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 4
01/04/2016 14:15
- Part 4: For the preceding part double click ID:nBw2p0CzGc
1,768 1,426
Total stockholders' deficit (11,476 ) (11,203 )
Total liabilities and stockholders' (deficit) equity $ 33,956 $ 35,187
Total debt $ 28,480 $ 29,455
Total debt to Adjusted EBITDA 2.49 (1) 2.24 (1)
Net debt to Adjusted EBITDA 2.19 (1) 2.12 (1)
(1) For the calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA ratios, refer to Schedule 18.
Schedule 10
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Quarters Ended December 31,
($ in millions)
(Unaudited)
2015 2014 % Change in Reported Net
Revenues excluding Excise Taxes
Reported Less Reported Less Reported Less Reported Reported Less Reported Reported Reported Reported
Net
Excise
Net
Currency
Net
Acquisi-
Net
Net
Excise
Net
excluding
excluding
Revenues
Taxes
Revenues
Revenues
tions
Revenues
Revenues
Taxes
Revenues
Currency
Currency &
excluding
excluding
excluding
excluding
Acquisitions
Excise
Excise
Excise
Excise
Taxes
Taxes &
Taxes,
Taxes
Currency
Currency &
Acquisitions
$ 6,647 $ 4,713 $ 1,934 $ (269 ) $ 2,203 $ - $ 2,203 European Union $ 7,181 $ 5,034 $ 2,147 (9.9)% 2.6% 2.6%
4,420 2,703 1,717 (417 ) 2,134 - 2,134 EEMA 5,233 3,108 2,125 (19.2)% 0.4% 0.4%
4,786 2,867 1,919 (250 ) 2,169 - 2,169 Asia 4,740 2,737 2,003 (4.2)% 8.3% 8.3%
2,518 1,696 822 (160 ) 982 - 982 Latin America 2,787 1,865 922 (10.8)% 6.5% 6.5%
& Canada
$ 18,371 $ 11,979 $ 6,392 $ (1,096 ) $ 7,488 $ - $ 7,488 PMI Total $ 19,941 $ 12,744 $ 7,197 (11.2)% 4.0% 4.0%
2015 2014 % Change in Reported Operating
Companies Income
Reported Less Reported Less Reported Reported Reported Reported Reported
Operating
Currency
Operating
Acquisi-
Operating
Operating
excluding
excluding
Companies
Companies
tions
Companies
Companies
Currency
Currency &
Income
Income
Income
Income
Acquisitions
excluding
excluding
Currency
Currency &
Acquisitions
$ 599 $ (125 ) $ 724 $ - $ 724 European Union $ 870 (31.1)% (16.8)% (16.8)%
704 (115 ) 819 - 819 EEMA 885 (20.5)% (7.5)% (7.5)%
465 (90 ) 555 - 555 Asia 573 (18.8)% (3.1)% (3.1)%
236 (63 ) 299 - 299 Latin America 296 (20.3)% 1.0% 1.0%
& Canada
$ 2,004 $ (393 ) $ 2,397 $ - $ 2,397 PMI Total $ 2,624 (23.6)% (8.7)% (8.7)%
Schedule 11
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income &
Reconciliation of Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions
For the Quarters Ended December 31,
($ in millions)
(Unaudited)
2015 2014 % Change in Adjusted Operating
Companies Income
Reported Less Adjusted Less Adjusted Less Adjusted Reported Less Adjusted Adjusted Adjusted Adjusted
Operating
Asset
Operating
Currency
Operating
Acquisi-
Operating
Operating
Asset
Operating
excluding
excluding
Companies
Impairment
Companies
Companies
tions
Companies
Companies
Impairment
Companies
Currency
Currency &
Income
& Exit
Income
Income
Income
Income
& Exit
Income
Acquisitions
Costs
excluding
excluding
Costs
Currency
Currency &
Acquisitions
$ 599 $ (68 ) $ 667 $ (125 ) $ 792 $ - $ 792 European Union $ 870 $ (18 ) $ 888 (24.9)% (10.8)% (10.8)%
704 - 704 (115 ) 819 - 819 EEMA 885 (2 ) 887 (20.6)% (7.7)% (7.7)%
465 - 465 (90 ) 555 - 555 Asia 573 (11 ) 584 (20.4)% (5.0)% (5.0)%
236 - 236 (63 ) 299 - 299 Latin America 296 (1 ) 297 (20.5)% 0.7% 0.7%
& Canada
$ 2,004 $ (68 ) $ 2,072 $ (393 ) $ 2,465 $ - $ 2,465 PMI Total $ 2,624 $ (32 ) $ 2,656 (22.0)% (7.2)% (7.2)%
2015 2014 % Points Change
Adjusted Net Adjusted Adjusted Net Adjusted Adjusted Net Adjusted Adjusted Adjusted
Operating
Revenues
Operating
Operating
Revenues
Operating
Operating
Revenues
Operating
Operating
Operating
Companies
excluding
Companies
Companies
excluding
Companies
Companies
excluding
Companies
Companies
Companies
Income
Excise
Income
Income
Excise Taxes,
Income
Income
Excise
Income
Income
Income
excluding
Taxes &
Margin
excluding
Currency &
Margin
Taxes(1)
Margin
Margin
Margin
Currency
Currency(1)
excluding
Currency &
Acquisitions(1)
excluding
excluding
excluding
Currency
Acquisitions
Currency &
Currency
Currency &
Acquisitions
Acquisitions
$ 792 $ 2,203 36.0 % $ 792 $ 2,203 36.0 % European Union $ 888 $ 2,147 41.4% (5.4) (5.4)
819 2,134 38.4 % 819 2,134 38.4 % EEMA 887 2,125 41.7% (3.3) (3.3)
555 2,169 25.6 % 555 2,169 25.6 % Asia 584 2,003 29.2% (3.6) (3.6)
299 982 30.4 % 299 982 30.4 % Latin America 297 922 32.2% (1.8) (1.8)
& Canada
$ 2,465 $ 7,488 32.9 % $ 2,465 $ 7,488 32.9 % PMI Total $ 2,656 $ 7,197 36.9% (4.0) (4.0)
(1) For the calculation of net revenues excluding excise taxes, currency and acquisitions, refer to Schedule 10.
Schedule 12
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, excluding Currency
For the Quarters Ended December 31,
(Unaudited)
2015 2014 % Change
Reported Diluted EPS $ 0.80 $ 1.03 (22.3)%
Adjustments:
Asset impairment and exit costs 0.03 -
Tax items (0.02 ) -
Adjusted Diluted EPS $ 0.81 $ 1.03 (21.4)%
Less:
Currency impact (0.18 )
Adjusted Diluted EPS, excluding Currency $ 0.99 $ 1.03 (3.9)%
Schedule 13
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency
For the Quarters Ended December 31,
(Unaudited)
2015 2014 % Change
Reported Diluted EPS $ 0.80 $ 1.03 (22.3)%
Less:
Currency impact (0.18 )
Reported Diluted EPS, excluding Currency $ 0.98 $ 1.03 (4.9)%
Schedule 14
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Years Ended December 31,
($ in millions)
(Unaudited)
2015 2014 % Change in Reported Net
Revenues excluding Excise Taxes
Reported Less Reported Less Reported Less Reported Reported Less Reported Reported Reported Reported
Net
Excise
Net
Currency
Net
Acquisi-
Net
Net
Excise
Net
excluding
excluding
Revenues
Taxes
Revenues
Revenues
tions
Revenues
Revenues
Taxes
Revenues
Currency
Currency &
excluding
excluding
excluding
excluding
Acquisitions
Excise
Excise
Excise
Excise
Taxes
Taxes &
Taxes,
Taxes
Currency
Currency &
Acquisitions
$ 26,563 $ 18,495 $ 8,068 $ (1,503 ) $ 9,571 $ 11 $ 9,560 European Union $ 30,517 $ 21,370 $ 9,147 (11.8)% 4.6% 4.5%
18,328 10,964 7,364 (1,835 ) 9,199 1 9,198 EEMA 20,469 11,855 8,614 (14.5)% 6.8% 6.8%
19,469 11,266 8,203 (875 ) 9,078 - 9,078 Asia 19,255 10,527 8,728 (6.0)% 4.0% 4.0%
9,548 6,389 3,159 (505 ) 3,664 4 3,660 Latin America 9,865 6,587 3,278 (3.6)% 11.8% 11.7%
& Canada
$ 73,908 $ 47,114 $ 26,794 $ (4,718 ) $ 31,512 $ 16 $ 31,496 PMI Total $ 80,106 $ 50,339 $ 29,767 (10.0)% 5.9% 5.8%
2015 2014 % Change in Reported Operating
Companies Income
Reported Less Reported Less Reported Reported Reported Reported Reported
Operating
Currency
Operating
Acquisi-
Operating
Operating
excluding
excluding
Companies
Companies
tions
Companies
Companies
Currency
Currency &
Income
Income
Income
Income
Acquisitions
excluding
excluding
Currency
Currency &
Acquisitions
$ 3,576 $ (857 ) $ 4,433 $ (2 ) $ 4,435 European Union $ 3,815 (6.3)% 16.2% 16.3%
3,425 (938 ) 4,363 (1 ) 4,364 EEMA 4,033 (15.1)% 8.2% 8.2%
2,886 (388 ) 3,274 - 3,274 Asia 3,187 (9.4)% 2.7% 2.7%
1,085 (210 ) 1,295 3 1,292 Latin America 1,030 5.3% 25.7% 25.4%
& Canada
$ 10,972 $ (2,393 ) $ 13,365 $ - $ 13,365 PMI Total $ 12,065 (9.1)% 10.8% 10.8%
Schedule 15
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income &
Reconciliation of Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions
For the Years Ended December 31,
($ in millions)
(Unaudited)
2015 2014 % Change in Adjusted Operating
Companies Income
Reported Less Adjusted Less Adjusted Less Adjusted Reported Less Adjusted Adjusted Adjusted Adjusted
Operating
Asset
Operating
Currency
Operating
Acquisi-
Operating
Operating
Asset
Operating
excluding
excluding
Companies
Impairment &
Companies
Companies
tions
Companies
Companies
Impairment
Companies
Currency
Currency &
Income
Exit Costs
Income
Income
Income
Income
& Exit
Income
Acquisitions
excluding
excluding
Costs
Currency
Currency &
Acquisitions
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