2011 Second-Quarter Earnings Results July 21, 2011 Exhibit 99.3 |
2 Introduction Unless otherwise stated, we will be talking about results for the second-quarter 2011 and comparing them with the same period in 2010 References to PMI volumes refer to PMI shipment data, unless otherwise stated Industry volume and market shares are the latest data available from a number of internal and external sources Organic volume refers to volume excluding acquisitions Net revenues exclude excise taxes OCI stands for Operating Companies Income, which is defined as operating income before general corporate expenses and the amortization of intangibles. OCI growth rates are on an adjusted basis, which excludes asset impairment, exit and other costs Data tables showing adjustments to net revenues and OCI for currency, acquisitions, asset impairment, exit and other costs, free cash flow calculations, adjustments to EPS, and reconciliations to U.S. GAAP measures are at the end of today’s web cast slides and are posted on our web site |
3 Forward-Looking and Cautionary Statements This presentation and related discussion contain statements that, to the extent they do not relate strictly to historical or current facts, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current plans, estimates and expectations, and are not guarantees of future performance. They are based on management’s expectations that involve a number of business risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. PMI undertakes no obligation to publicly update or revise any forward-looking statements, except in the normal course of its public disclosure obligations. The risks and uncertainties relating to the forward-looking statements in this presentation include those described under Item 1A. “Risk Factors” in PMI’s Form 10-Q for the quarter ended March 31, 2011, filed with the Securities and Exchange Commission |
4 Second-Quarter 2011 Results Very strong financial performance: Key drivers: Excellent results in the Asia Region, led by Indonesia, Japan, Korea and the Philippines Higher prices in a wide range of markets Q2, 2011 Results (a) Organic Cigarette Volume +0.1% Net Revenues +10.1% Adjusted OCI +16.5% Adjusted Diluted EPS +21.0% (a) All financial growth rates exclude currency. Net revenues and OCI growth rates also exclude acquisitions Source: PMI Financials |
5 Pricing Variance Pricing remains the key driver of our increased profitability During the last three months, PMI implemented or announced price increases in numerous markets Pricing situation in Spain improved in July Source: PMI Financials ($ mio) 790 1,070 Q2 Q1 449 453 341 617 0 600 1,200 2010 2011 |
6 PMI Market Share Developments (%) Top 30 PMI OCI Markets Source: PMI Financials and estimates 36.2 38.5 30 35 40 Q2, 2010 Q2, 2011 |
7 Marlboro Market Share Developments Market Shares Q2, 2010 Q2, 2011 Variance EU 18.1 % 18.1 % - pp EEMA 6.3 6.9 0.6 Asia (a) 6.0 6.7 0.7 LA&C 13.6 13.7 0.1 Total (a)(b) 8.9 9.3 0.4 (a) Excluding PRC (b) Also excluding the USA Source: PMI estimates |
8 L&M Market Share Developments Market Share Increases Q2, 2011 vs. Q2, 2010 (pp) Turkey (a) Netherlands Germany Poland Slovakia Egypt 4.3 1.6 0.8 1.0 0.8 0.4 (a) QTD May Source: A.C. Nielsen and PMI estimates 0 5 |
9 2011 EPS Guidance Reported diluted EPS guidance for 2011 is being raised by a further 15 cents to $4.70 to $4.80 Ten cents of the increase are attributable to improvements in the business, largely Japan Five cents relate to a more favorable currency outlook at prevailing exchange rates Compared to our adjusted diluted EPS of $3.87 in 2010, this corresponds to a growth rate of approximately 21.5 to 24% at prevailing exchange rates, and approximately 15% to 17.5% excluding currency Source: PMI forecasts |
10 PMI Results by Region Asia (a) Eastern Europe, Middle East & Africa Region Source: PMI Financials H1, 2011 Net Revenues: $15.1 billion H1, 2011 Adjusted OCI: $6.9 billion EEMA (a) EU Latin America & Canada Latin America & Canada Asia EU EEMA (a) 24% 35% 30% 11% 23% 36% 33% 8% |
11 Japan Source: PMI Financials and Tobacco Institute of Japan Total PMI PMI shipments to Japan reached 19.5 billion units in Q2, 2011, up 1.9 billion, or 11.0% Second half impact subject to complex interaction of multiple factors New base for industry volume and PMI share will not be clear until Q4, 2011, at the earliest Other Lark Marlboro 24.3 42.0 2010 2011 (%) PMI Market Share 10.8 16.4 6.7 14.4 11.2 6.8 0 50 Q2 Q2 |
12 Indonesia Strong economy and relatively soft Q2, 2010, drove industry volume up 13.9% in Q2, 2011 PMI volume up 20.7% to 22.6 billion units in the same period Strong profitability growth in Asia’s second largest market after China Source: PMI estimates and PMI Financials 2010 2011 Other Marlboro Dji Sam Soe Sampoerna A 28.6 30.2 (%) PMI Market Share Total PMI 11.7 11.8 7.3 7.3 4.2 4.5 0 30 Q2 Q2 |
13 Korea Strong volume and share growth momentum continued, driven by Marlboro and Parliament Innovative Marlboro menthol line extensions contributed 1.0 share points in Q2, 2011 PMI seeking to secure excise tax reform Source: PMI Financials and Hankook Research (%) 2010 2011 Other Parliament Marlboro 16.6 19.9 Total PMI PMI Market Share 6.8 8.6 5.5 6.7 0 20 Q2 Q2 |
14 EEMA Region PMI’s organic volume declined by 3.4% due primarily to Ukraine Full-year Regional volume expected to be stable Net revenues and adjusted OCI, excluding currency and acquisitions, were up 3.6% and 4.8%, respectively in Q2 Profitability improvement driven by: Increased volumes in Turkey and North Africa, and Higher prices across the Region, most notably in Russia, partly offset by Lower volumes in Eastern Europe, and Increased investments in business building initiatives in Russia Source: PMI Financials |
15 Russia Investments to support strong performance of Parliament, Chesterfield and Bond Street, and address Marlboro issues Market share down 0.1pp QTD May, 2011, to 25.4% PMI price increase announced earlier this month Limited consumer uptrading and expected overall market decline of 2-3% this year, in line with 2010 Russian Government has approved new road map for excise taxes Source: A.C. Nielsen, PMI estimates and Russian Ministry of Finance |
16 Ukraine Estimated industry volume decline of 15% distorted by trade loading in Q2, 2010 Total market expected to stabilize during second half PMI share down 3.5pp to 32.1% in the second quarter, due to under-representation in super-low segment. Issue being addressed through more attractive pricing of Bond Street Market shares of Parliament and Marlboro are growing Source: PMI estimates and A.C. Nielsen (%) 2010 2011 Industry Price Segments Premium Mid/Low 2010 Super- Low 44.9 45.7 46.5 42.1 40.5 39.5 13.8 14.0 13.0 0 100 H1 H2 H1 |
17 Turkey Total market has stabilized PMI volume up 12.1% in Q2, 2011 PMI reached a market share of 44.6% in QTD May, 2011, up 3.8pp PMI share improvement in all three price segments, led by Parliament, Muratti and L&M (%) 2010 2011 Total PMI Premium Mid Low 40.8 44.6 PMI Market Share (a) QTD May Source: PMI estimates, PMI Financials and A.C. Nielsen (a) 19.0 21.4 5.8 6.2 17.0 16.0 0 45 Q2 Q3 Q4 Q1 Q2 |
18 EU Region Despite the issues that continued to impact Spain and to a lesser extent Greece, the results in the second quarter were more positive: - Industry volume declined by a modest 1.7% - PMI volume was 3.1% lower due to Greece, Poland and Spain - further 0.3pp to 6.6% - Net revenues and adjusted OCI were up 0.7% and 2.3%, respectively, excluding currency and acquisitions Source: PMI estimates and PMI Financials Marlboro’s Regional share was stable at 18.1% and L&M grew a |
19 Cigarettes Fine cut Germany Total industry volumes of cigarettes and fine cut have increased this year PMI cigarette and fine cut market shares are growing Very strong performance of L&M Unit margin-enhancing price increases implemented Continued growth of “maxi” pack segment (a) Big packs (22-25 cigs) and Maxi packs (26+ cigs) Source: PMI estimates (%) 2011 2010 PMI Market Share 2011 (%) Big and Maxi Packs (a) SoM Maxi Big 35.6 35.9 14.4 14.8 2009 2010 36.4 40.5 40.2 5.2 7.1 10.0 0 50 FY FY H1 0 40 H1 H1 |
20 Spain Source: PMI estimates (%) 2010 2011 PMI Market Share High unemployment Cigarette industry contracting at double-digit rate and consumer downtrading Price competition exacerbated in May/June this year Recent developments indicate the situation has improved BUT 31.2 31.3 31.0 30.4 32.6 31.6 25 35 Q1 Q2 Q3 Q4 Q1 Q2 |
21 France and Italy Industry cigarette volume up 1.8% in France and stable in Italy during Q2, 2011 Following entry of Marlboro, PMI became market leader in fine cut in France in Q2 with a share of 25.0%, up 5.6pp High single digit profitability increases in both markets PMI has announced a price increase of €0.10/pack in Italy Source: PMI estimates Other Marlboro 40.8 40.9 (%) 54.1 53.4 2010 2011 2010 2011 France France Italy PMI Market Shares Total PMI 26.3 26.0 23.0 22.7 14.5 14.9 31.1 30.7 0 60 Q2 Q2 Q2 Q2 |
22 Greece Government has increased Minimum Excise Tax from 75% to 100% of excise tax on “WAP” (Weighted Average Price) Tax pass-on at bottom of the market (€2.40/20) is almost €0.50/20 PMI has announced price increase on L&M 25s from €3.20 to €3.70 per pack Price gap reduction should help spur Marlboro share recovery Source: Greek Ministry of Finance and PMI estimates 2010 2011 Marlboro Market Share (%) 19.7 19.4 18.7 20.0 19.3 21.7 15 25 Q1 Q2 Q3 Q4 Q1 Q2 |
23 Latin America & Canada Region Regional volume down 4.8%, driven by impact of tax-driven price increases in Mexico and timing of shipments in Brazil Strong Marlboro performance Regional net revenues grew by 5.8% and adjusted OCI was up 8.8%, both excluding currency and acquisitions Source: PMI Financials and PMI estimates (%) 2010 2011 Mexico Marlboro Market Share Argentina Marlboro Market Share (%) 2010 2011 48.2 52.0 45 50 55 Q2 Q2 23.4 24.0 20 25 Q2 Q2 |
24 Australia - Plain Packaging Australian Government appears intent on mandating the implementation of plain packaging Plain packaging will result in the illegal confiscation of our very valuable trademarks and branded assets PMI has served notice of its intention to file an arbitration claim for compensation under the Hong Kong – Australia Bilateral Investment Treaty |
25 Adjusted OCI Margins Second-Quarter 2011 (a) 2010 Variance (a) EU 48.9 % 48.1 % 0.8 pp EEMA 42.1 41.6 0.5 Asia 46.2 39.8 6.4 LA&C 32.5 31.6 0.9 Total 44.6 42.1 2.5 (a) Excluding currency and acquisitions Source: PMI Financials |
26 Free Cash Flow (a) Free cash flow equals net cash provided by operating activities less capital expenditures Source: PMI Financials Free Cash Flow (a) ($ million) +19.4% Quarterly increase of $402 million, or 12.2%, excluding currency Driven mainly by our excellent business results For the first half, free cash flow is up more than $1 billion to nearly $6.2 billion Currency 3,296 3,934 236 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q2, 2010 Q2, 2011 |
27 Share Repurchases During the second quarter, PMI spent $1.5 billion to purchase a further 22.7 million shares at an average price of $68.32 per share Since the March 2008 spin, 17.9% of shares outstanding at that time have been repurchased Source: PMI Financials |
28 Summary Very strong second-quarter results Adjusted diluted EPS growth of 21.0%, excluding currency Outlook is promising, with strong market share and business momentum Pricing remains the key driver of profitability, with Spain a special case Very limited input cost pressures and we expect to exceed our $250 million annual productivity target 2011 reported diluted EPS guidance raised by another 15 cents to a range of $4.70-$4.80 We continue to use our growing cash flow to generously reward our shareholders Source: PMI Financials |
Questions & Answers 2011 Second-Quarter Results |
30 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for the Impact of Currency and Acquisitions For the Quarters Ended June 30, ($ in millions) (Unaudited) Reported Net Revenues Less Excise Taxes Reported Net Revenues excluding Excise Taxes Less Currency Reported Net Revenues excluding Excise Taxes & Currency Less Acquisi- tions Reported Net Revenues excluding Excise Taxes, Currency & Acquisitions Reported Net Revenues Less Excise Taxes Reported Net Revenues excluding Excise Taxes Reported Reported excluding Currency Reported excluding Currency & Acquisitions 8,080 $ 5,583 $ 2,497 $ 187 $ 2,310 $ - $ 2,310 $ European Union 7,260 $ 4,965 $ 2,295 $ 8.8% 0.7% 0.7% 4,603 2,591 2,012 55 1,957 - 1,957 EEMA 4,125 2,236 1,889 6.5% 3.6% 3.6% 5,146 2,210 2,936 222 2,714 3 2,711 Asia 3,903 1,780 2,123 38.3% 27.8% 27.7% 2,405 1,577 828 30 798 - 798 Latin America & Canada 2,095 1,341 754 9.8% 5.8% 5.8% 20,234 $ 11,961 $ 8,273 $ 494 $ 7,779 $ 3 $ 7,776 $ PMI Total 17,383 $ 10,322 $ 7,061 $ 17.2% 10.2% 10.1% Reported Operating Companies Income Less Currency Reported Operating Companies Income excluding Currency Less Acquisi- tions Reported Operating Companies Income excluding Currency & Acquisitions Reported Operating Companies Income Reported Reported excluding Currency Reported excluding Currency & Acquisitions 1,280 $ 152 $ 1,128 $ (1) $ 1,129 $ European Union 1,105 $ 15.8% 2.1% 2.2% 835 11 824 - 824 EEMA 786 6.2% 4.8% 4.8% 1,398 145 1,253 1 1,252 Asia 845 65.4% 48.3% 48.2% 268 9 259 - 259 Latin America & Canada 238 12.6% 8.8% 8.8% 3,781 $ 317 $ 3,464 $ - $ 3,464 $ PMI Total 2,974 $ 27.1% 16.5% 16.5% 2011 2010 % Change in Reported Operating Companies Income 2011 2010 % Change in Reported Net Revenues excluding Excise Taxes |
31 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income & Reconciliation of Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions For the Quarters Ended June 30, ($ in millions) (Unaudited) (a) For the calculation of net revenues excluding excise taxes, currency and acquisitions, refer to previous slide Reported Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Less Currency Adjusted Operating Companies Income excluding Currency Less Acquisi- tions Adjusted Operating Companies Income excluding Currency & Acquisitions Reported Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Adjusted Adjusted excluding Currency Adjusted excluding Currency & Acquisitions 1,280 $ (1) $ 1,281 $ 152 $ 1,129 $ (1) $ 1,130 $ European Union 1,105 $ - $ 1,105 $ 15.9% 2.2% 2.3% 835 - 835 11 824 - 824 EEMA 786 - 786 6.2% 4.8% 4.8% 1,398 - 1,398 145 1,253 1 1,252 Asia 845 - 845 65.4% 48.3% 48.2% 268 - 268 9 259 - 259 Latin America & Canada 238 - 238 12.6% 8.8% 8.8% 3,781 $ (1) $ 3,782 $ 317 $ 3,465 $ - $ 3,465 $ PMI Total 2,974 $ - $ 2,974 $ 27.2% 16.5% 16.5% % Points Change Adjusted Operating Companies Income excluding Currency Net Revenues excluding Excise Taxes & Currency (a) Adjusted Operating Companies Income Margin excluding Currency Adjusted Operating Companies Income excluding Currency & Acquisitions Net Revenues excluding Excise Taxes, Currency & Acquisitions (a) Adjusted Operating Companies Income Margin excluding Currency & Acquisitions Adjusted Operating Companies Income Net Revenues excluding Excise Taxes (a) Adjusted Operating Companies Income Margin Adjusted Operating Companies Income Margin excluding Currency Adjusted Operating Companies Income Margin excluding Currency & Acquisitions 1,129 $ 2,310 $ 48.9% 1,130 $ 2,310 $ 48.9% European Union 1,105 $ 2,295 $ 48.1% 0.8 0.8 824 1,957 42.1% 824 1,957 42.1% EEMA 786 1,889 41.6% 0.5 0.5 1,253 2,714 46.2% 1,252 2,711 46.2% Asia 845 2,123 39.8% 6.4 6.4 259 798 32.5% 259 798 32.5% Latin America & Canada 238 754 31.6% 0.9 0.9 3,465 $ 7,779 $ 44.5% 3,465 $ 7,776 $ 44.6% PMI Total 2,974 $ 7,061 $ 42.1% 2.4 2.5 % Change in Adjusted Operating Companies Income 2010 2011 2010 2011 |
32 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, excluding Currency For the Quarters Ended June 30, (Unaudited) 2011 2010 % Change Reported Diluted EPS 1.35 $ 1.07 $ 26.2% Adjustments: Asset impairment and exit costs - - Tax items (0.01) (0.07) Adjusted Diluted EPS 1.34 $ 1.00 $ 34.0% Less: Currency impact 0.13 Adjusted Diluted EPS, excluding Currency 1.21 $ 1.00 $ 21.0% |
For the Quarters Ended For the Six Months Ended June 30, June 30, 2011 2010 % Change 2011 2010 % Change Net cash provided by operating activities (a) 4,120 $ 3,465 $ 18.9% 6,515 $ 5,439 $ 19.8% Less: Capital expenditures 186 169 345 319 Free cash flow 3,934 $ 3,296 $ 19.4% 6,170 $ 5,120 $ 20.5% Less: Currency impact 236 264 Free cash flow, excluding currency 3,698 $ 3,296 $ 12.2% 5,906 $ 5,120 $ 15.4% 33 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow, excluding Currency For the Quarters and Six Months Ended June 30, ($ in millions) (Unaudited) (a) Operating Cash Flow |
34 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for the Impact of Currency and Acquisitions For the Six Months Ended June 30, ($ in millions) (Unaudited) (a) Includes the business combination in the Philippines ($105) (b) Includes the business combination in the Philippines ($23) Reported Net Revenues Less Excise Taxes Reported Net Revenues excluding Excise Taxes Less Currency Reported Net Revenues excluding Excise Taxes & Currency Less Acquisi- tions Reported Net Revenues excluding Excise Taxes, Currency & Acquisitions Reported Net Revenues Less Excise Taxes Reported Net Revenues excluding Excise Taxes Reported Reported excluding Currency Reported excluding Currency & Acquisitions 14,495 $ 9,997 $ 4,498 $ 81 $ 4,417 $ - $ 4,417 $ European Union 14,008 $ 9,529 $ 4,479 $ 0.4% (1.4)% (1.4)% 8,274 4,575 3,699 26 3,673 - 3,673 EEMA 7,481 3,846 3,635 1.8% 1.0% 1.0% 9,434 4,175 5,259 350 4,909 108 (a) 4,801 Asia 7,465 3,469 3,996 31.6% 22.8% 20.1% 4,561 2,953 1,608 54 1,554 - 1,554 Latin America & Canada 4,016 2,569 1,447 11.1% 7.4% 7.4% 36,764 $ 21,700 $ 15,064 $ 511 $ 14,553 $ 108 $ 14,445 $ PMI Total 32,970 $ 19,413 $ 13,557 $ 11.1% 7.3% 6.6% Reported Operating Companies Income Less Currency Reported Operating Companies Income excluding Currency Less Acquisi- tions Reported Operating Companies Income excluding Currency & Acquisitions Reported Operating Companies Income Reported Reported excluding Currency Reported excluding Currency & Acquisitions 2,286 $ 131 $ 2,155 $ (1) $ 2,156 $ European Union 2,167 $ 5.5% (0.6)% (0.5)% 1,557 (1) 1,558 - 1,558 EEMA 1,556 0.1% 0.1% 0.1% 2,491 247 2,244 24 (b) 2,220 Asia 1,569 58.8% 43.0% 41.5% 519 10 509 - 509 Latin America & Canada 455 14.1% 11.9% 11.9% 6,853 $ 387 $ 6,466 $ 23 $ 6,443 $ PMI Total 5,747 $ 19.2% 12.5% 12.1% % Change in Reported Net Revenues excluding Excise Taxes 2011 2010 % Change in Reported Operating Companies Income 2011 2010 |
35 PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income & Reconciliation of Adjusted Operating Companies Income Margin, excluding Currency and Acquisitions For the Six Months Ended June 30, ($ in millions) (Unaudited) (a) Includes the business combination in the Philippines ($23) (b) For the calculation of net revenues excluding excise taxes, currency and acquisitions, refer to previous slide Reported Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Less Currency Adjusted Operating Companies Income excluding Currency Less Acquisi- tions Adjusted Operating Companies Income excluding Currency & Acquisitions Reported Operating Companies Income Less Asset Impairment & Exit Costs Adjusted Operating Companies Income Adjusted Adjusted excluding Currency Adjusted excluding Currency & Acquisitions 2,286 $ (12) $ 2,298 $ 131 $ 2,167 $ (1) $ 2,168 $ European Union 2,167 $ - $ 2,167 $ 6.0% - % - % 1,557 (2) 1,559 (1) 1,560 - 1,560 EEMA 1,556 - 1,556 0.2% 0.3% 0.3% 2,491 (2) 2,493 247 2,246 24 (a) 2,222 Asia 1,569 - 1,569 58.9% 43.1% 41.6% 519 (1) 520 10 510 - 510 Latin America & Canada 455 - 455 14.3% 12.1% 12.1% 6,853 $ (17) $ 6,870 $ 387 $ 6,483 $ 23 $ 6,460 $ PMI Total 5,747 $ - $ 5,747 $ 19.5% 12.8% 12.4% % Points Change Adjusted Operating Companies Income excluding Currency Net Revenues excluding Excise Taxes & Currency (b) Adjusted Operating Companies Income Margin excluding Currency Adjusted Operating Companies Income excluding Currency & Acquisitions Net Revenues excluding Excise Taxes, Currency & Acquisitions (b) Adjusted Operating Companies Income Margin excluding Currency & Acquisitions Adjusted Operating Companies Income Net Revenues excluding Excise Taxes (b) Adjusted Operating Companies Income Margin Adjusted Operating Companies Income Margin excluding Currency Adjusted Operating Companies Income Margin excluding Currency & Acquisitions 2,167 $ 4,417 $ 49.1% 2,168 $ 4,417 $ 49.1% European Union 2,167 $ 4,479 $ 48.4% 0.7 0.7 1,560 3,673 42.5% 1,560 3,673 42.5% EEMA 1,556 3,635 42.8% (0.3) (0.3) 2,246 4,909 45.8% 2,222 4,801 46.3% Asia 1,569 3,996 39.3% 6.5 7.0 510 1,554 32.8% 510 1,554 32.8% Latin America & Canada 455 1,447 31.4% 1.4 1.4 6,483 $ 14,553 $ 44.5% 6,460 $ 14,445 $ 44.7% PMI Total 5,747 $ 13,557 $ 42.4% 2.1 2.3 2010 2011 2010 2011 % Change in Adjusted Operating Companies Income |
36 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) 2010 Reported Diluted EPS 3.92 $ Adjustments: Tax items (0.07) Asset impairment and exit costs 0.02 Adjusted Diluted EPS 3.87 $ |
2011 Second-Quarter Results July 21, 2011 |