Daimler Hive Down Agreement
“The shareholders of Daimler AG today approved our plans for a new, modern group structure. This was the decisive step for us to start our new structure in November. Daimler has the ambition to be a leader in the new era of mobility. This requires maximum innovation and agility to be able to react quickly to changes. The new structure will enhance our ability to operate in a competitive and dynamically growing environment, including in terms of capital raising. It will also allow us to better meet the needs of customers and the market. With this new structure, we want to offer a long-term perspective to our employees. We agree with the workers` representatives on this point. With today`s decision and the reorganisation of the Daimler Group, we are laying the stage for our company and its people to continue to succeed in the future era of mobility,” said Manfred Bischoff, Chairman of the Supervisory Board of Daimler AG. Provisions decreased by €14.8 billion compared to December 31, 2019 to €1.6 billion. This is mainly due to the transfer of €14.7 billion of provisions from Daimler AG to Mercedes-Benz AG and Daimler Truck AG as part of the company`s restructuring as part of the Future Project. On the other hand, additional provisions of €0.5 billion were used for internal derivatives related to the separation.