NOV Inc. (0K58.L)

Industry: Oil & Gas Equipment & Services Sector: Energy Currency Used: US Live Price: $16.00

Enterprise Value

Metric	MRQ	MRQ-1	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Stock Price	15.51	15.51	16.48	18.37	13.91	11.36	23.81	37.25	37.71	37.71	37.71	37.71	37.71
Market Capitalization	6,097.03M	6,126.45M	6,493.43M	7,174.95M	5,222.79M	4,367.80M	9,073.39M	14,334.97M	13,881.32M	14,122.52M	14,617.15M	16,161.51M	16,130.40M
(-) Cash & Equivalents	513.00M	592.00M	626.33M	1,172.75M	1,609.50M	1,434.75M	1,218.75M	1,273.25M	1,542.00M	1,584.50M	2,373.50M	3,800.00M	2,736.25M
(+) Total Debt	1,716.00M	0.00M	572.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Enterprise Value	7,300.03M	5,534.45M	6,439.10M	6,002.20M	3,613.29M	2,933.05M	7,854.64M	13,061.72M	12,339.32M	12,538.02M	12,243.65M	12,361.51M	13,394.15M

Income Statement

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Revenue	8,313M	6,681M	7,237M	5,524M	6,090M	8,479M	8,453M	7,304M	7,251M	14,757M	21,440M	19,221M	17,194M
Cost of Revenue	6,532M	5,589M	5,827M	4,750M	5,656M	7,634M	7,009M	6,412M	7,352M	11,694M	15,631M	14,117M	12,151M
Gross Profit	1,781M	1,092M	1,410M	774M	434M	845M	1,444M	892M	-101M	3,063M	5,809M	5,104M	5,043M
Gross Profit Margin	21.4%	16.3%	19.5%	14.0%	7.1%	10.0%	17.1%	12.2%	-1.4%	20.8%	27.1%	26.6%	29.3%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	1,127M	955M	1,019M	908M	968M	1,303M	1,233M	1,169M	1,338M	1,764M	2,092M	1,905M	1,654M
Operating Expenses	1,105M	962M	1,113M	936M	3,136M	7,227M	1,335M	1,207M	2,432M	3,563M	2,228M	1,881M	1,664M
Operating Income (EBIT)	676M	130M	297M	-162M	-2,702M	-6,382M	109M	-315M	-2,533M	-500M	3,581M	3,223M	3,379M
Operating Income Margin	8.1%	1.9%	4.1%	-2.9%	-44.4%	-75.3%	1.3%	-4.3%	-34.9%	-3.4%	16.7%	16.8%	19.7%
Interest Income	58M	62M	59M	68M	77M	80M	68M	77M	90M	89M	87M	99M	39M
Interest Expense	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Net Interest Income	58M	62M	59M	68M	77M	80M	68M	77M	90M	89M	87M	99M	39M
Unusual Items	-116M	-124M	-118M	-136M	-154M	-160M	-136M	-154M	-180M	-178M	-174M	-198M	-78M
EBT Excluding Unusual Items	734M	192M	356M	-94M	-2,625M	-6,302M	177M	-238M	-2,443M	-411M	3,668M	3,322M	3,418M
Pre-Tax Income	618M	68M	238M	-230M	-2,779M	-6,462M	41M	-392M	-2,623M	-589M	3,494M	3,124M	3,340M
Pre-Tax Margin	7.4%	1.0%	3.3%	-4.2%	-45.6%	-76.2%	0.5%	-5.4%	-36.2%	-4.0%	16.3%	16.3%	19.4%
Income Tax Expense	129M	59M	83M	15M	-242M	-369M	63M	-156M	-207M	178M	1,039M	943M	965M
Net Income	499M	11M	155M	-250M	-2,542M	-6,095M	-31M	-237M	-2,412M	-769M	2,450M	2,180M	2,383M
Net Income Margin	6.0%	0.2%	2.1%	-4.5%	-41.7%	-71.9%	-0.4%	-3.2%	-33.3%	-5.2%	11.4%	11.3%	13.9%
Depreciation & Amortization	325M	326M	325M	332M	352M	533M	690M	698M	703M	747M	778M	738M	616M
EBITDA	1,001M	456M	622M	170M	-2,350M	-5,849M	799M	383M	-1,830M	247M	4,359M	3,961M	3,995M
EBITDA Margin	12.0%	6.8%	8.6%	3.1%	-38.6%	-69.0%	9.5%	5.2%	-25.2%	1.7%	20.3%	20.6%	23.2%
NOPAT	535M	17M	193M	-128M	-2,135M	-5,042M	-58M	-249M	-2,001M	-395M	2,516M	2,250M	2,403M
NOPAT Margin	6.4%	0.3%	2.7%	-2.3%	-35.1%	-59.5%	-0.7%	-3.4%	-27.6%	-2.7%	11.7%	11.7%	14.0%
Owner's Earnings	551M	125M	266M	-119M	-2,416M	-5,795M	415M	269M	-1,993M	-475M	2,529M	2,304M	2,430M
Owner's Earnings Margin	6.6%	1.9%	3.7%	-2.2%	-39.7%	-68.3%	4.9%	3.7%	-27.5%	-3.2%	11.8%	12.0%	14.1%
EPS (Basic)	1.26	0.02	0.39	-0.65	-6.62	-15.96	-0.08	-0.63	-6.41	-1.99	5.70	5.09	5.58
EPS (Diluted)	1.26	0.03	0.39	-0.65	-6.62	-15.96	-0.08	-0.63	-6.41	-1.99	5.70	5.09	5.58
Shares (Basic)	394M	383M	394M	385M	384M	382M	378M	376M	376M	386M	430M	428M	427M
Shares (Diluted)	396M	390M	394M	386M	384M	382M	378M	377M	376M	387M	430M	428M	427M

Balance Sheet

Metric	MRQ	MRQ-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Cash & Cash Equivalents	513.00M	592.00M	1,069.00M	1,591.00M	1,692.00M	1,171.00M	1,427.00M	1,437.00M	1,408.00M	2,080.00M	3,536.00M	3,436.00M	3,319.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	513.00M	592.00M	1,069.00M	1,591.00M	1,692.00M	1,171.00M	1,427.00M	1,437.00M	1,408.00M	2,080.00M	3,536.00M	3,436.00M	3,319.00M
Net Receivables	2,657.00M	2,595.00M	2,424.00M	1,782.00M	1,885.00M	2,498.00M	2,666.00M	2,510.00M	2,748.00M	4,176.00M	6,294.00M	6,435.00M	5,545.00M
Inventory	2,277.00M	2,199.00M	1,813.00M	1,331.00M	1,408.00M	2,197.00M	2,986.00M	3,003.00M	3,325.00M	4,678.00M	5,281.00M	5,603.00M	5,891.00M
Other Current Assets	211.00M	224.00M	187.00M	198.00M	224.00M	247.00M	200.00M	267.00M	395.00M	491.00M	1,051.00M	949.00M	923.00M
Total Current Assets	5,658.00M	5,610.00M	5,493.00M	4,902.00M	5,209.00M	6,113.00M	7,279.00M	7,217.00M	7,876.00M	11,425.00M	16,162.00M	16,423.00M	15,678.00M
Property, Plant & Equipment	2,388.00M	2,387.00M	2,298.00M	2,360.00M	2,493.00M	3,028.00M	2,797.00M	3,002.00M	3,150.00M	3,124.00M	3,362.00M	3,408.00M	2,945.00M
Goodwill	1,556.00M	1,549.00M	1,505.00M	1,527.00M	1,493.00M	2,807.00M	6,264.00M	6,227.00M	6,067.00M	6,980.00M	8,539.00M	9,049.00M	7,172.00M
Intangible Assets	459.00M	470.00M	490.00M	503.00M	527.00M	852.00M	3,020.00M	3,301.00M	3,530.00M	3,849.00M	4,444.00M	5,055.00M	4,743.00M
Long-Term Investments	198.00M	184.00M	117.00M	50.00M	51.00M	282.00M	301.00M	309.00M	307.00M	327.00M	362.00M	390.00M	393.00M
Tax Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Assets	0.00M	-4,590.00M	0.00M	0.00M	0.00M	0.00M	-12,382.00M	-12,839.00M	-13,054.00M	-14,280.00M	-16,707.00M	-17,902.00M	-15,253.00M
Other Assets	239.00M	246.00M	232.00M	208.00M	156.00M	67.00M	135.00M	150.00M	210.00M	265.00M	693.00M	487.00M	553.00M
Total Non-Current Assets	4,840.00M	246.00M	4,642.00M	4,648.00M	4,720.00M	7,036.00M	135.00M	150.00M	210.00M	265.00M	693.00M	487.00M	553.00M
Total Assets	10,498.00M	5,856.00M	10,135.00M	9,550.00M	9,929.00M	13,149.00M	7,414.00M	7,367.00M	8,086.00M	11,690.00M	16,855.00M	16,910.00M	16,231.00M
Accounts Payable	925.00M	1,007.00M	906.00M	612.00M	489.00M	715.00M	722.00M	510.00M	414.00M	623.00M	1,189.00M	1,275.00M	1,200.00M
Short-Term Debt	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Revenue	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Current Liabilities	1,444.00M	1,378.00M	1,531.00M	1,298.00M	1,378.00M	1,532.00M	1,619.00M	1,844.00M	2,633.00M	3,335.00M	6,185.00M	5,403.00M	4,449.00M
Total Current Liabilities	2,369.00M	2,385.00M	2,437.00M	1,910.00M	1,867.00M	2,247.00M	2,341.00M	2,354.00M	3,047.00M	3,958.00M	7,374.00M	6,678.00M	5,649.00M
Long-Term Debt	1,716.00M	1,715.00M	1,717.00M	1,708.00M	1,834.00M	1,989.00M	2,482.00M	2,474.00M	2,708.00M	3,907.00M	3,014.00M	3,149.00M	3,148.00M
Capital Lease Obligations	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Current Liabilities	0.00M	-1,715.00M	0.00M	0.00M	0.00M	0.00M	-2,482.00M	-2,474.00M	-2,708.00M	-3,907.00M	-3,014.00M	-3,149.00M	-3,148.00M
Total Non-Current Liabilities	1,716.00M	0.00M	1,717.00M	1,708.00M	1,834.00M	1,989.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Liabilities	4,085.00M	2,385.00M	4,154.00M	3,618.00M	3,701.00M	4,236.00M	2,341.00M	2,354.00M	3,047.00M	3,958.00M	7,374.00M	6,678.00M	5,649.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M	4.00M
Retained Earnings	-1,734.00M	-1,828.00M	-2,069.00M	-2,146.00M	-1,876.00M	690.00M	6,862.00M	6,966.00M	7,285.00M	9,927.00M	13,181.00M	13,323.00M	11,385.00M
Accumulated OCI	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Minority Interest	46.00M	63.00M	38.00M	67.00M	69.00M	68.00M	70.00M	66.00M	63.00M	77.00M	80.00M	100.00M	117.00M
Total Shareholders’ Equity	-1,730.00M	-1,824.00M	-2,065.00M	-2,142.00M	-1,872.00M	694.00M	6,866.00M	6,970.00M	7,289.00M	9,931.00M	13,185.00M	13,327.00M	11,389.00M
Total Equity	-1,684.00M	-1,761.00M	-2,027.00M	-2,075.00M	-1,803.00M	762.00M	6,936.00M	7,036.00M	7,352.00M	10,008.00M	13,265.00M	13,427.00M	11,506.00M
Total Liabilities & Equity	2,401.00M	624.00M	2,127.00M	1,543.00M	1,898.00M	4,998.00M	9,277.00M	9,390.00M	10,399.00M	13,966.00M	20,639.00M	20,105.00M	17,155.00M
Tangible Assets	8,483.00M	3,837.00M	8,140.00M	7,520.00M	7,909.00M	9,490.00M	-1,870.00M	-2,161.00M	-1,511.00M	861.00M	3,872.00M	2,806.00M	4,316.00M
Tangible Equity	-3,699.00M	-3,780.00M	-4,022.00M	-4,105.00M	-3,823.00M	-2,897.00M	-2,348.00M	-2,492.00M	-2,245.00M	-821.00M	282.00M	-677.00M	-409.00M
Tangible Book Value	-3,699.00M	-3,780.00M	-4,022.00M	-4,105.00M	-3,823.00M	-2,897.00M	-2,348.00M	-2,492.00M	-2,245.00M	-821.00M	282.00M	-677.00M	-409.00M
Total Investments	198.00M	184.00M	117.00M	50.00M	51.00M	282.00M	301.00M	309.00M	307.00M	327.00M	362.00M	390.00M	393.00M
Net Debt	1,203.00M	1,123.00M	648.00M	117.00M	142.00M	818.00M	1,055.00M	1,037.00M	1,300.00M	1,827.00M	-522.00M	-287.00M	-171.00M

Capital Metrics

Metric	MRQ	MRQ-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Working Capital	3,289.0M	3,225.0M	3,056.0M	2,992.0M	3,342.0M	3,866.0M	4,938.0M	4,863.0M	4,829.0M	7,467.0M	8,788.0M	9,745.0M	10,029.0M
Total Capital	7,237.0M	5,434.0M	6,813.0M	4,997.0M	5,210.0M	7,778.0M	13,819.0M	14,094.0M	13,940.0M	16,383.0M	20,692.0M	22,230.0M	20,239.0M
Capital Employed	8,129.0M	8,061.0M	7,698.0M	7,640.0M	8,062.0M	10,902.0M	17,455.0M	17,852.0M	18,093.0M	22,012.0M	26,188.0M	28,134.0M	25,835.0M
Invested Capital	6,724.0M	4,842.0M	5,744.0M	3,406.0M	3,518.0M	6,607.0M	12,392.0M	12,657.0M	12,532.0M	14,303.0M	17,156.0M	18,794.0M	16,920.0M

Cash Flow Statement

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
Net Income	499.00M	11.00M	155.00M	-250.00M	-2,542.00M	-6,095.00M	-31.00M	-237.00M	-2,412.00M	-769.00M	2,502.00M	2,327.00M	2,491.00M
Depreciation & Amortization	325.00M	326.00M	325.00M	332.00M	352.00M	533.00M	690.00M	698.00M	703.00M	747.00M	778.00M	738.00M	616.00M
Deferred Income Tax	924.00M	874.00M	1,073.00M	-193.00M	-1,138.00M	-439.00M	37.00M	-595.00M	-2,380.00M	-2,158.00M	1,024.00M	500.00M	2,018.00M
Stock-Based Compensation	66.00M	69.00M	67.00M	78.00M	105.00M	130.00M	110.00M	124.00M	107.00M	109.00M	101.00M	92.00M	80.00M
Change in Working Capital	-990.00M	-943.00M	-1,140.00M	115.00M	1,033.00M	309.00M	-147.00M	471.00M	2,273.00M	2,049.00M	-1,125.00M	-592.00M	-2,098.00M
Accounts Receivable	-461.00M	-472.00M	-660.00M	98.00M	604.00M	205.00M	-140.00M	242.00M	1,491.00M	1,639.00M	-415.00M	-830.00M	-1,124.00M
Inventory	-529.00M	-471.00M	-480.00M	17.00M	429.00M	104.00M	-7.00M	229.00M	782.00M	410.00M	-710.00M	238.00M	-974.00M
Accounts Payable	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Working Capital	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Non-Cash Items	-904.00M	-634.00M	-659.00M	209.00M	3,116.00M	6,276.00M	-138.00M	371.00M	2,669.00M	1,354.00M	-666.00M	332.00M	-2,487.00M
Net Cash from Operating Activities	-80.00M	-297.00M	-179.00M	291.00M	926.00M	714.00M	521.00M	832.00M	960.00M	1,332.00M	2,614.00M	3,397.00M	620.00M
Capital Expenditures (PPE)	-273.00M	-212.00M	-214.00M	-201.00M	-226.00M	-233.00M	-244.00M	-192.00M	-284.00M	-453.00M	-699.00M	-614.00M	-569.00M
Acquisitions (Net)	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Purchases of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-3.00M	-55.00M	-24.00M	5.00M	82.00M	-82.00M	-213.00M	-53.00M	-204.00M	-61.00M	-405.00M	-2,350.00M	-2,859.00M
Net Cash from Investing Activities	-276.00M	-267.00M	-238.00M	-196.00M	-144.00M	-315.00M	-457.00M	-245.00M	-488.00M	-514.00M	-1,104.00M	-2,964.00M	-3,428.00M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	12,836.00M	934.00M	0.00M	0.00M
Common Stock Repurchased	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	-2,221.00M	-779.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-79.00M	-79.00M	-78.00M	-20.00M	-19.00M	-77.00M	-76.00M	-76.00M	-230.00M	-710.00M	-703.00M	-389.00M	-209.00M
Common Dividends Paid	-79.00M	-79.00M	-78.00M	-20.00M	-19.00M	-77.00M	-76.00M	-76.00M	-230.00M	-710.00M	-703.00M	-389.00M	-209.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Other Financing Activities	-51.00M	-10.00M	-18.00M	-169.00M	-240.00M	-570.00M	46.00M	-519.00M	-911.00M	-1,453.00M	-640.00M	84.00M	2,792.00M
Net Cash from Financing Activities	-130.00M	-89.00M	-96.00M	-189.00M	-259.00M	-647.00M	-30.00M	-595.00M	-1,141.00M	-2,163.00M	-1,343.00M	-305.00M	2,583.00M
Effect of FX on Cash	1.00M	-17.00M	-9.00M	-7.00M	-2.00M	-8.00M	-44.00M	37.00M	-3.00M	-111.00M	-67.00M	-11.00M	9.00M
Net Change in Cash	-485.00M	-670.00M	-522.00M	-101.00M	521.00M	-256.00M	-10.00M	29.00M	-672.00M	-1,456.00M	100.00M	117.00M	-216.00M
Cash at Beginning of Period	3,433.00M	5,883.00M	1,591.00M	1,692.00M	1,171.00M	1,427.00M	1,437.00M	1,408.00M	2,080.00M	3,536.00M	3,436.00M	3,319.00M	3,535.00M
Cash at End of Period	2,948.00M	5,213.00M	1,069.00M	1,591.00M	1,692.00M	1,171.00M	1,427.00M	1,437.00M	1,408.00M	2,080.00M	3,536.00M	3,436.00M	3,319.00M
Operating Cash Flow	-80.00M	-297.00M	-179.00M	291.00M	926.00M	714.00M	521.00M	832.00M	960.00M	1,332.00M	2,614.00M	3,397.00M	620.00M
Capital Expenditure	-273.00M	-212.00M	-214.00M	-201.00M	-226.00M	-233.00M	-244.00M	-192.00M	-284.00M	-453.00M	-699.00M	-614.00M	-569.00M
Free Cash Flow	-353.00M	-509.00M	-393.00M	90.00M	700.00M	481.00M	277.00M	640.00M	676.00M	879.00M	1,915.00M	2,783.00M	51.00M

Free Cash Flow

Metric	TTM	TTM-1	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31
EBITDA	979.00M	463.00M	716.00M	198.00M	-182.00M	75.00M	901.00M	421.00M	-736.00M	2,046.00M	4,495.00M	3,937.00M	4,005.00M
(-) Tax Adjustment	204.35M	162.05M	249.70M	0.00M	-15.85M	4.28M	315.35M	147.35M	-58.08M	0.00M	1,336.66M	1,188.41M	1,157.13M
(-) Change In Working Capital	-990.00M	-943.00M	-1,140.00M	115.00M	1,033.00M	309.00M	-147.00M	471.00M	2,273.00M	2,049.00M	-1,125.00M	-592.00M	-2,098.00M
(-) Capital Expenditure	-273.00M	-212.00M	-214.00M	-201.00M	-226.00M	-233.00M	-244.00M	-192.00M	-284.00M	-453.00M	-699.00M	-614.00M	-569.00M
Unlevered Free Cash Flow	1,491.65M	1,031.95M	1,392.30M	-118.00M	-1,425.15M	-471.28M	488.65M	-389.35M	-3,234.92M	-456.00M	3,584.34M	2,726.59M	4,376.87M
(-) Net Interest Income After Taxes	45.89M	40.30M	38.42M	68.00M	70.29M	75.43M	44.20M	50.05M	82.90M	89.00M	61.13M	69.12M	27.73M
Net Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	1,445.75M	991.65M	1,353.88M	-186.00M	-1,495.45M	-546.71M	444.45M	-439.40M	-3,317.81M	-545.00M	3,523.21M	2,657.47M	4,349.13M