Materials

Comparative Analysis

Income Statement

($'M) 2020 2021 $ Change % Change
Revenue 112,965.8 96,061.7 -16,904.1 -15.0
Less: Cost of Goods Sold -49,648.1 -24,521.0 25,127.1 -50.6
Gross Profit 162,613.9 120,582.7 -42,031.2 -25.8
Less: Operating Costs -23,083.3 -28,242.8 -5,159.5 22.4
Operating Profit 185,697.2 148,825.5 -36,871.7 -19.9
Less: Financing Costs -3,248.4 -1,852.9 1,395.5 -43.0
Earnings Before Tax 188,945.6 150,678.4 -38,267.2 -20.3
Less: Income Tax -12,303.5 -16,130.2 -3,826.7 31.1
Net Profit 201,249.1 166,808.6 -34,440.5 -17.1

Balance Sheet

($'M) 2020 2021 $ Change % Change
Current Assets 54,566.4 42,352.6 -12,213.8 -22.4
Non Current Assets 202,011.9 127,002.4 -75,009.5 -37.1
Assets 256,578.3 169,355.0 -87,223.3 -34.0
Current Liabilities 31,825.0 23,597.1 -8,227.9 -25.9
Non Current Liabilities 88,150.0 52,279.1 -35,870.9 -40.7
Liabilities 119,975.0 75,876.2 -44,098.8 -36.8
Equity 136,603.3 93,478.8 -43,124.5 -31.6

Cash Flow Statement

($'M) 2020 2021 $ Change % Change
Cash Flow from Operating Activities 41,283.2 44,321.9 3,038.7 7.4
Cash Flow from Financing Activities -18,441.0 -26,541.2 -8,100.2 43.9
Cash Flow from Investing Activities -19,308.8 -13,398.4 5,910.4 -30.6
Net Cash Flow 3,533.4 4,382.3 848.9 24.0
Foreign Exchange Fluctuations -543.2 365.3 908.5 -167.2
Cash at the Beginning of the Period 28,623.6 21,232.8 -7,390.8 -25.8
Cash at the End of the Period 31,613.8 25,980.4 -5,633.4 -17.8

Ratio Analysis

Profitability

2020 2021 Change
Gross Profit Margin 143.9% 125.5% -18.4%
Operating Profit Margin 164.4% 154.9% -9.5%
Net Profit Margin 178.2% 173.6% -4.5%

Management Effectiveness

2020 2021 Change
Return on Assets 78.4% 98.5% 20.1%
Return on Equity 147.3% 178.4% 31.1%
Current Ratio 1.7 1.8 0.1
Debt to Equity Ratio 0.9 0.8 -0.1

Valuation

2020 2021 Change  
Share Price ($) 28.54 26.26 -2.27 -8.0%
Ordinary Shares 15,869,338,625 14,073,004,687 -1,796,333,938 -11.3%
Market Capitalisation ($) 452,840,186,444 369,584,319,056 -83,255,867,388 -18.4%
Revenue per Share ($) 7.12 6.83 -0.29 -4.1%
Earnings per Share ($) 12.68 11.85 -0.83 -6.5%
Equity per Share ($) 8.61 6.64 -1.97 -22.8%
Dividends per Share ($) 0.98 0.99 0.01 1.3%
Dividend Yield 3.4% 3.8% 0.3%  
Price to Sales Ratio 4.0 3.8 -0.2 -4.0%
Price to Earnings Ratio 2.3 2.2 0.0 -1.5%
Price to Book Ratio 3.3 4.0 0.6 19.3%