Simon Property Group, Inc.

SPG

SPGSimon Property Group, Inc. US flag

New York Stock Exchange

212.82

USD

+0.93

- -

69.01BMarket 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
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	4,306	4,256	4,544	4,871	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964	6,365
+ Sales & Services Revenue	4,306	4,256	4,544	4,871	5,266	5,435	5,527	5,645	5,755	4,608	5,117	5,291	5,659	5,964	6,365
- Cost of Revenue	920	800	838	883	960	971	980	1,008	1,022	887	971	1,001	1,028	1,043	1,152
+ Cost of Goods & Services	920	800	838	883	960	971	980	1,008	1,022	887	971	1,001	1,028	1,043	1,152
Gross Profit	3,387	3,456	3,706	3,988	4,306	4,464	4,547	4,637	4,734	3,720	4,146	4,290	4,630	4,920	5,212
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,443	1,456	1,517	1,603	1,637	1,743	1,745	1,711	1,821	1,749	1,733	1,707	1,823	1,828	2,037
+ Selling, General & Admin	153	167	178	197	195	208	203	198	185	121	145	143	166	189	217
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	1,290	1,289	1,340	1,406	1,442	1,535	1,542	1,513	1,636	1,627	1,588	1,564	1,658	1,638	1,820
Operating Income (Loss)	1,943	2,000	2,189	2,385	2,669	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093	3,175
- Non-Operating (Income) Loss	686	421	782	735	509	556	534	67	460	699	-313	48	108	341	-2,225
+ Interest Expense, Net	984	1,068	1,082	993	924	858	809	816	789	784	796	761	855	906	975
+ Interest Expense	984	1,068	1,082	993	924	858	809	816	789	784	796	761	855	906	975
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-298	-647	-300	-258	-414	-301	-275	-749	-330	-85	-1,108	-714	-747	-565	-3,199
Pretax Income	1,257	1,579	1,406	1,650	2,160	2,164	2,268	2,859	2,453	1,273	2,726	2,536	2,699	2,752	5,400
- Income Tax Expense (Benefit)	12	16	40	28	20	30	23	37	30	-5	157	84	82	23	36
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1,246	1,563	1,367	1,622	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729	5,364
- Net Extraordinary Losses (Gains)	442	414	279	457	623	592	594	765	643	330	638	626	668	716	1,473
+ Discontinued Operations	- -	156	185	29	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	442	257	94	427	623	592	594	765	643	330	638	626	668	716	1,473
Income (Loss) Incl. MI	804	1,149	1,088	1,166	1,516	1,543	1,651	2,058	1,780	948	1,931	1,827	1,949	2,013	3,891
- Minority Interest	-221	-285	-232	-243	-312	-296	-297	-382	-322	-165	-319	-313	-334	-358	-737
Net Income, GAAP	1,025	1,434	1,320	1,409	1,828	1,839	1,948	2,440	2,102	1,113	2,250	2,140	2,283	2,371	4,628
- Preferred Dividends	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,021	1,431	1,316	1,405	1,824	1,836	1,945	2,437	2,098	1,109	2,246	2,136	2,280	2,368	4,624
EBIT	1,943	2,000	2,189	2,385	2,669	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093	3,175
EBITDA	3,056	3,301	3,522	3,671	3,908	4,049	4,160	4,276	4,307	3,327	3,739	3,876	4,141	4,453	4,730
EBITDA Margin (%)	70.95	77.56	77.5	75.37	74.21	74.49	75.26	75.75	74.84	72.2	73.07	73.24	73.17	74.66	74.31
EBITA	1,943	2,000	2,189	2,385	2,669	2,721	2,802	2,926	2,913	1,972	2,413	2,584	2,807	3,093	3,175
Gross Margin (%)	78.64	81.19	81.56	81.88	81.77	82.13	82.27	82.15	82.25	80.75	81.02	81.08	81.83	82.5	81.9
Operating Margin (%)	45.12	46.99	48.17	48.97	50.68	50.06	50.7	51.84	50.61	42.8	47.16	48.83	49.6	51.86	49.89
Profit Margin (%)	23.8	33.7	29.04	28.92	34.71	33.83	35.24	43.22	36.52	24.15	43.97	40.43	40.35	39.75	72.71
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	4.24	4.9	5.45	6.04	7.08	7.53	8.26	9.11	9.57	5.39	8.19	7.91	8.56	9.34	9.91
Depreciation Expense	1,112	1,301	1,333	1,286	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360	1,554
Basic Weighted Avg Shares	294	303	310	311	310	313	312	310	308	309	329	328	327	326	326
Basic EPS, GAAP	3.48	4.72	4.24	4.52	5.88	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.17
Basic EPS from Cont Ops	4.24	5.16	4.41	5.22	6.9	6.83	7.21	9.12	7.86	4.14	7.82	7.48	8.01	8.37	16.44
Diluted Weighted Avg Shares	294	303	310	311	310	313	312	310	308	309	329	328	327	326	326
Diluted EPS, GAAP	3.48	4.72	4.24	4.52	5.88	5.87	6.24	7.87	6.81	3.59	6.84	6.52	6.98	7.26	14.17
Diluted EPS from Cont Ops	4.24	5.16	4.41	5.22	6.9	6.83	7.21	9.12	7.86	4.14	7.82	7.48	8.01	8.37	16.44

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
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	2,280	2,165	5,695	1,565	1,711	1,676	2,809	1,795	1,994	2,714	2,337	2,108	3,588	2,829	2,315
+ Cash, Cash Equivalents & STI	799	1,185	1,691	612	701	560	1,482	514	669	1,012	534	622	2,169	1,400	823
+ Cash & Cash Equivalents	799	1,185	1,691	612	701	560	1,482	514	669	1,012	534	622	1,169	1,400	823
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,000	- -	- -
+ Accounts & Notes Receiv	1,482	981	1,002	953	1,010	1,116	1,327	1,280	1,325	1,703	1,458	1,486	1,419	1,429	1,492
+ Accounts Receivable, Net	487	521	520	580	625	665	743	764	832	1,237	920	824	826	797	934
+ Notes Receivable, Net	995	460	481	372	386	451	584	516	493	466	538	662	593	632	558
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	- -	- -	3,002	- -	- -	- -	- -	- -	- -	- -	345	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	23,937	30,421	27,629	27,968	28,854	29,427	29,448	28,892	29,238	32,073	31,441	30,904	30,695	29,577	38,292
+ Property, Plant & Equip, Net	21,269	- -	- -	- -	- -	- -	- -	- -	515	513	504	497	484	520	756
+ Property, Plant & Equip	29,657	- -	- -	- -	- -	- -	- -	- -	515	513	504	497	484	520	756
- Accumulated Depreciation	8,388	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments & Receivables	2,063	4,396	4,713	4,975	4,790	4,532	4,532	4,284	4,519	8,177	8,463	8,508	8,536	7,757	6,392
+ LT Investments	2,063	4,396	4,713	4,975	4,790	4,532	4,532	4,284	4,519	8,177	8,463	8,508	8,536	7,757	6,392
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	605	26,026	22,917	22,992	24,064	24,896	24,917	24,608	24,204	23,383	22,474	21,899	21,675	21,300	31,143
+ Total Intangible Assets	296	507	376	312	276	285	209	151	96	55	53	38	29	23	69
+ Goodwill	20	20	20	20	20	20	20	20	20	20	20	20	20	20	20
+ Other Intangible Assets	276	487	356	292	256	265	188	131	76	35	33	18	9	3	49
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	308	25,518	22,540	22,680	23,788	24,611	24,708	24,457	24,108	23,328	22,420	21,861	21,646	21,278	31,074
Total Assets	26,217	32,587	33,325	29,532	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406	40,606
+ Payables & Accruals	1,787	2,099	2,273	2,427	2,692	2,574	2,676	2,853	2,957	3,376	3,008	3,193	3,456	3,395	3,697
+ Accounts Payable	1,092	1,374	1,223	1,260	1,324	1,214	1,269	1,317	1,391	1,312	1,433	1,492	1,693	1,712	1,954
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	696	725	1,050	1,167	1,369	1,360	1,406	1,536	1,566	2,064	1,575	1,702	1,763	1,683	1,742
+ ST Debt	- -	- -	- -	409	879	954	978	759	1,327	623	500	- -	- -	- -	355
+ ST Borrowings	- -	- -	- -	409	879	954	978	759	1,327	623	500	- -	- -	- -	355
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	- -	- -	1,118	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	1,118	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	1,787	2,099	3,391	2,836	3,571	3,527	3,654	3,612	4,284	3,999	3,508	3,193	3,456	3,395	4,052
+ LT Debt	18,446	23,113	22,670	20,444	21,538	22,023	23,654	22,547	23,353	26,616	25,328	25,458	26,518	24,785	28,832
+ LT Borrowings	18,446	23,113	22,670	20,444	21,538	22,023	23,654	22,547	22,836	26,100	24,821	24,960	26,033	24,264	28,075
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	68	- -	517	515	507	498	485	520	757
+ Other LT Liabilities	171	304	250	275	214	455	520	501	464	514	541	536	622	626	1,018
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	171	304	250	275	214	455	520	501	464	514	541	536	622	626	1,018
Total Noncurrent Liabilities	18,617	23,417	22,920	20,719	21,752	22,478	24,174	23,047	23,817	27,129	25,869	25,994	27,140	25,411	29,850
Total Liabilities	20,405	25,516	26,311	23,555	25,323	26,006	27,828	26,659	28,101	31,129	29,377	29,187	30,596	28,806	33,901
+ Preferred Equity and Hybrid Capital	45	45	44	44	44	43	43	43	42	42	42	41	41	41	40
+ Share Capital & APIC	8,103	9,176	9,217	9,422	9,384	9,523	9,615	9,700	9,756	11,180	11,213	11,233	11,406	11,583	12,347
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	8,103	9,176	9,217	9,422	9,384	9,523	9,615	9,700	9,756	11,180	11,213	11,233	11,406	11,583	12,347
- Treasury Stock	153	136	118	104	437	683	1,079	1,427	1,774	1,891	1,884	2,044	2,156	2,106	2,320
+ Retained Earnings	-3,252	-3,083	-3,219	-4,208	-4,267	-4,459	-4,782	-4,893	-5,380	-6,102	-5,824	-5,927	-6,096	-6,383	-4,608
+ Other Equity	-94	-91	-76	-61	-253	-114	-110	-126	-119	-189	-185	-165	-173	-193	-251
Equity Before Minority Interest	4,650	5,911	5,849	5,093	4,471	4,310	3,686	3,297	2,526	3,039	3,361	3,139	3,023	2,942	5,208
+ Minority/Non Controlling Interest	1,163	1,160	1,164	884	770	787	743	730	604	619	1,039	685	665	658	1,497
Total Equity	5,812	7,071	7,013	5,977	5,242	5,098	4,429	4,027	3,130	3,658	4,401	3,824	3,688	3,599	6,705
Total Liabilities & Equity	26,217	32,587	33,325	29,532	30,565	31,104	32,258	30,686	31,232	34,787	33,777	33,011	34,283	32,406	40,606
Shares Outstanding	298	310	311	311	309	313	311	309	307	329	329	327	326	326	325
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	68	- -	517	515	507	498	485	520	757
Net Debt	17,648	21,928	20,979	20,241	21,716	22,417	23,150	22,791	23,494	25,712	24,787	24,339	24,864	22,864	27,607
Net Debt to Equity	303.63	310.11	299.14	338.64	414.27	439.75	522.67	565.94	750.53	702.85	563.25	636.49	674.27	635.21	411.71
Tangible Common Equity Ratio	21.11	20.32	20.01	19.24	16.25	15.47	13.04	12.55	9.61	10.25	12.77	11.36	10.56	10.92	16.27
Current Ratio	1.28	1.03	1.68	0.55	0.48	0.48	0.77	0.5	0.47	0.68	0.67	0.66	1.04	0.83	0.57
Cash Conversion Cycle	-195.98	-519.04	-523.83	-472.02	-449.28	-433.62	-415.93	-419.52	-433.05	-474.02	-439.01	-473.14	-511.99	-546.03	-531.27

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
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	1,246	1,720	1,552	1,652	2,139	2,135	2,245	2,822	2,423	1,277	2,569	2,452	2,617	2,729	5,364
+ Depreciation & Amortization	1,112	1,301	1,333	1,286	1,239	1,328	1,357	1,350	1,394	1,355	1,326	1,292	1,334	1,360	1,554
+ Non-Cash Items	-215	-535	-182	-105	-277	15	51	-413	27	119	-649	-127	-278	-202	-2,781
+ Stock-Based Compensation	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-215	-535	-182	-105	-277	15	51	-413	27	119	-649	-127	-278	-202	-2,781
+ Chg in Non-Cash Work Cap	-137	27	-2	-102	-77	-105	-59	-9	-36	-425	392	149	258	-72	-1
+ (Inc) Dec in Accts Receiv	-19	-5	-14	-7	10	16	-26	-18	- -	-416	265	63	-12	36	-60
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-59	166	42	-30	36	-78	100	84	13	19	204	190	246	127	45
+ Inc (Dec) in Other	-59	-134	-30	-66	-123	-44	-133	-75	-49	-28	-78	-105	24	-236	15
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2,006	2,513	2,701	2,730	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815	4,137
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	5	966	- -	-14	-509	-260	-410	-439	-370	1,387	333	-189	-160	-53	-248
+ Increase in Capital Stock	5	1,214	- -	- -	- -	- -	- -	- -	- -	1,556	338	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	-248	- -	-14	-509	-260	-410	-439	-370	-170	-5	-189	-160	-53	-248
+ Net Change in LT Investment	-35	231	3	-391	444	4	31	3	-374	-3	32	-40	-728	1,942	47
+ Dec in LT Investment	7	416	47	- -	504	43	56	25	- -	30	66	26	304	2,784	96
+ Inc in LT Investment	-42	-185	-44	-391	-60	-39	-25	-22	-374	-33	-34	-66	-1,032	-841	-49
+ Net Cash From Acq & Div	-749	-3,937	-1,010	-325	-1,741	-812	-422	-114	-77	-3,798	-314	-439	-150	-169	-1,177
+ Cash from Divestitures	532	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-1,280	-3,937	-1,010	-325	-1,741	-812	-422	-114	-77	-3,798	-314	-439	-150	-169	-1,177
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-210	125	58	-181	-166	-161	-371	-125	-626	-177	-271	-147	-486	-365	-471
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-994	-3,581	-948	-897	-1,463	-969	-761	-237	-1,077	-3,978	-553	-627	-1,363	1,408	-1,601
+ Dividends Paid	-1,244	-1,485	-1,691	-1,877	-2,196	-2,356	-2,572	-2,822	-2,949	-1,664	-2,691	-2,592	-2,797	-3,046	-3,233
+ Net Cash From Debt	257	2,212	473	-693	1,357	216	1,211	-1,145	885	2,280	-826	-272	971	-1,874	390
+ Cash From Debt	1,655	6,772	2,919	4,630	10,469	14,866	11,668	7,974	13,312	15,235	9,251	3,449	3,630	1,096	3,669
+ Repayments of Debt	-1,399	-4,561	-2,446	-5,323	-9,112	-14,650	-10,457	-9,119	-12,428	-12,955	-10,077	-3,722	-2,659	-2,969	-3,278
+ Other Financing Activities	-28	-239	-3	-354	-124	-145	-140	-77	-141	-8	-379	2	-35	-19	-22
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,010	1,453	-1,221	-2,938	-1,473	-2,545	-1,910	-4,482	-2,576	1,994	-3,562	-3,052	-2,020	-4,992	-3,113
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	2	386	532	-1,105	89	-141	922	-968	155	342	-478	88	547	231	-577
EBITDA	3,056	3,301	3,522	3,671	3,908	4,049	4,160	4,276	4,307	3,327	3,739	3,876	4,141	4,453	4,730
EBITDA Margin (%)	70.95	77.56	77.5	75.37	74.21	74.49	75.26	75.75	74.84	72.2	73.07	73.24	73.17	74.66	74.31
Free Cash Flow	2,006	2,513	2,701	2,730	3,025	3,373	3,594	3,751	3,808	2,327	3,637	3,767	3,931	3,815	4,137
Net Cash Paid for Acquisitions	749	3,937	1,010	325	1,741	812	422	114	77	3,798	314	439	150	169	1,177
Free Cash Flow to Firm	2,980	3,571	3,753	3,706	3,940	4,218	4,395	4,556	4,588	- -	4,387	4,503	4,760	4,713	5,105
Free Cash Flow to Equity	2,259	4,721	3,171	2,034	4,378	3,585	4,801	2,602	4,689	4,603	2,808	3,490	4,898	1,937	4,523
Free Cash Flow per Basic Share	6.83	8.29	8.71	8.79	9.75	10.79	11.54	12.11	12.36	7.54	11.07	11.49	12.03	11.7	12.67
Price/Free Cash Flow	17.74	17.93	16.43	20.72	19.93	16.47	14.89	13.87	12.05	11.32	14.43	10.22	11.86	14.72	14.6
Cash Flow to Net Income	1.96	1.75	2.05	1.94	1.65	1.83	1.84	1.54	1.81	2.09	1.62	1.76	1.72	1.61	0.89
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -