Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Statement of Comprehensive Income
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Analysis of Revenues
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Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Cash and cash equivalents
- The cash and cash equivalents balance exhibited notable fluctuations over the reported period. Starting at approximately 903 million in 2018, it increased significantly to about 1.3 billion in 2019 and surged further to nearly 3.3 billion in 2020. However, the balance declined in subsequent years reaching approximately 2.2 billion in 2021 and further decreasing to around 1.2 billion by the end of 2022. This pattern suggests a peak in liquidity during 2020 followed by a drawdown phase.
- Accounts and notes receivable, net
- Receivables showed a varying trend. After increasing modestly from 2.7 billion in 2018 to about 2.8 billion in 2019, it decreased to around 2.2 billion in 2020. It rebounded to nearly 2.4 billion in 2021 and rose substantially to approximately 2.8 billion by 2022. This fluctuation may reflect changes in sales volume, credit policies, or collection efficiency.
- Inventories
- Inventory levels experienced a decline from roughly 1.7 billion in 2018 to about 1.2 billion in 2020, followed by a rise in the subsequent years, reaching nearly 2.0 billion in 2022. The decrease during 2019-2020 could be associated with inventory optimization or demand contraction, whereas the increase from 2021 onward might indicate renewed demand or stock accumulation.
- Other current assets
- Other current assets diminished from about 472 million in 2018 to 403 million in 2019, then declined further to 224 million in 2020. This was followed by recovery to 352 million in 2021 and a moderate increase to 385 million in 2022, suggesting some volatility but an overall trend toward stabilization in the latter years.
- Current assets
- The total current assets showed a steady upward movement from 5.7 billion in 2018 to nearly 6.9 billion in 2020. Thereafter, they slightly declined to around 6.5 billion in 2021 and further to approximately 6.4 billion in 2022. The peak in 2020 coincides with elevated cash and receivable balances, while recent decreases may indicate a more conservative liquidity position or shifts in working capital.
- Property, plant and equipment, net
- Net property, plant, and equipment decreased from about 1.7 billion in 2018 to approximately 1.3 billion in 2020. It then showed a slight increase in 2021 to roughly 1.4 billion and rose moderately to about 1.5 billion in 2022. This trend suggests asset disposals or impairments before 2020, followed by some reinvestment or asset additions in recent years.
- Goodwill
- Goodwill reached its highest point of about 6.8 billion in 2019. It then dropped significantly to approximately 5.3 billion in 2020, remaining relatively stable at around 5.5 billion in 2021 and 2022. The sharp decline in 2020 likely reflects impairment losses or divestitures, with stability thereafter indicating no further substantial changes.
- Intangible assets, net
- Net intangible assets increased from 3.6 billion in 2018 to about 4.1 billion in 2019 but then decreased sharply to around 3.3 billion in 2020. The levels remained relatively stable in the following years, with minor fluctuations. This pattern may imply amortization and impairment charges occurring mainly in 2020.
- Other noncurrent assets
- Other noncurrent assets showed a notable increase from approximately 858 million in 2018 to over 1.5 billion in 2019, followed by a decline to about 1.3 billion in 2020. It then gradually recovered to roughly 1.4 billion in both 2021 and 2022, indicating some cyclical adjustments or asset reclassifications during the period.
- Noncurrent assets
- Total noncurrent assets increased from approximately 12.2 billion in 2018 to 14.3 billion in 2019, then declined to about 11.3 billion in 2020. Slight upward movement followed in 2021 and 2022, reaching around 11.7 billion. The peak in 2019 followed by a decrease suggests impairment or disposal activities, with a modest recovery thereafter.
- Total assets
- Total assets grew from nearly 17.9 billion in 2018 to a peak of about 20.5 billion in 2019, followed by a decrease to around 18.2 billion in 2020. The asset base remained broadly stable thereafter through 2021 and 2022 at approximately 18.0 billion. This indicates that the overall asset expansion culminated in 2019, with subsequent contraction primarily driven by noncurrent asset reductions and changes in current assets, particularly cash and goodwill.