REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2016 Second-Quarter Results; Revises 2016 Full-Ye
19/07/2016 12:05
- Part 4: For the preceding part double click ID:nBw60Zzbrc
2016 2015 % Change in Adjusted Operating
Companies Income
Operating Less Adjusted Less Adjusted Less Adjusted Operating Less Adjusted Adjusted Adjusted Adjusted
Companies Asset Operating Currency Operating Acquisitions Operating Companies Asset Operating excluding excluding
Income Impairment Companies Companies Companies Income Impairment Companies Currency Currency &
& Exit Income Income Income & Exit Income Acquisitions
Costs excluding excluding Costs
Currency Currency &
Acquisitions
$ 1,070 $ — $ 1,070 $ 30 $ 1,040 $ — $ 1,040 European Union $ 1,005 $ — $ 1,005 6.5 % 3.5 % 3.5%
794 — 794 (145 ) 939 — 939 EEMA 853 — 853 (6.9 )% 10.1 % 10.1%
749 — 749 (5 ) 754 — 754 Asia 797 — 797 (6.0 )% (5.4 )% (5.4)%
224 — 224 (78 ) 302 — 302 Latin America & Canada 325 — 325 (31.1 )% (7.1 )% (7.1)%
$ 2,837 $ — $ 2,837 $ (198 ) $ 3,035 $ — $ 3,035 PMI Total $ 2,980 $ — $ 2,980 (4.8 )% 1.8 % 1.8%
2016 2015 % Points Change
Adjusted Net Adjusted Adjusted Net Revenues Adjusted Adjusted Net Adjusted Adjusted Adjusted
Operating Revenues Operating Operating excluding Operating Operating Revenues Operating Operating Operating
Companies excluding Companies Companies Excise Taxes, Companies Companies excluding Companies Companies Companies
Income Excise Income Income Currency & Income Income Excise Income Income Income
excluding Taxes & Margin excluding Acquisitions (1) Margin Taxes (1) Margin Margin Margin
Currency Currency (1) excluding Currency & excluding excluding excluding
Currency Acquisitions Currency & Currency Currency &
Acquisitions Acquisitions
$ 1,040 $ 2,116 49.1 % $ 1,040 $ 2,116 49.1 % European Union $ 1,005 $ 2,060 48.8 % 0.3 0.3
939 1,835 51.2 % 939 1,835 51.2 % EEMA 853 1,847 46.2 % 5.0 5.0
754 2,168 34.8 % 754 2,168 34.8 % Asia 797 2,145 37.2 % (2.4 ) (2.4)
302 833 36.3 % 302 833 36.3 % Latin America & Canada 325 807 40.3 % (4.0 ) (4.0)
$ 3,035 $ 6,952 43.7 % $ 3,035 $ 6,952 43.7 % PMI Total $ 2,980 $ 6,859 43.4 % 0.3 0.3
(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 June 30,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 1.15 $ 1.21 (5.0 )%
Adjustments:
Asset impairment and exit costs — —
Tax items — —
Adjusted Diluted EPS $ 1.15 $ 1.21 (5.0 )%
Less:
Currency impact (0.08 )
Adjusted Diluted EPS, excluding Currency $ 1.23 $ 1.21 1.7 %
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 June 30,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 1.15 $ 1.21 (5.0 )%
Less:
Currency impact (0.08 )
Reported Diluted EPS, excluding Currency $ 1.23 $ 1.21 1.7 %
Schedule 14
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Six Months Ended June 30,
($ in millions)
(Unaudited)
2016 2015 % Change in Net Revenues
excluding Excise Taxes
Net Less Net Less Net Less Net Net Less Net Total Excluding Excluding
Revenues Excise Revenues Currency Revenues Acquisitions Revenues Revenues Excise Revenues Currency Currency &
Taxes excluding excluding excluding Taxes excluding Acquisitions
Excise Excise Excise Excise
Taxes Taxes & Taxes, Taxes
Currency Currency &
Acquisitions
$ 13,277 $ 9,259 $ 4,018 $ (116 ) $ 4,134 $ — $ 4,134 European Union $ 12,898 $ 8,887 $ 4,011 0.2 % 3.1 % 3.1%
8,528 5,262 3,266 (374 ) 3,640 — 3,640 EEMA 8,801 5,170 3,631 (10.1 )% 0.2 % 0.2%
9,901 5,800 4,101 (185 ) 4,286 — 4,286 Asia 9,803 5,503 4,300 (4.6 )% (0.3 )% (0.3)%
4,123 2,776 1,347 (319 ) 1,666 — 1,666 Latin America & Canada 4,613 3,080 1,533 (12.1 )% 8.7 % 8.7%
$ 35,829 $ 23,097 $ 12,732 $ (994 ) $ 13,726 $ — $ 13,726 PMI Total $ 36,115 $ 22,640 $ 13,475 (5.5 )% 1.9 % 1.9%
2016 2015 % Change in Operating Companies
Income
Operating Less Operating Less Operating Operating Total Excluding Excluding
Companies Currency Companies Acquisitions Companies Companies Currency Currency &
Income Income Income Income Acquisitions
excluding excluding
Currency Currency &
Acquisitions
$ 1,976 $ (24 ) $ 2,000 $ — $ 2,000 European Union $ 1,932 2.3 % 3.5 % 3.5%
1,427 (322 ) 1,749 — 1,749 EEMA 1,719 (17.0 )% 1.7 % 1.7%
1,527 (68 ) 1,595 — 1,595 Asia 1,731 (11.8 )% (7.9 )% (7.9)%
453 (167 ) 620 — 620 Latin America & Canada 555 (18.4 )% 11.7 % 11.7%
$ 5,383 $ (581 ) $ 5,964 $ — $ 5,964 PMI Total $ 5,937 (9.3 )% 0.5 % 0.5%
Schedule 15
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 Six Months Ended June 30,
($ in millions)
(Unaudited)
2016 2015 % Change in Adjusted Operating
Companies Income
Operating Less Adjusted Less Adjusted Operating Less Adjusted Operating Less Adjusted Adjusted Adjusted Adjusted
Companies Asset Operating Currency Companies Acquisitions Operating Companies Asset Impairment Operating excluding excluding
Income Impairment Companies Income Companies Income & Exit Companies Currency Currency &
& Exit Costs Income excluding Income Costs Income Acquisitions
Currency excluding
Currency &
Acquisitions
$ 1,976 $ — $ 1,976 $ (24 ) $ 2,000 $ — $ 2,000 European Union $ 1,932 $ — $ 1,932 2.3 % 3.5 % 3.5%
1,427 — 1,427 (322 ) 1,749 — 1,749 EEMA 1,719 — 1,719 (17.0 )% 1.7 % 1.7%
1,527 — 1,527 (68 ) 1,595 — 1,595 Asia 1,731 — 1,731 (11.8 )% (7.9 )% (7.9)%
453 — 453 (167 ) 620 — 620 Latin America & Canada 555 — 555 (18.4 )% 11.7 % 11.7%
$ 5,383 $ — $ 5,383 $ (581 ) $ 5,964 $ — $ 5,964 PMI Total $ 5,937 $ — $ 5,937 (9.3 )% 0.5 % 0.5%
2016 2015 % Points Change
Adjusted Net Revenues Adjusted Adjusted Net Revenues Adjusted Adjusted Net Adjusted Adjusted Adjusted
Operating excluding Operating Operating excluding Operating Operating Revenues Operating Operating Operating
Companies Excise Taxes & Companies Companies Excise Taxes, Companies Companies excluding Companies Companies Companies
Income Currency (1) Income Income Currency & Income Income Excise Income Income Income
excluding Margin excluding Acquisitions (1) Margin Taxes (1) Margin Margin Margin
Currency excluding Currency & excluding excluding excluding
Currency Acquisitions Currency & Currency Currency &
Acquisitions Acquisitions
$ 2,000 $ 4,134 48.4 % $ 2,000 $ 4,134 48.4 % European Union $ 1,932 $ 4,011 48.2 % 0.2 0.2
1,749 3,640 48.0 % 1,749 3,640 48.0 % EEMA 1,719 3,631 47.3 % 0.7 0.7
1,595 4,286 37.2 % 1,595 4,286 37.2 % Asia 1,731 4,300 40.3 % (3.1 ) (3.1)
620 1,666 37.2 % 620 1,666 37.2 % Latin America & Canada 555 1,533 36.2 % 1.0 1.0
$ 5,964 $ 13,726 43.5 % $ 5,964 $ 13,726 43.5 % PMI Total $ 5,937 $ 13,475 44.1 % (0.6 ) (0.6)
(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 Six Months Ended June 30,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 2.13 $ 2.37 (10.1 )%
Adjustments:
Asset impairment and exit costs — —
Tax items — —
Adjusted Diluted EPS $ 2.13 $ 2.37 (10.1 )%
Less:
Currency impact (0.28 )
Adjusted Diluted EPS, excluding Currency $ 2.41 $ 2.37 1.7 %
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 Six Months Ended June 30,
(Unaudited)
2016 2015 % Change
Reported Diluted EPS $ 2.13 $ 2.37 (10.1 )%
Less:
Currency impact (0.28 )
Reported Diluted EPS, excluding Currency $ 2.41 $ 2.37 1.7 %
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
June 30, December 31,
2016 2015
July ~ December January ~ June 12 months
2015 2016 rolling
Net Earnings $ 3,282 $ 3,447 $ 6,729 $ 7,032
Equity (income)/loss in (56 ) (37 ) (93 ) (105 )
unconsolidated subsidiaries, net
Provision for Income Taxes 1,160 1,346 2,506 2,688
Interest expense, net 474 470 944 1,008
Depreciation and amortization 377 360 737 754
Extraordinary, unusual or 68 — 68 68
non-recurring expenses, net (1)
Adjusted EBITDA $ 5,305 $ 5,586 $ 10,891 $ 11,445
June 30, December 31,
2016 2015
Short-term borrowings $ 696 $ 825
Current portion of long-term debt 1,175 2,405
Long-term debt 28,098 25,250
Total Debt $ 29,969 $ 28,480
Less: Cash and cash equivalents 3,814 3,417
Net Debt $ 26,155 $ 25,063
Ratios:
Total Debt to Adjusted EBITDA 2.75 2.49
Net Debt to Adjusted EBITDA 2.40 2.19
(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 Six Months Ended June 30,
($ in millions)
(Unaudited)
For the Quarters Ended For the Six Months Ended
June 30, June 30,
2016 2015 % Change 2016 2015 % Change
- More to follow, for following part double click ID:nBw60ZzbreRecent news on Philip Morris International
See all newsREG - Swedish Match AB - Swedish Match Consent Solicitation Results
AnnouncementREG - Swedish Match AB - Swedish Match AB Notes Consent Solicitation
AnnouncementREG - Philip Morris Int Vectura Group plc - PMI Confirmation of Vectura Intention Statements
AnnouncementREG - Philip Morris Int Vectura Group plc - Offer Update
AnnouncementREG - Philip Morris Int Vectura Group plc - Delisting of Vectura
Announcement