Balance Sheet: Assets
Quarterly Data
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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LyondellBasell Industries N.V. pages available for free this week:
- 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., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The analysis of the quarterly financial data reveals several trends in the company’s liquidity, asset management, and overall financial position over the observed periods.
- Liquidity Trends
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Cash and cash equivalents experienced notable volatility, with a marked decline from early 2014 through 2016, reaching a low point around September 2016. Subsequently, there was a recovery trend through 2017 and into early 2018, peaking significantly in the first quarter of 2018 before dropping sharply by mid-2018 and the first half of 2019.
Restricted cash remained generally low with sporadic fluctuations, including a considerable spike in the first quarter of 2019. Short-term investments showed a general downward trend starting from 2014 highs, particularly steep after mid-2018, culminating in very low levels by mid-2019.
- Receivables and Inventory Trends
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Accounts receivable and trade net values initially declined through 2014 and 2015 but showed a recovery and growth trend from 2016 onward, indicating an increase in sales or credit extensions. Trade net values demonstrated steady growth from early 2017 through early 2019.
Inventories followed a decreasing trend through 2015 but increased gradually from 2016, with peaks in late 2018 and early 2019, suggesting higher stock levels that could either indicate anticipated demand or slower inventory turnover.
Prepaid expenses and other current assets fluctuated but overall increased from 2014 lows to peak around 2019, implying higher upfront expenses or changes in accounting for current assets.
- Property, Plant, and Equipment (PP&E)
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There was a consistent increase in property, plant, and equipment at cost throughout the periods, reflecting ongoing capital investments and expansions. Accumulated depreciation increased steadily, indicating aging assets or higher usage.
Net PP&E values showed a gradual increase over the years, suggesting that new investments outweighed depreciation, thus the asset base has been growing consistently, enhancing production or operational capacity.
- Investments and Noncurrent Assets
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Investments in joint ventures and equity investments exhibited relatively stable values with minor fluctuations, reflecting steady portfolio maintenance without significant divestitures or acquisitions.
Goodwill remained fairly stable until early 2018, when it nearly tripled, pointing to a potentially significant acquisition or revaluation occurring at that time. Intangible assets showed a gradual decline until a marked increase in 2018, aligned with the increase in goodwill, which may indicate acquisition-related intangible recognitions.
Other and long-term assets increased modestly but showed no dramatic changes, supporting the view of steady long-term asset management.
Overall, noncurrent assets exhibited a slow, consistent increase, confirming ongoing investments in long-term resources.
- Total Assets and Asset Quality
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Total assets decreased from early 2014 to late 2015, reflecting declines in current assets and potential asset disposals. From 2016 onward, total assets showed a recovering and growing trend, reaching a peak by mid-2019 considerably higher than the earliest periods.
This increase is driven mainly by growth in PP&E, goodwill, intangible assets, and overall noncurrent assets.
In summary, the financial data indicates an initial period of contraction or asset reduction followed by renewed investment and asset growth. The liquidity position showed significant volatility, with cash and equivalents and short-term investments declining toward 2019. However, the increase in receivables, inventories, PP&E, and goodwill suggest strategic growth initiatives, possibly acquisitions and capacity expansions. The spike in goodwill and intangible assets in 2018 particularly indicates a transformative acquisition or revaluation event. The overall asset base has expanded by mid-2019, indicating a focus on strengthening long-term operational capabilities despite short-term liquidity fluctuations.