Celgene Corp. (NASDAQ:CELG)

The analysis of the current and deferred income tax expenses over the five-year period reveals notable fluctuations and trends in taxation components.

Taxes currently payable

This item showed considerable variability. Beginning at 600 million US dollars in 2014, there was a decline to 455 million in 2015. Subsequently, it increased significantly to 717 million in 2016, followed by a sharp surge to 2,704 million in 2017, which represents the highest value in the period. In 2018, it decreased substantially to 754 million, still higher than the values recorded from 2014 to 2016 except for 2017. This suggests varying operational or fiscal influences affecting the amount of tax that is due in the short term.

Deferred income taxes

The deferred income taxes primarily exhibited negative values, indicating deferred tax assets, for most years except for 2018. Initially, there was a sizeable negative value of 272 million in 2014, decreasing in magnitude to 33 million in 2015, and then growing again to a larger negative figure of 344 million in 2016. A substantial increase in deferred tax assets appeared in 2017 with a negative amount of 1,330 million. However, in 2018, this trend reversed with a slight positive value of 32 million, indicating a deferred tax liability for that year. These shifts suggest changes in temporary differences or tax planning strategies impacting deferred tax balances.

Provision for taxes on income

The provision for taxes on income followed a pattern similar to the current taxes payable but was less volatile. The provision rose from 328 million in 2014 to 422 million in 2015, then experienced a mild decrease to 373 million in 2016. A significant jump was observed in 2017, where the provision reached 1,374 million, closely mirroring the peak in current taxes payable. In 2018, there was a decline to 786 million, indicating a reduction in tax burden provision compared to the prior year. This pattern reflects changes in profitability and the effective tax rate applicable to the income during these periods.

Overall, the data show a pronounced peak in 2017 across all items except for deferred income taxes, which revealed its largest deferred asset in that year. The considerable increase in current taxes payable and tax provision in 2017 likely corresponds to an elevated taxable income or significant adjustments in tax calculations. The reversal of deferred income taxes to a liability position in 2018 suggests a strategic or operational shift affecting deferred tax recognition. The fluctuations imply dynamic tax planning and variable financial outcomes impacting the company’s tax expense profile over the analyzed timeframe.

The financial data reveals several notable trends in the company's tax-related metrics over the five-year period ending in 2018.

U.S. statutory tax rate

The U.S. statutory tax rate remained consistent at 35% from 2014 through 2017, then decreased significantly to 21% in 2018, reflecting a major change in tax legislation impacting the company.

Tax rate differences on foreign operations

These differences were negative throughout the period, indicating that foreign operations benefitted from lower tax rates compared to the U.S. statutory rate. The magnitude of these benefits increased notably in 2017 with a shift to -28.8%, before decreasing to -11.2% in 2018, signaling changes in the company's foreign tax environment or operations.

State taxes, net of federal benefit

State tax rates remained relatively stable and low over time, fluctuating slightly between 0.6% and 1.4%, indicating a modest impact on total tax expense.

Change in valuation allowance

Changes in the valuation allowance remained small, generally under 1%, suggesting limited adjustments in deferred tax asset valuations year-over-year.

Acquisition and collaboration related differences

This component exhibited variability and increased notably in 2018 to 6%, up from negative or low values in prior years. This trend points toward growing effects from acquisitions or collaborations on the company’s tax position during this period.

Changes in uncertain tax positions

These changes were minimal and fluctuated close to zero across the years, indicating stable management of uncertain tax positions with slight negative adjustments in most years.

Stock compensation excess tax benefits

Stock compensation tax benefits were not reported until 2016, where a notable negative adjustment of -6.7% appeared, then decreased in magnitude to -0.5% in 2017, before showing no value in 2018. This pattern suggests adjustments related to tax benefits from stock compensation were significant in 2016 but stabilized thereafter.

Other

This category fluctuated modestly with small positive and negative values, contributing minor effects on the overall tax rate.

Effective income tax rate before 2017 Tax Act

This rate showed variability, starting at 14.1% in 2014, increasing to 20.8% in 2015, declining to 2.4% by 2017, then rising again to 17.2% in 2018. The very low rate in 2017 suggests significant factors influencing the tax rate prior to the tax reform effects.

2017 Tax Act

The tax act induced a significant tax effect of 29.4% in 2017, followed by a small negative effect of -0.9% in 2018, indicating a major one-time tax impact in 2017 aligned with legislative changes.

Effective income tax rate

The overall effective income tax rate corresponded closely with the combined effects of underlying components and tax legislation. It gradually increased from 14.1% in 2014 to 31.8% in 2017, largely due to the Tax Act impact, then declined to 16.3% in 2018, reflecting the new lower statutory tax rate.

NOL carryforwards

There is a substantial and consistent increase from 5 million US$ in 2014 to a peak of 249 million US$ in 2017, followed by a slight decrease in 2018 to 242 million US$. This suggests a growing amount of net operating loss carryforwards over most of the period, indicating potential future tax relief.

Tax credit carryforwards

The values increase moderately from 5 million US$ in 2014 to 14 million US$ in 2016, then slightly reduce in 2017 to 11 million US$, before rising sharply to 44 million US$ in 2018. This trend indicates a growing utilization or accumulation of tax credits, especially notable in the final year.

Share-based compensation

The expense rises from 251 million US$ in 2014 to a high of 412 million US$ in 2016, then declines to 317 million US$ in 2017 before rising again to 380 million US$ in 2018. The fluctuation suggests variable expense levels related to equity compensation plans across the periods.

Other assets and liabilities (positive values)

Remain relatively stable around 58-59 million US$ in most years, with a notable dip to 38 million US$ in 2017, indicating minor fluctuations without a clear directional trend.

Intangible assets (positive)

Initially stable around 660-665 million US$ in 2014 and 2015, the value rises sharply to 809 million US$ in 2016, then experiences a significant drop to 333 million US$ in 2017 followed by a partial recovery to 425 million US$ in 2018. This volatility may reflect events such as amortization, impairment, or acquisitions affecting intangible asset balances.

Accrued and other expenses

Increase steadily from 192 million US$ in 2014 to 316 million US$ in 2018, consistent with growing liabilities or accrued costs over time.

Deferred tax assets, gross

Generally rise from 1,169 million US$ in 2014 to 1,690 million US$ in 2016, drop to 1,226 million US$ in 2017, and then increase again to 1,466 million US$ in 2018. This pattern suggests fluctuating recognition of deferred tax assets, influenced by changes in taxable temporary differences or valuation assumptions.

Valuation allowance

The valuation allowance increases in magnitude from -40 million US$ in 2014 to -277 million US$ in 2017, before decreasing to -195 million US$ in 2018. This indicates a growing reserve against deferred tax assets in earlier years, followed by some reduction, possibly due to changes in anticipated realizability.

Deferred tax assets, net

Follow a pattern similar to gross deferred tax assets, rising from 1,129 million US$ in 2014 to 1,547 million US$ in 2016, dropping sharply to 949 million US$ in 2017, and recovering partially to 1,271 million US$ in 2018. This reflects the net effect of valuation allowances on deferred tax assets, mirroring underlying tax position shifts.

Plant and equipment, primarily differences in depreciation

Only a single value is reported: -7 million US$ in 2014, with no further data, which limits analysis of trends for this item.

Other assets and liabilities (negative values)

Show a gradual increase in negative magnitude from -4 million US$ in 2014-2015 to -59 million US$ in 2018, indicating an increasing offset or liability balance under this category.

Intangible assets (negative values)

Demonstrate a pronounced increase in negative value from -1,183 million US$ in 2014 to -3,795 million US$ in 2018. This substantial increase suggests significant amortization, impairment, or reclassification affecting intangible assets on the liability side.

Unremitted earnings

Stable negative value of -317 million US$ from 2014 through 2016, with data missing for subsequent years, indicating no reported change during available periods.

Unrealized gains on securities

Fluctuate between -237 million US$ in 2014 and -130 million US$ in 2015, improving to -69 million US$ in 2016, before worsening again to -193 million US$ in 2017 and improving slightly to -146 million US$ in 2018. This volatility suggests changing market valuations for securities holdings.

Deferred tax liabilities

Decrease in negative magnitude from -1,748 million US$ in 2014 to -1,409 million US$ in 2016, then increase significantly to -4,000 million US$ in 2018. This sharp increase likely reflects accumulations of taxable temporary differences or recognition of new deferred tax liabilities.

Net deferred tax asset (liability)

Movements from -619 million US$ in 2014 to a positive 138 million US$ in 2016 indicate a transition from net deferred tax liability to asset during this period, followed by a reversal to negative balances of -1,304 million US$ in 2017 and -2,729 million US$ in 2018, reflecting increasing net deferred tax liabilities by the end of the reporting horizon.

The financial data reveals varying trends within the deferred tax assets and liabilities categories over the five-year period from 2014 to 2018.

Current Deferred Tax Assets

Only data for the year ending 2014 is available, showing a balance of 12 million US dollars. No further information exists for subsequent years, preventing trend analysis.

Non-current Deferred Tax Assets

This category shows initial growth followed by volatility. Starting at 57 million US dollars in 2014, it rises to 66 million in 2015 and peaks at 138 million in 2016. However, a sharp decline occurs in 2017, decreasing to 23 million, and a slight increase to 24 million is noted in 2018. This pattern indicates a significant reduction in non-current deferred tax assets after 2016.

Current Deferred Tax Liabilities

Only available for 2014 with a value of 131 million US dollars, no data is provided for the remaining years, limiting any observation or trend identification.

Non-current Deferred Tax Liabilities

This category exhibits considerable fluctuations with an overall upward movement. Starting at 556 million US dollars in 2014, it decreases to 378 million in 2015, then data is missing for 2016. A sharp increase is observed in 2017, reaching 1327 million, followed by a further rise to 2753 million in 2018. The rapid growth from 2017 onward suggests increasing deferred tax liabilities over the latter part of the period.

Overall, the data indicates stability and modest growth in deferred tax assets early on, followed by a sharp decrease after 2016. In contrast, deferred tax liabilities demonstrate notable growth, especially from 2017 to 2018. The limited availability of current deferred tax balances beyond 2014 restricts a comprehensive assessment of short-term deferred tax items. The substantial increase in non-current deferred tax liabilities may warrant further investigation to understand underlying causes and potential impacts on future financial positions.

Current Assets

The reported and adjusted current assets demonstrated an overall increasing trend from 2014 to 2017, rising from approximately $9.7 billion to nearly $14.9 billion by the end of 2017. However, in 2018, there was a notable decline in both reported and adjusted current assets, dropping to around $9.1 billion. The adjustment had minimal impact on the values, indicating close alignment between reported and adjusted figures.

Total Assets

Total assets, both reported and adjusted, showed a consistent upward trajectory throughout the period. Starting at approximately $17.3 billion in 2014, the assets increased to over $35.4 billion by 2018. Adjusted totals were marginally lower than reported values but followed a very similar pattern, suggesting limited adjustments related to deferred income taxes on total assets.

Current Liabilities

Current liabilities fluctuated over the period with reported amounts increasing from $2.1 billion in 2014 to $4.1 billion in 2018. Adjusted current liabilities closely matched reported figures except in 2014, where adjustments reduced the liabilities reported from $2.1 billion to about $2.0 billion. This suggests some deferred income tax effects impacting current liabilities predominantly in the earliest year.

Total Liabilities

Total liabilities exhibited a significant increase, more than doubling from roughly $10.8 billion in 2014 to approximately $29.3 billion in 2018 on a reported basis. Adjusted total liabilities also rose but consistently presented lower values than reported liabilities, with the gap widening notably in the last two years. This indicates substantial deferred tax adjustments reducing the total liabilities reported in the financial statements.

Stockholders’ Equity

Reported stockholders’ equity fluctuated mildly over the period, starting at about $6.5 billion in 2014, peaking at $6.9 billion in 2017, then decreasing to approximately $6.2 billion by 2018. Conversely, adjusted equity showed steady growth from $7.1 billion in 2014 to $8.9 billion in 2018. The divergence between reported and adjusted equity, especially in later years, suggests deferred tax effects improved the equity position upon adjustment.

Net Income

Reported net income had an overall increasing trend from $2.0 billion in 2014 to $4.0 billion in 2018, with some volatility in the intermediate years. Adjusted net income was generally lower than reported in the earlier years but converged closely by 2018, even slightly exceeding reported net income in that year. This pattern indicates deferred income tax adjustments initially reduced reported earnings, but by 2018 these adjustments contributed positively to net income.

General Insights

The data reflects that deferred income tax adjustments have a material impact on the financial position and performance metrics of the company, especially on liabilities and equity. Adjustments serve to reduce liabilities and enhance equity in recent years, indicating recognition of deferred tax assets or reduction of deferred tax liabilities. Net income adjustments suggest that tax timing differences previously reduced earnings but have aligned or reversed by 2018, enhancing reported profitability. The large growth in total assets and liabilities over the period points to significant expansion or strategic transactions impacting the balance sheet.

Current Ratio

The reported current ratio fluctuated over the analyzed period, starting at 4.6 in 2014, increasing slightly to 4.77 in 2015, then declining to 3.67 in 2016, rising again to 4.99 in 2017, and finally dropping significantly to 2.23 in 2018. The adjusted current ratio followed the same pattern exactly, indicating no adjustment effect on liquidity measures.

Net Profit Margin

The reported net profit margin exhibited variability, beginning at a high of 26.44% in 2014, decreasing to 17.49% in 2015, and remaining relatively steady through 2016 and 2017 at approximately 17.87% and 22.66%, respectively, before rising again to 26.51% in 2018. In contrast, the adjusted net profit margin started lower at 22.84% in 2014 and generally trended downward to a low point of 12.41% in 2017, before recovering sharply to 26.71% in 2018. This divergence suggests adjustments had a material impact, particularly in 2017, reducing reported profitability margins.

Total Asset Turnover

Both reported and adjusted total asset turnover ratios remained stable and identical over the years, fluctuating slightly but maintaining around 0.34 to 0.44. This stability indicates consistent asset utilization efficiency over time regardless of adjustments.

Financial Leverage

Reported financial leverage increased notably from 2.66 in 2014 to 4.57 in 2015, slightly decreased to 4.26 in 2016, then rose marginally to 4.36 in 2017 and reached a high of 5.76 in 2018, indicating an overall trend toward greater leverage. Adjusted financial leverage, however, shows a different pattern: increasing from 2.42 in 2014 to 4.33 in 2015 and 2016, but then declining to 3.66 in 2017 before a moderate rise to 3.99 in 2018. This discrepancy highlights the adjustments' effect in smoothing leverage increases, especially in the later years.

Return on Equity (ROE)

Reported ROE exhibited significant growth, starting at 30.65% in 2014, dipping slightly over the next two years, and then surging to 42.48% in 2017 and peaking at 65.67% in 2018. Adjusted ROE followed a more conservative trend with a peak of around 25.62% in 2016, declining to 19.57% in 2017, before increasing to 45.87% in 2018. The divergence between reported and adjusted ROE suggests that certain factors materially increased the reported profitability from equity in 2017 and 2018.

Return on Assets (ROA)

The reported ROA started at 11.53% in 2014, dropped sharply to 5.92% in 2015, and then gradually increased through 2016 and 2017 to 9.75%, reaching 11.4% in 2018. Adjusted ROA showed a similar but dampened pattern, starting at 10% in 2014, decreasing to 5.81% in 2015 and remaining relatively flat through 2016 and 2017, before rising to 11.5% in 2018. This indicates that asset profitability was generally consistent with some volatility, and adjustments mainly moderated the fluctuations observed in reported data.

The financial data over the five-year period reveals several noteworthy trends in the current assets, liabilities, and liquidity ratios.

Current Assets

The reported current assets demonstrated variability, starting at 9,713 million US dollars in 2014, slightly declining to 9,401 million in 2015, and then increasing to a peak of 14,892 million in 2017 before sharply dropping to 9,067 million in 2018. The adjusted current assets follow the same pattern as the reported figures, indicating that the adjustments related to deferred income tax had minimal impact on current asset levels.

Current Liabilities

The reported current liabilities showed a general upward trend, rising from 2,112 million US dollars in 2014 to 4,057 million in 2018, with a notable increase between 2017 and 2018. The adjusted current liabilities closely match the reported amounts across all years except for 2014, where adjusted liabilities are slightly lower, suggesting some adjustments were made that year.

Current Ratio

The reported current ratio, a key indicator of short-term liquidity, started high at 4.6 in 2014, improved to 4.77 in 2015, then declined to 3.67 in 2016. It rebounded strongly to 4.99 in 2017, indicating increased liquidity, before dropping significantly to 2.23 in 2018. The adjusted current ratio mirrors the reported ratios exactly, suggesting the adjustments did not materially affect liquidity ratios.

In summary, while assets and liabilities have generally increased over the period, the sharp fluctuations in 2017 and 2018 stand out. The notable peak in assets and liquidity in 2017 followed by the subsequent declines in 2018 indicates potential shifts in balance sheet management or operational factors affecting working capital. The minimal differences between reported and adjusted figures imply that the impact of annual reporting and deferred income tax adjustments on these particular metrics was negligible.

Net Income Trends

The reported net income exhibited fluctuations over the five-year period, initially decreasing from 2000 million USD in 2014 to 1602 million USD in 2015, then recovering to 1999 million USD in 2016. A substantial increase followed, reaching 2940 million USD in 2017 and peaking at 4046 million USD in 2018. Adjusted net income showed a somewhat different pattern, declining slightly from 1728 million USD in 2014 to 1569 million USD in 2015, then increasing modestly in 2016 and 2017 to 1655 million USD and 1610 million USD respectively. In 2018, there was a marked increase to 4078 million USD, closely aligning with the reported figure.

Net Profit Margin Analysis

The reported net profit margin followed a decreasing trend from 26.44% in 2014 to a low of 17.49% in 2015, then remained relatively stable in 2016 at 17.87%. It rose significantly in the subsequent years, reaching 22.66% in 2017 and 26.51% in 2018. Adjusted net profit margin similarly decreased from 22.84% in 2014 to 17.12% in 2015, further declining to 14.8% in 2016 and 12.41% in 2017, indicating a more pronounced downtrend. However, in 2018, the adjusted margin surged dramatically to 26.71%, surpassing prior levels.

Comparative Insights Between Reported and Adjusted Metrics

Throughout most of the period, reported net income and profit margins were higher than their adjusted counterparts, suggesting that deferred income tax adjustments had a material impact on the financial outcomes. The adjusted metrics presented a smoother trend with less variability until 2017. The notable convergence and simultaneous substantial increase in both reported and adjusted net income and margins in 2018 indicate a significant change in financial performance, potentially driven by adjustments related to income taxes or operational improvements.

Overall Observations

The data reflects a period of volatility followed by strong growth in profitability and net income, especially pronounced in 2018. The divergence between reported and adjusted figures in earlier years and their alignment in the final year analyzed could signify changes in tax accounting or other financial adjustments that materially affected reported results. The improvement in profit margins suggests enhanced operational efficiency or favorable fiscal factors impacting the company’s earnings quality.

The data reveals several key trends in the financial position and efficiency ratios of the company over the five-year period ending December 31, 2018.

Assets Growth

Both reported and adjusted total assets have exhibited a consistent upward trend from 2014 to 2018. Reported total assets increased from 17,340 million US dollars in 2014 to 35,480 million US dollars in 2018, effectively doubling over the period. Adjusted total assets follow a very similar pattern, increasing from 17,272 million US dollars to 35,456 million US dollars, indicating minor adjustments related to deferred income tax but overall a strong asset expansion.

Asset Turnover Ratio

The reported and adjusted total asset turnover ratio started at 0.44 in 2014, experienced a decline to 0.34 in 2015, then steadily increased over the subsequent years, reaching 0.43 by 2017 and maintaining this level into 2018. This suggests that while there was an initial decrease in asset efficiency, the company improved its ability to generate revenue from its asset base in the later years of the period.

Relationship Between Asset Growth and Turnover

Despite the doubling of total assets over the period, the asset turnover ratio remained relatively stable around the 0.4 mark after recovery from the dip in 2015. This indicates that although the asset base significantly increased, the company managed to maintain consistent operational efficiency in utilizing its assets to generate revenue on an adjusted basis.

Total Assets

The reported total assets demonstrate a consistent upward trend over the five-year period, increasing from 17,340 million US dollars in 2014 to 35,480 million US dollars in 2018. The adjusted total assets closely mirror this trend, rising from 17,272 million US dollars to 35,456 million US dollars during the same timeframe. This continuous growth indicates expansion of the asset base, reflecting potential investments or acquisitions.

Stockholders’ Equity

The reported stockholders’ equity shows fluctuations, starting at 6,525 million US dollars in 2014, decreasing to 5,919 million in 2015, then rising again to peak at 6,921 million in 2017 before declining to 6,161 million in 2018. In contrast, the adjusted stockholders’ equity shows a generally positive upward trend, increasing from 7,143 million US dollars in 2014 to 8,890 million US dollars in 2018. This suggests that adjustments, possibly including deferred income tax considerations, lead to a more robust equity position and reveal stronger capitalization than reported figures indicate.

Financial Leverage

The reported financial leverage ratio experiences notable volatility, increasing sharply from 2.66 in 2014 to 4.57 in 2015, then slightly decreasing to 4.26 in 2016 and stabilizing around 4.3-4.4 in the subsequent years before rising to 5.76 in 2018. On the other hand, the adjusted financial leverage ratio also rises from 2.42 in 2014 to 4.33 in 2015, remains steady near 4.3 in 2016, then declines to 3.66 in 2017, and slightly increases to 3.99 in 2018. The adjustments result in generally lower leverage ratios compared to reported values, indicating that when accounting for deferred tax impacts, the company appears less leveraged and potentially less risky from a capital structure perspective.

Overall Financial Position Insights

The data reveals that while the company’s asset base consistently expands, adjustments for deferred income tax and other factors improve the equity base and reduce leverage ratios relative to reported numbers. This indicates stronger financial stability and a more conservative capital structure than initially apparent from the reported figures alone. The disparities between reported and adjusted metrics emphasize the importance of considering tax-related adjustments for a more accurate assessment of financial health and leverage dynamics.

The financial data reveals several key trends across the period ending December 31, 2014 through December 31, 2018. The reported net income exhibits a general upward trajectory, increasing notably from $2,000 million in 2014 to $4,046 million in 2018. There is a dip in 2015, followed by steady growth through to 2018, where a significant jump is observed between 2017 and 2018.

In contrast, the adjusted net income shows a more moderate fluctuation. Starting at $1,728 million in 2014, it decreases slightly to $1,569 million in 2015, then modestly rises to $1,655 million by 2016. A slight decline occurs again in 2017 before a sharp increase to $4,078 million in 2018, exceeding the reported net income in that year.

Regarding equity, the reported stockholders’ equity values fluctuate without a consistent trend, starting at $6,525 million in 2014, decreasing to $5,919 million in 2015, then rising and peaking at $6,921 million in 2017 before falling to $6,161 million in 2018. The adjusted equity figures differ appreciably, initially exceeding the reported equity and showing a strong upward trend overall—from $7,143 million in 2014 to $8,890 million in 2018—highlighted by a substantial increase between 2016 and 2017.

The reported return on equity (ROE) follows a generally increasing trend, moving from 30.65% in 2014 to 65.67% in 2018, with a notable spike in the final year. Although it also declines slightly between 2014 and 2015, it rebounds steadily until a peak in 2018. The adjusted ROE displays a less volatile pattern with a slight downward trend except for the marked rise in 2018. It starts at 24.18% in 2014, declines to 19.57% in 2017, then sharply increases to 45.87% in 2018.

Overall, the analysis indicates that both the reported and adjusted net income and ROE metrics improved significantly by the end of the period, particularly in 2018. However, the adjusted figures suggest more conservative performance measures with less pronounced annual volatility except for the final year. The divergence between reported and adjusted equity also highlights differing valuation or accounting treatments impacting the equity base over time.

The analysis of reported and deferred income tax adjusted financial data over the five-year period reveals notable trends in profitability, asset base, and return on assets (ROA).

Net Income

Reported net income experienced fluctuations, initially declining from 2000 million USD in 2014 to 1602 million USD in 2015, followed by a recovery to 1999 million USD in 2016, a significant increase to 2940 million USD in 2017, and culminating in a substantial rise to 4046 million USD in 2018. In contrast, adjusted net income showed a less volatile trajectory, decreasing gradually from 1728 million USD in 2014 to a low of 1569 million USD in 2015, followed by moderate increases to 1655 million USD in 2016 and 1610 million USD in 2017, then sharply increasing to 4078 million USD in 2018, surpassing the reported figure.

Total Assets

Both reported and adjusted total assets demonstrated a consistent upward trend throughout the period. Reported total assets increased from 17340 million USD in 2014 to 35480 million USD in 2018, with notable accelerations in asset growth seen between 2014 and 2015, and steady growth thereafter. Adjusted total assets mirrored this pattern with values slightly lower but closely aligned, starting at 17272 million USD in 2014 and rising steadily to 35456 million USD in 2018.

Return on Assets (ROA)

Reported ROA showed a decline from 11.53% in 2014 to a low of 5.92% in 2015, followed by a gradual recovery and increase to 11.4% in 2018. Adjusted ROA declined more steadily from 10% in 2014 to 5.35% in 2017, representing a more pronounced decrease in asset efficiency during these years. However, adjusted ROA rebounded sharply to 11.5% in 2018, slightly exceeding the reported ROA figure in the final reporting period.

Overall, the data indicate a period marked by initial challenges in profitability and efficiency, particularly evident in 2015 and the years following, followed by significant improvements by 2018. The substantial growth in both reported and adjusted net income in 2018, along with strong asset growth and improvement in ROA, suggests a positive turnaround in financial performance. The close alignment between reported and adjusted figures over assets and ROA reflects consistency in financial reporting adjustments related to income tax effects.