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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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Cash and cash equivalents
- The cash and cash equivalents exhibited an initial significant decline from 13,212 million US dollars in 2020 to 6,650 million in 2021, followed by a gradual recovery, reaching 13,947 million by 2024. This pattern indicates a potential liquidity tightening in 2021 but a subsequent strengthening of cash reserves.
- Restricted cash
- Restricted cash showed a notable downward trend from 463 million in 2020 to 21 million in 2023, before a slight recovery to 214 million in 2024. This suggests a reduction in funds subject to restrictions, possibly reflecting changes in regulatory or contractual obligations.
- Marketable securities
- Marketable securities remained relatively stable with minor fluctuations, starting at 600 million in 2020, peaking at 852 million in 2022, dipping to 373 million in 2023, and rising again to 644 million in 2024. This may indicate tactical adjustments in investment holdings.
- Trade receivables, net
- Notes and accounts receivable, net, showed modest decline from 7,132 million in 2020 to 6,541 million in 2022, followed by a rebound to 7,214 million in 2023 and a slight decrease to 6,804 million in 2024, suggesting some variability in customer credit exposure and collections.
- Short-term financing receivables
- Short-term financing receivables held for investment decreased markedly from 10,892 million in 2020 to 6,102 million in 2023, then stabilized at 6,259 million in 2024. Receivables held for sale appeared in 2021 with 793 million, fluctuated thereafter, standing at 900 million in 2024. This downward trend may reflect tightening credit policies or reduced financing activity.
- Other accounts receivable
- Other accounts receivable showed variability, increasing from 714 million in 2020 to 1,002 million in 2021, followed by a decline and then a rise again to 947 million in 2024, indicating fluctuating secondary receivables balances.
- Inventory
- Inventory decreased steadily from 1,839 million in 2020 to 1,161 million in 2023, with a slight rebound to 1,289 million in 2024. The reduction points to potential inventory optimization or sales growth outpacing replenishment.
- Deferred costs (current)
- Deferred costs experienced a substantial decline from 2,107 million in 2020 to 959 million in 2024, falling consistently over the period. This trend suggests lower prepaid expense deferrals or accelerated recognition of related costs.
- Prepaid expenses and other current assets
- There was a sharp increase in prepaid expenses and other current assets from 2,206 million in 2020 to 3,466 million in 2021, followed by a decrease and stabilization around 2,500 to 2,600 million thereafter, possibly reflecting shifting prepayment strategies.
- Current assets
- Current assets declined sharply from 39,165 million in 2020 to 29,539 million in 2021, then remained relatively stable with a slight recovery to 34,482 million in 2024, indicating overall contraction followed by modest reconstruction of liquid assets and short-term receivables.
- Property, plant and equipment, net
- Net property, plant and equipment declined sharply from 10,040 million in 2020 to 5,694 million in 2021, with minor subsequent fluctuations ending at 5,731 million in 2024, suggesting significant asset disposals or revaluations in 2021 and subsequent stabilization.
- Operating right-of-use assets, net
- Operating right-of-use assets showed a significant decrease from 4,686 million in 2020 to 2,878 million in 2022, followed by a moderate increase to 3,197 million in 2024, indicating adjustments in lease obligations or portfolio management.
- Long-term financing receivables, net
- Long-term financing receivables decreased from 7,086 million in 2020 to 5,353 million in 2024, reflecting a gradual reduction over the period, potentially due to repayments or tighter credit policies.
- Prepaid pension assets
- Prepaid pension assets rose from 7,610 million in 2020 to 9,850 million in 2021, then declined steadily to 7,492 million in 2024, indicating changes in pension funding status and assumptions.
- Deferred costs (noncurrent)
- Noncurrent deferred costs declined substantially from 2,449 million in 2020 to 788 million in 2024, indicating accelerated amortization or reduced capitalized costs.
- Deferred taxes
- Deferred taxes reduced from 9,241 million in 2020 to 6,256 million in 2022, then increased to 6,978 million by 2024, suggesting fluctuations in tax timing differences and potential changes in tax planning.
- Goodwill
- Goodwill decreased from 59,617 million in 2020 to 55,643 million in 2021, followed by a steady increase to 60,706 million in 2024, indicating asset impairment and subsequent acquisitions or revaluations.
- Intangible assets, net
- Intangible assets declined consistently from 13,796 million in 2020 to 10,660 million in 2024, pointing to amortization exceeding additions over the period.
- Investments and sundry assets
- These assets have fluctuated modestly, declining from 2,281 million in 2020 to 1,616 million in 2022, then increasing slightly to 1,788 million in 2024, indicative of portfolio adjustments.
- Noncurrent assets
- Noncurrent assets dropped from 116,806 million in 2020 to 98,125 million in 2022, then recovered to 102,693 million by 2024, reflecting an initial reduction possibly from disposals or impairments, followed by incremental asset accumulation.
- Total assets
- Total assets followed a downward trajectory from 155,971 million in 2020 to 127,243 million in 2022, then increased to 137,175 million in 2024, showing an overall contraction and partial recovery of the asset base.