QVC Group Inc.

QVCGA

QVCGAQVC Group Inc. US flag

NASDAQ Global Market

0.34

USD

+0.12

- -

2.69MMarket 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	9,616	9,888	10,219	10,028	9,169	10,647	10,404	14,070	13,458	14,177	14,044	12,106	10,915	10,037	9,230
+ Sales & Services Revenue	9,616	9,888	10,219	10,028	9,169	10,647	10,404	14,070	13,458	14,177	14,044	12,106	10,915	10,037	9,230
- Cost of Revenue	6,114	6,307	6,533	6,378	5,847	6,908	6,789	9,209	8,899	9,291	9,231	8,417	7,230	6,524	6,064
+ Cost of Goods & Services	6,114	6,307	6,533	6,378	5,847	6,908	6,789	9,209	8,899	9,291	9,231	8,417	7,230	6,524	6,064
Gross Profit	3,502	3,581	3,686	3,650	3,322	3,739	3,615	4,861	4,559	4,886	4,813	3,689	3,685	3,513	3,166
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	2,365	2,353	2,501	2,444	2,152	2,771	2,572	3,504	3,208	3,314	3,342	3,261	3,071	2,825	2,809
+ Selling, General & Admin	858	943	1,140	1,075	875	1,190	1,188	1,897	1,758	1,885	1,930	1,945	1,869	1,708	1,736
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	1,507	1,410	1,361	1,369	1,277	1,581	1,384	1,607	1,450	1,429	1,412	1,316	1,202	1,117	1,073
Operating Income (Loss)	1,137	1,228	1,185	1,206	1,170	968	1,043	1,357	1,351	1,572	1,471	428	614	688	357
- Non-Operating (Income) Loss	204	296	339	326	192	-123	-7	474	1,973	521	833	2,736	548	1,979	2,940
+ Interest Expense, Net	317	322	290	312	283	363	355	381	374	408	468	456	451	468	496
+ Interest Expense	317	322	290	312	283	363	355	381	374	408	468	456	451	468	496
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-113	-26	49	14	-91	-486	-362	93	1,599	113	365	2,280	97	1,511	2,444
Pretax Income	933	932	846	880	978	1,091	1,050	883	-622	1,051	638	-2,308	66	-1,291	-2,583
- Income Tax Expense (Benefit)	353	357	346	306	304	316	-985	60	-217	-203	217	224	160	-41	-185
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	580	575	500	574	674	775	2,035	823	-405	1,254	421	-2,532	-94	-1,250	-2,398
- Net Extraordinary Losses (Gains)	-272	172	107	93	68	-421	-360	-45	102	116	162	124	102	80	82
+ Discontinued Operations	378	-46	-17	-15	- -	499	452	141	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	-650	218	124	108	68	-920	-812	-186	102	116	162	124	102	80	82
Income (Loss) Incl. MI	852	403	393	481	606	1,196	2,395	868	-507	1,138	259	-2,656	-196	-1,330	-2,480
- Minority Interest	-53	-63	-45	-39	-34	-39	-46	-48	-51	-58	-81	-62	-51	-40	-41
Net Income, GAAP	905	466	438	520	640	1,235	2,441	916	-456	1,196	340	-2,594	-145	-1,290	-2,439
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	905	466	438	520	640	1,235	2,441	916	-456	1,196	340	-2,594	-145	-1,290	-2,439
EBIT	1,137	1,228	1,185	1,206	1,170	968	1,043	1,357	1,351	1,572	1,471	428	614	688	357
EBITDA	1,778	1,819	1,814	1,856	1,827	1,842	1,768	1,994	1,957	2,134	2,008	909	1,021	1,071	755
EBITDA Margin (%)	18.49	18.4	17.75	18.51	19.93	17.3	16.99	14.17	14.54	15.05	14.3	7.51	9.35	10.67	8.18
EBITA	1,137	1,228	1,185	1,206	1,170	968	1,043	1,357	1,351	1,572	1,471	428	614	688	357
Gross Margin (%)	36.42	36.22	36.07	36.4	36.23	35.12	34.75	34.55	33.88	34.46	34.27	30.47	33.76	35	34.3
Operating Margin (%)	11.82	12.42	11.6	12.03	12.76	9.09	10.02	9.64	10.04	11.09	10.47	3.54	5.63	6.85	3.87
Profit Margin (%)	9.41	4.71	4.29	5.19	6.98	11.6	23.46	6.51	-3.39	8.44	2.42	-21.43	-1.33	-12.85	-26.42
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	150.36	62.41	1.58	1.03	0.51	0.12
Depreciation Expense	641	591	629	650	657	874	725	637	606	562	537	481	407	383	398
Basic Weighted Avg Shares	12	11	10	10	10	9	9	9	8	8	8	8	8	8	8
Basic EPS, GAAP	78.24	42.76	42.2	53.72	67.37	134.72	274.27	99.13	-53.77	143.75	42.18	-341.32	-18.75	-162.88	-302.94
Basic EPS from Cont Ops	50.14	52.76	48.17	59.3	70.95	84.54	228.65	89.07	-47.76	150.72	52.23	-333.16	-12.15	-157.83	-297.85
Diluted Weighted Avg Shares	12	11	11	10	10	9	9	9	8	8	8	8	8	8	8
Diluted EPS, GAAP	78.24	42.76	41.56	52.85	67.37	134.72	272.43	98.49	-53.77	142.04	40.96	-338.64	-18.75	-162.88	-302.94
Diluted EPS from Cont Ops	50.14	52.76	47.44	58.33	70.95	84.54	227.12	88.49	-47.76	148.93	50.72	-330.55	-12.15	-157.83	-297.85

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	3,275	3,141	3,245	2,584	2,827	2,642	4,165	4,186	4,576	4,565	4,448	4,275	3,682	3,299	4,223
+ Cash, Cash Equivalents & STI	847	699	595	443	438	338	903	653	673	806	587	1,275	1,121	905	1,972
+ Cash & Cash Equivalents	847	699	595	422	426	338	903	653	673	806	587	1,275	1,121	905	1,972
+ ST Investments	- -	- -	- -	21	12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	1,054	1,095	1,148	1,196	1,379	1,270	1,726	1,835	2,056	1,985	2,003	1,444	1,308	1,143	1,040
+ Accounts Receivable, Net	1,054	1,095	1,148	1,196	1,379	1,270	1,726	1,835	1,854	1,640	1,679	1,394	1,308	1,143	1,040
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	202	345	324	50	- -	- -	- -
+ Inventories	1,071	1,106	1,123	882	945	968	1,411	1,474	1,413	1,301	1,623	1,346	1,044	1,061	972
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	1,071	1,106	1,123	882	945	968	1,411	1,474	1,413	1,301	1,623	1,346	1,044	1,061	972
+ Other ST Assets	303	241	379	63	65	66	125	224	434	473	235	210	209	190	239
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	12,149	11,974	11,617	10,186	12,314	11,715	19,957	13,655	12,729	12,434	11,754	8,296	7,686	5,944	3,420
+ Property, Plant & Equip, Net	1,133	- -	- -	- -	- -	- -	1,341	1,322	1,351	1,300	1,381	1,155	1,147	1,102	971
+ Property, Plant & Equip	2,002	- -	- -	- -	- -	- -	2,564	2,685	2,806	2,989	2,952	2,246	2,110	2,060	1,945
- Accumulated Depreciation	869	- -	- -	- -	- -	- -	1,223	1,363	1,455	1,689	1,571	1,091	963	958	974
+ LT Investments & Receivables	233	308	347	379	212	228	2,363	96	76	- -	- -	- -	- -	- -	- -
+ LT Investments	233	308	347	379	212	228	2,363	96	76	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	10,783	11,666	11,270	9,807	12,102	11,487	16,253	12,237	11,302	11,134	10,373	7,141	6,539	4,842	2,449
+ Total Intangible Assets	10,705	10,365	9,970	8,764	10,965	10,326	12,259	11,970	10,699	10,585	10,122	6,831	6,388	4,739	2,326
+ Goodwill	5,978	- -	- -	- -	- -	- -	7,082	7,017	6,576	6,638	6,339	3,501	3,164	2,217	800
+ Other Intangible Assets	4,727	10,365	9,970	8,764	10,965	10,326	5,177	4,953	4,123	3,947	3,783	3,330	3,224	2,522	1,526
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	78	1,301	1,300	1,043	1,137	1,161	3,994	267	603	549	251	310	151	103	123
Total Assets	15,424	15,115	14,862	12,770	15,141	14,357	24,122	17,841	17,305	16,999	16,202	12,571	11,368	9,243	7,643
+ Payables & Accruals	1,361	1,594	1,710	1,312	1,526	1,586	2,276	2,386	2,264	2,723	2,665	2,109	1,878	1,729	1,502
+ Accounts Payable	599	705	606	629	736	789	1,151	1,204	1,091	1,305	1,429	976	895	776	701
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	762	889	1,104	683	790	797	1,125	1,182	1,173	1,418	1,236	1,133	983	953	801
+ ST Debt	21	265	39	9	358	14	996	1,410	1,557	1,750	1,315	828	642	867	5,075
+ ST Borrowings	21	265	39	9	358	14	996	1,410	1,557	1,750	1,315	828	642	867	5,075
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	128	267	167	269	219	160	169	155	180	231	244	162	97	128	97
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	128	267	167	269	219	160	169	155	180	231	244	162	97	128	97
Total Current Liabilities	1,510	2,126	1,916	1,590	2,103	1,760	3,441	3,951	4,001	4,704	4,224	3,099	2,617	2,724	6,674
+ LT Debt	3,575	4,277	5,044	5,808	6,177	6,361	7,553	5,963	5,855	5,186	5,977	6,043	5,313	4,699	1,370
+ LT Borrowings	3,575	4,277	5,044	5,808	6,177	6,361	7,553	5,963	5,855	5,186	5,674	5,525	4,698	4,101	790
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	303	518	615	598	580
+ Other LT Liabilities	1,741	1,552	1,400	991	1,568	1,277	3,045	2,183	2,477	3,376	3,015	2,904	2,949	2,705	2,616
+ Accrued Liabilities	1,493	1,318	1,207	834	1,359	1,116	2,500	1,925	1,716	1,359	1,350	1,440	1,531	1,313	1,144
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	248	234	193	157	209	161	545	258	761	2,017	1,665	1,464	1,418	1,392	1,472
Total Noncurrent Liabilities	5,316	5,829	6,444	6,799	7,745	7,638	10,598	8,146	8,332	8,562	8,992	8,947	8,262	7,404	3,986
Total Liabilities	6,826	7,955	8,360	8,389	9,848	9,398	14,039	12,097	12,333	13,266	13,216	12,046	10,879	10,128	10,660
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	2,687	- -	- -	- -	- -	- -	1,048	4	4	4	4	57	103	138	142
+ Common Stock	6	- -	- -	- -	- -	- -	5	4	4	4	4	4	4	- -	- -
+ Additional Paid in Capital	2,681	- -	- -	- -	- -	- -	1,043	- -	- -	- -	- -	53	99	138	142
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	3,654	- -	- -	- -	- -	- -	9,068	5,675	4,891	3,522	2,925	337	196	-1,094	-3,533
+ Other Equity	152	- -	- -	- -	- -	- -	-133	-55	-55	72	-79	18	86	-15	291
Equity Before Minority Interest	8,464	7,011	6,378	4,280	5,195	4,860	9,984	5,624	4,840	3,598	2,850	412	385	-971	-3,100
+ Minority/Non Controlling Interest	134	149	124	101	98	99	99	120	132	135	136	113	104	86	83
Total Equity	8,598	7,160	6,502	4,381	5,293	4,959	10,083	5,744	4,972	3,733	2,986	525	489	-885	-3,017
Total Liabilities & Equity	15,424	15,115	14,862	12,770	15,141	14,357	24,122	17,841	17,305	16,999	16,202	12,571	11,368	9,243	7,643
Shares Outstanding	12	11	10	10	10	9	10	9	8	8	8	8	8	8	8
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	303	518	615	598	580
Net Debt	2,749	3,843	4,488	5,395	6,109	6,037	7,646	6,720	6,739	6,130	6,402	5,078	4,219	4,063	3,893
Net Debt to Equity	31.97	53.67	69.02	123.15	115.42	121.74	75.83	116.99	135.54	164.21	214.4	967.24	862.78	-459.1	-129.04
Tangible Common Equity Ratio	-44.65	-67.47	-70.89	-109.41	-135.82	-133.14	-18.34	-106.05	-86.69	-106.83	-117.37	-109.86	-118.45	-124.87	-100.49
Current Ratio	2.17	1.48	1.69	1.63	1.34	1.5	1.21	1.06	1.14	0.97	1.05	1.38	1.41	1.21	0.63
Cash Conversion Cycle	47.21	65.13	65.8	63.3	66.13	55.79	67.55	57.01	61.84	50.65	48.71	56.78	56.22	56.83	59.23

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	580	575	500	574	674	775	2,035	823	-405	1,254	421	-2,532	-94	-1,250	-2,398
+ Depreciation & Amortization	641	591	629	650	657	874	725	637	606	562	537	481	407	383	398
+ Non-Cash Items	-343	-47	243	-265	-84	-225	-1,350	54	1,420	-187	549	2,514	496	1,361	2,332
+ Stock-Based Compensation	49	84	110	83	60	97	123	88	71	64	72	60	53	32	16
+ Deferred Income Taxes	-109	-177	-132	-160	-122	191	-1,157	-185	-243	-348	-4	12	80	-211	-230
+ Asset Impairment Charge	- -	53	30	7	- -	- -	- -	33	1,167	- -	363	3,081	326	1,480	2,407
+ Other Non-Cash Adj	-283	-7	235	-195	-22	-513	-316	118	425	97	118	-639	37	60	139
+ Chg in Non-Cash Work Cap	-194	353	-387	265	-242	19	80	-241	-337	826	-282	-269	110	31	-58
+ (Inc) Dec in Accts Receiv	- -	- -	- -	- -	- -	- -	- -	-75	-18	232	27	124	36	144	104
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	-106	62	133	-440	254	257	-28	112
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	-127	15	39	76	102	68	67	121
+ Inc (Dec) in Accts Payable	-20	430	-306	345	3	-117	225	67	-396	422	55	-749	-251	-152	-395
+ Inc (Dec) in Other	-174	-77	-81	-80	-245	136	-145	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	304	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	988	1,472	985	1,224	1,005	1,443	1,490	1,273	1,284	2,455	1,225	194	919	525	274
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54	704	208	6	12
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	54	704	208	6	12
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-312	-333	-291	-226	-218	-233	-255	-415	-459	-56	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-312	-333	-291	-226	-218	-233	-204	-275	-325	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	-51	-140	-134	-56	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-366	-815	-1,089	-785	-785	-500	-765	-988	-392	-70	-365	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-366	-815	-1,089	-785	-785	-500	-765	-988	-392	-70	-365	- -	- -	- -	- -
+ Net Change in LT Investment	-46	46	- -	-21	9	1,263	-156	562	-141	152	81	13	59	7	- -
+ Dec in LT Investment	- -	46	- -	52	193	1,527	3	562	- -	271	81	13	238	7	- -
+ Inc in LT Investment	-46	- -	- -	-73	-184	-264	-159	- -	-141	-119	- -	- -	-179	- -	- -
+ Net Cash From Acq & Div	-56	-142	-27	-4	-624	-86	-137	-100	-141	-119	-202	- -	-41	- -	- -
+ Cash from Divestitures	- -	- -	1	- -	200	- -	22	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-56	-142	-28	-4	-824	-86	-159	-100	-141	-119	-202	- -	-41	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-14	-29	-38	-30	-76	-36	157	- -	141	-138	-434	-116	-280	-238	-257
+ Net Cash From Disc Ops	-104	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-428	-458	-356	-281	-909	908	-391	47	-600	-161	-501	601	-54	-225	-245
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1,251	-503	-12	-8	-4	-1
+ Net Cash From Debt	-405	920	468	797	725	-1,071	-162	-174	-113	-779	443	21	-991	-440	1,116
+ Cash From Debt	383	2,305	3,520	4,360	3,969	3,427	2,469	4,221	3,161	1,300	1,037	3,029	1,267	2,014	1,986
+ Repayments of Debt	-788	-1,385	-3,052	-3,563	-3,244	-4,498	-2,631	-4,395	-3,274	-2,079	-594	-3,008	-2,258	-2,454	-870
+ Other Financing Activities	-242	-1,247	-65	-1,068	-29	-1	-109	-412	-156	-81	-489	-81	-11	-54	-51
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,013	-1,142	-686	-1,056	-89	-1,572	-1,036	-1,574	-661	-2,181	-914	-72	-1,010	-498	1,064
Effect of Foreign Exchange Rates	-4	-20	-24	-46	-3	-20	13	2	-2	20	-28	-34	-4	-15	17
Net Changes in Cash	-453	-128	-57	-113	7	779	63	-254	23	113	-190	723	-145	-198	1,093
EBITDA	1,778	1,819	1,814	1,856	1,827	1,842	1,768	1,994	1,957	2,134	2,008	909	1,021	1,071	755
EBITDA Margin (%)	18.49	18.4	17.75	18.51	19.93	17.3	16.99	14.17	14.54	15.05	14.3	7.51	9.35	10.67	8.18
Free Cash Flow	676	1,139	694	998	787	1,210	1,235	858	825	2,399	1,225	194	919	525	274
Net Cash Paid for Acquisitions	56	142	27	4	624	86	137	100	141	119	202	- -	41	- -	- -
Free Cash Flow to Firm	873	1,338	865	1,202	982	1,468	- -	1,213	- -	- -	1,534	- -	277	- -	- -
Free Cash Flow to Equity	271	2,059	1,162	1,795	1,512	139	1,124	824	846	1,676	1,722	919	136	91	1,402
Free Cash Flow per Basic Share	58.44	104.5	66.86	103.1	82.84	131.99	138.76	92.86	97.29	288.34	151.99	25.53	118.81	66.29	34.03
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.31
Cash Flow to Net Income	1.09	3.16	2.25	2.35	1.57	1.17	0.61	1.39	-2.82	2.05	3.6	-0.07	-6.34	-0.41	-0.11
Capital Expenditures	-312	-333	-291	-226	-218	-233	-255	-415	-459	-56	- -	- -	- -	- -	- -