Income Statement Philip Morris International, Inc.

Equities

PM

US7181721090

Tobacco

Market Closed - Nyse Other stock markets 01:30:02 10/09/2024 am IST			5-day change	1st Jan Change
127.45 ^USD	+1.30%		+3.37%	+35.47%

09/09	UBS Raises Price Target on Philip Morris International to $105 From $95, Maintains Sell Rating	MT
09/09	Philip Morris: the number of counterfeit cigarettes in Europe is a cause for concern	CF

44cc0048ab.ic3EsER-Qe9iEigHPgQW-smJ_HrssveGGM9lmy4JIrg.4v-B9wgzcag0Rkl1SG1Cgr_slzjU-o_BIbsxzR5qRejuj4jHEhIHmSpNeQ

Published financial data: PHILIP MORRIS INTERNATIONAL, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	29.8B	28.69B	31.4B	31.76B	35.17B
Total Revenues	29.8B	28.69B	31.4B	31.76B	35.17B
Cost of Goods Sold, Total	10.51B	9.57B	10.03B	11.23B	12.88B
Gross Profit	19.29B	19.12B	21.38B	20.53B	22.3B
Selling General & Admin Expenses, Total	8.36B	7.33B	8.2B	8.14B	9.6B
Amortization of Goodwill and Intangible Assets - (IS)	66M	73M	96M	-	-
Other Operating Expenses, Total	8.43B	7.4B	8.3B	8.14B	9.6B
Operating Income	10.86B	11.72B	13.08B	12.4B	12.7B
Interest Expense, Total	-796M	-728M	-737M	-768M	-1.53B
Interest And Investment Income	226M	110M	109M	180M	465M
Net Interest Expenses	-570M	-618M	-628M	-588M	-1.06B
Income (Loss) On Equity Invest.	149M	16M	149M	137M	157M
EBT, Excl. Unusual Items	10.44B	11.12B	12.6B	11.94B	11.79B
Restructuring Charges	-422M	-149M	-216M	-	-109M
Impairment of Goodwill	-	-	-	-	-665M
Asset Writedown	-	-	-	-112M	-15M
Legal Settlements	-	-	-	-	-204M
Other Unusual Items	-	-	-	-62M	-193M
EBT, Incl. Unusual Items	10.02B	10.97B	12.38B	11.77B	10.61B
Income Tax Expense	2.29B	2.38B	2.67B	2.24B	2.34B
Earnings From Continuing Operations	7.73B	8.59B	9.71B	9.53B	8.27B
Net Income to Company	7.73B	8.59B	9.71B	9.53B	8.27B
Minority Interest	-543M	-536M	-601M	-479M	-455M
Net Income - (IS)	7.18B	8.06B	9.11B	9.05B	7.81B
Preferred Dividend and Other Adjustments	17M	20M	26M	24M	22M
Net Income to Common Incl Extra Items	7.17B	8.04B	9.08B	9.02B	7.79B
Net Income to Common Excl. Extra Items	7.17B	8.04B	9.08B	9.02B	7.79B
Per Share Items
Net EPS - Basic	4.61	5.16	5.83	5.82	5.02
Basic EPS - Continuing Operations	4.61	5.16	5.83	5.82	5.02
Basic Weighted Average Shares Outstanding	1.56B	1.56B	1.56B	1.55B	1.55B
Net EPS - Diluted	4.61	5.16	5.83	5.81	5.02
Diluted EPS - Continuing Operations	4.61	5.16	5.83	5.81	5.02
Diluted Weighted Average Shares Outstanding	1.56B	1.56B	1.56B	1.55B	1.55B
Normalized Basic EPS	3.85	4.12	4.67	4.51	4.46
Normalized Diluted EPS	3.85	4.12	4.66	4.5	4.45
Dividend Per Share	4.62	4.74	4.9	5.04	5.14
Payout Ratio	99.67	91.41	83.21	86.34	101.93
American Depositary Receipts Ratio (ADR)	0.5	0.5	0.5	0.5	0.5
Supplemental Items
EBITDA	11.83B	12.7B	14.07B	13.58B	14.1B
EBITA	10.93B	11.79B	13.17B	12.67B	13.19B
EBIT	10.86B	11.72B	13.08B	12.4B	12.7B
EBITDAR	12.16B	13.02B	14.41B	13.92B	14.45B
Total Revenues (As Reported)	29.8B	28.69B	31.4B	31.76B	-
Effective Tax Rate - (Ratio)	22.88	21.67	21.57	19.06	22.05
Current Domestic Taxes	17M	-80M	73M	-75M	201M
Current Foreign Taxes	2.42B	2.6B	2.62B	2.55B	2.47B
Total Current Taxes	2.43B	2.52B	2.69B	2.48B	2.67B
Deferred Domestic Taxes	24M	53M	27M	-139M	-368M
Deferred Foreign Taxes	-165M	-196M	-45M	-95M	38M
Total Deferred Taxes	-141M	-143M	-18M	-234M	-330M
Normalized Net Income	5.98B	6.41B	7.27B	6.99B	6.92B
Interest on Long-Term Debt	-	-	1M	1M	1M
Non-Cash Pension Expense	-18M	-14M	-1M	-93M	-84M
Supplemental Operating Expense Items
Advertising Expense	730M	637M	807M	777M	965M
Research And Development Expense From Footnotes	465M	495M	617M	642M	709M
Net Rental Expense, Total	332M	317M	339M	330M	353M
Imputed Operating Lease Interest Expense	66.52M	57.65M	65.98M	56.26M	93.2M
Imputed Operating Lease Depreciation	265M	259M	273M	274M	260M
Stock-Based Comp., Other (Total)	172M	167M	210M	183M	212M
Total Stock-Based Compensation	172M	167M	210M	183M	212M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	6.86B	7.28B	4.5B	3.21B	3.06B
Trading Asset Securities, Total	-	-	-	-	1M
Total Cash And Short Term Investments	6.86B	7.28B	4.5B	3.21B	3.06B
Accounts Receivable, Total	3.08B	2.9B	3.12B	3.85B	3.46B
Other Receivables	637M	856M	817M	906M	930M
Total Receivables	3.72B	3.76B	3.94B	4.76B	4.39B
Inventory	9.24B	9.59B	8.72B	9.89B	10.77B
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	4M	5M	4M	10M	86M
Other Current Assets, Total	697M	855M	557M	1.76B	1.44B
Total Current Assets	20.51B	21.49B	17.72B	19.62B	19.76B
Gross Property Plant And Equipment	15.21B	15.61B	15.26B	16.04B	17.71B
Accumulated Depreciation	-7.82B	-8.54B	-8.56B	-8.73B	-9.56B
Net Property Plant And Equipment	7.4B	7.06B	6.69B	7.3B	8.15B
Long-term Investments	4.64B	4.8B	4.46B	4.43B	4.93B
Goodwill	5.86B	5.96B	6.68B	19.66B	16.78B
Other Intangibles, Total	2.11B	2.02B	2.82B	6.73B	9.86B
Deferred Tax Assets Long-Term	1.15B	1.41B	895M	603M	814M
Other Long-Term Assets, Total	1.2B	2.07B	2.02B	3.34B	5.02B
Total Assets	42.88B	44.82B	41.29B	61.68B	65.3B
Liabilities
Accounts Payable, Total	2.3B	2.78B	3.33B	4.08B	4.14B
Accrued Expenses, Total	9.09B	9.72B	9.5B	11.38B	11.34B
Short-term Borrowings	338M	244M	225M	5.64B	1.97B
Current Portion of Long-Term Debt	4.05B	3.12B	2.75B	2.58B	4.75B
Current Portion of Leases	194M	190M	240M	212M	227M
Current Income Taxes Payable	796M	1.09B	1.02B	1.04B	1.16B
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities	2.06B	2.46B	2.18B	2.41B	2.8B
Total Current Liabilities	18.83B	19.62B	19.26B	27.34B	26.38B
Long-Term Debt	26.6B	28.13B	24.76B	34.86B	41.24B
Long-Term Leases	625M	554M	367M	456M	479M
Pension & Other Post Retirement Benefits	2.89B	3.7B	2.15B	1.26B	2.21B
Deferred Tax Liability Non Current	908M	684M	726M	1.96B	2.34B
Other Non Current Liabilities	2.62B	2.76B	2.24B	2.13B	2.1B
Total Liabilities	52.47B	55.45B	49.5B	67.99B	74.75B
Additional Paid In Capital	2.02B	2.1B	2.22B	2.23B	2.28B
Retained Earnings	30.99B	31.64B	33.08B	34.29B	34.09B
Treasury Stock	-35.22B	-35.13B	-35.84B	-35.92B	-35.78B
Comprehensive Income and Other	-9.36B	-11.18B	-9.58B	-9.56B	-11.82B
Total Common Equity	-11.58B	-12.57B	-10.11B	-8.96B	-11.22B
Minority Interest	1.98B	1.94B	1.9B	2.65B	1.78B
Total Equity	-9.6B	-10.63B	-8.21B	-6.31B	-9.45B
Total Liabilities And Equity	42.88B	44.82B	41.29B	61.68B	65.3B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.56B	1.56B	1.55B	1.55B	1.55B
ECS Total Common Shares Outstanding	1.56B	1.56B	1.55B	1.55B	1.55B
Book Value / Share	-7.44	-8.07	-6.52	-5.78	-7.23
Tangible Book Value	-19.55B	-20.55B	-19.6B	-35.34B	-37.87B
Tangible Book Value Per Share	-12.56	-13.2	-12.65	-22.8	-24.39
Total Debt	31.81B	32.24B	28.34B	43.74B	48.66B
Net Debt	24.95B	24.96B	23.85B	40.53B	45.6B
Debt Equivalent of Unfunded Proj. Benefit Obligation	2.68B	3.5B	1.66B	667M	1.72B
Debt Equivalent Oper. Leases	2.66B	2.54B	2.71B	2.64B	2.82B
Minority Interest, Total (Incl. Fin. Div)	1.98B	1.94B	1.9B	2.65B	1.78B
Equity Method Investments, Total	1.05B	966M	879M	1B	1.31B
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	3.65B	3.78B	3.29B	3.7B	4.24B
Inventories - Finished Goods, Total	5.59B	5.82B	5.43B	6.18B	6.54B
Land - (BS)	566M	590M	565M	545M	550M
Buildings, Total	4.13B	4.41B	4.29B	4.29B	4.62B
Machinery, Total	9.35B	9.46B	9.28B	9.55B	10.71B
Full Time Employees	73.5K	71K	69.6K	79.8K	82.7K
Accumulated Allowance for Doubtful Accounts (Supple)	20M	23M	70M	42M	79M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	7.18B	8.06B	9.11B	9.05B	7.81B
Depreciation & Amortization - CF	898M	908M	902M	918M	901M
Amortization of Goodwill and Intangible Assets - (CF)	66M	73M	96M	271M	497M
Depreciation & Amortization, Total	964M	981M	998M	1.19B	1.4B
Asset Writedown & Restructuring Costs	420M	149M	-22M	-93M	710M
Other Operating Activities, Total	766M	498M	515M	497M	583M
Change In Accounts Receivable	-331M	26M	-198M	-871M	314M
Change In Inventories	-548M	-165M	549M	-1.29B	-862M
Change In Accounts Payable	451M	406M	653M	719M	-288M
Change In Income Taxes	75M	-260M	-260M	-261M	-232M
Change in Other Net Operating Assets	1.11B	121M	623M	1.86B	-232M
Cash from Operations	10.09B	9.81B	11.97B	10.8B	9.2B
Capital Expenditure	-852M	-602M	-748M	-1.08B	-1.32B
Cash Acquisitions	-	-	-2.11B	-14.98B	-1.78B
Divestitures	-1.35B	-	-	-	-
Investment in Marketable and Equity Securities, Total	-31M	-47M	-34M	-20M	-111M
Other Investing Activities, Total	418M	-505M	535M	396M	-391M
Cash from Investing	-1.81B	-1.15B	-2.36B	-15.68B	-3.6B
Short Term Debt Issued, Total	989M	45M	-	15.73B	1.9B
Long-Term Debt Issued, Total	3.82B	3.71B	-	5.96B	9.96B
Total Debt Issued	4.81B	3.76B	-	21.7B	11.86B
Short Term Debt Repaid, Total	-1.35B	-115M	-	-4.8B	-5.6B
Long-Term Debt Repaid, Total	-4B	-4B	-3.04B	-2.72B	-2.55B
Total Debt Repaid	-5.35B	-4.11B	-3.04B	-7.52B	-8.15B
Repurchase of Common Stock	-	-	-775M	-209M	-
Common Dividends Paid	-7.16B	-7.36B	-7.58B	-7.81B	-7.96B
Common & Preferred Stock Dividends Paid	-7.16B	-7.36B	-7.58B	-7.81B	-7.96B
Other Financing Activities, Total	-357M	-776M	-580M	-2.35B	-1.32B
Cash from Financing	-8.06B	-8.5B	-11.98B	3.81B	-5.58B
Foreign Exchange Rate Adjustments	27M	258M	-417M	-213M	-95M
Net Change in Cash	245M	420M	-2.78B	-1.28B	-71M
Supplemental Items
Cash Interest Paid	800M	728M	716M	717M	1.34B
Cash Income Tax Paid (Refund)	2.43B	2.78B	2.94B	2.75B	2.95B
Levered Free Cash Flow	7.62B	8.66B	9.15B	7.24B	7.55B
Unlevered Free Cash Flow	8.11B	9.12B	9.61B	7.72B	8.5B
Change In Net Working Capital	-1.04B	-1.25B	-974M	321M	-277M
Net Debt Issued / Repaid	-543M	-356M	-3.04B	14.18B	3.7B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	16.43	16.71	18.98	15.05	12.5
Return on Total Capital	31.41	33.43	39.15	26.92	20.69
Return On Equity %	-76	-84.94	-103.08	-131.23	-104.94
Return on Common Equity	-59.64	-66.57	-80.12	-94.68	-77.21
Margin Analysis
Gross Profit Margin %	64.73	66.65	68.06	64.65	63.39
SG&A Margin	28.06	25.55	26.12	25.62	27.29
EBITDA Margin %	39.68	44.26	44.81	42.77	40.07
EBITA Margin %	36.67	41.1	41.94	39.88	37.51
EBIT Margin %	36.45	40.84	41.64	39.03	36.1
Income From Continuing Operations Margin %	25.93	29.94	30.92	29.99	23.51
Net Income Margin %	24.11	28.08	29	28.49	22.21
Net Avail. For Common Margin %	24.05	28.01	28.92	28.41	22.15
Normalized Net Income Margin	20.08	22.35	23.16	22	19.66
Levered Free Cash Flow Margin	25.55	30.19	29.12	22.8	21.46
Unlevered Free Cash Flow Margin	27.22	31.78	30.59	24.31	24.17
Asset Turnover
Asset Turnover	0.72	0.65	0.73	0.62	0.55
Fixed Assets Turnover	4.08	3.97	4.57	4.54	4.55
Receivables Turnover (Average Receivables)	9.89	9.59	10.42	9.11	9.62
Inventory Turnover (Average Inventory)	1.17	1.02	1.1	1.21