Buffett Warren (Warren Buffett)

Buffett Warren (Warren Buffett)

1980s: Warren Buffett accidentally met with Bill Gates, bought Microsoft shares and earned $37 billion

Warren Buffett accidentally met with, Bill Gates bought shares Microsoft and earned $37 billion. The investor told journalist Bob Woodward about this for his new book, How to Lead: Wisdom from the World's Greatest CEOs, Founders, and Game Changers.

Warren Buffett makes $37 billion after buying Microsoft shares

The book was published in September 2020, but the conversation between Buffett and Woodford took place in 2016. When the head of Berkshire Hathaway acquired Microsoft securities and at what price, it is not reported. According to Business Insider, Warren Bafet probably bought shares for less than $10 thousand, and by October 2020 their value exceeds $1 million. It is not known when Buffett withdrew from Microsoft's equity.

I bought 100 shares to follow what this young guy [Bill Gates - approx. TAdviser] is doing, "Buffett said about his investments in Microsoft.[1]

2011: Buying a stake in IBM

On November 14, 2011, it became known that the famous billionaire and investor Warren Buffett (Warren Buffett) bought a stake in the technology company IBM, which is estimated at $12 billion (7.5 billion pounds). Buffett-owned investment firm Berkshire Hathaway acquired the stock. It got 64 million shares or about 5.4% of all securities of the Blue Giant.

Investors have agreed with regulators to keep the purchase a secret for months. But now, when it was officially announced, it also became known that Berkshire Hathaway bought, among other things, small stakes in Intel, DirecTV, General Dynamics and CVS Caremark.

Buffett is a close friend of Microsoft co-founder Bill Gates, but he was not previously famous as a technology investor. Before that, he preferred to invest in completely different industries and brands like Coca-Cola and American Express, as well as in insurance companies.

During a technology boom in 1998, Buffett told shareholders, "I don't want to play games where others have a major advantage." "I can spend all my time thinking about the technologies of the future, but I will not be the hundredth, not the thousandth and not even the ten thousandth expert in this field. There are people who do it much better than me. The fact that someone will earn a lot of money there does not bother me at all, "the billionaire said at the time.

The company famously IBM began its journey as the Computing-Tabulating-Recording Company in 1911, gaining its current name only in 1924. For a long time it dominated the computer market, but in 1994 it suffered a serious collapse, never being able to capitalize on the new types of computing at the head of which it stood. Microsoft In 1990, the company closed one of its most profitable financial years. But in 1992, IBM lost $5 billion - more than any American firm has ever lost in one year.

Under the leadership of one of its former directors, Louis Gerstner, IBM has undergone one of the most significant transformations in its history, selling the computer business and focusing on providing services. Over the past six months, IBM shares have risen in value by 10%.

Buffett is 81 and has a reputation as a financial visionary, which even earned him the nickname "Oracle of Omaha." Thanks to his intuition, he became one of the three richest people on the planet, according to Forbes.

2015: $2 billion loss on IBM investment

In early November 2015, it became known that Warren Buffett's Berkshire Hathaway investment company lost a couple of billion dollars due to a stake in IBM's business. At the same time, the billionaire does not plan to get rid of the shares of the American supplier of IT equipment and services, considering the decline in vendor quotes temporary.

The fact that Berkshire's investments in IBM turned into monetary losses in the amount of $2 billion, reports Bloomberg, citing a statement made by the investment company for the US Securities and Exchange Commission (U.S. Securities and Exchange Comission, SEC).

As of September 30, 2015, Berkshire's stake in IBM is 8.2% and estimated at $11 billion, while in 2011, when Warren Buffett's company began buying up blue giant securities, the package cost more than $13 billion.

"IBM continues to be profitable and generate substantial cash flows," Berkshire said in a statement to the SEC. "We have no intention now of returning our investment in IBM common stock and expect the real value of these investments to recover and ultimately be above our costs."

When Berkshire began acquiring IBM shares in the first quarter of 2011, their prices rose to record highs in early 2013. However, from then until November 2015, the corporation's quotes fell, which led to a reduction in its market capitalization by more than a third.

Warren Buffett is known for trying to avoid investing in IT companies, but IBM has become an exception. Moreover, this corporation was among the four largest shares owned by Berkshire. In 2015, the billionaire decided to buy more IBM securities amid falling value, hoping for a long-term return on those investments.

It is worth noting that it is not only IBM that makes Berkshire losses. Between the end of September 2014 and the end of September 2015, only two of the ten largest companies in Berkshire's investment portfolio - financial services provider Wells Fargo and car manufacturer General Motors - were able to increase their market value.^[2]

2016

Recognition of the error of buying IBM shares

In late February 2016, Warren Buffett stated that buying IBM shares could be a mistake for his investment company Berkshire Hathaway. Despite this, the billionaire continues to acquire securities from an American manufacturer of IT solutions.

We had stocks that caused us to lose money, "Buffett admitted in an interview with CNBC. - In case of my mistake, they sold out and recorded as large losses. In recent years, we have done so with some stocks and bonds.

By December 31, 2015, Berkshire owns an 8.59% stake in IBM against an 8.2% stake by September 30. In 2015, IBM quotes fell 4%, as a result of which the value of a package of securities of an IT company owned by Berkshire decreased by about $2.6 billion. In 2016, negative dynamics continued: shares of the "blue giant" from the beginning of January to the end of February fell by more than 4%.

Уоррен Баффет (слева) и глава IBM Ginny Rometty (right)

Thus, despite the losses, Berkshire not only does not reduce its stake in IBM, but also increases it. A statement issued by Buffett's investment company to the US financial regulator said there were no plans to get rid of IBM shares.

We expect the real value of our investments in IBM common stock to recover and eventually exceed our costs, Berkshire said.

The intrinsic value of IBM's securities is well above the marks at which they are traded on the exchange, Warren Buffett said. It is not important how much shares are worth now, since the stock market is fluctuating, but what their value will be in 10 years, said the businessman, who by the end of February 2016 is one of the three richest people on the planet.

Buffett said that so far he has not thought about whether he is doing the right thing by buying IBM shares, but this investment may indeed be a mistake.

According to Fortune, taking into account the share in IBM, Berkshire shareholders can theoretically count on 8% of the profit of the IT corporation, which in 2015 amounted to $13.2 billion. That is, Berkshire's share is estimated at $1.1 billion.^[3]

Friendship with Bill Gates

Warren Buffett and Bill Gates are longtime friends. At the same time, they also have business relations: since 2004, Bill Gates has been an independent director of the Berkshire Hathaway council.

Starting a friendship with Buffett was quite uncomfortable, Gates said - it seemed that the tech-cutting-edge "nerd" and investor who doesn't use email had nothing to talk about. However, having met at a party with mutual friends, they quickly became friends. Buffett asked about the sales business software and why Gates thought the small company expected Microsoft to compete with. IBM

They were surprisingly good questions that nobody ever asked me. We suddenly lost hours in the conversation, the time passed unnoticed. He didn't behave like an investment shark. He has a very modest manner of talking about what he is doing, "Gates said on his blog in 2016.

2017

IBM stock sale

On May 4, 2017, it became known that Warren Buffett had sold a third of his IBM shares. The billionaire spoke about this in an interview with CNBC.

I don't rate IBM the way it was six years ago when I started buying. I revised my estimate somewhat downward. When it rose above $180, we sold a significant number of shares, "Buffett said.

IBM is a big, strong company, he said, but it also has big competitors. Who exactly the businessman meant, he did not specify.

Before the sale of IBM shares, which Buffett spoke about in May 2017, he had about 81 million of the company's securities. More than 50 million remained after the deal.

Warren Buffett-owned investment firm Berkshire Hathaway began buying up IBM shares in 2011 and in a short time became the IT giant's largest shareholder. The total investment is estimated at $13 billion.

As the Bloomberg news agency notes, in 2016, IBM quotes jumped 21% after three years of decline, but the company's securities are still trading more than 25% below the highest marks recorded in 10 years recorded in 2013. IBM's share price growth dynamics are lower than those of competitors, as well as the entire S&P 500 index, to which IBM belongs. From the beginning of 2017 to May 4, the corporation's shares fell by 7%.

That could put some pressure on management to take more aggressive measures to return to growth. Other investors may be impatient, "said Anurag Rana, Bloomberg Intelligence.

In early May 2017, the international rating agency Moody's downgraded IBM's credit rating from A1 to Aa3. Experts explained their decision by the problems facing the company on the way to becoming a cloud service provider. In the first quarter of 2017, IBM's profit and revenue were below Wall Street expectations, in the case of sales, this was the first time in a year.^[4]

Cut IBM stake by a third

Owned by Warren Buffett, Berkshire Hathaway sold another large part of IBM Corp, reducing its stake by almost a third (32%): from 54.1 million shares worth $8.32 billion to 37 million shares for $5.37 billion. This was reported on November 15, 2017 by the Reuters news agency.

Warren Buffett sold $3 billion in IBM shares

In 2011, Warren Buffett invested more than $10 billion in IBM, making it one of the largest in his investment portfolio. The move seemed quite unexpected to many then, given the 87-year-old Buffett's opposition to investing in tech companies and businesses that were harder for him to understand. However, the billionaire defended his choice for several years, as IBM struggled with falling sales and declining quotations, which fell 54% by mid-November 2017 since the end of 2016, when Berkshire owned approximately 81 million shares worth $13.8 billion.

In May 2017, Buffett announced that he intends to sell IBM shares, since he no longer values ​ ​ the "blue giant" as highly as in 2011, when he began investing in an IT company. In the spring of 2013, IBM shares traded at around $215, and on November 14, 2017, they closed at only $149, falling more than 30%, as the company met fierce competition in the cloud business in the face of Microsoft and Amazon, Reuters notes.

IBM is a big strong company, but they also have big strong competitors, "noted Warren Buffett.

Another big Berkshire Hathaway investment is with Apple. The acquisition of shares in the company was initiated by one of Buffett's deputies in 2016. The billionaire has since joined hedge funds including Coatue Management, which have been building up their equity stakes in Apple (about 3% of outstanding shares). By mid-November 2017, Berkshire's investment in Apple grew by about 4 million shares - to 134.1 million shares worth $20.7 billion.^[5]

2018

Buying 75 million shares of Apple

In the first quarter of 2018, Warren Buffett bought 75 million shares of Apple and entered the top three largest shareholders of the American corporation.

By the end of 2017, Berkshire Hathaway, which Buffett owns, owned 165.3 million Apple securities, which at that time corresponded to about 3.3% in equity. What became the share after the acquisition of 75 million shares is not specified.

Berkshire Hathaway became Apple's third-largest investor, ahead of State Street, Bloomberg calculated. MarketWatch notes that by the end of 2017, Apple ranked second in investments made by Berkshire Hathaway. Then Warren Buffett's company owned a stake in Apple in the amount of $28 billion, and more was only in Wells Fargo ($29 billion). With the stock acquisition in the first quarter of 2018, Apple likely climbed to the top spot in Berkshire Hathaway's investment portfolio.

The news agency Reuters reports that by early May 2018, Berkshire Hathaway owns 240.3 million Apple shares worth about $42.5 billion, although the initial investment was small.

This is an incredible company, "Buffett said in an interview with CNBC, commenting on the purchase of Apple shares. - I think that Apple earns almost twice as much as the second most profitable company in the United States.

In February 2018, the businessman said that in the previous year he bought more Apple shares than anyone. At the same time, Berkshire Hathaway prefers to buy the entire company than their shares.

Warren Buffett ranks among Apple's top three shareholders

By the close of the exchange on May 3, 2018, the value of Apple securities amounted to $177, which is 4.5% more compared to the beginning of the year and 20.3% more than a year ago, while the S&P 500 index, to which the company belongs, sank 1.6% since the beginning of 2018 and increased by 10.1% compared to the beginning of May 2017.^[6]

Disruption of $3 billion investment in Uber

At the end of May 2018, it became known about Warren Buffett's failed attempt to invest about $3 billion in Uber. The businessman wanted to strike a deal like the one when he saved Goldman Sachs bank from collapse at a time of financial crisis.

According to Bloomberg, citing knowledgeable sources, negotiations between Warren Buffett's Berkshire Hathaway and Uber over financing the taxi ordering service did not lead to a deal, since the parties did not agree on its terms and the size of the financial component.

Warren Buffett was going to invest $3 billion in Uber

According to one of the interlocutors of the news agency, initially Buffett offered more than $3 billion. It was about a convertible loan that would protect Berkshire's investments in the event of Uber's financial difficulties, but at the same time provide good upside if the company succeeds.

It is noted that the structure of the contract offered by the billionaire was similar to the deal with Goldman Sachs in 2008. Then Berkshire Hathaway provided the bank with $5 billion in capital in exchange for preferred shares and bank IOUs. Goldman Sachs management agreed to pay a 10% dividend on preferred shares. Buffett earned more than $1.6 billion in profits on these shares alone, and income from warrants for the purchase of valuable Goldman Sachs brought the entrepreneur even more.

Warren Buffett was ready to invest more than $3 billion in Uber, but the company's CEO Dara Khosrowshahi proposed to limit the amount of $2 billion so that Berkshire Hathaway would receive a smaller stake in Uber. The terms of the contract were never agreed.

Buffett himself, in an interview with CNBC , confirmed that he had plans to invest in Uber. At the same time, he noted that not all the details of the alleged transaction were correctly transmitted to the media.^[7]

Buffett's share in Apple exceeded $50 billion

On August 6, 2018, Berkshire Hathaway released its financial statements, from which the latest information about the company's stake in Apple became known.

As of June 30, 2018, Warren Buffett's investment company owned 246.5 million shares of Apple, or 5.1% of the total number of securities outstanding. If we assume that over the week Berkshire Hathaway did not reduce its stake in Apple, then its size in monetary terms reached $51.3 billion, based on the rate of quotations as of August 6. Berkshire Hathaway does not have such a large share in terms of its market value in any other company.

As of June 30, 2018, Warren Buffett's investment company owned 246.5 million shares of Apple, or 5.1% of the total number of securities

By August 6, Berkshire Hathaway remains Apple's third-largest shareholder behind Vanguard Group and BlackRock, according to Bloomberg. By the end of March, Berkshire owned about $41 billion in Apple shares.

Warren Buffett first disclosed his stake in the iPhone maker in 2016, and the businessman's subsequent release of the information only contributed to a further rise in Apple quotes. By the close of the Nasdaq exchange on Monday, August 6, 2018, the value of one Apple share rose 0.5% to $209.07, and the company's market capitalization amounted to more than $1 trillion.

In an interview with CNBC in May 2018, Warren Buffett admitted that he likes to buy Apple shares and would like to buy 100%.

We really like the leadership of Apple, then how they think and act, - said the billionaire.

Since the announcement was made, Apple's securities have risen in price by 19%, while the S&P 500, to which the company belongs, has increased by 5%.

In a letter to shareholders in August 2018, Buffett revealed that he was looking for options for new investments, but could not find companies with "reasonable" share prices.^[8]

Buffett discourages Apple from buying Tesla

At the end of August 2018, Warren Buffett called on Apple to abandon the possible purchase of Tesla Motors, because, according to the billionaire, this deal is meaningless, because it is more difficult to be a leader in the automotive industry than in IT.

Rumors that Apple is going to acquire Tesla have passed through the press several times. They are fueled by the electric car developer's financial and manufacturing difficulties, as well as Apple's years of work on its own vehicles.

Warren Buffett Doubts Apple Should Acquire Tesla, as Developing Strategy for Long-Term Benefits in Auto Industry Is Much More Difficult Than in Tech Sector

Business Insider auto journalist Matthew DeBord believes that thanks to the takeover of Tesla, Apple will be able to take a profitable position that will allow it to make money on potentially attractive business models related, in particular, to self-driving cars and ride sharing services, for which the future of the auto industry.

However, in an interview with Fox Business Network, Warren Buffett warned that buying Tesla is a "very bad idea" for Apple. According to the businessman, creating long-term competitive advantages in the automotive industry is more difficult than in the technology market, where companies can be ahead due to the high speed of operation, scaling and effect of the network business.

You can win the car industry in the first year, but lose next year, "Buffett said.

He also expressed bewilderment at the lack of explanation from Tesla chief Elon Musk regarding a highly controversial Twitter post regarding the company receiving the necessary funding for privatization. Musk later said Tesla would remain a public company.

According to Buffett, Musk should have immediately clarified what he meant, claiming that he received funds to transfer the company to private property, specifying that the deal was not concluded.^[9]

If you make a reservation, you should immediately correct yourself, - said Buffett.

Purchase of 41.4 million shares of Oracle. Share value - $2.1 billion

In the financial statements for the third quarter of 2018, which Berkshire Hathaway published on November 14, it became known about the purchase of 41.4 million shares of Oracle by Warren Buffett. The cost of this share is estimated at $2.1 billion. The size of the percentage share is not specified.

On news of Warren Buffett's investment, also known as the Oracle of Omaha, Oracle rose 3.5% in electronic trading after the exchange closed on November 14, 2018. Since the beginning of the same year, the securities of the American manufacturer of corporate software have risen in price by 3.3%.

Buffett bought shares of Oracle. The share is estimated at $2.1 billion

As noted by CNBC, Oracle is only one of two large technology companies whose shares are in Berkshire's portfolio. Another IT giant is Apple, Buffett's stake in which is estimated at $57.6 billion. For several years, Berkshire also owned part of IBM's stock, but disposed of the package entirely in 2018.

Simultaneously with the purchase of a stake in Oracle, it became known about the acquisition of Berkshire more than 35 million shares of the investment bank JPMorgan Chase. As a result, Warren Buffett's stake in JPMorgan Chase amounted to about $4 billion.

In addition, Berkshire bought a small package of securities from bank PNC Financial and insurance company Travelers. Berkshire's portfolio includes shares of more than 90 companies in areas such as insurance, power, food industry, retail, railways, industrial sector, etc.

Berkshire buys not only shares of other companies, but also its own. In the third quarter of 2018, the investment corporation bought out its own securities worth $928 million, but despite all the transactions, Berkshire approached September 30, 2018 with a stock of cash and cash equivalents at $103.6 billion.^[10]

2019

Sale of all Oracle shares, which were worth $2.13 billion

On February 14, 2019, it became known that Warren Buffett sold all his shares Oracle just a few months after buying them.

The businessman's investment company Berkshire Hathaway provided the US Securities and Exchange Commission (SEC) with a report in which it announced the sale by December 31, 2018 of its stake in Oracle, the value of which was estimated at $2.13 billion. On this news, the shares of the American manufacturer of corporate software fell by almost 3% on Thursday, February 14.

Warren Buffett sold all of his shares in the Oracle. They cost $2.13 billion

According to Reuters, Berkshire, as a rule, has owned shares in companies for decades, and such a quick exit from investments, as in the case of Oracle, is rare.

By the end of 2018, the total value of Berkshire-owned securities of various companies is $183.1 billion, which is $38 billion less than three months earlier. The number of shares Apple in Berkshire during this time decreased from 252.5 to 249.6 million units, and their total value fell below $40 billion after the manufacturer's quotes fell iPhone by 30%.

However, as Buffett's assistant Debbie Bosanek clarified to Reuters, the businessman himself has nothing to do with this sale of Apple shares: one of the Berkshire managers owns the company's securities and sold part of them.

In a report to the SEC, Berkshire also reported owning 4.18 million Red Hat shares worth $733.4 million. After the disclosure of this information, Red Hat securities rose 0.3%.

In addition, Berkshire increased its stakes in General Motors and major investment banksJPMorgan Chase, Bank of America, PNC Financial Services Group and US Bancorp. In the latter case, Bloomberg observers suggest that we can talk about a consolidation rate in the financial sector.^[11]

Using Samsung's  $20 clamshell phone

At the end of March 2019, it became known that Warren Buffett uses a cheap mobile phone in a folding form factor. We are talking about the Samsung SCH-U320 model.

This device is equipped with a 2.2-inch display and lacks cameras. At the time of the start of sales, Samsung SCH-U320 cost more than $260, but by the end of March 2019, the phone can be bought for about $20-30.

Warren Buffett shows off phone he uses

The billionaire showed off his pipe at Gatehouse's Hands Up for Success luncheon event.

By the way, here's my phone. Alexander Graham Bell [known for creating the first phone - approx. TAdviser] lent it to me, and I forgot to return it, "Buffett joked, showing the phone.

According to the businessman, he lacks practical skills in working with the iPhone, while he actively uses the iPad tablet to monitor stock rates and conduct research on the market.

Warren Buffett at the end of March 2019 also said that he was presented with a new iPhone X not so long ago, but he has not yet set up this smartphone.

One person sent me a "top ten" the other day, but I'm not using it yet. This is a very good guy. He even explained how to use the phone. In my opinion, he painted everything to me like a three-year-old child. He sent me this very good letter and explained what to do with it - that he wouldn't bite me or anything. Now I am gaining courage to change my phone the other day, "Buffett said.

In a 2018 interview with Bloomberg, Apple CEO Tim Cook promised to fly to Buffett and personally set up a new iPhone for him.

I told him that I myself would come to Omaha [Buffett's hometown - approx. TAdviser] and provide him with technical support, "Cook said.

Warren Buffett also said that every Christmas he receives a postcard from Cook, in which he says that he is "going to sell the iPhone" to the founder of Berkshire Hathaway. By the end of March 2019, Buffett's Berkshire Hathaway owns a 5.5% stake in Apple.^[12]

Gates and Buffett worked a shift at a cafe

In early June 2019, during a trip to Omaha (Nebraska), co-founder Microsoft Bill Gates and investor Warren Buffett worked a shift at a local cafe from the Dairy Queen chain, which is owned by Buffett himself. More. here

Cryptocurrency creator pays record $4.6 million for Buffett lunch

In early June 2019, the executive director of torrent client BitTorrent and founder of the TRON cryptocurrency Justin Sun won the auction for the right to dine with investor Warren Buffett. He paid a record $4.57 million, 38% higher than the amount handed over by the winner of the philanthropic action in 2018. Read more here.

2020: Buffett has been running the company for 50 years - the longest serving directors out of SP500

By February 2020, Warren Buffett has led Berkhshire Hathaway for half a century. Buffett is 89 years old and still leads his company. But he is far from a record - Lex Wexner headed L Brands (owns, for example, Victoria's Secret) for almost 60 years.

2021: $4.1 billion transfer of Berkshire Hathaway shares to five charitable foundations

In June 2021, Warren Buffett announced that he was transferring $4.1 billion in Berkshire Hathaway shares to five funds, and was also leaving the post of trustee of the Bill and Melinda Gates Foundation.

Buffett said his 16 annual contributions to five funds over the years amounted to about $41 billion.

"Today is a momentous day for me," Buffett said. "In 2006, I pledged to direct all of my shares in Berkshire Hathaway - more than 99% of my net worth to charity, Bill & Melinda Gates Foundation, Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation and NoVo Foundation.

With today's distribution of $4.1 billion, I'm halfway there. "

2022

Record $19m paid for last lunch with Warren Buffett

On June 18, 2022, it became known that the last dinner with Warren Buffett was sold at a charity auction for a record $19 million.

The annual auction in favor of the homeless charity Glide brought a record amount of $19,000,100 from a participant who chose to remain anonymous.

Record $19m paid for last lunch with Warren Buffett

According to a statement from eBay, which held the auction, the winner, who beat 43 other applicants who started with $25,000, will join the famous investor at a private dinner with seven guests at the Smith & Wollensky steakhouse in New York.

The CEO of Berkshire Hathaway, who turns 92 in August 2022, has been hosting this lunch since 2000, during which time a total of $53 million was raised for charity. However, since this is the last auction in which he takes part, this may have led to a record deal.

The previous auction was held in pre-pandemic 2019, when cryptocurrency entrepreneur Justin Sun won lunch with a then record bid of $4.5 million.

Buffett, in his interview, said the dinners were only good. I met a lot of interesting people from all over the world. One thing they have in common is that they believe the money will be used usefully.

eBay CEO Jamie Iannone said: We are incredibly proud that Warren Buffett's final lunch broke our record for the most funds raised, and all the proceeds went to support Glide's efforts to get out of the crisis and change people's lives.

Buffett pledged to donate 99% of his fortune to charity during his lifetime or after his death. In June 2022, he donated 14 million shares of Berkshire Hathaway worth $4 billion to charity, according to a press release, as part of his annual commitment.

Buffett's net worth of $93 billion makes him the eighth richest man in the world, according to the Bloomberg Billionaires Index. In June 2022, his fortune decreased by almost $13 billion, partly due to a number of donations.^[13]

Warren Buffett made billions from energy crisis by investing in Japanese commodity trading companies beforehand

Back in 2020, Berkshire Hathaway acquired stakes in five companies from Japan involved in natural resource projects around the world and trading in produced raw materials.

The billionaire invested in these companies after many other investors turned their backs on them due to a long period of stagnating profits and low market performance. Until 2020, their total net profit for more than ten years remained at the level of about 1.5 trillion yen ($11.2 billion), and against the background of the energy crisis, it grew by more than 50%.

Notes