Yum! Brands, Inc.

YUM

YUMYum! Brands, Inc. US flag

New York Stock Exchange

148.08

USD

-0.36

- -

40.81BMarket 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	12,626	13,633	13,084	6,587	6,418	6,356	5,878	5,688	5,597	5,652	6,584	6,842	7,076	7,549	8,214
+ Sales & Services Revenue	12,626	13,633	13,084	6,587	6,418	6,356	5,878	5,688	5,597	5,652	6,584	6,842	7,076	7,549	8,214
- Cost of Revenue	9,285	9,985	9,659	4,029	3,867	3,690	3,191	3,030	2,783	2,965	3,418	3,535	3,580	3,965	4,422
+ Cost of Goods & Services	9,285	9,985	9,659	4,029	3,867	3,690	3,191	3,030	2,783	2,965	3,418	3,535	3,580	3,965	4,422
Gross Profit	3,341	3,648	3,425	2,558	2,551	2,666	2,687	2,658	2,814	2,687	3,166	3,307	3,496	3,584	3,792
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	1,372	1,510	1,412	1,028	1,058	1,129	999	895	917	1,064	1,060	1,140	1,193	1,181	1,262
+ Selling, General & Admin	1,372	1,510	1,412	1,028	1,058	1,129	999	895	917	1,064	1,060	1,140	1,193	1,181	1,262
+ Research & Development	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1,969	2,138	2,013	1,530	1,493	1,537	1,688	1,763	1,897	1,623	2,106	2,167	2,303	2,403	2,530
- Non-Operating (Income) Loss	310	-7	462	156	240	192	-586	-76	524	603	432	505	485	503	453
+ Interest Expense, Net	156	129	224	143	141	307	445	452	486	543	544	527	513	489	501
+ Interest Expense	184	149	247	143	141	307	445	452	486	543	544	527	513	489	501
- Interest Income	28	20	23	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	154	-136	238	13	99	-115	-1,031	-528	38	60	-112	-22	-28	14	-48
Pretax Income	1,659	2,145	1,551	1,374	1,253	1,345	2,274	1,839	1,373	1,020	1,674	1,662	1,818	1,900	2,077
- Income Tax Expense (Benefit)	324	537	487	368	327	327	934	297	79	116	99	337	221	414	518
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	1,335	1,608	1,064	1,006	926	1,018	1,340	1,542	1,294	904	1,575	1,325	1,597	1,486	1,559
- Net Extraordinary Losses (Gains)	32	22	-54	-75	-352	-625	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	45	357	625	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	32	22	-54	-120	-709	-1,250	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	1,303	1,586	1,118	1,081	1,278	1,643	1,340	1,542	1,294	904	1,575	1,325	1,597	1,486	1,559
- Minority Interest	-16	-11	27	30	-5	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	1,319	1,597	1,091	1,051	1,283	1,643	1,340	1,542	1,294	904	1,575	1,325	1,597	1,486	1,559
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	1,319	1,597	1,091	1,051	1,283	1,643	1,340	1,542	1,294	904	1,575	1,325	1,597	1,486	1,559
EBIT	1,969	2,138	2,013	1,530	1,493	1,537	1,688	1,763	1,897	1,623	2,106	2,167	2,303	2,403	2,530
EBITDA	2,606	2,803	2,734	1,858	1,812	1,847	1,941	1,900	2,009	1,769	2,270	2,313	2,456	2,578	2,736
EBITDA Margin (%)	20.64	20.56	20.9	28.21	28.23	29.06	33.02	33.4	35.89	31.3	34.48	33.81	34.71	34.15	33.31
EBITA	1,969	2,138	2,013	1,530	1,493	1,537	1,688	1,763	1,897	1,623	2,106	2,167	2,303	2,403	2,530
Gross Margin (%)	26.46	26.76	26.18	38.83	39.75	41.94	45.71	46.73	50.28	47.54	48.09	48.33	49.41	47.48	46.17
Operating Margin (%)	15.59	15.68	15.39	23.23	23.26	24.18	28.72	31	33.89	28.72	31.99	31.67	32.55	31.83	30.8
Profit Margin (%)	10.45	11.71	8.34	15.96	19.99	25.85	22.8	27.11	23.12	15.99	23.92	19.37	22.57	19.68	18.98
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	1.03	1.18	1.39	1.51	1.67	1.89	1.2	1.43	1.67	1.87	1.99	2.27	2.41	2.67	2.83
Depreciation Expense	637	665	721	328	319	310	253	137	112	146	164	146	153	175	206
Basic Weighted Avg Shares	469	461	443	444	436	394	347	322	306	302	297	286	281	282	279
Basic EPS, GAAP	2.81	3.46	2.46	2.37	2.94	4.17	3.86	4.79	4.23	2.99	5.3	4.63	5.68	5.27	5.59
Basic EPS from Cont Ops	2.85	3.49	2.4	2.27	2.12	2.58	3.86	4.79	4.23	2.99	5.3	4.63	5.68	5.27	5.59
Diluted Weighted Avg Shares	481	473	443	453	443	400	355	329	313	307	302	290	285	285	281
Diluted EPS, GAAP	2.74	3.38	2.46	2.32	2.9	4.11	3.77	4.69	4.13	2.94	5.22	4.57	5.6	5.21	5.55
Diluted EPS from Cont Ops	2.78	3.4	2.4	2.22	2.09	2.54	3.77	4.69	4.13	2.94	5.22	4.57	5.6	5.21	5.55

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	2,321	1,925	1,691	1,553	1,687	1,505	2,507	1,207	1,527	1,689	1,532	1,609	1,609	1,871	2,040
+ Cash, Cash Equivalents & STI	1,198	776	573	578	313	725	1,522	292	605	730	486	367	512	707	709
+ Cash & Cash Equivalents	1,198	776	573	578	313	725	1,522	292	605	730	486	367	512	616	709
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	91	- -
+ Accounts & Notes Receiv	436	356	408	380	363	414	575	597	623	569	646	680	757	830	955
+ Accounts Receivable, Net	286	301	319	325	324	370	400	561	584	534	596	648	737	775	841
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	150	55	89	55	39	44	175	36	39	35	50	32	20	55	114
+ Inventories	273	313	294	301	40	37	13	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	273	313	294	301	40	37	13	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	414	480	416	294	971	329	397	318	299	390	400	562	340	334	376
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	6,513	7,088	7,004	6,781	6,374	3,948	2,804	2,923	3,704	4,163	4,434	4,237	4,622	4,856	6,156
+ Property, Plant & Equip, Net	4,042	4,250	4,459	4,498	2,347	2,113	1,594	1,237	1,812	2,086	2,016	1,913	1,961	2,185	2,818
+ Property, Plant & Equip	7,267	7,389	7,850	8,082	4,395	4,108	2,936	2,353	2,948	3,316	3,286	3,196	3,293	3,569	4,303
- Accumulated Depreciation	3,225	3,139	3,391	3,584	2,048	1,995	1,342	1,116	1,136	1,230	1,270	1,283	1,332	1,384	1,485
+ LT Investments & Receivables	167	72	53	52	61	- -	- -	214	137	31	118	116	124	- -	- -
+ LT Investments	167	72	53	52	61	- -	- -	214	137	31	118	116	124	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	2,304	2,766	2,492	2,231	3,966	1,835	1,210	1,472	1,755	2,046	2,300	2,208	2,537	2,671	3,338
+ Total Intangible Assets	980	1,724	1,527	1,018	735	687	726	767	774	940	1,016	992	1,019	1,152	1,878
+ Goodwill	681	1,034	889	700	571	536	512	525	530	597	657	638	642	736	969
+ Other Intangible Assets	299	690	638	318	164	151	214	242	244	343	359	354	377	416	909
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1,324	1,042	965	1,213	3,231	1,148	484	705	981	1,106	1,284	1,216	1,518	1,519	1,460
Total Assets	8,834	9,013	8,695	8,334	8,061	5,453	5,311	4,130	5,231	5,852	5,966	5,846	6,231	6,727	8,197
+ Payables & Accruals	1,326	1,299	1,353	1,299	553	389	341	427	471	517	547	517	514	490	557
+ Accounts Payable	712	684	692	694	181	142	119	202	173	215	227	243	231	249	292
+ Accrued Taxes	254	200	262	177	129	102	213	117	202	33	13	16	55	31	46
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	360	415	399	428	243	145	9	108	96	269	307	258	228	210	219
+ ST Debt	320	10	71	267	921	66	375	321	498	550	156	477	132	118	143
+ ST Borrowings	320	10	71	267	921	66	375	321	431	453	68	390	45	19	27
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	67	97	88	87	87	99	116
+ Other ST Liabilities	804	970	841	843	1,613	851	796	553	572	608	712	671	631	661	816
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	804	970	841	843	1,613	851	796	553	572	608	712	671	631	661	816
Total Current Liabilities	2,450	2,279	2,265	2,409	3,087	1,306	1,512	1,301	1,541	1,675	1,415	1,665	1,277	1,269	1,516
+ LT Debt	2,997	2,932	2,918	3,077	3,007	9,059	9,429	9,751	10,771	11,095	11,971	12,184	11,899	12,168	13,046
+ LT Borrowings	2,997	2,932	2,918	3,077	3,007	9,059	9,429	9,751	10,061	10,207	11,121	11,404	11,100	11,247	11,735
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	710	888	850	780	799	921	1,311
+ Other LT Liabilities	1,471	1,549	1,283	1,244	998	703	704	1,004	935	973	953	873	913	938	960
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	1,471	1,549	1,283	1,244	998	703	704	1,004	935	973	953	873	913	938	960
Total Noncurrent Liabilities	4,468	4,481	4,201	4,321	4,005	9,762	10,133	10,755	11,706	12,068	12,924	13,057	12,812	13,106	14,006
Total Liabilities	6,918	6,760	6,466	6,730	7,092	11,068	11,645	12,056	13,247	13,743	14,339	14,722	14,089	14,375	15,522
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	36	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60	- -	- -
+ Common Stock	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	60	- -	- -
+ Additional Paid in Capital	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	2,052	2,286	2,102	1,737	1,150	-5,157	-6,063	-7,592	-7,628	-7,480	-8,048	-8,507	-7,616	-7,256	-7,014
+ Other Equity	-247	-132	64	-190	-239	-458	-271	-334	-388	-411	-325	-369	-302	-392	-311
Equity Before Minority Interest	1,823	2,154	2,166	1,547	911	-5,615	-6,334	-7,926	-8,016	-7,891	-8,373	-8,876	-7,858	-7,648	-7,325
+ Minority/Non Controlling Interest	93	99	63	57	58	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	1,916	2,253	2,229	1,604	969	-5,615	-6,334	-7,926	-8,016	-7,891	-8,373	-8,876	-7,858	-7,648	-7,325
Total Liabilities & Equity	8,834	9,013	8,695	8,334	8,061	5,453	5,311	4,130	5,231	5,852	5,966	5,846	6,231	6,727	8,197
Shares Outstanding	460	451	443	434	420	355	332	306	300	300	289	280	281	279	277
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	777	985	938	867	886	1,020	1,427
Net Debt	2,119	2,166	2,416	2,766	3,615	8,400	8,282	9,780	9,887	9,930	10,703	11,427	10,633	10,650	11,053
Net Debt to Equity	110.59	96.14	108.39	172.44	373.07	-149.6	-130.75	-123.39	-123.34	-125.84	-127.83	-128.74	-135.31	-139.25	-150.89
Tangible Common Equity Ratio	11.92	7.26	9.79	8.01	3.19	-132.23	-153.98	-258.49	-197.22	-179.78	-189.68	-203.3	-170.32	-157.85	-145.64
Current Ratio	0.95	0.84	0.75	0.64	0.55	1.15	1.66	0.93	0.99	1.01	1.08	0.97	1.26	1.47	1.35
Cash Conversion Cycle	-31.86	-6.84	-5.93	-17.88	-9.74	7.75	11.73	12.2	12.74	12.22	7.72	8.92	11.56	14.46	13.58

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	1,335	1,608	1,064	1,006	926	1,018	1,340	1,542	1,294	904	1,575	1,325	1,597	1,486	1,559
+ Depreciation & Amortization	637	665	721	328	319	310	253	137	112	146	164	146	153	175	206
+ Non-Cash Items	84	-91	457	16	-39	-37	-306	-434	-14	167	-35	61	-56	114	262
+ Stock-Based Compensation	59	50	49	45	46	80	65	50	59	97	75	84	95	69	70
+ Deferred Income Taxes	-137	28	-24	-46	-101	28	634	-11	-232	-65	-200	-55	-290	-30	107
+ Asset Impairment Charge	135	- -	- -	- -	- -	- -	- -	6	5	172	19	10	13	12	22
+ Other Non-Cash Adj	27	-169	432	17	16	-145	-1,005	-479	154	-37	71	22	126	63	63
+ Chg in Non-Cash Work Cap	114	112	-103	-133	54	-43	-257	-69	-77	88	2	-105	-91	-86	-17
+ (Inc) Dec in Accts Receiv	-39	-18	-12	-21	-36	-23	-19	-66	-56	62	-46	-84	-89	-53	-45
+ (Inc) Dec in Inventories	-75	9	18	-2	-4	- -	3	- -	- -	- -	- -	- -	- -	- -	- -
+ (Inc) Dec in Prepaid Assets	-25	-14	-21	2	-14	- -	-10	- -	-8	8	-33	1	-15	-12	-18
+ Inc (Dec) in Accts Payable	253	135	-88	-112	108	-20	-228	-3	-13	18	81	-22	13	-21	46
+ Inc (Dec) in Other	- -	- -	- -	- -	- -	- -	-3	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	2,170	2,294	2,139	1,217	1,260	1,248	1,030	1,176	1,315	1,305	1,706	1,427	1,603	1,689	2,010
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	30	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	30	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash (Repurchase) of Equity	-752	-965	-770	-820	-1,200	-5,403	-1,960	-2,390	-815	-239	-1,591	-1,200	-50	-441	-552
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-752	-965	-770	-820	-1,200	-5,403	-1,960	-2,390	-815	-239	-1,591	-1,200	-50	-441	-552
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	206	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	206	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	165	-179	161	55	204	370	1,773	559	110	-389	85	73	181	-55	-704
+ Cash from Divestitures	246	364	260	83	213	370	1,773	825	110	19	85	73	181	153	78
+ Cash for Acq of Subs	-81	-543	-99	-28	-9	- -	- -	-266	- -	-408	- -	- -	- -	-208	-782
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-1,201	-826	-1,047	-479	-403	-374	-301	-246	-198	-152	-258	-275	-288	-367	-299
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-1,006	-1,005	-886	-424	-199	-4	1,472	313	-88	-335	-173	-202	-107	-422	-1,003
+ Dividends Paid	-481	-544	-615	-669	-730	-744	-416	-462	-511	-566	-592	-649	-678	-752	-789
+ Net Cash From Debt	-262	-282	-67	351	645	5,292	703	292	473	128	493	579	-676	103	480
+ Cash From Debt	404	- -	655	416	912	8,300	1,088	1,615	930	1,745	4,150	1,278	- -	582	1,582
+ Repayments of Debt	-666	-282	-722	-65	-267	-3,008	-385	-1,323	-457	-1,617	-3,657	-699	-676	-479	-1,102
+ Other Financing Activities	82	75	1	399	196	111	-122	-60	-85	-61	-77	-53	-25	-73	-63
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	-1,413	-1,716	-1,451	-739	-1,089	-744	-1,795	-2,620	-938	-738	-1,767	-1,323	-1,429	-1,163	-924
Effect of Foreign Exchange Rates	21	5	-5	12	-6	-34	61	-63	5	24	-19	-26	10	-21	32
Net Changes in Cash	-249	-427	-198	54	-28	500	707	-1,131	289	232	-234	-98	67	104	83
EBITDA	2,606	2,803	2,734	1,858	1,812	1,847	1,941	1,900	2,009	1,769	2,270	2,313	2,456	2,578	2,736
EBITDA Margin (%)	20.64	20.56	20.9	28.21	28.23	29.06	33.02	33.4	35.89	31.3	34.48	33.81	34.71	34.15	33.31
Free Cash Flow	2,170	2,294	2,139	1,217	1,260	1,248	1,030	1,176	1,315	1,305	1,706	1,427	1,603	1,689	2,010
Net Cash Paid for Acquisitions	-165	179	-161	-55	-204	-370	-1,773	-559	-110	389	-85	-73	-181	55	704
Free Cash Flow to Firm	2,318	2,406	2,308	1,322	1,364	1,480	1,292	1,555	1,773	1,786	2,218	1,847	2,054	2,071	2,386
Free Cash Flow to Equity	1,938	2,012	2,072	1,568	1,905	6,540	1,733	1,468	1,788	1,433	2,199	2,006	927	1,792	2,490
Free Cash Flow per Basic Share	4.63	4.98	4.83	2.74	2.89	3.17	2.97	3.65	4.3	4.32	5.74	4.99	5.7	5.99	7.2
Price/Free Cash Flow	9.4	9.85	11.26	19.5	18.47	20.3	28.13	25.72	23.98	25.54	24.58	26.03	23.23	22.64	21.15
Cash Flow to Net Income	1.65	1.44	1.96	1.16	0.98	0.76	0.77	0.76	1.02	1.44	1.08	1.08	1	1.14	1.29
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -