Toto Wolff reiterated his belief that Mercedes' 74-point lead over Ferrari in the Constructors' standings isn't "truly representative" of this year's balance of power at the head of the field.
Mercedes achieved a clean one-two sweep in the first four races of the season, thanks to having a better overall package than the Scuderia but also to circumstances which played into the Siver Arrows squad's hands.
Looking ahead at next weekend's Spanish Grand Prix in Barcelona, where Ferrari proved to be the class of the field during pre-season testing, Wolff is clearly guarded over his team's situation.
"Nobody would have predicted four consecutive Mercedes 1-2s after winter testing," said Wolff in Mercedes' race preview.
"But here we are having scored 173 points in the first four races - a remarkable result which is first and foremost testament of the amazing work of every single member of the team.
"Our devotion to the task, our hunger for victory and our love of racing are stronger than ever.
"The results seem to paint a relatively clear picture, but the truth is that they're too flattering.
"The performance has fluctuated in the first four races. We had the fastest car in Australia and China, but we won in Bahrain thanks to our reliability when we were on the back foot in terms of speed.
"And while our race pace looked good in Azerbaijan, we were never able to build a truly comfortable gap to our rivals.
"So there is no complacency about our situation because we know that it's not truly representative of the balance of power this season so far."
As impressive as Mercedes' championship lead appears to be on paper after just four races, Wolff is playing down expectations for next weekend, and insists there's still all to play for in the title race.
"Despite the good start to the season we remain quite skeptical of our own performance and know that there are a number of areas where we can and must improve," added the Austrian.
"We anticipate a tough and competitive weekend, first against our rivals and also between our drivers.
"Everything is still very much up for grabs this season and we will be keeping our foot firmly to the floor."
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