REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 Second-Quarter Results; Revises 2017 Full-Ye
20/07/2017 12:07
- Part 5: For the preceding part double click ID:nBw7CWzW6d
— 820 EEMA 794 — 794 (7.7 )% 3.3 % 3.3 %
836 — 836 (25 ) 861 — 861 Asia 749 — 749 11.6 % 15.0 % 15.0 %
268 — 268 (26 ) 294 — 294 Latin America & 224 — 224 19.6 % 31.3 % 31.3 %
Canada
$ 2,806 $ — $ 2,806 $ (199 ) $ 3,005 $ — $ 3,005 PMI Total $ 2,837 $ — $ 2,837 (1.1 )% 5.9 % 5.9 %
2017 2016
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 & Adjusted Operating Companies Income Net Revenues excluding Excise Taxes(1) Adjusted Operating Companies Income Margin Adjusted Operating Companies Income Adjusted Operating Companies Income Margin excluding
Acquisitions Margin excluding Currency Currency &
Acquisitions
$ 1,030 $ 2,202 46.8 % $ 1,030 $ 2,202 46.8 % European Union $ 1,070 $ 2,155 49.7 % (2.9 ) (2.9 )
820 1,737 47.2 % 820 1,737 47.2 % EEMA 794 1,664 47.7 % (0.5 ) (0.5 )
861 2,405 35.8 % 861 2,405 35.8 % Asia 749 2,133 35.1 % 0.7 0.7
294 768 38.3 % 294 768 38.3 % Latin America & 224 697 32.1 % 6.2 6.2
Canada
$ 3,005 $ 7,112 42.3 % $ 3,005 $ 7,112 42.3 % PMI Total $ 2,837 $ 6,649 42.7 % (0.4 ) (0.4 )
(1) For the calculation of Net Revenues excluding Excise Taxes,
currency and acquisitions, refer to Schedule 10.
Schedule 13
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 June 30,
(Unaudited)
2017 2016 % Change
Reported Diluted EPS $ 1.14 $ 1.15 (0.9 )%
Less:
Currency impact (0.11 )
Reported Diluted EPS, excluding Currency $ 1.25 $ 1.15 8.7 %
2017 2016 % Change
Reported Diluted EPS $ 1.14 $ 1.15 (0.9 )%
Adjustments:
Asset impairment and exit costs — —
Tax items — —
Adjusted Diluted EPS $ 1.14 $ 1.15 (0.9 )%
Less:
Currency impact (0.11 )
Adjusted Diluted EPS, excluding Currency $ 1.25 $ 1.15 8.7 %
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)
2017 2016 % Change in Net Revenues
excluding Excise Taxes
Net Less Excise Taxes Net Revenues excluding Excise Taxes Less Currency Net Revenues excluding Excise Taxes & Currency Less Net Revenues excluding Excise Taxes, Currency & Acquisitions Net Revenues Less Excise Taxes Net Revenues excluding Excise Taxes Total Excluding Currency Excluding Currency & Acquisitions
Revenues Acquisitions
$ 12,810 $ 8,960 $ 3,850 $ (147 ) $ 3,997 $ — $ 3,997 European Union $ 13,277 $ 9,259 $ 4,018 (4.2 )% (0.5 )% (0.5 )%
8,187 5,035 3,152 (161 ) 3,313 — 3,313 EEMA 8,528 5,262 3,266 (3.5 )% 1.4 % 1.4 %
10,205 5,580 4,625 35 4,590 — 4,590 Asia 9,901 5,800 4,101 12.8 % 11.9 % 11.9 %
4,673 3,319 1,354 (42 ) 1,396 — 1,396 Latin America & Canada 4,123 2,776 1,347 0.5 % 3.6 % 3.6 %
$ 35,875 $ 22,894 $ 12,981 $ (315 ) $ 13,296 $ — $ 13,296 PMI Total $ 35,829 $ 23,097 $ 12,732 2.0 % 4.4 % 4.4 %
2017 2016 % Change in
Operating Companies Income
Operating Companies Income Less Currency Operating Companies Income excluding Currency Less Operating Companies Income excluding Currency & Acquisitions Operating Companies Income Total Excluding Currency Excluding Currency & Acquisitions
Acquisitions
$ 1,741 $ (89 ) $ 1,830 $ — $ 1,830 European Union $ 1,976 (11.9 )% (7.4 )% (7.4 )%
1,423 (99 ) 1,522 — 1,522 EEMA 1,427 (0.3 )% 6.7 % 6.7 %
1,688 29 1,659 — 1,659 Asia 1,527 10.5 % 8.6 % 8.6 %
445 (52 ) 497 — 497 Latin America & Canada 453 (1.8 )% 9.7 % 9.7 %
$ 5,297 $ (211 ) $ 5,508 $ — $ 5,508 PMI Total $ 5,383 (1.6 )% 2.3 % 2.3 %
Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Selected Financial Data by Product Category
For the Six Months Ended June 30,
($ in millions) / (Unaudited)
2017 2016 % Change in Combustible Products Net Revenues excluding Excise Taxes
Net Revenues (1) Less Excise Taxes (3) Net Revenues excluding Excise Taxes Less Net Revenues excluding Excise Taxes & Currency Less Net Revenues excluding Excise Taxes, Currency & Acquisitions Combustible Products Net Revenues (1) Less Excise Taxes (3) Net Revenues excluding Excise Taxes Total Excluding Currency Excluding Currency & Acquisitions
Currency Acquisitions
$ 12,715 $ 8,945 $ 3,770 $ (144 ) $ 3,914 $ — $ 3,914 European Union $ 13,256 $ 9,258 $ 3,998 (5.7 )% (2.1 )% (2.1 )%
8,162 5,033 3,129 (161 ) 3,290 — 3,290 EEMA 8,529 5,262 3,267 (4.2 )% 0.7 % 0.7 %
9,258 5,578 3,680 20 3,660 — 3,660 Asia 9,743 5,800 3,942 (6.7 )% (7.2 )% (7.2 )%
4,672 3,319 1,353 (42 ) 1,395 — 1,395 Latin America & Canada 4,122 2,775 1,347 0.5 % 3.6 % 3.6 %
$ 34,806 $ 22,875 $ 11,931 $ (328 ) $ 12,259 $ — $ 12,259 Total Combustible Products $ 35,649 $ 23,095 $ 12,554 (5.0 )% (2.3 )% (2.3 )%
2017 2016 % Change in Reduced-Risk Products Net Revenues excluding Excise
Taxes
Net Revenues (2) Less Excise Taxes (3) Net Revenues excluding Excise Taxes Less Net Revenues excluding Excise Taxes & Currency Less Acquisitions Net Revenues excluding Excise Taxes, Currency & Acquisitions Reduced-Risk Products Net Revenues (2) Less Excise Taxes (3) Net Revenues excluding Excise Taxes Total Excluding Currency Excluding Currency & Acquisitions
Currency
$ 95 $ 14 $ 81 $ (4 ) $ 85 $ — $ 85 European Union $ 21 1 $ 19 +100% +100% +100%
26 2 23 0 23 — 23 EEMA — — — +100% +100% +100%
947 2 945 16 929 — 929 Asia 158 — 158 +100% +100% +100%
1 0 1 0 1 — 1 Latin America & Canada 1 1 0 91.2% 90.1% 90.1%
$ 1,069 $ 19 $ 1,050 $ 12 $ 1,038 $ — $ 1,038 Total Reduced-Risk Products $ 180 $ 2 $ 178 +100% +100% +100%
$ 35,875 $ 22,894 $ 12,981 $ (315 ) $ 13,296 $ — $ 13,296 PMI Total $ 35,829 $ 23,097 $ 12,732 2.0% 4.4% 4.4%
(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 16
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,
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