Arch Capital Group Ltd.

ACGL

ACGLArch Capital Group Ltd. US flag

NASDAQ Global Select

87.89

USD

+0.27

- -

30.71BMarket Cap

Income Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Sales/Revenue/Turnover	3,090	3,380	3,478	4,053	3,977	4,452	5,369	5,474	6,782	8,288	8,923	9,613	13,297	16,930	19,294
+ Sales & Services Revenue	3,090	3,380	3,478	4,053	3,977	4,452	5,369	5,474	6,782	8,288	8,923	9,613	13,297	16,930	19,294
- Cost of Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cost of Goods & Services	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Profit	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	- -	- -	- -	50	50	82	84	79	80	82	78	95	102	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	-50	-50	-82	-84	-79	-80	-82	-78	-95	-102	- -	- -
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Non-Operating (Income) Loss	-426	-589	-743	-844	-567	-856	-757	-842	-1,847	-1,561	-2,103	-1,487	-3,385	-4,474	-4,979
+ Interest Expense, Net	32	29	27	46	46	66	117	120	121	143	139	131	133	141	148
+ Interest Expense	32	29	27	46	46	66	117	120	121	143	139	131	133	141	148
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-458	-618	-770	-890	-613	-922	-875	-962	-1,968	-1,704	-2,242	-1,618	-3,518	-4,615	-5,127
Pretax Income	426	589	743	844	567	856	757	842	1,847	1,561	2,103	1,487	3,385	4,474	4,979
- Income Tax Expense (Benefit)	-10	-4	33	23	41	31	128	114	156	112	128	80	-873	362	760
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	436	593	710	821	527	824	630	728	1,693	1,466	2,239	1,482	4,442	4,312	4,399
- Net Extraordinary Losses (Gains)	- -	- -	- -	-26	-22	263	21	-60	114	120	164	12	-2	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	-26	-22	263	21	-60	114	120	164	12	-2	- -	- -
Income (Loss) Incl. MI	436	593	710	847	549	561	609	788	1,579	1,345	2,075	1,470	4,444	4,312	4,399
- Minority Interest	- -	- -	- -	13	11	-131	-10	30	-57	-60	-82	-6	1	- -	- -
Net Income, GAAP	436	593	710	834	538	693	619	758	1,636	1,406	2,157	1,476	4,443	4,312	4,399
- Preferred Dividends	26	25	22	22	22	28	46	42	42	42	48	40	40	40	40
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	410	568	688	812	516	665	573	716	1,595	1,364	2,109	1,436	4,403	4,272	4,359
EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITA	- -	- -	- -	- -	-23	-19	-126	-106	-82	-69	-82	-106	-95	-235	-193
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Profit Margin (%)	14.11	17.56	20.41	20.59	13.52	15.56	11.53	13.85	24.13	16.96	24.17	15.35	33.41	25.47	22.8
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.07	0.07	0.06	0.06	0.06	0.08	0.11	0.1	0.1	0.1	0.12	0.11	0.11	5.12	0.13
Depreciation Expense	- -	- -	- -	- -	23	19	126	106	82	69	82	106	95	235	193
Basic Weighted Avg Shares	397	403	394	392	365	362	404	404	402	403	392	369	369	372	368
Basic EPS, GAAP	1.03	1.41	1.75	2.07	1.41	1.83	1.42	1.77	3.97	3.38	5.38	3.9	11.94	11.47	11.83
Basic EPS from Cont Ops	1.1	1.47	1.8	2.09	1.44	2.27	1.56	1.8	4.21	3.64	5.72	4.02	12.05	11.58	11.94
Diluted Weighted Avg Shares	415	415	407	405	378	374	418	413	412	410	400	378	379	382	376
Diluted EPS, GAAP	0.99	1.37	1.69	2.01	1.36	1.78	1.37	1.73	3.87	3.32	5.27	3.8	11.62	11.19	11.6
Diluted EPS from Cont Ops	1.05	1.43	1.74	2.03	1.39	2.2	1.51	1.76	4.11	3.57	5.59	3.92	11.73	11.29	11.7

Balance Sheet (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Current Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash, Cash Equivalents & STI	10,931	11,246	11,981	12,943	12,219	15,400	16,447	16,640	18,954	22,106	7,139	6,500	8,047	9,308	11,543
+ Cash & Cash Equivalents	352	371	434	486	553	843	606	647	726	906	859	855	917	979	993
+ ST Investments	10,579	10,875	11,547	12,458	11,666	14,557	15,841	15,994	18,228	21,200	6,280	5,645	7,130	8,329	10,550
+ Accounts & Notes Receiv	3,101	3,425	3,622	4,071	4,337	4,904	5,654	6,298	8,245	8,552	10,343	11,920	13,522	16,055	17,519
+ Accounts Receivable, Net	3,101	3,425	3,622	4,071	4,337	4,904	5,654	6,298	8,245	8,552	10,343	11,920	13,522	16,055	17,519
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	-14,032	-14,671	-15,604	-17,014	-16,556	-20,304	-22,101	-22,938	-27,199	-30,659	-17,482	-18,420	-21,569	-25,363	-29,062
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Accumulated Depreciation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	12,060	12,756	13,616	13,735	15,454	18,957	21,363	21,471	23,259	25,758	26,291	27,215	33,198	39,645	45,860
+ LT Investments	12,060	12,756	13,616	13,735	15,454	18,957	21,363	21,471	23,259	25,758	26,291	27,215	33,198	39,645	45,860
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	-12,060	-12,756	-13,616	-13,735	-15,454	-18,957	-21,363	-21,471	-23,259	-25,758	-26,291	-27,215	-33,198	-39,645	-45,860
+ Total Intangible Assets	- -	- -	27	110	98	782	653	635	738	693	945	804	731	1,351	1,222
+ Goodwill	- -	- -	- -	15	16	204	198	250	327	315	345	342	345	571	607
+ Other Intangible Assets	- -	- -	27	95	82	578	454	385	412	378	600	462	386	780	615
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	-12,060	-12,756	-13,643	-13,845	-15,551	-19,739	-22,016	-22,106	-23,998	-26,451	-27,236	-28,019	-33,929	-40,996	-47,082
Total Assets	17,105	17,817	19,566	22,006	23,139	29,372	32,052	32,218	37,885	43,282	45,101	47,990	58,906	70,906	79,241
+ Payables & Accruals	882	1,054	1,260	1,529	1,710	2,018	2,302	2,472	2,787	2,679	3,415	3,264	3,817	4,302	4,597
+ Accounts Payable	882	1,054	1,260	1,529	1,710	2,018	2,302	2,472	2,787	2,679	3,415	3,264	3,817	4,302	4,597
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Debt	100	100	100	100	530	757	816	456	484	156	- -	- -	- -	- -	- -
+ ST Borrowings	100	100	100	100	530	757	816	456	484	156	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	-982	-1,154	-1,360	-1,629	-2,241	-2,774	-3,118	-2,928	-3,271	-2,835	-3,415	-3,264	-3,817	-4,302	-4,597
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	-982	-1,154	-1,360	-1,629	-2,241	-2,774	-3,118	-2,928	-3,271	-2,835	-3,415	-3,264	-3,817	-4,302	-4,597
Total Current Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Debt	610	300	800	791	791	1,732	1,733	1,734	1,872	2,861	2,724	2,725	2,726	2,728	2,729
+ LT Borrowings	610	300	800	791	791	1,732	1,733	1,734	1,872	2,861	2,724	2,725	2,726	2,728	2,729
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	-610	-300	-800	-791	-791	-1,732	-1,733	-1,734	-1,872	-2,861	-2,724	-2,725	-2,726	-2,728	-2,729
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	-610	-300	-800	-791	-791	-1,732	-1,733	-1,734	-1,872	-2,861	-2,724	-2,725	-2,726	-2,728	-2,729
Total Noncurrent Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Liabilities	12,513	12,648	13,919	14,887	16,028	20,061	21,806	21,781	25,570	29,295	31,546	35,069	40,551	50,086	55,035
+ Preferred Equity and Hybrid Capital	325	325	325	325	325	1,874	1,362	780	780	780	830	830	830	830	830
+ Share Capital & APIC	162	228	300	384	468	532	1,231	1,794	1,890	1,978	2,086	2,212	2,328	2,511	2,736
+ Common Stock	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
+ Additional Paid in Capital	161	228	300	383	467	532	1,231	1,794	1,890	1,978	2,085	2,211	2,327	2,510	2,735
- Treasury Stock	845	1,026	1,095	1,562	1,942	2,035	2,078	2,382	2,406	2,504	3,761	4,378	4,424	4,487	6,410
+ Retained Earnings	4,797	5,354	6,042	6,855	7,332	7,997	8,563	9,426	11,021	12,362	14,456	15,892	20,295	22,686	27,045
+ Other Equity	154	287	75	129	-17	-115	118	-179	212	489	-65	-1,646	-676	-720	5
Equity Before Minority Interest	4,592	5,169	5,647	6,130	6,167	8,254	9,197	9,440	11,497	13,106	13,546	12,910	18,353	20,820	24,206
+ Minority/Non Controlling Interest	- -	- -	- -	989	944	1,057	1,049	998	818	882	9	11	2	- -	- -
Total Equity	4,592	5,169	5,647	7,119	7,111	9,311	10,246	10,438	12,316	13,987	13,555	12,921	18,355	20,820	24,206
Total Liabilities & Equity	17,105	17,817	19,566	22,006	23,139	29,372	32,052	32,218	37,885	43,282	45,101	47,990	58,906	70,906	79,241
Shares Outstanding	403	402	401	382	368	368	393	402	406	407	379	370	373	376	359
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	359	29	466	405	768	1,646	1,943	1,543	1,630	2,110	1,866	1,870	1,809	1,749	1,736
Net Debt to Equity	7.81	0.56	8.25	5.7	10.81	17.68	18.96	14.78	13.23	15.09	13.76	14.47	9.86	8.4	7.17
Tangible Common Equity Ratio	24.95	27.19	27.1	30.53	29.03	23.28	26.21	28.57	29.07	29.38	26.68	23.92	28.87	26.8	28.4
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
+ Net Income	436	593	710	821	527	824	630	728	1,693	1,466	2,239	1,482	4,442	4,312	4,399
+ Depreciation & Amortization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Non-Cash Items	-3	-189	28	-29	253	-66	-53	589	-243	-752	-721	999	155	-305	-558
+ Stock-Based Compensation	31	42	49	55	56	57	68	56	66	71	88	88	93	133	148
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	9	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-43	-232	-21	-84	197	-123	-121	533	-310	-824	-809	911	62	-438	-706
+ Chg in Non-Cash Work Cap	433	518	113	245	218	620	519	243	599	2,173	1,907	1,335	1,152	2,666	2,331
+ (Inc) Dec in Accts Receiv	-7	-120	-60	-217	-27	-72	-31	-211	-238	-319	-685	-1,110	-981	-818	38
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	6	43	7	27	-6	32	9	73	182	66	499	-36	455	179	137
+ Inc (Dec) in Other	434	595	167	435	251	660	541	381	654	2,426	2,093	2,481	1,678	3,305	2,156
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	866	922	851	1,037	998	1,377	1,095	1,559	2,048	2,887	3,425	3,816	5,749	6,673	6,172
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-19	-19	-17	-20	-16	-15	-23	-30	-38	-40	-41	-50	-52	-51	-44
+ Acq of Fixed Prod Assets	-19	-19	-17	-20	-16	-15	-23	-30	-38	-40	-41	-50	-52	-51	-44
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-281	-165	-55	-447	-361	-78	-21	-290	3	-82	-1,228	-580	-2	-17	-1,839
+ Increase in Capital Stock	6	7	3	7	5	- -	- -	- -	6	2	6	6	- -	7	50
+ Decrease in Capital Stock	-288	-172	-58	-454	-365	-78	-21	-290	-3	-83	-1,234	-586	-2	-24	-1,889
+ Net Change in LT Investment	-539	-413	-1,234	-1,306	-895	-512	-1,432	-727	-1,358	-3,022	-470	-3,176	-5,393	-5,232	-4,098
+ Dec in LT Investment	14,346	18,425	19,221	28,974	30,827	37,216	39,151	35,131	30,978	41,176	38,055	15,800	15,992	31,240	36,068
+ Inc in LT Investment	-14,885	-18,838	-20,456	-30,280	-31,722	-37,728	-40,583	-35,858	-32,336	-44,199	-38,525	-18,976	-21,385	-36,472	-40,166
+ Net Cash From Acq & Div	- -	- -	- -	- -	40	- -	- -	- -	- -	- -	-1,103	- -	- -	852	- -
+ Cash from Divestitures	- -	- -	- -	- -	40	- -	- -	- -	- -	- -	- -	- -	- -	852	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1,103	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	19	35	-56	-180	-43	-2,176	103	203	-411	19	-524	125	-23	-30	106
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-538	-396	-1,308	-1,505	-914	-2,703	-1,352	-554	-1,806	-3,043	-2,138	-3,101	-5,468	-4,461	-4,036
+ Dividends Paid	-26	-28	-22	-22	-22	-28	-46	-42	-42	-42	-47	-40	-40	-1,906	-47
+ Net Cash From Debt	-15	-311	494	- -	431	1,168	56	-358	151	660	- -	- -	- -	- -	- -
+ Cash From Debt	- -	- -	494	- -	431	1,387	253	218	200	1,019	- -	- -	- -	- -	- -
+ Repayments of Debt	-15	-311	- -	- -	- -	-219	-197	-576	-49	-359	- -	- -	- -	- -	- -
+ Other Financing Activities	322	504	-418	469	-49	-1,062	11	690	-113	-537	46	-86	42	1,923	1,886
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1,229	-706	- -	- -	- -
Effect of Foreign Exchange Rates	-2	7	-4	-20	-12	-21	18	-19	18	22	-34	-50	13	-25	61
Net Changes in Cash	328	526	-457	-468	84	-1,326	-257	1,005	242	-157	58	9	281	2,212	2,136
EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	847	903	833	1,017	982	1,362	1,072	1,530	2,011	2,847	3,384	3,766	5,697	6,622	6,128
Net Cash Paid for Acquisitions	- -	- -	- -	- -	-40	- -	- -	- -	- -	- -	1,103	- -	- -	-852	- -
Free Cash Flow to Firm	- -	- -	859	1,062	1,025	1,426	1,170	1,634	2,121	2,980	3,515	3,890	- -	6,752	6,253
Free Cash Flow to Equity	806	567	1,306	995	1,392	4,050	571	548	2,120	3,465	3,386	3,726	5,657	6,582	6,088
Free Cash Flow per Basic Share	2.14	2.24	2.11	2.59	2.69	3.76	2.65	3.78	5	7.06	8.64	10.22	15.45	17.78	16.63
Price/Free Cash Flow	5.82	6.47	9.33	7.54	8.67	7.73	11.31	6.94	8.46	5.06	5.13	6.13	4.85	5.24	5.8
Cash Flow to Net Income	1.99	1.55	1.2	1.24	1.86	1.99	1.77	2.06	1.25	2.05	1.59	2.59	1.29	1.55	1.4
Capital Expenditures	-19	-19	-17	-20	-16	-15	-23	-30	-38	-40	-41	-50	-52	-51	-44