REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2015 Results; Provides 2016 Earnings Per Share Forecast <Origin Href="QuoteRef">PM.N</Origin> - Part 3
01/04/2016 14:15
- Part 3: For the preceding part double click ID:nBw2p0CzGb
Selected Financial Data by Business Segment
For the Quarters Ended December 31,
($ in millions)
(Unaudited)
Net Revenues excluding Excise Taxes
European EEMA Asia Latin Total
Union
America &
Canada
2015 Net Revenues (1) $ 6,647 $ 4,420 $ 4,786 $ 2,518 $ 18,371
Excise Taxes on Products (4,713 ) (2,703 ) (2,867 ) (1,696 ) (11,979 )
Net Revenues excluding Excise Taxes 1,934 1,717 1,919 822 6,392
2014 Net Revenues $ 7,181 $ 5,233 $ 4,740 $ 2,787 $ 19,941
Excise Taxes on Products (5,034 ) (3,108 ) (2,737 ) (1,865 ) (12,744 )
Net Revenues excluding Excise Taxes 2,147 2,125 2,003 922 7,197
Variance Currency (269 ) (417 ) (250 ) (160 ) (1,096 )
Acquisitions - - - - -
Operations 56 9 166 60 291
Variance Total (213 ) (408 ) (84 ) (100 ) (805 )
Variance Total (%) (9.9 )% (19.2 )% (4.2 )% (10.8 )% (11.2 )%
Variance excluding Currency 56 9 166 60 291
Variance excluding Currency (%) 2.6 % 0.4 % 8.3 % 6.5 % 4.0 %
Variance excluding Currency & Acquisitions 56 9 166 60 291
Variance excluding Currency & Acquisitions (%) 2.6 % 0.4 % 8.3 % 6.5 % 4.0 %
(1) 2015 Currency decreased net revenues as follows:
European Union $ (929 )
EEMA (1,241 )
Asia (632 )
Latin America & Canada (505 )
$ (3,307 )
Schedule 3
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Quarters Ended December 31,
($ in millions)
(Unaudited)
Operating Companies Income
European EEMA Asia Latin Total
Union
America &
Canada
2015 $ 599 $ 704 $ 465 $ 236 $ 2,004
2014 870 885 573 296 2,624
% Change (31.1 )% (20.5 )% (18.8 )% (20.3 )% (23.6 )%
Reconciliation:
For the quarter ended December 31, 2014 $ 870 $ 885 $ 573 $ 296 $ 2,624
2014 Asset impairment and exit costs 18 2 11 1 32
2015 Asset impairment and exit costs (68 ) - - - (68 )
Acquired businesses - - - - -
Currency (125 ) (115 ) (90 ) (63 ) (393 )
Operations (96 ) (68 ) (29 ) 2 (191 )
For the quarter ended December 31, 2015 $ 599 $ 704 $ 465 $ 236 $ 2,004
Schedule 4
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Diluted Earnings Per Share
For the Quarters Ended December 31,
($ in millions, except per share data)
(Unaudited)
Diluted
E.P.S.
2015 Diluted Earnings Per Share $ 0.80 (1)
2014 Diluted Earnings Per Share $ 1.03 (1)
Change $ (0.23 )
% Change (22.3 )%
Reconciliation:
2014 Diluted Earnings Per Share $ 1.03 (1)
Special Items:
2014 Asset impairment and exit costs -
2014 Tax items -
2015 Asset impairment and exit costs (0.03 )
2015 Tax items 0.02
Currency (0.18 )
Interest 0.01
Change in tax rate 0.05
Impact of lower shares outstanding and share-based payments (0.01 )
Operations (0.09 )
2015 Diluted Earnings Per Share $ 0.80 (1)
(1) Basic and diluted EPS were calculated using the following (in millions):
Q4 Q4
2015
2014
Net earnings attributable to PMI $ 1,249 $ 1,612
Less distributed and undistributed earnings attributable
to share-based payment awards 4 8
Net earnings for basic and diluted EPS $ 1,245 $ 1,604
Weighted-average shares for basic and diluted EPS 1,549 1,552
Schedule 5
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Condensed Statements of Earnings
For the Years Ended December 31,
($ in millions, except per share data)
(Unaudited)
2015 2014 % Change
Net revenues $ 73,908 $ 80,106 (7.7)%
Cost of sales 9,365 10,436 (10.3)%
Excise taxes on products (1) 47,114 50,339 (6.4)%
Gross profit 17,429 19,331 (9.8)%
Marketing, administration and research costs 6,656 7,001
Asset impairment and exit costs 68 535
Amortization of intangibles 82 93
Operating income (2) 10,623 11,702 (9.2)%
Interest expense, net 1,008 1,052
Earnings before income taxes 9,615 10,650 (9.7)%
Provision for income taxes 2,688 3,097 (13.2)%
Equity (income)/loss in unconsolidated subsidiaries, net (105 ) (105 )
Net earnings 7,032 7,658 (8.2)%
Net earnings attributable to noncontrolling interests 159 165
Net earnings attributable to PMI $ 6,873 $ 7,493 (8.3)%
Per share data (3):
Basic earnings per share $ 4.42 $ 4.76 (7.1)%
Diluted earnings per share $ 4.42 $ 4.76 (7.1)%
(1) The segment detail of excise taxes on products sold for the years ended December 31, 2015 and 2014 is shown on Schedule 6.
(2) PMI's management evaluates segment performance and allocates resources based on operating companies income, which PMI defines as operating income, excluding general corporate expenses and amortization of intangibles, plus equity (income)/loss in unconsolidated subsidiaries, net. The reconciliation from operating income to operating companies income is as follows:
2015 2014 % Change
Operating Income $ 10,623 $ 11,702 (9.2)%
Excluding:
- Amortization of Intangibles 82 93
- General corporate expenses (included in marketing, administration 162 165
and research costs above)
Plus: Equity (income)/loss in unconsolidated subsidiaries, net (105 ) (105 )
Operating Companies Income $ 10,972 $ 12,065 (9.1)%
(3) Net earnings and weighted-average shares used in the basic and diluted earnings per share computations for the years ended December 31, 2015 and 2014 are shown on Schedule 8, Footnote 1.
Schedule 6
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Years Ended December 31,
($ in millions)
(Unaudited)
Net Revenues excluding Excise Taxes
European EEMA Asia Latin Total
Union
America &
Canada
2015 Net Revenues (1) $ 26,563 $ 18,328 $ 19,469 $ 9,548 $ 73,908
Excise Taxes on Products (18,495 ) (10,964 ) (11,266 ) (6,389 ) (47,114 )
Net Revenues excluding Excise Taxes 8,068 7,364 8,203 3,159 26,794
2014 Net Revenues $ 30,517 $ 20,469 $ 19,255 $ 9,865 $ 80,106
Excise Taxes on Products (21,370 ) (11,855 ) (10,527 ) (6,587 ) (50,339 )
Net Revenues excluding Excise Taxes 9,147 8,614 8,728 3,278 29,767
Variance Currency (1,503 ) (1,835 ) (875 ) (505 ) (4,718 )
Acquisitions 11 1 - 4 16
Operations 413 584 350 382 1,729
Variance Total (1,079 ) (1,250 ) (525 ) (119 ) (2,973 )
Variance Total (%) (11.8 )% (14.5 )% (6.0 )% (3.6 )% (10.0 )%
Variance excluding Currency 424 585 350 386 1,745
Variance excluding Currency (%) 4.6 % 6.8 % 4.0 % 11.8 % 5.9 %
Variance excluding Currency & Acquisitions 413 584 350 382 1,729
Variance excluding Currency & Acquisitions (%) 4.5 % 6.8 % 4.0 % 11.7 % 5.8 %
(1) 2015 Currency decreased net revenues as follows:
European Union $ (4,980 )
EEMA (4,958 )
Asia (1,971 )
Latin America & Canada (1,588 )
$ (13,497 )
Schedule 7
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Years Ended December 31,
($ in millions)
(Unaudited)
Operating Companies Income
European EEMA Asia Latin Total
Union
America &
Canada
2015 $ 3,576 $ 3,425 $ 2,886 $ 1,085 $ 10,972
2014 3,815 4,033 3,187 1,030 12,065
% Change (6.3 )% (15.1 )% (9.4 )% 5.3 % (9.1 )%
Reconciliation:
For the year ended December 31, 2014 $ 3,815 $ 4,033 $ 3,187 $ 1,030 $ 12,065
2014 Asset impairment and exit costs 490 2 35 8 535
2015 Asset impairment and exit costs (68 ) - - - (68 )
Acquired businesses (2 ) (1 ) - 3 -
Currency (857 ) (938 ) (388 ) (210 ) (2,393 )
Operations 198 329 52 254 833
For the year ended December 31, 2015 $ 3,576 $ 3,425 $ 2,886 $ 1,085 $ 10,972
Schedule 8
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Diluted Earnings Per Share
For the Years Ended December 31,
($ in millions, except per share data)
(Unaudited)
Diluted
E.P.S.
2015 Diluted Earnings Per Share $ 4.42 (1)
2014 Diluted Earnings Per Share $ 4.76 (1)
Change $ (0.34 )
% Change (7.1 )%
Reconciliation:
2014 Diluted Earnings Per Share $ 4.76 (1)
Special Items:
2014 Asset impairment and exit costs 0.26
2014 Tax items -
2015 Asset impairment and exit costs (0.03 )
2015 Tax items 0.03
Currency (1.20 )
Interest (0.01 )
Change in tax rate 0.04
Impact of lower shares outstanding and share-based payments 0.04
Operations 0.53
2015 Diluted Earnings Per Share $ 4.42 (1)
(1) Basic and diluted EPS were calculated using the following (in millions):
YTD YTD
December December
2015 2014
Net earnings attributable to PMI $ 6,873 $ 7,493
Less distributed and undistributed earnings attributable
to share-based payment awards 24 34
Net earnings for basic and diluted EPS $ 6,849 $ 7,459
Weighted-average shares for basic and diluted EPS 1,549 1,566
Schedule 9
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Condensed Balance Sheets
($ in millions, except ratios)
(Unaudited)
December 31, December 31,
2015 2014
Assets
Cash and cash equivalents $ 3,417 $ 1,682
All other current assets 12,387 13,802
Property, plant and equipment, net 5,721 6,071
Goodwill 7,415 8,388
Other intangible assets, net 2,623 2,985
Investments in unconsolidated subsidiaries 890 1,083
Other assets 1,503 1,176
Total assets $ 33,956 $ 35,187
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings $ 825 $ 1,208
Current portion of long-term debt 2,405 1,318
All other current liabilities 12,156 12,586
Long-term debt 25,250 26,929
Deferred income taxes 1,543 1,549
Other long-term liabilities 3,253 2,800
Total liabilities 45,432 46,390
Total PMI stockholders' deficit (13,244 ) (12,629 )
Noncontrolling interests
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