort letters as well
as for services within the scope of the spin-off and 16. Other operating expenses
hive-down. Tax services primarily relate to value-added
tax advisory. Other services were mainly commissioned Other operating expenses amount to €100 million
in connection with IT and process consulting and qual- (2020: €127 million) and include expenses relating to
ity assurance not relevant to accounting. The increase in the central procurement of lateral-flow tests and pro-
auditor fees compared to the previous year is mainly tective masks.
due to expenses in connection with the spin-off and
hive-down. Other operating expenses of €9 million (2020: €14 mil-
lion) are attributable to other periods.

15. Other operating income

Of the other operating income of €241 million (2020:

€407 million), €183 million (2020: €239 million) is attrib-
utable to the period under review. In connection with
Project Focus, patents and trademarks were sold to
Daimler Truck AG; Mercedes-Benz Group AG generated
other operating income of €102 million from this sale.

The decrease in other operating income resulted primar-

ily from the sale of patents to Daimler Truck AG in the
previous year in connection with the Group-wide con-
centration of fuel-cell activities at Daimler Truck Fuel
Cell GmbH & Co. KG, a wholly owned sub-subsidiary of
Daimler Truck AG.

Other operating income of €58 million (2020: €168 mil-

lion) is attributable to other reporting periods and
relates mostly to income from the release of provisions

24
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Income Statement

17. Income/expense from investments in subsidiaries C.11

and associated companies, net  C.11 Income/expense from investments in
­subsidiaries and a
­ ssociated companies, net

Income from subsidiaries and associated companies 2021 2020

increased primarily due to higher income from profit In millions of euros

transfers and higher income from subsidiaries.

Income from profit transfers 7,040 914
The increased income from profit transfers resulted in Expenses from loss transfers -8 -310
particular from a higher profit transfer from Mercedes- Income from subsidiaries 3,629 1,559
Benz AG to Mercedes-Benz Group AG. Income from associated companies 1,220 1,367
Impairments of investments in subsidiaries and
The higher income from subsidiaries is the result of associated companies -49 -373
increased dividend payments by subsidiaries. The Write-ups on investments in subsidiaries and
associated companies - -
increase is mainly due to a higher dividend paid to
Mercedes-Benz Group AG by Mercedes-Benz Capital Gains on disposals of investments in
­subsidiaries and associated companies 46 -
Nederland B.V. (formerly Daimler International Neder-
Losses on the disposal of shares in subsidiaries
land B.V.) of €3,076 million (2020: €0 million). and associated companies . -16
Other expenses from investments in
Income from associated companies primarily comprises ­­subsidiaries and associated companies -38 -22
dividends from the equity investment in Beijing Benz 11,840 3,119
Automotive Co., Ltd. (€1,211 million, 2020: €1,351 million).

Dividends from subsidiaries transferred to Mercedes-

Benz AG in previous years in the context of Project C.12
Future are included in the profit transfer to Mercedes- Interest income/expense, net
Benz Group AG and consequently in income from profit 2021 2020
transfers. In millions of euros

Impairments of investments in subsidiaries and associ- Income from other securities and
ated companies relate to BAIC Motor Corporation Ltd. loans of financial assets 20 36
(€49 million). In the previous year, impairments of thereof from subsidiaries 20 36
investments in subsidiaries and associated companies Other interest and similar income 663 815
also primarily related to BAIC Motor Corporation Ltd. thereof from subsidiaries 266 357
(€279 million). Interest and similar expenses -1,136 -1,027
thereof to subsidiaries -540 -200
-453 -176
18. Interest income/expense, net  C.12

The earnings components of the special-purpose assets

are uniformly recognised under interest income/ The compounding of provisions with an original maturity
expense, net and are offset against the interest compo- of more than one year results in an interest expense of
nent of the retirement benefit obligation. €13 million (2020: €14 million).

The interest expense from the measurement of retire- The increase in interest expense to subsidiaries primar-
ment benefit obligations amounts to €127 million (2020: ily resulted from a bond transfer to Mercedes-Benz
€120 million). The income from the special-purpose International Finance B.V. (formerly Daimler Interna-
assets amounts to €79 million (2020: €29 million). tional Finance B.V.).

25
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Notes to the Income Statement

19. Other financial income/expense, net  C.13 C.13

Other financial income/expense, net
Other financial income/expense, net includes items 2021 2020
from the ongoing Group financing. In millions of euros

Other financial income/expense includes a net loss on Currency income/expense, net -240 95
currency translation of €240 million (2020: net gain of Miscellaneous income 177 120
€95 million). This includes currency gains of €1,043 mil- Miscellaneous expenses -53 -280
lion (2020: €2,162 million) and currency losses of -116 -65
€1,283 million (2020: €2,067 million).

Miscellaneous income includes the Group’s internal pro-

visions for warranty and guarantee obligations of Deferred taxes are not included in this item because the
€108 million (2020: €118 million). Miscellaneous option of capitalising deferred tax assets was not exer-
expenses include expenses for Group financing of cised. Future tax relief mainly arises from temporary
€50 million (2020: €196 million). accounting differences in connection with pensions and
other provisions and from the tax-loss carryforward.

20. Income taxes

21. Net profit
As the parent company, Mercedes-Benz Group AG is the
taxpayer with respect to those subsidiaries with which it Net profit for the year 2021 amounts to €9,538 million
has concluded profit-and-loss-transfer agreements. The (2020: €2,133 million). The decrease in assets of
individual companies are listed in the E “Statement of €13,897 million resulting from the spin-off of Daimler
investments” pursuant to Section 285 of the German Truck AG was offset against other retained earnings. Fol-
Commercial Code (HGB) and are marked with a separate lowing the transfer to retained earnings of €4,189 mil-
footnote. lion pursuant to Section 58 Subsection 2 of the German
Stock Corporation Act (AktG), the distributable profit of
The expense from taxes on income amounts to Mercedes-Benz Group AG amounts to €5,349 million.
€655 million (2020: benefit of €141 million). It comprises
an expense of €737 million for the year 2021 (2020:
€111 million) as well as a benefit of €82 million for previ-
ous years (2020: expense of €30 million).

The €514 million increase in tax expense compared with

the previous year is due to the significant increase in
taxable income for corporate income-tax purposes and
in taxable income for trade-tax purposes (2020: taxable
loss for trade-tax purposes). This resulted in a tax
expense for corporate income tax, solidarity surcharge
and trade tax of €637 million in 2021 (2020: €24 million).
In addition, as in the previous year, withholding taxes
were paid mainly on dividend distributions from foreign
subsidiaries as well as on income in connection with
interest and the use of rights.

26
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Other Notes
Personnel expenses / Employees  C.14 C.14
Personnel expenses
Wages and salaries include salaries, severance pay- 2021 2020
ments, holiday bonuses, special bonuses and expenses In millions of euros
resulting from personnel provisions.
Wages and salaries 706 690
Social-security contributions primarily comprise the Social security contributions 74 91
employer’s share of contributions to pension, unem- Pension costs 70 55
ployment, nursing-care and medical insurance plans. 850 836

Expenses for pensions include service costs and contri-

butions to the German Pension Insurance Association, Employees
which are included in the functional costs in the income 2021 2020
statement. Annual average numbers
Manual workers 63 80
In the context of Project Focus, corporate functions Salaried employees 5,186 6,166
were transferred to Daimler Truck AG. In addition, there
5,249 6,246
was a reorganisation of the corporate departments at
Trainees/apprentices/interns 286 382
the Mercedes-Benz Group, which significantly reduced
Total (average for the year) 5,535 6,628
the number of employees at Mercedes-Benz Group AG.
This only affected personnel expenses proportionately
Total (at end of year) 4,678 6,403
because most of the transfers took place at the end of
the year.

The average number of employees of 5,535 (2020: C.15

6,628) as shown in Table  C.14 reflects the entire Cost of materials
financial year. At 31 December 2021, Mercedes-Benz 2021 2020
Group AG had 4,678 employees (2020: 6,403). In millions of euros

Cost of raw materials, manufacturing ­supplies

Cost of materials  C.15 and purchased goods 35 159
Cost of purchased services 1,179 850
Cost of materials primarily comprises expenses for pur- 1,214 1,009
chased services as well as, to a smaller extent,
expenses for raw materials, manufacturing supplies and
purchased goods.

Among other things, cost of materials includes expenses

of €238 million in connection with the spin-off and
hive-down of the Daimler commercial vehicle business.

27
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Derivative financial instruments and valuation units contracts include interest rate swaps and interest rate/
currency swaps. They are primarily used to minimise the
As part of its centralised Group financing, Mercedes- risk of changes in interest rates. The commodity for-
Benz Group AG concludes derivative financial instru- wards currently comprise commodity swaps, most of
ments with external financial institutions. These finan- which are charged on to companies of the Group
cial instruments serve solely to hedge risks relating to through internal derivatives.
foreign exchange rates and interest rates and to hedge
commodity prices. They cover the underlying transac- The carrying amounts and fair values of derivative finan-
tions of the companies of the Mercedes-Benz Group cial instruments at the end of the reporting year and the
and the original financial transactions (underlying trans- prior year are shown in table  C.17.
actions) and are placed together with them as far as
possible in valuation units. The carrying amounts are taken from the items of the
balance sheet and primarily relate to other provisions.
The derivative financial instruments held by Mercedes- Other amounts relate to other assets, other liabilities
Benz Group AG have the nominal values at the end of and prepaid expenses and deferred income.
the reporting year and the prior year as shown in table
 C.16. The nominal values are the totals of the basic
values of all purchase and sale contracts without offset- C.16
ting. Derivative financial instruments: nominal amounts
31 Dec. 2021 31 Dec. 2020
The currency hedging contracts primarily comprise cur- In millions of euros
rency forwards, most of which are charged on to com-
panies of the Group through internal derivatives. In Foreign exchange contracts 83,758 64,986
addition, forward exchange contracts and currency Interest rate contracts 60,473 57,709
swaps are held to hedge financial receivables and liabil- Commodity forward contracts 131 456
ities from Group financing. The interest rate hedging 144,362 123,151

C.17
Derivative financial instruments: carrying amounts/fair values
31 Dec. 2021 31. Dec. 2020
Carrying amount Fair value Carrying amount Fair value
In millions of euros

Assets
Foreign exchange contracts 13 1,578 18 836
Interest rate contracts 41 826 60 935
Commodity forward contracts 2 6 5 39
56 2,410 83 1,810

Liabilities
Foreign exchange contracts -107 -1,628 -58 -859
Interest rate contracts -29 -247 -118 -499
Commodity forward contracts -1 -6 -5 -39
-137 -1,881 -181 -1,397

Balance -81 529 -98 413

28
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

C.18
Derivative financial instruments: valuation units
31 Dec. 2021
Hedged Positive Negative
Type of risk Type of hedge volume fair value fair value
In millions of euros

Exchange-rate risk / interest-rate risk Liability hedges 3,075 78 -3

Opposing derivative hedges 12,490 59 -155
Macrohedges 5,9181 19 -147
Exchange-rate risk Asset and liability hedges - - -
Opposing derivative hedges 37,884 1,322 -199
Commodity-price risk Opposing derivative hedges 65 - -6
59,432 1,478 -510
1 Hedges in a total nominal amount of €13,989 million are designated in macrohedges.

Interest-rate hedges result in other assets from prema- Table  C.18 shows the hedged exchange-rate, inter-
turely terminated valuation units. In addition, other est-rate and commodity-price risks included in valua-
assets and other liabilities result from advance pay- tion units.
ments made and received for interest-rate/currency
swaps. Other provisions also include negative fair val- If derivative financial instruments are included in valua-
ues and fair-value changes of derivatives not included tion units with the related underlying transactions, an
in valuation units as well as negative ineffectiveness effectiveness measurement is carried out both at the
from valuation units. beginning of the hedging period and on each following
balance sheet date upon which the hedge exists.
The fair values of currency forwards are determined on
the basis of current ECB reference rates with considera- In connection with the hedging of exchange-rate risks of
tion of forward premiums or discounts. The fair values of assets and liabilities, the conditions and parameters of
interest-rate contracts are determined on the basis of the underlying transaction and the hedging transaction
discounted expected future cash flows with the use of are compared with each other. With the hedging of mir-
the market interest rates applicable for the remaining ror derivatives, effectiveness is automatically ensured
time until maturity of the financial instruments. The fair due to the mirroring. The risk management system at
values of commodity forwards are determined on the the Mercedes-Benz Group monitors the effectiveness of
basis of current spot rates on commodity exchanges hedges.
with consideration of forward premiums or discounts.
Mercedes-Benz Group AG generally applies the net
Of the derivative financial instruments held on the bal- hedge presentation method for its valuation units. Inso-
ance sheet date in a nominal amount of €144,362 mil- far as changes in fair value resulting from the measure-
lion, financial instruments in a total amount of ment of open hedges are offset by changes in the value
€59,432 million serve as hedging instruments in valua- of the underlying transactions, these derivatives are not
tion units. Of that total, €37,884 million is accounted for recognized in the balance sheet; the corresponding off-
by foreign-exchange contracts, €21,483 million by inter- setting changes in the value of hedges and underlying
est-rate contracts and €65 million by commodity for- transactions are therefore not recognized in profit or
ward contracts. loss for the period. Provisions are recognized for any
additional changes in the value of hedges in the event
of losses.

29
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Foreign-exchange contracts are concluded with subsidiaries, which are based on the
Mercedes-Benz Group AG uses derivative financial same hedging rates as the external derivatives. These
instruments for currency hedging. In addition, opposing external and internal derivatives are combined to form
intra-Group hedging contracts are concluded with sub- valuation units (microhedges) and are shown in the bal-
sidiaries, which are based on the same hedging rates as ance sheet using the net hedge presentation method. In
the external derivatives. These external and internal economic terms, the positive or negative effects from
derivatives are combined to form valuation units (micro- raw-material hedging thus occur at other companies of
hedges). In economic terms, the positive or negative the Group. In connection with the spin-off and hive-
effects from currency hedging thus largely occur at down of the Daimler commercial vehicle business, intra-
other companies of the Group. Group hedging contracts of Mercedes-Benz Group AG
with Daimler Truck companies were terminated prema-
In connection with the spin-off and hive-down of the turely, while opposing hedges were concluded for the
Daimler commercial vehicle business, intra-Group hedg- related hedging contracts outside the Group.
ing contracts of Mercedes-Benz Group AG with Daimler
Truck companies were terminated prematurely, while
opposing transactions were concluded for most of the Contingent liabilities
related hedges outside the Group.
Contingent liabilities relate to potential future events,
Forward exchange contracts for financing activities out- the occurrence of which would lead to an obligation. At
side the Group are combined with opposing hedges the balance sheet date, the contingent liabilities of
concluded to form valuation units (microhedges). Pro- Mercedes-Benz Group AG were reviewed with consider-
vided that the documentation requirements are fulfilled, ation of available knowledge about the financial posi-
currency forwards with Group-external counterparties tion, cash flows and profitability of business partners
that are not matched by corresponding hedges within with regard to the risk situation. Mercedes-Benz
the Group can be included in valuation units (micro- Group AG assesses the risk of possible claims on all the
hedges) with the related financial receivables and liabil- listed obligations as unlikely. At 31 December 2021, con-
ities. The hedging period is generally one to four years. tingent liabilities amount to €71,802 million (2020:
€86,813 million), primarily consisting of sureties and
Interest rate contracts guarantees. They include sureties and guarantees to
Valuation units (microhedges) are formed for interest domestic and foreign subsidiaries amounting to
swaps and interest/currency swaps which have oppos- €71,179 million (2020: €86,773 million), which primarily
ing hedges concluded with subsidiaries. Interest-rate comprise guarantees provided to creditors of subsidiar-
contracts that are not opposed by any corresponding ies of Mercedes-Benz Group AG, for example, for loans
hedges are included in valuation units with the related they have taken out and bonds they have issued and
financial receivables and liabilities, provided that the liabilities to banks.
documentation requirements are fulfilled (micro
hedges). If groups of derivatives are in an economic Contingent liabilities include global guarantees to banks
relationship with a risk-offsetting effect, they are com- for liabilities of Russian companies of the Group in the
bined - if applicable with a related financial receivable amount of €971 million.
or liability - in valuation units (macrohedges), for exam-
ple, in the case of volume- or time-proportionate As a result of the spin-off and hive-down of the Daimler
smoothing of existing derivatives. The hedging period is commercial vehicle business, sureties and guarantees
one to a maximum of twelve years. for associated companies amount to €571 million as of
31 December 2021.
Commodity forward contracts
Mercedes-Benz Group AG concludes Group-external Sureties and guarantees were issued to third parties in a
derivative financial instruments for raw-material hedg- total amount of €52 million (2020: €41 million).
ing. In addition, opposing intra-Group hedging contracts

30
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Subsequent liability Other financial obligations

As legal entities involved in the hive-down that took Other financial obligations total €3,540 million (thereof
place in 2019, Mercedes-Benz Group AG, Mercedes- due in 2022: €2,565 million). Such obligations to sub-
Benz AG and Daimler Truck AG are jointly and severally sidiaries amount to €1,867 million (thereof due in 2022:
liable pursuant to Section 133 Subsections 1 and 3 of €1,847 million) and to associated companies amount to
the German Transformation Act (UmwG) for the liabili- €1 million (thereof due in 2022: €1 million).
ties of Mercedes-Benz Group AG (formerly Daimler AG)
incurred prior to the effective date of the hive-down. Other financial obligations resulting from rental and
Those of the aforementioned legal entities to which the leasing agreements amount to €33 million (thereof due
relevant liabilities are not assigned under the hive-down in 2022: €10 million). Of that total, €15 million relates to
agreement are liable, however, only for those liabilities if subsidiaries (thereof due in 2022 €5 million).
they fall due within five years of the announcement of
the entry of the hive-down in the commercial register of The remaining financial obligations, in particular pur-
Mercedes-Benz Group AG and claims therefrom are chase commitments, are of a magnitude typical for the
established in court or in another manner as described industry.
in Section 133 of the German Transformation Act
(UmwG).

The provisions existing in this context, in particular the

procedure for regulating the internal settlements
between the participating legal entities, are regulated in
the hive-down agreement of 25 March 2019.

The aforementioned period is ten years for pension obli-

gations based on the Company Pensions Act that
existed before the hive-down took effect. Mercedes-
Benz Group AG does not expect any outflow of liquidity
from the other two legal entities due to the special-pur-
pose assets available in a sufficient volume.

The potential obligations from subsequent liability pur-

suant to Section 133 of the German Transformation Act
(UmwG) and from the risks from the internal settlement
between Mercedes-Benz Group AG and Mercedes-
Benz AG and Daimler Truck AG amount to €8,924 million
for Mercedes-Benz Group AG (thereof due in 2022:
€4,410 million).

According to the current appraisal, an actual cash out-

flow from Mercedes-Benz Group AG is considered to be
unlikely due to the assessments of the creditworthiness
of Mercedes-Benz AG and Daimler Truck AG.

31
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Related party disclosures pursuant to Section 285 C.19

No. 21 of the German Commercial Code (HGB) Business betwen Mercedes-Benz Group AG and realted parties
Associated
Subsidiaries and associated companies Subsidaries companies

Most of the services supplied within the ordinary course In millions of euros

of business between Mercedes-Benz Group AG and

related parties comprise transactions with subsidiaries Sales of service and other income in 2021 54 26
and associated companies and are included in table Purchase of goods and services and other
 C.19. expenses in 2021 183 35
Trade receivables
at 31 December 2021 14 43
Board members
Financial receivables
Throughout the world, Mercedes-Benz Group AG has at 31 December 2021 289 28
business relationships with numerous entities that are
Trade payables
also customers and/or suppliers of Mercedes-Benz at 31 December 2021 20 63
Group AG. Those customers and/or suppliers include Financial liabilities
companies that have a connection with some of the at 31 December 2021 287 47
members of the Supervisory Board or Board of Manage-
ment of Mercedes-Benz Group AG or its subsidiaries.

Russia-Ukraine War
Events after the reporting period Russia has been at war with Ukraine since 24 February
2022 (“Russia-Ukraine War”). On 2 March 2022,
Sale and contribution of shares in Daimler Truck Mercedes-Benz decided to discontinue the export of
Holding AG to the pension plan assets cars and vans to Russia as well as local production in
Since the spin-off and hive-down of the shares in Russia until further notice. The effects of the Rus-
Daimler Truck AG described above became effective, sia-Ukraine War represent a value-affecting event after
Mercedes-Benz Group AG holds approximately 28.43% the reporting period and therefore have no impact on
of the shares in the listed Daimler Truck Holding AG. At the recognition and measurement of assets and liabili-
the end of January 2022, Mercedes-Benz Group AG sold ties as at the reporting date. The impact on financial
approximately 4.99% of its shares in Daimler Truck position, cash flows and profitability in 2022 cannot be
Holding AG to Mercedes-Benz AG at the market price on quantified at this time.
that date. Mercedes-Benz AG in turn immediately trans-
ferred the acquired shares to the pension plan assets of
Mercedes-Benz AG (trustee: Daimler Pension Trust e.V.). Legal proceedings
The extraordinary contribution to the pension plan
assets corresponds to the fair value of the contributed Mercedes-Benz Group AG and its subsidiaries are con-
assets at the time of the contribution and amounts to fronted with various legal proceedings, claims as well as
€1,309 million. governmental investigations and orders (legal proceed-
ings) on a large number of topics, including vehicle
Transfer of bonds to Mercedes-Benz International safety, emissions, fuel economy, financial services,
Finance B.V. (formerly Daimler International Finance dealer, supplier and other contractual relationships,
B.V.) intellectual property rights (including but not limited to
At the beginning of March 2022, Mercedes-Benz patent infringement actions), warranty claims, environ-
Group AG transferred issued bonds in a volume of mental matters, antitrust matters (including actions for
€5 billion to Mercedes-Benz International Finance B.V. damages) as well as investor litigation. Product-related
(formerly Daimler International Finance B.V.). This had
no significant impact on earnings.

32
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

litigation involves claims alleging faults in vehicles. position that Mercedes-Benz failed to disclose Auxiliary
Some of these claims are asserted by way of class Emission Control Devices (AECDs) in certain of its US
actions. If the outcome of such legal proceedings is det- diesel vehicles and that several of these AECDs are ille-
rimental to Mercedes-Benz or such legal proceedings gal defeat devices.
are settled, the Group may be required to pay substan-
tial compensatory and punitive damages or to under- As part of these settlements, Mercedes-Benz denies the
take service actions, recall campaigns, monetary penal- allegations by the authorities and does not admit liabil-
ties or other costly actions, which would adversely ity, but has agreed to, among other things, pay civil pen-
affect the earnings of Mercedes-Benz Group AG. Legal alties, conduct an emission modification programme for
proceedings and related settlements may also have an affected vehicles and take certain other measures. The
impact on the Company’s reputation. failure to meet certain of those obligations may trigger
additional stipulated penalties. In the first quarter of
Up until the effective date of the spin-off of a majority 2021, Mercedes-Benz paid the civil penalties, provisions
interest in Daimler Truck AG to Daimler Truck Holding AG have been recognised for the emission modification
on 9 December, 2021, Daimler Truck AG and its consoli- programme and other measures.
dated subsidiaries were group companies of Daimler AG
(now Mercedes-Benz Group AG). Insofar as risks result- As already reported, in April 2016, the U.S. Department
ing from the legal proceedings mentioned above materi- of Justice (“DOJ”) requested that Mercedes-Benz con-
alise, and to the extent that the facts underlying such duct an internal investigation. Mercedes-Benz con-
risks relate to the aforementioned Truck & Bus compa- ducted such internal investigation in cooperation with
nies, Mercedes-Benz Group AG is entitled to indemnifi- DOJ‘s investigation; DOJ‘s investigation remains open. In
cation claims. Such claims arise vis-à-vis Daimler addition, further US state authorities have opened
Truck AG based on the hive-down of assets and liabili- investigations pursuant to both state environmental and
ties of the former Daimler Trucks and Daimler Buses consumer protection laws and have requested docu-
divisions to Daimler Truck AG in 2019. Vis-à-vis Daimler ments and information.
Truck Holding AG, such claims arise from the spin-off of
the majority interest in Daimler Truck AG to Daimler In Canada, the Canadian environmental regulator Envi-
Truck Holding AG in 2021. ronment and Climate Change Canada (“ECCC”) is con-
ducting an investigation in connection with Diesel
Diesel emission behaviour: governmental exhaust emissions based on the suspicion of potential
­proceedings violations of, amongst others, the Canadian Environ-
As already reported, several authorities and institutions mental Protection Act, as well as undisclosed AECDs
worldwide were, and still are, active in the form of and defeat devices. Mercedes-Benz continues to coop-
inquiries, investigations, procedures and/or orders. erate with the investigating authorities.
These activities particularly relate to test results, the
emission control systems used in Mercedes-Benz diesel In Germany, the Stuttgart public prosecutor’s office
vehicles and/or the interactions of Mercedes-Benz with issued a fine notice against Mercedes-Benz in Septem-
the relevant authorities as well as related legal issues ber 2019 based on a negligent violation of supervisory
and implications, including, but not limited to, under duties, which became legally binding, thereby conclud-
applicable environmental, criminal, consumer protec- ing the related administrative offense proceedings
tion and antitrust laws. against Mercedes-Benz. The Stuttgart public prosecu-
tor’s office is still conducting criminal investigation pro-
In the United States, Mercedes-Benz Group AG and ceedings against Mercedes-Benz employees on the sus-
Mercedes-Benz USA, LLC (MBUSA) reached agreements picion of, amongst others, fraud. In July 2021, the local
in the third quarter of 2020 with various authorities to court of Böblingen issued penal orders against three
settle civil environmental claims regarding the emission Mercedes-Benz employees with the local court of
control systems of certain diesel vehicles, which have Böblingen based on, amongst others, fraud, which have
become final and effective. The authorities take the become final.

33
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Between 2018 and 2020, the German Federal Motor investigations. Since 1 September 2020, this also
Transport Authority (“KBA”) issued subsequent auxiliary applies to other responsible authorities of other mem-
provisions for the EC type approvals of certain ber states and the European Commission, which con-
Mercedes-Benz diesel vehicles, and ordered mandatory duct market surveillance under the new European Type
recalls as well as, in some cases, stops of the first regis- Approval Regulation and can take measures upon
tration. In each of those cases, it held that certain cali- assumed non-compliance, irrespective of the place of
brations of specified functionalities are to be qualified the original type approval, and also to the British market
as impermissible defeat devices. Mercedes-Benz has a surveillance authority DVSA (Driver and Vehicle Stand-
contrary legal opinion on this question. Since 2018, ards Agency).
however, it has (in view of the KBA’s interpretation of
the law as a precautionary measure) implemented a In the course of its formal investigation into possible
temporary delivery and registration stop with respect to collusion on clean emission technology, the European
certain models, also covering the used car, leasing and Commission sent a statement of objections to
financing businesses, and is constantly reviewing Mercedes-Benz and other automobile manufacturers in
whether it can lift this delivery and registration stop in April 2019. In this context, Mercedes-Benz had filed an
whole or in part. Mercedes-Benz has filed timely objec- application for immunity from fines (leniency applica-
tions against the KBA’s administrative orders mentioned tion) with the European Commission some time ago. On
above. In early 2021, the KBA issued objection orders 8 July 2021, the proceedings were closed by way of a
(“Widerspruchsbescheide”) in these proceedings, settlement with the European Commission. During the
thereby not following the arguments brought forward by entire proceedings, Mercedes-Benz Group AG cooper-
Mercedes-Benz. Since Mercedes-Benz continues to ated closely with the European Commission, and the
have a different understanding of the relevant legal pro- European Commission granted the company complete
visions, it has filed lawsuits with the competent admin- immunity from fines.
istrative court to have the controversial questions at
issue clarified in a court of law. Irrespective of such In addition to the abovementioned authorities, national
objections and the lawsuits that are now pending, cartel authorities and other authorities of various for-
Mercedes-Benz continues to cooperate fully with the eign States, including the South Korean Ministry of Envi-
KBA. The new calibrations requested by KBA have been ronment, the South Korean competition authority (Korea
developed by Mercedes-Benz and assessed and Fair Trade Commission) and the Seoul public prosecu-
approved by the KBA; the related recalls have been ini- tor’s office (South Korea) are conducting various investi-
tiated. It cannot be ruled out that under certain circum- gations and/or procedures in connection with Diesel
stances, software updates may have to be reworked, or exhaust emissions.
further delivery and registration stops may be ordered
or resolved by the Company as a precautionary meas- Mercedes-Benz continues to fully cooperate with the
ure, also with regard to the used car, leasing and financ- authorities and institutions.
ing businesses. In the course of its regular market
supervision, the KBA is routinely conducting further Diesel emission behaviour: consumer actions and
reviews of Mercedes-Benz vehicles and is asking ques- other lawsuits in the United States, Canada, Ger-
tions about technical elements of the vehicles. In addi- many and other states
tion, Mercedes-Benz continues to be in a dialogue with As previously reported, a consolidated class action
the German Ministry for Digital and Transport (BMDV) to against Mercedes-Benz Group AG and MBUSA was
conclude the analysis of the diesel-related emissions pending before the US District Court for New Jersey. The
matter and to further the update of affected customer plaintiffs alleged that Mercedes-Benz Group AG and
vehicles. In light of the aforementioned administrative MBUSA used devices that impermissibly impair the
orders issued by the KBA, and continued discussions effectiveness of emission control systems in reducing
with the KBA and the BMDV, it cannot be ruled out com- nitrogen-oxide (NOX) emissions and which cause exces-
pletely that additional administrative orders may be sive emissions from vehicles with diesel engines. In
issued in the course of the ongoing and/or further

34
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

addition, plaintiffs alleged that consumers were deliber- others, Mercedes-Benz Group AG and MBUSA violated
ately deceived in connection with the advertising of municipal regulations prohibiting vehicle tampering and
Mercedes-Benz diesel vehicles. other conduct by using alleged devices claimed to
impair the effectiveness of emissions control systems.
In the third quarter of 2020, Mercedes-Benz Group AG
and MBUSA reached a settlement with plaintiffs’ coun- In Germany, a large number of customers of diesel vehi-
sel of this consumer class action. As part of the settle- cles have filed lawsuits for damages or rescission of
ment, Mercedes-Benz Group AG and MBUSA deny the sales contracts. They assert that the vehicles contained
material factual allegations and legal claims asserted by illegal defeat devices and/or showed impermissibly high
the class action plaintiffs, but have agreed to provide emission or consumption values. They refer to, in par-
payments to certain current and former diesel vehicle ticular, the German Federal Motor Transport Authority’s
owners and lessees. The relevant court has granted recall orders (see above). Given the current develop-
final approval of the settlement and issued a final judg- ment of case numbers, we expect a continued high
ment in the case. The estimated costs of the settlement number of lawsuits to be filed in this respect. In this
amount to approximately USD 700 million. In addition, context, the Federation of German Consumer Organisa-
Mercedes-Benz estimates further expenses of a mid tions (Verbraucherzentrale Bundesverband e.V.) filed a
three-digit-million euro amount to fulfil the require- model declaratory action (“Musterfeststellungsklage”)
ments of this settlement and the aforementioned set- against Mercedes-Benz Group AG with the Stuttgart
tlements with the US authorities. Higher Regional Court on 7 July 2021. Such action seeks
a ruling that certain preconditions of alleged consumer
A consumer class action making similar allegations and claims are met. Mercedes-Benz Group AG will defend
seeking similar remedies as to vehicles sold or leased in itself against the federation’s allegations.
Canada was filed against Mercedes-Benz Group AG and
other Group companies in Ontario in April 2016. In the Furthermore, a class action against Mercedes-Benz
fourth quarter of 2021, Mercedes-Benz Group AG and Group AG and other Group companies was filed in the
the other Group companies reached a settlement with Netherlands on 23 June 2020. The class action makes
plaintiffs’ counsel of the consumer class action. As part allegations comparable to the aforementioned US and
of the settlement, Mercedes-Benz Group AG and the Canadian class actions relating to all Euro 5 and 6 diesel
other Group companies deny the material factual alle- vehicles sold in the EU between 2009 and 2019. The
gations and legal claims asserted by the class action plaintiff, a foundation under the laws of the Netherlands,
plaintiffs, but have agreed to make payments to certain is representing Dutch claimants and seeks certification
current and former diesel vehicle owners and lessees. of an opt-out Netherlands class (Dutch claimants are
The estimated costs for this settlement amount to participating in the class action by law). In the course of
approximately CAD250 million (equivalent to approxi- the proceedings, other claimants who bought such vehi-
mately €175 million). cles in the EU market have the option to declare partici-
pation in the class action (opt-in). Furthermore, the
In a separate lawsuit filed by the State of Arizona in Jan- plaintiff is seeking declarations of law concerning the
uary 2019, the plaintiff claims that, amongst others, customers’ entitlement to nullify or rescind their vehicle
Mercedes-Benz Group AG and MBUSA deliberately purchase contracts, to demand replacement of their
deceived consumers in connection with advertising vehicle and/or to demand damages. After the extension
Mercedes-Benz diesel vehicles. Consumer class actions of the deadline granted by court, two further founda-
containing similar allegations were filed against tions filed statements of claim in court on 30 December
Mercedes-Benz Group AG and further Group companies 2020. The court has still to determine the lead plaintiff.
in the United Kingdom since May 2020 as well as
against Mercedes-Benz Group AG in Israel in February
2019. In a separate lawsuit filed by the Environmental
Protection Commission of Hillsborough County, Florida
in September 2020, the plaintiff claims that, amongst

35
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Mercedes-Benz Group AG and the respective other Antitrust law proceedings (including actions for
affected companies of the Group regard the lawsuits set damages)
out before as being without merit and will defend itself Starting in July 2017, a number of class actions were
against the claims, unless a settlement has already filed in the United States and Canada against Mercedes-
been reached as described above. Benz Group AG and other manufacturers of automobiles
as well as various of their North American subsidiaries.
In addition, investors from Germany and abroad have Plaintiffs allege to have suffered damages because
filed lawsuits for damages with the Stuttgart Regional defendants engaged in anticompetitive behaviour relat-
Court alleging the violation of disclosure requirements ing to vehicle technology, costs, suppliers, markets, and
(main proceedings) and also raised out-of-court claims other competitive attributes, including diesel emissions
for damages. The investors allege that Mercedes-Benz control technology, since the 1990s. All pending US
Group AG did not immediately disclose inside informa- class actions were centralised in one proceeding by the
tion in connection with the emission behaviour of its Judicial Panel on multidistrict litigation and transferred
diesel vehicles and that it had made false and mislead- to the U.S. District Court for the Northern District of Cal-
ing public statements. They further claim that the pur- ifornia. In 2018, plaintiffs in the US antitrust class action
chase price of the financial instruments acquired by amended and consolidated their complaints into two
them (in particular Mercedes-Benz shares, formerly pleadings, one on behalf of consumers and the other on
Daimler AG shares) would have been lower if Mercedes- behalf of dealers. On 23 October 2020, the court
Benz Group AG had complied with its disclosure obliga- granted motions to dismiss the complaints in their
tions. Mercedes-Benz Group AG regards these allega- entirety, with prejudice, ending the litigation in the US
tions and claims as being without merit and will defend district court. On 30 August 2021, the consumer plain-
itself against them. In January 2021, the Stuttgart tiffs withdrew the appeal they had filed, ending their
Regional Court issued in the context of the main pro- case. On 26 October 2021, the US Court of Appeals for
ceedings an order for reference to commence model the Ninth Circuit affirmed the dismissal of the dealer
case proceedings in accordance with the Act on Model plaintiffs’ claims. Mercedes-Benz Group AG and MBUSA
Proceedings in Capital Markets Disputes (KapMuG) regard the US and Canadian lawsuits as being without
before the Stuttgart Higher Regional Court (model case merit, and will continue to defend themselves against
proceedings). The purpose of the model case proceed- the claims.
ings is to reach a decision that is binding for the main
proceedings regarding common factual and legal ques- In the course of its formal investigation into possible
tions. The main proceedings before the Stuttgart collusion on clean emission technology, the European
Regional Court will be suspended until a decision is Commission sent a statement of objections to
reached on the questions submitted, insofar as they Mercedes-Benz and other automobile manufacturers in
cannot be dismissed independently of the questions to April 2019. In this context, Mercedes-Benz had filed a
be decided in the model case proceedings. The decision leniency application with the European Commission
in the model case proceedings is binding for the sus- some time ago. On 8 July 2021, the proceedings were
pended main proceedings. In December 2021, the Stutt- closed by way of a settlement with the European Com-
gart Higher Regional Court determined a model case mission. During the entire proceedings, Mercedes-Benz
plaintiff and announced the model case proceedings in Group AG cooperated closely with the European Com-
the German register for model case proceedings. There- mission, and the European Commission granted the
after, multiple investors used the possibility to register company complete immunity from fines.
claims in a considerable amount with the model case
proceedings in order to suspend the period of limitation. Following the settlement decision by the European
Mercedes-Benz Group AG remains of the view to have Commission adopted on 19 July 2016, concluding the
duly fulfilled its disclosure obligations under capital trucks antitrust proceedings, Mercedes-Benz Group AG
markets law and will defend itself against the investors’ and Daimler Truck AG are facing customers’ claims for
allegations also in these model case proceedings. damages to a considerable degree. Respective legal
actions, class actions and other forms of legal redress

36
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

have been initiated in various states in and outside of Accounting estimates and management judgments
Europe and should further be expected. As set out at relating to all legal proceedings
the beginning of the note “Legal Proceedings”,
Mercedes-Benz Group AG is entitled to indemnification Mercedes-Benz Group AG and its subsidiaries recognise
claims against Daimler Truck Holding AG and Daimler provisions in connection with pending or threatened
Truck AG, should the aforementioned claims materialise. proceedings to the extent a loss is probable and can be
Consequently, as Mercedes-Benz Group AG is no longer reasonably estimated. These provisions are taken into
exposed to financial risks related to the damages claims account in the annual financial statements and are
described in this paragraph, it will no longer report based on estimates. Some of the risks arising from legal
about these proceedings. proceedings cannot be estimated or can only be esti-
mated to a limited extent. It is therefore possible that
Other legal proceedings the amounts of provisions recognised may prove to be
As already reported, class actions in connection with insufficient after the conclusion of some of these pro-
Takata airbags are pending in Canada, the United States, ceedings or that Mercedes-Benz may be obliged to
Israel, and Argentina. The lawsuits are based on allega- make payments in legal proceedings for which no provi-
tions that, along with Takata entities and many other sions have been recognised and which, in the case of
companies that sold vehicles equipped with Takata air- subsidiaries, may negatively affect the earnings of
bag inflators, Mercedes-Benz entities and others were Mercedes-Benz Group AG through profit-and-loss-trans-
allegedly negligent in selling such vehicles, purportedly fer agreements. Uncertainties exist regarding the
not recalling them quickly enough, and failing to warn amounts or due dates of possible cash outflows.
consumers about a potential defect and/or to provide Although the final outcome of such proceedings may
an adequate replacement airbag inflator. One of the have a material impact on the earnings and cash flows
complaints in the United States also asserts claims by of Mercedes-Benz Group AG in a certain reporting
automotive recyclers who allege injury because they are period, we do not believe that the resulting possible
not able to re-sell salvaged airbag inflators that are sub- obligations will have a lasting impact on the Company’s
ject to the Takata recall. Mercedes-Benz Group AG con- financial position.
tinues to regard all these claims as being without merit,
and the Mercedes-Benz Group affiliates respectively
affected will further defend themselves against the
claims.

37
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Remuneration of the members of the Board of Man- In 2021, €8.8 million (2020: €7.6 million) is attributable
agement and the Supervisory Board to fixed, i.e., non-performance-related remuneration,
€15.0 million (2020: €11.1 million) to short- and medi-
Individualised information on the remuneration of the um-term performance-related variable remuneration
members of the Board of Management and of the (annual bonus with deferral) and €11.1 million (PPSP:
Supervisory Board of Mercedes-Benz AG is disclosed in 170,670 phantom shares at €65.27 each) to variable per-
the Remuneration Report . formance-related remuneration with a long-term incen-
tive effect granted in the year under review (2020:
Board of Management remuneration €9.2 million. €, 215,743 phantom shares at €42.73). This
adds up to a total of €34.9 million for 2021 (2020:
The total remuneration (excluding retirement benefit €27.9 million). The amounts for 2020 reflect the volun-
commitments) granted to the members of the Board of tary waiver by the Board of management of 20% of the
Management of Mercedes-Benz Group AG pursuant to basic remuneration in the period of 1 April to
Section 285 No. 9 of the German Commercial Code 31 December 2020. The members of the Board of Man-
(HGB) is calculated as the total of the amounts of agement are entitled to a company pension. The system
upon which that pension is based was last adjusted by
– the base salary in 2021, the Supervisory Board for members newly appointed as
of 2012. Service cost and present value have been cal-
– the short-term half of the annual bonus for 2021 paya- culated with consideration of the parameters used to
ble in 2022 with its value at the balance sheet date, calculate the pension obligation. The service cost of the
pension obligation in 2021 was €2.1 million (2020:
– the half of the medium-term share-based component €2.1 million). The present value of the total obligation at
of the annual bonus for 2021 (“deferral”) payable in 31 December 2021 was €16.3 million (2020: €26.9 mil-
2023 with its value at the balance sheet date 2022 lion).
(entitlement depending on the development of
Mercedes-Benz Group share price compared with the In the case of early termination of a service contract
STOXX Europe Auto Index), without an important reason, Board of Management ser-
vice contracts include commitments to payment of the
– the value of the long-term share-based remuneration base salary and pro-vision of a company car until the
(Performance Phantom Share Plan – PPSP) at the time end of the original service period at a maximum. How-
when granted in 2021 (payable in 2025), and ever, entitlement to the payment of the annual bonus
exists only pro rata for the time until the termination of
– taxable non-cash benefits in 2021 and other fringe the service contract. Entitlement to payment of the per-
benefits. formance-related component of remuneration with a
long-term incentive effect (PPSP) that has already been
For both of the share-based components of remunera- allocated is defined by the conditions of the respective
tion – the deferred payment of the second 50% of the plans. To the extent that the benefits described above
annual bonus (deferral) and the PPSP with a long-term are subject to the pro-visions of the so-called sever-
orientation – the amounts to be paid out can deviate ance cap of the German Corporate Governance Code,
significantly from the values described, depending on their total including fringe benefits is limited to double
the development of the Mercedes-Benz Group share the annual remuneration and may not exceed the total
price and on the achievement of the relevant target remuneration for the remaining period of the service
parameters. Upward deviation is limited. Both compo- contract.
nents can also be zero. Further information on share-
based remuneration is provided in the E Equity chap- Payments made in 2021 to former members of the
ter and in the Remuneration Report. Board of Management of Mercedes-Benz Group AG and
their survivors amounted to a total of €19.1 million
(2020: €26.0 million). Pension obligations for former

38
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

members of the Board of Management and their survi- (19,364,922 voting rights, thereof 333,024 voting rights
vors amounted to €303.7 million at 31 December 2021 equal to 0.03% from American Depositary receipts, out
(2020: €291.8 million). of a total of 1,069,837,447 voting rights). Thereof, 1.81%
(19,364,922 voting rights) are attributable to Bank of
In 2021, no advances or loans were made to members of America, Wilmington, Delaware, USA, at that date pur-
the Board of Management of Mercedes-Benz Group AG. suant to Section 34 of the WpHG.

Supervisory Board remuneration On 9 December 2021, BlackRock, Inc., Wilmington,

The total remuneration for the members of the Supervi- Delaware, USA, notified us pursuant to Section 33 Sub-
sory Board of Mercedes-Benz Group AG in 2021 was section 1 of the German Securities Trading Act (WpHG)
€4.6 million (2020: €3.7 million). The amount for 2020 that its percentage of voting rights in [the former]
reflects the voluntary waiver by the Supervisory Board Daimler AG, Mercedesstr. 120, 70372 Stuttgart, Germany,
of 20% of the fixed remuneration and of the meeting exceeded the threshold of 5% on 6 December 2021 and
attendance fees in the period from 1 April to as of that date amounted to 5.35% (57,205,993 voting
31 December 2021. The remuneration of the members of rights, thereof 48,797 voting rights equal to 0.005%
the Supervisory Board does not include any perfor- from American Depositary receipts, out of a total of
mance-related variable components. 1,069,837,447 voting rights). Thereof, 5.35% (57,205,993
voting rights) are attributable to BlackRock, Inc., Wilm-
With the exception of the remuneration paid to the ington, Delaware, USA at that date pursuant to Section
members of the Supervisory Board representing the 34 of the WpHG.
employees in accordance with their contracts of
employment, no remuneration was paid to the members On 17 March 2021, Nissan Motor Co. Ltd., Yokohama,
of the Supervisory Board for services provided person- Japan, notified us pursuant to Section 33 Subsection 1
ally beyond their board and committee activities in 2021, of the German Securities Trading Act (WpHG) that its
in particular for advisory or agency services. percentage of voting rights in [the former] Daimler AG,
Mercedesstr. 120, 70372 Stuttgart, Germany, fell below
In 2021, no advances or loans were made to members of the threshold of 3% on 12 March 2021 and as of that
the Supervisory Board of Mercedes-Benz Group AG. date amounted to 1.54% (16,448,378 voting rights out of
a total of 1,069,837,447 voting rights). Thereof, 1.54%
(16,448,378 voting rights) are directly held by Nissan
Disclosures pursuant to Section 160 Subsection 1 No. Motor Co. Ltd. Yokohama, Japan, at that date.
8 of the German Stock Corporation Act (AktG)
On 16 March 2021, Renault S. A., Boulogne-Billancourt,
At the balance sheet date of 31 December 2021, share- France, notified us pursuant to Section 33 Subsection 1
holdings in the Company exist that were communicated of the German Securities Trading Act (WpHG) that its
pursuant to Section 33 Subsection 1 and Section 21 percentage of voting rights in [the former] Daimler AG,
Subsection 1 of the German Securities Trading Act Mercedesstr. 120, 70372 Stuttgart, Germany, fell below
(WpHG, old version) and disclosed pursuant to Section the threshold of 3% on 12 March 2021 and as of that
40 Subsection 1 and Section 26 Subsection 1 of the date amounted to 1.5374% (16,448,378 voting rights out
WpHG (old version) as follows: of a total of 1,069,837,447 voting rights. Thereof, 1.5374%
(16,448,378 voting rights) are attributable to Renault
On 30 December 2021, Bank of America Corporation, S.A., Boulogne-Billancourt, France, at that date pursuant
Wilmington, Delaware, USA, notified us pursuant to Sec- to Section 34 of the WpHG.
tion 33 Subsection 1 of the German Securities Trading
Act (WpHG) that its percentage of voting rights in [the On 9 August 2019, the People’s Republic of China, Bei-
former] Daimler AG, Mercedesstr. 120, 70372 Stuttgart, jing, China, notified us pursuant to Section 33 Subsec-
Germany, fell below the threshold of 3% on 28 Decem- tion 1 of the German Securities Trading Act (WpHG) that
ber 2021 and as of that date amounted to 1.81% its percentage of voting rights in [the former]

39
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Daimler AG, [then] Mercedesstr. 137, 70372 Stuttgart, Stuttgart, Germany, exceeded the threshold of 5% on
Germany, reached the threshold of 5% on 7 August 2019 22 April 2010 and that it held 5.33% (56,589,320 voting
and as of that date amounted to 5.00% (53,491,873 vot- rights) as of that date. The notification states that all
ing rights out of a total of 1,069,837,447 voting rights). voting rights are directly held.
Thereof, 5.00% (53,491,873 voting rights) are attributa-
ble to the People’s Republic of China pursuant to Sec- After the balance sheet date of 31 December 2021, the
tion 34 of the WpHG. 3% or more of the voting rights company received further notifications which, pursuant
(5%) are held directly by Investment Global Co., Ltd., an to Section 40 Subsection 1 of the German Securities
indirect subsidiary of Beijing Automotive Group Co., Ltd. Trading Act (WpHG), were disclosed as follows:
On 17 December 2021, BAIC International Development
Co., Ltd, Beijing, China, notified us pursuant to Section On 13 January 2022, Bank of America Corporation,
33 Subsection 1 of the German Securities Trading Act Wilmington, Delaware, USA, notified us pursuant to Sec-
(WpHG) that its percentage of voting rights in [the for- tion 33 Subsection 1 of the German Securities Trading
mer] Daimler AG, Mercedesstr. 120, 70372 Stuttgart, Act (WpHG) that its percentage of voting rights in [the
Germany, had fallen below the threshold of 5% on former] Daimler AG, Mercedesstr. 120, 70372 Stuttgart,
9 August 2019 and as of that date amounted to 0.00% Germany, fell below the threshold of 3% on 10 January
(corresponding to 0 of a total of 1,069,837,447 voting 2022 and as of that date amounted to 1.75% (18,771,892
rights). Due to organisational changes within Beijing voting rights, thereof 333,857 voting rights equal to
Automotive Group Co., Ltd. on 9 August 2019, BAIC 0.03% from American Depositary receipts, out of a total
International Development Co., Ltd. is no longer part of of 1,069,837,447 voting rights). Thereof, 1.75% (18,771,892
the chain of controlled companies with regard to the voting rights) are attributable to Bank of America, Wilm-
People’s Republic of China’s shareholding in [the for- ington, Delaware, USA, at that date pursuant to Section
mer] Daimler AG. The percentage of voting rights of 34 of the WpHG.
Investment Global Co. amounted to 9.98% as of
17 December 2021. On 12 January 2022, BlackRock, Inc., Wilmington, Dela-
ware, USA, notified us pursuant to Section 33 Subsec-
On 5 December 2018, Li Shufu, notified us pursuant to tion 1 of the German Securities Trading Act (WpHG) that
Section 33 Subsection 1 in conjunction with Section 37 its percentage of voting rights in [the former]
of the German Securities Trading Act (WpHG) that its Daimler AG, Mercedesstr. 120, 70372 Stuttgart, Germany,
percentage of voting rights in [the former] Daimler AG, exceeded the threshold of 5% on 7 January 2022 and as
[then] Mercedesstr. 137, 70372 Stuttgart, Germany, of that date amounted to 5.42% (58,007,435 voting
exceeded the threshold of 5% on 3 December 2018 and rights, thereof 45,349 voting rights equal to 0.004%
as of that date amounted to 9.69% (103,619,340 voting from American Depositary receipts, out of a total of
rights out of a total of 1,069,837,447 voting rights). 1,069,837,447 voting rights). Thereof, 5.42% (58,007,435
Thereof, 9.69% (103,619,340 voting rights) are attributa- voting rights) are attributable to BlackRock, Inc., Wilm-
ble to Li Shufu pursuant to Section 34 of the WpHG. 3% ington, Delaware, USA at that date pursuant to Section
or more of the voting rights (9.69%) are held directly by 34 of the WpHG.
Tenaciou3 Prospect Investment Limited as of that date.
The notification was made on the occasion of reaching a
threshold at subsidiary level as a result of a change in Declaration of Compliance with the German Corpo-
the holding structure. rate Governance Code

The Kuwait Investment Authority as Agent for the The mandatory statement pursuant to Section 161 of the
Government of the State of Kuwait, Kuwait City, State of German Stock Corporation Act (AktG) has been issued
Kuwait, notified us pursuant to Section 21 Subsection 1 by the Board of Management and the Supervisory Board
of the German Securities Trading Act (WpHG, [old ver- and is permanently accessible at wgroup.mercedes-
sion]) that the voting rights of the State of Kuwait in benz.com/company/corporate-governance/declara-
[the former] Daimler AG, [then] Mercedesstr. 137, 70372 tions-reports/.

40
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Board of Management and their mandates

Members of the Board of Management Supervisory board memberships/directorships

Ola Källenius Internal Directorships
Chairman of the Board of Management Daimler Truck AG – Chairman (until 10 November 2021)
Appointed until May 2024
External Directorships
Tetra Laval Group

Dr. Jörg Burzer Internal Directorships

Production & Supply Chain Management Mercedes-Benz South Africa Ltd.
(since 1 December 2021) Beijing Benz Automotive Co., Ltd.
Appointed until November 2024 Mercedes-Benz U.S. International

Martin Daum Internal Directorships

Daimler Trucks & Buses None
Membership ended on 9 December 2021
External Directorships
Beijing Foton Daimler Automotive Co., Ltd.
Cellcentric GmbH & Co. KG

Renata Jungo Brüngger Internal Directorships

Integrity and Legal Affairs Daimler Truck AG1 (since 29 July 2021)
Appointed until December 2023
External Directorships
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in
Munich
Daimler Truck Holding AG (since 10 December 2021)

Sabine Kohleisen Internal Directorships

Human Resources and Director of Labour Daimler Truck AG (until 10 November 2021)
Relations Mercedes-Benz U.S. International
(since 1 December 2021)
Appointed until November 2024

Wilfried Porth Internal Directorships

Human Resources and Director of Labour Mercedes-Benz AG (until 1 October 2021)
Relations Daimler Truck AG (until 10 November 2021)
Membership ended on 30 November 2021
External Directorships
VfB Stuttgart 1893 AG – Vice Chairman (until 19 July 2021)

1 External directorship since 9 December 2021

41
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Board of Management Supervisory board memberships/directorships

Markus Schäfer Internal Directorships
Chief Technology Officer, Development & Mercedes AMG High Performance Powertrains Ltd.
Procurement Mercedes AMG GmbH (since 5 November 2021)
Appointed until May 2024 Mercedes-Benz Grand Prix Ltd.2 – Chairman
Mercedes-Benz Formula E Ltd. – Chairman

External Directorships
Shenzhen DENZA New Energy Automotive Co., Ltd.
smart Automobile Co., Ltd.
Farasis Energy (Ganzhou) Co., Ltd. (since 23 July 2021)

Britta Seeger Internal Directorships

Sales Mercedes-Benz Mobility AG (formerly Daimler Mobility AG)
Appointed until December 2024 Mercedes-Benz AMG GmbH (since 5 November 2021)
Mercedes-Benz (China) Ltd. – Vice Chairwoman
Mercedes-Benz Formula E Ltd.
Mercedes-Benz Grand Prix Ltd. (until 1 March 2021)
Mercedes-Benz South Africa Ltd.

External Directorships
Beijing Mercedes-Benz Sales Service Co., Ltd.
smart Automobile Co., Ltd.
Deutsche Lufthansa AG (since 4 May 2021)

2 External directorship since 25 January 2022

42
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Board of Management Supervisory board memberships/directorships

Hubertus Troska Internal Directorships
Greater China Daimler Truck AG (until 10 November 2021)
Appointed until December 2025 Daimler Greater China Ltd. – Chairman
Daimler Truck China Limited – Chairman (until 30 November 2021)
Daimler Trucks and Buses (China) Ltd.1 – Chairman
Mercedes-Benz Hong Kong Ltd. (formerly Daimler Vans Hong Kong
Ltd.) – Chairman
Mercedes-Benz Leasing Co., Ltd.
Mercedes-Benz (China) Ltd.
Mercedes-Benz Hong Kong Ltd.
Mercedes-Benz Taiwan Ltd.

External Directorships
BAIC Motor Corporation Ltd.
Beijing Mercedes-Benz Sales Service Co., Ltd. – Chairman
Beijing Benz Automotive Co., Ltd. – Vice Chairman
Beijing Foton Daimler Automotive Co., Ltd. 
Fujian Benz Automotive Co., Ltd. – Vice Chairman
Shenzhen DENZA New Energy Automotive Co., Ltd. –
Chairman
smart Automobile Co., Ltd. – Vice Chairman

Harald Wilhelm Internal Directorships

Finance & Controlling / Mercedes-Benz Mercedes-Benz Mobility AG (formerly Daimler Mobility AG) –
Mobility Chairman
Appointed until March 2027 Daimler Truck AG1
Mercedes-AMG GmbH (since 5 November 2021)

External Directorships
BAIC Motor Corporation Ltd.
Daimler Truck Holding AG (since 9 December 2021)

1 External directorship since 9 December 2021

43
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Supervisory Board and their mandates

Members of the Supervisory Board Other supervisory board memberships/directorships

Dr. Bernd Pischetsrieder Mercedes-Benz AG – Chairman**
Chairman of the Supervisory Board of
Mercedes-Benz Group AG
Elected until 2024

Michael Brecht* Mercedes-Benz AG** (until 31 October 2021)

Deputy Chairman of the Supervisory Board Daimler Truck Holding AG** (since 9 December 2021)
of Mercedes-Benz Group AG; Daimler Truck AG**1
Chairman of the General Works Council,
Mercedes-Benz Group;
Chairman of the Works Council at the
Mercedes-Benz plant in Gaggenau
Elected until 2023

Bader M. Al Saad Mercedes-Benz AG** (since 29 July 2021)

Chairman of the Board of Directors and Daimler Truck AG** (until 29 July 2021)
Director General of the Arab Fund for Kuwait Investment Authority (until 17 April 2021)
Economic & Social Development Kuwait Fund for Arab Economic Development (until 8 July 2021)
Elected until 2022 BlackRock Inc.

Sari Baldauf Mercedes-Benz AG** (until 1 October 2021)

Chair of the Board of Directors of Nokia Oyj Daimler Truck AG** (until 10 November 2021)
Elected until 2023 Vexve Armatury Group – Chairwoman (until 30 June 2021)
Nokia Oyj – Chairwoman

Michael Bettag*
Chairman of the Works Council at the
Mercedes-Benz Nuremberg Own Retail
Branch
Elected until 2023

Ben van Beurden Mercedes-Benz AG** (since 22 April 2021)

Chief Executive Officer of Shell plc
Elected until 2025
(since 31 March 2021)

1 External directorship since 9 December 2021

* Employee representative ** Group mandate

44
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Supervisory Board Other supervisory board memberships/directorships

Nadine Boguslawski* Mercedes-Benz AG**
First Authorised Representative of IG Robert Bosch GmbH
Metall (German Metalworkers’ Union)
Stuttgart
Appointed until 2023
(since 1 August 2021)

Dr. Clemens Börsig Mercedes-Benz AG** (since 1 October 2021)

Former Chairman of the Supervisory Board Daimler Truck AG** (until 10 November 2021)
of Deutsche Bank AG Linde plc (until 1 March 2022)
Elected until 2022 Emerson Electric Co. (until 1 February 2022)

Dr. Martin Brudermüller Mercedes-Benz AG** (since 22 April 2021)

Chairman of the Board of Executive
Directors of BASF SE
Elected until 2025
(since 31 March 2021)

Liz Centoni Mercedes-Benz AG** (since 29 July 2021)

Chief Strategy Officer and GM, Applications Ingersoll Rand Inc.
Cisco, Inc.
Elected until 2025
(since 31 March 2021)

Michael Häberle* Mercedes-Benz AG**

Deputy Chairman of the General Works
Council at Mercedes-Benz Group AG;
Chairman of the Works Council at the
Mercedes-Benz Untertürkheim Site
Elected until 2023

Timotheus Höttges Mercedes-Benz AG** (since 1 October 2021)

Chairman of the Board of Management of Henkel AG & Co. KGaA (until 30 September 2021)
Deutsche Telekom AG FC Bayern AG (until 30 August 2021)
Elected until 2025 Telekom Deutschland GmbH – Chairman (until 2 July 2021)
T-Mobile US, Inc., USA – Chairman

Olaf Koch Mercedes-Benz AG**

Partner and Managing Director Zintinus
GmbH
Elected until 2025
(since 1 October 2021)

1 External directorship since 9 December 2021

* Employee representative ** Group mandate

45
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Members of the Supervisory Board Other supervisory board memberships/directorships

Ergun Lümali* Mercedes-Benz AG**
Deputy Chairman of the Group Works Daimler Truck AG** (until 31 October 2021)
Council at the Mercedes-Benz Group;
Chairman of the General Works Council at
Mercedes-Benz Group AG; Chairman of the
Works Council at the Mercedes-Benz plant
in Sindelfingen
Elected until 2023

Roman Romanowski* Mercedes-Benz AG** (since 1 August 2021)

Head of the Executive Legal Department at
the Board of Management of IG Metall
(German Metalworkers’ Union)
Appointed until 2023
(since 6 September 2021)

Prof. Dr. Helene Svahn Mercedes-Benz AG**

Professor of Nanobiotechnology at the Axel Johnson International AB
Royal Institute of Technology, Sweden
Elected until 2025
(since 1 October 2021)

Monika Tielsch*
Member of the Labour Council at the
Mercedes-Benz Sindelfingen Plant (RD)
Elected until 2023
(since 9 December 2021)

Elke Tönjes-Werner*
Deputy Chairwoman of the Works Council
at the ­Mercedes-Benz Bremen Plant
Elected until 2023

Dr. Frank Weber* Mercedes-Benz AG**

Centre Manager BodyTEC, Mercedes-Benz
AG; Chairman of the Management
Representatives Committee, Mercedes-
Benz Group
Elected until 2023

Roman Zitzelsberger* Daimler Truck AG**1

District Manager of IG Metall (German Met- Daimler Truck Holding AG (since 9 December 2021)
alworkers’ Union) in Baden-Wurttemberg ZF Friedrichshafen AG
Elected until 2023

1 External directorship since 9 December 2021

* Employee representative ** Group mandate

46
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Stepped down from the Supervisory Board: Legal Affairs Committee

Dr. Clemens Börsig – Chairman
Dr. Manfred Bischoff Sari Baldauf (since 31 March 2021 until
Raymond Curry* 1 December 2021)
Dr. Jürgen Hambrecht Dr. Manfred Bischoff (until 31 March 2021)
Petraea Heynike Michael Brecht*
Joe Kaeser Liz Centoni (since 2 December 2021)
Sibylle Wankel* Michael Häberle*
Marie Wieck Olaf Koch (since 1 October 2021)
Dr. Sabine Zimmer* Ergun Lümali* (since 1 August 2021)
Sibylle Wankel* (until 31 July 2021)
Marie Wieck (until 1 October 2021)
Committees of the Supervisory Board:

Committee pursuant to Section 27 Subsection 3 of

the German Codetermination Act (MitbestG)
Dr. Manfred Bischoff – Chairman
(until 31 March 2021)
Dr. Bernd Pischetsrieder – Chairman
(since 31 March 2021)
Ben van Beurden (since 31 March 2021)
Michael Brecht*
Dr. Jürgen Hambrecht (until 31 March 2021)
Roman Zitzelsberger*

Presidential Committee
Dr. Manfred Bischoff – Chairman (until 31 March 2021)
Dr. Bernd Pischetsrieder – Chairman (since 31 March
2021)
Michael Brecht*
Dr. Jürgen Hambrecht (until 31 March 2021)
Ben van Beurden (since 31 March 2021)
Roman Zitzelsberger*

Audit Committee
Dr. Clemens Börsig – Chairman
Michael Brecht*
Joe Kaeser (until 1 October 2021)
Olaf Koch (since 1 October 2021)
Ergun Lümali*

Nomination Committee
Dr. Manfred Bischoff – Chairman
(until 31 March 2021)
Dr. Bernd Pischetsrieder – Chairman
(since 31 March 2021)
Ben van Beurden (since 31 March 2021)
Sari Baldauf
* Employee representative
** Group mandate

47
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Statement of Investments
pursuant to Section 285 of the German Commercial Code (HGB) in conjunction with Section 286 Subsection 3
Sentence 1 No. 1 and Subsection 3 Sentence 2 of the German Commercial Code (HGB)

The statement of investments of Mercedes-Benz Group a fair presentation of the financial position, cash flows
AG pursuant to Section 285 of the German Commercial and profitability of Mercedes-Benz Group. On 1 February
Code (HGB) is presented as follows. For information 2022, Daimler AG was renamed as Mercedes-Benz
regarding equity and earnings, IFRS values are generally Group AG. From that date, further name changes of
used for fully consolidated companies. Information on Group companies will take place. The statement of
equity and earnings and on other investments is omit- investments shows the companies with their company
ted pursuant to Section 286 Subsection 3 Sentence 1 No. names as of 31 December 2021.
1 of the HGB if such information is of minor relevance for

C.20
Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

I. Subsidiaries (consolidated in the Consolidated Financial Statements)

Accumotive GmbH & Co. KG Kamenz, Germany 100.00 214 29
Athlon Beheer International B.V. Schiphol, Netherlands 100.00 - -
Athlon Car Lease Belgium N.V. Machelen, Belgium 100.00 - -
Athlon Car Lease International B.V. Schiphol, Netherlands 100.00 527 13 4
Athlon Car Lease Italy S.R.L. Rome, Italy 100.00 - -
Athlon Car Lease Nederland B.V. Schiphol, Netherlands 100.00 128 31 4
Athlon Car Lease Polska Sp. z o.o. Warsaw, Poland 100.00 - -
Athlon Car Lease Portugal, lda Oeiras, Portugal 100.00 - -
Athlon Car Lease Rental Services B.V. Schiphol, Netherlands 100.00 - -
Athlon Car Lease Rental Services Belgium N.V. Machelen, Belgium 100.00 - -
Athlon Car Lease S.A.S. Le Bourget, France 100.00 58 12
Athlon Car Lease Spain, S.A. Alcobendas, Spain 100.00 - -
Athlon France S.A.S. Le Bourget, France 100.00 - -
Athlon Germany GmbH Düsseldorf, Germany 100.00 145 18
Athlon Mobility Consultancy N.V. Machelen, Belgium 100.00 - -
Athlon Mobility Services UK Limited Milton Keynes, United Kingdom 100.00 57 19
Athlon Rental Germany GmbH Düsseldorf, Germany 100.00 - -
Athlon Sweden AB Malmö, Sweden 100.00 - -
Athlon Switzerland AG i.L. Schlieren, Switzerland 100.00 - - 2
Brooklands Estates Management Limited Milton Keynes, United Kingdom 100.00 - -
CARS Technik & Logistik GmbH Wiedemar, Germany 100.00 - - 3
CLIDET NO 1048 (Proprietary) Limited Centurion, South Africa 100.00 - -
DA Investments Co. LLC Wilmington, USA 100.00 166 42
DAF Investments, Ltd. Wilmington, USA 100.00 - -

48
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Daimler AG & Co. Anlagenverwaltung OHG Schönefeld, Germany 100.00 - -

Daimler Australia/Pacific Pty. Ltd. Melbourne, Australia 100.00 125 40
Daimler Brand & IP Management GmbH & Co. KG Stuttgart, Germany 100.00 23 21
Daimler Canada Finance Inc. Montreal, Canada 100.00 282 12
Daimler Capital Services LLC Wilmington, USA 100.00 72 18 4
Daimler Compra y Manufactura Mexico S. de R.L. de C.V. Mexico City, Mexico 100.00 377 61
Daimler Finance North America LLC Wilmington, USA 100.00 - -
Daimler Financial Services Africa & Asia Pacific Ltd. Singapore, Singapore 100.00 48 10 4
Daimler Financial Services India Private Limited Chennai, India 100.00 216 33
Daimler Financial Services Investment Company LLC Wilmington, USA 100.00 72 48
Daimler Fleet Management GmbH Stuttgart, Germany 100.00 5 - 3
Daimler Fleet Management Singapore Pte. Ltd. Singapore, Singapore 100.00 - -
Daimler Fleet Management South Africa (Pty.) Ltd. i. L. Centurion, South Africa 65.00 - - 2
Daimler Fleet Services A.S. Istanbul, Turkey 100.00 - -
Daimler Greater China Ltd. Beijing, China 100.00 5,692 1,331
Daimler Grund Services GmbH Schönefeld, Germany 100.00 203 - 3
Daimler Insurance Agency LLC Wilmington, USA 100.00 - -
Daimler Insurance Services GmbH Stuttgart, Germany 100.00 17 - 3
Daimler Insurance Services UK Limited Milton Keynes, United Kingdom 100.00 - -
Daimler International Finance B.V. Utrecht, Netherlands 100.00 566 -46
Daimler International Nederland B.V. Utrecht, Netherlands 100.00 9,988 2,121
Daimler Investments US LLC Wilmington, USA 100.00 - -
Daimler Ladungsträger GmbH Böblingen, Germany 100.00 61 - 3
Daimler Mobility & Technology Service Co., Ltd. Beijing, China 100.00 - -
Daimler Mobility AG Stuttgart, Germany 100.00 2,607 - 3, 4
DAIMLER MOBILITY AUSTRALIA PTY LTD Melbourne, Australia 100.00 63 47
Daimler Mobility Services GmbH Leinfelden-Echterdingen, Germany 100.00 242 - 3
Daimler Mobility Vermögens- und Beteiligungsgesellschaft mbH Stuttgart, Germany 100.00 - - 3
Daimler Nederland B.V. Utrecht, Netherlands 100.00 827 314
Daimler Nederland Holding B.V. Utrecht, Netherlands 100.00 506 11
Daimler North America Corporation Wilmington, USA 100.00 5,960 1,982 4
Daimler North America Finance Corporation Newark, USA 100.00 - -
Daimler Northeast Asia Parts Trading and Services Co., Ltd. Beijing, China 100.00 189 152
Daimler Parts Brand GmbH Stuttgart, Germany 100.00 - - 3
Daimler Re Insurance S.A. Luxembourg Luxembourg, Luxembourg 100.00 103 14
Daimler Real Estate GmbH Berlin, Germany 100.00 - -
Daimler Retail Receivables LLC Farmington Hills, USA 100.00 - -
Daimler South East Asia Pte. Ltd. Singapore, Singapore 100.00 91 54
Daimler Truck Financial Services Belgium N.V./S.A. Brussels, Belgium 100.00 - -
Daimler Truck Financial Services Italia S.p.A Rome, Italy 100.00 - -
Daimler Truck Financial Services Nederland B.V. Nieuwegein, Netherlands 100.00 - -

49
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Daimler Trust Holdings LLC Farmington Hills, USA 100.00 - -

Daimler Trust Leasing Conduit LLC Wilmington, USA 100.00 - -
Daimler Trust Leasing LLC Farmington Hills, USA 100.00 - -
Daimler UK Limited Milton Keynes, United Kingdom 100.00 865 -159
Daimler Vans Hong Kong Limited Hong Kong, China 67.55 144 43
Daimler Vans USA, LLC Wilmington, USA 100.00 - -
Daimler Vermögens- und Beteiligungsgesellschaft mbH Stuttgart, Germany 100.00 1,202 - 3
Daimler Verwaltungsgesellschaft für Grundbesitz mbH Schönefeld, Germany 100.00 5,210 - 3
Daimler Vorsorge und Versicherungsdienst GmbH Berlin, Germany 100.00 - - 3
EHG Elektroholding GmbH Stuttgart, Germany 100.00 1,151 - 3
Friesland Lease B.V. Drachten, Netherlands 51.11 - -
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 1 OHG Schönefeld, Germany 100.00 3,743 362
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 2 OHG Schönefeld, Germany 100.00 - -
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 3 OHG Schönefeld, Germany 100.00 - -
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 4 OHG Schönefeld, Germany 100.00 740 58 4
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 5 OHG Schönefeld, Germany 100.00 698 103
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 6 OHG Schönefeld, Germany 100.00 206 12
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Alpha 7 OHG Schönefeld, Germany 100.00 45 17
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Delta OHG Schönefeld, Germany 100.00 231 23
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Epsilon OHG Schönefeld, Germany 100.00 252 18
Interleasing Luxembourg S.A. Windhof, Luxembourg 100.00 - -
Koppieview Property (Pty) Ltd Zwartkop, South Africa 100.00 - -
MBarc Credit Canada Inc. Mississauga, Canada 100.00 - -
MDC Power GmbH Kölleda, Germany 100.00 86 - 3
Mercedes AMG High Performance Powertrains Ltd Brixworth, United Kingdom 100.00 - -
Mercedes Benz Kamyon Finansman A.S. Istanbul, Turkey 100.00 - -
Mercedes Benz Otomotiv Ticaret ve Hizmetler A.S. Istanbul, Turkey 66.91 76 29
Mercedes pay GmbH Stuttgart, Germany 100.00 - - 3
Mercedes-AMG GmbH Affalterbach, Germany 100.00 1,295 - 3
Mercedes-Benz - Aluguer de Veículos, Lda. Mem Martins, Portugal 100.00 - -
Mercedes-Benz (China) Ltd. Beijing, China 75.00 1,173 873
Mercedes-Benz (Thailand) Limited Bangkok, Thailand 100.00 195 103 4
Mercedes-Benz AG Stuttgart, Germany 100.00 25,956 - 3
Mercedes-Benz Antwerpen N.V. Antwerp, Belgium 100.00 - -
Mercedes-Benz Argentina S.A.U. Buenos Aires, Argentina 100.00 277 9
Mercedes-Benz Asia GmbH Stuttgart, Germany 100.00 223 - 3
Mercedes-Benz Assuradeuren B.V. Utrecht, Netherlands 100.00 - -
Mercedes-Benz Australia/Pacific Pty Ltd Melbourne, Australia 100.00 466 43
Mercedes-Benz Auto Finance Ltd. Beijing, China 100.00 2,084 372 4
Mercedes-Benz Automotive Mobility GmbH Berlin, Germany 100.00 - - 3
Mercedes-Benz Bank AG Stuttgart, Germany 100.00 3,296 - 3

50
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Mercedes-Benz Bank GmbH Eugendorf, Austria 100.00 - -

Mercedes-Benz Bank Polska S.A. Warsaw, Poland 100.00 - -
Mercedes-Benz Bank Rus OOO Moscow, Russian Federation 100.00 - -
Mercedes-Benz Bank Service Center GmbH Berlin, Germany 100.00 - - 3
Mercedes-Benz Banking Service GmbH Saarbrücken, Germany 100.00 - - 3
Mercedes-Benz Belgium Luxembourg S.A. Brussels, Belgium 100.00 85 18
Mercedes-Benz Bordeaux S.A.S. Begles, France 100.00 - -
Mercedes-Benz Broker Argentina S.A. Buenos Aires, Argentina 99.00 - -
Mercedes-Benz Broker Biztositási Alkusz Hungary Kft. Budapest, Hungary 100.00 - -
Mercedes-Benz Brooklands Limited Milton Keynes, United Kingdom 100.00 - -
Mercedes-Benz Canada Inc. Mississauga, Canada 100.00 29 94
Mercedes-Benz Capital Rus OOO Moscow, Russian Federation 100.00 - -
Mercedes-Benz Cars & Vans Brasil - Indústria e Comércio De São Bernardo do Campo, Brazil 100.00 19 30
Veículos Ltda.
Mercedes-Benz Cars UK Limited Milton Keynes, United Kingdom 100.00 211 81 4
Mercedes-Benz Česká republika s.r.o. Prague, Czech Republic 100.00 72 13 4
Mercedes-Benz Compañía Financiera Argentina S.A. Buenos Aires, Argentina 100.00 - -
Mercedes-Benz Connectivity Services GmbH Stuttgart, Germany 100.00 - - 3
Mercedes-Benz CPH A/S Horsholm, Denmark 100.00 - -
Mercedes-Benz Credit Pénzügyi Szolgáltató Hungary Zrt. Budapest, Hungary 100.00 - -
Mercedes-Benz Customer Solutions GmbH Stuttgart, Germany 100.00 - - 4
Mercedes-Benz Danmark A/S Copenhagen, Denmark 100.00 181 16 4
Mercedes-Benz Dealer Bedrijven B.V. The Hague, Netherlands 100.00 - -
Mercedes-Benz Drogenbos N.V. Drogenbos, Belgium 100.00 - -
Mercedes-Benz Espana, S.A.U. Alcobendas, Spain 100.00 277 43
Mercedes-Benz Europa NV/SA Woluwe-Saint-Lambert, Belgium 100.00 - -
Mercedes-Benz ExTra LLC Wilmington, USA 100.00 - -
Mercedes-Benz Finance Co., Ltd. Tokyo, Japan 95.11 646 54 4
Mercedes-Benz Financial Services Australia Pty. Ltd. Melbourne, Australia 100.00 218 60 4
Mercedes-Benz Financial Services Austria GmbH Eugendorf, Austria 100.00 - -
Mercedes-Benz Financial Services BeLux NV Brussels, Belgium 100.00 100 19
Mercedes-Benz Financial Services Canada Corporation Mississauga, Canada 100.00 283 82 4
Mercedes-Benz Financial Services Ceská republika s.r.o. Prague, Czech Republic 100.00 - -
Mercedes-Benz Financial Services España, E.F.C., S.A. Alcobendas, Spain 100.00 240 38
Mercedes-Benz Financial Services France S.A. Montigny-le-Bretonneux, France 100.00 635 94 4
Mercedes-Benz Financial Services Hong Kong Ltd. Hong Kong, China 80.00 - -
Mercedes-Benz Financial Services Italia S.p.A. Rome, Italy 100.00 453 72 4
Mercedes-Benz Financial Services Korea Ltd. Seoul, South Korea 80.00 393 32 4
Mercedes-Benz Financial Services Nederland B.V. Nieuwegein, Netherlands 100.00 117 23 4
Mercedes-Benz Financial Services New Zealand Ltd Auckland, New Zealand 100.00 - -

51
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Mercedes-Benz Financial Services Portugal - Sociedade Financeira Mem Martins, Portugal 100.00 88 11 4
de Crédito S.A.
Mercedes-Benz Financial Services Rus OOO Moscow, Russian Federation 100.00 86 16
Mercedes-Benz Financial Services Schweiz AG Schlieren, Switzerland 100.00 167 48
Mercedes-Benz Financial Services Slovakia s.r.o. Bratislava, Slovakia 75.00 - -
Mercedes-Benz Financial Services South Africa (Pty) Ltd Centurion, South Africa 100.00 74 10 4
Mercedes-Benz Financial Services Sp. zo.o. Warsaw, Poland 100.00 - -
Mercedes-Benz Financial Services Taiwan Ltd. Taipei, Taiwan, China 51.00 60 10 4
Mercedes-Benz Financial Services UK Limited Milton Keynes, United Kingdom 100.00 509 373 4
Mercedes-Benz Financial Services USA LLC Wilmington, USA 100.00 1,834 731 4
Mercedes-Benz Finans Danmark A/S Copenhagen, Denmark 100.00 47 11
Mercedes-Benz Finans Sverige AB Malmö, Sweden 100.00 58 12
Mercedes-Benz Finansal Kiralama Türk A.S. Istanbul, Turkey 100.00 - -
Mercedes-Benz Finansman Türk A.S. Istanbul, Turkey 100.00 87 14 4
Mercedes-Benz Formula E Limited Brackley, United Kingdom 100.00 - -
Mercedes-Benz Försäljnings AB Malmö, Sweden 100.00 - -
Mercedes-Benz France S.A.S. Montigny-le-Bretonneux, France 100.00 491 59
Mercedes-Benz Grand Prix Ltd. Brackley, United Kingdom 70.00 192 107
Mercedes-Benz Hellas Single-Member S.A. Kifissia, Greece 100.00 - -
Mercedes-Benz Hong Kong Limited Hong Kong, China 100.00 34 12
Mercedes-Benz India Private Limited Pune, India 100.00 365 29
Mercedes-Benz Insurance Agency (Beijing) Co., Ltd. Beijing, China 100.00 - -
Mercedes-Benz Insurance Broker S.R.L. Voluntari, Romania 100.00 - -
Mercedes-Benz Insurance Services Nederland B.V. Utrecht, Netherlands 100.00 - -
Mercedes-Benz Insurance Services Taiwan Ltd. Taipei, Taiwan, China 100.00 - -
Mercedes-Benz Investment Company LLC Wilmington, USA 100.00 487 85
Mercedes-Benz Italia S.p.A. Rome, Italy 100.00 177 47
Mercedes-Benz Japan Co., Ltd. Tokyo, Japan 100.00 276 74
Mercedes-Benz Korea Limited Seoul, South Korea 51.00 289 99
Mercedes-Benz Lease Italia S.r.l. Trento, Italy 100.00 - -
Mercedes-Benz Leasing (Thailand) Co., Ltd. Bangkok, Thailand 100.00 107 18
Mercedes-Benz Leasing Co., Ltd. Beijing, China 65.00 1,222 213 4
Mercedes-Benz Leasing Deutschland GmbH Stuttgart, Germany 100.00 . - 3
Mercedes-Benz Leasing GmbH Stuttgart, Germany 100.00 -45 - 3
Mercedes-Benz Leasing Hrvatska d.o.o. Zagreb, Croatia 100.00 - -
Mercedes-Benz Leasing IFN S.A. Bucharest, Romania 100.00 34 10 4
Mercedes-Benz Leasing Kft. Budapest, Hungary 100.00 - - 4
Mercedes-Benz Leasing Polska Sp. z o.o. Warsaw, Poland 100.00 148 19 4
Mercedes-Benz Leasing Treuhand GmbH Stuttgart, Germany 100.00 - - 3
Mercedes-Benz Ludwigsfelde GmbH Ludwigsfelde, Germany 100.00 - - 3
Mercedes-Benz Malaysia Sdn. Bhd. Puchong, Malaysia 100.00 91 46

52
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Mercedes-Benz Manhattan, Inc. Wilmington, USA 100.00 - -

Mercedes-Benz Manufacturing (Thailand) Limited Bangkok, Thailand 100.00 - -
Mercedes-Benz Manufacturing Hungary Kft. Kecskemét, Hungary 100.00 490 66
Mercedes-Benz Manufacturing Poland sp. z o. o. Jawor, Poland 100.00 201 43
Mercedes-Benz Mechelen N.V. Mechelen, Belgium 100.00 - -
Mercedes-Benz Mexico, S. de R.L. de C.V. Mexico City, Mexico 100.00 31 11
Mercedes-Benz Mitarbeiter-Fahrzeuge Leasing GmbH Stuttgart, Germany 100.00 4 - 3
Mercedes-Benz Mobility Korea Ltd. Seoul, South Korea 100.00 - -
Mercedes-Benz Nederland B.V. Utrecht, Netherlands 100.00 38 15 4
Mercedes-Benz New Zealand Ltd Auckland, New Zealand 100.00 - -
Mercedes-Benz Österreich GmbH Eugendorf, Austria 100.00 39 17
Mercedes-Benz Paris SAS Port-Marly, France 100.00 - - 4
Mercedes-Benz Parts Logistics Ibérica, S.L.U. Azuqueca de Henares, Spain 100.00 - -
Mercedes-Benz Parts Logistics UK Limited Milton Keynes, United Kingdom 100.00 - -
Mercedes-Benz Parts Manufacturing & Services Ltd. Shanghai, China 100.00 - -
Mercedes-Benz Polska Sp. z.o.o Warsaw, Poland 100.00 69 28
Mercedes-Benz Portugal, S.A. Sintra, Portugal 100.00 - -
Mercedes-Benz PRAHA s.r.o. Prague, Czech Republic 100.00 - -
Mercedes-Benz Renting, S.A. Alcobendas, Spain 100.00 - -
Mercedes-Benz Research & Development North America, Inc. Wilmington, USA 100.00 47 11
Mercedes-Benz Retail Belgium NV/SA Woluwe-Saint-Lambert, Belgium 100.00 - - 4
Mercedes-Benz Retail Group UK Limited Milton Keynes, United Kingdom 100.00 45 -11
Mercedes-Benz Retail, S.A. Madrid, Spain 100.00 39 17
Mercedes-Benz Retail, Unipessoal Lda. Mem Martins, Portugal 100.00 - -
Mercedes-Benz Risk Solutions South Africa (Pty.) Ltd. Centurion, South Africa 100.00 - -
Mercedes-Benz Roma S.p.A. Rome, Italy 100.00 - -
Mercedes-Benz Romania S.R.L. Bucharest, Romania 100.00 - -
Mercedes-Benz Russia AO Moscow, Russian Federation 100.00 353 113
Mercedes-Benz Schweiz AG Schlieren, Switzerland 100.00 76 21
Mercedes-Benz Service Leasing S.R.L. Bucharest, Romania 100.00 - -
Mercedes-Benz Services Correduria de Seguros, S.A. Alcobendas, Spain 100.00 - -
Mercedes-Benz Services Malaysia Sdn Bhd Selangor, Malaysia 100.00 - -
Mercedes-Benz Servicios S.A.U Buenos Aires, Argentina 100.00 - -
Mercedes-Benz Sigorta Aracilik Hizmetleri A.S. Istanbul, Turkey 100.00 - -
Mercedes-Benz Sosnowiec Sp. z o.o. Sosnowiec, Poland 100.00 - -
Mercedes-Benz South Africa Ltd Pretoria, South Africa 100.00 935 23
Mercedes-Benz Sverige AB Malmö, Sweden 100.00 107 20 4
Mercedes-Benz Taiwan Ltd. Taipei, Taiwan, China 51.00 165 81
Mercedes-Benz U.S. International, Inc. Vance, USA 100.00 467 121
Mercedes-Benz Ubezpieczenia Sp. z o.o. Warsaw, Poland 100.00 - -
Mercedes-Benz USA, LLC Wilmington, USA 100.00 376 327 4

53
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Mercedes-Benz Vans UK Limited Milton Keynes, United Kingdom 100.00 76 22

Mercedes-Benz Vans, LLC Wilmington, USA 100.00 117 26
Mercedes-Benz Vermögens- und Beteiligungsgesellschaft mbH Stuttgart, Germany 100.00 - - 3
Mercedes-Benz Versicherung AG Stuttgart, Germany 100.00 56 - 3
Mercedes-Benz Vietnam Ltd. Ho Chi Minh City, Vietnam 70.00 103 27
Mercedes-Benz Warszawa Sp. z o.o. Warsaw, Poland 100.00 - - 4
Mercedes-Benz Waterloo S.A. Braine-L'Alleud, Belgium 100.00 - -
Mercedes-Benz Wavre S.A. Wavre, Belgium 100.00 - -
Mercedes-Benz Wemmel N.V. Wemmel, Belgium 100.00 - -
Mercedes-Benz Wholesale Receivables LLC Wilmington, USA 100.00 - -
Multifleet G.I.E Le Bourget, France 50.10 - -
P.T. Mercedes-Benz Indonesia Bogor, Indonesia 100.00 - -
PT Mercedes-Benz Distribution Indonesia Jakarta, Indonesia 100.00 - -
Sandown Motor Holdings (Pty) Ltd Bryanston, South Africa 100.00 - -
Silver Arrow Canada GP Inc. Mississauga, Canada 100.00 - -
Silver Arrow Canada LP Mississauga, Canada 100.00 - -
Star Assembly SRL Sebes, Romania 100.00 274 87
Ucafleet S.A.S Le Bourget, France 65.00 - -
Vierzehnte Vermögensverwaltungsgesellschaft DVB mbH Stuttgart, Germany 100.00 - - 3
YASA Limited Kidlington, United Kingdom 100.00 229 -9
Zuidlease B.V. Sittard, Netherlands 51.00 - -

II. Subsidiaries (not consolidated in the Consolidated Financial Statements)

Accumotive Verwaltungs-GmbH Kamenz, Germany 100.00 - -
AEG Olympia Office GmbH Stuttgart, Germany 100.00 - - 3
Anota Fahrzeug Service- und Vertriebsgesellschaft mbH Berlin, Germany 100.00 - - 3
Circulo Cerrado S.A. de Ahorro para Fines Determinados Buenos Aires, Argentina 68.84 - -
Cúspide GmbH Stuttgart, Germany 100.00 - -
Daimler Brand & IP Management Verwaltung GmbH Stuttgart, Germany 100.00 - - 3
Daimler Financial Services UK Trustees Ltd. Milton Keynes, United Kingdom 100.00 - -
Daimler Gastronomie GmbH Stuttgart, Germany 100.00 - - 3
Daimler Group Services Berlin GmbH Berlin, Germany 100.00 - - 3
Daimler Group Services Madrid, S.A.U. San Sebastián de los Reyes, Spain 100.00 - -
Daimler International Assignment Services USA, LLC Wilmington, USA 100.00 - -
Daimler Pensionsfonds AG Stuttgart, Germany 100.00 - - 11
Daimler Protics GmbH Leinfelden-Echterdingen, Germany 100.00 - - 3
Daimler Purchasing Coordination Corp. Wilmington, USA 100.00 - -
Daimler Trucks Retail Italia S.r.l. Rome, Italy 100.00 - -
Daimler TSS GmbH Ulm, Germany 100.00 2 - 3, 5
Daimler UK Share Trustee Ltd. Milton Keynes, United Kingdom 100.00 - -
Daimler UK Trustees Limited Milton Keynes, United Kingdom 100.00 - -

54
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Daimler Unterstützungskasse GmbH Stuttgart, Germany 100.00 - -

Dreizehnte Vermögensverwaltungsgesellschaft DVB mbH Stuttgart, Germany 100.00 - - 3
Lapland Car Test Aktiebolag Arvidsjaur, Sweden 100.00 - -
LEONIE DMS DVB GmbH Stuttgart, Germany 100.00 - - 3
LICULAR GmbH Kuppenheim, Germany 100.00 - -
Li-Tec Battery GmbH Kamenz, Germany 100.00 - - 3
MB GTC GmbH Mercedes-Benz Gebrauchtteile Center Neuhausen auf den Fildern, Germany 100.00 . - 3, 5
MBition GmbH Berlin, Germany 100.00 - - 3
MBition Sofia EOOD Sofia, Bulgaria 100.00 - -
Mercedes pay AG Zug, Switzerland 100.00 - -
Mercedes pay S.A. – in liquidation Luxembourg, Luxembourg 100.00 - - 2
Mercedes pay USA LLC Wilmington, USA 100.00 - -
Mercedes-Benz Cars Middle East FZE Dubai, United Arab Emirates 100.00 - -
Mercedes-Benz Consulting GmbH Leinfelden-Echterdingen, Germany 100.00 - - 3
Mercedes-Benz Customer Assistance Center Maastricht N.V. Maastricht, Netherlands 100.00 - -
Mercedes-Benz Egypt S.A.E. New Cairo, Egypt 100.00 70 12 5
Mercedes-Benz Energy GmbH Kamenz, Germany 100.00 - - 3
MERCEDES-BENZ FINANCIAL SERVICES MEXICO S. de R.L. de C.V Mexico City, Mexico 100.00 - -
Mercedes-Benz G GmbH Raaba, Austria 100.00 - -
Mercedes-Benz Group Services Phils., Inc. Cebu City, Philippines 100.00 - -
Mercedes-Benz Hungária Kft. Budapest, Hungary 100.00 - -
Mercedes-Benz IDC Europe S.A.S. Valbonne, France 100.00 - -
Mercedes-Benz Logistics and Distribution Egypt LLC New Cairo, Egypt 100.00 - -
Mercedes-Benz Manufacturing and Import Egypt New Cairo, Egypt 100.00 - -
Mercedes-Benz Manufacturing Rus Ltd Moscow, Russian Federation 80.00 - -
Mercedes-Benz Motorsport Limited Brackley, United Kingdom 100.00 - -
Mercedes-Benz Museum GmbH Stuttgart, Germany 100.00 - - 3
Mercedes-Benz OD GmbH Stuttgart, Germany 100.00 - -
Mercedes-Benz Parts Logistics Asia Pacific Sdn. Bhd. Puchong, Malaysia 100.00 - -
Mercedes-Benz Research & Development Tel Aviv Ltd. Tel Aviv, Israel 100.00 - -
Mercedes-Benz Research and Development India Private Limited Bangalore, India 100.00 264 104 6
Mercedes-Benz Slovakia s.r.o. Bratislava, Slovakia 100.00 - -
Mercedes-Benz Subscription Services USA LLC Wilmington, USA 100.00 - -
Mercedes-Benz Vans Mobility, S.L.U. Alcobendas, Spain 100.00 - -
Mercedes-Benz Venezuela S.A. Valencia, Venezuela 100.00 - -
Mercedes-Benz.io GmbH Stuttgart, Germany 100.00 - - 3
Mercedes-Benz.io Portugal Unipessoal Lda. Lisbon, Portugal 100.00 - -
Montajes y Estampaciones Metálicas, S.L. Esparraguera, Spain 51.00 - -
NAG Nationale Automobil-Gesellschaft Aktiengesellschaft Stuttgart, Germany 100.00 - -
Porcher & Meffert Grundstücksgesellschaft mbH & Co. Stuttgart Schönefeld, Germany 100.00 - -
OHG

55
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

Power Supply Systems GmbH Stuttgart, Germany 100.00 - -

R.T.C. Management Company Limited Banbury, United Kingdom 88.89 - -
Sechste Vermögensverwaltungsgesellschaft Zeus mbH Stuttgart, Germany 100.00 - -
SMART MOBILITY PTE. LTD. Singapore, Singapore 100.00 - -
Star Transmission srl Cugir, Romania 100.00 - -
STARKOM, proizvodnja in trgovina d.o.o. Maribor, Slovenia 100.00 - -
Vierte Vermögensverwaltung PV GmbH Stuttgart, Germany 100.00 - - 3
YASA Automotive Limited Kidlington, United Kingdom 100.00 - -
YASA Marine Limited Kidlington, United Kingdom 100.00 - -
YASA Motors Limited Kidlington, United Kingdom 100.00 - -
Zweite Vermögensverwaltung PV GmbH Stuttgart, Germany 100.00 - - 3
Zweite Vermögensverwaltungsgesellschaft Zeus mbH Stuttgart, Germany 100.00 - - 3

III. Joint operations (accounted for using proportionate consolidation in the Consolidated Financial Statements)
Cooperation Manufacturing Plant Aguascalientes, S.A.P.I de C.V. Aguascalientes, Mexico 54.01 663 19 7

IV. Joint ventures (accounted for using the equity method in the Consolidated Financial Statements)
Enbase Power GmbH Munich, Germany 25.10 - -
Fujian Benz Automotive Co., Ltd. Fuzhou, China 50.00 689 228 7
IONITY Holding GmbH & Co. KG Munich, Germany 20.00 228 -42 6
MB Service Japan Co., Ltd. Hitachi, Japan 33.40 - -
Movinx GmbH Berlin, Germany 50.00 - -
Shenzhen DENZA New Energy Automotive Co. Ltd. Shenzhen, China 50.00 61 -54 6
smart Automobile Co., Ltd. Ningbo, China 50.00 675 -65 4, 7
Wei Xing Tech. Co., Ltd. Hangzhou, China 50.00 47 -22 4, 7
YOUR NOW Holding GmbH Munich, Germany 50.00 707 -333 4, 9, 12

V. Associated companies (accounted for using the equity method in the Consolidated Financial Statements)
BAIC Motor Corporation Ltd. Beijing, China 9.55 12,833 1,868 4, 10, 12
Beijing Benz Automotive Co., Ltd. Beijing, China 49.00 6,148 3,205 7, 12
Blacklane GmbH Berlin, Germany 29.17 4 -17 6
Bolt Technology OÜ Tallinn, Estonia 7.45 145 -45 4, 8
Daimler Truck Holding AG Leinfelden-Echterdingen, Germany 35.00 25,153 2,265 4, 13
LSH Auto International Limited Hong Kong, China 15.00 - -
Mobility Trader Holding GmbH Berlin, Germany 9.18 382 -9 5
RS Holdings Inc. Wilmington, USA 65.32 -16 -28 6
There Holding B.V. Rijswijk, Netherlands 29.74 1,090 -108 7, 12
Verimi GmbH Berlin, Germany 2.60 15 -19 6
Wagenplan B.V. Almere, Netherlands 50.00 - -

56
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Other Notes

Net
Equity Total profit/
interest equity in loss in
in millions millions
Name of the company Domicile, country/region percent1 of euros of euros Footnote

VI. Joint operations, joint ventures, associated companies and substantial other investments
(accounted for at (amortised) cost in the Consolidated Financial Statements)
AFCC Automotive Fuel Cell Cooperation Corp. Burnaby, Canada 50.10 - - 2
Aston Martin Lagonda Global Holdings Plc Gaydon, United Kingdom 11.69 894 -461 4, 8
BDF IP Holdings Ltd. Burnaby, Canada 33.00 - -
Beijing Mercedes-Benz Sales Service Co., Ltd. Beijing, China 51.00 46 11 6
carwow Ltd. London, United Kingdom 5.08 - - 4
Earlybird DWES Fund VI GmbH & Co. KG Munich, Germany 6.45 - -
Esslinger Wohnungsbau GmbH Esslingen am Neckar, Germany 26.57 - -
European Center for Information and Communication Technologies Berlin, Germany 25.00 - -
- EICT GmbH
Factorial Inc. Woodbury, USA 9.56 - -
Grundstücksgesellschaft Schlossplatz 1 mbH & Co. KG Berlin, Germany 18.37 - -
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Gamma 1 OHG Schönefeld, Germany 10.10 - -
Grundstücksverwaltungsgesellschaft Daimler AG & Co. Gamma 2 OHG Schönefeld, Germany 10.10 - -
Grundstücksverwaltungsgesellschaft EvoBus GmbH & Co. OHG Schönefeld, Germany 10.10 - -
hap2U SAS Pontcharra, France 34.59 - -
KAMAZ PAO Naberezhnye Chelny, Russian 15.00 549 34 4, 8
Federation
PDB - Partnership for Dummy Technology and Biomechanics GbR Ingolstadt, Germany 20.00 - -
Sila Nanotechnologies Inc. Dover, USA 8.96 - -
SK Gaming Beteiligungs GmbH Cologne, Germany 33.33 - -
smart-BRABUS GmbH Bottrop, Germany 50.00 - -
STARCAM s.r.o. Most, Czech Republic 51.00 - -
The Mobility House AG Zurich, Switzerland 11.07 - -
VfB Stuttgart 1893 AG Stuttgart, Germany 11.75 24 -28 6
Volocopter GmbH Bruchsal, Germany 6.48 29 -54 8
what3words Ltd. London, United Kingdom 8.25 23 -18 4, 6

1 Shareholding pursuant to Section 16 of the German Stock Corporation Act (AktG)

2 In liquidation
3 Profit-and-loss transfer agreement with Mercedes-Benz Group AG (direct or indirect)
4 Pre-consolidating company
5 Financial statements according to local GAAP 2021
6 Financial statements according to local GAAP 2020
7 Financial statements according to IFRS 2021
8 Financial statements according to IFRS 2020
9 Financial statements according to IFRS of 30 November 2021. Statement of income for the period of 1 December 2020 to 30 November 2021.
Mercedes-Benz Group recognises its proportionate share of profits or losses with a one-month time lag.
10 Financial statements according to IFRS of 30 September 2021. Statement of income for the period of 1 October 2020 to 30 September 2021.
Mercedes-Benz Group recognises its proportionate share of profits or losses with a three-month time lag.
11 Control over the investment of the assets. No consolidation of the assets due to the contractual situation.
12 Including investor-level adjustments.
13 Figures for the statement of income relate to the period of 1 January to 30 September 2021, not including investor level adjustments.
Figures for the statement of financial position relate to the initial recognition as of 10 December 2021, including provisional investor level adjustments without goodwill.

57
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Board of Management

Board of Management
Stuttgart, 10 March 2022

Ola Källenius Dr. Jörg Burzer

Renata Jungo Brüngger Sabine Kohleisen

Markus Schäfer Britta Seeger

Hubertus Troska Harald Wilhelm

58
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Responsibility Statement

Responsibility Statement

To the best of our knowledge, and in accordance with business and the position of the Company, together
applicable reporting principles, the financial statements with a description of the principal opportunities and
give a true and fair view of the financial position, cash risks associated with the expected development of
flows and profit or loss of Mercedes-Benz Group AG, Mercedes-Benz Group AG.
and the management report, which has been combined
with the Group management report, includes a fair Stuttgart, 10 March 2022
review of the development and performance of the

Ola Källenius Dr. Jörg Burzer

Renata Jungo Brüngger Sabine Kohleisen

Markus Schäfer Britta Seeger

Hubertus Troska Harald Wilhelm

59
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

Independent Auditor’s Report

To Mercedes-Benz Group AG (until February 1, 2022 – the accompanying annual financial statements com-
Daimler AG), Stuttgart ply, in all material respects, with the requirements of
German commercial law applicable to business cor-
Report on the Audit of the Annual Financial Statements porations and give a true and fair view of the assets,
and of the Combined Management Report liabilities and financial position of the Company as of
December 31, 2021, and of its financial performance
Opinions for the financial year from January 1 to December 31,
We have audited the annual financial statements of 2021, in compliance with German Legally Required
Mercedes-Benz Group AG (until February 1, 2022: Accounting Principles, and
Daimler AG), Stuttgart (the Company), which comprise
the balance sheet as of December 31, 2021 and the – the accompanying combined management report as a
income statement for the financial year from January 1 whole provides an appropriate view of the Company’s
to December 31, 2021 as well as the notes to the finan- position. In all material respects, the combined man-
cial statements, including the recognition and measure- agement report is consistent with the annual financial
ment policies presented therein. In addition, we have statements, complies with German legal requirements
audited the management report of the entity and the and appropriately presents the opportunities and
group (combined management report) of Mercedes- risks of future development. Our opinion on the com-
Benz Group AG including the combined non-financial bined management report does not cover the ele-
statement of the entity and the group pursuant to Sec- ments of the combined management report referred
tions 289 paragraph 1, 289c, 315b paragraph 1 and 315c to in the “Other information” section of our auditor’s
HGB for the financial year from January 1 to December report. The combined management report includes
31, 2021. cross-references not foreseen by law that are marked
as unaudited. Our opinion does not cover these
In accordance with the German legal regulations, we cross-references and the information to which these
have not audited the content of the elements of the cross-references relate.
combined management report referred to in the “Other
information” section of our auditor’s report. Pursuant to Section 322 paragraph 3 sentence 1 HGB,
we declare that our audit has not led to any reserva-
The combined management report includes cross-refer- tions relating to the legal compliance of the annual
ences not foreseen by law that are marked as unaudited. financial statements and of the combined management
In accordance with the German legal regulations, we report.
have not audited the content of these cross-references
and the information to which these cross-references Basis for the Opinions
relate. We conducted our audit of the annual financial state-
ments and of the combined management report in
In our opinion, on the basis of the knowledge obtained accordance with Section 317 HGB and the EU Audit Reg-
in the audit ulation (No. 537/2014; referred to subsequently as the
“EU Audit Regulation”) and in compliance with German
Generally Accepted Standards for Financial Statement
Audits promulgated by the Institut der Wirtschaftsprüfer

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 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

[Institute of Public Auditors in Germany] (IDW). Our Non-impairment of shares in subsidiaries and finan-
responsibilities under those requirements and princi- cial receivables from subsidiaries
ples are further described in the “Auditor’s Responsibili-
ties for the Audit of the Annual Financial Statements Please refer with regard to the accounting policies and
and the Combined Management Report” section of our methods applied to the notes to the financial state-
auditor’s report. We are independent of the Company in ments in the section entitled “Accounting policies and
accordance with the requirements of European law and methods”. Further information on the shares in subsidi-
German commercial and professional law, and we have aries and associated companies can be found in the
fulfilled our other German professional responsibilities notes to the financial statements under Note 3 “Finan-
in accordance with these requirements. In addition, in cial assets” and on the financial receivables from sub-
accordance with Article 10 paragraph 2 letter f) of the sidiaries and associated companies in Note 4 “Receiva-
EU Audit Regulation, we declare that we have not pro- bles and other assets” in the section entitled “Notes to
vided any non-audit services prohibited under Article 5 the balance sheet” and in the combined management
paragraph 1 of the EU Audit Regulation. We believe that report in the chapter entitled “Mercedes-Benz Group AG
the evidence we have obtained is sufficient and appro- (condensed version according to HGB)” in the subsec-
priate to provide a basis for our opinions on the annual tion entitled “Risk and Opportunity Report”.
financial statements and the combined management
report. THE RISK FOR THE ANNUAL FINANCIAL STATEMENTS
Mercedes-Benz Group AG is reporting shares in subsidi-
Note on the emphasis of a particular matter aries of € 33,106 million (PY: € 52,885 million) and
We refer to the comments of the legal representatives in financial receivables from subsidiaries of € 16,775 mil-
the section on “EU Taxonomy” in the section entitled lion (PY: € 21,043 million) as of December 31, 2021. The
“non-financial statement” that is included in the com- shares in subsidiaries and financial receivables from
bined management report in accordance with Sections subsidiaries amount proportionately to 39.9 % and
289b paragraph 1, 289c, 315b paragraph 1, 315c HGB. 20.2 % respectively of the total assets and therefore
There it is stated that the EU Taxonomy Regulation and have a significant influence on the Company’s assets
the Delegated Acts issued thereunder contain wording and liabilities.
and terms that are still subject to considerable interpre-
tation uncertainties and for which clarifications have not Shares in subsidiaries are measured at cost of acquisi-
yet been published in every case. The legal representa- tion or, in the event of probable permanent impairment,
tives have disclosed their interpretations of the EU Tax- at the lower fair values. Receivables are measured at
onomy Regulation and the Delegated Acts adopted their nominal values, taking into account all foreseeable
thereunder. Due to the immanent risk that indetermina- risks.
ble legal terms may be interpreted differently, the legal
conformity of the interpretation is subject to uncertain- The lower fair value as the benchmark for impairment of
ties. Our opinion on the combined management report shares in subsidiaries is primarily measured in the
has not been modified in this regard. absence of market values at the discretionary future
earnings value. If the fair value is lower than the carry-
Key Audit Matters in the Audit of the Annual Finan- ing amount, it is investigated on the basis of qualitative
cial Statements and quantitative criteria whether impairment is
Key audit matters are those matters that, in our profes- expected to be permanent. In the case of financial
sional judgment, were of most significance in our audit receivables from subsidiaries, the credit rating of the
of the annual financial statements for the financial year debtor is also based on the future earnings value for the
from January 1 to December 31, 2021. These matters individual company. The assessment of the impairment
were addressed in the context of our audit of the annual of shares in subsidiaries including the calculation of the
financial statements as a whole, and in forming our fair value via the future earnings value is complex and,
opinion thereon, we do not provide a separate opinion as regards the assumptions made, dependent to a high
on these matters. degree on estimations and assessments by the

61
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

Company. This applies among other things in particular that we calculated alternative scenarios and compared
to the estimation of the future cash flows and long-term these with the Company’s valuation results (sensitivity
growth rates and the determination of the capitalization analysis).
rates.
In order to ensure the arithmetical correctness of the
There is primarily a risk, that the shares in subsidiaries valuation method used, we walked through the Compa-
and financial receivables from subsidiaries are impaired. ny’s calculations on the basis of the available budget
data.
OUR AUDIT APPROACH
We first of all evaluated the process for identifying indi- OUR OBSERVATIONS
cations of possible impairment and assessed, on the The approach providing the basis for the impairment
basis of the information obtained in the course of our tests on the shares in subsidiaries and financial receiva-
audit, for which shares in subsidiaries and financial bles from subsidiaries is appropriate and is consistent
receivables from subsidiaries there is an indication of with the valuation principles. The Company’s assump-
the need to recognize an impairment loss. To this end, tions and data are appropriate.
we appraised in particular the impairment test docu-
mentation and reviewed the forecasts on the future Impact on the financial statements of the Spin-off
development of the revenue and earnings or the Agreement between Mercedes-Benz Group AG and
expected future cash flows of the individual companies Daimler Truck Holding AG
and discussed this with those responsible for the plan-
ning. Please refer with regard to a description of this matter
to the notes to the financial statements in the section
Our audit procedures on the valuation of the, in our entitled “Accounting policies and methods as well as
opinion, principal shares in subsidiaries and financial changes in the corporate structure and renaming of the
receivables from subsidiaries that are at risk consisted Company from Daimler AG to Mercedes-Benz Group AG”.
in particular of the assessment of whether the underly- Disclosures on the impact on the financial statements of
ing forecasts of the future cash flows are based on the Spin-off Agreement concluded on August 6, 2021
appropriate and reasonable assumptions. Hereby we between Mercedes-Benz Group AG and Daimler Truck
evaluated the explanations of the legal representatives Holding AG, Stuttgart, (Spin-off Agreement), can be
regarding the principal assumptions used in the plan- found in the notes to the financial statements, in par-
ning, the strategic expectations and the operative ticular in Note 3 “Financial assets” and in Note 8 “Equity”
measures with regard to their impact on the forecasts of in the section entitled “Notes to the Balance Sheet”.
the future cash flows. We then assessed the appropri-
ateness of the key assumptions and the valuation meth-
ods used used by the Company. In order to evaluate the
appropriateness of the capitalization rates with regard
to the determination of the lower fair value and to audit
the mathematical correctness of the discounted cash
flows, we in some cases involved our own valuation
specialists. To this end we among other things com-
pared the underlying assumptions and data providing
the basis for the capitalization rate, in particular the
risk-free interest rate, the market risk premium and the
Beta factor, with our own assumptions and publicly
available data. In order to take into account the existing
forecast uncertainty, we furthermore investigated the
impact on fair value of possible changes for instance in
the capitalization rate and the long-term growth rate in

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 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

THE RISK FOR THE ANNUAL FINANCIAL STATEMENTS OUR AUDIT APPROACH
Mercedes-Benz Group AG (until February 1, 2022: We first of all assessed the arrangements made in the
Daimler AG) as the transferor legal entity concluded a Spin-off Agreement, especially their treatment by the
Spin-off Agreement on August 6, 2021 with Daimler transferor legal entity, and obtained an understanding of
Truck Holding AG as the transferee legal entity. In this the individual transactions and the reflection in the
agreement, various transactions under corporate trans- financial statements of the transaction as a whole.
formation law carried out during the financial year and
other transactions in connection with the Daimler com- In the course of the audit, we obtained an understand-
mercial vehicles business were agreed between the par- ing of the effects on the financial statements of the
ties. standardized measures in the Spin-off Agreement. In
this context, we also evaluated the legal execution of
With the effectiveness of the transactions, total finan- the hive-down and spin-off with regard to whether the
cial assets were reduced compared with the previous criteria under corporate transformation and company
year-end by a net amount of € 9,490 million, whereby law were fulfilled.
shares in subsidiaries and associated companies were
reduced by € 14,494 million and in particular the partici- With the help of our valuation specialists, we further-
pating interests were increased in the opposite direc- more assessed the appropriateness of the principal
tion by € 5,004 million. Furthermore, retained earnings assumptions and the valuation methods in the corpo-
were reduced by € 13,879 million and cash and cash rate valuations performed by an external appraiser in
equivalents by € 5,456 million. Following the comple- order to define the participation ratios.
tion of the transactions, Mercedes-Benz Group AG held
a direct investment of 28.43 % and an indirect invest- We assessed the professional competence, capabilities,
ment of 6.57 % in the capital stock of Daimler Truck impartiality and the working results of the independent
Holding AG as of December 31, 2021. appraiser engaged by Mercedes-Benz Group AG.

The agreement providing the basis for the transactions In the evaluation of the appropriateness of the corpo-
is complex. rate valuations, we first of all analyzed whether the val-
uation methods applied are consistent with the
In order to determine the participation ratio based on accounting regulations. We then evaluated the principal
corporate valuations, Mercedes-Benz Group AG valuation assumptions, with the help of our valuation
involved an external appraiser. The corporate valuations specialists. For this purpose, we discussed the expected
necessary for the determination of the participation cash flows and the assumed long-term growth rates
ratio and complex and are based on a number of discre- with those responsible for the planning. In addition, we
tionary assumptions. The principal assumptions relate performed reconciliations with other forecasts internally
to the expected development of the revenue and mar- available, for instance for tax purposes, and with the
gins and the capitalization rates. budget prepared by the legal representatives and
approved by the Supervisory Board. In addition, we
The risk for the annual financial statements is that the assessed the consistence of the assumptions with
development of the shares in subsidiaries and associ- external sector-specific and general market estimates.
ated companies, the participating interests and equity is
inappropriate. We compared the assumptions and parameters, espe-
cially the risk-free interest rate, the market risk premium
There is furthermore a risk that the corporate valuations and the Beta factor, providing the basis for the capitali-
performed to define the participation ratio are inappro- zation rates, with our own assumptions and publicly
priate. available data. To take account of the existing forecast
uncertainty, we in addition investigated the impact of
possible changes in the capitalization rates, revenue
planning and the development of the long-term growth

63
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

rates on the fair value by calculating alternative scenar- Our opinions on the consolidated financial statements
ios and compared them with the Company’s measure- and on the combined management report do not cover
ment results (sensitivity analysis). the other information, and consequently we do not
express an opinion or any other form of assurance con-
To ensure the arithmetical correctness of the valuation clusion thereon.
method applied, we obtained an understanding of the
Company’s calculations on the basis of selected In connection with our audit, our responsibility is to
risk-oriented elements. read the other information and, in so doing, to consider
whether the other information
OUR OBSERVATIONS
The disclosure of the impacts on the financial state- – is materially inconsistent with the consolidated finan-
ments of the Spin-off Agreement between Mercedes- cial statements, with the management report informa-
Benz Group AG and Daimler Truck Holding AG is appro- tion audited for content or our knowledge obtained in
priate and is consistent with the accounting and the audit, or
valuation principles that are to be applied.
– otherwise appears to be materially misstated.
The valuation methods for the definition of the partici-
pation ratios are appropriate and are consistent with If, based on the work we have performed, we conclude
the accounting and valuation principles that are to be that there is a material misstatement of this other infor-
applied. The principal assumptions and data for the cor- mation, we are required to report that fact. We have
porate valuations performed to determine the participa- nothing to report in this regard.
tion ratio are appropriate.
Responsibilities of the Legal Representatives and
Other information the Supervisory Board for the Annual Financial
The legal representatives and the Supervisory Board are Statements and the Combined Management Report
responsible for the other information. The other infor- The legal representatives are responsible for the prepa-
mation comprises the following elements of the com- ration of the annual financial statements that comply, in
bined management report, the content of which we all material respects, with the requirements of German
have not audited: commercial law applicable to business corporations,
and that the annual financial statements give a true and
– the combined declaration on corporate management, fair view of the assets, liabilities, financial position and
which is referred to in the combined management financial performance of the Company in compliance
report, and with German Legally Required Accounting Principles. In
addition, the legal representatives are responsible for
– the disclosures in the combined management report such internal control as they, in accordance with Ger-
on EU Taxonomy extraneous to management reports man Legally Required Accounting Principles, have deter-
in the tables B.32, B.33 and B.34, which are marked mined necessary to enable the preparation of annual
as audited with limited assurance. financial statements that are free from material mis-
statement, whether due to fraud or error.
The other information also includes the remaining parts
of the annual report.

The other information does not comprise the consoli-

dated financial statements, the audited disclosures in
the management report and our related auditor’s report.

64
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

In preparing the annual financial statements, the legal Reasonable assurance is a high level of assurance, but
representatives are responsible for assessing the Com- is not a guarantee, that an audit conducted in accord-
pany’s ability to continue as a going concern. They are ance with Section 317 HGB and the EU Audit Regulation
also responsible for disclosing, as applicable, matters and in compliance with German Generally Accepted
related to going concern. In addition, they are responsi- Standards for Financial Statement Audits promulgated
ble for financial reporting based on the going concern by the Institut der Wirtschaftsprüfer [Institute of Public
basis of accounting, provided no actual or legal circum- Auditors in Germany] (IDW) will always detect a mate-
stances conflict therewith. rial misstatement. Misstatements can arise from fraud
or error and are considered material if, individually or in
Furthermore, the legal representatives are responsible the aggregate, they could reasonably be expected to
for the preparation of the combined management report influence the economic decisions of users taken on the
that as a whole provides an appropriate view of the basis of these annual financial statements and this
Company’s position and is, in all material respects, con- combined management report.
sistent with the annual financial statements, complies
with German legal requirements, and appropriately pre- We exercise professional judgment and maintain pro-
sents the opportunities and risks of future development. fessional skepticism throughout the audit. We also
In addition, the legal representatives are responsible for
such arrangements and measures (systems) as they – identify and assess the risks of material misstatement
have considered necessary to enable the preparation of of the annual financial statements and of the com-
a combined management report that is in accordance bined management report, whether due to fraud or
with the applicable German legal requirements, and for error, design and perform audit procedures respon-
providing sufficient appropriate evidence for the asser- sive to those risks, and obtain audit evidence that is
tions in the combined management report. sufficient and appropriate to provide a basis for our
opinions. The risk of not detecting a material mis-
The Supervisory Board is responsible for overseeing the statement resulting from fraud is higher than for one
Company’s financial reporting process for the prepara- resulting from error, as fraud may involve collusion,
tion of the annual financial statements and the com- forgery, intentional omissions, misrepresentations, or
bined management report. the override of internal controls.

Auditor’s Responsibilities for the Audit of the – obtain an understanding of internal control relevant to
Annual Financial Statements and the Combined the audit of the annual financial statements, and of
­Management Report arrangements and measures (systems) relevant to the
Our objectives are to obtain reasonable assurance audit of the combined management report, in order to
about whether the annual financial statements as a design audit procedures that are appropriate in the
whole are free from material misstatements, whether circumstances, but not for the purpose of expressing
due to fraud or error, and whether the combined man- an opinion on the effectiveness of these systems of
agement report as a whole provides an appropriate view the Company.
of the Company’s position and, in all material respects,
is consistent with the annual financial statements and
the knowledge obtained in the audit, complies with the
German legal requirements and appropriately presents
the opportunities and risks of future development, as
well as to issue an auditor’s report that includes our
opinions on the annual financial statements and the
combined management report.

65
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

– evaluate the appropriateness of accounting policies – perform audit procedures on the prospective informa-
used by the legal representatives and the reasonable- tion presented by the legal representatives in the
ness of estimates made by the legal representatives combined management report. On the basis of suffi-
and related disclosures. cient appropriate audit evidence, we evaluate, in par-
ticular, the significant assumptions used by the legal
– conclude on the appropriateness of the use by the representatives as a basis for the prospective infor-
legal representatives of the going concern basis of mation and evaluate the proper derivation of the pro-
accounting and, based on the audit evidence spective information from these assumptions. We do
obtained, whether a material uncertainty exists not express a separate opinion on the prospective
related to events or conditions that may cast signifi- information and on the assumptions used as a basis.
cant doubt on the Company’s ability to continue as a There is a substantial unavoidable risk that future
going concern. If we conclude that a material uncer- events will differ materially from the prospective
tainty exists, we are required to draw attention in the information.
auditor’s report to the related disclosures in the
annual financial statements and the combined man- We communicate with those charged with governance
agement report or, if such disclosures are inadequate, regarding, among other matters, the planned scope and
to modify our respective opinions. Our conclusions timing of the audit and significant audit findings, includ-
are based on the audit evidence obtained up to the ing any significant deficiencies in internal control that
date of our auditor’s report. However, future events or we identify during our audit.
conditions may cause the Company to cease to be
able to continue as a going concern. We also provide those charged with governance with a
statement that we have complied with the relevant
– evaluate the overall presentation, structure and con- independence requirements and communicate with
tent of the annual financial statements, including the them all relationships and other matters that may rea-
disclosures, and whether the annual financial state- sonably be thought to bear on our independence, and
ments present the underlying transactions and events where applicable, the related safeguards.
in a manner that the annual financial statements give
a true and fair view of the assets, liabilities, financial From the matters communicated with those charged
position and financial performance of the Company in with governance, we determine those matters that were
compliance with German Legally Required Accounting of most significance in the audit of the consolidated
Principles. financial statements of the current period and are there-
fore the key audit matters. We describe these matters in
– evaluate the consistency of the combined manage- our auditor’s report unless laws or other legal regula-
ment report with the annual financial statements, its tions preclude public disclosure of the matter.
conformity with [German] law, and the view of the
Company’s position it provides.

66
 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

Other Legal and Regulatory Requirements We conducted our assurance work on the rendering of
the annual financial statements and of the combined
Report on the Assurance in accordance with Section management report contained in the file and identified
317 paragraph 3a HGB on the Electronic Rendering of above in accordance with Section 317 paragraph 3a HGB
the Annual Financial Statements and the Combined and the IDW Assurance Standard: Assurance Work on
Management Report Prepared for Publication Pur- the Electronic Rendering of Financial Statements and
poses Management Reports Prepared for Publication Purposes
We have performed assurance work in accordance with in accordance with Section 317 paragraph 3a HGB (IDW
Section 317 paragraph 3a HGB to obtain reasonable AuS 410 (10.2021)) conducive to the understanding of
assurance about whether the rendering of the annual the report at an international level and the International
financial statements and the combined management Standard on Assurance Engagements 3000 (Revised).
report (hereinafter the “ESEF documents”) contained in Our responsibility in accordance therewith is further
the file that can be downloaded by the issuer from the described below. Our audit firm applies IDW Standard
electronic client portal with access protection, on Quality Management 1: Requirements for Quality
»mercedesbenzgroupag-2021-12-31.zip« Management in Audit Firms (IDW QS 1).
(SHA256-Hashwert: 0b387d4ceffea020be9c9a71380c
9e1972e9e5866c393af5daea902a4ff2bdf), The Company’s legal representatives are responsible for
and prepared for publication purposes complies in all the preparation of the ESEF documents including the
material respects with the requirements of Section 328 electronic rendering of the annual financial statements
paragraph 1 HGB for the electronic reporting format and the combined management report in accordance
(“ESEF format”). In accordance with German legal with Section 328 paragraph 1 sentence 4 item 1 HGB.
requirements, this assurance only extends to the con-
version of the information contained in the consolidated In addition, the Company’s legal representatives are
financial statements and the combined management responsible for such internal controls that they have
report into the ESEF format and therefore relates neither considered necessary to enable the preparation of ESEF
to the information contained in these renderings nor any documents that are free from material intentional or
other information contained in the file identified above. unintentional non-compliance with the requirements of
Section 328 paragraph 1 HGB for the electronic report-
In our opinion, the rendering of the annual financial ing format.
statements and the combined management report con-
tained in the electronic file and made available for pub- The Supervisory Board is responsible for overseeing the
lication purposes complies in all material respects with preparation of the ESEF documents as part of the finan-
the requirements of Section 328 paragraph 1 HGB for cial reporting process.
the electronic reporting format. Beyond this assurance
opinion and our audit opinion on the accompanying Our objective is to obtain reasonable assurance about
consolidated financial statements and the accompany- whether the ESEF documents are free from material
ing combined management report for the financial year intentional or unintentional non-compliance with the
from January 1 to December 31, 2021 contained in the requirements of Section 328 paragraph 1 HGB. We exer-
“Report on the Audit of the Consolidated Financial cise professional judgment and maintain professional
Statements and the Combined Management Report” skepticism throughout the assurance work. We also
above, we do not express any assurance opinion on the
information contained within these renderings or on the – identify and assess the risks of material non-compli-
other information contained in the file identified above. ance with the requirements of Section 328 paragraph
1 HGB, whether due to fraud or error, design and per-
form audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropri-
ate to provide a basis for our audit opinion.

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 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

– obtain an understanding of internal control relevant to Other matter – Use of the Auditor’s Report
the audit of the ESEF documents in order to design Our auditor´s report must always be read together with
audit procedures that are appropriate in the circum- the audited annual financial statements and the audited
stances, but not for the purpose of expressing an combined management report as well as the examined
audit opinion on the effectiveness of these controls. ESEF documents. The annual financial statements and
combined management report converted to the ESEF
– evaluate the technical validity of the ESEF documents, format - including the versions to be published in the
i.e., whether the file containing the ESEF documents German Federal Gazette [Bundesanzeiger] - are merely
meets the requirements of Commission Delegated electronic renderings of the audited annual financial
Regulation (EU) 2019/815 on the technical specifica- statements and the audited group management report
tion for this electronic file in the version applicable on and do not take their place. In particular, the ESEF
the reporting date. report and our assurance opinion contained therein are
to be used solely together with the examined ESEF doc-
– evaluate whether the ESEF documents provide a con- uments made available in electronic form.
tent-equivalent XHTML rendering of the audited
annual financial statements and the audited com- German Public Auditor Responsible for the
bined management report. ­ ngagement
E
The German Public Auditor responsible for the
Further Information pursuant to Article 10 of the EU ­engagement is Alexander Bock.
Audit Regulation
We were elected as auditor by the Annual Shareholders’
Meeting on March 31, 2021. We were engaged by the
Supervisory Board on July 16, 2021. We have been the Stuttgart, March 10, 2022
group auditor of Mercedes-Benz Group AG without
interruption since the financial year 1998. KPMG AG
Wirtschaftsprüfungsgesellschaft
We declare that the opinions expressed in this auditor’s
report are consistent with the additional report to the Original German version signed by:
audit committee pursuant to Article 11 of the EU Audit
Regulation (long-form audit report).

[signature] Sailer [signature] Bock

Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)

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 Annual Financial Statements 2021 · Mercedes-Benz Group AG
Independent Auditor’s Report

Forward-looking statements:

This document contains forward-looking statements that reflect our current views about
future events. The words “anticipate,” “assume,” “believe,” “estimate,” “expect,” “intend,”
“may,” “can,” “could,” “plan,” “project,” “should” and similar expressions are used to identify
forward-looking statements. These statements are subject to many risks and uncertainties,
including an adverse development of global economic conditions, in particular a decline of
demand in our most important markets; a deterioration of our refinancing possibilities on
the credit and financial markets; events of force majeure including natural disasters, pan-
demics, acts of terrorism, political unrest, armed conflicts, industrial accidents and their
effects on our sales, purchasing, production or financial services activities; changes in cur-
rency exchange rates and tariff regulations; a shift in consumer preferences towards
smaller, lower-margin vehicles; a possible lack of acceptance of our products or services
which limits our ability to achieve prices and adequately utilize our production capacities;
price increases for fuel or raw materials; disruption of production due to shortages of
materials, labor strikes or supplier insolvencies; a decline in resale prices of used vehicles;
the effective implementation of cost-reduction and efficiency-optimization measures; the
business outlook for companies in which we hold a significant equity interest; the success-
ful implementation of strategic cooperations and joint ventures; changes in laws, regula-
tions and government policies, particularly those relating to vehicle emissions, fuel econ-
omy and safety; the resolution of pending government investigations or of investigations
requested by governments and the conclusion of pending or threatened future legal pro-
ceedings; and other risks and uncertainties, some of which we describe under the heading
“Risk and Opportunity Report” in the current Annual Report. If any of these risks and uncer-
tainties materializes or if the assumptions underlying any of our forward-looking state-
ments prove to be incorrect, the 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 since they are based solely on the circumstances at the
date of publication.

These documents constitute the English translation of

the German “Jahresabschluss,” which is the sole author-
itative version.

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Mercedes-Benz Group AG, Mercedesstraße 120, 70372 Stuttgart, Germany