Financial Performance Comparison

This report compares the financial performance of Tesla and Daimler from 2014 to 2017 using ratio analysis, horizontal and vertical analysis. The report concludes that Daimler outperforms Tesla in terms of financial strength and cash management.

FAME

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
1. Critically contrasting and comparing financial performance of Tesla and Daimler (2014-
2017)............................................................................................................................................1
Ratio Analysis..............................................................................................................................1
Tesla's Horizontal statement of profit and loss..........................................................................13
Tesla's Horizontal statement of Balance sheet...........................................................................13
Tesla's Vertical statement of profit and loss..............................................................................14
Tesla's Vertical statement of Balance sheet...............................................................................14
Daimler's Horizontal statement of profit and loss.....................................................................14
Daimler's Horizontal statement of Balance sheet......................................................................14
Daimler's Vertical statement of profit and loss..........................................................................15
Daimler's Vertical statement of Balance sheet..........................................................................15
2. Cash position .........................................................................................................................15
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
APPENDIX....................................................................................................................................18
Daimler's Horizontal analysis of statement of profit and loss...................................................18
Daimler's Horizontal analysis of statement of financial position..............................................18
Daimler's Vertical analysis of statement of profit and loss.......................................................20
Daimler's Vertical analysis of statement of financial position..................................................22
Tesla's horizontal analysis of statement of profit and loss.........................................................24
Tesla's horizontal analysis of statement of financial position....................................................25
Tesla's vertical analysis of statement of profit and loss.............................................................27
Tesla's vertical analysis of statement of financial position........................................................28

INTRODUCTION
Financial analysis is referred as assessment about viability, solvent, stable along with
profitability of business. It might be considered as measuring how fund could be invested in
effective aspect. The main application of this analysis is to evaluate various economic trends,
building long term plans for activity of business, setting financial policy and to determine
companies or project for investment. Generally, it is performed by synthesizing financial
numbers along with data. The financial analysis could be done by different methods such as ratio
analysis, horizontal and vertical analysis. The present report will give brief discussion about
Tesla and Daimler along with their comparison during 2014 to 2017. Daimler and Tesla both are
in similar industry as Tesla is American energy organization and Daimler as German
multinational corporation. In the similar aspect, it will articulate financial weakness and strength
by stating strong company with its financial backgrounds. Further, it will reflect cash position of
both organization and perform critical evaluation in same time period with specific findings.
1. Critically contrasting and comparing financial performance of Tesla and Daimler (2014-2017)
Ratio Analysis
Liquidity ratio
Daimler
T
e
s
l
a
Tesla
Particular
s Formula 2014 2015 2016 2017 2014 2015 2016 2017
Current
Ratio
Current Assets /
Current Liability 1.15 1.19 1.21 1.23 1.52 0.99 1.07 0.86
1

Quick
ratio
(Current asset-
Inventory)/Curren
t Liability
0.84 0.88 0.90 0.92 1.02 0.49 0.69 0.53
Current ratio
Interpretation: The current ratio has been measured of both organization which is
articulated in graphical and tabular format of year 2014 to 2017. It has measured capability of
organization for repaying long and short term obligation with its current asset as its ideal ratio is
2:1. From the above graph, it has shown no organization is capable to accomplish ideal ratio
which signifies less liquidity. While comparing these organizations, Daimler has trend of
stability but Tesla was decreasing from year to year such as 1.51, 0.991, 1.074 and 0.856 from
2014 to 2017 respectively.
Quick Ratio
2

Interpretation: Quick ratio is referred as indicator of short term liquidity along with
measure of organization's capability for attaining obligations of short term with its specific liquid
assets. The ideal ratio of quick ratio is of 1:1 which was only met by Tesla in year 2014 but as
year passes, it decreased and faced various ups and down. The ratio of Daimler was also not
according to ideal ratio, but organization was trying to meet criteria as it was 0.83 in 2014, 0.87
in 2015, 0.90 in 2016 and 0.923 in 2017. In simple words, it could be elaborated as Daimler was
highly efficient to write off its current liabilities with quick assets as compared to Tesla over
specified duration.
Profitability Ratio
Daimler
T
e
s
l
a
Tesla
Particula
rs 2014 2015 2016 2017 2014 2015 2016 2017
Gross
profit
margin
(GP /
Sales)*1
00 21.70
%
21.27
%
20.85
%
20.89
%
27.58
%
22.84
%
22.84
%
18.90
%
(ROA)
return on
NP / 3.70% 3.90% 3.50% 4.10% -
5.00%
-
11.00
-
3.00%
-
6.80%
3

Assets
Total
Assets %
(ROCE)R
eturn on
capital
employed
Net
operating
profit /
Capital
employe
d)
7.70% 9.00% 7.60% 7.70% -
5.00%
-
13.60
%
-
4.00%
-
7.80%
(ROE)
Return on
Equity
Profit /
Net
worth
15.90
%
15.70
%
14.70
%
16.40
%
-
32.20
%
-
81.60
%
-
14.20
%
-
46.30
%
Gross Profit ratio
Interpretation: Gross profit ratio is very important profitability ratio which signifies
relationship among net sales revenue and gross profit of organization. It is considered as very
interesting tool for evaluating business's operational performance. This graph is presenting ratio
of duration of 2014 to 2016. It could be clearly viewed that Tesla has huge gross margin in year
2014 as compared to Daimler has 21.701. However, Tesla's gross profit margin is reducing from
year to year such as 22.337, 22.81 and 18.0896 in 2015, 2016 and 2017 respectively. In the
similar aspect, Daimler has maintained stability in gross profit margin in all 4 years approx to
20%.
4

Return on Asset
Interpretation: It is an indicator which helps in measuring profit is earned by
organization with reference to its assets. It also traces efficiency of management of organization
for producing earnings through various economic resources in its statement of financial position.
This graph is clearly depicting that Daimler is gaining huge return on its assets however, Tesla is
getting loss from year 2014 to 2017. Daimler's return has attained huge increment from year
2014 to 2017 as 0.007 to 0.041.
Return on capital employed
5

Interpretation: It is also a profitability ratio which helps in measuring efficiency of
companies for producing margin with context of employed capital. The above graph is
representing financial ratio for tracing trend of financial ratio with efficiency aspect for profit
with its capital employed. It is viewed that Daimler is generating huge returns on capital
employed as compared to Tesla. Daimler is at constant aspect from 2014 to 2017 as 7% on the
contrary, Tesla was getting negative returns whereas in 2015, it was facing huge losses.
Return on Equity
6

Interpretation: It is articulated as appropriate measure of financial performance which is
extracted by dividing net profit through shareholder's equity. The graph is replicating efficiency
and inefficiency of both Daimler and Tesla over year 2014 to 2017. It could be clearly articulated
that Tesla is inefficient for generating return on equity as it faced huge negative return in year
2015. However, Daimler is not making sufficient returns but it is creating 15% return in year
2014 and 2015 and in 2016 and 2017 it was 14% and 16% respectively. Hence, it could be
evaluated that Daimler is getting positive return in this specified duration (Return on Equity,
2018).
Efficiency ratio
Daimler
T
e
s
l
a
Tesla
Particular
s Formula 2014 2015 2016 2017 2014 2015 2016 2017
Asset
Turnover
Ratio
Net sales /
Average
total asset
(in times)
0.73 0.74 0.67 0.66 0.77 0.58 0.46 0.46
Inventory
turnover
ratio
COGS /
Average
stock
(In times)
5.32 5.27 4.94 5.09 3.58 2.80 3.23 4.40
Stock
turnover
ratio
(Closing
inventory /
COGS)*365
(in days)
74.89 73.7
0 76.38 72.12 150.29 149.3
7
139.6
9 86.66
Asset Turnover ratio
7

Interpretation: The sales value along with revenue has been measured via asset turnover
ratio of Daimler and Tesla on basis of asset value. It is an efficiency indicator with objective of
various assets which are deployed for generating revenue. The above table and graph are
reflecting division of sales revenue by average of total assets. If ratio is 1 or more than
companies are performing in effective method but in this case no organization is capable to meet
level of efficiency. While comparing both entities, it had been evaluated that Daimler is
generating huge return from year 2015 to 2017 but in 2014, Tesla was having ratio of 0.774 but it
decreased to 0.560, 0.456, 0.53 in 2015, 2016 and 2017 respectively.
Inventory Turnover ratio
8

Interpretation: The ratio of inventory turnover is considered as efficiency ratio which is
generally used for purpose of managing its inventory in efficient method along with proper
differentiation of cost of goods sold with average inventory of specified duration. In this ratio,
usually higher is better and in this graph it has shown inventory turnover of year 2014 to 2017 of
both organization. Tesla's turnover is less which shows weakness in its sales and huge inventory.
Daimler has maintained its turnover ratio such as 5.32 in 2014, 5.274 in 2015, 4.93 in 2016 and
5.09 in 2017. With this analysis of inventory turnover it had been founded that Daimler has high
sales and speed of company to sell its inventory with context of performance measure.
Day's Sales in Inventory
9

Interpretation: Days' sales in inventory is replicated for extracting number of days which
are used for selling average inventory for specified duration of one year. It is clearly viewed that
Tesla's graph has high amount as compared to Daimler but in this aspect lower is referred as
better aspect. It could be elaborated as number of days in which inventory could be converted in
liquid form and gained profit. Daimler has capability for this specified task in 75 days in 2014,
73 days in 2015, 76 days in 2016 and 72 days in 2017 which is less than Tesla's days' sales in
inventory. From the above graph it could be observed that Tesla is working hard to write its
inventory.
Leverage Ratio
Daimler
T
e
s
l
a
Tesla
Formula 2014 2015 201
6 2017 2014 201
5 2016 2017
Debt
ratio
Total
liabilities
/ Total
asset
0.77 0.75 0.76 0.75 0.84 0.87 0.79 0.85
10

Equit
y ratio
Total
Equity /
Total
Assets
0.23 0.25 0.24 0.25 0.16 0.14 0.21 0.15
Debt
equity
ratio
Total
Liabilities
/ Total
Equity
3.34 3.06 3.19 2.99 5.41 6.43 3.77 5.76
Debt Ratio
Interpretation: The debt ratio is replicated as financial ratio which helps in measuring
leverage of both organization. It could be extracted as division of total debt to total asset in
decimal format. The above graph is reflecting specific proportion of asset of company is directly
financed with debt. The criteria of appropriate debt is specified as 0.15 and less than this is
healthy, whereas 0.20 is less preferable and more than this is considered as signal of danger and
risk. It has been articulated that Tesla and Daimler are facing risk but with comparison Tesla is
facing high risk in every year (Annual report of Daimler, 2017).
Equity Ratio
11

Interpretation: The equity ratio is considered as appropriate indicator about level of
leverage of specific business entity. The specific proportion has been measured by total assets of
organization are financed by equity and creditors are opposed in this scenario. If there is
presence of high equity ratio then it could be interpreted that there is less risk and high financial
strength so in short Daimler would be signifying less risk. However, Tesla has 0.15 in 2014, 0.13
in 2015, 0.21 in 2016 and 0.14 in 2017 as they have less assets which are financed via equity so
there is high risk and deficiency in financial strength as well.
Debt equity ratio
12

Interpretation: The debt equity ratio is leverage ratio which is indicator of particular
proportion of debt and shareholder's equity as they are directly undertaken by funding
organization's assets. The above table and graph is representing proportion of capital structure of
Daimler and Tesla. In this specific criteria, 1.5 or less than is best and along with this 2 is also
preferable. It would be identified that debt equity ratio of Tesla is very risky as it has huge debt
and less equity which is higher than 5 from year 2014 to 2017. On the contrary, Daimler is also
facing risk but in comparison, it has less risk from Tesla.
Summary of Ratio analysis
2017
Parameters Daimler Tesla Better
Liquidity ratio
Current Ratio 1.225 0.856 Daimler
Quick ratio 0.923 0.526 Daimler
Profitability ratio
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
13

Efficiency ratio
Asset Turnover Ratio 0.659 0.458 Daimler
Inventory turnover
ratio 5.091 times 4.400 times Daimler
Leverage Ratio
Days' Sales in
inventory 72.119 days 86.657 days Daimler
Debt ratio 0.75 0.852 Daimler
Equity ratio 0.25 0.148 Daimler
Debt equity ratio 2.992 5.763 Daimler
Interpretation: In nutshell, it had been identified that Daimler has attained financial
strength over year 2014 to 2017 in terms of profitability, liquidity, efficiency and leverage ratio
as well. It is facing risk also but it is giving profit not like Tesla which is not capable to generate
returns on equity, capital employee and asset turnover as well.
Tesla's Horizontal statement of profit and loss
Mentioned in Appendix
Interpretation: The above statement is signifying horizontal analysis of profit and loss
statement of year 2014 to 2017 as it has shown percentage change in its each element from
previous year. The most important component of every organization is considered as sales
revenue which has increment from huge proportions from year to year as it was 26.5% in 2015
and it raised to 73% in 2016. In the similar aspect, it raised but by 65.4%. In the similar aspect,
its gross profit also rose by 4.8%, 73.2% and 27.8% in 2015, 2016 and 2017 respectively.
Further, the next essential element is operating income which decreased in every year as
company was not capable for generating margin in this specified duration.
Tesla's Horizontal statement of Balance sheet
Mentioned in Appendix
Interpretation: The horizontal statement of balance sheet has been shown over duration
of 2014 to 2017. In this aspect, its current assets were decreasing in 2015 but with reference to
receivable, other current asset and cash there was positive change by 124% and in same series, it
raised by 4.97% in 2017. With reference to non current assets, as they were increasing year to
14

year with huge proportion such as 99.96%, 209.45% and 34.63% in 2015, 2016 and 2017
respectively. This effect of current and non current asset is given on total assets by 38.32% in
2015, 180% in 2016 and 26.44% in 2017.
Further, with context of liabilities, its current liability was also increasing which is not
good for organization if it is in huge proportion such as 106% in 2016 and in similar aspect,
33.65% and 31.74% in 2015 and 2017 respectively. The non current liabilities were increasing
by 48% in 2015, 188% in 2016 and 38.56% in 2017. The most important aspect is about total
equity which is beneficial for Tesla but in 2017 it decreased and however in 2015 and 2016 it
rose by 19.41% and 336.46% respectively.
Tesla's Vertical statement of profit and loss
Mentioned in Appendix
Interpretation: The above statement is showing vertical analysis of income statement of
Tesla where contribution of every element has been specified on its revenue. In year 2014, the
gross profit was 27.5% of revenue as organization was not capable to generate net profit as it was
having huge operating expenses as compared to gross profit. Further, its gross profit rose by
22.8% in 2016 and 2017 but till 2017 it was not able to generate net profit.
Tesla's Vertical statement of Balance sheet
Mentioned in Appendix
Interpretation: The above statement is showing contribution of essential element's
contribution of year 2014 to 2017. The total assets comprise 54.69% as current assets and
45.31% as non current asset in year 2015. In year 2016, current asset's contribution decrease and
non current asset increases by 34.50% and 65% respectively. In the similar aspect, current asset
rose by 14.97% and non current asset as 72.38% in year 2017.
Daimler's Horizontal statement of profit and loss
Mentioned in Appendix
Interpretation: The above statement is showing horizontal income statement of Daimler
as its increment in gross profit is not following any trend. As it is increasing but with 12.82% in
2015, 0.52% in 2016 and 7.41% in 2017. In the similar aspect, its sales revenue was also not
following any trend which raised by 15.09%, 2.54% and 7.22% in 2015, 2016 and 2017
respectively. The next important element is operating income which has huge role in generating
profit and business operations with increment in 32.32% in 2015 and 7.54% in 2017 but it
15

decreased in 2016 by 3.74%. After deducting tax expense, there is extraction of net income
which is in creasing in this specified duration by 21% in 2015, 1.21% in 2016 and 23.45% in
2017.
Daimler's Horizontal statement of Balance sheet
Mentioned in Appendix
Interpretation: In this statement, current assets were raised by 19.06% in 2015 followed
by 11.11% in 2016 and increment with small proportion of 4.59% in 2017. In the similar aspect,
its non current assets were also raised by 11.40%, 12.46% and 5.63% in 2015, 2016 and 2017
respectively. With context of current liability are raised by 15.09% then in 2016 by 9.57% and in
2017 by 3.14%. The most important component is non current liability which plays major role in
every business entity as this is increased in 2015 by 9.53%, in 2016 by 16.25% and in 2017 by
3.87%. Total equities play essential role in measuring total liabilities as they are very beneficial
to organization which was increasing by 22.66% in 2015, 8.19% in 2016 and 10.48% in 2017.
Daimler's Vertical statement of profit and loss
Mentioned in Appendix
Interpretation: The above statement is showing contribution of every element in income
statement. Its gross profit are contributing to sales revenue by 21.70% in 2015, 21.27% in 2016
and 20.86% in 2017. Further, operating income was 7.30% in 2015, 8.39% and 7.88% of its sale
revenue. This impact had affected net income which is raising by approx 5% in every year.
Daimler's Vertical statement of Balance sheet
Mentioned in Appendix
Interpretation: The current assets and non current assets are contributing 40.68% and
41.66% respectively of its total assets in year 2015. In the similar aspect, in 2016 it was 42.29%
and 57.71% and in 2017 it was about 42% and 58% of their total asset.
The current liability and non current liabilities are contributing 35.32% and 41.66%
respectively of its total liabilities and equity in year 2015. In the similar aspect, in 2016 it was
35.49% and 39.84% and in 2017 it was about 34.76% and 41.39% of their total equities and
liabilities.
16

2. Cash position
Interpretation: It is clearly articulated that Daimler's cash position is efficient as
compared to Tesla (Annual report of Tesla, 2017).
CONCLUSION
From the above study it had been concluded financial analysis helps for reflecting
organization's growth with proper existence for accomplishing level of profitability. It had been
shown that individual organization and firms are interested for purpose of investing in business
with application of various techniques of financial analysis. It is articulated from above report
that Daimler is performing in efficient aspect with reference to financial analysis. In the similar
aspect, it has shown percentage change with context of vertical and horizontal analysis of
financial statements of year 2014 to 2017. Further, it had been researched that Tesla was
performing appropriate in year 2016 but due to circumstances and complacency there was
decrement in its profitability, liquidity, solvency along with high risk as well. It has been
summarised that Daimler's cash position is better than compared to Tesla.
17

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>.
Return on Equity. 2018. [Online]. Available through <https://investinganswers.com/financial-
dictionary/financial-statement-analysis/return-equity-roe-916>.
18

APPENDIX
Daimler's Horizontal analysis of statement of profit and loss
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
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
19

Daimler's Horizontal analysis of statement of financial position
2014
Percenta
ge
Change
2015
Percenta
ge
Change
2016
Percent
age
Change
2017
Assets
Current Assets
Receivables 30727 25.49% 38559 8.20% 41719 4.97% 43792
Inventories 20,864.
00 13.88% 23760 6.84% 25384 1.19%
25,686.
0
Prepaid expense 294 50.34% 442 28.05% 566 11.66% 632
Other current asset 8,554 15.45% 9,876 17.15% 11,570 13.53% 13,135
- -
Cash 16,706 14.99% 19,210 18.76% 22,813 2.97% 23,490
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
20

Total non-current asset 112,490
.0 11.40%
125,319.
0 12.46%
140,936
.0 5.63%
148,87
0.0
TOTAL ASSETS 189,635
.0 14.52%
217,166.
0 11.89%
242,988
.0 5.19%
255,60
5.0
Liabilities
Current Liabilities
Short term debt 12685 10.68% 14040 14.18% 16031 -3.49% 15472
Capital leases 40.00 7.50% 43 -30.23% 30 -10.00% 27.0
Accounts payable 10178 3.64% 10548 9.66%
11,567.
00 7.84%
12,474.
00
Deferred income tax 757.00 2.64% 777.00 -3.35% 751.00 -25.43% 560.00
Payable tax 1,703.0
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
21

Pension 12806 -32.35% 8663 4.28% 9034 -36.16% 5767
Minority interest 919 15.67% 1063 11.29% 1183 9.13% 1291
other long term liabilities 23638 -0.15% 23603 9.47% 25838 11.26% 28748
Total non-current liability 78,996.
0 9.53% 86,524.0 16.25%
100,581
.0 3.87%
104,47
7.0
Total Liability 145,970
.0 12.08%
163,605.
0 13.10%
185,038
.0 3.54%
191,58
2.0
Equity
Paid up capital 3070 0.00% 3070 0.00% 3070 0.00% 3070
Retained earnings 28487 29.85% 36991 10.28% 40794 16.88% 47682
Accumulated other
comprehensive income 12108 11.50% 13500 4.34% 14086 -5.79% 13271
Total Equity 43,665.
00 22.66%
53,561.0
0 8.19%
57,950.
00 10.48%
64,023.
00
TOTAL LIABILITIES
& EQUITY 189635 14.52% 217166 11.89% 242988 5.19% 255605
Daimler's Vertical analysis of statement of profit and loss
2014
Percentage
Change 2015
Percentage
Change 2016 Percentag
e Change 2017
Total
Revenue 129,872.0 100.00% 149,467.0 100.00% 153261 100.00%
164,3
30
Cost of
Sales (101,688.0) -78.30% (117,670.0) -78.73%
-121298
-79.14%
-
12999
9
Gross
Profit 28,184.0 21.70% 31,797.0 21.27% 31963 20.86% 34331
22

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
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
23

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
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%
24

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
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
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
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
26

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
before tax -285 207.4% -876 -14.8% -746 196.1% -2209
Provision
for income
tax 9 44.4% 13 107.7% 27 18.5% 32
Net
income
from
continued
work -294 202.4% -889 -13.0% -773 189.9% -2241
Other 0 0 98 184.7% 279
Net profit -294 202.4% -889 -24.1% -675 190.7% -1962
27

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
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 2651 99.96% 5301 209.45% 16404 34.63% 22085
28

asset
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
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
29

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
profit 881 27.5% 923 22.8% 1599 22.8% 2043
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
30

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
Other 0 0.0% 0 0.0% 98 1.4% 279
Net profit -294 -9.2% -889 -22.0% -675 -9.6% -1962
Tesla's vertical analysis of statement of financial position
2014
Percenta
ge
Change 2015
Percenta
ge
Change 2016
Percenta
ge
Change 2017
Assets
Current Assets
Receivables 227 3.88% 169 0.020882 499 2.20% 515
31