CBRE Group Inc Class A
Buy, Hold or Sell?

Let's analyse Cbre together

Penke I guess you are interested in CBRE Group Inc Class A. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of CBRE Group Inc Class A. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

You can find me behind Let's Analyse Together in the top-right of each section.

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Quick analysis of Cbre (30 sec.)

What can you expect buying and holding a share of Cbre? (30 sec.)

How much money do you get?

$0.00

When do you have the money?

1 year

How often do you get paid?

55.0%

What is your share worth?

Current worth

$29.39

Expected worth in 1 year

$31.82

How sure are you?

87.5%

+ What do you gain per year?

Total Gains per Share

$2.43

Return On Investment

2.9%

For what price can you sell your share?

Current Price per Share

$84.90

Expected price per share

$80.03 - $93.11

How sure are you?

50%

1. Valuation of Cbre (5 min.)

Live pricePrice per Share (EOD)

$84.90

Book Value per Share

$29.39

Intrinsic Value Per Share

$15.73 - $53.52

Total Value Per Share

$45.11 - $82.91

My calculation of the intrinsic value of Cbre is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.67) 3Y: ($0.94) TTM: ($0.18)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.03) 3Y: ($-0.01) TTM: ($0.08)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$2.49	$4.01	$2.54 - $4.27
2	$4.73	$8.38	$2.41 - $4.77
3	$6.74	$13.08	$2.29 - $5.27
4	$8.53	$18.09	$2.17 - $5.77
5	$10.13	$23.39	$2.05 - $6.27
6	$11.55	$28.96	$1.92 - $6.76
7	$12.81	$34.78	$1.80 - $7.26
8	$13.91	$40.82	$1.68 - $7.76
9	$14.88	$47.08	$1.55 - $8.26
10	$15.73	$53.52	$1.43 - $8.76

2. Growth of Cbre (5 min.)

Is Cbre growing?

	Current year	Previous year	Grow	Grow %
How rich?	$9b	$8.8b	-$89.8m	-1.0%

How much money is Cbre making?

	Current year	Previous year	Grow	Grow %
Making money	$246.4m	$351.8m	-$105.3m	-42.7%
Net Profit Margin	3.0%	4.6%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Cbre (5 min.)

4. Comparing to competitors in the Real Estate Services industry (5 min.)

Industry Rankings (Real Estate Services)

Richest
#13 / 454

Most Revenue
#6 / 454

Most Profit
#12 / 454

Most Efficient
#234 / 454

What can you expect buying and holding a share of Cbre? (5 min.)

Welcome investor! Cbre's management wants to use your money to grow the business. In return you get a share of Cbre.

What can you expect buying and holding a share of Cbre?

First you should know what it really means to hold a share of Cbre. And how you can make/lose money.

Speculation

The Price per Share of Cbre is $84.90. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Cbre.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Cbre, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $29.39. Based on the TTM, the Book Value Change Per Share is $0.61 per quarter. Based on the YOY, the Book Value Change Per Share is $-0.15 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.00 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Cbre.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	1.55	1.8%	0.79	0.9%	1.07	1.3%	0.94	1.1%	0.72	0.8%
Usd Book Value Change Per Share	2.29	2.7%	0.61	0.7%	-0.15	-0.2%	0.74	0.9%	0.59	0.7%
Usd Dividend Per Share	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.01	0.0%
Usd Total Gains Per Share	2.29	2.7%	0.61	0.7%	-0.15	-0.2%	0.74	0.9%	0.60	0.7%
Usd Price Per Share	93.09	-	80.12	-	77.40	-	70.42	-	53.01	-
Price to Earnings Ratio	15.05	-	31.47	-	30.03	-	24.73	-	22.73	-
Price-to-Total Gains Ratio	40.67	-	58.12	-	-658.55	-	-73.14	-	1,081.02	-
Price to Book Ratio	3.17	-	2.85	-	2.86	-	3.05	-	3.48	-
Price-to-Total Gains Ratio	40.67	-	58.12	-	-658.55	-	-73.14	-	1,081.02	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	84.9
Number of shares	11

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.00	0.00
Usd Book Value Change Per Share	0.61	0.74
Usd Total Gains Per Share	0.61	0.74
Gains per Quarter (11 shares)	6.68	8.13
Gains per Year (11 shares)	26.72	32.51

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	0	27	17	0	32	23
2	0	53	44	0	65	56
3	0	80	71	0	97	89
4	0	107	98	0	130	122
5	0	134	125	0	162	155
6	0	160	152	0	195	188
7	0	187	179	0	227	221
8	0	214	206	0	260	254
9	0	241	233	0	292	287
10	0	267	260	0	325	320

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	81.0	9.0	0.0	90.0%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	15.0	5.0	0.0	75.0%	34.0	6.0	0.0	85.0%	73.0	17.0	0.0	81.1%
Dividend per Share	0.0	0.0	4.0	0.0%	0.0	0.0	12.0	0.0%	2.0	0.0	18.0	10.0%	22.0	0.0	18.0	55.0%	39.0	0.0	51.0	43.3%
Total Gains per Share	3.0	1.0	0.0	75.0%	8.0	4.0	0.0	66.7%	15.0	5.0	0.0	75.0%	35.0	5.0	0.0	87.5%	75.0	15.0	0.0	83.3%

Fundamentals of Cbre

About CBRE Group Inc Class A

https://www.cbre.com
Real Estate Services
130000
2100 McKinney Avenue, Dallas, TX, United States, 75201
Google Maps Bing Maps

CBRE Group, Inc. operates as a commercial real estate services and investment company in the United States, the United Kingdom, and internationally. The Advisory Services segment offers strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing of offices, and industrial and retail space; clients fully integrated property sales services under the CBRE Capital Markets brand; clients commercial mortgage and structured financing services; originates and sells commercial mortgage loans; property management services, such as marketing, building engineering, accounting, and financial services on a contractual basis for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment provides facilities management, including day-to-day management of client-occupied space, headquarters, regional offices, administrative offices, data centers and other critical facilities, manufacturing and laboratory facilities, and distribution facilities and retail space; and project management services comprising building consulting, program, and project and cost management services under the Turner & Townsend brand name. The Real Estate Investments segment offers investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; and development services, such as real estate development and investment activities under the Trammell Crow Company and Telford Homes brands to users and investors in commercial real estate, and for their own account. CBRE Group, Inc. was founded in 1906 and is headquartered in Dallas, Texas.

Fundamental data was last updated by Penke on 2024-04-13 08:51:05.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a profit.
Using its assets, the company is less efficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating less efficient.
The company is less efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just able to pay all its short-term debts.
The company is just able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is just able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is overpriced.
Based on how much money comes from the company's main activities, the company is expensive.

1.1. Profitability of CBRE Group Inc Class A.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Cbre earns for each $1 of revenue.

Above 10% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
A Net Profit Margin of 5.3% means that $0.05 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of CBRE Group Inc Class A:

The MRQ is 5.3%. The company is making a profit. +1
The TTM is 3.0%. The company is making a profit. +1

Trends

Current period		Compared to		+/-
MRQ	5.3%	TTM	3.0%	+2.3%
TTM	3.0%	YOY	4.6%	-1.7%
TTM	3.0%	5Y	4.4%	-1.5%
5Y	4.4%	10Y	4.6%	-0.2%

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	5.3%	3.8%	+1.5%
TTM	3.0%	3.7%	-0.7%
YOY	4.6%	12.1%	-7.5%
5Y	4.4%	12.0%	-7.6%
10Y	4.6%	13.2%	-8.6%

Measures how much net profit Cbre earns for each $1 of revenue.

Revenue is the amount of profit Cbre generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Cbre earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
Can be used to compare companies within the Real Estate Services industry.

You typically want a high profit margin. This means that for each $1 in sales, Cbre makes more profit. This shows the investor how efficiently Cbre is operating in general and compared to other companies in the same industry. Cbre operates in the Real Estate Services industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Cbre. If profit margins remain low (compared to the Real Estate Services industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Cbre is 0.05. This means that Cbre earned $0.05 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Real Estate Services industry is 3.8%.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Cbre with other companies in the same industry (Real Estate Services).
Net profit margin should rise over the years.
Can be influenced when Cbre sells assets (profit will increase while costs remain the same).
It won’t show what part of Cbre is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Cbre

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Cbre = 477,151
Total revenue MRQ Cbre = 8,949,975
$477,151 / $8,949,975 = 0.05 or 5.3%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Cbre is using its assets to generate profit.

Above 5% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
2.1% Return on Assets means that Cbre generated $0.02 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of CBRE Group Inc Class A:

The MRQ is 2.1%. Using its assets, the company is less efficient in making profit.
The TTM is 1.1%. Using its assets, the company is less efficient in making profit.

Trends

Current period		Compared to		+/-
MRQ	2.1%	TTM	1.1%	+1.0%
TTM	1.1%	YOY	1.7%	-0.6%
TTM	1.1%	5Y	1.7%	-0.5%
5Y	1.7%	10Y	1.6%	+0.0%

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	2.1%	0.5%	+1.6%
TTM	1.1%	0.4%	+0.7%
YOY	1.7%	1.1%	+0.6%
5Y	1.7%	1.2%	+0.5%
10Y	1.6%	1.5%	+0.1%

Shows how efficient Cbre is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Cbre is using its resources to generate profit. If the return on assets (2.1%) from Cbre are higher than the Real Estate Services mean (0.5%) that means Cbre is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Cbre is 2.1%. This means the company generated $0.02 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Real Estate Services industry is 0.5%.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Cbre

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Cbre = 477,151
Total assets MRQ (balance sheet) from Cbre = 22,548,000
477,151 / 22,548,000 = 0.02 or 2.1%

ROA is an important ratio as it will tell you how effectively Cbre is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Cbre is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
5.8% Return on Equity means Cbre generated $0.06 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of CBRE Group Inc Class A:

The MRQ is 5.8%. Using its investors money, the company is less efficient in making profit.
The TTM is 3.1%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	5.8%	TTM	3.1%	+2.7%
TTM	3.1%	YOY	4.3%	-1.3%
TTM	3.1%	5Y	4.3%	-1.3%
5Y	4.3%	10Y	4.8%	-0.5%

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	5.8%	1.2%	+4.6%
TTM	3.1%	1.1%	+2.0%
YOY	4.3%	2.5%	+1.8%
5Y	4.3%	2.4%	+1.9%
10Y	4.8%	3.2%	+1.6%

Shows how efficient Cbre is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Real Estate Services industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Cbre is 5.8%. This means Cbre generated $0.06 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Real Estate Services industry is 1.2%.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if Cbre existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Cbre

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Cbre = 477,151
Shareholders equity (balance sheet) MRQ Cbre = 8,267,000
477,151 / 8,267,000 = 0.06 or 5.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of CBRE Group Inc Class A.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Cbre is operating .

Measures how much profit Cbre makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
An Operating Margin of 5.5% means the company generated $0.06 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of CBRE Group Inc Class A:

The MRQ is 5.5%. The company is operating less efficient.
The TTM is 3.8%. The company is operating less efficient.

Trends

Current period		Compared to		+/-
MRQ	5.5%	TTM	3.8%	+1.8%
TTM	3.8%	YOY	5.2%	-1.4%
TTM	3.8%	5Y	5.6%	-1.9%
5Y	5.6%	10Y	7.0%	-1.3%

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	5.5%	15.2%	-9.7%
TTM	3.8%	11.7%	-7.9%
YOY	5.2%	18.9%	-13.7%
5Y	5.6%	16.7%	-11.1%
10Y	7.0%	15.4%	-8.4%

Measures how efficient Cbre is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Cbre to the Real Estate Services industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Cbre is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Cbre is 5.5%. This means that Cbre earned $0.06 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Real Estate Services industry is 15.2%.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Cbre

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Cbre = 494,504
Total revenue MRQ Cbre = 8,949,975
$494,504 / $8,949,975 = 0.06 or 5.5%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Cbre is keeping operating costs low.

Below 1 is considered healthy (always compare to Real Estate Services industry mean).
An Operation Ratio of 0.94 means that the operating costs are $0.94 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of CBRE Group Inc Class A:

The MRQ is 0.945. The company is less efficient in keeping operating costs low.
The TTM is 0.967. The company is less efficient in keeping operating costs low.

Trends

Current period		Compared to		+/-
MRQ	0.945	TTM	0.967	-0.022
TTM	0.967	YOY	0.957	+0.010
TTM	0.967	5Y	0.955	+0.012
5Y	0.955	10Y	0.944	+0.011

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	0.945	1.127	-0.182
TTM	0.967	1.076	-0.109
YOY	0.957	1.050	-0.093
5Y	0.955	1.077	-0.122
10Y	0.944	1.027	-0.083

Measures how efficient Cbre is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Cbre to the Real Estate Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Cbre is 94.5%. This means that Cbre earned $0.94 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Real Estate Services industry is 1.13.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Cbre

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(7,249,229 +1,206,242) \ 8,949,975 = 0.94

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of CBRE Group Inc Class A.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Cbre is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Real Estate Services industry mean).
A Current Ratio of 1.17 means the company has $1.17 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of CBRE Group Inc Class A:

The MRQ is 1.173. The company is just able to pay all its short-term debts.
The TTM is 1.110. The company is just able to pay all its short-term debts.

Trends

Current period		Compared to		+/-
MRQ	1.173	TTM	1.110	+0.063
TTM	1.110	YOY	1.096	+0.013
TTM	1.110	5Y	1.173	-0.063
5Y	1.173	10Y	1.124	+0.049

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	1.173	1.571	-0.398
TTM	1.110	1.549	-0.439
YOY	1.096	1.603	-0.507
5Y	1.173	1.766	-0.593
10Y	1.124	1.758	-0.634

Measures if Cbre is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Real Estate Services industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Cbre if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Cbre is 1.17. This means Cbre has $1.17 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Real Estate Services industry is 1.57.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Cbre

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
9,666,000 \ 8,243,000) = 1.17

The current ratio measures if Cbre is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Cbre is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Cbre does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Cbre is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Cbre is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Cbre to the Real Estate Services industry mean.
A Quick Ratio of 1.05 means the company can pay off $1.05 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of CBRE Group Inc Class A:

The MRQ is 1.050. The company is just able to pay all its short-term debts with the most liquid assets.
The TTM is 1.087. The company is just able to pay all its short-term debts with the most liquid assets.

Trends

Current period		Compared to		+/-
MRQ	1.050	TTM	1.087	-0.037
TTM	1.087	YOY	1.186	-0.099
TTM	1.087	5Y	1.179	-0.092
5Y	1.179	10Y	1.123	+0.056

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	1.050	0.501	+0.549
TTM	1.087	0.540	+0.547
YOY	1.186	0.866	+0.320
5Y	1.179	1.022	+0.157
10Y	1.123	1.047	+0.076

1.4. Solvency of CBRE Group Inc Class A.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Cbre assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Cbre to Real Estate Services industry mean.
A Debt to Asset Ratio of 0.60 means that Cbre assets are financed with 59.8% credit (debt) and the remaining percentage (100% - 59.8%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of CBRE Group Inc Class A:

The MRQ is 0.598. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.597. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.598	TTM	0.597	+0.001
TTM	0.597	YOY	0.570	+0.027
TTM	0.597	5Y	0.594	+0.003
5Y	0.594	10Y	0.640	-0.045

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	0.598	0.525	+0.073
TTM	0.597	0.523	+0.074
YOY	0.570	0.513	+0.057
5Y	0.594	0.527	+0.067
10Y	0.640	0.525	+0.115

Measures how much % of Cbre assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Cbre than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Cbre to Real Estate Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Cbre is 0.60. This means means that Cbre is financed with 59.8% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Real Estate Services industry is 157.1%.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Cbre has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Cbre

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
13,481,000 \ 22,548,000 = 59.8% or 0.60.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Cbre is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Cbre to the Real Estate Services industry mean.
A Debt to Equity ratio of 163.1% means that company has $1.63 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of CBRE Group Inc Class A:

The MRQ is 1.631. The company is just able to pay all its debts with equity.
The TTM is 1.628. The company is just able to pay all its debts with equity.

Trends

Current period		Compared to		+/-
MRQ	1.631	TTM	1.628	+0.002
TTM	1.628	YOY	1.449	+0.180
TTM	1.628	5Y	1.548	+0.080
5Y	1.548	10Y	1.899	-0.351

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
MRQ	1.631	1.052	+0.579
TTM	1.628	1.088	+0.540
YOY	1.449	1.035	+0.414
5Y	1.548	1.166	+0.382
10Y	1.899	1.271	+0.628

Measures if Cbre is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Cbre is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Cbre is 1.63. This means that Cbre can pay off $1.63 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Real Estate Services industry is 1.05.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Cbre

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
13,481,000 \ 8,267,000 = 1.63 or 163.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of CBRE Group Inc Class A

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Cbre generates.

Above 15 is considered overpriced but always compare Cbre to the Real Estate Services industry mean.
A PE ratio of 15.05 means the investor is paying $15.05 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of CBRE Group Inc Class A:

The EOD is 13.724. Based on the earnings, the company is underpriced. +1
The MRQ is 15.048. Based on the earnings, the company is fair priced.
The TTM is 31.474. Based on the earnings, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	13.724	MRQ	15.048	-1.324
MRQ	15.048	TTM	31.474	-16.426
TTM	31.474	YOY	30.028	+1.447
TTM	31.474	5Y	24.726	+6.748
5Y	24.726	10Y	22.734	+1.992

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
EOD	13.724	3.106	+10.618
MRQ	15.048	4.432	+10.616
TTM	31.474	5.953	+25.521
YOY	30.028	8.641	+21.387
5Y	24.726	9.991	+14.735
10Y	22.734	10.687	+12.047

Measures how much money you pay for each share for every $1 in earnings Cbre generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Cbre to the Real Estate Services industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Cbre is 15.05. This means the investor is paying $15.05 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Real Estate Services industry is 4.43.
What is the trend?
The trend is important because it shows you how Cbre is performing over time. The most recent quarter might be important if Cbre released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Cbre up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Cbre

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 308,527 = EPS
PE ratio MRQ = 15.05

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of CBRE Group Inc Class A:

The EOD is 8.334. Based on how much money comes from the company's main activities, the company is cheap. +2
The MRQ is 9.138. Based on how much money comes from the company's main activities, the company is cheap. +2
The TTM is -13.309. Based on how much money comes from the company's main activities, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	8.334	MRQ	9.138	-0.804
MRQ	9.138	TTM	-13.309	+22.447
TTM	-13.309	YOY	3.503	-16.812
TTM	-13.309	5Y	8.016	-21.325
5Y	8.016	10Y	19.501	-11.485

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
EOD	8.334	5.175	+3.159
MRQ	9.138	5.605	+3.533
TTM	-13.309	4.899	-18.208
YOY	3.503	6.615	-3.112
5Y	8.016	5.405	+2.611
10Y	19.501	5.050	+14.451

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Cbre is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Real Estate Services industry mean).
A PB ratio of 3.17 means the investor is paying $3.17 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of CBRE Group Inc Class A:

The EOD is 2.889. Based on the equity, the company is underpriced. +1
The MRQ is 3.168. Based on the equity, the company is fair priced.
The TTM is 2.851. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	2.889	MRQ	3.168	-0.279
MRQ	3.168	TTM	2.851	+0.317
TTM	2.851	YOY	2.861	-0.011
TTM	2.851	5Y	3.048	-0.197
5Y	3.048	10Y	3.483	-0.436

Compared to industry (Real Estate Services)

Period	Company	Industry (mean)	+/-
EOD	2.889	0.711	+2.178
MRQ	3.168	0.866	+2.302
TTM	2.851	0.851	+2.000
YOY	2.861	1.020	+1.841
5Y	3.048	1.065	+1.983
10Y	3.483	1.184	+2.299

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of CBRE Group Inc Class A.

3.1. Institutions holding CBRE Group Inc Class A

Institutions are holding 100.966% of the shares of CBRE Group Inc Class A.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-12-31	Vanguard Group Inc	15.5681	0.0968	47591006	-1107374	-2.2739
2023-12-31	BlackRock Inc	9.1625	0.0665	28009429	367655	1.3301
2023-12-31	Harris Associates L.P.	5.2356	2.5675	16005141	683225	4.4591
2023-12-31	State Street Corporation	4.3703	0.0605	13359880	275583	2.1062
2023-12-31	FMR Inc	2.9091	0.0636	8892977	-573005	-6.0533
2023-12-31	Generation Investment Management LLP	2.5185	3.249	7698802	-165490	-2.1043
2023-12-31	Geode Capital Management, LLC	2.3915	0.071	7310725	35420	0.4869
2023-12-31	Amvescap Plc.	2.2578	0.1529	6901859	-181919	-2.5681
2023-12-31	Principal Financial Group Inc	2.2465	0.4076	6867581	46763	0.6856
2023-12-31	Allspring Global Investments Holdings, LLC	1.9198	0.9057	5868834	44648	0.7666
2023-12-31	Cantillon Capital Management LLC	1.7061	3.2439	5215510	603771	13.092
2023-12-31	Baillie Gifford & Co Limited.	1.6204	0.3654	4953503	-274622	-5.2528
2023-12-31	AllianceBernstein L.P.	1.6184	0.1772	4947339	-179611	-3.5033
2023-12-31	Franklin Resources Inc	1.6132	0.2147	4931471	-562000	-10.2303
2023-12-31	Goldman Sachs Group Inc	1.5792	0.0403	4827582	2562565	113.1367
2023-12-31	Valueact Holdings, L.p.	1.5171	8.6416	4637748	0	0
2023-12-31	Wellington Management Company LLP	1.4737	0.0782	4505177	2799097	164.066
2023-12-31	Farallon Capital Management, L.L.C.	1.389	1.9621	4246000	-274388	-6.07
2023-12-31	NORGES BANK	1.3394	0.0666	4094571	771423	23.2136
2023-12-31	Northern Trust Corp	1.2557	0.0647	3838488	-303467	-7.3267
Total		63.6919	22.4958	194703623	+4568274	+2.3%

3.2. Funds holding CBRE Group Inc Class A

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2024-02-29	Vanguard Real Estate Index Investor	4.069	1.7894	12438915	-179290	-1.4209
2024-02-29	Vanguard Total Stock Mkt Idx Inv	2.9669	0.0538	9069694	-19331	-0.2127
2024-02-29	Vanguard Institutional 500 Index Trust	2.4889	0.0654	7608422	72471	0.9617
2024-02-29	Vanguard Mid Cap Index Institutional	2.1166	0.3713	6470442	-17063	-0.263
2023-12-31	Oakmark Select Investor	1.728	7.9642	5282352	502000	10.5013
2024-02-29	Principal MidCap R5	1.6072	1.932	4912993	3882	0.0791
2023-12-31	Principal Aligned MidCap Equity	1.5928	2.0967	4869076	51954	1.0785
2023-12-31	Oakmark Investor	1.5591	2.2944	4766000	0	0
2024-03-31	Allspring Special Mid Cap Value Inst	1.4861	3.305	4542800	0	0
2023-12-31	Allspring Special US Mid Cap Value Eq	1.4631	3.3164	4472600	0	0
2024-02-29	Fidelity 500 Index	1.1958	0.0652	3655518	36781	1.0164
2024-03-28	SPDR® S&P 500 ETF Trust	1.1832	0.0655	3616861	21240	0.5907
2024-03-28	iShares Core S&P 500 ETF	1.0084	0.0655	3082685	22656	0.7404
2023-12-31	Invesco Equity and Income Composite	0.798	1.8916	2439497	-68551	-2.7332
2024-02-29	Vanguard Value Index Inv	0.7919	0.1371	2420840	8294	0.3438
2024-02-29	Vanguard Mid-Cap Value ETF	0.6994	0.7009	2138091	-61121	-2.7792
2024-02-29	Invesco Equity and Income A	0.6729	1.5528	2057059	-157472	-7.1109
2024-02-29	Vanguard Institutional Index I	0.6571	0.0652	2008694	-8425	-0.4177
2024-02-29	Vanguard Real Estate II Index	0.6315	2.0607	1930428	-38086	-1.9348
2024-03-28	Real Estate Select Sector SPDR®	0.5934	2.868	1813887	-5265	-0.2894
Total		29.3093	32.6611	89596854	+164674	+0.2%

3.3. Insider Transactions

Insiders are holding 0.528% of the shares of CBRE Group Inc Class A.

Date	Owner	Type	Amount	Price
2024-03-11	Emma E Giamartino	SELL	2667	93.53
2024-02-22	John E Durburg	SELL	25000	92.2
2024-02-16	Chandra Dhandapani	SELL	11925	94.03
2023-11-14	Emma E Giamartino	SELL	1064	76.53
2023-08-29	Brandon B Boze	SELL	1200000	84.41
2023-08-11	Chandra Dhandapani	SELL	6551	84.1
2023-08-02	Lindsey S Caplan	SELL	1305	83.08
2023-08-01	Brandon B Boze	SELL	3400000	80.8
2023-05-30	Chandra Dhandapani	SELL	6616	75.38

4. Summary

4.1. Key Performance Indicators

The key performance indicators of CBRE Group Inc Class A compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	2.289	0.607	+277%	-0.153	+107%	0.738	+210%	0.589	+289%
Book Value Per Share	-	-	29.388	28.048	+5%	27.016	+9%	23.049	+28%	16.249	+81%
Current Ratio	-	-	1.173	1.110	+6%	1.096	+7%	1.173	0%	1.124	+4%
Debt To Asset Ratio	-	-	0.598	0.597	+0%	0.570	+5%	0.594	+1%	0.640	-7%
Debt To Equity Ratio	-	-	1.631	1.628	+0%	1.449	+13%	1.548	+5%	1.899	-14%
Dividend Per Share	-	-	-	-	0%	-	0%	0.000	-100%	0.007	-100%
Eps	-	-	1.547	0.792	+95%	1.068	+45%	0.942	+64%	0.718	+115%
Free Cash Flow Per Share	-	-	2.547	0.175	+1352%	1.071	+138%	0.934	+173%	0.665	+283%
Free Cash Flow To Equity Per Share	-	-	0.095	0.281	-66%	-0.284	+397%	0.480	-80%	0.384	-75%
Gross Profit Margin	-	-	1.000	1.000	0%	0.738	+36%	0.495	+102%	0.743	+35%
Intrinsic Value_10Y_max	-	-	53.522	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	15.725	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	4.010	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	2.492	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	13.081	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	6.739	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	23.394	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	10.132	-	-	-	-	-	-	-	-
Market Cap	25953590400.000	-11%	28720745941.590	25027086415.853	+15%	25406379955.655	+13%	23304035329.502	+23%	17685777077.050	+62%
Net Profit Margin	-	-	0.053	0.030	+79%	0.046	+15%	0.044	+20%	0.046	+15%
Operating Margin	-	-	0.055	0.038	+47%	0.052	+7%	0.056	-2%	0.070	-21%
Operating Ratio	-	-	0.945	0.967	-2%	0.957	-1%	0.955	-1%	0.944	+0%
Pb Ratio	2.889	-10%	3.168	2.851	+11%	2.861	+11%	3.048	+4%	3.483	-9%
Pe Ratio	13.724	-10%	15.048	31.474	-52%	30.028	-50%	24.726	-39%	22.734	-34%
Price Per Share	84.900	-10%	93.090	80.118	+16%	77.400	+20%	70.423	+32%	53.011	+76%
Price To Free Cash Flow Ratio	8.334	-10%	9.138	-13.309	+246%	3.503	+161%	8.016	+14%	19.501	-53%
Price To Total Gains Ratio	37.090	-10%	40.668	58.123	-30%	-658.548	+1719%	-73.136	+280%	1081.016	-96%
Quick Ratio	-	-	1.050	1.087	-3%	1.186	-11%	1.179	-11%	1.123	-7%
Return On Assets	-	-	0.021	0.011	+89%	0.017	+24%	0.017	+27%	0.016	+28%
Return On Equity	-	-	0.058	0.031	+89%	0.043	+34%	0.043	+34%	0.048	+21%
Total Gains Per Share	-	-	2.289	0.607	+277%	-0.153	+107%	0.739	+210%	0.596	+284%
Usd Book Value	-	-	9067000000.000	8765984000.000	+3%	8855796250.000	+2%	7610960050.000	+19%	5409070425.000	+68%
Usd Book Value Change Per Share	-	-	2.289	0.607	+277%	-0.153	+107%	0.738	+210%	0.589	+289%
Usd Book Value Per Share	-	-	29.388	28.048	+5%	27.016	+9%	23.049	+28%	16.249	+81%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	0.000	-100%	0.007	-100%
Usd Eps	-	-	1.547	0.792	+95%	1.068	+45%	0.942	+64%	0.718	+115%
Usd Free Cash Flow	-	-	785774000.000	50281750.000	+1463%	342237000.000	+130%	310923600.000	+153%	222911550.000	+253%
Usd Free Cash Flow Per Share	-	-	2.547	0.175	+1352%	1.071	+138%	0.934	+173%	0.665	+283%
Usd Free Cash Flow To Equity Per Share	-	-	0.095	0.281	-66%	-0.284	+397%	0.480	-80%	0.384	-75%
Usd Market Cap	25953590400.000	-11%	28720745941.590	25027086415.853	+15%	25406379955.655	+13%	23304035329.502	+23%	17685777077.050	+62%
Usd Price Per Share	84.900	-10%	93.090	80.118	+16%	77.400	+20%	70.423	+32%	53.011	+76%
Usd Profit	-	-	477151000.000	246499750.000	+94%	351842500.000	+36%	313214450.000	+52%	240564875.000	+98%
Usd Revenue	-	-	8949975000.000	7987249500.000	+12%	7707061500.000	+16%	6912178300.000	+29%	5169264475.000	+73%
Usd Total Gains Per Share	-	-	2.289	0.607	+277%	-0.153	+107%	0.739	+210%	0.596	+284%
	EOD	+4 -4	MRQ	TTM	+24 -9	YOY	+28 -6	5Y	+24 -12	10Y	+27 -9

4.2. Fundamental Score

Let's check the fundamental score of CBRE Group Inc Class A based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	13.724
Price to Book Ratio (EOD)	Between	0-1	2.889
Net Profit Margin (MRQ)	Greater than	0	0.053
Operating Margin (MRQ)	Greater than	0	0.055
Quick Ratio (MRQ)	Greater than	1	1.050
Current Ratio (MRQ)	Greater than	1	1.173
Debt to Asset Ratio (MRQ)	Less than	1	0.598
Debt to Equity Ratio (MRQ)	Less than	1	1.631
Return on Equity (MRQ)	Greater than	0.15	0.058
Return on Assets (MRQ)	Greater than	0.05	0.021
Total			6/10 (60.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

4.3. Technical Score

Let's check the technical score of CBRE Group Inc Class A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	26.646
Ma 20	Greater than	Ma 50	92.521
Ma 50	Greater than	Ma 100	92.047
Ma 100	Greater than	Ma 200	89.148
Open	Greater than	Close	85.140
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-12-31		2023-03-31		2023-06-30		2023-09-30		2023-12-31
Other Current Assets		557,009	54,089	611,098	23,899	634,997	-291,883	343,114	-8,996,114	-8,653,000
Other Stockholders Equity		8,832,943	-23,119	8,809,824	-8,797,314	12,510	8,712,143	8,724,653	-8,841,653	-117,000

Latest Balance Sheet

Balance Sheet of 2023-12-31. Currency in USD. All numbers in thousands.

Summary

Total Assets	22,548,000
Total Liabilities	13,481,000
Total Stockholder Equity	8,267,000

	As reported
Total Liabilities	13,481,000
Total Stockholder Equity	+ 8,267,000
Total Assets	= 22,548,000

Assets

Total Assets	22,548,000
Total Current Assets	9,666,000
Long-term Assets	12,882,000

Total Current Assets

Total Current Assets (as reported)	9,666,000
Cash And Cash Equivalents	1,371,000
Net Receivables	7,282,000
Total Current Assets (calculated)	8,653,000
+/-	1,013,000

Long-term Assets

Long-term Assets (as reported)	12,882,000
Property Plant Equipment	1,937,000
Goodwill	5,129,000
Long Term Investments	1,374,000
Intangible Assets	2,081,000
Long-term Assets Other	1,821,000
Long-term Assets (calculated)	12,342,000
+/-	540,000

Liabilities & Shareholders' Equity

Total Current Liabilities	8,243,000
Long-term Liabilities	5,238,000
Total Stockholder Equity	8,267,000

Total Current Liabilities

Total Current Liabilities (as reported)	8,243,000
Short-term Debt	969,000
Short Long Term Debt	691,000
Accounts payable	3,562,000
Other Current Liabilities	3,414,000
Total Current Liabilities (calculated)	8,636,000
+/-	393,000

Long-term Liabilities

Long-term Liabilities (as reported)	5,238,000
Long term Debt	2,804,000
Capital Lease Obligations	1,331,000
Long-term Liabilities Other	903,000
Long-term Liabilities (calculated)	5,038,000
+/-	200,000

Total Stockholder Equity

Total Stockholder Equity (as reported)	8,267,000
Common Stock	3,000
Retained Earnings	9,188,000
Accumulated Other Comprehensive Income	-807,000
Other Stockholders Equity	-117,000
Total Stockholder Equity (calculated)	8,267,000
+/-	0

Other

Capital Stock	3,000
Cash and Short Term Investments	1,371,000
Common Stock Shares Outstanding	308,527
Current Deferred Revenue	298,000
Liabilities and Stockholders Equity	22,548,000
Net Debt	3,563,000
Net Invested Capital	11,762,000
Net Working Capital	1,423,000
Property Plant and Equipment Gross	3,513,000
Short Long Term Debt Total	4,934,000

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-12-31

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2011-09-30

2011-06-30

2011-03-31

2010-12-31

2010-09-30

2010-06-30

2010-03-31

2009-12-31

2009-09-30

2009-06-30

2009-03-31

2008-12-31

2008-09-30

2008-06-30

2008-03-31

2007-12-31

2007-09-30

2007-06-30

2007-03-31

2006-12-31

2006-09-30

2006-06-30

2006-03-31

2005-12-31

2005-09-30

2005-06-30

2005-03-31

2004-12-31

2004-09-30

2004-06-30

2004-03-31

2003-12-31

2003-09-30

2003-06-30

2003-03-31

2002-12-31

2002-09-30

2002-06-30

2002-03-31

2001-12-31

2001-09-30

2001-06-30

> Total Assets

238,268
1,219,638
1,359,353
1,221,657
1,351,923
1,254,683
1,324,876
1,196,296
1,561,901
1,967,024
2,213,481
1,919,735
2,219,076
2,007,347
2,271,636
2,000,265
2,241,566
2,380,701
2,815,672
2,485,779
2,397,071
2,594,126
5,944,631
5,598,742
5,950,030
6,483,641
6,242,573
6,308,988
6,439,505
6,411,766
4,726,414
4,657,481
4,418,978
4,475,344
5,039,406
4,867,415
4,931,050
5,075,063
5,121,568
4,792,898
5,282,732
6,415,103
7,219,143
6,539,557
6,576,395
6,768,777
7,809,542
6,887,640
6,348,288
6,177,335
6,998,414
6,843,358
7,471,771
7,529,954
7,684,884
7,625,660
7,460,259
9,555,464
11,017,943
9,835,135
9,922,572
10,776,770
10,779,587
9,927,112
10,606,218
11,652,014
11,483,830
11,907,442
12,535,457
12,977,116
13,456,793
14,693,008
14,719,135
15,040,942
16,197,196
15,680,264
15,700,414
16,347,076
18,039,143
17,248,728
18,458,352
19,730,360
22,073,491
21,143,152
20,438,672
20,215,330
20,513,389
21,030,097
21,732,067
21,687,417
22,548,000

22,548,000

21,687,417

21,732,067

21,030,097

20,513,389

20,215,330

20,438,672

21,143,152

22,073,491

19,730,360

18,458,352

17,248,728

18,039,143

16,347,076

15,700,414

15,680,264

16,197,196

15,040,942

14,719,135

14,693,008

13,456,793

12,977,116

12,535,457

11,907,442

11,483,830

11,652,014

10,606,218

9,927,112

10,779,587

10,776,770

9,922,572

9,835,135

11,017,943

9,555,464

7,460,259

7,625,660

7,684,884

7,529,954

7,471,771

6,843,358

6,998,414

6,177,335

6,348,288

6,887,640

7,809,542

6,768,777

6,576,395

6,539,557

7,219,143

6,415,103

5,282,732

4,792,898

5,121,568

5,075,063

4,931,050

4,867,415

5,039,406

4,475,344

4,418,978

4,657,481

4,726,414

6,411,766

6,439,505

6,308,988

6,242,573

6,483,641

5,950,030

5,598,742

5,944,631

2,594,126

2,397,071

2,485,779

2,815,672

2,380,701

2,241,566

2,000,265

2,271,636

2,007,347

2,219,076

1,919,735

2,213,481

1,967,024

1,561,901

1,196,296

1,324,876

1,254,683

1,351,923

1,221,657

1,359,353

1,219,638

238,268

> Total Current Assets

230,544
282,613
360,746
232,891
352,777
273,669
345,940
223,416
369,006
607,535
838,982
542,760
833,955
675,401
863,695
583,127
800,582
906,985
1,292,947
884,499
738,366
873,021
2,212,013
1,787,615
2,125,210
2,576,269
2,360,830
2,224,709
2,218,969
2,170,731
1,915,533
1,904,094
1,164,879
1,633,066
2,266,725
1,533,083
1,773,144
1,903,021
2,260,870
1,648,927
2,078,164
2,738,822
3,550,047
2,258,416
2,312,175
2,434,646
3,866,996
2,933,107
2,470,848
2,180,700
2,548,055
2,333,490
2,893,487
2,989,169
3,057,101
3,100,708
2,794,853
3,412,028
4,852,014
3,621,934
3,723,139
4,558,656
4,713,061
3,776,575
4,333,636
5,318,435
4,960,142
5,005,001
5,416,192
5,636,703
5,875,003
6,037,391
5,980,156
7,058,835
7,316,300
7,263,587
6,829,613
7,771,375
8,454,509
7,906,291
8,395,293
10,075,428
9,545,600
8,628,706
8,042,489
8,589,957
7,849,554
8,304,102
8,688,184
9,326,612
9,666,000

9,666,000

9,326,612

8,688,184

8,304,102

7,849,554

8,589,957

8,042,489

8,628,706

9,545,600

10,075,428

8,395,293

7,906,291

8,454,509

7,771,375

6,829,613

7,263,587

7,316,300

7,058,835

5,980,156

6,037,391

5,875,003

5,636,703

5,416,192

5,005,001

4,960,142

5,318,435

4,333,636

3,776,575

4,713,061

4,558,656

3,723,139

3,621,934

4,852,014

3,412,028

2,794,853

3,100,708

3,057,101

2,989,169

2,893,487

2,333,490

2,548,055

2,180,700

2,470,848

2,933,107

3,866,996

2,434,646

2,312,175

2,258,416

3,550,047

2,738,822

2,078,164

1,648,927

2,260,870

1,903,021

1,773,144

1,533,083

2,266,725

1,633,066

1,164,879

1,904,094

1,915,533

2,170,731

2,218,969

2,224,709

2,360,830

2,576,269

2,125,210

1,787,615

2,212,013

873,021

738,366

884,499

1,292,947

906,985

800,582

583,127

863,695

675,401

833,955

542,760

838,982

607,535

369,006

223,416

345,940

273,669

352,777

232,891

360,746

282,613

230,544

Cash And Cash Equivalents

229,499
24,211
57,450
19,997
18,211
18,484
79,701
19,370
223,018
85,494
163,881
54,254
179,592
147,925
256,896
157,784
192,217
284,571
449,289
253,089
127,289
138,273
244,476
346,348
438,168
435,207
342,874
313,162
250,518
400,780
158,823
423,463
309,520
326,045
741,557
680,295
743,563
768,675
506,574
427,645
752,109
662,594
1,093,182
703,937
731,202
776,260
1,089,297
518,700
485,495
502,621
491,912
428,237
381,866
615,358
740,884
379,028
336,422
440,357
540,403
489,229
431,768
446,346
762,576
533,281
535,681
955,605
751,774
642,854
531,481
550,468
777,219
604,952
535,618
577,460
971,781
628,451
1,214,213
1,481,924
1,896,188
1,910,326
2,142,820
2,767,820
2,430,951
1,657,336
1,192,783
1,125,011
1,318,290
1,231,325
1,261,174
1,252,101
1,371,000

1,371,000

1,252,101

1,261,174

1,231,325

1,318,290

1,125,011

1,192,783

1,657,336

2,430,951

2,767,820

2,142,820

1,910,326

1,896,188

1,481,924

1,214,213

628,451

971,781

577,460

535,618

604,952

777,219

550,468

531,481

642,854

751,774

955,605

535,681

533,281

762,576

446,346

431,768

489,229

540,403

440,357

336,422

379,028

740,884

615,358

381,866

428,237

491,912

502,621

485,495

518,700

1,089,297

776,260

731,202

703,937

1,093,182

662,594

752,109

427,645

506,574

768,675

743,563

680,295

741,557

326,045

309,520

423,463

158,823

400,780

250,518

313,162

342,874

435,207

438,168

346,348

244,476

138,273

127,289

253,089

449,289

284,571

192,217

157,784

256,896

147,925

179,592

54,254

163,881

85,494

223,018

19,370

79,701

18,484

18,211

19,997

57,450

24,211

229,499

Short-term Investments

0
0
0
0
0
0
0
0
0
0
14,899
0
0
0
9,213
0
0
0
5,179
0
0
0
371
1,619
2,829
2,829
4,700
24,900
24,474
73,739
237
34,125
30,702
32,034
865
803,526
30,668
31,791
3,018
605,331
573,850
116,530
154,274
126,914
81,183
98,142
102,010
93,908
31,842
70,661
58,442
62,834
71,323
70,163
63,467
64,973
69,682
63,885
72,764
63,372
70,502
70,755
68,836
59,046
74,720
84,794
73,045
78,959
71,865
77,470
0
0
0
0
0
0
0
392,569
452,365
682,559
747,608
845,621
1,196,088
0
1,201,745
1,461,287
1,317,705
1,295,088
0
0
0

1,295,088

1,317,705

1,461,287

1,201,745

1,196,088

845,621

747,608

682,559

452,365

392,569

77,470

71,865

78,959

73,045

84,794

74,720

59,046

68,836

70,755

70,502

63,372

72,764

63,885

69,682

64,973

63,467

70,163

71,323

62,834

58,442

70,661

31,842

93,908

102,010

98,142

81,183

126,914

154,274

116,530

573,850

605,331

3,018

31,791

30,668

803,526

865

32,034

30,702

34,125

237

73,739

24,474

24,900

4,700

2,829

1,619

371

5,179

9,213

14,899

Net Receivables

0
224,109
263,224
160,511
279,727
201,556
229,353
155,990
292,464
386,428
553,206
345,299
515,191
388,183
532,295
337,634
493,818
502,362
739,138
509,954
490,811
597,330
984,801
804,628
1,067,613
1,409,880
1,337,430
1,194,853
1,124,195
1,061,706
962,413
1,035,445
812,183
874,267
1,253,994
814,869
992,257
1,082,849
1,425,600
1,174,749
1,276,834
1,688,160
1,855,432
1,493,606
1,516,645
1,593,786
2,311,163
2,056,765
1,758,683
1,461,565
1,868,034
1,726,113
2,377,813
2,246,762
2,242,523
2,617,464
2,355,436
2,860,885
4,238,847
3,069,333
3,220,869
4,041,555
3,881,649
3,184,248
3,723,235
4,278,036
4,135,323
4,283,188
4,812,846
5,008,765
5,011,059
5,349,723
5,366,931
5,432,904
6,222,555
5,953,664
5,515,879
5,554,651
6,415,262
5,304,207
6,138,484
6,369,076
7,005,819
6,836,077
6,711,773
6,520,153
6,444,705
6,984,313
7,330,858
7,305,941
7,282,000

7,282,000

7,305,941

7,330,858

6,984,313

6,444,705

6,520,153

6,711,773

6,836,077

7,005,819

6,369,076

6,138,484

5,304,207

6,415,262

5,554,651

5,515,879

5,953,664

6,222,555

5,432,904

5,366,931

5,349,723

5,011,059

5,008,765

4,812,846

4,283,188

4,135,323

4,278,036

3,723,235

3,184,248

3,881,649

4,041,555

3,220,869

3,069,333

4,238,847

2,860,885

2,355,436

2,617,464

2,242,523

2,246,762

2,377,813

1,726,113

1,868,034

1,461,565

1,758,683

2,056,765

2,311,163

1,593,786

1,516,645

1,493,606

1,855,432

1,688,160

1,276,834

1,174,749

1,425,600

1,082,849

992,257

814,869

1,253,994

874,267

812,183

1,035,445

962,413

1,061,706

1,124,195

1,194,853

1,337,430

1,409,880

1,067,613

804,628

984,801

597,330

490,811

509,954

739,138

502,362

493,818

337,634

532,295

388,183

515,191

345,299

553,206

386,428

292,464

155,990

229,353

201,556

279,727

160,511

263,224

224,109

Other Current Assets

1,045
7,289
8,493
9,460
10,777
8,977
8,415
9,470
-185,857
35,643
41,360
33,705
35,655
41,539
15,583
21,732
46,476
55,529
16,327
20,706
19,501
18,603
549,419
187,108
306,726
366,699
358,246
402,950
482,791
292,737
515,923
153,925
47,550
49,930
48,873
40,486
44,880
44,217
47,871
70,871
50,756
113,573
73,002
76,265
89,510
89,967
52,695
56,309
58,057
56,754
67,452
74,314
84,691
83,606
84,401
103,230
104,193
145,168
220,956
212,724
230,805
213,082
179,656
201,111
199,390
201,864
227,421
263,988
265,268
268,648
245,611
357,370
237,796
264,279
276,319
289,672
267,996
285,220
293,321
318,719
321,346
475,548
371,656
543,400
668,770
534,379
557,009
611,098
634,997
343,114
-8,653,000

-8,653,000

343,114

634,997

611,098

557,009

534,379

668,770

543,400

371,656

475,548

321,346

318,719

293,321

285,220

267,996

289,672

276,319

264,279

237,796

357,370

245,611

268,648

265,268

263,988

227,421

201,864

199,390

201,111

179,656

213,082

230,805

212,724

220,956

145,168

104,193

103,230

84,401

83,606

84,691

74,314

67,452

56,754

58,057

56,309

52,695

89,967

89,510

76,265

73,002

113,573

50,756

70,871

47,871

44,217

44,880

40,486

48,873

49,930

47,550

153,925

515,923

292,737

482,791

402,950

358,246

366,699

306,726

187,108

549,419

18,603

19,501

20,706

16,327

55,529

46,476

21,732

15,583

41,539

35,655

33,705

41,360

35,643

-185,857

9,470

8,415

8,977

10,777

9,460

8,493

7,289

1,045

> Long-term Assets

7,724
937,025
998,607
988,766
999,146
981,014
978,936
972,880
1,192,895
1,359,489
1,374,499
1,376,975
1,385,121
1,331,946
1,407,941
1,417,138
1,440,984
1,473,716
1,522,725
1,601,280
1,658,705
1,721,105
3,732,618
3,811,127
3,824,820
3,907,372
3,881,743
4,084,279
4,220,536
4,241,035
2,810,881
2,753,387
3,254,099
2,842,278
2,772,681
3,334,332
3,157,906
3,172,042
2,860,698
3,143,971
3,204,568
3,676,281
3,669,096
4,281,141
4,264,220
4,334,131
3,942,546
3,954,533
3,877,440
3,996,635
4,450,359
4,509,868
4,578,284
4,540,785
4,627,783
4,524,952
4,665,406
6,143,436
6,165,929
6,213,201
6,199,433
6,218,114
6,066,526
6,150,537
6,272,582
6,333,579
6,523,688
6,902,441
7,119,265
7,340,413
7,581,790
8,655,617
8,738,979
7,982,107
8,880,896
8,416,677
8,870,801
8,575,701
9,584,634
9,342,437
10,063,059
9,654,932
12,527,891
12,514,446
12,396,183
11,625,373
12,663,835
12,725,995
13,043,883
12,360,805
12,882,000

12,882,000

12,360,805

13,043,883

12,725,995

12,663,835

11,625,373

12,396,183

12,514,446

12,527,891

9,654,932

10,063,059

9,342,437

9,584,634

8,575,701

8,870,801

8,416,677

8,880,896

7,982,107

8,738,979

8,655,617

7,581,790

7,340,413

7,119,265

6,902,441

6,523,688

6,333,579

6,272,582

6,150,537

6,066,526

6,218,114

6,199,433

6,213,201

6,165,929

6,143,436

4,665,406

4,524,952

4,627,783

4,540,785

4,578,284

4,509,868

4,450,359

3,996,635

3,877,440

3,954,533

3,942,546

4,334,131

4,264,220

4,281,141

3,669,096

3,676,281

3,204,568

3,143,971

2,860,698

3,172,042

3,157,906

3,334,332

2,772,681

2,842,278

3,254,099

2,753,387

2,810,881

4,241,035

4,220,536

4,084,279

3,881,743

3,907,372

3,824,820

3,811,127

3,732,618

1,721,105

1,658,705

1,601,280

1,522,725

1,473,716

1,440,984

1,417,138

1,407,941

1,331,946

1,385,121

1,376,975

1,374,499

1,359,489

1,192,895

972,880

978,936

981,014

999,146

988,766

998,607

937,025

7,724

Property Plant Equipment

0
68,108
68,451
65,814
64,928
62,896
66,634
66,706
68,959
110,705
113,569
117,340
123,384
128,076
137,703
134,576
133,729
133,439
137,655
152,915
156,998
153,781
180,546
177,592
184,128
194,308
216,214
229,056
229,661
217,346
207,976
350,537
749,866
716,392
339,139
926,797
886,048
838,885
188,397
693,674
630,947
249,889
295,488
487,448
491,491
465,369
379,176
362,421
369,697
394,263
458,596
446,660
455,322
455,859
497,926
479,751
484,032
503,666
529,823
528,350
533,575
550,779
560,756
551,633
556,480
574,266
617,739
633,666
705,469
702,428
721,692
1,669,131
1,695,706
1,762,341
1,834,172
1,798,662
1,888,277
1,876,325
1,835,361
1,775,030
1,743,554
1,695,981
1,862,469
1,823,126
1,818,768
1,761,276
1,869,052
1,814,010
1,832,634
1,850,472
1,937,000

1,937,000

1,850,472

1,832,634

1,814,010

1,869,052

1,761,276

1,818,768

1,823,126

1,862,469

1,695,981

1,743,554

1,775,030

1,835,361

1,876,325

1,888,277

1,798,662

1,834,172

1,762,341

1,695,706

1,669,131

721,692

702,428

705,469

633,666

617,739

574,266

556,480

551,633

560,756

550,779

533,575

528,350

529,823

503,666

484,032

479,751

497,926

455,859

455,322

446,660

458,596

394,263

369,697

362,421

379,176

465,369

491,491

487,448

295,488

249,889

630,947

693,674

188,397

838,885

886,048

926,797

339,139

716,392

749,866

350,537

207,976

217,346

229,661

229,056

216,214

194,308

184,128

177,592

180,546

153,781

156,998

152,915

137,655

133,439

133,729

134,576

137,703

128,076

123,384

117,340

113,569

110,705

68,959

66,706

66,634

62,896

64,928

65,814

68,451

68,108

Goodwill

0
629,146
609,543
611,276
583,213
581,661
577,137
577,137
577,137
793,251
819,558
825,679
825,056
830,723
821,508
820,794
822,577
841,449
880,179
886,374
934,340
969,571
2,188,352
2,190,797
2,181,201
2,220,752
2,174,710
2,291,872
2,351,646
2,316,717
1,251,823
1,243,946
1,279,439
1,309,405
1,306,372
1,295,498
1,276,840
1,316,843
1,323,801
1,342,850
1,407,543
1,581,760
1,828,407
1,838,601
1,816,040
1,845,387
1,889,602
1,851,945
1,842,070
1,899,584
2,290,474
2,304,503
2,334,972
2,314,943
2,333,821
2,267,009
2,313,819
2,997,042
3,085,997
3,133,866
3,061,024
3,045,084
2,981,392
3,019,585
3,095,980
3,135,208
3,254,740
3,278,631
3,407,169
3,643,143
3,652,309
3,663,882
3,663,789
3,627,327
3,753,493
3,673,758
3,695,742
3,744,269
3,821,609
3,804,678
3,892,134
3,874,743
4,995,175
4,977,082
4,794,847
4,660,638
4,868,382
4,933,818
5,043,708
4,961,501
5,129,000

5,129,000

4,961,501

5,043,708

4,933,818

4,868,382

4,660,638

4,794,847

4,977,082

4,995,175

3,874,743

3,892,134

3,804,678

3,821,609

3,744,269

3,695,742

3,673,758

3,753,493

3,627,327

3,663,789

3,663,882

3,652,309

3,643,143

3,407,169

3,278,631

3,254,740

3,135,208

3,095,980

3,019,585

2,981,392

3,045,084

3,061,024

3,133,866

3,085,997

2,997,042

2,313,819

2,267,009

2,333,821

2,314,943

2,334,972

2,304,503

2,290,474

1,899,584

1,842,070

1,851,945

1,889,602

1,845,387

1,816,040

1,838,601

1,828,407

1,581,760

1,407,543

1,342,850

1,323,801

1,316,843

1,276,840

1,295,498

1,306,372

1,309,405

1,279,439

1,243,946

1,251,823

2,316,717

2,351,646

2,291,872

2,174,710

2,220,752

2,181,201

2,190,797

2,188,352

969,571

934,340

886,374

880,179

841,449

822,577

820,794

821,508

830,723

825,056

825,679

819,558

793,251

577,137

581,661

583,213

611,276

609,543

629,146

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
893,193
865,969
797,304
752,130
719,008
665,919
605,135
687,232
697,836
629,040
498,964
477,743
378,994
208,201
362,495
201,577
345,828
322,380
314,921
300,272
301,879
307,984
217,943
220,533
226,742
249,883
232,238
242,486
246,715
233,634
238,001
228,950
233,889
195,322
216,174
228,406
307,308
328,580
751,355
623,352
611,962
660,074
773,550
1,015,183
1,150,119
1,248,140
1,196,088
1,124,339
1,477,574
1,744,899
1,317,705
1,534,849
1,306,769
1,316,395
1,374,000

1,374,000

1,316,395

1,306,769

1,534,849

1,317,705

1,744,899

1,477,574

1,124,339

1,196,088

1,248,140

1,150,119

1,015,183

773,550

660,074

611,962

623,352

751,355

328,580

307,308

228,406

216,174

195,322

233,889

228,950

238,001

233,634

246,715

242,486

232,238

249,883

226,742

220,533

217,943

307,984

301,879

300,272

314,921

322,380

345,828

201,577

362,495

208,201

378,994

477,743

498,964

629,040

697,836

687,232

605,135

665,919

719,008

752,130

797,304

865,969

893,193

Intangible Assets

0
33,632
38,117
36,242
93,549
91,874
91,082
90,245
89,494
153,790
131,731
949,373
946,294
948,018
935,161
933,048
933,188
951,368
989,719
108,329
107,058
106,353
441,073
429,658
418,879
408,282
404,104
400,785
401,770
404,506
311,447
309,806
318,337
320,076
322,904
322,736
323,500
331,748
332,855
331,758
333,940
514,662
794,325
795,615
784,779
769,640
786,793
794,704
796,479
800,577
841,228
830,374
816,674
815,366
802,360
789,017
806,102
1,527,123
1,450,469
1,416,336
1,396,240
1,414,831
1,411,039
1,403,262
1,398,757
1,400,699
1,399,112
1,398,503
1,448,284
1,403,424
1,441,308
1,338,646
1,331,281
1,325,603
1,379,546
1,339,786
1,330,599
1,333,917
1,367,913
1,370,484
1,345,143
1,345,646
2,409,427
2,338,548
2,256,613
2,146,468
2,192,706
2,152,939
2,129,915
2,064,321
2,081,000

2,081,000

2,064,321

2,129,915

2,152,939

2,192,706

2,146,468

2,256,613

2,338,548

2,409,427

1,345,646

1,345,143

1,370,484

1,367,913

1,333,917

1,330,599

1,339,786

1,379,546

1,325,603

1,331,281

1,338,646

1,441,308

1,403,424

1,448,284

1,398,503

1,399,112

1,400,699

1,398,757

1,403,262

1,411,039

1,414,831

1,396,240

1,416,336

1,450,469

1,527,123

806,102

789,017

802,360

815,366

816,674

830,374

841,228

800,577

796,479

794,704

786,793

769,640

784,779

795,615

794,325

514,662

333,940

331,758

332,855

331,748

323,500

322,736

322,904

320,076

318,337

309,806

311,447

404,506

401,770

400,785

404,104

408,282

418,879

429,658

441,073

106,353

107,058

108,329

989,719

951,368

933,188

933,048

935,161

948,018

946,294

949,373

131,731

153,790

89,494

90,245

91,082

91,874

93,549

36,242

38,117

33,632

Long-term Assets Other

7,724
125,632
177,058
177,365
174,240
168,663
157,499
148,515
363,642
211,034
209,101
206,692
204,008
141,679
173,105
178,084
196,265
206,911
196,134
243,250
234,982
260,023
523,623
507,388
656,320
640,714
801,783
884,809
974,643
1,035,043
820,152
99,547
697,387
302,649
107,090
661,334
552,373
540,813
208,021
627,876
680,680
1,070,110
-23,198
802,151
788,584
867,217
474,431
529,349
458,115
484,084
472,832
558,636
562,761
560,909
569,530
586,046
634,056
883,700
746,445
786,603
874,143
851,188
775,777
838,918
878,378
895,522
915,350
1,260,832
1,226,564
1,316,602
1,498,604
1,675,015
1,657,880
795,338
1,413,110
1,092,515
1,467,202
1,133,241
1,613,356
1,216,859
1,838,772
1,407,159
1,907,700
2,108,603
2,166,213
1,439,759
2,150,436
2,255,297
2,424,427
1,835,692
1,821,000

1,821,000

1,835,692

2,424,427

2,255,297

2,150,436

1,439,759

2,166,213

2,108,603

1,907,700

1,407,159

1,838,772

1,216,859

1,613,356

1,133,241

1,467,202

1,092,515

1,413,110

795,338

1,657,880

1,675,015

1,498,604

1,316,602

1,226,564

1,260,832

915,350

895,522

878,378

838,918

775,777

851,188

874,143

786,603

746,445

883,700

634,056

586,046

569,530

560,909

562,761

558,636

472,832

484,084

458,115

529,349

474,431

867,217

788,584

802,151

-23,198

1,070,110

680,680

627,876

208,021

540,813

552,373

661,334

107,090

302,649

697,387

99,547

820,152

1,035,043

974,643

884,809

801,783

640,714

656,320

507,388

523,623

260,023

234,982

243,250

196,134

206,911

196,265

178,084

173,105

141,679

204,008

206,692

209,101

211,034

363,642

148,515

157,499

168,663

174,240

177,365

177,058

125,632

7,724

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25
11,365
10,320
1,014
6,300
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
105,324
94,653
96,272
94,250
98,746
101,859
97,890
79,494
51,703
80,537
83,015
142,918
73,864
89,046
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

89,046

73,864

142,918

83,015

80,537

51,703

79,494

97,890

101,859

98,746

94,250

96,272

94,653

105,324

6,300

1,014

10,320

11,365

> Total Liabilities

235,128
972,175
1,097,693
966,586
1,079,125
992,518
1,067,920
939,540
1,303,148
1,611,622
1,873,896
1,600,715
1,757,716
1,522,432
1,705,763
1,414,107
1,600,411
1,671,227
2,015,163
1,622,860
1,448,148
1,539,569
4,684,854
4,329,006
4,418,274
4,761,849
4,990,417
5,040,807
5,106,470
5,074,593
4,380,691
4,379,078
3,932,658
4,009,188
4,255,111
4,077,940
4,110,440
4,118,099
4,055,773
3,643,753
4,043,074
5,057,041
5,801,980
5,137,214
5,141,453
5,249,671
6,127,730
5,181,853
4,636,839
4,341,028
5,062,408
4,815,100
5,297,496
5,347,116
5,383,486
5,320,639
4,956,731
6,965,939
8,258,873
6,968,437
7,018,802
7,795,267
7,722,342
6,668,873
7,023,192
7,800,178
7,404,282
7,488,768
8,018,586
8,204,725
8,446,891
9,488,792
9,328,605
9,481,962
9,924,084
9,510,717
9,415,363
9,752,774
10,919,056
9,592,945
10,737,676
11,329,681
12,714,374
11,860,327
11,543,688
11,575,686
11,907,657
12,387,687
12,838,430
13,226,528
13,481,000

13,481,000

13,226,528

12,838,430

12,387,687

11,907,657

11,575,686

11,543,688

11,860,327

12,714,374

11,329,681

10,737,676

9,592,945

10,919,056

9,752,774

9,415,363

9,510,717

9,924,084

9,481,962

9,328,605

9,488,792

8,446,891

8,204,725

8,018,586

7,488,768

7,404,282

7,800,178

7,023,192

6,668,873

7,722,342

7,795,267

7,018,802

6,968,437

8,258,873

6,965,939

4,956,731

5,320,639

5,383,486

5,347,116

5,297,496

4,815,100

5,062,408

4,341,028

4,636,839

5,181,853

6,127,730

5,249,671

5,141,453

5,137,214

5,801,980

5,057,041

4,043,074

3,643,753

4,055,773

4,118,099

4,110,440

4,077,940

4,255,111

4,009,188

3,932,658

4,379,078

4,380,691

5,074,593

5,106,470

5,040,807

4,990,417

4,761,849

4,418,274

4,329,006

4,684,854

1,539,569

1,448,148

1,622,860

2,015,163

1,671,227

1,600,411

1,414,107

1,705,763

1,522,432

1,757,716

1,600,715

1,873,896

1,611,622

1,303,148

939,540

1,067,920

992,518

1,079,125

966,586

1,097,693

972,175

235,128

> Total Current Liabilities

9,486
331,420
423,865
295,745
416,819
331,466
407,234
278,677
425,839
567,056
833,417
553,598
729,590
634,675
809,088
551,913
747,837
826,699
1,137,803
724,181
926,045
1,008,667
1,906,013
1,410,873
1,759,883
2,205,773
2,428,361
2,216,460
2,280,985
2,235,412
1,872,845
2,035,714
930,337
1,369,844
1,629,041
1,000,208
1,086,185
1,280,248
1,956,768
1,399,337
413,710
1,996,384
2,680,648
1,753,105
1,759,569
1,875,600
2,689,403
2,219,173
1,881,607
1,623,488
2,358,978
1,913,842
2,455,658
2,422,928
2,807,518
2,934,424
2,578,360
3,552,090
4,959,713
3,656,342
3,700,087
4,521,821
4,525,402
3,473,152
3,797,523
4,551,351
4,606,621
4,406,588
5,379,653
5,481,777
5,800,234
5,486,052
5,711,293
6,027,970
6,260,790
6,065,426
5,652,375
6,152,272
6,928,613
5,772,803
6,174,360
7,435,554
8,153,778
7,538,288
7,361,178
7,755,653
7,541,697
8,467,940
7,904,017
7,866,644
8,243,000

8,243,000

7,866,644

7,904,017

8,467,940

7,541,697

7,755,653

7,361,178

7,538,288

8,153,778

7,435,554

6,174,360

5,772,803

6,928,613

6,152,272

5,652,375

6,065,426

6,260,790

6,027,970

5,711,293

5,486,052

5,800,234

5,481,777

5,379,653

4,406,588

4,606,621

4,551,351

3,797,523

3,473,152

4,525,402

4,521,821

3,700,087

3,656,342

4,959,713

3,552,090

2,578,360

2,934,424

2,807,518

2,422,928

2,455,658

1,913,842

2,358,978

1,623,488

1,881,607

2,219,173

2,689,403

1,875,600

1,759,569

1,753,105

2,680,648

1,996,384

413,710

1,399,337

1,956,768

1,280,248

1,086,185

1,000,208

1,629,041

1,369,844

930,337

2,035,714

1,872,845

2,235,412

2,280,985

2,216,460

2,428,361

2,205,773

1,759,883

1,410,873

1,906,013

1,008,667

926,045

724,181

1,137,803

826,699

747,837

551,913

809,088

634,675

729,590

553,598

833,417

567,056

425,839

278,677

407,234

331,466

416,819

295,745

423,865

331,420

9,486

Short-term Debt

0
114,943
165,841
127,038
231,724
134,455
121,776
84,826
216,399
175,511
281,422
125,073
261,582
151,257
171,923
78,293
223,962
204,590
284,065
122,466
291,730
258,398
272,331
303,679
508,146
714,469
706,757
855,220
945,424
1,110,475
633,099
1,166,404
194,499
234,073
638,375
114,187
284,127
278,005
663,666
338,366
413,710
718,050
972,161
1,718,199
1,759,569
1,875,600
1,026,381
837,042
525,842
224,396
374,597
306,607
731,461
631,812
506,025
1,175,891
743,592
978,945
1,750,781
994,377
995,295
1,702,091
1,254,653
791,453
1,054,970
1,416,253
910,766
1,148,005
2,069,591
1,720,740
1,328,761
1,561,207
1,579,988
1,569,431
977,175
1,448,917
1,204,894
1,388,029
1,383,964
889,072
1,102,156
1,617,504
1,277,451
1,382,125
1,327,949
1,694,446
625,840
2,425,070
2,016,440
1,910,818
969,000

969,000

1,910,818

2,016,440

2,425,070

625,840

1,694,446

1,327,949

1,382,125

1,277,451

1,617,504

1,102,156

889,072

1,383,964

1,388,029

1,204,894

1,448,917

977,175

1,569,431

1,579,988

1,561,207

1,328,761

1,720,740

2,069,591

1,148,005

910,766

1,416,253

1,054,970

791,453

1,254,653

1,702,091

995,295

994,377

1,750,781

978,945

743,592

1,175,891

506,025

631,812

731,461

306,607

374,597

224,396

525,842

837,042

1,026,381

1,875,600

1,759,569

1,718,199

972,161

718,050

413,710

338,366

663,666

278,005

284,127

114,187

638,375

234,073

194,499

1,166,404

633,099

1,110,475

945,424

855,220

706,757

714,469

508,146

303,679

272,331

258,398

291,730

122,466

284,065

204,590

223,962

78,293

171,923

151,257

261,582

125,073

281,422

175,511

216,399

84,826

121,776

134,455

231,724

127,038

165,841

114,943

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
42,407
0
0
0
34,428
0
0
0
11
3,351,080
3,605,401
10
8
51
1,466
3,988
4,216
1,899,780
1,582,246
1,406,565
983,523
1,265,758
1,211,729
1,198,388
1,383,964
682,300
1,102,156
1,389,083
1,277,451
1,382,125
1,365,582
1,497,925
625,840
2,425,070
2,016,440
1,671,914
691,000

691,000

1,671,914

2,016,440

2,425,070

625,840

1,497,925

1,365,582

1,382,125

1,277,451

1,389,083

1,102,156

682,300

1,383,964

1,198,388

1,211,729

1,265,758

983,523

1,406,565

1,582,246

1,899,780

4,216

3,988

1,466

3,605,401

3,351,080

34,428

42,407

Accounts payable

7,769
150,274
151,100
144,563
138,097
132,225
181,600
160,628
159,587
289,703
338,661
188,725
181,531
170,130
185,877
166,408
153,303
193,009
254,085
203,025
206,405
232,214
480,852
386,158
388,334
427,615
493,804
445,112
479,740
394,209
395,658
321,414
342,371
426,900
458,510
429,440
364,634
680,065
791,876
772,242
778,861
495,833
972,824
887,409
895,343
515,369
584,738
597,820
562,099
536,743
817,519
734,087
770,494
711,099
827,530
702,125
764,524
1,320,325
1,484,119
1,351,062
1,381,802
1,365,528
1,446,438
1,320,584
1,427,401
1,505,860
1,674,287
1,505,134
1,642,030
1,674,183
1,919,827
1,833,841
2,063,845
2,085,391
2,436,084
2,365,003
2,329,218
2,428,845
2,692,939
2,469,434
2,485,081
2,604,640
2,916,331
2,881,910
2,825,499
2,720,466
3,078,781
3,008,485
2,886,203
2,901,451
3,562,000

3,562,000

2,901,451

2,886,203

3,008,485

3,078,781

2,720,466

2,825,499

2,881,910

2,916,331

2,604,640

2,485,081

2,469,434

2,692,939

2,428,845

2,329,218

2,365,003

2,436,084

2,085,391

2,063,845

1,833,841

1,919,827

1,674,183

1,642,030

1,505,134

1,674,287

1,505,860

1,427,401

1,320,584

1,446,438

1,365,528

1,381,802

1,351,062

1,484,119

1,320,325

764,524

702,125

827,530

711,099

770,494

734,087

817,519

536,743

562,099

597,820

584,738

515,369

895,343

887,409

972,824

495,833

778,861

772,242

791,876

680,065

364,634

429,440

458,510

426,900

342,371

321,414

395,658

394,209

479,740

445,112

493,804

427,615

388,334

386,158

480,852

232,214

206,405

203,025

254,085

193,009

153,303

166,408

185,877

170,130

181,531

188,725

338,661

289,703

159,587

160,628

181,600

132,225

138,097

144,563

151,100

150,274

7,769

Other Current Liabilities

1,718
66,203
106,924
24,144
46,998
64,786
-15,451
33,223
49,853
101,842
12,991
156,639
159,974
169,703
180,268
195,494
38,827
218,402
274,680
241,713
226,510
276,217
628,646
462,615
479,003
559,620
500,340
545,642
527,645
408,047
548,869
869,310
735,838
1,135,771
990,666
886,021
802,058
1,002,243
27,305
1,060,971
17,644
1,278,334
162,667
34,906
116,141
131,707
1,663,022
1,382,131
1,355,765
1,399,092
1,984,381
1,607,235
1,724,197
1,791,116
2,301,493
1,758,533
1,834,768
2,573,145
3,208,932
2,661,965
2,704,792
2,819,730
3,270,749
2,681,699
2,742,553
3,135,098
3,695,855
1,665,373
1,591,816
2,000,083
2,469,419
1,975,867
1,957,949
2,262,237
2,738,860
2,144,511
1,989,848
2,202,899
2,689,665
2,239,884
2,389,721
3,018,265
3,679,337
2,978,611
2,925,742
3,026,442
3,560,742
2,772,196
2,737,671
2,791,282
3,414,000

3,414,000

2,791,282

2,737,671

2,772,196

3,560,742

3,026,442

2,925,742

2,978,611

3,679,337

3,018,265

2,389,721

2,239,884

2,689,665

2,202,899

1,989,848

2,144,511

2,738,860

2,262,237

1,957,949

1,975,867

2,469,419

2,000,083

1,591,816

1,665,373

3,695,855

3,135,098

2,742,553

2,681,699

3,270,749

2,819,730

2,704,792

2,661,965

3,208,932

2,573,145

1,834,768

1,758,533

2,301,493

1,791,116

1,724,197

1,607,235

1,984,381

1,399,092

1,355,765

1,382,131

1,663,022

131,707

116,141

34,906

162,667

1,278,334

17,644

1,060,971

27,305

1,002,243

802,058

886,021

990,666

1,135,771

735,838

869,310

548,869

408,047

527,645

545,642

500,340

559,620

479,003

462,615

628,646

276,217

226,510

241,713

274,680

218,402

38,827

195,494

180,268

169,703

159,974

156,639

12,991

101,842

49,853

33,223

-15,451

64,786

46,998

24,144

106,924

66,203

1,718

> Long-term Liabilities

225,642
640,755
673,828
670,841
662,306
661,052
660,686
660,863
877,309
1,044,566
1,040,479
1,047,117
1,028,126
887,757
896,675
862,194
852,574
844,528
877,360
898,679
522,103
530,902
2,778,841
2,918,133
2,658,391
2,556,076
2,562,056
2,824,347
2,825,485
2,839,181
2,507,846
2,343,364
3,002,321
53,108
2,626,070
3,077,732
3,024,255
2,837,851
2,099,005
2,244,416
3,629,364
3,060,657
3,121,332
3,384,109
3,381,884
3,374,071
3,438,327
2,962,680
2,755,232
2,717,540
2,703,430
2,901,258
2,841,838
2,924,188
2,575,968
2,386,215
2,378,371
3,413,849
3,299,160
3,312,095
3,318,715
3,273,446
3,196,940
3,195,721
3,225,669
3,248,827
2,797,661
3,082,180
2,638,933
2,722,948
2,646,657
4,002,740
3,617,312
3,453,992
3,663,294
3,445,291
3,762,988
3,600,502
3,990,443
3,820,142
4,563,316
3,894,127
4,560,596
4,322,039
4,182,510
3,820,033
4,365,960
3,919,747
4,934,413
5,359,884
5,238,000

5,238,000

5,359,884

4,934,413

3,919,747

4,365,960

3,820,033

4,182,510

4,322,039

4,560,596

3,894,127

4,563,316

3,820,142

3,990,443

3,600,502

3,762,988

3,445,291

3,663,294

3,453,992

3,617,312

4,002,740

2,646,657

2,722,948

2,638,933

3,082,180

2,797,661

3,248,827

3,225,669

3,195,721

3,196,940

3,273,446

3,318,715

3,312,095

3,299,160

3,413,849

2,378,371

2,386,215

2,575,968

2,924,188

2,841,838

2,901,258

2,703,430

2,717,540

2,755,232

2,962,680

3,438,327

3,374,071

3,381,884

3,384,109

3,121,332

3,060,657

3,629,364

2,244,416

2,099,005

2,837,851

3,024,255

3,077,732

2,626,070

53,108

3,002,321

2,343,364

2,507,846

2,839,181

2,825,485

2,824,347

2,562,056

2,556,076

2,658,391

2,918,133

2,778,841

530,902

522,103

898,679

877,360

844,528

852,574

862,194

896,675

887,757

1,028,126

1,047,117

1,040,479

1,044,566

877,309

660,863

660,686

661,052

662,306

670,841

673,828

640,755

225,642

Long term Debt Total

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,471,684
2,258,315
1,851,901
1,808,292
2,134,267
2,466,327
2,611,187
2,616,751
2,617,912
2,539,510
2,543,707
2,130,621
1,915,455
1,878,521
1,866,890
1,856,479
1,831,641
2,084,213
1,852,416
1,734,294
1,734,350
2,683,718
2,645,111
2,635,045
2,624,977
2,614,898
2,548,126
2,549,258
2,550,404
2,551,568
1,999,603
1,758,188
1,762,885
1,760,003
1,767,260
1,760,181
1,766,564
1,748,264
1,761,245
1,754,518
1,763,113
1,783,212
1,380,202
1,848,346
1,854,327
1,843,849
1,538,123
1,526,212
1,503,494
1,476,929
0
1,086,268
2,059,797
0
0

2,059,797

1,086,268

1,476,929

1,503,494

1,526,212

1,538,123

1,843,849

1,854,327

1,848,346

1,380,202

1,783,212

1,763,113

1,754,518

1,761,245

1,748,264

1,766,564

1,760,181

1,767,260

1,760,003

1,762,885

1,758,188

1,999,603

2,551,568

2,550,404

2,549,258

2,548,126

2,614,898

2,624,977

2,635,045

2,645,111

2,683,718

1,734,350

1,734,294

1,852,416

2,084,213

1,831,641

1,856,479

1,866,890

1,878,521

1,915,455

2,130,621

2,543,707

2,539,510

2,617,912

2,616,751

2,611,187

2,466,327

2,134,267

1,808,292

1,851,901

2,258,315

2,471,684

Deferred Long Term Asset Charges

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25
11,365
10,320
1,014
6,300
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
105,324
94,653
96,272
94,250
98,746
101,859
97,890
79,494
51,703
80,537
83,015
142,918
73,864
89,046
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

89,046

73,864

142,918

83,015

80,537

51,703

79,494

97,890

101,859

98,746

94,250

96,272

94,653

105,324

6,300

1,014

10,320

11,365

Warrants

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
385,573
384,399
402,511
402,519
0
0
0
0
0
0
0
0
0

402,519

402,511

384,399

385,573

Other Liabilities

0
0
0
0
0
0
137,829
0
0
225,190
249,059
256,625
275,776
283,708
295,791
290,345
293,280
292,488
328,204
353,082
389,773
398,640
465,381
641,199
551,925
541,272
488,352
471,163
462,702
438,468
142,140
128,403
131,825
138,603
180,306
173,129
168,184
171,557
168,798
173,304
196,754
250,779
361,176
361,770
386,376
402,564
419,768
410,403
395,376
408,024
429,001
435,814
455,125
459,949
468,424
460,618
460,313
473,927
485,930
551,438
566,142
528,150
556,615
568,293
578,458
571,451
670,092
857,825
872,466
957,541
876,251
714,965
637,363
615,659
608,629
582,049
618,290
629,954
892,503
802,583
1,011,358
1,021,347
1,640,820
1,368,709
1,321,354
1,277,289
1,441,472
1,531,134
0
1,439,517
0

1,439,517

1,531,134

1,441,472

1,277,289

1,321,354

1,368,709

1,640,820

1,021,347

1,011,358

802,583

892,503

629,954

618,290

582,049

608,629

615,659

637,363

714,965

876,251

957,541

872,466

857,825

670,092

571,451

578,458

568,293

556,615

528,150

566,142

551,438

485,930

473,927

460,313

460,618

468,424

459,949

455,125

435,814

429,001

408,024

395,376

410,403

419,768

402,564

386,376

361,770

361,176

250,779

196,754

173,304

168,798

171,557

168,184

173,129

180,306

138,603

131,825

128,403

142,140

438,468

462,702

471,163

488,352

541,272

551,925

641,199

465,381

398,640

389,773

353,082

328,204

292,488

293,280

290,345

295,791

283,708

275,776

256,625

249,059

225,190

137,829

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
28,084
148,969
166,014
158,707
163,341
191,962
187,294
192,912
211,756
160,777
143,193
134,766
125,945
149,233
152,738
167,294
204,031
100,361
85,534
85,034
85,355
70,719
78,142
96,780
125,782
114,017
165,559
187,062
187,613
107,425
126,384
51,588
21,287
34,593
50,686
72,607
71,892
124,485
123,562
145,928
156,197
405,258
310,104
269,717
284,123
11,100
276,681
280,033
0
0

280,033

276,681

11,100

284,123

269,717

310,104

405,258

156,197

145,928

123,562

124,485

71,892

72,607

50,686

34,593

21,287

51,588

126,384

107,425

187,613

187,062

165,559

114,017

125,782

96,780

78,142

70,719

85,355

85,034

85,534

100,361

204,031

167,294

152,738

149,233

125,945

134,766

143,193

160,777

211,756

192,912

187,294

191,962

163,341

158,707

166,014

148,969

28,084

> Total Stockholder Equity

3,140
244,563
257,364
250,635
268,190
257,563
251,341
251,029
252,672
348,696
332,929
312,160
453,197
478,248
559,948
579,483
635,346
702,906
793,685
844,859
920,482
1,025,842
1,181,641
1,194,782
1,368,997
1,523,106
988,543
1,019,968
1,066,568
1,054,100
114,686
64,009
273,466
299,096
629,122
612,139
641,801
773,397
908,215
996,510
1,083,004
1,082,374
1,151,481
1,212,227
1,254,862
1,340,432
1,539,211
1,575,271
1,620,100
1,758,031
1,895,785
1,989,556
2,132,782
2,145,935
2,259,830
2,259,308
2,459,592
2,545,679
2,712,652
2,817,595
2,855,118
2,935,025
3,014,487
3,211,945
3,539,693
3,795,470
4,019,430
4,357,631
4,453,577
4,712,956
4,938,797
5,089,379
5,346,637
5,511,829
6,232,693
6,129,343
6,243,994
6,553,096
7,078,326
7,230,370
7,679,521
7,962,593
8,528,193
8,469,971
8,136,010
7,935,827
7,853,273
7,859,834
8,098,058
7,684,016
8,267,000

8,267,000

7,684,016

8,098,058

7,859,834

7,853,273

7,935,827

8,136,010

8,469,971

8,528,193

7,962,593

7,679,521

7,230,370

7,078,326

6,553,096

6,243,994

6,129,343

6,232,693

5,511,829

5,346,637

5,089,379

4,938,797

4,712,956

4,453,577

4,357,631

4,019,430

3,795,470

3,539,693

3,211,945

3,014,487

2,935,025

2,855,118

2,817,595

2,712,652

2,545,679

2,459,592

2,259,308

2,259,830

2,145,935

2,132,782

1,989,556

1,895,785

1,758,031

1,620,100

1,575,271

1,539,211

1,340,432

1,254,862

1,212,227

1,151,481

1,082,374

1,083,004

996,510

908,215

773,397

641,801

612,139

629,122

299,096

273,466

64,009

114,686

1,054,100

1,066,568

1,019,968

988,543

1,523,106

1,368,997

1,194,782

1,181,641

1,025,842

920,482

844,859

793,685

702,906

635,346

579,483

559,948

478,248

453,197

312,160

332,929

348,696

252,672

251,029

251,341

257,563

268,190

250,635

257,364

244,563

3,140

Common Stock

2
144
144
143
144
144
144
145
145
220
220
660
690
702
710
720
725
731
738
743
2,234
2,253
2,275
2,284
2,292
2,301
2,016
2,021
2,023
2,048
2,623
2,648
2,846
2,927
3,218
3,218
3,218
3,230
3,236
3,247
3,250
3,279
3,280
3,280
3,282
3,292
3,301
3,312
3,313
3,314
3,319
3,320
3,321
3,328
3,330
3,330
3,331
3,342
3,342
3,353
3,356
3,373
3,373
3,379
3,379
3,395
3,395
3,397
3,398
3,409
3,369
3,363
3,363
3,358
3,348
3,351
3,352
3,354
3,356
3,359
3,357
3,346
3,329
3,296
3,221
3,171
3,110
3,108
3,109
3,048
3,000

3,000

3,048

3,109

3,108

3,110

3,171

3,221

3,296

3,329

3,346

3,357

3,359

3,356

3,354

3,352

3,351

3,348

3,358

3,363

3,369

3,409

3,398

3,397

3,395

3,379

3,373

3,356

3,353

3,342

3,331

3,330

3,328

3,321

3,320

3,319

3,314

3,313

3,312

3,301

3,292

3,282

3,280

3,279

3,250

3,247

3,236

3,230

3,218

2,927

2,846

2,648

2,623

2,048

2,023

2,021

2,016

2,301

2,292

2,284

2,275

2,253

2,234

743

738

731

725

720

710

702

690

660

220

145

144

143

144

Retained Earnings

-730
1,248
17,426
11,331
18,620
21,056
36,153
34,806
39,978
11,533
1,449
-15,119
-12,154
-259
66,174
80,746
131,167
188,103
283,515
320,425
384,679
476,988
602,086
585,002
726,137
841,084
963,530
983,984
1,000,547
1,040,920
-48,349
-85,038
-91,675
-79,298
-15,008
-21,635
33,155
90,193
185,337
219,706
280,929
344,736
424,499
451,474
527,347
567,056
740,054
777,600
847,502
941,946
1,056,592
1,124,255
1,229,719
1,336,818
1,541,095
1,634,032
1,759,061
1,908,184
2,088,227
2,170,394
2,292,062
2,392,931
2,656,906
2,786,503
2,983,668
3,179,985
3,348,385
3,591,753
3,820,420
4,110,889
4,504,684
4,675,201
4,898,932
5,155,531
5,793,149
5,950,263
6,032,160
6,216,292
6,530,057
6,796,259
7,238,896
7,674,639
8,366,631
8,758,928
9,084,358
9,155,739
8,832,943
8,809,824
9,011,227
8,724,653
9,188,000

9,188,000

8,724,653

9,011,227

8,809,824

8,832,943

9,155,739

9,084,358

8,758,928

8,366,631

7,674,639

7,238,896

6,796,259

6,530,057

6,216,292

6,032,160

5,950,263

5,793,149

5,155,531

4,898,932

4,675,201

4,504,684

4,110,889

3,820,420

3,591,753

3,348,385

3,179,985

2,983,668

2,786,503

2,656,906

2,392,931

2,292,062

2,170,394

2,088,227

1,908,184

1,759,061

1,634,032

1,541,095

1,336,818

1,229,719

1,124,255

1,056,592

941,946

847,502

777,600

740,054

567,056

527,347

451,474

424,499

344,736

280,929

219,706

185,337

90,193

33,155

-21,635

-15,008

-79,298

-91,675

-85,038

-48,349

1,040,920

1,000,547

983,984

963,530

841,084

726,137

585,002

602,086

476,988

384,679

320,425

283,515

188,103

131,167

80,746

66,174

-259

-12,154

-15,119

1,449

11,533

39,978

34,806

36,153

21,056

18,620

11,331

17,426

1,248

-730

Capital Surplus

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
777,866
792,013
814,244
837,958
854,983
871,254
882,141
895,918
908,657
940,940
960,900
979,805
970,956
969,738
981,997
995,528
1,010,837
1,022,986
1,039,425
1,052,496
1,067,934
1,080,607
1,106,758
1,115,203
1,131,881
1,124,062
1,145,226
1,159,294
1,199,559
1,192,855
1,220,508
1,246,251
1,278,251
1,277,630
1,149,013
1,126,984
1,162,002
1,140,021
1,115,944
1,026,768
1,046,999
1,064,849
1,074,639
1,013,287
1,001,832
938,784
798,892
409,187
0
0
0
0
12,510
0
0

12,510

409,187

798,892

938,784

1,001,832

1,013,287

1,074,639

1,064,849

1,046,999

1,026,768

1,115,944

1,140,021

1,162,002

1,126,984

1,149,013

1,277,630

1,278,251

1,246,251

1,220,508

1,192,855

1,199,559

1,159,294

1,145,226

1,124,062

1,131,881

1,115,203

1,106,758

1,080,607

1,067,934

1,052,496

1,039,425

1,022,986

1,010,837

995,528

981,997

969,738

970,956

979,805

960,900

940,940

908,657

895,918

882,141

871,254

854,983

837,958

814,244

792,013

777,866

Treasury Stock

-2,866,698

-2,759,070

-2,589,525

-2,503,528

-2,305,021

-2,301,398

-2,182,838

-2,174,275

-2,028,258

-1,936,006

-1,836,307

-1,711,449

-1,705,787

-1,681,812

-1,519,106

-1,434,942

-956,964

-820,610

-2,312

-2,192

-2,028

-1,732

Other Stockholders Equity

3,868
244,525
243,794
243,553
243,426
238,642
234,042
234,955
234,821
354,667
355,040
359,274
496,592
504,230
513,801
520,438
526,793
537,868
550,128
561,878
566,063
580,848
610,406
637,107
655,902
664,881
40,561
52,579
60,791
68,881
285,825
293,235
450,493
453,038
755,989
766,989
777,866
792,013
814,244
837,958
854,983
874,533
882,141
895,918
908,657
940,940
960,900
979,805
970,956
969,738
981,997
995,528
1,010,837
1,022,986
1,039,425
1,052,496
1,067,934
1,080,607
1,106,758
1,115,203
1,131,881
1,124,062
1,145,226
1,159,294
1,199,559
1,192,855
1,220,508
1,246,251
1,278,251
1,277,630
1,149,013
1,126,984
1,162,002
1,140,021
1,115,944
1,026,768
1,046,999
1,064,849
1,074,639
1,013,287
1,001,832
938,784
798,892
409,187
9,084,358
9,155,739
8,832,943
8,809,824
12,510
8,724,653
-117,000

-117,000

8,724,653

12,510

8,809,824

8,832,943

9,155,739

9,084,358

409,187

798,892

938,784

1,001,832

1,013,287

1,074,639

1,064,849

1,046,999

1,026,768

1,115,944

1,140,021

1,162,002

1,126,984

1,149,013

1,277,630

1,278,251

1,246,251

1,220,508

1,192,855

1,199,559

1,159,294

1,145,226

1,124,062

1,131,881

1,115,203

1,106,758

1,080,607

1,067,934

1,052,496

1,039,425

1,022,986

1,010,837

995,528

981,997

969,738

970,956

979,805

960,900

940,940

908,657

895,918

882,141

874,533

854,983

837,958

814,244

792,013

777,866

766,989

755,989

453,038

450,493

293,235

285,825

68,881

60,791

52,579

40,561

664,881

655,902

637,107

610,406

580,848

566,063

561,878

550,128

537,868

526,793

520,438

513,801

504,230

496,592

359,274

355,040

354,667

234,821

234,955

234,042

238,642

243,426

243,553

243,794

244,525

3,868

Balance Sheet

Currency in USD. All numbers in thousands.

	2023-12-31	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	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Accounts Payable	3,562,000	3,078,781	2,916,331	2,692,939	2,436,084	1,919,827	1,674,287	1,446,438	1,484,119	827,530	817,519	584,738	972,824	791,876	458,510	395,658	493,804	480,852	254,085	185,877	338,661	181,600	151,100
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-807,000	-982,780	-640,659	-529,726	-679,748	-718,269	-552,858	-791,018	-485,675	-324,020	-146,123	-165,044	-158,439	-94,602	-115,077	-125,413	-17,564	-33,126	-40,696	-20,737	-23,780	-18,998	296
Additional Paid In Capital	0	0	0	0	0	0	1,220,508	0	2,759,070	2,301,398	1,936,006	1,681,812	0	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	1,331,000	1,309,976	1,348,985	1,325,321	1,226,421	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	3,000	3,110	3,329	3,356	3,348	3,369	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	0	798,892	1,074,639	1,115,944	1,149,013	1,220,508	1,145,226	1,106,758	1,039,425	981,997	960,900	882,141	814,244	0	0	0	0	0	0	0	0	0
Cash	1,371,000	1,318,290	2,430,951	1,896,188	971,781	777,219	751,774	762,576	540,403	740,884	491,912	1,089,297	1,093,182	506,574	741,557	158,823	342,874	244,476	449,289	256,896	163,881	79,701	57,450
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	1,371,000	1,318,290	2,430,951	1,896,188	971,781	777,219	751,774	762,576	540,403	740,884	491,912	1,089,297	1,093,182	506,574	741,557	158,823	347,574	244,476	449,289	256,896	163,881	79,701	57,450
Common Stock	3,000	3,110	3,329	3,356	3,348	3,369	3,395	3,373	3,342	3,330	3,319	3,301	3,280	3,236	3,218	2,623	2,016	2,275	738	710	220	144	144
Common Stock Shares Outstanding	312,551	327,696	339,717	338,392	340,523	343,123	340,784	338,425	336,415	334,172	331,763	327,044	323,724	319,017	279,995	210,539	234,978	235,118	229,855	214,035	152,756	126,558	23,729
Common Stock Total Equity	0	0	3,329	3,356	3,348	3,369	3,395	3,373	3,342	3,330	3,319	3,301	3,280	3,236	3,218	2,623	2,016	2,275	738	710	220	144	144
Current Deferred Revenue	298,000	276,334	280,659	162,045	108,671	82,227	-1,674,287	-1,446,438	-1,484,119	-827,530	-817,519	-584,738	-972,824	-791,876	0	295,219	727,460	524,184	324,973	271,020	200,343	119,309	0
Deferred Long Term Asset Charges	0	0	0	0	73,864	51,703	98,746	105,324	0	0	0	0	0	10,320	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	11,100	405,258	124,485	34,593	107,425	114,017	70,719	100,361	149,233	160,777	191,962	148,969	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	5,129,000	4,868,382	4,995,175	3,821,609	3,753,493	3,652,309	3,254,740	2,981,392	3,085,997	2,333,821	2,290,474	1,889,602	1,828,407	1,323,801	1,306,372	1,251,823	2,174,710	2,188,352	880,179	821,508	819,558	577,137	609,543
Intangible Assets	2,081,000	2,192,706	2,409,427	1,367,913	1,379,546	1,441,308	1,399,112	1,411,039	1,450,469	802,360	841,228	786,793	794,325	332,855	322,904	311,447	404,104	441,073	989,719	935,161	131,731	91,082	38,117
Inventory	0	-470,450	-262,826	-150,262	-154,355	-158,886	-154,376	-110,820	-148,192	45,604	126,954	392,860	56,818	16,295	385,333	278,374	317,580	433,317	88,193	58,921	80,535	28,471	31,579
Liabilities And Stockholders Equity	22,548,000	20,513,389	22,073,491	18,039,143	16,197,196	13,456,793	11,483,830	10,779,587	11,017,943	7,684,884	6,998,414	7,809,542	7,219,143	5,121,568	5,039,406	4,726,414	6,242,573	5,944,631	2,815,672	2,271,636	2,213,481	1,324,876	1,359,353
Long Term Debt	2,804,000	1,556,418	1,570,791	1,380,202	1,761,245	1,767,260	1,999,603	2,548,126	2,645,111	1,852,416	1,866,890	2,543,707	2,611,187	1,851,901	2,372,302	2,287,001	1,991,857	2,232,857	549,156	600,884	791,420	499,004	0
Long Term Debt Total	0	0	1,538,123	1,380,202	1,761,245	1,767,260	1,999,603	2,548,126	2,645,111	1,852,416	1,866,890	2,543,707	2,611,187	1,851,901	0	0	0	0	0	0	0	0	0
Long Term Investments	1,374,000	1,317,705	1,196,088	773,550	751,355	216,174	238,001	232,238	217,943	314,921	362,495	498,964	605,135	797,304	0	0	0	0	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	3,563,000	2,173,944	1,766,276	2,200,143	3,000,058	2,321,948	2,158,619	3,040,230	3,889,933	1,683,218	1,996,337	2,763,681	2,510,619	2,020,643	2,270,295	2,341,035	2,355,740	2,260,712	383,932	515,911	908,961	553,208	630,454
Net Invested Capital	11,762,000	10,035,531	11,376,435	9,849,336	8,977,461	8,037,964	6,929,823	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	7,282,000	6,444,705	7,005,819	6,415,262	6,222,555	5,011,059	4,135,323	3,881,649	4,238,847	2,242,523	1,868,034	2,311,163	1,855,432	1,425,600	1,090,962	962,413	1,337,430	984,801	739,138	532,295	553,206	229,353	263,224
Net Tangible Assets	0	792,185	1,123,591	2,274,377	1,099,654	-154,820	-634,422	-1,377,944	-1,823,814	-876,351	-1,235,917	-1,137,184	-1,471,251	-748,441	0	0	0	0	0	0	0	0	0
Net Working Capital	1,423,000	307,857	1,391,822	1,701,648	1,098,013	950,830	845,882	187,659	-107,699	249,583	189,077	1,177,593	1,033,999	702,979	637,684	42,688	-67,531	306,000	155,144	54,607	5,565	-61,294	-63,119
Non Current Assets Total	12,882,000	12,663,835	12,527,891	9,584,634	8,880,896	7,581,790	6,523,688	6,066,526	6,165,929	4,627,783	4,450,359	3,942,546	3,738,923	3,137,137	2,772,681	2,810,881	3,881,743	3,732,618	1,522,725	1,407,941	1,374,499	978,936	998,607
Non Current Liabilities Other	903,000	1,499,566	1,640,820	1,884,813	1,691,795	768,826	684,017	578,068	519,244	468,424	429,001	419,768	361,176	247,104	0	0	0	0	0	0	0	0	0
Non Current Liabilities Total	5,238,000	4,365,960	4,560,596	3,990,443	3,663,294	2,646,657	2,797,661	3,196,940	3,299,160	2,575,968	2,703,430	3,438,327	3,355,759	2,774,321	98,595	2,507,846	2,562,056	2,778,841	877,360	896,675	1,040,479	660,686	673,828
Non Currrent Assets Other	1,821,000	2,150,436	1,907,700	1,613,356	1,413,110	1,498,604	915,350	775,777	746,445	569,530	472,832	474,431	484,932	575,679	310,972	820,152	801,783	523,623	196,134	173,105	209,101	157,499	177,058
Noncontrolling Interest In Consolidated Entity	0	0	830,924	41,761	40,419	71,105	60,118	42,758	46,418	41,568	40,221	142,601	265,682	157,580	0	0	0	0	0	0	0	0	0
Other Assets	0	3,091,341	3,951,654	3,188,981	1,174,669	671,100	578,220	471,712	428,488	601,929	546,123	503,199	464,992	362,648	301,095	714,308	721,805	601,821	356,331	277,110	253,304	168,194	0
Other Current Assets	-8,653,000	557,009	371,656	293,321	276,319	245,611	227,421	179,656	220,956	84,401	67,452	52,695	464,468	47,871	48,873	515,923	358,246	549,419	16,327	15,583	41,360	8,415	8,493
Other Current Liab	3,414,000	3,560,742	3,679,337	2,689,665	2,738,860	2,469,419	3,695,855	3,270,749	3,208,932	2,301,493	1,984,381	1,663,022	1,688,034	810,101	1,295,119	548,869	500,340	628,646	274,680	180,268	12,991	-15,451	106,924
Other Liab	0	1,441,472	1,640,820	892,503	608,629	876,251	826,435	635,587	598,103	1,805,916	1,462,331	1,300,990	1,315,404	964,906	646,342	945,377	1,587,165	1,560,240	886,663	719,208	575,269	321,830	0
Other Stockholder Equity	-117,000	8,832,943	798,892	1,074,639	1,115,944	1,149,013	1,220,508	1,145,226	1,106,758	1,039,425	981,997	960,900	882,141	814,244	755,989	285,825	40,561	610,406	550,128	513,801	355,040	234,042	243,794
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	2,759,070	2,301,398	1,936,006	1,681,812	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Gross	3,513,000	1,869,052	1,862,469	1,835,361	1,834,172	721,692	617,739	560,756	529,823	497,926	458,596	379,176	295,488	188,397	339,139	207,976	216,214	180,546	137,655	137,703	113,569	66,634	68,451
Property Plant And Equipment Net	1,937,000	1,869,052	1,862,469	1,835,361	1,834,172	721,692	617,739	560,756	529,823	497,926	458,596	379,176	295,488	755,509	693,442	207,976	216,214	180,546	137,655	137,703	113,569	66,634	68,451
Property Plant Equipment	0	1,960,080	1,862,469	815,009	836,206	721,692	617,739	560,756	529,823	497,926	458,596	379,176	295,488	188,397	178,975	207,976	216,214	180,546	137,655	137,703	113,569	66,634	0
Retained Earnings	9,188,000	8,832,943	8,366,631	6,530,057	5,793,149	4,504,684	3,348,385	2,656,906	2,088,227	1,541,095	1,056,592	740,054	424,499	185,337	-15,008	-48,349	963,530	602,086	283,515	66,174	1,449	36,153	17,426
Retained Earnings Total Equity	0	0	8,366,631	6,530,057	5,793,149	4,504,684	3,348,385	2,656,906	2,088,227	1,541,095	1,056,592	740,054	424,499	185,337	0	0	0	0	0	0	0	0	0
Short Long Term Debt	691,000	625,840	1,277,451	1,383,964	983,523	1,331,907	910,790	1,254,680	34,428	42,407	0	0	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	4,934,000	3,492,234	4,197,227	4,096,331	3,971,839	3,099,167	2,910,393	3,802,806	4,430,336	2,424,102	2,488,249	3,852,978	3,603,801	2,527,217	3,011,852	2,499,858	2,698,614	2,505,188	833,221	772,807	1,072,842	632,909	687,904
Short Term Debt	969,000	625,840	1,277,451	1,383,964	977,175	1,328,761	910,766	1,254,653	1,750,781	506,025	374,597	1,026,381	758,187	471,351	333,922	633,099	706,757	272,331	284,065	171,923	281,422	121,776	165,841
Short Term Investments	0	1,317,705	1,196,088	452,365	0	0	73,045	68,836	72,764	63,467	58,442	102,010	154,274	3,018	865	237	4,700	371	5,179	9,213	14,899	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	2,759,070	2,301,398	1,936,006	1,681,812	0	0	0	0	0	0	0	0	0	0	0
Total Assets	22,548,000	20,513,389	22,073,491	18,039,143	16,197,196	13,456,793	11,483,830	10,779,587	11,017,943	7,684,884	6,998,414	7,809,542	7,219,143	5,121,568	5,039,406	4,726,414	6,242,573	5,944,631	2,815,672	2,271,636	2,213,481	1,324,876	1,359,353
Total Current Assets	9,666,000	7,849,554	9,545,600	8,454,509	7,316,300	5,875,003	4,960,142	4,713,061	4,852,014	3,057,101	2,548,055	3,866,996	3,480,220	1,984,431	2,266,725	1,915,533	2,360,830	2,212,013	1,292,947	863,695	838,982	345,940	360,746
Total Current Liabilities	8,243,000	7,541,697	8,153,778	6,928,613	6,260,790	5,800,234	4,606,621	4,525,402	4,959,713	2,807,518	2,358,978	2,689,403	2,446,221	1,281,452	1,629,041	1,872,845	2,428,361	1,906,013	1,137,803	809,088	833,417	407,234	423,865
Total Liab	13,481,000	11,907,657	12,714,374	10,919,056	9,924,084	8,446,891	7,404,282	7,722,342	8,258,873	5,383,486	5,062,408	6,127,730	5,801,980	4,055,773	4,255,111	4,380,691	4,990,417	4,684,854	2,015,163	1,705,763	1,873,896	1,067,920	1,097,693
Total Permanent Equity	0	0	0	0	0	0	0	0	2,759,070	2,301,398	1,936,006	1,681,812	0	0	0	0	0	0	0	0	0	0	0
Total Stockholder Equity	8,267,000	7,853,273	8,528,193	7,078,326	6,232,693	4,938,797	4,019,430	3,014,487	2,712,652	2,259,830	1,895,785	1,539,211	1,151,481	908,215	629,122	114,686	988,543	1,181,641	793,685	559,948	332,929	251,341	257,364
Treasury Stock	0	0	0	0	0	0	0	0	-2,759,070	-2,301,398	-1,936,006	-1,681,812	0	0	0	0	0	0	0	0	-2,192	-1,732	0
Warrants	0	0	0	385,573	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30
Accounts Payable	3,562,000	2,901,451	2,886,203	3,008,485	3,078,781	2,720,466	2,825,499	2,881,910	2,916,331	2,604,640	2,485,081	2,469,434	2,692,939	2,428,845	2,329,218	2,365,003	2,436,084	2,085,391	2,063,845	1,833,841	1,919,827	1,674,183	1,642,030	1,505,134	1,674,287	1,505,860	1,427,401	1,320,584	1,446,438	1,365,528	1,381,802	1,351,062	1,484,119	1,320,325	764,524	702,125	827,530	711,099	770,494	734,087	817,519	536,743	562,099	597,820	584,738	515,369	895,343	887,409	972,824	495,833	778,861	772,242	791,876	680,065	364,634	429,440	458,510	426,900	342,371	321,414	395,658	394,209	479,740	445,112	493,804	427,615	388,334	386,158	480,852	232,214	206,405	203,025	254,085	193,009	153,303	166,408	185,877	170,130	181,531	188,725	338,661	289,703	159,587	160,628	181,600	132,225	138,097	144,563	151,100	150,274	7,769
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Accumulated Other Comprehensive Income	-807,000	-1,043,685	-928,788	-953,098	-982,780	-1,223,083	-951,569	-701,440	-640,659	-654,176	-564,564	-582,535	-529,726	-731,399	-838,517	-851,039	-679,748	-787,081	-717,660	-716,169	-718,269	-678,972	-648,492	-483,770	-552,858	-580,765	-646,913	-737,231	-791,018	-585,341	-572,181	-471,355	-485,675	-446,454	-370,734	-430,550	-324,020	-217,197	-111,095	-133,547	-146,123	-156,967	-201,671	-185,446	-165,044	-170,856	-184,424	-138,445	-158,439	-136,895	-56,158	-64,401	-94,602	-112,039	-172,438	-136,433	-115,077	-77,571	-88,198	-146,836	-125,413	-57,749	3,207	-18,616	-17,564	14,840	-15,334	-29,611	-33,126	-34,247	-32,494	-38,187	-40,696	-23,796	-23,339	-22,421	-20,737	-26,425	-31,931	-32,655	-23,780	-17,724	-22,272	-18,877	-18,998	2,323	10,608	44	296	1,546	-
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,277,630	1,278,251	1,246,251	1,220,508	1,192,855	1,199,559	1,159,294	0	0	0	2,866,698	2,759,070	2,589,525	2,503,528	2,305,021	2,301,398	2,182,838	2,174,275	2,028,258	1,936,006	1,836,307	1,711,449	1,705,787	1,681,812	1,519,106	1,434,942	0	0	0	0	0	0	956,964	820,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Lease Obligations	1,331,000	1,298,535	1,294,165	1,285,192	1,309,976	1,262,336	1,320,029	1,325,542	1,348,985	1,257,352	1,288,378	1,297,512	1,325,321	1,314,646	1,310,371	1,228,867	1,226,421	1,202,731	1,169,724	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Stock	3,000	3,048	3,109	3,108	3,110	3,171	3,221	3,296	3,329	3,346	3,357	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Capital Surpluse	0	0	12,510	0	0	0	0	409,187	798,892	938,784	1,001,832	1,013,287	1,074,639	1,064,849	1,046,999	1,026,768	1,115,944	1,140,021	1,162,002	1,126,984	1,149,013	1,277,630	1,278,251	1,246,251	1,220,508	1,192,855	1,199,559	1,159,294	1,145,226	1,124,062	1,131,881	1,115,203	1,106,758	1,080,607	1,067,934	1,052,496	1,039,425	1,022,986	1,010,837	995,528	981,997	969,738	970,956	979,805	960,900	940,940	908,657	895,918	882,141	871,254	854,983	837,958	814,244	792,013	777,866	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash	1,371,000	1,252,101	1,261,174	1,231,325	1,318,290	1,125,011	1,192,783	1,657,336	2,430,951	2,767,820	2,142,820	1,910,326	1,896,188	1,481,924	1,214,213	628,451	971,781	577,460	535,618	604,952	777,219	550,468	531,481	642,854	751,774	955,605	535,681	533,281	762,576	446,346	431,768	489,229	540,403	440,357	336,422	379,028	740,884	615,358	381,866	428,237	491,912	502,621	485,495	518,700	1,089,297	776,260	731,202	703,937	1,093,182	662,594	752,109	427,645	506,574	768,675	743,563	680,295	741,557	326,045	309,520	423,463	158,823	400,780	250,518	313,162	342,874	435,207	438,168	346,348	244,476	138,273	127,289	253,089	449,289	284,571	192,217	157,784	256,896	147,925	179,592	54,254	163,881	85,494	223,018	19,370	79,701	18,484	18,211	19,997	57,450	24,211	229,499
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Cash And Short Term Investments	1,371,000	1,252,101	1,261,174	1,231,325	1,318,290	1,125,011	1,192,783	1,657,336	2,430,951	2,767,820	2,142,820	1,910,326	1,896,188	1,481,924	1,214,213	628,451	971,781	577,460	535,618	604,952	777,219	550,468	531,481	642,854	751,774	955,605	535,681	533,281	762,576	446,346	431,768	489,229	540,403	440,357	336,422	379,028	740,884	615,358	381,866	428,237	491,912	502,621	485,495	518,700	1,089,297	776,260	731,202	703,937	1,247,456	662,594	752,109	427,645	509,592	768,675	743,563	680,295	742,422	326,045	309,520	423,463	158,823	400,780	250,518	313,162	347,574	438,036	440,997	347,967	244,476	138,273	127,289	253,089	449,289	284,571	192,217	157,784	256,896	147,925	179,592	54,254	163,881	85,494	223,018	19,370	79,701	18,484	18,211	19,997	57,450	24,211	229,499
Common Stock	3,000	3,048	3,109	3,108	3,110	3,171	3,221	3,296	3,329	3,346	3,357	3,359	3,356	3,354	3,352	3,351	3,348	3,358	3,363	3,363	3,369	3,409	3,398	3,397	3,395	3,395	3,379	3,379	3,373	3,373	3,356	3,353	3,342	3,342	3,331	3,330	3,330	3,328	3,321	3,320	3,319	3,314	3,313	3,312	3,301	3,292	3,282	3,280	3,280	3,279	3,250	3,247	3,236	3,230	3,218	3,218	3,218	2,927	2,846	2,648	2,623	2,048	2,023	2,021	2,016	2,301	2,292	2,284	2,275	2,253	2,234	743	738	731	725	720	710	702	690	660	220	220	145	145	144	144	144	143	144	144	2
Common Stock Shares Outstanding	308,527	312,221	314,282	315,358	319,221	324,743	329,844	337,140	339,466	340,337	339,503	339,581	338,800	337,666	337,361	339,738	340,333	341,100	340,509	340,158	342,684	343,734	343,472	342,590	341,728	341,186	340,883	339,691	338,839	338,489	338,081	337,506	337,224	336,562	336,155	335,699	335,107	334,293	333,919	333,350	332,519	332,061	331,631	330,803	329,013	327,309	326,082	325,739	320,671	323,715	324,093	322,921	316,563	319,353	318,425	312,880	312,880	285,924	265,683	261,999	261,999	207,706	208,389	207,731	203,111	237,451	237,476	236,932	229,663	233,944	233,656	232,949	225,560	230,332	229,098	228,554	220,599	225,553	208,128	187,567	203,041	172,459	127,572	135,263	45,088	45,677	45,652	45,621	45,152	35,596	-
Common Stock Total Equity	0	0	3,109	3,108	0	3,171	3,221	3,296	3,329	3,346	3,357	3,359	3,356	3,354	3,352	3,351	3,348	3,358	3,363	3,363	3,369	3,409	3,398	3,397	3,395	3,395	3,379	3,379	3,373	3,373	3,356	3,353	3,342	3,342	3,331	3,330	3,330	3,328	3,321	3,320	3,319	3,314	3,313	3,312	3,301	3,292	3,282	3,280	3,280	3,279	3,250	3,247	3,236	3,230	3,218	3,218	3,218	2,927	2,846	2,648	2,623	2,048	2,023	2,021	2,016	2,301	2,292	2,284	2,275	2,253	2,234	743	738	731	725	720	710	702	690	660	220	220	145	145	144	144	144	143	144	144	-
Current Deferred Revenue	298,000	263,093	263,703	262,189	276,334	314,299	281,988	295,642	280,659	195,145	197,402	174,413	162,045	132,499	128,415	106,995	108,671	110,911	109,511	115,137	82,227	86,771	76,216	88,076	-1,674,287	-1,505,860	-1,427,401	-1,320,584	-1,446,438	-1,365,528	-1,381,802	-1,351,062	-1,484,119	-1,320,325	-764,524	-702,125	-827,530	-711,099	-770,494	-734,087	-817,519	-536,743	-562,099	-597,820	-584,738	-647,076	-1,011,484	-887,409	572,996	-495,833	-796,505	-772,242	473,921	0	-364,634	-429,440	0	0	0	0	295,219	322,681	328,176	370,486	727,460	504,069	384,400	258,421	524,184	241,838	201,400	156,977	324,973	210,698	331,745	111,718	271,020	143,585	126,503	83,161	200,343	0	0	0	119,309	0	0	0	0	0	-
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	89,046	73,864	142,918	83,015	80,537	51,703	79,494	97,890	101,859	98,746	94,250	96,272	94,653	105,324	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6,300	1,014	10,320	11,365	25	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Deferred Long Term Liab	0	0	280,033	276,681	11,100	284,123	269,717	310,104	405,258	156,197	145,928	123,562	124,485	71,892	72,607	50,686	34,593	21,287	51,588	126,384	107,425	187,613	187,062	165,559	114,017	125,782	96,780	78,142	70,719	85,355	85,034	85,534	100,361	204,031	167,294	152,738	149,233	125,945	134,766	143,193	160,777	211,756	192,912	187,294	191,962	163,341	158,707	166,014	148,969	28,084	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Good Will	5,129,000	4,961,501	5,043,708	4,933,818	4,868,382	4,660,638	4,794,847	4,977,082	4,995,175	3,874,743	3,892,134	3,804,678	3,821,609	3,744,269	3,695,742	3,673,758	3,753,493	3,627,327	3,663,789	3,663,882	3,652,309	3,643,143	3,407,169	3,278,631	3,254,740	3,135,208	3,095,980	3,019,585	2,981,392	3,045,084	3,061,024	3,133,866	3,085,997	2,997,042	2,313,819	2,267,009	2,333,821	2,314,943	2,334,972	2,304,503	2,290,474	1,899,584	1,842,070	1,851,945	1,889,602	1,845,387	1,816,040	1,838,601	1,828,407	1,581,760	1,407,543	1,342,850	1,323,801	1,316,843	1,276,840	1,295,498	1,306,372	1,309,405	1,279,439	1,243,946	1,251,823	2,316,717	2,351,646	2,291,872	2,174,710	2,220,752	2,181,201	2,190,797	2,188,352	969,571	934,340	886,374	880,179	841,449	822,577	820,794	821,508	830,723	825,056	825,679	819,558	793,251	577,137	577,137	577,137	581,661	583,213	611,276	609,543	629,146	-
Intangible Assets	2,081,000	2,064,321	2,129,915	2,152,939	2,192,706	2,146,468	2,256,613	2,338,548	2,409,427	1,345,646	1,345,143	1,370,484	1,367,913	1,333,917	1,330,599	1,339,786	1,379,546	1,325,603	1,331,281	1,338,646	1,441,308	1,403,424	1,448,284	1,398,503	1,399,112	1,400,699	1,398,757	1,403,262	1,411,039	1,414,831	1,396,240	1,416,336	1,450,469	1,527,123	806,102	789,017	802,360	815,366	816,674	830,374	841,228	800,577	796,479	794,704	786,793	769,640	784,779	795,615	794,325	514,662	333,940	331,758	332,855	331,748	323,500	322,736	322,904	320,076	318,337	309,806	311,447	404,506	401,770	400,785	404,104	408,282	418,879	429,658	441,073	106,353	107,058	108,329	989,719	951,368	933,188	933,048	935,161	948,018	946,294	949,373	131,731	153,790	89,494	90,245	91,082	91,874	93,549	36,242	38,117	33,632	-
Inventory	0	425,456	-538,845	-522,634	-470,450	410,414	-530,837	-408,107	-262,826	462,984	-207,357	373,039	-150,262	449,580	-168,475	391,800	-154,355	784,192	-160,189	-274,654	-158,886	-191,178	-193,403	-185,029	-154,376	-117,070	-124,670	-142,065	-110,820	-142,327	-160,303	-149,352	-148,192	43,596	36,984	47,522	45,604	71,469	86,822	128,311	126,954	168,460	167,188	289,123	392,860	94,337	51,093	32,568	56,818	85,355	558	33,579	16,295	7,280	12,140	6,209	221,436	382,824	-4,374	291,261	278,374	415,508	361,465	313,744	317,580	361,654	309,874	447,912	433,317	118,815	100,765	100,750	88,193	64,523	68,071	65,977	58,921	97,754	103,517	109,502	80,535	99,970	39,381	38,586	28,471	44,652	44,062	42,923	31,579	27,004	-
Liabilities And Stockholders Equity	22,548,000	21,687,417	21,732,067	21,030,097	20,513,389	20,215,330	20,438,672	21,143,152	22,073,491	19,730,360	18,458,352	17,248,728	18,039,143	16,347,076	15,700,414	15,680,264	16,197,196	15,040,942	14,719,135	14,693,008	13,456,793	12,977,116	12,535,457	11,907,442	11,483,830	11,652,014	10,606,218	9,927,112	10,779,587	10,776,770	9,922,572	9,835,135	11,017,943	9,555,464	7,460,259	7,625,660	7,684,884	7,529,954	7,471,771	6,843,358	6,998,414	6,177,335	6,348,288	6,887,640	7,809,542	6,768,777	6,576,395	6,539,557	7,219,143	6,415,103	5,282,732	4,792,898	5,121,568	5,075,063	4,931,050	4,867,415	5,039,406	4,475,344	4,418,978	4,657,481	4,726,414	6,411,766	6,439,505	6,308,988	6,242,573	6,483,641	5,950,030	5,598,742	5,944,631	2,594,126	2,397,071	2,485,779	2,815,672	2,380,701	2,241,566	2,000,265	2,271,636	2,007,347	2,219,076	1,919,735	2,213,481	1,967,024	1,561,901	1,196,296	1,324,876	1,254,683	1,351,923	1,221,657	1,359,353	1,219,638	238,268
Long Term Debt	2,804,000	2,795,855	2,065,996	1,086,268	1,556,418	1,476,929	1,503,494	1,557,038	1,570,791	1,843,849	1,861,069	1,848,346	1,380,202	1,783,212	1,763,113	1,754,518	1,761,245	1,748,264	1,766,564	1,760,181	1,767,260	1,760,003	1,762,885	1,758,188	1,999,603	2,551,568	2,550,404	2,549,258	2,548,126	2,614,898	2,624,977	2,635,045	2,645,111	2,683,718	1,734,350	1,734,294	1,852,416	2,084,213	1,831,641	1,856,479	1,866,890	1,878,521	1,915,455	2,130,621	2,543,707	2,539,510	2,617,912	2,616,751	2,611,187	2,466,327	2,134,267	1,808,292	1,851,901	2,258,315	2,471,684	2,567,599	2,372,302	2,419,176	2,480,067	2,138,124	2,287,001	2,310,876	2,277,307	2,270,927	1,991,857	2,009,898	2,087,584	2,219,124	2,232,857	132,262	132,330	545,597	549,156	552,040	559,294	571,849	600,884	604,049	752,350	790,492	791,420	819,376	0	0	499,004	0	0	0	0	0	-
Long Term Debt Total	0	0	2,059,797	1,086,268	0	1,476,929	1,503,494	1,526,212	1,538,123	1,843,849	1,854,327	1,848,346	1,380,202	1,783,212	1,763,113	1,754,518	1,761,245	1,748,264	1,766,564	1,760,181	1,767,260	1,760,003	1,762,885	1,758,188	1,999,603	2,551,568	2,550,404	2,549,258	2,548,126	2,614,898	2,624,977	2,635,045	2,645,111	2,683,718	1,734,350	1,734,294	1,852,416	2,084,213	1,831,641	1,856,479	1,866,890	1,878,521	1,915,455	2,130,621	2,543,707	2,539,510	2,617,912	2,616,751	2,611,187	2,466,327	2,134,267	1,808,292	1,851,901	2,258,315	2,471,684	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Long Term Investments	1,374,000	1,316,395	1,306,769	1,534,849	1,317,705	1,744,899	1,477,574	1,124,339	1,196,088	1,248,140	1,150,119	1,015,183	773,550	660,074	611,962	623,352	751,355	328,580	307,308	228,406	216,174	195,322	233,889	228,950	238,001	233,634	246,715	242,486	232,238	249,883	226,742	220,533	217,943	307,984	301,879	300,272	314,921	322,380	345,828	201,577	362,495	208,201	378,994	477,743	498,964	629,040	697,836	687,232	605,135	665,919	719,008	752,130	797,304	865,969	893,193	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Debt	3,563,000	4,514,203	4,115,427	3,582,358	2,173,944	3,112,179	2,996,322	2,607,369	1,766,276	1,722,464	2,108,783	1,917,832	2,200,143	2,814,322	3,072,793	3,620,692	3,000,058	3,780,100	3,983,318	4,209,682	2,321,948	2,934,279	3,302,477	2,726,406	2,158,619	3,012,242	3,069,720	2,807,458	3,040,230	3,915,686	3,231,066	3,180,271	3,889,933	3,274,479	2,157,934	2,569,722	1,683,218	2,354,748	2,601,542	2,200,621	1,996,337	1,819,535	2,207,291	2,683,325	2,763,681	3,907,506	3,865,168	3,870,587	2,490,166	2,753,570	1,991,520	1,901,279	2,008,993	2,095,057	2,318,942	2,250,812	2,269,120	2,592,438	2,666,430	2,881,065	2,341,035	3,020,571	2,972,213	2,812,985	2,355,740	2,289,160	2,157,562	2,176,455	2,260,712	252,387	296,771	414,974	383,932	472,059	591,039	492,358	515,911	607,381	834,340	861,311	908,961	909,393	701,113	574,722	553,208	629,131	728,795	624,123	630,454	615,453	-3,858
Net Invested Capital	11,762,000	12,151,785	12,180,494	11,388,325	10,035,531	10,910,681	11,005,086	11,409,134	11,376,435	11,195,525	10,642,746	9,761,016	9,849,336	9,534,696	9,218,836	9,149,619	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Receivables	7,282,000	7,305,941	7,330,858	6,984,313	6,444,705	6,520,153	6,711,773	6,836,077	7,005,819	6,369,076	6,138,484	5,304,207	6,415,262	5,554,651	5,515,879	5,953,664	6,222,555	5,432,904	5,366,931	5,349,723	5,011,059	5,008,765	4,812,846	4,283,188	4,135,323	4,278,036	3,723,235	3,184,248	3,881,649	4,041,555	3,220,869	3,069,333	4,238,847	2,860,885	2,355,436	2,617,464	2,242,523	2,246,762	2,377,813	1,726,113	1,868,034	1,461,565	1,758,683	2,056,765	2,311,163	1,593,786	1,516,645	1,493,606	1,855,432	1,688,160	1,276,834	1,174,749	1,425,600	1,082,849	992,257	814,869	1,253,994	874,267	812,183	1,035,445	962,413	1,061,706	1,124,195	1,194,853	1,337,430	1,409,880	1,067,613	804,628	984,801	597,330	490,811	509,954	739,138	502,362	493,818	337,634	532,295	388,183	515,191	345,299	553,206	386,428	292,464	155,990	229,353	201,556	279,727	160,511	263,224	224,109	-
Net Tangible Assets	0	658,194	924,435	773,077	792,185	1,128,721	1,084,550	1,154,341	1,123,591	2,742,204	2,442,244	2,439,607	2,274,377	1,474,910	1,217,653	1,115,799	1,099,654	558,899	351,567	86,851	-154,820	-333,611	-401,876	-319,503	-634,422	-740,437	-955,044	-1,210,902	-1,377,944	-1,524,890	-1,602,146	-1,732,607	-1,823,814	-1,978,486	-660,329	-796,718	-876,351	-984,374	-1,018,864	-1,145,321	-1,235,917	-942,130	-1,018,449	-1,071,378	-1,137,184	-1,274,595	-1,345,957	-1,421,989	-1,471,251	-1,014,048	-658,479	-678,098	-748,441	-875,194	-958,539	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Working Capital	1,423,000	1,459,968	784,167	-163,838	307,857	834,304	1,248,423	1,090,418	1,391,822	2,639,874	2,220,933	2,133,488	1,701,648	1,619,103	1,336,537	1,198,161	1,055,510	1,030,865	268,863	551,339	74,769	154,926	36,539	598,413	353,521	767,084	536,113	303,423	187,659	36,835	23,052	-34,408	-107,699	-140,062	216,493	166,284	249,583	566,241	437,829	419,648	189,077	557,212	589,241	713,934	1,177,593	559,046	552,606	505,311	869,399	742,438	1,664,454	249,590	304,102	622,773	686,959	532,875	637,684	263,222	234,542	-131,620	42,688	-64,681	-62,016	8,249	-67,531	370,496	365,327	376,742	306,000	-135,646	-187,679	160,318	155,144	80,286	52,745	31,214	54,607	40,726	104,365	-10,838	5,565	40,479	-56,833	-55,261	-61,294	-57,797	-64,042	-62,854	-63,119	-48,807	-
Non Current Assets Total	12,882,000	12,360,805	13,043,883	12,725,995	12,663,835	11,625,373	12,396,183	12,514,446	12,527,891	9,654,932	10,063,059	9,342,437	9,584,634	8,575,701	8,870,801	8,416,677	8,880,896	7,982,107	8,738,979	8,655,617	7,581,790	7,340,413	7,119,265	6,902,441	6,523,688	6,333,579	6,272,582	6,150,537	6,066,526	6,218,114	6,199,433	6,213,201	6,165,929	6,143,436	4,665,406	4,524,952	4,627,783	4,540,785	4,578,284	4,509,868	4,450,359	3,996,635	3,877,440	3,954,533	3,942,546	4,334,131	4,264,220	4,281,141	3,669,096	3,676,281	3,204,568	3,143,971	2,860,698	3,172,042	3,157,906	3,334,332	2,772,681	2,842,278	3,254,099	2,753,387	2,810,881	4,241,035	4,220,536	4,084,279	3,881,743	3,907,372	3,824,820	3,811,127	3,732,618	1,721,105	1,658,705	1,601,280	1,522,725	1,473,716	1,440,984	1,417,138	1,407,941	1,331,946	1,385,121	1,376,975	1,374,499	1,359,489	1,192,895	972,880	978,936	981,014	999,146	988,766	998,607	937,025	7,724
Non Current Liabilities Other	903,000	1,064,629	1,574,252	2,307,276	1,499,566	2,058,981	2,146,684	1,439,459	1,640,820	687,786	1,011,358	1,848,234	1,884,813	1,745,398	1,726,745	1,640,087	1,691,795	1,684,441	1,623,004	1,592,145	768,826	771,328	687,504	695,366	684,017	571,451	578,458	568,293	578,068	528,150	566,142	551,438	519,244	473,927	460,313	460,618	468,424	459,949	455,125	435,814	429,001	408,024	395,376	410,403	419,768	402,564	386,376	361,770	361,176	334,459	277,971	253,858	247,104	249,916	243,617	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Current Liabilities Total	5,238,000	5,359,884	4,934,413	3,919,747	4,365,960	3,820,033	4,182,510	4,322,039	4,560,596	3,894,127	4,563,316	3,820,142	3,990,443	3,600,502	3,762,988	3,445,291	3,663,294	3,453,992	3,617,312	4,002,740	2,646,657	2,722,948	2,638,933	3,082,180	2,797,661	3,248,827	3,225,669	3,195,721	3,196,940	3,273,446	3,318,715	3,312,095	3,299,160	3,413,849	2,378,371	2,386,215	2,575,968	2,924,188	2,841,838	2,901,258	2,703,430	2,717,540	2,755,232	2,962,680	3,438,327	3,374,071	3,381,884	3,384,109	3,121,332	3,060,657	3,629,364	2,244,416	2,099,005	2,837,851	3,024,255	3,077,732	2,626,070	53,108	3,002,321	2,343,364	2,507,846	2,839,181	2,825,485	2,824,347	2,562,056	2,556,076	2,658,391	2,918,133	2,778,841	530,902	522,103	898,679	877,360	844,528	852,574	862,194	896,675	887,757	1,028,126	1,047,117	1,040,479	1,044,566	877,309	660,863	660,686	661,052	662,306	670,841	673,828	640,755	225,642
Non Currrent Assets Other	1,821,000	1,835,692	2,424,427	2,255,297	2,150,436	1,439,759	2,166,213	2,108,603	1,907,700	1,407,159	1,838,772	1,216,859	1,613,356	1,133,241	1,467,202	1,092,515	1,413,110	795,338	1,657,880	1,675,015	1,498,604	1,316,602	1,226,564	1,260,832	915,350	895,522	878,378	838,918	775,777	851,188	874,143	786,603	746,445	883,700	634,056	586,046	569,530	560,909	562,761	558,636	472,832	484,084	458,115	529,349	474,431	867,217	788,584	802,151	-23,198	1,070,110	680,680	627,876	208,021	540,813	552,373	661,334	107,090	302,649	697,387	99,547	820,152	1,035,043	974,643	884,809	801,783	640,714	656,320	507,388	523,623	260,023	234,982	243,250	196,134	206,911	196,265	178,084	173,105	141,679	204,008	206,692	209,101	211,034	363,642	148,515	157,499	168,663	174,240	177,365	177,058	125,632	7,724
Noncontrolling Interest In Consolidated Entity	0	0	795,579	782,576	0	703,817	758,974	812,854	830,924	35,567	41,155	41,014	41,761	41,206	41,057	40,204	40,419	47,151	43,893	114,837	71,105	59,435	63,294	61,043	60,118	56,366	43,333	46,294	42,758	46,478	48,652	49,103	46,418	43,846	43,936	45,713	41,568	36,903	41,493	38,702	40,221	78,276	91,349	130,516	142,601	178,674	180,080	190,116	265,682	275,688	156,654	152,635	157,580	183,567	178,809	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Assets	5,766,000	2,070,983	0	3,611,291	3,091,341	3,619,679	21,729,338	1,438,568	3,951,654	4,754,759	2,334,620	1,595,183	3,188,981	1,128,631	1,112,239	1,083,124	1,174,669	857,952	767,641	736,445	671,100	654,485	633,936	613,392	5,413,564	5,273,014	5,225,402	5,130,019	5,096,381	5,170,514	5,142,916	5,219,889	5,182,897	5,031,351	3,598,186	3,509,630	3,582,916	3,574,435	3,604,360	3,567,967	3,552,185	3,114,293	3,053,162	3,086,756	3,083,455	3,025,610	3,007,989	3,015,424	2,965,958	2,413,754	2,056,705	1,970,403	1,933,087	1,910,105	1,850,934	1,884,058	1,907,373	1,967,609	1,945,916	1,861,823	1,908,836	3,364,862	3,416,784	3,377,530	3,247,159	3,713,064	3,640,692	3,633,535	3,552,072	1,567,324	1,501,707	1,448,365	1,385,070	1,340,277	1,307,255	1,282,562	1,270,238	1,203,870	1,261,737	1,259,635	1,260,930	1,248,784	0	0	912,302	0	0	0	0	0	-
Other Current Assets	-8,653,000	343,114	634,997	611,098	557,009	534,379	668,770	543,400	371,656	475,548	321,346	318,719	293,321	285,220	267,996	289,672	276,319	264,279	237,796	357,370	245,611	268,648	265,268	263,988	227,421	201,864	199,390	201,111	179,656	213,082	230,805	212,724	220,956	145,168	104,193	103,230	84,401	83,606	84,691	74,314	67,452	56,754	58,057	56,309	52,695	89,967	89,510	76,265	73,002	113,573	50,756	70,871	47,871	44,217	44,880	40,486	48,873	49,930	47,550	153,925	515,923	292,737	482,791	402,950	358,246	366,699	306,726	187,108	549,419	18,603	19,501	20,706	16,327	55,529	46,476	21,732	15,583	41,539	35,655	33,705	41,360	35,643	-185,857	9,470	8,415	8,977	10,777	9,460	8,493	7,289	1,045
Other Current Liab	3,414,000	2,791,282	2,737,671	2,772,196	3,560,742	3,026,442	2,925,742	2,978,611	3,679,337	3,018,265	2,389,721	2,239,884	2,689,665	2,202,899	1,989,848	2,144,511	2,738,860	2,262,237	1,957,949	1,975,867	2,469,419	2,000,083	1,591,816	1,665,373	3,695,855	3,135,098	2,742,553	2,681,699	3,270,749	2,819,730	2,704,792	2,661,965	3,208,932	2,573,145	1,834,768	1,758,533	2,301,493	1,791,116	1,724,197	1,607,235	1,984,381	1,399,092	1,355,765	1,382,131	1,663,022	131,707	116,141	34,906	162,667	1,278,334	17,644	1,060,971	27,305	1,002,243	802,058	886,021	990,666	1,135,771	735,838	869,310	548,869	408,047	527,645	545,642	500,340	559,620	479,003	462,615	628,646	276,217	226,510	241,713	274,680	218,402	38,827	195,494	180,268	169,703	159,974	156,639	12,991	101,842	49,853	33,223	-15,451	64,786	46,998	24,144	106,924	66,203	1,718
Other Liab	0	1,439,517	0	1,531,134	1,441,472	1,277,289	1,321,354	1,368,709	1,640,820	1,021,347	1,011,358	802,583	892,503	629,954	618,290	582,049	608,629	615,659	637,363	714,965	876,251	957,541	872,466	857,825	670,092	571,451	578,458	568,293	556,615	528,150	566,142	551,438	485,930	473,927	460,313	460,618	468,424	459,949	455,125	435,814	429,001	408,024	395,376	410,403	419,768	402,564	386,376	361,770	361,176	250,779	196,754	173,304	168,798	171,557	168,184	173,129	180,306	138,603	131,825	128,403	142,140	438,468	462,702	471,163	488,352	541,272	551,925	641,199	465,381	398,640	389,773	353,082	328,204	292,488	293,280	290,345	295,791	283,708	275,776	256,625	249,059	225,190	0	0	137,829	0	0	0	0	0	-
Other Stockholder Equity	-117,000	8,724,653	12,510	8,809,824	8,832,943	9,155,739	9,084,358	409,187	798,892	938,784	1,001,832	1,013,287	1,074,639	1,064,849	1,046,999	1,026,768	1,115,944	1,140,021	1,162,002	1,126,984	1,149,013	1,277,630	1,278,251	1,246,251	1,220,508	1,192,855	1,199,559	1,159,294	1,145,226	1,124,062	1,131,881	1,115,203	1,106,758	1,080,607	1,067,934	1,052,496	1,039,425	1,022,986	1,010,837	995,528	981,997	969,738	970,956	979,805	960,900	940,940	908,657	895,918	882,141	874,533	854,983	837,958	814,244	792,013	777,866	766,989	755,989	453,038	450,493	293,235	285,825	68,881	60,791	52,579	40,561	664,881	655,902	637,107	610,406	580,848	566,063	561,878	550,128	537,868	526,793	520,438	513,801	504,230	496,592	359,274	355,040	354,667	234,821	234,955	234,042	238,642	243,426	243,553	243,794	244,525	3,868
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Preferred Stock Total Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,866,698	2,759,070	2,589,525	2,503,528	2,305,021	2,301,398	2,182,838	2,174,275	2,028,258	1,936,006	1,836,307	1,711,449	1,705,787	1,681,812	1,519,106	1,434,942	0	0	0	0	0	0	956,964	820,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Property Plant And Equipment Gross	3,513,000	3,371,141	1,832,634	1,814,010	1,869,052	3,070,253	0	0	0	0	1,743,554	1,775,030	1,835,361	1,876,325	1,888,277	1,798,662	1,834,172	1,762,341	1,695,706	1,669,131	721,692	702,428	705,469	633,666	617,739	574,266	556,480	551,633	560,756	550,779	533,575	528,350	529,823	503,666	484,032	479,751	497,926	455,859	455,322	446,660	458,596	394,263	369,697	362,421	379,176	334,860	299,310	287,548	295,488	249,889	216,584	193,367	188,397	154,157	153,104	315,256	339,139	179,852	185,915	350,537	207,976	217,346	229,661	229,056	216,214	194,308	184,128	177,592	180,546	153,781	156,998	152,915	137,655	133,439	133,729	134,576	137,703	128,076	123,384	117,340	113,569	110,705	68,959	66,706	66,634	62,896	64,928	65,814	68,451	68,108	-
Property Plant And Equipment Net	1,937,000	1,850,472	1,832,634	1,814,010	1,869,052	1,761,276	1,818,768	1,823,126	1,862,469	1,695,981	1,743,554	1,775,030	1,835,361	1,876,325	1,888,277	1,798,662	1,834,172	1,762,341	1,695,706	1,669,131	721,692	702,428	705,469	633,666	617,739	574,266	556,480	551,633	560,756	550,779	533,575	528,350	529,823	503,666	484,032	479,751	497,926	455,859	455,322	446,660	458,596	394,263	369,697	362,421	379,176	465,369	491,491	487,448	295,488	249,889	630,947	693,674	188,397	838,885	886,048	926,797	339,139	716,392	749,866	350,537	207,976	217,346	229,661	229,056	216,214	194,308	184,128	177,592	180,546	153,781	156,998	152,915	137,655	133,439	133,729	134,576	137,703	128,076	123,384	117,340	113,569	110,705	68,959	66,706	66,634	62,896	64,928	65,814	68,451	68,108	-
Property Plant Equipment	0	1,947,605	848,852	833,269	1,960,080	768,445	778,535	792,735	1,862,469	1,695,981	1,743,554	774,301	815,009	818,333	824,748	800,869	836,206	782,004	746,490	730,450	721,692	702,428	705,469	633,666	617,739	574,266	556,480	551,633	560,756	550,779	533,575	528,350	529,823	544,466	484,032	522,151	497,926	455,859	455,322	446,660	458,596	394,263	369,697	362,421	379,176	334,860	299,310	287,548	295,488	249,889	216,584	193,367	188,397	154,157	153,104	1,086,153	865,308	874,669	915,252	891,564	902,045	876,173	803,752	706,749	634,584	194,308	184,128	177,592	180,546	153,781	156,998	152,915	137,655	133,439	133,729	134,576	137,703	128,076	123,384	117,340	113,569	110,705	0	0	66,634	0	0	0	0	0	-
Retained Earnings	9,188,000	8,724,653	9,011,227	8,809,824	8,832,943	9,155,739	9,084,358	8,758,928	8,366,631	7,674,639	7,238,896	6,796,259	6,530,057	6,216,292	6,032,160	5,950,263	5,793,149	5,155,531	4,898,932	4,675,201	4,504,684	4,110,889	3,820,420	3,591,753	3,348,385	3,179,985	2,983,668	2,786,503	2,656,906	2,392,931	2,292,062	2,170,394	2,088,227	1,908,184	1,759,061	1,634,032	1,541,095	1,336,818	1,229,719	1,124,255	1,056,592	941,946	847,502	777,600	740,054	567,056	527,347	451,474	424,499	344,736	280,929	219,706	185,337	90,193	33,155	-21,635	-15,008	-79,298	-91,675	-85,038	-48,349	1,040,920	1,000,547	983,984	963,530	841,084	726,137	585,002	602,086	476,988	384,679	320,425	283,515	188,103	131,167	80,746	66,174	-259	-12,154	-15,119	1,449	11,533	39,978	34,806	36,153	21,056	18,620	11,331	17,426	1,248	-730
Retained Earnings Total Equity	0	0	9,011,227	8,809,824	0	9,155,739	9,084,358	8,758,928	8,366,631	7,674,639	7,238,896	6,796,259	6,530,057	6,216,292	6,032,160	5,950,263	5,793,149	5,155,531	4,898,932	4,675,201	4,504,684	4,110,889	3,820,420	3,591,753	3,348,385	3,179,985	2,983,668	2,786,503	2,656,906	2,392,931	2,292,062	2,170,394	2,088,227	1,908,184	1,759,061	1,634,032	1,541,095	1,336,818	1,229,719	1,124,255	1,056,592	941,946	847,502	777,600	740,054	567,056	527,347	451,474	424,499	344,736	280,929	219,706	185,337	90,193	33,155	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt	691,000	1,671,914	2,016,440	2,425,070	625,840	1,497,925	1,365,582	1,382,125	1,277,451	1,389,083	1,102,156	682,300	1,383,964	1,198,388	1,211,729	1,265,758	983,523	1,406,565	1,582,246	1,899,780	4,216	3,988	1,466	51	8	10	3,605,401	3,351,080	11	0	0	0	34,428	0	0	0	42,407	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Short Long Term Debt Total	4,934,000	5,766,304	5,376,601	4,813,683	3,492,234	4,237,190	4,189,105	4,264,705	4,197,227	4,490,284	4,251,603	3,828,158	4,096,331	4,296,246	4,287,006	4,249,143	3,971,839	4,357,560	4,518,936	4,814,634	3,099,167	3,484,747	3,833,958	3,369,260	2,910,393	3,967,847	3,605,401	3,340,739	3,802,806	4,362,032	3,662,834	3,669,500	4,430,336	3,714,836	2,494,356	2,948,750	2,424,102	2,970,106	2,983,408	2,628,858	2,488,249	2,322,156	2,692,786	3,202,025	3,852,978	4,683,766	4,596,370	4,574,524	3,583,348	3,416,164	2,743,629	2,328,924	2,515,567	2,863,732	3,062,505	2,931,107	3,010,677	2,918,483	2,975,950	3,304,528	2,499,858	3,421,351	3,222,731	3,126,147	2,698,614	2,724,367	2,595,730	2,522,803	2,505,188	390,660	424,060	668,063	833,221	756,630	783,256	650,142	772,807	755,306	1,013,932	915,565	1,072,842	994,887	924,131	594,092	632,909	647,615	747,006	644,120	687,904	639,664	225,642
Short Term Debt	969,000	1,910,818	2,016,440	2,425,070	625,840	1,694,446	1,327,949	1,382,125	1,277,451	1,617,504	1,102,156	889,072	1,383,964	1,388,029	1,204,894	1,448,917	977,175	1,569,431	1,579,988	1,561,207	1,328,761	1,720,740	2,069,591	1,148,005	910,766	1,416,253	1,054,970	791,453	1,254,653	1,702,091	995,295	994,377	1,750,781	978,945	743,592	1,175,891	506,025	631,812	731,461	306,607	374,597	224,396	525,842	837,042	1,026,381	1,875,600	1,759,569	1,718,199	972,161	718,050	413,710	338,366	663,666	278,005	284,127	114,187	638,375	234,073	194,499	1,166,404	633,099	1,110,475	945,424	855,220	706,757	714,469	508,146	303,679	272,331	258,398	291,730	122,466	284,065	204,590	223,962	78,293	171,923	151,257	261,582	125,073	281,422	175,511	216,399	84,826	121,776	134,455	231,724	127,038	165,841	114,943	-
Short Term Investments	0	0	0	1,295,088	1,317,705	1,461,287	1,201,745	0	1,196,088	845,621	747,608	682,559	452,365	392,569	0	0	0	0	0	0	0	77,470	71,865	78,959	73,045	84,794	74,720	59,046	68,836	70,755	70,502	63,372	72,764	63,885	69,682	64,973	63,467	70,163	71,323	62,834	58,442	70,661	31,842	93,908	102,010	98,142	81,183	126,914	154,274	116,530	573,850	605,331	3,018	31,791	30,668	803,526	865	32,034	30,702	34,125	237	73,739	24,474	24,900	4,700	2,829	2,829	1,619	371	0	0	0	5,179	0	0	0	9,213	0	0	0	14,899	0	0	0	0	0	0	0	0	0	-
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,866,698	2,759,070	2,589,525	2,503,528	2,305,021	2,301,398	2,182,838	2,174,275	2,028,258	1,936,006	1,836,307	1,711,449	1,705,787	1,681,812	1,519,106	1,434,942	0	0	0	0	0	0	956,964	820,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Assets	22,548,000	21,687,417	21,732,067	21,030,097	20,513,389	20,215,330	20,438,672	21,143,152	22,073,491	19,730,360	18,458,352	17,248,728	18,039,143	16,347,076	15,700,414	15,680,264	16,197,196	15,040,942	14,719,135	14,693,008	13,456,793	12,977,116	12,535,457	11,907,442	11,483,830	11,652,014	10,606,218	9,927,112	10,779,587	10,776,770	9,922,572	9,835,135	11,017,943	9,555,464	7,460,259	7,625,660	7,684,884	7,529,954	7,471,771	6,843,358	6,998,414	6,177,335	6,348,288	6,887,640	7,809,542	6,768,777	6,576,395	6,539,557	7,219,143	6,415,103	5,282,732	4,792,898	5,121,568	5,075,063	4,931,050	4,867,415	5,039,406	4,475,344	4,418,978	4,657,481	4,726,414	6,411,766	6,439,505	6,308,988	6,242,573	6,483,641	5,950,030	5,598,742	5,944,631	2,594,126	2,397,071	2,485,779	2,815,672	2,380,701	2,241,566	2,000,265	2,271,636	2,007,347	2,219,076	1,919,735	2,213,481	1,967,024	1,561,901	1,196,296	1,324,876	1,254,683	1,351,923	1,221,657	1,359,353	1,219,638	238,268
Total Current Assets	9,666,000	9,326,612	8,688,184	8,304,102	7,849,554	8,589,957	8,042,489	8,628,706	9,545,600	10,075,428	8,395,293	7,906,291	8,454,509	7,771,375	6,829,613	7,263,587	7,316,300	7,058,835	5,980,156	6,037,391	5,875,003	5,636,703	5,416,192	5,005,001	4,960,142	5,318,435	4,333,636	3,776,575	4,713,061	4,558,656	3,723,139	3,621,934	4,852,014	3,412,028	2,794,853	3,100,708	3,057,101	2,989,169	2,893,487	2,333,490	2,548,055	2,180,700	2,470,848	2,933,107	3,866,996	2,434,646	2,312,175	2,258,416	3,550,047	2,738,822	2,078,164	1,648,927	2,260,870	1,903,021	1,773,144	1,533,083	2,266,725	1,633,066	1,164,879	1,904,094	1,915,533	2,170,731	2,218,969	2,224,709	2,360,830	2,576,269	2,125,210	1,787,615	2,212,013	873,021	738,366	884,499	1,292,947	906,985	800,582	583,127	863,695	675,401	833,955	542,760	838,982	607,535	369,006	223,416	345,940	273,669	352,777	232,891	360,746	282,613	230,544
Total Current Liabilities	8,243,000	7,866,644	7,904,017	8,467,940	7,541,697	7,755,653	7,361,178	7,538,288	8,153,778	7,435,554	6,174,360	5,772,803	6,928,613	6,152,272	5,652,375	6,065,426	6,260,790	6,027,970	5,711,293	5,486,052	5,800,234	5,481,777	5,379,653	4,406,588	4,606,621	4,551,351	3,797,523	3,473,152	4,525,402	4,521,821	3,700,087	3,656,342	4,959,713	3,552,090	2,578,360	2,934,424	2,807,518	2,422,928	2,455,658	1,913,842	2,358,978	1,623,488	1,881,607	2,219,173	2,689,403	1,875,600	1,759,569	1,753,105	2,680,648	1,996,384	413,710	1,399,337	1,956,768	1,280,248	1,086,185	1,000,208	1,629,041	1,369,844	930,337	2,035,714	1,872,845	2,235,412	2,280,985	2,216,460	2,428,361	2,205,773	1,759,883	1,410,873	1,906,013	1,008,667	926,045	724,181	1,137,803	826,699	747,837	551,913	809,088	634,675	729,590	553,598	833,417	567,056	425,839	278,677	407,234	331,466	416,819	295,745	423,865	331,420	9,486
Total Liab	13,481,000	13,226,528	12,838,430	12,387,687	11,907,657	11,575,686	11,543,688	11,860,327	12,714,374	11,329,681	10,737,676	9,592,945	10,919,056	9,752,774	9,415,363	9,510,717	9,924,084	9,481,962	9,328,605	9,488,792	8,446,891	8,204,725	8,018,586	7,488,768	7,404,282	7,800,178	7,023,192	6,668,873	7,722,342	7,795,267	7,018,802	6,968,437	8,258,873	6,965,939	4,956,731	5,320,639	5,383,486	5,347,116	5,297,496	4,815,100	5,062,408	4,341,028	4,636,839	5,181,853	6,127,730	5,249,671	5,141,453	5,137,214	5,801,980	5,057,041	4,043,074	3,643,753	4,055,773	4,118,099	4,110,440	4,077,940	4,255,111	4,009,188	3,932,658	4,379,078	4,380,691	5,074,593	5,106,470	5,040,807	4,990,417	4,761,849	4,418,274	4,329,006	4,684,854	1,539,569	1,448,148	1,622,860	2,015,163	1,671,227	1,600,411	1,414,107	1,705,763	1,522,432	1,757,716	1,600,715	1,873,896	1,611,622	1,303,148	939,540	1,067,920	992,518	1,079,125	966,586	1,097,693	972,175	235,128
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,772,391	4,516,871	4,418,674	0	3,851,836	3,583,026	3,258,239	0	2,981,503	2,903,770	2,866,698	2,759,070	2,589,525	2,503,528	2,305,021	2,301,398	2,182,838	2,174,275	2,028,258	1,936,006	1,836,307	1,711,449	1,705,787	1,681,812	1,519,106	1,434,942	0	0	0	0	0	0	956,964	820,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Stockholder Equity	8,267,000	7,684,016	8,098,058	7,859,834	7,853,273	7,935,827	8,136,010	8,469,971	8,528,193	7,962,593	7,679,521	7,230,370	7,078,326	6,553,096	6,243,994	6,129,343	6,232,693	5,511,829	5,346,637	5,089,379	4,938,797	4,712,956	4,453,577	4,357,631	4,019,430	3,795,470	3,539,693	3,211,945	3,014,487	2,935,025	2,855,118	2,817,595	2,712,652	2,545,679	2,459,592	2,259,308	2,259,830	2,145,935	2,132,782	1,989,556	1,895,785	1,758,031	1,620,100	1,575,271	1,539,211	1,340,432	1,254,862	1,212,227	1,151,481	1,082,374	1,083,004	996,510	908,215	773,397	641,801	612,139	629,122	299,096	273,466	64,009	114,686	1,054,100	1,066,568	1,019,968	988,543	1,523,106	1,368,997	1,194,782	1,181,641	1,025,842	920,482	844,859	793,685	702,906	635,346	579,483	559,948	478,248	453,197	312,160	332,929	348,696	252,672	251,029	251,341	257,563	268,190	250,635	257,364	244,563	3,140
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,866,698	-2,759,070	-2,589,525	-2,503,528	-2,305,021	-2,301,398	-2,182,838	-2,174,275	-2,028,258	-1,936,006	-1,836,307	-1,711,449	-1,705,787	-1,681,812	-1,519,106	-1,434,942	0	0	0	0	0	0	-956,964	-820,610	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-2,312	-2,312	-2,192	-2,028	0	0	-1,732	0	0	0	0	0	-
Warrants	0	0	0	0	0	0	0	0	0	402,519	402,511	384,399	385,573	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-

Cash Flow

Currency in USD. All numbers in thousands.

	2023-12-31	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	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Begin Period Cash Flow	1,404,849	2,539,781	2,039,247	1,093,745	863,944	824,819	762,576	540,403	740,884	491,912	1,089,297	1,093,182	506,574	741,557	158,823	342,874	244,476	449,289	256,896	163,881	79,701	57,450	13,662
Capital Expenditures	305,000	260,140	209,851	266,575	293,514	227,803	178,042	191,205	139,464	171,242	156,358	150,232	147,980	68,464	28,200	184,837	282,557	55,298	102,579	52,953	26,961	14,266	50,732
Cash And Cash Equivalents Changes	0	0	592,650	863,938	230,407	63,965	-10,802	222,173	-200,481	248,972	-597,385	-3,885	586,608	-234,983	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	-787,905	870,932	-1,421,244	-382,816	-265,822	-43,536	-13,302	21,759	200,321	77,220	89,321	521,748	0	0	0	0	0	0	0	0	0
Change In Cash	-33,849	-1,134,932	500,534	945,502	229,801	39,125	-10,802	222,173	-200,481	248,972	-597,385	-3,885	586,608	-234,983	582,734	-184,051	98,398	-204,813	192,393	93,015	84,180	22,251	43,788
Change In Working Capital	-1,000,000	-1,309,514	155,615	851,176	-864,164	137,444	-452,133	-206,743	-12,065	26,190	196,740	-143,336	-22,739	323,328	4,078	-700,302	-54,053	-25,116	68,703	27,994	-28,563	-1,092	7,742
Change Receivables	0	0	0	0	0	0	-483,712	-236,923	-231,979	-307,979	-76,946	-142,786	-123,669	-180,129	0	0	0	0	0	0	0	0	0
Change To Account Receivables	-81,000	-503,365	-872,472	-105,491	-1,176,076	-773,361	-900,663	-331,101	-316,516	-401,681	-76,946	-156,409	-55,527	-180,129	0	230,479	0	0	0	0	0	0	0
Change To Inventory	81,000	94,599	-54,658	-105,619	34,776	-4,586	8,399	-2,245	-16,003	47,276	168,133	-759	84,731	26,457	2,946	7,865	0	66,913	0	0	0	0	0
Change To Liabilities	0	64,102	104,749	5,349	551,572	544,153	325,368	131,951	277,829	377,102	135,831	51,190	-46,910	62,384	0	0	95,555	267,534	168,846	62,718	57,082	25,453	0
Change To Netincome	0	892,825	-44,420	-385,803	353,716	-583,199	19,828	-363,103	-268,133	-220,861	-92,511	-170,235	35,222	-81,400	72,276	0	0	2,440	86,696	0	0	3,225	0
Change To Operating Activities	0	-737,007	450,755	212,392	-71,915	683,780	-192,701	-435,670	1,212,565	280,854	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	647,200	613,088	525,871	501,728	439,224	451,988	406,114	366,927	314,096	265,101	191,270	170,905	116,930	108,962	99,473	114,571	121,652	87,690	52,119	69,544	92,622	24,614	12,198
Dividends Paid	0	0	0	0	0	13,413	8,715	19,133	16,582	33,971	128,168	48,162	129,686	11,406	13,496	0	520,583	0	0	0	0	0	574,379
End Period Cash Flow	1,371,000	1,404,849	2,539,781	2,039,247	1,093,745	863,944	751,774	762,576	540,403	740,884	491,912	1,089,297	1,093,182	506,574	741,557	158,823	342,874	244,476	449,289	256,896	163,881	79,701	57,450
Exchange Rate Changes	0	0	0	0	0	0	23,844	-21,060	-22,967	-29,183	-11,218	3,394	-5,681	-4,845	0	0	0	0	0	0	0	0	0
Free Cash Flow	229,000	1,368,948	2,154,327	1,564,204	929,866	903,446	532,463	259,110	512,433	490,538	588,750	140,849	213,239	548,123	185,445	-315,210	365,653	315,183	257,077	129,222	36,980	50,616	44,659
Investments	-765,835	-832,455	-1,280,897	-57,678	-76,840	-18,661	175,387	140,817	116,601	32,458	37,213	-65,440	-51,463	-37,510	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	189,542	187,821	-499,652	-110,687	-295,638	-557,458	-158,085	822,079	-113,865	-599,945	-74,225	877,808	-815,721	0	0	0	0	0	0	0	0	0
Net Income	986,000	1,423,960	1,841,915	755,868	1,291,450	1,065,948	697,946	584,064	558,877	513,503	348,795	304,787	290,325	156,009	-27,638	-1,012,066	390,505	318,571	217,341	64,725	-34,704	18,727	17,426
Other Cashflows From Financing Activities	1,954,000	1,804,880	326,297	828,634	3,911,301	4,257,173	1,711,245	2,911,079	4,122,333	2,281,469	1,992,586	58,068	2,029,867	1,121,840	20,322	-97,874	1,214,642	2,380,875	-58,722	-25,259	408,534	219,982	1,220,199
Other Cashflows From Investing Activities	0	-19	189,135	-17,332	-350,670	-314,220	-138,760	42,949	-174,433	-12,772	-343,290	24,182	315,556	60,022	11,469	25,808	43,401	8,459	5,064	0	1,900	0	0
Other Non Cash Items	1,173,200	741,229	-40,893	-483,846	130,166	-640,901	-25,520	-347,775	-268,785	-174,302	-28,535	-96,408	-148,752	-19,741	94,105	1,567,106	149,238	-28,644	27,152	-19,948	33,621	1,550	16,416
Sale Purchase Of Stock	-665,000	-1,888,250	-407,467	-93,863	-163,563	-190,420	-29,549	-27,426	-24,523	-16,685	-16,628	-11,763	17,367	31,573	1,332,029	0	-635,000	0	0	0	0	0	-100
Stock Based Compensation	96,000	160,325	184,934	60,391	127,738	128,171	93,087	63,484	74,709	59,757	48,429	51,712	44,327	46,801	37,925	-37,519	35,546	41,035	0	24,057	13,715	15,925	43,557
Total Cash From Financing Activities	148,000	-1,766,093	-490,631	-625,256	-271,949	-506,600	-603,736	-199,643	789,548	-232,069	-866,281	-100,689	711,325	-784,222	476,768	373,959	-277,253	1,479,123	-47,272	-67,366	303,664	-17,838	213,831
Total Cash From Operating Activities	534,000	1,629,088	2,364,178	1,830,779	1,223,380	1,131,249	710,505	450,315	651,897	661,780	745,108	291,081	361,219	616,587	213,645	-130,373	648,210	370,481	359,656	182,175	63,941	64,882	95,391
Total Cashflows From Investing Activities	0	-832,455	-1,280,897	-341,585	-721,024	-560,684	-141,415	-7,439	-1,618,959	-151,556	-464,994	-197,671	-480,255	-62,503	0	0	0	0	0	0	0	0	0

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30
Begin Period Cash Flow	1,353,064	1,357,326	1,319,789	1,404,849	1,223,051	1,330,716	1,792,629	2,539,781	2,876,122	2,256,809	2,001,707	2,039,247	1,646,557	1,313,734	732,695	1,093,745	702,305	613,225	687,668	863,944	627,938	603,346	721,813	824,819	955,605	535,681	533,281	762,576	446,346	431,768	489,229	540,403	440,357	336,422	379,028	740,884	615,358	381,866	428,237	491,912	502,621	485,495	518,700	1,089,297	776,260	731,202	703,937	1,093,182	662,594	752,109	427,645	506,574	768,675	743,563	680,295	741,557	326,045	309,520	423,463	158,823	400,780	250,518	313,162	342,874	435,207	438,168	346,348	244,476	138,273	127,289	253,089	449,289	284,571	192,217	157,784	256,896	147,925	179,592	54,254	163,881	85,494	23,018	19,370	79,701	18,484	18,211	19,997	57,450	24,211	229,499,280
Capital Expenditures	93,733	76,255	74,728	60,284	99,144	64,274	54,666	42,056	88,442	45,465	46,347	29,597	76,029	56,397	71,908	62,241	132,931	59,909	53,009	47,665	75,910	44,411	60,758	46,724	76,436	41,743	36,128	23,735	56,848	55,299	45,590	33,468	54,140	34,936	31,760	18,628	78,624	39,013	39,952	13,653	77,615	39,191	30,737	8,815	63,862	47,665	30,619	8,086	52,582	48,250	33,526	13,622	50,579	10,724	4,263	2,898	15,553	6,767	3,276	2,604	144,942	13,032	41,597	68,460	232,286	23,279	17,719	9,273	17,304	39,491	61,419	16,066	77,791	9,275	8,369	7,144	25,498	22,498	5,449	10,406	18,776	7,014	0	4,000	5,985	2,918	3,218	2,145	45,315	5,417
Cash And Cash Equivalents Changes	0	0	48,621	-98,787	0	26,861	-330,385	-698,137	-326,939	657,938	247,037	14,614	321,107	295,747	569,501	-322,417	379,320	106,529	-88,957	-166,485	229,233	37,384	-69,827	-132,825	-203,831	419,924	2,400	-229,295	316,230	14,578	-57,461	-51,174	100,046	103,935	-42,606	-361,856	125,526	233,492	-46,371	-63,675	-10,709	17,126	-33,205	-570,597	313,037	45,058	27,265	-389,245	430,588	-89,515	324,464	-78,929	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	0	32,856	179,629	0	261,717	-465,161	-320,680	-609,975	53,238	249,159	-480,327	-45,081	734,027	-246,894	428,880	-292,401	-607,235	-593,501	71,893	-705,027	-27,141	24,695	324,657	-377,738	418,724	-281,559	-25,249	67,355	-41,547	-27,436	-41,908	29,483	-13,836	-8,770	-20,179	91,075	-7,574	13,428	-75,170	38,712	226,387	134,374	-199,152	344,340	26,614	-4,937	-288,797	183,244	142,343	-27,423	-208,843	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change In Cash	17,936	-4,262	37,537	-85,060	181,798	-107,665	-461,913	-747,152	-336,341	619,313	255,102	-37,540	392,690	332,823	581,039	-361,050	391,440	89,080	-74,443	-176,276	236,006	24,592	-118,467	-103,006	-203,831	419,924	2,400	-229,295	316,230	14,578	-57,461	-51,174	100,046	103,935	-42,606	-361,856	125,526	233,492	-46,371	-63,675	-10,709	17,126	-33,205	-570,597	313,037	45,058	27,265	-389,245	430,588	-89,515	324,464	-78,929	-262,101	25,112	63,268	-61,262	415,512	16,525	-113,943	264,640	-241,957	150,262	-62,644	-29,712	-92,333	-2,961	91,820	101,872	106,203	10,984	-125,800	-196,200	164,718	92,354	34,433	-99,112	108,971	-31,667	125,338	-109,627	78,387	62,476	3,648	-60,331	61,217	273	-1,786	-37,453	33,239	6,095
Change In Working Capital	338,138	61,362	-150,877	-718,765	-255,216	468,632	-404,336	-1,118,594	423,791	693,525	274,545	-1,236,246	655,526	963,689	-578,296	-189,743	344,551	-281,536	-422,362	-504,817	-90,455	393,421	150,662	-316,184	-212,175	575,044	-291,864	-523,138	239,951	31,944	-35,289	-443,349	356,551	-16,654	-31,683	-320,279	393,379	121,841	-110,047	-378,983	278,517	61,795	14,803	-158,375	228,770	21,120	-72,588	-320,638	225,212	40,031	-136,490	-151,492	164,695	154,991	27,997	-24,355	41,451	88,174	-89,191	-36,356	-200,772	46,312	-151,626	-394,216	327,885	23,126	-95,867	-309,197	132,246	73,552	-419	-230,495	108,424	46,939	-2,548	-84,112	43,009	41,542	26,975	-83,532	-29,727	6,915	-28,032	22,281	411	-1,266	114	-351	19,779	0
Change Receivables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-393,186	-151,473	-85,244	146,191	-283,198	-25,885	-73,816	145,976	-228,957	-116,791	-41,805	155,574	-169,042	-14,979	-202,127	78,169	-106,438	17,276	-33,727	45,943	-140,441	-19,355	-35,300	52,310	-87,859	-39,941	-84,871	89,002	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Account Receivables	83,257	-126,545	-27,637	-73,437	-128,006	133,991	-353,289	-156,061	-617,119	126,823	-100,368	-547,270	119,215	610,058	223,269	334,453	-176,548	-185,596	-290,128	-172,218	-410,983	-168,178	-269,630	71,161	151,473	-151,473	60,947	146,191	-155,926	46,275	72,160	145,976	-244,964	3,022	113,769	113,535	-176,444	0	0	49,048	-106,438	29,492	12,216	-33,734	207,704	0	17,010	-221,318	219,398	-39,941	-84,871	89,002	0	0	4,961	473	0	100,410	106,637	120,588	230,479	219,131	157,146	143,670	0	0	0	113,225	0	0	19,183	59,341	0	28,215	60,656	93,554	0	37,465	16,165	46,988	0	23,253	0	0	0	0	0	0	0	-10,931
Change To Inventory	81,269	36,273	-30,599	-5,943	35,483	-15,011	115,485	-41,358	68,922	-95,686	-11,993	-15,901	-37,441	-68,879	-7,041	7,742	34,776	34,776	34,776	34,776	2,177	-2,878	701	701	-2,385	997	0	0	-5,115	0	0	0	-4,461	-8,125	-1,668	-1,749	30,859	11,979	5,959	-1,521	37,590	-3,133	57,786	75,890	7,878	741	-6,840	-2,538	59,229	-7,023	28,161	4,364	26,457	23,331	-6,756	-4,112	2,946	0	0	0	7,865	0	0	0	0	0	0	2,139	66,913	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change To Liabilities	0	19,879	-206,626	-917,469	196,526	260,441	65,526	-833,571	212,505	167,835	-30,069	-714,735	684,974	267,260	-306,338	-640,547	622,904	317,468	164,901	-553,701	594,762	436,140	142,503	-629,252	553,880	321,581	82,265	-632,358	459,285	95,697	102,404	-525,435	555,535	127,365	33,525	-438,596	496,138	156,502	95,540	-371,078	360,224	-201,048	-42,472	19,127	90,631	2,293	13,788	-55,522	-20,295	7,940	-13,523	-21,032	322,674	62,630	0	0	0	0	0	0	0	0	0	0	95,555	0	0	0	267,534	0	0	0	168,846	0	0	0	62,718	0	0	0	57,082	0	0	0	25,453	0	0	0	0	0
Change To Netincome	0	23,667	-198,783	-294,641	782,348	-365,211	200,039	213,778	19,411	-12,859	288,607	608,950	-207,040	-460,823	495,499	-213,439	-2,385	374,796	182,210	-200,905	225,990	-221,558	-354,245	-233,386	397,083	-453,238	134,576	-58,593	-104,637	-78,113	-98,798	-81,555	-132,573	-39,614	-51,366	-44,580	-101,966	-25,865	-56,182	-36,848	44,587	-36,111	-46,791	-54,196	-78,925	-13,128	7,505	-85,687	39,673	56,931	-18,667	-42,715	142,090	103,036	113,243	11,816	72,276	53,273	51,830	0	0	0	0	0	0	0	0	0	2,440	0	0	0	86,696	26,925	17,064	5,197	0	0	0	0	0	0	0	0	3,225	0	0	0	0	0
Change To Operating Activities	0	131,148	131,148	-535,850	-292,314	92,626	-37,914	-859,844	379,375	453,975	-181,478	-482,733	629,156	424,629	-217,575	-623,818	551,776	-49,665	-51,586	-522,440	129,854	464,872	549,583	-491,443	-283,057	633,627	-245,912	-552,839	-520,554	0	0	0	1,212,565	0	0	0	280,854	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	182,162	149,160	154,387	161,491	159,561	142,136	162,359	149,032	162,144	122,564	119,085	122,078	143,825	127,725	116,384	113,794	115,362	111,560	106,479	105,823	116,940	113,484	113,399	108,165	109,100	102,591	100,386	94,037	96,940	92,725	90,268	86,994	98,598	75,047	70,605	69,846	69,444	67,159	63,295	65,203	52,994	47,524	44,215	46,537	46,010	40,102	38,336	46,457	36,534	31,308	25,619	23,469	29,245	25,638	27,784	26,295	25,470	24,445	24,166	25,392	31,165	27,729	27,225	28,452	32,579	30,450	29,461	29,162	29,614	15,392	26,488	16,196	13,928	13,082	12,499	12,610	16,175	21,476	13,400	18,493	39,051	41,071	6,329	6,171	24,614	6,094	4,111	7,592	0	6,095
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,216	1,347	2,031	3,730	6,627	1,025	2,072	2,739	3,160	744	6,333	9,283	2,379	1,138	2,987	2,958	9,889	748	1,973	7,878	26,144	2,024	213,086	159,461	37,106	37,437	18,951	5,131	9,963	14,117	39,102	59,905	16,491	14,188	2,425	0	0	2,425	2,909	0	0	2,909	0	0	0	0	661,560	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
End Period Cash Flow	1,371,000	1,353,064	1,357,326	1,319,789	1,404,849	1,223,051	1,330,716	1,792,629	2,539,781	2,876,122	2,256,809	2,001,707	2,039,247	1,646,557	1,313,734	732,695	1,093,745	702,305	613,225	687,668	863,944	627,938	603,346	721,813	751,774	955,605	535,681	533,281	762,576	446,346	431,768	489,229	540,403	440,357	336,422	379,028	740,884	615,358	381,866	428,237	491,912	502,621	485,495	518,700	1,089,297	776,260	731,202	703,937	1,093,182	662,594	752,109	427,645	506,574	768,675	743,563	680,295	741,557	326,045	309,520	423,463	158,823	400,780	250,518	313,162	342,874	435,207	438,168	346,348	244,476	138,273	127,289	253,089	449,289	284,571	192,217	157,784	256,896	147,925	179,592	54,254	163,881	85,494	23,018	19,370	79,701	18,484	18,211	19,997	57,450	6,095
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	119	6,397	1,838	15,490	-20,652	180	-4,434	3,846	-1,806	-10,196	3,773	-14,738	-16,500	-17,896	3,754	1,459	-3,284	5,580	-5,917	-7,597	-907	5,038	-7,321	6,584	-6,765	-13,489	5,777	8,796	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	785,774	305,990	-85,596	-805,041	715,135	689,619	399,757	-435,563	1,075,615	927,538	374,219	-223,045	894,108	798,182	70,436	-198,522	951,148	396,224	32,048	-449,554	553,028	549,962	97,138	-296,682	386,801	396,262	115,165	-365,765	446,656	101,529	73,033	-362,108	455,347	149,665	105,899	-198,478	514,678	253,449	6,030	-283,619	432,853	110,778	133,820	-88,701	347,155	34,058	66,671	-307,035	204,513	212,264	-76,034	-127,504	241,084	213,193	89,653	4,193	144,641	129,403	-74,521	-14,078	-43,970	135,690	-21,606	-385,324	5,946	180,808	72,943	105,956	266,766	203,372	45,869	-200,824	145,085	116,304	62,407	-66,719	118,072	55,202	53,721	-97,773	115,879	-3,173	-3,794	-74,761	77,867	18,244	13,196	-58,691	24,988	6,095
Investments	-143,871	-167,811	-254,251	-14,204	-228,706	-197,353	-146,200	-95,621	-141,501	-127,684	-47,910	-161,597	-52,029	-18,453	25,965	-13,161	-11,325	-39,255	-9,275	-16,985	-25,927	14,675	-2,212	-5,197	38,330	75,233	60,465	1,359	80,426	-4,167	17,657	46,901	120,284	-3,080	-13,490	12,887	17,210	24,251	-14,911	5,908	31,965	29,404	-1,841	-22,315	-10,440	-6,482	-37,163	-11,355	-29,218	-5,151	-9,414	-7,680	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	422,499	349,253	1,031,000	-96,848	-27,000	100,000	210,000	-361,647	8,665	24,811	492,255	-499,652	-451,000	451,030	-30	-162,687	-178,000	-102,626	332,626	-130,471	-454,945	96,465	193,313	-559,454	-141	-119,139	121,276	-216,595	-104,829	-124,301	287,640	-166,492	1,011,111	38,407	-60,947	-379,375	104,753	150,844	9,913	-1,314,945	1,280,236	-159,795	-405,441	-27,132	-22,166	3,475	-28,402	198,419	713,916	-1,167	-33,360	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	477,151	200,945	206,154	125,072	86,093	451,680	489,916	396,271	692,874	436,622	443,442	268,977	315,386	184,840	82,112	173,530	639,133	258,053	223,438	170,826	394,503	291,689	229,631	150,125	170,686	197,361	198,396	131,503	265,126	110,853	123,445	84,640	182,595	149,991	133,153	93,138	205,670	109,692	130,199	67,942	118,540	94,166	74,234	61,855	156,537	42,705	75,599	29,946	110,939	60,033	74,867	44,486	71,795	55,715	44,686	-16,187	51,130	-10,643	-13,706	-54,419	-1,089,456	40,373	16,563	20,454	122,446	114,947	141,135	11,977	125,098	92,309	64,254	36,910	95,412	56,936	50,421	14,572	66,433	11,895	2,965	-16,568	-10,084	-28,445	5,172	-1,347	15,097	2,436	7,289	-6,095	16,178	1,978
Other Cashflows From Financing Activities	-75,229	1,367,392	2,489,796	1,566,006	1,555,531	-35,309	80,455	204,203	-187,553	10,276	5,617	497,957	-12,072	-8,314	524,323	324,697	921,603	1,083,071	1,081,325	825,302	808,643	913,544	1,093,629	1,441,357	773,203	985	638,659	268,849	710,896	834,659	794,231	571,293	523,098	2,289,565	560,503	749,167	308,359	807,617	528,578	620,259	167,675	27,922	494,002	1,286,359	-4,657	28,445	26,630	7,650	306,874	594,285	912,045	216,663	1,069,660	16,528	18,309	22,193	52,380	249,935	736,326	444,946	-850,092	148,749	165,664	1,083,070	1,379,976	-110,535	25,238	100,911	2,654,504	-98,356	-180,075	4,802	-34,824	636	-1,766	-29,208	179,453	-152,399	84,890	32,047	-2,747	383,665	113,852	34,344	7,783	85,363	77,216	49,620	59,559	-225,634,588
Other Cashflows From Investing Activities	0	-711	-154,714	-40,579	6,764	-13,180	-32,455	-21,279	214,568	-24,313	-1,136	-2,710	-7,040	4,305	2,232	-16,829	-340,517	-12,503	2,324	26	-4,748	-47,731	-249,450	-12,291	-69,502	-28,392	-42,717	1,851	8,604	59,363	-12,891	-12,127	-53,157	-1,430	-18,754	-101,092	19,321	-97,847	61,505	4,249	-445,459	-28,369	85,454	45,084	36,324	31,620	16,030	-59,792	737,000	-539,710	30,155	88,111	27,018	21,136	8,787	4,282	11,469	5,837	5,630	5,357	25,808	1,519	1,698	1,751	43,401	44,460	32,980	2,794	8,459	8,481	2,740	325	5,064	0	0	1,329	0	2,659	1,417	0	1,900	0	0	0	0	0	0	0	0	0
Other Non Cash Items	-68,984	-70,353	-253,263	-330,668	787,328	-350,045	161,025	142,921	57,773	-313,757	-453,475	668,566	-47,134	-474,196	534,882	-325,600	-36,401	306,743	137,361	-277,537	188,215	-154,298	-357,095	-236,518	380,503	-394,576	173,792	-42,988	-109,009	-64,874	-41,983	-23,440	-145,378	-39,714	-39,717	-31,834	-56,045	-40,077	-12,129	-19,240	56,533	-53,413	22,494	-9,946	172,621	-218,385	-34,474	-16,170	-91,254	-78,790	10,673	10,619	13,252	-22,177	-82,032	13,028	-1,418	8,122	-1,692	46,457	1,481,861	45,498	14,589	22,776	-287,275	22,588	10,171	369,540	-37,472	19,280	12,299	-6,766	14,060	1,347	-951	-3,199	-22,097	-1,632	1,033	-2,115	134,450	-19,036	12,737	-97,866	22,647	13,898	4,900	-50,100	34,346	-6,095
Sale Purchase Of Stock	-19,131	-519,701	-4,056	-175,969	-448,694	-410,946	-629,352	-399,258	-182,435	-100,482	-28,559	-95,991	-2,208	-4,269	-485	-86,901	-52,902	-56,008	-379	-54,274	-162,724	-23,066	-80	-4,550	29,549	-27,649	-2,793	-1,900	370	-22,684	-860	-4,252	-6	-19,404	-21	-5,092	-29	-4,780	-21,456	119	-137,924	86,932	-32,932	-37,372	-44,120	13,311	3,860	15,186	908	2,971	13,280	208	0	0	0	0	-138,914	0	0	0	0	0	0	0	-635,000	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock Based Compensation	22,984	34,220	20,683	18,113	36,513	41,490	45,459	36,863	51,626	48,075	49,447	35,786	18,550	22,137	20,943	-1,239	28,780	33,378	36,309	29,271	31,136	35,360	32,105	29,570	24,112	20,692	32,872	15,411	20,138	14,792	15,960	12,594	26,590	18,987	13,191	15,941	15,627	19,659	13,300	11,171	10,887	15,243	10,628	11,671	13,845	15,261	10,967	11,639	11,461	11,574	10,673	10,619	11,448	13,335	11,231	10,787	37,925	24,718	9,797	8,121	-60,107	-11,398	29,336	7,032	35,546	15,363	5,064	13,787	41,035	-23,349	0	7,364	0	8,482	0	7,413	24,057	0	0	4,863	13,715	50,161	0	2,111	15,925	0	0	2,817	0	0
Total Cash From Financing Activities	-756,331	-168,454	313,740	761,037	-553,372	-452,225	-551,487	-209,009	-765,505	-104,150	-22,942	401,966	-513,932	-488,287	470,868	-93,905	-219,986	-237,937	-114,054	300,028	-293,120	-479,522	84,697	181,345	-559,579	-29,576	-132,351	117,770	-198,804	-142,327	-130,826	272,314	-420,622	1,390,639	-120,034	-60,435	-414,226	71,434	-97,605	208,328	-26,637	-99,655	-243,324	-496,665	-52,914	-21,738	-3,552	-22,485	111,804	259,878	378,807	-39,164	-511,201	-183,880	-34,917	-54,224	274,523	-87,163	-13,621	303,029	-382,064	149,677	167,034	439,312	-262,010	-109,581	29,101	65,237	1,745,176	-95,224	-178,904	8,075	-29,958	3,379	6,440	-27,133	-5,645	-144,408	84,890	-2,203	-24,834	314,327	2,415	11,756	-15,773	-19,975	-13,177	31,087	16,034	-229,504,748
Total Cash From Operating Activities	879,507	382,245	-10,868	-744,757	814,279	753,893	454,423	-393,507	1,164,057	973,003	420,566	-193,448	970,137	854,579	142,344	-136,281	1,084,079	456,133	85,057	-401,889	628,938	594,373	157,896	-249,958	463,237	438,005	151,293	-342,030	503,504	156,828	118,623	-328,640	509,487	184,601	137,659	-179,850	593,302	292,462	45,982	-269,966	510,468	149,969	164,557	-79,886	411,017	81,723	97,290	-298,949	257,095	260,514	-42,508	-113,882	291,663	223,917	93,916	7,091	160,194	136,170	-71,245	-11,474	100,972	148,722	-63,203	-316,864	238,232	204,087	90,662	115,229	284,070	163,881	107,288	-184,758	222,876	125,579	70,776	-59,575	143,570	77,700	48,272	-87,367	134,655	3,841	-3,794	-70,761	83,852	21,162	16,414	-56,546	70,303	6,095
Total Cashflows From Investing Activities	0	-167,811	-254,251	-115,067	-228,706	-274,807	-233,321	-95,621	-725,491	-210,915	-150,587	-193,904	-135,098	-70,545	-43,711	-92,231	-484,773	-111,667	-59,960	-64,624	-106,585	-77,467	-312,420	-64,212	-107,608	5,098	-18,380	-20,525	32,182	-103	-40,824	1,306	12,987	-1,461,109	-64,004	-106,833	-37,050	-112,508	1,498	-3,496	-491,256	-38,768	51,479	13,551	-44,159	-19,965	-59,152	-74,395	66,286	-594,250	-17,612	65,321	-62,503	-20,855	4,025	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	8,821	0	0	0	0	0	0	0	0	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2023-12-31	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	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31	2005-12-31	2004-12-31	2003-12-31	2002-12-31	2001-12-31
Cost Of Revenue	26,271,800	24,239,488	21,579,507	19,047,620	18,689,013	16,449,212	9,893,226	9,123,727	7,082,932	5,611,262	4,189,389	3,742,514	3,457,130	2,960,170	2,447,885	2,926,721	3,200,718	2,110,512	1,470,087	1,203,765	796,408	1,048,891	0
Depreciation And Amortization	647,200	644,517	525,871	646,166	699,026	451,988	406,114	366,927	314,096	265,101	190,390	169,645	115,719	108,381	99,473	114,571	121,652	87,690	52,119	69,544	92,622	24,614	12,198
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	26,997	631	49,890	14,320	0	0	0	0	0	0	0	0	0
Ebit	1,115,200	1,511,915	2,388,780	969,759	1,259,875	1,499,384	1,281,079	1,002,036	990,524	854,725	784,939	678,491	577,081	481,356	213,876	359,883	826,070	575,376	379,792	243,231	113,829	106,134	62,732
Ebitda	1,762,400	2,156,432	2,914,651	1,615,925	1,958,901	1,951,372	1,687,193	1,368,963	1,304,620	1,119,826	975,329	848,136	692,800	589,737	313,349	474,454	947,722	663,066	431,911	312,775	206,451	130,748	74,930
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	-13,300	-143,400	0	0	0	2,309	1,702	5,645	8,879	0	10,225	2,634	0	0	0	0	0	0
Gross Profit	5,677,200	6,588,758	6,166,529	4,778,575	5,205,078	4,890,876	4,316,382	3,947,862	3,772,878	3,438,656	2,995,405	2,771,585	2,448,281	2,155,146	1,717,935	2,202,096	2,833,531	1,921,515	1,440,554	1,161,331	833,666	1,170,277	562,828
Income Before Tax	1,277,000	1,658,190	2,409,421	969,969	1,361,345	1,379,006	1,164,093	880,726	879,730	777,262	508,985	489,478	429,538	272,057	-645	-971,481	580,514	516,897	356,222	108,254	-40,980	48,833	35,442
Income Tax Expense	250,000	234,230	567,506	214,101	69,895	313,058	466,147	296,662	320,853	263,759	187,187	185,322	189,103	130,368	26,993	50,810	192,643	198,326	138,881	43,529	-6,276	30,106	18,016
Interest Expense	149,000	68,999	50,352	67,753	85,754	107,270	136,814	144,851	118,880	112,035	135,082	175,068	150,249	191,151	189,146	183,012	115,823	45,007	54,327	88,328	87,216	57,229	27,290
Interest Income	0	0	0	0	75,171	8,585	9,853	8,051	50,280	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	-28,303	-16,590	-5,341	3,879	9,093	2,729	6,467	12,091	11,745	29,000	32,257	-10,768	51,163	-44,336	0	0	11,875	6,120	2,163	1,502	565	0	0
Net Income	986,000	1,407,000	1,837,000	751,989	1,282,357	1,063,219	691,479	571,973	547,132	484,503	316,538	315,555	239,162	200,345	33,341	-1,012,066	390,505	318,571	217,341	64,725	-34,704	18,727	17,426
Net Income Applicable To Common Shares	0	1,407,370	1,836,574	751,989	1,282,357	1,063,219	691,479	571,973	547,132	484,503	316,538	315,555	239,162	200,345	33,341	0	387,871	318,571	217,341	64,725	0	18,727	0
Net Income From Continuing Ops	618,264	1,423,960	1,841,915	755,868	1,291,450	1,065,948	697,946	584,064	558,877	513,503	321,798	304,156	240,435	141,689	0	0	0	0	0	0	0	0	0
Net Interest Income	-127,301	-68,999	-50,352	-67,753	-85,754	-98,685	-126,961	-136,800	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Non Operating Income Net Other	0	0	822,306	67,963	187,224	398,287	229,465	210,090	162,666	120,130	84,234	79,465	111,513	34,977	0	0	0	0	0	0	0	0	0
Non Recurring	0	0	0	88,676	89,787	0	0	0	0	0	98,129	19,826	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1,115,200	1,511,915	2,388,780	969,759	1,259,875	1,087,989	1,071,442	815,487	835,944	792,254	616,128	585,081	462,862	446,379	241,842	-788,469	698,971	550,139	372,406	171,008	40,195	106,062	62,732
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Operating Expenses	30,859,000	29,502,036	26,179,562	22,855,553	22,564,246	20,266,973	13,157,994	12,279,643	10,030,637	8,315,323	6,484,089	5,915,073	5,455,515	4,676,233	3,930,937	5,917,286	5,278,346	3,481,888	2,538,235	2,168,514	1,553,062	1,064,179	500,096
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Reconciled Depreciation	624,599	613,088	525,871	501,728	439,224	451,988	406,114	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling And Marketing Expenses	0	85,100	68,900	57,200	76,100	0	0	7,679	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Selling General Administrative	4,562,000	4,649,460	4,074,184	3,306,205	3,436,009	3,365,773	2,858,654	2,781,310	2,633,609	2,438,960	2,104,310	2,002,914	1,882,666	1,607,682	1,383,579	1,747,082	1,988,658	1,303,781	1,022,632	909,892	678,397	493,949	212,040
Tax Provision	88,530	234,230	567,506	214,101	69,895	313,058	466,147	296,662	320,853	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Operating Expenses	4,562,000	5,262,548	4,600,055	3,807,933	3,875,233	3,817,761	3,264,768	3,155,916	2,947,705	2,704,061	2,294,700	2,172,559	1,998,385	1,716,063	1,483,052	2,990,565	2,077,628	1,371,376	1,068,148	964,749	756,654	1,064,179	500,096
Total Other Income Expense Net	161,800	146,275	20,641	210	101,470	404,576	239,440	225,580	167,126	148,469	-62,927	57,877	107,482	8,413	8,720	-1,228,482	-5,228	8,063	31,039	-27,174	-36,817	-36	-27,290
Total Revenue	31,949,000	30,828,246	27,746,036	23,826,195	23,894,091	21,340,088	14,209,608	13,071,589	10,855,810	9,049,918	7,184,794	6,514,099	5,905,411	5,115,316	4,165,820	5,128,817	6,034,249	4,032,027	2,910,641	2,365,096	1,630,074	1,170,277	562,828

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30	2003-06-30	2003-03-31	2002-12-31	2002-09-30	2002-06-30	2002-03-31	2001-12-31	2001-09-30	2001-06-30
Cost Of Revenue	7,249,229	6,396,824	6,179,496	6,006,413	6,498,820	5,934,490	6,053,984	5,752,194	6,584,255	5,258,947	5,016,759	4,719,546	5,370,830	4,564,579	4,399,537	4,712,674	5,533,853	4,687,336	4,445,790	4,022,034	4,771,599	4,098,904	3,958,748	3,619,961	2,974,208	2,513,377	2,318,562	2,087,079	2,603,098	2,252,783	2,254,233	2,013,613	2,530,521	1,773,660	1,487,974	1,290,777	1,706,343	1,428,986	1,314,473	1,161,460	1,276,998	1,032,348	1,018,827	861,216	1,131,570	915,245	908,143	787,556	1,008,946	894,607	839,822	713,755	930,869	735,393	678,714	615,194	721,165	606,470	566,831	553,419	729,708	755,362	737,205	704,446	967,588	791,852	791,605	649,673	900,577	456,994	412,496	340,445	482,407	380,943	338,691	268,046	406,221	300,711	272,611	224,222	311,545	208,198	153,066	123,599	320,709	260,140	468,042	0	0	0	-
Depreciation And Amortization	182,162	149,161	154,387	161,491	159,561	142,136	123,797	166,198	162,144	122,564	119,085	122,078	143,825	127,725	116,384	113,794	115,362	111,560	106,479	105,823	116,940	113,484	113,399	108,165	109,100	102,591	100,386	94,037	96,940	92,725	90,268	86,994	98,598	75,047	70,605	69,846	69,444	67,159	63,295	65,203	52,984	47,524	43,601	46,281	44,750	40,102	38,336	46,457	36,534	31,308	25,385	23,178	29,245	25,605	27,616	26,295	25,470	24,445	24,166	25,392	31,165	27,729	27,225	28,452	32,579	30,450	29,461	29,162	29,614	15,392	26,488	16,196	13,928	13,082	12,499	12,610	16,175	21,476	13,400	18,493	39,051	41,071	6,329	6,171	6,507	6,404	4,111	7,592	6,410	5,788	-
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,703	0	3,105	21,189	631	0	0	0	32,979	0	6,267	10,644	0	7,821	7,140	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Ebit	494,504	259,310	295,278	178,463	56,433	614,420	516,937	376,952	881,159	562,637	589,730	355,254	502,834	198,934	119,357	293,072	557,476	343,358	310,549	309,828	518,682	413,067	314,524	253,111	472,946	301,842	290,890	215,401	425,529	188,304	215,939	172,264	332,387	250,402	228,795	178,940	305,263	222,690	199,610	127,162	305,413	177,335	189,695	112,496	281,250	128,191	176,894	78,366	194,997	152,212	149,152	90,966	186,704	135,724	114,525	40,904	131,632	51,930	38,418	-2,413	102,528	98,609	88,414	70,332	217,965	209,363	204,370	194,372	226,819	138,868	150,134	59,555	158,969	96,508	82,756	41,559	110,236	69,828	48,510	8,341	58,363	12,612	32,012	10,842	52,204	21,162	29,263	2,914	46,949	15,783	-
Ebitda	676,666	408,471	449,665	339,954	215,994	756,556	640,734	543,150	1,043,303	685,201	708,815	477,332	646,659	326,659	235,741	406,866	672,838	454,918	417,028	415,651	635,622	526,551	427,923	361,276	582,046	404,433	391,276	309,438	522,469	281,029	306,207	259,258	430,985	325,449	299,400	248,786	374,707	289,849	262,905	192,365	358,397	224,859	233,296	158,777	326,000	168,293	215,230	124,823	231,531	183,520	174,537	114,144	215,949	161,329	142,141	67,199	157,102	76,375	62,584	22,979	133,693	126,338	115,639	98,784	250,544	239,813	233,831	223,534	256,433	154,260	176,622	75,751	172,897	109,590	95,255	54,169	126,411	91,304	61,910	26,834	97,414	53,683	38,341	17,013	58,711	27,566	33,374	10,506	53,359	21,571	-1,195
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-12,752	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2,309	0	0	0	1,702	0	0	0	5,645	0	0	0	8,879	0	0	0	0	0	0	0	10,225	0	0	0	2,634	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Gross Profit	1,700,746	1,471,222	1,540,367	1,404,701	1,695,669	1,595,056	1,717,294	1,580,739	1,965,962	1,539,380	1,441,854	1,219,333	1,539,671	1,080,563	981,847	1,176,494	1,585,554	1,237,765	1,268,283	1,113,476	1,522,149	1,162,050	1,152,686	1,053,991	1,362,004	1,036,600	1,023,653	894,125	1,220,733	940,704	953,304	833,121	1,169,721	938,899	902,532	761,726	1,080,851	846,090	812,333	699,382	956,853	701,518	723,187	613,847	874,276	641,902	692,974	562,433	754,679	639,856	582,396	471,350	720,427	530,825	493,205	410,689	575,334	416,735	388,836	337,030	553,576	544,373	577,668	526,479	869,528	700,957	698,758	564,288	711,255	446,882	423,732	339,646	473,607	363,255	333,472	270,220	391,968	274,288	278,305	216,770	309,712	215,178	168,651	140,125	376,466	284,928	284,893	223,990	337,262	225,566	-
Income Before Tax	630,838	231,496	261,557	153,108	60,632	594,347	610,678	392,533	917,101	570,129	576,887	345,304	410,440	233,902	100,915	224,712	539,161	321,521	285,959	214,704	496,115	386,652	299,950	196,289	441,020	273,539	266,758	182,776	396,210	162,267	187,484	134,765	297,205	222,857	209,627	150,041	298,111	178,997	194,310	105,844	182,079	150,292	116,944	59,670	238,875	64,865	130,379	55,359	150,031	107,323	114,936	57,248	130,726	85,969	64,250	-8,888	76,966	-2,145	-9,000	-66,466	-1,103,139	67,849	36,893	26,916	190,943	179,102	188,495	21,974	215,293	142,114	102,096	57,394	163,419	85,461	83,555	23,787	108,272	18,195	6,905	-25,118	-901	-46,825	9,153	-2,407	38,607	7,017	14,893	-12,239	33,088	3,549	-1,195
Income Tax Expense	136,009	30,551	55,404	28,036	-25,461	142,667	120,762	-3,738	224,227	133,507	133,445	76,327	95,054	49,062	18,803	51,182	-99,972	63,468	62,521	43,878	101,612	94,963	70,319	46,164	270,334	76,178	68,362	51,273	131,084	51,414	64,039	50,125	114,610	72,866	76,474	56,903	92,441	69,305	64,111	37,902	66,242	56,126	45,815	19,004	82,969	22,160	54,780	25,413	72,071	47,290	46,336	23,406	58,290	38,075	26,704	7,299	25,836	8,498	4,706	-12,047	-13,683	37,701	20,330	6,462	71,131	64,155	47,360	9,997	90,195	49,805	37,842	20,484	68,007	28,525	33,134	9,215	41,839	6,300	3,940	-8,550	9,183	-18,380	3,981	-1,060	23,510	5,136	7,604	-6,144	16,910	1,571	-465
Interest Expense	39,397	38,206	42,982	28,414	17,698	19,957	18,518	12,826	15,436	11,038	13,772	10,106	15,958	17,829	17,950	16,016	18,116	21,846	24,600	22,726	24,876	26,651	26,885	28,858	32,891	34,483	35,430	34,010	35,801	37,273	36,987	34,790	35,813	30,699	26,154	26,214	27,709	27,841	28,470	28,015	27,372	27,783	37,532	42,395	43,025	43,651	44,411	43,981	43,235	39,080	34,216	33,718	41,329	49,755	50,275	49,792	52,855	54,075	47,418	34,798	48,114	42,290	50,956	43,416	1,604	36,152	42,173	103,009	10,252	3,246	25,783	2,161	13,515	10,423	13,374	12,842	1,964	30,527	30,031	20,679	27,697	28,255	19,549	13,249	6,507	6,404	14,904	7,592	6,410	12,234	1,775
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4,615	22,576	3,950	2,827	51,472	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Minority Interest	-17,678	-10,392	-4,750	8,180	-4,981	5,041	2,594	-3,974	-882	-879	443,666	2,775	1,621	708	215	1,335	1,515	1,454	-293	6,417	708	1,220	964	-163	2,286	1,044	1,231	1,906	1,151	6,690	1,777	2,473	2,552	868	8,124	201	1,393	2,593	24,735	279	3,894	-278	4,332	24,309	-16,461	2,996	-274	2,971	31,176	-3,774	13,644	10,117	0	-1,323	-10,104	0	0	0	0	0	0	0	0	0	2,183	9,692	-2,900	2,900	4,888	-1,580	1,580	229	370	440	664	689	1,502	0	0	0	565	0	0	0	0	0	0	0	0	0	-
Net Income	477,151	190,553	201,403	116,892	81,112	446,639	487,322	392,297	691,992	435,743	442,637	266,202	313,765	184,132	81,897	172,195	637,618	256,599	223,731	164,409	393,795	290,469	228,667	150,288	168,400	196,317	197,165	129,597	263,975	104,163	121,668	82,167	180,043	149,123	125,029	92,937	204,277	107,099	105,464	67,663	114,646	94,444	69,902	37,546	172,998	39,709	75,873	26,975	79,763	63,807	61,223	34,369	95,144	57,038	54,790	-6,627	64,290	12,377	-6,637	-36,689	-1,089,456	40,373	16,563	20,454	122,446	114,947	141,135	11,977	125,098	92,309	64,254	36,910	95,412	56,936	50,421	14,572	66,433	11,895	2,965	-16,568	-10,084	-28,445	5,172	-1,347	15,097	1,881	7,289	-6,095	16,178	1,978	-730
Net Income Applicable To Common Shares	0	190,553	201,403	116,892	81,112	446,639	487,322	392,297	691,992	435,743	442,637	266,202	313,765	184,132	81,897	172,195	637,618	256,599	223,731	164,409	393,795	290,469	228,667	150,288	168,400	196,317	197,165	129,597	263,975	104,163	121,668	82,167	180,043	149,123	125,029	92,937	204,277	107,099	105,464	67,663	114,646	94,444	69,902	37,546	172,998	39,709	75,873	26,975	79,763	63,807	61,223	34,369	95,251	57,038	54,790	0	64,290	12,377	0	0	-30,148	30,148	16,563	20,454	119,812	114,947	141,135	11,977	125,098	92,309	64,254	36,910	95,412	56,936	50,421	14,572	66,433	11,895	2,965	0	0	-5,172	5,172	0	15,097	1,881	1,749	0	0	0	-
Net Income From Continuing Ops	494,829	200,945	206,153	125,072	86,093	451,680	489,916	396,271	692,874	436,622	443,442	268,977	315,386	184,840	82,112	173,530	639,133	258,053	223,438	170,826	394,503	291,689	229,631	150,125	170,686	197,361	198,396	131,503	265,126	110,853	123,445	84,640	182,595	149,991	133,153	93,138	205,670	109,692	130,199	67,942	115,837	94,166	71,129	40,666	155,906	42,705	75,599	29,946	77,960	60,033	68,600	33,842	0	47,894	37,546	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Net Interest Income	-39,397	-38,206	-42,982	-28,414	-17,698	-19,957	-18,518	-12,826	-15,436	-11,038	-13,772	-10,106	-15,958	-17,829	-17,950	-16,016	-18,116	-21,846	-24,600	-21,192	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Operating Income Net Other	0	0	-1,890	144,157	0	239,954	112,259	28,407	340,301	171,502	224,177	86,326	-17,498	40,323	24,700	20,438	41,902	26,737	26,142	92,443	61,644	223,586	101,519	11,538	55,193	72,731	79,997	21,544	79,190	27,048	41,877	61,975	123,350	13,455	7,026	18,835	43,571	44,785	16,774	15,000	46,849	13,347	9,567	14,471	49,177	4,921	2,090	23,277	71,298	3,398	18,970	17,847	0	5,145	17,346	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Non Recurring	0	0	0	0	0	0	26,405	10,351	0	0	0	0	13,505	0	0	75,171	750	0	0	89,037	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	98,129	0	0	0	0	19,826	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Operating Income	494,504	269,435	306,429	178,463	56,433	614,420	516,937	376,952	592,236	409,665	366,482	269,084	443,896	211,408	94,165	220,290	513,841	316,630	284,417	144,987	459,347	189,717	225,316	213,609	418,718	235,291	222,191	195,242	352,821	172,492	182,594	107,580	206,983	240,101	228,755	160,105	288,627	185,140	206,006	112,481	169,211	158,119	187,624	101,174	232,723	103,595	172,700	76,063	116,556	143,005	130,182	73,119	172,933	130,579	97,179	45,688	140,445	56,994	38,924	5,479	-1,055,025	108,375	87,849	70,332	191,973	215,254	198,616	93,128	223,837	138,868	127,879	59,555	158,969	95,884	80,924	36,629	110,236	44,682	25,362	-9,272	24,319	-20,358	25,392	10,842	52,168	21,162	29,263	2,914	46,949	15,783	-1,195
Other Items	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Other Operating Expenses	8,455,471	7,604,028	7,422,695	7,376,808	7,972,710	7,156,942	7,405,162	6,967,222	8,009,359	6,407,192	6,093,060	5,669,951	6,465,761	5,486,531	5,286,727	5,616,534	6,605,367	5,608,480	5,429,666	4,920,733	5,836,710	5,071,473	4,898,429	4,460,361	3,918,459	3,320,866	3,131,322	2,787,347	3,477,492	3,032,231	3,033,475	2,736,445	3,493,890	2,475,612	2,168,737	1,892,398	2,519,124	2,097,171	1,943,970	1,755,058	1,968,678	1,576,487	1,561,886	1,377,038	1,773,773	1,437,709	1,428,417	1,274,735	1,648,441	1,391,458	1,298,063	1,113,958	1,481,862	1,135,813	1,078,363	980,195	1,164,281	968,977	919,668	884,970	2,338,309	1,191,360	1,227,024	1,160,593	1,628,035	1,272,463	1,288,870	1,088,978	1,387,995	765,008	708,349	620,536	797,045	648,314	591,239	501,637	687,953	526,277	513,980	440,304	579,916	427,249	293,015	252,882	324,262	263,766	255,630	221,076	290,313	209,783	1,195
Preferred Stock And Other Adjustments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Reconciled Depreciation	156,962	149,160	154,387	161,491	159,561	142,136	162,359	149,032	162,144	122,564	119,085	122,078	143,825	127,725	116,384	113,794	115,362	111,560	106,479	105,823	116,940	113,484	113,399	108,165	109,100	102,591	100,386	94,037	96,940	92,725	90,268	86,994	98,598	75,047	70,605	69,846	69,444	67,159	63,295	65,203	52,994	47,524	44,215	46,537	46,010	40,102	38,336	46,457	36,534	31,308	25,619	23,469	29,245	25,638	27,784	26,295	25,470	24,445	24,166	25,392	31,165	27,729	27,225	28,452	32,579	30,450	29,461	29,162	29,614	15,392	26,488	16,196	13,928	13,082	12,499	12,610	16,175	21,476	13,400	18,493	39,051	41,071	6,329	6,171	0	0	0	0	0	-51,887	-
Research Development	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling And Marketing Expenses	0	0	0	0	85,100	0	0	0	2,811,224	0	0	0	1,565,033	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	6,482	193	8,532	7,528	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Selling General Administrative	1,206,000	1,058,043	1,088,812	1,208,904	1,314,329	1,080,316	1,188,819	1,065,996	4,074,184	1,025,681	957,216	828,327	2,516,139	794,227	770,806	790,066	956,152	809,584	877,397	792,876	948,171	859,085	826,282	732,235	835,151	704,898	712,374	606,231	770,972	686,530	680,442	643,366	864,771	626,905	610,158	531,775	743,337	601,026	566,202	528,395	638,696	496,615	499,458	469,541	597,453	482,362	482,377	440,722	603,647	469,138	432,856	377,025	522,128	374,815	372,033	338,706	410,687	338,062	328,671	306,159	425,546	420,352	468,839	432,345	638,592	468,375	469,754	411,937	461,900	293,122	283,598	265,161	301,975	255,706	241,730	223,221	266,876	213,226	230,539	199,251	678,397	180,298	137,421	126,175	493,949	119,852	120,735	112,636	0	90,336	-
Tax Provision	136,009	30,551	55,404	28,036	-25,461	142,667	120,762	-3,738	224,227	133,507	133,445	76,327	95,054	49,062	18,803	51,182	-99,972	63,468	62,521	43,878	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-
Total Operating Expenses	1,206,242	1,207,204	1,243,199	1,370,395	1,473,890	1,222,452	1,351,178	1,215,028	1,425,104	1,148,245	1,076,301	950,405	1,094,931	921,952	887,190	903,860	1,071,514	921,144	983,876	898,699	1,065,111	972,569	939,681	840,400	944,251	807,489	812,760	700,268	874,394	779,448	779,242	722,832	963,369	701,952	680,763	601,621	812,781	668,185	629,497	593,598	691,680	544,139	543,059	515,822	642,203	522,464	520,274	487,179	639,495	496,851	458,241	400,203	550,993	400,420	399,649	365,001	443,116	362,507	352,837	331,551	1,608,601	435,998	489,819	456,147	660,447	480,611	497,265	439,305	487,418	308,014	295,853	280,091	314,638	267,371	252,548	233,591	281,732	225,566	241,369	216,082	268,371	219,051	139,949	129,283	324,262	263,766	255,630	221,076	290,313	209,783	-1,195
Total Other Income Expense Net	136,334	-37,939	7,371	-25,355	4,199	-20,073	93,741	15,581	391,679	190,032	225,106	86,482	-18,342	93,120	24,208	-31,906	43,237	26,746	26,152	21,119	61,709	222,591	112,341	7,935	53,272	75,782	89,868	20,518	83,166	37,264	47,343	57,807	125,212	15,451	12,610	13,853	55,838	27,335	38,798	26,498	-57,009	19,212	-27,142	2,012	47,967	-16,800	505	20,974	64,084	905	17,068	15,179	579	3,682	14,235	-6,584	-17,654	6,312	1,743	-39,452	-1,211,761	6,358	-12,317	-10,762	19,871	17,003	23,038	-65,140	4,342	9,135	-13,827	8,413	16,777	3,004	12,947	-1,689	9,355	-16,280	-8,806	-5,127	-17,022	-16,485	-3,310	-13,249	-13,561	-14,145	-14,370	-15,153	-13,861	-12,234	-
Total Revenue	8,949,975	7,868,046	7,719,863	7,411,114	8,194,489	7,529,546	7,771,278	7,332,933	8,550,217	6,798,327	6,458,613	5,938,879	6,910,501	5,645,142	5,381,384	5,889,168	7,119,407	5,925,101	5,714,073	5,135,510	6,293,748	5,260,954	5,111,434	4,673,952	4,336,212	3,549,977	3,342,215	2,981,204	3,823,831	3,193,487	3,207,537	2,846,734	3,700,242	2,712,559	2,390,506	2,052,503	2,787,194	2,275,076	2,126,806	1,860,842	2,233,851	1,733,866	1,742,014	1,475,063	2,005,846	1,557,147	1,601,117	1,349,989	1,763,625	1,534,463	1,422,218	1,185,105	1,651,296	1,266,218	1,171,919	1,025,883	1,296,499	1,023,205	955,667	890,449	1,283,284	1,299,735	1,314,873	1,230,925	1,837,116	1,492,809	1,490,363	1,213,961	1,611,832	903,876	836,228	680,091	956,014	744,198	672,163	538,266	798,189	574,999	550,916	440,992	621,257	423,376	321,717	263,724	376,466	284,928	284,893	223,990	337,262	225,566	-

Latest Income Statement (annual, 2023-12-31)

Gross Profit (+$)
totalRevenue	31,949,000
Cost of Revenue	-26,271,800
Gross Profit	5,677,200	5,677,200

Operating Income (+$)
Gross Profit	5,677,200
Operating Expense	-4,562,000
Operating Income	1,115,200	1,115,200

Operating Expense (+$)
Research Development	0
Selling General Administrative	4,562,000
Selling And Marketing Expenses	0
Operating Expense	4,562,000	4,562,000

Net Interest Income (+$)
Interest Income	0
Interest Expense	-149,000
Other Finance Cost	-21,699
Net Interest Income	-127,301

Pretax Income (+$)
Operating Income	1,115,200
Net Interest Income	-127,301
Other Non-Operating Income Expenses	0
Income Before Tax (EBT)	1,277,000	953,400 EBIT - interestExpense = 966,200 1,236,000 1,135,000
Interest Expense	149,000
Earnings Before Interest and Taxes (EBIT)	1,115,200	1,426,000
Earnings Before Interest and Taxes (EBITDA)	1,762,400

After tax Income (+$)
Income Before Tax	1,277,000
Tax Provision	-88,530
Net Income From Continuing Ops	618,264	1,188,470
Net Income	986,000
Net Income Applicable To Common Shares	0

Non-recurring Events
Discontinued Operations	0
Extraordinary Items	0
Effect of Accounting Charges	0
Other Items	0
Non Recurring	0
Other Operating Expenses	30,859,000
Total Other Income/Expenses Net	161,800	127,301

Technical Analysis of Cbre
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Cbre. The general trend of Cbre is BULLISH with 42.9% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Cbre's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (42.9%)		Bearish trend (-42.9%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of CBRE Group Inc Class A.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 89.13 < 92.15 < 93.11.

The bearish price targets are: 82.99 > 82.75 > 80.03.

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CBRE Group Inc Class A Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of CBRE Group Inc Class A. The current mas is .

The long score for the Moving Averages is 10/14.
The longshort score for the Moving Averages is 6/(-14 +14).

MA 20 trending down: The MA 20 is trending down. -1
Close < MA 20: The price is below the MA 20. -1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 > MA 200: The MA 20 is higher than the MA 200. +1
MA 50 trending up: The MA 50 is trending up. +1
Close < MA 50: The price is below the MA 50. -1
MA 50 > MA 100: The MA 50 is higher than the MA 100. +1
MA 50 > MA 200: The MA 50 is higher than the MA 200. +1
MA 100 trending up: The MA 100 is trending up. +1
Close < MA 100: The price is below the MA 100. -1
MA 100 > MA 200: The MA 100 is higher than the MA 200. +1
MA 200 trending up: The MA 200 is trending up. +1
Close > MA 200: The price is above the MA 200. +1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

CBRE Group Inc Class A Daily Moving Averages Chart

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of CBRE Group Inc Class A. The current macd is -2.10840112.

The long score for the Moving Average Convergence/Divergence (MACD) is 0/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -4/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Cbre price going down in the near term. -2
MACD < 0: The MACD is below the zero line (centerline), it indicates a bearish signal for Cbre. This means that the short-term moving average is lower than the long-term moving average, signaling negative momentum and suggesting a higher likelihood of the Cbre price continuing to fall in the near future. It indicates that sellers are gaining control, and there is negativism in the market, leading to potential price decreases. -1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

CBRE Group Inc Class A Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of CBRE Group Inc Class A. The current adx is 31.37.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -4/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Cbre shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending up: The ADX is above 25 and indicates a strong bearish trend. The ADX is trending up, so the bearish trend is strengthening.

CBRE Group Inc Class A Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of CBRE Group Inc Class A. The current sar is 91.97.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

CBRE Group Inc Class A Daily Parabolic SAR Chart

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of CBRE Group Inc Class A. The current rsi is 26.65. The current phase is Oversold in bull market.

The long score for the Relative Strength Index (RSI) is 1/13.
The longshort score for the Relative Strength Index (RSI) is 0/(-13 +13).

Oversold in bull market: Short-term excessive selling, potential for rebound. Consider buying at a perceived discount, watch for reversal signs. +1
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

CBRE Group Inc Class A Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of CBRE Group Inc Class A. The current phase is Oversold in bull market.

The long score for the Stochastic Oscillator is 3/6.
The longshort score for the Stochastic Oscillator is 0/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line > STOCH %D line: The STOCH %K line is above the STOCH %D line, which indicates a bullish signal in the market. This means that the positive momentum is currently stronger than the average momentum, suggesting that buyers are more active than sellers, and there's a higher probability of the Cbre price going up in the near term. +2
Trending up: The STOCH %K is trending up. +1

CBRE Group Inc Class A Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of CBRE Group Inc Class A. The current cci is -129.3457059.

The long score for the Commodity Channel Index (CCI) is 0/1.
The longshort score for the Commodity Channel Index (CCI) is -1/(-1 +1).

CCI < -100: The CCI is below -100, it indicates that the price is significantly below its average, suggesting a potential oversold condition. -1

CBRE Group Inc Class A Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of CBRE Group Inc Class A. The current cmo is -65.6032072.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

CBRE Group Inc Class A Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of CBRE Group Inc Class A. The current willr is -95.62208619.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

CBRE Group Inc Class A Daily Williams %R Chart

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of CBRE Group Inc Class A.

CBRE Group Inc Class A Daily Bollinger Bands Chart

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of CBRE Group Inc Class A. The current atr is 2.01969256.

CBRE Group Inc Class A Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of CBRE Group Inc Class A. The current obv is -14,155,215.

CBRE Group Inc Class A Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of CBRE Group Inc Class A. The current mfi is 15.58.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -2/(-2 +2).

MFI < 50: -1
MFI < 20: -1

CBRE Group Inc Class A Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for CBRE Group Inc Class A.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-01	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-05	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-11	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-14	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2023-12-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-01-03	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-04	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-08	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-09	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-18	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-22	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-23	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-25	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-01-26	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-01-29	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-01-30	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-02-01	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-02-05	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
2024-02-06	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-07	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-08	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-12	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-02-15	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-16	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-08	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-11	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-14	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-15	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-03-20	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-21	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-22	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-01	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-02	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-03	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-04-09	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-10	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	BB	LONG ENTRY	SHORT CLOSE	Price closed below the lower band.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-15	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-04-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-18	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-04-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.

6.3. Candlestick Patterns

CBRE Group Inc Class A Daily Candlestick Chart

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of CBRE Group Inc Class A based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	26.646
Ma 20	Greater than	Ma 50	92.521
Ma 50	Greater than	Ma 100	92.047
Ma 100	Greater than	Ma 200	89.148
Open	Greater than	Close	85.140
Total			4/5 (80.0%)

Create your own Symbol Scanner

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CBRE Group Inc Class A Buy, Hold or Sell?

Let's analyse Cbre together

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Quick analysis of Cbre (30 sec.)

What can you expect buying and holding a share of Cbre? (30 sec.)

How much money do you get?

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Cbre (5 min.)

$84.90

$29.39

$15.73 - $53.52

$45.11 - $82.91

2. Growth of Cbre (5 min.)

Is Cbre growing?

How much money is Cbre making?

How much money comes from the company's main activities?

3. Financial Health of Cbre (5 min.)

4. Comparing to competitors in the Real Estate Services industry (5 min.)

Industry Rankings (Real Estate Services)

What can you expect buying and holding a share of Cbre? (5 min.)

What can you expect buying and holding a share of Cbre?

Speculation

Investing

How much money are you going to get?

When do you get the money?

How sure are you?

Linear %

Fundamentals of Cbre

About CBRE Group Inc Class A

Financial Health

Valuation

1.1. Profitability of CBRE Group Inc Class A.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

Compared to industry (Real Estate Services)

1.1.2. Return on Assets

Trends

Compared to industry (Real Estate Services)

1.1.3. Return on Equity

Trends

Compared to industry (Real Estate Services)

1.2. Operating Efficiency of CBRE Group Inc Class A.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

Compared to industry (Real Estate Services)

1.2.2. Operating Ratio

Trends

Compared to industry (Real Estate Services)

1.3. Liquidity of CBRE Group Inc Class A.

1.3. Liquidity

1.3.1. Current Ratio

Trends

Compared to industry (Real Estate Services)

1.3.2. Quick Ratio

Trends

Compared to industry (Real Estate Services)

1.4. Solvency of CBRE Group Inc Class A.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

Compared to industry (Real Estate Services)

1.4.2. Debt to Equity Ratio

Trends

Compared to industry (Real Estate Services)

2. Market Valuation of CBRE Group Inc Class A

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

Compared to industry (Real Estate Services)

CBRE Group Inc Class A
Buy, Hold or Sell?