APPENDIX A-3

Tesla, Inc. (TSLA)

Cash Flow
All numbers in thousands

Period Ending 12/31/2017 12/31/2016

Net Income -1,961,400 -674,914

Operating Activities, Cash Flows Provided By or Used In

Depreciation 1,636,003 947,099

Adjustments To Net Income 670,309 203,157
Changes In Accounts
-24,635 -216,565
Receivables
Changes In Liabilities 857,108 1,133,602
Changes In Inventories -178,850 -632,867
Changes In Other Operating
-1,150,226 -978,031
Activities
Total Cash Flow From
-60,654 -123,829
Operating Activities

Investing Activities, Cash Flows Provided By or Used In

Capital Expenditures -4,081,354 -1,440,471

Investments - 16,667
Other Cash flows from
-223,090 -206,149
Investing Activities
Total Cash Flows From
-4,418,967 -1,416,430
Investing Activities
Financing Activities, Cash Flows Provided By or Used In
Dividends Paid 0 0
Sale Purchase of Stock - -
Net Borrowings 3,385,588 1,718,190
Other Cash Flows from
369,985 160,235
Financing Activities
Total Cash Flows From
4,414,864 3,743,976
Financing Activities
Effect Of Exchange Rate
39,455 -7,409
Changes
Change In Cash and Cash
-25,302 2,196,308
Equivalents
 APPENDIX A-3

esla, Inc. (TSLA)

Cash Flow

12/31/2015
-888,663

In

422,590
356,809

46,267

585,548
-369,364

-755,740

-524,499

-1,634,850
16,667

-26,441

-1,673,551

In
0
-
683,937

-17,025

1,523,523

-34,278

-708,805
 APPENDIX A-2

Tesla, Inc. (TSLA)

Balance Sheet
All numbers in thousands
Period Ending 12/31/2017 12/31/2016 12/31/2015
Current Assets

Cash And Cash Equivalents 3,367,914 3,393,216 1,196,908

Short Term Investments 155,323 105,519 22,628

Net Receivables 515,381 499,142 168,965
Inventory 2,263,537 2,067,454 1,277,838
Other Current Assets 268,365 194,465 115,667
Total Current Assets 6,570,520 6,259,796 2,782,006
Long Term Investments - - -

Property Plant and Equipment 20,491,616 15,036,917 5,194,737

Goodwill 60,237 - -
Intangible Assets 361,502 376,145 12,816
Accumulated Amortization - - -
Other Assets 1,171,497 991,218 78,380
Deferred Long Term Asset
- - -
Charges
Total Assets 28,655,372 22,664,076 8,067,939
Current Liabilities
Accounts Payable 2,390,250 1,860,341 916,148

Short/Current Long Term Debt 867,232 1,210,028 675,212

Other Current Liabilities 4,417,188 2,756,636 1,219,675

Total Current Liabilities 7,674,670 5,827,005 2,811,035
Long Term Debt 9,415,800 6,053,860 2,021,093
Other Liabilities 4,196,294 2,865,298 2,104,822
Deferred Long Term Liability
341,136 851,790 -
Charges
Minority Interest 1,395,080 1,152,214 -
Negative Goodwill - - -
Total Liabilities 23,022,980 16,750,167 6,936,950
Stockholders' Equity

Misc. Stocks Options Warrants - - -

Redeemable Preferred Stock - - -

Preferred Stock - - -
Common Stock 169 161 131
Retained Earnings -4,974,299 -2,997,237 -2,322,323
Treasury Stock 33,348 -23,740 -3,556
Capital Surplus 9,178,024 7,773,727 3,409,452
Other Stockholder Equity 1,395,150 1,160,998 47,285
 APPENDIX A-2

Total Stockholder Equity 5,632,392 5,913,909 1,130,989

Total Liabilities & Equity 28,655,372 22,664,076 8,067,939
 APPENDIX A-1

Tesla, Inc. (TSLA)

Income Statement
All numbers in thousands

Revenue 12/31/2017 12/31/2016 12/31/2015

Total Revenue 11,758,751 7,000,132 4,046,025
Cost of Revenue 9,536,264 5,400,875 3,122,522
Gross Profit 2,222,487 1,599,257 923,503
Operating Expenses
Research Development 1,378,073 834,408 717,900
Selling General and
2,450,700 1,410,489 922,232
Administrative
Non Recurring - - -
Others - - -
Total Operating Expenses 13,365,037 7,645,772 4,762,654

Operating Income or Loss -1,606,286 -645,640 -716,629

Income from Continuing Operations

Total Other Income/Expenses
-131,487 119,802 -40,144
Net
Earnings Before Interest and
-1,737,773 -525,838 -756,773
Taxes
Interest Expense -471,259 -191,810 -118,851
Income Before Tax -2,209,032 -746,348 -875,624
Income Tax Expense 31,546 26,698 13,039
Minority Interest 1,395,080 1,152,214 1,152,214
Net Income From
-2,240,578 -773,046 -888,663
Continuing Ops
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting
- - -
Changes

Other Items - - -

Net Income
Net Income -1,961,400 -674,914 -888,663
Preferred Stock And Other
- - -
Adjustments

Net Income
Applicable To -1,961,400 -674,914 -888,663
Common Shares
 APPENDIX A-1

Vertical Analysis - Tesla Income Statements

Tesla, Inc. (TSLA)
Income Statement
2017 2016
Revenue
Total Revenue 11,758,751 100% 7,000,132 100%
Cost of Revenue 9,536,264 81% 5,400,875 77%
Gross Profit 2,222,487 19% 1,599,257 23%
Operating
Expenses
Research
1,378,073 12% 834,408 12%
Development
Selling General and
2,450,700 21% 1,410,489 20%
Administrative
Non Recurring - - - -
Others - - - -
Total Operating
13,365,037 114% 7,645,772 109%
Expenses
Operating Income
-1,606,286 -14% -645,640 -9%
or Loss

Income from
Continuing
Operations

Total Other
Income/Expenses -131,487 -1% 119,802 2%
Net
Earnings Before
-1,737,773 -15% -525,838 -8%
Interest and Taxes
Interest Expense -471,259 -4% -191,810 -3%
Income Before Tax -2,209,032 -19% -746,348 -11%
Income Tax Expense 31,546 0% 26,698 0%
Minority Interest 1,395,080 12% 1,152,214 16%
Net Income From
-2,240,578 -19% -773,046 -11%
Continuing Ops
Non-recurring
0% 0%
Events
Discontinued
- - - -
Operations
Extraordinary Items - - - -

Effect Of Accounting
- - - -
Changes

Other Items - - - -
 APPENDIX A-1

Net Income
Net Income -1,961,400 -17% -674,914 -10%

Preferred Stock And

- - - -
Other Adjustments

Net Income
Applicable To -1,961,400 -17% -674,914 -10%
Common Shares
 APPENDIX A-1

tical Analysis - Tesla Income Statements

Tesla, Inc. (TSLA)
Income Statement
2015

4,046,025 100%
3,122,522 77%
923,503 23%

717,900 18%

922,232 23%
- -
- -

4,762,654 118%

-716,629 -18%

-40,144 -1%

-756,773 -19%
-118,851 -3%
-875,624 -22%
13,039 0%
1,152,214 28%

-888,663 -22%

0%

- -
- -

- -

- -
 APPENDIX A-1

-888,663 -22%

- -

-888,663 -22%
 APPENDIX C-3

Horizontal Analysis - Tesla Income S

Tesla, Inc. (TSLA)
Income Statement
All numbers in thousands
2017 2016 2015
Revenue Percent Percent
Total Revenue 11,758,751 68.0% 7,000,132 73.0% 4,046,025
Cost of Revenue 9,536,264 76.6% 5,400,875 73.0% 3,122,522
Gross Profit 2,222,487 39.0% 1,599,257 73.2% 923,503
Operating
Expenses 0 0
Research
Development 1,378,073 65.2% 834,408 16.2% 717,900
Selling General and
Administrative 2,450,700 73.7% 1,410,489 52.9% 922,232
Non Recurring - 0 - 0 -
Others - 0 - 0 -
Total Operating
Expenses 13,365,037 74.8% 7,645,772 60.5% 4,762,654
Operating Income
Income from
or Loss
Continuing -1,606,286 148.8% -645,640 -9.9% -716,629
Operations 0.0% 0.0%
Total Other
Income/Expenses
Net -602,746 498.5% -100,708 -36.7% -158,995
Earnings Before
Interest and Taxes -1,606,286 148.8% -645,640 -9.9% -716,629
Interest Expense -471,259 145.7% -191,810 61.4% -118,851
Income Before Tax -2,209,032 196.0% -746,348 -14.8% -875,624

Income Tax Expense 31,546 18.2% 26,698 104.8% 13,039

Minority Interest 1,395,080 21.1% 1,152,214 0.0% 1,152,214
Net Income From
Continuing Ops -2,240,578 189.8% -773,046 -13.0% -888,663
Non-recurring
Events
Discontinued
Operations - - -
Extraordinary Items - - -

Effect Of Accounting
Changes - - -
Other Items - - -
Net Income
 APPENDIX C-3

Net Income -1,961,400 190.6% -674,914 -24.1% -888,663

Preferred Stock And

Other Adjustments - 0.0% - 0.0% -
Net Income
Applicable To
Common Shares -1,961,400 190.6% -674,914 -24.1% -888,663
 APPENDIX C-3

al Analysis - Tesla Income Statements

Tesla, Inc. (TSLA)
Income Statement
Increase of Decrease Increase of Decrease Increase of Decrease
2015 to 2016 2016 to 2017 2015 to 2017
Amount Percent Amount Percent Amount Percent
2,954,107 73.0% 4,758,619 68.0% 7,712,726 261.1%
2,278,353 73.0% 4,135,389 76.6% 6,413,742 281.5%
675,754 73.2% 623,230 39.0% 1,298,984 192.2%

116,508 16.2% 543,665 65.2% 660,173 566.6%

488,257 52.9% 1,040,211 73.7% 1,528,468 313.0%

2,883,118 60.5% 5,719,265 74.8% 8,602,383 298.4%

70,989 -9.9% -960,646 148.8% -889,657 -1253.2%

58,287 -36.7% -502,038 498.5% -443,751 -761.3%

70,989 -9.9% -960,646 148.8% -889,657 -1253.2%

-72,959 61.4% -279,449 145.7% -352,408 483.0%
129,276 -14.8% -1,462,684 196.0% -1,333,408 -1031.4%

13,659 104.8% 4,848 18.2% 18,507 135.5%

0 0.0% 242,866 21.1% 242,866 #DIV/0!

115,617 -13.0% -1,467,532 189.8% -1,351,915 -1169.3%

 APPENDIX C-3

213,749 -24.1% -1,286,486 190.6% -1,072,737 -501.9%

213,749 -24.1% -1,286,486 190.6% -1,072,737 -501.9%

 APPENDIX A-2

Verical Analysis - Tesla Balance Sheets

Tesla, Inc. (TSLA)
Balance Sheet

2017 2016 2015

Current Assets
Cash And Cash
3,367,914 3,393,216 1,196,908
Equivalents 12% 15%
Short Term
155,323 105,519 22,628
Investments 1% 0%
Net Receivables 515,381 2% 499,142 2% 168,965
Inventory 2,263,537 8% 2,067,454 9% 1,277,838
Other Current Assets 268,365 194,465 115,667
1% 1%

Total Current Assets 6,570,520 6,259,796 2,782,006

23% 28%
Long Term
- - - - -
Investments
Property Plant and
20,491,616 15,036,917 5,194,737
Equipment 72% 66%
Goodwill 60,237 0% - - -
Intangible Assets 361,502 1% 376,145 2% 12,816
Accumulated
- - - - -
Amortization
Other Assets 1,171,497 4% 991,218 4% 78,380
Deferred Long Term
- - - - -
Asset Charges
Total Assets 28,655,372 100% 22,664,076 100% 8,067,939
Current Liabilities
Accounts Payable 2,390,250 8% 1,860,341 8% 916,148
Short/Current Long
867,232 1,210,028 675,212
Term Debt 3% 5%
Other Current
4,417,188 2,756,636 1,219,675
Liabilities 15% 12%
Total Current
7,674,670 5,827,005 2,811,035
Liabilities 27% 26%
Long Term Debt 9,415,800 33% 6,053,860 27% 2,021,093
Other Liabilities 4,196,294 15% 2,865,298 13% 2,104,822
Deferred Long Term
341,136 851,790 -
Liability Charges 1% 4%
Minority Interest 1,395,080 5% 1,152,214 5% -
Negative Goodwill - - - - -
Total Liabilities 23,022,980 80% 16,750,167 74% 6,936,950

Stockholders' Equity
 APPENDIX A-2

Misc. Stocks Options

- - - - -
Warrants
Redeemable
- - - - -
Preferred Stock
Preferred Stock - - - - -
Common Stock 169 0% 161 0% 131
Retained Earnings -4,974,299 -17% -2,997,237 -13% -2,322,323
Treasury Stock 33,348 0% -23,740 0% -3,556
Capital Surplus 9,178,024 32% 7,773,727 34% 3,409,452
Other Stockholder
1,395,150 1,160,998 47,285
Equity 5% 5%
Total Stockholder
5,632,392 5,913,909 1,130,989
Equity 20% 26%
Total Liabilities &
28,655,372 22,664,076 8,067,939
Equity 100% 100%
 APPENDIX A-2

al Analysis - Tesla Balance Sheets

Tesla, Inc. (TSLA)
Balance Sheet

15%

0%
2%
16%

1%

34%
-

64%
-
0%
-
1%
-

100%

11%

8%

15%

35%
25%
26%
-
-
-
86%
APPENDIX A-2

-
-
0%
-29%
0%
42%

1%

14%

100%
 APPENDIX C-4

Horizontal Analysis - Tesla Balance Sheets

Tesla, Inc. (TSLA)
Balance Sheet

2017 2016 2015

Current Assets
Cash And Cash
3,367,914 -0.7% 3,393,216 183.5% 1,196,908
Equivalents
Short Term
155,323 47.2% 105,519 366.3% 22,628
Investments
Net Receivables 515,381 3.3% 499,142 195.4% 168,965
Inventory 2,263,537 9.5% 2,067,454 61.8% 1,277,838
Other Current
268,365 38.0% 194,465 68.1% 115,667
Assets
Total Current
6,570,520 5.0% 6,259,796 125.0% 2,782,006
Assets

Long Term
- - - - -
Investments
Property Plant and
20,491,616 36.3% 15,036,917 189.5% 5,194,737
Equipment
Goodwill 60,237 0.0% - 0.0% -
Intangible Assets 361,502 -3.9% 376,145 2835.0% 12,816
Accumulated
- - - - -
Amortization
Other Assets 1,171,497 18.2% 991,218 1164.6% 78,380
Deferred Long Term
- - - - -
Asset Charges
Total Assets 28,655,372 26.4% 22,664,076 180.9% 8,067,939

Current Liabilities
Accounts Payable 2,390,250 28.5% 1,860,341 103.1% 916,148
Short/Current Long
867,232 -28.3% 1,210,028 79.2% 675,212
Term Debt
Other Current
4,417,188 60.2% 2,756,636 126.0% 1,219,675
Liabilities

Total Current
7,674,670 31.7% 5,827,005 107.3% 2,811,035
Liabilities
 APPENDIX C-4

Long Term Debt 9,415,800 55.5% 6,053,860 199.5% 2,021,093

Other Liabilities 4,196,294 46.5% 2,865,298 36.1% 2,104,822
Deferred Long Term
341,136 -60.0% 851,790 0.0% -
Liability Charges
Minority Interest 1,395,080 21.1% 1,152,214 0.0% -
Negative Goodwill - - - - -
Total Liabilities 23,022,980 37.4% 16,750,167 141.5% 6,936,950

Stockholders'
Equity
Misc. Stocks
- - - - -
Options Warrants
Redeemable
- - - - -
Preferred Stock
Preferred Stock - - - - -
Common Stock 169 5.0% 161 22.9% 131
Retained Earnings -4,974,299 66.0% -2,997,237 29.1% -2,322,323
Treasury Stock 33,348 -240.5% -23,740 567.6% -3,556
Capital Surplus 9,178,024 18.1% 7,773,727 128.0% 3,409,452
Other Stockholder
1,395,150 20.2% 1,160,998 2355.3% 47,285
Equity
Total Stockholder
5,632,392 -4.8% 5,913,909 422.9% 1,130,989
Equity
Total Liabilities &
28,655,372 26.4% 22,664,076 180.9% 8,067,939
Equity
 APPENDIX C-4

Increase of Decrease Increase of Decrease

2015 to 2016 2016 to 2017
Amount Percent Amount Percent

100%
2,196,308 183.5% -25,302 -0.7%
100%
82,891 366.3% 49,804 47.2%
100% 330,177 195.4% 16,239 3.3%
100% 789,616 61.8% 196,083 9.5%
100%
78,798 68.1% 73,900 38.0%
100%
3,477,790 125.0% 310,724 5.0%

100%
9,842,180 189.5% 5,454,699 36.3%

100% 363,329 2835.0% -14,643 -3.9%

100% 912,838 1164.6% 180,279 18.2%

100% 14,596,137 180.9% 5,991,296 26.4%

100% 944,193 103.1% 529,909 28.5%

100%
534,816 79.2% -342,796 -28.3%
100%
1,536,961 126.0% 1,660,552 60.2%

100%
3,015,970 107.3% 1,847,665 31.7%
 APPENDIX C-4

100% 4,032,767 199.5% 3,361,940 55.5%

100% 760,476 36.1% 1,330,996 46.5%

-510,654 -60.0%
242,866 21.1%

100% 9,813,217 141.5% 6,272,813 37.4%

100% 30 22.9% 8 5.0%

100% -674,914 29.1% -1,977,062 66.0%
100% -20,184 567.6% 57,088 -240.5%
100% 4,364,275 128.0% 1,404,297 18.1%
100%
1,113,713 2355.3% 234,152 20.2%
100%
4,782,920 422.9% -281,517 -4.8%
100%
14,596,137 180.9% 5,991,296 26.4%
 APPENDIX C-4

Increase of Decrease
2015 to 2017
Amount Percent

2,171,006 181.4%

132,695 586.4%
346,416 205.0%
985,699 77.1%

152,698 132.0%

3,788,514 136.2%

15,296,879 294.5%

348,686 2720.7%

1,093,117 1394.6%

20,587,433 255.2%

1,474,102 160.9%

192,020 28.4%

3,197,513 262.2%

4,863,635 173.0%
 APPENDIX C-4

7,394,707 365.9%
2,091,472 99.4%

16,086,030 231.9%

38 29.0%
-2,651,976 114.2%
36,904 -1037.8%
5,768,572 169.2%

1,347,865 2850.5%

4,501,403 398.0%

20,587,433 255.2%
 APPENDIX A-3

Vertical Analysis - Cash Flow Statements

Tesla, Inc. (TSLA)
Cash Flow Statements

2017 2016
Net Income -1,961,400 -16.7% -674,914 -9.6%
Operating Activities, Cash Flows
Provided By or Used In
Depreciation 1,636,003 13.9% 947,099 13.5%
Adjustments To Net Income 670,309 5.7% 203,157 2.9%
Changes In Accounts Receivables -24,635 -0.2% -216,565 -3.1%
Changes In Liabilities 857,108 7.3% 1,133,602 16.2%
Changes In Inventories -178,850 -1.5% -632,867 -9.0%
Changes In Other Operating Activities -1,150,226 -9.8% -978,031 -14.0%
Total Cash Flow From Operating
-60,654 -0.5% -123,829 -1.8%
Activities

Investing Activities, Cash Flows

Provided By or Used In
Capital Expenditures -4,081,354 -34.7% -1,440,471 -20.6%
Investments - - 16,667 0.2%

Other Cash flows from Investing Activities -223,090 -1.9% -206,149 -2.9%

Total Cash Flows From Investing

-4,418,967 -37.6% -1,416,430 -20.2%
Activities
Financing Activities, Cash Flows
Provided By or Used In
Dividends Paid 0 0.0% 0 0.0%
Sale Purchase of Stock - - - -
Net Borrowings 3,385,588 28.8% 1,718,190 24.5%
Other Cash Flows from Financing
369,985 3.1% 160,235 2.3%
Activities
Total Cash Flows From Financing
4,414,864 37.5% 3,743,976 53.5%
Activities
Effect Of Exchange Rate Changes 39,455 0.3% -7,409 -0.1%

Change In Cash and Cash Equivalents -25,302 -0.2% 2,196,308 31.4%

 APPENDIX A-3

2015
-888,663 -22.0%

422,590 10.4%
356,809 8.8%
46,267 1.1%
585,548 14.5%
-369,364 -9.1%
-755,740 -18.7%

-524,499 -13.0%

-1,634,850 -40.4%
16,667 0.4%

-26,441 -0.7%

-1,673,551 -41.4%

0 0.0%
- -
683,937 16.9%

-17,025 -0.4%

1,523,523 37.7%

-34,278 -0.8%

-708,805 -17.5%
 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balan

 APPENDIX A-3

l Analysis - Tesla Balance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

ance Sheets Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Tesla Balance Sheets

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements

Tesla, Inc. (TSLA)
Cash Flow Statements

2017 2016 2015

Net Income -1,961,400 191% -674,914 -24% -888,663
Operating Activities, Cash Flows
Provided By or Used In
Depreciation 1,636,003 73% 947,099 124% 422,590
Adjustments To Net Income 670,309 230% 203,157 -43% 356,809
Changes In Accounts Receivables -24,635 -89% -216,565 -568% 46,267
Changes In Liabilities 857,108 -24% 1,133,602 94% 585,548
Changes In Inventories -178,850 -72% -632,867 71% -369,364
Changes In Other Operating Activities -1,150,226 18% -978,031 29% -755,740
Total Cash Flow From Operating
-60,654 -51% -123,829 -76% -524,499
Activities

Investing Activities, Cash Flows

Provided By or Used In
Capital Expenditures -4,081,354 183% -1,440,471 -12% -1,634,850
Investments - - 16,667 0% 16,667

Other Cash flows from Investing Activities -223,090 8% -206,149 680% -26,441

Total Cash Flows From Investing

-4,418,967 212% -1,416,430 -15% -1,673,551
Activities

Financing Activities, Cash Flows

Provided By or Used In

Dividends Paid 0 0 0 0 0
Sale Purchase of Stock - - - - -
Net Borrowings 3,385,588 97% 1,718,190 151% 683,937

Other Cash Flows from Financing Activities 369,985 131% 160,235 -1041% -17,025

Total Cash Flows From Financing

4,414,864 18% 3,743,976 146% 1,523,523
Activities
Effect Of Exchange Rate Changes 39,455 -633% -7,409 -78% -34,278

Change In Cash and Cash Equivalents -25,302 -101% 2,196,308 -410% -708,805
 APPENDIX A-3

-1,286,486 213,749

688,904 524,509
467,152 -153,652
191,930 -262,832
-276,494 548,054
454,017 -263,503
-172,195 -222,291

63,175 400,670

-2,640,883 194,379
- 0

-16,941 -179,708

-3,002,537 257,121

0 0
- -
1,667,398 1,034,253

209,750 177,260

670,888 2,220,453

46,864 26,869

-2,221,610 2,905,113
APPENDIX A-3

Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

tal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX A-3

low Statements Horizontal Analysis - Cash Flow Statements

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Anal

 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Sta
 APPENDIX A-3

Horizontal Analysis - Cash Flow Statements Horizontal Analysis - Cash Flow Statements
 APPENDIX D-1

Key Ratios - Tesla Support Information for Key Ratios

Financial Statement Ratios Information from Balance Sheet

All numbers in thousands
Year Year
Year Ending Year Ending Year Ending Year Ending Ending Ending
PROFITABILITY RATIOS Calculation 2017 2016 2015 2017 2016 2015
Net Income from Cont Ops/Total
Net Profit Margin Revenue -19.05% -11.04% -21.96% Cash & Cash Equivalents 3,367,914 3,393,216 1,196,908
Net Income from Cont Ops/Total
Return on Assets Assets -7.82% -3.41% -11.01% Current Assets 6,570,520 6,259,796 2,782,006

Return on Equity Net Income from Cont Ops/Equity -39.78% -13.07% -78.57% Total Assets 28,655,372 22,664,076 8,067,939
Net Profit after Taxation/(Total
Return on Capital Employed assets - Current Liabilities) -9.35% -4.01% -16.90% Inventory 2,263,537 2,067,454 1,277,838

Year Ending Year Ending Year Ending

LIQUIDITY RATIOS Calculation 2017 2016 2015 Current Liabilities 7,674,670 5,827,005 2,811,035

Current Ratio Current Assets/Current Liabilities 85.61% 107.43% 98.97% Long Term Debt 9,415,800 6,053,860 2,021,093
(Current Assets-
Quick Ratio Inventory)/Current Liabilities 56.12% 71.95% 53.51% Short Term Debt 867,232 1,210,028 675,212
Cash & Cash Equivalents/Current
Cash Ratio Liabilities 43.88% 58.23% 42.58% Total Liabilities 23,022,980 16,750,167 6,936,950
Total Stkholder Equity 5,632,392 5,913,909 1,130,989

Year Ending Year Ending Year Ending

DEBT/LEVERAGE RATIOS Calculation 2017 2016 2015
Long-Term Debt to Equity Ratio Long-Term Debt/Equity 1.67 1.02 1.79 Information from Income Statement
All numbers in thousands
Year Year
Year Ending Ending Ending
Total Debt to Equity Ratio Total Debt/Equity 4.09 2.83 6.13 2017 2016 2015
Earnings Before Interest&Tax
Interest Coverage Ratio (EBIT)/Interest Expense -3.69 -2.74 -6.37 Total Revenue 11,758,751 7,000,132 4,046,025
Operating Income or Loss -1,606,286 -645,640 -716,629

Year Ending Year Ending Year Ending Earnings Before

OPERATING PERFORMANCE RATIOS Calculation 2017 2016 2015 Interest/Tax (EBIT) -1,737,773 -525,838 -756,773
Inventory Turnover Ratio Total Revenue/Inventory 5.19 3.39 3.17 Interest Expense 471,259 191,810 118,851
 APPENDIX D-1

Net Income from

Fixed Asset Turnover Ratio Total Revenue/Total Assets 0.41 0.31 0.50 Continued Operations -2,240,578 -773,046 -888,663

Year Ending Year Ending Year Ending

CASH FLOW RATIOS Calculation 2017 2016 2015 Information from Statement of Cash Flow
All numbers in thousands
Year Year
Year Ending Ending Ending
Dividends Payout Ratio Dividends/Earnings Per Share 0.00 0.00 0.00 2017 2016 2015
Dividends Paid 0 0 0

Year Ending Year Ending Year Ending

INVESTMENT VALUATION RATIOS Calculation 2017 2016 2015
Current Stock Price/Earnings Per
Price to Earnings Ratio Share -28.23 -78.52 -48.51 Information from Yahoo Finance
All numbers in thousands
Year Year
Net Asset Value/Common Shares Year Ending Ending Ending
Price to Book Value Ratio Outstanding 0.20 0.23 0.07 2017 2016 2015

Net Profit after Taxation/Issued # of Common Shares

Earnings per Share (EPS) Common Shares -11.62 -4.18 -6.76 Outstanding 168,797 161,561 131,430

(Total Assets - Total

Liabilities)/Issued Common Current Stock Price (as of
Net Asset Value (NAV) Shares 33.37 36.60 8.61 11/21/18) $ 328.00
Market Value of Equity/Total
Price/Sales Revenue 4.71 7.57 10.65
Dividend Yield N/A N/A N/A
 APPENDIX B-1

Ford (F)
Income Statement
All numbers in thousands

Revenue 12/31/2017 12/31/2016 12/31/2015

Total Revenue 156,776,000 151,800,000 149,558,000
Cost of Revenue 140,197,000 134,616,000 131,410,000
Gross Profit 16,579,000 17,184,000 18,148,000
Operating Expenses
Research Development - - -
Selling General and
9,770,000 12,597,000 10,097,000
Administrative
Non Recurring - - -
Others - - -
Total Operating Expenses 149,967,000 147,213,000 141,507,000

Operating Income or Loss 6,809,000 4,587,000 8,051,000

Income from Continuing Operations

Total Other
2,475,000 119,802 -40,144
Income/Expenses Net
Earnings Before Interest and
9,284,000 4,706,802 8,010,856
Taxes
Interest Expense -1,136,000 -899,000 -773,000
Income Before Tax 8,148,000 6,796,000 10,252,000
Income Tax Expense 520,000 2,189,000 2,881,000
Minority Interest 126,000 113,000 109,000
Net Income From
7,628,000 4,607,000 7,371,000
Continuing Ops
Non-recurring Events
Discontinued Operations - - -
Extraordinary Items - - -
Effect Of Accounting
- - -
Changes

Other Items - - -

Net Income
Net Income 7,602,000 4,596,000 7,373,000
Preferred Stock And Other
- - -
Adjustments

Net Income
Applicable To 7,602,000 4,596,000 7,373,000
Common Shares
 APPENDIX B-2

Ford (F)
Balance Sheet
All numbers in thousands

Period Ending 12/31/2017 12/31/2016 12/31/2015

Current Assets
Cash And Cash Equivalents 18,492,000 15,905,000 14,272,000
Short Term Investments 20,435,000 22,922,000 20,904,000
Net Receivables 52,210,000 46,266,000 56,179,000
Inventory 10,277,000 8,898,000 8,319,000
Other Current Assets 14,488,000 14,470,000 2,913,000
Total Current Assets 115,902,000 108,461,000 102,587,000
Long Term Investments 84,417,000 78,753,000 72,647,000

Property Plant and Equipment 35,327,000 33,692,000 30,163,000

Goodwill 75,000 50,000 6,000

Intangible Assets 213,000 198,000 124,000
Accumulated Amortization - - -
Other Assets 10,901,000 7,092,000 7,889,000
Deferred Long Term Asset
10,973,000 9,705,000 11,509,000
Charges
Total Assets 257,808,000 237,951,000 224,925,000
Current Liabilities
Accounts Payable 23,282,000 21,296,000 20,272,000

Short/Current Long Term Debt 51,621,000 49,669,000 42,975,000

Other Current Liabilities 19,697,000 19,316,000 19,089,000

Total Current Liabilities 94,600,000 90,281,000 82,336,000
Long Term Debt 102,666,000 104,474,000 102,276,000
Other Liabilities 24,711,000 13,222,000 11,060,000
Deferred Long Term Liability
815,000 691,000 502,000
Charges
Minority Interest
Negative Goodwill - - -
Total Liabilities 222,792,000 208,668,000 196,174,000
Stockholders' Equity

Misc. Stocks Options Warrants - - -

Redeemable Preferred Stock - - -

Preferred Stock - - -
Common Stock 41,000 41,000 41,000
Retained Earnings 21,218,000 15,634,000 21,421,000
Treasury Stock -1,253,000 -1,122,000 -977,000
Capital Surplus 21,843,000 21,630,000 21,421,000
Other Stockholder Equity -6,833,000 -6,900,000 -13,155,000
Total Stockholder Equity 35,016,000 29,283,000 28,751,000
 APPENDIX B-2

Total Liabilities & Equity 257,808,000 237,951,000 224,925,000

 APPENDIX C-1

Vertical Analysis - Tesla & Ford Income Statements

Tesla, Inc. (TSLA) Ford (F)

Income Statement Income Statement
All numbers in thousands All numbers in thousands

Revenue 12/31/2017 12/31/2016 12/31/2015 12/31/2017 12/31/2016 12/31/2015

Total Revenue 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Cost of Revenue 81.1% 77.2% 77.2% 89.4% 88.7% 87.9%
Gross Profit 18.9% 22.8% 22.8% 10.6% 11.3% 12.1%

Operating Expenses
Research Development 11.7% 11.9% 17.7% - - -
Selling General and Administrative 20.8% 20.1% 22.8% 6.2% 8.3% 6.8%
Non Recurring - - - - - -
Others - - - - - -
Total Operating Expenses 113.7% 109.2% 117.7% 95.7% 97.0% 94.6%
Operating Income or Loss -13.7% -9.2% -17.7% 4.3% 3.0% 5.4%
Income from Continuing Operations
Total Other Income/Expenses Net -1.1% 1.7% -1.0% 1.6% 0.1% 0.0%
Earnings Before Interest and Taxes -14.8% -7.5% -18.7% 5.9% 3.1% 5.4%
Interest Expense -4.0% -2.7% -2.9% -0.7% -0.6% -0.5%
Income Before Tax -18.8% -10.7% -21.6% 5.2% 4.5% 6.9%
Income Tax Expense 0.3% 0.4% 0.3% 0.3% 1.4% 1.9%
Minority Interest 11.9% 16.5% 28.5% 0.1% 0.1% 0.1%

Net Income From Continuing Ops -19.1% -11.0% -22.0% 4.9% 3.0% 4.9%

Non-recurring Events
Discontinued Operations - - - - - -
Extraordinary Items - - - - - -
Effect Of Accounting Changes - - - - - -

Other Items - - - - - -

Net Income
Net Income -16.7% -9.6% -22.0% 4.8% 3.0% 4.9%
 APPENDIX C-2

Vertical Analysis - Tesla & Ford Balance Sheets

Tesla, Inc. (TSLA) Ford (F)

Balance Sheet Balance Sheet
All numbers in thousands All numbers in thousands

% of Assets % of Assets
Current Assets 12/31/2017 12/31/2016 12/31/2015 12/31/2017 12/31/2016 12/31/2015
Cash And Cash Equivalents 11.8% 15.0% 14.8% 7.2% 6.7% 6.3%
Short Term Investments 0.5% 0.5% 0.3% 7.9% 9.6% 9.3%
Net Receivables 1.8% 2.2% 2.1% 20.3% 19.4% 25.0%
Inventory 7.9% 9.1% 15.8% 4.0% 3.7% 3.7%
Other Current Assets 0.9% 0.9% 1.4% 5.6% 6.1% 1.3%
Total Current Assets
Long Term Investments 32.7% 33.1% 32.3%
Property Plant and Equipment 71.5% 66.3% 64.4% 13.7% 14.2% 13.4%
Goodwill 0.2% 0.0% 0.0% 0.0%
Intangible Assets 1.3% 1.7% 0.2% 0.1% 0.1% 0.1%
Accumulated Amortization
Other Assets 4.1% 4.4% 1.0% 4.2% 3.0% 3.5%
Deferred Long Term Asset Charges 4.3% 4.1% 5.1%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Current Liabilities
Accounts Payable 8.3% 8.2% 11.4% 9.0% 8.9% 9.0%
Short/Current Long Term Debt 3.0% 5.3% 8.4% 20.0% 20.9% 19.1%
Other Current Liabilities 15.4% 12.2% 15.1% 7.6% 8.1% 8.5%
Total Current Liabilities
Long Term Debt 32.9% 26.7% 25.1% 39.8% 43.9% 45.5%
Other Liabilities 14.6% 12.6% 26.1% 9.6% 5.6% 4.9%
Deferred Long Term Liability Charges 1.2% 3.8% - 0.3% 0.3% 0.2%
Minority Interest 4.9% 5.1% - 0.0% 0.0% 0.0%
Negative Goodwill
Total Liabilities

Stockholders' Equity
Misc. Stocks Options Warrants
Redeemable Preferred Stock
Preferred Stock
Common Stock 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings -17.4% -13.2% -28.8% 8.2% 6.6% 9.5%
Treasury Stock 0.1% -0.1% 0.0% -0.5% -0.5% -0.4%
Capital Surplus 32.0% 34.3% 42.3% 8.5% 9.1% 9.5%
Other Stockholder Equity 4.9% 5.1% 0.6% -2.7% -2.9% -5.8%
Total Stockholder Equity
Total Liabilities + Capital 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
 APPENDIX D-2

Key Ratios - Ford Motor Co. Support Information for Key Ratios

Financial Statement Ratios Information from Balance Sheet

All numbers in thousands
Year Ending Year Ending Year Ending Year Ending Year Ending Year Ending
PROFITABILITY RATIOS Calculation 2017 2016 2015 2017 2016 2015
Net Income from Cont Ops/Total
Net Profit Margin Revenue 4.87% 3.03% 4.93% Cash & Cash Equivalents 18,492,000 15,905,000 14,272,000
Net Income from Cont Ops/Total
Return on Assets Assets 2.96% 1.94% 3.28% Current Assets 115,902,000 108,461,000 102,587,000

Return on Equity Net Income from Cont Ops/Equity 21.78% 15.73% 25.64% Total Assets 257,808,000 237,951,000 224,925,000
Net Profit after Taxation/(Total
Return on Capital Employed assets - Current Liabilities) -1.20% -0.46% -0.62% Inventory 10,277,000 8,898,000 8,319,000

Year Ending Year Ending Year Ending

LIQUIDITY RATIOS Calculation 2017 2016 2015 Current Liabilities 94,600,000 90,281,000 82,336,000
Long Term Debt 102,666,000 104,474,000 102,276,000

Current Ratio Current Assets/Current Liabilities 122.52% 120.14% 124.60% Short Term Debt 51,621,000 1,210,028 42,975,000
(Current Assets-
Quick Ratio Inventory)/Current Liabilities 111.65% 110.28% 114.49% Total Liabilities 222,792,000 208,668,000 196,174,000
Cash & Cash Equivalents/Current
Cash Ratio Liabilities 19.55% 17.62% 17.33% Total Stkholder Equity 35,016,000 29,283,000 28,751,000

Year Ending Year Ending Year Ending

DEBT/LEVERAGE RATIOS Calculation 2017 2016 2015 Information from Income Statement
All numbers in thousands
Year Ending Year Ending Year Ending
Long-Term Debt to Equity Ratio Long-Term Debt/Equity 2.93 3.57 3.56 2017 2016 2015
Total Debt to Equity Ratio Total Debt/Equity 6.36 7.13 6.82 Total Revenue 156,776,000 151,800,000 149,558,000
Earnings Before Interest&Tax
Interest Coverage Ratio (EBIT)/Interest Expense 8.17 5.24 10.36 Operating Income or Loss 6,809,000 4,587,000 8,051,000
Earnings Before
Interest/Tax (EBIT) 9,284,000 4,706,802 8,010,856
Year Ending Year Ending Year Ending
OPERATING PERFORMANCE RATIOS Calculation 2017 2016 2015 Interest Expense 1,136,000 899,000 773,000
Net Income from
Inventory Turnover Ratio Total Revenue/Inventory 15.26 17.06 17.98 Continued Operations 7,628,000 4,607,000 7,371,000
Fixed Asset Turnover Ratio Total Revenue/Total Assets 0.61 0.64 0.66
Information from Statement of Cash Flow
 APPENDIX D-2

All numbers in thousands

Year Ending Year Ending Year Ending Year Ending Year Ending Year Ending
CASH FLOW RATIOS Calculation 2017 2016 2015 2017 2016 2015
Dividends Payout Ratio Dividends/Earnings Per Share 0.31 0.52 0.32 Dividends Paid 2,384,000 2,383,500 2,380,000

Year Ending Year Ending Year Ending

INVESTMENT VALUATION RATIOS Calculation 2017 2016 2015 Information from Yahoo Finance
All numbers in thousands
Current Stock Price/Earnings Per Year Ending Year Ending Year Ending
Price to Earnings Ratio Share 4.69 7.75 4.83 2017 2016 2015
Net Asset Value/Common Shares # of Common Shares
Price to Book Value Ratio Outstanding 0.00 0.00 0.00 Outstanding 3,910,000 3,910,000 3,910,000

Net Profit after Taxation/Issued Current Stock Price (as of

Earnings per Share (EPS) Common Shares 1.94 1.18 1.89 11/21/18) $ 9.11

(Total Assets - Total

Liabilities)/Issued Common
Net Asset Value (NAV) Shares 8.96 7.49 7.35
Market Value of Equity/Total
Price/Sales Revenue 0.23 0.23 0.24
(Annual Dividend/# of Shares
Dividend Yield Outstanding)/ Share Price 6.69% 6.69% 6.68%
 APPENDIX D-3

Key Ratios - Tesla Key Ratios - Ford

FINANCIAL STATEMENT RATIOS Financial Statement Ratios Financial Statement Ratios

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
PROFITABILITY RATIOS Calculation 2017 2016 2015 2017 2016 2015
Net Income from Cont Ops/Total
Net Profit Margin Revenue -19.05% -11.04% -21.96% 4.87% 3.03% 4.93%
Net Income from Cont Ops/Total
Return on Assets Assets -7.82% -3.41% -11.01% 2.96% 1.94% 3.28%

Return on Equity Net Income from Cont Ops/Equity -39.78% -13.07% -78.57% 21.78% 15.73% 25.64%
Net Profit after Taxation/(Total
Return on Capital Employed assets - Current Liabilities) -9.35% -4.01% -16.90% -1.20% -0.46% -0.62%

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
LIQUIDITY RATIOS Calculation 2017 2016 2015 2017 2016 2015

Current Ratio Current Assets/Current Liabilities 85.61% 107.43% 98.97% 4.87% 3.03% 4.93%
(Current Assets-
Quick Ratio Inventory)/Current Liabilities 56.12% 71.95% 53.51% 2.96% 1.94% 3.28%
Cash & Cash Equivalents/Current
Cash Ratio Liabilities 43.88% 58.23% 42.58% 21.78% 15.73% 25.64%

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
DEBT/LEVERAGE RATIOS Calculation 2017 2016 2015 2017 2016 2015
Long-Term Debt to Equity Ratio Long-Term Debt/Equity 1.67 1.02 1.79 1.23 1.20 1.25
Total Debt to Equity Ratio Total Debt/Equity 4.09 2.83 6.13 1.12 1.10 1.14
Earnings Before Interest&Tax
Interest Coverage Ratio (EBIT)/Interest Expense (3.69) (2.74) (6.37) 0.20 0.18 0.17

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
OPERATING PERFORMANCE RATIOS Calculation 2017 2016 2015 2017 2016 2015
Inventory Turnover Ratio Total Revenue/Inventory 5.19 3.39 3.17 2.93 3.57 3.56
Fixed Asset Turnover Ratio Total Revenue/Total Assets 0.41 0.31 0.50 6.36 7.13 6.82

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
CASH FLOW RATIOS Calculation 2017 2016 2015 2017 2016 2015
Dividends/Net Income from Cont
Dividends Payout Ratio Ops N/A N/A N/A 0.31 0.52 0.32

Year Year Year Year Year Year

Ending Ending Ending Ending Ending Ending
INVESTMENT VALUATION RATIOS Calculation 2017 2016 2015 2017 2016 2015
Current Stock Price/Earnings Per
Price to Earnings Ratio Share (28.23) (78.52) (48.51) 4.69 7.75 4.83
Net Asset Value/Common Shares
Price to Book Value Ratio Outstanding 0.20 0.23 0.07 0.00 0.00 0.00

Net Profit after Taxation/Issued

Earnings per Share (EPS) Common Shares (11.62) (4.18) (6.76) 1.94 1.18 1.89

(Total Assets - Total

Liabilities)/Issued Common
Net Asset Value (NAV) Shares 33.37 36.60 8.61 8.96 7.49 7.35
Market Value of Equity/Total
Price/Sales Revenue 4.71 7.57 10.65 0.23 0.23 0.24
(Annual Dividend/# of Shares
Dividend Yield Outstanding)/ Share Price N/A N/A N/A 6.69% 6.69% 6.68%