Currency in Millions

Year Ending Dec. 31, 2020 Dec. 31, 2019

Balance Sheet
Current Assets 103,040.00 106,119.00
Total Assets 276,282.00 265,967.00
Current Liabilities 84,309.00 73,072.00
Total Liabilities 144,463.00 122,786.00
Stockholders' Equity 131,819.00 143,181.00

Income Statement
Sales 279,290.00 310,785.00
COST OF SALES 200,239.00 212,030.00
GROSS PROFIT 79,051.00 98,755.00
SELLING AND ADMINISTRATIVE EXPENSES (45,639.00) (50,974.00)
OPERATING INCOME 33,412.00 47,781.00
INTEREST INCOME 734.00 1,133.00
OTHER INCOME (CHARGES) - Net 1,619.00 554.00
INTEREST EXPENSE AND OTHER FINANCING CHARGES (3,941.00) (3,120.00)
EQUITY IN NET LOSSES OF JOINT VENTURES (238.00)
GAIN (LOSS) ON SALE OF INVESTMENTS
AND PROPERTY AND EQUIPMENT (36.00) (3.00)
INCOME BEFORE INCOME TAX 31,788.00 46,107.00
INCOME TAX EXPENSE 9,387.00 13,828.00
NET INCOME 22,401.00 32,279.00

Financial Ratios
Liquidity Analysis Ratios:
Current Ratio or
Working Capital Ratio 1.22 1.45
Quick Ratio 0.68 0.83
Solvency Ratio 1.91 2.17
Financial Leverage Ratios
Debt Ratio 0.53 0.46
Debt-to-Equity Ratio 1.1 0.86
Interest Coverage 9.07 15.86
Asset to Equity Ratio 2.1 1.86
Profitability Ratios
Gross Profit Margin 0.28 0.32
Net Profit Margin 0.08 0.1
Return on Assets 0.08 0.12
Return on Equity 0.17 0.23

Liquidity Analysis Ratios:

Current Ratio or
Working Capital Ratio Current Assets / Current Liabilities
Quick Ratio (Current Assets - Inventory - Prepayments) / Current Liabilities
Solvency Ratio Total Assets / Total Liabilities
Financial Leverage Ratios
Debt Ratio Total Debt/Total Assets
Debt-to-Equity Ratio Total Debt/Total Stockholders' Equity
Interest Coverage Earnings Before Interest and Taxes (EBIT) / Interest Charges
Asset to Equity Ratio Total Assets / Total Stockholders' Equity
Profitability Ratios
Gross Profit Margin Sales - Cost of Goods Sold or Cost of Service / Sales
Net Profit Margin Net Profit / Sales
Return on Assets Net Income / Total Assets
Return on Equity Net Income / Total Stockholders' Equity
 BALANCE SHEET In Millions
VERTICAL ANALYSIS
Year-End 2020 2019
ASSETS
Current Assets
Cash and cash equivalents 37,013.00 13.40% 36,451.00 13.71%
Trade and other receivables - net 20,032.00 7.25% 24,199.00 9.10%
Inventories 35,393.00 12.81% 33,771.00 12.70%
Current portion of biological assets - net 3,401.00 1.23% 4,151.00 1.56%
Prepaid expenses and other current assets 7,201.00 2.61% 7,547.00 2.84%
Total Current Asset 103,040.00 37.30% 106,119.00 39.90%

Noncurrent Assets
S 4,859.00 1.76% 117.00 0.04%
Property, plant and equipment - net 84,624.00 30.63% 75,537.00 28.40%
Right-of-use assets - net 4,824.00 1.75% 4,785.00 1.80%
Investment property - net 2,951.00 1.07% 2,955.00 1.11%
Biological assets - net of current portion 2,352.00 0.85% 2,808.00 1.06%
Goodwill - net 996.00 0.36% 996.00 0.37%
Other intangible assets - net 39,538.00 14.31% 39,754.00 14.95%
Deferred tax assets 2,857.00 1.03% 2,526.00 0.95%
Other noncurrent assets - net 30,241.00 10.95% 30,370.00 11.42%
Total Noncurrent Assets 173,242.00 62.70% 159,848.00 60.10%
TOTAL ASSETS 276,282.00 100.00% 265,957.00 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Loans payable 10,780.00 3.90% 15,851.00 5.96%
Trade payables and other current liabilities 54,438.00 19.70% 49,780.00 18.72%
Lease liabilities - current portion 379.00 0.14% 670.00 0.25%
Income and other taxes payable 6,044.00 2.19% 6,496.00 2.44%
Dividends payable 47.00 0.02% 41.00 0.02%
Current maturities of long-term debt - net of debt issue costs 12,621.00 4.57% 234.00 0.09%
Total Current Liabilities 84,309.00 30.52% 73,072.00 27.47%

Noncurrent Liabilities
Long-term debt - net of current maturities and debt issue costs 54,478.00 19.72% 44,419.00 16.70%
Deferred tax liabilities 26.00 0.01% 26.00 0.01%
Lease liabilities - net of current portion 4,403.00 1.59% 3,861.00 1.45%
Other noncurrent liabilities 1,247.00 0.45% 1,408.00 0.53%
Total Noncurrent Liabilities 60,154.00 21.77% 49,714.00 18.69%

Equity
Capital stock 6,251.00 2.26% 6,251.00 2.35%
Additional paid-in capital 366,620.00 132.70% 366,620.00 137.84%
Equity adjustments from common control transactions (328,273.00) -118.82% (328,273.00) -123.43%
Equity reserves (1,745.00) -0.63% (1,286.00) -0.48%
Retained earnings:
Appropriated 28,613.00 10.36% 22,874.00 8.60%
Unappropriated 41,122.00 14.88% 44,089.00 16.58%
Treasury stock (30,182.00) -10.92% (15,182.00) -5.71%
Non-controlling Interests 49,413.00 17.88% 48,088.00 18.08%
Total Equity 131,819.00 47.71% 143,181.00 53.83%

TOTAL LIABILITIES AND EQUITY 276,282.00 100.00% 265,967.00 100.00%

 BALANCE SHEET HORIZONTAL ANALYSIS
In Millions
Year-End 2020 2019 (2020-2019)/2019
ASSETS
Current Assets
Cash and cash equivalents 37,013.00 36,451.00 1.54%
Trade and other receivables - net 20,032.00 24,199.00 -17.22%
Inventories 35,393.00 33,771.00 4.80%
Current portion of biological assets - net 3,401.00 4,151.00 -18.07%
Prepaid expenses and other current assets 7,201.00 7,547.00 -4.58%
Total Current Asset 103,040.00 106,119.00 -2.90%

Noncurrent Assets
Investments - net 4,859.00 117.00 4052.99%
Property, plant and equipment - net 84,624.00 75,537.00 12.03%
Right-of-use assets - net 4,824.00 4,785.00 0.82%
Investment property - net 2,951.00 2,955.00 -0.14%
Biological assets - net of current portion 2,352.00 2,808.00 -16.24%
Goodwill - net 996.00 996.00 0.00%
Other intangible assets - net 39,538.00 39,754.00 -0.54%
Deferred tax assets 2,857.00 2,526.00 13.10%
Other noncurrent assets - net 30,241.00 30,370.00 -0.42%
Total Noncurrent Assets 173,242.00 159,848.00 8.38%
TOTAL ASSETS 276,282.00 265,957.00 3.88%

LIABILITIES AND EQUITY

Current Liabilities
Loans payable 10,780.00 15,851.00 -31.99%
Trade payables and other current liabilities 54,438.00 49,780.00 9.36%
Lease liabilities - current portion 379.00 670.00 -43.43%
Income and other taxes payable 6,044.00 6,496.00 -6.96%
Dividends payable 47.00 41.00 14.63%
Current maturities of long-term debt - net of debt issue costs 12,621.00 234.00 5293.59%
Total Current Liabilities 84,309.00 73,072.00 15.38%

Noncurrent Liabilities
Long-term debt - net of current maturities and debt issue costs 54,478.00 44,419.00 22.65%
Deferred tax liabilities 26.00 26.00 0.00%
Lease liabilities - net of current portion 4,403.00 3,861.00 14.04%
Other noncurrent liabilities 1,247.00 1,408.00 -11.43%
Total Noncurrent Liabilities 60,154.00 49,714.00 21.00%

Equity
Capital stock 6,251.00 6,251.00 0.00%
Additional paid-in capital 366,620.00 366,620.00 0.00%
Equity adjustments from common control transactions (328,273.00) (328,273.00) 0.00%
Equity reserves (1,745.00) (1,286.00) 35.69%
Retained earnings:
Appropriated 28,613.00 22,874.00 25.09%
Unappropriated 41,122.00 44,089.00 -6.73%
Treasury stock (30,182.00) (15,182.00) 98.80%
Non-controlling Interests 49,413.00 48,088.00 2.76%
Total Equity 131,819.00 143,181.00 -7.94%

TOTAL LIABILITIES AND EQUITY 276,282.00 265,967.00 3.88%

 Income Statement In Millions
VERTICAL ANALYSIS

Year-End 2020 2019 2018

Sales 279,290.00 100.00% 310,785.00 100.00% 286,378.00 100.00%
COST OF SALES (200,239.00) 71.70% (212,030.00) 68.22% (194,236.00) 67.83%
GROSS PROFIT 79,051.00 28.30% 98,755.00 31.78% 92,142.00 32.17%
SELLING AND ADMINISTRATIVE EXPENSES (45,639.00) 16.34% (50,974.00) 16.40% (46,192.00) 16.13%
INTEREST EXPENSE AND OTHER FINANCING CHARGES (3,941.00) 1.41% (3,120.00) 1.00% (2,998.00) 1.05%
INTEREST INCOME 734.00 0.26% 1,133.00 0.36% 1,178.00 0.41%
EQUITY IN NET LOSSES OF JOINT VENTURES (238.00) 0.08% (83.00) 0.03%
GAIN (LOSS) ON SALE OF INVESTMENTS AND PROPERTY AND EQUIPMENT (36.00) 0.01% (3.00) 0.00% 7.00 0.00%
OTHER INCOME (CHARGES) - Net 1,619.00 0.58% 554.00 0.18% (693.00) 0.24%
INCOME BEFORE INCOME TAX 31,788.00 11.38% 46,107.00 14.84% 43,361.00 15.14%
INCOME TAX EXPENSE 9,387.00 3.36% 13,828.00 4.45% 12,828.00 4.48%
NET INCOME 22,401.00 8.02% 32,279.00 10.39% 30,533.00 10.66%

Comprehensive Income
NET INCOME 22,401.00 8.02% 32,279.00 10.39% 30,533.00 10.66%
OTHER COMPREHENSIVE INCOME (LOSS)
ITEMS THAT WILL NOT BE CLASSIFIED TO PROFIT OR LOSS
REMEASUREMENT GAIN(LOSS) ON RESERVE FOR RETIREMENT PLAN 321.00 0.11% (303.00) 0.10% 850.00 0.30%
INCOME TAX BENEFIT (EXPENSE) (87.00) 0.03% 94.00 0.03% (258.00) 0.09%
SHARE IN OTHER COMPREHENSIVE INCOME (LOSS) OF JOINT VENTURES (54.00) 0.02% 16.00 0.01% 17.00 0.01%
NET GAIN(LOSS) ON FINANCIAL ASSET AT FAIR VALUE THROUGH OCI (4.00) 0.00% 1.00 0.00% 3.00 0.00%
176.00 0.06% (192.00) 0.06% 612.00 0.21%
ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS
GAIN (LOSS) ON EXCHANGE DIFFERENCES ON TRANSLATION OF
FOREIGN OPERATIONS (1,174.00) 0.42% (346.00) 0.11% 800.00 0.28%

OTHER COMPREHENSIVE INCOME (LOSS) NET OF TAX (998.00) 0.36% (538.00) 0.17% 1,412.00 0.49%
TOTAL COMPREHENSIVE INCOME NET OF TAX 21,403.00 7.66% 31,741.00 10.21% 31,945.00 11.15%
 Income Statement In Millions
HORIZONTAL ANALYSIS

Year-End 2020 2019 2018

Sales 279,290.00 -10.13% 310,785.00 8.52% 286,378.00
COST OF SALES (200,239.00) -5.56% (212,030.00) 9.16% (194,236.00)
GROSS PROFIT 79,051.00 -19.95% 98,755.00 7.18% 92,142.00
SELLING AND ADMINISTRATIVE EXPENSES (45,639.00) -10.47% (50,974.00) 10.35% (46,192.00)
INTEREST EXPENSE AND OTHER FINANCING CHARGES (3,941.00) 26.31% (3,120.00) 4.07% (2,998.00)
INTEREST INCOME 734.00 -35.22% 1,133.00 -3.82% 1,178.00
EQUITY IN NET LOSSES OF JOINT VENTURES -100.00% (238.00) 186.75% (83.00)
GAIN (LOSS) ON SALE OF INVESTMENTS AND PROPERTY AND EQUIPMENT (36.00) 1100.00% (3.00) -142.86% 7.00
OTHER INCOME (CHARGES) - Net 1,619.00 192.24% 554.00 -179.94% (693.00)
INCOME BEFORE INCOME TAX 31,788.00 -31.06% 46,107.00 6.33% 43,361.00
INCOME TAX EXPENSE 9,387.00 -32.12% 13,828.00 7.80% 12,828.00
NET INCOME 22,401.00 -30.60% 32,279.00 5.72% 30,533.00

Comprehensive Income
NET INCOME 22,401.00 -30.60% 32,279.00 5.72% 30,533.00
OTHER COMPREHENSIVE INCOME (LOSS)
ITEMS THAT WILL NOT BE CLASSIFIED TO PROFIT OR LOSS
REMEASUREMENT GAIN(LOSS) ON RESERVE FOR RETIREMENT PLAN 321.00 -205.94% (303.00) -135.65% 850.00
INCOME TAX BENEFIT (EXPENSE) (87.00) -192.55% 94.00 -136.43% (258.00)
SHARE IN OTHER COMPREHENSIVE INCOME (LOSS) OF JOINT VENTURES (54.00) -437.50% 16.00 -5.88% 17.00
NET GAIN(LOSS) ON FINANCIAL ASSET AT FAIR VALUE THROUGH OCI (4.00) -500.00% 1.00 -66.67% 3.00
176.00 -191.67% (192.00) -131.37% 612.00
ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS
GAIN (LOSS) ON EXCHANGE DIFFERENCES ON TRANSLATION OF
FOREIGN OPERATIONS (1,174.00) 239.31% (346.00) -143.25% 800.00

OTHER COMPREHENSIVE INCOME (LOSS) NET OF TAX (998.00) 85.50% (538.00) -138.10% 1,412.00
TOTAL COMPREHENSIVE INCOME NET OF TAX 21,403.00 -32.57% 31,741.00 -0.64% 31,945.00
 STATEMENT OF CASH FLOWS
VERTICAL ANALYSIS
IN MILLIONS
2020 2019 2018
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED FROM OPERATIONS 56,855.00 30.86% 58,940.00 16.97% 52,357.00 23.90%
INTEREST RECEIVED 740.00 0.40% 1,133.00 0.33% 1,113.00 0.51%
CONTRIBUTIONS PAID (941.00) -0.51% (1,085.00) -0.31% (1,033.00) -0.47%
INTEREST PAID (4,301.00) -2.33% (3,287.00) -0.95% (2,885.00) -1.32%
INCOME TAXES PAID (9,800.00) -5.32% (12,785.00) -3.68% (12,725.00) -5.81%
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES 42,553.00 23.10% 42,916.00 12.36% 36,827.00 16.81%

CASH FLOW FROM INVESTING ACTIVITIES

PROCEEDS FROM SALE OF INVESTMENTS AND PPE 16.00 0.01% 960.00 0.28% 28.00 0.01%
INCREASE IN BIOLOGICAL ASSETS AND OTHER NCA (6,462.00) -3.51% (10,648.00) -3.07% (11,795.00) -5.38%
ADDITIONS TO INVESTMENT, PPE, AND INVESTMENT PROPERTY (18,752.00) -10.18% (18,506.00) -5.33% (14,246.00) -6.50%
NET CASH FLOWS USED IN INVESTING ACTIVITIES (25,198.00) -13.68% (28,194.00) -8.12% (26,013.00) -11.88%

CASH FLOWS FROM FINANCING ACTIVITIES

PROCEEDS FROM:
SHORT-TERM BORROWINGS 103,345.00 56.10% 264,281.00 76.11% 164,251.00 74.99%
LONG-TERM BORROWINGS 23,241.00 12.62% 21,835.00 6.29% 992.00 0.45%
INCREASE IN OTHER NCL 26.00 0.01% 300.00 0.14%
ADDITIONS TO NCI 90.00 0.03%
PAYMENTS OF:
SHARE ISSUANCE COSTS (38.00) -0.02% (6.00) 0.00% (722.00) -0.33%
LEASE LIABILITIES (750.00) -0.41% (1,331.00) -0.38%
LONG-TERM BORROWINGS (882.00) -0.48% (12,928.00) -3.72% (114.00) -0.05%
SHORT-TERM BORROWINGS (108,405.00) -58.84% (270,409.00) -77.87% (156,209.00) -71.31%
REDEMPTION OF OUTSTANDING PREFERRED SHARES (15,000.00) -8.14%
CASH DIVIDENDS PAID (17,721.00) -9.62% (18,858.00) -5.43% (15,876.00) -7.25%
NET CASH FLOWS USED IN FINANCING ACTIVITIES (16,184.00) -8.79% (17,326.00) -4.99% (7,378.00) -3.37%

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (609.00) -0.33% (370.00) -0.11% 449.00 0.20%
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 562.00 0.31% (2,974.00) -0.86% 3,885.00 1.77%
CASH AND CASH EQUIVALENTS AT BEGINNING YEAR 36,451.00 19.79% 39,425.00 11.35% 35,540.00 16.23%
CASH AND CASH EQUIVALENTS AT END OF YEAR 37,013.00 20.09% 36,451.00 10.50% 39,425.00 18.00%

TOTAL CASH INFLOW 184,223.00 347,239.00 219,041.00

 STATEMENT OF CASH FLOWS
HORIZONTAL ANALYSIS
IN MILLIONS
2020 2019 2018
CASH FLOW FROM OPERATING ACTIVITIES
CASH GENERATED FROM OPERATIONS 56,855.00 -3.54% 58,940.00 12.57% 52,357.00
INTEREST RECEIVED 740.00 -34.69% 1,133.00 1.80% 1,113.00
CONTRIBUTIONS PAID (941.00) -13.27% (1,085.00) 5.03% (1,033.00)
INTEREST PAID (4,301.00) 30.85% (3,287.00) 13.93% (2,885.00)
INCOME TAXES PAID (9,800.00) -23.35% (12,785.00) 0.47% (12,725.00)
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES 42,553.00 -0.85% 42,916.00 16.53% 36,827.00

CASH FLOW FROM INVESTING ACTIVITIES

PROCEEDS FROM SALE OF INVESTMENTS AND PPE 16.00 -98.33% 960.00 3328.57% 28.00
INCREASE IN BIOLOGICAL ASSETS AND OTHER NCA (6,462.00) -39.31% (10,648.00) -9.72% (11,795.00)
ADDITIONS TO INVESTMENT, PPE, AND INVESTMENT PROPERTY (18,752.00) 1.33% (18,506.00) 29.90% (14,246.00)
NET CASH FLOWS USED IN INVESTING ACTIVITIES (25,198.00) -10.63% (28,194.00) 8.38% (26,013.00)

CASH FLOWS FROM FINANCING ACTIVITIES

PROCEEDS FROM:
SHORT-TERM BORROWINGS 103,345.00 -60.90% 264,281.00 60.90% 164,251.00
LONG-TERM BORROWINGS 23,241.00 6.44% 21,835.00 2101.11% 992.00
INCREASE IN OTHER NCL 26.00 -100.00% 300.00
ADDITIONS TO NCI -100.00% 90.00
PAYMENTS OF:
SHARE ISSUANCE COSTS (38.00) 533.33% (6.00) -99.17% (722.00)
LEASE LIABILITIES (750.00) -43.65% (1,331.00)
LONG-TERM BORROWINGS (882.00) -93.18% (12,928.00) 11240.35% (114.00)
SHORT-TERM BORROWINGS (108,405.00) -59.91% (270,409.00) 73.11% (156,209.00)
REDEMPTION OF OUTSTANDING PREFERRED SHARES (15,000.00)
CASH DIVIDENDS PAID (17,721.00) -6.03% (18,858.00) 18.78% (15,876.00)
NET CASH FLOWS USED IN FINANCING ACTIVITIES (16,184.00) -6.59% (17,326.00) 134.83% (7,378.00)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (609.00) 64.59% (370.00) -182.41% 449.00
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 562.00 -118.90% (2,974.00) -176.55% 3,885.00
CASH AND CASH EQUIVALENTS AT BEGINNING YEAR 36,451.00 -7.54% 39,425.00 10.93% 35,540.00
CASH AND CASH EQUIVALENTS AT END OF YEAR 37,013.00 1.54% 36,451.00 -7.54% 39,425.00

TOTAL CASH INFLOW 184,223.00 347,239.00 219,041.00