PPG Industries, Inc.

PPG

PPGPPG Industries, Inc. US flag

New York Stock Exchange

113.61

USD

+1.54

- -

25.32BMarket 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	13,153	12,686	14,265	14,791	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845	15,875
+ Sales & Services Revenue	13,153	12,686	14,265	14,791	14,241	14,270	14,748	15,374	15,146	13,834	16,802	15,614	16,242	15,845	15,875
- Cost of Revenue	7,865	7,599	8,314	8,348	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252	9,316
+ Cost of Goods & Services	7,865	7,599	8,314	8,348	7,786	7,665	8,209	9,001	8,653	7,777	10,286	9,975	9,678	9,252	9,316
Gross Profit	5,288	5,087	5,951	6,443	6,455	6,605	6,539	6,373	6,493	6,057	6,516	5,639	6,564	6,593	6,559
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	3,975	3,816	4,401	4,629	4,496	5,416	4,525	4,511	4,547	4,277	4,830	3,973	4,529	4,306	4,390
+ Selling, General & Admin	3,122	2,987	3,486	3,696	3,584	4,523	3,614	3,573	3,604	3,389	3,830	3,037	3,591	3,391	3,439
+ Research & Development	428	430	463	483	466	453	451	441	432	379	439	434	424	423	423
+ Other Operating Expense	425	399	452	450	446	440	460	497	511	509	561	502	514	492	528
Operating Income (Loss)	1,313	1,271	1,550	1,814	1,959	1,189	2,014	1,862	1,946	1,780	1,686	1,666	2,035	2,287	2,169
- Non-Operating (Income) Loss	91	443	324	468	214	410	9	169	285	418	-129	311	345	435	124
+ Interest Expense, Net	168	170	153	137	86	99	85	95	100	115	95	113	107	64	88
+ Interest Expense	210	210	196	187	125	125	105	118	132	138	121	167	247	241	241
- Interest Income	42	40	43	50	39	26	20	23	32	23	26	54	140	177	153
+ Other Non-Op (Income) Loss	-77	273	171	331	128	311	-76	74	185	303	-224	198	238	371	36
Pretax Income	1,222	828	1,226	1,346	1,745	779	2,005	1,693	1,661	1,362	1,815	1,355	1,690	1,852	2,045
- Income Tax Expense (Benefit)	260	148	253	237	413	214	615	353	392	291	374	320	428	475	458
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	962	680	973	1,109	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377	1,587
- Net Extraordinary Losses (Gains)	-16	-138	-2,136	-936	-53	-286	-183	16	52	27	23	37	31	294	27
+ Discontinued Operations	250	384	2,380	1,050	95	330	225	18	- -	3	19	19	47	-228	5
+ Extraord. & Accounting Changes	-266	-522	-4,516	-1,986	-148	-616	-408	-2	52	24	4	18	-16	522	22
Income (Loss) Incl. MI	978	818	3,109	2,045	1,385	851	1,573	1,324	1,217	1,044	1,418	998	1,231	1,083	1,560
- Minority Interest	-117	-123	-122	-57	-21	-22	-21	-17	-26	-15	-21	-28	-39	-33	-16
Net Income, GAAP	1,095	941	3,231	2,102	1,406	873	1,594	1,341	1,243	1,059	1,439	1,026	1,270	1,116	1,576
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,095	941	3,231	2,102	1,406	873	1,594	1,341	1,243	1,059	1,439	1,026	1,270	1,116	1,576
EBIT	1,313	1,271	1,550	1,814	1,959	1,189	2,014	1,862	1,946	1,780	1,686	1,666	2,035	2,287	2,169
EBITDA	1,738	1,670	2,002	2,264	2,405	1,629	2,474	2,359	2,457	2,289	2,247	2,168	2,549	2,779	2,697
EBITDA Margin (%)	13.21	13.16	14.03	15.31	16.89	11.42	16.78	15.34	16.22	16.55	13.37	13.88	15.69	17.54	16.99
EBITA	1,313	1,271	1,550	1,814	1,959	1,189	2,014	1,862	1,946	1,780	1,686	1,666	2,035	2,287	2,169
Gross Margin (%)	40.2	40.1	41.72	43.56	45.33	46.29	44.34	41.45	42.87	43.78	38.78	36.12	40.41	41.61	41.32
Operating Margin (%)	9.98	10.02	10.87	12.26	13.76	8.33	13.66	12.11	12.85	12.87	10.03	10.67	12.53	14.43	13.66
Profit Margin (%)	8.33	7.42	22.65	14.21	9.87	6.12	10.81	8.72	8.21	7.66	8.56	6.57	7.82	7.04	9.93
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.13	1.17	1.2	1.31	1.41	1.56	1.69	1.86	1.98	2.09	2.26	2.41	2.53	2.66	2.78
Depreciation Expense	425	399	452	450	446	440	460	497	511	509	561	502	514	492	528
Basic Weighted Avg Shares	315	307	287	277	271	266	256	244	237	237	238	236	236	234	226
Basic EPS, GAAP	3.48	3.07	11.27	7.6	5.18	3.29	6.22	5.5	5.25	4.47	6.06	4.35	5.38	4.77	6.96
Basic EPS from Cont Ops	3.06	2.22	3.39	4.01	4.91	2.13	5.43	5.49	5.36	4.52	6.06	4.38	5.35	5.89	7.01
Diluted Weighted Avg Shares	319	310	290	280	274	267	258	245	238	238	239	237	237	235	227
Diluted EPS, GAAP	3.44	3.03	11.13	7.52	5.14	3.26	6.18	5.46	5.22	4.45	6.01	4.32	5.35	4.75	6.94
Diluted EPS from Cont Ops	3.02	2.19	3.35	3.97	4.87	2.11	5.39	5.46	5.33	4.5	6.02	4.36	5.32	5.86	6.99

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	6,694	7,715	7,214	6,443	6,712	6,574	6,477	5,961	6,170	6,798	6,774	7,173	7,431	6,557	7,959
+ Cash, Cash Equivalents & STI	1,482	2,393	1,745	1,183	1,455	1,863	1,491	963	1,273	1,922	1,072	1,154	1,568	1,358	2,219
+ Cash & Cash Equivalents	1,457	1,306	1,116	686	1,311	1,820	1,436	902	1,216	1,826	1,005	1,099	1,493	1,270	2,163
+ ST Investments	25	1,087	629	497	144	43	55	61	57	96	67	55	75	88	56
+ Accounts & Notes Receiv	2,830	2,813	2,736	2,815	2,709	2,654	2,903	2,845	2,756	2,726	3,152	3,303	3,007	2,985	3,336
+ Accounts Receivable, Net	2,512	2,568	2,449	2,366	2,343	2,288	2,559	2,505	2,479	2,412	2,687	2,824	2,622	2,477	2,783
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	318	245	287	449	366	366	344	340	277	314	465	479	385	508	553
+ Inventories	1,607	1,687	1,824	1,825	1,659	1,514	1,730	1,783	1,710	1,735	2,171	2,272	1,934	1,846	1,996
+ Raw Materials	528	563	508	499	443	402	470	485	466	527	762	825	669	662	678
+ Work In Process	144	144	160	157	161	165	177	193	197	187	234	238	233	235	251
+ Finished Goods	935	980	1,156	1,169	1,055	947	1,083	1,105	1,047	1,021	1,175	1,209	1,032	949	1,067
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	775	822	909	620	889	543	353	370	431	415	379	444	922	368	408
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	7,688	8,163	8,649	11,092	10,364	9,197	10,061	10,054	11,538	12,758	14,577	13,571	14,216	12,876	14,139
+ Property, Plant & Equip, Net	2,721	2,888	2,876	3,092	2,822	2,608	2,824	2,805	3,765	3,974	4,333	4,157	4,021	4,061	4,609
+ Property, Plant & Equip	8,614	9,030	7,681	7,470	6,749	6,005	6,594	6,633	7,847	8,323	8,865	8,806	8,526	8,278	9,333
- Accumulated Depreciation	5,893	6,142	4,805	4,378	3,927	3,397	3,770	3,828	4,082	4,349	4,532	4,649	4,505	4,217	4,724
+ LT Investments & Receivables	387	422	393	443	367	179	268	251	258	267	274	244	254	331	332
+ LT Investments	387	422	393	443	367	179	268	251	258	267	274	244	254	331	332
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	4,580	4,853	5,380	7,557	7,175	6,410	6,969	6,998	7,515	8,517	9,970	9,170	9,941	8,484	9,198
+ Total Intangible Assets	3,785	3,846	4,347	6,212	5,847	5,555	5,987	6,042	6,601	7,453	9,031	8,492	8,376	7,612	8,120
+ Goodwill	2,660	2,761	3,008	3,801	3,669	3,572	3,942	4,070	4,470	5,102	6,248	6,078	6,115	5,690	6,149
+ Other Intangible Assets	1,125	1,085	1,339	2,411	2,178	1,983	2,045	1,972	2,131	2,351	2,783	2,414	2,261	1,922	1,971
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	795	1,007	1,033	1,345	1,328	855	982	956	914	1,064	939	678	1,565	872	1,078
Total Assets	14,382	15,878	15,863	17,535	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
+ Payables & Accruals	2,888	2,958	3,172	3,453	3,288	3,336	3,703	3,543	3,411	3,707	4,305	4,010	4,065	3,655	3,882
+ Accounts Payable	2,423	2,428	2,586	2,895	2,716	2,799	3,162	3,007	2,910	3,156	3,735	3,472	3,307	3,035	3,215
+ Accrued Taxes	51	71	80	61	106	94	100	112	46	46	36	37	128	130	118
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	414	459	506	497	466	443	441	424	455	505	534	501	630	490	549
+ ST Debt	108	642	34	481	281	629	12	651	683	758	201	496	434	1,065	844
+ ST Borrowings	108	642	34	481	281	629	12	651	513	578	9	313	306	939	706
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	170	180	192	183	128	126	138
+ Other ST Liabilities	706	861	929	941	1,126	288	180	179	281	366	260	215	555	294	174
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	706	861	929	941	1,126	288	180	179	281	366	260	215	555	294	174
Total Current Liabilities	3,702	4,461	4,135	4,875	4,695	4,253	3,895	4,373	4,375	4,831	4,766	4,721	5,054	5,014	4,900
+ LT Debt	3,574	3,368	3,372	3,533	4,026	3,787	4,134	4,365	5,161	5,848	7,265	7,139	6,165	5,330	7,052
+ LT Borrowings	3,574	3,368	3,372	3,533	4,026	3,787	4,134	4,365	4,539	5,171	6,572	6,503	5,748	4,876	6,602
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	622	677	693	636	417	454	450
+ Other LT Liabilities	3,660	3,727	3,158	3,862	3,286	2,816	2,837	2,545	2,769	3,062	2,909	2,175	2,405	2,127	2,049
+ Accrued Liabilities	272	231	249	666	460	417	442	429	452	435	646	501	500	405	457
+ Pension Liabilities	2,275	2,344	1,735	2,127	1,710	1,464	1,428	1,274	1,406	1,678	1,506	1,042	1,038	968	942
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,113	1,152	1,174	1,069	1,116	935	967	842	911	949	757	632	867	754	650
Total Noncurrent Liabilities	7,234	7,095	6,530	7,395	7,312	6,603	6,971	6,910	7,930	8,910	10,174	9,314	8,570	7,457	9,101
Total Liabilities	10,936	11,556	10,665	12,270	12,007	10,856	10,866	11,283	12,305	13,741	14,940	14,035	13,624	12,471	14,001
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,267	1,354	1,437	1,512	1,604	1,676	1,725	1,757	1,919	1,977	2,050	2,099	2,171	2,241	2,294
+ Common Stock	484	484	484	484	969	969	969	969	969	969	969	969	969	969	969
+ Additional Paid in Capital	783	870	953	1,028	635	707	756	788	950	1,008	1,081	1,130	1,202	1,272	1,325
- Treasury Stock	5,506	5,496	8,002	8,714	9,440	10,472	11,251	12,958	13,191	13,158	13,386	13,525	13,600	14,342	15,119
+ Retained Earnings	9,288	9,871	12,757	14,498	15,521	15,980	17,140	18,131	18,906	19,469	20,372	20,828	21,500	21,994	22,942
+ Other Equity	-1,800	-1,666	-1,260	-2,116	-2,702	-2,356	-2,057	-2,300	-2,350	-2,599	-2,750	-2,810	-2,239	-3,108	-2,176
Equity Before Minority Interest	3,249	4,063	4,932	5,180	4,983	4,828	5,557	4,630	5,284	5,689	6,286	6,592	7,832	6,785	7,941
+ Minority/Non Controlling Interest	197	259	266	85	86	87	115	102	119	126	125	117	191	177	156
Total Equity	3,446	4,322	5,198	5,265	5,069	4,915	5,672	4,732	5,403	5,815	6,411	6,709	8,023	6,962	8,097
Total Liabilities & Equity	14,382	15,878	15,863	17,535	17,076	15,771	16,538	16,015	17,708	19,556	21,351	20,744	21,647	19,433	22,098
Shares Outstanding	304	307	277	272	267	257	251	236	236	237	236	235	235	230	223
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	792	857	885	819	545	580	588
Net Debt	2,225	2,704	2,290	3,328	2,996	2,596	2,710	4,114	3,836	3,923	5,576	5,717	4,561	4,545	5,145
Net Debt to Equity	64.57	62.56	44.06	63.21	59.1	52.82	47.78	86.94	71	67.46	86.98	85.21	56.85	65.28	63.54
Tangible Common Equity Ratio	-3.2	3.96	7.39	-8.36	-6.93	-6.26	-2.99	-13.14	-10.79	-13.53	-21.27	-14.55	-2.66	-5.5	-0.16
Current Ratio	1.81	1.73	1.74	1.32	1.43	1.55	1.66	1.36	1.41	1.41	1.42	1.52	1.47	1.31	1.62
Cash Conversion Cycle	15.09	36.9	32.98	19.37	7.63	0.93	2.97	6.99	7.87	3.47	7.39	15.17	8.05	6.99	15.24

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	962	680	973	1,109	1,332	565	1,390	1,340	1,269	1,071	1,441	1,035	1,262	1,377	1,587
+ Depreciation & Amortization	425	399	452	450	446	440	460	497	511	509	561	502	514	492	528
+ Non-Cash Items	-58	159	145	340	15	356	47	56	253	208	-252	-105	230	123	125
+ Stock-Based Compensation	34	71	81	71	54	45	35	37	39	44	57	34	56	42	46
+ Deferred Income Taxes	-19	-207	-16	-87	- -	171	38	45	-5	-47	35	-151	-187	-97	-27
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	93	21	231	160	146	24
+ Other Non-Cash Adj	-73	295	80	356	-39	140	-26	-26	219	118	-365	-219	201	32	82
+ Chg in Non-Cash Work Cap	-153	172	-8	-181	-34	-143	-346	-406	51	341	-188	-432	288	-601	-304
+ (Inc) Dec in Accts Receiv	-107	171	-25	-116	-125	-68	-76	-69	121	187	-63	-248	12	-181	-190
+ (Inc) Dec in Inventories	-74	53	44	-99	37	56	-116	-109	145	111	-279	-177	145	-27	-35
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	5	-55	5	185	152	169	59	-26	-95	19	231	164	222	-290	-38
+ Inc (Dec) in Other	23	3	-32	-151	-98	-300	-213	-202	-120	24	-77	-171	-91	-103	-41
+ Net Cash From Disc Ops	260	377	229	-190	136	133	17	-20	-4	1	- -	-37	117	29	5
Cash from Operating Activities	1,436	1,787	1,791	1,528	1,895	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420	1,941
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	27	42	- -	- -	- -	- -	- -	27	- -	- -	47	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	27	42	- -	- -	- -	- -	- -	27	- -	- -	47	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-390	-411	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-390	-411	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-777	30	-932	-693	-698	-1,019	-761	-1,706	-264	54	-163	-190	-86	-752	-790
+ Increase in Capital Stock	81	122	68	57	53	31	52	15	61	54	47	- -	- -	- -	- -
+ Decrease in Capital Stock	-858	-92	-1,000	-750	-751	-1,050	-813	-1,721	-325	- -	-210	-190	-86	-752	-790
+ Net Change in LT Investment	614	-1,105	564	135	327	80	3	-5	20	17	- -	- -	- -	- -	- -
+ Dec in LT Investment	749	304	1,833	1,384	458	129	37	23	28	22	- -	- -	- -	- -	- -
+ Inc in LT Investment	-135	-1,409	-1,269	-1,249	-131	-49	-34	-28	-8	-5	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	47	-122	-43	-488	-273	745	268	-378	-643	-1,169	-2,137	3	-73	294	42
+ Cash from Divestitures	78	- -	940	1,625	47	1,094	593	- -	- -	- -	- -	117	36	325	43
+ Cash for Acq of Subs	-31	-122	-983	-2,113	-320	-349	-325	-378	-643	-1,169	-2,137	-114	-109	-31	-1
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	55	-15	-518	-504	-449	-389	-338	-408	-386	-295	-314	-464	-483	-187	-742
+ Net Cash From Disc Ops	-86	-82	-19	32	-46	-36	-4	- -	- -	- -	- -	-31	-31	506	- -
Cash from Investing Activities	353	-1,611	3	-857	-395	436	-67	-764	-1,009	-1,447	-2,404	-461	-556	107	-700
+ Dividends Paid	-355	-358	-345	-361	-383	-414	-434	-453	-468	-496	-536	-570	-598	-622	-628
+ Net Cash From Debt	-387	207	-605	-640	902	609	-588	983	35	445	827	377	-850	-26	903
+ Cash From Debt	4	397	- -	1,163	1,242	988	- -	992	695	2,862	2,281	1,116	550	274	1,942
+ Repayments of Debt	-391	-190	-605	-1,803	-340	-379	-588	-9	-660	-2,417	-1,454	-739	-1,400	-300	-1,039
+ Other Financing Activities	-113	-230	-97	725	-633	-386	-171	-29	-61	-62	-35	-26	-16	-25	-30
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,632	-351	-1,979	-969	-812	-1,210	-1,954	-1,205	-758	-59	93	-409	-1,550	-1,425	-545
Effect of Foreign Exchange Rates	-41	24	-5	-132	-63	-68	69	-32	1	6	-72	1	110	-325	197
Net Changes in Cash	157	-175	-185	-298	688	577	-453	-502	313	624	-749	93	305	102	696
EBITDA	1,738	1,670	2,002	2,264	2,405	1,629	2,474	2,359	2,457	2,289	2,247	2,168	2,549	2,779	2,697
EBITDA Margin (%)	13.21	13.16	14.03	15.31	16.89	11.42	16.78	15.34	16.22	16.55	13.37	13.88	15.69	17.54	16.99
Free Cash Flow	1,046	1,376	1,791	1,528	1,895	1,351	1,568	1,467	2,080	2,130	1,562	963	2,411	1,420	1,941
Net Cash Paid for Acquisitions	-47	122	43	488	273	-745	-268	378	643	1,169	2,137	-3	73	-294	-42
Free Cash Flow to Firm	1,211	1,548	1,947	1,682	1,990	1,442	1,641	1,560	2,181	2,239	1,658	1,091	2,595	1,599	2,128
Free Cash Flow to Equity	686	1,625	1,186	888	2,797	1,960	980	2,477	2,115	2,575	2,436	1,340	1,561	1,394	2,844
Free Cash Flow per Basic Share	3.32	4.49	6.24	5.52	6.98	5.09	6.12	6.01	8.78	8.99	6.57	4.08	10.22	6.07	8.58
Price/Free Cash Flow	7.28	9.55	15.37	21.15	14.27	18.76	19.21	17.1	15.29	16.11	26.43	30.98	14.71	19.76	11.99
Cash Flow to Net Income	1.31	1.9	0.55	0.73	1.35	1.55	0.98	1.09	1.67	2.01	1.09	0.94	1.9	1.27	1.23
Capital Expenditures	-390	-411	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -