Financial Analysis of Daimler and Tesla

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.

Financial Analysis
Management &
Enterprise

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
horizontal analysis, vertical analysis including ratio analysis approaches. Many analytical
approaches include the accounts, internally or externally reviews, and inquiries of the business.
Financial analysis refers to systematic evaluation 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
widely known as Mercedes, is Germany's multinational automobile company with its
headquarters in Stuttgart, Baden-Württemberg, Germany. Benz & Cie as well as Daimler
Motoren Gesellschaft combined in 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

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 - 2018 Year - 2017 Year - 2016 Year - 2015
Gross Profit 33067.00 34331.00 31963 31797
Revenues 167362.00 164330.00 153261 149467
Gross Profit Margin 19.76% 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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Gross Profit 4042.00 2222.00 1599 924
Revenues 21461.00 11759.00 7000 4046
Gross Profit Margin 18.83% 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).
Daimler Year - 2018 Year - 2017 Year - 2016 Year - 2015

Net Profits 7249 10525 8526 8424
Revenues 167362 164330 153261 149467
Net Profit Margin 4.33% 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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Net Profits -253 -1632 -667 -717
Revenues 21461 11759 7000 4046
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 2018 Year 2017 Year 2016 Year 2015
Current Assets 121613 106735 102052 91847
Current Liabilities 97952 87105 84457 77081
Current Ratio 1.24 1.23 1.21 1.19
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.

Tesla Year 2018 Year 2017 Year 2016 Year 2015
Current Assets 8306 6571 6260 2792
Current Liabilities 9992 7675 5827 2816
Current Ratio 0.83 0.86 1.07 0.99
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 2018 Year 2017 Year 2016 Year 2015
Quick Assets 85218 74910 70944 63206
Current Liabilities 97952 87105 84457 77081
Quick Ratio 0.87 0.86 0.84 0.82
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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Quick Assets 4827 4039 3999 1389
Current Liabilities 10494 7920 5969 2894
Quick Ratio 0.46 0.51 0.67 0.48
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.

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 2018 Year 2017 Year 2016 Year 2015
Debt 88342 78053 70195 59611
Equity 64667 64023 57950 53651
Debt Equity Ratio 1.37 1.22 1.21 1.11
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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Debt 940
4
941
8
597
8
208
2
Equity 492
3
423
7
475
3
108
9
Debt Equity Ratio 1.91 2.22 1.26 1.91
Tesla’s debt-equity ratio in year 2018 is 1.91 which was 2.22 in year 2017. In year 2016
and 2015, company’s debt-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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Revenues 167362 164330 153261 149467

Assets 268612 249296.5 230077 204750
Asset Turnover Ratio 0.62 0.66 0.67 0.73
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 PLC Year 2018 Year 2017 Year 2016 Year 2015
Revenues 21461 11759 7000 4046
Assets 29197.5 25659.5 15378 6976
Asset Turnover Ratio 0.74 0.46 0.46 0.58
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
assets are 10.18 percent, 5.19 percent and 11.89 percent in year 2018, 2017 and 2016
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.
Balance sheet: Aggregate liabilities of Tesla is 13.46%, 20.97%, 14.79% and 16.55%
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:

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 operations resulted in a cash inflows of € 343 million in year 2018 which
was 1652 (outflow) in 2017. The favourable trend was mainly due to around € 3.0 billion capital
outflow through extraordinary allocation to German pension funds in intervening year. It has
complemented by positive results from sales-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 previous year's purchase of a stake in LSH
Auto International Limited (LSHAI), the opposing results originated from reduced cash out-
flows towards investing in shareholding. Cash utilized for investment activities was EUR 9518
million in 2017 which was EUR 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
towards shareholding investments. Effect on reporting time was purchase of a stake in LSHAI.
The purchase of 100 per cent of Athlon Car-Lease International B.V. shares in previous-year
period and the arbitration of Athlon's funding commitments lead to outflows. Positive results in
liquidity performance arose from sales or disposals of stocks (Feng, McVay and Skaife, 2015).
Cash Flows from Financing activities: Cash from investing operations amounted 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 sector and use of favourable conditions in foreign money as well as
foreign capital markets. Oppositional results were result 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.

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. In Handbook 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. A Management Focused Tool for Developing Pro-Forma Financial
Statements. International Journal of Management and Marketing Research, 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
financial reporting affect a firm's operations? Evidence from firms' 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:

Daimler:

Horizontal Financial Statements
DAIMLER AG (DDAIF) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. EUR in millions except per share data. 2015-12 % Change 2016-12 % Change 2017-12 2018-12
Revenue 149467.00 - 153261.00 2.54% 164330.00 7.22% 167362.00 1.85%
Cost of revenue 117670.00 - 121298.00 3.08% 129999.00 7.17% 134295.00 3.30%
Gross profit 31797.00 - 31963.00 0.52% 34331.00 7.41% 33067.00 -3.68%
Operating expenses
Research and development 4760.00 - 5257.00 10.44% 5938.00 12.95% 6581.00 10.83%
Sales, General and administrative 15857.00 - 15645.00 -1.34% 16774.00 7.22% 17103.00 1.96%
Other operating expenses -1363.00 - -1013.00 -25.68% -1365.00 34.75% -675.00 -50.55%
Total operating expenses 19254.00 - 19889.00 3.30% 21347.00 7.33% 23009.00 7.79%
Operating income 12543.00 - 12074.00 -3.74% 12984.00 7.54% 10058.00 -22.54%
Interest Expense 602.00 - 546.00 -9.30% 582.00 6.59% 793.00 36.25%
Other income (expense) 803.00 - 1046.00 30.26% 1899.00 81.55% 1330.00 -29.96%
Income before taxes 12744.00 - 12574.00 -1.33% 14301.00 13.73% 10595.00 -25.91%
Provision for income taxes 4033.00 - 3790.00 -6.03% 3437.00 -9.31% 3013.00 -12.34%
Net income from continuing operations 8711.00 - 8784.00 0.84% 10864.00 23.68% 7582.00 -30.21%
Other -287.00 - -258.00 -10.10% -339.00 31.40% -333.00 -1.77%
Net income 8424.00 - 8526.00 1.21% 10525.00 23.45% 7249.00 -31.13%
Net income available to common shareholders 8424.00 - 8526.00 1.21% 10525.00 23.45% 7249.00 -31.13%
Earnings per share
Basic 7.87 - 7.97 1.27% 9.84 23.46% 6.78 -31.10%
Diluted 7.87 - 7.97 1.27% 9.84 23.46% 6.78 -31.10%
Weighted average shares outstanding
Basic 1070.00 - 1070.00 0.00% 1070.00 0.00% 1070.00 0.00%
Diluted 1070.00 - 1070.00 0.00% 1070.00 0.00% 1070.00 0.00%
EBITDA 18730.00 - 18598.00 -0.70% 20559.00 10.54% 17693.00 -13.94%
DAIMLER AG (DDAIF) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. EUR in millions except per share data. 2015-12 % Change 2016-12 % Change 2017-12 % Change 2018-12 % Change
Assets
Current assets
Cash
Cash and cash equivalents 9936 - 10981 10.52% 12072 9.94% 15853 31.32%
Short-term investments 7289 - 9729 33.48% 9127 -6.19% 8946 -1.98%
Total cash 17225 - 20710 20.23% 21199 2.36% 24799 16.98%
Receivables 44209 - 48240 9.12% 51364 6.48% 58026 12.97%
Inventories 23623 - 25146 6.45% 25389 0.97% 29155 14.83%
Prepaid expenses 579 - 804 38.86% 929 15.55% 1046 12.59%
Other current assets 6211 - 7152 15.15% 7854 9.82% 8587 9.33%
Total current assets 91847 - 102052 11.11% 106735 4.59% 121613 13.94%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 115451 - 129547 12.21% 134338 3.70% 144407 7.50%
Accumulated Depreciation -52187 - -56224 7.74% -58643 4.30% -63983 9.11%
Net property, plant and equipment 63264 - 73323 15.90% 75695 3.24% 80424 6.25%
Goodwill 727 - 1188 63.41% 1115 -6.14% 1082 -2.96%
Intangible assets 9342 10910 16.78% 12620 15.67% 13719 8.71%
Deferred income taxes 3284 - 3870 17.84% 2853 -26.28% 4021 40.94%
Other long-term assets 48702 - 51645 6.04% 56587 9.57% 60760 7.37%
Total non-current assets 125319 140936 12.46% 148870 5.63% 160006 7.48%
Total assets 217166 - 242988 11.89% 255605 5.19% 281619 10.18%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 41268 - 47258 14.51% 48719 3.09% 56213 15.38%
Capital leases 43 - 30 -30.23% 27 -10.00% 27 0.00%
Accounts payable 10548 - 11567 9.66% 12474 7.84% 14185 13.72%
Deferred income taxes 777 - 751 -3.35% 560 -25.43% 823 46.96%
Taxes payable 2002 - 2096 4.70% 2284 8.97% 2177 -4.68%
Other current liabilities 22443 - 22755 1.39% 23041 1.26% 24527 6.45%
Total current liabilities 77081 - 84457 9.57% 87105 3.14% 97952 12.45%
Non-current liabilities
Long-term debt 59611 - 70195 17.76% 78053 11.19% 88342 13.18%
Capital leases 220 - 203 -7.73% 325 60.10% 320 -1.54%
Deferred taxes liabilities 3090 - 4433 43.46% 3448 -22.22% 4390 27.32%
Accrued liabilities 28 - 48 71.43% 25 -47.92% 25 0.00%
Deferred revenues 4851 - 5559 14.59% 5802 4.37% 7050 21.51%
Pensions and other benefits 8663 - 9034 4.28% 5767 -36.16% 7393 28.19%
Minority interest 1063 - 1183 11.29% 1291 9.13% 1386 7.36%
Other long-term liabilities 8998 - 9926 10.31% 9766 -1.61% 10094 3.36%
Total non-current liabilities 86524 - 100581 16.25% 104477 3.87% 119000 13.90%
Total liabilities 163605 - 185038 13.10% 191582 3.54% 216952 13.24%
Stockholders' equity
Common stock 3070 - 3070 0.00% 3070 0.00% 3070 0.00%
Additional paid-in capital 11917 - 11744 -1.45% 11742 -0.02% 11710 -0.27%
Retained earnings 36991 - 40794 10.28% 47682 16.88% 49490 3.79%
Accumulated other comprehensive income 1583 - 2342 47.95% 1529 -34.71% 397 -74.04%
Total stockholders' equity 53561 - 57950 8.19% 64023 10.48% 64667 1.01%
Total liabilities and stockholders' equity 217166 - 242988 11.89% 255605 5.19% 281619 10.18%

Verticle Financial Statements
TESLA INC (TSLA) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data. 2015-12 2016-12 2017-12 2018-12
Revenue 4046 100.00% 7000 100.00% 11759 100.00% 21461 100.00%
Cost of revenue 3123 77.19% 5401 77.16% 9536 81.10% 17419 81.17%
Gross profit 924 22.84% 1599 22.84% 2222 18.90% 4042 18.83%
Operating expenses
Research and development 718 17.75% 834 11.91% 1378 11.72% 1460 6.80%
Sales, General and administrative 922 22.79% 1432 20.46% 2476 21.06% 2834 13.21%
Restructuring, merger and acquisition 135
Other operating expenses -135
Total operating expenses 1640 40.53% 2267 32.39% 3855 32.78% 4295 20.01%
Operating income -717 -17.72% -667 -9.53% -1632 -13.88% -253 -1.18%
Interest Expense 119 2.94% 199 2.84% 471 4.01% 663 3.09%
Other income (expense) -40 -0.99% 120 1.71% -106 -0.90% -89 -0.41%
Income before taxes -876 -21.65% -746 -10.66% -2209 -18.79% -1005 -4.68%
Provision for income taxes 13 0.32% 27 0.39% 32 0.27% 58 0.27%
Net income from continuing operations -889 -21.97% -773 -11.04% -2241 -19.06% -1063 -4.95%
Other 98 279 86
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. 2015-12 2016-12 2017-12 2018-12
Assets
Current assets
Cash
Cash and cash equivalents 1197 14.79% 3393 14.97% 3368 11.75% 3686 12.39%
Total cash 1197 14.79% 3393 14.97% 3368 11.75% 3686 12.39%
Receivables 169 2.09% 499 2.20% 515 1.80% 949 3.19%
Inventories 1278 15.79% 2067 9.12% 2264 7.90% 3113 10.47%
Prepaid expenses 125 1.54% 194 0.86% 268 0.94% 366 1.23%
Other current assets 23 0.28% 106 0.47% 155 0.54% 193 0.65%
Total current assets 2792 34.50% 6260 27.62% 6571 22.93% 8306 27.93%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 5766 71.26% 16055 70.84% 22436 78.30% 22886 76.95%
Accumulated Depreciation -571 -7.06% -1018 -4.49% -1944 -6.78% -3195 -10.74%
Net property, plant and equipment 5195 64.20% 15037 66.35% 20492 71.51% 19691 66.21%
Goodwill 60 68
Intangible assets 376 362 282
Other long-term assets 106 1.31% 991 4.37% 1171 4.09% 1391 4.68%
Total non-current assets 5301 65.51% 16404 72.38% 22085 77.07% 21433 72.07%
Total assets 8092 100.00% 22664 100.00% 28655 100.00% 29740 100.00%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 633 7.82% 1150 5.07% 897 3.13% 2568 8.63%
Capital leases 82
Accounts payable 916 11.32% 1860 8.21% 2390 8.34% 3404 11.45%
Taxes payable 101 1.25% 153 0.68% 186 0.65% 349 1.17%
Accrued liabilities 322 3.98% 1005 4.43% 1257 4.39% 1122 3.77%
Deferred revenues 707 8.74% 1427 6.30% 1869 6.52% 1423 4.78%
Other current liabilities 137 1.69% 232 1.02% 1076 3.76% 1045 3.51%
Total current liabilities 2816 34.80% 5827 25.71% 7675 26.78% 9992 33.60%
Non-current liabilities
Long-term debt 2082 25.73% 5978 26.38% 9418 32.87% 9404 31.62%
Capital leases 1323 1666 1662
Deferred revenues 446 5.51% 852 3.76% 1178 4.11% 991 3.33%
Minority interest 785 997 834
Other long-term liabilities 1659 20.50% 3146 13.88% 3484 12.16% 1933 6.50%
Total non-current liabilities 4187 51.74% 12084 53.32% 16743 58.43% 14824 49.85%
Total liabilities 7004 86.55% 17911 79.03% 24418 85.21% 24816 83.44%
Stockholders' equity
Common stock 0 0 0 0
Additional paid-in capital 3415 42.20% 7774 34.30% 9178 32.03% 10249 34.46%
Retained earnings -2322 -28.70% -2997 -13.22% -4974 -17.36% -5318 -17.88%
Accumulated other comprehensive income -4 -0.05% -24 -0.11% 33 0.12% -8 -0.03%
Total stockholders' equity 1089 13.46% 4753 20.97% 4237 14.79% 4923 16.55%
Total liabilities and stockholders' equity 8092 100.00% 22664 100.00% 28655 100.00% 29740 100.00%

Horizontal
TESLA INC (TSLA) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. USD in millions except per share data. 2015-12 2016-12 2017-12 2018-12
Revenue 4046 - 7000 73.01% 11759 67.99% 21461 82.51%
Cost of revenue 3123 - 5401 72.94% 9536 76.56% 17419 82.67%
Gross profit 924 - 1599 73.05% 2222 38.96% 4042 81.91%
Operating expenses
Research and development 718 - 834 16.16% 1378 65.23% 1460 5.95%
Sales, General and administrative 922 - 1432 55.31% 2476 72.91% 2834 14.46%
Restructuring, merger and acquisition 135
Other operating expenses -135
Total operating expenses 1640 - 2267 38.23% 3855 70.05% 4295 11.41%
Operating income -717 - -667 -6.97% -1632 144.68% -253 -84.50%
Interest Expense 119 - 199 67.23% 471 136.68% 663 40.76%
Other income (expense) -40 - 120 -400.00% -106 -188.33% -89 -16.04%
Income before taxes -876 - -746 -14.84% -2209 196.11% -1005 -54.50%
Provision for income taxes 13 - 27 107.69% 32 18.52% 58 81.25%
Net income from continuing operations -889 - -773 -13.05% -2241 189.91% -1063 -52.57%
Other 98 279 184.69% 86 -69.18%
Net income -889 - -675 -24.07% -1961 190.52% -976 -50.23%
Net income available to common shareholders -889 - -675 -24.07% -1961 190.52% -976 -50.23%
TESLA INC (TSLA) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. USD in millions except per share data. 2015-12 % Change 2016-12 2017-12 2018-12
Assets
Current assets
Cash
Cash and cash equivalents 1197 - 3393 183.46% 3368 -0.74% 3686 9.44%
Total cash 1197 - 3393 183.46% 3368 -0.74% 3686 9.44%
Receivables 169 - 499 195.27% 515 3.21% 949 84.27%
Inventories 1278 - 2067 61.74% 2264 9.53% 3113 37.50%
Prepaid expenses 125 - 194 55.20% 268 38.14% 366 36.57%
Other current assets 23 - 106 360.87% 155 46.23% 193 24.52%
Total current assets 2792 - 6260 124.21% 6571 4.97% 8306 26.40%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 5766 - 16055 178.44% 22436 39.74% 22886 2.01%
Accumulated Depreciation -571 - -1018 78.28% -1944 90.96% -3195 64.35%
Net property, plant and equipment 5195 - 15037 189.45% 20492 36.28% 19691 -3.91%
Goodwill - 60 68 13.33%
Intangible assets - 376 362 282 -22.10%
Other long-term assets 106 - 991 834.91% 1171 18.16% 1391 18.79%
Total non-current assets 5301 - 16404 209.45% 22085 34.63% 21433 -2.95%
Total assets 8092 - 22664 180.08% 28655 26.43% 29740 3.79%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 633 - 1150 81.67% 897 -22.00% 2568 186.29%
Capital leases - 82
Accounts payable 916 - 1860 103.06% 2390 28.49% 3404 42.43%
Taxes payable 101 - 153 51.49% 186 21.57% 349 87.63%
Accrued liabilities 322 - 1005 212.11% 1257 25.07% 1122 -10.74%
Deferred revenues 707 - 1427 101.84% 1869 30.97% 1423 -23.86%
Other current liabilities 137 - 232 69.34% 1076 363.79% 1045 -2.88%
Total current liabilities 2816 - 5827 106.92% 7675 31.71% 9992 30.19%
Non-current liabilities -
Long-term debt 2082 - 5978 187.13% 9418 57.54% 9404 -0.15%
Capital leases - 1323 1666 25.93% 1662 -0.24%
Deferred revenues 446 - 852 91.03% 1178 38.26% 991 -15.87%
Minority interest - 785 997 27.01% 834 -16.35%
Other long-term liabilities 1659 - 3146 89.63% 3484 10.74% 1933 -44.52%
Total non-current liabilities 4187 - 12084 188.61% 16743 38.56% 14824 -11.46%
Total liabilities 7004 - 17911 155.73% 24418 36.33% 24816 1.63%
Stockholders' equity -
Common stock 0 - 0 0 0
Additional paid-in capital 3415 - 7774 127.64% 9178 18.06% 10249 11.67%
Retained earnings -2322 - -2997 29.07% -4974 65.97% -5318 6.92%
Accumulated other comprehensive income -4 - -24 500.00% 33 -237.50% -8 -124.24%
Total stockholders' equity 1089 - 4753 336.46% 4237 -10.86% 4923 16.19%
Total liabilities and stockholders' equity 8092 - 22664 180.08% 28655 26.43% 29740 3.79%

Verticle
DAIMLER AG (DDAIF) CashFlowFlag INCOME STATEMENT
Fiscal year ends in December. EUR in millions except per share data. 2015-12 % Change 2016-12 % Change 2017-12 2018-12
Revenue 149467.00 100.00% 153261.00 100.00% 164330.00 100.00% 167362.00 100.00%
Cost of revenue 117670.00 78.73% 121298.00 79.14% 129999.00 79.11% 134295.00 80.24%
Gross profit 31797.00 21.27% 31963.00 20.86% 34331.00 20.89% 33067.00 19.76%
Operating expenses
Research and development 4760.00 3.18% 5257.00 3.43% 5938.00 3.61% 6581.00 3.93%
Sales, General and administrative 15857.00 10.61% 15645.00 10.21% 16774.00 10.21% 17103.00 10.22%
Other operating expenses -1363.00 -0.91% -1013.00 -0.66% -1365.00 -0.83% -675.00 -0.40%
Total operating expenses 19254.00 12.88% 19889.00 12.98% 21347.00 12.99% 23009.00 13.75%
Operating income 12543.00 8.39% 12074.00 7.88% 12984.00 7.90% 10058.00 6.01%
Interest Expense 602.00 0.40% 546.00 0.36% 582.00 0.35% 793.00 0.47%
Other income (expense) 803.00 0.54% 1046.00 0.68% 1899.00 1.16% 1330.00 0.79%
Income before taxes 12744.00 8.53% 12574.00 8.20% 14301.00 8.70% 10595.00 6.33%
Provision for income taxes 4033.00 2.70% 3790.00 2.47% 3437.00 2.09% 3013.00 1.80%
Net income from continuing operations 8711.00 5.83% 8784.00 5.73% 10864.00 6.61% 7582.00 4.53%
Other -287.00 -0.19% -258.00 -0.17% -339.00 -0.21% -333.00 -0.20%
Net income 8424.00 5.64% 8526.00 5.56% 10525.00 6.40% 7249.00 4.33%
Net income available to common shareholders 8424.00 5.64% 8526.00 5.56% 10525.00 6.40% 7249.00 4.33%
Earnings per share
Basic 7.87 7.97 1.27% 9.84 23.46% 6.78 -31.10%
Diluted 7.87 7.97 1.27% 9.84 23.46% 6.78 -31.10%
Weighted average shares outstanding
Basic 1070.00 1070.00 0.00% 1070.00 0.00% 1070.00 0.00%
Diluted 1070.00 1070.00 0.00% 1070.00 0.00% 1070.00 0.00%
EBITDA 18730.00 18598.00 -0.70% 20559.00 10.54% 17693.00 -13.94%
DAIMLER AG (DDAIF) CashFlowFlag BALANCE SHEET
Fiscal year ends in December. EUR in millions except per share data. 2015-12 % Change 2016-12 % Change 2017-12 % Change 2018-12 % Change
Assets
Current assets
Cash
Cash and cash equivalents 9936 4.58% 10981 10.52% 12072 9.94% 15853 31.32%
Short-term investments 7289 3.36% 9729 33.48% 9127 -6.19% 8946 -1.98%
Total cash 17225 7.93% 20710 20.23% 21199 2.36% 24799 16.98%
Receivables 44209 20.36% 48240 9.12% 51364 6.48% 58026 12.97%
Inventories 23623 10.88% 25146 6.45% 25389 0.97% 29155 14.83%
Prepaid expenses 579 0.27% 804 38.86% 929 15.55% 1046 12.59%
Other current assets 6211 2.86% 7152 15.15% 7854 9.82% 8587 9.33%
Total current assets 91847 42.29% 102052 11.11% 106735 4.59% 121613 13.94%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment 115451 53.16% 129547 12.21% 134338 3.70% 144407 7.50%
Accumulated Depreciation -52187 -24.03% -56224 7.74% -58643 4.30% -63983 9.11%
Net property, plant and equipment 63264 29.13% 73323 15.90% 75695 3.24% 80424 6.25%
Goodwill 727 0.33% 1188 63.41% 1115 -6.14% 1082 -2.96%
Intangible assets 9342 4.30% 10910 16.78% 12620 15.67% 13719 8.71%
Deferred income taxes 3284 1.51% 3870 17.84% 2853 -26.28% 4021 40.94%
Other long-term assets 48702 22.43% 51645 6.04% 56587 9.57% 60760 7.37%
Total non-current assets 125319 57.71% 140936 12.46% 148870 5.63% 160006 7.48%
Total assets 217166 100.00% 242988 11.89% 255605 5.19% 281619 10.18%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Short-term debt 41268 19.00% 47258 19.45% 48719 19.06% 56213 19.96%
Capital leases 43 0.02% 30 0.01% 27 0.01% 27 0.01%
Accounts payable 10548 4.86% 11567 4.76% 12474 4.88% 14185 5.04%
Deferred income taxes 777 0.36% 751 0.31% 560 0.22% 823 0.29%
Taxes payable 2002 0.92% 2096 0.86% 2284 0.89% 2177 0.77%
Other current liabilities 22443 10.33% 22755 9.36% 23041 9.01% 24527 8.71%
Total current liabilities 77081 35.49% 84457 34.76% 87105 34.08% 97952 34.78%
Non-current liabilities
Long-term debt 59611 27.45% 70195 28.89% 78053 30.54% 88342 31.37%
Capital leases 220 0.10% 203 0.08% 325 0.13% 320 0.11%
Deferred taxes liabilities 3090 1.42% 4433 1.82% 3448 1.35% 4390 1.56%
Accrued liabilities 28 0.01% 48 0.02% 25 0.01% 25 0.01%
Deferred revenues 4851 2.23% 5559 2.29% 5802 2.27% 7050 2.50%
Pensions and other benefits 8663 3.99% 9034 3.72% 5767 2.26% 7393 2.63%
Minority interest 1063 0.49% 1183 0.49% 1291 0.51% 1386 0.49%
Other long-term liabilities 8998 4.14% 9926 4.08% 9766 3.82% 10094 3.58%
Total non-current liabilities 86524 39.84% 100581 41.39% 104477 40.87% 119000 42.26%
Total liabilities 163605 75.34% 185038 76.15% 191582 74.95% 216952 77.04%
Stockholders' equity
Common stock 3070 1.41% 3070 1.26% 3070 1.20% 3070 1.09%
Additional paid-in capital 11917 5.49% 11744 4.83% 11742 4.59% 11710 4.16%
Retained earnings 36991 17.03% 40794 16.79% 47682 18.65% 49490 17.57%
Accumulated other comprehensive income 1583 0.73% 2342 0.96% 1529 0.60% 397 0.14%
Total stockholders' equity 53561 24.66% 57950 23.85% 64023 25.05% 64667 22.96%
Total liabilities and stockholders' equity 217166 100.00% 242988 100.00% 255605 100.00% 281619 100.00%