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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Newmont Corp. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Newmont Corp., consolidated balance sheet: assets
US$ in millions
Based on: 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), 10-K (reporting date: 2019-12-31).
The analysis of the annual financial data reveals several notable trends and changes over the five-year period.
- Liquidity and Current Assets
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Cash and cash equivalents exhibited significant fluctuation, starting at 2,243 million in 2019, peaking at 5,540 million in 2020, followed by a decline to 2,877 million in 2022, and a slight recovery to 3,002 million in 2023. Time deposits and other investments varied considerably, with a low of 23 million in 2023 after reaching 880 million in 2022. Trade receivables decreased from 449 million in 2020 to 337 million in 2021 but sharply increased to 734 million by 2023. Inventories showed a gradual decline through 2021 but escalated significantly to 1,663 million by 2023, indicating possible increased stockpiling or accumulation of goods.
Stockpiles and ore on leach pads at the current asset level showed moderate variation, initially increasing from 812 million in 2019 to a peak of 857 million in 2021, then dropping to 774 million in 2022 and rising again to 979 million in 2023. Other receivables and derivative assets emerged only in 2022 and 2023, indicating new components in current assets, with notable increases by 2023 (324 million and 198 million, respectively). Other current assets declined from 570 million in 2019 to 303 million in 2022 but rebounded to 420 million in 2023. Current assets held for sale were only present in 2019 at 1,023 million and absent subsequently.
The total current assets peaked in 2020 at 8,505 million, declined through 2022 to 6,515 million, and increased again to 7,512 million in 2023. This suggests a weakening liquidity position after 2020, with some recovery in the most recent year.
- Non-Current Assets
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Property, plant, and mine development net of depreciation remained relatively stable around 24,000 million from 2019 to 2022, then increased markedly to 37,563 million in 2023, indicating significant capital investments or asset revaluations in the latest year. Investments showed a steady modest upward trend from 3,199 million in 2019 to 4,143 million in 2023, reflecting incremental growth in this asset class.
Non-current stockpiles and ore on leach pads also increased steadily from 1,484 million in 2019 to 1,935 million in 2023, suggesting accumulation in mining inventory assets outside the current asset category. Deferred income tax assets declined overall from 549 million in 2019 to a low of 173 million in 2022 before slightly recovering to 268 million in 2023. Goodwill revealed a decrease from 2,771 million in 2021 to 1,971 million in 2022 but increased again to 3,001 million in 2023, indicating possible acquisitions or asset impairments followed by additions.
Derivative assets classified as non-current assets appeared in 2022 at 196 million and increased significantly to 444 million in 2023, illustrating greater exposure or valuation adjustments in this category. Other non-current assets fluctuated modestly between 520 million and 686 million, reflecting stable but minor changes.
The total non-current assets decreased gradually from 33,702 million in 2019 to 31,967 million in 2022, then rose sharply to 47,994 million in 2023, largely driven by the notable increase in property, plant, and mine development.
- Total Assets
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Total assets experienced a slight increase from 39,974 million in 2019 to 41,369 million in 2020, followed by a gradual decline to 38,482 million in 2022. However, by 2023, total assets surged significantly to 55,506 million, reflecting major asset growth primarily from capital investments and increased inventory holdings. This substantial rise suggests a strategic expansion or asset base enhancement recently.