Financial
Statement
Analysis
BMW AG – Daimler AG
Agenda
•
Introducti on
•
Common-Si ze Analysis
1 . C o m p a ri s o n
2 . Tr e n d
•
Ratio Analysi s
1 . C o m p a ri s o n
2 . Tr e n d
•
Conclusion
•
Sources
Introduction
DAIMLER AG
• Founded 1998 in Stuttgart
• Headquarters in Stuttgart
• Sales (2020): 154,3 billion euro
• 288.481 employees
• Joint stock company
Introduction
BMW AG
• Founded 1916 in Munich
• Headquarters in Munich
• Sales (2020): 70 billion euro
• 100.306 employees
• Joint stock company
Common-Size
Analysis
Comparing the Revenue:
• Mercedes-Benz sales decrease 10.7%
in 2020
• BMW Sales decrease 5.0% in 2020
• Both face falling sales numbers in
the industr y
• Mercedes has a wider product range,
so they are more delicate
Common-Size
Analysis
• BMW invests more in R&D
then Mercedes-Benz
• Mercedes-Benz keeps the
level of invest in R&D
Common-Size
Analysis
• Mercedes-Benz is trying to
reduce inventory ( -1.2%)
• BMW's inventory is even
growing around +0.3%
Trends
• 2020 both companies face
impacts of Covid -19
• BMW has a higher drop but
gaines also better again
• Mercedes-Benz can absorb a
deeper drop with their wider
product range
Ratio Analysis
Mercedes-Benz
2021
2020
2019
2018
Current Ratio
1,30
1,20
1,12
1,25
Quick Ratio
1,11
0,9
0,81
0,93
2021
2020
2019
2018
Current Ratio
0,56
1,14
1,09
1,18
Quick Ratio
0,46
0,94
0,93
0,89
BMW
• Mercedes-Benz keeps holding up liquidity
• BMW struggles holding their liquidity
Ratio Analysis
• Both companies try to get
away from risky D/E Ratio
• BMW reaches the safer
area of 1.0
Ratio Analysis
• Total Assets Turnover is getting
reduced in both companies
• Inventory Turnover of Mercedes Benz is increasing
• Inventory Turnover of BMW is
decreasing inconstant
Profitability Ratios
• Mercedes-Benz increases ROI,
BMW is facing a low
• Both are in the same trend in ROA
Profitability Ratios
• General trend is going to
lower Profit Margin
• BMW stays more profitable
• Pre-Tax Margins for 2021
will be interesting
Conclusion
• Comparing to the years 2010 -2017 the whole
Automotive Industr y is inf luenced by the
transformation
• Investments in R&D can have negative
impacts on the prof itability, but may safe the
future for both companies
• German Manufacturers face not just E Mobility, but also new competitors (ex.
Tesla)
Thank you for
your attention!
Sources
https://www.wsj.com /market data /quotes /XE/DAI/financials /annual /balance -sheet
https://www.wsj.com /market data /quotes /XE/BMW/financials /annual /balance -sheet