REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 First-Quarter Results; Increases, for Favora
20/04/2017 12:02
- Part 3: For the preceding part double click ID:nBw9lQ4qdb
($ in millions, except ratios)
(Unaudited)
March 31, December 31,
2017 2016
Assets
Cash and cash equivalents $ 5,076 $ 4,239
All other current assets 11,808 13,369
Property, plant and equipment, net 6,264 6,064
Goodwill 7,485 7,324
Other intangible assets, net 2,517 2,470
Investments in unconsolidated subsidiaries 1,079 1,011
Other assets 2,398 2,374
Total assets $ 36,627 $ 36,851
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings $ 1,004 $ 643
Current portion of long-term debt 1,754 2,573
All other current liabilities 10,597 13,251
Long-term debt 28,588 25,851
Deferred income taxes 1,739 1,897
Other long-term liabilities 3,502 3,536
Total liabilities 47,184 47,751
Total PMI stockholders' deficit (12,392 ) (12,688 )
Noncontrolling interests 1,835 1,788
Total stockholders' deficit (10,557 ) (10,900 )
Total liabilities and stockholders' (deficit) equity $ 36,627 $ 36,851
Total debt $ 31,346 $ 29,067
Total debt to Adjusted EBITDA 2.73 ((1)) 2.51 ((1))
Net debt to Adjusted EBITDA 2.28 ((1)) 2.15 ((1))
(1) For the calculation of Total Debt to Adjusted EBITDA and Net
Debt to Adjusted EBITDA ratios, refer to Schedule 10.
Schedule 6
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Quarters Ended March 31,
($ in millions)
(Unaudited)
2017 2016 % Change in Net Revenues
excluding Excise Taxes
Net Revenues Less Excise Taxes Net Revenues excluding Excise Taxes Less Currency Net Less Acquisitions Net Net Less Excise Taxes Net Total Excluding Excluding
Revenues Revenues excluding Revenues Revenues Currency Currency &
excluding Excise excluding Acquisitions
Excise Taxes, Excise
Taxes & Currency & Taxes
Currency Acquisitions
$ 5,889 $ 4,149 $ 1,740 $ (55 ) $ 1,795 $ — $ 1,795 European Union $ 6,143 $ 4,280 $ 1,863 (6.6 )% (3.7)% (3.7)%
3,695 2,218 1,477 (99 ) 1,576 — 1,576 EEMA 3,997 2,395 1,602 (7.8 )% (1.6)% (1.6)%
4,838 2,597 2,241 56 2,185 — 2,185 Asia 4,689 2,721 1,968 13.9 % 11.0% 11.0%
2,134 1,528 606 (22 ) 628 — 628 Latin America & Canada 1,959 1,309 650 (6.8 )% (3.4)% (3.4)%
$ 16,556 $ 10,492 $ 6,064 $ (120 ) $ 6,184 $ — $ 6,184 PMI Total $ 16,788 $ 10,705 $ 6,083 (0.3 )% 1.7% 1.7%
2017 2016 % Change in Operating Companies Income
Operating Less Currency Operating Less Acquisitions Operating Operating Total Excluding Excluding
Companies Companies Companies Companies Currency Currency &
Income Income Income Income Acquisitions
excluding excluding
Currency Currency &
Acquisitions
$ 772 $ (28 ) $ 800 $ — $ 800 European Union $ 906 (14.8 )% (11.7)% (11.7)%
690 (12 ) 702 — 702 EEMA 633 9.0 % 10.9% 10.9%
852 54 798 — 798 Asia 778 9.5 % 2.6% 2.6%
177 (26 ) 203 — 203 Latin America & Canada 229 (22.7 )% (11.4)% (11.4)%
$ 2,491 $ (12 ) $ 2,503 $ — $ 2,503 PMI Total $ 2,546 (2.2 )% (1.7)% (1.7)%
Schedule 7
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Selected Financial Data by Product Category
For the Quarters Ended March 31,
($ in millions) / (Unaudited)
2017 2016 % Change in Combustible Products
Net Revenues excluding Excise
Taxes
Net Revenues (1) Less Excise Taxes (3) Net Less Currency Net Less Acquisitions Net Combustible Net Less Excise Taxes Net Total Excluding Excluding
Revenues Revenues Revenues Products Revenues (3) Revenues Currency Currency &
excluding excluding excluding (1) excluding Acquisitions
Excise Excise Excise Excise
Taxes Taxes & Taxes, Taxes
Currency Currency &
Acquisitions
$ 5,852 $ 4,143 $ 1,709 $ (55 ) $ 1,764 $ — $ 1,764 European Union $ 6,134 $ 4,279 $ 1,855 (7.9 )% (4.9)% (4.9)%
3,687 2,218 1,470 (99 ) 1,569 — 1,569 EEMA 3,998 2,395 1,603 (8.3 )% (2.1)% (2.1)%
4,442 2,597 1,845 38 1,806 — 1,806 Asia 4,642 2,722 1,921 (4.0 )% (6.0)% (6.0)%
2,134 1,529 605 (22 ) 627 — 627 Latin America & Canada 1,958 1,309 650 (6.8 )% (3.5)% (3.5)%
$ 16,116 $ 10,487 $ 5,629 $ (137 ) $ 5,766 $ — $ 5,766 Total Combustible $ 16,732 $ 10,704 $ 6,028 (6.6 )% (4.3)% (4.3)%
Products
2017 2016 % Change in Reduced-Risk
Products Net Revenues excluding
Excise Taxes
Net Less Excise Taxes Net Less Currency Net Less Acquisitions Net Reduced-Risk Net Less Excise Taxes Net Total Excluding Excluding
Revenues (3) Revenues Revenues Revenues Products Revenues (3) Revenues Currency Currency &
(2) excluding excluding excluding (2) excluding Acquisitions
Excise Excise Excise Excise
Taxes Taxes & Taxes, Taxes
Currency Currency &
Acquisitions
$ 36 $ 5 $ 31 $ (1 ) $ 33 $ — $ 33 European Union $ 9 0 $ 9 +100% +100% +100%
8 1 7 0 7 — 7 EEMA (1 ) 0 (1 ) +100% +100% +100%
396 0 396 18 379 — 379 Asia 47 — 47 +100% +100% +100%
0 0 0 0 0 — 0 Latin America & Canada 1 0 0 20.0 % 12.5% 12.5%
$ 440 $ 5 $ 435 $ 17 $ 418 $ — $ 418 Total Reduced-Risk $ 56 $ 1 $ 55 +100% +100% +100%
Products
$ 16,556 $ 10,492 $ 6,064 $ (120 ) $ 6,184 $ — $ 6,184 PMI Total $ 16,788 $ 10,705 $ 6,083 (0.3 )% 1.7% 1.7%
(1) Net revenue amounts for our Combustible Products refer to the
operating revenues generated from the sale of these products, net of
sales and promotion incentives. These net revenue amounts consist of
the sale of our cigarettes and other tobacco products combined.
Other tobacco products primarily include tobacco for roll-your-own
and make-your-own cigarettes, pipe tobacco, cigars and cigarillos
and do not include Reduced-Risk products.
(2) Net revenue amounts for our Reduced-Risk Products refer to the
operating revenues generated from the sale of these products, net of
sales and promotion incentives. These net revenue amounts consist of
the sale of our heated tobacco units, our IQOS devices and
related accessories, and other nicotine-containing products, which
primarily include our e-vapor products. Reduced-Risk Products is the
term we use to refer to products that present, are likely to
present, or have the potential to present less risk of harm to
smokers who switch to these products versus continued smoking. We
have a range of Reduced-Risk Products in various stages of
development, scientific assessment and commercialization. Because
our Reduced-Risk Products do not burn tobacco, they produce far
lower quantities of harmful and potentially harmful compounds than
found in cigarette smoke.
(3) PMI often collects excise taxes from its customers and then
remits them to governments, and, in those circumstances, PMI
includes the excise taxes in its net revenues and in excise taxes on
products. In some jurisdictions, including Japan, PMI is not
responsible for collecting excise taxes.
Note: Sum of product categories or Regions might not foot to PMI total due to
rounding.
Schedule 8
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 Quarters Ended March 31,
($ in millions)
(Unaudited)
2017 2016 % Change in Adjusted Operating Companies Income
Operating Less Asset Adjusted Less Currency Adjusted Less Acquisitions Adjusted Operating Less Asset Adjusted Adjusted Adjusted Adjusted
Companies Impairment Operating Operating Operating Companies Impairment Operating excluding excluding
Income & Exit Companies Companies Companies Income & Exit Companies Currency Currency &
Costs Income Income Income Costs Income Acquisitions
excluding excluding
Currency Currency &
Acquisitions
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