Income Statement

2014 2015 2016

(in thousands) Act Act Act
Automotive revenue 3,007,012 3,740,973 6,350,766
Energy generation and storage 4,208 14,477 181,394
Services and other 187,136 290,575 467,972
Total revenues 3,198,356 4,046,025 7,000,132
Automotive cost of revenues (2,145,749) (2,823,302) (4,750,081)
Energy generation and storage cost of revenues (4,005) (12,287) (178,332)
Services and other cost of revenues (166,931) (286,933) (472,462)
Gross profit 881,671 923,503 1,599,257
Research and development (464,700) (717,900) (834,408)
Selling, general and administrative (603,660) (922,232) (1,432,189)
EBIT (186,689) (716,629) (667,340)
Interest income 1,126 1,508 8,530
Interest expense (100,886) (118,851) (198,810)
Other income (expense), net 1,813 (41,652) 111,272
EBT (284,636) (875,624) (746,348)
Provision for income taxes 9,404 -13039 -26698
Net loss incl. minority interests (275,232) (888,663) (773,046)
Minority interests - - 98,132
Net loss $ (275,232) $ (888,663) $ (674,914)
TO CALCULATE THE COST OF REVENUE

Automotive cost of revenues 2,145,749 2,823,302 4,750,081

Energy generation and storage 4,005 12,287 178,332
Services and other cost of rev 166,931 286,933 472,462
TOTAL COST OF REVENUE 2,316,685 3,122,522 5,400,875
Balance Sheet

31 Dec 31 Dec 31 Dec

(in thousands) 2014 2015 2016
Cash and cash equivalents 1,905,713 1,196,908 3,393,216
Restricted cash and marketable securities 17,947 22,628 105,519
Accounts receivable, net 226,604 168,965 499,142
Inventory 953,675 1,277,838 2,067,454
Prepaid expenses and other current assets 76,134 115,667 194,465
Total current assets 3,180,073 2,782,006 6,259,796
Operating lease vehicles, net 766,744 1,791,403 3,134,080
Solar energy systems, leased and to be leased, net - - 5,919,880
Property, plant and equipment, net 1,829,267 3,403,334 5,982,957
Intangible assets, net - 12,816 376,145
portion - - 506,302
Restricted cash, net of current portion 11,374 31,522 268,165
Other assets 43,209 46,858 216,751
Total assets 5,830,667 8,067,939 22,664,076
Accounts payable 777,946 916,148 1,860,341
Accrued liabilities 268,883 422,798 1,210,028
Deferred revenue 191,651 423,961 763,126
Resale value guarantees - 136,831 179,504
Customer deposits 257,587 283,370 663,859
Current portion of long-term debt and capital leases 611,099 627,927 984,211
Current portion of solar bonds issued to related -
parties - - 165,936
Total current liabilities 2,107,166 2,811,035 5,827,005
Long-term debt and capital leases, net of current
portion 1,818,785 2,021,093 5,860,049
Solar bonds issued to related parties, net of current -
portion - - 99,164
Convertible senior notes issued to related parties - - 10,287
Deferred revenue, net of current portion 292,271 446,105 851,790
Resale value guarantees, net of current portion 487,879 1,293,741 2,210,423
Other long-term liabilities 154,660 364,976 1,891,449
Misc. stocks 58,196 47,285 375,823
Total liabilities 4,918,957 6,984,235 17,125,990
Total stockholders' equity 911,710 1,083,704 4,752,911
Noncontrolling interests in subsidiaries - - 785,175
Total liabilities and equity 5,830,667 8,067,939 22,664,076
 LIQUIDITY RATIOS
FORMULA

1 Current Ratio = Current Assets / Current Liabilities

2 Quick Ratio / Acid Test Ratio =
3 Cash Ratio=
4 Days Sales Inventory Outstanding (DIO)=
5 Days Sales Oustanding(DSO)=
6 Days Payable Oustanding (DPO)=
7 Cash Convrsion Cycle (CCC)/ Net Trade Cycle=
Quick Assets / Current Liabilities
Cash & Cash Equivalents / Current Liabilities
Average Invetory/Cost of Goods Sold*365
Average Trade Receivables/Sales*365
Average Trade Payables/ Cost of Goods Sold*365
DIO+DSO-DPO

PROFITABILITY AND GROWTH RATIOS

FORMULA
1. Revenue Growth Revenue of Current Year / of Previous Year - 1

2. Gross Profit Margin Gross Profit / Revenue

3. Operating Profit Margin (EBIT)= EBIT / Revenue

4. Net Profit Margin (Net Income) = Net Income / Revenue
5. Return on Asset (ROA)= Net Income / Total Assets
6. Return on Equity (ROE)= Net Income / Equity

SOLVENCY RATIOS
FORMULA
1. Debt Ratio= Total Liabilities / Total Assets
2. Debt to Equity Ratio= Total Liabilities / Stockholders' Equity
3. Interest Coverage Ratio / Times Interest Earned = Opearing Income (EBIT) / Interest Expenses
 RATIOS 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016

Current Ratio 1.5 1.0 1.1

Quick ratio 1.0 0.5 0.7
Cash Ratio 0.9 0.4 0.6
DIO 175.8 195.5 69.9
DSO 31.2 39.0 16.9
Goods Sold*365 DPO 133.5 162.3 62.9
Net Trade Cycle 73.5 72.3 23.9

RATIOS 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016

Growth- Automotive n.a 24.4% 69.8%
Growth - Energy Generation & Storage n.a 244.0% 1153.0%
Growth- Services & Other n.a 55.3% 61.1%
OVERALL REVENUE GROWTH n.a 26.5% 73.0%

GP - Automotive 28.6% 24.5% 25.2%

GP - Energy Generation & Storage 4.8% 15.1% 1.7%
GP-Services & other 10.8% 1.3% -1.0%
OVERALL GROSS PROFIT 27.6% 22.8% 22.8%

Operating Profit (Loss) Margin -5.8% -17.7% -9.5%

Net Profit (Loss) Margin -8.6% -22.0% -9.6%
ROA -4.7% -11.0% -3.0%
ROE -30.2% -82.0% -14.2%

RATIOS 31 Dec. 2014 31 Dec. 2015 31 Dec. 2016

Debt Ratio 0.8 0.9 0.8
Debt to Equity Ratio 5.4 6.4 3.6
Interest Coverage Ratio 1.9 6.0 3.6