Valero Energy Corporation

VLO

VLOValero Energy Corporation US flag

New York Stock Exchange

257.99

USD

+4.21

- -

76.61BMarket 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	125,987	138,393	138,074	130,844	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
+ Sales & Services Revenue	125,987	138,393	138,074	130,844	87,804	75,659	93,980	117,033	108,324	64,912	113,977	176,383	144,766	129,881	122,687
- Cost of Revenue	121,736	132,565	133,359	124,218	80,736	71,360	89,527	111,491	103,599	65,700	110,895	159,632	131,877	125,121	117,318
+ Cost of Goods & Services	121,736	132,565	133,359	124,218	80,736	71,360	89,527	111,491	103,599	65,700	110,895	159,632	131,877	125,121	117,318
Gross Profit	4,251	5,828	4,715	6,626	7,068	4,299	4,453	5,542	4,725	-788	3,082	16,751	12,889	4,760	5,369
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	571	698	758	724	710	709	890	970	889	791	952	1,000	1,031	1,005	1,057
+ Selling, General & Admin	571	698	758	724	710	709	829	925	868	756	865	934	998	961	1,042
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	61	45	21	35	87	66	33	44	15
Operating Income (Loss)	3,680	5,130	3,957	5,902	6,358	3,590	3,563	4,572	3,836	-1,579	2,130	15,751	11,858	3,755	4,312
- Non-Operating (Income) Loss	358	390	-19	350	387	408	356	340	350	431	587	444	90	57	1,307
+ Interest Expense, Net	401	314	365	397	433	446	468	470	454	511	432	339	299	556	556
+ Interest Expense	401	314	365	397	433	446	468	470	454	563	603	562	592	556	556
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	52	171	223	293	- -	- -
+ Other Non-Op (Income) Loss	-43	76	-384	-47	-46	-38	-112	-130	-104	-80	155	105	-209	-499	751
Pretax Income	3,322	4,740	3,976	5,552	5,971	3,182	3,207	4,232	3,486	-2,010	1,543	15,307	11,768	3,698	3,005
- Income Tax Expense (Benefit)	1,226	1,626	1,254	1,777	1,870	765	-949	879	702	-903	255	3,428	2,619	692	759
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	2,096	3,114	2,722	3,775	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
- Net Extraordinary Losses (Gains)	5	1,028	10	226	222	256	182	462	724	628	716	702	628	472	-204
+ Discontinued Operations	-7	-1,034	6	-64	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	12	2,062	4	290	222	256	182	462	724	628	716	702	628	472	-204
Income (Loss) Incl. MI	2,091	2,086	2,712	3,549	3,879	2,161	3,974	2,891	2,060	-1,735	572	11,177	8,521	2,534	2,450
- Minority Interest	1	3	-8	-81	-111	-128	-91	-231	-362	-314	-358	-351	-314	-236	102
Net Income, GAAP	2,090	2,083	2,720	3,630	3,990	2,289	4,065	3,122	2,422	-1,421	930	11,528	8,835	2,770	2,348
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	2,090	2,083	2,720	3,630	3,990	2,289	4,065	3,122	2,422	-1,421	930	11,528	8,835	2,770	2,348
EBIT	3,680	5,130	3,957	5,902	6,358	3,590	3,563	4,572	3,836	-1,579	2,130	15,751	11,858	3,755	4,312
EBITDA	5,214	6,704	5,677	7,592	8,200	5,484	5,549	6,641	6,091	772	4,535	18,224	14,559	6,529	7,470
EBITDA Margin (%)	4.14	4.84	4.11	5.8	9.34	7.25	5.9	5.67	5.62	1.19	3.98	10.33	10.06	5.03	6.09
EBITA	3,680	5,130	3,957	5,902	6,358	3,590	3,563	4,572	3,836	-1,579	2,130	15,751	11,858	3,755	4,312
Gross Margin (%)	3.37	4.21	3.41	5.06	8.05	5.68	4.74	4.74	4.36	-1.21	2.7	9.5	8.9	3.66	4.38
Operating Margin (%)	2.92	3.71	2.87	4.51	7.24	4.74	3.79	3.91	3.54	-2.43	1.87	8.93	8.19	2.89	3.51
Profit Margin (%)	1.66	1.51	1.97	2.77	4.54	3.03	4.33	2.67	2.24	-2.19	0.82	6.54	6.1	2.13	1.91
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.3	0.65	0.85	1.05	1.71	2.41	2.81	3.21	3.61	3.93	3.94	3.95	4.11	4.3	4.55
Depreciation Expense	1,534	1,574	1,720	1,690	1,842	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
Basic Weighted Avg Shares	563	550	542	526	497	461	442	426	413	407	407	395	353	322	309
Basic EPS, GAAP	3.71	3.79	5.02	6.9	8.03	4.97	9.2	7.33	5.86	-3.49	2.29	29.18	25.03	8.6	7.6
Basic EPS from Cont Ops	3.72	5.66	5.02	7.18	8.25	5.24	9.4	7.87	6.74	-2.72	3.16	30.07	25.92	9.34	7.27
Diluted Weighted Avg Shares	569	556	548	530	500	464	444	428	414	407	407	396	353	322	309
Diluted EPS, GAAP	3.67	3.75	4.96	6.85	7.98	4.93	9.16	7.29	5.85	-3.49	2.29	29.11	25.03	8.6	7.6
Diluted EPS from Cont Ops	3.68	5.6	4.97	7.12	8.2	5.21	9.36	7.83	6.72	-2.72	3.16	30	25.92	9.34	7.27

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	15,972	16,460	19,277	16,614	14,898	16,800	19,312	17,675	18,969	15,844	21,165	24,133	26,221	23,737	23,210
+ Cash, Cash Equivalents & STI	1,024	1,723	4,292	3,689	4,114	4,816	5,850	2,982	2,583	3,313	4,122	4,862	5,424	4,657	4,688
+ Cash & Cash Equivalents	1,024	1,723	4,292	3,689	4,114	4,816	5,850	2,982	2,583	3,313	4,122	4,862	5,424	4,657	4,688
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	8,918	8,336	8,823	5,976	4,682	5,901	6,922	7,345	8,988	6,109	10,378	11,919	12,525	10,708	9,877
+ Accounts Receivable, Net	8,366	8,061	8,582	5,509	4,105	5,687	6,784	6,984	8,058	4,807	9,968	10,761	11,038	9,731	9,207
+ Notes Receivable, Net	214	26	49	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	338	249	192	467	577	214	138	361	930	1,302	410	1,158	1,487	977	670
+ Inventories	5,623	5,973	5,758	6,623	5,898	5,709	6,384	6,532	7,013	6,038	6,265	6,752	7,583	7,761	7,591
+ Raw Materials	2,887	2,866	2,527	2,697	2,890	2,556	2,925	2,879	2,979	2,613	2,698	3,173	3,793	3,745	3,409
+ Work In Process	2,474	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	2,736	3,107	3,231	3,926	3,774	3,153	3,459	3,653	4,034	3,425	3,567	3,579	3,790	4,016	4,182
+ Inventory Adjustments	- -	- -	- -	- -	-766	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	-2,474	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	407	428	404	326	204	374	156	816	385	384	400	600	689	611	1,054
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	26,811	28,017	27,983	28,936	29,329	29,373	30,846	32,480	34,895	35,930	36,723	36,849	36,835	36,406	34,778
+ Property, Plant & Equip, Net	25,177	26,300	25,707	26,735	26,703	26,472	27,480	28,848	30,593	31,593	32,131	32,092	31,345	30,412	28,689
+ Property, Plant & Equip	32,253	34,132	33,933	35,933	36,907	37,733	40,010	42,473	45,623	48,171	50,356	51,690	52,804	53,466	51,163
- Accumulated Depreciation	7,076	7,832	8,226	9,198	10,204	11,261	12,530	13,625	15,030	16,578	18,225	19,598	21,459	23,054	22,474
+ LT Investments & Receivables	- -	- -	- -	78	201	201	530	542	942	972	734	724	713	695	684
+ LT Investments	- -	- -	- -	78	201	201	530	542	942	972	734	724	713	695	684
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	1,634	1,717	2,276	2,123	2,425	2,700	2,836	3,090	3,360	3,365	3,858	4,033	4,777	5,299	5,405
+ Total Intangible Assets	227	213	156	154	156	148	142	567	543	508	478	462	443	411	383
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	260	260	260	260	260	260	260	260
+ Other Intangible Assets	227	213	156	154	156	148	142	307	283	248	218	202	183	151	123
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,407	1,504	2,120	1,969	2,269	2,552	2,694	2,523	2,817	2,857	3,380	3,571	4,334	4,888	5,022
Total Assets	42,783	44,477	47,260	45,550	44,227	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988
+ Payables & Accruals	11,343	10,887	12,499	8,904	6,792	7,938	10,734	10,349	12,185	8,116	15,118	15,856	14,918	14,172	12,600
+ Accounts Payable	9,472	9,348	9,931	6,760	4,907	6,357	8,348	8,594	10,205	6,082	12,495	12,728	12,567	12,092	10,139
+ Accrued Taxes	1,383	1,027	2,118	1,642	1,406	1,162	1,889	1,262	1,512	1,484	1,839	2,409	1,589	1,530	1,618
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	488	512	450	502	479	419	497	493	468	550	784	719	762	550	843
+ ST Debt	1,009	586	303	606	127	115	122	238	825	1,008	1,579	1,420	1,766	1,121	1,368
+ ST Borrowings	1,009	586	303	606	127	115	122	238	494	723	1,264	1,109	1,406	743	949
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	331	285	315	311	360	378	419
+ Other ST Liabilities	356	456	321	470	75	275	215	137	150	159	154	185	118	202	141
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	31	55	55	78	129	40	82	60
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	249	378	249	376	366	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	107	78	72	94	-291	275	215	106	95	104	76	56	78	120	81
Total Current Liabilities	12,708	11,929	13,123	9,980	6,994	8,328	11,071	10,724	13,160	9,283	16,851	17,461	16,802	15,495	14,109
+ LT Debt	6,732	6,463	6,261	5,780	7,208	7,886	8,750	8,871	10,137	14,839	13,546	11,302	10,871	10,419	10,335
+ LT Borrowings	6,732	6,463	6,261	5,780	7,208	7,886	8,750	8,871	9,178	13,954	12,606	10,526	10,118	9,720	9,670
+ LT Finance Leases	6,732	- -	- -	- -	- -	- -	- -	- -	959	885	940	776	753	699	665
+ Other LT Liabilities	6,898	7,990	7,930	8,546	8,671	9,105	7,437	7,829	8,031	8,010	7,674	6,751	6,859	6,708	6,939
+ Accrued Liabilities	5,017	5,860	6,601	6,607	7,060	7,361	4,708	4,962	5,103	5,275	5,210	5,217	5,349	5,267	5,146
+ Pension Liabilities	795	982	507	792	719	742	776	654	834	878	601	448	476	423	423
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,086	1,148	822	1,147	892	1,002	1,953	2,213	2,094	1,857	1,863	1,086	1,034	1,018	1,370
Total Noncurrent Liabilities	13,630	14,453	14,191	14,326	15,879	16,991	16,187	16,700	18,168	22,849	21,220	18,053	17,730	17,127	17,274
Total Liabilities	26,338	26,382	27,314	24,306	22,873	25,319	27,258	27,424	31,328	32,132	38,071	35,514	34,532	32,622	31,383
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	7,493	7,329	7,194	7,123	7,071	7,095	7,046	7,055	6,828	6,821	6,834	6,870	6,908	6,946	6,988
+ Common Stock	7	7	7	7	7	7	7	7	7	7	7	7	7	7	7
+ Additional Paid in Capital	7,486	7,322	7,187	7,116	7,064	7,088	7,039	7,048	6,821	6,814	6,827	6,863	6,901	6,939	6,981
- Treasury Stock	6,475	6,437	7,054	8,125	10,799	12,027	13,315	14,925	15,648	15,719	15,677	20,197	25,322	28,178	30,753
+ Retained Earnings	15,309	17,032	18,970	22,046	25,188	26,366	29,200	31,044	31,974	28,953	28,281	38,247	45,630	47,016	47,959
+ Other Equity	96	108	350	-367	-933	-1,410	-940	-1,507	-1,351	-1,254	-1,008	-1,359	-870	-1,272	-469
Equity Before Minority Interest	16,423	18,032	19,460	20,677	20,527	20,024	21,991	21,667	21,803	18,801	18,430	23,561	26,346	24,512	23,725
+ Minority/Non Controlling Interest	22	63	486	567	827	830	909	1,064	733	841	1,387	1,907	2,178	3,009	2,880
Total Equity	16,445	18,095	19,946	21,244	21,354	20,854	22,900	22,731	22,536	19,642	19,817	25,468	28,524	27,521	26,605
Total Liabilities & Equity	42,783	44,477	47,260	45,550	44,227	46,173	50,158	50,155	53,864	51,774	57,888	60,982	63,056	60,143	57,988
Shares Outstanding	557	552	536	514	473	450	434	418	409	408	409	372	333	315	299
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	6,732	- -	- -	- -	- -	- -	- -	- -	1,290	1,170	1,255	1,087	1,113	1,077	1,084
Net Debt	6,717	5,326	2,272	2,697	3,221	3,185	3,022	6,127	7,089	11,364	9,748	6,773	6,100	5,806	5,931
Net Debt to Equity	40.85	29.43	11.39	12.7	15.08	15.27	13.2	26.95	31.46	57.86	49.19	26.59	21.39	21.1	22.29
Tangible Common Equity Ratio	38.11	40.4	42.01	46.46	48.1	44.99	45.5	44.7	41.25	37.32	33.69	41.32	44.85	45.39	45.52
Current Ratio	1.26	1.38	1.47	1.66	2.13	2.02	1.74	1.65	1.44	1.71	1.26	1.38	1.56	1.53	1.65
Cash Conversion Cycle	10.88	11.79	11.63	13.49	21.67	24.42	19.12	14.92	16.24	26.5	13.4	7.58	12.53	15.65	17.42

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	2,089	2,080	2,728	3,711	4,101	2,417	4,156	3,353	2,784	-1,107	1,288	11,879	9,149	3,006	2,246
+ Depreciation & Amortization	1,534	1,574	1,720	1,690	1,842	1,894	1,986	2,069	2,255	2,351	2,405	2,473	2,701	2,774	3,158
+ Non-Cash Items	531	2,035	176	508	955	-461	-2,543	203	256	139	5	97	42	391	921
+ Stock-Based Compensation	58	58	64	60	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Income Taxes	461	963	501	445	165	230	-2,543	203	234	158	-126	50	103	-87	-197
+ Asset Impairment Charge	- -	1,014	- -	- -	790	-691	- -	- -	- -	- -	- -	61	- -	- -	1,131
+ Other Non-Cash Adj	12	- -	-389	3	- -	- -	- -	- -	22	-19	131	-14	-61	478	-13
+ Chg in Non-Cash Work Cap	-116	-419	940	-1,668	-1,287	970	1,883	-1,254	236	-435	2,161	-1,875	-2,663	512	-499
+ (Inc) Dec in Accts Receiv	-2,982	488	-743	2,730	1,294	-1,531	-870	-460	-1,041	2,773	-4,382	-1,619	-387	1,562	1,125
+ (Inc) Dec in Inventories	643	-282	-13	-1,014	-222	771	-516	-197	-385	1,007	-253	-672	-684	-286	362
+ (Inc) Dec in Prepaid Assets	-2	-28	2	-32	-149	47	151	-74	- -	101	-22	-180	-34	320	99
+ Inc (Dec) in Accts Payable	2,422	-480	1,676	-3,494	-2,229	1,689	2,524	-566	1,720	-4,226	6,882	845	-1,221	-801	-1,778
+ Inc (Dec) in Other	-197	-117	18	142	19	-6	594	43	-58	-90	-64	-249	-337	-283	-307
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	4,038	5,270	5,564	4,241	5,611	4,820	5,482	4,371	5,531	948	5,859	12,574	9,229	6,683	5,826
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	-320	-3	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	-320	-3	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-349	-281	-559	-1,296	-2,649	-1,336	-1,336	-1,708	-1,727	-156	-27	-4,577	-5,136	-2,875	-2,598
+ Increase in Capital Stock	- -	- -	369	- -	189	- -	36	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-349	-281	-928	-1,296	-2,838	-1,336	-1,372	-1,708	-1,727	-156	-27	-4,577	-5,136	-2,875	-2,598
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-95	38	52	3
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	5	314	81	30
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-100	-276	-29	-27
+ Net Cash From Acq & Div	-2,238	80	-76	-14	-141	-4	-478	-949	-164	-54	261	31	- -	- -	-3
+ Cash from Divestitures	- -	160	- -	- -	- -	- -	- -	- -	- -	- -	270	32	- -	- -	- -
+ Cash for Acq of Subs	-2,238	-80	-76	-14	-141	-4	-478	-949	-164	-54	-9	-1	- -	- -	-3
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-3,060	-3,431	-2,736	-2,830	-2,346	-2,002	-1,904	-2,659	-2,834	-2,371	-2,420	-2,741	-1,903	-2,033	-1,845
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-5,298	-3,351	-2,812	-2,844	-2,487	-2,006	-2,382	-3,928	-3,001	-2,425	-2,159	-2,805	-1,865	-1,981	-1,845
+ Dividends Paid	-169	-360	-462	-554	-848	-1,111	-1,242	-1,369	-1,492	-1,600	-1,602	-1,562	-1,452	-1,384	-1,405
+ Net Cash From Debt	-628	-712	531	-176	933	678	359	-5	335	4,075	-1,207	-2,810	-262	-648	-94
+ Cash From Debt	150	2,900	1,075	28	1,446	2,153	380	1,367	2,131	4,570	1,828	3,153	2,420	7,137	7,574
+ Repayments of Debt	-778	-3,612	-544	-204	-513	-1,475	-21	-1,372	-1,796	-495	-3,035	-5,963	-2,682	-7,785	-7,668
+ Other Financing Activities	80	120	327	96	19	-243	-53	-86	-113	-242	-10	100	-91	-142	-85
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,066	-1,233	-163	-1,930	-2,545	-2,012	-2,272	-3,168	-2,997	2,077	-2,846	-8,849	-6,941	-5,049	-4,182
Effect of Foreign Exchange Rates	16	13	-20	-70	-154	-100	206	-143	68	130	-45	-180	139	-248	237
Net Changes in Cash	-2,326	686	2,589	-533	579	802	828	-2,725	-467	600	854	920	423	-347	-201
EBITDA	5,214	6,704	5,677	7,592	8,200	5,484	5,549	6,641	6,091	772	4,535	18,224	14,559	6,529	7,470
EBITDA Margin (%)	4.14	4.84	4.11	5.8	9.34	7.25	5.9	5.67	5.62	1.19	3.98	10.33	10.06	5.03	6.09
Free Cash Flow	4,038	5,270	5,564	4,241	5,611	4,820	5,482	4,051	5,528	948	5,859	12,574	9,229	6,683	5,826
Net Cash Paid for Acquisitions	2,238	-80	76	14	141	4	478	949	164	54	-261	-31	- -	- -	3
Free Cash Flow to Firm	4,291	5,476	5,814	4,511	5,908	5,159	- -	4,423	5,891	- -	6,362	13,010	9,689	7,135	6,242
Free Cash Flow to Equity	3,410	4,558	6,095	4,065	6,544	5,498	5,841	4,046	5,863	5,023	4,652	9,764	8,967	6,035	5,732
Free Cash Flow per Basic Share	7.17	9.58	10.27	8.06	11.29	10.46	12.4	9.51	13.38	2.33	14.4	31.83	26.14	20.75	18.85
Price/Free Cash Flow	2.71	3.29	4.96	6.19	6.3	6.58	7.44	6.84	7.01	24.29	5.22	4	4.97	5.91	8.63
Cash Flow to Net Income	1.93	2.53	2.05	1.17	1.41	2.11	1.35	1.4	2.28	-0.67	6.3	1.09	1.04	2.41	2.48
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	-320	-3	- -	- -	- -	- -	- -	- -