Pinnacle West Capital Corporation

PNW

PNWPinnacle West Capital Corporation US flag

New York Stock Exchange

105.34

USD

-0.31

- -

12.77BMarket Cap

Income Statement (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Sales/Revenue/Turnover	3,241	3,302	3,455	3,492	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
+ Sales & Services Revenue	3,241	3,302	3,455	3,492	3,495	3,499	3,565	3,691	3,471	3,587	3,804	4,324	4,696	5,125	5,340
- Cost of Revenue	1,914	1,880	2,020	2,088	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988	3,118
+ Cost of Goods & Services	1,914	1,880	2,020	2,088	1,970	2,007	1,930	2,113	1,984	1,952	2,107	2,616	2,851	2,988	3,118
Gross Profit	1,328	1,422	1,434	1,404	1,526	1,491	1,635	1,578	1,487	1,635	1,697	1,708	1,845	2,137	2,221
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	581	570	588	593	671	656	725	805	815	847	892	976	1,020	1,125	1,154
+ Selling, General & Admin	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	581	570	588	593	671	656	725	805	815	847	892	976	1,020	1,125	1,154
Operating Income (Loss)	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068
- Non-Operating (Income) Loss	207	195	176	167	161	138	144	109	130	140	59	156	229	276	329
+ Interest Expense, Net	222	198	185	184	178	185	194	210	206	217	227	248	304	353	404
+ Interest Expense	224	200	187	185	179	186	198	218	217	229	233	256	331	377	422
- Interest Income	2	1	2	1	- -	1	3	9	10	12	7	7	27	24	18
+ Other Non-Op (Income) Loss	-15	-3	-10	-18	-18	-47	-51	-100	-76	-77	-167	-92	-75	-78	-75
Pretax Income	539	656	671	644	694	698	766	664	542	648	746	576	596	737	738
- Income Tax Expense (Benefit)	184	237	231	221	238	236	258	134	-16	78	110	75	77	111	107
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	356	419	440	424	456	462	508	531	558	570	636	501	519	626	632
- Net Extraordinary Losses (Gains)	44	69	68	52	38	39	39	39	39	39	34	34	34	34	30
+ Discontinued Operations	11	-6	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	32	75	68	52	38	39	39	39	39	39	34	34	34	34	30
Income (Loss) Incl. MI	312	350	372	371	418	423	469	492	519	531	601	466	484	592	601
- Minority Interest	-27	-32	-34	-26	-19	-19	-19	-19	-19	-19	-17	-17	-17	-17	-15
Net Income, GAAP	339	382	406	398	437	442	488	511	538	551	619	484	502	609	617
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	339	382	406	398	437	442	488	511	538	551	619	484	502	609	617
EBIT	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068
EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
EBITDA Margin (%)	38.26	40.37	38.75	37.45	40.8	40.03	42.64	38.6	38.49	41.1	40.08	35.84	35.75	38.41	38.15
EBITA	747	852	846	811	855	836	910	774	672	788	805	732	825	1,012	1,068
Gross Margin (%)	40.96	43.07	41.52	40.2	43.65	42.63	45.86	42.76	42.85	45.57	44.62	39.5	39.28	41.7	41.6
Operating Margin (%)	23.03	25.8	24.5	23.23	24.45	23.88	25.52	20.96	19.36	21.97	21.17	16.93	17.56	19.75	19.99
Profit Margin (%)	10.47	11.56	11.75	11.39	12.51	12.63	13.7	13.84	15.51	15.35	16.27	11.18	10.68	11.88	11.55
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	2.03	2.06	2.14	2.23	2.34	2.46	2.59	2.75	2.93	3.11	3.27	3.35	3.41	3.47	3.53
Depreciation Expense	494	481	492	496	572	565	611	651	664	686	719	818	854	956	970
Basic Weighted Avg Shares	109	110	110	111	111	111	112	112	112	113	113	113	113	114	120
Basic EPS, GAAP	3.11	3.48	3.69	3.59	3.94	3.97	4.37	4.56	4.79	4.89	5.48	4.27	4.42	5.35	5.15
Basic EPS from Cont Ops	3.26	3.83	4	3.83	4.11	4.14	4.54	4.73	4.96	5.06	5.63	4.42	4.57	5.5	5.28
Diluted Weighted Avg Shares	110	111	111	111	112	112	112	113	113	113	113	113	114	116	122
Diluted EPS, GAAP	3.09	3.45	3.66	3.58	3.92	3.95	4.35	4.54	4.77	4.87	5.47	4.26	4.41	5.24	5.05
Diluted EPS from Cont Ops	3.24	3.79	3.97	3.81	4.09	4.12	4.52	4.71	4.95	5.05	5.62	4.42	4.56	5.39	5.18

Balance Sheet (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Current Assets	956	1,006	1,044	973	891	822	1,016	925	1,030	1,198	1,551	1,751	1,927	1,689	1,704
+ Cash, Cash Equivalents & STI	34	26	10	8	39	9	14	6	10	60	10	5	5	4	7
+ Cash & Cash Equivalents	34	26	10	8	39	9	14	6	10	60	10	5	5	4	7
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	412	371	529	398	368	359	415	401	408	433	508	608	659	678	734
+ Accounts Receivable, Net	284	277	300	298	275	250	305	268	266	314	392	453	514	526	580
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	128	94	229	101	94	109	110	133	142	119	116	155	145	152	154
+ Inventories	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	226	249	260	256	280	283	289	294	346	334	367	451	494	501	565
+ Other ST Assets	284	359	245	312	203	172	298	224	266	371	666	687	769	506	398
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	12,155	12,374	12,465	13,315	14,138	15,182	16,003	16,739	17,449	18,822	20,452	20,973	22,734	24,413	28,328
+ Property, Plant & Equip, Net	9,792	10,234	10,731	11,075	11,685	12,624	13,188	13,767	14,378	15,382	16,604	17,397	19,023	20,212	23,794
+ Property, Plant & Equip	14,833	15,520	16,403	16,846	17,659	18,979	19,702	20,516	21,402	22,882	24,498	25,714	27,814	29,624	33,028
- Accumulated Depreciation	5,042	5,286	5,672	5,771	5,974	6,355	6,514	6,749	7,024	7,501	7,895	8,317	8,791	9,412	9,234
+ LT Investments & Receivables	514	571	642	714	735	780	904	1,087	1,256	1,393	1,653	1,421	1,564	1,691	1,849
+ LT Investments	514	571	642	714	735	780	904	1,087	1,256	1,393	1,653	1,421	1,564	1,691	1,849
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,849	1,569	1,092	1,527	1,718	1,778	1,911	1,885	1,816	2,047	2,195	2,155	2,147	2,510	2,685
+ Total Intangible Assets	171	162	158	120	124	90	257	263	291	283	274	259	267	591	576
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	171	162	158	120	124	90	257	263	291	283	274	259	267	591	576
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,679	1,407	934	1,407	1,594	1,688	1,654	1,622	1,525	1,765	1,921	1,896	1,880	1,919	2,109
Total Assets	13,111	13,380	13,509	14,289	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032
+ Payables & Accruals	502	455	526	554	562	529	539	576	633	629	715	754	782	850	1,082
+ Accounts Payable	327	221	285	295	297	265	256	277	346	319	393	430	442	485	680
+ Accrued Taxes	120	125	131	141	139	139	149	155	145	160	169	164	167	176	187
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	55	109	111	118	126	126	134	144	142	150	153	159	173	188	216
+ ST Debt	477	215	694	531	358	302	177	576	927	244	542	497	1,552	1,469	1,546
+ ST Borrowings	477	215	694	531	358	302	177	576	915	169	442	391	1,484	1,368	1,357
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	13	75	100	105	68	100	189
+ Other ST Liabilities	363	413	399	474	523	461	481	497	518	488	499	512	555	525	533
+ Deferred Revenue	72	80	76	72	73	83	70	91	65	48	42	42	42	44	64
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	291	333	323	402	450	379	411	405	453	440	457	470	513	481	469
Total Current Liabilities	1,343	1,084	1,619	1,559	1,442	1,293	1,198	1,649	2,078	1,360	1,757	1,762	2,889	2,844	3,161
+ LT Debt	3,019	3,199	2,796	3,007	3,462	4,022	4,790	4,638	4,884	6,676	7,642	8,381	8,751	9,580	12,754
+ LT Borrowings	3,019	3,199	2,796	3,007	3,462	4,022	4,790	4,638	4,833	6,314	6,914	7,741	7,541	8,059	9,206
+ LT Finance Leases	66	- -	- -	- -	- -	- -	- -	- -	52	361	728	639	1,210	1,521	3,548
+ Other LT Liabilities	4,819	4,995	4,753	5,204	5,404	5,754	5,896	6,028	5,963	6,232	6,583	6,421	6,736	6,822	7,029
+ Accrued Liabilities	2,042	2,361	2,619	2,884	3,026	3,244	2,010	2,145	2,404	2,548	2,756	2,987	3,208	3,263	3,411
+ Pension Liabilities	1,269	1,059	514	454	481	509	327	443	280	166	153	116	113	139	168
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,508	1,575	1,621	1,866	1,897	2,000	3,558	3,440	3,279	3,517	3,674	3,317	3,416	3,419	3,450
Total Noncurrent Liabilities	7,838	8,194	7,550	8,211	8,866	9,775	10,686	10,667	10,848	12,907	14,225	14,801	15,487	16,401	19,783
Total Liabilities	9,180	9,277	9,168	9,770	10,309	11,068	11,883	12,315	12,926	14,268	15,982	16,564	18,376	19,245	22,945
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	4,888	4,934	4,983	5,026	5,083	5,192	5,230	5,269	2,660	2,677	2,703	2,725	2,753	3,122	3,231
+ Common Stock	2,444	2,467	2,492	2,513	2,542	2,596	2,615	2,634	2,660	2,677	2,703	2,725	2,753	3,122	3,231
+ Additional Paid in Capital	2,444	2,467	2,492	2,513	2,542	2,596	2,615	2,634	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	5	4	4	3	6	4	6	5	9	6	6	5	8	3	3
+ Retained Earnings	1,534	1,624	1,785	1,926	2,093	2,256	2,443	2,641	2,838	3,025	3,265	3,360	3,466	3,667	3,851
+ Other Equity	-152	-114	-78	-68	-45	-44	-45	-48	-57	-63	-55	-31	-33	-31	-32
Equity Before Minority Interest	3,822	3,973	4,194	4,367	4,584	4,804	5,007	5,223	5,431	5,634	5,906	6,049	6,178	6,754	7,046
+ Minority/Non Controlling Interest	109	129	146	152	136	132	129	126	123	119	115	111	107	103	41
Total Equity	3,931	4,102	4,340	4,519	4,719	4,936	5,136	5,349	5,553	5,753	6,021	6,160	6,285	6,857	7,087
Total Liabilities & Equity	13,111	13,380	13,509	14,289	15,028	16,004	17,019	17,664	18,479	20,020	22,003	22,723	24,661	26,103	30,032
Shares Outstanding	109	110	110	111	111	111	112	112	112	113	113	113	113	119	121
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	66	- -	- -	- -	- -	- -	- -	- -	65	436	829	744	1,278	1,621	3,737
Net Debt	3,463	3,388	3,480	3,530	3,780	4,315	4,953	5,209	5,737	6,423	7,346	8,128	9,020	9,423	10,556
Net Debt to Equity	88.1	82.59	80.19	78.11	80.1	87.42	96.45	97.39	103.31	111.66	121.99	131.95	143.52	137.42	148.95
Tangible Common Equity Ratio	29.06	29.81	31.33	31.05	30.83	30.45	29.1	29.23	28.93	27.71	26.45	26.27	24.67	24.56	22.1
Current Ratio	0.71	0.93	0.64	0.62	0.62	0.64	0.85	0.56	0.5	0.88	0.88	0.99	0.67	0.59	0.54
Cash Conversion Cycle	22.13	24.64	31.02	25.55	25.29	27.5	33.41	32.72	31.05	30.56	33.91	37.04	42.98	41.27	33.35

Cash Flow Statement (USD)

API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

+ Net Income	367	413	440	424	456	462	508	531	558	570	636	501	519	626	632
+ Depreciation & Amortization	494	481	492	496	572	565	611	651	664	686	719	818	854	956	970
+ Non-Cash Items	94	162	331	201	245	185	153	118	-52	-56	-123	-64	7	108	113
+ Stock-Based Compensation	- -	- -	- -	33	19	19	21	20	18	18	18	16	17	24	27
+ Deferred Income Taxes	176	229	302	185	245	230	244	112	-5	64	113	37	53	-29	8
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-83	-66	29	-17	-19	-64	-111	-14	-65	-139	-254	-117	-63	114	77
+ Chg in Non-Cash Work Cap	171	114	-110	-22	-178	-188	-154	-22	-214	-234	-372	-14	-172	-81	91
+ (Inc) Dec in Accts Receiv	23	41	-180	76	-15	-17	-95	13	-26	-7	-75	-101	-51	-22	-54
+ (Inc) Dec in Inventories	-23	-23	-12	4	-24	-1	-7	-6	-52	12	-33	-83	-43	-8	-64
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	58	-97	45	- -	-34	-67	-24	-15	41	9	29	86	-73	2	182
+ Inc (Dec) in Other	114	193	37	-101	-105	-102	-29	-14	-177	-246	-294	85	-5	-53	27
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,126	1,171	1,153	1,100	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	38	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	16	16	17	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Increase in Capital Stock	16	16	17	15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	39	-17	-17	-17	-17	-2	-2	-19	-3	-3	-5	-4	-2	-23	-4
+ Dec in LT Investment	553	418	446	356	479	633	542	653	719	820	1,721	1,208	1,680	1,686	1,855
+ Inc in LT Investment	-514	-435	-463	-373	-496	-636	-545	-672	-722	-823	-1,725	-1,212	-1,682	-1,710	-1,859
+ Net Cash From Acq & Div	45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	23	84	- -
+ Cash from Divestitures	45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	23	84	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-905	-856	-992	-905	-1,049	-1,250	-1,426	-1,174	-1,128	-1,275	-1,382	-1,614	-1,716	-1,995	-2,375
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-782	-873	-1,009	-923	-1,066	-1,252	-1,429	-1,193	-1,131	-1,278	-1,387	-1,618	-1,694	-1,934	-2,379
+ Dividends Paid	-222	-225	-235	-247	-260	-274	-290	-309	-330	-351	-369	-379	-386	-395	-423
+ Net Cash From Debt	-201	-86	74	73	279	500	641	244	530	736	870	774	899	397	1,131
+ Cash From Debt	470	568	197	731	842	870	906	490	1,195	2,422	889	924	931	1,863	2,531
+ Repayments of Debt	-672	-654	-123	-658	-563	-370	-265	-246	-665	-1,686	-19	-150	-33	-1,466	-1,400
+ Other Financing Activities	-13	-10	-17	-20	-16	-28	-36	-28	-22	-24	-24	-24	-25	320	-132
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-420	-306	-161	-179	4	198	316	-92	179	361	477	371	487	323	576
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-77	-7	-17	-2	32	-31	5	-8	5	50	-50	-5	- -	-1	3
EBITDA	1,240	1,333	1,339	1,308	1,426	1,401	1,520	1,425	1,336	1,474	1,524	1,550	1,679	1,968	2,037
EBITDA Margin (%)	38.26	40.37	38.75	37.45	40.8	40.03	42.64	38.6	38.49	41.1	40.08	35.84	35.75	38.41	38.15
Free Cash Flow	1,126	1,171	1,153	1,100	1,094	1,023	1,118	1,277	957	966	860	1,241	1,208	1,610	1,805
Net Cash Paid for Acquisitions	-45	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-23	-84	- -
Free Cash Flow to Firm	1,273	1,299	1,276	1,222	1,212	1,146	1,249	1,451	- -	1,168	1,059	1,464	1,496	1,931	2,166
Free Cash Flow to Equity	962	1,085	1,228	1,172	1,374	1,523	1,759	1,521	1,487	1,702	1,730	2,016	2,106	2,007	2,936
Free Cash Flow per Basic Share	10.32	10.69	10.49	9.94	9.86	9.19	10	11.39	8.51	8.58	7.62	10.97	10.65	14.14	15.08
Price/Free Cash Flow	4.7	4.81	5.08	6.91	6.57	8.54	8.56	7.51	10.6	9.34	9.29	6.95	6.77	6.12	5.99
Cash Flow to Net Income	3.32	3.07	2.84	2.77	2.5	2.32	2.29	2.5	1.78	1.76	1.39	2.57	2.41	2.64	2.93
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -