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 5: For the preceding part double click ID:nBw4NKJMd
17.9 % 21.4 % 21.4 %
$ 3,136 $ — $ 3,136 $ (140 ) $ 3,276 $ — $ 3,276 PMI Total $ 3,067 $ — $ 3,067 2.2 % 6.8 % 6.8 %
2017 2016 % Points Change
AdjustedOperatingCompaniesIncomeexcludingCurrency NetRevenuesexcludingExciseTaxes &Currency(1) AdjustedOperatingCompaniesIncomeMarginexcludingCurrency AdjustedOperatingCompaniesIncomeexcludingCurrency &Acquisitions Net RevenuesexcludingExcise Taxes,Currency &Acquisitions(1) AdjustedOperatingCompaniesIncomeMarginexcludingCurrency AdjustedOperatingCompaniesIncome NetRevenuesexcludingExciseTaxes(1) AdjustedOperatingCompaniesIncomeMargin AdjustedOperatingCompaniesIncomeMarginexcludingCur AdjustedOperatingCompaniesIncomeMarginexcludingCur
&Acquisitions rency rency &Acquisitions
$ 1,035 $ 2,151 48.1 % $ 1,035 $ 2,151 48.1 % EuropeanUnion $ 1,120 $ 2,200 50.9 % (2.8 ) (2.8 )
849 1,890 44.9 % 849 1,890 44.9 % EEMA 962 1,936 49.7 % (4.8 ) (4.8 )
1,120 2,798 40.0 % 1,120 2,798 40.0 % Asia 761 2,136 35.6 % 4.4 4.4
272 770 35.3 % 272 770 35.3 % Latin America &Canada 224 710 31.5 % 3.8 3.8
$ 3,276 $ 7,609 43.1 % $ 3,276 $ 7,609 43.1 % PMI Total $ 3,067 $ 6,982 43.9 % (0.8 ) (0.8 )
(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 September 30,
(Unaudited)
2017 2016 % Change
Reported Diluted EPS $ 1.27 $ 1.25 1.6 %
Less:
Currency impact (0.12 )
Reported Diluted EPS, excluding Currency $ 1.39 $ 1.25 11.2 %
2017 2016 % Change
Reported Diluted EPS $ 1.27 $ 1.25 1.6 %
Adjustments:
Asset impairment and exit costs — —
Tax items — —
Adjusted Diluted EPS $ 1.27 $ 1.25 1.6 %
Less:
Currency impact (0.12 )
Adjusted Diluted EPS, excluding Currency $ 1.39 $ 1.25 11.2 %
Schedule 14
PHILIP MORRIS INTERNATIONAL INC.
and Subsidiaries
Reconciliation of Non-GAAP Measures
Adjustments for the Impact of Currency and Acquisitions
For the Nine Months 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
$ 20,156 $ 14,102 $ 6,054 $ (94 ) $ 6,148 $ — $ 6,148 European Union $ 20,664 $ 14,446 $ 6,218 (2.6 )% (1.1 )% (1.1 )%
13,177 8,242 4,935 (268 ) 5,203 — 5,203 EEMA 13,650 8,448 5,202 (5.1 )% — % — %
16,051 8,696 7,355 (33 ) 7,388 — 7,388 Asia 15,014 8,777 6,237 17.9 % 18.5 % 18.5 %
7,129 5,019 2,110 (56 ) 2,166 — 2,166 Latin America & Canada 6,436 4,379 2,057 2.6 % 5.3 % 5.3 %
$ 56,513 $ 36,059 $ 20,454 $ (451 ) $ 20,905 $ — $ 20,905 PMI Total $ 55,764 $ 36,050 $ 19,714 3.8 % 6.0 % 6.0 %
2017 2016 % Change inOperating Companies Income
OperatingCompanies Income LessCurrency OperatingCompaniesIncomeexcludingCurrency LessAcquisitions OperatingCompaniesIncomeexcludingCurrency &Acquisitions OperatingCompaniesIncome Total ExcludingCurrency ExcludingCurrency &Acquisitions
$ 2,783 $ (82 ) $ 2,865 $ — $ 2,865 European Union $ 3,096 (10.1 )% (7.5 )% (7.5 )%
2,188 (183 ) 2,371 — 2,371 EEMA 2,389 (8.4 )% (0.8 )% (0.8 )%
2,753 (26 ) 2,779 — 2,779 Asia 2,288 20.3 % 21.5 % 21.5 %
709 (60 ) 769 — 769 Latin America & Canada 677 4.7 % 13.6 % 13.6 %
$ 8,433 $ (351 ) $ 8,784 $ — $ 8,784 PMI Total $ 8,450 (0.2 )% 4.0 % 4.0 %
Schedule 15
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries
Reconciliation of Non-GAAP Measures
Selected Financial Data by Product Category
For the Nine Months 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
$ 19,983 $ 14,074 $ 5,909 $ (91 ) $ 6,000 $ — $ 6,000 European Union $ 20,630 $ 14,444 $ 6,186 (4.5 )% (3.0 )% (3.0 )%
13,109 8,238 4,871 (268 ) 5,139 — 5,139 EEMA 13,646 8,448 5,198 (6.3 )% (1.1 )% (1.1 )%
14,232 8,663 5,569 (7 ) 5,576 — 5,576 Asia 14,660 8,777 5,883 (5.3 )% (5.2 )% (5.2 )%
7,126 5,018 2,108 (56 ) 2,165 — 2,165 Latin America & Canada 6,435 4,378 2,057 2.5 % 5.3 % 5.3 %
$ 54,451 $ 35,994 $ 18,457 $ (423 ) $ 18,880 $ — $ 18,880 Total Combustible Products $ 55,371 $ 36,047 $ 19,323 (4.5 )% (2.3 )% (2.3 )%
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
$ 173 $ 28 $ 145 $ (2 ) $ 148 $ — $ 148 European Union $ 35 2 $ 32 +100% +100% +100%
69 5 64 — 64 — 64 EEMA 3 — 3 +100% +100% +100%
1,819 33 1,786 (26 ) 1,812 — 1,812 Asia 354 — 354 +100% +100% +100%
2 — 2 — 2 — 2 Latin America & Canada 2 1 — +100% +100% +100%
$ 2,063 $ 66 $ 1,997 $ (29 ) $ 2,026 $ — $ 2,026 Total Reduced-Risk Products $ 394 $ 3 $ 390 +100% +100% +100%
$ 56,513 $ 36,059 $ 20,454 $ (451 ) $ 20,905 $ — $ 20,905 PMI Total $ 55,764 $ 36,050 $ 19,714 3.8% 6.0% 6.0%
(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 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,
excluding Currency and Acquisitions
For the Nine Months Ended September 30,
($ in millions)
(Unaudited)
2017 2016 % Change in AdjustedOperating Companies Income
OperatingCompaniesIncome LessAssetImpairment& ExitCosts AdjustedOperatingCompaniesIncome LessCurrency AdjustedOperatingCompaniesIncomeexcludingCurrency LessAcquisitions AdjustedOperatingCompaniesIncomeexcludingCurrency &Acquisitions OperatingCompaniesIncome LessAssetImpairment& ExitCosts AdjustedOperatingCompaniesIncome Adjusted AdjustedexcludingCurrency AdjustedexcludingCurrency &Acquisitions
$ 2,783 $ — $ 2,783 $ (82 ) $ 2,865 $ — $ 2,865 EuropeanUnion $ 3,096 $ — $ 3,096 (10.1 )% (7.5 )% (7.5 )%
2,188 — 2,188 (183 ) 2,371 — 2,371 EEMA 2,389 — 2,389 (8.4 )% (0.8 )% (0.8 )%
2,753 — 2,753 (26 ) 2,779 — 2,779 Asia 2,288 — 2,288 20.3 % 21.5 % 21.5 %
709 — 709 (60 ) 769 — 769 Latin America 677 — 677 4.7 % 13.6 % 13.6 %
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