This study evaluates the performance of corporations Tesla and Daimler through systematic ratio analysis, vertical-analysis and horizontal analysis. It also includes a thorough analysis of the cash-position of both corporations and a comparison of their actual performances.
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Contents INTRODUCTION...........................................................................................................................4 TASK...............................................................................................................................................4 Overview of corporations:......................................................................................................4 Evaluation of performance of corporations: Daimler and Tesla:...........................................5 Cash flow analysis:...............................................................................................................10 CONCLUSION..............................................................................................................................12 REFERENCES..............................................................................................................................14 APPENDIX....................................................................................................................................15
INTRODUCTION Financial analysis is vital component of all company practices, as it offers actionable observations into performance and future prospects of the enterprise. A broad range of methods can be used to determine the financial sustainability of an entity including most prominent horizontalanalysis,verticalanalysisincludingratioanalysisapproaches.Manyanalytical approaches include the accounts, internally or externally reviews, and inquiries of the business. Financial analysisrefers to systematicevaluation of a company in order to evaluate its performance, obligations, assets and prospects for future profits (Bragg, 2012). This study evaluates the performance of corporations Tesla and Daimler. It includes systematic ratio analysis, vertical-analysis and horizontal analysis of both companies. Further it consists of thorough analysis of cash-position of both corporations and comparison of actual performances both companies. TASK Overview of corporations: Daimler:Daimler AG (Daimler) is leading engineering and automotive firm. Daimler AG is widelyknownasMercedes,isGermany'smultinationalautomobilecompanywithits headquarters in Stuttgart, Baden-Württemberg, Germany. Benz & Cie as well as Daimler MotorenGesellschaftcombinedin 1926 to establish Daimler-Benz. After purchasing the American automotive maker Chrysler Corporation in year 1998, the enterprise was changed to DaimlerChrysler, and in year 2007 it was reborn as Daimler following Chrysler's divestment. The Corporation is engaged in productions, manufacture and distribution of auto-mobiles specially luxury cars, trucks & vans in Germany. The divisions of Daimler are Mercedes-Benz Vehicles, Daimler Busses, Daimler Trucks, Mercedes-Benz Vans, and several related financial Services. The organization has manufacturing facilities in about 20 nations, and more than 8,500 distribution centres across the globe (Daimler at a Glance. 2019). Tesla:Corporation is involved in designing, producing, manufacturing and selling fully-electric cars, producing energy including storage systems. This also offers service centres for the car, supercharging station and self-driving capabilities. The corporation operates across following segments: vehicle production, storage and energy production. The section Automotive covers the design, production, manufacturing and selling of electric auto-mobiles. The Energy production
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and Storage section involves developing, producing, installing, selling and leasing stationary power storage devices and solar power systems, as well as selling to consumers electricity produced by solar power systems. It designs energy storage items to be used in residences, company premises, and infrastructure sites (About us: Tesla. 2019). Evaluation of performance of corporations: Daimler and Tesla: Ratio Analysis of Daimler and Tesla: Gross Profit Margin:This ratio reflects how efficient company is in generation of profits through its core business activities or operations (Sheikhi, Ranjbar and Oraee, 2012). Daimler(EUR in Million) Year - 2018Year - 2017Year - 2016Year - 2015 Gross Profit33067.0034331.003196331797 Revenues167362.00164330.00153261149467 Gross Profit Margin19.76%20.89%20.86%21.27% Daimler had reported gross profit ratio 21.27 percent in year -2015 which reached to 20.86 percent, 20.89 percent and 19.76 percent respectively in year 2016, 2017 and 2018 reflecting a continuous declining trend. Analysis shows that corporation’s efficiency to provide gross profits has been declined over the period. Tesla PLCYear 2018Year 2017Year 2016Year 2015 Gross Profit4042.002222.001599924 Revenues21461.0011759.0070004046 Gross Profit Margin18.83%18.90%22.84%22.84% While on other hand Tesla’s GP margin year 2015 and 2016 was at same level i.e. 22.84%, which has been declined to 18.90 percent and 18.83 percent in year 2017 and 2018 indicating a decreasing trend. Such trend shows that Tesla’s GP making efficiencies has been decreased. Overall analysis shows that in term of GP margin Daimler is more efficient to generate gross-profits as in comparison to Tesla. Net-Profit Margin ratio: This ratio shows corporation’s actual efficiency to generate net amount of profit after all the business expenses (Drake and Fabozzi, 2012). DaimlerYear - 2018Year - 2017Year - 2016Year - 2015
Net Profits72491052585268424 Revenues167362164330153261149467 Net Profit Margin4.33%6.40%5.56%5.64% NP margin of corporation Daimler is 4.33% in year 2018 which was 6.40 percent, 5.56 percent and 5.64 percent during period 2017 to 2015 respectively. There is minor decline in NP margin in year 2016 which further increased to 6.40 percent in year 2017, but in year 2018 it was significantly declined reflecting overall decreasing trend. This decline shows that corporation’s NP generating efficiencies has been dropped. Tesla PLCYear 2018Year 2017Year 2016Year 2015 Net Profits-253-1632-667-717 Revenues214611175970004046 Net Profit Margin-1.18%-13.88%-9.53%-17.72% As stated in above table Tesla’s net profitability position is not so good. Company has reported around 17.72 percent net loss in year 2015, this net loss percentage has been reached to 9.53 percent, 13.88 percent and 1.18 percent in year 2016, 2017 and 2018 respectively. This decline in net loss is favourable for company but even in 2018 company has reported net loss which shows that corporation is facing adverse conditions in terms of NP generation capacity. Comparative analysis reflecting that Daimler’s net profitability position is much better than company Tesla. Current Ratio:A current ratio exhibits actual proportion of current assets to current liabilities. This ratio exhibits short term liquidity status of a corporation. Current ratio above 2 shows that company has adequate current assets to pay-off all its current liabilities (Altman, 2013). Daimler PLC Year 2018Year 2017Year 2016Year 2015 Current Assets12161310673510205291847 Current Liabilities97952871058445777081 Current Ratio1.241.231.211.19 As shown in above table current ratio of Daimler plc in year 2018 is 1.24 which was 1.23 in year 2017, 1.21 in year 2016 and 1.19 in year 2015. This shows that there is an increasing trend in company’s current ratio. This incremental trend signifies that corporation’s short-term liquidity position has been improved.
TeslaYear 2018Year 2017Year 2016Year 2015 Current Assets8306657162602792 Current Liabilities9992767558272816 Current Ratio0.830.861.070.99 Above figures shows that Tesla’s current ratio has been declined after 2016. In year 2015 current ratio was 0.99 which has been changed to 1.07, 0.86 and 0.83 in year 2016, 2017 and 2018 showing an overall decreasing trend. Except in year 2016, company’s current ratio is below 1, this indicates that corporation’s short-term liquidity performance is not favourable and continuously declining. Comparison on the basis of current ratio shows that Daimler’s performance is good than Tesla. Daimler’s current ratio is more than Tesla as well as there is steady improvement in ratio. Quick Ratio:This ratio takes into account more liquid items stated in balance sheet as here prepaid expenses, inventories like items are excluded in order to assess quick assets. It more clearly shows short-term liquidity level of company (Penman, 2013). Daimler PLC Year 2018Year 2017Year 2016Year 2015 Quick Assets85218749107094463206 Current Liabilities97952871058445777081 Quick Ratio0.870.860.840.82 Daimler’s quick ratio in year 2015 was 0.82 which has ben increased to 0.84 in year 2016, 0.86 in year 2017 and 0.87 in year 2018. There is enhancing trend in quick ratio over the period. This increase points out that company’s quick term liquidity level has been improved. Tesla PLCYear 2018Year 2017Year 2016Year 2015 Quick Assets4827403939991389 Current Liabilities10494792059692894 Quick Ratio0.460.510.670.48 Tesla’s quick ratio in year 2018 is 0.46 that was 0.51 in year 2017, 0.67 in year 2016 and 0.48 in year 2015. After improvement in year 2016 quick ratio of company has been declined in year 2018 and 2017 representing overall drop-down trend. This decline reflects that company’s quick assets level as compare to current liabilities has been declined.
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Quick ratio analysis of both companies shows that quick term liquidity position of Daimler is quite better than Tesla. Debt-to Equity Ratio:This ratio present actual long-term liquidity position of company. This presents debts proportion in enterprise in comparison to aggregate equity (Carraher and Van Auken, 2013). Daimler PLC Year 2018Year 2017Year 2016Year 2015 Debt88342780537019559611 Equity64667640235795053651 Debt Equity Ratio1.371.221.211.11 In year 2015, company has reported debt-equity ratio 1.11 which further increased to 1.21, 1.22 and 1.37 in year 2016, 2017 and 2018. This improving trend in debt-equity is indication that corporation dependence on debt funding has been increased over the whole period. Tesla PLCYear 2018Year 2017Year 2016Year 2015 Debt940 4 941 8 597 8 208 2 Equity492 3 423 7 475 3 108 9 Debt Equity Ratio1.912.221.261.91 Tesla’s debt-equity ratio in year 2018 is 1.91 which was 2.22 in year 2017. In year 2016 and 2015, company’sdebt-equity was 1.26 and 1.91. Analysis shows that company has controlled debts in 2018 and increased equity funding to maintain solvency position at the same level as of in year 2015. This shows that company’s capital structure has been improved in year 2018, although there was major increase during year-2017. Comparative evaluation presents that Tesla has improved debt-equity ratio in year but comparatively Daimler’s debt-equity ratio is more favourable in comparison of Tesla. Assets Turnover ratio:This is useful measure to assess the actual efficiency of company to utilise its assets towards generation of revenue (Jalbert, 2019). Daimler PLCYear 2018Year 2017Year 2016Year 2015 Revenues167362164330153261149467
Assets268612249296.5230077204750 Asset Turnover Ratio0.620.660.670.73 There is decremental trend in Daimler company’s asset turnover ratio as this company ratio in year 2015 was 0.73 that has been touched the level of 0.67, 0.66 and 0.62 respectively in year 2016, 2017 and 2018. Such trend exhibits that enterprise’s efficiency to utilise its assets for generating revenues has been dropped. Tesla PLCYear 2018Year 2017Year 2016Year 2015 Revenues214611175970004046 Assets29197.525659.5153786976 Asset Turnover Ratio0.740.460.460.58 Tesla’s asset turnover ratios are 0.58, 0.46, 0.46 and 0.74 respectively in year 2015, 2016, 2017 and 2018. Company has improved such ratio in year 2018 which shows that corporation’s efficiency to use its assets for generating sales has been improved over the said period. Aggerated analysis of assets turnover ratio of these two corporation indicates that Tesla’s performing level is more better than Daimler in term of assets utilisation capacity for creating sales (Suryanto, 2016). Horizontal Analysis: Daimler: Income statement:Corporation’s revenues has been increased by 7.22 percent in 2017 while in 2016 and 2018 this change percentages are 2.54 percent and 1.85 percent respectively. Net income of Daimler has reported change of 31.13 percent (decline) during 2017-2018. While in year 2017 and 2016 change in net income was 23.45 percent and 1.21 percent respectively. Balance sheet:Horizontal analysis of balance sheet of Daimler reflects that change in aggregate assetsare10.18percent,5.19percentand11.89percentinyear2018, 2017and2016 respectively. While company’s total liabilities are reported change of 13.10 percent, 3.54 percent and 13.24 percent respectively in year 2016,2017 and 2018. Shareholder’s equity of company changed by 11.89 percent, 5.19 percent and 10.18 percent during the same. Tesla: Income statement:Tesla has reported change in revenue of 82.51%, 67.99% and 73.01% in year 2018, 2017 and 2016 respectively. While change in net profits are -24.07 percent, 190.52
percent and -50.23 percent during year 2016, 2017 and 2018 respectively. Changes in gross profit of Tesla is 73.05 percent, 38.96 percent and 81.91 percent respectively during same period. Balance sheet:There is major increment of 180.08 percent in total assets in year 2016 while in year 2017 and 2018 such change is 26.43 percent and 3.79 percent respectively. Whereas in total liabilities of Daimler there is change of 155.73 percent, 36.33 percent and 1.63 percent respectively during period 2016, 2017 and 2018. Shareholder’s equity of corporation has been changed by 336.46 percent, -10.86 percent and 16.19 percent during same period respectively. Vertical analysis: Daimler: Income statement:Company’s net profit is 4.33 %, 6.40 %, 5.56 percent and 5.64 % of total sales in year 2018,2017,2016 and 2015 respectively. Daimler’s gross profits are 19.76%, 20.89%, 20.86% and 21.27% respectively during same period reflecting over decline in margin. Balance sheet:Current assets of Daimler is 42.29%, 11.11%, 4.59% and 13.94% of total assets respectively in year 2015, 2016, 2017 and 2018. While cash funds are 4.58%, 10.52%, 9.94% and 31.32% respectively of total assets in during same period. Total liabilities are 77.04%, 74.95%, 76.15% and 75.34% of total assets in year 2018,2017,2016 and 2015 respectively (Bragg, 2012). Tesla: Income statement:In all 4-years Tesla has reported net loss so net loss of company are 21.97%, 9.64%, 16.68% and 4.55% of total sales respectively in year 2015,2016,2017 and 2018 reflecting dropping down trend. While gross profit of Tesla is 22.84%, 22.84%, 18.90% and 18.83% of aggregate sales during same period respectively. Balancesheet:AggregateliabilitiesofTeslais13.46%,20.97%,14.79%and16.55% respectively of total assets of company during 2015 to 2018. Cash funds reported by Tesla are 14.79%,14.79%, 11.75% and 12.39% of total sum of assets respectively during 2015 to year 2018. While current assets reported by corporation during 2015 to 2018 respectively are 34.5%, 27.62%, 22.93% and 27.93%. Cash flow analysis: Cash Flow analysis of Daimler: Cash generated by operating activities:
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In year 2016 and company cash flows from operating-tasks was EUR 3711 and EUR 222 million reflecting an increasing trend. However, there was a major decline in year 2017. Cash utilized for / received by business operationsresulted in a cash inflowsof € 343 million in year2018 which was 1652 (outflow) in 2017. The favourable trend was mainly due to around€ 3.0 billion capital outflow throughextraordinary allocation to German pensionfunds inintervening year. It has complemented by positive results fromsales-financing and leasing market. However, cash utilized for / received by business operations represents reduced income taxes charged, and a larger cash inflow attributable to dividends issued by Beijing-Benz Automotive Ltd. which in year. Cash-flows from investing activities: Cash used for construction activities was EUR 9921million year 2018 that was EUR 9518 million in year 2017. The improvement relative to the previous year was largely due to additional spending in land, plants & equipment. Because of previousyear's purchase of a stake in LSH Auto International Limited (LSHAI), the opposing results originated from reduced cash out- flows towards investing inshareholding. Cash utilized for investment activities was EUR 9518 million in 2017 which wasEUR 14666 million and EUR 9722 million and in year 2016 and 2015. The improvement relative to the previous-years was largely due to reduced cash outflows towardsshareholding investments. Effect onreporting time waspurchase of a stake in LSHAI. The purchase of 100 per cent of Athlon Car-Lease International B.V. shares inprevious-year period and the arbitration of Athlon's funding commitments lead tooutflows. Positive results in liquidityperformancearose fromsales ordisposals of stocks (Feng, McVay and Skaife, 2015). Cash Flows from Financing activities:Cash from investing operationsamounted to EUR 13226 million in year 2018 and in 2017 it was EUR 13129 million. The small rise was largely triggered by greater net cash inflows through funding obligations in the form of refinancing, leasing,sales-financing sectoranduse of favourable conditions inforeign money as well as foreign capital markets. Oppositional results wereresult of increase in dividend distributions to Daimler AG's shareholders. In year 2015 and 2016 cash-flows was 9631 million and 12009 respectively indicating rising trend. Overall increase during 4 year is due to debt issued and cashflows from refinancing and leasing business. From above all three key activities net cash flow change in company was 3781 million, 1091 million, 1045 million and 269 million respectively in year 2018 to 2015 respectively
reflecting an incremental trend in net-cash flow. The analysis shows that there is improvement in overall cash liquidly position of corporation. Cash-flow analysis of Tesla: Cash flow from operating activities:Company has reported cash received through operating activities amounting USD 2098 million in year 2018 while during 2015 to 2017 company reported out flows amounting USD 525 million, USD 124 million and USD 61 million respectively. Significant increase and positive cash flow in 2018 is due to decline in net-loss and improvement in working capital position of company. After 2015, company controlled the cash out flow and currently company has achieved positive figure. Cash flow from investing operations:Tesla has reported cash used in investment operations amounting 2337 million, 4419 million, 1416 million and 1674 million respectively in year 2018, 2017, 2016 and 2015. Major reason of outflow is investment made by company towards property, plants and equipment as well as purchase of fixed assets. Cash flow from financing operations:Tesla company has reported cash generated through financing activities are 1524 million, 3744 million, 4415 million and 574 million respectively during 2015 to 2018. During company generated cash flow of 750 million, 1702 million and 400 million from issuance of common stock. Also, major decline in year 2018 is due to debt repayment 6087 million and debt issued amounting 6176 million. Net change in cash-flows reported by Tesla are 311 million, (25 million), 2196 million and (709 million) respectively during 2018 to 2015. Overall evaluation and analysis of cash flows shows that there is improvement in cash flow during 2018 but still company has not reached cash flow level as of 2016. Presently net cash flow changes is positive which shows that company’s liquidity position is quite better than just preceding year. Comparative overall analysis: From the overall analysis of cash flow statement and trends in cash-flows of Tesla and Daimler it has been analysed that Daimler’s cash flow position is better than Tesla. As Daimler’s net cashflows has been increased over the year but in Tesla, company has reported negative figures of cash flows in year 2015 and 2017. Also, there is major decline in cash-flow change in year 2017. Therefore, it is clear that performance of Daimler is much better than Tesla in terms of cash-flow position.
CONCLUSION From the above study it has been articulated that financial analyst's job is to offer detailed information that management can use in predicting imminent events. For broader associations, analysts will analyse only component of the results of the enterprise, and afterwards relay such information to managers concerned. They need to be able to connect and has the ears of powerful executives. If their research predicts dramatic disruptions in the near future, they would have to convince managers to undertake precautionary steps.
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REFERENCES Books and Journals: Bragg, S.M., 2012.Financial analysis: a controller's guide. John Wiley & Sons. Sheikhi, A., Ranjbar, A.M. and Oraee, H., 2012. Financial analysis and optimal size and operation for a multicarrier energy system.Energy and buildings,48, pp.71-78. Drake, P.P. and Fabozzi, F.J., 2012. Financial ratio analysis.Encyclopedia of Financial Models. Altman, E.I., 2013. Predicting financial distress of companies: revisiting the Z-score and ZETA® models. InHandbook of research methods and applications in empirical finance. Edward Elgar Publishing. Penman, S.H., 2013.Financial statement analysis and security valuation. McGraw-Hill. Carraher, S. and Van Auken, H., 2013. The use of financial statements for decision making by small firms.Journal of Small Business & Entrepreneurship,26(3), pp.323-336. Jalbert,T.,2019.AManagementFocusedToolforDevelopingPro-FormaFinancial Statements.InternationalJournalofManagementandMarketingResearch,12(1), pp.61-86. Suryanto, T., 2016. Audit delay and its implication for fraudulent financial reporting: a study of companies listed in the Indonesian stock exchange. Bragg, S.M., 2012.Business ratios and formulas: a comprehensive guide(Vol. 577). John Wiley & Sons. Feng, M., Li, C., McVay, S.E. and Skaife, H., 2015. Does ineffective internal control over financialreportingaffectafirm'soperations?Evidencefromfirms'inventory management.The Accounting Review,90(2), pp.529-557. Online: About us: Tesla. 2019.[Online]. Available at:<https://www.tesla.com/about> Daimler at a Glance. 2019.[Online]. Available at:<https://www.daimler.com/company/at-a- glance.html>
APPENDIX Tesla:
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Horizontal Financial Statements DAIMLER AG (DDAIF) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. EUR in millions except per share data.2015-12% Change2016-12% Change2017-122018-12 Revenue149467.00-153261.002.54%164330.007.22%167362.001.85% Cost of revenue117670.00-121298.003.08%129999.007.17%134295.003.30% Gross profit31797.00-31963.000.52%34331.007.41%33067.00-3.68% Operating expenses Research and development4760.00-5257.0010.44%5938.0012.95%6581.0010.83% Sales, General and administrative15857.00-15645.00-1.34%16774.007.22%17103.001.96% Other operating expenses-1363.00--1013.00-25.68%-1365.0034.75%-675.00-50.55% Total operating expenses19254.00-19889.003.30%21347.007.33%23009.007.79% Operating income12543.00-12074.00-3.74%12984.007.54%10058.00-22.54% Interest Expense602.00-546.00-9.30%582.006.59%793.0036.25% Other income (expense)803.00-1046.0030.26%1899.0081.55%1330.00-29.96% Income before taxes12744.00-12574.00-1.33%14301.0013.73%10595.00-25.91% Provision for income taxes4033.00-3790.00-6.03%3437.00-9.31%3013.00-12.34% Net income from continuing operations8711.00-8784.000.84%10864.0023.68%7582.00-30.21% Other-287.00--258.00-10.10%-339.0031.40%-333.00-1.77% Net income8424.00-8526.001.21%10525.0023.45%7249.00-31.13% Net income available to common shareholders8424.00-8526.001.21%10525.0023.45%7249.00-31.13% Earnings per share Basic7.87-7.971.27%9.8423.46%6.78-31.10% Diluted7.87-7.971.27%9.8423.46%6.78-31.10% Weighted average shares outstanding Basic1070.00-1070.000.00%1070.000.00%1070.000.00% Diluted1070.00-1070.000.00%1070.000.00%1070.000.00% EBITDA18730.00-18598.00-0.70%20559.0010.54%17693.00-13.94% DAIMLER AG (DDAIF) CashFlowFlag BALANCE SHEET Fiscal year ends in December. EUR in millions except per share data.2015-12% Change2016-12% Change2017-12% Change2018-12% Change Assets Current assets Cash Cash and cash equivalents9936-1098110.52%120729.94%1585331.32% Short-term investments7289-972933.48%9127-6.19%8946-1.98% Total cash17225-2071020.23%211992.36%2479916.98% Receivables44209-482409.12%513646.48%5802612.97% Inventories23623-251466.45%253890.97%2915514.83% Prepaid expenses579-80438.86%92915.55%104612.59% Other current assets6211-715215.15%78549.82%85879.33% Total current assets91847-10205211.11%1067354.59%12161313.94% Non-current assets Property, plant and equipment Gross property, plant and equipment115451-12954712.21%1343383.70%1444077.50% Accumulated Depreciation-52187--562247.74%-586434.30%-639839.11% Net property, plant and equipment63264-7332315.90%756953.24%804246.25% Goodwill727-118863.41%1115-6.14%1082-2.96% Intangible assets93421091016.78%1262015.67%137198.71% Deferred income taxes3284-387017.84%2853-26.28%402140.94% Other long-term assets48702-516456.04%565879.57%607607.37% Total non-current assets12531914093612.46%1488705.63%1600067.48% Total assets217166-24298811.89%2556055.19%28161910.18% Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt41268-4725814.51%487193.09%5621315.38% Capital leases43-30-30.23%27-10.00%270.00% Accounts payable10548-115679.66%124747.84%1418513.72% Deferred income taxes777-751-3.35%560-25.43%82346.96% Taxes payable2002-20964.70%22848.97%2177-4.68% Other current liabilities22443-227551.39%230411.26%245276.45% Total current liabilities77081-844579.57%871053.14%9795212.45% Non-current liabilities Long-term debt59611-7019517.76%7805311.19%8834213.18% Capital leases220-203-7.73%32560.10%320-1.54% Deferred taxes liabilities3090-443343.46%3448-22.22%439027.32% Accrued liabilities28-4871.43%25-47.92%250.00% Deferred revenues4851-555914.59%58024.37%705021.51% Pensions and other benefits8663-90344.28%5767-36.16%739328.19% Minority interest1063-118311.29%12919.13%13867.36% Other long-term liabilities8998-992610.31%9766-1.61%100943.36% Total non-current liabilities86524-10058116.25%1044773.87%11900013.90% Total liabilities163605-18503813.10%1915823.54%21695213.24% Stockholders' equity Common stock3070-30700.00%30700.00%30700.00% Additional paid-in capital11917-11744-1.45%11742-0.02%11710-0.27% Retained earnings36991-4079410.28%4768216.88%494903.79% Accumulated other comprehensive income1583-234247.95%1529-34.71%397-74.04% Total stockholders' equity53561-579508.19%6402310.48%646671.01% Total liabilities and stockholders' equity217166-24298811.89%2556055.19%28161910.18%
Verticle Financial Statements TESLA INC (TSLA) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. USD in millions except per share data.2015-122016-122017-122018-12 Revenue4046100.00%7000100.00%11759100.00%21461100.00% Cost of revenue312377.19%540177.16%953681.10%1741981.17% Gross profit92422.84%159922.84%222218.90%404218.83% Operating expenses Research and development71817.75%83411.91%137811.72%14606.80% Sales, General and administrative92222.79%143220.46%247621.06%283413.21% Restructuring, merger and acquisition135 Other operating expenses-135 Total operating expenses164040.53%226732.39%385532.78%429520.01% Operating income-717-17.72%-667-9.53%-1632-13.88%-253-1.18% Interest Expense1192.94%1992.84%4714.01%6633.09% Other income (expense)-40-0.99%1201.71%-106-0.90%-89-0.41% Income before taxes-876-21.65%-746-10.66%-2209-18.79%-1005-4.68% Provision for income taxes130.32%270.39%320.27%580.27% Net income from continuing operations-889-21.97%-773-11.04%-2241-19.06%-1063-4.95% Other9827986 Net income-889-21.97%-675-9.64%-1961-16.68%-976-4.55% Net income available to common shareholders-889-21.97%-675-9.64%-1961-16.68%-976-4.55% TESLA INC (TSLA) CashFlowFlag BALANCE SHEET Fiscal year ends in December. USD in millions except per share data.2015-122016-122017-122018-12 Assets Current assets Cash Cash and cash equivalents119714.79%339314.97%336811.75%368612.39% Total cash119714.79%339314.97%336811.75%368612.39% Receivables1692.09%4992.20%5151.80%9493.19% Inventories127815.79%20679.12%22647.90%311310.47% Prepaid expenses1251.54%1940.86%2680.94%3661.23% Other current assets230.28%1060.47%1550.54%1930.65% Total current assets279234.50%626027.62%657122.93%830627.93% Non-current assets Property, plant and equipment Gross property, plant and equipment576671.26%1605570.84%2243678.30%2288676.95% Accumulated Depreciation-571-7.06%-1018-4.49%-1944-6.78%-3195-10.74% Net property, plant and equipment519564.20%1503766.35%2049271.51%1969166.21% Goodwill6068 Intangible assets376362282 Other long-term assets1061.31%9914.37%11714.09%13914.68% Total non-current assets530165.51%1640472.38%2208577.07%2143372.07% Total assets8092100.00%22664100.00%28655100.00%29740100.00% Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt6337.82%11505.07%8973.13%25688.63% Capital leases82 Accounts payable91611.32%18608.21%23908.34%340411.45% Taxes payable1011.25%1530.68%1860.65%3491.17% Accrued liabilities3223.98%10054.43%12574.39%11223.77% Deferred revenues7078.74%14276.30%18696.52%14234.78% Other current liabilities1371.69%2321.02%10763.76%10453.51% Total current liabilities281634.80%582725.71%767526.78%999233.60% Non-current liabilities Long-term debt208225.73%597826.38%941832.87%940431.62% Capital leases132316661662 Deferred revenues4465.51%8523.76%11784.11%9913.33% Minority interest785997834 Other long-term liabilities165920.50%314613.88%348412.16%19336.50% Total non-current liabilities418751.74%1208453.32%1674358.43%1482449.85% Total liabilities700486.55%1791179.03%2441885.21%2481683.44% Stockholders' equity Common stock0000 Additional paid-in capital341542.20%777434.30%917832.03%1024934.46% Retained earnings-2322-28.70%-2997-13.22%-4974-17.36%-5318-17.88% Accumulated other comprehensive income-4-0.05%-24-0.11%330.12%-8-0.03% Total stockholders' equity108913.46%475320.97%423714.79%492316.55% Total liabilities and stockholders' equity8092100.00%22664100.00%28655100.00%29740100.00%
Horizontal TESLA INC (TSLA) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. USD in millions except per share data.2015-122016-122017-122018-12 Revenue4046-700073.01%1175967.99%2146182.51% Cost of revenue3123-540172.94%953676.56%1741982.67% Gross profit924-159973.05%222238.96%404281.91% Operating expenses Research and development718-83416.16%137865.23%14605.95% Sales, General and administrative922-143255.31%247672.91%283414.46% Restructuring, merger and acquisition135 Other operating expenses-135 Total operating expenses1640-226738.23%385570.05%429511.41% Operating income-717--667-6.97%-1632144.68%-253-84.50% Interest Expense119-19967.23%471136.68%66340.76% Other income (expense)-40-120-400.00%-106-188.33%-89-16.04% Income before taxes-876--746-14.84%-2209196.11%-1005-54.50% Provision for income taxes13-27107.69%3218.52%5881.25% Net income from continuing operations-889--773-13.05%-2241189.91%-1063-52.57% Other98279184.69%86-69.18% Net income-889--675-24.07%-1961190.52%-976-50.23% Net income available to common shareholders-889--675-24.07%-1961190.52%-976-50.23% TESLA INC (TSLA) CashFlowFlag BALANCE SHEET Fiscal year ends in December. USD in millions except per share data.2015-12% Change2016-122017-122018-12 Assets Current assets Cash Cash and cash equivalents1197-3393183.46%3368-0.74%36869.44% Total cash1197-3393183.46%3368-0.74%36869.44% Receivables169-499195.27%5153.21%94984.27% Inventories1278-206761.74%22649.53%311337.50% Prepaid expenses125-19455.20%26838.14%36636.57% Other current assets23-106360.87%15546.23%19324.52% Total current assets2792-6260124.21%65714.97%830626.40% Non-current assets Property, plant and equipment Gross property, plant and equipment5766-16055178.44%2243639.74%228862.01% Accumulated Depreciation-571--101878.28%-194490.96%-319564.35% Net property, plant and equipment5195-15037189.45%2049236.28%19691-3.91% Goodwill-606813.33% Intangible assets-376362282-22.10% Other long-term assets106-991834.91%117118.16%139118.79% Total non-current assets5301-16404209.45%2208534.63%21433-2.95% Total assets8092-22664180.08%2865526.43%297403.79% Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt633-115081.67%897-22.00%2568186.29% Capital leases-82 Accounts payable916-1860103.06%239028.49%340442.43% Taxes payable101-15351.49%18621.57%34987.63% Accrued liabilities322-1005212.11%125725.07%1122-10.74% Deferred revenues707-1427101.84%186930.97%1423-23.86% Other current liabilities137-23269.34%1076363.79%1045-2.88% Total current liabilities2816-5827106.92%767531.71%999230.19% Non-current liabilities- Long-term debt2082-5978187.13%941857.54%9404-0.15% Capital leases-1323166625.93%1662-0.24% Deferred revenues446-85291.03%117838.26%991-15.87% Minority interest-78599727.01%834-16.35% Other long-term liabilities1659-314689.63%348410.74%1933-44.52% Total non-current liabilities4187-12084188.61%1674338.56%14824-11.46% Total liabilities7004-17911155.73%2441836.33%248161.63% Stockholders' equity- Common stock0-000 Additional paid-in capital3415-7774127.64%917818.06%1024911.67% Retained earnings-2322--299729.07%-497465.97%-53186.92% Accumulated other comprehensive income-4--24500.00%33-237.50%-8-124.24% Total stockholders' equity1089-4753336.46%4237-10.86%492316.19% Total liabilities and stockholders' equity8092-22664180.08%2865526.43%297403.79%
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Verticle DAIMLER AG (DDAIF) CashFlowFlag INCOME STATEMENT Fiscal year ends in December. EUR in millions except per share data.2015-12% Change2016-12% Change2017-122018-12 Revenue149467.00100.00%153261.00100.00%164330.00100.00%167362.00100.00% Cost of revenue117670.0078.73%121298.0079.14%129999.0079.11%134295.0080.24% Gross profit31797.0021.27%31963.0020.86%34331.0020.89%33067.0019.76% Operating expenses Research and development4760.003.18%5257.003.43%5938.003.61%6581.003.93% Sales, General and administrative15857.0010.61%15645.0010.21%16774.0010.21%17103.0010.22% Other operating expenses-1363.00-0.91%-1013.00-0.66%-1365.00-0.83%-675.00-0.40% Total operating expenses19254.0012.88%19889.0012.98%21347.0012.99%23009.0013.75% Operating income12543.008.39%12074.007.88%12984.007.90%10058.006.01% Interest Expense602.000.40%546.000.36%582.000.35%793.000.47% Other income (expense)803.000.54%1046.000.68%1899.001.16%1330.000.79% Income before taxes12744.008.53%12574.008.20%14301.008.70%10595.006.33% Provision for income taxes4033.002.70%3790.002.47%3437.002.09%3013.001.80% Net income from continuing operations8711.005.83%8784.005.73%10864.006.61%7582.004.53% Other-287.00-0.19%-258.00-0.17%-339.00-0.21%-333.00-0.20% Net income8424.005.64%8526.005.56%10525.006.40%7249.004.33% Net income available to common shareholders8424.005.64%8526.005.56%10525.006.40%7249.004.33% Earnings per share Basic7.877.971.27%9.8423.46%6.78-31.10% Diluted7.877.971.27%9.8423.46%6.78-31.10% Weighted average shares outstanding Basic1070.001070.000.00%1070.000.00%1070.000.00% Diluted1070.001070.000.00%1070.000.00%1070.000.00% EBITDA18730.0018598.00-0.70%20559.0010.54%17693.00-13.94% DAIMLER AG (DDAIF) CashFlowFlag BALANCE SHEET Fiscal year ends in December. EUR in millions except per share data.2015-12% Change2016-12% Change2017-12% Change2018-12% Change Assets Current assets Cash Cash and cash equivalents99364.58%1098110.52%120729.94%1585331.32% Short-term investments72893.36%972933.48%9127-6.19%8946-1.98% Total cash172257.93%2071020.23%211992.36%2479916.98% Receivables4420920.36%482409.12%513646.48%5802612.97% Inventories2362310.88%251466.45%253890.97%2915514.83% Prepaid expenses5790.27%80438.86%92915.55%104612.59% Other current assets62112.86%715215.15%78549.82%85879.33% Total current assets9184742.29%10205211.11%1067354.59%12161313.94% Non-current assets Property, plant and equipment Gross property, plant and equipment11545153.16%12954712.21%1343383.70%1444077.50% Accumulated Depreciation-52187-24.03%-562247.74%-586434.30%-639839.11% Net property, plant and equipment6326429.13%7332315.90%756953.24%804246.25% Goodwill7270.33%118863.41%1115-6.14%1082-2.96% Intangible assets93424.30%1091016.78%1262015.67%137198.71% Deferred income taxes32841.51%387017.84%2853-26.28%402140.94% Other long-term assets4870222.43%516456.04%565879.57%607607.37% Total non-current assets12531957.71%14093612.46%1488705.63%1600067.48% Total assets217166100.00%24298811.89%2556055.19%28161910.18% Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt4126819.00%4725819.45%4871919.06%5621319.96% Capital leases430.02%300.01%270.01%270.01% Accounts payable105484.86%115674.76%124744.88%141855.04% Deferred income taxes7770.36%7510.31%5600.22%8230.29% Taxes payable20020.92%20960.86%22840.89%21770.77% Other current liabilities2244310.33%227559.36%230419.01%245278.71% Total current liabilities7708135.49%8445734.76%8710534.08%9795234.78% Non-current liabilities Long-term debt5961127.45%7019528.89%7805330.54%8834231.37% Capital leases2200.10%2030.08%3250.13%3200.11% Deferred taxes liabilities30901.42%44331.82%34481.35%43901.56% Accrued liabilities280.01%480.02%250.01%250.01% Deferred revenues48512.23%55592.29%58022.27%70502.50% Pensions and other benefits86633.99%90343.72%57672.26%73932.63% Minority interest10630.49%11830.49%12910.51%13860.49% Other long-term liabilities89984.14%99264.08%97663.82%100943.58% Total non-current liabilities8652439.84%10058141.39%10447740.87%11900042.26% Total liabilities16360575.34%18503876.15%19158274.95%21695277.04% Stockholders' equity Common stock30701.41%30701.26%30701.20%30701.09% Additional paid-in capital119175.49%117444.83%117424.59%117104.16% Retained earnings3699117.03%4079416.79%4768218.65%4949017.57% Accumulated other comprehensive income15830.73%23420.96%15290.60%3970.14% Total stockholders' equity5356124.66%5795023.85%6402325.05%6466722.96% Total liabilities and stockholders' equity217166100.00%242988100.00%255605100.00%281619100.00%