Xerox Holdings Corporation

XER2.DE

XER2.DEXerox Holdings Corporation DE flag

Deutsche Börse

7.78

EUR

+0.14

- -

1.02BMarket 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	21,900	20,421	20,006	12,679	11,465	10,771	9,991	9,662	9,066	7,022	7,038	7,107	6,886	6,221	7,022
+ Sales & Services Revenue	21,900	20,421	20,006	12,679	11,465	10,771	9,991	9,662	9,066	7,022	7,038	7,107	6,886	6,221	7,022
- Cost of Revenue	14,576	13,634	13,521	7,569	6,883	6,466	5,920	5,793	5,416	4,396	4,635	4,789	4,572	4,261	5,121
+ Cost of Goods & Services	14,576	13,634	13,521	7,569	6,883	6,466	5,920	5,793	5,416	4,396	4,635	4,789	4,572	4,261	5,121
Gross Profit	7,324	6,787	6,485	5,110	4,582	4,305	4,071	3,869	3,650	2,626	2,403	2,318	2,314	1,960	1,901
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	5,538	5,097	4,981	3,729	3,436	3,157	2,991	2,824	2,503	2,209	2,083	2,106	1,961	1,801	1,957
+ Selling, General & Admin	4,421	4,141	4,073	3,133	2,865	2,636	2,514	2,379	2,085	1,851	1,718	1,760	1,696	1,537	1,644
+ Research & Development	719	655	603	531	511	463	424	397	373	311	310	304	229	191	230
+ Other Operating Expense	398	301	305	65	60	58	53	48	45	47	55	42	36	73	83
Operating Income (Loss)	1,786	1,690	1,504	1,381	1,146	1,148	1,080	1,045	1,147	417	320	212	353	159	-56
- Non-Operating (Income) Loss	251	406	261	291	222	580	555	496	325	165	792	537	381	1,375	432
+ Interest Expense, Net	226	216	229	217	210	176	111	99	89	80	92	80	52	105	234
+ Interest Expense	247	229	240	226	216	181	119	114	105	94	96	91	68	119	248
- Interest Income	21	13	11	9	6	5	8	15	16	14	4	11	16	14	14
+ Other Non-Op (Income) Loss	25	190	32	74	12	404	444	397	236	85	700	457	329	1,270	198
Pretax Income	1,535	1,284	1,243	1,090	924	568	525	549	822	252	-472	-325	-28	-1,216	-488
- Income Tax Expense (Benefit)	377	256	253	198	193	62	468	247	179	64	-17	-3	-29	105	541
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1,307	1,180	1,159	1,052	840	633	70	310	651	192	-455	-322	1	-1,321	-1,029
- Net Extraordinary Losses (Gains)	45	13	20	62	410	1,115	-113	-38	-694	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	21	43	20	-16	-374	-1,093	137	64	710	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	24	-30	- -	78	784	2,208	-250	-102	-1,404	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1,262	1,167	1,139	990	430	-482	183	348	1,345	192	-455	-322	1	-1,321	-1,029
- Minority Interest	-33	-28	-20	-23	-18	-11	-12	-13	-8	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1,295	1,195	1,159	1,013	448	-471	195	361	1,353	192	-455	-322	1	-1,321	-1,029
- Preferred Dividends	24	24	24	24	24	24	14	14	14	14	14	14	14	14	14
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,271	1,171	1,135	989	424	-495	181	347	1,339	178	-469	-336	-13	-1,335	-1,043
EBIT	1,786	1,690	1,504	1,381	1,146	1,148	1,080	1,045	1,147	417	320	212	353	159	-56
EBITDA	3,037	2,991	2,862	2,020	1,736	1,711	1,607	1,571	1,577	785	647	482	604	433	275
EBITDA Margin (%)	13.87	14.65	14.31	15.93	15.14	15.89	16.08	16.26	17.39	11.18	9.19	6.78	8.77	6.96	3.92
EBITA	1,786	1,690	1,504	1,381	1,146	1,148	1,080	1,045	1,147	417	320	212	353	159	-56
Gross Margin (%)	33.44	33.24	32.42	40.3	39.97	39.97	40.75	40.04	40.26	37.4	34.14	32.62	33.6	31.51	27.07
Operating Margin (%)	8.16	8.28	7.52	10.89	10	10.66	10.81	10.82	12.65	5.94	4.55	2.98	5.13	2.56	-0.8
Profit Margin (%)	5.91	5.85	5.79	7.99	3.91	-4.37	1.95	3.74	14.92	2.73	-6.46	-4.53	0.01	-21.23	-14.65
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	0.76	0.78	0.97	1.08	1.22	1.31	1.14	1.08	1.09	1.1	1.12	1.12	1.11	1.14	0.56
Depreciation Expense	1,251	1,301	1,358	639	590	563	527	526	430	368	327	270	251	274	331
Basic Weighted Avg Shares	347	326	306	289	266	253	254	249	222	209	183	156	149	124	126
Basic EPS, GAAP	3.66	3.6	3.7	3.43	1.59	-1.95	0.71	1.4	6.03	0.85	-2.56	-2.15	-0.09	-10.75	-8.25
Basic EPS from Cont Ops	3.77	3.63	3.78	3.65	3.16	2.5	0.28	1.25	2.93	0.92	-2.48	-2.06	0.01	-10.64	-8.14
Diluted Weighted Avg Shares	361	332	318	300	269	256	257	252	233	209	183	156	149	124	126
Diluted EPS, GAAP	3.52	3.52	3.56	3.3	1.58	-1.93	0.71	1.38	5.74	0.85	-2.56	-2.15	-0.09	-10.75	-8.25
Diluted EPS from Cont Ops	3.62	3.55	3.64	3.51	3.12	2.47	0.27	1.23	2.79	0.92	-2.48	-2.06	0.01	-10.64	-8.14

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	7,912	8,273	8,511	8,874	6,685	6,992	5,230	4,713	6,140	5,783	4,701	4,107	3,177	2,935	3,568
+ Cash, Cash Equivalents & STI	902	1,246	1,764	1,411	1,228	2,223	1,293	1,081	2,740	2,625	1,840	1,045	519	576	512
+ Cash & Cash Equivalents	902	1,246	1,764	1,411	1,228	2,223	1,293	1,081	2,740	2,625	1,840	1,045	519	576	512
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	4,931	4,854	4,542	4,230	2,480	2,307	2,829	2,607	2,532	2,093	1,965	2,038	1,776	1,476	1,769
+ Accounts Receivable, Net	2,473	2,791	2,764	2,531	838	741	1,160	1,097	1,091	834	754	791	781	740	1,070
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	2,458	2,063	1,778	1,699	1,642	1,566	1,669	1,510	1,441	1,259	1,211	1,247	995	736	699
+ Inventories	1,021	1,011	998	934	901	841	915	829	694	843	696	797	661	695	1,016
+ Raw Materials	97	106	101	98	99	81	89	70	71	93	85	112	86	50	72
+ Work In Process	58	61	60	58	51	47	49	49	47	43	43	45	47	36	142
+ Finished Goods	866	844	837	778	751	713	777	710	576	707	568	640	528	609	802
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	1,058	1,162	1,207	2,299	2,076	1,621	193	196	174	222	200	227	221	188	271
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	22,204	21,742	20,525	18,784	18,856	11,059	10,716	10,161	8,907	8,958	8,522	7,436	6,831	5,430	6,255
+ Property, Plant & Equip, Net	2,145	2,091	2,025	1,648	1,212	1,135	1,083	940	1,109	1,013	875	770	703	675	1,000
+ Property, Plant & Equip	6,417	6,644	6,662	5,945	4,727	4,603	4,618	4,323	4,460	4,324	4,075	3,745	3,382	3,166	3,144
- Accumulated Depreciation	4,272	4,553	4,637	4,297	3,515	3,468	3,535	3,383	3,351	3,311	3,200	2,975	2,679	2,491	2,144
+ LT Investments & Receivables	1,395	1,381	1,458	1,496	1,382	1,294	1,404	43	46	47	53	59	66	89	96
+ LT Investments	1,395	1,381	1,458	1,496	1,382	1,294	1,404	43	46	47	53	59	66	89	96
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	18,664	18,270	17,042	15,640	16,262	8,630	8,229	9,178	7,752	7,898	7,594	6,607	6,062	4,666	5,159
+ Total Intangible Assets	12,646	12,766	12,557	11,577	4,291	4,077	4,407	4,232	4,221	4,426	3,618	3,123	2,992	2,233	3,289
+ Goodwill	8,803	9,062	9,205	8,805	3,951	3,787	3,930	3,858	3,900	4,071	3,287	2,820	2,747	1,937	2,222
+ Other Intangible Assets	3,843	3,704	3,352	2,772	340	290	477	374	321	355	331	303	245	296	1,067
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	6,018	5,504	4,485	4,063	11,971	4,553	3,822	4,946	3,531	3,472	3,976	3,484	3,070	2,433	1,870
Total Assets	30,116	30,015	29,036	27,658	25,541	18,051	15,946	14,874	15,047	14,741	13,223	11,543	10,008	8,365	9,823
+ Payables & Accruals	2,324	2,235	1,970	1,933	1,342	1,685	1,533	1,509	1,424	1,315	1,447	1,734	1,418	1,381	1,947
+ Accounts Payable	2,016	1,913	1,626	1,584	1,342	1,126	1,108	1,073	1,053	983	1,069	1,331	1,044	1,023	1,498
+ Accrued Taxes	150	170	180	183	133	- -	98	110	86	75	99	76	99	79	154
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	158	152	164	166	-133	559	327	326	285	257	279	327	275	279	295
+ ST Debt	1,545	1,042	1,117	1,427	962	1,011	282	961	1,138	479	731	928	608	630	295
+ ST Borrowings	1,545	1,042	1,117	1,427	962	1,011	282	961	1,049	394	650	860	567	585	231
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	89	85	81	68	41	45	64
+ Other ST Liabilities	2,512	2,633	2,599	2,716	2,950	1,958	926	781	873	684	651	668	753	608	980
+ Deferred Revenue	432	438	496	431	202	187	170	155	158	140	194	154	147	133	190
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	83	105	87	61	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	1,997	2,090	2,016	2,224	2,748	1,771	756	626	715	544	457	514	606	475	790
Total Current Liabilities	6,381	5,910	5,686	6,076	5,254	4,654	2,741	3,251	3,435	2,478	2,829	3,330	2,779	2,619	3,222
+ LT Debt	7,088	7,447	6,904	6,314	6,317	5,305	5,235	4,269	3,498	4,307	3,805	3,027	2,851	2,957	4,279
+ LT Borrowings	7,088	7,447	6,904	6,314	6,317	5,305	5,235	4,269	3,233	4,050	3,596	2,866	2,710	2,814	4,016
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	265	257	209	161	141	143	263
+ Other LT Liabilities	4,273	4,645	3,678	4,166	4,504	3,131	2,463	2,101	2,306	2,146	2,136	1,609	1,606	1,485	1,649
+ Accrued Liabilities	372	396	454	150	160	- -	42	51	37	35	108	95	95	104	247
+ Pension Liabilities	3,412	3,867	2,921	3,712	3,144	2,938	2,257	1,832	2,059	1,906	1,650	1,359	1,387	1,242	1,227
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	489	382	303	304	1,200	193	164	218	210	205	378	155	124	139	175
Total Noncurrent Liabilities	11,361	12,092	10,582	10,480	10,821	8,436	7,698	6,370	5,804	6,453	5,941	4,636	4,457	4,442	5,928
Total Liabilities	17,742	18,002	16,268	16,556	16,075	13,090	10,439	9,621	9,239	8,931	8,770	7,966	7,236	7,061	9,150
+ Preferred Equity and Hybrid Capital	349	349	349	349	349	214	214	214	214	214	214	214	214	214	214
+ Share Capital & APIC	7,670	6,861	6,492	5,407	4,030	4,112	4,148	3,553	2,997	2,643	1,970	1,744	1,237	1,261	1,311
+ Common Stock	1,353	1,239	1,210	1,124	1,013	254	255	232	215	198	168	156	123	124	128
+ Additional Paid in Capital	6,317	5,622	5,282	4,283	3,017	3,858	3,893	3,321	2,782	2,445	1,802	1,588	1,114	1,137	1,183
- Treasury Stock	124	104	252	105	- -	- -	- -	55	76	- -	177	- -	- -	- -	- -
+ Retained Earnings	7,046	7,991	8,839	9,535	9,686	4,934	4,856	5,072	6,312	6,281	5,631	5,136	4,977	3,514	2,444
+ Other Equity	-2,716	-3,227	-2,779	-4,159	-4,642	-4,337	-3,748	-3,565	-3,646	-3,332	-2,988	-3,537	-3,676	-3,699	-3,311
Equity Before Minority Interest	12,225	11,870	12,649	11,027	9,423	4,923	5,470	5,219	5,801	5,806	4,436	3,557	2,752	1,290	658
+ Minority/Non Controlling Interest	149	143	119	75	43	38	37	34	7	4	17	20	20	14	15
Total Equity	12,374	12,013	12,768	11,102	9,466	4,961	5,507	5,253	5,808	5,810	4,453	3,577	2,772	1,304	673
Total Liabilities & Equity	30,116	30,015	29,036	27,658	25,541	18,051	15,946	14,874	15,047	14,741	13,223	11,543	10,008	8,365	9,823
Shares Outstanding	338	306	297	279	253	254	255	230	213	198	159	156	123	124	128
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	354	342	290	229	182	188	327
Net Debt	7,731	7,243	6,257	6,330	6,051	4,093	4,224	4,149	1,542	1,819	2,406	2,681	2,758	2,823	3,735
Net Debt to Equity	62.48	60.29	49.01	57.02	63.92	82.5	76.7	78.98	26.55	31.31	54.03	74.95	99.49	216.49	554.98
Tangible Common Equity Ratio	-3.55	-6.39	-0.84	-5.12	22.71	4.79	7.68	7.58	12.68	11.34	6.47	2.85	-6.19	-18.64	-43.31
Current Ratio	1.24	1.4	1.5	1.46	1.27	1.5	1.91	1.45	1.79	2.33	1.66	1.23	1.14	1.12	1.11
Cash Conversion Cycle	19.57	21.61	29.98	44.74	24.33	5.61	20.84	27.83	21.89	32.09	18.33	7	2.15	14.87	23.47

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	1,328	1,223	1,179	1,052	840	633	70	310	651	192	-455	-322	1	-1,321	-1,029
+ Depreciation & Amortization	1,251	1,301	1,358	639	590	563	527	526	430	368	327	270	251	274	331
+ Non-Cash Items	71	333	370	390	480	263	-147	282	234	158	441	356	182	1,280	632
+ Stock-Based Compensation	123	125	90	63	27	50	52	57	50	42	54	75	54	52	45
+ Deferred Income Taxes	203	105	117	152	383	-9	399	135	124	34	-89	-27	-68	90	502
+ Asset Impairment Charge	33	- -	- -	- -	- -	- -	- -	- -	- -	- -	781	412	- -	1,058	- -
+ Other Non-Cash Adj	-288	103	163	175	70	222	-598	90	60	82	-305	-104	196	80	85
+ Chg in Non-Cash Work Cap	-689	-277	-532	-748	-832	-743	-699	-36	-71	-170	316	-145	252	278	290
+ (Inc) Dec in Accts Receiv	-206	171	33	-402	-136	-25	-369	197	111	552	61	-189	609	734	453
+ (Inc) Dec in Inventories	-124	- -	-38	-22	-101	7	-73	17	109	-134	88	-143	123	-122	-12
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	82	120	-29	54	-125	-244	-27	-110	-141	-312	127	312	-242	-126	-29
+ Inc (Dec) in Other	-441	-568	-498	-378	-470	-481	-230	-140	-150	-276	40	-125	-238	-208	-122
+ Net Cash From Disc Ops	- -	- -	- -	730	533	82	-18	58	89	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1,961	2,580	2,375	2,063	1,611	798	-267	1,140	1,333	548	629	159	686	511	224
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	28	9	86	53	92	25	3	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	28	9	86	53	92	25	3	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-501	-513	-427	-176	-148	-183	-141	-90	-65	-74	-68	-57	-37	-44	-91
+ Acq of Fixed Prod Assets	-338	-388	-346	-119	-84	-138	-105	-90	-65	-74	-68	-57	-37	-44	-91
+ Acq of Intangible Assets	-163	-125	-81	-57	-64	-45	-36	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-684	-1,050	-629	-1,057	-1,334	9	- -	-700	-600	-300	-888	-113	-544	-8	- -
+ Increase in Capital Stock	44	44	124	55	19	9	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-728	-1,094	-753	-1,112	-1,353	- -	- -	-700	-600	-300	-888	-113	-544	-8	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-212	-276	-129	-24	-13	-5	-64	59	-21	-173	-9	-6	36	-126	-595
+ Cash from Divestitures	- -	- -	26	10	- -	25	23	59	21	30	44	87	43	35	79
+ Cash for Acq of Subs	-212	-276	-155	-34	-13	-30	-87	- -	-42	-203	-53	-93	-7	-161	-674
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	10	19	18	-556	577	78	367	2	2,234	1	-8	-15	-4	-28	-12
+ Net Cash From Disc Ops	- -	- -	- -	-569	551	-251	- -	- -	2,233	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-675	-761	-452	-703	508	-85	165	-29	2,148	-246	-85	-78	-5	-198	-698
+ Dividends Paid	-265	-255	-296	-313	-326	-331	-291	-269	-243	-230	-206	-174	-165	-141	-71
+ Net Cash From Debt	- -	-108	-439	-320	-223	-963	-824	-302	-950	133	-208	-529	-478	-85	504
+ Cash From Debt	- -	- -	617	808	1,079	25	1,008	9	10	2,359	311	1,194	1,396	907	1,259
+ Repayments of Debt	- -	-108	-1,056	-1,128	-1,302	-988	-1,832	-311	-960	-2,226	-519	-1,723	-1,874	-992	-755
+ Other Financing Activities	-637	-59	-38	66	-191	1,869	130	-30	-41	-19	-8	-6	-15	-37	-29
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,586	-1,472	-1,402	-1,624	-2,074	584	-985	-1,301	-1,834	-416	-1,310	-822	-1,202	-271	404
Effect of Foreign Exchange Rates	-9	-3	-3	-81	-77	-17	53	-30	- -	10	-16	-29	-1	-28	4
Net Changes in Cash	-300	347	521	-264	45	1,297	-1,087	-190	1,647	-114	-766	-741	-521	42	-70
EBITDA	3,037	2,991	2,862	2,020	1,736	1,711	1,607	1,571	1,577	785	647	482	604	433	275
EBITDA Margin (%)	13.87	14.65	14.31	15.93	15.14	15.89	16.08	16.26	17.39	11.18	9.19	6.78	8.77	6.96	3.92
Free Cash Flow	1,460	2,067	1,948	1,887	1,463	615	-408	1,050	1,268	474	561	102	649	467	133
Net Cash Paid for Acquisitions	212	276	129	24	13	5	64	-59	21	173	9	6	-36	126	595
Free Cash Flow to Firm	1,646	2,250	2,139	2,072	1,634	776	-395	1,113	1,350	544	- -	- -	- -	- -	- -
Free Cash Flow to Equity	1,976	2,069	1,652	1,653	1,372	-437	-1,207	734	304	593	339	-441	157	368	623
Free Cash Flow per Basic Share	4.21	6.35	6.36	6.54	5.5	2.43	-1.6	4.22	5.71	2.27	3.06	0.65	4.35	3.76	1.05
Price/Free Cash Flow	1.05	0.8	0.89	0.93	0.95	1.56	-13.91	1.33	4.59	5.94	5	10.18	3.55	1.98	2.32
Cash Flow to Net Income	1.51	2.16	2.05	2.04	3.6	-1.69	-1.37	3.16	0.99	2.85	-1.38	-0.49	686	-0.39	-0.22
Capital Expenditures	-501	-513	-427	-176	-148	-183	-141	-90	-65	-74	-68	-57	-37	-44	-91