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)|
|Asset impairment & exit costs||(33||)||(49||)||(83||)||(109||)|
|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)|
|Eastern Europe, Middle East & Africa||77,356||72,218||7.1%||303,828||290,250||4.7%|
|Latin America & Canada||26,446||26,729||(1.1)%||98,660||100,241||(1.6)%|
2012 Full-YearPMI’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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