Graphic Packaging Holding Company

GPK

GPKGraphic Packaging Holding Company US flag

New York Stock Exchange

10.76

USD

-0.45

- -

3.18BMarket 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	4,206	4,337	4,478	4,240	4,160	4,298	4,406	6,029	6,160	6,560	7,156	9,440	9,428	8,807	8,617
+ Sales & Services Revenue	4,206	4,337	4,478	4,240	4,160	4,298	4,406	6,029	6,160	6,560	7,156	9,440	9,428	8,807	8,617
- Cost of Revenue	3,569	3,618	3,752	3,453	3,371	3,497	3,696	5,077	5,068	5,460	6,085	7,610	7,311	6,845	7,015
+ Cost of Goods & Services	3,569	3,618	3,752	3,453	3,371	3,497	3,696	5,077	5,068	5,460	6,085	7,610	7,311	6,845	7,015
Gross Profit	638	720	726	787	789	801	710	952	1,092	1,100	1,071	1,830	2,117	1,962	1,602
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	340	371	371	362	340	356	350	479	520	515	526	793	869	838	757
+ Selling, General & Admin	342	378	384	366	348	353	348	472	512	513	528	774	805	774	704
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	-3	-7	-13	-4	-8	3	3	7	8	2	-2	19	64	64	53
Operating Income (Loss)	298	349	355	425	449	444	359	473	572	585	545	1,037	1,248	1,124	845
- Non-Operating (Income) Loss	254	148	142	293	90	125	106	126	218	341	256	321	316	238	263
+ Interest Expense, Net	145	111	102	81	68	77	90	124	141	129	123	197	239	230	220
+ Interest Expense	145	111	102	81	68	77	90	124	141	129	123	197	239	230	220
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	110	37	40	212	22	48	16	2	77	212	133	124	77	8	43
Pretax Income	43	200	213	133	359	319	253	348	354	244	289	716	932	886	582
- Income Tax Expense (Benefit)	-230	82	67	45	130	93	-46	55	76	42	74	194	210	229	139
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	275	120	147	89	230	228	300	294	278	203	216	522	723	658	444
- Net Extraordinary Losses (Gains)	-3	-5	- -	-1	- -	- -	- -	146	142	72	24	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-3	-5	- -	-1	- -	- -	- -	146	142	72	24	- -	- -	- -	- -
Income (Loss) Incl. MI	279	125	146	90	230	228	300	148	136	131	192	522	723	658	444
- Minority Interest	2	2	- -	1	- -	- -	- -	-73	-71	-36	-12	- -	- -	- -	- -
Net Income, GAAP	277	123	147	90	230	228	300	221	207	167	204	522	723	658	444
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	277	123	147	90	230	228	300	221	207	167	204	522	723	658	444
EBIT	298	349	355	425	449	444	359	473	572	585	545	1,037	1,248	1,124	845
EBITDA	576	616	632	695	730	744	689	904	1,019	1,061	1,034	1,590	1,867	1,681	1,381
EBITDA Margin (%)	13.7	14.19	14.12	16.4	17.54	17.31	15.65	14.99	16.54	16.17	14.45	16.84	19.8	19.09	16.03
EBITA	298	349	355	425	449	444	359	473	572	585	545	1,037	1,248	1,124	845
Gross Margin (%)	15.16	16.59	16.2	18.56	18.97	18.64	16.1	15.8	17.73	16.77	14.97	19.39	22.45	22.28	18.59
Operating Margin (%)	7.08	8.04	7.92	10.03	10.8	10.34	8.15	7.85	9.29	8.92	7.62	10.99	13.24	12.76	9.81
Profit Margin (%)	6.58	2.83	3.27	2.12	5.53	5.3	6.81	3.67	3.36	2.55	2.85	5.53	7.67	7.47	5.15
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	0.15	0.2	0.3	0.36	0.38	0.37	0.31	0.3	0.4	0.4	0.43
Depreciation Expense	278	267	277	270	280	299	330	431	447	476	489	553	619	557	536
Basic Weighted Avg Shares	376	393	347	329	330	321	311	310	294	279	297	309	308	304	299
Basic EPS, GAAP	0.74	0.31	0.42	0.27	0.7	0.71	0.96	0.71	0.7	0.6	0.69	1.69	2.35	2.16	1.48
Basic EPS from Cont Ops	0.73	0.31	0.42	0.27	0.7	0.71	0.96	0.95	0.95	0.73	0.73	1.69	2.35	2.16	1.48
Diluted Weighted Avg Shares	382	396	350	330	331	322	312	310	295	280	298	310	309	305	300
Diluted EPS, GAAP	0.73	0.31	0.42	0.27	0.7	0.71	0.96	0.71	0.7	0.6	0.68	1.69	2.34	2.16	1.48
Diluted EPS from Cont Ops	0.72	0.3	0.42	0.27	0.7	0.71	0.96	0.95	0.94	0.73	0.73	1.69	2.34	2.16	1.48

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	1,308	1,203	1,232	1,049	1,067	1,115	1,170	1,764	1,806	2,020	2,502	2,706	2,845	2,784	2,923
+ Cash, Cash Equivalents & STI	272	52	52	82	55	59	67	70	153	179	172	150	162	157	261
+ Cash & Cash Equivalents	272	52	52	82	55	59	67	70	153	179	172	150	162	157	261
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	402	461	413	414	424	427	327	583	504	654	859	879	835	759	760
+ Accounts Receivable, Net	380	439	391	346	337	363	272	466	451	597	785	804	716	621	590
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	21	22	21	67	87	64	55	117	53	57	74	75	119	138	170
+ Inventories	474	532	557	522	557	583	634	1,014	1,096	1,128	1,387	1,606	1,754	1,754	1,766
+ Raw Materials	190	211	220	209	241	271	319	485	538	524	665	873	951	993	1,017
+ Work In Process	41	51	49	53	50	74	74	102	123	133	194	218	201	209	202
+ Finished Goods	244	270	288	260	266	238	240	427	435	471	528	515	602	552	547
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	160	158	210	32	31	46	142	96	52	59	84	71	94	114	136
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	3,342	3,429	3,327	3,089	3,189	3,488	3,693	5,295	5,484	5,785	7,955	7,622	8,330	8,360	8,852
+ Property, Plant & Equip, Net	1,632	1,732	1,679	1,547	1,586	1,752	1,867	3,240	3,254	3,560	4,677	4,579	4,992	5,258	5,669
+ Property, Plant & Equip	3,883	4,197	4,221	4,172	4,482	4,753	5,074	6,660	6,821	7,368	8,718	8,871	9,660	9,930	10,667
- Accumulated Depreciation	2,252	2,465	2,542	2,626	2,896	3,002	3,206	3,420	3,567	3,808	4,041	4,292	4,668	4,672	4,998
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,710	1,696	1,648	1,542	1,603	1,737	1,826	2,056	2,230	2,225	3,278	3,043	3,338	3,102	3,183
+ Total Intangible Assets	1,672	1,645	1,592	1,504	1,554	1,706	1,760	1,984	1,955	1,915	2,883	2,696	2,923	2,660	2,735
+ Goodwill	1,136	1,139	1,125	1,118	1,168	1,260	1,323	1,461	1,478	1,478	2,015	1,979	2,103	1,993	2,065
+ Other Intangible Assets	536	506	467	386	387	445	436	524	477	437	868	717	820	667	670
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	38	51	56	38	48	31	66	71	275	310	395	347	415	442	448
Total Assets	4,650	4,632	4,559	4,138	4,256	4,603	4,863	7,059	7,290	7,805	10,457	10,328	11,175	11,144	11,775
+ Payables & Accruals	491	523	507	495	542	597	664	951	901	1,052	1,447	1,472	1,441	1,568	1,406
+ Accounts Payable	411	454	428	425	458	466	516	712	716	825	1,125	1,123	1,094	1,116	1,027
+ Accrued Taxes	- -	- -	- -	- -	- -	22	30	44	38	57	50	58	64	58	78
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	80	69	79	70	84	108	118	195	147	170	272	291	283	394	301
+ ST Debt	30	80	77	32	37	63	61	52	105	558	352	119	826	102	616
+ ST Borrowings	28	78	75	31	36	62	59	48	46	492	272	42	757	32	542
+ ST Finance Leases	2	2	2	2	1	1	2	4	59	66	80	77	69	70	74
+ Other ST Liabilities	124	150	127	149	153	120	126	170	192	246	250	342	322	233	222
+ Deferred Revenue	16	13	11	15	20	11	12	14	15	21	29	32	30	35	23
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	108	137	116	134	134	108	115	156	177	225	221	310	292	198	199
Total Current Liabilities	646	753	711	677	732	780	851	1,172	1,199	1,856	2,049	1,933	2,589	1,903	2,244
+ LT Debt	2,336	2,254	2,176	1,926	1,839	2,088	2,213	2,905	2,961	3,304	5,708	5,384	4,609	5,145	5,022
+ LT Borrowings	2,330	2,248	2,173	1,924	1,838	2,072	2,185	2,905	2,810	3,013	5,515	5,200	4,609	5,145	5,022
+ LT Finance Leases	6	6	3	2	1	17	28	- -	152	291	193	184	189	- -	- -
+ Other LT Liabilities	487	642	598	523	583	679	506	688	768	805	807	861	1,195	1,083	1,172
+ Accrued Liabilities	69	154	335	138	273	415	328	467	529	563	608	695	731	613	688
+ Pension Liabilities	389	445	224	344	278	233	109	140	171	150	158	129	104	94	93
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	29	43	40	42	33	31	69	80	67	92	41	37	360	376	391
Total Noncurrent Liabilities	2,823	2,896	2,774	2,449	2,422	2,767	2,720	3,593	3,729	4,109	6,515	6,245	5,804	6,228	6,194
Total Liabilities	3,468	3,648	3,486	3,125	3,154	3,547	3,571	4,765	4,928	5,965	8,564	8,178	8,393	8,131	8,438
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2,181	1,918	1,793	1,800	1,774	1,712	1,687	1,947	1,880	1,718	2,049	2,057	2,065	2,057	1,984
+ Common Stock	4	3	3	3	3	3	3	3	3	3	3	3	3	3	3
+ Additional Paid in Capital	2,178	1,915	1,790	1,796	1,771	1,709	1,684	1,944	1,877	1,715	2,046	2,054	2,062	2,054	1,981
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-731	-633	-543	-453	-327	-268	-56	10	56	-48	66	469	1,029	1,410	1,614
+ Other Equity	-282	-311	-188	-335	-346	-388	-339	-378	-366	-246	-224	-377	-313	-455	-262
Equity Before Minority Interest	1,168	974	1,062	1,012	1,102	1,056	1,292	1,580	1,570	1,424	1,891	2,149	2,781	3,012	3,336
+ Minority/Non Controlling Interest	14	9	11	- -	- -	- -	- -	715	792	416	2	1	1	1	1
Total Equity	1,182	983	1,074	1,012	1,102	1,056	1,292	2,294	2,362	1,840	1,893	2,150	2,782	3,013	3,337
Total Liabilities & Equity	4,650	4,632	4,559	4,138	4,256	4,603	4,863	7,059	7,290	7,805	10,457	10,328	11,175	11,144	11,775
Shares Outstanding	389	345	325	327	325	314	310	300	290	268	307	307	306	300	295
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	7	8	6	3	2	18	30	4	211	357	273	261	258	70	74
Net Debt	2,087	2,274	2,196	1,873	1,819	2,075	2,177	2,883	2,703	3,326	5,615	5,092	5,204	5,020	5,303
Net Debt to Equity	176.61	231.31	204.53	185.02	165.09	196.39	168.52	125.65	114.41	180.76	296.62	236.84	187.06	166.61	158.92
Tangible Common Equity Ratio	-16.46	-22.18	-17.49	-18.66	-16.76	-22.4	-15.07	6.11	7.63	-1.27	-13.07	-7.15	-1.71	4.16	6.66
Current Ratio	2.03	1.6	1.73	1.55	1.46	1.43	1.37	1.5	1.51	1.09	1.22	1.4	1.1	1.46	1.3
Cash Conversion Cycle	23.19	42.34	44.23	43.22	41.08	41.33	38.53	40.51	52.55	52.28	54.58	50.09	59.05	62.31	61.57

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	275	120	147	89	230	228	300	294	278	203	216	522	723	658	444
+ Depreciation & Amortization	278	267	277	270	280	299	330	431	447	476	489	553	619	557	536
+ Non-Cash Items	-145	99	56	208	98	76	-178	22	115	165	133	233	110	-106	74
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	34	44	62	2
+ Deferred Income Taxes	-238	76	63	33	110	77	-54	26	53	-1	55	131	22	-119	107
+ Asset Impairment Charge	105	13	6	12	1	1	- -	- -	- -	- -	- -	96	29	- -	- -
+ Other Non-Cash Adj	-12	10	-12	163	-13	-2	-124	-4	62	166	78	-28	15	-49	-35
+ Chg in Non-Cash Work Cap	-21	-17	-22	-40	-19	-529	-645	-1,121	-174	-19	-229	-218	-308	-269	-213
+ (Inc) Dec in Accts Receiv	1	7	49	-26	-2	-542	-659	-1,158	-108	-216	-106	-184	-39	-152	-115
+ (Inc) Dec in Inventories	-43	-24	-40	-50	-20	10	-6	-82	-73	35	-80	-268	-117	-124	51
+ (Inc) Dec in Prepaid Assets	3	- -	-11	5	- -	-1	1	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	14	-17	7	- -	8	22	32	84	4	108	84	137	-150	107	-99
+ Inc (Dec) in Other	4	16	-28	31	-6	-18	-13	35	3	54	-127	97	-2	-100	-50
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	388	469	458	527	589	74	-192	-374	666	825	609	1,090	1,144	840	841
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	-14	-15	-16	-19	-16	-22	-30	-27	-27	-23	-34	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	-14	-15	-16	-19	-16	-22	-30	-27	-27	-23	-34	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	205	-300	-200	- -	-63	-165	-62	-119	-129	-316	- -	-46	-76	-225	-184
+ Increase in Capital Stock	238	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-33	-300	-200	- -	-63	-165	-62	-119	-129	-316	- -	-46	-76	-225	-184
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-52	-105	- -	-157	-163	-333	-189	-89	-55	-121	-1,704	- -	-361	711	16
+ Cash from Divestitures	- -	13	- -	17	- -	- -	- -	- -	- -	- -	- -	- -	- -	711	45
+ Cash for Acq of Subs	-52	-118	- -	-174	-163	-333	-189	-89	-55	-121	-1,704	- -	-361	- -	-29
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-162	-189	-144	-12	-221	284	477	795	-148	-497	-661	-408	-641	-1,019	-748
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-212	-294	-144	-183	-400	-65	268	689	-225	-648	-2,392	-435	-1,025	-342	-732
+ Dividends Paid	- -	- -	- -	- -	-49	-64	-93	-111	-113	-103	-92	-92	-123	-122	-128
+ Net Cash From Debt	-244	262	-89	-321	-127	203	199	26	-471	797	2,995	-796	244	-136	311
+ Cash From Debt	184	4,034	3,883	4,166	1,806	2,700	2,406	3,754	5,296	6,028	11,935	7,858	8,898	5,334	3,496
+ Repayments of Debt	-428	-3,773	-3,972	-4,487	-1,933	-2,497	-2,207	-3,727	-5,767	-5,231	-8,940	-8,654	-8,654	-5,470	-3,185
+ Other Financing Activities	-3	-358	-22	12	28	23	-114	-107	352	-530	-1,125	268	-151	-6	-17
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-42	-396	-311	-309	-211	-3	-70	-311	-361	-152	1,778	-666	-106	-489	-18
Effect of Foreign Exchange Rates	-1	1	-2	-5	-5	-2	2	-2	2	1	-2	-6	-1	-15	13
Net Changes in Cash	134	-222	2	35	-22	6	6	5	80	25	-5	-11	13	9	91
EBITDA	576	616	632	695	730	744	689	904	1,019	1,061	1,034	1,590	1,867	1,681	1,381
EBITDA Margin (%)	13.7	14.19	14.12	16.4	17.54	17.31	15.65	14.99	16.54	16.17	14.45	16.84	19.8	19.09	16.03
Free Cash Flow	388	469	458	512	574	58	-212	-390	644	795	582	1,063	1,121	806	841
Net Cash Paid for Acquisitions	52	105	- -	157	163	333	189	89	55	121	1,704	- -	361	-711	-16
Free Cash Flow to Firm	- -	534	528	565	617	112	- -	-286	755	902	674	1,207	1,306	977	1,008
Free Cash Flow to Equity	146	730	369	191	447	261	-12	-364	173	1,592	3,577	267	1,365	670	1,152
Free Cash Flow per Basic Share	1.03	1.19	1.32	1.56	1.74	0.18	-0.68	-1.26	2.19	2.85	1.96	3.44	3.64	2.65	2.81
Price/Free Cash Flow	4.19	5.46	7.33	8.32	7.02	44.58	-27.81	-9.23	7.13	5.54	9.13	6.17	6.53	9.48	5.37
Cash Flow to Net Income	1.4	3.82	3.12	5.87	2.56	0.32	-0.64	-1.69	3.22	4.94	2.99	2.09	1.58	1.28	1.89
Capital Expenditures	- -	- -	- -	-14	-15	-16	-19	-16	-22	-30	-27	-27	-23	-34	- -