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Philip Morris International Inc. (PMI) Reports 2012 Results; Provides 2013 Earnings Per Share Forecast

2012 Fourth-Quarter

Reported operating companies income was up by 9.5% to $3.3 billion, including unfavorable currency of $106 million. Excluding currency, operating companies income was up by 13.0%, driven by higher pricing, marginally offset by unfavorable volume/mix of $12 million. Adjusted operating companies income increased by 8.8% as shown in the table below and detailed on Schedule 11. Adjusted operating companies income, excluding currency and acquisitions, increased by 12.3%. Adjusted operating companies income margin, excluding the impact of currency and acquisitions, was up by 2.2 percentage points to 42.1%, as detailed on Schedule 11.

PMI Operating Companies Income ($ Millions)

                             

Fourth-Quarter

Full-Year

2012

2011

Change

2012

2011

Change

Reported OCI $3,295 $3,009 9.5% $14,153 $13,613 4.0%
Asset impairment & exit costs

(33

)

(49

)

(83

)

(109

)

Adjusted OCI $3,328 $3,058 8.8% $14,236 $13,722 3.7%
Adjusted OCI Margin* 42.2 % 39.9 % 2.3 p.p. 45.4 % 44.1 % 1.3 p.p.

*Margins are calculated as adjusted OCI, divided by net revenues, excluding excise taxes.

 

SHIPMENT VOLUME & MARKET SHARE

 

PMI Cigarette Shipment Volume by Segment (Million Units)

                             

Fourth-Quarter

Full-Year

2012

2011

Change

2012

2011

Change

European Union 46,744 49,580 (5.7)% 197,966 211,493 (6.4)%
Eastern Europe, Middle East & Africa 77,356 72,218 7.1% 303,828 290,250 4.7%
Asia 82,573 78,095 5.7% 326,582 313,282 4.2%
Latin America & Canada

26,446

26,729

(1.1)%

98,660

100,241

(1.6)%
Total PMI 233,119 226,622 2.9% 927,036 915,266 1.3%
 

2012 Full-Year

PMI’s cigarette shipment volume was up by 1.3%, excluding acquisitions. Excluding acquisitions and the Japan hurdle of 6.3 billion units related to additional volume shipped in the second quarter of 2011 following the disruption of PMI’s principal competitor’s supply chain, PMI’s cigarette shipment volume was up by a robust 2.0%.

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