TSLA 2024 Analysis BBG

Financial Statement Analysis
Ticker: 763 HK Equity Periodicity: Annuals Currency: HKD Note: Years shown on the report are Fiscal Years Company: ZTE Corp
Filing: Original
Adjusted
Original:2019 A Original:2020 A Current/LTM Estimate:2021 A Estimate:2022 A
For the period ending 2019-12-31 2020-12-31 2021-6-30 2021-12-31 2022-12-31
Revenue 102,936.92 114,158.58 125,763.44 142,385.20 159,107.20
+ Sales & Services Revenue 102,936.92 114,158.58 125,904.13
- Cost of Revenue 66,794.64 78,643.28 84,200.30
+ Cost of Goods & Services 64,216.49 76,120.05 84,205.38
+ Research & Development 2,578.15 2,523.23
Gross Profit 36,142.28 35,515.29 41,563.13 49,896.04 56,295.31
+ Other Operating Income 2,173.63 2,037.20 2,329.51
- Operating Expenses 30,833.46 31,514.42 36,053.26
+ Selling, General & Admin 14,927.00 14,676.02 15,360.54
+ Selling & Marketing 8,926.74 8,528.18 9,177.41
+ General & Administrative 6,000.25 6,147.84 6,183.13
+ Research & Development 14,235.07 16,650.53 19,987.02
+ Prov For Doubtful Accts 2,062.03 345.78
+ Other Operating Expense -390.64 -157.92 749.49
Operating Income (Loss) 7,482.45 6,038.08 7,830.33 10,211.26 12,345.99
- Non-Operating (Income) Loss 1,582.71 1,360.19 3,331.84
+ Interest Expense, Net 517.58 -145.24 -7.25
+ Interest Expense 1,574.81 1,430.14 1,538.46
Growth (YoY) 81.13 -8.44 -20.40
- Interest Income 1,057.24 1,575.38 1,545.05
+ Other Investment (Inc) Loss -56.74 -27.17 -474.33
Growth (YoY) -2.62 52.12 -287.69
+ Foreign Exch (Gain) Loss -18.99 -27.17
Growth (YoY) 96.67 -44.28
+ (Income) Loss from Affiliates 766.46 473.19 502.58
+ Other Non-Op (Income) Loss 374.40 1,086.58 3,310.83
Pretax Income (Loss), Adjusted 5,899.74 4,677.89 4,521.60 11,025.86 12,334.43
- Abnormal Losses (Gains) -2,224.88 -1,020.62 -4,560.29
+ Disposal of Assets -3,049.47
+ Early Extinguishment of Debt 143.20
+ Asset Write-Down 7.93 89.63
+ Impairment of Goodwill
+ Impairment of Intangibles 13.73 33.82
+ Gain/Loss on Sale/Acquisition of -143.76 -1,074.82
Business
+ Sale of Investments -807.86 -1,006.37
+ Unrealized Investments -187.42 -506.20
+ Other Abnormal Items 1,963.63 1,401.90 -4,648.56
Pretax Income (Loss), GAAP 8,124.62 5,698.51 9,081.88 11,025.86 12,334.43
- Income Tax Expense (Benefit) 1,571.23 385.37 938.91
+ Current Income Tax 1,238.33 1,325.33
+ Deferred Income Tax 332.89 -939.96
Income (Loss) from Cont Ops 6,553.39 5,313.14 8,142.97 8,585.27 9,694.10
- Net Extraordinary Losses (Gains) 0.00 0.00 0.00
+ Discontinued Operations 0.00 0.00 0.00
+ XO & Accounting Changes 0.00 0.00 0.00
Income (Loss) Incl. MI 6,553.39 5,313.14 8,227.22
- Minority Interest 317.87 501.53 548.25
Net Income, GAAP 6,235.53 4,811.61 7,594.72 8,585.27 9,694.10
- Preferred Dividends 0.00 0.00 0.00
- Other Adjustments 395.47 18.27 0.00
Net Income Avail to Common, GAAP 5,840.05 4,793.34 7,594.72 8,585.27 9,694.10
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Bloomberg ® 10/21/2021 03:29:03 1

Filing: Original
Net Income Avail to Common, Adj 4,171.40 4,027.87 3,744.18 8,395.16 9,592.26
Net Abnormal Losses (Gains) -1,668.66 -765.47 -3,870.05
Net Extraordinary Losses (Gains) 0.00 0.00 0.00
Basic Weighted Avg Shares 4,205.70 4,612.34 4,610.46

Basic EPS, GAAP 1.38 1.04 1.65 1.87 2.13
Basic EPS from Cont Ops, GAAP 1.38 1.04 1.65 1.87 2.13
Basic EPS from Cont Ops, Adjusted 0.99 0.87 0.81 1.86 2.12
Diluted Weighted Avg Shares 4,224.05 4,633.49 4,610.46

Diluted EPS, GAAP 1.38 1.04 1.65 1.87 2.13
Diluted EPS from Cont Ops, GAAP 1.38 1.04 1.65 1.87 2.13
Diluted EPS from Cont Ops, Adjusted 0.99 0.87 0.81 1.86 2.12
Reference Items
Accounting Standard IAS/IFRS IAS/IFRS
EBITDA 11,551.56 10,506.83 14,345.97 17,065.09
EBITDA Margin (T12M) 11.22 9.20 10.08 10.73
EBITA 9,450.76 8,858.41
EBIT 7,482.45 6,038.08 7,931.21 10,211.26 12,345.99
Gross Margin 35.11 31.11 33.05 35.04 35.38
Operating Margin 7.27 5.29 6.23 7.17 7.76
Profit Margin 4.44 3.54 2.98 5.90 6.03
Sales per Employee 1,469,142.26 1,548,773.93
Dividends per Share 0.23 0.23 0.38 0.41
Total Cash Common Dividends 1,046.43 1,038.26
Personnel Expenses 19,195.87 20,765.70
Export Sales
Depreciation Expense 2,100.80 1,648.42
Rental Expense 374.93 263.65
As Reported
Original:2016 A Original:2017 A Original:2018 A Original:2019 A Original:2020 A
Income Statement
Revenues
Cost of Goods Sold 83,706.59 87,877.65 69,531.68 66,794.64 78,643.28
Gross Profit 34,628.26 37,751.16 31,867.37 36,142.28 35,515.29
Sales Tax
Total Revenue 118,334.85 125,628.81 101,399.05 102,936.92 114,158.58
Operating Expenses
R & D Expenditures 14,917.99 14,965.10 12,931.53 14,235.07 16,650.53
Sales/Marketing/Advertising Expenses 14,754.71 14,154.31 10,772.13 8,926.74 8,528.18
Other Operating Expenses 10,112.40 3,676.97 10,646.22 1,106.98 998.63
General and Administrative Expenses 3,192.30 3,738.01 4,868.96 6,000.25 6,147.84
Operating Income
Equity In Earnings of Joint Ventures
Impairment (Operating) 2,528.04 566.46
Sale of Investments - Operating -453.68 237.54 211.01
Non-Operating Expenses
Other Non-Operating Income
Other Non-Operating Expenses
Income Tax Expense (Benefit) 748.26 1,538.49 -475.33 1,571.23 385.37
Bloomberg ® 10/21/2021 03:29:03 2

Filing: Original
Income Before Income Taxes -897.45 7,757.10 -8,715.66 8,124.62 5,698.51
Non-Operating (Profit) Loss On Disp Fix
Asset
Total Financial Costs 1,351.44 1,336.53 1,575.52 1,949.21 1,683.01
Income From Non-Consolidated Affiliates/ 5.83 1.59 -3.11 19.29 10.68
JV
Profit After Taxation Before Minority -1,645.71 6,218.61 -8,240.33 6,553.39 5,313.14
Share Profits From Associated Companies -58.62 146.42 948.54 747.17 462.51
Earnings
Minority/Non Controlling Interest 523.97 365.83 -453.81 317.87 501.53
Other Adjustments 585.99 578.76 494.51 395.47 18.27
Basic EPS -0.67 1.26 -1.98 1.38 1.04
Diluted EPS -0.67 1.25 -1.98 1.38 1.04
Net Income Available For Common -2,755.66 5,274.02 -8,281.03 5,840.05 4,793.34
Shareholders
Net Income -2,169.68 5,852.78 -7,786.52 6,235.53 4,811.61
Others
Comprehensive Income
Foreign Currency Translation Adjustments -159.13 1.31 -1,072.85 64.71 -332.72
Unrealized Gain (Loss) On Securities 218.91 362.73 0.00
Pension Related Adjustments 0.87 17.98 -0.57 -8.62 0.39
Reclassification Adjustments
Other Comprehensive Income -66.68 -14.23 0.00
Total Comprehensive Income -2,330.59 5,967.02 -8,836.70 6,288.37 4,508.19
Unrealized Gain (Loss) On Derivatives
Comprehensive Income Attrib to Minority Int -678.86 -619.38 477.04 -321.11 -472.63
Total Adjustments Comprehensive Income -6.03
Total Comprehensive Inc Including Minority -1,651.73 6,586.40 -9,313.74 6,609.48 4,980.82
Int
Operating Income
Other Operating (Income)/Expense - Net 8,024.87 5,036.92 7,732.64 5,442.07
Other Income 8,750.34
Reference Items
R & D Expenditures 13,765.44 13,641.40 15,317.23 16,813.22 19,173.76
Depreciation Expense 1,502.50 1,384.41 1,461.35 1,648.42
Provision For Doubtful Accounts 2,467.17 2,565.44 4,085.92 2,062.03 345.78
Other Operating Expenses 8,503.24 628.74 8,390.18
Interest Expense 878.48 841.88 908.77 1,482.62 1,348.51
Foreign Exchange
(Gain)/Loss On Sale of Assets 26.32 92.93 19.51 -3,049.47
Write-Down/Impairment of Assets 52.92 19.06 472.22 7.93
Other One-Time Charges 1,832.73 1,963.63 1,401.90
Interest Income
Total Cash Common Dividends
Projected Benefit Obligation 163.25 159.92 155.14 161.64 171.36
Basic EPS -0.67
Weighted Avg. Shares - Basic 4,189.23 4,192.67 4,205.70 4,612.34
Diluted EPS -0.67
Weighted Avg. Shares - Diluted 4,219.47 4,192.67 4,224.05 4,633.49
Pension Expense (Income) 5.38 5.40 6.17 4.92 5.18
Discount Rate Used On Plan Liabs-Pension 3.25 4.00 3.25 3.25 3.25
%
Rate of Compensation Increase(Pension) - 5.50 5.50
%
Stock Based Compensation Expense 113.81 303.59 520.31 217.58 265.23
Bloomberg ® 10/21/2021 03:29:03 3

Filing: Original
Interest Expense - Borrowings
Gross Profit 37,751.24 31,867.49 36.14 35,515.29
Impairment of Intangibles 13.87 70.38 13.73
Amortization of Intangible Assets 1,343.20 265.03 1,448.11 451.12 526.09
Total Revenue 118,334.85 125,628.81 101,399.05 102,936.92 114,158.58
Impairment of Goodwill 146.16
Product Revenue 43,975.07 43,305.61
Service Revenue 74,207.64 82,170.04 101,235.41 102,790.92 114,003.22
(Gain)/Loss On Sale of Investments -503.18
(Gain)/Loss On Sale of Business -1,345.50 -2,696.13 402.42 -143.76 -1,074.82
Current Income Tax Expense (Benefit) 915.13 1,226.28 1,114.49 1,238.33 1,325.33
Deferred Income Tax Expense (Benefit) -166.88 312.21 -1,589.82 332.89 -939.96
Other Operating (Income)/Expense - Net
Cost of Inventory Expensed 65,295.09 60,801.27 74,748.94
Interest Cost (Pension) 5.38 5.40 6.17 4.92 5.18
Adjusted EPS
Depreciation Of Tangible Fixed Assets 1,437.83
Total Exceptional (Income)/Charges
Other Operating Inc - Int Inc (Non-Oper) -866.17
Final Dividend Per Share 0.00 0.38 0.00 0.23 0.23
Rental Revenue 152.13 153.16 163.64 146.00 155.36
Total Financial Costs 1,351.44 1,336.53 1,575.52 1,949.21 1,683.01
Other Auditors Fees (Tax & Consulting)
Other Employee Costs 303.59 229.08 217.58 265.23
Wages And Salaries 20,687.75 16,748.78 17,638.87 19,649.57
Total Exceptional Tax
Directors Remuneration 24.00 29.91 8.45 30.47 43.17
Total Fees Paid To Audit Firms 9.69 10.54 12.64 12.71 126.51
Weighted Avg NumberPotential Dilutive Shr 34.92 0.00 20.82 23.80
Dividend Income - Operating -35.06
Interest Income (Operating) -1,048.39 -887.92 -1,057.24 -1,575.38
Rental Expense 772.50 799.11 703.96 0.00
Other Income 2,013.36 1,189.19 710.90 705.18 958.36
Other Financial Losses 472.97 494.66 666.75 374.40 252.87
Proposed Final Dividend 0.00 1,597.37 0.00 1,046.43 1,038.26
Provision Doubtful Debt (Other Receivable) 71.39 62.63 239.15 471.68 214.53
Provision For Doubtful Debts Written Back -5.08 6.70
Rental Income - Net (Operating) -55.91 -27.04 -6.75 -3.10 -1.54
Retirement Pension And Other Benefits 1,357.20 1,567.13 1,369.89 894.07
Staff Costs - Including Dir Emoluments 21,841.49 22,348.53 18,544.99 19,226.34 20,808.87
Unrealized (Gain)/Loss From Secs Non-Op -330.53
Amortization Of Land Right 37.48 32.32 63.72
ARDR Losses on Inventory Valuation 636.16 130.84 884.79 1,260.87 112.43
Auditor Expense - Audit
Revaluation Of Investment Properties
Dividend Income / Non-Operating -37.31 -55.30 -56.74 -27.17
Other Miscellaneous Operating Income 6,871.86 4,027.42 6,412.01 3,826.22
Foreign Exchange Translation Gains -723.54
Other Operating Income - SAGA
Net Foreign Exch (Gain)Loss-Ordinary Acts 484.90 -595.41 -18.99 -27.17
Capitalized R&D Expenses 1,691.85 1,865.18 -2,385.70 -2,578.15 -2,523.23
Dividend Paid For Prior Year
Dividend Per 10 Share
Statutory Tax Rate - % 25.00 16.50 25.00 25.00 25.00
Income Before Significant Items
Bloomberg ® 10/21/2021 03:29:03 4

Filing: Original
Export Sales (Gross)
ARDR Goodwill Impairment After Tax 146.16
ARDR Gross Margin 38.80 31.40 35.10 31.10
ARDR Revenue Growth 7.50 -20.77 6.11 11.81
Capital Expenditures As Reported 5,622.86 8,527.82 5,574.07 6,241.45 9,532.43
Gain(Loss) From Sale Of Securities-Non-
Op
Loss/(Gain) From Disposal Of Subsidiaries
GAAP
Revenue 102,936.92 114,158.58 125,763.44 142,385.20 159,107.20
Product/Brand Segments 102,936.92 114,158.58
Carriers' Networks 75,537.26 83,289.86
Consumer Business 17,013.94 18,184.53
Government & Corporate Business 10,385.72 12,684.18
Geographic Segments 102,936.92 114,158.58
The PRC 66,044.83 76,575.40
Asia (Excluding The PRC) 14,952.46 16,574.32
Europe, Americas & Oceania 15,908.75 15,582.14
Africa 6,030.89 5,426.71
+ Sales & Services Revenue 102,936.92 114,158.58 125,904.13
- Cost of Revenue 66,794.64 78,643.28 84,200.30
Geographic Segments 64,673.69
The PRC 39,715.02
Europe & Americas & Oceania 12,353.12
Asia (excluding the PRC) 9,236.54
Africa 3,369.00
+ Cost of Goods & Services 64,216.49 76,120.05 84,205.38
+ Research & Development 2,578.15 2,523.23
Gross Profit 36,142.28 35,515.29 41,563.13 49,896.04 56,295.31
+ Other Operating Income 6,412.01 3,826.22 2,329.51
- Operating Expenses 32,846.97 33,116.53 35,839.00
+ Selling, General & Admin 14,927.00 14,676.02 15,360.54
+ Selling & Marketing 8,926.74 8,528.18 9,177.41
+ General & Administrative 6,000.25 6,147.84 6,183.13
+ Research & Development 14,235.07 16,650.53 19,987.02
+ Prov For Doubtful Accts 2,062.03 345.78
+ Other Operating Expense 1,622.87 1,444.20 529.90
Operating Income (Loss) 9,707.33 6,224.99 8,044.59 10,211.26 12,345.99
- Non-Operating (Income) Loss 1,582.71 526.47 -1,030.50
+ Interest Expense, Net 517.58 -145.24 -7.25
+ Interest Expense 1,574.81 1,430.14 1,538.46
- Interest Income 1,057.24 1,575.38 1,545.05
Bloomberg ® 10/21/2021 03:29:03 5

Filing: Original
+ Other Investment (Inc) Loss -56.74 -27.17 -2,357.62
+ Foreign Exch (Gain) Loss -18.99 -27.17
+ (Income) Loss from Affiliates 766.46 473.19 502.58
+ Other Non-Op (Income) Loss 374.40 252.87 831.78
Pretax Income 8,124.62 5,698.51 9,081.88 11,025.86 12,334.43
- Income Tax Expense (Benefit) 1,571.23 385.37 938.91
+ Current Income Tax 1,238.33 1,325.33
+ Deferred Income Tax 332.89 -939.96
Income (Loss) from Cont Ops 6,553.39 5,313.14 8,142.97 8,585.27 9,694.10
- Net Extraordinary Losses (Gains) 0.00 0.00 0.00
+ Discontinued Operations 0.00 0.00 0.00
+ XO & Accounting Changes 0.00 0.00 0.00
Income (Loss) Incl. MI 6,553.39 5,313.14 8,227.22
- Minority Interest 317.87 501.53 548.25
Net Income, GAAP 6,235.53 4,811.61 7,594.72 8,585.27 9,694.10
- Preferred Dividends 0.00 0.00 0.00
- Other Adjustments 395.47 18.27 0.00
Net Income Avail to Common, GAAP 5,840.05 4,793.34 7,594.72 8,585.27 9,694.10
Net Income Avail to Common, Adj 4,171.40 4,027.87 3,744.18 8,395.16 9,592.26
Net Abnormal Losses (Gains) -1,668.66 -765.47 -3,870.05
Net Extraordinary Losses (Gains) 0.00 0.00 0.00
Basic Weighted Avg Shares 4,205.70 4,612.34 4,610.46

Basic EPS, GAAP 1.38 1.04 1.65 1.87 2.13
Basic EPS from Cont Ops, GAAP 1.38 1.04 1.65 1.87 2.13
Basic EPS from Cont Ops, Adjusted 0.99 0.87 0.81 1.86 2.12
Diluted Weighted Avg Shares 4,224.05 4,633.49 4,610.46

Diluted EPS, GAAP 1.38 1.04 1.65 1.87 2.13
Diluted EPS from Cont Ops, GAAP 1.38 1.04 1.65 1.87 2.13
Diluted EPS from Cont Ops, Adjusted 0.99 0.87 0.81 1.86 2.12
Reference Items
EBITDA 13,776.44 10,693.74 14,345.97 17,065.09
EBITDA Margin (T12M) 13.38 9.37 10.08 10.73
EBITA 11,675.64 9,045.32
EBIT 9,707.33 6,224.99 8,150.80 10,211.26 12,345.99
Gross Margin 35.11 31.11 33.05
Product/Brand Segments
Carriers' Networks 40.40 33.20
Government & Corporate Business 16.40 28.50
Consumer Business 27.50 23.30
Profit Margin 6.06 4.21 6.04 5.90 6.03
Sales per Employee 1,469,142.26 1,548,773.93
Dividends per Share 0.23 0.23 0.38 0.41
Total Cash Common Dividends 1,046.43 1,038.26
Personnel Expenses 19,195.87 20,765.70
Export Sales
Depreciation Expense 2,100.80 1,648.42
Rental Expense 374.93 263.65
Bloomberg ® 10/21/2021 03:29:03 6

Filing: Original
Standardized
Original:2019 A Original:2020 A Current Estimate:2021 A Estimate:2022 A
Total Assets
+ Cash, Cash Equivalents & STI 36,865.29 43,933.07 59,317.62
+ Cash & Cash Equivalents 31,886.35 37,303.88 57,818.58
+ ST Investments 4,978.95 6,629.20 1,499.04
+ Accounts & Notes Receiv 22,123.82 18,877.04 25,639.72
+ Accounts Receivable, Net 22,123.82 18,877.04 17,519.45
+ Notes Receivable, Net 0.00 0.00 8,120.27
+ Unbilled Revenues 10,668.96 10,603.74 8,826.85
+ Inventories 30,972.13 40,019.73 41,637.88
+ Raw Materials 5,929.00 15,260.18 21,057.22
+ Work In Process 13,322.94 13,518.96 8,594.24
+ Finished Goods 2,877.88 2,835.83 11,986.42
+ Other Inventory 8,842.31 8,404.76 0.00
+ Other ST Assets 14,100.57 13,645.37 13,249.83
+ Prepaid Expenses 992.74 1,435.87 374.93
+ Derivative & Hedging Assets 118.64 42.90 216.44
+ Taxes Receivable 8,752.74
+ Misc ST Assets 12,989.19 12,166.60 3,905.71
Total Current Assets 114,730.77 127,078.95 148,671.90
+ Property, Plant & Equip, Net 15,687.30 19,817.69 19,564.58
+ Property, Plant & Equip 23,937.61 29,023.03 30,758.72
- Accumulated Depreciation 8,250.31 9,205.34 11,194.14
+ LT Investments & Receivables 7,351.13 7,839.55 4,100.18
+ LT Investments 3,972.67 4,243.17 4,100.18
+ LT Receivables 3,378.46 3,596.38
+ Other LT Assets 20,178.31 24,203.92 27,202.17
+ Total Intangible Assets 8,251.03 10,625.25 10,844.54
+ Goodwill 208.29 221.20 223.96
+ Other Intangible Assets 8,042.74 10,404.05 10,620.58
+ Prepaid Expense 1,214.92
+ Deferred Tax Assets 2,809.20 4,082.95 3,603.38
+ Derivative & Hedging Assets 0.00 0.00
+ Investments in Affiliates 2,603.28 2,035.84 2,113.83
+ Misc LT Assets 6,514.80 7,459.88 9,425.51
Total Noncurrent Assets 43,216.74 51,861.16 50,866.94
Total Assets 157,947.51 178,940.11 199,538.84
Reconciliation 2,603.28 103,264.88
Unallocated 85,136.93 101,229.04
Investment In Associates 2,475.19 1,792.29
Investment In Joint Ventures 128.10 243.55
Liabilities & Shareholders' Equity

+ Payables & Accruals 39,239.97 34,798.65 40,862.58
+ Accounts Payable 23,936.03
+ Accrued Taxes 446.46 528.64 897.35
+ Interest & Dividends Payable 5.84 5.56 1,166.23
+ Other Payables & Accruals 38,787.67 34,264.45 14,862.96
+ ST Debt 30,837.61 15,282.79 35,335.89
+ ST Borrowings 30,255.71 14,744.51 28,533.14
Bloomberg ® 10/21/2021 03:29:03 7

Filing: Original
+ ST Lease Liabilities 581.90 538.28 529.33
+ ST Finance Leases
+ Current Portion of LT Debt 6,273.42
+ Other ST Liabilities 26,535.74 38,292.79 24,610.79
+ Deferred Revenue 24,194.88 35,632.84 21,959.33
+ Derivatives & Hedging 141.19 182.89 38.31
+ Misc ST Liabilities 2,199.67 2,477.06 2,613.14
Total Current Liabilities 96,613.32 88,374.24 100,809.27
+ LT Debt 12,182.85 28,136.67 29,925.97
+ LT Borrowings 11,461.03 27,283.53 29,158.86
+ LT Lease Liabilities 721.82 853.14 767.10
+ LT Finance Leases
+ Other LT Liabilities 6,695.97 7,640.00 8,466.17
+ Accrued Liabilities 0.00 0.00
+ Pension Liabilities 161.64 171.36
+ Deferred Compensation 959.08 280.83
+ Deferred Revenue 0.00 0.00 3,353.03
+ Deferred Tax Liabilities 192.46 159.56 155.67
+ Derivatives & Hedging 0.00 0.00
+ Misc LT Liabilities 5,382.79 7,028.26 4,957.47
Total Noncurrent Liabilities 18,878.83 35,776.67 38,392.14
Total Liabilities 115,492.15 124,150.91 139,201.40
Unallocated 98,682.03 105,675.28
+ Preferred Equity and Hybrid Capital 6,993.84 0.00 0.00
+ Share Capital & APIC 4,728.88 5,480.33 32,882.41
+ Common Stock 4,728.88 5,480.33 5,548.81
+ Additional Paid in Capital 27,333.60
- Treasury Stock 0.00 136.33 138.03
+ Retained Earnings 16,170.23 21,136.35 25,196.27
+ Other Equity 11,346.38 24,952.19 -1,473.82
Equity Before Minority Interest 39,239.33 51,432.54 56,466.83
+ Minority/Non Controlling Interest 3,216.02 3,356.66 3,870.61
Total Equity 42,455.35 54,789.20 60,337.44
Total Liabilities & Equity 157,947.51 178,940.11 199,538.84
Reference Items
Publication Date n/a n/a 04/08/2021
Shares Outstanding 4,227.53 4,610.46 4,610.46
Number of Treasury Shares 0.00 2.97 2.97
Pension Obligations 161.64 171.36 0.00
Future Minimum Operating Lease
Obligations
Capital Leases - Total
Number Of Shareholders 514,768.00
Options Granted During Period 34.86 4.81
Options Outstanding at Period End 44.53 39.73
Net Debt 6,155.17 -513.62 5,944.24 -513.51 -699.47
Net Debt to Equity 14.50 -0.94 9.85
Tangible Common Equity Ratio 16.03 24.24 24.18
Current Ratio 1.19 1.44 1.47
Bloomberg ® 10/21/2021 03:29:03 8

Filing: Original
Cash Conversion Cycle 130.84
Number of Employees 70,066.00 73,709.00
As Reported
Balance Sheet
Noncurrent Assets
Deferred Income Tax Asset (Long-Term) 1,792.83 1,758.06 3,174.32 2,809.20 4,082.95
Total Intangible Assets - Net
Goodwill 208.05 370.77 212.02 208.29 221.20
Other Noncurrent Assets
Investment Securities Available For Sale 2,971.71 3,820.08 0.00
Accounts Receivable - Long-Term 3,093.10 4,625.84 1,452.31 3,378.46 3,596.38
Other Receivables (Long-Term)
Prepaid Expenses And Other 702.33 3,159.32 1,492.47 3,238.66 3,951.33
Research & Development - Net
Total Non-Current Assets 32,134.79 42,866.39 41,389.72 43,216.74 51,861.16
Equity Investments In Associates/Affiliates 672.13 4,644.44 3,322.17 2,475.19 1,792.29
Investments In Joint Controlled Entities 71.87 110.87 111.19 128.10 243.55
Net Equity Investments In Joint Ventures/
Assoc
Intangible Assets Excluding Goodwill 4,977.04 6,439.16 7,139.66 8,042.74 10,404.05
Pledged Deposits (Long-Term) 3,640.84 1,755.70 3,334.13 3,276.14 3,508.55
Investment Property 2,253.05 2,429.90 2,290.96 2,189.35 2,417.67
Total Assets
Current Assets
Cash and Equivalents 33,575.38 36,150.84 24,064.34 31,886.35 37,303.88
Accounts Receivable - Trade 22,123.82 18,877.04
Inventories 29,956.12 31,498.14 28,479.23 30,972.13 40,019.73
Prepaid Expenses and Other 15,435.74 14,384.07 9,642.91 9,896.58 11,364.92
Restricted Cash (Short-Term) 1,356.34 3,681.45 3,481.37 3,740.02 2,000.12
Other Current Assets
Derivative Assets (Short-Term) 61.29 140.23 259.75 118.64 42.90
Short-Term Investments
Contracts In Process 10,441.54 10,821.39 0.00
Other Receivables (Short-Term)
Accounts Receivable And Other 32,992.40 345.32 237.43
Receivables
Liquid Assets -Maturity More Than Three 1,213.64 279.05 111.85 1,633.18 3,056.53
Months
Bill/Notes Receivable
Trade Receivable And Bill Receivable 33,792.33 25,255.46
Prepayment/Advance
Financial Assets At Fair Value 1,681.58 627.15 1,231.75
Land Rights/Prepaid Lease Payment- 31.72 34.96 174.51 0.00
Current
Total Current Assets 125,864.10 129,982.52 105,895.44 114,730.77 127,078.95
Current Liabilities
Accounts Payable - Trade
Notes Payable (Short-Term)
Short-Term Borrowings 21,594.72
Bloomberg ® 10/21/2021 03:29:03 9

Filing: Original
Accrued Compensation/Postretirement
Obligation
Accrued Expenses and Other 31,144.30 29,172.93 21,721.49 15,726.98 18,206.80
Deferred/Unearned Revenue (Short-Term)
Dividends Accrued/Payable 56.22 1.59 1.51 5.84 5.56
Other Current Liabilities
Income Taxes Accrued/Payable 586.33 700.09 606.08 446.46 528.64
Other Payables
Derivative Liabilities (Short-Term) 44.86 59.83 115.38 141.19 182.89
Net Current Assets 23,612.82 24,811.24 4,126.60 18,117.44 38,704.71
Other Short-Term Loans/Borrowings 23,552.45 29,121.25 30,255.71 14,744.51
Amounts Due To Contract Work 6,566.28 9,666.06 0.00
Short-Term Provisions 991.48 640.10 2,468.15 2,199.67 2,477.06
Accounts And Notes Payable 41,267.10 41,378.24 31,248.07 31,016.92 33,874.08
Total Assets Less Than Current Liability 55,747.60 67,677.63 45,516.32 61,334.18 90,565.87
ST Borrowing - Prior Year
ST Portion Of LT Debt - Prior Year
Dividend Payable - Prior Year
Short Term Bonds Payable
Total Current Liabilities 102,251.29 105,171.29 101,768.84 96,613.32 88,374.24
Non Current Liabilities
Total Noncurrent Liabilities 10,065.67 13,191.74 7,985.66 18,878.83 35,776.67
Long Term Debt 7,162.08
Deferred Income Taxes (Liabilities) 109.92 405.98 176.54 192.46 159.56
Deferred/Unearned Revenue (Long-Term)
Pension/Postretirement Liabilities 163.25 159.92 155.14 161.64 171.36
Other Noncurrent Liabilities 4,464.97 6,341.87 7,309.09
Derivative Liabilities (Long-Term)
Net Assets 45,681.93 54,485.89 37,530.65 42,455.35 54,789.20
Other Long-Term Loans/Borrowings 7,144.08 3,189.02 11,461.03 27,283.53
Bonds Payable
Other Creditors / Other Payables (Long- 2,630.42 5,481.77
Term)
LT Borrowing - Prior Year
Total Liabilities
Stockholder Equity
Preferred Stock 10,414.95 11,191.70 7,119.25 6,993.84 0.00
Minority/Non Controlling Int (Stckhldrs Eqty) 5,768.32 5,297.22 4,339.09 3,216.02 3,356.66
Treasury Stock (Amount) -136.33
Accumulated Other Comprehensive Income
Retained Earnings (Accumulated Deficit)
Total Shareholders Equity 45,681.93 54,485.89 37,530.65 42,455.35 54,789.20
Other Reserve
Proposed Dividend
Total Reserve 24,823.08 32,963.02 21,298.33 27,516.61 46,088.54
Statutory And Discretionary Reserves
Total Share Capital 4,675.59 5,033.95 4,773.98 4,728.88 5,480.33
Total Shareholders Equity Excluding 29,498.66 37,996.97 26,072.31 32,245.49 51,432.54
Minority
Total Liabilities and Shareholders Equity
Fixed Assets
Property Plant & Equipment - Net 10,369.50 12,249.59 11,607.52 11,806.96 15,387.95
Construction In Progress-Net
Prepaid Lease Payments 1,382.33 1,502.66 5,542.14 0.00
Total Fixed Assets
Bloomberg ® 10/21/2021 03:29:03 10

Filing: Original
Reference Items
Cash and Equivalents 33,575.38 36,150.84 24,064.34 31,886.35 37,303.88
Accounts Receivable - Trade
Inventories 29,956.12 31,498.14 28,479.23 30,972.13 40,019.73
Prepaid Expenses (ST) 1,943.80 710.38 700.83 798.93 1,149.42
Restricted Cash (ST)
Land
Buildings
Land and Buildings 6,382.05 7,568.32 7,991.88 7,889.42 10,893.76
Leasehold Improvements 164.74 185.54 360.50 406.88 469.39
Construction In Progress 1,932.36 1,768.55 1,475.74 1,310.67 1,235.30
Furniture/Machinery/Equipment 8,997.53 10,879.73 9,387.31 10,135.13 11,672.03
Property Plant & Equipment - Gross 17,830.67 20,768.36 19,542.98 20,057.28 24,593.29
Accumulated Depreciation 7,461.17 8,518.77 7,935.46 8,250.31 9,205.34
Property Plant & Equipment - Net 10,369.50 12,249.59 11,607.52 11,806.96 15,387.95
Total Intangible Assets - Net
Other Intangible Assets 301.12 713.50 503.90 399.65 1,395.33
Goodwill 208.05 370.77 352.38 208.29 221.20
Patents/Trademarks/Copyrights
Accrued Expenses 5,341.17 8,286.71 6,137.47 9,312.71 10,973.17
Preferred Stock 7,119.25 6,993.84 0.00
Min/Non Cntrlling Int(Stckhldrs Eqty) 5,768.32 5,297.22 4,339.09 3,216.02 3,356.66
Common Stock
Additional Paid In Capital
Treasury Stock (Amount) -136.33
Accumulated Other Comprehensive Income
Retained Earnings (Accumulated Deficit) 11,488.60 17,610.82 7,951.49 13,065.56 17,610.09
Other Equity -33.81 213.26 422.22 248.75 488.43
Shares Outstanding 4,184.63 4,192.67 4,192.67 4,227.53 4,613.44
Treasury Shares (Number) 2.97
Raw Materials 5,874.82 6,073.94 4,757.97 5,929.00 15,260.18
Work In Progress 20,037.41 21,117.60 7,299.60 13,322.94 13,518.96
Finished Goods 4,043.89 4,306.61 3,736.29 2,877.88 2,835.83
Common Stock & APIC 4,675.59 5,033.95 4,773.98 4,728.88 5,480.33
Other Gross Fixed Assets
Other Inventory 12,685.37 8,842.31 8,404.76
Future Minimum Operating Lease 626.42 1,156.81 1,167.54
Obligations
Rental Expense - Year 1 343.82 668.48 545.83
Rental Expense - Year 2
Rental Expense - Beyond Year 5 87.81 33.51 16.09
Allowance For Doubtful Accounts
Capitalized Software - Net 335.19 498.08 466.73 544.93 701.77
Total Shareholders Equity 45,681.93 54,485.89 37,530.65 42,455.35 54,789.20
Commercial Paper Outstanding
Unsecured Debt 28,702.28 30,045.39 30,994.22 41,423.44 27,522.87
Secured Debt 54.52 651.14 1,316.05 1,597.03 15,896.59
Customer Deposits/Advances (ST) 9,041.58 10,448.52 7,791.84 7,956.22 17,816.42
Other Receivables (ST) 13,212.68 9,026.27 1,844.02 2,097.77
Investments Under Equity Method
Statutory Capital 2,260.02 2,647.97 2,647.07 3,104.67 3,526.27
Other Payables 16,427.77 10,375.31 14,307.99 5,767.84 6,379.60
Cumulative Translation Adjustment -2,086.02 -2,240.23 -3,132.45 -3,016.66 -3,523.90
Capital Reserve 13,194.28 14,731.20 13,409.99 14,114.30 27,987.66
Total Contingent Payable 9,386.53 10,108.43 12,213.38 15,167.30 15,243.60
Bloomberg ® 10/21/2021 03:29:03 11

Filing: Original
Research & Development - Net 4,340.73 5,227.57 6,169.04 7,098.16 8,306.95
Due To Associated And Related 277.47 1,338.85 303.17 31,456.90 32,087.73
Companies
Liquid Assets -Maturity More Than 3
Months
Options Granted During Period 0.00 38.99 5.71
Options Outstanding End Period 8.08 0.00 81.86 44.53 39.73
Other Reserve
Trade Receivables-Gross
Total Number Of Shareholders
Receivables From Associated Companies 30.80 63.86 59.81
Prepayment/Advance 580.59 461.01 64.71 193.82 286.45
Accumulated Amortization Of Land Rights
Unamortization Goodwill - Joint Controlled 29.71 1,214.56 1,415.01 1,390.08 712.11
Capital Commit Contracted Not Provided 1,319.75 3,559.74 3,961.87 3,518.77 3,385.80
For
Cash At Bank 39,786.21 41,867.03 30,991.70 40,535.69 45,869.08
Impairment Of Associated Companies 1,139.30 108.54
Land Rights - Gross
Operating Leases Expiring Within 2 & 5 Yrs 194.79 454.82 605.63
Prepaid Lease Payments
Proposed Dividend
Short-Term Provisions
Total Reserve
Shares Of Assets In Associated Companies 672.13 3,461.80 1,937.45 2,254.16 1,220.31
Shares Of Assets JV/Joint Control Entity 42.16 78.95 83.48 107.73 211.96
Statutory And Discretionary Reserves
Transportation Equipment - Gross 353.99 366.22 327.56 315.17 322.81
Impairment Of Fixed Assets
Impairment Of JV/Joint Controlled Entities 2.57 9.38 0.00
Total Share Capital
Plant Machinery And Equipment - Gross
Total Shareholder Equity Excludes Minority 29,498.66 37,996.97 26,072.31 32,245.49 51,432.54
Debt Maturing - Year 2 To Year 5 1,096.77 2,078.48 224.63 8,700.89 14,998.00
Options Exercised During the Period 37.81 9.66
Options Expired During the Period 77.13 2.77 0.00
Net Assets Per Share 6.22 7.63 11.15
Purchase Obligations 1,176.34 3,427.28 3,887.50 3,464.30 3,370.35
Inventory - Raw Materials - Gross
Inventory - Work in Progress - Gross
Warehouse Inventory - Gross
Inventory Revaluation Reserve-Raw
Material
Inventory Revaluation Reserve-Work in
Prog
Inventory Revaluation Reserve-Other Invent
Inventory Revalu Rsrv-Warehouse
Inventory
Net Warehouse Inventory
Intangible Assets-Land Rights Revaluation
Investment Revaluation-Equity Method
Accounts Receivable Overdue - 0-1 Yr
Gross
Gross
Bloomberg ® 10/21/2021 03:29:03 12

Filing: Original
Gross
Accounts Receivable Overdue-Over 3Yr
Gross
Allow Doubtful Accts Rec-Overdue Less
1Yr
Allow Doubtful Accts Rec-Overdue 1-2 Yrs
Allow Doubtful Accts Rec-Overdue 2-3 Yrs
Allow Doubtful Accts Rec-Overdue Grtr 3 Yr
Book Value Per Share
Listed Shares Out
Unlisted Shares Out
Special Account Receivable - Gross
Allowance Doubtful Accts Rec - Special Acc
Debt Schedule In Yr 1 19,066.20 22,255.18 28,447.25 29,908.92 14,505.17
Debt Schedule In Yr 2 4,443.24 1,457.62 2,408.57 2,512.91 11,776.91
Debt Schedule Thereafter 67.04 68.44 61.49 22.55 88.76
Debt Schedule - Total Debt 28,756.80 25,859.72 31,141.94 41,145.28 41,368.83
Debt Schedule - Total Long Term Debt
Shares Held By Management (Unlisted)
Common Shares In RMB
B Shrs Listed Outside The National
Boundry
Rental Expense - Years 2 - 3
Debt Schedule - Years 4 - 5
Avg Exercise Price (Options Exercisable) 17.06 17.06 16.86
Avg Exercise Price (Options Outstanding) 10.97 10.97 17.06 17.06 16.86
Options Exercisable End of Period 81.86 44.53 39.73
Rental Expense - Beyond Year 3
Options at Beginning of Period 90.87 8.08 149.60 81.86 44.53
Options Cancelled Forfeited or Expired 48.95 0.04
Receivables
Common Size
Current Estimate:2021 A Estimate:2022 A
For the period ending 2021-10-21 2021-12-31 2022-12-31
Total Assets 199,538.84
Total Assets
+ Cash, Cash Equivalents & STI 29.73
+ Cash & Cash Equivalents 28.98
+ ST Investments 0.75
+ Accounts & Notes Receiv 12.85
+ Accounts Receivable, Net 8.78
+ Notes Receivable, Net 4.07
+ Unbilled Revenues 4.42
+ Inventories 20.87
+ Raw Materials 10.55
+ Work In Process 4.31
+ Finished Goods 6.01
+ Other Inventory 0.00
+ Other ST Assets 6.64
+ Prepaid Expenses 0.19
+ Derivative & Hedging Assets 0.11
Bloomberg ® 10/21/2021 03:29:03 13

Filing: Original
+ Taxes Receivable 4.39
+ Misc ST Assets 1.96
Total Current Assets 74.51
+ Property, Plant & Equip, Net 9.80
+ Property, Plant & Equip 15.41
- Accumulated Depreciation 5.61
+ LT Investments & Receivables 2.05
+ LT Investments 2.05
+ LT Receivables
+ Other LT Assets 13.63
+ Total Intangible Assets 5.43
+ Goodwill 0.11
+ Other Intangible Assets 5.32
+ Prepaid Expense 0.61
+ Deferred Tax Assets 1.81
+ Derivative & Hedging Assets
+ Investments in Affiliates 1.06
+ Misc LT Assets 4.72
Total Noncurrent Assets 25.49
Total Assets 100.00
Liabilities & Shareholders' Equity

+ Payables & Accruals 20.48
+ Accounts Payable 12.00
+ Accrued Taxes 0.45
+ Interest & Dividends Payable 0.58
+ Other Payables & Accruals 7.45
+ ST Debt 17.71
+ ST Borrowings 14.30
+ ST Lease Liabilities 0.27
+ ST Finance Leases
+ Current Portion of LT Debt 3.14
+ Other ST Liabilities 12.33
+ Deferred Revenue 11.01
+ Derivatives & Hedging 0.02
+ Misc ST Liabilities 1.31
Total Current Liabilities 50.52
+ LT Debt 15.00
+ LT Borrowings 14.61
+ LT Lease Liabilities 0.38
+ LT Finance Leases
+ Other LT Liabilities 4.24
+ Accrued Liabilities
+ Pension Liabilities
+ Deferred Compensation
+ Deferred Revenue 1.68
+ Deferred Tax Liabilities 0.08
+ Derivatives & Hedging
+ Misc LT Liabilities 2.48
Total Noncurrent Liabilities 19.24
Total Liabilities 69.76
+ Preferred Equity and Hybrid Capital 0.00
+ Share Capital & APIC 16.48
+ Common Stock 2.78
+ Additional Paid in Capital 13.70
Bloomberg ® 10/21/2021 03:29:03 14

Filing: Original
- Treasury Stock 0.07
+ Retained Earnings 12.63
+ Other Equity -0.74
Equity Before Minority Interest 28.30
+ Minority/Non Controlling Interest 1.94
Total Equity 30.24
Total Liabilities & Equity 100.00
Reference Items
Accounting Standard
Publication Date 04/08/2021
Shares Outstanding 2.31
Number of Treasury Shares 0.00
Pension Obligations 0.00
Future Minimum Operating Lease Obligations
Capital Leases - Total
Number Of Shareholders 514,768.00
Options Granted During Period
Options Outstanding at Period End
Net Debt 2.98
Net Debt to Equity 0.00
Tangible Common Equity Ratio 0.01
Current Ratio 0.00
Number of Employees
As Reported
Cash Flow
Cash From Operating Activities
Depreciation 1,502.50 1,384.41 1,461.35 1,437.83 1,648.42
Deferred Income Taxes - CF
Provision For Doubtful Accounts - CF 2,467.17 2,565.44 4,091.79 2,056.95 352.48
Provision For Inventory Obsolescence 743.63 151.05 1,049.16 1,430.40 126.51
Stock Based Compensation -113.81 303.59 229.08 217.58 265.23
Other Non-Cash Items -1,241.63 -282.49 -16.37 -41.57 112.19
Change in Inventories -8,767.91 -1,501.04 -2,744.92 -4,473.19 -6,692.67
Change in Accounts Receivable 3,175.81 -162.77 4,011.71
Change in Accrued Expenses 12,096.37 -4,974.46
Change in Other Current Assets
Change in Other Current Liabilities
Equity In Earnings Of Affiliates/JV-CF -52.80 148.01 945.44 766.46 473.19
Impairments 71.39 62.63 1,272.15 356.58 87.25
Change in Accrued Compensation/Payroll 4.19 -4.17 -5.07
Expense
Amortization of Intangibles 1,343.20 1,588.73 1,448.11 1,968.31 2,320.93
Change in Other Assets -1,542.09 369.49
Change In Other Liabilites 3.00 3.07 -556.79
Total Cash Flows From Operations 3,615.16 5,149.31 -12,134.31 5,562.66 5,289.84
Change in Other Current Assets and -38.10 -344.33
Liabilities
Bloomberg ® 10/21/2021 03:29:03 15

Filing: Original
Gain (Loss) On Sale of Investments and -646.69 -506.20 0.00
Mkt Sec
Interest Received 871.25 1,048.05 886.39 1,058.71 1,465.33
Total Cashflow From Ops Before Working 3,766.22 11,433.58 2,662.30 14,194.97 10,381.06
Capital
Change In Other Provisions 155.06 137.43 135.43
Gain (Loss) From The Sale Of Fixed Assets 26.32 92.93 19.51 -3,049.47 0.00
Change In Trade Payables & Other Current 4,476.98 -1,147.72 -6,328.98 344.30 517.92
Liab
Impairment Of Goodwill-CF 146.16 0.00
Interest Income - CF -866.17 -1,048.39 -887.92 -1,057.24 -1,393.92
Dividends Income -35.06 -37.31 -55.30 -56.74 -27.17
Dividends Received -400.99 -545.20 -1,301.49
Gain/Loss On Disposal Of Affiliates -56.24 0.00
Gain/Loss On Disposal Of Subsidiaries -1,345.50 -2,696.13 -785.65 -143.76 -1,074.82
Prepayments And Other Assets -7,699.14 1,236.62 3,690.10 -762.21 -921.91
Increase/Decrease In Trade & Other -2,464.72 -498.15
Receivables
Profit Before Taxation And Minority Interest -897.45 7,757.10 -8,715.66 8,124.62 5,698.51
Write-Offs/Revaluation/Impair Of Fixed 52.92 19.06 8.91 0.00 7.93
Assets
Revaluation/Impairment Of Invest -7.10 -8.47 14.00 -8.22 -1.98
Properties
Revaluation/Impairment Of Investments 0.00 113.04 639.14 -740.34 -658.05
Tax Paid -834.28 -1,385.57 -1,174.74 -1,389.39 -1,261.04
Unrealized Loss/ (Gain) On Trading -27.94 58.84 -66.29 183.95 112.79
Derivatives
Increase/Decrease In Amts Due To 1,699.26 2,509.76 -9,546.24 0.00
Contract Work
Increase/Decrease Amts Due From 5,286.21 320.92 10,687.25 0.00
Contract Work
Finance Costs 1,351.44 1,336.53 1,575.52 1,949.21 1,683.01
Interest Paid -1,871.71 -1,823.95 -2,164.12 -2,450.06 -1,965.50
Change In Financial Assets Through P&L -3,240.48 340.88 699.11
Amortization Land Rights/Prepaid Lease 37.48 32.32 63.72 0.00
Payment
Change in Accrued Expenses and Other -14,133.93 960.63 -413.96
Loss/(Recovery) on Impair of Intangible 13.87 70.38 0.00 13.73
Assets
Cash From Investing Activities
Disposal of Fixed Assets 115.28 148.60 444.60 45.45 10.58
Capital Expenditures -2,425.47 -2,701.96 -2,831.12 -2,007.93 -2,640.36
Proceeds From Long-Term Investments 747.90 640.97 552.59 1,319.16 950.35
Purchases of Long-Term Investments -322.23 -389.26 -77.19 -5.63 -13.91
Proceeds From Short-Term Investments -847.23 -292.18 25.92 181.60 -105.15
Purchases of Short-Term Investments -1,030.03 985.72 159.11 -1,544.92 -1,252.42
Proceeds From Investments
Purchases of Investments
Other Investing Activities 2,044.65 3,367.47 50.92 -202.84
Dec (Inc) In Restricted Cash 287.71 -64.69 -1,727.81 -325.27 1,839.84
Purchase of Intangibles -2,187.90 -2,112.28 -2,639.69 -3,122.65 -3,200.61
Additions To Fixed And Intangible Assets
Investment Income Received
Proceeds From Sale Of Fixed & Intangible
Asset
Bloomberg ® 10/21/2021 03:29:03 16

Filing: Original
Proceeds From Sale Of Assocs/Joint 67.53 61.02 0.00 33.73 35.00
Ventures
Purchase Of Associates/Joint Ventures -57.41 -108.49 -105.19 -46.74 -161.31
Proceeds From Sale Of Subs (Net Of Cash 1,127.16 -747.94 590.76 508.13 321.50
Sold)
Payment Of Acquisition Of Subsidiary -253.53 -672.68 0.00 -289.95
Payments For Noncurrent Assets 521.12 550.60 0.00
Decrease Of Other Assets 0.00
Dividend Received From Investing Activities 51.04 74.54 55.30 56.74 34.12
Payment Of Land Rights -65.24 -2,094.39 -317.97 0.00
Subtotal of Cash Inflows from Investing
Acts
Subtotal of Cash Outflows from Investing
Acts
Total Cash Flows From Investing -4,271.30 -4,677.78 -2,503.24 -6,943.09 -5,065.28
Cash from Financing Activities
Issuance of Common Stock 434.91 101.87 0.00 12,898.88
Effect of Exchange Rates On Cash -40.85 -538.32 376.89 256.99 41.21
Other Financing Activities 920.99 431.46 -505.62 -1,477.80 -306.77
Exercise of Stock Options 666.28 90.50
Net Change In Cash 4,053.56 606.99 -11,019.37 8,105.89 3,218.96
Purchase of Treasury Stock -129.14
Cash and Cash Equivalents (End of Period) 33,575.38 36,150.84 24,064.34 31,886.35 37,303.88
Issuance of Preferred Stock 0.00
Repurchase of Preferred Stock -3,557.31 0.00 -6,751.57
Cash and Cash Equivalents (Beg of Period) 29,739.83 36,079.42 34,283.90 23,640.44 33,862.21
Minority Interest - CF (Financing) -268.10 -98.27 -18.66 -14.19 -3,730.57
Dividends Paid To Outside Equity Interests
Stock Issuance Costs -4.03
Increase Of Non Equity Minority Interest 3,298.62 16.39 214.15 33.68 2,946.65
Decrease In Borrowings -34,737.51 -40,895.34 -27,048.67 -40,598.10 -55,661.28
Increase In Borrowings 35,565.75 40,579.34 34,534.29 51,414.73 54,193.73
Increase/Decrease In Amount Due To -504.96 0.00
Affiliates
Subtotal of Cash Inflows from Financing
Acts
Subtotal of Cash Outflows from Financing
Acts
Cash Paid For Dividend And Interest
Total Cash Flows From Financing 4,709.70 135.46 3,618.17 9,486.31 2,994.40
Direct Method
Receipts From Customers
Payments To Suppliers And Employees
Net Cash From Operating Activities 6,854.18 7,752.06 -9,280.85 8,888.60 8,352.53
Other Proceeds From Operating Activities
Other Payments From Operating Activities
Subtotal Of Cash Inflows From Operating
Acts
Subtotal Of Cash Outflows From Operating
Acts
Payments For Employee Benefits
Tax Paid - Direct Method
Net Cash From Oper Activities - Direct
Method
Reference Items
Bloomberg ® 10/21/2021 03:29:03 17

Filing: Original
Loss/(Recovery) Impair Intangible Assets 13.87 70.38 13.73
Standardized
Cash from Operating Activities
+ Net Income 6,235.53 4,811.61 7,594.72
Growth (YoY) -22.84 19.61
Growth (Seq) -22.84 57.84
+ Depreciation & Amortization 4,069.12 4,468.75
Growth (YoY) 36.86 9.82
Growth (Seq) 36.86 9.82
+ Non-Cash Items 621.12 -1,927.86
Growth (YoY) -84.93
Growth (Seq) -84.93
+ Stock-Based Compensation 217.58 265.23
Growth (YoY) -5.02 21.90
Growth (Seq) -5.02 21.90
+ Deferred Income Taxes
+ Other Non-Cash Adj 403.55 -2,193.09
Growth (YoY) -89.63
Growth (Seq) -89.63
+ Chg in Non-Cash Work Cap -5,306.36 -2,028.53
Growth (YoY) 53.40 61.77
Growth (Seq) 53.40 61.77
+ (Inc) Dec in Accts Receiv -162.77 4,011.71
+ (Inc) Dec in Inventories -4,473.19 -6,692.67
Growth (YoY) -49.62
Growth (Seq) -49.62
+ Inc (Dec) in Other -670.40 652.43
Growth (YoY) 97.02
Growth (Seq) 97.02
+ Net Cash From Disc Ops 0.00 0.00
Cash from Operating Activities 5,619.40 5,323.97 15,781.48
Growth (YoY) -5.26 110.53
Growth (Seq) -5.26 196.42
Cash from Investing Activities

+ Change in Fixed & Intang -7,170.80 -6,220.50 -7,869.15
Growth (YoY) -34.18 13.25 -127.92
Growth (Seq) -34.18 13.25 -26.50
+ Disp in Fixed & Intang 45.45 10.58 19.22
Growth (YoY) -89.78 -76.73 -99.08
Growth (Seq) -89.78 -76.73 81.74
+ Disp of Fixed Prod Assets 45.45 10.58
Growth (YoY) -89.78 -76.73
Growth (Seq) -89.78 -76.73
+ Disp of Intangible Assets 0.00 0.00
+ Acq of Fixed & Intang -7,216.25 -6,231.08 -5,600.00
Bloomberg ® 10/21/2021 03:29:03 18

Filing: Original
Growth (YoY) -24.66 13.65 -0.95
Growth (Seq) -24.66 13.65 10.13
+ Acq of Fixed Prod Assets -4,093.60 -3,030.47
Growth (YoY) 29.99 -25.97
Growth (Seq) 29.99 -25.97
+ Acq of Intangible Assets -3,122.65 -3,200.61
Growth (YoY) 18.30 2.50
Growth (Seq) 18.30 2.50
+ Net Change in LT Investment 1,313.52 936.44
Growth (YoY) 176.30 -28.71
Growth (Seq) 176.30 -28.71
+ Dec in LT Investment 1,319.16 950.35
Growth (YoY) 138.72 -27.96
Growth (Seq) 138.72 -27.96
+ Inc in LT Investment -5.63 -13.91
Growth (YoY) -92.70 146.86
Growth (Seq) -92.70 146.86
+ Net Cash From Acq & Div 495.12 -94.76 1,244.23
Growth (YoY) 1.97 47,002.34
Growth (Seq) 1.97
+ Cash from Divestitures 508.13 321.50 1,546.63
Growth (YoY) -13.99 -36.73 58,450.24
Growth (Seq) -13.99 -36.73 381.07
+ Cash for Acq of Subs 0.00 -289.95 -302.40
Growth (YoY)
Growth (Seq) -4.30
+ Cash for JVs -13.01 -126.31 0.00
Growth (YoY) -87.63 870.90
Growth (Seq) -87.63 870.90
+ Other Investing Activities -1,637.67 279.42 -1,056.52
Growth (YoY) 83.95
Growth (Seq)
+ Net Cash From Disc Ops 0.00 0.00 0.00
Cash from Investing Activities -6,999.83 -5,099.40 -7,343.99
Growth (YoY) -173.59 27.15 27.43
Growth (Seq) -173.59 27.15 -44.02
Cash from Financing Activities

+ Dividends Paid 0.00 0.00
+ Cash From (Repayment) Debt 10,278.34 -2,019.55 -1,267.05
Growth (YoY) 37.31
Growth (Seq) 37.31 37.26
+ Cash (Repurchase) of Equity 666.28 6,104.63 10.13
Growth (YoY) 816.23 -99.92
Growth (Seq) 816.23 -99.83
+ Increase in Capital Stock 666.28 12,985.35 10.55
Growth (YoY) 1,848.93 -99.92
Growth (Seq) 1,848.93 -99.92
+ Decrease in Capital Stock 0.00 -6,880.71 0.00
+ Other Financing Activities -1,458.30 -1,090.68 -2,499.62
Growth (YoY) -370.22 25.21 68.94
Growth (Seq) -370.22 25.21 -129.18
+ Net Cash From Disc Ops 0.00 0.00 0.00
Cash from Financing Activities 9,486.31 2,994.40 -3,757.47
Growth (YoY) 162.19 -68.43
Bloomberg ® 10/21/2021 03:29:03 19

Filing: Original
Growth (Seq) 162.19 -68.43
Effect of Foreign Exchange Rates 256.99 41.21 -321.34

Growth (YoY) -31.81 -83.96
Growth (Seq) -31.81 -83.96
Net Changes in Cash 8,362.88 3,260.17 3,994.88

Growth (YoY) -61.02 -65.15
Growth (Seq) -61.02 22.54
Cash Paid for Taxes 1,389.39 1,261.04 2,433.76

Growth (YoY) 18.27 -9.24 -13.90
Growth (Seq) 18.27 -9.24 93.00
Cash Paid for Interest 2,450.06 1,965.50
Growth (YoY) 13.21 -19.78
Growth (Seq) 13.21 -19.78
Reference Items
EBITDA 13,776.44 10,693.74 14,345.97 17,065.09
Growth (YoY) -21.74 34.15 18.95
Growth (Seq) -22.38 34.15 18.95
Trailing 12M EBITDA Margin 13.38 9.37 10.08 10.73
Growth (YoY) -30.01 7.56 6.45
Growth (Seq) -30.01 7.56 6.45
Interest Received 1,058.71 1,465.33
Growth (YoY) 19.44 38.41
Growth (Seq) 19.44 38.41
Net Cash Paid for Acquisitions 46.74 451.26
Growth (YoY) -55.57 865.52
Growth (Seq) -55.57 865.52
Free Cash Flow 1,525.81 2,293.50 7,886.34 1,836.60 4,571.32
Growth (YoY) 50.31 306.42 -19.92 148.90
Growth (Seq) 50.31 243.86 -19.92 148.90
Free Cash Flow to Firm 2,796.07 3,626.93 9,301.22
Growth (YoY) 29.72 168.22
Growth (Seq) 29.72 156.45
Free Cash Flow to Equity 11,849.59 -6,751.03 6,763.42
Growth (YoY) 10,115.96 23.87
Growth (Seq) 10,115.96
Free Cash Flow per Basic Share 0.36 0.50 1.71
Growth (YoY) 37.06 264.57
Growth (Seq) 37.06 244.00
Price to Free Cash Flow 66.67 37.15
Growth (YoY) -44.28
Growth (Seq) -44.28
Cash Flow to Net Income 0.90 1.11 2.31
Growth (YoY) 22.78
Growth (Seq) 22.78 108.71
Profitability
Returns
Bloomberg ® 10/21/2021 03:29:03 20

Filing: Original
Return on Common Equity 19.91 11.81 14.71 14.85 15.11
Return on Assets 4.06 2.93 3.91 4.35 4.75
Return on Capital 10.01 7.43 7.92
Return on Invested Capital 13.05 7.09 5.59
Margins
Gross Margin 35.11 31.11 33.05
Product/Brand Segments
Carriers' Networks 40.40 33.20
EBITDA Margin 13.38 9.37
Incremental Operating Margin 294.80 146.94
Pretax Margin 7.89 4.99 11.16
Income before XO Margin 6.37 4.65 9.19
Net Income Margin 6.06 4.21 6.04 5.90 6.03
Net Income to Common Margin 5.67 4.20 7.07
Additional
Effective Tax Rate 19.34 6.76 17.58
Dvd Payout Ratio 17.92 21.66 20.47 19.26
Growth (YoY) 20.89 -5.48 -5.91
Sustainable Growth Rate 16.34 9.25
Growth (YoY) -43.36
Growth
1 Year Growth
Revenue 6.11 11.81 4.33 24.73 11.74
EBITDA -21.74
Operating Income -35.35 110.67
Net Income to Common -17.25 76.08
EPS Diluted -24.59 76.17
EPS Diluted before XO -24.59 76.17
EPS Diluted before Abnormal -11.31 84.38
Dividend per Share 0.00
Accounts Receivable -8.40 -19.65 2.07

Inventory 10.70 21.67 -6.89
Fixed Assets -6.89 18.96 10.57
Total Assets 9.16 6.68 0.28
Modified Working Capital 1.85 4.45 15.66
Working Capital 231.52 101.17 19.62
Employees 2.68 5.20
Accounts Payable -26.04
Short-Term Debt 7.79 -53.33 -13.58
Total Debt 35.54 -4.96 -3.95
Total Equity 15.15 21.52 13.30
Capital 24.58 8.19 3.63
Book Value per Share 24.86 37.72 14.15
Bloomberg ® 10/21/2021 03:29:03 21

Filing: Original
Cash From Operations -4.48 194.53
Capital Expenditures 45.61 -25.37 -9.46
Net Change In Cash -60.70 88.96
Free Cash Flow 51.54
Cash Flow to Firm -2.58 153.22
Free Cash Flow to Firm 30.78 904.24
5 Year Growth
Revenue 2.18 0.51 0.67
EBITDA 11.32 24.89
Operating Income
Net Income to Common 18.35
EPS Diluted 16.06
EPS Diluted before XO 16.06
EPS Diluted before Abnormal 20.18
Dividend per Share 3.71 -4.36
Accounts Receivable -8.24 -11.16 -8.88

Inventory 7.16 11.29 6.08
Fixed Assets 9.90 11.74 10.73
Modified Working Capital -1.03 14.21 0.90
Working Capital -0.16 3.33 7.07
Employees -1.51 -2.72
Accounts Payable -4.64
Short-Term Debt 6.26 -13.40 3.63
Total Debt 3.69 2.42 11.66
Total Equity 7.62 1.25 2.69
Total Capital 5 Year Growth 5.53 1.76 6.79
Cash From Operations 34.93 -6.73

Net Change In Cash -20.95
Free Cash Flow 87.37 -13.61
Sequential Growth
Revenue 6.11 11.81 2.24
EBITDA -21.74
Operating Income -35.35 41.31
Net Income to Common -17.25 -13.05
EPS Diluted -24.59 -12.46
EPS Diluted before XO -24.59 -12.46
EPS Diluted before Abnormal -11.31 147.87
Dividend per Share 0.00
Accounts Receivable -8.40 -19.65 4.89

Inventory 10.70 21.67 1.57
Fixed Assets -6.89 18.96 17.83
Modified Working Capital 1.85 4.45 4.26
Working Capital 231.52 101.17 9.23
Employees 2.68 5.20
Accounts Payable 0.28
Short-Term Debt 7.79 -53.33 23.80
Total Debt 35.54 -4.96 14.93
Bloomberg ® 10/21/2021 03:29:03 22

Filing: Original
Total Equity 15.15 21.52 3.43
Capital 24.58 8.19 9.10
Cash From Operations -4.48 107.53

Capital Expenditures 45.61 -25.37 -16.08
Net Change In Cash -60.70 1,232.52
Free Cash Flow 51.54 520.53
Cash Flow to Firm -2.58 93.33
Free Cash Flow to Firm 30.78 322.65
Credit
IFRS 16/ASC 842 Adoption Yes Yes Yes
Total Debt 43,020.47 43,419.46 65,261.86

Short-Term Debt 30,837.61 15,282.79 35,335.89
Long Term Debt 12,182.85 28,136.67 29,925.97
Total Debt/T12M EBITDA 3.17 3.85 3.03 2.54

Net Debt/EBITDA 0.45 -0.05 -0.04 -0.04
Total Debt/EBIT 4.49 6.61 7.90

Net Debt/EBIT 0.64 -0.08 0.72
EBITDA to Interest Expense 8.75 7.48

EBITDA-CapEx/Interest Expense 6.15 5.36
EBIT to Interest Expense 6.16 4.35 9.93
EBITDA/Cash Interest Paid 5.62 5.44

EBITDA-CapEx/Cash Interest Paid 3.95 3.90
EBIT/Cash Interest Paid 3.96 3.17
Cash Interest Paid 2,450.06 1,965.50

Interest Expense 1,574.81 1,430.14 1,538.46
Common Equity/Total Assets 20.42 28.74 28.30

Long-Term Debt/Equity 28.70 51.35 49.60
Long-Term Debt/Capital 14.25 28.65
Long-Term Debt/Total Assets 7.71 15.72
Total Debt/Equity 101.33 79.25 108.16

Total Debt/Capital 50.33 44.21 51.96
Total Debt/Total Assets 27.24 24.26 32.71
Net Debt/Equity 14.50 -0.94 9.85

Net Debt/Capital 12.66 -0.95 8.97
EBITDA 13,776.44 10,693.74 14,345.97 17,065.09

EBITDA-CapEx 9,682.85 7,663.27
EBIT 9,707.33 6,224.99 8,044.59 10,211.26 12,345.99
Bloomberg ® 10/21/2021 03:29:03 23

Filing: Original
Credit Ex Operating Leases

Original:2017 A Original:2018 A Original:2019 A Original:2020 A Current/LTM
IFRS 16/ASC 842 Adoption No No Yes Yes Yes
Total Debt 30,696.53 32,310.27 41,716.74 42,028.04 63,965.43

Short-Term Debt 23,552.45 29,121.25 30,255.71 14,744.51 34,806.56
Long Term Debt 7,144.08 3,189.02 11,461.03 27,283.53 29,158.86
Total Debt/T12M EBITDA 2.53 3.25 3.94

Net Debt/EBITDA -0.47 0.38 -0.18
Total Debt/EBIT 3.42 4.40 6.48 7.75

Net Debt/EBIT -0.64 0.51 -0.29 0.56
EBITDA to Interest Expense 13.83 -5.24 8.78 7.50

EBITDA-CapEx/Interest Expense 8.14 -8.70 7.43 5.54
EBIT to Interest Expense 10.26 -8.51 6.49 4.56 9.93
EBITDA/Cash Interest Paid 6.39 -2.20 5.31 5.15

EBITDA-CapEx/Cash Interest Paid 3.76 -3.65 4.50 3.80
EBIT/Cash Interest Paid 4.74 -3.57 3.92 3.13
Cash Interest Paid 1,823.95 2,164.12 2,450.06 1,965.50

Interest Expense 841.88 908.77 1,482.62 1,348.51 1,537.66
Common Equity/Total Assets 21.98 17.70 20.93 29.47 28.45

Long-Term Debt/Equity 13.11 8.50 27.00 49.80 48.33
Long-Term Debt/Capital 8.39 4.57 13.62 28.18 23.46
Long-Term Debt/Total Assets 4.13 2.17 7.44 15.63 14.69
Total Debt/Equity 56.34 86.09 98.26 76.71 106.01

Total Debt/Capital 36.04 46.26 49.56 43.41 51.46
Total Debt/Total Assets 17.76 21.94 27.08 24.08 32.23
Net Debt/Equity -10.52 8.91 11.43 -3.48 7.70

Net Debt/Capital -11.76 8.18 10.26 -3.60 7.15
EBITDA 11,646.29 -4,760.15 13,021.29 10,112.70

EBITDA-CapEx 6,849.95 -7,909.24 11,013.35 7,472.35
EBIT 8,640.83 -7,733.33 9,615.14 6,143.35 8,150.80
Liquidity
Original:2017 A Original:2018 A Original:2019 A Original:2020 A Current
Cash Ratio 0.35 0.28 0.38 0.50 0.59
Current Ratio 1.24 1.04 1.19 1.44 1.47
Quick Ratio 0.35 0.53 0.61 0.71 0.84
CFO/Avg Current Liab 0.05 -0.12 0.06 0.06 0.15
Common Equity/Total Assets 21.98 17.70 20.42 28.74 28.30
Long-Term Debt/Equity 13.11 8.50 28.70 51.35 49.60

Long-Term Debt/Capital 8.39 4.57 14.25 28.65
Bloomberg ® 10/21/2021 03:29:03 24

Filing: Original
Long-Term Debt/Total Assets 4.13 2.17 7.71 15.72
Total Debt/Equity 56.34 86.09 101.33 79.25 108.16

Total Debt/Capital 36.04 46.26 50.33 44.21 51.96
Total Debt/Total Assets 17.76 21.94 27.24 24.26 32.71
CFO/Total Liabilities 4.59 -10.57 4.80 4.53 11.64

CFO/CapEx 1.09 -3.84 1.37 1.76 3.21
Altman's Z-Score 2.14 1.15 1.99 2.11 2.08
Total Commercial Paper Outstanding 5,926.71
Working Capital
Accounts Receivable Turnover 3.52 4.39 5.69 5.09
Days Sales Outstanding 103.67 83.21 64.34 71.77
Inventory Turnover 2.87 2.29 2.23 2.28 2.00
Days Inventory Outstanding 127.18 159.49 163.35 160.71 182.36
Accounts Payable Turnover 2.96
Accounts Payable Turnover Days 123.28

Inventory to Cash Days 263.17 246.56 225.06 254.12
Total Inventory 31,498.14 28,479.23 30,972.13 40,019.73 41,637.88

Inventory Raw Materials 6,073.94 4,757.97 5,929.00 15,260.18 21,057.22
Inventory In Progress 21,117.60 7,299.60 13,322.94 13,518.96 8,594.24
Inventory Finished Goods 4,306.61 3,736.29 2,877.88 2,835.83 11,986.42
Other Inventory 0.00 12,685.37 8,842.31 8,404.76 0.00
Yield Analysis
T12 Cash Flows to Equity
+ Cash From Operations 5,619.40 5,323.97 15,781.48 9,699.74 14,229.05
+ Capital Expenditures -4,093.60 -3,030.47 -7,895.14
Free Cash Flow 1,525.81 2,293.50 7,886.34 2,859.39 7,613.17
Market Capitalization 154,085.78 168,945.56 176,569.46
Free Cash Flow Yield 1.50 2.69
Dividends Paid 0.00 0.00

Net Share Repurchases 666.28 6,104.63 10.55
Net LT Debt Repayments 10,278.34 -2,019.55 -1,575.82
Other Financing Activities -1,201.31 -1,049.47 -2,876.43
T12 Cash to Suppliers of Capital 9,743.30 3,035.61 -4,441.70
T12 Shareholder Yield -6.23 -1.90 2.64
- Dividends Paid 0.00 0.00

- Net Share Repurchases 666.28 6,104.63 10.55
Bloomberg ® 10/21/2021 03:29:03 25

Filing: Original
T12 Cash to Shareholders -666.28 -6,104.63 -10.55
T12 Shareholder Yield, Ex Debt -0.43 -3.81 -0.01
T12 Cash Flows to the Firm

+ Cash From Operations 5,619.40 5,323.97 15,781.48 9,699.74 14,229.05
+ Capital Expenditures -4,093.60 -3,030.47 -7,895.14
+ After-Tax Interest Expense 1,270.26 1,333.43 1,379.41
Trailing 12M Free Cash Flow To Firm 2,796.07 3,626.93 9,265.75
Periodic Enterprise Value 170,450.82 171,788.61 186,384.30
T12 FCFF Yield 1.62 2.23
- Dividends Paid 0.00 0.00

- Net Share Repurchases 666.28 6,104.63 10.55
- Net LT Debt Repayments 10,278.34 -2,019.55 -1,575.82
- Other Financing Activities -1,201.31 -1,049.47 -2,876.43
T12 Cash to Suppliers of Capital 9,743.30 3,035.61 -4,441.70
Periodic Enterprise Value 170,450.82 171,788.61 186,384.30
T12 Capital Yield -5.64 -1.87 2.50
DuPont Analysis
Original:2020 A Current Estimate:2021 A Estimate:2022 A
For the period ending 2020-12-31 2021-10-21 2021-12-31 2022-12-31
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 84.12 83.62
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 0.84 0.49
Interest Burden
Pre-Tax Profit/EBIT % 79.94 85.51
Operating Margin
EBIT/Revenue % 6.24 8.44
Asset Turnover
Revenue/Avg Assets 0.70 0.65
Leverage Ratio
Avg Assets/Avg Equity 4.05 3.46
Adjusted Return on Equity 9.93 7.25
5 Year Average Adj ROE 0.10 6.35

Payout Ratio 21.66 20.47 19.26
Sustainable Growth Rate 9.25
Sources of Capital
Net Change Short Term Debt 347.20 -4,337.26 2,229.35 -17,465.70 -5,554.73
Net Change Long Term Debt -552.15 -229.37 9,050.01 15,198.89 2,869.61
Net Change in Other Liabilities -3,716.18
Net Change in Liabilities -2,330.50 -2,495.91 7,671.04 1,502.18 -6,518.51
Net Change in Liabilities % of Total -76.00 15.00 57.86 13.41 -1,153.73
Reinvested Earnings 4,255.41 -7,786.52 5,189.10 3,773.34

Bloomberg ® 10/21/2021 03:29:03 26

Filing: Original
External Equity Financing 1,872.82 -5,979.77 1,515.93 5,778.30
Net Change in Total Equity 5,397.01 -14,141.42 5,585.82 9,703.06 2,002.07
Increase In Equity % of Total 176.00 85.00 42.14 86.59 16.08
Capital Employed 38,563.49 21,276.26 33,804.74 58,522.40 67,427.22
Bloomberg ® 10/21/2021 03:29:03 27

TSLA 2024 Analysis BBG

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TSLA 2024 Analysis BBG

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Financial Statement Analysis

Bloomberg ® 10/21/2021 03:29:03 1

Basic Weighted Avg Shares 4,205.70 4,612.34 4,610.46

Diluted Weighted Avg Shares 4,224.05 4,633.49 4,610.46

Bloomberg ® 10/21/2021 03:29:03 2

Bloomberg ® 10/21/2021 03:29:03 3

Bloomberg ® 10/21/2021 03:29:03 4

Bloomberg ® 10/21/2021 03:29:03 5

Basic Weighted Avg Shares 4,205.70 4,612.34 4,610.46

Diluted Weighted Avg Shares 4,224.05 4,633.49 4,610.46

Bloomberg ® 10/21/2021 03:29:03 6

Liabilities & Shareholders' Equity

Bloomberg ® 10/21/2021 03:29:03 7

Bloomberg ® 10/21/2021 03:29:03 8

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Bloomberg ® 10/21/2021 03:29:03 11

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Bloomberg ® 10/21/2021 03:29:03 13

Liabilities & Shareholders' Equity

Bloomberg ® 10/21/2021 03:29:03 14

Bloomberg ® 10/21/2021 03:29:03 15

Bloomberg ® 10/21/2021 03:29:03 16

Bloomberg ® 10/21/2021 03:29:03 17

Cash from Investing Activities

Bloomberg ® 10/21/2021 03:29:03 18

Cash from Financing Activities

Bloomberg ® 10/21/2021 03:29:03 19

Effect of Foreign Exchange Rates 256.99 41.21 -321.34

Net Changes in Cash 8,362.88 3,260.17 3,994.88

Cash Paid for Taxes 1,389.39 1,261.04 2,433.76

Bloomberg ® 10/21/2021 03:29:03 20

Accounts Receivable -8.40 -19.65 2.07

Bloomberg ® 10/21/2021 03:29:03 21

Accounts Receivable -8.24 -11.16 -8.88

Cash From Operations 34.93 -6.73

Accounts Receivable -8.40 -19.65 4.89

Bloomberg ® 10/21/2021 03:29:03 22

Cash From Operations -4.48 107.53

Total Debt 43,020.47 43,419.46 65,261.86

Total Debt/T12M EBITDA 3.17 3.85 3.03 2.54

Total Debt/EBIT 4.49 6.61 7.90

EBITDA to Interest Expense 8.75 7.48

EBITDA/Cash Interest Paid 5.62 5.44

Cash Interest Paid 2,450.06 1,965.50

Common Equity/Total Assets 20.42 28.74 28.30

Total Debt/Equity 101.33 79.25 108.16

Net Debt/Equity 14.50 -0.94 9.85

EBITDA 13,776.44 10,693.74 14,345.97 17,065.09

Bloomberg ® 10/21/2021 03:29:03 23

Credit Ex Operating Leases

Total Debt 30,696.53 32,310.27 41,716.74 42,028.04 63,965.43

Total Debt/T12M EBITDA 2.53 3.25 3.94

Total Debt/EBIT 3.42 4.40 6.48 7.75

EBITDA to Interest Expense 13.83 -5.24 8.78 7.50

EBITDA/Cash Interest Paid 6.39 -2.20 5.31 5.15

Cash Interest Paid 1,823.95 2,164.12 2,450.06 1,965.50

Common Equity/Total Assets 21.98 17.70 20.93 29.47 28.45

Total Debt/Equity 56.34 86.09 98.26 76.71 106.01

Net Debt/Equity -10.52 8.91 11.43 -3.48 7.70

EBITDA 11,646.29 -4,760.15 13,021.29 10,112.70

Long-Term Debt/Equity 13.11 8.50 28.70 51.35 49.60

Bloomberg ® 10/21/2021 03:29:03 24

Total Debt/Equity 56.34 86.09 101.33 79.25 108.16