Common-Size Balance Sheet: Assets
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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2011
- Return on Equity (ROE) since 2011
- Debt to Equity since 2011
- Price to Earnings (P/E) since 2011
- Price to Operating Profit (P/OP) since 2011
- Analysis of Revenues
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LyondellBasell Industries N.V., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).
- Cash and cash equivalents
- Displayed a fluctuating trend with a peak in 2017 at 5.81% of total assets, followed by a sharp decline to 1.17% in 2018, suggesting a reduction in highly liquid assets toward the end of the period.
- Restricted cash
- Remained negligible overall but increased from 0.01% in 2014 to 0.24% in 2018, indicating a slight growth in cash subject to restrictions.
- Short-term investments
- Declined steadily from 6.56% in 2014 to 3.15% in 2018, reflecting a decrease in liquid investments available within one year.
- Trade, net
- Varied moderately with a dip in 2015 to 10.38% but recovered to 12.82% in 2017 before slightly decreasing to 11.86% in 2018, indicating some volatility in trade-related receivables or payables.
- Accounts receivable
- After dropping from 14.2% in 2014 to 11.06% in 2015, it gradually increased through 2017 before a minor decrease in 2018, suggesting fluctuating credit sales or collection efficiency.
- Inventories
- Showed a gradual decline from 18.6% of total assets in 2014 to 15.97% in 2018, indicating improved inventory management or a shift in asset composition.
- Loans receivable
- Remained relatively stable with a slight increase peaking at 2.18% in 2017, then a small decline, implying steady lending activity with minor fluctuations.
- Renewable identification numbers
- Displayed variability with a rise in 2015 but a consistent decline thereafter to 0.23% in 2018, possibly indicating a reduced focus or valuation of these assets.
- Other current assets (including advances to suppliers, income tax receivable, VAT receivables, prepaid insurance, financial derivatives, and prepaid expenses)
- Fluctuated across categories; financial derivatives increased modestly up to 0.28%, VAT receivables rose steadily, while prepaid insurance declined slightly. Prepaid expenses and other current assets peaked in 2015 then stabilized. Overall, these components suggest changing operational and tax-related asset dynamics.
- Current assets total
- Decreased consistently from 47.96% in 2014 to 37.36% in 2018, indicating a shift toward a greater proportion of noncurrent assets.
- Property, plant and equipment, net
- Displayed a consistent upward trend from 36.07% to 44.12% over the period, showing increasing investment in long-term physical assets.
- Investments and long-term receivables
- Overall decreased from 8.5% in 2014 to 7.44% in 2018, mainly driven by reductions in equity investments and other long-term receivables, reflecting a slight divestment or depreciation of these assets.
- Goodwill
- Remained stable around 2.2% to 2.3% from 2014 to 2017 but sharply increased to 6.41% in 2018, suggesting a significant acquisition or revaluation event in that year.
- Intangible assets, net
- Gradually declined to 2.17% in 2017, followed by an increase to 3.41% in 2018, potentially linked to the increase in goodwill or other acquisitions.
- Deferred tax assets
- Experienced a decline both in current and noncurrent components, with current deferred tax assets disappearing from 2015 onward, and noncurrent assets decreasing from 1.12% to 0.11%. This trend might reflect changes in tax position or valuation allowances.
- Debt issuance costs
- Steadily decreased from 0.37% in 2014 to 0.04% in 2018, indicating amortization of associated costs over time.
- Derivative contracts
- Showed a notable spike to 1.43% in 2015, followed by a decline and fluctuations thereafter, which may correspond to hedging activity changes or market risk exposure variation.
- Pension assets and company-owned life insurance
- BOTH remained low and relatively stable throughout the years, signaling limited impact of these assets on the overall asset structure.
- Other assets and noncurrent assets total
- Other assets fluctuated without a clear trend, while total noncurrent assets rose from 52.04% to 62.64% by 2018, highlighting a strategic tilt toward long-term investments and assets over current assets.
- Total assets
- Remained constant by definition at 100% for each year, serving as the base reference for all percentage allocations.
- Summary
- Overall, the asset structure shows a clear trend of increasing concentration in noncurrent assets, principally driven by growth in property, plant and equipment, and a substantial jump in goodwill in 2018 suggesting acquisition activity. Concurrently, there was a notable decline in current assets, particularly cash equivalents and short-term investments, possibly reflecting deployment of liquid resources into long-term investments. Fluctuations in trade-related receivables and derivative contracts imply changes in operational and risk management strategies. The declining deferred tax assets and debt issuance costs indicate adjustments in tax positions and cost amortizations. The overall pattern points to a strategic shift towards capital-intensive assets and possibly expansion through acquisitions in the final year analyzed.