REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 Third-Quarter Results; Revises 2017 Full-Yea
19/10/2017 12:00
- Part 4: For the preceding part double click ID:nBw4NKJMc
Schedule 8
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Diluted Earnings Per Share
For the Nine Months Ended September 30,
($ in millions, except per share data)
(Unaudited)
Diluted
E.P.S.
2017 Diluted Earnings Per Share $ 3.43 ((1))
2016 Diluted Earnings Per Share $ 3.38 ((1))
Change $ 0.05
% Change 1.5 %
Reconciliation:
2016 Diluted Earnings Per Share $ 3.38 ((1))
Special Items:
2016 Asset impairment and exit costs —
2016 Tax items —
2017 Asset impairment and exit costs —
2017 Tax items 0.04
Currency (0.23 )
Interest 0.03
Change in tax rate 0.01
Operations 0.20 ((2))
2017 Diluted Earnings Per Share $ 3.43 ((1))
(1) Basic and diluted EPS were calculated using the following (in
millions):
YTDSeptember2017 YTDSeptember2016
Net Earnings attributable to PMI $ 5,341 $ 5,256
Less distributed and undistributed earnings attributable
to share-based payment awards 12 15
Net Earnings for basic and diluted EPS $ 5,329 $ 5,241
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)
September 30, December 31,
2017 2016
Assets
Cash and cash equivalents $ 7,667 $ 4,239
All other current assets 13,192 13,369
Property, plant and equipment, net 6,857 6,064
Goodwill 7,681 7,324
Other intangible assets, net 2,501 2,470
Investments in unconsolidated subsidiaries 1,080 1,011
Other assets 2,973 2,374
Total assets $ 41,951 $ 36,851
Liabilities and Stockholders' (Deficit) Equity
Short-term borrowings $ 2,905 $ 643
Current portion of long-term debt 3,005 2,573
All other current liabilities 12,604 13,251
Long-term debt 28,065 25,851
Deferred income taxes 1,037 1,897
Other long-term liabilities 3,968 3,536
Total liabilities 51,584 47,751
Total PMI stockholders' deficit (11,407 ) (12,688 )
Noncontrolling interests 1,774 1,788
Total stockholders' deficit (9,633 ) (10,900 )
Total liabilities and stockholders' (deficit) equity $ 41,951 $ 36,851
Total debt $ 33,975 $ 29,067
Total debt to Adjusted EBITDA 2.92 2.51 ((1))
Net debt to Adjusted EBITDA 2.26 ((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 September 30,
($ in millions)
(Unaudited)
2017 2016 % Change in Net Revenuesexcluding Excise Taxes
NetRevenues LessExcise Taxes NetRevenuesexcludingExciseTaxes LessCurrency NetRevenuesexcludingExciseTaxes &Currency LessAcquisitions NetRevenuesexcludingExciseTaxes,Currency &Acquisitions NetRevenues LessExcise Taxes NetRevenuesexcludingExciseTaxes Total ExcludingCurrency ExcludingCurrency &Acquisitions
$ 7,346 $ 5,142 $ 2,204 $ 53 $ 2,151 $ — $ 2,151 European Union $ 7,387 $ 5,187 $ 2,200 0.2 % (2.2 )% (2.2 )%
4,990 3,207 1,783 (107 ) 1,890 — 1,890 EEMA 5,122 3,186 1,936 (7.9 )% (2.4 )% (2.4 )%
5,846 3,116 2,730 (68 ) 2,798 — 2,798 Asia 5,113 2,977 2,136 27.8 % 31.0 % 31.0 %
2,456 1,700 756 (14 ) 770 — 770 Latin America & Canada 2,313 1,603 710 6.5 % 8.5 % 8.5 %
$ 20,638 $ 13,165 $ 7,473 $ (136 ) $ 7,609 $ — $ 7,609 PMI Total $ 19,935 $ 12,953 $ 6,982 7.0 % 9.0 % 9.0 %
2017 2016 % Change inOperating Companies Income
OperatingCompaniesIncome LessCurrency OperatingCompanies IncomeexcludingCurrency LessAcquisitions OperatingCompaniesIncomeexcludingCurrency &Acquisitions OperatingCompaniesIncome Total ExcludingCurrency ExcludingCurrency &Acquisitions
$ 1,042 $ 7 $ 1,035 $ — $ 1,035 European Union $ 1,120 (7.0 )% (7.6 )% (7.6 )%
765 (84 ) 849 — 849 EEMA 962 (20.5 )% (11.7 )% (11.7 )%
1,065 (55 ) 1,120 — 1,120 Asia 761 39.9 % 47.2 % 47.2 %
264 (8 ) 272 — 272 Latin America & Canada 224 17.9 % 21.4 % 21.4 %
$ 3,136 $ (140 ) $ 3,276 $ — $ 3,276 PMI Total $ 3,067 2.2 % 6.8 % 6.8 %
Schedule 11
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Selected Financial Data by Product Category
For the Quarters Ended September 30,
($ in millions) / (Unaudited)
2017 2016 % Change in Combustible ProductsNet Revenues excluding ExciseTaxes
NetRevenues(1) LessExcise Taxes(3) NetRevenuesexcludingExciseTaxes LessCurrency NetRevenuesexcludingExciseTaxes &Currency LessAcquisitions NetRevenuesexcludingExciseTaxes,Currency &Acquisitions Combustible Products NetRevenues(1) LessExcise Taxes(3) NetRevenuesexcludingExciseTaxes Total ExcludingCurrency ExcludingCurrency &Acquisitions
$ 7,269 $ 5,129 $ 2,139 $ 53 $ 2,086 $ — $ 2,086 European Union $ 7,374 $ 5,186 $ 2,188 (2.2 )% (4.6 )% (4.6 )%
4,947 3,205 1,742 (107 ) 1,849 — 1,849 EEMA 5,118 3,186 1,932 (9.8 )% (4.3 )% (4.3 )%
4,974 3,085 1,889 (27 ) 1,916 — 1,916 Asia 4,917 2,977 1,940 (2.7 )% (1.3 )% (1.3 )%
2,454 1,699 755 (14 ) 769 — 769 Latin America & Canada 2,312 1,603 710 6.4 % 8.4 % 8.4 %
$ 19,644 $ 13,119 $ 6,526 $ (95 ) $ 6,620 $ — $ 6,620 Total CombustibleProducts $ 19,722 $ 12,952 $ 6,770 (3.6 )% (2.2 )% (2.2 )%
2017 2016 % Change in Reduced-RiskProducts Net Revenues excludingExcise Taxes
NetRevenues(2) LessExcise Taxes(3) NetRevenuesexcludingExciseTaxes LessCurrency NetRevenuesexcludingExciseTaxes &Currency LessAcquisitions NetRevenuesexcludingExciseTaxes,Currency &Acquisitions Reduced-RiskProducts NetRevenues(2) LessExcise Taxes(3) NetRevenuesexcludingExciseTaxes Total ExcludingCurrency ExcludingCurrency &Acquisitions
$ 79 $ 14 $ 65 $ 1 $ 63 $ — $ 63 European Union $ 14 1 $ 13 +100% +100% +100%
43 3 41 — 41 — 41 EEMA 4 — 4 +100% +100% +100%
871 30 841 (42 ) 883 — 883 Asia 196 — 196 +100% +100% +100%
1 — 1 — 1 — 1 Latin America & Canada — — — +100% +100% +100%
$ 994 $ 47 $ 947 $ (41 ) $ 988 $ — $ 988 Total Reduced-RiskProducts $ 214 $ 2 $ 212 +100% +100% +100%
$ 20,638 $ 13,165 $ 7,473 $ (136 ) $ 7,609 $ — $ 7,609 PMI Total $ 19,935 $ 12,953 $ 6,982 7.0% 9.0% 9.0%
(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 ofthe 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 donot 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 ofthe 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 weuse 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 andpotentially 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. Insome 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 12
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 September 30,
($ in millions)
(Unaudited)
2017 2016 % Change in AdjustedOperating Companies Income
OperatingCompaniesIncome LessAssetImpairment& ExitCosts AdjustedOperatingCompaniesIncome LessCurrency AdjustedOperatingCompaniesIncomeexcludingCurrency LessAcquisitions AdjustedOperatingCompaniesIncomeexcludingCurrency OperatingCompaniesIncome LessAssetImpairment& ExitCosts AdjustedOperatingCompaniesIncome Adjusted AdjustedexcludingCurrency AdjustedexcludingCurrency &Acquisitions
&Acquisitions
$ 1,042 $ — $ 1,042 $ 7 $ 1,035 $ — $ 1,035 EuropeanUnion $ 1,120 $ — $ 1,120 (7.0 )% (7.6 )% (7.6 )%
765 — 765 (84 ) 849 — 849 EEMA 962 — 962 (20.5 )% (11.7 )% (11.7 )%
1,065 — 1,065 (55 ) 1,120 — 1,120 Asia 761 — 761 39.9 % 47.2 % 47.2 %
264 — 264 (8 ) 272 — 272 Latin America &Canada 224 — 224
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