Methodology for Southeast Asia 500

Methodology

Companies are ranked by total revenues for their latest available respective fiscal years ended on, or before, Dec. 31, 2023, unless otherwise noted.  All companies on the list must publish financial data and report part, or all, of their figures to a government agency. Figures are as reported, and comparisons are with the prior year’s figures for that year. Revenue and profit figures for companies reporting in their local currency have been converted to U.S. dollars at the average exchange rate during each company’s fiscal year (ended Dec. 31, 2023, unless otherwise noted).

Revenues

Revenue figures include consolidated subsidiaries and reported revenues from discontinued operations. For banks, revenue is the sum of gross interest income and non-interest income. For insurance companies, revenue includes premium and annuity income, investment income, realized capital gains or losses, and other income, but excludes deposits.

Profits

Profits are shown after taxes, extraordinary credits or charges and the cumulative effects of accounting changes, but before preferred dividends. Profits from non-controlling (minority) interests are not included. For REITs and Trusts, amounts available for distribution to unitholders are shown as profits. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2022 profits to 2023 losses.

Balance sheet

Assets shown are those at the company’s fiscal year-end. Figures have been converted to U.S. dollars at the exchange rate at each company’s fiscal year-end.

Credits

The inaugural Fortune Southeast Asia 500 was prepared under the direction of list director Ashleigh Nghiem and list editor Scott DeCarlo. Financial statements and annual reports were reviewed by the Asia List team including Boywin Lee, Wilfred Chua, and Bella Lek. The data verification process was aided substantially by Refinitiv and S&P Global Market Intelligence.