appendix
A
Financial Statement Information
This appendix includes financial information for (1) Apple, (2) Google, and (3) Samsung. Apple states
that it designs, manufactures and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services. It competes with both Google and Samsung in the United
States and globally. The information in this appendix is taken from annual 10-K reports (or annual report
for Samsung) filed with the SEC or other regulatory agency. An annual report is a summary of a company’s financial results for the year along with its current financial condition and future plans. This report
is directed to external users of financial information, but it also affects the actions and decisions of internal users.
A company often uses an annual report to showcase itself and its products. Many annual reports include photos, diagrams, and illustrations related to the company. The primary objective of annual reports,
however, is the financial section, which communicates much information about a company, with most data
drawn from the accounting information system. The content of a typical annual report’s financial section
follows.
Letter to Shareholders
Financial History and Highlights
Quantitative and Qualitative Disclosures about Risk Factors
Management Discussion and Analysis
Management’s Report on Financial Statements and on Internal Controls
Report of Independent Accountants (Auditor’s Report) and on Internal Controls
Financial Statements
Notes to Financial Statements
Directors, Officers, and Corporate Governance
Executive Compensation
Accounting Fees and Services
This appendix provides the financial statements for Apple (plus selected notes), Google, and Samsung.
(Note: Google is part of Alphabet; we refer to Alphabet as “Google” because of its global familiarity and
because Google makes up 99% of Alphabet’s revenues.) The appendix is organized as follows:
APPLE
GOOGLE
Samsung
Apple A-1 through A-8
Google A-9 through A-12
Samsung A-13 through A-16
Many assignments at the end of each chapter refer to information in this appendix. We encourage readers
to spend time with these assignments; they are especially useful in showing the relevance and diversity of
accounting and reporting.
Special note: The SEC maintains the EDGAR (Electronic Data Gathering, Analysis, and Retrieval) database at
SEC.gov for U.S. filers. The Form 10-K is the annual report form for most companies. It provides electronically
accessible information. The Form 10-KSB is the annual report form filed by small businesses. It requires slightly
less information than the Form 10-K. One of these forms must be filed within 90 days after the company’s fiscal
year-end. (Forms 10-K405, 10-KT, 10-KT405, and 10-KSB405 are slight variations of the usual form due to
certain regulations or rules.)
A
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A-1
Financial Statement Information
APPLE
Appendix A
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
Current assets
Cash and cash equivalents
Marketable securities
Accounts receivable, net
Inventories
Vendor non-trade receivables
Other current assets
Total current assets
Non-current assets
Marketable securities
Property, plant and equipment, net
Other non-current assets
Total non-current assets
Total assets
September 28, 2019
September 29, 2018
$
48,844
51,713
22,926
4,106
22,878
12,352
162,819
$          25,913
40,388
23,186
3,956
25,809
12,087
131,339
105,341
37,378
32,978
175,697
338,516
170,799
41,304
22,283
234,386
$         365,725
46,236
37,720
5,522
5,980
10,260
105,718
$          55,888
33,327
5,966
11,964
8,784
115,929
91,807
50,503
142,310
248,028
93,735
48,914
142,649
258,578
ASSETS
$
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable
$
Other current liabilities
Deferred revenue
Commercial paper
Term debt
Total current liabilities
Non-current liabilities
Term debt
Other non-current liabilities
Total non-current liabilities
Total liabilities
Commitments and contingencies
Shareholders’ equity
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares
authorized; 4,443,236 and 4,754,986 shares issued and outstanding, respectively
Retained earnings
Accumulated other comprehensive income (loss)
Total shareholders’ equity
Total liabilities and shareholders’ equity
$
45,174
45,898
(584)
90,488
338,516
40,201
70,400
(3,454)
107,147
$         365,725
See accompanying Notes to Consolidated Financial Statements.
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APPLE
A-2
Appendix A
Financial Statement Information
Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Years ended
September 28, 2019
September 29, 2018
Net sales:
Products
$
213,883
$
225,847
Services
46,291
39,748
Total net sales
260,174
265,595
Cost of sales:
Products
144,996
148,164
Services
16,786
15,592
Total cost of sales
161,782
163,756
Gross margin
98,392
101,839
Operating expenses:
Research and development
16,217
14,236
Selling, general and administrative
18,245
16,705
Total operating expenses
34,462
30,941
Operating income
63,930
70,898
Other income (expense), net
1,807
2,005
Income before provision for income taxes
65,737
72,903
Provision for income taxes
10,481
13,372
Net income
$
55,256
$
59,531
Earnings per share:
Basic
Diluted
Shares used in computing earnings per share:
Basic
Diluted
$
$
11.97
11.89
$
$
4,617,834
4,648,913
12.01
11.91
4,955,377
5,000,109
September 30, 2017
$
196,534
32,700
229,234
126,337
14,711
141,048
88,186
$
11,581
15,261
26,842
61,344
2,745
64,089
15,738
48,351
$
$
9.27
9.21
5,217,242
5,251,692
See accompanying Notes to Consolidated Financial Statements.
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended
September 28, 2019 September 29, 2018 September 30, 2017
Net income
$
55,256 $ 59,531 $ 48,351
Other comprehensive income (loss):
Change in foreign currency translation, net of tax
(408)
(525)
224
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivatives
(661)
523
1,315
Adjustment for net (gains) losses realized and included in net income
23
382
(1,477)
Total change in unrealized gains/losses on derivative instruments
(638)
905
(162)
Change in unrealized gains/losses on marketable securities, net of tax:
Change in fair value of marketable securities
3,802
(3,407)
(782)
Adjustment for net (gains) losses realized and included in net income
25
1
(64)
Total change in unrealized gains/losses on marketable securities
3,827
(3,406)
(846)
Total other comprehensive income (loss)
2,781
(3,026)
(784)
Total comprehensive income
$
58,037 $ 56,505 $ 47,567
See accompanying Notes to Consolidated Financial Statements.
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A-3
Financial Statement Information
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
Years ended
Total shareholders’ equity, beginning balances
Common stock and additional paid-in capital
Beginning balances
Common stock issued
Common stock withheld related to net share settlement of
equity awards
Share-based compensation
Tax benefit from equity awards, including transfer
pricing adjustments
Ending balances
(In millions)
September 28, 2019
$
107,147
September 29, 2018
$
134,047
September 30, 2017
$
128,249
40,201
781
35,867
669
31,251
555
(2,002)
6,194
(1,778)
5,443
(1,468)
4,909
—
45,174
—
40,201
620
35,867
70,400
55,256
(14,129)
98,330
59,531
(13,735)
96,364
48,351
(12,803)
(1,029)
(67,101)
2,501
45,898
(948)
(73,056)
278
70,400
(581)
(33,001)
—
98,330
(3,454)
2,781
89
(584)
90,488
(150)
(3,026)
(278)
(3,454)
107,147
634
(784)
—
(150)
134,047
Retained earnings
Beginning balances
Net income
Dividends and dividend equivalents declared
Common stock withheld related to net share settlement of
equity awards
Common stock repurchased
Cumulative effects of changes in accounting principles
Ending balances
Accumulated other comprehensive income (loss)
Beginning balances
Other comprehensive income (loss)
Cumulative effects of changes in accounting principles
Ending balances
Total shareholders’ equity, ending balances
$
$
$
APPLE
Appendix A
See accompanying Notes to Consolidated Financial Statements.
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APPLE
A-4
Appendix A
Financial Statement Information
Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
September 28, 2019
$
25,913
September 29, 2018
$ 20,289
September 30, 2017
$ 20,484
55,256
59,531
48,351
12,547
6,068
(340)
(652)
10,903
5,340
(32,590)
(444)
10,157
4,840
5,966
(166)
245
(289)
2,931
873
(1,923)
(625)
(4,700)
69,391
(5,322)
828
(8,010)
(423)
9,175
(3)
38,449
77,434
(2,093)
(2,723)
(4,254)
(5,318)
8,966
(593)
1,092
64,225
Investing activities
Purchases of marketable securities
Proceeds from maturities of marketable securities
Proceeds from sales of marketable securities
Payments for acquisition of property, plant and equipment
Payments made in connection with business acquisitions, net
Purchases of non-marketable securities
Proceeds from non-marketable securities
Other
Cash generated by (used in) investing activities
(39,630)
40,102
56,988
(10,495)
(624)
(1,001)
1,634
(1,078)
45,896
(71,356)
55,881
47,838
(13,313)
(721)
(1,871)
353
(745)
16,066
(159,486)
31,775
94,564
(12,451)
(329)
(521)
126
(124)
(46,446)
Financing activities
Proceeds from issuance of common stock
Payments for taxes related to net share settlement of equity awards
Payments for dividends and dividend equivalents
Repurchases of common stock
Proceeds from issuance of term debt, net
Repayments of term debt
Proceeds from (Repayments of) commercial paper, net
Other
Cash used in financing activities
Increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, ending balances
$
781
(2,817)
(14,119)
(66,897)
6,963
(8,805)
(5,977)
(105)
(90,976)
24,311
50,224
669
(2,527)
(13,712)
(72,738)
6,969
(6,500)
(37)
—
(87,876)
5,624
$ 25,913
$
555
(1,874)
(12,769)
(32,900)
28,662
(3,500)
3,852
—
(17,974)
(195)
20,289
Supplemental cash flow disclosure:
Cash paid for income taxes, net
Cash paid for interest
$
$
15,263
3,423
$ 10,417
$   3,022
$ 11,591
$ 2,092
Years ended
Cash, cash equivalents and restricted cash, beginning balances
Operating activities
Net income
Adjustments to reconcile net income to cash generated
by operating activities:
Depreciation and amortization
Share-based compensation expense
Deferred income tax expense (benefit)
Other
Changes in operating assets and liabilities:
Accounts receivable, net
Inventories
Vendor non-trade receivables
Other current and non-current assets
Accounts payable
Deferred revenue
Other current and non-current liabilities
Cash generated by operating activities
See accompanying Notes to Consolidated Financial Statements.
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Financial Statement Information
APPLE INC.
SELECTED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Basis of Presentation and Preparation
In the opinion of the Company’s management, the consolidated financial statements reflect all adjustments, which are
normal and recurring in nature, necessary for fair financial
statement presentation. The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles
requires management to make estimates and assumptions
that affect the amounts reported.
The Company’s fiscal year is the 52- or 53-week period
that ends on the last Saturday of September. The Company’s
fiscal years 2019 and 2018 spanned 52 weeks each, whereas
fiscal year 2017 included 53 weeks. A 14th week was included in the first fiscal quarter of 2017, as is done every
five or six years, to realign the Company’s fiscal quarters
with calendar quarters. Unless otherwise stated, references
to particular years, quarters, months and periods refer to the
Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Revenue Recognition
Net sales consist of revenue from the sale of iPhone, Mac,
iPad, Services and other products. The Company recognizes
revenue at the amount to which it expects to be entitled when
control of the products or services is transferred to its customers. Control is generally transferred when the Company has a
present right to payment and title and the significant risks and
rewards of ownership of products or services are transferred to
its customers. For most of the Company’s Products net sales,
control transfers when products are shipped. For the Company’s Services net sales, control transfers over time as services
are delivered. Payment for Products and Services net sales is
collected within a short period following transfer of control or
commencement of delivery of services, as applicable.
The Company records reductions to Products net sales
related to future product returns, price protection and other
customer incentive programs based on the Company’s expectations and historical experience.
For arrangements with multiple performance obligations, which represent promises within an arrangement that
are capable of being distinct, the Company allocates revenue to all distinct performance obligations based on their
relative stand-alone selling prices (“SSPs”). When available, the Company uses observable prices to determine
SSPs. When observable prices are not available, SSPs are
established that reflect the Company’s best estimates of
what the selling prices of the performance obligations
would be if they were sold regularly on a stand-alone basis.
The Company has identified up to three performance obligations regularly included in arrangements involving the sale
of iPhone, Mac, iPad and certain other products. The first performance obligation, which represents the s­ ubstantial portion
of the allocated sales price, is the hardware and bundled
wiL47988_appA_A-A16.indd 5
A-5
APPLE
Appendix A
s­oftware delivered at the time of sale. The second performance obligation is the right to receive certain product-related
bundled services, which include iCloud, Siri and Maps. The
third performance obligation is the right to receive, on a
when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device. The
Company allocates revenue and any related discounts to these
performance obligations based on their relative SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is
based on the Company’s estimated SSPs. Revenue allocated
to the delivered hardware and bundled software is recognized
when control has transferred to the customer, which generally
occurs when the product is shipped. Revenue allocated to the
product-related bundled services and unspecified software
upgrade rights is deferred and recognized on a straight-line
basis over the estimated period they are expected to be provided. Cost of sales related to delivered hardware and bundled
software, including estimated warranty costs, are recognized
at the time of sale. Costs incurred to provide product-related
bundled services and unspecified software upgrade rights are
recognized as cost of sales as incurred.
For the sale of third-party products where the Company
obtains control of the product before transferring it to the
customer, the Company recognizes revenue based on the
gross amount billed to customers. The Company considers
multiple factors when determining whether it obtains control of third-party products including, but not limited to,
evaluating if it can establish the price of the product, retains
inventory risk for tangible products or has the responsibility
for ensuring acceptability of the product. For thirdparty applications sold through the App Store, Mac App Store, TV
App Store and Watch App Store and certain digital content
sold through the Company’s other digital content stores, the
Company does not obtain control of the product before
transferring it to the customer. Therefore, the Company accounts for such sales on a net basis by recognizing in
Services net sales only the commission it retains.
The Company has elected to record revenue net of taxes
collected from customers that are remitted to governmental authorities, with the collected taxes recorded within other current
liabilities until remitted to the relevant government authority.
Deferred Revenue As of September 28, 2019 and September 29, 2018, the Company had total deferred revenue of
$8.1 billion and $8.8 billion, respectively. As of September
28, 2019, the Company expects 68% of total deferred revenue to be realized in less than a year, 25% within one-to-two
years, 6% within two-to-three years and 1% in greater than
three years.
Advertising Costs
Advertising costs are expensed as incurred and included in
selling, general and administrative expenses.
8/22/20 11:45 AM
APPLE
A-6
Appendix A
Financial Statement Information
Apple Inc. Notes—continued
Other Income and Expense
$ millions
Interest and dividend income
Interest expense
Other income (expense), net
Total other income (expense), net
Inventories
2019
$ 4,961
(3,576)
422
$ 1,807
2018
$ 5,686
(3,240)
(441)
$ 2,005
2017
$ 5,201
(2,323)
(133)
$ 2,745
Cash Equivalents and Marketable Securities
All highly liquid investments with maturities of three
months or less at the date of purchase are classified as cash
equivalents. The Company’s investments in marketable debt
securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt
securities as either short-term or long-term based
on each instrument’s underlying contractual maturity date.
Unrealized gains and losses on marketable debt securities
classified as available-for-sale are recognized in other comprehensive income/(loss) (“OCI”).
The Company’s investments in marketable equity securities are classified based on the nature of the securities and
their availability for use in current operations. The Company’s marketable equity securities are measured at fair value
with gains and losses recognized in other income/(expense),
net (“OI&E”). The cost of securities sold is determined using the specific identification method.
Restricted Cash and Restricted Marketable Securities
The Company considers cash and marketable securities to
be restricted when withdrawal or general use is legally restricted. The Company records restricted cash as other assets in the Consolidated Balance Sheets, and determines
current or non-current classification based on the expected
duration of the restriction. The Company records restricted
marketable securities as current or non-current marketable
securities in the Consolidated Balance Sheets based on the
classification of the underlying securities.
The Company’s restricted cash primarily consisted of
cash required to be on deposit under a contractual agreement with a bank to support the Company’s iPhone Upgrade Program.
Accounts Receivable (Trade Receivables)
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and
education, enterprise and government customers.
As of September 28, 2019, the Company had no customers that individually represented 10% or more of total trade
receivables. As of September 29, 2018, the Company had
one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s c­ ellular
network carriers accounted for 51% and 59% of total trade
receivables as of September 28, 2019 and September 29,
2018, respectively.
wiL47988_appA_A-A16.indd 6
Inventories are measured using the first-in, first-out method.
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis over the estimated useful lives
of the assets, which for buildings is the lesser of 30 years or
the remaining life of the underlying building; between one
and five years for machinery and equipment, including
product tooling and manufacturing process equipment; and
the shorter of lease term or useful life for leasehold improvements. Capitalized costs related to internal-use software are amortized on a straight-line basis over the
estimated useful lives of the assets, which range from three
to five years. Depreciation and amortization expense on
property and equipment was $11.3 billion, $9.3 billion and
$8.2 billion during 2019, 2018 and 2017, respectively.
$ millions
Land and buildings
Machinery, equipment and internal-use software
Leasehold improvements
Gross property, plant and equipment
Accumulated depreciation and amortization
Total property, plant and equipment, net
2019
2018
$17,085 $16,216
69,797
65,982
9,075
8,205
95,957
90,403
(58,579) (49,099)
$37,378 $41,304
Fair Value Measurements
The fair values of the Company’s money market funds and
certain marketable equity securities are based on quoted
prices in active markets for identical assets. The valuation
techniques used to measure the fair value of the Company’s
debt instruments and all other financial instruments, which
generally have counterparties with high credit ratings, are
based on quoted market prices or model-driven valuations
using significant inputs derived from or corroborated by
­observable market data.
Financial Instruments
The Company typically invests in highly rated securities, with
the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount
of credit exposure to any one issuer. Fair values were determined for each individual security in the investment portfolio.
Accrued Warranty and Guarantees
The following table shows changes in the Company’s accrued
warranties and related costs for 2019 and 2018:
$ millions
Beginning accrued warranty and related costs
Cost of warranty claims
Accruals for product warranty
Ending accrued warranty and related costs
2019
2018
$ 3,692 $ 3,834
(3,857) (4,115)
3,735
3,973
$ 3,570 $ 3,692
8/22/20 11:45 AM
A-7
Financial Statement Information
Apple Inc. Notes—continued
Other Non-Current Liabilities
$ millions
Long-term taxes payable
Other non-current liabilities
Total other non-current liabilities
2019
$29,545
20,958
$50,503
2018
$33,589
15,325
$48,914
Term Debt
As of September 28, 2019, the Company had outstanding
floating- and fixed-rate notes with varying maturities for an
aggregate principal amount of $101.7 billion (collectively
the “Notes”). The Notes are senior unsecured obligations
and interest is payable in arrears.
The Company recognized $3.2 billion, $3.0 billion and
$2.2 billion of interest cost on its term debt for 2019, 2018
and 2017, respectively.
The future principal payments for the Company’s Notes
as of September 28, 2019 are as follows (in millions):
2020
2021
2022
2023
2024
Thereafter
Total term debt
$ 10,270
8,750
9,528
9,290
10,039
53,802
$101,679
As of September 28, 2019 and September 29, 2018, the fair
value of the Company’s Notes, based on Level 2 inputs, was
$107.5 billion and $103.2 billion, respectively.
Share Repurchase Program
On April 30, 2019, the Company announced the Board
of Directors increased the current share repurchase program authorization from $100 billion to $175 billion of
the Company’s common stock, of which $96.1 billion
had been utilized as of September 28, 2019. During
2019, the Company repurchased 345.2 million shares of
its common stock for $67.1 billion, including 62.0 million shares delivered under a $12.0 billion accelerated
share repurchase arrangement dated February 2019,
which settled in August 2019. The Company’s share repurchase program does not obligate it to acquire any specific number of shares.
Contingencies
The Company is subject to various legal proceedings and
claims that have arisen in the ordinary course of business
and that have not been fully resolved. The outcome of
litigation is inherently uncertain. If one or more legal
matters were resolved against the Company in a reporting period for amounts above management’s expectations,
wiL47988_appA_A-A16.indd 7
the Company’s financial condition and operating results
for that reporting period could be materially adversely affected. In the opinion of management, there was not
at least a reasonable possibility the Company may have
incurred a material loss, or a material loss greater than
a recorded accrual, concerning loss contingencies for
asserted legal and other claims, except for the following
matters:
∙ VirnetX
∙ iOS Performance Management Cases
∙ Qualcomm
∙ French Competition Authority
APPLE
Appendix A
Disaggregated Revenue by Significant Products
and Services
Net sales (mil.)
2019
iPhone
$142,381
Mac
25,740
iPad
21,280
Wearables, Home and Accessories 24,482
Services
46,291
Total net sales
$260,174
2018
$164,888
25,198
18,380
17,381
39,748
$265,595
Reportable segment (mil.)
Americas:
Net sales
Operating income
Europe:
Net sales
Operating income
Greater China:
Net sales
Operating income
Japan:
2019
2018
2017
$116,914
$ 35,099
$112,093
$ 34,864
$96,600
$30,684
$ 60,288
$ 19,195
$ 62,420
$ 19,955
$54,938
$16,514
$ 43,678
$ 16,232
$ 51,942
$ 19,742
$44,764
$17,032
$ 21,506
$ 9,369
$ 21,733
$ 9,500
$17,733
$ 8,097
$ 17,788
$ 6,055
$ 17,407
$ 6,181
$15,199
$ 5,304
Net sales
Operating income
Rest of Asia Pacific:
Net sales
Operating income
2017
$139,337
25,569
18,802
12,826
32,700
$229,234
A reconciliation of the Company’s segment operating
income to the Consolidated Statements of Operations for
2019, 2018 and 2017 is as follows:
$ millions
Segment operating income
Research and development
expense
Other corporate expenses, net
Total operating income
2019
$ 85,950
2018
$ 90,242
2017
$77,631
(16,217)
(5,803)
$ 63,930
(14,236)
(5,108)
$ 70,898
(11,581)
(4,706)
$61,344
8/22/20 11:45 AM
APPLE
A-8
Appendix A
Financial Statement Information
Apple Inc. Notes—continued
Selected Financial Data
(in millions, except number of shares, which are reflected
in thousands, and per share amounts).
2019
2018
2017
2016
2015
Total net sales
$ 260,174
$ 265,595
$ 229,234
$ 215,639
$ 233,715
Net income
$
55,256
$
59,531
$
48,351
$
45,687
$
53,394
Basic
$
11.97
$
12.01
$
9.27
$
8.35
$
9.28
Diluted
$
11.89
$
11.91
$
9.21
$
8.31
$
9.22
$
3.00
$
2.72
$
2.40
$
2.18
$
1.98
Earnings per share:
Cash dividends
declared per share
Shares used in
computing earnings
per share:
Basic
4,617,834
4,955,377
5,217,242
5,470,820
5,753,421
Diluted
4,648,913
5,000,109
5,251,692
5,500,281
5,793,069
Total cash, cash
equivalents and
marketable securities
$ 205,898
$ 237,100
$ 268,895
$ 237,585
$ 205,666
Total assets
$ 338,516
$ 365,725
$ 375,319
$ 321,686
$ 290,345
Non-current portion
of term debt
$
91,807
$
93,735
$
97,207
$
75,427
$
53,329
Other non-current
liabilities
$
50,503
$
48,914
$
44,212
$
39,986
$
38,104
Company Background
The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The
Company’s fiscal year is the 52- or 53-week period that
ends on the last Saturday of September. The Company is a
California corporation established in 1977.
Products
iPhone iPhone® is the Company’s line of smartphones
based on its iOS operating system. In September 2019, the
Company introduced three new iPhones: iPhone 11, iPhone
11 Pro and iPhone 11 Pro Max.
Mac Mac® is the Company’s line of personal computers based on its macOS® operating system. During 2019,
the Company released a new version of MacBook Air® and
a new Mac mini®, and introduced an updated Mac Pro®,
which is expected to be available in the fall of 2019.
iPad iPad® is the Company’s line of multi-purpose tablets. iPad is based on the Company’s iPadOS™ operating system, which was introduced during 2019. Also during 2019,
the Company released two new versions of iPad Pro®, an
iPad Air®, an updated iPad mini® and a new 10.2-inch iPad.
Wearables, Home and Accessories Wearables, Home
and Accessories includes AirPods®, Apple TV®, Apple
Watch®, Beats® products, HomePod™, iPod touch® and
other Apple-branded and third-party accessories. AirPods
are the Company’s wireless headphones that interact with
Siri. In October 2019, the Company introduced AirPods
Pro™. Apple Watch is a personal electronic device that
wiL47988_appA_A-A16.indd 8
combines the watchOS® user interface and other technologies created specifically for a smaller device. In September
2019, the Company introduced Apple Watch Series 5.
Services
Digital Content Stores and Streaming Services The
Company operates various platforms that allow customers to
discover and download applications and digital content, such
as books, music, video, games and podcasts. These platforms
include the App Store®, available for iPhone and iPad, the
Mac App Store, the TV App Store and the Watch App Store.
The Company also offers subscription-based digital content streaming services, including Apple Music®, which offers
users a curated listening experience with on-demand radio
stations, and Apple TV+, which offers exclusive original content, and is expected to be available in November 2019.
AppleCare AppleCare® includes AppleCare+ (“AC+”)
and the AppleCare Protection Plan, which are fee-based
services that extend the coverage of phone support eligibility
and hardware repairs. AC+ offers additional coverage for
instances of accidental damage and is available in certain
countries for certain products. Additionally, AC+ with theft
and loss protection is available for iPhone in the U.S.
iCloud iCloud ® is the Company’s cloud service,
which stores music, photos, contacts, calendars, mail, documents and more, keeping them up-to-date and available
across multiple Apple devices and Windows personal
computers.
Licensing The Company licenses the use of certain of
its intellectual property, and provides other related services.
Other Services The Company delivers a variety of
other services available in certain countries, including
Apple Arcade ™, a game subscription service; Apple
Card™, a co-branded credit card; Apple News+, a subscription news and magazine service; and Apple Pay, a
cashless payment service.
Markets and Distribution
The Company’s customers are primarily in the consumer,
small and mid-sized business, education, enterprise and government markets. The Company sells its products and resells
third-party products in most of its major markets directly to
consumers, small and mid-sized businesses, and education,
enterprise and government customers through its retail and
online stores and its direct sales force. The Company also
employs a variety of indirect distribution channels, such as
third-party cellular network carriers, wholesalers, retailers
and resellers. During 2019, the Company’s net sales through
its direct and indirect distribution channels accounted for
31% and 69%, respectively, of total net sales.
Employees
As of September 28, 2019, the Company had approximately
137,000 full-time equivalent employees.
8/22/20 11:45 AM
Google Inc. (Alphabet Inc.)a
CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts which are reflected in thousands,
and par value per share amounts)
Assets
Current assets
Cash and cash equivalents
Marketable securities
Total cash, cash equivalents, and marketable securities
Accounts receivable, net of allowance of $729 and $753
Income taxes receivable, net
Inventory
Other current assets
Total current assets
Non-marketable investments
Deferred income taxes
Property and equipment, net
Operating lease assets
Intangible assets, net
Goodwill
Other non-current assets
Total assets
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
Accrued compensation and benefits
Accrued expenses and other current liabilities
Accrued revenue share
Deferred revenue
Income taxes payable, net
Total current liabilities
Long-term debt
Deferred revenue, non-current
Income taxes payable, non-current
Deferred income taxes
Operating lease liabilities
Other long-term liabilities
Total liabilities
Commitments and Contingencies
Stockholders’ equity
Convertible preferred stock, $0.001 par value per share, 100,000 shares
authorized; no shares issued and outstanding
Class A and Class B common stock, and Class C capital stock and
additional paid-in capital, $0.001 par value per share: 15,000,000
shares authorized (Class A 9,000,000, Class B 3,000,000,
Class C 3,000,000); 695,556 (Class A 299,242, Class B 46,636, Class C
349,678) and 688,335 (Class A 299,828, Class B 46,441, Class C 342,066)
shares issued and outstanding
Accumulated other comprehensive loss
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
December 31, 2018
December 31, 2019
$        16,701
92,439
109,140
20,838
355
1,107
4,236
135,676
13,859
737
59,719
0
2,220
17,888
2,693
$       232,792
$        18,498
101,177
119,675
25,326
2,166
999
4,412
152,578
13,078
721
73,646
10,941
1,979
20,624
2,342
$       275,909
$         4,378
6,839
16,958
4,592
1,784
69
34,620
4,012
396
11,327
1,264
0
3,545
55,164
$         5,561
8,495
23,067
5,916
1,908
274
45,221
4,554
358
9,885
1,701
10,214
2,534
74,467
0
0
45,049
(2,306)
134,885
177,628
$       232,792
APPLE
A-9
Financial Statement Information
GOOGLE
Appendix A
50,552
(1,232)
152,122
201,442
$       275,909
a
Google is part of Alphabet, but we loosely refer to Alphabet as “Google” because of its global
familiarity and because Google provides 99% of Alphabet’s $161,857 billion in revenues.
See accompanying notes.
wiL28773_appA_A-A16.indd 9
10/5/20 9:06 AM
A-10
Appendix A
Financial Statement Information
Google Inc. (Alphabet Inc.)a
CONSOLIDATED STATEMENTS OF INCOME
(In millions)
Year Ended December 31
Revenues
Costs and expenses
Cost of revenues
Research and development
Sales and marketing
General and administrative
European Commission fines
Total costs and expenses
Income from operations
Other income (expense), net
Income before income taxes
Provision for income taxes
Net income
2017
$      110,855
2018
$     136,819
2019
$     161,857
45,583
16,625
12,893
6,840
2,736
84,677
26,178
1,015
27,193
14,531
$      12,662
59,549
21,419
16,333
6,923
5,071
109,295
27,524
7,389
34,913
4,177
$      30,736
71,896
26,018
18,464
9,551
1,697
127,626
34,231
5,394
39,625
5,282
$      34,343
Google is part of Alphabet, but we loosely refer to Alphabet as “Google” because of its
global familiarity and because Google provides 99% of Alphabet’s $161,857 billion in revenues.
a
GOOGLE
See accompanying notes.
Google Inc. (Alphabet Inc.)a
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Year Ended December 31
Net income
Other comprehensive income (loss):
Change in foreign currency translation adjustment
Available-for-sale investments:
Change in net unrealized gains (losses)
Less: reclassification adjustment for net (gains) losses included in net income
Net change (net of tax effect of $0, $156, and $221)
Cash flow hedges:
Change in net unrealized gains (losses)
Less: reclassification adjustment for net (gains) losses included in net income
Net change (net of tax effect of $247, $103, and $42)
Other comprehensive income (loss)
Comprehensive income
2017
$     12,662
2018
$     30,736
2019
$     34,343
1,543
(781)
(119)
307
105
412
88
(911)
(823)
1,611
(111)
1,500
290
98
388
(1,216)
$     29,520
22
(299)
(277)
1,104
$     35,447
(638)
93
(545)
1,410
$     14,072
Google is part of Alphabet, but we loosely refer to Alphabet as “Google” because of its
global familiarity and because Google provides 99% of Alphabet’s $161,857 billion in revenues.
a
See accompanying notes.
wiL47988_appA_A-A16.indd 10
8/22/20 11:45 AM
Google Inc. (Alphabet Inc.)a
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In millions, except share amounts which are reflected in thousands)
Class A and Class B
Common Stock, Class C
Capital Stock and
Additional Paid-In Capital
Shares
Amount
Balance as of December 31, 2016
691,293 $       36,307
Cumulative effect of accounting change
0
0
Common and capital stock issued
8,652
212
Stock-based compensation expense
0
7,694
Tax withholding related to vesting of restricted stock units
0
(4,373)
Repurchases of capital stock
(5,162)
(315)
Sale of interest in consolidated entities
0
722
Net income
0
0
Other comprehensive income
0
0
Balance as of December 31, 2017
694,783
40,247
Cumulative effect of accounting change
0
0
Common and capital stock issued
8,975
148
Stock-based compensation expense
0
9,353
Tax withholding related to vesting of restricted stock
units and other
0
(4,782)
Repurchases of capital stock
(8,202)
(576)
Sale of interest in consolidated entities
0
659
Net income
0
0
Other comprehensive loss
0
0
Balance as of December 31, 2018
695,556
45,049
Cumulative effect of accounting change
0
0
Common and capital stock issued
8,120
202
Stock-based compensation expense
0
10,890
Tax withholding related to vesting of
restricted stock units and other
0
(4,455)
Repurchases of capital stock
(15,341)
(1,294)
Sale of interest in consolidated entities
0
160
Net income
0
0
Other comprehensive income (loss)
0
0
Balance as of December 31, 2019
688,335 $       50,552
Accumulated
Other Total
Comprehensive
Retained
Stockholders’
Income (Loss)
Earnings
Equity
$       (2,402) $      105,131 $     139,036
0
(15)
(15)
0
0
212
0
0
7,694
0
0
(4,373)
0
(4,531)
(4,846)
0
0
722
0
12,662
12,662
1,410
0
1,410
(992)
113,247
152,502
(98)
(599)
(697)
0
0
148
0
0
9,353
0
0
0
0
(1,216)
(2,306)
(30)
0
0
0
(8,499)
0
30,736
0
134,885
(4)
0
0
(4,782)
(9,075)
659
30,736
(1,216)
177,628
(34)
202
10,890
APPLE
A-11
Financial Statement Information
GOOGLE
Appendix A
0
0
(4,455)
0
(17,102)
(18,396)
0
0
160
0
34,343
34,343
1,104
0
1,104
$       (1,232) $      152,122 $     201,442
Google is part of Alphabet, but we loosely refer to Alphabet as “Google” because of its
global familiarity and because Google provides 99% of Alphabet’s $161,857 billion in revenues.
a
See accompanying notes.
wiL47988_appA_A-A16.indd 11
8/22/20 11:45 AM
A-12
Appendix A
Financial Statement Information
Google Inc. (Alphabet Inc.)a
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
GOOGLE
Year Ended December 31
Operating activities
Net income
Adjustments:
Depreciation and impairment of property and equipment
Amortization and impairment of intangible assets
Stock-based compensation expense
Deferred income taxes
(Gain) loss on debt and equity securities, net
Other
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable
Income taxes, net
Other assets
Accounts payable
Accrued expenses and other liabilities
Accrued revenue share
Deferred revenue
Net cash provided by operating activities
2017
2018
2019
$ 12,662
$ 30,736
$ 34,343
6,103
812
7,679
258
37
294
8,164
871
9,353
778
(6,650)
(189)
10,856
925
10,794
173
(2,798)
(592)
(3,768)
8,211
(2,164)
731
4,891
955
390
37,091
(2,169)
(2,251)
(1,207)
1,067
8,614
483
371
47,971
(4,340)
(3,128)
(621)
428
7,170
1,273
37
54,520
(13,184)
(92,195)
73,959
(1,745)
533
(287)
1,419
99
(31,401)
(25,139)
(50,158)
48,507
(2,073)
1,752
(1,491)
0
98
(28,504)
(23,548)
(100,315)
97,825
(1,932)
405
(2,515)
0
589
(29,491)
Financing activities
Net payments related to stock-based award activities
Repurchases of capital stock
Proceeds from issuance of debt, net of costs
Repayments of debt
Proceeds from sale of interest in consolidated entities
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
(4,166)
(4,846)
4,291
(4,377)
800
(8,298)
405
(2,203)
12,918
$ 10,715
(4,993)
(9,075)
6,766
(6,827)
950
(13,179)
(302)
5,986
10,715
$ 16,701
(4,765)
(18,396)
317
(585)
220
(23,209)
(23)
1,797
16,701
$ 18,498
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$ 6,191
$ 5,671
$ 8,203
Investing activities
Purchases of property and equipment
Purchases of marketable securities
Maturities and sales of marketable securities
Purchases of non-marketable investments
Maturities and sales of non-marketable investments
Acquisitions, net of cash acquired, and purchases of intangible assets
Proceeds from collection of notes receivable
Other investing activities
Net cash used in investing activities
Google is part of Alphabet, but we loosely refer to Alphabet as “Google” because of its
global familiarity and because Google provides 99% of Alphabet’s $161,857 billion in revenues.
a
See accompanying notes.
wiL47988_appA_A-A16.indd 12
8/22/20 11:45 AM
Samsung Electronics Co., Ltd. and Subsidiaries
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
In thousands of US dollars
Assets
Current assets
Cash and cash equivalents
Short-term financial instruments
Short-term financial assets at amortized cost
Short-term financial assets at fair value through profit or loss
Trade receivables
Non-trade receivables
Advance payments
Prepaid expenses
Inventories
Other current assets
Total current assets
Non-current assets
Financial assets at amortized cost
Financial assets at fair value through other comprehensive income
Financial assets at fair value through profit or loss
Investment in associates and joint ventures
Property, plant and equipment
Intangible assets
Net defined benefit assets
Deferred income tax assets
Other non-current assets
Total assets
Liabilities and Equity
Current liabilities
Trade payables
Short-term borrowings
Other payables
Advances received
Withholdings
Accrued expenses
Current income tax liabilities
Current portion of long-term liabilities
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Debentures
Long-term borrowings
Long-term other payables
Net defined benefit liabilities
Deferred income tax liabilities
Long-term provisions
Other non-current liabilities
Total liabilities
Equity attributable to owners of the parent company
Preference shares
Ordinary shares
Share premium
Retained earnings
Other components of equity
Non-controlling interests
Total equity
Total liabilities and equity
December 31, 2019
December 31, 2018
$ 23,069,002
65,426,571
3,358,516
1,482,192
30,143,757
3,585,812
1,224,266
2,064,610
22,966,437
2,312,887
155,634,050
$ 26,033,073
56,538,875
2,319,851
1,717,732
29,059,541
2,643,362
1,168,472
3,548,957
24,869,754
1,996,067
149,895,684
—
7,654,241
900,077
6,513,833
102,813,888
17,764,234
506,094
3,865,469
6,859,137
$302,511,023
204,476
6,264,780
665,340
6,274,952
99,031,047
12,777,442
482,518
4,691,711
10,890,850
$291,178,800
$  7,480,499
12,350,032
10,298,520
919,862
769,958
16,611,144
1,190,751
725,971
3,491,005
889,802
54,727,544
$  7,276,025
11,657,766
9,190,823
703,812
816,205
17,452,068
7,482,067
28,646
3,761,637
904,980
59,274,029
836,835
1,885,248
1,874,152
403,944
14,632,684
524,342
2,066,906
76,951,655
825,401
73,006
2,740,586
432,502
13,009,904
569,405
1,674,233
78,599,066
102,506
667,588
3,778,674
218,439,838
(4,263,406)
218,725,200
6,834,168
225,559,368
$302,511,023
102,506
667,588
3,778,674
208,243,059
(6,805,356)
205,986,471
6,593,263
212,579,734
$291,178,800
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
wiL47988_appA_A-A16.indd 13
APPLE
A-13
Financial Statement Information
SAMSUNG
Appendix A
8/22/20 11:45 AM
APPLE
A-14
Appendix A
Financial Statement Information
Samsung Electronics Co., Ltd. and Subsidiaries
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
For the year ended December 31
2019
2018
In thousands of US dollars
Revenue
Cost of sales
Gross profit
Selling and administrative expenses
Operating profit
Other non-operating income
Other non-operating expense
Share of net profit of associates and joint ventures
Financial income
Financial expense
Profit before income tax
Income tax expense
Profit for the year
$197,690,938
126,335,995
71,354,943
47,528,721
23,826,222
1,526,149
1,213,861
354,332
8,718,988
7,100,090
26,111,740
7,459,135
$ 18,652,605
$209,163,262
113,598,417
95,564,845
45,038,298
50,526,547
1,274,207
979,886
463,203
8,579,720
7,386,694
52,477,097
14,427,866
$ 38,049,231
Profit attributable to owners of the parent company
Profit attributable to non-controlling interests
$ 18,451,988
$
200,617
$ 37,659,703
$
389,528
$
$
Earnings per share
(in US dollars)
—Basic
—Diluted
2.72
2.72
5.54
5.54
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
Samsung Electronics Co., Ltd. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the year ended December 31
SAMSUNG
In thousands of US dollars
Profit for the year
Other comprehensive income (loss)
Items that will not be reclassified to profit or loss subsequently:
Gain (loss) on valuation of financial assets at fair
value through other comprehensive income, net of tax
Share of other comprehensive loss of associates
and joint ventures, net of tax
Remeasurement of net defined benefit liabilities (assets), net of tax
Items that may be reclassified to profit or loss subsequently:
Share of other comprehensive income of associates and joint ventures, net of tax
Foreign currency translation, net of tax
Gain on valuation of cash flow hedge derivatives
Other comprehensive income (loss) for the year, net of tax
Total comprehensive income for the year
Comprehensive income attributable to:
Owners of the parent company
Non-controlling interests
wiL47988_appA_A-A16.indd 14
2019
$18,652,605
983,817
(14,497)
(1,012,877)
2018
$38,049,231
(202,380)
(9,122)
(351,922)
41,742
2,588,248
1,553
2,587,986
$21,240,591
5,739
506,786
40,395
(10,504)
$38,038,727
$20,993,415
$ 247,176
$37,652,492
$ 386,235
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
8/22/20 11:45 AM
A-15
APPLE
Financial Statement Information
Samsung Electronics Co., Ltd. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In thousands of US dollars)
Equity
attributable
Other
to owners
NonPreference Ordinary
Share
Retained
components
of the parent
controlling
shares
shares
premium
earnings
of equity
company
interests
Balance as of January 1, 2018
102,506
Cumulative effect of changes in
accounting policies
—
—
—
211,529
(224,576)
(12,150,503)
Restated total equity at the beginning of
the financial year
667,588 $3,778,674
$185,172,550
$(11,925,927) $177,795,391
Total
$6,244,755
$184,040,146
—
(13,047)
177,782,344
6,244,755
184,027,099
37,659,703
389,528
38,049,231
2,990
(202,380)
(13,047)
102,506
667,588
3,778,674
185,384,079
Profit for the year
—
—
—
37,659,703
Gain (loss) on valuation of financial assets
at fair value through other comprehensive
income, net of tax
—
—
—
Share of other comprehensive income (loss)
of associates and joint ventures, net of tax
—
—
—
—
80
(3,383)
Foreign currency translation, net of tax
—
—
—
—
497,023
497,023
9,763
506,786
Remeasurement of net defined benefit
liabilities (assets), net of tax
—
—
—
—
(335,796)
(335,796)
(16,126)
Gain on valuation of cash flow hedge
derivatives
—
—
—
—
40,395
40,395
—
37,652,492
386,235
38,038,727
(8,703,297)
(43,465)
(8,746,762)
(2,581)
—
(202,789)
(3,463)
(3,463)
(351,922)
40,395
Total comprehensive income (loss)
—
—
—
37,657,122
Dividends
—
—
—
(8,703,297)
Capital transaction under common control
—
—
—
—
1,474
1,474
6,856
Changes in consolidated entities
—
—
—
—
—
—
35
35
Acquisition of treasury shares
—
—
—
—
—
(750,872)
Retirement of treasury shares
—
—
—
Other
—
—
—
Total transactions with owners
(6,094,845)
—
(4,630)
(205,370)
—
(750,872)
(750,872)
6,094,845
—
4,330
4,330
(9,448,365)
—
(1,153)
(37,727)
8,330
—
3,177
—
—
—
(14,798,142)
5,349,777
Balance as of December 31, 2018
102,506
667,588
3,778,674
208,243,059
(6,805,356)
205,986,471
6,593,263
212,579,734
(9,486,092)
Balance as of January 1, 2019
(6,805,356)
102,506
667,588
3,778,674
208,243,059
Profit for the year
—
—
—
18,451,988
Gain (loss) on valuation of financial assets
at fair value through other comprehensive
income, net of tax
—
—
—
(1,085)
Share of other comprehensive income (loss)
of associates and joint ventures, net of tax
—
—
—
(522)
Foreign currency translation, net of tax
—
—
—
—
Remeasurement of net defined benefit
liabilities (assets), net of tax
—
—
—
—
Gain on valuation of cash flow hedge
derivatives
—
—
—
—
1,553
1,553
—
1,553
Total comprehensive income
—
—
—
18,450,381
2,543,034
20,993,415
247,176
21,240,591
Dividends
—
—
—
(8,253,602)
(8,253,602)
(18,327)
(8,271,929)
Capital transaction under common control
—
—
—
—
(73)
(73)
6,312
6,239
Changes in consolidated entities
—
—
—
—
—
—
4,917
4,917
Other
—
—
—
—
Total transactions with owners
—
—
—
Balance as of December 31, 2019
102,506
667,588 $3,778,674
(8,253,602)
$218,439,838
205,986,471
6,593,263
212,579,734
—
18,451,988
200,617
18,652,605
953,498
952,413
31,404
983,817
27,009
26,487
758
27,245
2,545,753
2,545,753
42,495
2,588,248
(984,779)
—
(984,779)
(1,011)
(1,011)
(1,084)
(8,254,686)
$(4,263,406) $218,725,200
(28,098)
827
(6,271)
$6,834,168
The above consolidated statement of financial position should be read in conjunction with the accompanying notes.
wiL47988_appA_A-A16.indd 15
(1,012,877)
(184)
(8,260,957)
$225,559,368
SAMSUNG
Appendix A
8/22/20 11:45 AM
SAMSUNG
APPLE
A-16
Appendix A
Financial Statement Information
Samsung Electronics Co., Ltd. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the year ended December 31
2019
2018
In thousands of US dollars
Cash flows from operating activities
Profit for the year
Adjustments
Changes in assets and liabilities arising from operating activities
Cash generated from operations
Interest received
Interest paid
Dividends received
Income tax paid
Net cash inflow from operating activities
$18,652,605
32,126,956
(2,184,336)
48,595,225
1,978,962
(497,640)
207,473
(11,344,104)
38,939,916
$38,049,231
37,414,045
(8,515,406)
66,947,870
1,534,604
(470,434)
185,328
(10,681,998)
57,515,370
Cash flows from investing activities
Net increase in short-term financial instruments
Net increase in short-term financial assets at amortized cost
Net decrease (increase) in short-term financial assets at fair value through profit or loss
Disposal of long-term financial instruments
Acquisition of long-term financial instruments
Disposal of financial assets at amortized cost
Acquisition of financial assets at amortized cost
Disposal of financial assets at fair value through other comprehensive income
Acquisition of financial assets at fair value through other comprehensive income
Disposal of financial assets at fair value through profit or loss
Acquisition of financial assets at fair value through profit or loss
Disposal of investment in associates and joint ventures
Acquisition of investment in associates and joint ventures
Disposal of property, plant and equipment
Acquisition of property, plant and equipment
Disposal of intangible assets
Acquisition of intangible assets
Cash outflow from business combinations
Cash inflow (outflow) from other investing activities
Net cash outflow from investing activities
(1,742,585)
(701,945)
321,746
3,935,450
(10,918,835)
595,974
(707,898)
1,351
(54,719)
55,189
(116,543)
10,424
(10,964)
440,397
(21,766,303)
6,213
(2,788,525)
(874,680)
39,512
(34,276,741)
(10,612,375)
(1,232,856)
(119,839)
219,527
(6,588,518)
—
(136,183)
13,910
(391,377)
68,761
(166,327)
127
(43,953)
477,900
(25,360,292)
10,241
(875,635)
(85,038)
(1,965)
(44,823,892)
742,876
—
—
(608,687)
(8,270,727)
(1,459)
(8,137,997)
510,751
(2,964,071)
(1,755,933)
(750,872)
3,072
(1,704,560)
(8,746,499)
6,924
(12,947,868)
80,816
(175,574)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Acquisition of treasury shares
Proceeds from long-term borrowings
Repayment of debentures and long-term borrowings
Dividends paid
Net increase (decrease) in non-controlling interests
Net cash outflow from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents
Beginning of the year
End of the year
wiL47988_appA_A-A16.indd 16
26,033,073
$23,069,002
26,208,647
$26,033,073
The above consolidated statements of cash flows should be read in conjunction with the accompanying notes.
8/22/20 11:45 AM