Penske Automotive Group, Inc.

PAG

PAGPenske Automotive Group, Inc. US flag

New York Stock Exchange

171.88

USD

-0.48

- -

11.30BMarket 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	11,039	12,903	14,482	17,232	19,285	20,118	21,387	22,785	23,179	20,444	25,555	27,815	30,916	31,865	31,808
+ Sales & Services Revenue	11,039	12,903	14,482	17,232	19,285	20,118	21,387	22,785	23,179	20,444	25,555	27,815	30,916	31,865	31,808
- Cost of Revenue	9,287	10,927	12,282	14,653	16,417	17,152	18,164	19,370	19,724	17,259	21,114	22,976	25,769	26,648	26,592
+ Cost of Goods & Services	9,287	10,927	12,282	14,653	16,417	17,152	18,164	19,370	19,724	17,259	21,114	22,976	25,769	26,648	26,592
Gross Profit	1,752	1,976	2,201	2,579	2,868	2,967	3,222	3,415	3,456	3,184	4,441	4,839	5,147	5,217	5,217
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,457	1,610	1,771	2,079	2,301	2,392	2,611	2,750	2,803	2,480	3,084	3,351	3,697	3,847	3,936
+ Selling, General & Admin	1,410	1,558	1,712	2,009	2,223	2,302	2,516	2,646	2,693	2,364	2,963	3,224	3,554	3,686	3,764
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	46	52	60	70	78	90	95	104	110	116	122	127	144	161	172
Operating Income (Loss)	295	365	430	500	566	575	611	665	653	704	1,356	1,488	1,450	1,370	1,281
- Non-Operating (Income) Loss	47	74	58	42	75	67	63	61	61	-3	-251	-371	-25	80	17
+ Interest Expense, Net	73	84	89	99	114	136	171	196	209	157	95	123	228	281	262
+ Interest Expense	73	84	89	99	114	136	171	196	209	157	95	123	228	281	262
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-25	-10	-31	-57	-39	-70	-108	-135	-148	-160	-346	-494	-253	-201	-245
Pretax Income	248	291	372	458	492	508	548	604	592	708	1,608	1,859	1,475	1,290	1,264
- Income Tax Expense (Benefit)	72	95	123	153	158	161	-65	134	157	163	416	473	361	316	326
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	176	196	248	305	334	347	613	470	435	545	1,191	1,386	1,114	973	938
- Net Extraordinary Losses (Gains)	1	12	6	22	12	8	-1	-2	-2	3	8	12	11	9	5
+ Discontinued Operations	2	-9	-3	-15	-4	-1	- -	- -	- -	- -	1	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-1	21	9	36	16	9	-1	-2	-2	3	7	12	11	9	5
Income (Loss) Incl. MI	176	184	243	283	322	339	614	472	436	542	1,183	1,374	1,103	964	933
- Minority Interest	-1	-2	-2	-3	-4	-4	- -	1	1	-2	-5	-6	-5	-4	-2
Net Income, GAAP	177	186	244	287	326	343	613	471	436	544	1,188	1,380	1,109	969	935
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	177	186	244	287	326	343	613	471	436	544	1,188	1,380	1,109	969	935
EBIT	295	365	430	500	566	575	611	665	653	704	1,356	1,488	1,450	1,370	1,281
EBITDA	342	417	489	571	644	665	706	769	762	820	1,478	1,615	1,594	1,531	1,453
EBITDA Margin (%)	3.09	3.23	3.38	3.31	3.34	3.3	3.3	3.37	3.29	4.01	5.78	5.81	5.15	4.81	4.57
EBITA	295	365	430	500	566	575	611	665	653	704	1,356	1,488	1,450	1,370	1,281
Gross Margin (%)	15.87	15.31	15.2	14.97	14.87	14.75	15.07	14.99	14.91	15.58	17.38	17.4	16.65	16.37	16.4
Operating Margin (%)	2.67	2.83	2.97	2.9	2.94	2.86	2.86	2.92	2.82	3.45	5.31	5.35	4.69	4.3	4.03
Profit Margin (%)	1.6	1.44	1.69	1.66	1.69	1.7	2.87	2.07	1.88	2.66	4.65	4.96	3.59	3.04	2.94
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.24	0.46	0.62	0.78	0.94	1.11	1.26	1.42	1.59	0.84	1.79	2.07	2.78	4.1	5.19
Depreciation Expense	46	52	60	70	78	90	95	104	110	116	122	127	144	161	172
Basic Weighted Avg Shares	91	90	90	90	90	86	86	85	82	81	80	74	68	67	66
Basic EPS, GAAP	1.94	2.05	2.7	3.17	3.63	3.99	7.14	5.53	5.28	6.74	14.9	18.55	16.31	14.48	14.13
Basic EPS from Cont Ops	1.93	2.17	2.75	3.37	3.72	4.04	7.14	5.51	5.27	6.76	14.95	18.63	16.39	14.55	14.17
Diluted Weighted Avg Shares	91	90	90	90	90	86	86	85	82	81	80	74	68	67	66
Diluted EPS, GAAP	1.94	2.05	2.7	3.17	3.63	3.99	7.14	5.53	5.28	6.74	14.9	18.55	16.31	14.48	14.13
Diluted EPS from Cont Ops	1.93	2.17	2.75	3.37	3.72	4.04	7.14	5.51	5.27	6.76	14.95	18.63	16.39	14.55	14.17

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	2,224	2,784	3,488	3,860	4,406	4,394	5,026	5,095	5,334	4,409	4,075	4,664	5,680	6,046	6,193
+ Cash, Cash Equivalents & STI	27	44	50	36	62	24	46	39	28	50	101	106	96	84	65
+ Cash & Cash Equivalents	27	44	50	36	62	24	46	39	28	50	101	106	96	84	65
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	430	551	595	707	782	879	955	929	960	807	734	907	1,115	1,037	1,070
+ Accounts Receivable, Net	430	551	595	707	782	879	955	929	960	807	734	907	1,115	1,037	1,070
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	1,535	1,976	2,501	2,836	3,464	3,408	3,944	4,040	4,261	3,426	3,129	3,509	4,293	4,711	4,815
+ Raw Materials	78	86	223	198	204	194	258	234	227	255	277	251	456	662	678
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	1,458	1,890	2,279	2,639	3,260	3,214	3,686	3,806	4,034	3,171	2,852	3,258	3,838	4,048	4,137
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	232	214	342	280	98	82	82	87	85	127	112	142	176	215	243
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	2,275	2,595	2,927	3,368	3,607	4,440	5,514	5,809	8,609	8,838	9,389	9,450	9,992	11,075	11,405
+ Property, Plant & Equip, Net	840	1,023	1,120	1,332	1,520	1,806	2,109	2,250	4,727	4,821	4,894	4,913	5,171	5,620	5,768
+ Property, Plant & Equip	1,142	1,370	1,530	1,769	2,020	2,333	2,713	2,868	5,405	5,579	5,726	5,815	6,193	6,791	7,097
- Accumulated Depreciation	302	347	410	438	500	526	605	618	678	758	832	902	1,022	1,170	1,328
+ LT Investments & Receivables	299	303	347	353	336	893	1,257	1,305	1,399	1,500	1,688	1,637	1,775	1,827	1,924
+ LT Investments	299	303	347	353	336	893	1,257	1,305	1,399	1,500	1,688	1,637	1,775	1,827	1,924
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,137	1,269	1,461	1,684	1,750	1,740	2,149	2,254	2,483	2,517	2,808	2,901	3,046	3,627	3,713
+ Total Intangible Assets	1,123	1,248	1,430	1,657	1,731	1,711	2,134	2,238	2,463	2,492	2,766	2,846	2,983	3,517	3,600
+ Goodwill	897	972	1,135	1,270	1,323	1,291	1,660	1,752	1,911	1,928	2,124	2,155	2,235	2,376	2,436
+ Other Intangible Assets	226	277	295	387	408	420	474	486	552	563	642	691	748	1,141	1,164
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	13	21	31	27	19	28	14	16	20	25	42	55	63	110	113
Total Assets	4,499	5,379	6,416	7,228	8,013	8,833	10,541	10,904	13,943	13,247	13,465	14,115	15,672	17,121	17,598
+ Payables & Accruals	410	484	630	738	872	857	1,165	1,165	1,341	1,443	1,637	1,642	1,677	1,776	1,830
+ Accounts Payable	215	261	369	422	494	497	642	598	639	675	767	854	867	859	900
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	195	223	261	316	378	360	524	567	702	767	870	788	810	917	930
+ ST Debt	1,639	2,136	2,587	2,784	3,408	3,366	3,835	3,883	4,110	3,232	2,637	3,072	3,981	4,804	4,449
+ ST Borrowings	1,639	2,136	2,587	2,784	3,408	3,366	3,835	3,883	4,110	3,232	2,637	3,072	3,981	4,804	4,449
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	103	76	166	108	6	6	1	1	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	103	76	166	108	6	6	1	1	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	2,152	2,695	3,384	3,630	4,286	4,230	5,000	5,048	5,451	4,675	4,275	4,713	5,658	6,581	6,279
+ LT Debt	847	917	982	1,316	1,247	1,829	2,090	2,125	4,558	3,952	3,766	3,883	3,756	3,635	4,272
+ LT Borrowings	847	917	982	1,316	1,247	1,829	2,090	2,125	2,257	1,602	1,392	1,547	1,420	1,131	1,810
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	2,301	2,350	2,374	2,336	2,336	2,504	2,462
+ Other LT Liabilities	351	450	528	601	646	995	1,022	1,097	1,122	1,294	1,329	1,344	1,502	1,486	1,466
+ Accrued Liabilities	206	288	361	410	433	565	482	578	678	873	1,060	1,121	1,232	1,231	1,200
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	146	163	166	191	212	430	540	519	444	421	269	223	271	256	265
Total Noncurrent Liabilities	1,198	1,368	1,510	1,917	1,893	2,824	3,112	3,222	5,680	5,246	5,095	5,227	5,258	5,122	5,738
Total Liabilities	3,350	4,063	4,893	5,547	6,178	7,054	8,113	8,270	11,131	9,921	9,370	9,940	10,916	11,702	12,017
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	702	700	694	691	656	497	532	478	320	312	42	- -	- -	9	- -
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	702	700	694	691	656	497	532	478	320	312	42	- -	- -	9	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	467	611	799	1,015	1,257	1,504	2,009	2,366	2,676	3,151	4,197	4,483	4,990	5,756	5,750
+ Other Equity	-24	-7	12	-53	-122	-251	-146	-234	-203	-161	-169	-335	-264	-364	-188
Equity Before Minority Interest	1,145	1,304	1,504	1,653	1,790	1,751	2,395	2,609	2,793	3,302	4,070	4,148	4,726	5,401	5,562
+ Minority/Non Controlling Interest	4	12	18	28	45	29	33	26	18	24	25	27	29	18	18
Total Equity	1,150	1,316	1,522	1,681	1,835	1,780	2,428	2,635	2,812	3,326	4,095	4,175	4,756	5,418	5,581
Total Liabilities & Equity	4,499	5,379	6,416	7,228	8,013	8,833	10,541	10,904	13,943	13,247	13,465	14,115	15,672	17,121	17,598
Shares Outstanding	90	90	90	90	90	85	86	85	81	80	78	70	67	67	66
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	2,301	2,350	2,374	2,336	2,336	2,504	2,462
Net Debt	2,458	3,009	3,519	4,063	4,592	5,171	5,879	5,968	6,339	4,784	3,928	4,512	5,304	5,851	6,195
Net Debt to Equity	213.83	228.63	231.18	241.69	250.27	290.58	242.15	226.52	225.45	143.84	95.92	108.07	111.54	107.99	111.01
Tangible Common Equity Ratio	0.78	1.65	1.85	0.43	1.65	0.96	3.49	4.58	3.03	7.76	12.43	11.8	13.97	13.98	14.15
Current Ratio	1.03	1.03	1.03	1.06	1.03	1.04	1.01	1.01	0.98	0.94	0.95	0.99	1	0.92	0.99
Cash Conversion Cycle	62.87	64.87	71.99	70.63	74.31	77.61	78.4	78.69	80.36	82.45	55.01	50.83	55.36	62.35	65.44

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	178	187	246	290	330	346	613	470	435	545	1,193	1,386	1,114	973	938
+ Depreciation & Amortization	46	52	60	70	78	90	95	104	110	116	122	127	144	161	172
+ Non-Cash Items	21	92	57	20	20	113	-177	16	-3	88	-23	-32	-4	-112	-76
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	27	28	29	30
+ Deferred Income Taxes	47	84	78	50	45	162	-109	106	92	194	185	124	102	-13	66
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	41	- -	- -
+ Other Non-Cash Adj	-26	8	-20	-30	-24	-49	-69	-90	-95	-107	-208	-183	-175	-128	-172
+ Chg in Non-Cash Work Cap	-109	-6	-64	-21	-31	-178	92	24	-24	453	1	-22	-109	207	-59
+ (Inc) Dec in Accts Receiv	-61	-86	-35	-41	-24	-92	-73	30	-31	153	76	-193	-202	128	2
+ (Inc) Dec in Inventories	-88	-312	-391	-121	-428	130	-420	-13	-118	805	403	-444	-726	-157	52
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	49	412	371	160	427	-181	548	10	155	-486	-490	569	706	314	-143
+ Inc (Dec) in Other	-10	-20	-9	-20	-6	-35	37	-4	-30	-19	12	46	113	-77	30
+ Net Cash From Disc Ops	-74	- -	21	9	-6	2	- -	- -	- -	- -	1	- -	- -	- -	- -
Cash from Operating Activities	63	326	320	368	392	373	624	615	519	1,202	1,293	1,459	1,145	1,231	975
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	2	- -	- -	- -	- -	22	16	28	20	55	32	31	26	28
+ Disp of Fixed Prod Assets	- -	2	- -	- -	- -	- -	22	16	28	20	55	32	31	26	28
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-132	-151	-175	-176	-200	-203	-247	-306	-245	-186	-249	-282	-386	-378	-325
+ Acq of Fixed Prod Assets	-132	-151	-175	-176	-200	-203	-247	-306	-245	-186	-249	-282	-386	-378	-325
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-44	-10	-16	-16	-49	-174	-18	-69	-169	-29	-281	-869	-359	-59	-159
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-44	-10	-16	-16	-49	-174	-18	-69	-169	-29	-281	-869	-359	-59	-159
+ Net Change in LT Investment	- -	- -	- -	- -	- -	-498	-239	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	-498	-239	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-232	-233	-314	-355	-157	-137	-425	-225	-304	41	-428	-380	-215	-683	114
+ Cash from Divestitures	- -	- -	- -	- -	- -	4	25	84	23	41	4	13	- -	103	136
+ Cash for Acq of Subs	-232	-233	-314	-355	-157	-141	-450	-309	-327	- -	-432	-393	-215	-786	-22
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	93	12	-69	-3	134	3	-38	-11	-11	-11	-2	-11	-13	-11	8
+ Net Cash From Disc Ops	90	3	-66	20	130	2	2	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-271	-371	-558	-534	-222	-835	-926	-525	-533	-136	-623	-642	-583	-1,046	-175
+ Dividends Paid	-22	-42	-56	-70	-85	-95	-108	-121	-131	-68	-142	-154	-189	-274	-344
+ Net Cash From Debt	235	-776	174	-1,136	-1,322	-816	-1,876	-1,926	-1,600	-2,501	-2,137	-1,941	-3,232	232	122
+ Cash From Debt	860	1,382	1,294	1,599	1,420	1,976	2,340	1,642	1,986	2,347	2,395	2,261	3,224	4,415	5,842
+ Repayments of Debt	-626	-2,157	-1,120	-2,735	-2,743	-2,793	-4,216	-3,568	-3,586	-4,848	-4,532	-4,202	-6,456	-4,183	-5,721
+ Other Financing Activities	49	889	143	1,376	1,314	1,518	2,325	2,022	1,903	1,545	1,945	2,166	3,208	-100	-444
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	217	62	245	153	-143	433	322	-94	3	-1,054	-616	-798	-572	-202	-826
Effect of Foreign Exchange Rates	- -	- -	- -	-1	-1	-9	2	-2	- -	10	-4	-14	- -	-2	6
Net Changes in Cash	9	17	6	-13	28	-29	20	-5	-12	11	55	19	-10	-17	-25
EBITDA	342	417	489	571	644	665	706	769	762	820	1,478	1,615	1,594	1,531	1,453
EBITDA Margin (%)	3.09	3.23	3.38	3.31	3.34	3.3	3.3	3.37	3.29	4.01	5.78	5.81	5.15	4.81	4.57
Free Cash Flow	-69	175	145	192	193	170	376	309	273	1,016	1,044	1,176	759	853	650
Net Cash Paid for Acquisitions	232	233	314	355	157	137	425	225	304	-41	428	380	215	683	-114
Free Cash Flow to Firm	-18	232	204	258	270	263	- -	461	427	1,137	1,115	1,268	931	1,065	845
Free Cash Flow to Equity	166	-599	318	-945	-1,130	-647	-1,477	-1,601	-1,300	-1,466	-1,038	-732	-2,442	1,111	800
Free Cash Flow per Basic Share	-0.76	1.94	1.6	2.12	2.15	1.97	4.38	3.63	3.31	12.6	13.1	15.81	11.16	12.75	9.83
Price/Free Cash Flow	9.04	5.7	8.61	8.15	6.42	7.74	4.72	3.73	5.42	3.45	5.54	4.91	7.13	6.34	8.06
Cash Flow to Net Income	0.35	1.76	1.31	1.28	1.2	1.09	1.02	1.31	1.19	2.21	1.09	1.06	1.03	1.27	1.04
Capital Expenditures	-132	-151	-175	-176	-200	-203	-247	-306	-245	-186	-249	-282	-386	-378	-325