CBRE Group, Inc.

CBRE

CBRECBRE Group, Inc. US flag

New York Stock Exchange

129.63

USD

+3.60

- -

37.96BMarket 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	5,905	6,514	7,185	9,050	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767	40,550
+ Sales & Services Revenue	5,905	6,514	7,185	9,050	10,856	17,369	18,629	21,340	23,894	23,826	27,746	30,828	31,949	35,767	40,550
- Cost of Revenue	3,457	3,743	4,189	5,611	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811	32,984
+ Cost of Goods & Services	3,457	3,743	4,189	5,611	7,083	13,421	14,305	16,449	18,689	19,048	21,580	24,239	25,675	28,811	32,984
Gross Profit	2,448	2,772	2,995	3,439	3,773	3,948	4,324	4,891	5,205	4,779	6,166	6,589	6,274	6,956	7,566
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,998	2,173	2,295	2,704	2,948	3,147	3,265	3,818	3,875	3,808	4,600	5,262	5,184	5,685	6,272
+ Selling, General & Admin	1,883	2,003	2,104	2,439	2,634	2,780	2,859	3,366	3,436	3,306	4,074	4,649	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	116	170	190	265	314	367	406	452	439	502	526	613	5,184	5,685	6,272
Operating Income (Loss)	450	599	701	735	825	801	1,059	1,073	1,330	971	1,566	1,327	1,090	1,271	1,294
- Non-Operating (Income) Loss	20	110	192	-43	-55	-81	-112	-306	-32	1	-844	-331	-187	53	-300
+ Interest Expense, Net	141	167	129	106	113	137	117	90	86	68	50	- -	- -	- -	- -
+ Interest Expense	150	175	135	112	119	145	127	99	86	68	50	- -	- -	- -	- -
- Interest Income	9	8	6	6	6	8	10	9	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-120	-58	63	-148	-167	-218	-230	-396	-117	-67	-894	-331	-187	53	-300
Pretax Income	430	489	509	777	880	882	1,171	1,379	1,361	970	2,410	1,658	1,277	1,218	1,594
- Income Tax Expense (Benefit)	189	185	187	264	321	297	468	313	70	214	568	234	250	182	317
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	240	304	322	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
- Net Extraordinary Losses (Gains)	52	-22	38	58	23	24	13	5	18	8	10	34	82	136	240
+ Discontinued Operations	50	1	27	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	3	-23	11	58	23	24	13	5	18	8	10	34	82	136	240
Income (Loss) Incl. MI	188	326	284	456	535	561	691	1,060	1,273	748	1,832	1,390	945	900	1,037
- Minority Interest	-51	11	-32	-29	-12	-12	-6	-3	-9	-4	-5	-17	-41	-68	-120
Net Income, GAAP	239	316	317	485	547	573	697	1,063	1,282	752	1,837	1,407	986	968	1,157
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	239	316	317	485	547	573	697	1,063	1,282	752	1,837	1,407	986	968	1,157
EBIT	450	599	701	735	825	801	1,059	1,073	1,330	971	1,566	1,327	1,090	1,271	1,294
EBITDA	567	770	892	1,000	1,139	1,168	1,465	1,525	1,769	1,472	2,092	1,940	1,712	1,945	2,023
EBITDA Margin (%)	9.6	11.82	12.41	11.05	10.49	6.72	7.86	7.15	7.4	6.18	7.54	6.29	5.36	5.44	4.99
EBITA	450	599	701	735	825	801	1,059	1,073	1,330	971	1,566	1,327	1,090	1,271	1,294
Gross Margin (%)	41.46	42.55	41.69	38	34.75	22.73	23.21	22.92	21.78	20.06	22.22	21.37	19.64	19.45	18.66
Operating Margin (%)	7.62	9.2	9.75	8.12	7.6	4.61	5.68	5.03	5.57	4.07	5.64	4.3	3.41	3.55	3.19
Profit Margin (%)	4.05	4.84	4.41	5.35	5.04	3.3	3.74	4.98	5.37	3.16	6.62	4.56	3.09	2.71	2.85
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	117	171	191	265	314	367	406	452	439	502	526	613	622	674	729
Basic Weighted Avg Shares	318	322	328	331	333	335	338	339	336	335	335	323	308	306	298
Basic EPS, GAAP	0.75	0.98	0.96	1.47	1.64	1.71	2.06	3.13	3.82	2.24	5.48	4.36	3.2	3.16	3.88
Basic EPS from Cont Ops	0.76	0.94	0.98	1.55	1.68	1.74	2.08	3.14	3.85	2.26	5.49	4.41	3.33	3.39	4.28
Diluted Weighted Avg Shares	324	327	332	334	336	338	341	343	341	338	340	328	313	308	301
Diluted EPS, GAAP	0.74	0.96	0.95	1.45	1.63	1.69	2.05	3.1	3.77	2.22	5.41	4.29	3.15	3.14	3.85
Diluted EPS from Cont Ops	0.74	0.93	0.97	1.54	1.66	1.73	2.06	3.11	3.79	2.23	5.42	4.35	3.29	3.36	4.25

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	3,550	4,085	2,880	3,372	5,305	5,122	5,631	6,754	7,534	8,846	10,082	8,529	9,666	9,970	13,489
+ Cash, Cash Equivalents & STI	1,247	1,191	550	804	540	763	752	777	972	1,896	2,431	1,318	1,265	1,114	1,864
+ Cash & Cash Equivalents	1,093	1,089	492	741	540	763	752	777	972	1,896	2,431	1,318	1,265	1,114	1,864
+ ST Investments	154	102	58	63	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1,855	2,329	1,868	2,308	4,298	3,927	4,363	5,390	5,882	6,218	6,837	6,256	7,647	8,096	10,551
+ Accounts Receivable, Net	1,135	1,263	1,486	1,736	2,472	2,606	3,112	3,669	4,467	4,395	5,150	5,327	6,370	7,005	8,284
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	720	1,048	382	506	1,767	1,276	928	1,342	993	1,411	1,304	455	675	561	1,630
+ Other Receivable, Net	- -	18	- -	66	59	46	323	379	422	412	383	474	602	530	637
+ Inventories	57	130	19	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	57	130	19	4	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	390	434	442	255	467	433	516	587	681	731	814	955	754	760	1,074
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	3,669	3,725	4,119	4,196	5,713	5,657	6,088	6,703	8,663	9,194	11,991	11,984	12,882	14,413	17,388
+ Property, Plant & Equip, Net	295	379	459	498	530	561	618	722	1,834	1,835	1,862	1,869	1,937	2,112	3,111
+ Property, Plant & Equip	672	807	942	1,017	1,145	1,285	1,376	1,630	2,905	2,910	3,151	3,255	3,513	3,907	5,248
- Accumulated Depreciation	376	428	484	519	615	724	759	908	1,071	1,075	1,289	1,386	1,576	1,795	2,137
+ LT Investments & Receivables	201	264	255	218	218	232	238	216	427	855	1,196	1,318	1,374	1,295	870
+ LT Investments	201	264	255	218	218	232	238	216	427	855	1,196	1,318	1,374	1,295	870
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3,172	3,082	3,405	3,480	4,965	4,864	5,232	5,765	6,402	6,503	8,933	8,797	9,571	11,006	13,407
+ Total Intangible Assets	2,623	2,676	3,132	3,136	4,536	4,392	4,654	5,094	5,133	5,190	7,405	7,061	7,210	7,919	10,023
+ Goodwill	1,828	1,890	2,290	2,334	3,086	2,981	3,255	3,652	3,753	3,822	4,995	4,868	5,129	5,621	7,051
+ Other Intangible Assets	794	787	841	802	1,450	1,411	1,399	1,441	1,380	1,368	2,409	2,193	2,081	2,298	2,972
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	549	406	273	344	428	472	578	671	1,269	1,314	1,528	1,736	2,361	3,087	3,384
Total Assets	7,219	7,810	6,998	7,568	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
+ Payables & Accruals	1,148	1,122	1,441	1,670	2,433	2,395	2,723	3,177	3,728	3,935	4,702	4,722	5,238	5,730	6,726
+ Accounts Payable	575	582	818	828	1,484	1,446	1,574	1,920	2,436	2,693	2,916	3,079	3,562	4,102	4,838
+ Accrued Taxes	28	- -	11	53	82	58	71	68	30	58	246	184	217	209	258
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	545	540	612	789	867	890	1,078	1,189	1,262	1,184	1,539	1,459	1,459	1,419	1,630
+ ST Debt	972	1,208	621	548	1,785	1,255	911	1,332	1,152	1,599	1,543	1,327	933	1,142	2,820
+ ST Borrowings	972	1,208	621	548	1,785	1,255	911	1,332	984	1,391	1,310	1,097	691	942	2,536
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	169	209	232	230	242	200	284
+ Other ST Liabilities	540	642	544	711	776	876	1,080	1,294	1,556	1,610	2,175	2,193	2,072	2,415	2,774
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	101	82	109	162	281	276	298	375	448
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	540	642	544	711	776	876	979	1,212	1,447	1,448	1,894	1,917	1,774	2,040	2,326
Total Current Liabilities	2,660	2,972	2,606	2,929	4,994	4,525	4,713	5,803	6,436	7,144	8,419	8,242	8,243	9,287	12,320
+ LT Debt	2,632	2,544	1,867	1,809	2,645	2,548	2,000	1,767	2,819	2,497	2,655	2,166	3,893	4,552	7,171
+ LT Borrowings	2,632	2,544	1,867	1,809	2,645	2,548	2,000	1,767	1,761	1,380	1,538	1,086	2,804	3,245	5,050
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	1,058	1,117	1,117	1,080	1,089	1,307	2,121
+ Other LT Liabilities	510	612	590	529	620	649	831	876	669	893	1,641	1,499	1,345	1,352	1,760
+ Accrued Liabilities	149	192	161	43	100	71	147	107	35	124	405	282	255	247	238
+ Pension Liabilities	61	64	68	93	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	300	356	361	394	519	578	684	769	634	768	1,236	1,217	1,090	1,105	1,522
Total Noncurrent Liabilities	3,142	3,155	2,457	2,338	3,265	3,197	2,831	2,644	3,488	3,390	4,296	3,665	5,238	5,904	8,931
Total Liabilities	5,802	6,128	5,062	5,267	8,259	7,722	7,544	8,447	9,924	10,533	12,714	11,907	13,481	15,191	21,251
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	885	964	985	1,043	1,110	1,149	1,224	1,152	1,119	1,078	802	3	3	3	3
+ Common Stock	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
+ Additional Paid in Capital	882	961	982	1,039	1,107	1,145	1,221	1,149	1,116	1,075	799	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	424	740	1,057	1,541	2,088	2,657	3,443	4,505	5,793	6,530	8,367	8,833	9,188	9,567	9,916
+ Other Equity	-158	-165	-146	-324	-486	-791	-552	-718	-680	-530	-641	-983	-924	-1,159	-1,041
Equity Before Minority Interest	1,151	1,539	1,896	2,260	2,713	3,014	4,114	4,939	6,233	7,078	8,528	7,853	8,267	8,411	8,878
+ Minority/Non Controlling Interest	266	143	40	42	46	43	60	71	40	427	831	753	800	781	748
Total Equity	1,417	1,682	1,936	2,301	2,759	3,057	4,175	5,010	6,273	7,506	9,359	8,606	9,067	9,192	9,626
Total Liabilities & Equity	7,219	7,810	6,998	7,568	11,018	10,780	11,718	13,457	16,197	18,039	22,073	20,513	22,548	24,383	30,877
Shares Outstanding	328	330	332	333	334	337	339	337	335	336	333	311	305	302	296
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	1,226	1,325	1,349	1,310	1,331	1,507	2,405
Net Debt	2,511	2,662	1,996	1,616	3,890	3,040	2,159	2,322	1,773	875	417	865	2,230	3,073	5,722
Net Debt to Equity	177.16	158.29	103.12	70.23	140.99	99.44	51.71	46.35	28.26	11.66	4.46	10.05	24.59	33.43	59.44
Tangible Common Equity Ratio	-26.23	-19.38	-30.92	-18.84	-27.42	-20.9	-6.78	-1	10.3	18.02	13.32	11.49	12.11	7.73	-1.9
Current Ratio	1.33	1.37	1.11	1.15	1.06	1.13	1.19	1.16	1.17	1.24	1.2	1.03	1.17	1.07	1.09
Cash Conversion Cycle	14.76	20.98	13.71	12.09	11.25	13.5	17.49	19.23	19.6	18.73	15.35	16.89	19.61	19.7	19.35

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	290	305	349	514	559	585	704	1,066	1,291	756	1,842	1,424	1,027	1,036	1,277
+ Depreciation & Amortization	117	171	191	265	314	367	406	452	439	502	526	613	622	674	729
+ Non-Cash Items	-23	-41	8	-143	-211	-131	-97	-110	37	23	-321	166	-225	-95	-380
+ Stock-Based Compensation	44	52	48	60	75	63	93	128	128	60	185	160	96	146	120
+ Deferred Income Taxes	6	2	-12	-28	-15	-9	-9	-11	- -	- -	- -	- -	-121	-194	-269
+ Asset Impairment Charge	4	52	98	9	- -	- -	- -	- -	90	89	- -	59	- -	- -	- -
+ Other Non-Cash Adj	-78	-147	-127	-183	-270	-186	-181	-227	-181	-126	-506	-53	-200	-47	-231
+ Chg in Non-Cash Work Cap	-23	-143	197	26	-10	-204	-118	-276	-544	550	317	-574	-944	93	-67
+ (Inc) Dec in Accts Receiv	-124	-143	-77	-308	-230	-336	-534	-773	-821	371	-766	-503	-702	-597	-882
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	31	- -	-55	95	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-13	-22	-33	-47	-85	-93	-66	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-63	43	40	32	178	15	159	274	307	105	105	64	34	566	570
+ Inc (Dec) in Other	177	-22	267	350	127	211	323	223	-61	74	1,033	-230	-276	124	245
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	361	291	745	662	652	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708	1,559
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	-17	-17	-25	- -	- -	-161	-145	-50	-369	-1,850	-665	-627	-968
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-17	-17	-25	- -	- -	-161	-145	-50	-369	-1,850	-665	-627	-968
+ Net Change in LT Investment	-4	-5	5	-2	2	-3	-3	-23	- -	-402	213	-101	- -	- -	- -
+ Dec in LT Investment	41	32	70	88	43	35	31	22	- -	- -	213	- -	- -	- -	- -
+ Inc in LT Investment	-45	-36	-65	-90	-40	-38	-35	-45	- -	-402	- -	-101	- -	- -	- -
+ Net Cash From Acq & Div	-682	-118	-554	-206	-1,654	-88	-187	-385	-462	-174	-1,336	-558	-330	-1,203	-1,535
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-682	-118	-554	-206	-1,654	-88	-187	-385	-462	-174	-1,336	-558	-330	-1,203	-1,535
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	206	-75	84	56	33	-60	-112	-153	-259	-167	-158	-173	-351	-311	-92
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-480	-198	-465	-152	-1,619	-151	-303	-561	-721	-744	-1,281	-832	-681	-1,514	-1,627
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	834	-91	-704	-183	852	-149	-552	-305	-104	-434	188	178	1,108	793	2,285
+ Cash From Debt	2,152	68	2,138	2,314	4,160	2,934	1,721	4,268	3,916	926	597	1,833	5,729	4,843	3,087
+ Repayments of Debt	-1,319	-159	-2,842	-2,497	-3,308	-3,083	-2,273	-4,573	-4,020	-1,360	-409	-1,655	-4,621	-4,050	-802
+ Other Financing Activities	-122	-10	-145	-32	-37	-71	-76	-41	-23	261	-309	-94	-289	-387	-521
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	711	-101	-866	-232	790	-221	-628	-507	-272	-223	-490	-1,766	154	-221	796
Effect of Foreign Exchange Rates	-6	3	-11	-29	-23	-28	29	-25	-1	82	-92	-166	13	-123	65
Net Changes in Cash	592	-7	-586	278	-178	246	-36	64	230	864	593	-969	-47	-27	728
EBITDA	567	770	892	1,000	1,139	1,168	1,465	1,525	1,769	1,472	2,092	1,940	1,712	1,945	2,023
EBITDA Margin (%)	9.6	11.82	12.41	11.05	10.49	6.72	7.86	7.15	7.4	6.18	7.54	6.29	5.36	5.44	4.99
Free Cash Flow	361	291	745	662	652	617	894	1,131	1,223	1,831	2,364	1,629	480	1,708	1,559
Net Cash Paid for Acquisitions	682	118	554	206	1,654	88	187	385	462	174	1,336	558	330	1,203	1,535
Free Cash Flow to Firm	445	400	831	736	727	713	971	1,208	1,305	1,884	2,402	1,629	480	1,708	1,559
Free Cash Flow to Equity	1,195	201	41	479	1,503	468	343	826	1,119	1,397	2,552	1,807	1,588	2,501	3,844
Free Cash Flow per Basic Share	1.13	0.9	2.27	2	1.96	1.84	2.65	3.33	3.64	5.46	7.05	5.05	1.56	5.58	5.23
Price/Free Cash Flow	13.64	22.36	11.71	17.29	17.85	17.27	16.5	12.14	17.06	11.59	15.59	15.48	60.62	23.68	31.02
Cash Flow to Net Income	1.51	0.92	2.35	1.37	1.19	1.08	1.28	1.06	0.95	2.43	1.29	1.16	0.49	1.76	1.35
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -