The commercial vehicle manufacturer Daimler trucks due to the ongoing review of his business China write off part of the receivables. The negative value adjustment amounts to 180 million euros, as in the Dax listed company the new boss Karin Rådström
(45) surprisingly announced on Tuesday evening in Leinfelden-Echterdingen.
This is a one-off, extraordinary and non-cash adjusted special effect and therefore has no impact on the operating performance indicators such as earnings before interest and taxes (EBIT) adjusted for special effects. The new depreciation should also have no influence on the annual forecast.
The share nevertheless fell by 1.7 percent to 38.41 euros. There is still a price increase of around 13 percent in investors’ portfolios this year.
Second depreciation within a few months
In the second quarter, the Swabians had already wasted 120 million euros on shares in the joint venture BFDA (Beijing Foton Daimler Automotive). The then CEO Martin Daum (65) justified the weak environment in China in the summer by saying that cheap natural gas was currently available Russia flow to China and this is reflected in sales of drive technology. “The Chinese market is currently dominated by natural gas,” said Daum when presenting business figures in July. “We are the king of diesel, but not of natural gas.”
The return on sales adjusted for special effects is also not affected by the depreciation. All quarterly figures relevant to the forecast are “not subject to any ad hoc disclosure requirements and will be published together with the other results for the third quarter of 2024 on November 7th.” This generally means that the results do not deviate significantly from market and company expectations. The experts surveyed by Bloomberg expect a decline in sales and earnings before interest and taxes (EBIT) in the third quarter.