REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2016 First-Quarter Results; Increases, for Currency Only, 2016 Full-Year Reported Diluted EPS Forecast to a Range of $4.40 to $4.50 <Origin Href="QuoteRef">PM.N</Origin> - Part 3
19/04/2016 10:45
- Part 3: For the preceding part double click ID:nBw5y3KRbb
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income &
Reconciliation of Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions
For the Quarters Ended March 31,
($ in millions)
(Unaudited)
2016 2015 % Change in Adjusted Operating
Companies Income
Reported Less Adjusted Less Adjusted Less Adjusted Reported Less Adjusted Adjusted Adjusted Adjusted
Operating Asset Operating Currency Operating Acquisitions Operating Operating Asset Operating excluding excluding
Companies Impairment Companies Companies Companies Companies Impairment Companies Currency Currency &
Income & Exit Income Income Income Income & Exit Income Acquisitions
Costs excluding excluding Costs
Currency Currency &
Acquisitions
$ 906 $ - $ 906 $ (54 ) $ 960 $ - $ 960 European Union $ 927 $ - $ 927 (2.3 )% 3.6 % 3.6 %
633 - 633 (177 ) 810 - 810 EEMA 866 - 866 (26.9 )% (6.5 )% (6.5 )%
778 - 778 (63 ) 841 - 841 Asia 934 - 934 (16.7 )% (10.0 )% (10.0 )%
229 - 229 (89 ) 318 - 318 Latin America & Canada 230 - 230 (0.4 )% 38.3 % 38.3 %
$ 2,546 $ - $ 2,546 $ (383 ) $ 2,929 $ - $ 2,929 PMI Total $ 2,957 $ - $ 2,957 (13.9 )% (0.9 )% (0.9 )%
2016 2015 % 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 Income Income Excise Income Income Income
excluding Taxes & Margin excluding Taxes, Margin Taxes (1) Margin Margin Margin
Currency Currency (1) excluding Currency & Currency & excluding excluding excluding
Currency Acquisitions Acquisitions (1) Currency & Currency Currency &
Acquisitions Acquisitions
$ 960 $ 2,018 47.6 % $ 960 $ 2,018 47.6 % European Union $ 927 $ 1,951 47.5 % 0.1 0.1
810 1,805 44.9 % 810 1,805 44.9 % EEMA 866 1,784 48.5 % (3.6 ) (3.6 )
841 2,118 39.7 % 841 2,118 39.7 % Asia 934 2,155 43.3 % (3.6 ) (3.6 )
318 833 38.2 % 318 833 38.2 % Latin America & Canada 230 726 31.7 % 6.5 6.5
$ 2,929 $ 6,774 43.2 % $ 2,929 $ 6,774 43.2 % PMI Total $ 2,957 $ 6,616 44.7 % (1.5 ) (1.5 )
(1) For the calculation of Net Revenues excluding Excise Taxes, currency and acquisitions, refer to Schedule 6.
Schedule 8
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 March 31,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 0.98 $ 1.16 (15.5 )%
Adjustments:
Asset impairment and exit costs - -
Tax items - -
Adjusted Diluted EPS $ 0.98 $ 1.16 (15.5 )%
Less:
Currency impact (0.19 )
Adjusted Diluted EPS, excluding Currency $ 1.17 $ 1.16 0.9 %
Schedule 9
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 March 31,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 0.98 $ 1.16 (15.5 )%
Less:
Currency impact (0.19 )
Reported Diluted EPS, excluding Currency $ 1.17 $ 1.16 0.9 %
Schedule 10
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
March 31, December 31,
2016 2015
April ~ January ~ 12 months
December March
2015 2016 rolling
Earnings before income taxes $ 7,019 $ 2,226 $ 9,245 $ 9,615
Interest expense, net 733 247 980 1,008
Depreciation and amortization 562 175 737 754
Extraordinary, unusual or non-recurring expenses, net (1) 68 - 68 68
Adjusted EBITDA $ 8,382 $ 2,648 $ 11,030 $ 11,445
March 31, December 31,
2016 2015
Short-term borrowings $ 673 $ 825
Current portion of long-term debt 2,437 2,405
Long-term debt 26,683 25,250
Total Debt $ 29,793 $ 28,480
Less: Cash and cash equivalents 2,944 3,417
Net Debt $ 26,849 $ 25,063
Ratios:
Total Debt to Adjusted EBITDA 2.70 2.49
Net Debt to Adjusted EBITDA 2.43 2.19
(1) Asset Impairment and Exit Costs at Operating Income level.
Schedule 11
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 Ended March 31,
($ in millions)
(Unaudited)
For the Quarters Ended
March 31,
2016 2015 % Change
Net cash provided by operating activities (1) $ 462 $ (375 ) +100.0%
Less:
Capital expenditures 226 203
Free cash flow $ 236 $ (578 ) +100.0%
Less:
Currency impact 785
Free cash flow, excluding currency $ (549 ) $ (578 ) 5.0%
For the Quarters Ended
March 31,
2016 2015 % Change
Net cash provided by operating activities (1) $ 462 $ (375 ) +100.0%
Less:
Currency impact 751
Net cash provided by operating activities, $ (289 ) $ (375 ) 22.9%
excluding currency
(1) Operating cash flow.
Schedule 12
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS
For the Year Ended December 31,
(Unaudited)
2015
Reported Diluted EPS $ 4.42
Adjustments:
Asset impairment and exit costs 0.03
Tax items (0.03 )
Adjusted Diluted EPS $ 4.42
Philip Morris International Inc.
Investor Relations:
New York: +1 (917) 663 2233
or
Lausanne: +41 (0)58 242 4666
or
Media:
Lausanne: +41 (0)58 242 4500
View source version on businesswire.com:
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Philip Morris International Inc.
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