United Airlines Holdings, Inc.

UAL

UALUnited Airlines Holdings, Inc. US flag

NASDAQ Global Select

105.14

USD

-3.68

- -

34.13BMarket 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	37,110	37,152	38,279	38,901	37,864	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063	59,070
+ Sales & Services Revenue	37,110	37,152	38,279	38,901	37,864	36,558	37,784	41,303	43,259	15,355	24,634	44,955	53,717	57,063	59,070
- Cost of Revenue	28,658	29,757	29,925	29,569	25,952	24,757	27,005	30,228	30,786	20,385	23,913	34,315	38,518	40,571	42,070
+ Cost of Goods & Services	28,658	29,757	29,925	29,569	25,952	24,757	27,005	30,228	30,786	20,385	23,913	34,315	38,518	40,571	42,070
Gross Profit	8,452	7,395	8,354	9,332	11,912	11,801	10,779	11,075	12,473	-5,030	721	10,640	15,199	16,492	17,000
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	6,038	6,033	6,585	6,516	6,420	6,712	6,985	7,359	7,926	3,945	5,110	8,163	10,039	11,284	12,028
+ Selling, General & Admin	1,435	1,352	1,390	1,373	1,342	1,395	1,435	1,558	1,651	459	677	1,535	1,977	2,231	2,109
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	4,603	4,681	5,195	5,143	5,078	5,317	5,550	5,801	6,275	3,486	4,433	6,628	8,062	9,053	9,919
Operating Income (Loss)	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-8,975	-4,389	2,477	5,160	5,208	4,972
- Non-Operating (Income) Loss	1,569	2,086	1,230	1,688	1,273	1,316	771	1,068	633	-153	-1,832	1,487	1,773	1,040	666
+ Interest Expense, Net	897	775	713	661	595	560	495	504	513	942	1,541	1,375	947	676	556
+ Interest Expense	917	798	734	683	620	602	552	605	646	992	1,577	1,673	1,774	1,402	1,167
- Interest Income	20	23	21	22	25	42	57	101	133	50	36	298	827	726	611
+ Other Non-Op (Income) Loss	672	1,311	517	1,027	678	756	276	564	120	-1,095	-3,373	112	826	364	110
Pretax Income	845	-724	539	1,128	4,219	3,773	3,023	2,648	3,914	-8,822	-2,557	990	3,387	4,168	4,306
- Income Tax Expense (Benefit)	5	-1	-32	-4	-3,121	1,539	880	526	905	-1,753	-593	253	769	1,019	953
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	840	-723	571	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	840	-723	571	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	840	-723	571	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	840	-723	571	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
EBIT	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-8,975	-4,389	2,477	5,160	5,208	4,972
EBITDA	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-6,487	-1,904	4,933	7,831	8,136	7,911
EBITDA Margin (%)	10.67	7.76	9.03	11.55	19.31	19.33	15.59	14.24	15.8	-42.25	-7.73	10.97	14.58	14.26	13.39
EBITA	2,414	1,362	1,769	2,816	5,492	5,089	3,794	3,716	4,547	-8,975	-4,389	2,477	5,160	5,208	4,972
Gross Margin (%)	22.78	19.9	21.82	23.99	31.46	32.28	28.53	26.81	28.83	-32.76	2.93	23.67	28.29	28.9	28.78
Operating Margin (%)	6.5	3.67	4.62	7.24	14.5	13.92	10.04	9	10.51	-58.45	-17.82	5.51	9.61	9.13	8.42
Profit Margin (%)	2.26	-1.95	1.49	2.91	19.39	6.11	5.67	5.14	6.96	-46.04	-7.97	1.64	4.87	5.52	5.68
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	1,547	1,522	1,689	1,679	1,819	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928	2,939
Basic Weighted Avg Shares	329	331	348	371	376	315	287	270	251	312	324	327	328	328	323
Basic EPS, GAAP	2.55	-2.18	1.64	3.05	19.52	7.1	7.47	7.86	11.98	-22.67	-6.07	2.25	7.98	9.6	10.37
Basic EPS from Cont Ops	2.55	-2.18	1.64	3.05	19.52	7.1	7.47	7.86	11.98	-22.67	-6.07	2.25	7.98	9.6	10.37
Diluted Weighted Avg Shares	383	331	390	390	377	330	304	277	260	312	324	330	332	333	328
Diluted EPS, GAAP	2.19	-2.18	1.46	2.9	19.47	6.77	7.06	7.67	11.58	-22.67	-6.07	2.23	7.89	9.45	10.21
Diluted EPS from Cont Ops	2.19	-2.18	1.46	2.9	19.47	6.77	7.06	7.67	11.58	-22.67	-6.07	2.23	7.89	9.45	10.21

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	10,997	10,049	8,702	7,547	7,828	7,309	7,133	7,094	8,194	14,800	21,834	20,058	18,487	18,883	16,857
+ Cash, Cash Equivalents & STI	7,762	6,543	5,121	4,384	5,196	4,428	3,798	3,950	4,944	11,683	18,406	16,414	14,388	14,475	12,240
+ Cash & Cash Equivalents	6,246	4,770	3,220	2,002	3,006	2,179	1,482	1,694	2,762	11,269	18,283	7,166	6,058	8,769	5,942
+ ST Investments	1,516	1,773	1,901	2,382	2,190	2,249	2,316	2,256	2,182	414	123	9,248	8,330	5,706	6,298
+ Accounts & Notes Receiv	1,358	1,338	1,503	1,146	1,128	1,176	1,340	1,426	1,364	1,295	1,663	1,801	1,898	2,163	2,391
+ Accounts Receivable, Net	1,358	1,338	1,503	1,146	1,128	1,176	1,340	1,426	1,364	1,295	1,663	1,801	1,898	2,163	2,391
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561	1,572	1,556
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	615	695	667	666	738	873	924	985	1,072	932	983	1,109	1,561	1,572	1,556
+ Other ST Assets	1,262	1,473	1,411	1,351	766	832	1,071	733	814	890	782	734	640	673	670
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	26,991	27,579	28,110	29,048	33,033	32,831	35,213	41,930	44,417	44,748	46,341	47,300	52,617	55,199	59,591
+ Property, Plant & Equip, Net	16,419	17,292	18,047	19,467	21,580	23,318	26,208	32,661	34,928	36,003	36,719	38,337	43,729	46,723	51,078
+ Property, Plant & Equip	20,989	23,011	24,976	27,432	30,917	34,234	38,144	45,927	49,465	52,432	55,208	58,818	66,439	71,846	78,544
- Accumulated Depreciation	4,570	5,719	6,929	7,965	9,337	10,916	11,936	13,266	14,537	16,429	18,489	20,481	22,710	25,123	27,466
+ LT Investments & Receivables	- -	- -	- -	- -	- -	579	806	966	1,180	1,000	1,420	1,373	1,636	1,267	1,330
+ LT Investments	- -	- -	- -	- -	- -	579	806	966	1,180	1,000	1,420	1,373	1,636	1,267	1,330
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	10,572	10,287	10,063	9,581	11,453	8,934	8,199	8,303	8,309	7,745	8,202	7,590	7,252	7,209	7,183
+ Total Intangible Assets	9,273	9,120	8,959	8,807	8,659	8,155	8,062	7,682	7,532	7,365	7,330	7,289	7,252	7,209	7,183
+ Goodwill	4,523	4,523	4,523	4,523	4,523	4,523	4,523	4,523	4,523	4,527	4,527	4,527	4,527	4,527	4,527
+ Other Intangible Assets	4,750	4,597	4,436	4,284	4,136	3,632	3,539	3,159	3,009	2,838	2,803	2,762	2,725	2,682	2,656
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,299	1,167	1,104	774	2,794	779	137	621	777	380	872	301	- -	- -	- -
Total Assets	37,988	37,628	36,812	36,595	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083	76,448
+ Payables & Accruals	3,507	4,075	3,783	3,700	4,219	4,446	4,362	4,547	4,974	3,555	4,683	5,366	6,775	7,482	8,467
+ Accounts Payable	1,998	2,312	2,087	1,882	1,869	2,139	2,196	2,363	2,703	1,595	2,562	3,395	3,835	4,193	4,567
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	1,509	1,763	1,696	1,818	2,350	2,307	2,166	2,184	2,271	1,960	2,121	1,971	2,940	3,289	3,900
+ ST Debt	1,311	1,934	1,485	1,423	1,359	965	1,693	2,072	2,139	2,705	3,634	3,576	4,823	3,920	5,057
+ ST Borrowings	1,186	1,812	1,368	1,313	1,224	849	1,565	1,230	1,407	1,911	3,002	2,911	4,247	3,453	4,426
+ ST Finance Leases	125	122	117	110	135	116	128	842	732	794	632	665	576	467	631
+ Other ST Liabilities	6,576	6,809	6,839	7,385	6,836	6,875	6,708	7,220	7,825	6,465	9,987	11,050	10,605	11,912	12,609
+ Deferred Revenue	5,519	5,724	5,774	5,759	5,870	5,865	6,132	6,667	7,259	5,741	8,593	10,248	9,799	10,964	11,852
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	1,057	1,085	1,065	1,626	966	1,010	576	553	566	724	1,394	802	806	948	757
Total Current Liabilities	11,394	12,818	12,107	12,508	12,414	12,286	12,763	13,839	14,938	12,725	18,304	19,992	22,203	23,314	26,133
+ LT Debt	11,424	11,232	10,924	10,524	10,400	10,740	12,699	17,715	18,311	30,046	35,732	32,857	31,916	29,713	25,979
+ LT Borrowings	10,496	10,440	10,171	9,953	9,673	9,918	11,703	12,215	13,145	24,836	30,361	28,283	27,413	25,203	20,562
+ LT Finance Leases	928	792	753	571	727	822	996	5,500	5,166	5,210	5,371	4,574	4,503	4,510	5,417
+ Other LT Liabilities	13,364	13,097	10,797	11,167	9,081	8,455	8,150	7,428	7,831	10,817	9,110	7,613	7,661	8,381	9,054
+ Accrued Liabilities	6,567	5,836	5,535	5,096	3,836	3,178	2,795	3,547	4,572	5,067	4,043	3,982	4,642	5,618	6,519
+ Pension Liabilities	4,269	5,014	3,353	4,159	3,370	3,473	3,523	2,871	2,235	3,454	2,920	1,418	1,605	1,233	1,058
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	2,528	2,247	1,909	1,912	1,875	1,804	1,832	1,010	1,024	2,296	2,147	2,213	1,414	1,530	1,477
Total Noncurrent Liabilities	24,788	24,329	21,721	21,691	19,481	19,195	20,849	25,143	26,142	40,863	44,842	40,470	39,577	38,094	35,033
Total Liabilities	36,182	37,147	33,828	34,199	31,895	31,481	33,612	38,982	41,080	53,588	63,146	60,462	61,780	61,408	61,166
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	7,117	7,148	7,429	7,725	7,950	6,572	6,101	6,123	6,132	8,370	9,160	8,990	8,996	8,984	8,915
+ Common Stock	3	3	4	4	4	3	3	3	3	4	4	4	4	4	4
+ Additional Paid in Capital	7,114	7,145	7,425	7,721	7,946	6,569	6,098	6,120	6,129	8,366	9,156	8,986	8,992	8,980	8,911
- Treasury Stock	31	35	38	367	1,610	511	769	1,993	3,599	3,897	3,814	3,534	3,441	3,377	3,773
+ Retained Earnings	-4,863	-5,586	-5,015	-3,883	3,457	3,427	4,549	6,715	9,716	2,626	625	1,265	3,831	6,880	10,092
+ Other Equity	-417	-1,046	608	-1,079	-831	-829	-1,147	-803	-718	-1,139	-942	175	-62	188	48
Equity Before Minority Interest	1,806	481	2,984	2,396	8,966	8,659	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675	15,282
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	1,806	481	2,984	2,396	8,966	8,659	8,734	10,042	11,531	5,960	5,029	6,896	9,324	12,675	15,282
Total Liabilities & Equity	37,988	37,628	36,812	36,595	40,861	40,140	42,346	49,024	52,611	59,548	68,175	67,358	71,104	74,083	76,448
Shares Outstanding	331	332	362	375	365	315	287	270	251	312	324	327	328	328	323
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	1,053	914	870	681	862	938	1,124	6,342	5,898	6,004	6,003	5,239	5,079	4,977	6,048
Net Debt	5,436	7,482	8,319	9,264	7,891	8,588	11,786	11,751	11,790	15,478	15,080	24,028	25,602	19,887	19,046
Net Debt to Equity	301	1,555.51	278.79	386.64	88.01	99.18	134.94	117.02	102.25	259.7	299.86	348.43	274.58	156.9	124.63
Tangible Common Equity Ratio	-26	-30.3	-21.45	-23.07	0.95	1.58	1.96	5.71	8.87	-2.69	-3.78	-0.65	3.25	8.17	11.69
Current Ratio	0.97	0.78	0.72	0.6	0.63	0.59	0.56	0.51	0.55	1.16	1.19	1	0.83	0.81	0.65
Cash Conversion Cycle	-10.53	-5.08	-5	-3.84	-5.47	-6.01	-4.94	-3.72	-5.98	10.8	4.87	-6.38	-8.64	-9.02	-10.38

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	840	-723	571	1,132	7,340	2,234	2,143	2,122	3,009	-7,069	-1,964	737	2,618	3,149	3,353
+ Depreciation & Amortization	1,547	1,522	1,689	1,679	1,819	1,977	2,096	2,165	2,288	2,488	2,485	2,456	2,671	2,928	2,939
+ Non-Cash Items	-75	287	54	70	-2,815	2,131	1,134	1,094	1,089	221	-124	618	958	1,467	949
+ Stock-Based Compensation	17	14	11	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	-6	13	-14	13	-3,177	1,631	957	512	882	-1,741	-583	248	756	935	925
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	-86	260	57	57	362	500	177	582	207	1,962	459	370	202	532	24
+ Chg in Non-Cash Work Cap	96	-151	-870	-247	-352	-800	-1,899	783	523	227	1,670	2,255	664	1,901	1,190
+ (Inc) Dec in Accts Receiv	-87	-21	-142	209	-15	-16	-73	17	44	135	-448	-158	-100	280	-297
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-292	-86	-463	-166	-264
+ Inc (Dec) in Accts Payable	177	285	-265	-251	-77	239	66	130	324	-1,079	985	796	572	178	674
+ Inc (Dec) in Other	6	-415	-463	-205	-260	-1,023	-1,892	636	155	1,171	1,425	1,703	655	1,609	1,077
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2,408	935	1,444	2,634	5,992	5,542	3,474	6,164	6,909	-4,133	2,067	6,066	6,911	9,445	8,431
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	123	183	152	94	86	28	12	- -	49	6	107	207	39	109	98
+ Disp of Fixed Prod Assets	123	183	152	94	86	28	12	- -	49	6	107	207	39	109	98
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-700	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	-700	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	- -	-3	-312	-1,233	-2,614	-1,844	-1,235	-1,645	1,750	532	- -	- -	-162	-637
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	2,103	532	- -	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	-3	-312	-1,233	-2,614	-1,844	-1,235	-1,645	-353	- -	- -	- -	-162	-637
+ Net Change in LT Investment	-898	-245	-120	-457	190	-56	-64	64	63	1,767	329	-9,148	1,049	2,852	-479
+ Dec in LT Investment	- -	497	2,827	3,112	2,707	2,712	3,177	2,616	2,996	2,319	397	2,084	10,519	8,661	7,284
+ Inc in LT Investment	-898	-742	-2,947	-3,569	-2,517	-2,768	-3,241	-2,552	-2,933	-552	-68	-11,232	-9,470	-5,809	-7,763
+ Net Cash From Acq & Div	- -	- -	- -	- -	- -	-14	-2	-139	-36	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	- -	- -	- -	-14	-2	-139	-36	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-324	-1,895	-2,054	-1,968	-2,883	-3,196	-3,749	-4,380	-4,636	-1,723	-2,108	-4,888	-7,194	-5,612	-5,969
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1,799	-1,957	-2,022	-2,331	-2,607	-3,238	-3,803	-4,455	-4,560	50	-1,672	-13,829	-6,106	-2,651	-6,350
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-2,465	-396	-896	-1,198	-1,228	-543	1,552	-212	395	11,227	5,891	-3,275	-1,860	-3,999	-4,193
+ Cash From Debt	152	1,121	1,423	1,432	1,073	808	2,537	1,594	1,786	15,676	11,096	736	2,388	6,139	578
+ Repayments of Debt	-2,617	-1,517	-2,319	-2,630	-2,301	-1,351	-985	-1,806	-1,391	-4,449	-5,205	-4,011	-4,248	-10,138	-4,771
+ Other Financing Activities	33	-58	-73	-86	-34	-56	-91	-54	-30	-20	-27	-74	-32	-21	-115
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-2,432	-454	-972	-1,596	-2,495	-3,213	-383	-1,501	-1,280	12,957	6,396	-3,349	-1,892	-4,182	-4,945
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Changes in Cash	-1,823	-1,476	-1,550	-1,293	890	-909	-712	208	1,069	8,874	6,791	-11,112	-1,087	2,612	-2,864
EBITDA	3,961	2,884	3,458	4,495	7,311	7,066	5,890	5,881	6,835	-6,487	-1,904	4,933	7,831	8,136	7,911
EBITDA Margin (%)	10.67	7.76	9.03	11.55	19.31	19.33	15.59	14.24	15.8	-42.25	-7.73	10.97	14.58	14.26	13.39
Free Cash Flow	1,708	935	1,444	2,634	5,992	5,542	3,474	6,164	6,909	-4,133	2,067	6,066	6,911	9,445	8,431
Net Cash Paid for Acquisitions	- -	- -	- -	- -	- -	14	2	139	36	- -	- -	- -	- -	- -	- -
Free Cash Flow to Firm	2,620	- -	- -	- -	- -	5,898	3,865	6,649	7,406	- -	- -	7,311	8,282	10,504	9,340
Free Cash Flow to Equity	-634	722	700	1,530	4,850	5,027	5,038	5,952	7,353	7,100	8,065	2,998	5,090	5,555	4,336
Free Cash Flow per Basic Share	5.19	2.82	4.15	7.1	15.94	17.62	12.11	22.84	27.5	-13.25	6.38	18.55	21.07	28.8	26.06
Price/Free Cash Flow	2.33	8.28	10.22	9.9	3.61	4.34	5.89	3.76	3.31	-3.26	6.86	2.05	1.98	3.43	4.36
Cash Flow to Net Income	2.87	-1.29	2.53	2.33	0.82	2.48	1.62	2.9	2.3	0.58	-1.05	8.23	2.64	3	2.51
Capital Expenditures	-700	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -