Assets

Fiscal year is January-December. All values USD Mill 2,024 2,023

Cash & Short Term Investments 7,712 4,655
Cash Only 4,951 3,440
Total Accounts Receivable 827 970
Accounts Receivables. Net 559 665
Accounts Receivables. Gross 562 671
Bad Debt/Doubtful Accounts -3 -6
Other Receivables 268 305
Other Current Assets 137 186
Miscellaneous Current Assets 137 186
Total Current Assets 8,676 5,810
Net Property. Plant & Equipment 429 604
Property. Plant & Equipment - Gross 747 925
Machinery & Equipment 105 103
Other Property. Plant & Equipment 408 490
Accumulated Depreciation 318 320
Machinery & Equipment 90 87
Other Property. Plant & Equipment 228 233
Total Investments and Advances 1,747 1,398
Other Long-Term Investments 1,747 1,398
Long-Term Note Receivable 77 -
Intangible Assets 1,293 1,349
Net Goodwill 1,244 1,256
Net Other Intangibles 50 93
Other Assets 17 27
Tangible Other Assets 17 27
Total Assets 12,431 9,219
Liabilities & Shareholders' Equity
Accounts Payable 966 731
Income Tax Payable 34 13
Other Current Liabilities 3,608 3,773
Accrued Payroll 123 302
Miscellaneous Current Liabilities 3,484 3,472
Total Current Liabilities 4,608 4,518
Long-Term Debt 2,072 1,873
Long-Term Debt excl. Capitalized Leases 1,594 1,329
Non-Convertible Debt 1,594 1,329
Provision for Risks & Charges 3 3
Deferred Taxes -171 -22
Deferred Taxes - Credit 22 9
Deferred Taxes - Debit 193 31
Other Liabilities 5 29
Other Liabilities (excl. Deferred Income) 5 29
Total Liabilities 6,710 6,432
Common Equity (Total) 5,721 2,787
Additional Paid-In Capital/Capital Surplus 6,341 5,694
Retained Earnings -3,152 -4,620
Cumulative Translation Adjustment/Unrealized For. 155 70
Unrealized Gain/Loss Marketable Securities 565 243
Other Appropriated Reserves 2,096 1,697
Unappropriated Reserves -13 -8
Treasury Stock -271 -289
Total Shareholders' Equity 5,721 2,787
Total Equity 5,721 2,787
Liabilities & Shareholders' Equity 12,431 9,219
2,022
3,575
2,650 Current Ratio = Current Assets
742 Current Liabilities
536
543 Debt-to-Equity = Total Liabilties
-7 Total Equity
206
328 Asset Turnover = Revenue
328 Total Assets
4,645
816
1,021
98
478
205
64
141
1,215
1,215
-
1,382
1,247
136
83
83
8,150

628
12
3,113
128
2,985
3,752
1,796
1,204
1,204
3
-3
5
9
30
 30
5,587
2,562
5,111
-3,892
107
153
1,361
3
-280
2,562
2,562
8,150
 Ratio 2022 2023 2024
Current Ratio 1.24 1.29 1.88
Quick Ratio 1.24 1.29 1.88
Debt-to-Equity 2.18 2.31 1.17
Asset Turnover 1.63 1.55 1.51
Assets
Fiscal year is January-December. All values USD Mill 2024
Cash & Short Term Investments 7,712 62.04%
Cash Only 4,951 39.83%
Total Accounts Receivable 827 6.65%
Accounts Receivables. Net 559 4.50%
Accounts Receivables. Gross 562 4.52%
Bad Debt/Doubtful Accounts -3 -0.02%
Other Receivables 268 2.16%
Other Current Assets 137 1.10%
Miscellaneous Current Assets 137 1.10%
Total Current Assets 8,676 69.79%
Net Property. Plant & Equipment 429 3.45%
Property. Plant & Equipment - Gross 747 6.01%
Machinery & Equipment 105 0.84%
Other Property. Plant & Equipment 408 3.28%
Accumulated Depreciation 318 2.56%
Machinery & Equipment 90 0.72%
Other Property. Plant & Equipment 228 1.83%
Total Investments and Advances 1,747 14.05%
Other Long-Term Investments 1,747 14.05%
Long-Term Note Receivable 77 0.62%
Intangible Assets 1,293 10.40%
Net Goodwill 1,244 10.01%
Net Other Intangibles 50 0.40%
Other Assets 17 0.14%
Tangible Other Assets 17 0.14%
Total Assets 12,431 1.00
Liabilities & Shareholders' Equity
Accounts Payable 966 7.77%
Income Tax Payable 34 0.27%
Other Current Liabilities 3,608 29.02%
Accrued Payroll 123 0.99%
Miscellaneous Current Liabilities 3,484 28.03%
Total Current Liabilities 4,608 37.07%
Long-Term Debt 2,072 16.67%
Long-Term Debt excl. Capitalized Leases 1,594 12.82%
Non-Convertible Debt 1,594 12.82%
Provision for Risks & Charges 3 0.02%
Deferred Taxes -171 -1.38%
Deferred Taxes - Credit 22 0.18%
Deferred Taxes - Debit 193 1.55%
Other Liabilities 5 0.04%
Other Liabilities (excl. Deferred Income) 5 0.04%
Total Liabilities 6,710 53.98%
Common Equity (Total) 5,721 46.02%
Additional Paid-In Capital/Capital Surplus 6,341 51.01%
Retained Earnings -3,152 -25.36%
Cumulative Translation Adjustment/Unrealized For. 155 1.25%
Unrealized Gain/Loss Marketable Securities 565 4.55%
Other Appropriated Reserves 2,096 16.86%
Unappropriated Reserves -13 -0.10%
Treasury Stock -271 -2.18%
Total Shareholders' Equity 5,721 46.02%
Total Equity 5,721 46.02%
Liabilities & Shareholders' Equity 12,431 100.00%
 2023 2022
4,655 50.49% 3,575 43.87%
3,440 37.31% 2,650 32.52%
970 10.52% 742 9.10%
665 7.21% 536 6.58%
671 7.28% 543 6.66%
-6 -0.07% -7 -0.09%
305 3.31% 206 2.53%
186 2.02% 328 4.02%
186 2.02% 328 4.02%
5,810 63.02% 4,645 56.99%
604 6.55% 816 10.01%
925 10.03% 1,021 12.53%
103 1.12% 98 1.20%
490 5.32% 478 5.87%
320 3.47% 205 2.52%
87 0.94% 64 0.79%
233 2.53% 141 1.73%
1,398 15.16% 1,215 14.91%
1,398 15.16% 1,215 14.91%
- -
1,349 14.63% 1,382 16.96%
1,256 13.62% 1,247 15.30%
93 1.01% 136 1.67%
27 0.29% 83 1.02%
27 0.29% 83 1.02%
9,219 100.00% 8,150 100.00%

731 7.93% 628 7.71%

13 0.14% 12 0.15%
3,773 40.93% 3,113 38.20%
302 3.28% 128 1.57%
3,472 37.66% 2,985 36.63%
4,518 49.01% 3,752 46.04%
1,873 20.32% 1,796 22.04%
1,329 14.42% 1,204 14.77%
1,329 14.42% 1,204 14.77%
3 0.03% 3 0.04%
-22 -0.24% -3 -0.04%
9 0.10% 5 0.06%
31 0.34% 9 0.11%
29 0.31% 30 0.37%
 29 0.31% 30 0.37%
6,432 69.77% 5,587 68.55%
2,787 30.23% 2,562 31.44%
5,694 61.76% 5,111 62.71%
-4,620 -50.11% -3,892 -47.75%
70 0.76% 107 1.31%
243 2.64% 153 1.88%
1,697 18.41% 1,361 16.70%
-8 -0.09% 3 0.04%
-289 -3.13% -280 -3.44%
2,787 30.23% 2,562 31.44%
2,787 30.23% 2,562 31.44%
9,219 100.00% 8,150 100.00%
Assets Changes in %
Fiscal year is January-December. All values USD Mill 2024
Cash & Short Term Investments 7,712 65.67%
Cash Only 4,951 43.92%
Total Accounts Receivable 827 -14.74%
Accounts Receivables. Net 559 -15.94%
Accounts Receivables. Gross 562 -16.24%
Bad Debt/Doubtful Accounts (3) -50.00%
Other Receivables 268 -12.13%
Other Current Assets 137 -26.34%
Miscellaneous Current Assets 137 -26.34%
Total Current Assets 8,676 49.33%
Net Property. Plant & Equipment 429 -28.97%
Property. Plant & Equipment - Gross 747 -19.24%
Machinery & Equipment 105 1.94%
Other Property. Plant & Equipment 408 -16.73%
Accumulated Depreciation 318 -0.62%
Machinery & Equipment 90 3.45%
Other Property. Plant & Equipment 228 -2.15%
Total Investments and Advances 1,747 24.96%
Other Long-Term Investments 1,747 24.96%
Long-Term Note Receivable 77
Intangible Assets 1,293 -4.15%
Net Goodwill 1,244 -0.96%
Net Other Intangibles 50 -46.24%
Other Assets 17 -37.04%
Tangible Other Assets 17 -37.04%
Total Assets 12,431 34.84%
Liabilities & Shareholders' Equity
Accounts Payable 966 32.15%
Income Tax Payable 34 161.54%
Other Current Liabilities 3,608 -4.37%
Accrued Payroll 123 -59.27%
Miscellaneous Current Liabilities 3,484 0.35%
Total Current Liabilities 4,608 1.99%
Long-Term Debt 2,072 10.62%
Long-Term Debt excl. Capitalized Leases 1,594 19.94%
Non-Convertible Debt 1,594 19.94%
Provision for Risks & Charges 3 0.00%
Deferred Taxes (171) 677.27%
Deferred Taxes - Credit 22 144.44%
Deferred Taxes - Debit 193 522.58%
Other Liabilities 5 -82.76%
Other Liabilities (excl. Deferred Income) 5 -82.76%
Total Liabilities 6,710 4.32%
Common Equity (Total) 5,721 105.27%
Additional Paid-In Capital/Capital Surplus 6,341 11.36%
Retained Earnings (3,152) -31.77%
Cumulative Translation Adjustment/Unrealized For. 155 121.43%
Unrealized Gain/Loss Marketable Securities 565 132.51%
Other Appropriated Reserves 2,096 23.51%
Unappropriated Reserves (13) 62.50%
Treasury Stock (271) -6.23%
Total Shareholders' Equity 5,721 105.27%
Total Equity 5,721 105.27%
Liabilities & Shareholders' Equity 12,431 34.84%
Changes in $ Changes in % Changes in $
2023 2022
3,057 4,655 30.21% 1,080 3,575
1,511 3,440 29.81% 790 2,650
(143) 970 30.73% 228 742
(106) 665 24.07% 129 536
(109) 671 23.57% 128 543
3 (6) -14.29% 1 (7)
(37) 305 48.06% 99 206
(49) 186 -43.29% (142) 328
(49) 186 -43.29% (142) 328
2,866 5,810 25.08% 1,165 4,645
(175) 604 -25.98% (212) 816
(178) 925 -9.40% (96) 1,021
2 103 5.10% 5 98
(82) 490 2.51% 12 478
(2) 320 56.10% 115 205
3 87 35.94% 23 64
(5) 233 65.25% 92 141
349 1,398 15.06% 183 1,215
349 1,398 15.06% 183 1,215
77 -- -
(56) 1,349 -2.39% (33) 1,382
(12) 1,256 0.72% 9 1,247
(43) 93 -31.62% (43) 136
(10) 27 -67.47% (56) 83
(10) 27 -67.47% (56) 83
3,212 9,219 13.12% 1,069 8,150
0 0
235 731 16.40% 103 628
21 13 8.33% 1 12
(165) 3,773 21.20% 660 3,113
(179) 302 135.94% 174 128
12 3,472 16.31% 487 2,985
90 4,518 20.42% 766 3,752
199 1,873 4.29% 77 1,796
265 1,329 10.38% 125 1,204
265 1,329 10.38% 125 1,204
0 3 0.00% 0 3
(149) (22) 633.33% (19) (3)
13 9 80.00% 4 5
162 31 244.44% 22 9
(24) 29 -3.33% (1) 30
 (24) 29 -3.33% (1) 30
278 6,432 15.12% 845 5,587
2,934 2,787 8.78% 225 2,562
647 5,694 11.41% 583 5,111
1,468 (4,620) 18.71% (728) (3,892)
85 70 -34.58% (37) 107
322 243 58.82% 90 153
399 1,697 24.69% 336 1,361
(5) (8) -366.67% (11) 3
18 (289) 3.21% (9) (280)
2,934 2,787 8.78% 225 2,562
2,934 2,787 8.78% 225 2,562
3,212 9,219 13.12% 1,069 8,150
 2024 2023 2022
Sales/Revenue 16,953 14,322 12,325
Cost of Goods Sold (COGS) incl. D&A 11,857 10,679 9,292
COGS excluding D&A 11,727 10,508 9,112
Depreciation & Amortization Expense 131 171 180
Depreciation 92 119 124
Amortization of Intangibles 39 52 56
Gross Income 5,096 3,642 3,033
SG&A Expense 3,573 3,991 3,716
Research & Development 1,565 1,746 1,416
Other SG&A 2,008 2,245 2,301
EBIT 1,523 -349 -683
Unusual Expense 341 241 -217
Non Operating Income/Expense 74 -44 89
Non-Operating Interest Income 241 142 49
Interest Expense 47 53 61
Gross Interest Expense 47 53 61
Pretax Income 1,451 -546 -389
Income Tax 220 29 63
Income Tax - Current Domestic 265 56 100
Income Tax - Deferred Domestic -45 -27 -37
Consolidated Net Income 1,231 -575 -452
Net Income 1,231 -575 -452
Net Income After Extraordinaries 1,231 -575 -452
Net Income Available to Common 1,231 -575 -452
EPS (Basic) 6.14 -2.95 -2.34
Basic Shares Outstanding 201 195 193
EPS (Diluted) 5.95 -2.95 -3.08
Diluted Shares Outstanding 207 195 196
EBITDA 1,654 -178 -503
EBIT 1,523 -349 -683
Gross Profit Margin = Gross profit
Revenue

Net Profit Margin = Net Income (Loss)

Revenue

ROA = Net Income (Loss)

Total Assets

ROE = Net Income (Loss)

Total Equity
 Ratio 2022 2023 2024
Gross Profit Margin 0.246 0.254 0.301
Net Profit Margin -0.037 -0.040 0.073
ROA 0.10 (0.04) 0.07
ROE (0.18) (0.21) 0.22
-
 2024 2023
Sales/Revenue 16,953 100.00% 14,322
Cost of Goods Sold (COGS) incl. D&A 11,857 69.94% 10,679
COGS excluding D&A 11,727 69.17% 10,508
Depreciation & Amortization Expense 131 0.77% 171
Depreciation 92 0.54% 119
Amortization of Intangibles 39 0.23% 52
Gross Income 5,096 30.06% 3,642
SG&A Expense 3,573 21.08% 3,991
Research & Development 1,565 9.23% 1,746
Other SG&A 2,008 11.84% 2,245
EBIT 1,523 8.98% -349
Unusual Expense 341 2.01% 241
Non Operating Income/Expense 74 0.44% -44
Non-Operating Interest Income 241 1.42% 142
Interest Expense 47 0.28% 53
Gross Interest Expense 47 0.28% 53
Pretax Income 1,451 8.56% -546
Income Tax 220 1.30% 29
Income Tax - Current Domestic 265 1.56% 56
Income Tax - Deferred Domestic -45 -0.27% -27
Consolidated Net Income 1,231 7.26% -575
Net Income 1,231 7.26% -575
Net Income After Extraordinaries 1,231 7.26% -575
Net Income Available to Common 1,231 7.26% -575
EPS (Basic) 6.14 0.04% -2.95
Basic Shares Outstanding 201 1.19% 195
EPS (Diluted) 5.95 0.04% -2.95
Diluted Shares Outstanding 207 1.22% 195
EBITDA 1,654 9.76% -178
EBIT 1,523 8.98% -349
 2022
100.00% 12,325 100.00%
74.56% 9,292 75.39%
73.37% 9,112 73.93%
1.19% 180 1.46%
0.83% 124 1.01%
0.36% 56 0.45%
25.43% 3,033 24.61%
27.87% 3,716 30.15%
12.19% 1,416 11.49%
15.68% 2,301 18.67%
-2.44% -683 -5.54%
1.68% -217 -1.76%
-0.31% 89 0.72%
0.99% 49 0.40%
0.37% 61 0.49%
0.37% 61 0.49%
-3.81% -389 -3.16%
0.20% 63 0.51%
0.39% 100 0.81%
-0.19% -37 -0.30%
-4.01% -452 -3.67%
-4.01% -452 -3.67%
-4.01% -452 -3.67%
-4.01% -452 -3.67%
-0.02% -2.34 -0.02%
1.36% 193 1.57%
-0.02% -3.08 -0.02%
1.36% 196 1.59%
-1.24% -503 -4.08%
-2.44% -683 -5.54%
 2024 Changes in % Changes in $
Sales/Revenue 16.953 18.37% 2.631
Cost of Goods Sold (COGS) incl. D&A 11.857 11.03% 1.178
COGS excluding D&A 11.727 11.60% 1.219
Depreciation & Amortization Expense 131 -23.39% -40
Depreciation 92 -22.69% -27
Amortization of Intangibles 39 -25.00% -13
Gross Income 5.096 39.92% 1.454
SG&A Expense 3.573 -10.47% -0.418
Research & Development 1.565 -10.37% -0.181
Other SG&A 2.008 -10.56% -0.237
EBIT 1.523 -100.44% 350.523
Unusual Expense 341 41.49% 100
Non Operating Income/Expense 74 -268.18% 118
Non-Operating Interest Income 241 69.72% 99
Interest Expense 47 -11.32% -6
Gross Interest Expense 47 -11.32% -6
Pretax Income 1.451 -100.27% 547.451
Income Tax 220 658.62% 191
Income Tax - Current Domestic 265 373.21% 209
Income Tax - Deferred Domestic -45 66.67% -18
Consolidated Net Income 1.231 -100.21% 576.231
Net Income 1.231 -100.21% 576.231
Net Income After Extraordinaries 1.231 -100.21% 576.231
Net Income Available to Common 1.231 -100.21% 576.231
EPS (Basic) 6.14 -308.14% 9.09
Basic Shares Outstanding 201 3.08% 6
EPS (Diluted) 5.95 -301.69% 8.9
Diluted Shares Outstanding 207 6.15% 12
EBITDA 1.654 -100.93% 179.654
EBIT 1.523 -100.44% 350.523
 2023 Changes in % Changes in $ 2022
14.322 16.20% 1.997 12.325
10.679 14.93% 1.387 9.292
10.508 15.32% 1.396 9.112
171 -5.00% -9 180
119 -4.03% -5 124
52 -7.14% -4 56
3.642 20.08% 0.609 3.033
3.991 7.40% 0.275 3.716
1.746 23.31% 0.33 1.416
2.245 -2.43% -0.056 2.301
-349 -48.90% 334 -683
241 -211.06% 458 -217
-44 -149.44% -133 89
142 189.80% 93 49
53 -13.11% -8 61
53 -13.11% -8 61
-546 40.36% -157 -389
29 -53.97% -34 63
56 -44.00% -44 100
-27 -27.03% 10 -37
-575 27.21% -123 -452
-575 27.21% -123 -452
-575 27.21% -123 -452
-575 27.21% -123 -452
-2.95 26.07% -0.61 -2.34
195 1.04% 2 193
-2.95 -4.22% 0.13 -3.08
195 -0.51% -1 196
-178 -64.61% 325 -503
-349 -48.90% 334 -683
 2024 2023
Net Revenue 16,953 14,322
Operating Activities
Fiscal year is January-December. All values USD Millions.
Net Income before Extraordinaries 1,231 -575
Depreciation, Depletion & Amortization 131 171
Depreciation and Depletion 92 119
Amortization of Intangible Assets 39 52
Deferred Taxes & Investment Tax Credit -45 -27
Deferred Taxes -45 -27
Other Funds 825 708
Funds from Operations 2,103 236
Changes in Working Capital 407 502
Receivables 157 -157
Accounts Payable 198 542
Other Assets/Liabilities 52 117
Net Operating Cash Flow 2.51 737
Investing Activities
Capital Expenditures -18 -6
Capital Expenditures (Fixed Assets) -18 -6
Net Assets from Acquisitions -11 -8
Purchase/Sale of Investments -1.59 -224
Purchase of Investments -7,869 -1,719
Sale/Maturity of Investments 6,279 1,495
Other Uses -9 -
Other Sources - 3
Net Investing Cash Flow -1,628 -235
Financing Activities
Change in Capital Stock 1,009 396
Repurchase of Common & Preferred Stk. - -
Sale of Common & Preferred Stock 1,009 396
Other Proceeds from Sale of Stock 1,009 396
Other Funds -146 -74
Other Uses -146 -74
Net Financing Cash Flow 789 251
Exchange Rate Effect 133 -71
Net Change in Cash 1,803 682
Free Cash Flow 2,491 731
 2022
12,325

-452
180
124
56
-37
-37
214
-150
201
-88
238
51
50

-26
-26
-322
-94
-480
387
-3
-
-445

43
-2
45
45
-42
-42
-44
164
-274
24
 2024
Net Revenue 16,953
Operating Activities
Fiscal year is January-December. All values USD Millions.
Net Income before Extraordinaries 1,231
Depreciation, Depletion & Amortization 131
Depreciation and Depletion 92
Amortization of Intangible Assets 39
Deferred Taxes & Investment Tax Credit -45
Deferred Taxes -45
Other Funds 825
Funds from Operations 2,103
Changes in Working Capital 407
Receivables 157
Accounts Payable 198
Other Assets/Liabilities 52
Net Operating Cash Flow 2,510
Investing Activities
Capital Expenditures -18
Capital Expenditures (Fixed Assets) -18
Net Assets from Acquisitions -11
Purchase/Sale of Investments -1,590
Purchase of Investments -7,869
Sale/Maturity of Investments 6,279
Other Uses -9
Other Sources -
Net Investing Cash Flow -1,628
Financing Activities
Change in Capital Stock 1,009
Repurchase of Common & Preferred Stk. -
Sale of Common & Preferred Stock 1,009
Other Proceeds from Sale of Stock 1,009
Other Funds -146
Other Uses -146
Net Financing Cash Flow 789
Exchange Rate Effect 133
Net Change in Cash 1,803
Free Cash Flow 2,491
 2023 2022
14,322 12,325

7.26% -575 -4.01% -452 -3.67%

0.77% 171 1.19% 180 1.46%
0.54% 119 0.83% 124 1.01%
0.23% 52 0.36% 56 0.45%
-0.27% -27 -0.19% -37 -0.30%
-0.27% -27 -0.19% -37 -0.30%
4.87% 708 4.94% 214 1.74%
12.40% 236 1.65% -150 -1.22%
2.40% 502 3.51% 201 1.63%
0.93% -157 -1.10% -88 -0.71%
1.17% 542 3.78% 238 1.93%
0.31% 117 0.82% 51 0.41%
14.81% 737 5.15% 50 0.41%
0.00%
-0.11% -6 -0.04% -26 -0.21%
-0.11% -6 -0.04% -26 -0.21%
-0.06% -8 -0.06% -322 -2.61%
-9.38% -224 -1.56% -94 -0.76%
-46.42% -1,719 -12.00% -480 -3.89%
37.04% 1,495 10.44% 387 3.14%
-0.05% - -3 -0.02%
3 0.02% -
-9.60% -235 -1.64% -445 -3.61%
0.00%
5.95% 396 2.76% 43 0.35%
- -2 -0.02%
5.95% 396 2.76% 45 0.37%
5.95% 396 2.76% 45 0.37%
-0.86% -74 -0.52% -42 -0.34%
-0.86% -74 -0.52% -42 -0.34%
4.65% 251 1.75% -44 -0.36%
0.78% -71 -0.50% 164 1.33%
10.64% 682 4.76% -274 -2.22%
14.69% 731 5.10% 24 0.19%
 2024 Changes in %
Net Revenue 16,953 18.37%
Operating Activities
Fiscal year is January-December. All values USD Millions.
Net Income before Extraordinaries 1,231 -314.09%
Depreciation, Depletion & Amortization 131 -23.39%
Depreciation and Depletion 92 -22.69%
Amortization of Intangible Assets 39 -25.00%
Deferred Taxes & Investment Tax Credit -45 66.67%
Deferred Taxes -45 66.67%
Other Funds 825 16.53%
Funds from Operations 2,103 791.10%
Changes in Working Capital 407 -18.92%
Receivables 157 -200.00%
Accounts Payable 198 -63.47%
Other Assets/Liabilities 52 -55.56%
Net Operating Cash Flow 2,510 240.57%
Investing Activities
Capital Expenditures -18 200.00%
Capital Expenditures (Fixed Assets) -18 200.00%
Net Assets from Acquisitions -11 37.50%
Purchase/Sale of Investments -1,590 609.82%
Purchase of Investments -7,869 357.77%
Sale/Maturity of Investments 6,279 320.00%
Other Uses -9
Other Sources -
Net Investing Cash Flow -1,628 592.77%
Financing Activities
Change in Capital Stock 1,009 154.80%
Repurchase of Common & Preferred Stk. -
Sale of Common & Preferred Stock 1,009 154.80%
Other Proceeds from Sale of Stock 1,009 154.80%
Other Funds -146 97.30%
Other Uses -146 97.30%
Net Financing Cash Flow 789 214.34%
Exchange Rate Effect 133 -287.32%
Net Change in Cash 1,803 164.37%
Free Cash Flow 2,491 240.77%
Changes in $ 2023 Changes in %Changes in $ 2022
14,322 16.20% 1,997 12,325
0
0
1,806 -575 27.21% -123 -452
-40 171 -5.00% -9 180
-27 119 -4.03% -5 124
-13 52 -7.14% -4 56
-18 -27 -27.03% 10 -37
-18 -27 -27.03% 10 -37
117 708 230.84% 494 214
1,867 236 -257.33% 386 -150
-95 502 149.75% 301 201
314 -157 78.41% -69 -88
-344 542 127.73% 304 238
-65 117 129.41% 66 51
1,773 737 1374.00% 687 50

-12 -6 -76.92% 20 -26

-12 -6 -76.92% 20 -26
-3 -8 -97.52% 314 -322
-1,366 -224 138.30% -130 -94
-6,150 -1,719 258.13% -1,239 -480
4,784 1,495 286.30% 1,108 387
-9 - 3 -3
-3 3 3 -
-1,393 -235 -47.19% 210 -445

613 396 820.93% 353 43

- 2 -2
613 396 780.00% 351 45
613 396 780.00% 351 45
-72 -74 76.19% -32 -42
-72 -74 76.19% -32 -42
538 251 -670.45% 295 -44
204 -71 -143.29% -235 164
1,121 682 -348.91% 956 -274
1,760 731 2945.83% 707 24
Dupont Decomposition
Net income
Shareholder
ROE = ’s Equity

Net income Total Asset

ROE = Total Asset x Equity

Financial
ROE = ROA x leverage

Net income Revenue Total Asset

ROE = Revenue x Total Asset x Equity
Net profit Total Asset Financial
ROE = margin x turnover x leverage

FY2022
ROE = -452 = -18.03%
2562
ROE = -452 8150
8150 x 22562
ROE = 9.90% x 318.11%
ROE = -452 12325 8150
12325 x 8150 x 2562
ROE = -3.67% x 1.51 x 3.18
Return on Equity (ROE)
Spotify’s ROE was negative in FY2022 (-18.03%) and FY2023 (-20.63%), reflecting persistent net losses.
However, in FY2024, ROE turned positive at 21.52%, signaling a significant improvement in profitability an
This sharp turnaround indicates that Spotify has started generating net income, enhancing value for equity

Return on Assets (ROA)

ROA followed a similar pattern. It was negative in FY2022 (-3.67%) and FY2023 (-4.01%), indicating that
By FY2024, ROA improved to a positive 7.26%. This suggests that Spotify has become more effective in d

Financial Leverage
Financial leverage was high across all periods:

FY2022: ~3.18

FY2023: ~3.31

FY2024: ~2.17

While leverage declined in FY2024, it remains elevated, indicating that Spotify relies significantly on debt f
Although leverage magnifies ROE when profits exist, it also poses higher risk if earnings decrease.

Net Profit Margin

Net profit margin was deeply negative in FY2022 (-3.67%) and FY2023 (-4.01%), highlighting operating ch
In FY2024, it rose to 7.26%, reflecting successful cost management and improved revenue monetization.

Total Asset Turnover

Total asset turnover was relatively stable:

FY2022: ~1.51

FY2023: ~1.55

FY2024: ~1.36

This indicates Spotify generates €1.36–€1.55 of revenue per euro of assets. A slight decrease in FY2024

Overall Summary
Spotify’s financial performance shows remarkable improvement in FY2024.
The company shifted from losses to profitability, driving positive ROA and ROE. Profitability gains stemme

Overall, the DuPont analysis demonstrates that Spotify is on a healthier financial trajectory, but continued
FY2023
ROE = -575 = -20.63%
2787
ROE = -575 x 9219
14322 2787
ROE = -4.01% x 330.79%
ROE = -575 x 14322 x 9219
14322 9219 2787
ROE = -0.04 1.55 3.31
g persistent net losses.
vement in profitability and shareholder returns.
hancing value for equity holders.

4.01%), indicating that Spotify was unable to generate positive returns from its asset base.
come more effective in deploying its assets to produce earnings.

es significantly on debt financing.

rnings decrease.

highlighting operating challenges and inability to cover costs.

revenue monetization. A positive margin is crucial for sustainable profitability going forward.

ht decrease in FY2024 suggests asset growth may have outpaced revenue growth, possibly due to investments in te

rofitability gains stemmed from higher net margins and continued efficiency in asset utilization, though total asset turn

rajectory, but continued focus on margin expansion and careful management of leverage will be crucial to sustain pe
FY2024
ROE = 1231 = 21.52%
5721
ROE = 1231 x 12431
16953 5721
ROE = 7.26% 217.29%
ROE = 1231 x 16953 x 12431
16953 12431 5721
ROE = 7.26% x 136.38% x 217.29%
due to investments in technology, content, or other non-current assets.

n, though total asset turnover slightly declined. Financial leverage remains significant but has decreased, reducing ris

be crucial to sustain performance and shareholder value.

decreased, reducing risk exposure.
 Revenue
Total Asset Turnover = Total Asset =

Revenue
Working capital turnover = (Current Asset - Current Liabilities) =
Total Asset
Financial Leverage = Total Equity =
Total Liabilities
Debt to EBITDA = EBITDA =
EBIT
Interest Coverage Ratio Interest Expense =
Current Assets
Current Ratio = Current Liabilities =

Quick Ratio = Current Ratio =

Cash & Short Term Investments
Cash Ratio = Current Liabilities =
Gross Profit
Gross Profit Margin = Revenue =
Net profit Margin Net profit
(Return on Sale) = Revenue =
Earning before taxes
Pretax Margin = Revenue =
Net income
Return on Assets (ROA) = Total Asset =
Net income
Return on Equity (ROE) = Shareholder’s Equity =
2022 2023 2024

1.51 1.55 1.36

13.80 11.09 4.17

3.18 3.31 2.17

(11.11) (36.13) 4.06

(11.20) (6.58) 32.40

1.24 1.29 1.88

1.24 1.29 1.88

0.95 1.03 1.67

0.25 0.25 0.30

(0.04) (0.04) 0.07

(0.03) (0.04) 0.09

0.10 (0.04) 0.07

(0.18) (0.21) 0.22

Consolidated statement of changes in equity
(in € millions, except share data)
shares Share
outstanding capital
Balance at January 1, 2022 192,151,811 —
Loss for the year — —
Other comprehensive income — —
Reclassification of gain on sale of long term investments, net of t — —

Issuance of ordinary shares 1,243,901 —

Repurchases of ordinary shares (1,209,040) —
Issuance of shares upon exercise of stock options, restricted stock 1,106,597 —

Restricted stock units withheld for

employee taxes — —
Share-based compensation — —
Income tax impact associated with share-based compensation — —
Balance at December 31, 2022 193,293,269 —
Loss for the year — —
Other comprehensive income — —
Reclassification of loss on sale of long term investments, net of t — —

Issuance of ordinary shares 4,484,819 —

Repurchases of ordinary shares (4,450,000) —
Issuance of shares upon exercise of stock options, restricted stock 3,815,301 —

Restricted stock units withheld for

employee taxes — —
Share-based compensation — —
Income tax impact associated with share-based compensation — —
Balance at December 31, 2023 197,143,389 —
Income for the year — —
Other comprehensive income — —

Issuance of ordinary shares 6,012,612 —

Repurchases of ordinary shares (6,000,000) —
Issuance of shares upon exercise of stock options, restricted stock 6,569,517 —
Issuance of ordinary shares upon net settlement of warrants 118.891 —
Restricted stock units withheld for
employee taxes — —
Share-based compensation — —
Income tax impact associated with share-based compensation — —
Balance at December 31, 2024 203,844,409 —
Share Treasury paid in
capital shares capital
-260 4.746
— —
— —
— —

— —
-2 —
— 43

— —
— —
— —
-262 4.789
— —
— —
— —

— —
— —
— 366

— —
— —
— —
-262 5.155
— —
— —

— —
— —
— 933
— 36
— —
— —
— —
-262 6.124
 Other Accumulated
reserves deficit
853 -3.22 2.119
— -430 -430
275 — 275
-3 3 —

— — —
— — -2
— — 43

-40 — -40
385 — 385
51 — 51
1.521 -3.647 2.401
— -532 -532
14 — 14
3 -3 —

— — —
— — —
— — 366

-71 — -71
322 — 322
23 — 23
1.812 -4.182 2.523
— 1.138 1.138
405 — 405

— — —
— — —
— — 933
— — 36
-137 — -137
268 — 268
359 — 359
2.707 -3.044 5.525
owners of the
parent
2.119
-430
275
—

—
-2
43

-40
385
51
2.401
-532
14
—

—
—
366

-71
322
23
2.523
1.138
405

—
—
933
36
-137
268
359
5.525