FINANCIAL ANALYSIS MANAGEMENT & ENTERPRISE - FAME INTRODUCTION

Financial analysis is-one of the measure which is used by every firm to determine its exact performance and position in terms of profitability, liquidity and othertraits ofbusiness execution.

FINANCIAL ANALYSIS
MANAGEMENT & ENTERPRISE -
FAME

Table of Contents
INTRODUCTION...........................................................................................................................1
Ratio Analysis ............................................................................................................................1
Horizontal analysis...........................................................................................................................6
Vertical analysis ..............................................................................................................................8
Cash position of both the organisation........................................................................................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
APPENDIX....................................................................................................................................11

INTRODUCTION
For every organisation the financial performance is evaluated through various fiscal
tools. Financial analysis is-one of the measure which is used by every firm to determine its exact
performance and position in terms of profitability, liquidity and other traits of business
execution. With this a comparison can be carries out with own past performances and also with
other competitors in the industry. In the present horizontal and vertical of financial position is
carries out for ratios of Daimler and Tesla. The fact related with cash position of both firms is
also determined.
Ratio Analysis
Liquidity Ratio:
Daimler
Particulars Formula 2014 2015 2016 2017 2014 2015 2016 2017
Current
Ratio
Current Assets /
Current Liability 1.15 1.19 1.21 1.23 1.52 0.99 1.07 0.86
Quick
ratio
(Current asset-
Inventory-
prepaid
expenses)/Current
Liability
0.84 0.88 0.90 0.92 1.02 0.49 0.69 0.53
Interpretation:
The table presents liquidity ration of both Daimler and Tesla from years 2014 to 2017 for
4 years, which includes current and acid teat ratios.
Current ratio:
The ideal current ratio is considered as 2:1, this means that an organisation must have
twice the current assets as compared to its current liabilities. At this position a firm is said to
have a sufficient liquidity with it as it can meet any sudden need of cash in a short span of time.
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For Daimler it can be seen that the ratio have seen a downfall from 2014 to 2017. Yet is
can reach the idea ratio in time frame of 4 years. But the fact is that has been in a good liquidity
position as it has more current assets than this current liability that shows that after repaying its
all current liabilities it will still be left with some amount of cash. On the other hand Tesla is not
in a good liquidity position as it can be seen from the table that the current ration is below 1 for 2
years for 2015 and 2017 and this is not a good indicator of the firm. The organization do not
have sufficient funds to meet all its current abilities.
Quick ratio:
The ideal acid test ration is considered as 1:1, this means a firm must have cash and cash
equivalents to meet its immediate current liabilities. For Daimler it can be interpreted that it
does not have sufficient funds to meet its immediate current liabilities. On the contrary Tesla
had a good position in 2017 but in after year the ration falls down by 5% in next two years it
has gained a growth but is still not near the ideal ratio.
With a comparison it can be stated that for both the ratios Daimler is at front foot as its have
better liquidity position as compared to Tesla.
Profitability Ratio
Daimler
Particula
rs 2014 2015 2016 2017 2014 2015 2016 2017
Gross
profit
ratio
(GPR)
(GP /
Sales)*1
00 21.70
%
21.27
%
20.85
%
20.89
%
27.58
%
22.84
%
22.84
%
18.90
%
Return on
Asset
(ROA)
NP /
Total
Assets
3.70% 3.90% 3.50% 4.10% -
5.00%
-
11.00
%
-
3.00%
-
6.80%
Return on
capital
employed
(ROCE)
Net
operating
profit /
Capital
employe
d)
7.70% 9.00% 7.60% 7.70% -
5.00%
-
13.60
%
-
4.00%
-
7.80%
Return on Profit / 15.90 15.70 14.70 16.40 - - - -
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Equity
(ROE)
Net
worth % % % % 32.20
%
81.60
%
14.20
%
46.30
%
Interpretation:
These are the profits which determines the profitable Profitableness of an organisation.
The reflation is presented on what percentage of return are earned ion each investment made by
firm such as capital employed, total assets, equity etc.
Gross profit ratio:
This is the ratio which defines the operation performance of the organisation. This is
computed with context of net sales. For Daimler this ratio was huge for all 4 years the earning
on sales fall in category of 20-21%m, this indicated that company is in a good profitability
condition over its sales. On the other hand Tesla is in even better position as compared to
Daimler. The ration for 2014 was 27.58% which is tremendous for an organization but in next
three years it has seen a regular down fall. For 2015 and 2016 the ratio was at same level with a
reached to 18.896% in 2017 with a fall of 4 %.
Return on capital employed (ROCE):
This ratio defines the efficiency of an organisation in generation profit by comparing the
net profits with capital employed. For Daimler it can be seen that the ration was same for 2014
and 2017 with as rise in 2015 and a fall in 2016. With this is can be articulated that firm is
earning revenues on this capital employed and this reflects strong financial position of the firm.
For Tesla, the ration is negative for all 4 years and this stated that organization in not earning any
penny over it capital employed and the fall in the ration is increasing with each passing year
which is not a good indicator for business's profitability.
Return on Asset ROA
This ratio measures the net income produced by total assets during a period by
compassion of net profit with average total assets. Daimler is earning average amount of return
of the assets this shows that the company is using its assets optimally to genera revenues. On the
contrary for Tesla it can be seen that for a period of 4 year company have not earned returns on
its assets. The investment in asset is not getting any profits in return. The assets are not used in
efficient manner and are incapable to generate any revenues for themselves.
Return on Equity (ROE):
This ratio determines that how much profits is earned by the company with each
monetary unit of shareholders' equity. For Daimler it can be sen that firm had earned good reruns
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on the shareholders' equity with investment. For time frame of 4 year it can be articulated that
the earning have increased. On the other hand for Tesla it can be interpreted that for each year
there was no earnings on equity of shareholders. The gap between net profits earned and total
equity is raising with each year.
Efficiency Ratio
Particulars Formula 2014 2015 2016 2017 2014 2015 2016 2017
Asset
Turnover
Ratio (in
times)
Net sales /
Average
total asset
0.73 0.74 0.67 0.66 0.77 0.58 0.46 0.46
Inventory
turnover
ratio (In
times)
COGS /
Average
stock
5.32 5.27 4.94 5.09 3.58 2.80 3.23 4.40
Stock
turnover
ratio (in
days)
(Closing
inventory /
COGS)*365
74.89 73.70 76.38 72.12 150.29 149.37 139.69 86.66
Interpretation:
Efficiency ratios measure a company's ability to use its assets and manage its liabilities
effectively. With calculation these ratios it is interpreted that how well the assets and liabilities
are managed by an organization.
Asset Turnover Ratio:
This ratio measures the value of sales revenue generated by a company in relation to
value of its assets. For Daimler returns earned on assets was very high and fro remaining 3 years
they were also good but it can be seen that the return fell down year by year. From 0.725 in 2014
it has reached to 0.659 in 2017. For year 2014, in Tesla it can be seen from the table that return
was huge at 0.774 and it experienced a fall in next years. The fall is also huge as from 2014 to
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2017 the ratio reduced to .458, an with this rate of fall down it can be a big concern for the
organisation.
Inventory turnover ratio
This reflects the efficiency in managing the inventory by a firm with respect to cost of
goods sold and average inventory for a given period. For Daimler it can be interpreted that the
organization is effective managing its inventory as the ratio was 5.322 in 2014 and shows slight
change in next year (Annual report of Daimler, 2017). In 2016 it fell down to 4.936 but again in
2017 it reached to 5.091. This reflect that company is vigilantly managing its inventory and try to
mention its ration at a specific point. For Tesla it can be seen that the ratio was lower as
compared to Daimler but still is in good position. In 2014 ratio was at 3.58, in next two year the
ratio fell down but again in 2017 it reached to 4.40, which shows that company is trying its best
to increase efficiency in managing its inventory.
Inventory period:
This ration defines the days for which inventory is held by an organization before selling it. The
period of keeping inventory for Daimler is between 74 to 72 approximately for all 4 years. Foe
2014 it was 74.889 which increased to 76.383 in 2016 but again in 2017 it was reduced to
72.119/ this shows that company is trying to lessen the days for which inventory is held in stock.
For Tesla, the inventory period was very high in 2014 at 150.285 and with time it has been
reduced to 86.657 in 2017. This reflects the fact that organisation is effective putting efforts to
reduce inventory holding period.
Leverage Ratio
Daimler
Formula 2014 2015 201
6 2017 2014 2015 2016 2017
Debt
ratio
Total
liabilities
/ Total
asset
0.77 0.75 0.76 0.75 0.84 0.87 0.79 0.85
Equit
y ratio
Total
Equity /
Total
Assets
0.23 0.25 0.24 0.25 0.16 0.14 0.21 0.15
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Debt
equity
ratio
Total
Liabilities
/ Total
Equity
3.34 3.06 3.19 2.99 5.41 6.43 3.77 5.76
Interpretation:
Leverage ratios are the one which determines the assets which are taken on debt and
equity. This evaluate the capital structure of an organisation and level of assets sponsored by
debt and equity.
Debt ratio:
This ratio determines the extent up to which assets are taken on debt i.e. loans and
mortgages. The debt ration for Daimler was 0.77 for year 2014 and it was same for all 4 years
with a slight changes and for year ended 2017 it was at 0.750. This reflect that the company is
not taking it assets on debt and it maintaining its debt at same level in its capital structure. For
Tesla it can be seen from calculation that it has higher debt ratio as compared to Daimler but it is
trying to reduce the same and maintain the position at same level.. For 2014 it was at .844 and
for 2017 it was at .852.
Equity ratio
This ratio determines the extent up to which assets are taken on equity i.e. shares and
other capital of the firm. Daimler ratio for 2014 was .23 and for year ended 2017 it was at .25
with this it can be interpreted that the firm is trying to maintain its assets level with same
amount of equity investment in average total assets. For Tesla it can be interpreted that the firm
has a lower level equity ratio when compared to Daimler, for 2014 it was at .156 and for 2017 it
was 0.148. This shows t that company is reducing the level of equity investment in its assets.
Debt equity ratio
This reflect the level of debt and equity in capital structure of an organisation. The ratio
for Daimler is lower as compared to Tesla. The liabilities of Daimler was more than 3 times in
year which was reduced to less than 3 in 2017. The ratio in Tesla very high this shows that in its
capital structure the debt is more than 5 times as compared to equity. The optimal debt equity
ration is 2, so it can be interpreted that both the firms do not a have an optimal capital structure
and the ration of debt is high in both organization.
Horizontal analysis
Income statement of Daimler
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Interpretation:
The percentage change in sales revenue from 2014 to 2015 was 15.09%. For next two
year it was 2.54% and 7.22%. This change shows the increment is sales and revenue generated
by Daimler over years. The major jump in sales was seen in year 2015, and the lowest was in
2016 with an increment of just 2.54%. The gross profit % changes was 12.852 for 2015 and for
2017 it was 7.41. This fall in percentage change was due to the fact that with increment the sales
revenue cost good sold also increased but with a higher rate this resulted in increase in gross
profit with lesser amount. The net profit was loses in year 2015 though sales revenue and gross
profits were highest in this year. Reason being high level expenditure in other expenses.
Financial statement of Daimler
Interpretation
The percentage change in current asset for 2015 was 19.06%, this is a huge change and
this was due increment in prepaid expenses which increased by 50%, for net two year the
increment was 11.11% and 4.59% only. Th change in current liabilities was 15.09% for 2015
and for 2017 it was 3.14. The major change in 2015 was due to increase in other current
liabilities. For year 2015 total asset and liability percentage change was 14.52% and 12.08%
repetitively.
Income statement of Tesla:
Interpretation:
The sales revenue percentage change is huge in Tesla as there was high level of sales
with every changing year. With a hike in sales revenue the cost of good sold also jumped from a
percentage change of 34.8% to 76.6% in 20174 and 20417 respectively the operation, R&D,
sales, general and administrative expenses increment was a reason for this much hike in cost of
goods sold. Net profit percentage change was 202.4% to 190.7% in 2014 and 2017 receptively.
With an increase in sales revenue there is still a falling net profits, the reason being that company
do not have effective control over its administrative ans operating expenses.
Financial statement of Tesla :
Interpretation:
Total current assets saw a major fluctuation in this 4 years as in 2015 there was reduction
by 12.75% and again in 2016 it took a sum by 124.18%. This was due to increase in cash and
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cash equivalents. The total asset percentage change decreased from 383.32% in 2014 to 26.44%
in 2017, this was due to decrease in total non current asset from 99.96% to 34.63%.
Vertical analysis
Income statement of Daimler
Interpretation:
The cost of good sold for year 2014 and 2015 was almost same and maintained at a level
of near 78% of the sales revenue. For 20165 the is an increment in 1 % in cogs this can be due
increase in price of direct material or labor rates. The company had maintained a control over its
operating expense have decreased over years. The expanses of taxes also have reduces over a
period of 4 years. This reflects the fact that company have gained a control over its operating and
administrative expanses and this resulted in increment of the profits of the firm over years.
Financial statement of Daimler
Interpretation:
Under vertical analysis all item do assets side are calculated as a % of total asset. In 2015
the current assets were 40.68% of the total assets and in year 2017 it was 42%. There was an
increment of 2|% and this was due the fact that total assets increased by almost 60000 and total
current asset increased by 30000 approx. this resulted in increment in percentage of current asset
over total asset of Daimler. Current liability as % of total was 35.32% in 2014 and for 2017 it
was 34.76%, here also an increment of 2% can be observed. The non current liability percentage
did not see a major change as for 2014 and 2017 it was 41.66% and 41.39% respectively. There
was nothing much change in equity percentage as to total liability and equity. For 2014 it was
23.03% and for 2017 it was 23.85%. A slight increment is due to increase in retained earnings.
Income statement of Tesla
Interpretation:
The cost of good sole as a percentage of total sales was 72.5% in 2015 which increased to
77.2% in 2017 and this decreased the percentage of gross profit to sales from 27.55 in 2014 to
22.8% in 2017. The reason for increment in cost of goods sold over years was rise in both Sales,
general and administrative and R&D cost. The net profit to percentage of sales was in negative
for all years. The reason behind this is that operating expenses are always higher than the gross
profits so net profits always negative.
Financial statement of Tesla
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Interpretation:
There is a huge reduction in total current assets as percentage of total asset for 2015 and
2017 as 54.69% to 27.62%. The major reduction was due to rise in the value of total assets as
there was not major changes in values of items of current assets. The total current liability a
percentage of total liability and equity also reduced from 2014 to 2017 for 2014 it was 36.02%
and fro 2017 it was 25.71%. This reduction was due to the fact that total value increased from
5849 to 28655 in 2014 to 2017 respectively. The reason for this was increment in paid up share
capital of the firm by 6833. with this it can be interpreted that Tesla has maintained its position
for current assets and liabilities but increased its capital and equity.
Cash position of both the organisation
Interpretation:
The cash position of Daimler can be stated as in incremental position as the cash with
organisation was $16706 million in 2014 which reached to $23491 million in 2017, so this states
that firm is in significantly earning good profits. Tesla do not have good cash position in both at
personal and industrial level. The cash with firm was $1906 million in 2017 and $3368 million
in 2017, though there is an increment butt when compared to Daimler this is not considered at
better cash position for business.
CONCLUSION
From the above report it can be concluded that Daimler is in better position as compared
to Tesla. For the year 2014 Tesla was in a good financial position but in coming year it
experienced a down fall. Daimler is operating in a profitable condition and with interpretation of
ratios it can be significantly stated that its is at a good financial position in cortex of profits and
liquidity.
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REFERENCES
ONLINE
Annual report of Daimler. 2017. [Online]. Available through
<https://www.daimler.com/downloads/en/>.
Annual report of Tesla. 2017. [Online]. Available through <http://ir.tesla.com/financial-
information/quarterly-results>.
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APPENDIX
Liquidity Ratio
Daimler
Formula 2014 2015 2016 2017
Current Asset 77145 91847 102052 106735
Current
Liability 66974 77081 84457 87105
Current Ratio
Current
Asset/
Current
Liability 1.15 1.19 1.21 1.23
2014 2015 2016 2017
Inventory 20864 23760 25384 25686
Prepaid
expenses 294 442 566 632
Quick asset
Current –
(Inventories+
prepaid
expenses) 55987 67645 76102 80417
Quick ratio
(Current
asset-
Inventory)/Cu
rrent Liability 0.84 0.88 0.90 0.92
Tesla
Formula 2014 2015 2016 2017
Current Asset 3199 2792 6260 6571
Current
Liability 2107 2816 5827 7675
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Current Ratio
Current
Asset/
Current
Liability 1.52 0.99 1.07 0.86
2014 2015 2016 2017
Inventory 954 1278 2067 2264
Prepaid
expenses 95 125 194 268
Quick asset
Current –
(Inventories+
prepaid
expenses) 2150 1389 3999 4039
Quick ratio
(Current
asset-
Inventory)/Cu
rrent Liability 1.02 0.49 0.69 0.53
Profitability Ratio
Daimler
Formula 2014 2015 2016 2017
Gross Profit 28184 31797 31963 34331
Sales revenue 129872 149467 153261 164330
Gross profit
ratio
(Gross Profit/
Sales)*100 21.70 21.27 20.86 20.89
2014 2015 2016 2017
Net Profit 6962 8424 8526 10525
1

Total Assets 189635 217166 242988 255605
Return on
Asset
Net profit/
Total Assets 0.04 0.04 0.04 0.04
2014 2015 2016 2017
Net Operating
profit 9479 12543 12074 12984
Total Assets 189635 217166 242988 255605
Current
Liability 66974 77081 84457 87105
Capital
employed
Total Assets –
Current
Liability 122661 140085 158531 168500
Return on
capital
employed
Net operating
profit/ Capital
employed) 0.08 0.09 0.08 0.08
2014 2015 2016 2017
Profit after tax 6962 8424 8526 10525
Equity share
capital 43655 53561 57950 64023
Reserves and
surplus
Net worth
equity share
capital +
Reserves and
surplus 43655 53561 57950 64023
Return on
Equity
Profit after
tax/ Net worth 0.16 0.16 0.15 0.16
Tesla
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Formula 2014 2015 2016 2017
Gross Profit 882 924 1599 2222
Sales revenue 3198 4046 7000 11759
Gross profit
ratio
(Gross Profit/
Sales)*100 27.58 22.84 22.84 18.90
2014 2015 2016 2017
Net Profit -294 -889 -675 -1961
Total Assets 5849 8092 22664 28655
Return on
Asset
Net profit/
Total Assets -0.05 -0.11 -0.03 -0.07
2014 2015 2016 2017
Net Operating
profit -187 -717 -667 -1632
Total Assets 5849 8092 22664 28655
Current
Liability 2107 2816 5827 7675
Capital
employed
Total Assets –
Current
Liability 3742 5276 16837 20980
Return on
capital
employed
Net operating
profit/ Capital
employed) -0.05 -0.14 -0.04 -0.08
2014 2015 2016 2017
Profit after tax -294 -889 -675 -1961
Equity share
capital 912 1089 4753 4237
Reserves and
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surplus
Net worth
equity share
capital +
Reserves and
surplus 912 1089 4753 4237
Return on
Equity
Profit after
tax/ Net worth -0.32 -0.82 -0.14 -0.46
Efficiency Ratio
Daimler
Formula 2014 2015 2016 2017
Net sales 129872 149467 153261 164330
Average total
asset 179076.5 203400.5 230077 249296.5
Asset
Turnover
Ratio
Net sales/
Average total
asset 0.73 0.73 0.67 0.66
2014 2015 2016 2017
Cost of goods
sold 101688 117670 121298 129999
Average
Inventory 19106.5 22312 24572 25535
Inventory
turnover ratio
Cost of goods
sold/ Average
inventory 5.32 5.27 4.94 5.09
2014 2015 2016 2017
Closing stock 20864 23760 25384 25686
Cost of goods 101688 117670 121298 129999
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sold
Days' Sales in
inventory
(Closing
stock/ Cost of
goods
sold)*365 74.89 73.70 76.38 72.12
Tesla
Formula 2014 2015 2016 2017
Net sales 3198 4046 7000 11759
Average total
asset 4133 6970.5 15378 25659.5
Asset
Turnover
Ratio
Net sales/
Average total
asset 0.77 0.58 0.46 0.46
2014 2015 2016 2017
Cost of goods
sold 2317 3123 5401 9536
Average
Inventory 647 1116 1672.5 2165.5
Inventory
turnover ratio
Cost of goods
sold/ Average
inventory 3.58 2.8 3.23 4.4
2014 2015 2016 2017
Closing stock 954 1278 2067 2264
Cost of goods
sold 2317 3123 5401 9536
Days' Sales in
inventory
(Closing
stock/ Cost of
150.28 149.37 139.69 86.66
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goods
sold)*365
Leverage Ratio
Daimler
Formula 2014 2015 2016 2017
Total liabilities 145970 163605 185038 191582
Totals Assets 189635 217166 242988 255605
Debt ratio
total liabilities/
Total asset 0.77 0.75 0.76 0.75
2014 2015 2016 2017
Total equity 43655 53561 57950 64023
Total Assets 189635 217166 242988 255605
Equity ratio
Total Equity/
Total Assets 0.23 0.25 0.24 0.25
2014 2015 2016 2017
Total liabilities 145970 163605 185038 191582
Total equity 43655 53561 57950 64023
Debt equity
ratio
Total
Liabilities/
Total Equity 3.34 3.05 3.19 2.99
Tesla
Formula 2014 2015 2016 2017
Total liabilities 4938 7004 17911 24418
Totals Assets 5849 8092 22664 28655
Debt ratio total liabilities/ 0.84 0.87 0.79 0.85
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Total asset
2014 2015 2016 2017
Total equity 912 1089 4753 4237
Total Assets 5849 8092 22664 28655
Equity ratio
Total Equity/
Total Assets 0.16 0.13 0.21 0.15
2014 2015 2016 2017
Total liabilities 4938 7004 17911 24418
Total equity 912 1089 4753 4237
Debt equity
ratio
Total
Liabilities/
Total Equity 5.41 6.43 3.77 5.76
Daimler's Horizontal analysis of statement of profit and loss
2014
Percenta
ge
Change
2015
Percenta
ge
Change
2016
Percent
age
Change
2017
Total Revenue 129,872
.0 15.09%
149,467.
0 2.54% 153261 7.22%
164,33
0
Cost of Sales (101,68
8.0) 15.72%
(117,670
.0) 3.08% -121298 7.17% -129999
Gross Profit 28,184.
0 12.82% 31,797.0 31963 7.41% 34331
Operating Expenses
General and
administrative expense
(18,705
.0) 2.94%
(19,254.
0) 3.30% -19889 7.33% -21347
Other Operating Expenses
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Operating income 9,479.0 32.32% 12,543.0 -3.74% 12074 7.54% 12,984
Finance Income 1,409.0 -43.01% 803.0 30.26% 1046 81.55% 1899
Earnings Before Interest
And Taxes
10,888.
0 22.58% 13,346.0 -1.69% 13120 13.44% 14883
Finance Cost (715.0) -15.80% (602.0) -9.30% -546 91.58% -1046
Profit Before Tax 10,173.
0 25.27% 12,744.0 -1.33% 12574 10.04% 13837
Income Tax Expenses 2,883.0 39.89% 4,033.0 -6.03% 3790 -9.31% 3437
Other expenses 13,056.
0 28.50% 16,777.0 -2.46% 16364 5.56% 17274
(6,094) 37.07% (8,353) -6.17% -7838 -13.89% -6749
Net Profit 6,962.0 21.00% 8,424.0 1.21% 8526 23.45% 10525
Daimler's Horizontal analysis of statement of financial position
2014
Percenta
ge
Change
2015
Percenta
ge
Change
2016
Percent
age
Change
2017
Assets
Current Assets
Receivables 30727 25.49% 38559 8.20% 41719 4.97% 43792
Inventories 20,864.
00 13.88% 23760 6.84% 25384 1.19%
25,686.
0
Prepaid expense 294 50.34% 442 28.05% 566 11.66% 632
Other current asset 8,554 15.45% 9,876 17.15% 11,570 13.53% 13,135
- -
Cash 16,706 14.99% 19,210 18.76% 22,813 2.97% 23,490
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Total current asset 77,145.
0 19.06% 91,847.0 11.11%
102,052
.0 4.59%
106,73
5.0
Non-Current Assets
Gross Property Plant and
Equipment 104810 10.15% 115451 12.21% 129547 3.70% 134338
Accumulated Depreciation (48,578
) 7.43% (52,187) 7.74% (56,224) 4.30%
(58,643
)
Goodwill 740 -1.76% 727 63.41% 1,188 -6.14% 1,115
Intangible assets 8627 8.29% 9342 16.78% 10910 15.67% 12620
Deferred tax income 4,124 -20.37% 3,284 17.84% 3,870 -26.28% 2,853
Long term asset (other) 42,767 13.88% 48,702 6.04% 51,645 9.57% 56,587
Total non-current asset 112,490
.0 11.40%
125,319.
0 12.46%
140,936
.0 5.63%
148,87
0.0
TOTAL ASSETS 189,635
.0 14.52%
217,166.
0 11.89%
242,988
.0 5.19%
255,60
5.0
Liabilities
Current Liabilities
Short term debt 12685 10.68% 14040 14.18% 16031 -3.49% 15472
Capital leases 40.00 7.50% 43 -30.23% 30 -10.00% 27.0
Accounts payable 10178 3.64% 10548 9.66%
11,567.
00 7.84%
12,474.
00
Deferred income tax 757.00 2.64% 777.00 -3.35% 751.00 -25.43% 560.00
Payable tax 1,703.0 17.56% 2,002.00 4.70% 2,096.0 8.97% 2,284.0
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0 0 0
Other current liability 41611 19.37% 49671 8.68% 53982 4.27%
56,288.
0
Total current liability 66,974.
0 15.09% 77,081.0 9.57%
84,457.
0 3.14%
87,105.
0
Non-Current Liabilities
Long term debt 35859 25.51%
45,006.0
0 20.61%
54,283.
00 8.82%
59,071.
00
Capital leases 245 -10.20% 220 -7.73% 203.0 60.10% 325
Deferred Tax Liabilities 1921.0 60.85% 3090.0 43.46% 4433 -22.22% 3448
Accrued liabilities 27.0 3.70% 28.0 71.43% 48 -47.92% 25
Deferred revenues 3581 35.46% 4851 14.59% 5559 4.37% 5802
Pension 12806 -32.35% 8663 4.28% 9034 -36.16% 5767
Minority interest 919 15.67% 1063 11.29% 1183 9.13% 1291
other long term liabilities 23638 -0.15% 23603 9.47% 25838 11.26% 28748
Total non-current liability 78,996.
0 9.53% 86,524.0 16.25%
100,581
.0 3.87%
104,47
7.0
Total Liability 145,970
.0 12.08%
163,605.
0 13.10%
185,038
.0 3.54%
191,58
2.0
Equity
Paid up capital 3070 0.00% 3070 0.00% 3070 0.00% 3070
Retained earnings 28487 29.85% 36991 10.28% 40794 16.88% 47682
Accumulated other
comprehensive income 12108 11.50% 13500 4.34% 14086 -5.79% 13271
Total Equity 43,665.
00 22.66%
53,561.0
0 8.19%
57,950.
00 10.48%
64,023.
00
1

TOTAL LIABILITIES
& EQUITY 189635 14.52% 217166 11.89% 242988 5.19% 255605
Daimler's Vertical analysis of statement of profit and loss
2014
Percentage
Change 2015
Percentage
Change 2016 Percentag
e Change 2017
Total
Revenue 129,872.0 100.00% 149,467.0 100.00% 153261 100.00%
164,3
30
Cost of
Sales (101,688.0) -78.30% (117,670.0) -78.73%
-121298
-79.14%
-
12999
9
Gross
Profit 28,184.0 21.70% 31,797.0 21.27% 31963 20.86% 34331
Operating
Expenses
General
and
administrat
ive expense
(18,705.0)
-14.40%
(19,254.0)
-12.88%
-19889
-12.98%
-
21347
Other
Operating
Expenses
Operating
Income or
Loss
9,479.0
7.30%
12,543.0
8.39%
12074
7.88%
12,98
4
Finance
Income 1,409.0 1.08% 803.0 0.54% 1046 0.68% 1899
Earnings
Before
10,888.0 8.38% 13,346.0 8.93% 13120 8.56% 14883
1

Interest
And Taxes
Finance
Cost (715.0) -0.55% (602.0) -0.40% -546 -0.36% -1046
Profit
Before
Tax
10,173.0
7.83%
12,744.0
8.53%
12574
8.20%
13837
Income
Tax
Expenses
2,883.0
2.22%
4,033.0
2.70%
3790
2.47%
3437
Other
expenses 13,056.0 10.05% 16,777.0 11.22% 16364 10.68% 17274
(6,094) -4.69% (8,353) -5.59% -7838 -5.11% -6749
Net Profit 6,962.0 5.36% 8,424.0 5.64% 8526 5.56% 10525
Daimler's Vertical analysis of statement of financial position
2014
Percenta
ge
Change
2015
Percenta
ge
Change
2016
Percent
age
Change
2017
Assets
Current Assets
Receivables 30727 16.20% 38559 17.76% 41719 17.17% 43792
Inventories 20,864.
00 11.00% 23760 10.94% 25384 10.45%
25,686.
0
Prepaid expense 294 0.16% 442 0.20% 566 0.23% 632
Other current asset 8,554 4.51% 9,876 4.55% 11,570 4.76% 13,135
- 0.00% 0.00% 0.00% -
1

Cash 16,706 8.81% 19,210 8.85% 22,813 9.39% 23,490
0.00% 0.00%
Total current asset 77,145.
0 40.68% 91,847.0 42.29%
102,052
.0 42.00%
106,73
5.0
0.00% 0.00%
Non-Current Assets 0.00% 0.00%
Gross Property Plant and
Equipment 104810 55.27% 115451 53.16% 129547 53.31% 134338
Accumulated Depreciation (48,578
) -25.62% (52,187) -24.03% (56,224) -23.14%
(58,643
)
Goodwill 740 0.39% 727 0.33% 1,188 0.49% 1,115
Intangible assets 8627 4.55% 9342 4.30% 10910 4.49% 12620
Deferred tax income 4,124 2.17% 3,284 1.51% 3,870 1.59% 2,853
Long term asset (other) 42,767 22.55% 48,702 22.43% 51,645 21.25% 56,587
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
0.00% 0.00%
Total non-current asset 112,490
.0 59.32%
125,319.
0 57.71%
140,936
.0 58.00%
148,87
0.0
TOTAL ASSETS 189,635
.0 100.00%
217,166.
0 100.00%
242,988
.0 100.00%
255,60
5.0
Liabilities
Current Liabilities
Short term debt 12685 6.69% 14040 6.47% 16031 6.60% 15472
Capital leases 40.00 0.02% 43 0.02% 30 0.01% 27.0
Accounts payable 10178 5.37% 10548 4.86%
11,567.
00 4.76%
12,474.
00
Deferred income tax 757.00 0.40% 777.00 0.36% 751.00 0.31% 560.00
1

Payable tax 1,703.0
0 0.90% 2,002.00 0.92%
2,096.0
0 0.86%
2,284.0
0
Other current liability 41611 21.94% 49671 22.87% 53982 22.22%
56,288.
0
Total current liability 66,974.
0 35.32% 77,081.0 35.49%
84,457.
0 34.76%
87,105.
0
Non-Current Liabilities
Long term debt 35859 18.91%
45,006.0
0 20.72%
54,283.
00 22.34%
59,071.
00
Capital leases 245 0.13% 220 0.10% 203.0 0.08% 325
Deferred Tax Liabilities 1921.0 1.01% 3090.0 1.42% 4433 1.82% 3448
Accrued liabilities 27.0 0.01% 28.0 0.01% 48 0.02% 25
Deferred revenues 3581 1.89% 4851 2.23% 5559 2.29% 5802
Pension 12806 6.75% 8663 3.99% 9034 3.72% 5767
Minority interest 919 0.48% 1063 0.49% 1183 0.49% 1291
other long term liabilities 23638 12.46% 23603 10.87% 25838 10.63% 28748
Total non-current liability 78,996.
0 41.66% 86,524.0 39.84%
100,581
.0 41.39%
104,47
7.0
0.00% 0.00% 0.00%
Total Liability 145,970
.0 76.97%
163,605.
0 75.34%
185,038
.0 76.15%
191,58
2.0
Equity
Paid up capital 3070 1.62% 3070 1.41% 3070 1.26% 3070
Retained earnings 28487 15.02% 36991 17.03% 40794 16.79% 47682
Accumulated other
comprehensive income 12108 6.38% 13500 6.22% 14086 5.80% 13271
Total Equity 43,665. 23.03% 53,561.0 24.66% 57,950. 23.85% 64,023.
1

00 0 00 00
TOTAL LIABILITIES
& EQUITY 189635 100.00% 217166 100.00% 242988 100.00% 255605
Tesla's horizontal analysis of statement of profit and loss
2014
Percentag
e Change 2015
Percentag
e Change 2016
Percentag
e Change 2017
Revenue 3198 26.5% 4046 73.0% 7000 65.4% 11579
Cost of
sales 2317 34.8% 3123 72.9% 5401 76.6% 9536
Gross
profit 881 4.8% 923 73.2% 1599 27.8% 2043
Operating
expense
Research
and
developme
nt 465 54.4% 718 16.2% 834 65.2% 1378
Sales,
general and
administrat
ive 604 52.6% 922 55.3% 1432 73.0% 2477
Total
operating
expense 1069 53.4% 1640 38.2% 2266 70.1% 3855
Operating
income -188 281.4% -717 -7.0% -667 171.7% -1812
Interest
cost 101 17.8% 119 67.2% 199 136.7% 471
1

Other
income or
expense 3 -1433.3% -40 -400.0% 120 -188.3% -106
Earning
before tax -285 207.4% -876 -14.8% -746 196.1% -2209
Provision
for income
tax 9 44.4% 13 107.7% 27 18.5% 32
Net
income
from
continued
work -294 202.4% -889 -13.0% -773 189.9% -2241
Other 0 0 98 184.7% 279
Net profit -294 202.4% -889 -24.1% -675 190.7% -1962
Tesla's horizontal analysis of statement of financial position
2014
Percenta
ge
Change 2015
Percenta
ge
Change 2016
Percenta
ge
Change 2017
Assets
Current Assets
Receivables 227 -25.55% 169 195.27% 499 3.21% 515
Inventories 954 33.96% 1278 61.74% 2067 9.53% 2264
Prepaid expense 95 31.58% 125 55.20% 194 38.14% 268
Other current asset 18 27.78% 23 360.87% 106 46.23% 155
Cash and cash
equivalents 1906 -37.20% 1197 183.46% 3393 -0.74% 3368
1

Total current
asset 3200 -12.75% 2792 124.18% 6259 4.97% 6570
Non-Current
Assets
Gross Property
Plant and
Equipment 2889 99.58% 5766 178.44% 16055 39.74% 22436
Accumulated
Depreciation -293 94.88% -571 78.28% -1018 90.96% -1944
Goodwill 0 0 0 60
Intangible assets 0 0 376 -3.72% 362
Long term asset
(other) 55 92.73% 106 834.91% 991 18.16% 1171
Total non-current
asset 2651 99.96% 5301 209.45% 16404 34.63% 22085
TOTAL ASSETS 5851 38.32% 8093 180.03% 22663 26.44% 28655
Liabilities
Current
Liabilities
Short term debt 602 5.15% 633 81.67% 1150 -22.00% 897
Capital leases 10 -100.00% 0 0 0
Accounts payable 778 17.74% 916 103.06% 1860 28.49% 2390
Payable tax 71 42.25% 101 51.49% 153 21.57% 186
Accrued liabilities 173 86.13% 322 212.11% 1005 25.07% 1257
Deferred revenues 449 57.46% 707 101.84% 1427 30.97% 1869
Other current
liabilities 25 448.00% 137 69.34% 232 363.79% 1076
Total current 2107 33.65% 2816 106.89% 5826 31.74% 7675
1

liability
Non-Current
Liabilities
Long term debt 1865 11.64% 2082 187.13% 5978 57.54% 9418
Capital leases 12 -100.00% 0 0 0
Deferred revenues 292 52.74% 446 91.03% 852 38.26% 1178
Minority interest 0 0 785 27.01% 997
other long term
liabilities 661 150.98% 1659 169.38% 4469 15.24% 5150
Total non-current
liability 2830 47.95% 4187 188.61% 12084 38.56% 16743
Total Liability 4938 41.82% 7003 155.75% 17910 36.34% 24418
Equity
Paid up capital 2345 45.63% 3415 127.64% 7774 18.06% 9178
Retained earnings -1434 61.92% -2322 29.07% -2997 65.97% -4974
Accumulated other
comprehensive
income 0 -4 500.00% -24 -237.50% 33
Total Equity 912 19.41% 1089 336.46% 4753 -10.86% 4237
TOTAL
LIABILITIES &
EQUITY 5849 38.35% 8092 180.07% 22663 26.44% 28655
Tesla's vertical analysis of statement of profit and loss
2014
Percentag
e Change 2015
Percentag
e Change 2016
Percentag
e Change 2017
1