2023
Half-Year Financial Report
AT A GLANCE
Sales revenue rose by | ||||||||||||
Incoming orders | Unit sales | 27% to around | Adjusted operating | Adjusted | ||||||||
24% | vehicles | €22.9 | €2.0 | 8.6% | ||||||||
down by | 22% | result around €1.2 billion | operating return on | |||||||||
higher at around | sales climbed to | |||||||||||
higher at 168,114 | ||||||||||||
billion | billion | |||||||||||
Trucks and buses (units) | H1 2023 | H1 2022 | Change | |||||||||
Incoming orders | 125,258 | 164,213 | -24% | |||||||||
Unit sales | 168,114 | 137,294 | 22% | |||||||||
of which trucks | 139,843 | 115,115 | 21% | |||||||||
of which buses | 14,848 | 12,894 | 15% | |||||||||
of which MAN TGE vans | 13,423 | 9,285 | 45% | |||||||||
TRATON GROUP | ||||||||||||
Sales revenue (€ million) | 22,854 | 17,982 | 27% | |||||||||
Operating result (adjusted) (€ million) | 1,973 | 798 | 1,176 | |||||||||
Operating return on sales (adjusted) (in %) | 8.6 | 4.4 | 4.2 pp | |||||||||
Earnings per share (€) | 2.48 | 1.38 | 1.10 | |||||||||
Active employees 1 | 101,879 | 100,356 | 1,523 | |||||||||
TRATON Operations | ||||||||||||
Sales revenue (€ million) | 22,335 | 17,634 | 27% | |||||||||
Operating result (adjusted) (€ million) | 2,097 | 869 | 1,229 | |||||||||
Operating return on sales (adjusted) (in %) | 9.4 | 4.9 | 4.5 pp | |||||||||
Primary R&D costs (€ million) | 1,050 | 896 | 17% | |||||||||
Capex (€ million) | 497 | 469 | 6% | |||||||||
Net cash flow (€ million) | 1,754 | -1,395 | 3,149 | |||||||||
TRATON Financial Services | ||||||||||||
Sales revenue (€ million) | 737 | 609 | 21% | |||||||||
Operating result (adjusted) (€ million) | 158 | 146 | 12 | |||||||||
Operating return on sales (adjusted) (in %) | 21.5 | 24.1 | -2.6 pp | |||||||||
Return on equity (in %) | 5.6 | 9.0 | -3.4 pp | |||||||||
1 As of June 30, 2023, and December 31, 2022
CONTENTS | 1 | 3 |
To Our Shareholders | Condensed Half-Yearly | |
5 | Consolidated Financial Statements | |
Highlights in the First Half of 2023 | 28 | |
Income Statement |
2
Interim Group Management Report
9
Report on Economic Position
24
TRATON SE (German GAAP)
24
Opportunities and Risks
24
Important Legal Cases
24
Report on Expected Developments
29
Condensed Statement of Comprehensive Income
30
Balance Sheet
32
Statement of Changes in Equity
34
Statement of Cash Flows
36
Notes
4
Further Information
50
Responsibility Statement
51
Review Report
52
Financial Calendar
TRATON SE's half-year financial report meets the requirements set out in the applicable provisions of the Wertpapierhandelsgesetz (WpHG - German Securities Trading Act) and, in accordance with section 115 of the WpHG, comprises the condensed half-yearly consolidated financial statements, the interim Group management report, and a responsibility statement. This Half-Year Financial Report should be read in conjunction with our Annual Report for fiscal year 2022, which contains a comprehensive description of our business activities.
Our Half-Year Financial Report contains certain forward-looking statements for the remaining months of fiscal year 2023. A range of known and unknown risks, uncertainties, and other factors may result in the
actual results, financial position, development, or performance of the TRATON GROUP differing materially from the estimates given here. Such factors include those that TRATON has described in published reports. These reports are available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future events or developments.
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Comparable figures for the prior-year period are presented in parentheses alongside the figures for the fiscal year under review. The current definition of the key performance indicators and other key figures can be found in the annual report published for the previous year. This report can be downloaded from our website at https://ir.traton.com/websites/traton/English/3000/reports-_-presentations.html.
To Our Shareholders
5 | 2023 HALF -YEAR FINANCIAL REPORT TO OUR SHAREHOLDERS |
TRATON GROUP |
Highlights in the First Half of 2023
In the first half of 2023, the TRATON GROUP recorded tremendous progress in the field of electric mobility and at the same time further implemented its TRATON Way Forward strategy, which charts a course for the Company's future success.
The Company's Supervisory Board made key decisions in mid-March aimed at implementing its corporate strategy even more systematically. The contract with Christian Levin, Chairman of the Executive Board, was extended by five years until January 2029, and the contract with TRATON Executive Board member Antonio Roberto Cortes, Chief Executive Officer of Volkswagen Truck
-
Bus, was extended by three years until January 2027. At the same time, the introduction of the new Global Product Management area of responsibility within the Executive Board will safeguard the heart of the business model in the future: both the strategic and the operational integration of the commercial and industrial systems of the four brands and coordinating Group functions. Catharina Modahl Nilsson, who has been Head of Group Product Management at TRATON since the beginning of 2022, has been responsible for the new area as a member of the TRATON Executive Board since April 2023. In addition, the Supervisory Board appointed Dr. Michael Jackstein to the Executive Board
effective April 1, 2023. He heads the combined Finance and Human Resources division of TRATON SE, which also includes Business Development.
At TRATON SE's Annual General Meeting, which took place at the International Congress Center Messe in Munich on June 1, 2023, Chief Executive Officer Christian Levin presented the progress in implementing the Company's strategy to its shareholders in detail. "We deliver added value for our customers, we deliver value for our shareholders, and we continue to deliver on our TRATON Way Forward strategy," Levin said in his speech to the shareholders. TRATON's shareholders are benefiting from the Group's good performance. At the Annual General Meeting, they voted by a majority of 99.99% to approve a dividend of €0.70 per share, following €0.50 for fiscal year 2021. The payout ratio of 30.7% is thus within the target corridor.
Thanks to increasingly stable supply chains and higher production volumes, TRATON got off to a good start in fiscal year 2023. This positive business performance continued in the second quarter. For example, unit sales in the first six months increased by 22% to 168,114 vehicles. Sales revenue grew 27% to reach €22.9 billion. Operating return on sales (adjusted) improved by 4.2 percentage points year-on-year to 8.6%.
Looking toward the sustainable transportation of the future, one thing is certain for the TRATON GROUP: the technology for the transition to sustainable transportation is ready - for trucks and buses and for charging stations. The TRATON GROUP brands have already proved that their battery electric vehicles are suitable for everyday use and can withstand even the harshest of con- ditions. In order to raise awareness among political decision-makers in Europe that this transition toward sustainable transportation will only succeed with the rapid development of the urgently needed charging infrastructure for commercial vehicles, TRATON hosted a Parliamentary Evening in Berlin in mid-May together with ABB E-mobility. "We now need the right political road- map, framework, and incentives so that we can build a high-performance
European charging network at the required speed. This would then pave the way for the European Union to reach its climate goals," said Chief Executive Officer Christian Levin as he was joined on stage by German Transport Minister Dr. Volker Wissing, Swedish Infrastructure Minister Andreas Carlson, and Per Thöresson, Sweden's Ambassador to Germany.
The TRATON GROUP brands reported numerous strategy and product highlights in the first half of 2023:
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Traton SE published this content on 26 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 July 2023 06:01:04 UTC.