EMC Corp. (NYSE:EMC)

The data reflects the annual current and deferred income tax expenses reported over a five-year period. The focus is on understanding variations and underlying trends in both current and deferred income tax amounts alongside the total provision for income taxes.

Current Income Tax Expense

The current income tax expense exhibits a fluctuating yet overall upward tendency from 2011 through 2014, beginning at $660 million in 2011 and rising substantially to a peak of $1,264 million in 2014. This represents a near doubling over four years. However, 2015 shows a notable decline to $944 million, suggesting either a reduction in taxable income or changes in applicable tax rates or legislation.

Deferred Income Tax Expense

Deferred tax expense values are consistently negative throughout the period, indicating deferred tax benefits rather than expenses. The magnitude of these negative values increases significantly from -$19 million in 2011 to a low of -$396 million in 2014, suggesting growing deferred tax assets or reversals of previous liabilities. In 2015, this trend reverses somewhat, with the deferred tax benefit decreasing in magnitude to -$234 million, indicating a reduction in deferred tax assets recognized or changes in the timing differences impacting deferred taxes.

Provision for Income Taxes

The provision for income taxes, being the net outcome of current and deferred components, follows a trajectory similar to the current tax expenses but at somewhat moderated levels. It rises from $640 million in 2011 to a high of $918 million in 2012, then gradually declines over the next three years to $710 million by 2015. This decrease after 2012 may reflect a combination of reduced current tax expenses in 2015 and the impact of larger deferred tax benefits in the preceding years.

Overall, the reported data reveals a pattern of increasing current tax expenses until 2014, accompanied by increasingly significant deferred tax benefits, culminating in a peak net provision in 2012 but a downward trend thereafter. The decrease in both current and deferred tax components in 2015 suggests possible changes in earnings composition, tax strategies, or regulatory factors influencing tax liabilities.

The analysis of the annual financial data reveals several noteworthy trends in the tax-related components and effective income tax rate over the five-year period.

Statutory Federal Tax Rate

The statutory federal tax rate remained constant at 35% throughout the entire period from 2011 to 2015, indicating no changes in the baseline federal tax policy impacting the company during these years.

State Taxes, Net of Federal Taxes

State taxes fluctuated moderately, starting at 0.7% in 2011, decreasing to 0.5% in 2012, then rising to a peak of 1.2% in 2014, before receding to 0.6% in 2015. This variation suggests some changes in state tax environments or the company’s operations affecting state tax obligations.

Accounting for Historical Uncertain Tax Positions

This component showed negative values in most years except 2014, where it increased to 1.1%. The initial negative percentages, -1.7% in 2011 and smaller negative amounts subsequently, imply reductions in tax expense related to adjustments of uncertain tax positions, with 2014 as an outlier indicating a tax expense increase in this area.

Tax Rate Differential for International Jurisdictions and Other International Related Tax Items

The differential was consistently negative and substantial, ranging from -11.6% to -15.3%, showing a persistent tax benefit from international operations due to lower tax rates abroad or other international tax benefits. Although the exact percentage varied, the trend reflects ongoing international tax advantages.

U.S. Tax Credits

U.S. tax credits showed variability, with the least negative impact occurring in 2012 (-0.2%) and more pronounced benefits in 2011 (-2.8%) and 2013 (-3.8%). This indicates fluctuating utilization of available tax credits which contributed to reducing the overall tax rate in several years.

Changes in Valuation Allowance

Data for this item is incomplete for 2011 and 2015, but from 2012 to 2014, it shows both positive and negative adjustments. The allowance increased in 2012 and 2013 (0.8% and 0.7%, respectively), decreased substantially in 2014 (-2.3%), and rose slightly in 2015 (0.6%). This variability suggests shifts in the company’s assessment of deferred tax asset realizability.

U.S. Domestic Production Activities Deduction

The deduction contributed consistently between -1.3% and -1.8% from 2012 to 2015, reflecting a steady benefit derived from eligible domestic production activities reducing taxable income.

International Reorganization of Acquired Companies

This benefit appeared only in 2012 and 2013 at modest levels (0.3% and 0.6%), indicating specific international tax restructuring activities during those years that affected the tax rate.

Permanent Items

Permanent differences increased gradually from 2.5% in 2011 to 4.3% in 2015, indicating that non-deductible expenses or non-taxable income increased over time, thus steadily raising the effective tax expense.

Other

Other items fluctuated between minor positive and negative percentages, with a significant positive increase to 1.1% in 2015 after a negative adjustment in 2014. This shows some less predictable or miscellaneous tax impacts influencing the overall tax rate.

Effective Income Tax Rate

The effective income tax rate showed variability, oscillating between 19.7% and 24.6%. It decreased in 2013 to its lowest point of 20%, rose to 24.1% in 2012 and peaked at 24.6% in 2015. These fluctuations reflect the combined effect of all above factors that shape the actual tax burden on reported income.

In summary, the company's effective tax rate is influenced by a stable federal statutory rate, variable state taxes, international tax differentials, and inconsistent use of tax credits and valuation allowances. The presence of permanent items and production deductions have shown a generally consistent impact on the tax expense. The overall trend depicts a complex and dynamic tax environment with multiple factors influencing the tax expense over the period under review.

The financial data reveals several important trends over the period from 2011 to 2015.

Accounts and Notes Receivable

There is a clear declining trend in accounts and notes receivable, decreasing from 86 million US$ in 2011 to 55 million US$ in 2015, indicating tighter credit policies or improved collection efficiency.

Inventory

Inventory levels decrease sharply from 91 million US$ in 2011 to 64 million US$ in 2012, then stabilize around the low 70 million US$ mark through to 2015. This suggests inventory management improvements followed by consistent holding levels.

Accrued Expenses

Accrued expenses show a moderate increase from 281 million US$ in 2011, peaking at 311 million US$ in 2013, before slightly declining to 295 million US$ in 2015, possibly reflecting fluctuations in accrued liabilities.

Deferred Revenue

There is a significant increase in deferred revenue, rising steadily from 274 million US$ in 2011 to 987 million US$ in 2015, which could imply growing advance payments or subscriptions, enhancing future revenue visibility.

Equity

Equity shows some volatility, noted only from 2012 onwards with a dip from 242 million US$ in 2012 to 222 million US$ in 2013, then rising again to 254 million US$ in 2014 before slightly declining to 252 million US$ in 2015.

Other Non-Current Liabilities

Data for other non-current liabilities is sporadic, with a notable number of missing values but a recorded 23 million US$ in 2014 and a small negative balance in 2015, suggesting some reclassification or settlement activities.

Credit Carryforwards

Credit carryforwards exhibit a marked increase from 73 million US$ in 2011 to 284 million US$ in 2013, followed by a slight decline and stabilization around 255-281 million US$ thereafter, indicating enhanced tax credits or similar items being carried forward.

Net Operating Losses

Net operating losses decrease from 157 million US$ in 2011 to 106 million US$ in 2013, then gradually increase back to 137 million US$ in 2015, which may reflect fluctuations in operational profitability.

Other Comprehensive Loss

Other comprehensive loss decreases consistently from 134 million US$ in 2011 to a low of 103 million US$ in 2014, but then rises again to 133 million US$ in 2015, indicating varying impacts of unrealized losses or gains on comprehensive income.

Gross Deferred Tax Assets

There is a steady and substantial increase in gross deferred tax assets, nearly doubling from 1097 million US$ in 2011 to 2210 million US$ in 2015, which could be associated with accumulating temporary differences or expected future tax benefits.

Valuation Allowance

The valuation allowance shows minimal write-downs initially, moving from -5 million US$ in 2011 to -4 million US$ in 2012, then sharply increasing negative balances in 2013 and onwards (-211 million US$ in 2013). The allowance decreases slightly in subsequent years but remains significant, implying increased recognition of potential tax asset impairments.

Deferred Tax Assets

Deferred tax assets grow significantly from 1092 million US$ in 2011 to 2066 million US$ in 2015, reflecting the impact of the growing gross deferred tax assets partially offset by the valuation allowance.

Property, Plant and Equipment, Net

Net property, plant, and equipment values remain negative throughout, increasing in magnitude from -246 million US$ in 2011 to -325 million US$ in 2015, which may indicate accumulated depreciation surpassing gross asset values or accounting conventions applied.

Intangible and Other Assets, Net

Net intangible and other assets decrease in negative value from -610 million US$ in 2011 to -569 million US$ in 2015 after reaching a low at -680 million US$ in 2013, showing some recovery or impairment reversals.

Deferred Tax Liabilities

Deferred tax liabilities remain relatively stable but decrease slightly from -962 million US$ in 2011 to -902 million US$ in 2015, suggesting a modest reduction in taxable temporary differences over time.

Deferred Tax Assets and Liabilities (Net)

Net deferred tax assets and liabilities increase consistently from 130 million US$ in 2011 to 1164 million US$ in 2015, highlighting a growing net asset position related to deferred taxes.

The analysis of the financial data reveals several noteworthy trends regarding the deferred tax assets and liabilities of the company over the five-year period ending December 31, 2015.

Current Deferred Tax Assets

The current deferred tax assets increased from US$733 million in 2011 to a peak of US$1,070 million in 2014, representing a significant upward trend over four years. However, the data for 2015 is missing, preventing a full assessment of whether this growth trend continued into that year.

Non-current Deferred Tax Assets

Non-current deferred tax assets exhibited a robust upward trajectory, starting from US$65 million in 2012 and rising steadily each year to reach US$1,164 million in 2015. This represents a substantial increase, indicating enhanced recognition or realization of long-term tax benefits over the period.

Non-current Deferred Tax Liabilities

Non-current deferred tax liabilities showed a consistent decline over the four years with available data, dropping from US$603 million in 2011 to US$274 million in 2014. The absence of data for 2015 makes it unclear whether this downward trend persisted in the last year.

Overall, the company appears to be strengthening its deferred tax assets, particularly in the non-current category, while reducing its deferred tax liabilities. This pattern suggests a favorable shift in the company's deferred tax position, potentially improving its future tax outlook and financial health. The missing data points create some limitations in assessing the complete five-year performance.

The financial data reveals several notable trends over the five-year period ending in 2015. Both reported and adjusted values demonstrate consistent growth in total assets and liabilities, while shareholder equity and net income show fluctuations, particularly in the most recent years.

Current Assets

Reported current assets increased steadily from $11,583 million in 2011 to a peak of $17,278 million in 2013, followed by a decline to $15,063 million by 2015. Adjusted current assets mirror this pattern closely, showing growth up to 2013 and a subsequent decrease before stabilizing in 2015 at the same level as reported assets.

Total Assets

Total assets exhibit an upward trajectory overall, rising from $34,268 million (reported) in 2011 to $46,612 million in 2015. Adjusted total assets similarly increase, though consistently slightly lower than reported figures, indicating adjustments for deferred income tax effects reduce the asset base to some extent but without altering the overall growth trend.

Total Liabilities

Total liabilities show significant growth from $14,341 million reported in 2011 to $23,893 million in 2015. Adjusted liabilities follow a largely parallel trend but remain marginally lower than reported amounts. The rise in liabilities suggests increased leverage or obligations taken on by the company during the period.

Shareholders’ Equity

Reported shareholders’ equity increases from $18,959 million in 2011 to $22,357 million in 2012 but then declines gradually through 2015, ending at $21,140 million. Adjusted equity values reflect a similar pattern with slight differences in magnitude, declining more notably after 2012. This trend may indicate pressures on retained earnings or equity positions linked to income performance and other adjustments.

Net Income Attributable to EMC Corporation

Reported net income demonstrates growth from $2,461 million in 2011 to a peak of $2,889 million in 2013, followed by a downturn to $1,990 million in 2015. Adjusted net income follows a comparable trend but with consistently lower amounts, highlighting the impact of income tax adjustments on profitability measures. The decline post-2013 could be indicative of operational challenges or tax-related effects weighing on net earnings.

Overall, the analysis discloses a company expanding its asset base and liabilities moderately over the period, while facing diminishing shareholder equity and net income in later years. The adjustments for deferred income taxes consistently reduce reported figures but do not alter the underlying directional trends. The observed patterns suggest the company may have encountered increased financial obligations and profitability pressures starting after the 2013 peak.

The analyzed financial ratios reveal several noteworthy trends and shifts over the five-year period.

Current Ratio

Both the reported and adjusted current ratios show an initial increase from 2011 through 2013, peaking at 1.46 (reported) and 1.39 (adjusted) in 2013. Subsequently, there is a gradual decline through 2015, ending at 1.17 for both measures. This indicates a strengthening liquidity position up to 2013, followed by a reduction in short-term liquidity coverage in the subsequent years.

Net Profit Margin

The net profit margin, both reported and adjusted, exhibits a downward trajectory after 2012. The reported margin decreases from 12.58% in 2012 to 8.06% in 2015, while the adjusted margin declines from 12.04% to 7.11% over the same period. This decline suggests diminishing profitability and potentially increasing costs or pricing pressures impacting net income margins.

Total Asset Turnover

The reported total asset turnover ratio slightly declined from 0.58 in 2011 to 0.51 in 2013, then recovers slightly to 0.53 by 2015. The adjusted ratio demonstrates a similar pattern but remains marginally higher than the reported ratio throughout, moving from 0.6 to 0.54. This reflects a modest decrease in asset efficiency around the midpoint, with a modest improvement toward the end of the period.

Financial Leverage

Financial leverage exhibits an increasing trend over the analyzed period. The reported ratio rises from 1.81 in 2011 to 2.20 in 2015, with the adjusted ratio showing a comparable increase from 1.78 to 2.28. This implies a growing reliance on debt or liabilities in capital structure, which may increase financial risk.

Return on Equity (ROE)

ROE shows an overall decline from 12.98% reported in 2011 to 9.41% in 2015, with adjusted figures reflecting a larger decrease from 12.97% to 8.79%. The reduction in equity returns aligns with the decreasing profitability and suggests reduced efficiency in generating returns for shareholders.

Return on Assets (ROA)

Both reported and adjusted ROA decline steadily from 7.18% in 2011 to 4.27% and 3.86% respectively by 2015. This trend indicates a diminishing ability to generate profit from the company’s asset base, reinforcing observations of declining overall profitability and operational efficiency.

Current Assets

The reported current assets exhibit an overall increasing trend from 2011 to 2013, rising from 11,583 million USD to 17,278 million USD. Following this peak, there is a decline observed in 2014 and 2015, with values decreasing to 15,733 million USD and 15,063 million USD respectively. The adjusted current assets follow a similar pattern, increasing from 10,849 million USD in 2011 to 16,366 million USD in 2013, then decreasing to 14,663 million USD in 2014, and stabilizing at 15,063 million USD in 2015. This suggests that adjustments for income tax impact the reported assets but do not alter the overall trend significantly.

Current Ratio

The reported current ratio demonstrates an improvement from 1.12 in 2011 to 1.46 in 2013, indicating enhanced short-term liquidity during this period. However, the ratio declines to 1.34 in 2014 and further to 1.17 in 2015, suggesting a reduction in current liquidity. The adjusted current ratio follows a comparable trajectory, increasing from 1.05 in 2011 to 1.39 in 2013, then declining to 1.25 in 2014 and converging to 1.17 in 2015. Both reported and adjusted ratios suggest the company’s liquidity strengthened through 2013 but faced moderate weakening in the subsequent years.

Insights on Adjustments

The adjustments made for deferred and reported income taxes lower the current assets and current ratio compared to the reported figures across all years, but the degree of divergence narrows over time, becoming equal by 2015. This indicates a possible alignment or reduced impact of deferred tax adjustments on short-term financial metrics by the end of the period analyzed.

Summary

The overall analysis reveals an initial phase of asset growth and improved liquidity up to 2013, followed by a period of decline or stabilization through 2015. Adjusted figures consistently reflect a slightly more conservative view of current assets and liquidity but correlate closely with reported data in terms of trend and magnitude over time. The declining liquidity ratios after 2013 may warrant further examination into operational or market factors affecting short-term financial stability.

Net Income Analysis

Both reported and adjusted net income attributable to EMC Corporation exhibited a growth trend from 2011 through 2013. Reported net income increased from 2,461 million US dollars in 2011 to a peak of 2,889 million US dollars in 2013. Adjusted net income similarly rose from 2,442 million US dollars in 2011 to 2,687 million US dollars in 2013. However, after reaching these peaks, both measures of net income declined over the subsequent two years, with reported net income falling to 1,990 million US dollars by 2015 and adjusted net income decreasing to 1,756 million US dollars in the same year.

Net Profit Margin Trends

The reported net profit margin followed a comparable trajectory to net income. It increased modestly from 12.3% in 2011 to a high of 12.58% in 2012, then experienced a gradual decline to 8.06% in 2015. The adjusted net profit margin exhibited a less pronounced increase initially, moving from 12.2% in 2011 to 12.04% in 2012, followed by a more significant decline to 7.11% in 2015. This pattern suggests that profitability relative to revenue diminished substantially in the later years of the period under review.

Comparison Between Reported and Adjusted Figures

The adjusted financial metrics consistently reflected slightly lower values than the reported figures across all years. The differences between reported and adjusted net income and net profit margin were relatively small but became more notable in the later years, especially in 2014 and 2015, indicating increasing impact from deferred income tax and other adjustments on reported earnings and profitability.

Overall Observations

The data indicates a phase of earnings growth and stable profitability in the initial years, peaking around 2012-2013, followed by a marked decline in both earnings and profit margins through 2015. The declining trend in adjusted profitability suggests challenges impacting the company's ability to maintain its margins. The narrowing gap between reported and adjusted numbers in earlier years, followed by increasing divergence later, points to growing adjustments influencing net income, possibly from deferred income taxes or other non-recurring items.

The financial data presents a five-year overview of reported and deferred income tax adjusted total assets alongside their corresponding total asset turnovers. Analyzing these metrics reveals several noteworthy trends and patterns.

Total Assets

Reported total assets exhibit a continuous upward trajectory from 34,268 million US dollars in 2011 to 46,612 million US dollars in 2015. This represents an overall increase of approximately 36%, indicating steady growth in the company's asset base over the period.

Adjusted total assets, which account for deferred income tax effects, follow a similar pattern though slightly lower in magnitude. The figures grow from 33,535 million US dollars in 2011 to 45,448 million US dollars in 2015, marking an increase close to 36% as well. The consistent difference between reported and adjusted total assets suggests the deferred tax adjustments have a stable impact over time.

Total Asset Turnover

Reported total asset turnover ratios decline from 0.58 in 2011 to 0.51 in 2013, indicating a reduction in the efficiency with which the company uses its assets to generate sales or revenue during the initial years. Subsequently, the ratio improves slightly to 0.53 in 2014 and holds steady at this level into 2015.

Adjusted total asset turnover ratios display a similar trend, starting at 0.60 in 2011 and decreasing to 0.52 in 2013. They then increase moderately to 0.55 in 2014 before slightly declining to 0.54 in 2015. The adjustment for deferred tax tends to result in marginally higher turnover ratios compared to reported figures, implying that deferred tax effects have a slight dampening impact on asset base size, affecting turnover calculations.

Overall Insights

The data reveals a consistent increase in total assets, both reported and adjusted, indicating asset growth as a significant characteristic of the company's evolving financial position. However, the asset turnover ratios suggest that asset utilization efficiency decreased initially but showed signs of recovery in the later years.

This pattern could imply that while the company invested heavily in expanding its asset base, it took a few years to translate these investments into proportionate revenue increases. The flattening and slight improvement in asset turnover ratios towards the end of the period may indicate better operational efficiency or market conditions supporting improved asset productivity.

The stable gap between reported and adjusted measures across all years underscores a consistent impact of deferred income tax on the company's balance sheet and ratio calculations, highlighting the importance of considering both reported and adjusted figures for comprehensive financial analysis.

The data reveals several notable trends in the financial position and leverage of the company over the five-year period from 2011 to 2015. Both reported and adjusted total assets show a consistent upward trajectory, increasing from approximately $34.3 billion in 2011 to about $46.6 billion in 2015. This growth indicates an expansion in the company's asset base, although the adjusted figures remain slightly below the reported values each year, reflecting the impact of income tax adjustments.

In contrast to asset growth, both reported and adjusted shareholders' equity exhibit a declining trend during the same timeframe. Reported equity decreases from nearly $19.0 billion in 2011 to approximately $21.1 billion in 2015, with a peak observed around 2012 and 2013. The adjusted equity figures mirror this pattern but are consistently lower than the reported amounts, with a more pronounced decline to roughly $20.0 billion by 2015. This reduction in equity despite asset growth suggests increasing liabilities or other factors reducing net equity.

The financial leverage ratios, both reported and adjusted, provide further insight into the company's capital structure dynamics. After an initial decline from 1.81 in 2011 to 1.70 in 2012 (reported) and a similar pattern in adjusted leverage, the ratios increase significantly in the subsequent years, reaching 2.20 reported and 2.28 adjusted by 2015. This rising leverage implies that the company increasingly relied on debt or other liabilities to finance its asset growth over time.

Overall, the data indicates that while the company successfully expanded its asset base, it did so by increasing financial leverage, resulting in decreased equity relative to assets. The adjustments for income taxes slightly reduce asset and equity values but do not materially change the overall trends observed in the reported figures. These patterns suggest a strategic shift towards more leveraged financing within this period, which may carry implications for financial risk and capital management.

Net Income Trends

The reported net income attributable to the corporation exhibits a general upward trend from 2011 to 2013, increasing from 2,461 million US dollars to a peak of 2,889 million in 2013. This is followed by a decline in subsequent years, falling to 2,714 million in 2014 and further declining to 1,990 million in 2015. The adjusted net income closely mirrors this pattern, with a peak at 2,687 million in 2013 before decreasing to 2,318 million in 2014 and 1,756 million in 2015. This suggests a deterioration in profitability after 2013 when adjustments for deferred tax income were considered.

Shareholders' Equity Trends

Reported total shareholders' equity demonstrates growth from 18,959 million US dollars in 2011 to 22,357 million in 2012 but then remains relatively stable with slight fluctuations around 22,000 million through 2015, finally decreasing to 21,140 million. Adjusted shareholders' equity follows a similar trajectory but shows slightly lower figures consistently, indicating adjustments have a diminishing effect on the equity balance over time, dropping from 18,829 million in 2011 to 19,976 million in 2015. The downward trend in the later years reflects some erosion in the equity base.

Return on Equity (ROE) Patterns

The reported ROE starts at 12.98% in 2011 and shows a minor decline to 12.22% in 2012, then increases to 12.95% in 2013, indicating enhanced profitability relative to equity during that period. Post-2013, the reported ROE moderately declines to 12.39% in 2014 and more sharply to 9.41% in 2015. The adjusted ROE figures similarly follow this trajectory but start at 12.97% in 2011 and decline more steeply to 8.79% by 2015, reflecting the impact of deferred tax adjustments on returns. The reduction in ROE highlights decreasing efficiency in generating profits from the equity base in recent years.

Overall Insights

From 2011 to 2013, the company demonstrated improvement in profitability and equity growth, as reflected in net income and ROE metrics. However, from 2013 through 2015, there is a notable decline in both profitability and returns, compounded by a slight contraction in shareholders' equity. The adjusted figures, accounting for deferred income tax, consistently show lower profitability, equity, and returns than reported figures, highlighting the impact of tax considerations on financial performance. The deteriorating trend in adjusted ROE by 2015 raises concerns about sustained profitability and effective equity usage during this period.

The financial data reflects several notable trends over the five-year period examined, specifically regarding net income, total assets, and return on assets (ROA) both in reported and adjusted terms.

Net Income

Reported net income attributable to the company shows an overall increasing trend from 2011 to 2013, rising from 2,461 million US dollars to 2,889 million US dollars. However, it declines thereafter, with 2014 and 2015 recording 2,714 million and 1,990 million US dollars respectively, indicating a significant reduction in profitability towards the end of the period. Adjusted net income follows a similar pattern, increasing from 2,442 million in 2011 to a peak of 2,687 million in 2013 before declining to 1,756 million in 2015. The adjustment leads to somewhat lower net income figures consistently, highlighting the impact of deferred income tax adjustments on profitability.

Total Assets

The company's reported total assets increase steadily throughout the entire period, growing from 34,268 million US dollars at the end of 2011 to 46,612 million in 2015. Adjusted total assets also present an upward trend, though consistently slightly lower than reported totals, rising from 33,535 million US dollars in 2011 to 45,448 million in 2015. This consistent asset growth demonstrates expansion or accumulation of resources even as net income shows a later decline.

Return on Assets (ROA)

Both reported and adjusted ROA exhibit a declining trajectory over the five years. Reported ROA remains stable at 7.18% in 2011 and 2012 but then falls progressively from 6.3% in 2013 to 4.27% in 2015. Adjusted ROA mirrors this decline, slightly lower throughout the period, beginning at 7.28% in 2011 and decreasing to 3.86% by 2015. This downward trend suggests diminishing efficiency in utilizing assets to generate profit, which aligns with the decreasing net income despite asset growth.

In summary, although the company has expanded its asset base steadily, profitability and asset efficiency have weakened noticeably from 2013 onward. The adjustments for deferred income taxes consistently reduce the net income and ROA figures compared to reported amounts, indicating that deferred tax considerations have a material effect on financial performance assessments. The simultaneous growth in assets and decline in returns could warrant further analysis into asset utilization, operational efficiency, or external market factors affecting profitability.