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Stock Analysis on Net

LyondellBasell Industries N.V. (NYSE:LYB)

This company has been moved to the archive! The financial data has not been updated since August 2, 2019.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

LyondellBasell Industries N.V., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current maturities of long-term debt 0.02 0.01 0.01 0.02 0.02
Short-term debt 3.13 0.26 2.53 1.55 1.42
Trade 9.05 8.62 8.65 7.15 9.22
Related parties 1.86 2.43 2.14 2.44 3.40
Accounts payable 10.92% 11.05% 10.79% 9.59% 12.62%
Payroll and benefits 1.89 1.69 1.42 1.82 1.75
Renewable identification numbers 0.25 0.50 0.58 1.41 0.92
Product sales rebates 0.58 0.63 0.63 0.73 0.77
Taxes other than income taxes 0.66 0.76 0.76 0.95 0.77
Income taxes 0.06 1.47 1.33 1.40 0.63
Interest 0.54 0.58 0.61 0.58 0.46
Share repurchases 0.00 0.00 0.09 0.20 0.35
Deferred revenues 0.45 0.23 0.09 0.25 0.30
Other 1.00 1.06 0.53 0.61 0.45
Accrued liabilities 5.43% 6.91% 6.04% 7.95% 6.40%
Deferred income taxes 0.00 0.00 0.00 0.00 1.93
Current liabilities 19.50% 18.23% 19.37% 19.11% 22.39%
Long-term debt, excluding current maturities 30.05 32.62 35.77 33.71 27.83
Other liabilities 6.71 8.68 9.01 8.95 8.74
Deferred income taxes 6.98 6.32 9.94 9.35 6.68
Noncurrent liabilities 43.74% 47.62% 54.73% 52.00% 43.25%
Total liabilities 63.24% 65.85% 74.09% 71.11% 65.64%
Redeemable non-controlling interests 0.41 0.00 0.00 0.00 0.00
Ordinary shares, €0.04 par value 0.08 0.12 0.13 0.14 0.13
Additional paid-in capital 24.90 38.95 43.47 44.83 42.77
Retained earnings 23.92 60.09 52.39 43.24 27.90
Accumulated other comprehensive loss -4.82 -4.90 -6.45 -6.32 -4.23
Treasury stock, at cost -7.80 -60.10 -63.75 -53.11 -32.34
Total Company share of stockholders’ equity 36.27% 34.15% 25.80% 28.78% 34.24%
Non-controlling interests 0.08 0.00 0.11 0.11 0.12
Total equity 36.35% 34.15% 25.91% 28.89% 34.36%
Total liabilities, redeemable non-controlling interests and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The capital structure of the organization experienced a notable shift between 2014 and 2018, characterized by a peak in total liabilities in 2016 followed by a period of deleveraging. Total liabilities rose from 65.64% of the total balance sheet in 2014 to a peak of 74.09% in 2016, before declining to 63.24% by the end of 2018. This trend indicates a cyclical increase in leverage that was subsequently reversed, resulting in a stronger equity position by the end of the analyzed period.

Noncurrent Liabilities and Long-Term Debt
The volatility in total liabilities was primarily driven by noncurrent obligations. Noncurrent liabilities increased from 43.25% in 2014 to 54.73% in 2016, largely due to a rise in long-term debt, which peaked at 35.77% of the total balance sheet in 2016. By 2018, long-term debt moderated to 30.05%, and total noncurrent liabilities returned to 43.74%, mirroring the 2014 levels.
Equity Composition and Volatility
Total equity exhibited an inverse relationship with total liabilities, reaching a low of 25.91% in 2016 before recovering to 36.35% in 2018. A significant transformation occurred within the equity components; retained earnings grew steadily from 27.90% in 2014 to a peak of 60.09% in 2017, before dropping sharply to 23.92% in 2018. Simultaneously, treasury stock showed extreme fluctuations, moving from -32.34% in 2014 to -63.75% in 2016, and then contracting significantly to -7.80% in 2018, suggesting substantial changes in share repurchase activity or corporate restructuring.
Current Liabilities and Working Capital Obligations
Current liabilities remained relatively stable compared to long-term obligations, fluctuating within a narrow range between 18.23% in 2017 and 22.39% in 2014. Accounts payable represented a consistent portion of the balance sheet, hovering around 9% to 11% throughout the five-year period. Short-term debt showed more variance, peaking at 3.13% in 2018 after a notable dip to 0.26% in 2017.
Other Liability Trends
Deferred income taxes as a percentage of the total balance sheet peaked in 2016 at 9.94% before stabilizing around 6.98% by 2018. Other liabilities remained consistently between 6.71% and 9.01%, indicating that the primary shifts in the company's financial position were driven by debt and equity adjustments rather than operational accruals.

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