FRANKFURT (Reuters) - Daimler AG (DAIGn.DE) on Tuesday said accounting changes will result in a changed outlook for its core Mercedes-Benz Cars division as well as for its buses unit.
Daimler has adjusted the way revenues are booked by implementing accounting standards IFRS 9 and 15 which changes the way financial instruments are booked, the Stuttgart-based carmaker said.
“For each of Mercedes-Benz Cars and Daimler Buses, Daimler anticipates earnings before interest and taxes (EBIT) slightly above the prior-year level. The outlook for the other divisions’ earnings remains unchanged,” Daimler said in a statement on Tuesday.
Adjusting for the new standards, group revenue in 2017 was 164.2 billion euros rather than a previously stated 164.3 billion euros. Group EBIT in 2017 is now 14.3 billion euros rather than 14.7 billion euros a previously stated.
Reporting by Edward Taylor; Editing by Arno Schuetze