This analytical report provides a summary of Woodside Petroleum Ltd's business and activities in June 2017. There's also a breakdown of the shareholder analysis, risk-return analysis, cost of capital, and financial statement analysis. I outline Woodside's owners, the returns on their investment, the cost of capital, and an analysis of the company's future as stated in their annual report for the half year of 2017.
Woodside is the Australia’s largest independent oil and gas company with a global portfolio, recognized for their world-class capabilities as the explorer, developer, producer and the supplier of energy. The Woodside’s mission is to deliver superior shareholder’s returns through realizing their vision of becoming a global leader in upstream oil and gas producing. Their assets are renowned for their safety, reliability, and efficiency. In addition, they are the Australia’s most experienced liquefied natural gas (LNG) operator. They operate 8% of global LNG supply. Their producing assets in Australia include the landmark North West Shelf (NWS) project which has been operating since 1984. Woodside continues to be at the forefront of their industry by seeking for growing new markets for LNG. To achieve it, they are planning for Australia’s first LNG fuel hub to capture growing lands and marine LNG fuel markets.
As the low-cost energy supplier with a sustainable business model, Woodside Petroleum Ltd is pursuing the opportunities to deliver affordable energy to the world’s growing markets. They recognize that the long-term meaningful relationships with communities are fundamental to maintain their license in order to operate. Thus, they work to build mutually beneficial relationships. Woodside is characterized by strong safety and environmental performance in all locations where they are active and committed to upholding their values of integrity, respect, working sustainably, discipline, excellence and cooperation. According to Woodside, their success is driven by their people. Moreover, they aim at attracting, developing and retaining the diverse high-performing workforce. Their proven track records, distinctive capabilities and abilities to manage risk and volatility are underpinned by more than 60 years of experience, making them the partner of choice.
Shareholder Analysis
Dividends are the basis of returns for the investors at Woodside. The Woodside’s dividends are stated in US dollars and have the security plan called the distribution reinvestment plan which has been suspended on August 29, 2017 by the Board. Woodside Petroleum is ideal for any investor who resides in Australia, the United States or the United Kingdom. It does not block out investors residing outside the mentioned regions since Woodside allows for such investors to invest in, elect and receive their dividends electronically in their local currency using the share registry's Global Wire Payment Service during the election period.
Agreeing with their half-year report, the chairman clearly outlined the new list of the board of directors after few changes made during the period. He also stated that the figures in the report are rounded off to the nearest million dollars. Subsequently, we can deduce the message to be directed to all investors including the general public, institutions and public companies.
Below is a list of the top twenty investors.
Company Date Capital % Shares
HSBC Custody Nominees (Australia) Limited(I)
14/02/2017
23.81
200,596,797
Shell Energy Holdings Australia Limited
14/02/2017
13.28
111,847,852
J P Morgan Nominees Australia Limited
14/02/2017
13.04
109,865,607
Citicorp Nominees Pty Limited
14/02/2017
7.93
66,831,299
National Nominees Limited
14/02/2017
3.20
26,985,691
Bnp Paribas Nominees Pty Ltd
14/02/2017
1.86
15,636,301
BNP Paribas Noms Pty Ltd
14/02/2017
1.25
10,507,114
Citicorp Nominees Pty Limited
14/02/2017
0.97
8,208,634
AMP Life Limited
14/02/2017
0.48
4,074,203
Pacific Custodians Pty Limited
14/02/2017
0.46
3,862,752
Citicorp Nominees Pty Limited
14/02/2017
0.42
3,524,448
Australian Foundation Investment Company Limited
14/02/2017
0.39
3,282,886
HSBC Custody Nominees (Australia) Limited
14/02/2017
0.37
3,141,116
RBC Investor Services Australia Nominees Pty Limited
14/02/2017
0.25
2,132,331
Argo Investments Limited
14/02/2017
0.20
1,700,873
Navigator Australia Ltd
14/02/2017
0.17
1,445,831
RBC Investor Services Australia Nominees Pty Limited
14/02/2017
0.16
1,345,445
Nulis Nominees (Australia) Limited
14/02/2017
0.14
1,217,938
HSBC Custody Nominees (Australia) Limited(II)
14/02/2017
0.14
1,193,768
UBS Nominees Pty Ltd
14/02/2017
0.14
1,151,294
Table 1.1
Woodside Petroleum share is at AU $29 as shown in their website.
Woodside has a number of risks in relation to the prices based on their past earnings, expected growth and value of assets which form a substantial proportion of risks compared to other players in the gas and oil industry. It can be seen in their report that showed the decrease in their revenues in the first quarter of 2017. It is however important to note that the Woodside’s revenues are set to increase in the next few years say two or so, though at a small margin. The instability in the Woodside’s graph is accredited to its shift in profit margins at the beginning of the year. Hence, the score was low but has increased since.
The level of debt for this company is one that should not cause alarm since they had 31.9% of total debt as compared to their net worth. It is an encouraging figure since their debt has reduced overtime in a significant way. In terms of debt, this is a healthy company since it earns more interest than it pays and hence its total debt is settled by its cash flow.
Woodside pays dividends that are slightly below the top dividend payers in the market who pay up to 5% while Woodside is at 4%. The dividends are however above the rate of low-risk savings and that is encouraging for an investor. The dividends covered arise from net profit which is the current payout to shareholders. The sky is the limit for Woodside having seen that most shares have been bought by insiders at Woodside in the past few months which is the main source of consideration for an investor.
Last month, on September 2017, the dividend pay-out of $0.49 was distributed to investor accounts by Woodside as they allowed the general public who are not their shareholders to cash in on that dividend. With EPS predicted to increase to $1.5 in the future, Woodside should be able to continue with their dividend pay-out which is also set to increase and this should be a critical issue for an investor to consider.
Risk-Return Analysis
The Cost of Equity or return of the company can be calculated by the Capital Asset Pricing Model (CAPM) to calculate the required rate of return. CAPM is used because it takes into account market risk and company’s risk while calculating the return for the investors. Beta of Asset refers to the volatility of the company’s stock which is associated with the market premium risk. The CAPM model is as follows.
Where = Risk-Free Rate of Return; = Beta of Asset; and = Expected Return of the Market.
a) This analysis uses 10-Year Treasury Constant Maturity Rate as the risk-free rate. It is updated daily. The current risk-free rate is 2.41%.
b) Beta is the sensitivity of the expected excess asset returns to the expected excess market returns. Woodside Petroleum Ltd's beta is 1.3.
c) Expected Return of the Market - Risk-Free Rate of Return is also called market premium. This analysis requires market premium to be 6%.
Return = = 10.21%
Cost of Capital
The weighted average cost of capital (WACC) can be computed to reflect the cost of Woodside Petroleum’s cost of obtaining its capital for both equity issues and borrowing. It is significant to note that WACC is the rate that Woodside Petroleum is expected to pay for all its security bearers to finance its operations and acquisition of assets. In fact, the assets of the company are financed through equity and debt. WACC averages the costs of these sources of capital, weighing each with a respective situation. Through a weighted average, it is possible to understand the interest Woodside Petroleum has to pay for every $1.0 it finances. WACC is calculated as follows.
1. Weights:
Generally speaking, the company’s assets are financed by debt and equity. We need to calculate the weight of equity and the weight of debt. The market value of equity (E) is also called “Market Cap (M).” Currently, the Woodside Petroleum Ltd’s market capitalization (E) is $19051.109 Mil. The market value of debt is typically difficult to calculate. Therefore, this analysis uses book value of debt (D) to do the calculation. It is simplified by adding the latest two-year average Current Portion of Long-Term Debt and Long-Term Debt & Capital Lease Obligation together. As per December, 2016, Woodside Petroleum Ltd’s latest two-year average Current Portion of Long-Term Debt was $4650.43 Mil and its latest two-year average Long-Term Debt & Capital Lease Obligation was $4650.43 Mil. The total Book Value of Debt (D) is $4727.20 Mil.
a) Weight of equity = = 0.8012
b) Weight of debt = = 0.1988
3. Cost of Debt:
This analysis uses last fiscal year end Interest Expense divided by the latest two-year average debt to get the simplified cost of debt. As of Dec. 2016, Woodside Petroleum Ltd's interest expense (positive number) was 56.863 Mil. Its total Book Value of Debt (D) is $4727.206 Mil.
Cost of Debt = = 1.2029%.
3. Cost of Equity
Cost of equity can be calculated using CAPM model and Dividend Growth model.
CAPM model
Where = Risk-Free Rate of Return; = Beta of Asset; and = Expected Return of the Market.
a) This analysis uses 10-Year Treasury Constant Maturity Rate as the risk-free rate. It is updated daily. The current risk-free rate is 2.41%.
b) Beta is the sensitivity of the expected excess asset returns to the expected excess market returns. Woodside Petroleum Ltd's beta is 1.3.
c) Expected Return of the Market - Risk-Free Rate of Return is also called market premium. This analysis requires market premium to be 6%.
Cost of equity = = 10.21%
Dividend Growth Model
Cost of equity, K =
However, g is unknown and dividend model will be unsuitable.
4. Multiply by one minus Average Tax Rate:
This analysis uses the latest two-year average tax rate to do the calculation.
The latest Two-year Average Tax Rate is 47.825%. Woodside Petroleum Ltd's Weighted Average Cost of Capital (WACC) for Today is calculated as:
Financial Statement Analysis
Financial statement analysis involves a review and evaluation of financial statements to gain an insight of financial health for an informed decision making. It is important to note that financial statements contain a summary of financial data which need a comprehensive analysis and interpretation to make sense to the investors and other users of general purpose financial reports. There are several methods for carrying out financial statement analysis, common-size analysis, trend analysis and financial ratio.
Common-Size Analysis
Also known as vertical analysis, common-size analysis of income statement indicates component percentages of line items taking revenue as a base as indicated in Appendix A. Vertical analysis of income statement indicates various profitability margins – gross margin, operating margin, and net margin, as covered in financial ratio analysis section. Vertical analysis of balance sheet shows component percentages of various line items with total assets as a base, as indicated in Appendix A. The percentage of current assets has been declining, while non-current has been increasing for the last five years; implying that the liquidity and has been declining while financial leverage increasing, but need further investigation through ratio analysis. The total liabilities have been increasing for the last five years, indicating an increase in financial leverage. The total equity vertical data or equity multiplicity have been decreasing; leading to a confusion on the status of financial leverage; and requires further interrogation through ratio analysis.
Trend Analysis
Trend analysis or horizontal analysis of financial statements is done by determining percentage changes of line items, with previous year’s value becoming the base. The trend analysis of income statement has shown various results. First, it is noted that there is a decline of 16.98% and 24.05% of company’s sales revenue in 2016 and 2015 respectively in Appendix B. The impact on revenue loss in 2015 and 2016 is mirrored in the loss of gross profit and net income in the same year. However, the net income increased by 3233.33% because of the income from continuing operations. The trend analysis of balance sheet shows that current assets also declined by 15.78% (2016) and 70.03% (2015), while total assets showing an increase. Current liabilities have been declining by 25.43% (2016), 24.56% (2015), and 10.45% (2014). The decrease of current liabilities is a reflection of increased liquidity. Total liabilities and equity have been increasing for the last five years, indicating that company has been using both equity and debt capital.
Financial Ratio Analysis
Financial ratio analysis is based on the four measures of financial performance, namely, profitability, liquidity, efficiency, and leverage. The key aspect of the financial ratio analysis is the interpretation of data since figures cannot stand on their own.
Profitability
Without profitability, Woodside Petroleum Ltd cannot survive in the long-term due to the cash flow problems which can lead to insolvency and bankruptcy. Subsequently, business ventures exist with an aim of maximizing profit and shareholder’s values. As a measure of financial performance, profitability is determined using a number of financial ratios, which include gross margin, operating margin, net income margin, and return on assets. The higher the profitability margins are, the higher the profitability is.
Gross Margin tests the profitability level only when cost of sale is considered; while operating margin takes into a consideration operating costs and costs of goods sold. The net profit margin is the level of profit after all costs and expenses are considered. The return on assets ratio tries to compare net profit to the company’s assets. It shows the amount of net profit in dollars is generated by every $1 of asset acquired. The formulas for these profitability margins and ratio include the following.
The profitability ratios of the company are presented by Figure 1 and Table 1.
Figure 1 indicates that the profitability margins decreased in 2015 and 2016 and so is the profitability level of the company.
Figure 1. Profitability ratios
2016
2015
2014
2013
2012
Gross Margin
77.40%
68.63%
80.40%
79.04%
79.60%
Operating Margin
32.40%
7.07%
47.19%
39.80%
57.63%
Net Margin
20.99%
0.52%
32.47%
29.52%
47.00%
Return on Asset
3.51%
0.11%
10.02%
7.36%
12.02%
Return on equity
5.85%
0.18%
15.25%
11.49%
19.69%
Table 1. Profitability ratios
Du Point Analysis
Du point equation is used to determine the areas of strengths and weaknesses of profitability – ROE, ROA, and Capital structure (equity multiplier = ).
Du Point Graph shows a declining ROE.
Liquidity
Companies requires creditors and short-term obligors to help in the smooth running of daily operations, more so suppliers, who are paid in the next within the next 12 months of the business cycle. Testing liquidity is important to understand the ability of the company in paying its short-term obligations in respect to its current assets. Current ratio and quick ratio are commonly used in testing the liquidity of the company. The formulas of current ratio and quick ratio are as follows.
Current ratio and quick ratio are 2.0 or more and 1.0 or more, respectively; for company’s liquidity to satisfactory. The current and quick ratio of the company are presented on Figure 2 and Table 2. It depicts that the company’s liquidity has fallen short of the recommended mark. It shows that the company current assets are not enough to offset the current liabilities.
Figure 2. Liquidity ratios
2016
2015
2014
2013
2012
Current ratio
0.93
0.83
2.08
1.22
1.39
Quick ratio
0.78
0.70
1.96
1.13
1.28
Table 2. Liquidity ratios
Efficiency
Efficiency or activity ratios are used to ascertain the efficiency with which the company is utilizing its assets in the generation of sales revenue. The financial ratios used to determine this efficiency level include Days in Inventory, Days in Receivables, and Days in Payable. Days in Inventory tests the efficiency of converting inventory into cost of goods sold or sales revenues. Hence, the number of Days in Inventory haves stayed in the warehouse before reaching the customers. The fewer the number of Days in Inventory is, the higher the efficiency is. The Days in Receivables tests the efficiency of the company in collecting cash from the debtors for the goods sold on credit. Days in Receivables are critical in ascertaining the effectiveness of the company’s credit policy. The fewer the number of Days in Receivables are, the higher the efficiency of the company in managing its account receivables. Days in Payables test the efficiency of the company in paying its suppliers and other creditors. The more the number of days in payables are, the higher the efficiency. Then, it allows the company to sell its inventory and getting cash before it pays its due. The formulas from efficiency ratios are as follows.
The Figure 3 and Table 3 present the efficiency ratios of the company for the last five years. Generally, the efficiency of the company in managing its assets in generating sales revenue has decreased, as it is evidently shown by increased Days in Inventory. The cash conversion cycle has increased too.
Figure 3. Efficiency ratios
2016
2015
2014
2013
2012
Days in Inventory
174
113
120
133
162
Days in Receivables
39
35
23
28
33
Days in Payable
77
65
72
63
76
Cash Conversion cycle
137
83
72
98
119
Table 3. Efficiency ratios
Leverage
Leverage ratios are used to test how the company is managing its debt in respect to assets and shareholders’ equity. Some of the commonly used leverage ratios include debt ratio, debt-to-equity and interest coverage ratio. The higher the debt and debt-to-equity are, the higher the financial leverage and this reflect a risky business heading to insolvency or even harsh takeover. Interest coverage helps in determining whether the company has been generating enough EBIT to cover its interest expense. The formulas for leverage ratios are as follows.
The leverage ratios of the company are depicted by Figure 4, Figure 5, and Table 4. The debt and debt-to-equity ratios increased in 2015 and 2016 and this shows that the debt of the company has increased more than assets and shareholders’ equity and so is the financial leverage. Interest coverage shows a wavering trend and unpredictable.
Figure 4. Debt ratio and debt to equity ratio
Figure 5. Interest coverage
2016
2015
2014
2013
2012
Debt ratio
0.40
0.40
0.34
0.36
0.39
Debt-to-equity
0.67
0.68
0.52
0.56
0.64
Interest coverage
23.05
2.99
18.71
11.49
24.16
Table 4. Leverage ratios
Conclusion
To sum up, Woodside Petroleum Ltd is the for-profit entity limited by the shares that is incorporated in Australia. The presentation of its currency and its subsidiary is US dollars. It has all kinds of the investors ranging from the general public, to public companies as well as other institutions. Woodside aims at being regarded as the successful company and maintaining their Australian leading position by optimising assets and commercialising their projects so that they can keep their mission to deliver superior shareholder returns. However, financial analysis indicates that the company’s financial performance has dwindled for the last two years as revealed by financial statement analysis. The reduced financial performance can be attributed to the declining market share and plummeting petroleum products at a global scale.
Bibliography
Almazari, Ahmed A. "Financial Performance Analysis of the Jordanian Arab Bank by Using the DuPont System of Financial Analysis." International Journal of Economics and Finance 4, no. 4 (2012): 86.
Bierman Jr, Harold, and Seymour Smidt. The Capital Budgeting Decision: Economic Analysis of Investment Projects. London: Routledge, 2012.
Healy, Paul M., and Krishna G. Palepu. Business Analysis Valuation: Using Financial Statements. New York: Cengage Learning, 2012.
Higgins, Robert C. Analysis for Financial Management. New York: McGraw-Hill/Irwin, 2012.
Sharifzadeh, Mohammad. An Empirical and Theoretical Analysis of Capital Asset Pricing Model. Irivne, CA: Universal-Publishers, 2010.
Wood Mackenzie LNG Tool, Annual Report 2016, (0103.2017).
Woodside Petroleum Ltd, Half-Year Report 2017, (16.08.2017).
Appendices
Appendix A. Common-Size Analysis
2016-12
2015-12
2014-12
2013-12
2012-12
Revenue
100.00%
100.00%
100.00%
100.00%
100.00%
Cost of revenue
22.60%
31.37%
19.59%
20.96%
20.40%
Gross profit
77.40%
68.63%
80.40%
79.04%
79.60%
Costs and expenses
Sales, general and administrative
3.22%
0.55%
1.92%
2.20%
1.55%
Interest expense
1.35%
1.77%
2.39%
3.19%
2.29%
Other operating expenses
40.43%
59.22%
28.89%
33.84%
18.13%
Total costs and expenses
45.00%
61.55%
33.20%
39.23%
21.97%
Income before income taxes
32.40%
7.07%
47.19%
39.80%
57.63%
Provision for income taxes
8.87%
4.84%
13.36%
9.20%
9.67%
Other income
Net income from continuing operations
23.53%
2.25%
33.84%
30.61%
47.95%
Other
-2.54%
-1.73%
-1.37%
-1.10%
-0.97%
Net income
20.99%
0.52%
32.47%
29.52%
47.00%
Balance
Sheet
2016-12
2015-12
2014-12
2013-12
2012-12
Cash and cash equivalents
1.15%
0.51%
13.57%
9.35%
9.76%
Short-term investments
0.00%
0.00%
0.00%
0.02%
0.13%
Total cash
1.15%
0.51%
13.57%
9.37%
9.89%
Receivables
1.80%
2.05%
1.99%
1.90%
2.31%
Inventories
0.60%
0.71%
1.03%
0.81%
0.97%
Prepaid expenses
0.00%
0.00%
0.00%
0.09%
0.07%
Other current assets
0.08%
1.25%
0.20%
0.00%
0.01%
Total current assets
3.64%
4.53%
16.78%
12.18%
13.25%
Non-current assets
0.00%
0.00%
0.00%
0.00%
0.00%
Property, plant and equipment
0.00%
0.00%
0.00%
0.00%
0.00%
Gross property, plant and equipment
143.26%
140.00%
120.21%
119.09%
112.05%
Accumulated Depreciation
-51.66%
-48.38%
-41.80%
-36.50%
-29.20%
Net property, plant and equipment
91.60%
91.61%
78.40%
82.59%
82.85%
Equity and other investments
0.12%
0.13%
0.13%
0.14%
0.27%
Deferred income taxes
3.90%
3.23%
4.37%
4.92%
3.60%
Other long-term assets
0.75%
0.50%
0.32%
0.16%
0.03%
Total non-current assets
96.36%
95.47%
83.22%
87.82%
86.74%
Total assets
100.00%
100.00%
100.00%
100.00%
100.00%
Liabilities and stockholders' equity
0.00%
0.00%
0.00%
0.00%
0.00%
Liabilities
0.00%
0.00%
0.00%
0.00%
0.00%
Current liabilities
0.00%
0.00%
0.00%
0.00%
0.00%
Accounts payable
0.80%
1.19%
1.19%
0.91%
1.08%
Short-term debt
0.31%
0.32%
2.61%
4.95%
2.32%
Deferred income taxes
0.37%
0.00%
1.83%
1.33%
2.61%
Deferred revenues
0.00%
0.00%
0.30%
0.11%
0.08%
Other current liabilities
2.42%
3.96%
2.13%
2.64%
3.44%
Total current liabilities
3.89%
5.47%
8.06%
9.95%
9.53%
Non-current liabilities
0.00%
0.00%
0.00%
0.00%
0.00%
Long-term debt
19.78%
18.31%
8.13%
10.88%
15.18%
Deferred taxes liabilities
6.38%
5.83%
6.80%
6.45%
5.51%
Other long-term liabilities
10.00%
10.72%
11.31%
8.67%
8.72%
Total non-current liabilities
36.16%
34.86%
26.23%
26.00%
29.41%
Total liabilities
40.05%
40.33%
34.29%
35.95%
38.94%
Stockholders’ equity
0.00%
0.00%
0.00%
0.00%
0.00%
Common stock
27.95%
27.46%
27.19%
27.54%
26.39%
Retained earnings
28.16%
28.28%
34.86%
32.80%
31.38%
Accumulated other comprehensive income
3.83%
3.93%
3.66%
3.71%
3.29%
Total Stockholders’ equity
59.95%
59.68%
65.71%
64.05%
61.06%
Total liabilities and stockholders' equity
100.00%
100.00%
100.00%
100.00%
100.00%
Appendix B. Horizontal Analysis
2016-12
2015-12
2014-12
2013-12
Revenue
-16.98%
-24.05%
36.87%
8.34%
Cost of revenue
-40.19%
21.62%
27.95%
11.31%
Gross profit
-6.37%
-35.17%
39.22%
7.58%
Costs and expenses
Sales, General and administrative
384.21%
-78.16%
19.18%
53.68%
Interest expense
-36.89%
-43.78%
2.84%
50.71%
Other operating expenses
-43.32%
55.67%
16.87%
102.26%
Total costs and expenses
-39.31%
40.80%
15.86%
93.45%
Income before income taxes
280.29%
-88.62%
62.29%
-25.18%
Provision for income taxes
52.25%
-72.50%
98.85%
3.05%
Other income
Net income from continuing operations
767.74%
-94.95%
51.36%
-30.84%
Other
21.85%
-4.03%
69.86%
23.73%
Net income
3233.33%
-98.78%
50.54%
-31.95%
2016-12
2015-12
2014-12
2013-12
Cash and cash equivalents
135.93%
-95.81%
60.39%
6.52%
Short-term investments
-100.00%
-87.10%
Total cash
135.93%
-95.81%
60.06%
5.33%
Receivables
-7.92%
14.75%
15.22%
-8.50%
Inventories
-11.59%
-22.59%
40.00%
-7.33%
Prepaid expenses
-100.00%
56.25%
Other current assets
-93.14%
580.00%
5900.00%
-66.67%
Total current assets
-15.78%
-70.03%
52.33%
2.15%
Non-current assets
Property, plant and equipment
Gross property, plant and equipment
7.28%
29.42%
11.56%
18.17%
Accumulated Depreciation
11.95%
28.61%
26.60%
38.96%
Net property, plant and equipment
4.82%
29.86%
4.92%
10.84%
Equity and other investments
0.00%
10.81%
-2.63%
-40.63%
Deferred income taxes
26.57%
-17.85%
-1.91%
52.27%
Other long-term assets
56.10%
74.47%
123.81%
425.00%
Total non-current assets
5.82%
27.50%
4.73%
12.56%
Total assets
4.84%
11.13%
10.53%
11.18%
Liabilities and stockholders' equity
Liabilities
Current liabilities
Accounts payable
-29.72%
10.89%
44.81%
-6.59%
Short-term debt
0.00%
-86.31%
-41.67%
137.36%
Deferred income taxes
-100.00%
51.41%
-43.18%
Deferred revenues
-100.00%
196.67%
50.00%
Other current liabilities
-35.91%
106.72%
-10.84%
-14.72%
Total current liabilities
-25.43%
-24.56%
-10.45%
15.98%
Non-current liabilities
Long-term debt
13.31%
150.34%
-17.47%
-20.27%
Deferred taxes liabilities
14.61%
-4.66%
16.52%
30.07%
Other long-term liabilities
-2.14%
5.33%
44.16%
10.51%
Total non-current liabilities
8.77%
47.66%
11.49%
-1.69%
Total liabilities
4.13%
30.69%
5.42%
2.63%
Stockholders' equity
Common stock
6.71%
12.27%
9.09%
16.05%
Retained earnings
4.39%
-9.83%
17.45%
16.22%
Accumulated other comprehensive income
2.34%
19.16%
9.14%
25.48%
Total Stockholders' equity
5.32%
0.93%
13.39%
16.64%
Total liabilities and stockholders' equity
4.84%
11.13%
10.53%
11.18%
