Mercedes-Benz Group said on Friday full year EBIT “substantially improved” 28% year on year for full year 2022 to EUR20.5bn (2021: EUR16bn) on revenue up 12% to EUR150bn (EUR133.9bn).

Mercedes-Benz Cars’ adjusted Return on Sales (RoS) reached 14.6% (13.1%), 11.2% at Mercedes-Benz Vans (8.3%), and adjusted Return on Equity (RoE) at Mercedes-Benz Mobility was 16.8% versus 22%) “despite macro challenges”.

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The proposed dividend is EUR5.20 (EUR5).

For full year 2023 the automaker is forecasting group revenue at the 2022 level with EBIT “slightly below” the 2022 level, Mercedes-Benz Cars adjusted RoS in the range of 12%-14%, Mercedes-Benz Vans adjusted RoS at 9%-11% and Mercedes-Benz Mobility adjusted RoE at 12%-14%.

The company said in a statement “sharpened focus on high end passenger cars and premium vans, combined with tight cost control, helped to lift EBIT though the COVID-19 pandemic and semiconductor supply chain bottlenecks, and the fallout from Russia’s war against Ukraine, continued to affect the business.

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”We have redesigned Mercedes-Benz to be a more profitable company thanks to our focus on desirable products and disciplined margin and cost management. We cannot control macro or world events, but 2022 is a case in point that we are moving in the right direction,” CEO said Ola Kaellenius.

“In addition to delivering strong financial results, the team accelerated our pace as a technology leader in electric and automated driving. The next chapter in our transformation will be revealed during the strategy update in California on 22 February focusing on the Mercedes-Benz Operating System (MB.OS).“

Mercedes-Benz Cars sold 2,040,719 vehicles (+5%). In line with the strategy to focus on EVs, the brand boosted BEV sales 67% to 149,227 units.

Mercedes-Benz Vans full year unit sales rose 8% to 415,344 vehicles worldwide despite the ongoing global challenges in parts supply and logistics. 15,000 eVans were sold (+15%).