Condensed version according to the German Commercial Code (HGB)
In addition to reporting on the Daimler Group, the development of Daimler AG is also described in this section.
Daimler AG is the parent company of the Daimler Group and its headquarters are in Stuttgart.
On May 22, 2019, the Annual Shareholders Meeting of Daimler AG voted with 99.75 % of the votes cast to hive down assets and liabilities of the Mercedes-Benz Cars and Mercedes-Benz Vans divisions and of the Daimler Trucks and Daimler Buses divisions into two legally independent entities within the framework of “Project Future.” The hive-down took place in accordance with Section 123 Subsection 3 No. 1 of the German Transformation Act (UmwG) into Mercedes-Benz AG and Daimler Truck AG. The hive-down is based on the hive-down agreement concluded between Daimler AG, Mercedes-Benz AG and Daimler Truck AG on March 25, 2019. The hive-down became effective upon being entered in the commercial register of Daimler AG on October 31, 2019 (“completion date”). When the hive-down became effective, the assets to be hived down as defined in the hive-down agreement were transferred to Mercedes-Benz AG and Daimler Truck AG under civil law by way of partial universal succession at their carrying amounts. The transfer of assets had a retroactive financial effect as of the hive-down date of January 1, 2019. In addition, when the hive-down became effective, further assets and liabilities as defined by the agreements concluded between Daimler AG and Mercedes-Benz AG and Daimler Truck AG within the hive-down agreement were transferred to Mercedes-Benz AG and Daimler Truck AG, respectively.
As of the hive-down taking effect, Daimler AG acts as an operational management holding company and provides services to the Group companies. As the parent company, it also decides on the Group’s strategy, decides on matters of strategic importance for business operations, and ensures regulatory, legal, and compliance functions throughout the Group.
Under the existing control and profit-and-loss-transfer agreements, the profits and losses of Mercedes-Benz AG and Daimler Truck AG are transferred to Daimler AG.
The annual financial statements of Daimler AG are prepared in accordance with the German Commercial Code (HGB). The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS), as adopted by the European Union (EU). This results in some differences with regard to recognition and measurement, primarily relating to provisions, financial instruments, the leasing business and deferred taxes.
In view of the new function of Daimler AG as an operational management holding company, revenue and unit sales are no longer the most important performance indicators; net profit or loss is now the main performance indicator.
Due to the significant scope of the hive-down to Mercedes-Benz AG and Daimler Truck AG, the figures of Daimler AG for the 2019 financial year are not comparable with the prior-year figures.