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 5
01/04/2016 14:15
- Part 5: For the preceding part double click ID:nBw2p0CzGd
$ 3,576 $ (68 ) $ 3,644 $ (857 ) $ 4,501 $ (2 ) $ 4,503 European Union $ 3,815 $ (490 ) $ 4,305 (15.4)% 4.6% 4.6%
3,425 - 3,425 (938 ) 4,363 (1 ) 4,364 EEMA 4,033 (2 ) 4,035 (15.1)% 8.1% 8.2%
2,886 - 2,886 (388 ) 3,274 - 3,274 Asia 3,187 (35 ) 3,222 (10.4)% 1.6% 1.6%
1,085 - 1,085 (210 ) 1,295 3 1,292 Latin America 1,030 (8 ) 1,038 4.5% 24.8% 24.5%
& Canada
$ 10,972 $ (68 ) $ 11,040 $ (2,393 ) $ 13,433 $ - $ 13,433 PMI Total $ 12,065 $ (535 ) $ 12,600 (12.4)% 6.6% 6.6%
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 Taxes
Income
Income
Excise Taxes,
Income
Income
Excise
Income
Income
Income
excluding
& Currency(1)
Margin
excluding
Currency &
Margin
Taxes(1)
Margin
Margin
Margin
Currency
excluding
Currency &
Acquisitions(1)
excluding
excluding
excluding
Currency
Acquisitions
Currency &
Currency
Currency &
Acquisitions
Acquisitions
$ 4,501 $ 9,571 47.0 % $ 4,503 $ 9,560 47.1 % European Union $ 4,305 $ 9,147 47.1 % (0.1) -
4,363 9,199 47.4 % 4,364 9,198 47.4 % EEMA 4,035 8,614 46.8 % 0.6 0.6
3,274 9,078 36.1 % 3,274 9,078 36.1 % Asia 3,222 8,728 36.9 % (0.8) (0.8)
1,295 3,664 35.3 % 1,292 3,660 35.3 % Latin America 1,038 3,278 31.7 % 3.6 3.6
& Canada
$ 13,433 $ 31,512 42.6 % $ 13,433 $ 31,496 42.6 % PMI Total $ 12,600 $ 29,767 42.3 % 0.3 0.3
(1) For the calculation of net revenues excluding excise taxes, currency and acquisitions, refer to Schedule 14.
Schedule 16
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 Years Ended December 31,
(Unaudited)
2015 2014 % Change
Reported Diluted EPS $ 4.42 $ 4.76 (7.1)%
Adjustments:
Asset impairment and exit costs 0.03 0.26
Tax items (0.03 ) -
Adjusted Diluted EPS $ 4.42 $ 5.02 (12.0)%
Less:
Currency impact (1.20 )
Adjusted Diluted EPS, excluding Currency $ 5.62 $ 5.02 12.0%
Schedule 17
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding Currency
For the Years Ended December 31,
(Unaudited)
2015 2014 % Change
Reported Diluted EPS $ 4.42 $ 4.76 (7.1)%
Less:
Currency impact (1.20 )
Reported Diluted EPS, excluding Currency $ 5.62 $ 4.76 18.1%
Schedule 18
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Calculation of Total Debt to Adjusted EBITDA and Net Debt to Adjusted EBITDA Ratios
($ in millions, except ratios)
(Unaudited)
For the Year Ended For the Year Ended
December 31, December 31,
2015 2014
Earnings before income taxes $ 9,615 $ 10,650
Interest expense, net 1,008 1,052
Depreciation and amortization 754 889
Extraordinary, unusual or non-recurring expenses, net (1) 68 535
Adjusted EBITDA $ 11,445 $ 13,126
December 31, December 31,
2015 2014
Short-term borrowings $ 825 $ 1,208
Current portion of long-term debt 2,405 1,318
Long-term debt 25,250 26,929
Total Debt $ 28,480 $ 29,455
Less: Cash and cash equivalents 3,417 1,682
Net Debt $ 25,063 $ 27,773
Ratios
Total Debt to Adjusted EBITDA 2.49 2.24
Net Debt to Adjusted EBITDA 2.19 2.12
(1) Asset Impairment and Exit Costs at Operating Income level.
Schedule 19
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow, excluding Currency
Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency
For the Quarters and Years Ended December 31,
($ in millions)
(Unaudited)
For the Quarters Ended For the Years Ended
December 31, December 31,
2015 2014 % Change 2015 2014 % Change
Net cash provided by operating activities(a) $ 1,872 $ 1,354 38.3% $ 7,865 $ 7,739 1.6%
Less:
Capital expenditures 324 349 960 1,153
Free cash flow $ 1,548 $ 1,005 54.0% $ 6,905 $ 6,586 4.8%
Less:
Currency impact (187 ) (1,996 )
Free cash flow, excluding currency $ 1,735 $ 1,005 72.6% $ 8,901 $ 6,586 35.2%
For the Quarters Ended For the Years Ended
December 31, December 31,
2015 2014 % Change 2015 2014 % Change
Net cash provided by operating activities(a) $ 1,872 $ 1,354 38.3% $ 7,865 $ 7,739 1.6%
Less:
Currency impact (246 ) (2,170 )
Net cash provided by operating activities, $ 2,118 $ 1,354 56.4% $ 10,035 $ 7,739 29.7%
excluding currency
(a) Operating cash flow.
Philip Morris International Inc.
Investor Relations:
New York: +1 (917) 663 2233
Lausanne: +41 (0)58 242 4666
or
Media:
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Philip Morris International Inc.
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