REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 Results; Excluding Currency & Tax Items, Ful
08/02/2018 12:01
- Part 4: For the preceding part double click ID:nBw5Dr1Myc
For the Years Ended
December 31,
($ in millions)
(Unaudited)
Net Revenues excluding Excise Taxes
European Union EEMA Asia Latin America & Canada Total
2017 Net Revenues (1) $ 27,580 $ 18,045 $ 22,635 $ 9,838 $ 78,098
Excise Taxes on products (19,262 ) (11,346 ) (11,845 ) (6,897 ) (49,350 )
Net Revenues excluding Excise Taxes 8,318 6,699 10,790 2,941 28,748
2016 Net Revenues $ 27,129 $ 18,286 $ 20,531 $ 9,007 $ 74,953
Excise Taxes on products (18,967 ) (11,286 ) (11,850 ) (6,165 ) (48,268 )
Net Revenues excluding Excise Taxes 8,162 7,000 8,681 2,842 26,685
Variance Currency 45 (291 ) (137 ) (54 ) (437 )
Acquisitions — — — — —
Operations 111 (10 ) 2,246 153 2,500
Variance Total 156 (301 ) 2,109 99 2,063
Variance Total (%) 1.9 % (4.3 )% 24.3 % 3.5 % 7.7 %
Variance excluding Currency 111 (10 ) 2,246 153 2,500
Variance excluding Currency (%) 1.4 % (0.1 )% 25.9 % 5.4 % 9.4 %
Variance excluding Currency & Acquisitions 111 (10 ) 2,246 153 2,500
Variance excluding Currency & Acquisitions (%) 1.4 % (0.1 )% 25.9 % 5.4 % 9.4 %
(1) 2017 Currency increased / (decreased) Net Revenues as follows:
European Union $ 139
EEMA (1,925 )
Asia (165 )
Latin America & Canada (404 )
$ (2,355 )
Schedule 7
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Selected
Financial Data by Business Segment
For the Years Ended
December 31,
($ in millions)
(Unaudited)
Operating Companies Income
European Union EEMA Asia Latin America & Canada Total
2017 Operating Companies Income $ 3,775 $ 2,888 $ 4,149 $ 1,002 $ 11,814
2016 Operating Companies Income 3,994 3,016 3,196 938 11,144
Variance
2016 Asset impairment and exit costs — — — — —
2017 Asset impairment and exit costs — — — — —
Currency (43 ) 81 (123 ) (70 ) (155 )
Acquisitions — — — — —
Operations (176 ) (209 ) 1,076 134 825
Variance Total (219 ) (128 ) 953 64 670
Variance Total (%) (5.5 )% (4.2 )% 29.8 % 6.8 % 6.0 %
Variance excluding Currency (176 ) (209 ) 1,076 134 825
Variance excluding Currency (%) (4.4 )% (6.9 )% 33.7 % 14.3 % 7.4 %
Variance excluding Currency & Acquisitions (176 ) (209 ) 1,076 134 825
Variance excluding Currency & Acquisitions (%) (4.4 )% (6.9 )% 33.7 % 14.3 % 7.4 %
Schedule 8
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Diluted
Earnings Per Share
For the Years Ended December 31,
($
in millions, except per share data)
(Unaudited)
Diluted
E.P.S.
2017 Diluted Earnings Per Share $ 3.88 ((1))
2016 Diluted Earnings Per Share $ 4.48 ((1))
Change $ (0.60 )
% Change (13.4 )%
Reconciliation:
2016 Diluted Earnings Per Share $ 4.48 ((1))
Special Items:
2016 Asset impairment and exit costs —
2016 Tax items —
2017 Asset impairment and exit costs —
2017 Tax items (0.84 )
Currency (0.21 )
Interest 0.01
Change in tax rate (0.03 )
Operations 0.47 ((2))
2017 Diluted Earnings Per Share $ 3.88 ((1))
(1) Basic and diluted EPS were calculated using the following (in
millions):
YTD December 2017 YTD December 2016
Net Earnings attributable to PMI $ 6,035 $ 6,967
Less distributed and undistributed earnings attributable
to share-based payment awards 14 19
Net Earnings for basic and diluted EPS $ 6,021 $ 6,948
Weighted-average shares for basic EPS 1,552 1,551
Plus Contingently Issuable Performance Stock Units (PSUs) 1 —
Weighted-average shares for diluted EPS 1,553 1,551
(2) Includes the impact of shares outstanding and share-based
payments
Schedule 9
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Condensed
Balance Sheets
($ in millions, except ratios)
(Unaudited)
December 31, December 31,
2017 2016
Assets
Cash and cash equivalents $ 8,447 $ 4,239
All other current assets 13,147 13,369
Property, plant and equipment, net 7,271 6,064
Goodwill 7,666 7,324
Other intangible assets, net 2,432 2,470
Investments in unconsolidated subsidiaries 1,074 1,011
Other assets 2,931 2,374
Total assets $ 42,968 $ 36,851
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings $ 499 $ 643
Current portion of long-term debt 2,506 2,573
All other current liabilities 12,957 13,251
Long-term debt 31,334 25,851
Deferred income taxes 799 1,897
Other long-term liabilities 5,103 3,536
Total liabilities 53,198 47,751
Total PMI stockholders' deficit (12,086 ) (12,688 )
Noncontrolling interests 1,856 1,788
Total stockholders' deficit (10,230 ) (10,900 )
Total liabilities and stockholders' (deficit) equity $ 42,968 $ 36,851
Total debt $ 34,339 $ 29,067
Total debt to Adjusted EBITDA 2.77 ((1)) 2.51 ((1))
Net debt to Adjusted EBITDA 2.09 ((1)) 2.15 ((1))
(1) For the calculation of Total Debt to Adjusted EBITDA and Net Debt to
Adjusted EBITDA ratios, refer to Schedule 18.
Schedule 10
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation
of Non-GAAP Measures
Adjustments for the Impact of Currency and
Acquisitions
For the Quarters Ended December 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 Revenues excluding Excise Taxes & Currency Less Acquisitions Net Revenues excluding Excise Taxes, Currency & Acquisitions Net Revenues Less Excise Taxes Net Revenues excluding Excise Taxes Total Excluding Currency Excluding Currency & Acquisitions
$ 7,424 $ 5,160 $ 2,264 $ 139 $ 2,125 $ — $ 2,125 European Union $ 6,465 $ 4,521 $ 1,944 16.5 % 9.3 % 9.3 %
4,868 3,104 1,764 (23 ) 1,787 — 1,787 EEMA 4,636 2,838 1,798 (1.9 )% (0.6 )% (0.6 )%
6,584 3,149 3,435 (104 ) 3,539 — 3,539 Asia 5,517 3,073 2,444 40.5 % 44.8 % 44.8 %
2,709 1,878 831 2 829 — 829 Latin America & Canada 2,571 1,786 785 5.9 % 5.6 % 5.6 %
$ 21,585 $ 13,291 $ 8,294 $ 14 $ 8,280 $ — $ 8,280 PMI Total $ 19,189 $ 12,218 $ 6,971 19.0 % 18.8 % 18.8 %
2017 2016 % Change in
Operating Companies Income
Operating Companies Income Less Currency Operating Companies Income excluding Currency Less Acquisitions Operating Companies Income excluding Currency & Acquisitions Operating Companies Income Total Excluding Currency Excluding Currency & Acquisitions
$ 992 $ 39 $ 953 $ — $ 953 European Union $ 898 10.5 % 6.1 % 6.1 %
700 264 436 — 436 EEMA 627 11.6 % (30.5 )% (30.5 )%
1,396 (97 ) 1,493 — 1,493 Asia 908 53.7 % 64.4 % 64.4 %
293 (10 ) 303 — 303 Latin America & Canada 261 12.3 % 16.1 % 16.1 %
$ 3,381 $ 196 $ 3,185 $ — $ 3,185 PMI Total $ 2,694 25.5 % 18.2 % 18.2 %
Schedule 11
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation
of Non-GAAP Measures
Selected Financial Data by Product Category
For
the Quarters Ended December 31,
($ in millions) /
(Unaudited)
2017
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