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 6: For the preceding part double click ID:nBw7CWzW6e
excluding Currency and Acquisitions
For the Six Months Ended June 30,
($ in millions)
(Unaudited)
2017 2016 % Change in Adjusted
Operating Companies Income
Operating Companies Income Less Asset Impairment & ExitCosts Adjusted Operating Companies Income Less Adjusted Operating Companies Income excluding Currency Less Adjusted Operating Companies Income excluding Currency & Acquisitions Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Adjusted Adjusted excluding Currency Adjusted excluding Currency & Acquisitions
Currency Acquisitions
$ 1,741 $ — $ 1,741 $ (89 ) $ 1,830 $ — $ 1,830 European Union $ 1,976 $ — $ 1,976 (11.9 )% (7.4 )% (7.4 )%
1,423 — 1,423 (99 ) 1,522 — 1,522 EEMA 1,427 — 1,427 (0.3 )% 6.7 % 6.7 %
1,688 — 1,688 29 1,659 — 1,659 Asia 1,527 — 1,527 10.5 % 8.6 % 8.6 %
445 — 445 (52 ) 497 — 497 Latin America & 453 — 453 (1.8 )% 9.7 % 9.7 %
Canada
$ 5,297 $ — $ 5,297 $ (211 ) $ 5,508 $ — $ 5,508 PMI Total $ 5,383 $ — $ 5,383 (1.6 )% 2.3 % 2.3 %
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
$ 1,830 $ 3,997 45.8 % $ 1,830 $ 3,997 45.8 % European Union $ 1,976 $ 4,018 49.2 % (3.4 ) (3.4 )
1,522 3,313 45.9 % 1,522 3,313 45.9 % EEMA 1,427 3,266 43.7 % 2.2 2.2
1,659 4,590 36.1 % 1,659 4,590 36.1 % Asia 1,527 4,101 37.2 % (1.1 ) (1.1 )
497 1,396 35.6 % 497 1,396 35.6 % Latin America & 453 1,347 33.6 % 2.0 2.0
Canada
$ 5,508 $ 13,296 41.4 % $ 5,508 $ 13,296 41.4 % PMI Total $ 5,383 $ 12,732 42.3 % (0.9 ) (0.9 )
(1) For the calculation of Net Revenues excluding Excise Taxes,
currency and acquisitions, refer to Schedule 14.
Schedule 17
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 Six Months Ended June 30,
(Unaudited)
2017 2016 % Change
Reported Diluted EPS $ 2.17 $ 2.13 1.9 %
Less:
Currency impact (0.11 )
Reported Diluted EPS, excluding Currency $ 2.28 $ 2.13 7.0 %
2017 2016 % Change
Reported Diluted EPS $ 2.17 $ 2.13 1.9 %
Adjustments:
Asset impairment and exit costs — —
Tax items (0.04 ) —
Adjusted Diluted EPS $ 2.13 $ 2.13 — %
Less:
Currency impact (0.11 )
Adjusted Diluted EPS, excluding Currency $ 2.24 $ 2.13 5.2 %
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
June 30, December 31,
2017 2016
July ~ December January ~ June 12 months
2016 2017 rolling
Net Earnings $ 3,803 $ 3,500 $ 7,303 $ 7,250
Equity (income)/loss in unconsolidated subsidiaries, net (57 ) (45 ) (102 ) (94 )
Provision for Income Taxes 1,422 1,230 2,652 2,768
Interest expense, net 421 432 853 891
Depreciation and amortization 383 407 790 743
Asset impairment and exit costs — — — —
Adjusted EBITDA $ 5,972 $ 5,524 $ 11,496 $ 11,558
June 30, December 31,
2017 2016
Short-term borrowings $ 898 $ 643
Current portion of long-term debt 4,254 2,573
Long-term debt 26,595 25,851
Total Debt $ 31,747 $ 29,067
Less: Cash and cash equivalents 6,197 4,239
Net Debt $ 25,550 $ 24,828
Ratios:
Total Debt to Adjusted EBITDA 2.76 2.51
Net Debt to Adjusted EBITDA 2.22 2.15
Schedule 19
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 and Six Months Ended June 30,
($ in millions)
(Unaudited)
For the Quarters Ended For the Six Months Ended
June 30, June 30,
2017 2016 % Change 2017 2016 % Change
Net cash provided by operating activities (1) $ 3,228 $ 2,374 36.0 % $ 4,071 $ 2,836 43.5 %
Less:
Currency impact 429 311
Net cash provided by operating activities, excluding currency $ 2,799 $ 2,374 17.9 % $ 3,760 $ 2,836 32.6 %
(1) Operating cash flow.
Schedule 20
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)
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Philip Morris International Inc.
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