Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
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Based on: 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), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31), 10-K (reporting date: 2011-12-31), 10-Q (reporting date: 2011-09-30), 10-Q (reporting date: 2011-06-30), 10-Q (reporting date: 2011-03-31).
The quarterly financial data reveals several notable trends and fluctuations in various financial components over the periods analyzed.
- Profitability
- Net income exhibited a general downward trend starting in early 2015, shifting from positive values consistently above US$150 million in previous years to negative values as deep as -US$1,522 million in Q4 2015. This indicates a significant deterioration in profitability, with some recovery signs in mid-2016 though remaining negative.
- Depreciation and Amortization
- Depreciation and amortization expenses showed a steady gradual increase from 2011 through 2014, stabilizing around the US$190 million to US$200 million range, and then slightly declining in 2015 and early 2016. This trend aligns with typical asset base aging and impairment activity.
- Deferred Income Taxes
- Deferred income taxes displayed volatility, swinging between positive and negative values across quarters. Large negative values in certain quarters, particularly in 2013 and 2015, suggest significant tax-related timing differences or adjustments.
- Goodwill and Intangible Asset Impairment
- Impairment charges were absent until Q4 2014, where a notable charge of US$1,634 million occurred, followed by additional large impairments in Q1 2015. These indicate substantial write-downs affecting asset valuations and potentially contributing to the large net losses observed.
- Operating Assets and Liabilities
- Receivables and inventories fluctuated with mixed positive and negative changes, reflecting variability in operational cash flow. Receivables showed extremes, with a significant positive spike to US$706 million in Q2 2016, while inventories also demonstrated irregular upswings and declines. Accounts payable and accrued liabilities varied substantially, with accrued liabilities data only from 2015 showing significant negative values, highlighting potential cash outflows related to short-term obligations.
- Cash Flows from Operating Activities
- Operating cash flow was highly volatile, swinging to negative in some quarters of 2012 and 2015 but generally positive and sizable in most years, peaking notably in Q4 2013 and Q4 2015. This suggests despite profitability challenges, operations continued to generate cash intermittently.
- Investing Activities
- Capital expenditures were sustained at a considerable level throughout the periods, with purchases of property, plant, and equipment ranging roughly between US$70 million and US$230 million, slightly tapering off by mid-2016. Business acquisitions included large cash outflows especially in 2012 and early 2013, with a marked peak at -US$2,375 million in Q1 2013, implying aggressive expansion or strategic investments during that timeframe.
- Financing Activities
- Borrowings against credit lines and other debt increased dramatically during several quarters, most notably in late 2012 and again in late 2015 to mid-2016, offset partially by repayments. Share repurchases appeared prominently only in 2014, indicating capital distribution to shareholders before the profitability downturn. Cash dividends remained mostly stable initially but dropped sharply from late 2014 onward.
- Working Capital and Other Adjustments
- Changes in operating assets and liabilities showed significant swings, with large negative adjustments in 2012 and some quarters of 2015. These adjustments appear to have a considerable impact on cash flow reconciliation and overall liquidity management. Exchange effects on cash were relatively minor but fluctuated between positive and negative influences.
- Discontinued Operations and Other Items
- Discontinued operations had minimal impact, with small positive and negative cash flows reported in limited quarters. Other miscellaneous items such as dividends from unconsolidated affiliates added some variability but were not material drivers overall.
Overall, the data depicts a company facing increasing financial pressure starting around 2014-2015, highlighted by asset impairments, declining net income, and fluctuating cash flows. Capital investment remained significant, supported by debt financing spikes, while shareholder returns through dividends and repurchases diminished. The financial pattern suggests a period of strategic reassessment and financial stress toward the end of the period analyzed.