REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 First-Quarter Results; Increases, for Favora

Philip Morris InternationalAnnouncement

20/04/2017 12:02

- Part 4: For the preceding part double click  ID:nBw9lQ4qdc 

                                                                                                                                                                                                                        
 $     772              $      —                 $     772              $      (28    )          $       800                 $       —                   $       800                 European           $     906              $     —                $     906              (14.8     )%                  (11.7)%               (11.7)%          
                                                                                                                                                                                     
                                                                                                                                                            
                                                                                                                                                                                     Union                                                                                                                                                        
 690                    —                        690                    (12           )          702                         —                           702                         EEMA               633                    —                      633                    9.0       %                   10.9%                 10.9%            
 852                    —                        852                    54                       798                         —                           798                         Asia               778                    —                      778                    9.5       %                   2.6%                  2.6%             
 177                    —                        177                    (26           )          203                         —                           203                         Latin America      229                    —                      229                    (22.7     )%                  (11.4)%               (11.4)%          
                                                                                                                                                                                     
                                                                                                                                                            
                                                                                                                                                                                     & Canada                                                                                                                                                     
 $     2,491            $      —                 $     2,491            $      (12    )          $       2,503               $       —                   $       2,503               PMI Total          $     2,546            $     —                $     2,546            (2.2      )%                  (1.7)%                (1.7)%           
                                                                                                                                                                                                                                                                                                                                                  
 2017                                                                                                                                                                                                   2016                                                                 % 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     
                                                                                                                                                                                                                                                                                                                                                  
 $     800              $      1,795             44.6         %                                  $       800                 $       1,795               44.6            %           European           $     906              $     1,863            48.6         %                                       (4.0)                 (4.0)            
                                                                                                                                                                                     
                                                                                                                                                            
                                                                                                                                                                                     Union                                                                                                                                                        
 702                    1,576                    44.5         %                                  702                         1,576                       44.5            %           EEMA               633                    1,602                  39.5         %                                       5.0                   5.0              
 798                    2,185                    36.5         %                                  798                         2,185                       36.5            %           Asia               778                    1,968                  39.5         %                                       (3.0)                 (3.0)            
 203                    628                      32.3         %                                  203                         628                         32.3            %           Latin America      229                    650                    35.2         %                                       (2.9)                 (2.9)            
                                                                                                                                                                                     
                                                                                                                                                            
                                                                                                                                                                                     & Canada                                                                                                                                                     
 $     2,503            $      6,184             40.5         %                                  $       2,503               $       6,184               40.5            %           PMI Total          $     2,546            $     6,083            41.9         %                                       (1.4)                 (1.4)            
                                                                                                                                                                                                                                                                                                                                                  
 (1) For the calculation of Net Revenues excluding Excise Taxes,                                                                                                                                                                                                                                                                                  
      currency and acquisitions, refer to Schedule 6.                                                                                                                                                                                                                                                                                             

                                                                                                                                                                     
                                                                                                                                                                     
 Schedule 9                                                                                                                                                          
 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 Quarters Ended March 31,                                                                                                                                    
 (Unaudited)                                                                                                                                                         
                                                                                                                                                                     
                                                                                                                                                                     
                                                       2017                                            2016                                            % Change      
                                                                                                                                                                     
 Reported Diluted EPS                                  $                             1.02              $                             0.98              4.1%          
                                                                                                                                                                     
 Less:                                                                                                                                                               
 Currency impact                                       —                                                                                                             
                                                                                                                                                                     
 Reported Diluted EPS, excluding Currency              $                             1.02              $                             0.98              4.1%          
                                                                                                                                                                     
                                                                                                                                                                     
                                                       2017                                            2016                                            % Change      
                                                                                                                                                                     
 Reported Diluted EPS                                  $                             1.02              $                             0.98              4.1%          
                                                                                                                                                                     
 Adjustments:                                                                                                                                                        
 Asset impairment and exit costs                       —                                               —                                                             
 Tax items                                             (0.04                               )           —                                                             
                                                                                                                                                                     
 Adjusted Diluted EPS                                  $                             0.98              $                             0.98              —%            
                                                                                                                                                                     
 Less:                                                                                                                                                               
 Currency impact                                       —                                                                                                             
                                                                                                                                                                     
 Adjusted Diluted EPS, excluding Currency              $                             0.98              $                             0.98              —%            

                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
 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,               
                                                                   2017                                                                                                                                                         2016                       
                                                                   April ~ December                                   January ~ March                                    12 months                                                                         
                                                                   2016                                               2017                                               rolling                                                                           
                                                                                                                                                                                                                                                           
 Net Earnings                                                      $                                   5,645          $                                   1,658          $                                      7,303           $        7,250             
 Equity (income)/loss in unconsolidated subsidiaries, net          (85                                        )       (22                                        )       (107                                           )       (94               )        
 Provision for Income Taxes                                        2,138                                              541                                                2,679                                                  2,768                      
 Interest expense, net                                             644                                                219                                                863                                                    891                        
 Depreciation and amortization                                     568                                                197                                                765                                                    743                        
 Asset impairment and exit costs                                   —                                                  —                                                  —                                                      —                          
 Adjusted EBITDA                                                   $                                   8,910          $                                   2,593          $                                      11,503          $        11,558            
                                                                                                                                                                                                                                                           
                                                                                                                                                                                                                                                           
                                                                                                                                                                         March 31,                                              December 31,               
                                                                                                                                                                         2017                                                   2016                       
                                                                                                                                                                                                                                                           
 Short-term borrowings                                                                                                                                                   $                                      1,004           $        643               
 Current portion of long-term debt                                                                                                                                       1,754                                                  2,573                      
 Long-term debt                                                                                                                                                          28,588                                                 25,851                     
 Total Debt                                                                                                                                                              $                                      31,346          $        29,067            
 Less: Cash and cash equivalents                                                                                                                                         5,076                                                  4,239                      
 Net Debt                                                                                                                                                                $                                      26,270          $        24,828            
                                                                                                                                                                                                                                                           
 Ratios:                                                                                                                                                                                                                                                   
 Total Debt to Adjusted EBITDA                                                                                                                                           2.73                                                   2.51                       
 Net Debt to Adjusted EBITDA                                                                                                                                             2.28                                                   2.15                       

                                                                                                                                                                            
                                                                                                                                                                            
 Schedule 11                                                                                                                                                                
 PHILIP MORRIS INTERNATIONAL INC.                                                                                                                                           
 and Subsidiaries                                                                                                                                                           
 Reconciliation of Non-GAAP Measures                                                                                                                                        
 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,                                                                                           
                                                                        2017                                     2016                                       % Change        
                                                                                                                                                                            
 Net cash provided by operating activities (1)                          $                       843              $                       462              82.5%             
                                                                                                                                                                            
 Less:                                                                                                                                                                      
 Currency impact                                                        (118                         )                                                                      
                                                                                                                                                                            
 Net cash provided by operating activities,                             $                       961              $                       462              +100%             
 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)                                                                                                                                              
                                                                                                                                                          
                                                                                                                                                          
                                                                          2016                                                                            
                                                                                                                                                          
 Reported Diluted EPS                                                     $                             4.48                                              
                                                                                                                                                          
 Adjustments:                                                                                                                                             
 Asset impairment and exit costs                                          —                                                                               
 Tax items                                                                —                                                                               
                                                                                                                                                          
 Adjusted Diluted EPS                                                     $                             4.48                                              


Philip Morris International Inc. Investor Relations: New York: +1 (917) 663
2233 Lausanne: +41 (0)58 242 4666 InvestorRelations@pmi.com
(mailto:InvestorRelations@pmi.com) or Media: Lausanne: +41 (0)58 242 4500
Media@pmi.com (mailto:Media@pmi.com)





View source version on businesswire.com:
http://www.businesswire.com/news/home/20170420005598/en/
(http://www.businesswire.com/news/home/20170420005598/en/)

Philip Morris International Inc.


Copyright Business Wire 2017