DuPont de Nemours Inc. (NYSE:DD)

Current tax expense

The current tax expense exhibited a fluctuating but generally declining trend over the five-year period. Starting at $1,842 million in 2015, it decreased significantly to $1,268 million in 2016. It then increased to $1,690 million in 2017 and further to $1,923 million in 2018. However, in 2019, the current tax expense sharply declined to $618 million, representing the lowest figure in the observed period.

Deferred tax expense (benefit)

The deferred tax component showed considerable volatility and remained predominantly in a benefit position after 2015. In 2015, there was a deferred tax expense of $305 million. From 2016 onwards, the figures reflected deferred tax benefits with substantial values such as -$1,259 million in 2016 and an even larger benefit of -$2,166 million in 2017. The 2018 and 2019 years showed continued deferred tax benefits of -$434 million and -$478 million respectively, though these amounts were reduced compared to the 2017 peak benefit.

Provision for (benefit from) income taxes on continuing operations

The combined provision for income taxes on continuing operations demonstrated a marked shift throughout the period. Beginning with a provision of $2,147 million in 2015, the amount dramatically fell to near-neutral at $9 million in 2016. Subsequently, it turned into a notable benefit of -$476 million in 2017. In 2018, the provision increased sharply again to $1,489 million, before declining to $140 million in 2019. This pattern suggests substantial influence from both current and deferred tax components, reflecting varying tax strategies or operational profitability across the years.

The analysis of the financial data over the five-year period reveals notable fluctuations in the effective tax rate components and associated items for the company.

Statutory U.S. Federal Income Tax Rate

The statutory tax rate remained stable at 35% for 2015 and 2016, then significantly declined to 21% beginning in 2018, reflecting a structural change in tax legislation.

Equity Earnings Effect

This item fluctuated considerably, starting from -1.8% in 2015, deteriorating to -11% in 2017, and then recovering to a positive 1.3% by 2019, implying variable impacts from equity investments on the tax rate.

Foreign Income Taxed at Different Rates

The effect of foreign income taxed at rates other than the U.S. statutory rate showed negative impacts in 2015 to 2017 (reaching -26.7% in 2017), with a reversal to positive effects in 2018 and 2019.

U.S. Tax Effect of Foreign Earnings and Dividends

This component oscillated between positive and negative values, generally trending negative from 2016 onward, indicating increased tax burdens related to foreign earnings.

Unrecognized Tax Benefits

The values were inconsistent, with minor positive or negative values until a significant -10% in 2019, suggesting recognition of previously unrecognized tax benefits as a large tax-effecting event.

Acquisitions, Divestitures, and Ownership Restructuring Activities

This category showed substantial volatility, with significant negative impacts (-21.2%) in 2016, shifting to large positive impacts reaching 30.3% by 2019, indicating considerable strategic transactional activities influencing tax rates.

Exchange Gains/Losses

Reported only from 2017 onward, with small positive values initially and a decline in 2019 to -4.4%, implying some influence from currency fluctuations on tax provisions.

State and Local Income Taxes

Generally minor but declining sharply to -33.2% in 2019, highlighting a considerable reduction in state and local tax expenses or credits affecting the overall tax rate.

Change in Valuation Allowance

Only reported in 2019 at -6.8%, indicating an adjustment to deferred tax assets or liabilities impacting the tax rate.

Goodwill Impairment

A pronounced spike to 44.9% in 2017 followed by a sharp reversal to -51.2% in 2019, reflecting significant tax effects related to impairment charges in those years.

Excess Tax Benefits from Stock-Based Compensation

Negative in 2017 and 2018 but essentially neutral by 2019, showing diminishing impact over time on the tax rate.

Other, Net

This category showed a steady increase from small negative values in 2015 to a notable positive impact of 13.5% in 2019, signaling miscellaneous factors increasingly influencing tax rate changes.

Effective Tax Rate Before SAB 118 Impact

The effective tax rate before specific tax accounting treatments displayed extreme volatility, from a low of 0.2% in 2016 to a high of 51% in 2017, then down to -40.3% in 2019, reflecting substantial variations in tax expense recognition and adjustments.

Impact of Enactment of U.S. Tax Reform

Introduced in 2017 with a large negative impact (-90.9%), tapering off by 2019 to a minor positive impact, demonstrating the profound initial effect of tax reform on reported tax rates, which moderated over time.

Effective Tax Rate

The overall effective tax rate shifted drastically over the period, with a moderately high 21.6% in 2015, near zero in 2016, sharply negative (-39.9%) in 2017, returning to positive 27.1% in 2018, and reverting to negative levels (-29.5%) in 2019. These fluctuations indicate significant tax planning, one-time adjustments, and the substantial impact of tax reform on annual tax liabilities.

The financial data reveals several notable trends across the examined periods. There is an initial overall increase in gross deferred tax assets, climbing from 8,917 million US dollars in 2015 to a peak of 11,656 million in 2017, followed by a significant decline to 1,255 million in 2019. This fluctuation is mirrored by valuation allowances, which increased sharply in 2017 to -2,749 million before improving to -634 million in 2019.

Deferred tax assets exhibit a relative stabilization between 2015 and 2018, ranging from 7,917 million to 9,142 million US dollars, but experience a steep drop to 621 million by the end of 2019. Conversely, deferred tax liabilities demonstrate an increasing trend up to 2017 at -13,304 million, followed by a reduction to -3,899 million by 2019.

This shift in deferred tax figures results in the net deferred tax asset (liability) moving from a positive 1,846 million in 2015 to negative values starting in 2017, worsening to -3,278 million by 2019. This change suggests an emerging net deferred tax liability position in recent years.

Regarding specific asset and obligation categories:

Property

The data shows growth until 2017, with values increasing to 508 million US dollars, but subsequently, data is limited and presents a downward adjustment in the valuation dimensions.

Tax loss and credit carryforwards

There is a continual upward trend from 1,647 million in 2015 to 3,634 million in 2018, before a marked decline to 776 million in 2019, reflecting potential changes in the company's ability to utilize these tax attributes.

Pension and postretirement benefit obligations

There is a decreasing trajectory from 4,199 million in 2015 to 245 million in 2019, indicating reduced obligations in this category over time.

Other accruals and reserves

These liabilities fluctuate significantly; increasing to 1,964 million in 2016, before declining to 65 million by 2019, suggestive of active management or settlement of such reserves.

Intangibles

After a decrease in 2016, a marked increase to 471 million is seen in 2018, though data for 2019 is missing. However, the corresponding negative values in related rows show significant adjustments impacting these assets.

Inventory and investments

Inventory values show volatility with a low in 2016 and recovery by 2018, while investments demonstrate fluctuations but generally remain in a similar range. The presence of negative entries likely reflects amortization, impairment, or disposals.

Long-term debt

The recorded figures are sparse and low in magnitude, suggesting limited long-term borrowing or a possible reclassification in financial reporting.

Other, net

Values show a declining trend from 1,114 million in 2015 to 169 million in 2019, with related negative entries suggesting ongoing adjustments or reductions in miscellaneous assets and liabilities.

Unrealized exchange gains and losses are negative in the available periods, with a peak loss of -141 million in 2018, indicating currency translation impacts on deferred tax positions.

In summary, the data demonstrates significant volatility in deferred tax assets and liabilities, driven by fluctuating tax loss carryforwards, valuation allowances, and changes in asset categories such as property, intangibles, and other reserves. The net deferred tax liability emerging in recent years suggests a material shift in the company's deferred tax position, likely reflecting changes in profitability outlook, tax planning strategies, or tax law impacts. The reduction in pension-related obligations and other accruals points to improved liability management. Overall, the company appears to be navigating through complex tax accounting adjustments amidst varying asset and liability valuations.

Deferred Tax Assets

The current deferred tax assets were reported only in 2015, with a value of 827 million US dollars, but no data is available for subsequent years, indicating either the reclassification or absence of current deferred tax assets after that year.

Noncurrent deferred tax assets demonstrated fluctuation over the five-year period. Starting at 1694 million US dollars in 2015, there was a significant increase to 3079 million US dollars in 2016, followed by a decline to 1869 million in 2017 and a further decrease to 1724 million in 2018. In 2019, the value dropped sharply to 236 million US dollars. This pattern suggests volatility in the company's long-term deferred tax assets, with a pronounced reduction in the most recent year.

Deferred Tax Liabilities

Current deferred tax liabilities were reported only in 2015 at 100 million US dollars, with no further data available in subsequent years. This might indicate elimination or reclassification of current deferred tax liabilities after 2015.

Noncurrent deferred tax liabilities showed a general upward trend from 2015 to 2017, rising from 575 million to a peak of 6266 million US dollars in 2017. This was followed by a decline to 5435 million in 2018 and a further drop to 3514 million in 2019. Despite the decrease after 2017, these liabilities remain significantly higher than in the initial year.

Overall Insights

The data reveals a shifting composition and magnitude of deferred tax assets and liabilities over the period analyzed. There is a clear reduction or disappearance of current deferred tax items after 2015.

Noncurrent deferred tax assets and liabilities show notable variability, with deferred tax liabilities consistently exceeding deferred tax assets by a wide margin, suggesting a net deferred tax liability position. The peak in deferred tax liabilities in 2017 followed by subsequent decreases may reflect changes in tax regulations, asset valuations, or corporate structure impacting these balances.

The sharp decline in noncurrent deferred tax assets in 2019, alongside the reduction in liabilities, could indicate significant tax planning activities or one-off adjustments affecting the deferred tax positions in that year.

The financial data reveals several significant trends in the reported and adjusted figures for the period between 2015 and 2019. There is notable volatility and fluctuations across all main categories, including assets, liabilities, equity, and net income.

Current Assets

Reported current assets remained relatively stable between 2015 and 2018, with values hovering around 24,000 to 50,000 million US dollars, showing a sharp decline to 9,999 million in 2019. Adjusted current assets mirrored this pattern closely, indicating consistent adjustments aligned with reported values.

Total Assets

Total assets increased substantially from approximately 68,000 million in 2015 to a peak near 192,000 million in 2017 before slightly declining in 2018 and dropping significantly by 2019 to about 69,000 million. The adjusted total assets follow a similar trend, with a marginally lower base in each year, illustrating systematic downward adjustments but preserving the same overall trend.

Current Liabilities

Current liabilities showed a rising trend from around 11,215 million in 2015 to a high of over 26,000 million in 2017, followed by a slight reduction in 2018 and a notable decrease to 8,346 million by 2019. Adjusted current liabilities are nearly identical to reported figures, highlighting minimal differences in adjustments for this category.

Total Liabilities

Total liabilities rose sharply from approximately 41,800 million in 2015 to peak near 91,800 million in 2018 before declining substantially to 27,840 million in 2019. The adjusted total liabilities present a lower value than the reported figures by a moderate margin in most years, with a more pronounced gap emerging in 2017 and 2018.

Stockholders’ Equity

Reported stockholders’ equity nearly quadrupled from about 25,374 million in 2015 to over 100,000 million in 2017, then decreased to approximately 40,987 million by 2019. Adjusted equity values similarly rose strongly by 2017 and declined afterward but remained slightly higher than reported equity in 2017 and 2018, suggesting favorable adjustments that increased equity figures during these years.

Net Income Attributable to DuPont

Reported net income showed a significant decline from 7,685 million in 2015 to 1,460 million in 2017, experienced some recovery in 2018 to 3,844 million, but then dropped sharply to 498 million in 2019. Adjusted net income, however, fluctuated differently, showing a peak in 2015 at 7,990 million, a steep fall to negative income (-706 million) in 2017, partial recovery in 2018, and near break-even amount in 2019. The divergence between reported and adjusted net income in certain years reflects notable deferred tax or accounting adjustments impacting profitability measurements.

Overall, the data presents a pattern of significant asset and equity growth until 2017, followed by a marked contraction in 2019. Liabilities followed a similar trajectory but with less relative volatility. The disparity between reported and adjusted net income in some years indicates accounting adjustments that materially affect income representation. The sharp declines in both net income and total assets in 2019 point to substantial changes in the company's financial structure or operations at the end of the period analyzed.

Current Ratio Trends

The reported current ratio started at 2.18 in 2015 and showed a steady decline over the years, reaching a low of 1.2 in 2019. The adjusted current ratio mirrored this pattern closely, indicating consistency between reported and adjusted measures. This downward trend points to a gradual decrease in short-term liquidity over the analyzed period.

Net Profit Margin Patterns

The reported net profit margin experienced significant fluctuations, beginning at 15.76% in 2015, sharply dropping to 8.97% in 2016, and further declining to 2.31% by 2019. Adjusted net profit margin presented an even more volatile pattern, with negative performance in 2017 (-1.13%) and near-zero margin by 2019 (0.09%). This indicates weakening profitability, especially after adjustments, with profitability nearly disappearing by the end of the period.

Total Asset Turnover Observations

Both reported and adjusted total asset turnover followed a declining trajectory from 0.72 (reported) and 0.74 (adjusted) in 2015 to 0.31 in 2019. The consistency between reported and adjusted data suggests the efficiency in asset utilization diminished notably, pointing to less effective generation of revenue from assets over the period.

Financial Leverage Developments

The reported financial leverage increased from 2.68 in 2015 to a peak of 3.06 in 2016 before decreasing steadily to 1.69 by 2019. Adjusted financial leverage showed a similar pattern, starting slightly higher at 2.78 in 2015, peaking at 3.21 in 2016, then declining more markedly to 1.56 in 2019. This suggests the company reduced its reliance on debt relative to equity over time, particularly after 2016.

Return on Equity (ROE) Analysis

Reported ROE showed a strong decline from 30.29% in 2015 to 1.22% in 2019, with a steep drop especially between 2016 and 2017. The adjusted ROE indicated a more severe downturn, turning negative in 2017 (-0.67%) and barely recovering to 0.05% by 2019. This reflects a significant erosion in shareholder value generation, exacerbated when accounting adjustments are applied.

Return on Assets (ROA) Evaluation

The reported ROA declined from 11.3% in 2015 to 0.72% in 2019, showcasing a continuous reduction in asset profitability. The adjusted ROA mirrored this trend, even registering negative performance in 2017 (-0.37%) and approaching zero by the final year (0.03%). This trend confirms decreasing efficiency in asset utilization to generate net earnings, more pronounced under adjusted figures.

The analysis of the annual reported and deferred income tax adjusted financial data reveals several noteworthy trends in the liquidity position over the five-year period from 2015 to 2019.

Current Assets

Reported current assets exhibited a fluctuating pattern, beginning at 24,475 million US dollars in 2015 and declining slightly to 23,659 million in 2016. There was then a significant increase in 2017, reaching 49,893 million, which remained relatively stable in 2018 at 49,603 million. However, in 2019, reported current assets experienced a sharp decline to 9,999 million. Adjusted current assets mirrored this trend exactly for each year, indicating that the adjustments for deferred income taxes did not materially alter the current asset values reported.

Current Liabilities

The reported current liabilities generally followed an upward trajectory from 11,215 million in 2015 to a peak of 26,128 million in 2017. Thereafter, current liabilities decreased modestly to 24,715 million in 2018 and sharply fell to 8,346 million in 2019. The adjusted current liabilities showed an identical trend, suggesting that deferred income tax adjustments had minimal impact on current liabilities.

Current Ratio

The reported current ratio, which measures short-term liquidity, started at a relatively healthy 2.18 in 2015 but declined to 1.88 in 2016. It then showed slight improvement in 2017 and 2018, reaching 1.91 and 2.01 respectively. In 2019, the current ratio dropped significantly to 1.2, reflecting a notable compression of liquidity. The adjusted current ratio values were consistent with the reported ratios, implying that deferred tax adjustments did not significantly affect the liquidity assessment.

In summary, the liquidity position demonstrated by both reported and adjusted data was relatively stable through 2015 to 2018, characterized by current assets and liabilities increasing proportionally, which maintained a current ratio around or above 1.9. The year 2019 stands out for marked decreases in both current assets and liabilities, but with a disproportionately larger reduction in current assets, leading to a weakened liquidity position as evidenced by the current ratio dropping to 1.2. The close alignment between reported and adjusted figures indicates that deferred income tax adjustments had little influence on the overall short-term financial condition during this period.

The data demonstrates fluctuations in both reported and adjusted net income attributable to the company over the five-year period from 2015 through 2019. Reported net income showed a general downward trend from a high of 7,685 million USD in 2015 to 498 million USD in 2019, with fluctuations in intermediate years including a significant drop in 2017 followed by some recovery in subsequent years. Adjusted net income exhibited a more pronounced variability, with a positive value in 2015 and 2016, a notable loss in 2017, recovery in 2018, and a near breakeven figure in 2019.

The reported net profit margin, expressed as a percentage, similarly declined from 15.76% in 2015 to 2.31% in 2019. The margin essentially moved in tandem with reported net income, showing the highest value in 2015, a sharp decline in 2017, a slight recovery in 2018, and a further reduction in 2019.

Adjusted net profit margin, which takes into account various adjustments such as deferred income taxes, followed a somewhat different trajectory. It decreased from 16.38% in 2015 to a negative margin of -1.13% in 2017, indicating a period of adjusted losses. Subsequently, it rebounded to 3.97% in 2018 but almost flattened to zero (0.09%) in 2019, reflecting minimal profitability after adjustments.

Reported net income attributable to DuPont

Started at 7,685 million USD in 2015, declined sharply in 2017 to 1,460 million, recovered somewhat in 2018 to 3,844 million, and dropped again in 2019 to 498 million USD.

Adjusted net income attributable to DuPont

Initially close to reported income at 7,990 million USD in 2015, it dropped significantly to a loss of 706 million USD in 2017, recovered in 2018 to 3,410 million, then nearly broke even at 20 million USD in 2019.

Reported net profit margin

Progressively shrank from 15.76% in 2015 to 2.31% in 2019, reflecting the decline in reported net income relative to revenue.

Adjusted net profit margin

More volatile, turning negative in 2017 (-1.13%), then rising to 3.97% in 2018, and dropping to nearly zero (0.09%) in 2019, illustrating the impact of reported adjustments and non-recurring items on profitability.

Overall, the financial results highlight considerable challenges between 2015 and 2019, with profits and margins notably reduced, especially after adjustment for deferred and other income taxes. The year 2017 stands out as a difficult period with significant impairment to adjusted profitability and net income, followed by some recovery in 2018, yet 2019's results suggest the persistence of subdued financial performance.

Total Assets

The reported total assets demonstrate a significant increase from 68,026 million USD in 2015 to a peak of 192,164 million USD in 2017, followed by a slight decline to 188,030 million USD in 2018 and a sharp decrease to 69,396 million USD in 2019. The adjusted total assets follow a similar pattern, increasing from 65,505 million USD in 2015 to 190,295 million USD in 2017, then slightly declining to 186,306 million USD in 2018, and dropping to 69,160 million USD in 2019.

Total Asset Turnover

The reported total asset turnover ratio shows a downward trend over the periods. It starts at 0.72 in 2015, decreases to 0.61 in 2016, sharply drops to 0.33 in 2017, recovers somewhat to 0.46 in 2018, and decreases again to 0.31 in 2019. The adjusted total asset turnover closely mirrors this trend, starting at 0.74 in 2015, decreasing to 0.63 in 2016, falling to 0.33 in 2017, rebounding to 0.46 in 2018, and declining to 0.31 in 2019.

Insights and Patterns

A considerable asset base expansion occurred between 2015 and 2017, likely indicating acquisitions or capital investments, with subsequent asset base reductions in the last recorded year. Despite the asset growth, the total asset turnover ratio diminished notably in 2017, indicating lower efficiency in utilizing assets to generate sales during that period. Although there was some recovery in turnover in 2018, the ratio declined again in 2019, suggesting challenges in asset utilization efficiency. The close alignment between reported and adjusted figures implies that tax adjustments have minimal impact on these asset and turnover metrics.

The analysis of the financial data over the five-year period demonstrates notable variations in assets, equity, and financial leverage.

Total Assets

The reported total assets exhibit a general increasing trend from US$ 68,026 million in 2015 to a peak of US$ 192,164 million in 2017, followed by a slight decline to US$ 188,030 million in 2018, and a significant drop to US$ 69,396 million in 2019. Adjusted total assets follow a similar pattern, peaking at US$ 190,295 million in 2017 and declining thereafter. This pattern suggests a major event or restructuring occurring between 2018 and 2019, impacting the asset base significantly.

Total Stockholders’ Equity

Reported total DuPont stockholders' equity increases gradually from US$ 25,374 million in 2015 to US$ 25,987 million in 2016, then shows a substantial jump to US$ 100,330 million in 2017. It slightly decreases to US$ 94,571 million in 2018, followed by a sharp decline to US$ 40,987 million in 2019. The adjusted equity follows a comparable trajectory with a peak in 2017 and a decline thereafter. These fluctuations parallel those observed in total assets, suggesting related corporate events impacting equity.

Financial Leverage

Reported financial leverage starts high at 2.68 in 2015, increases to 3.06 in 2016, then declines sharply to 1.92 in 2017. It remains relatively stable around 1.99 in 2018 before decreasing further to 1.69 in 2019. The adjusted financial leverage ratios follow the same pattern, though consistently slightly higher than the reported figures. This downward trend in leverage after 2016 indicates a reduction in reliance on debt relative to equity, possibly due to asset sales, debt repayments, or equity recapitalization.

Overall, the data reveal a significant expansion between 2015 and 2017, characterized by rapid growth in both assets and equity, peaking in 2017. The subsequent years show contraction in these metrics, accompanied by decreasing financial leverage. These dynamics likely correspond to strategic corporate actions such as mergers, acquisitions, divestitures, or capital restructuring that materially influenced the company's balance sheet composition and leverage profile.

The financial data over the five-year period reveals several notable trends in reported and adjusted figures for net income, stockholders’ equity, and return on equity (ROE).

Net Income Trends

Reported net income attributable to the company exhibits a significant decline from 2015 to 2017, plunging from $7,685 million to $1,460 million. This is followed by a partial recovery in 2018 to $3,844 million, before declining sharply again to $498 million in 2019. Adjusted net income follows a similar trajectory but shows a more pronounced dip, turning negative in 2017 with a loss of $706 million. After this low point, adjusted net income rebounds somewhat to $3,410 million in 2018 but drops drastically to near breakeven at $20 million in 2019.

Stockholders' Equity Trends

Reported total stockholders’ equity demonstrates a major increase from 2016 to 2017, surging from approximately $25.99 billion to over $100 billion. This elevated level slightly decreases in 2018 to around $94.6 billion and further declines sharply to approximately $40.9 billion by the end of 2019. Adjusted stockholders’ equity mirrors this pattern but starts slightly lower in all years. The increase from 2016 to 2017 takes the figure from about $23.8 billion to $104.7 billion, followed by gradual decreases in the subsequent years to $44.3 billion in 2019.

Return on Equity (ROE) Trends

Reported ROE follows a declining trend over the period, starting from a robust 30.29% in 2015, dropping steeply to 1.46% in 2017, showing a modest recovery to 4.06% in 2018, and then falling again to a low of 1.22% in 2019. Adjusted ROE displays similar volatility but with more negative outcomes, becoming negative at -0.67% in 2017 and barely positive at 0.05% in 2019. This indicates that after adjustment for deferred tax and other items, the equity is not generating significant returns in recent years.

Overall, the data indicates considerable volatility in both earnings and equity values, with 2017 marking a pivotal year characterized by significant negative adjustments affecting profitability metrics. The substantial increase in equity in 2017 suggests possible structural changes such as asset revaluation or capital restructuring which did not translate into sustained profitability gains in subsequent years. Declining ROE percentages correspond with the weakening net income figures, suggesting challenges in converting equity into earnings during this period.

Over the analyzed period, the reported net income attributable to DuPont exhibited a significant decline, falling from a high of 7,685 million US dollars at the end of 2015 to just 498 million US dollars by the end of 2019. This downward trend was not strictly linear, with a notable drop to 1,460 million in 2017 followed by a partial recovery to 3,844 million in 2018 before declining sharply again in 2019.

The adjusted net income attributed to DuPont followed a more volatile and generally unfavorable trajectory. Starting at 7,990 million US dollars in 2015, adjusted net income decreased sharply over the years, turning negative in 2017 with a loss of 706 million, then recovering somewhat to 3,410 million in 2018, only to drop to nearly zero at 20 million in 2019. This suggests significant adjustments impacting profitability, marked especially by the negative result in 2017 and minimal income by 2019.

Reported total assets showed considerable volatility, rising substantially from 68,026 million US dollars in 2015 to a peak of 192,164 million in 2017, before decreasing gradually to 69,396 million by 2019. The adjusted total assets mirrored this pattern closely, with values slightly lower but following the same overall trend: growth until 2017, slight decrease in 2018, and a marked reduction by 2019. This indicates major asset base fluctuations, likely influenced by acquisitions, divestitures, or revaluations over the period.

Reported return on assets (ROA) decreased substantially from 11.3% in 2015 to a mere 0.72% in 2019, reflecting declining profitability relative to asset base. The sharpest decline occurred between 2015 and 2016, and despite a modest recovery in 2018, the ROA remained below 3% for the last three years.

Adjusted ROA followed a similar declining pattern but showed more pronounced negative performance in 2017, with a negative ROA of -0.37%. This was followed by a slight rebound in 2018 to 1.83%, but an almost negligible ROA of 0.03% in 2019 signals near breakeven profitability after adjustments. The adjusted metrics underline the impact of one-time or non-recurring factors on operational efficiency and profitability.

In summary, both reported and adjusted financial data reveal a trend of declining profitability and asset base volatility, with the adjusted figures indicating additional challenges from non-operational or exceptional items. The negative adjusted net income and ROA in 2017 highlight particular strain during that year, while the overall decline over five years suggests structural issues impacting sustained financial performance.