[PDF] Financial Statements Analysis

The provided document is a comprehensive analysis of financial statements, featuring detailed information on various aspects such as balance sheets, income statements, and cash flow statements. It provides insights into assets, liabilities, equity, revenue, expenses, and more. This document can be beneficial for students, researchers, and professionals in finance who need to analyze and understand complex financial data.

Financial Analysis Management
& Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Contrast and comparison of financial position and performance of listed company...............1
Ratio Analysis..............................................................................................................................1
Summary of year 2017...............................................................................................................12
Horizontal statement of profit and loss (Daimler).....................................................................13
Horizontal statement of financial analysis (Daimler)................................................................16
Vertical statement of profit and loss (Daimler).........................................................................18
Vertical statement of financial analysis (Daimler)....................................................................19
Horizontal statement of profit and loss (Tesla)..........................................................................19
Horizontal statement of financial analysis (Tesla).....................................................................19
Vertical statement of profit and loss (Tesla)..............................................................................19
Vertical statement of financial analysis (Tesla).........................................................................19
2. Presenting critical analysis of cash position of both organisation.........................................20
CONCLUSION..............................................................................................................................20
REFERENCES..............................................................................................................................21
APPENDIX....................................................................................................................................22
Daimler's Vertical analysis of statement of profit and loss.......................................................22
Daimler's Vertical analysis of statement of financial position..................................................23
Tesla's horizontal analysis of statement of profit and loss.........................................................25
Tesla's horizontal analysis of statement of financial position....................................................26
Tesla's vertical analysis of statement of profit and loss.............................................................28
Tesla's vertical analysis of statement of financial position........................................................29

INTRODUCTION
Financial analysis is known as process for evaluation of budgets, businesses, finance
related entities and projects to determine its performance along with suitability. In the present
scenario, financial analysis has numerous variety of techniques which might be directly utilised
for assessing financial viability of business which comprises various common methodologies
such as ratio analysis, horizontal and vertical analysis. These analytical methods consist of
internal and external audit, financial statements and investigations. The present report will
provide financial analysis of Tesla and Daimler and comparison among their financial
performance over year 2014 to 2016. Tesla is American energy and automotive organization as it
has expertise in manufacturing electric car and Daimler is also in same industry as German
multinational corporation. This report will help in determining both financial strength and
weaknesses and on this aspect it would be highlighting the strongest organization on basis of
financial backgrounds. In the same series, it will critically analyse the position of cash of these
specified organization of similar duration with its findings.
1. Contrast and comparison of financial position and performance of listed company
Ratio Analysis
Liquidity Ratio
Daimler Tesla Daimler Tesla Daimler Tesla Daimler Tesla
Particular
s 2014 2014 2015 2015 2016 2016 2017 2017
Current
Ratio 1.15 1.52 1.19 0.99 1.21 1.07 0.86 1.23
Quick
ratio 0.84 1.02 0.88 0.49 0.9 0.69 0.53 0.92
1

Interpretation: The above graph is depicting current ratio of year 2014 to 2016 as it
shows liquidity of both organization. The ideal ratio is of 2:1 as both organization are not
capable for meeting its obligation. However, Tesla was leading in year 2014 but in 2015, its
current asset decreased along with increment in current liability which leads to fall in coming
year and this trend is continued till year 2017. In the similar aspect, Daimler was having
approximate stable ratio from year 2014 to 2017 but it was not up to the mark.
2

Interpretation: The above graph is showing quick ratio of Daimler and Tesla, as ideal
ratio is 1:1 over year 2014 to 2016. The quick ratio of Daimler is increasing from year to year as
it signifies capability for meeting short term obligations with quick assets in short term duration.
On the contrary, Tesla was having sufficient quick assets for writing off its current liabilities but
in year 2015, there was sudden decrement because of increment in inventory and reduction in
current asset. It had been clearly viewed about fluctuation in Tesla's ratio which shows risk on
basis of liquidity.
Profitability Ratio
Daimler Tesla Daimler Tesla Daimler Tesla Daimler Tesla
Particular
s 2014 2014 2015 2015 2016 2016 2017 2017
Gross
profit
ratio
(GPR) 0.217 0.2758 0.2127 0.2284 0.2085 0.2284 0.189 0.2089
Return on
Asset
(ROA) 0.037 -0.05 0.039 -0.11 0.035 -0.03 -0.068 0.041
Return on
capital
employed
(ROCE) 0.077 -0.05 0.09 -0.136 0.076 -0.04 -0.078 0.077
Return on
Equity
(ROE) 0.159 -0.322 0.157 -0.816 0.147 -0.142 -0.463 0.164
Gross profit ratio
3

Interpretation: The graph is reflecting gross profit ratio of year 2014 to 2017 of Daimler
and Tesla. It is reflecting relationship among total sales revenue and gross profit for evaluating
business's operational performance. The gross profit of Tesla was higher than compared to
Daimler in year 2014 but in 2015 and 2016 it decreased and remained constant. However, this
trend of decrement continued in 2017 and Daimler had given huge margin. Over year 2014 to
2017, gross profit ratio of Daimler was stable as it was maintained in this duration.
Return on asset
4

Interpretation: The above graph is representing indicator about profitability of both
organization on basis of total assets. It helps in measuring efficiency of business entity for
producing earnings through assets and economic resources of their balance sheets. It could be
clearly viewed that, Tesla is getting negative returns from year 2014 to 2017 and on the contrary,
Daimler is raising its returns on asset from year to year.
Return on capital employed
5

Interpretation: The above graph is showing financial ratio which helps in measuring
efficiency of both entities for producing margin through employed capital. There is presence of
fluctuations in ratio of Daimler in this duration but in year 2014 and 2017 it was 7% or 0.77.
However, Tesla is not capable for generating returns as in 2014 it was -0.05, -0.136 in 2015, -
0.040 in 2016 and -0.073 in 2017 which is articulated as in efficient by comparing from Daimler.
Return on Equity
Interpretation: The above graph is reflecting return on equity of both organization of
year 2014 to 2017 of Daimler and Tesla. It could easily view that Daimler is giving good returns
as compared to Tesla with reference to equity. The return of equity of Daimler is 0.159, 0.157,
0.147, 0.104 in year 2014, 2015, 2016 and 2017 respectively.
Efficiency ratio
Daimler Tesla Daimler Tesla Daimler Tesla Daimler Tesla
Particular
s 2014 2014 2015 2015 2016 2016 2017 2017
Asset
Turnover
Ratio (in
times) 0.73 0.77 0.74 0.58 0.67 0.46 0.46 0.66
6

Inventory
turnover
ratio (In
times) 5.32 3.58 5.27 2.8 4.94 3.23 4.4 5.09
Stock
turnover
ratio (in
days) 74.89 150.29 73.7 149.37 76.38 139.69 86.66 72.12
Asset turnover ratio
Interpretation: Asset turnover ratio helps in measuring value of sales and revenue of both
organization related to assets value. It is used for indicating efficiency for purpose of assets
deploying for producing revenue. The above graph is depicting division of net sales through
average total assets. Generally, more than 1 is considered as ideal ratio as both entities are not
performing in efficient aspect but with comparison, Tesla was performing good in 2014. On the
contrary, Daimler was giving huge turnover from year 2015 to 2017 than Tesla.
Inventory turnover ratio
7

Interpretation: Inventory turnover ratio is replicated as efficiency ratio for managing
inventory in proper aspect with comparison of cost of revenue along with average inventory of
particular duration. The graph is reflecting turnover of inventory from year 2014 to 2017 of both
Tesla and Daimler. Generally, less turnover replicates weakness in sales and high inventory.
Daimler is having 5.32, 5.27, 4.93 and 5.09 in year 2014, 2015, 2016 and 2017 respectively.
However, Tesla's turnover is 3.58, 2.3, 3.23 and 4.4 from year 2014 to 2017 which is lower than
Daimler. Hence, it could be articulated that Daimler has presence of strong sales and speed of
organization to sold its inventory for performance measure.
Days' Sales in Inventory
8

Interpretation: Days' Sales in Inventory is considered as calculating number of days in
year divided through ratio of inventory turnover. It could be clearly articulated from graph that
Tesla has high amount as compared to Daimler but in this lower is better. In simple words, it
signifies total days in which inventory could be sold and earned margin. In year 2014 Daimler
could turn its inventory in liquid form in 75 days and Tesla in 150 days. This trend was
continuous till year 2016 but in 2017, Tesla took various efforts for writing off its inventory and
gained progress by 53.27 days from year 2016 to 2017 but still it is not better than Daimler.
Leverage Ratio
Daimler Tesla Daimler Tesla Daimler Tesla Daimler Tesla
2014 2014 2015 2015 2016 2016 2017 2017
Debt ratio 0.77 0.84 0.75 0.87 0.76 0.79 0.85 0.75
Equity
ratio 0.23 0.16 0.25 0.14 0.24 0.21 0.15 0.25
Debt
equity
ratio 3.34 5.41 3.06 6.43 3.19 3.77 5.76 2.99
Debt Ratio
9

Interpretation: The debt ratio is considered as financial ratio for measuring extent of
leverage of both Daimler and Tesla. It is elaborated as total debt to total assets in decimal format.
In simple words, the above graph is shoeing proportion of asset of organization which are
financed through debt. The 0.15 and lower than this is replicated as healthy and 0.20 and more
than this is referred as warning signal. The Daimler and Tesla both are having risk and by
comparing it Tesla is having high risk. The percentage of Daimler was decreasing from year to
year which shows that it is trying to reduce its risk. In the similar aspect, Tesla was facing
different fluctuation as in 2016 it was approx similar to Daimler but in 2017 it raised to 0.852
from 0.790 of 2016.
Equity Ratio
10

Interpretation: The equity ratio is replicated as best indicator about organization's level
of leverage. It helps in measuring specific proportion of its total assets which are financed via
stockholders and directly opposed by creditors. If there is high equity ratio which specifies less
risk and huge financial strength so from above graph it is articulated that Daimler has huge
equity of its total assets then there is less risk. On the contrary, Tesla was having 0.15 and 0.135
in 2014 and 2015 which was very low from Daimler but in 2016 it was 0.21 as approx match by
Daimler as 0.23. In the similar aspect, it decreased to 0.14 and gained huge risk and lack of
financial strength.
Debt equity ratio
11

Interpretation: This ratio is replicated as leverage ratio which indicates specific
proportion of shareholder's equity and debt undertaken for financing assets of the organization.
The above graph is showing capital structure of both Daimler and Tesla. With perspective of
risk, 1.5 or lower is considered best and 2 is less favourable. It could be assessed that Tesla's debt
equity ratio is very risky, as it was matching approximately Daimler in only 2016 and rest all
years it was more than 5. On the contrary, Daimler was also in position of risk but it was less
than compared to Tesla such as 3.34, 3.05, 3.09 and 2.99 in 2014, 2015, 2016 and 2017
respectively.
Summary of year 2017
2017
Parameters Daimler Tesla Better
Current Ratio 1.225 0.856 Daimler
Quick ratio 0.923 0.526 Daimler
Gross profit ratio 20.891 18.896 Daimler
Return on Asset 0.041 -0.068 Daimler
Return on capital
employed 0.077 -0.078 Daimler
Return on Equity 0.164 -0.463 Daimler
Asset Turnover Ratio 0.659 0.458 Daimler
12

Inventory turnover
ratio 5.091 times 4.400 times Daimler
Days' Sales in
inventory 72.119 days 86.657 days Daimler
Debt ratio 0.750 0.852 Daimler
Equity ratio 0.250 0.148 Daimler
Debt equity ratio 2.992 5.763 Daimler
The above table is reflecting summary and comparison of ratio analysis of year 2017 with
various parameters. In every aspect, Daimler is performing is better and giving huge returns with
less risk.
Horizontal statement of profit and loss (Daimler)
2014
Percenta
ge
Change
2015
Percenta
ge
Change
2016
Percent
age
Change
2017
Sales 129,872
.0 15.09%
149,467.
0 2.54% 153261 7.22%
164,33
0
Cost of Revenue (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
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
13

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
Illustration 1: Graph 1
14

Illustration 2: Graph 2
Illustration 3: Graph 3
15

Illustration 4: Graph 4
Interpretation: The above graph 1 is reflecting horizontal analysis income statement of
year 2014 to 2017 and trend of sale revenue. In year 2015 it increased by 15.09% and in 2016 it
raised but with very small proportion as 2.54%. In the similar aspect, this again move towards
increment by 7.22%. Further, graph 2 is showing change in gross profit as it was 12.825% in
2015, 0.52% (minimal proportion) in 2016 and 7.41% in 2017.
The graph 3 is showing changes in operating income which has huge fluctuation in this
duration. In year 2015 it was 32.32%, -3.74% in 2016 and 7.54% in 2017. The graph 4 is
showing changes in Earnings before interest and tax which is 22.58%, -1.69% and 13.44% in
year 2015, 2016 and 2017 respectively.
The above statement has shown profit before tax and Net profit as well with their
fluctuations from year 2014 to 2017. The organization was getting positive change in 2015 and
negative in 2016 in profit before tax. On the contrary, it has earned profit in huge proportion as
21% in 2015, 1.21% in 2016 and 23.45% in 2017.
Horizontal statement of financial analysis (Daimler)
2014 Percenta 2015 Percenta 2016 Percent 2017
16

ge
Change
ge
Change
age
Change
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
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 11.40% 125,319. 12.46% 140,936 5.63% 148,87
17

.0 0 .0 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
0 17.56% 2,002.00 4.70%
2,096.0
0 8.97%
2,284.0
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
18

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
TOTAL LIABILITIES
& EQUITY 189635 14.52% 217166 11.89% 242988 5.19% 255605
Interpretation: The above statement in reflecting horizontal statement of balance sheet of
year 2014 to 2017. The current assets were reducing as 19.06%, 11.11% and 4.59% of total
assets in 2015, 2016 and 2017 respectively. In the similar aspect, total non current assets were
11.40% of total assets in year 2015 which raised by 12.46% in 2016 but decreased to 5.63% in
2017.
The current liability was 15.09% of its total liability in 2015 which was decreasing from
year to year as 9.57% and 3.14% respectively. In the same series, non current liability was
9.53%, 16.25% and 3.87% in year 2015, 2016 and 2017 which does not follow any trend.
Further, total equity was changed by 22.66% in 2015 and reduced to 8.19% in 2016 from
previous year and in 2017 it raised by only 5.19%. Hence, total liabilities were reducing from
year to year such as 14.52%, 11.89% and 5.19%.
Vertical statement of profit and loss (Daimler)
Mentioned in Appendix
19

Interpretation: The above table is showing vertical statement of Daimler as in year 2015
and 2016 gross profit was contributing 21% and in 2017 it had contributed 20% of its total
revenue. The operating income has also contributed for earning revenue such as 7.30% in 2015,
8.39% in 2016 and 7.88% in 2017. The earnings before tax was approx 8% in every year and
profit before tax was 7.83% in 2015 and rose to 8.53% and 8.20% in 2016 and 2017 respectively.
Hence, Daimler was generating net profit through its revenue by 5.36% in 2015, 5.64% in 2016
and 5.56% in 2017 (Annual report of Tesla, 2017).
Vertical statement of financial analysis (Daimler)
Mentioned in Appendix
Interpretation: In this vertical statement of balance sheet, total current assets of 40.68%
were giving contribution to total assets which raised by 2.29% in 2016 and remain same in 2017.
While evaluating trend of total non current assets with contribution of 59.32, 57.71% and 58% of
year 2015, 2016 and 2017 respectively of total assets.
In the similar aspect, total current liabilities were 35.32%, 35.49% and 34.76% of its total
liabilities and equities. The equity was contributing 23.03%, 24.66% and 23.85% of total
amount.
Horizontal statement of profit and loss (Tesla)
Mentioned in Appendix
Interpretation: The above statement is signifying horizontal statement of profit and loss
of Tesla over year 2014 to 2017. In year 2015, its gross profit was increasing by 8%, in 2016 by
73.2% and 27.8%. In the similar aspect, its operating income was raised but in next two years it
was not capable for generating operating margin along with net profit as well.
Horizontal statement of financial analysis (Tesla)
Mentioned in Appendix
Interpretation: The above table is reflecting horizontal statement of financial position of
Tesla with change in of total asset and liabilities as well.
Vertical statement of profit and loss (Tesla)
Mentioned in Appendix
Interpretation: The above statement is representing vertical analysis of profit and loss
statement of Tesla. It has shown contribution of every item in its revenue of year 2014 to 2017.
20

Vertical statement of financial analysis (Tesla)
Mentioned in Appendix
Interpretation: The above statement is presenting vertical analysis of balance sheet of
Tesla. It has shown contribution of every item in its total asset and total liabilities of year 2014 to
2017.
2. Presenting critical analysis of cash position of both organisation
Company 2014 2015 2016 2017
Daimler
Cash (in
million) 16706 19210 22813 23490
Tesla
Cash (in
million) 1906 1197 3393 3368
Interpretation: The above table is signifying cash position of both organization as both
are articulated in millions. They could not be compared effectively as there is presence of huge
variations. Hence, it could be clearly evaluated that Daimler has better cash position over year of
2014 to 2016 (Annual report of Daimler, 2017).
CONCLUSION
From the above report it had been concluded that financial analysis helps in denoting
growth of organization along with existence for attaining profitability level. It had shown about
presence of direct relationship for purpose of optimising financial resources and generating profit
for business entity. It had been articulated that financial analysis is must for identifying financial
stability and health of organization along with present position and future requirements. This
report had reflected comparison of Daimler and Tesla with ratio, horizontal and vertical analysis
where Daimler had given positive performance in duration of year 2014 to 2017. It had been
founded that in year 2016, Tesla was performing better in financial aspect but due to
complacency Daimler had overcome its weakness and gained huge profitability and reputation in
its industry. In the similar aspect, cash position of Daimler is far better with comparison from
Tesla as it has high cash ratio.
21

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>.
22

APPENDIX
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
Interest
And Taxes
10,888.0
8.38%
13,346.0
8.93%
13120
8.56%
14883
Finance
Cost (715.0) -0.55% (602.0) -0.40% -546 -0.36% -1046
23

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% -
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
24

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
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
25

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.
00 23.03%
53,561.0
0 24.66%
57,950.
00 23.85%
64,023.
00
TOTAL LIABILITIES
& EQUITY 189635 100.00% 217166 100.00% 242988 100.00% 255605
26

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
Other
income or
expense 3 -1433.3% -40 -400.0% 120 -188.3% -106
Earning -285 207.4% -876 -14.8% -746 196.1% -2209
27

before tax
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
Total current
asset 3200 -12.75% 2792 124.18% 6259 4.97% 6570
Non-Current
28

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
liability 2107 33.65% 2816 106.89% 5826 31.74% 7675
Non-Current
Liabilities
29

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
Revenue 3198 100.0% 4046 100.0% 7000 100.0% 11579
Cost of
sales 2317 72.5% 3123 77.2% 5401 77.2% 9536
Gross 881 27.5% 923 22.8% 1599 22.8% 2043
30

profit
Operating
expense 0.0%
Research
and
developme
nt 465 14.5% 718 17.7% 834 11.9% 1378
Sales,
general and
administrat
ive 604 18.9% 922 22.8% 1432 20.5% 2477
Total
operating
expense 1069 33.4% 1640 40.5% 2266 32.4% 3855
Operating
income -188 -5.9% -717 -17.7% -667 -9.5% -1812
Interest
cost 101 3.2% 119 2.9% 199 2.8% 471
Other
income or
expense 3 0.1% -40 -1.0% 120 1.7% -106
Earning
before tax -285 -8.9% -876 -21.7% -746 -10.7% -2209
Provision
for income
tax 9 0.3% 13 0.3% 27 0.4% 32
Net
income
from
continued
work -294 -9.2% -889 -22.0% -773 -11.0% -2241
31