Philip Morris International Inc. (PMI) Presents at Morgan Stanley Global
Consumer & Retail Conference
NEW YORK -- November 13, 2012
Philip Morris International Inc. (NYSE/Euronext Paris: PM) Chairman and Chief
Executive Officer, Louis Camilleri, addresses investors today at the Morgan
Stanley Global Consumer & Retail Conference in New York.
The presentation and Q&A session are being webcast live at www.pmi.com, in a
listen-only mode, beginning at approximately 12 Noon Eastern Time. An archived
copy of the webcast, together with slides, will be available on the same site.
The presentation includes the following key highlights:
*PMI reaffirms its 2012 reported diluted EPS guidance range of $5.12 to
$5.18 versus $4.85 in 2011. Excluding an estimated unfavorable impact of
currency for the full year of $0.23 per share and previously reported
adjustments of a $0.05 tax charge and $0.02 for asset impairment and exit
costs, this guidance implies a growth rate of approximately 11%-12%
compared to adjusted diluted EPS of $4.88 in 2011;
*International industry volume forecast through 2015, excluding China,
ranges from stable to a continued modest annual decline of up to 1.3%; PMI
expects further growth in non-OECD markets, driven mainly by favorable
demographics, to be offset by a continued long-term decline in OECD
markets; including China, PMI expects the international cigarette market
to be stable to increasing by up to 1.1% a year;
*PMI’s organic volume up by 0.7% September year-to-date driven by the Asia
and EEMA Regions and growth from eight of PMI’s top ten brands; PMI
expects to meet its mid to long-term annual organic volume growth target
of 1% for the full-year 2012;
*PMI’s market share up by 0.4 points to 37.0% September year-to-date in
PMI’s top 30 operating companies income markets;
*Pricing continues to be the key driver of PMI’s income growth despite
current economic and regulatory challenges; on a year-to-date basis
through September, PMI has achieved a pricing variance of $1.3 billion;
*PMI has completed an exploratory clinical study for the first of its three
Next Generation Product (NGPs) platforms and plans to initiate a further
eight in 2013; ground-breaking for PMI’s first NGP manufacturing facility
in Europe planned to take place mid-2013; PMI plans a previously announced
investment of €500-600 over three years to establish an initial annual NGP
capacity of approximately 30 billion units; commercialization of NGPs
planned for 2016-2017; and
*Since PMI’s spin-off in March 2008, the company has completed two share
repurchase programs for a total of $25 billion and has increased its
annual dividend by 84.8%; the latest dividend increase of 10.4% took place
in September 2012 underscoring PMI’s confidence in the future.
The presentation, related discussion and this release 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 Safe Harbor
Provisions 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
The risks and uncertainties relating to the forward-looking statements in the
presentation, related discussion and this release include those described
under Item 1A. “Risk Factors” in PMI’s Form 10-Q for the quarter ended
September 30, 2012, filed with the Securities and Exchange Commission. PMI
does not undertake to publicly update or revise any forward-looking
statements, except in the normal course of its public disclosure obligations.
Adjusted diluted earnings per share of $4.88 in 2011 is calculated as reported
diluted earnings per share of $4.85, less a $0.02 per share benefit for
discrete tax items, plus a $0.05 per share charge related to asset impairment
and exit costs.
The guidance excludes the impact of potential future acquisitions,
unanticipated asset impairment and exit cost charges, and any unusual events.
A glossary of terms and reconciliations of non-GAAP measures included in the
presentation to the most comparable GAAP measures are provided either at the
end of the presentation or are available on PMI’s web site.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international tobacco
company, with seven of the world’s top 15 international brands, including
Marlboro, the number one cigarette brand worldwide. PMI’s products are sold in
approximately 180 countries. In 2011, the company held an estimated 16.0%
share of the total international cigarette market outside of the U.S., or
28.1% excluding the People’s Republic of China and the U.S. For more
information, see www.pmi.com.
Philip Morris International Inc.
New York: +1-917-663-2233
Lausanne: +41 (0)58 242 4666
Lausanne: +41 (0)58 242 4500
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