REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2016 Results; Provides 2017 Earnings Per Share Fo
02/02/2017 12:06
- Part 5: For the preceding part double click ID:nBw7kRJXqd
2016 2015 % Change in Net Revenues excluding Excise Taxes
Net Revenues LessExcise Taxes Net Revenues excluding Excise Taxes Less Currency Net Revenues excluding Excise Taxes & Currency Less Acquisi- tions Net Revenues excluding Excise Taxes, Currency & Acquisitions Net Revenues LessExcise Taxes Net Revenues excluding Excise Taxes Total Excluding Currency Excluding Currency & Acquisitions
$ 27,129 $ 18,967 $ 8,162 $ (147 ) $ 8,309 $ — $ 8,309 European Union $ 26,563 $ 18,495 $ 8,068 1.2 % 3.0% 3.0%
18,286 11,286 7,000 (600 ) 7,600 — 7,600 EEMA 18,328 10,964 7,364 (4.9 )% 3.2% 3.2%
20,531 11,850 8,681 (8 ) 8,689 — 8,689 Asia 19,469 11,266 8,203 5.8 % 5.9% 5.9%
9,007 6,165 2,842 (525 ) 3,367 — 3,367 Latin America & Canada 9,548 6,389 3,159 (10.0 )% 6.6% 6.6%
$ 74,953 $ 48,268 $ 26,685 $ (1,280 ) $ 27,965 $ — $ 27,965 PMI Total $ 73,908 $ 47,114 $ 26,794 (0.4 )% 4.4% 4.4%
2016 2015 % Change in Operating Companies Income
Operating Companies Income Less Currency Operating Companies Income excluding Currency LessAcquisi- tions Operating Companies Income excluding Currency & Acquisitions Operating Companies Income Total Excluding Currency Excluding Currency & Acquisitions
$ 3,994 $ 34 $ 3,960 $ — $ 3,960 European Union $ 3,576 11.7 % 10.7% 10.7%
3,016 (839 ) 3,855 — 3,855 EEMA 3,425 (11.9 )% 12.6% 12.6%
3,196 52 3,144 — 3,144 Asia 2,886 10.7 % 8.9% 8.9%
938 (282 ) 1,220 — 1,220 Latin America & Canada 1,085 (13.5 )% 12.4% 12.4%
$ 11,144 $ (1,035 ) $ 12,179 $ — $ 12,179 PMI Total $ 10,972 1.6 % 11.0% 11.0%
Schedule 14
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of 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)
2016 2015 % Change in Adjusted Operating Companies Income
Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Less Currency Adjusted Operating Companies Income excluding Currency LessAcquisi- tions Adjusted Operating Companies Income excluding Currency & Acquisitions Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Adjusted Adjusted Adjusted excluding Currency & Acquisitions
excluding
Currency
$ 3,994 $ — $ 3,994 $ 34 $ 3,960 $ — $ 3,960 European Union $ 3,576 $ (68 ) $ 3,644 9.6 % 8.7% 8.7%
3,016 — 3,016 (839 ) 3,855 — 3,855 EEMA 3,425 — 3,425 (11.9 )% 12.6% 12.6%
3,196 — 3,196 52 3,144 — 3,144 Asia 2,886 — 2,886 10.7 % 8.9% 8.9%
938 — 938 (282 ) 1,220 — 1,220 Latin America & Canada 1,085 — 1,085 (13.5 )% 12.4% 12.4%
$ 11,144 $ — $ 11,144 $ (1,035 ) $ 12,179 $ — $ 12,179 PMI Total $ 10,972 $ (68 ) $ 11,040 0.9 % 10.3% 10.3%
2016 2015 % Points Change
Adjusted Operating Companies Income excluding Currency Net Revenues excluding Excise Taxes & Currency(1) Adjusted Operating Companies Income Margin excluding Currency Adjusted Operating Companies Income excluding Currency & Acquisitions Net Revenues excluding Excise Taxes, Currency & Acquisitions(1) Adjusted Operating Companies Income Margin excluding Currency & Acquisitions Adjusted Operating Companies Income Net Revenues excluding Excise Taxes(1) Adjusted Operating Companies Income Margin Adjusted Adjusted Operating Companies Income Margin
Operating excluding Currency & Acquisitions
Companies
Income
Margin
excluding
Currency
$ 3,960 $ 8,309 47.7 % $ 3,960 $ 8,309 47.7 % European Union $ 3,644 $ 8,068 45.2 % 2.5 2.5
3,855 7,600 50.7 % 3,855 7,600 50.7 % EEMA 3,425 7,364 46.5 % 4.2 4.2
3,144 8,689 36.2 % 3,144 8,689 36.2 % Asia 2,886 8,203 35.2 % 1.0 1.0
1,220 3,367 36.2 % 1,220 3,367 36.2 % Latin America & Canada 1,085 3,159 34.3 % 1.9 1.9
$ 12,179 $ 27,965 43.6 % $ 12,179 $ 27,965 43.6 % PMI Total $ 11,040 $ 26,794 41.2 % 2.4 2.4
(1) For the calculation of Net Revenues excluding Excise Taxes, currency and
acquisitions, refer to Schedule 13.
Schedule 15
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Reconciliation of Reported Diluted EPS to Reported Diluted EPS, excluding
Currency, and
Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted
Diluted EPS, excluding Currency
For the Years Ended December 31,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 4.48 $ 4.42 1.4%
Less:
Currency impact (0.46 )
Reported Diluted EPS, excluding Currency $ 4.94 $ 4.42 11.8%
2016 2015 % Change
Reported Diluted EPS $ 4.48 $ 4.42 1.4%
Adjustments:
Asset impairment and exit costs — 0.03
Tax items — (0.03 )
Adjusted Diluted EPS $ 4.48 $ 4.42 1.4%
Less:
Currency impact (0.46 )
Adjusted Diluted EPS, excluding Currency $ 4.94 $ 4.42 11.8%
Schedule 16
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,
2016 2015
Net Earnings $ 7,250 $ 7,032
Equity (income)/loss in unconsolidated subsidiaries, net (94 ) (105 )
Provision for Income Taxes 2,768 2,688
Interest expense, net 891 1,008
Depreciation and amortization 743 754
Asset impairment and exit costs — 68
Adjusted EBITDA $ 11,558 $ 11,445
December 31, December 31,
2016 2015
Short-term borrowings $ 643 $ 825
Current portion of long-term debt 2,573 2,405
Long-term debt 25,851 25,250
Total Debt $ 29,067 $ 28,480
Less: Cash and cash equivalents 4,239 3,417
Net Debt $ 24,828 $ 25,063
Ratios:
Total Debt to Adjusted EBITDA 2.51 2.49
Net Debt to Adjusted EBITDA 2.15 2.19
Schedule 17
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,
2016 2015 % Change 2016 2015 % Change
Net cash provided by operating activities (1) $ 2,149 $ 1,872 14.8% $ 8,077 $ 7,865 2.7%
Less:
Capital expenditures 438 324 1,172 960
Free cash flow $ 1,711 $ 1,548 10.5% $ 6,905 $ 6,905 —%
Less:
Currency impact (338 ) (340 )
Free cash flow, excluding currency $ 2,049 $ 1,548 32.4% $ 7,245 $ 6,905 4.9%
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