Income before income taxes 3.315 4.012 3193 104% 126 100% -17 26% 179 Income taxes -631 113 211 -2909 5494 100% 6589 -46% 39 Net income 3.946 3,899 2982 132% 131% 100% 19% 31% 20%% Balance Sheet Statement Horizontal Analysis Y-O-Y Analysis Vertical Million Million Milli Explanations 2020 2019 2018 2020 2019 2018 2020 2019 2020 20 Assets Intangible assets 2.127 1,774 1893 112% 949% 100% 20% -69% 10%% Property, plant and equipment 3.526 4.265 4015 106% 100% -17% Financial assets 21,067 21,183 19004 11 1% 111 100% 19% 119% 989 Fixed assets 26.720 27,222 24912 1079% 109% 100% -296 125% Inventories 2,271 2,588 2598 879% 100% 100% -129 119% Accounts receivable, trade 805 1,208 1562 52% 77%% 1009% -23% 494 Receivables from affiliated companies 20.580 21,348 18654 110% 114% 100% 14% 9698 Miscellaneous receivables and other assets 565 451 316 1799% 143% 100% 25% 43% 376 Receivables and other assets 21,950 23,007 20532 107% 112% 100% -5% 12% 102% Marketable securities 200 400 300 67% 133%% 1009% -50% 33% Cash at bank and on hand 2.469 970 1018 2439 959% 100% 1559 -59% 1794 Liquid funds 2,669 1,370 1318 203% 104% 100% 95% 494 12% Current assets 26.890 26.965 24448 110% 110% 100% 10% 125% Prepaid expenses 190 206 176 108% 117% 100 179% Deferred tax assets 1,320 613 595 222% 1038 100% 115% 394 326 206