Can someone help me with BA project? I just need the Operating Returns (ROE, ROA) in Part one and conclusion in part two.

The objective of the financial analysis research project are to enable you to prepare and produce a comprehensive financial analysis of two publicly-traded corporation. Using the two companies (Visa and Mastercard) you will work as a team to compare these two competitors and provide a critical analysis of these two corporations financial ratios to make recommendations regarding investing in either of these companies.

1. First, calculate the required financial ratios for each company (Visa and Mastercard) using their annual data from 2018, and present in MS Excel.
   • V Financial Statements Final Project
   • MA Financial Statements Final Project
2. Second, write a financial analysis report that utilizes your financial ratios and supported with written analysis, interpretation, and evaluation of the data. Your teams analysis should be focused on the main theme:
   • Would you invest your financial capital in either firm as a shareholder?

Excel Financial Ratios

For this project you will prepare financial ratios in MS Excel using the accounting statements provided. Teams must provide the calculations for the following ratios for each company using the 2018 annual data. Calculations must be performed and submitted in an MS Excel spreadsheet.

1. Profitability Ratios
   • Gross Margin
   • Operating Margin
   • Net Profit Margin
2. Liquidity Ratios
   • Current Ratio
   • Cash Ratio
3. Leverage Ratios
   • Debt to Equity
4. Operating Returns
   • ROE
   • ROA

Project Deliverables

For this project you and your team will prepare financial ratios using the accounting statements provided.

1. You will prepare an Excel document which provides the calculations for the ratios required for the project. The Excel document should clearly identify each company and their specific ratio calculations.

2. You will submit a written analysis of your findings. This final analysis should be written as a professional stock analysis of these two competitors and utilize supporting evidence in your analysis (citations and references). The final written analysis must follow APA formatting and should be no more than 15 pages (including charts and references). The analysis should include:

• Analysis of the two businesses and a discussion of the payments industry, including but not limited to, strengths of these businesses, opportunities moving forward, potential threats to their business models.
• Critical analysis of each of the main ratio calculations related to each company. This critical analysis should include the calculations, results, an explanation of the importance of the ratio, and an analysis of which company has an advantage based upon the calculations. This analysis should include graphs and figures to supplement your written analysis.
• Clear conclusion which summarizes the advantages and disadvantages for each company, with an ultimate answer related to which company you would choose to invest using clear and convincing reasoning.

2018 2017 24,860,000,000 21,329,000,000 16.171.000.000 13,797,000,000 8,378,000,000 7,782,000,000 6,682,000,000 5,933,000,000 1.696.000.000 1.849.000.000 1,696.000.000 1,849,000,000 2016 2015 2014 18,675,000,000 16,269,000,000 15,329,000,000 13.228,000,000 10,985.000.000 10.997.000.000 8,335,000,000 6,738,000,000 6,305,000,000 6,721,000,000 5,747,000,000 5,137,000,000 1614.000.000 991.000.000 1168 000 000 1.614,000,000 991,000,000 1.168.000.000 1,633,000,000 4.728.000.000 4,728,000,000 1,631,000,000 3.344.000.000 3,344,000,000 1,534,000,000 2.509.000.000 2,509,000,000 1,436,000,000 2.147.000.000 2,147,000,000 1,490,000,000 2.161.000.000 2,161,000,000 829,000,000 603,000,000 541,000,000 499,000,000 850,000,000 664,000,000 497,000,000 244,000,000 300,000,000 0 Name Total Assets Total Current Assets Cash, Cash Equivalents and Short Term Investments Cash and Cash Equivalents Short Term Investments Available-for-Sale Securities, Current Held-to-Maturity Securities, Current Cash Restricted or Pledged, Current Trade and Other Receivables, Current Trade/Accounts Receivable, Current Taxes Receivable, Current Other Receivables, Current Prepayments and Deposits, Current Other Current Assets Deferred Tax Assets, Current Deferred Costs/Assets, Current Total Non-Current Assets Net Property, Plant and Equipment Gross Property, Plant and Equipment Properties Buildings and Improvements Leasehold and Improvements Machinery, Furniture and Equipment Furniture, Fixtures and Office Equipment Other Equipment Accumulated Depreciation and Impairment Accumulated Depreciation Net Intangible Assets Gross Goodwill and Other Intangible Assets Goodwill Intangibles other than Goodwill Software and Technology Customer Relationships Other Intangible Assets Trademarks and Patents Accumulated Amortization and Impairment Accumulated Amortization of Intangible Assets Accumulated Amortization of Intangibles other than Goodwill, Accumulated Amortization of Software and Technolon MA Income Statement MA Balance Sheet MA Cash Flow 8,689,000,000 7,532,000,0005,447,000,000 921.000.000 829,000,000 733,000,000 1,768,000,000 1,543,000,000 1,336,000,000 696,000,000 621,000,000 621.000.000 667,000,000 6 481,000,000 455,000,000 534,000,000 215,000,000 166,000,000 133,000,000 1,072,000,000 922,000,000 669,000,000 85,000,000 81,000,000 63,000,000 987,000,000 841.000.000 606,000.000 -847.000.000 -714.000.000 -603.000.000 -847.000.000 -714.000.000 .714 000 000 -603,000,000 603.000.000 3,895,000,000 4,155,000,000 2,478,000,000 5,070,000,000 5,312,000,000 3.452,000,000 2.904.000.000 3,035,000,000 1.756,000,000 2.166.000.000 2,277,000,000 1.696,000,000 1.514.000.000 1.572,000,000 1.210,000,000 606.000.000 648.000.000 437.000.000 46,000,000 27,000,000 23,000,000 30,000,000 26,000,000 -1,175,000,000 -1,157,000,000 -974,000,000 -1,175,000,000 -1,157,000,000 -974,000,000 -1.175.000.000 -1,157,000,000 -974,000,000 899 000 000 889.000.000 769 000.000 5,284,000,000 4,332,000,000 675,000,000 615.000.000 1,166,000,000 1,052,000,000 615,000,000 601,000,000 503,000,000 510,000,000 112,000,000 91,000,000 551,000,000 451,000,000 54,000,000 53,000,000 4 97,000,000 398,000,000 -491.000.000 437.000.000 -491,000,000 -437,000.000 2,694,000,000 2,236,000,000 3,510,000,000 2,899,000,000 1,891,000,000 1,522,000,000 1,619.000.000 1.377,000.000 1,086,000,000 839.000.000 478.000.000470 000 000 25,000,000 20,000,000 30,000,000 48,000,000 -816,000,000 -663,000,000 -816,000,000 -663,000,000 -816,000,000 -663.000.000 26.000.000 .000.000 - + -898,000,000 -232,000,000 45,000,000 -888,000,000 214.000.000 -26,000,000 -29,000,000 249,000,000 249,000,000 -768,000,000 - 162.000.000 -22,000,000 -22,000,000 132,000,000 132,000,000 -625,000,000 -149,000,000 -19,000,000 -23,000,000 166,000,000 166,000,000 -496,000,000 -115,000,000 -14,000,000 38,000,000 245,000,000 245,000,000 337,000,000 337,000,000 298.000.000 298,000,000 0 178,000,000 178,000,000 352,000,000 352,000,000 250,000,000 1,519,000,000 175,000,000 175,000,000 325,000,000 325,000,000 307,000,000 1,297,000,000 160,000,000 160,000,000 352,000,000 352,000,000 317,000,000 920,000,000 89.000.000 89,000,000 407,000,000 407,000,000 96,000,000 644,000,000 570,000,000 2,668,000,000 Accumulated Amortization of Software and Technology Accumulated Amortization of Customer Relationships Accumulated Amortization of Other Intangible Assets Accumulated Amortization of Trademarks and Patents Total Long Term Investments Long Term Equity Investments Investment in Financial Assets, Non-Current Financial Investment Securities, Available-for-Sale & Held-to-Maturity, Non-Current Available-for-Sale Securities, Non-Current Held-to-Maturity Securities, Non-Current Trade and Other Receivables, Non-Current Taxes Receivable, Non-Current Prepayments and Deposits, Non-Current Prepayments, Non-Current Deferred Tax Assets, Non-Current Other Non-Current Assets Deferred Costs/Assets, Non-Current Total Liabilities Total Current Liabilities Payables and Accrued Expenses, Current Trade and Other Payables, Current Trade/Accounts Payable, Current Taxes Payable, Current Amount Due to Related Parties/Shareholders, Current Accrued Expenses, Current Financial Liabilities, Current Current Debt and Capital Lease Obligation Current Portion of Long Term Debt and Capital Lease Current Portion of Long Term Debt Other Current Portion of LT Debt Other Current Liabilities Provisions, Current Provision for Employee Entitlements, Current Total Non-Current Liabilities Financial Liabilities, Non-Current Long Term Debt and Capital Lease Obligation Long Term Debt Notes Payables, Non-Current Tax Liabilities, Non-Current 19,442,000,000 11.593.000.000 9.064.000.000 2,884,000,000 2.726.000.000 158,000,000 15,832,000,000 8,793.000.000 6.916,000,000 2,470,000,000 2.276.000.000 194,000,000 12,991,000,000 7.206,000,000 5.595,000,000 1,716,000,000 1.555,000,000 161,000,000 10,207,000,000 6.269.000.000 4,810.000.000 1,481,000,000 1,338,000,000 143,000,000 8,505,000,000 6.222.000.000 4.771.000.000 1,666,000,000 1.561.000.000 105,000,000 4.446,000,000 3.879,000,000 3,329.000.000 3.105.000.000 6.180.000.000 500,000,000 500,000,000 500,000,000 500,000,000 500,000,000 2,029,000,000 1,877,000,000 1,611,000,000 1,459,000,000 1,451,000,000 7.849,000,000 5,834,000,000 5,834,000,000 5,834,000,000 5,834,000,000 67.000.000 7,039,000,000 5,424,000,000 5,424,000,000 5,424,000,000 5,785,000,000 5,180,000,000 5,180,000,000 5,180,000,000 3,938,000,000 2,283,000,000 3,287,000,000 1,494,000,000 3,287,000,000 1,494,000,000 3,287,000,000 1,494,000,000 106,000,000 81,000,000 79,000,000 115,000,000 67,000,000 106,000,000 8 1,000,000 79.000.000 115,000,000 67.000.000 106,000,000 81.000.000 7 9,000,000 115.000.000 1.877.000.000 1.438,000,000 524,000,000 572,000,000 674.000.000 71,000,000 71,000,000 5,418,000,000 5,497,000,000 5,684,000,000 6,062,000,000 6,824,000,000 5,395,000,000 5,468,000,000 5,656,000,000 6,028,000,000 6,790,000,000 -21,170,000,000 -16,399,000,000 -12,838,000,000 -9,518,000,000 -6,119,000,000 4,580,000,000 4,365,000,000 4,183,000,000 4,004,000,000 3,876,000,000 Tax Liabilities, Non-Current Deferred Tax Liabilities, Non-Current Other Non-Current Liabilities Preferred Securities Outside Stock Equity otal Equity Equity Attributable to Parent Stockholders Paid in Capital Capital Stock Common Stock Common Stock, with Par Value Additional Paid in Capital/Share Premium Treasury Stock Retained Earnings/Accumulated Deficit Reserves/Accumulated Comprehensive Income Losses Cumulative Foreign Exchange Translation Reserves/Accum. Comp. Inc Available for Sale Financial Investments Reserves/Accum. Comp. Inc Pension and Other Post-Retirement Benefit Plans Reserves/Accum. Comp. Inc Non-Controlling/Minority Interests Common Shares Issued Common Shares Outstanding Common Shares Treasury iscal year ends in Dec 31 USD 4,580,000,000 4,365,000,000 4.183,000,000 4,004,000,000 3,876,000,000 -25.750.000.000 -20,764,000,000 -17.021,000,000 -13,522,000,000 -9.995.000.000 27,283,000,000 22,364,000,000 19,418,000,000 16,222,000,000 13,169,000,000 -718,000,000 497,000,000 -924,000,000 -676,000,000 260,000,000 23,000,000 1.031.000.000 1,031,000,000 368,000,000 29,000,000 28,000,000 1,054.000.000 1.081,000,000 1,054,000,0001,081,000,000 342,000,000 312,000,000 34,000,000 1,116,000,000 1,116,000,000 275,000,000 34,000,000 1.152.561.805 1,152,561,805 237,008,743 MA Income Statement MA Balance Sheet MA Cash Flow 2018 2017 2016 2015 2014 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 5,859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 1,677.000.000 1.926.000.000 1.292,000,000 1,055,000,000 958,000,000 459.000.000 437,000,000 373,000,000 366,000,000 321,000,000 459.000.000 437,000,000 373,000,000 366,000,000 321,000,000 196.000.000 176,000,000 50,000,000 22.000.000 - 15.000.000 -244.000.000 86,000,000 -20,000,000 -16,000,000 -91,000,000 1,266,000,000 1,227,000,000 889,000,000 683,000,000 743,000,000 Name Cash Flow from Operating Activities, Indirect Net Cash Flow from Continuing Operating Activities, Indirect Cash Generated from Operating Activities Income/Loss before Non-Cash Adjustment Total Adjustments for Non-Cash Items Depreciation, Amortization and Depletion, Non-Cash Adjustment Depreciation and Amortization, Non-Cash Adjustment Stock-Based Compensation, Non-Cash Adjustment Taxes, Non-Cash Adjustment Other Non-Cash Items Excess Tax Benefit from Stock-Based Compensation, Non-Cash Adjustment Net Investment Income/Loss, Non-Cash Adjustment Gain/Loss on Financial Instruments, Non-Cash Adjustment Irregular Income/Loss, Non-Cash Adjustment Gain/Loss on Disposals, Non-Cash Adjustment Impairment/ Write Off/Write Down of Capital Assets Loss/Reversal, Non-Cash Adjustment Changes in Operating Capital Change in Trade and Other Receivables Change in Trade/Accounts Receivable Change in Tax Receivables Change in Other Receivables Change in Prepayments and Deposits Change in Cash Restricted or Pledged Change in Payables and Accrued Expenses Change in Trade and Other Payables Change in Trade/Accounts Payable Change in Taxes Payable Change in Accrued Expenses Change in Other Operating Capital Change in Other Current Liabilities Change in Other Current Assets Cash Flow from Investing Activities Cash Flow from Continuing Investing Activities Capital Expenditure, Reported Purchase/Sale and Disposal of Property, Plant and Equipment, Net Purchase of Property, Plant and Equipment Purchase/Sale of Business, Net Purchase/Acquisition of Business Durabaco Salo of Eauit Investments MA Income Statement MA Balance Sheet MA Cash Flow -1.313.000.000 1-1,515,000,000 (-1,395,000,000 -120,000,000 -286,000,000 -726,000,000 -726,000,000 -867,000,000 -349,000,000 -348,000,000 -1,000,000 -820,000,000 -1,168,000,000 -147,000,000 13,000,000 -133,000,000 21,000,000 -14,000,000 -8,000,000 -802,000,000 -1,316,000,000 -1,769,000,000 -1,402,000,000 -1,073,000,000 -6,000,000 2.238.000.000 1.835,000,000 748,000,000 930.000.000 1.261,000,000 211,000,000 950,000,000 684,000,000 211,000,000 -20,000,000 577,000,000 1,308,000,000 574.000.000 537,000,000 -261,000,000 7,000,000 -193,000,000 125.000.000 -137,000,000 -137,000,000 170.000.000 -104,000,000 -104,000,000 262,000,000 4,000,000 274,000,000 35,000,000 -506,000,000 -1,779,000,000 -1,167,000,000 -506,000,000 -1,779,000,000 -1,167,000,000 -174.000.000 -123,000,000 -167,000,000 -330,000,000 -300,000,000 -215,000,000 -330,000,000 -300,000,000 -215,000,000 0 -1,175,000,000 0 0 -1,175,000,000 0 01.000.000 147.000.000 -715,000,000 -715,000,000 -165,000,000 -177,000,000 -177,000,000 -584,000,000 -584,000,000 690,000,000, 690,000,000 -159,000,000 -175,000,000 -175,000,000 -525,000,000 -525,000,000 -91,000,000 -147,000,000 -91,000,000 -147,000,000 103,000,000 -35,000,000 -752,000,000 210.000.000 1.450,000,000 -1,809,000,000 -1,859,000,000 -1,824,000,000 -1,892,000,000 -2,385,000,000 1,912,000,000 1,824,000,000 1,072,000,000 2,102,000,000 3,835,000,000 -14,000,000 1,000,000 -31,000,000 2,000,000 -84,000,000 -2,000,000 -1,000,000 183,000,000 Purchase/Sale of Equity Investments Purchase of Joint Venture Associate Purchase/Sale of Investments, Net Purchase of Investments Sale of Investments Other Investing Cash Flow Change in Restricted Cash and Cash Equivalents Purchase/Sale of Intangibles, Net Purchase of Intangibles Cash Flow from Financing Activities Cash Flow from Continuing Financing Activities Issuance of/Payments for Common Stock, Net Payments for Common Stock Issuance of/Repayments for Debt, Net Issuance of/Repayments for Long Term Debt, Net Proceeds from Issuance of Long Term Debt Repayments for Long Term Debt Cash Dividends and Interest Paid Cash Dividends Paid Common Stock Dividends Paid Excess Tax Benefit from Share-Based Compensation, Financing Activities Proceeds from Issuance/Exercising of Stock Options/Warrants Other Financing Cash Flow Cash and Cash Equivalents, End of Period Change in Cash Effect of Exchange Rate Changes Cash and Cash Equivalents, Beginning of Period Change in Cash As Reported, Supplemental -4.966.000.000 -4.764,000,000 -2,293,000,000 -2,458,000,000 -2,339,000,000 4.966.000.000 -4.764,000,000 -2,293,000,000 -2,458,000,000 -2,339,000,000 4,933,000,000 -3,762,000,000 -3,511,000,000 -3,518,000,000 -3,386,000,000 -4,933,000,000 -3,762,000,000 -3,511,000,000 -3,518,000,000 -3,386,000,000 991,000,000 -64,000,000 1,972,000,000 1,735,000,000 1,530,000,000 991.000.000 -64.000.000 1.972.000.000 1.735.000.000 1.530.000.000 991,000,000 1,972,000,000 1,735,000,000 1,530,000,000 0 -64,000,000 - 1,044.000.000 -942,000,000 -837,000,000 -727,000,000 -515,000,000 -1,044,000,000 -942,000,000 -837,000,000 -727,000,000 -515,000,000 - 1,044.000.000 -942,000,000 -837,000,000 -727,000,000 515,000,000 48,000,000 42,000,000 54,000,000 104.000.000 57,000,000 37,000,000 27,000,000 28,000,000 -84,000,000 -53,000,000 2,000,000 -17,000,000 -50,000,000 8,337,000,000 5,933,000,000 6,721,000,000 5,747,000,000 5,137,000,000 751,000,000 -988,000,000 1,024,000,000 870,000,000 1,758,000,000 -6.000.000 200,000,000 -50,000,000 -260,000,000 -220.000.000 7,592,000,000 6,721,000,000 5,747,000,000 5,137,000,000 3,599,000,000 745,000,000 -788,000,000 974,000,000 610,000,000 1,538,000,000 0 MA Income Statement MA Balance Sheet MA Cash Flow Name 2018 2017 2016 2015 2014 Total Revenue 14.950.000.000 12.497,000,000 10,776,000,000 9,667,000,000 9.473,000,000 Business Revenue 18,483,000,000 15,492,000,000 10,776,000,000 9,667,000,000 11,056,000,000 Sales Return and Allowances/Discounts -6.881.000.000 -5.848,000,000 -3,271,000,000 Other Revenue 3,348,000,000 2,853,000,000 1,688,000,000 Operating Income/Expenses -6,576,000,000 -5,754,000,000 -4.864.000.000 -4,610,000,000 -4,397,000,000 Selling, General and Administrative Expenses -6.117.000.000 -5,318,000,000 -4.491,000,000 -4,244,000,000 4,076,000,000 Staff Costs -3.214.000.000 -2,687,000,000 -2.225,000,000 -2,105,000,000 -2,064,000,000 General and Administrative Expenses -1.019,000,000 -874,000,000 -698,000,000 -646,000,000 570,000,000 Legal, Accounting. Auditing and Consulting Fees 377.000.000 -355.000.000 337,000,000 310.000.000 3 07.000.000 Telecommunication Expense -600.000.000 -504.000.000 -420,000,000 -362.000.000 -273.000.000 Selling and Marketing Expenses -907,000,000 -898.000.000 -811.000.000 -821,000,000 -862,000,000 Depreciation, Amortization and Depletion 459,000,000 -436.000.000 373.000.000 -366.000.000 -321.000.000 Depreciation and Amortization -459.000.000 -436,000,000 -373,000,000 -366,000,000 -321,000,000 Provision Expense/Write-Back Provision for Doubtful Accounts Total Operating Profit/Loss 8,374,000,000 6.743,000,000 5.912,000,000 5,057,000,000 5,076,000,000 Non-Operating Income/Expenses, Total -1.170.000.000 221,000,000 -266,000,000 -99,000,000 3,000,000 Total Net Finance Income/Expense -186.000.000 -154,000,000 -95,000,000 -61.000.000 -22,000,000 Net Interest Income/Expense -186.000.000 - 154.000.000 -95,000,000 -61.000.000 22.000.000 Interest Expense Net of Capitalized Interest -186.000.000 - 154,000,000 -95,000,000 -61,000,000 48,000,000 Interest Income 26,000,000 Net Investment Income 158,000,000 - 50.000.000 9.000.000 107,000,000 32,000,000 Gain/Loss on Foreign Exchange 36,000,000 -106,000,000 -34,000,000 82.000.000 30,000,000 Other Investment Income 122,000,000 56,000,000 43,000,000 25,000,000 Gain/Loss on Investments and Other Financial Instruments 2,000,000 Irregular Income/Expenses -1,128,000,000 -15,000,000 -117,000,000 -61,000,000 Litigation Income/Expense -1.128.000.000 - 15.000.000 - 117.000.000 -61.000.000 Other Income/Expense, Non-Operating -14.000.000 2,000,000 -63,000,000 -84,000,000 -7.000.000 Pretax Income 7.204.000.000 6.522.000.000 5,646,000,000 4.958.000.000 5,079.000.000 Provision for Income Tax -1.345.000.000 -2,607,000,000 -1,587,000,000 -1,150,000,000 -1.462.000.000 Net Income from Continuing Operations 5.859.000.000 3.915.000.000 4,059,000,000 3,808,000,000 3,617,000,000 Net Income after Extraordinary Items and Discontinued Operations 5,859,000,000 3,915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 Net Income after Non-Controlling/Minority Interests 5,859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617.000.000 Net Income Available to Common Stockholders 5.859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 Diluted Net Income Available to Common Stockholders 5,859,000,000 3,915,000,000 4,059,000,000 3,808,000,000 3,617,000,000, Non-Controlling/Minority Interests Reported Total Revenue 14,950,000,000 12,497,000,000 10,776,000,000 9,667,000,000 9.473,000,000, Reported Operating Expense -7.668,000,000 -5,875,000,000 -5,015.000.000 -4,589,000,000 4,367,000,000, Danadad Total Asocotia Dcofilas 7.292.000.000 6.622.000.000 5.751.000.000 6.070.000.000 10.000.000, MA Income Statement MA Balance Sheet MA Cash Flow + 7,282,000,000 6,792,000,000 6,622,000,000 4,906,000,000 0 5,761,000,000 4,144,000,000 5,078,000,000 3,903,000,000 5,106,000,000 0 40 Reported Total Operating Profit/Loss 41 Reported Normalized Income 42 Reported Effective Tax Rate 43 Reported Normalized Operating Profit 44 Gross Profit 45 Cost of Revenue 46 Fiscal year ends in Dec 31 USD 5,878,000,000 5,218,000,000 47 MA Income Statement MA Balance Sheet MA Cash Flow + 2018 2017 2016 2015 2014 69,225,000,000 67,977,000,000 64.035,000,000 40,236,000,000 38,569,000,000 18.216.000.000 19.023,000,000 14 313.000.000 10.892.000.000 9.562.000.000 11.709.000.000 13.438,000,000 8.938,000,000 6,015,000,000 3,950,000.00 8.162,000,000 9,874,000,000 5,619,000,000 3,518,000,000 1,971,000,00 3,547,000,000 3,564,000,000 3,319,000,000 2,497,000,000 1,979,000,00 98.000.000 8 2,000,000 71,000,000 66,000,000 69.000,00 3,449,000,000 3,482,000,000 3,248,000,000 2,431,000,000 1,910,000,00 2,815,000,000 2,137,000,000 2,028,000,000 2,095,000,000 2,459,000,000 2,790,000,000 2,554,000,000 2,740,000,000 1,332,000,000 1.699,000,00 1,208,000,000 1,132,000,000 1,041,000,000 847,000,000 822,000,00 1.582.000.000 1.422,000,000 1,467,000,000 408,000,000 786,000.00 232,000,000 77,000,000 91,000,00 562,000,000 550,000,000 151,000,000 137,000,000 103.000.00 340,000,000 344,000,000 406,000,000 366,000,000 283,000,000 50,000,000 76,000,000 40,000,000 871,000,000 1,028,000,000 Name Total Assets Total Current Assets Cash, Cash Equivalents and Short Term Investments Cash and Cash Equivalents Short Term Investments Trading/Listed Investments, Current Available-for-Sale Securities, Current Cash Restricted or Pledged, Current Trade and Other Receivables, Current Trade/Accounts Receivable, Current Other Receivables, Current Taxes Receivable, Current Prepayments and Deposits, Current Other Current Assets Derivative Investment and Hedging Assets, Current Deferred Tax Assets, Current Deferred Costs/Assets, Current Total Non-Current Assets Net Property, Plant and Equipment Gross Property, Plant and Equipment Properties Land and Improvements Buildings and Improvements Machinery, Furniture and Equipment Furniture, Fixtures and Office Equipment Construction in Progress and Advance Payments Accumulated Depreciation and Impairment Accumulated Depreciation Net Intangible Assets Gross Goodwill and Other Intangible Assets Goodwill Intangibles other than Goodwill Trademarks and Patents Customer Relationships Other Intangible Assets Licenses and Rights Accumulated Amortization and Impairment Accumulated Amortization of Intangible Assets Accumulated Amortization of Intangiblos oth than Goodwill Y Income Statement V Balance Sheet V Cash Flow 51,009,000,000 48,954,000,000 49,722,000,000 29,344,000,000 29,007,000,00 2,472,000,000 2,253,000,000 2,150,000,000 1,888,000,000 1,892,000,00 5,697,000,000 5,143,000,000 4.798,000,000 4,283,000,000 3,915,000,000 967.000.000 937,000,000 913,000,000 874,000,000 858,000,000 69.000.000 72.000.000 74,000,000 71,000,000 71.000.000 898.000.000 865,000,000 839.000.000 803.000.000 787.000.000 4.577.000.000 4,067,000,000 3.760,000,000 3,289,000,000 2,981.000.000 4.577.000.000 4.067.000.000 3.760,000,000 3.289.000.000 2.981.000.000 153.000.000 139,000,000 125,000,000 120,000,000 76,000,000 3.225.000.000 -2,890.000.000 -2.648,000,000 -2.395.000.000 -2.023.000.000 3.225.000.000 -2,890.000.000 -2.648,000,000 -2.395.000.000 2.023.000.000 42.752.000.000 42.958.000.000 42.300,000,000 23,186,000,000 23,164,000.00 43.225.000.000 43,376,000,000 42,679,000,000 23,525,000,000 23.440.000.000 15,194.000.000 15.110,000,000 15.066.000.000 11,825,000,000 11,753,000,00 28.031.000.000 28,266,000,000 27.613,000,000 11,700,000,000 11,687,000.00 4.283.000.000 4.279.000.000 4276,000,000 192.000.000 192.000.00 23,636,000,000 23,875,000,000 23,224,000,000 351,000,000 339,000,00 112,000,000 112,000,000 113,000,000 11,157,000,000 11.156,000.00 -473.000.000 -473,000,000 472.000.000 418,000,000 418,000,000 19.000.000 -379,000,000 -379,000,000 270.000.000 -339.000.000 -339,000,000 220.000.000 276.000,00 -276.000,00 276.000.00 + 473,000,000 -106,000,000 -274.000.000 -93,000,000 4,082,000,000 4,082,000,000 4,082,000,000 4,082,000,000 418,000,000 -93,000,000 -237,000,000 -88,000,000 1,926,000,000 1,926,000,000 1,926,000,000 1,926,000,000 -379,000,000 -80,000,000 -220,000,000 -79,000,000 3,977,000,000 3,931,000,000 3,931,000,000 3,931,000,000 46,000,000 448,000,000 731,000,000 731,000,000 72,000,000 72,000,000 22,000,000 22,000,000 339,000,000 -276,000,000 -67,000,000 54,000,000 -196,000,000 -162.000.000 -76,000,000 -60,000,000 3,429,000,000 3,050,000,000 3,384,000,000 3,015,000,000 3,384,000,000 3,015,000,000 3,384,000,000 3,015,000,000 45,000,000 35,000,000 110,000,000 81,000,000 627,000,000 597,000,000 627,000,000 597,000,000 57,000,000 51,000,000 57,000,000 51,000,000 11,000,000 8,000,000 36,000,000 164,000,000 1,703,000,000 1,817,000,000 Accumulated Amortization of Intangibles other than Goodwill Accumulated Amortization of Trademarks and Patents Accumulated Amortization of Customer Relationships Accumulated Amortization of Other Intangible Assets Total Long Term Investments Investment in Financial Assets, Non-Current Financial Investment Securities, Available-for-Sale & Held-to-Maturity, Non-Current Available-for-Sale Securities, Non-Current Other Investments, Non-Current Other Non-Current Assets Trade and Other Receivables, Non-Current Taxes Receivable, Non-Current Prepayments and Deposits, Non-Current Prepayments, Non-Current Deferred Tax Assets, Non-Current Pension and Other Employee Benefits, Non-Current Cash Restricted or Pledged, Non-Current Total Liabilities Total Current Liabilities Payables and Accrued Expenses, Current Trade and Other Payables, Current Trade/Accounts Payable, Current Other Payable, Current Interest Payable, Current Taxes Payable, Current Accrued Expenses, Current Provisions, Current Provision for Employee Entitlements, Current Deferred Liabilities, Current Other Deferred Liabilities, Current Deferred Income/Customer Advances/Billings in Excess of Cost, Current Other Current Liabilities Financial Liabilities, Current Current Debt and Capital Lease Obligation Current Portion of Long Term Debt and Capital Lease Current Portion of Long Term Debt Other Current Portion of LT Debt Derivative and Hedging Liabilities, Current Total Non-Current Liabilities 35.219.000.000 35,217,000,000 31.123,000,000 10,394.000.000 11.156.000.000 11,305,000,000 9,994,000,000 8,046,000,000 5,374,000,000 6,006,000,000 4,945,000,000 3,990,000,000 3,913,000,000 2,263,000,000 3,218,000,000 2,351,000,000 2,574,000,000 2,585,000,000 982,000,000 1,552,000,000 183.000.000 179,000,000 203,000,000 127,000,000 147.000.000 2.168.000.000 2,003,000,000 2,084,000,000 780.000.000 1.332.000.000 149,000,000 145,000,000 243,000,000 153.000.000 75,000,000 73.000.000 2.594.000.000 1.416,000,000 1.328,000,000 1,281,000,000 1,666.000.000 901,000,000 757,000,000 673,000,000 503,000,000 450,000,000 901,000,000 757,000,000 673,000,000 503,000,000 450,000,000 1,300,000,000 81,000,000 82,000,000 1,300,000,000 81,000,000 82,000,000 4,159,000,000 3,498,000,000 3,460,000,000 2,272,000,000 2,111,000,000 0 1,749,000,000 0 255,000,000 145,000,000 0' 1,749,000,000 1,749,000,000 1,749,000,000 1,749,000,000 0 255,000,000 145,000,000 23,914,000,000 25,223,000,000 23,077,000,000 5,020,000,000 5,150,000,000 Total Non-Current Liabilities Financial Liabilities, Non-Current Long Term Debt and Capital Lease Obligation Long Term Debt Notes Payables, Non-Current Tax Liabilities, Non-Current Deferred Tax Liabilities, Non-Current Other Non-Current Liabilities Deferred Liabilities, Non-Current 23.914.000.000 25.223.000.000 23,077.UUUUUU5,020,00U,UUU9, 190,,000 16.630,000,000 16,618,000,000 15,882,000,000 16,630,000,000 16,618,000,000 15,882,000,000 16,630,000,000 16,618,000,000 15,882,000,000 16,630,000,000 16,618,000,000 15,882,000,000 4.618,000,000 5,980,000,000 4,808,000,000 4,123,000,000 4.145,000,000 4,618,000,000 5,980,000,000 4,808,000,000 4,123,000,000 4,145,000,000 2,666,000,000 167,000,000 114,000,000 68,000,000 58,000,000 0 1,304,000,000 1,225,000,000 0 1,304,000,000 1.225,000,000 62.000.000 137.000.000 7 7,000,000 92.000.000 62,000,000 137,000,000 77.000.000 92.000.000 1,092,000,000 1.092,000,000 1,092,000,000 911,000,000 911,000,000 911,000,000 752,000,000 752,000,000 752,000,000 855,000,000 855,000,000 855.000.000 34.006.000.000 32.760,000,000 32,912,000,000 29,842,000,000 27.413,000,000 34.006.000.000 32,760,000,000 32.912,000,000 29,842,000,000 27.413,000,000 22,148,000,000 22,426,000,000 22,942,000,000 18,073,000,000 18,299,000,000 22.148,000,000 22,426,000,000 23,112,000,000 18,073,000,000 18,299,000,000 0 Provisions, Non-Current Provision for Employee Entitlements, Non-Current Pension and Other Post-Retirement Benefit Plans, Non-Current Payables and Accrued Expenses, Non-Current Trade and Other Payables, Non-Current Taxes Payable, Non-Current Accrued Expenses, Non-Current Total Equity Equity Attributable to Parent Stockholders Paid in Capital Capital Stock Common Stock Common Stock, with Par Value Preferred Stock Additional Paid in Capital/Share Premium Treasury Stock Retained Earnings/Accumulated Deficit Reserves/Accumulated Comprehensive Income/Losses Cumulative Foreign Exchange Translation Reserves/Accum. Comp. Inc Available for Sale Financial Investments Reserves/Accum. Comp. Inc Gain/Loss from Cash Flow Hedges Reserves/Accum. Comp. Inc Pension and Other Post-Retirement Benefit Plans Reserves/Accum. Comp. Inc Other Equity Interest Non-Controlling/Minority Interests Common Shares Issued Common Shares Outstanding Common Shares Treasury Fiscal year ends in Sep 30 USD tomont y Balance Sheet v Cash Flow + 5.470,000,000 5,526,000,000 5,717,000,000 16,678,000,000 16,900,000,000 17.395,000,000 18,073,000,000 18,299,000,000 0 -170,000,000 11,318,000,000 9.508,000,000 10,462,000,000 11,843,000,000 9,131,000,000 547.000.000 878,000,000 -458,000,000 -74,000,000 -17.000.000 565.000.000 917,000,000 219,000,000 1,000,000 -2,000,000 -17.000.000 73,000,000 36,000,000 5,000,000 31,000,000 60,000,000 36,000,000 -50,000,000 83,000,000 38,000,000 -61,000,000 -76,000,000 -225,000,000 - 161,000,000 -84,000,000 -7,000,000 -52,000,000 -34,000,000 2.213,586,000 2,213,586,000 2,335,160,000 2,335,160,000 2.404,160,000 2,427,586,000 2,404.160,000 2,427,586,000 2,465,586,000 2,465,586,000 0 2018 12,713,000,000 12,713,000,000 12,713,000,000 10,301,000,000 5,069,000,000 613,000,000 613,000,000 327,000,000 -1,277,000,000 0 0 2017 9,208,000,000 9,208,000,000 9,208,000,000 6,699,000,000 7,089,000,000 556,000,000 556,000,000 235,000,000 1,700,000,000 192,000,000 192,000,000 2016 5,574,000,000 5,574,000,000 5.574.000.000 5,991,000,000 3,109,000,000 502,000,000 502,000,000 221,000,000 -764,000,000 2015 6,584,000,000 6,584,000,000 6.584.000.000 6,328,000,000 3,801,000,000 494,000,000 494,000,000 187,000,000 195,000,000 2014 7,205,000,000 7,205,000,000 7.205.000.000 5,438,000,000 3,019,000,000 435,000,000 435,000,000 172,000,000 -580,000,000 5,491,000,000 -85,000,000 4,565,000,000 -159,000,000 3,409,000,000 55,000,000 -63,000,000 -255,000,000 -255,000,000 2,861,000,000 24,000,000 -84,000,000 110,000,000 110,000,000 2,592,000,000 37,000,000 -90,000,000 0 0 Name Cash Flow from Operating Activities, Indirect Net Cash Flow from Continuing Operating Activities, Indirect Cash Generated from Operating Activities Income/Loss before Non-Cash Adjustment Total Adjustments for Non-Cash Items Depreciation, Amortization and Depletion, Non-Cash Adjustment Depreciation and Amortization, Non-Cash Adjustment Stock-Based Compensation, Non-Cash Adjustment Taxes, Non-Cash Adjustment Irregular Income/Loss, Non-Cash Adjustment Other Irregular Income/Loss, Non-Cash Adjustment Gain/Loss on Disposals, Non-Cash Adjustment Impairment/Write Off/Write Down of Capital Assets Loss/Reversal, Non-Cash Adjustment Other Operating Gain/Loss, Non-Cash Adjustment Other Non-Cash Items Excess Tax Benefit from Stock-Based Compensation, Non-Cash Adjustment Net Investment Income/Loss, Non-Cash Adjustment Unrealized Gain/Loss on Financial Instruments, Non-Cash Adjustment Gain/Loss on Financial Instruments, Non-Cash Adjustment Share of Profit/Loss from Associates, Joint Ventures and other Equity Investments, Non-Cash Adjustment Other Provisions, Non-Cash Adjustment Amortization of Securities, Non-Cash Adjustment Interest and Finance Income/Expenses, Non-Cash Adjustment Changes in Operating Capital Change in Trade and Other Receivables Change in Trade/Accounts Receivable Change in Other Receivables Change in Tax Receivables Change in Other Current Assets Change in Payables and Accrued Expenses Change in Trade and Other Payables Change in Trade/Accounts Payable Change in Other Payables Change in Accrued Expenses Change in Other Operating Capital Cash Flow from Investing Activities Cash Flow from Continuing Investing Activities Capital Expenditure, Reported Durchco/Salo and Dienosnl of Dron Droportu Dlant and Ecu V Income Statement V Balance Sheet V Cash Flow 4,000,000 14,000,000 453,000,000 -2,657,000,000 -293,000,000 -70,000,000 -223,000,000 4,580,000,000 40,000,000 -54,000,000 94,000,000 -3,526,000,000 -3,545,000,000 326,000,000 359,000,000 -65,000,000 -19,000,000 391,000,000 378,000,000 4,842,000,000 2478.000.000 265,000,000 3.000.000 262,000,000 2,213,000,000 4,880,000,000 260.000.000 -206,000,000 -30.000.000 -176,000,000 466,000,000 -3,823,000,000 29.000.000 -259,000,000 43.000.000 -302,000,000 230,000,000 3,011,000,000 -893.000.000 -565,000,000 - 13.000.000 -552,000,000 328,000,000 -1,252,000,000 11,000,000 -53,000,000 13,000,000 51,000,000 -2,825,000,000 1562 000 000 51,000,000 56 000 000 107,000,000 1,511,000,000 -3,084,000,000 -3,084,000,000 -718,000,000 14.000 non 735,000,000 735,000,000 -707,000,000 12.non non -10,916,000,000 -1,435,000,000 -10,916,000,000 -1,435,000,000 -523,000,000 -414,000,000 n 10.000 non -941,000,000 -941,000,000 -553,000,000 14,000,000 14,000,000 12,000,000 12,000,000 10,000,000 10,000,000 0 -196,000,000 -196,000,000 -2.184.000.000 -5,822,000,000 3,638,000,000 -302,000,000 -302,000,000 1,732,000,000 -3,284,000,000 5,016,000,000 -9,082,000,000 -93,000,000 -9,082,000,000 -93,000,000 -1.311,000,000 -938,000,000 -28,014,000,000 -2,875,000,000 26,703,000,000 1,937,000,000 - 149,000,000 - 149,000,000 -239.000.000 -2,581,000,000 2,342,000,000 -11.240.000.000 -11.240.000.000 -7,192,000,000 -7.192.000.000 -1,750,000,000 -1,750,000,000 0 -1,750,000,000 -5,924.000.000 -5,924,000,000 -6,891,000,000 -6,891,000,000 2,488,000,000 2,488,000,000 2,488,000,000 7.477,000,000 -3,603,000,000 7.477,000,000 3,603,000,000 -7,157,000,000 -2,910,000,000 -7.157,000,000 -2,910,000,000 15,971,000,000 15,971,000,000 15,971,000,000 -6.478.000.000 -6.478.000.000 4,118,000,000 4.118.000.000 Purchase/Sale and Disposal of Property, Plant and Equipment, Net Sale and Disposal of Property, Plant and Equipment Purchase of Property, Plant and Equipment Purchase/Sale of Business, Net Purchase/Acquisition of Business Purchase/Sale of Investments, Net Purchase of Investments Sale of Investments Other Investing Cash Flow Dividends Received/Paid, CFI Cash Flow from Financing Activities Cash Flow from Continuing Financing Activities Issuance of/Payments for Common Stock, Net Payments for Common Stock Issuance of/Repayments for Debt, Net Issuance of/Repayments for Long Term Debt, Net Proceeds from Issuance of Long Term Debt Repayments for Long Term Debt Issue and Financing Costs Debt Issuance Costs Cash Dividends and Interest Paid Cash Dividends Paid Preferred Stock Dividends Paid Common Stock Dividends Paid Proceeds from Issuance/Exercising of Stock Options/Warrants Other Financing Cash Flow Excess Tax Benefit from Share-Based Compensation, Financing Activities Issuance of/Repayments for Lease Financing Repayments for Lease Financing Cash and Cash Equivalents, End of Period Change in Cash Effect of Exchange Rate Changes Cash and Cash Equivalents, Beginning of Period Change in Cash As Reported, Supplemental Income Tax Paid, Supplemental Interest Paid, Supplemental -1,918,000,000 -1,918,000,000 -15,000,000 -15.000.000 -1,579,000,000 -1,579,000,000 -1,579,000,000 -98,000,000 -98,000,000 -1,350,000,000 -1,177,000,000 -1,350,000,000 -1,177,000,000 -1,006,000,000 -1,006,000,000 164,000,000 -544,000,000 149,000,000 -76,000,000 95,000,000 47,000,000 63,000,000 -1.177.000.000 82,000,000 318,000,000 84,000,000 -1,006,000,000 91,000,000 -1,535,000,000 90,000,000 8,162,000,000 -1,611,000,000 -101,000,000 9,874,000,000 -1,712,000,000 -2,285,000,000 -545,000,000 9,874,000,000 4,019,000,000 236,000,000 5,619,000,000 4,255,000,000 3,038,000,000 -489,000,000 5,619,000,000 3,518,000,000 2,135,000,000 1,546,000,000 34,000,000 1,000,000 3,518,000,000 1,971,000,000 2,101,000,000 1,547,000,000 -2,842,000,000 -2,486,000,000 -244,000,000 1,971,000,000 -214,000,000 1,000,000 2,186,000,000 215,000,000 -2,656,000,000 2018 2017 24,860,000,000 21,329,000,000 16.171.000.000 13,797,000,000 8,378,000,000 7,782,000,000 6,682,000,000 5,933,000,000 1.696.000.000 1.849.000.000 1,696.000.000 1,849,000,000 2016 2015 2014 18,675,000,000 16,269,000,000 15,329,000,000 13.228,000,000 10,985.000.000 10.997.000.000 8,335,000,000 6,738,000,000 6,305,000,000 6,721,000,000 5,747,000,000 5,137,000,000 1614.000.000 991.000.000 1168 000 000 1.614,000,000 991,000,000 1.168.000.000 1,633,000,000 4.728.000.000 4,728,000,000 1,631,000,000 3.344.000.000 3,344,000,000 1,534,000,000 2.509.000.000 2,509,000,000 1,436,000,000 2.147.000.000 2,147,000,000 1,490,000,000 2.161.000.000 2,161,000,000 829,000,000 603,000,000 541,000,000 499,000,000 850,000,000 664,000,000 497,000,000 244,000,000 300,000,000 0 Name Total Assets Total Current Assets Cash, Cash Equivalents and Short Term Investments Cash and Cash Equivalents Short Term Investments Available-for-Sale Securities, Current Held-to-Maturity Securities, Current Cash Restricted or Pledged, Current Trade and Other Receivables, Current Trade/Accounts Receivable, Current Taxes Receivable, Current Other Receivables, Current Prepayments and Deposits, Current Other Current Assets Deferred Tax Assets, Current Deferred Costs/Assets, Current Total Non-Current Assets Net Property, Plant and Equipment Gross Property, Plant and Equipment Properties Buildings and Improvements Leasehold and Improvements Machinery, Furniture and Equipment Furniture, Fixtures and Office Equipment Other Equipment Accumulated Depreciation and Impairment Accumulated Depreciation Net Intangible Assets Gross Goodwill and Other Intangible Assets Goodwill Intangibles other than Goodwill Software and Technology Customer Relationships Other Intangible Assets Trademarks and Patents Accumulated Amortization and Impairment Accumulated Amortization of Intangible Assets Accumulated Amortization of Intangibles other than Goodwill, Accumulated Amortization of Software and Technolon MA Income Statement MA Balance Sheet MA Cash Flow 8,689,000,000 7,532,000,0005,447,000,000 921.000.000 829,000,000 733,000,000 1,768,000,000 1,543,000,000 1,336,000,000 696,000,000 621,000,000 621.000.000 667,000,000 6 481,000,000 455,000,000 534,000,000 215,000,000 166,000,000 133,000,000 1,072,000,000 922,000,000 669,000,000 85,000,000 81,000,000 63,000,000 987,000,000 841.000.000 606,000.000 -847.000.000 -714.000.000 -603.000.000 -847.000.000 -714.000.000 .714 000 000 -603,000,000 603.000.000 3,895,000,000 4,155,000,000 2,478,000,000 5,070,000,000 5,312,000,000 3.452,000,000 2.904.000.000 3,035,000,000 1.756,000,000 2.166.000.000 2,277,000,000 1.696,000,000 1.514.000.000 1.572,000,000 1.210,000,000 606.000.000 648.000.000 437.000.000 46,000,000 27,000,000 23,000,000 30,000,000 26,000,000 -1,175,000,000 -1,157,000,000 -974,000,000 -1,175,000,000 -1,157,000,000 -974,000,000 -1.175.000.000 -1,157,000,000 -974,000,000 899 000 000 889.000.000 769 000.000 5,284,000,000 4,332,000,000 675,000,000 615.000.000 1,166,000,000 1,052,000,000 615,000,000 601,000,000 503,000,000 510,000,000 112,000,000 91,000,000 551,000,000 451,000,000 54,000,000 53,000,000 4 97,000,000 398,000,000 -491.000.000 437.000.000 -491,000,000 -437,000.000 2,694,000,000 2,236,000,000 3,510,000,000 2,899,000,000 1,891,000,000 1,522,000,000 1,619.000.000 1.377,000.000 1,086,000,000 839.000.000 478.000.000470 000 000 25,000,000 20,000,000 30,000,000 48,000,000 -816,000,000 -663,000,000 -816,000,000 -663,000,000 -816,000,000 -663.000.000 26.000.000 .000.000 - + -898,000,000 -232,000,000 45,000,000 -888,000,000 214.000.000 -26,000,000 -29,000,000 249,000,000 249,000,000 -768,000,000 - 162.000.000 -22,000,000 -22,000,000 132,000,000 132,000,000 -625,000,000 -149,000,000 -19,000,000 -23,000,000 166,000,000 166,000,000 -496,000,000 -115,000,000 -14,000,000 38,000,000 245,000,000 245,000,000 337,000,000 337,000,000 298.000.000 298,000,000 0 178,000,000 178,000,000 352,000,000 352,000,000 250,000,000 1,519,000,000 175,000,000 175,000,000 325,000,000 325,000,000 307,000,000 1,297,000,000 160,000,000 160,000,000 352,000,000 352,000,000 317,000,000 920,000,000 89.000.000 89,000,000 407,000,000 407,000,000 96,000,000 644,000,000 570,000,000 2,668,000,000 Accumulated Amortization of Software and Technology Accumulated Amortization of Customer Relationships Accumulated Amortization of Other Intangible Assets Accumulated Amortization of Trademarks and Patents Total Long Term Investments Long Term Equity Investments Investment in Financial Assets, Non-Current Financial Investment Securities, Available-for-Sale & Held-to-Maturity, Non-Current Available-for-Sale Securities, Non-Current Held-to-Maturity Securities, Non-Current Trade and Other Receivables, Non-Current Taxes Receivable, Non-Current Prepayments and Deposits, Non-Current Prepayments, Non-Current Deferred Tax Assets, Non-Current Other Non-Current Assets Deferred Costs/Assets, Non-Current Total Liabilities Total Current Liabilities Payables and Accrued Expenses, Current Trade and Other Payables, Current Trade/Accounts Payable, Current Taxes Payable, Current Amount Due to Related Parties/Shareholders, Current Accrued Expenses, Current Financial Liabilities, Current Current Debt and Capital Lease Obligation Current Portion of Long Term Debt and Capital Lease Current Portion of Long Term Debt Other Current Portion of LT Debt Other Current Liabilities Provisions, Current Provision for Employee Entitlements, Current Total Non-Current Liabilities Financial Liabilities, Non-Current Long Term Debt and Capital Lease Obligation Long Term Debt Notes Payables, Non-Current Tax Liabilities, Non-Current 19,442,000,000 11.593.000.000 9.064.000.000 2,884,000,000 2.726.000.000 158,000,000 15,832,000,000 8,793.000.000 6.916,000,000 2,470,000,000 2.276.000.000 194,000,000 12,991,000,000 7.206,000,000 5.595,000,000 1,716,000,000 1.555,000,000 161,000,000 10,207,000,000 6.269.000.000 4,810.000.000 1,481,000,000 1,338,000,000 143,000,000 8,505,000,000 6.222.000.000 4.771.000.000 1,666,000,000 1.561.000.000 105,000,000 4.446,000,000 3.879,000,000 3,329.000.000 3.105.000.000 6.180.000.000 500,000,000 500,000,000 500,000,000 500,000,000 500,000,000 2,029,000,000 1,877,000,000 1,611,000,000 1,459,000,000 1,451,000,000 7.849,000,000 5,834,000,000 5,834,000,000 5,834,000,000 5,834,000,000 67.000.000 7,039,000,000 5,424,000,000 5,424,000,000 5,424,000,000 5,785,000,000 5,180,000,000 5,180,000,000 5,180,000,000 3,938,000,000 2,283,000,000 3,287,000,000 1,494,000,000 3,287,000,000 1,494,000,000 3,287,000,000 1,494,000,000 106,000,000 81,000,000 79,000,000 115,000,000 67,000,000 106,000,000 8 1,000,000 79.000.000 115,000,000 67.000.000 106,000,000 81.000.000 7 9,000,000 115.000.000 1.877.000.000 1.438,000,000 524,000,000 572,000,000 674.000.000 71,000,000 71,000,000 5,418,000,000 5,497,000,000 5,684,000,000 6,062,000,000 6,824,000,000 5,395,000,000 5,468,000,000 5,656,000,000 6,028,000,000 6,790,000,000 -21,170,000,000 -16,399,000,000 -12,838,000,000 -9,518,000,000 -6,119,000,000 4,580,000,000 4,365,000,000 4,183,000,000 4,004,000,000 3,876,000,000 Tax Liabilities, Non-Current Deferred Tax Liabilities, Non-Current Other Non-Current Liabilities Preferred Securities Outside Stock Equity otal Equity Equity Attributable to Parent Stockholders Paid in Capital Capital Stock Common Stock Common Stock, with Par Value Additional Paid in Capital/Share Premium Treasury Stock Retained Earnings/Accumulated Deficit Reserves/Accumulated Comprehensive Income Losses Cumulative Foreign Exchange Translation Reserves/Accum. Comp. Inc Available for Sale Financial Investments Reserves/Accum. Comp. Inc Pension and Other Post-Retirement Benefit Plans Reserves/Accum. Comp. Inc Non-Controlling/Minority Interests Common Shares Issued Common Shares Outstanding Common Shares Treasury iscal year ends in Dec 31 USD 4,580,000,000 4,365,000,000 4.183,000,000 4,004,000,000 3,876,000,000 -25.750.000.000 -20,764,000,000 -17.021,000,000 -13,522,000,000 -9.995.000.000 27,283,000,000 22,364,000,000 19,418,000,000 16,222,000,000 13,169,000,000 -718,000,000 497,000,000 -924,000,000 -676,000,000 260,000,000 23,000,000 1.031.000.000 1,031,000,000 368,000,000 29,000,000 28,000,000 1,054.000.000 1.081,000,000 1,054,000,0001,081,000,000 342,000,000 312,000,000 34,000,000 1,116,000,000 1,116,000,000 275,000,000 34,000,000 1.152.561.805 1,152,561,805 237,008,743 MA Income Statement MA Balance Sheet MA Cash Flow 2018 2017 2016 2015 2014 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 6,223,000,000 5,555,000,000 4.484,000,000 4,043,000,000 3,407,000,000 5,859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 1,677.000.000 1.926.000.000 1.292,000,000 1,055,000,000 958,000,000 459.000.000 437,000,000 373,000,000 366,000,000 321,000,000 459.000.000 437,000,000 373,000,000 366,000,000 321,000,000 196.000.000 176,000,000 50,000,000 22.000.000 - 15.000.000 -244.000.000 86,000,000 -20,000,000 -16,000,000 -91,000,000 1,266,000,000 1,227,000,000 889,000,000 683,000,000 743,000,000 Name Cash Flow from Operating Activities, Indirect Net Cash Flow from Continuing Operating Activities, Indirect Cash Generated from Operating Activities Income/Loss before Non-Cash Adjustment Total Adjustments for Non-Cash Items Depreciation, Amortization and Depletion, Non-Cash Adjustment Depreciation and Amortization, Non-Cash Adjustment Stock-Based Compensation, Non-Cash Adjustment Taxes, Non-Cash Adjustment Other Non-Cash Items Excess Tax Benefit from Stock-Based Compensation, Non-Cash Adjustment Net Investment Income/Loss, Non-Cash Adjustment Gain/Loss on Financial Instruments, Non-Cash Adjustment Irregular Income/Loss, Non-Cash Adjustment Gain/Loss on Disposals, Non-Cash Adjustment Impairment/ Write Off/Write Down of Capital Assets Loss/Reversal, Non-Cash Adjustment Changes in Operating Capital Change in Trade and Other Receivables Change in Trade/Accounts Receivable Change in Tax Receivables Change in Other Receivables Change in Prepayments and Deposits Change in Cash Restricted or Pledged Change in Payables and Accrued Expenses Change in Trade and Other Payables Change in Trade/Accounts Payable Change in Taxes Payable Change in Accrued Expenses Change in Other Operating Capital Change in Other Current Liabilities Change in Other Current Assets Cash Flow from Investing Activities Cash Flow from Continuing Investing Activities Capital Expenditure, Reported Purchase/Sale and Disposal of Property, Plant and Equipment, Net Purchase of Property, Plant and Equipment Purchase/Sale of Business, Net Purchase/Acquisition of Business Durabaco Salo of Eauit Investments MA Income Statement MA Balance Sheet MA Cash Flow -1.313.000.000 1-1,515,000,000 (-1,395,000,000 -120,000,000 -286,000,000 -726,000,000 -726,000,000 -867,000,000 -349,000,000 -348,000,000 -1,000,000 -820,000,000 -1,168,000,000 -147,000,000 13,000,000 -133,000,000 21,000,000 -14,000,000 -8,000,000 -802,000,000 -1,316,000,000 -1,769,000,000 -1,402,000,000 -1,073,000,000 -6,000,000 2.238.000.000 1.835,000,000 748,000,000 930.000.000 1.261,000,000 211,000,000 950,000,000 684,000,000 211,000,000 -20,000,000 577,000,000 1,308,000,000 574.000.000 537,000,000 -261,000,000 7,000,000 -193,000,000 125.000.000 -137,000,000 -137,000,000 170.000.000 -104,000,000 -104,000,000 262,000,000 4,000,000 274,000,000 35,000,000 -506,000,000 -1,779,000,000 -1,167,000,000 -506,000,000 -1,779,000,000 -1,167,000,000 -174.000.000 -123,000,000 -167,000,000 -330,000,000 -300,000,000 -215,000,000 -330,000,000 -300,000,000 -215,000,000 0 -1,175,000,000 0 0 -1,175,000,000 0 01.000.000 147.000.000 -715,000,000 -715,000,000 -165,000,000 -177,000,000 -177,000,000 -584,000,000 -584,000,000 690,000,000, 690,000,000 -159,000,000 -175,000,000 -175,000,000 -525,000,000 -525,000,000 -91,000,000 -147,000,000 -91,000,000 -147,000,000 103,000,000 -35,000,000 -752,000,000 210.000.000 1.450,000,000 -1,809,000,000 -1,859,000,000 -1,824,000,000 -1,892,000,000 -2,385,000,000 1,912,000,000 1,824,000,000 1,072,000,000 2,102,000,000 3,835,000,000 -14,000,000 1,000,000 -31,000,000 2,000,000 -84,000,000 -2,000,000 -1,000,000 183,000,000 Purchase/Sale of Equity Investments Purchase of Joint Venture Associate Purchase/Sale of Investments, Net Purchase of Investments Sale of Investments Other Investing Cash Flow Change in Restricted Cash and Cash Equivalents Purchase/Sale of Intangibles, Net Purchase of Intangibles Cash Flow from Financing Activities Cash Flow from Continuing Financing Activities Issuance of/Payments for Common Stock, Net Payments for Common Stock Issuance of/Repayments for Debt, Net Issuance of/Repayments for Long Term Debt, Net Proceeds from Issuance of Long Term Debt Repayments for Long Term Debt Cash Dividends and Interest Paid Cash Dividends Paid Common Stock Dividends Paid Excess Tax Benefit from Share-Based Compensation, Financing Activities Proceeds from Issuance/Exercising of Stock Options/Warrants Other Financing Cash Flow Cash and Cash Equivalents, End of Period Change in Cash Effect of Exchange Rate Changes Cash and Cash Equivalents, Beginning of Period Change in Cash As Reported, Supplemental -4.966.000.000 -4.764,000,000 -2,293,000,000 -2,458,000,000 -2,339,000,000 4.966.000.000 -4.764,000,000 -2,293,000,000 -2,458,000,000 -2,339,000,000 4,933,000,000 -3,762,000,000 -3,511,000,000 -3,518,000,000 -3,386,000,000 -4,933,000,000 -3,762,000,000 -3,511,000,000 -3,518,000,000 -3,386,000,000 991,000,000 -64,000,000 1,972,000,000 1,735,000,000 1,530,000,000 991.000.000 -64.000.000 1.972.000.000 1.735.000.000 1.530.000.000 991,000,000 1,972,000,000 1,735,000,000 1,530,000,000 0 -64,000,000 - 1,044.000.000 -942,000,000 -837,000,000 -727,000,000 -515,000,000 -1,044,000,000 -942,000,000 -837,000,000 -727,000,000 -515,000,000 - 1,044.000.000 -942,000,000 -837,000,000 -727,000,000 515,000,000 48,000,000 42,000,000 54,000,000 104.000.000 57,000,000 37,000,000 27,000,000 28,000,000 -84,000,000 -53,000,000 2,000,000 -17,000,000 -50,000,000 8,337,000,000 5,933,000,000 6,721,000,000 5,747,000,000 5,137,000,000 751,000,000 -988,000,000 1,024,000,000 870,000,000 1,758,000,000 -6.000.000 200,000,000 -50,000,000 -260,000,000 -220.000.000 7,592,000,000 6,721,000,000 5,747,000,000 5,137,000,000 3,599,000,000 745,000,000 -788,000,000 974,000,000 610,000,000 1,538,000,000 0 MA Income Statement MA Balance Sheet MA Cash Flow Name 2018 2017 2016 2015 2014 Total Revenue 14.950.000.000 12.497,000,000 10,776,000,000 9,667,000,000 9.473,000,000 Business Revenue 18,483,000,000 15,492,000,000 10,776,000,000 9,667,000,000 11,056,000,000 Sales Return and Allowances/Discounts -6.881.000.000 -5.848,000,000 -3,271,000,000 Other Revenue 3,348,000,000 2,853,000,000 1,688,000,000 Operating Income/Expenses -6,576,000,000 -5,754,000,000 -4.864.000.000 -4,610,000,000 -4,397,000,000 Selling, General and Administrative Expenses -6.117.000.000 -5,318,000,000 -4.491,000,000 -4,244,000,000 4,076,000,000 Staff Costs -3.214.000.000 -2,687,000,000 -2.225,000,000 -2,105,000,000 -2,064,000,000 General and Administrative Expenses -1.019,000,000 -874,000,000 -698,000,000 -646,000,000 570,000,000 Legal, Accounting. Auditing and Consulting Fees 377.000.000 -355.000.000 337,000,000 310.000.000 3 07.000.000 Telecommunication Expense -600.000.000 -504.000.000 -420,000,000 -362.000.000 -273.000.000 Selling and Marketing Expenses -907,000,000 -898.000.000 -811.000.000 -821,000,000 -862,000,000 Depreciation, Amortization and Depletion 459,000,000 -436.000.000 373.000.000 -366.000.000 -321.000.000 Depreciation and Amortization -459.000.000 -436,000,000 -373,000,000 -366,000,000 -321,000,000 Provision Expense/Write-Back Provision for Doubtful Accounts Total Operating Profit/Loss 8,374,000,000 6.743,000,000 5.912,000,000 5,057,000,000 5,076,000,000 Non-Operating Income/Expenses, Total -1.170.000.000 221,000,000 -266,000,000 -99,000,000 3,000,000 Total Net Finance Income/Expense -186.000.000 -154,000,000 -95,000,000 -61.000.000 -22,000,000 Net Interest Income/Expense -186.000.000 - 154.000.000 -95,000,000 -61.000.000 22.000.000 Interest Expense Net of Capitalized Interest -186.000.000 - 154,000,000 -95,000,000 -61,000,000 48,000,000 Interest Income 26,000,000 Net Investment Income 158,000,000 - 50.000.000 9.000.000 107,000,000 32,000,000 Gain/Loss on Foreign Exchange 36,000,000 -106,000,000 -34,000,000 82.000.000 30,000,000 Other Investment Income 122,000,000 56,000,000 43,000,000 25,000,000 Gain/Loss on Investments and Other Financial Instruments 2,000,000 Irregular Income/Expenses -1,128,000,000 -15,000,000 -117,000,000 -61,000,000 Litigation Income/Expense -1.128.000.000 - 15.000.000 - 117.000.000 -61.000.000 Other Income/Expense, Non-Operating -14.000.000 2,000,000 -63,000,000 -84,000,000 -7.000.000 Pretax Income 7.204.000.000 6.522.000.000 5,646,000,000 4.958.000.000 5,079.000.000 Provision for Income Tax -1.345.000.000 -2,607,000,000 -1,587,000,000 -1,150,000,000 -1.462.000.000 Net Income from Continuing Operations 5.859.000.000 3.915.000.000 4,059,000,000 3,808,000,000 3,617,000,000 Net Income after Extraordinary Items and Discontinued Operations 5,859,000,000 3,915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 Net Income after Non-Controlling/Minority Interests 5,859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617.000.000 Net Income Available to Common Stockholders 5.859.000.000 3.915,000,000 4,059,000,000 3,808,000,000 3,617,000,000 Diluted Net Income Available to Common Stockholders 5,859,000,000 3,915,000,000 4,059,000,000 3,808,000,000 3,617,000,000, Non-Controlling/Minority Interests Reported Total Revenue 14,950,000,000 12,497,000,000 10,776,000,000 9,667,000,000 9.473,000,000, Reported Operating Expense -7.668,000,000 -5,875,000,000 -5,015.000.000 -4,589,000,000 4,367,000,000, Danadad Total Asocotia Dcofilas 7.292.000.000 6.622.000.000 5.751.000.000 6.070.000.000 10.000.000, MA Income Statement MA Balance Sheet MA Cash Flow + 7,282,000,000 6,792,000,000 6,622,000,000 4,906,000,000 0 5,761,000,000 4,144,000,000 5,078,000,000 3,903,000,000 5,106,000,000 0 40 Reported Total Operating Profit/Loss 41 Reported Normalized Income 42 Reported Effective Tax Rate 43 Reported Normalized Operating Profit 44 Gross Profit 45 Cost of Revenue 46 Fiscal year ends in Dec 31 USD 5,878,000,000 5,218,000,000 47 MA Income Statement MA Balance Sheet MA Cash Flow + 2018 2017 2016 2015 2014 69,225,000,000 67,977,000,000 64.035,000,000 40,236,000,000 38,569,000,000 18.216.000.000 19.023,000,000 14 313.000.000 10.892.000.000 9.562.000.000 11.709.000.000 13.438,000,000 8.938,000,000 6,015,000,000 3,950,000.00 8.162,000,000 9,874,000,000 5,619,000,000 3,518,000,000 1,971,000,00 3,547,000,000 3,564,000,000 3,319,000,000 2,497,000,000 1,979,000,00 98.000.000 8 2,000,000 71,000,000 66,000,000 69.000,00 3,449,000,000 3,482,000,000 3,248,000,000 2,431,000,000 1,910,000,00 2,815,000,000 2,137,000,000 2,028,000,000 2,095,000,000 2,459,000,000 2,790,000,000 2,554,000,000 2,740,000,000 1,332,000,000 1.699,000,00 1,208,000,000 1,132,000,000 1,041,000,000 847,000,000 822,000,00 1.582.000.000 1.422,000,000 1,467,000,000 408,000,000 786,000.00 232,000,000 77,000,000 91,000,00 562,000,000 550,000,000 151,000,000 137,000,000 103.000.00 340,000,000 344,000,000 406,000,000 366,000,000 283,000,000 50,000,000 76,000,000 40,000,000 871,000,000 1,028,000,000 Name Total Assets Total Current Assets Cash, Cash Equivalents and Short Term Investments Cash and Cash Equivalents Short Term Investments Trading/Listed Investments, Current Available-for-Sale Securities, Current Cash Restricted or Pledged, Current Trade and Other Receivables, Current Trade/Accounts Receivable, Current Other Receivables, Current Taxes Receivable, Current Prepayments and Deposits, Current Other Current Assets Derivative Investment and Hedging Assets, Current Deferred Tax Assets, Current Deferred Costs/Assets, Current Total Non-Current Assets Net Property, Plant and Equipment Gross Property, Plant and Equipment Properties Land and Improvements Buildings and Improvements Machinery, Furniture and Equipment Furniture, Fixtures and Office Equipment Construction in Progress and Advance Payments Accumulated Depreciation and Impairment Accumulated Depreciation Net Intangible Assets Gross Goodwill and Other Intangible Assets Goodwill Intangibles other than Goodwill Trademarks and Patents Customer Relationships Other Intangible Assets Licenses and Rights Accumulated Amortization and Impairment Accumulated Amortization of Intangible Assets Accumulated Amortization of Intangiblos oth than Goodwill Y Income Statement V Balance Sheet V Cash Flow 51,009,000,000 48,954,000,000 49,722,000,000 29,344,000,000 29,007,000,00 2,472,000,000 2,253,000,000 2,150,000,000 1,888,000,000 1,892,000,00 5,697,000,000 5,143,000,000 4.798,000,000 4,283,000,000 3,915,000,000 967.000.000 937,000,000 913,000,000 874,000,000 858,000,000 69.000.000 72.000.000 74,000,000 71,000,000 71.000.000 898.000.000 865,000,000 839.000.000 803.000.000 787.000.000 4.577.000.000 4,067,000,000 3.760,000,000 3,289,000,000 2,981.000.000 4.577.000.000 4.067.000.000 3.760,000,000 3.289.000.000 2.981.000.000 153.000.000 139,000,000 125,000,000 120,000,000 76,000,000 3.225.000.000 -2,890.000.000 -2.648,000,000 -2.395.000.000 -2.023.000.000 3.225.000.000 -2,890.000.000 -2.648,000,000 -2.395.000.000 2.023.000.000 42.752.000.000 42.958.000.000 42.300,000,000 23,186,000,000 23,164,000.00 43.225.000.000 43,376,000,000 42,679,000,000 23,525,000,000 23.440.000.000 15,194.000.000 15.110,000,000 15.066.000.000 11,825,000,000 11,753,000,00 28.031.000.000 28,266,000,000 27.613,000,000 11,700,000,000 11,687,000.00 4.283.000.000 4.279.000.000 4276,000,000 192.000.000 192.000.00 23,636,000,000 23,875,000,000 23,224,000,000 351,000,000 339,000,00 112,000,000 112,000,000 113,000,000 11,157,000,000 11.156,000.00 -473.000.000 -473,000,000 472.000.000 418,000,000 418,000,000 19.000.000 -379,000,000 -379,000,000 270.000.000 -339.000.000 -339,000,000 220.000.000 276.000,00 -276.000,00 276.000.00 + 473,000,000 -106,000,000 -274.000.000 -93,000,000 4,082,000,000 4,082,000,000 4,082,000,000 4,082,000,000 418,000,000 -93,000,000 -237,000,000 -88,000,000 1,926,000,000 1,926,000,000 1,926,000,000 1,926,000,000 -379,000,000 -80,000,000 -220,000,000 -79,000,000 3,977,000,000 3,931,000,000 3,931,000,000 3,931,000,000 46,000,000 448,000,000 731,000,000 731,000,000 72,000,000 72,000,000 22,000,000 22,000,000 339,000,000 -276,000,000 -67,000,000 54,000,000 -196,000,000 -162.000.000 -76,000,000 -60,000,000 3,429,000,000 3,050,000,000 3,384,000,000 3,015,000,000 3,384,000,000 3,015,000,000 3,384,000,000 3,015,000,000 45,000,000 35,000,000 110,000,000 81,000,000 627,000,000 597,000,000 627,000,000 597,000,000 57,000,000 51,000,000 57,000,000 51,000,000 11,000,000 8,000,000 36,000,000 164,000,000 1,703,000,000 1,817,000,000 Accumulated Amortization of Intangibles other than Goodwill Accumulated Amortization of Trademarks and Patents Accumulated Amortization of Customer Relationships Accumulated Amortization of Other Intangible Assets Total Long Term Investments Investment in Financial Assets, Non-Current Financial Investment Securities, Available-for-Sale & Held-to-Maturity, Non-Current Available-for-Sale Securities, Non-Current Other Investments, Non-Current Other Non-Current Assets Trade and Other Receivables, Non-Current Taxes Receivable, Non-Current Prepayments and Deposits, Non-Current Prepayments, Non-Current Deferred Tax Assets, Non-Current Pension and Other Employee Benefits, Non-Current Cash Restricted or Pledged, Non-Current Total Liabilities Total Current Liabilities Payables and Accrued Expenses, Current Trade and Other Payables, Current Trade/Accounts Payable, Current Other Payable, Current Interest Payable, Current Taxes Payable, Current Accrued Expenses, Current Provisions, Current Provision for Employee Entitlements, Current Deferred Liabilities, Current Other Deferred Liabilities, Current Deferred Income/Customer Advances/Billings in Excess of Cost, Current Other Current Liabilities Financial Liabilities, Current Current Debt and Capital Lease Obligation Current Portion of Long Term Debt and Capital Lease Current Portion of Long Term Debt Other Current Portion of LT Debt Derivative and Hedging Liabilities, Current Total Non-Current Liabilities 35.219.000.000 35,217,000,000 31.123,000,000 10,394.000.000 11.156.000.000 11,305,000,000 9,994,000,000 8,046,000,000 5,374,000,000 6,006,000,000 4,945,000,000 3,990,000,000 3,913,000,000 2,263,000,000 3,218,000,000 2,351,000,000 2,574,000,000 2,585,000,000 982,000,000 1,552,000,000 183.000.000 179,000,000 203,000,000 127,000,000 147.000.000 2.168.000.000 2,003,000,000 2