REG-Philip Morris International Inc. Philip Morris International Inc. (PMI) Reports 2017 Third-Quarter Results; Revises 2017 Full-Yea

Philip Morris InternationalAnnouncement

19/10/2017 12:00

- Part 6: For the preceding part double click  ID:nBw4NKJMe 

                                                                                                                                                                                                                                                                                                                                                                       &Canada                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 $                  8,433                                     $                  —                                         $                    8,433                                         $      (351   )          $                       8,784                                               $                       —                                                   $                       8,784                                               PMI Total                   $            8,450                         $             —                               $              8,450                             (0.2    )%              4.0       %                                4.0                      %                        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 2017                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  2016                                                                                                                                      % Points Change                                                                                                      
 AdjustedOperatingCompaniesIncomeexcludingCurrency            NetRevenuesexcludingExciseTaxes &Currency(1)                 AdjustedOperatingCompaniesIncomeMarginexcludingCurrency                                     AdjustedOperatingCompaniesIncomeexcludingCurrency &Acquisitions             Net RevenuesexcludingExcise Taxes,Currency &Acquisitions(1)                 AdjustedOperating                                                                                       AdjustedOperatingCompaniesIncome           NetRevenuesexcludingExciseTaxes(1)            AdjustedOperatingCompaniesIncomeMargin                                   AdjustedOperating                          AdjustedOperatingCompaniesIncomeMarginexcludingCur 
                                                                                                                                                                                                                                                                                                                                                                               
                                                                                                                                                                                                                                                                         CompaniesIncomeMarginexcludingCurre         rency &Acquisitions                               
                                                                                                                                                                                                                                                                                                                                                                               CompaniesIncomeMarginexcludingCurrency &Acquisitions                                                                                                                                                                                                                      ncy                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 $                  2,865                                     $                  6,148                                     46.6                                      %                                                 $                       2,865                                               $                       6,148                                               46.6                                            %                           EuropeanUnion               $            3,096                         $             6,218                           49.8                          %                                          (3.2      )                                (3.2                     )                        
 2,371                                                        5,203                                                        45.6                                      %                                                 2,371                                                                       5,203                                                                       45.6                                            %                           EEMA                        2,389                                      5,202                                         45.9                          %                                          (0.3      )                                (0.3                     )                        
 2,779                                                        7,388                                                        37.6                                      %                                                 2,779                                                                       7,388                                                                       37.6                                            %                           Asia                        2,288                                      6,237                                         36.7                          %                                          0.9                                        0.9                                               
 769                                                          2,166                                                        35.5                                      %                                                 769                                                                         2,166                                                                       35.5                                            %                           Latin America               677                                        2,057                                         32.9                          %                                          2.6                                        2.6                                               
                                                                                                                                                                                                                                                                                                                                                                                                                                                           &Canada                                                                                                                                                                                                                                                                                    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 $                  8,784                                     $                  20,905                                    42.0                                      %                                                 $                       8,784                                               $                       20,905                                              42.0                                            %                           PMI Total                   $            8,450                         $             19,714                          42.9                          %                                          (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 Nine Months Ended September 30,                                                                                               
 (Unaudited)                                                                                                                           
                                                                                                                                       
                                                                                                                                       
                                                                                                                                       
                                                                                                                                       
                                                                   2017               2016              % Change                       
                                                                                                                                       
 Reported Diluted EPS                                              $    3.43          $   3.38          1.5    %                       
                                                                                                                                       
 Less:                                                                                                                                 
 Currency impact                                                   (0.23      )                                                        
                                                                                                                                       
 Reported Diluted EPS, excluding Currency                          $    3.66          $   3.38          8.3    %                       
                                                                                                                                       
                                                                                                                                       
                                                                                                                                       
                                                                   2017               2016              % Change                       
                                                                                                                                       
 Reported Diluted EPS                                              $    3.43          $   3.38          1.5    %                       
                                                                                                                                       
 Adjustments:                                                                                                                          
 Asset impairment and exit costs                                   —                  —                                                
 Tax items                                                         (0.04      )       —                                                
                                                                                                                                       
 Adjusted Diluted EPS                                              $    3.39          $   3.38          0.3    %                       
                                                                                                                                       
 Less:                                                                                                                                 
 Currency impact                                                   (0.23      )                                                        
                                                                                                                                       
 Adjusted Diluted EPS, excluding Currency                          $    3.62          $   3.38          7.1    %                       
                                                                                                                                       

                                                                                                                                                                                                                              
                                                                                                                                                                                                   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                                                                   For the Year Ended         
                                                                                                              September 30,                                                                        December 31,               
                                                                                                              2017                                                                                 2016                       
                                                                                                              October ~December           January ~September             12 months                                            
                                                                                                              2016                        2017                           rolling                                              
                                                                                                                                                                                                                              
 Net Earnings                                                                                                 $       1,775               $        5,545                 $      7,320              $        7,250             
 Equity (income)/loss inunconsolidated subsidiaries, net                                                      (22             )           (57               )            (79            )          (94               )        
 Provision for Income Taxes                                                                                   658                         2,042                          2,700                     2,768                      
 Interest expense, net                                                                                        201                         655                            856                       891                        
 Depreciation and amortization                                                                                195                         632                            827                       743                        
 Asset impairment and exit costs                                                                              —                           —                              —                         —                          
 Adjusted EBITDA                                                                                              $       2,807               $        8,817                 $      11,624             $        11,558            
                                                                                                                                                                                                                              
                                                                                                                                                                                                                              
                                                                                                                                                                         September 30,             December 31,               
                                                                                                                                                                         2017                      2016                       
                                                                                                                                                                                                                              
 Short-term borrowings                                                                                                                                                   $      2,905              $        643               
 Current portion of long-term debt                                                                                                                                       3,005                     2,573                      
 Long-term debt                                                                                                                                                          28,065                    25,851                     
 Total Debt                                                                                                                                                              $      33,975             $        29,067            
 Less: Cash and cash equivalents                                                                                                                                         7,667                     4,239                      
 Net Debt                                                                                                                                                                $      26,308             $        24,828            
                                                                                                                                                                                                                              
 Ratios:                                                                                                                                                                                                                      
 Total Debt to Adjusted EBITDA                                                                                                                                           2.92                      2.51                       
 Net Debt to Adjusted EBITDA                                                                                                                                             2.26                      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 Nine Months Ended September 30,                                                                                                                                                                 
 ($ in millions)                                                                                                                                                                                         
 (Unaudited)                                                                                                                                                                                             
                                                                                                                                                                                                         
                                                                                                                                                                                                         
                                                                                                                                                                                                         
                                                                       For the Quarters Ended                                            For the Nine Months Ended                                       
                                                                       September 30,                                                     September 30,                                                   
                                                                       2017                     2016                   % Change          2017                     2016                   % Change        
                                                                                                                                                                                                         
 Net cash provided by operating activities (1)                         $     1,920              $     3,092            (37.9  )%         $     5,991              $     5,928            1.1     %       
                                                                                                                                                                                                         
 Less:                                                                                                                                                                                                   
 Currency impact                                                       (113         )                                                    198                                                             
                                                                                                                                                                                                         
 Net cash provided by operating activities,excluding currency          $     2,033              $     3,092            (34.2  )%         $     5,793              $     5,928            (2.3    )%      
                                                                                                                                                                                                         
 (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
2233Lausanne: +41 (0)58 242 4666InvestorRelations@pmi.com
(mailto:InvestorRelations@pmi.com) orMedia:Lausanne: +41 (0)58 242
4500Media@pmi.com (mailto:Media@pmi.com)





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