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February 9, 2023
Philip Morris International Inc. (PMI) Reports 2022 Fourth-Quarter and Full-Year Results
download2022 Full-Year Reported Diluted EPS of
Representing Currency-Neutral Growth of 11.9%;
Provides 2023 EPS Forecast
2022 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS
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Fourth-Quarter |
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Full-Year |
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Reported |
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Adjusted |
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Reported |
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Adjusted |
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Total Shipment Volume Growth |
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1.2% |
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2.6% |
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1.6% |
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3.2% |
|
HTU Shipment Volume (units billion) |
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32.0 |
|
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26.7 |
|
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109.2 |
|
|
89.3 |
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- Growth |
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26.1% |
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37.5% |
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14.9% |
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21.5% |
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Net Revenue Growth |
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0.6% |
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7.9% |
(a) |
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1.1% |
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7.7% |
(a) |
Operating Income Growth (Decline) |
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(0.8)% |
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10.3% |
(a) |
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(5.6)% |
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6.2% |
(a) |
OI Margin Increase (Decrease) |
|
(0.5)pp |
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0.8 pp |
(a) |
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(2.7)pp |
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(0.6) pp |
(a) |
Diluted Earnings per Share |
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- Growth (Decline) |
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14.9% |
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20.8% |
(b) |
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(0.3)% |
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11.9% |
(b) |
(a) On an organic basis |
Full-Year
- Net revenues from smoke-free products accounted for 32.1% of total net revenues, or 31.3% excluding
Russia andUkraine . Following the acquisition ofSwedish Match , PMI defines “smoke-free products” to include allSwedish Match products other than Swedish Match’s combustible tobacco products, in addition to PMI's heat-not-burn, e-vapor, oral nicotine, and wellness and healthcare products. - Market share for heated tobacco units (HTUs) in IQOS markets up by 1.1 points to 8.0%, or by 1.4 points to 7.9% excluding
Russia andUkraine - Increased regular quarterly dividend by 1.6% to
$1.27 per share, or an annualized rate of$5.08 per share
Fourth-Quarter
- Net revenues from smoke-free products accounted for 36.0% of total net revenues, or 35.6% excluding
Russia andUkraine - Market share for HTUs in IQOS markets up by 1.4 points to 8.5%, or up by 1.8 points to 8.5% excluding
Russia andUkraine - Total IQOS users at quarter-end estimated at approximately 24.9 million, of which approximately 17.8 million had switched to IQOS and stopped smoking (approximately 20.3 million and 14.2 million, respectively, excluding
Russia andUkraine )
"Despite the challenging operating environment in 2022, due to the war in
"We are well on our way to becoming a majority smoke-free company, with smoke-free products accounting for almost one-third of our total net revenues for the year. With the acquisition of
"We enter 2023 as a truly global smoke-free champion, with two of the industry's leading smoke-free brands, IQOS and ZYN, and continued innovation across our broader smoke-free product portfolio. For the year, we forecast organic top-line growth of 7% to 8.5% and currency-neutral adjusted diluted EPS growth of 7% to 9%, despite inflationary pressures and transitory impacts related to ILUMA deployment."
"For Swedish Match, we expect continued strong growth from the business in 2023, following a very strong finish to the year, led by ZYN in the
2022 FULL-YEAR SUMMARY
Unless otherwise noted, all references to performance in this section exclude
Adjusted net revenues increased by 7.7% in organic terms, primarily driven by total shipment volume growth of 3.2% (marking the second consecutive year of growth), the continued favorable mix shift from cigarettes to smoke-free products, and a favorable total pricing variance.
Smoke-free product net revenues increased by 18.0% on an organic basis, mainly driven by HTU shipment volume growth of 21.5%, partly offset by lower device revenues.
Combustible tobacco product adjusted net revenues increased by 3.7% on an organic basis, driven by a favorable pricing variance of approximately 4% and a cigarette shipment volume increase of 0.8%. International cigarette category share increased by 0.3 points to 24.9% despite the impact of IQOS cannibalization, including a 0.2 point increase for Marlboro.
Adjusted operating income margin declined by 0.6 points on an organic basis, primarily reflecting lower gross margins due mainly to: (i) inflationary pressures on cost of sales, (ii) the adverse profitability impact of accelerated switching to ILUMA devices, (iii) the higher initial cost of ILUMA devices and related HTUs; and (iv) higher air freight costs due to supply chain disruptions related to the war in
Adjusted diluted EPS of
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Years Ended |
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2022 |
2021 |
Currency |
Var. excl. |
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Reported Diluted EPS |
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12.9% |
|||
Adjusting Items (a) |
|
0.17 |
0.30 |
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|
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Adjusted Diluted EPS |
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|
|
|
10.1% |
|||
Less: Net earnings attributable to |
|
0.64 |
0.60 |
0.08 |
|
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Adjusted Diluted EPS excl. |
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11.9% |
|||
|
||||||||
2023 FULL-YEAR FORECAST
|
Full-Year |
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2023 |
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2022 |
Growth |
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Reported Diluted EPS |
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- |
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Adjustments: |
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Amortization and impairment of intangibles |
0.16 |
|
0.15 |
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|
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Costs associated with |
— |
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0.06 |
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||
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— |
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0.06 |
(1) |
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Tax benefit associated with |
— |
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(0.13) |
(1) |
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|
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Charges related to the war in |
— |
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0.08 |
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||
Fair value adj. for equity security investments |
— |
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(0.02) |
(1) |
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Tax items |
— |
|
(0.03) |
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Total Adjustments |
0.16 |
|
0.17 |
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Adjusted Diluted EPS |
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- |
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Less: Currency |
(0.15) |
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Adjusted Diluted EPS, ex-currency |
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- |
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7% |
- |
9% |
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1) See "Financial" section of "Key Terms, Definitions and Explanatory Notes" on page 36 for additional information. |
Reported diluted EPS is forecast to be in a range of
2023 Full-Year Forecast Assumptions
This forecast assumes:
- The full contribution of the company's operations in
Russia andUkraine for the entire year. InRussia , the environment for divestment has become increasingly challenging and complex (see "War inUkraine " section on page 6). To provide more clarity on the full extent of PMI's business, the company will include bothRussia andUkraine in its 2023 forecast and adjusted reporting. - An estimated total international industry volume decline, excluding
China and theU.S. , of 1% to 2%; - A total cigarette and HTU shipment volume change for PMI of approximately flat to +1%;
- HTU shipment volume of 125 to 130 billion units, reflecting an acceleration in growth versus 2022 on a total PMI basis;
- Net revenue growth of approximately 7% to 8.5% on an organic basis;
- An adjusted operating income margin decline of 50 to 150 basis points on an organic basis, primarily reflecting:
- continued global inflationary pressures, primarily impacting cost of sales for the combustible tobacco business (notably related to leaf, acetate tow and energy prices)
- the continued transitory impacts associated with the ILUMA roll-out, including the margin impact of accelerated device replacements and higher initial costs of devices and consumables; and
- incremental investments to drive future growth, including the commercialization of ILUMA and around
$150 million with a broadly even split between theU.S. and the wellness and healthcare segment; - partly offset by a positive margin impact from the favorable contribution of growing HTU volume within PMI's product mix at higher unit margins, supporting an overall positive margin contribution from the heat-not-burn business.
- Strong full-year performance for Swedish Match’s existing operations, underpinned by strong shipment volume growth for ZYN in the
U.S. ; - Wellness and Healthcare segment net revenues of around
$300 million (including smoking cessation products), with an adjusted operating loss of around$150 million , primarily due to investments in research and development; - No contribution from any potential favorable court ruling related to the legality of a supplemental excise tax surcharge on heated tobacco units in
Germany , which went into effect in 2022:- PMI currently accounts for the supplemental excise tax surcharge as a reduction in net revenues and a liability in its results and outlook, though the obligation to pay the surcharge is currently suspended and under court review;
- For forecasted 2023 excise surcharges, a favorable ruling would equate, on a full-year basis, to an estimated one percentage point increase in net revenues and three percentage point increase in adjusted diluted EPS, with operating cash flow moving toward the top half of the company's corresponding assumption range outlined below;
- PMI expects a judgment toward the end of the year;
- Full-year amortization and impairment of acquired intangibles of
$0.16 per share, which includes amortization related to theSwedish Match acquisition based on preliminary purchase price allocation that may be subject to change; - A full year’s net positive earnings contribution from
Swedish Match including related interest expense, withSwedish Match included in PMI's organic performance as ofNovember 11, 2023 ; - Incremental net interest costs of around
$200 million versus 2022 on PMI borrowings excludingSwedish Match -related financing, notably reflecting higher borrowing costs on refinanced debt; - An effective tax rate, excluding discrete tax events, of approximately 20.5% to 21.5%;
- Operating cash flow of
$10 to$11 billion at prevailing exchange rates, subject to year-end working capital requirements; - Capital expenditures of approximately
$1.3 billion , partly reflecting increased investments behind smoke-free product manufacturing capacity, including for ILUMA consumables andSwedish Match's portfolio; - No share repurchases in 2023;
- Top and bottom-line delivery that is second half-weighted, reflecting: certain margin pressures that are skewed to the first-half, timing factors related to shipments and cost saving, and tougher first-half comparisons versus 2022;
- First-quarter reported diluted EPS in a range of
$1.28 to$1.33 , including an unfavorable currency impact, at prevailing exchange rates, of$0.10 per share, notably reflecting: HTU shipment volume of around 26 to 28 billion units, low single-digit organic top-line growth and soft margins relative to the full year.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
Swedish Match AB Acquisition
On
On
On
New Regional Structure
In
PMI will report its financial results based on the new regional structure as of the first quarter of 2023. In
KT&G Agreements
On
The agreement covers fifteen years, to
The agreement gives PMI continued exclusive access to KT&G’s smoke-free brands and product-innovation pipeline, including offerings for low- and middle-income markets, that will enhance PMI’s existing portfolio of smoke-free products.
Products sold under the agreement will be subject to assessment to ensure they meet the regulatory requirements in the markets where they are launched, as well as PMI’s high standards of quality and scientific substantiation. PMI and KT&G will seek any necessary regulatory approvals that may be required on a market-by-market basis.
War in
Since the onset of the war in
On
As of
On
PMI is continuously assessing the evolving situation in
As of
PMI recorded pre-tax charges related to the war in
Conference Call
A conference call, hosted by
TOTAL MARKET, CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
Total Market
Full-year estimated international industry cigarette and heated tobacco unit volume (excluding
Excluding
Consolidated Shipment Volume
PMI Shipment Volume by Region |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
|
|
|
|
|
|
|
||||
|
|
35,425 |
37,605 |
(5.8)% |
|
153,890 |
157,843 |
(2.5)% |
||||
|
|
19,766 |
20,927 |
(5.5)% |
|
81,460 |
88,698 |
(8.2)% |
||||
|
|
35,759 |
34,756 |
2.9% |
|
134,110 |
127,911 |
4.8% |
||||
South & |
|
34,591 |
36,136 |
(4.3)% |
|
143,982 |
141,923 |
1.5% |
||||
|
|
10,053 |
10,463 |
(3.9)% |
|
42,493 |
43,913 |
(3.2)% |
||||
|
|
18,432 |
18,495 |
(0.3)% |
|
65,973 |
64,587 |
2.1% |
||||
Total PMI |
|
154,026 |
158,382 |
(2.8)% |
|
621,908 |
624,875 |
(0.5)% |
||||
|
|
|
|
|
|
|
|
|
||||
Heated Tobacco Units |
|
|
|
|
|
|
|
|
||||
|
|
11,385 |
7,803 |
45.9% |
|
39,515 |
28,208 |
40.1% |
||||
|
|
6,531 |
7,056 |
(7.4)% |
|
24,806 |
25,650 |
(3.3)% |
||||
|
|
1,383 |
655 |
+100% |
|
4,456 |
2,140 |
+100% |
||||
South & |
|
154 |
89 |
73.0% |
|
469 |
240 |
95.4% |
||||
|
|
12,375 |
9,684 |
27.8% |
|
39,391 |
38,162 |
3.2% |
||||
|
|
193 |
110 |
75.5% |
|
532 |
576 |
(7.6)% |
||||
Total PMI |
|
32,021 |
25,397 |
26.1% |
|
109,169 |
94,976 |
14.9% |
||||
|
|
|
|
|
|
|
|
|
||||
Cigarettes and Heated Tobacco Units |
|
|
|
|
|
|
|
|
||||
|
|
46,810 |
45,408 |
3.1% |
|
193,405 |
186,051 |
4.0% |
||||
|
|
26,297 |
27,983 |
(6.0)% |
|
106,266 |
114,348 |
(7.1)% |
||||
|
|
37,142 |
35,411 |
4.9% |
|
138,566 |
130,051 |
6.5% |
||||
South & |
|
34,745 |
36,225 |
(4.1)% |
|
144,451 |
142,163 |
1.6% |
||||
|
|
22,428 |
20,147 |
11.3% |
|
81,884 |
82,075 |
(0.2)% |
||||
|
|
18,625 |
18,605 |
0.1% |
|
66,505 |
65,163 |
2.1% |
||||
Total PMI |
|
186,047 |
183,779 |
1.2% |
|
731,077 |
719,851 |
1.6% |
Full-Year
Shipment Volume
PMI's total shipment volume increased by 1.6%, driven by an increase of 14.9% for HTUs, partly offset by a 0.5% decline for cigarettes.
Excluding
For additional detail on PMI's shipment volume performance by Region, please refer to the "Total Market, PMI Shipment & Market Share Commentaries" sections for PMI's regional operating segments.
Impact of Inventory Movements
The net unfavorable impact of estimated distributor inventory movements was immaterial in the year, with PMI’s total in-market sales increasing by 1.7%, or by 3.2% excluding
PMI's total HTU in-market sales volume for the year was 106.9 billion units, or 86.4 billion units excluding
Fourth-Quarter
PMI's total shipment volume increased by 1.2%, driven by a 26.1% increase in HTU shipments, partly offset by a 2.8% decline in cigarette shipments.
Excluding
For additional detail on PMI's shipment volume performance by Region, please refer to the "Total Market, PMI Shipment & Market Share Commentaries" sections for PMI's regional operating segments.
Impact of Inventory Movements
The net unfavorable impact of estimated distributor inventory movements was immaterial in the quarter, with PMI’s total in-market sales increasing by 1.5%, or by 2.7% excluding
PMI's total HTU in-market sales volume in the quarter was 28.4 billion units, or 23.2 billion units excluding
PMI Shipment Volume by Brand
PMI Shipment Volume by Brand |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
|
|
|
|
|
|
|
||||
Marlboro |
|
60,672 |
62,619 |
(3.1)% |
|
244,649 |
239,905 |
2.0% |
||||
L&M |
|
20,331 |
20,314 |
0.1% |
|
82,588 |
84,342 |
(2.1)% |
||||
Chesterfield |
|
16,994 |
15,780 |
7.7% |
|
67,054 |
58,800 |
14.0% |
||||
|
|
11,998 |
11,085 |
8.2% |
|
43,999 |
41,621 |
5.7% |
||||
Philip Morris |
|
9,295 |
10,514 |
(11.6)% |
|
39,620 |
42,395 |
(6.5)% |
||||
Others |
|
34,736 |
38,070 |
(8.8)% |
|
143,998 |
157,812 |
(8.8)% |
||||
Total Cigarettes |
|
154,026 |
158,382 |
(2.8)% |
|
621,908 |
624,875 |
(0.5)% |
||||
Heated Tobacco Units |
|
32,021 |
25,397 |
26.1% |
|
109,169 |
94,976 |
14.9% |
||||
Total PMI |
|
186,047 |
183,779 |
1.2% |
|
731,077 |
719,851 |
1.6% |
||||
Note: Philip Morris includes Philip Morris/Dubliss. |
Full-Year
Shipment volume for PMI's HTU brands increased, primarily driven by the EU,
PMI's cigarette shipment volume of the following international brands increased:
- Marlboro, mainly driven by the
Eastern Europe ,Middle East &Africa and Americas Regions, partly offset by theEU Region ; - Chesterfield, primarily driven by the
Eastern Europe and South & Southeast Asia Regions, partly offset by theMiddle East &Africa Region ; and Parliament , mainly driven by theMiddle East &Africa Region .
PMI's cigarette shipment volume of the following international brands decreased:
- L&M, primarily due to the EU,
Eastern Europe and South & Southeast Asia Regions, partly offset by theMiddle East &Africa and Americas Regions; and - Philip Morris, mainly due to the
Eastern Europe and Americas Regions, partly offset by theEast Asia &Australia Region .
The cigarette shipment volume decline for "Others" was mainly due to:
Excluding
Fourth-Quarter
Shipment volume for PMI's HTU brands increased, primarily driven by the EU,
PMI's cigarette shipment volume of the following international brands increased:
- L&M, primarily driven by the
Middle East &Africa Region , partly offset by theEastern Europe Region ; - Chesterfield, mainly driven by the
Eastern Europe and South & Southeast Asia Regions; and Parliament , primarily driven by theMiddle East &Africa Region .
PMI's cigarette shipment volume of the following international brands decreased:
- Marlboro, mainly due to the EU and South & Southeast Asia Regions; and
- Philip Morris, mainly due to the
Eastern Europe and Americas Regions.
The cigarette shipment volume decline for "Others" was mainly due to:
Excluding
International Share of Market
|
|
Fourth-Quarter |
|
Full Year |
||||||||
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
|||||
|
|
|
|
|
|
|
|
|
||||
Total International Market Share (1) |
|
28.0% |
27.3% |
0.7 |
|
27.6% |
27.2% |
0.4 |
||||
Cigarettes |
|
23.7% |
23.8% |
(0.1) |
|
23.6% |
23.7% |
(0.1) |
||||
HTU |
|
4.3% |
3.5% |
0.8 |
|
4.1% |
3.5% |
0.6 |
||||
|
|
|
|
|
|
|
|
|
||||
Cigarette over Cigarette Market Share (2) |
|
25.1% |
24.9% |
0.2 |
|
24.9% |
24.8% |
0.1 |
(1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding |
(2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding |
Note: Sum of share of market by product categories might not foot to total due to roundings |
International Share of Market, Excluding Russia and
|
|
Fourth-Quarter |
|
Full Year |
||||||||
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
|||||
|
|
|
|
|
|
|
|
|
||||
Total International Market Share (1) |
|
27.6% |
26.7% |
0.9 |
|
27.3% |
26.7% |
0.6 |
||||
Cigarettes |
|
23.7% |
23.8% |
(0.1) |
|
23.7% |
23.7% |
— |
||||
HTU |
|
3.9% |
3.0% |
0.9 |
|
3.6% |
3.0% |
0.6 |
||||
|
|
|
|
|
|
|
|
|
||||
Cigarette over Cigarette Market Share (2) |
|
25.0% |
24.7% |
0.3 |
|
24.9% |
24.6% |
0.3 |
(1) Defined as PMI's cigarette and heated tobacco unit in-market sales volume as a percentage of total industry cigarette and heated tobacco unit sales volume, excluding |
(2) Defined as PMI's cigarette in-market sales volume as a percentage of total industry cigarette sales volume, excluding |
Note: Sum of share of market by product categories might not foot to total due to roundings |
CONSOLIDATED FINANCIAL SUMMARY
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
31,762 |
|
$ |
31,405 |
|
|
1.1 |
% |
8.0 |
% |
|
357 |
|
(2,656 |
) |
515 |
|
528 |
1,719 |
|
251 |
|
|||||||
Saudi Arabia Customs Assessments |
|
|
— |
|
|
(246 |
) |
|
+100 |
% |
+100 |
% |
|
246 |
|
— |
|
— |
|
— |
— |
|
246 |
|
|||||||
Adjusted Net Revenues |
|
$ |
31,762 |
|
$ |
31,651 |
|
|
0.4 |
% |
7.1 |
% |
|
111 |
|
(2,656 |
) |
515 |
|
528 |
1,719 |
|
5 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues (1) |
|
$ |
31,762 |
|
$ |
31,405 |
|
|
1.1 |
% |
8.0 |
% |
|
357 |
|
(2,656 |
) |
515 |
|
528 |
1,719 |
|
251 |
|
|||||||
Cost of Sales |
|
|
(11,402 |
) |
|
(10,030 |
) |
|
(13.7 |
) % |
(16.5 |
)% |
|
(1,372 |
) |
695 |
|
(414 |
) |
— |
(1,089 |
) |
(564 |
) |
|||||||
Marketing, Administration and Research Costs |
|
|
(8,114 |
) |
|
(8,400 |
) |
|
3.4 |
% |
0.3 |
% |
|
286 |
|
454 |
|
(197 |
) |
— |
— |
|
29 |
|
|||||||
Operating Income |
|
$ |
12,246 |
|
$ |
12,975 |
|
|
(5.6 |
) % |
6.7 |
% |
|
(729 |
) |
(1,507 |
) |
(96 |
) |
528 |
630 |
|
(284 |
) |
|||||||
Asset Impairment & Exit Costs (2) |
|
|
— |
|
|
(216 |
) |
|
+100 |
% |
+100 |
% |
|
216 |
|
— |
|
— |
|
— |
— |
|
216 |
|
|||||||
Amortization and Impairment of Intangibles (3) |
|
|
(271 |
) |
|
(96 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(175 |
) |
— |
|
(70 |
) |
— |
— |
|
(105 |
) |
|||||||
Charges related to the war in |
|
|
(151 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(151 |
) |
— |
|
— |
|
— |
— |
|
(151 |
) |
|||||||
Costs associated with |
|
|
(115 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(115 |
) |
— |
|
— |
|
— |
— |
|
(115 |
) |
|||||||
|
|
|
(125 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(125 |
) |
— |
|
(125 |
) |
— |
— |
|
— |
|
|||||||
Saudi Arabia Customs Assessments (6) |
|
|
— |
|
|
(246 |
) |
|
+100 |
% |
+100 |
% |
|
246 |
|
— |
|
— |
|
— |
— |
|
246 |
|
|||||||
Asset Acquisition Cost (2) |
|
|
— |
|
|
(51 |
) |
|
+100 |
% |
+100 |
% |
|
51 |
|
— |
|
— |
|
— |
— |
|
51 |
|
|||||||
Adjusted Operating Income |
|
$ |
12,908 |
|
$ |
13,584 |
|
|
(5.0 |
) % |
5.4 |
% |
|
(676 |
) |
(1,507 |
) |
99 |
|
528 |
630 |
|
(426 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
40.6 |
% |
|
42.9 |
% |
|
(2.3 |
)pp |
(0.7 |
)pp |
|
|
|
|
|
|
|
||||||||||||
(1) Favorable Cost/Other variance includes a reduction in net revenues of |
|||||||||||||||||||||||||||||||
(2) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||||
(3) 2022 amount includes an impairment charge of |
|||||||||||||||||||||||||||||||
(4) Included in Cost of Sales ( |
|||||||||||||||||||||||||||||||
(5) Included in Cost of Sales above. |
|||||||||||||||||||||||||||||||
(6) Included in Net Revenues above. |
Net revenues increased by 8.0%, excluding currency and acquisitions, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume and device volume, partly offset by lower cigarette volume and unfavorable device mix, cigarette mix and HTU mix; a favorable pricing variance, driven by higher combustible tobacco pricing, partly offset by lower device pricing and lower HTU (net) pricing; and a favorable comparison related to the
For the year,
Operating income increased by 6.7%, excluding currency and acquisitions. Adjusted operating income increased by 5.4% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable cigarette mix, HTU mix and device mix, and the unfavorable impact on profitability of higher device volume; and a favorable pricing variance; partially offset by higher manufacturing costs (primarily due to higher logistics costs and other inflationary impacts, partly offset by productivity); and higher marketing, administration and research costs. Adjusted operating income margin decreased by 0.7 points on an organic basis.
Excluding
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
8,152 |
|
$ |
8,104 |
|
|
0.6 |
% |
7.5 |
% |
|
48 |
|
(878 |
) |
316 |
|
62 |
576 |
|
(28 |
) |
|||||||
Cost of Sales |
|
|
(3,211 |
) |
|
(2,807 |
) |
|
(14.4 |
) % |
(14.7 |
) % |
|
(404 |
) |
256 |
|
(247 |
) |
— |
(321 |
) |
(92 |
) |
|||||||
Marketing, Administration and Research Costs |
|
|
(2,017 |
) |
|
(2,350 |
) |
|
14.2 |
% |
9.2 |
% |
|
333 |
|
207 |
|
(91 |
) |
— |
— |
|
217 |
|
|||||||
Operating Income |
|
$ |
2,924 |
|
$ |
2,947 |
|
|
(0.8 |
) % |
14.0 |
% |
|
(23 |
) |
(415 |
) |
(22 |
) |
62 |
255 |
|
97 |
|
|||||||
Asset Impairment & Exit Costs (1) |
|
|
— |
|
|
(46 |
) |
|
+100 |
% |
+100 |
% |
|
46 |
|
— |
|
— |
|
— |
— |
|
46 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(58 |
) |
|
(41 |
) |
|
(41.5 |
) % |
22.0 |
% |
|
(17 |
) |
— |
|
(26 |
) |
— |
— |
|
9 |
|
|||||||
Charges related to the war in |
|
|
(23 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(23 |
) |
— |
|
— |
|
— |
— |
|
(23 |
) |
|||||||
Costs associated with |
|
|
154 |
|
|
— |
|
|
— |
% |
— |
% |
|
154 |
|
— |
|
— |
|
— |
— |
|
154 |
|
|||||||
|
|
|
(125 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(125 |
) |
— |
|
(125 |
) |
— |
— |
|
— |
|
|||||||
Adjusted Operating Income |
|
$ |
2,976 |
|
$ |
3,034 |
|
|
(1.9 |
) % |
7.5 |
% |
|
(58 |
) |
(415 |
) |
129 |
|
62 |
255 |
|
(89 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
36.5 |
% |
|
37.4 |
% |
|
(0.9 |
)pp |
— |
pp |
|
|
|
|
|
|
|
||||||||||||
(1) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||||
(2) Included in Cost of Sales ( |
|||||||||||||||||||||||||||||||
(3) Included in Cost of Sales above. |
Net revenues increased by 7.5% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume and higher device volume, partly offset by lower cigarette volume and unfavorable HTU mix; and a favorable pricing variance, driven by higher combustible tobacco pricing, partly offset by lower HTU (net) pricing and lower device pricing.
For the quarter,
Operating income increased by 14.0%, excluding currency and acquisitions, partly reflecting the impact of 2022 items associated with the
Adjusted operating income increased by 7.5% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable HTU mix and unfavorable cigarette mix; and a favorable pricing variance; partially offset by higher manufacturing costs (mainly due to higher logistics costs and other inflationary impacts, partly offset by productivity); and higher marketing, administration and research costs. Adjusted operating income margin was stable on an organic basis.
Excluding
EUROPEAN
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
12,119 |
|
$ |
12,275 |
|
|
(1.3 |
) % |
10.6 |
% |
|
(156 |
) |
(1,472 |
) |
10 |
|
(127 |
) |
1,433 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
5,788 |
|
$ |
6,119 |
|
|
(5.4 |
) % |
10.5 |
% |
|
(331 |
) |
(972 |
) |
(2 |
) |
(127 |
) |
977 |
(207 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(68 |
) |
|
+100 |
% |
+100 |
% |
|
68 |
|
— |
|
— |
|
— |
|
— |
68 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(37 |
) |
|
(35 |
) |
|
(5.7 |
) % |
(5.7 |
) % |
|
(2 |
) |
— |
|
— |
|
— |
|
— |
(2 |
) |
|||||||
Costs associated with |
|
|
(51 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(51 |
) |
— |
|
— |
|
— |
|
— |
(51 |
) |
|||||||
Adjusted Operating Income |
|
$ |
5,876 |
|
$ |
6,222 |
|
|
(5.6 |
) % |
10.1 |
% |
|
(346 |
) |
(972 |
) |
(2 |
) |
(127 |
) |
977 |
(222 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
48.5 |
% |
|
50.7 |
% |
|
(2.2 |
)pp |
(0.3 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 10.6% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume and device volume, partly offset by lower cigarette volume, unfavorable HTU mix, and unfavorable cigarette mix; partially offset by an unfavorable pricing variance, mainly due to lower HTU (net) pricing and lower device pricing, partly offset by higher combustible tobacco pricing.
Operating income increased by 10.5%, excluding currency and acquisitions. Adjusted operating income increased by 10.1% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume, unfavorable HTU mix, unfavorable cigarette mix and the unfavorable impact on profitability of higher device volume; partially offset by an unfavorable pricing variance; higher manufacturing costs; and higher marketing, administration and research costs. Adjusted operating income margin decreased by 0.3 points on an organic basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
2,890 |
|
$ |
3,025 |
|
|
(4.5 |
) % |
11.2 |
% |
|
(135 |
) |
(474 |
) |
— |
(89 |
) |
428 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,347 |
|
$ |
1,308 |
|
|
3.0 |
% |
23.2 |
% |
|
39 |
|
(264 |
) |
— |
(89 |
) |
302 |
90 |
|
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(12 |
) |
|
+100 |
% |
+100 |
% |
|
12 |
|
— |
|
— |
— |
|
— |
12 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(10 |
) |
|
(9 |
) |
|
(11.1 |
) % |
(11.1 |
) % |
|
(1 |
) |
— |
|
— |
— |
|
— |
(1 |
) |
|||||||
Costs associated with |
|
|
68 |
|
|
— |
|
|
— |
% |
— |
% |
|
68 |
|
— |
|
— |
— |
|
— |
68 |
|
|||||||
Adjusted Operating Income |
|
$ |
1,289 |
|
$ |
1,329 |
|
|
(3.0 |
) % |
16.9 |
% |
|
(40 |
) |
(264 |
) |
— |
(89 |
) |
302 |
11 |
|
|||||||
Adjusted Operating Income Margin |
|
|
44.6 |
% |
|
43.9 |
% |
|
0.7 |
pp |
2.3 |
pp |
|
|
|
|
|
|
|
Net revenues increased by 11.2% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher HTU volume and higher device volume, partly offset by lower cigarette volume; partially offset by an unfavorable pricing variance, primarily due to lower HTU (net) pricing, partly offset by higher combustible tobacco pricing.
Operating income increased by 23.2%, excluding currency and acquisitions. Adjusted operating income increased by 16.9% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher HTU volume, partly offset by lower cigarette volume; and lower marketing, administration and research costs; partially offset by an unfavorable pricing variance; and higher manufacturing costs. Adjusted operating income margin increased by 2.3 points on an organic basis.
Total Market, PMI Shipment & Market Share Commentaries
European Union Key Data |
|
Fourth-Quarter |
|
Full-Year |
||||||||
|
|
|
|
Change |
|
|
|
Change |
||||
|
|
2022 |
2021 |
% / pp |
|
2022 |
2021 |
% / pp |
||||
Total Market (billion units) |
|
115.4 |
117.9 |
(2.2)% |
|
484.3 |
478.9 |
1.1% |
||||
|
|
|
|
|
|
|
|
|
||||
PMI Shipment Volume (million units) |
|
|
|
|
|
|
|
|
||||
Cigarettes |
|
35,425 |
37,605 |
(5.8)% |
|
153,890 |
157,843 |
(2.5)% |
||||
Heated Tobacco Units |
|
11,385 |
7,803 |
45.9% |
|
39,515 |
28,208 |
40.1% |
||||
Total EU |
|
46,810 |
45,408 |
3.1% |
|
193,405 |
186,051 |
4.0% |
||||
|
|
|
|
|
|
|
|
|
||||
PMI Market Share |
|
|
|
|
|
|
|
|
||||
Marlboro |
|
15.7% |
16.2% |
(0.5) |
|
15.9% |
16.6% |
(0.7) |
||||
L&M |
|
5.3% |
5.3% |
— |
|
5.3% |
5.6% |
(0.3) |
||||
Chesterfield |
|
5.4% |
5.4% |
— |
|
5.5% |
5.5% |
— |
||||
Philip Morris |
|
2.1% |
2.2% |
(0.1) |
|
2.1% |
2.2% |
(0.1) |
||||
Heated Tobacco Units |
|
8.8% |
6.4% |
2.4 |
|
7.7% |
5.7% |
2.0 |
||||
Others |
|
2.9% |
3.0% |
(0.1) |
|
3.0% |
3.0% |
— |
||||
Total EU |
|
40.2% |
38.5% |
1.7 |
|
39.5% |
38.6% |
0.9 |
||||
Note: Sum may not foot due to roundings. |
||||||||||||
Full-Year
The estimated total market in the EU increased by 1.1% to 484.3 billion units, primarily driven by:
Italy , up by 3.4%, mainly reflecting the impact on adult smoker average daily consumption of the easing of pandemic-related measures (particularly in the first half of the year);Poland , up by 13.0%, primarily reflecting a lower estimated prevalence of illicit trade, as well as higher border sales (largely due to the easing of pandemic-related measures); andRomania , up by 8.2%, mainly reflecting a lower estimated prevalence of illicit trade, as well as higher border sales (largely due to the easing of pandemic-related measures);
partly offset by
Germany , down by 5.1%, primarily reflecting the impact of excise tax-driven price increases and higher cross-border (non-domestic) purchases due to the easing of pandemic-related measures; and- the
U.K. , down by 13.4%, notably reflecting the impact of increased out-bound tourism compared to the pandemic-affected prior year period.
PMI's total shipment volume increased by 4.0% to 193.4 billion units, mainly driven by:
Italy , up by 5.8%, primarily reflecting a higher market share driven by HTUs, as well as a higher total market;Poland , up by 17.6%, mainly reflecting the higher total market and a higher market share driven by HTUs; andRomania , up by 36.1%. Excluding the net favorable impact of estimated distributor inventory movements, total in-market sales volume increased by 27.3%, primarily reflecting a higher market share driven by HTUs, as well as the higher total market;
partly offset by
France , down by 8.1%, primarily reflecting a lower total market and a lower market share.
Fourth-Quarter
The estimated total market in the EU decreased by 2.2% to 115.4 billion units, mainly due to:
Germany , down by 9.0%, or by 5.9% excluding the net unfavorable impact of estimated trade inventory movements, primarily reflecting the same factors as for the year; and- the
U.K. , down by 16.3%, notably reflecting the same factor as for the year;
partly offset by
Poland , up by 5.7%, primarily reflecting higher border sales (largely due to the easing of pandemic-related measures).
PMI's total shipment volume increased by 3.1% to 46.8 billion units, mainly driven by:
Italy , up by 5.0%, primarily reflecting the same factors as for the year; andPoland , up by 13.0%, mainly reflecting the same factors as for the year;
partly offset by
France , down by 10.3%, primarily reflecting the same factors as for the year.
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
3,725 |
|
$ |
3,544 |
|
|
5.1 |
% |
3.7 |
% |
|
181 |
|
51 |
— |
334 |
(204 |
) |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
1,166 |
|
$ |
1,213 |
|
|
(3.9 |
) % |
(13.9 |
) % |
|
(47 |
) |
122 |
— |
334 |
(212 |
) |
(291 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(14 |
) |
|
+100 |
% |
+100 |
% |
|
14 |
|
— |
— |
— |
— |
|
14 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(2 |
) |
|
(2 |
) |
|
— |
% |
— |
% |
|
— |
|
— |
— |
— |
— |
|
— |
|
|||||||
Charges related to the war in |
|
|
(151 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(151 |
) |
— |
— |
— |
— |
|
(151 |
) |
|||||||
Costs associated with |
|
|
(12 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(12 |
) |
— |
— |
— |
— |
|
(12 |
) |
|||||||
Adjusted Operating Income |
|
$ |
1,331 |
|
$ |
1,229 |
|
|
8.3 |
% |
(1.6 |
)% |
|
102 |
|
122 |
— |
334 |
(212 |
) |
(142 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
35.7 |
% |
|
34.7 |
% |
|
1.0 |
pp |
(1.8 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 3.7% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher combustible tobacco pricing; partly offset by unfavorable volume/mix, mainly due to lower cigarette volume, lower HTU volume and unfavorable cigarette mix.
For the year,
Operating income decreased by 13.9%, excluding currency and acquisitions, notably reflecting the impact of 2022 charges related to the war in
Adjusted operating income decreased by 1.6% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to the same factors as for net revenues; higher manufacturing costs (notably related to
Excluding
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||
|
2022 |
|
2021 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
992 |
|
$ |
912 |
|
|
8.8 |
% |
5.9 |
% |
|
80 |
|
26 |
— |
90 |
(36 |
) |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
306 |
|
$ |
300 |
|
|
2.0 |
% |
(15.3 |
)% |
|
6 |
|
52 |
— |
90 |
(65 |
) |
(71 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(3 |
) |
|
+100 |
% |
+100 |
% |
|
3 |
|
— |
— |
— |
— |
|
3 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(1 |
) |
|
(1 |
) |
|
— |
% |
— |
% |
|
— |
|
— |
— |
— |
— |
|
— |
|
|||||||
Charges related to the war in |
|
|
(23 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(23 |
) |
— |
— |
— |
— |
|
(23 |
) |
|||||||
Costs associated with |
|
|
17 |
|
|
— |
|
|
— |
% |
— |
% |
|
17 |
|
— |
— |
— |
— |
|
17 |
|
|||||||
Adjusted Operating Income |
|
$ |
313 |
|
$ |
304 |
|
|
3.0 |
% |
(14.1 |
)% |
|
9 |
|
52 |
— |
90 |
(65 |
) |
(68 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
31.6 |
% |
|
33.3 |
% |
|
(1.7 |
)pp |
(6.3 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 5.9% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher combustible tobacco pricing; partly offset by unfavorable volume/mix, mainly due to lower HTU volume and unfavorable cigarette volume/mix.
For the quarter,
Operating income decreased by 15.3%, excluding currency and acquisitions. Adjusted operating income decreased by 14.1% on an organic basis, mainly reflecting: unfavorable volume/mix, primarily due to the same factors as for net revenues; higher marketing, administration and research costs; and higher manufacturing costs; partly offset by a favorable pricing variance. Adjusted operating income margin decreased by 6.3 points on an organic basis.
Excluding
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
19,766 |
20,927 |
(5.5)% |
|
81,460 |
88,698 |
(8.2)% |
||||
Heated Tobacco Units |
|
6,531 |
7,056 |
(7.4)% |
|
24,806 |
25,650 |
(3.3)% |
||||
Total |
|
26,297 |
27,983 |
(6.0)% |
|
106,266 |
114,348 |
(7.1)% |
Full-Year
The estimated total market in
Russia , down by 3.6%, mainly due to the impact of price increases; andUkraine , down by 18.3%.
The estimated total market in
PMI's total shipment volume decreased by 7.1% to 106.3 billion units, primarily due to:
Russia , down by 6.0%, due to cigarettes and HTUs; andUkraine , down by 30.1%, due to cigarettes and HTUs.
During the year,
Fourth-Quarter
The estimated total market in
Russia , down by 1.3%, primarily due to the same factor as in the year; andUkraine , down by 13.7%.
The estimated total market in
PMI's total shipment volume decreased by 6.0% to 26.3 billion units, mainly due to:
Russia , down by 4.3%, due to cigarettes and HTUs; andUkraine , down by 31.6%, due to cigarettes and HTUs.
During the quarter,
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
3,901 |
|
$ |
3,293 |
|
|
18.5 |
% |
29.0 |
% |
|
608 |
|
(348 |
) |
— |
200 |
503 |
253 |
|
||||||||
Saudi Arabia Customs Assessments |
|
|
— |
|
|
(246 |
) |
|
+100 |
% |
+100 |
% |
|
246 |
|
— |
|
— |
— |
— |
246 |
|
||||||||
Adjusted Net Revenues |
|
$ |
3,901 |
|
$ |
3,539 |
|
|
10.2 |
% |
20.1 |
% |
|
362 |
|
(348 |
) |
— |
200 |
503 |
7 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
3,901 |
|
$ |
3,293 |
|
|
18.5 |
% |
29.0 |
% |
|
608 |
|
(348 |
) |
— |
200 |
503 |
253 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,758 |
|
$ |
1,146 |
|
|
53.4 |
% |
67.6 |
% |
|
612 |
|
(163 |
) |
— |
200 |
364 |
211 |
|
||||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(17 |
) |
|
+100 |
% |
+100 |
% |
|
17 |
|
— |
|
— |
— |
— |
17 |
|
||||||||
Amortization and Impairment of Intangibles |
|
|
(8 |
) |
|
(8 |
) |
|
— |
% |
— |
% |
|
— |
|
— |
|
— |
— |
— |
— |
|
||||||||
Saudi Arabia Customs Assessments |
|
|
— |
|
|
(246 |
) |
|
+100 |
% |
+100 |
% |
|
246 |
|
— |
|
— |
— |
— |
246 |
|
||||||||
Costs associated with |
|
|
(13 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(13 |
) |
— |
|
— |
— |
— |
(13 |
) |
||||||||
Adjusted Operating Income |
|
$ |
1,779 |
|
$ |
1,417 |
|
|
25.5 |
% |
37.1 |
% |
|
362 |
|
(163 |
) |
— |
200 |
364 |
(39 |
) |
||||||||
Adjusted Operating Income Margin |
|
|
45.6 |
% |
|
40.0 |
% |
|
5.6 |
pp |
5.7 |
pp |
|
|
|
|
|
|
|
Net revenues increased by 29.0%, excluding currency and acquisitions, partly reflecting a favorable comparison related to the
Adjusted net revenues increased by 20.1% on an organic basis, as detailed above, mainly reflecting: favorable volume/mix, primarily driven by higher cigarette volume and higher HTU volume; and a favorable pricing variance, mainly driven by combustible tobacco pricing.
Operating income increased by 67.6%, excluding currency and acquisitions. This notably included a favorable comparison related to the
Adjusted operating income increased by 37.1% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by the same factors as for net revenues; a favorable pricing variance; and lower marketing, administration and research costs; partly offset by higher manufacturing costs. Adjusted operating income margin increased by 5.7 points on an organic basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
924 |
|
$ |
987 |
|
|
(6.4 |
)% |
3.4 |
% |
|
(63 |
) |
(97 |
) |
— |
(5 |
) |
63 |
(24 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
307 |
|
$ |
407 |
|
|
(24.6 |
)% |
(14.3 |
)% |
|
(100 |
) |
(42 |
) |
— |
(5 |
) |
11 |
(64 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(4 |
) |
|
+100 |
% |
+100 |
% |
|
4 |
|
— |
|
— |
— |
|
— |
4 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(2 |
) |
|
(2 |
) |
|
— |
% |
— |
% |
|
— |
|
— |
|
— |
— |
|
— |
— |
|
|||||||
Costs associated with |
|
|
17 |
|
|
— |
|
|
— |
% |
— |
% |
|
17 |
|
— |
|
— |
— |
|
— |
17 |
|
|||||||
Adjusted Operating Income |
|
$ |
292 |
|
$ |
413 |
|
|
(29.3 |
)% |
(19.1 |
)% |
|
(121 |
) |
(42 |
) |
— |
(5 |
) |
11 |
(85 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
31.6 |
% |
|
41.8 |
% |
|
(10.2 |
)pp |
(9.1 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 3.4% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher HTU volume; partly offset by lower fees for certain distribution rights billed to customers in certain markets, shown in "Cost/Other".
Operating income decreased by 14.3%, excluding currency and acquisitions. Adjusted operating income decreased by 19.1% on an organic basis, primarily reflecting unfavorable "Cost/Other," mainly due to higher manufacturing costs, lower fees for certain distribution rights (as for net revenues noted above) and higher marketing, administration and research costs. Adjusted operating income margin decreased by 9.1 points on an organic basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
35,759 |
34,756 |
2.9% |
|
134,110 |
127,911 |
4.8% |
||||
Heated Tobacco Units |
|
1,383 |
655 |
+100% |
|
4,456 |
2,140 |
+100% |
||||
Total |
|
37,142 |
35,411 |
4.9% |
|
138,566 |
130,051 |
6.5% |
Full-Year
The estimated total market in the
Algeria , down by 16.1%, or by 6.8% excluding the net unfavorable impact of estimated trade inventory movements, primarily reflecting industry supply chain disruptions, as well as the impact of excise tax-driven price increases in the first quarter of 2021; andTurkey , down by 6.3%, mainly reflecting a higher estimated prevalence of illicit trade, partly offset by the impact on adult smoker average daily consumption of the easing of pandemic-related measures, coupled with increased in-bound tourism;
partly offset by
- International Duty Free, up by 43.8%, primarily reflecting the impact of reduced government travel restrictions and increased passenger traffic in certain geographies.
PMI's total shipment volume increased by 6.5% to 138.6 billion units, mainly driven by:
Egypt , up by 8.2%, primarily reflecting a higher market share driven by cigarettes and HTUs; and- PMI Duty Free, up by 61.3%, or by 47.3% excluding the net favorable impact of estimated distributor inventory movements (primarily due to cigarettes), reflecting the higher total market and a higher market share.
Fourth-Quarter
The estimated total market in the
Algeria , down by 26.5%, or by 8.8% excluding the net unfavorable impact of estimated trade inventory movements, primarily reflecting industry supply chain disruptions; andTurkey , down by 6.8%, mainly reflecting a higher estimated prevalence of illicit trade, partly offset by the impact of increased in-bound tourism;
partly offset by
Egypt , up by 6.6%, primarily reflecting calendar factors and the impact on adult smoker average daily consumption of the easing of pandemic-related measures, partly offset by a higher estimated prevalence of illicit trade and the impact of price increases in the first half of 2022; and- International Duty Free, up by 47.4%, mainly reflecting the same factors as for the year.
PMI's total shipment volume increased by 4.9% to 37.1 billion units, mainly driven by:
Egypt , up by 23.5%, or by 13.6% excluding the net favorable impact of estimated distributor inventory movements, reflecting the higher total market and a higher market share.
SOUTH &
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
4,395 |
|
$ |
4,396 |
|
|
— |
% |
6.2 |
% |
|
(1 |
) |
(274 |
) |
— |
45 |
228 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,459 |
|
$ |
1,506 |
|
|
(3.1 |
) % |
5.7 |
% |
|
(47 |
) |
(133 |
) |
— |
45 |
(16 |
) |
57 |
|
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(21 |
) |
|
+100 |
% |
+100 |
% |
|
21 |
|
— |
|
— |
— |
— |
|
21 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(16 |
) |
|
(21 |
) |
|
23.8 |
% |
23.8 |
% |
|
5 |
|
— |
|
— |
— |
— |
|
5 |
|
|||||||
Costs associated with |
|
|
(13 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(13 |
) |
— |
|
— |
— |
— |
|
(13 |
) |
|||||||
Adjusted Operating Income |
|
$ |
1,488 |
|
$ |
1,548 |
|
|
(3.9 |
) % |
4.7 |
% |
|
(60 |
) |
(133 |
) |
— |
45 |
(16 |
) |
44 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
33.9 |
% |
|
35.2 |
% |
|
(1.3 |
)pp |
(0.5 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 6.2% on an organic basis, reflecting: favorable volume/mix, primarily driven by higher cigarette volume and favorable cigarette mix; and a favorable pricing variance, mainly due to combustible tobacco pricing.
Operating income increased by 5.7%, excluding currency and acquisitions. Adjusted operating income increased by 4.7% on an organic basis, primarily reflecting: lower marketing, administration and research costs; and a favorable pricing variance; partly offset by unfavorable volume/mix, mainly due to lower cigarette mix. Adjusted operating income margin decreased by 0.5 points on an organic basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
1,100 |
|
$ |
1,112 |
|
|
(1.1 |
) % |
9.4 |
% |
|
(12 |
) |
(116 |
) |
— |
105 |
(1 |
) |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
324 |
|
$ |
298 |
|
|
8.7 |
% |
27.2 |
% |
|
26 |
|
(55 |
) |
— |
105 |
(62 |
) |
38 |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(4 |
) |
|
+100 |
% |
+100 |
% |
|
4 |
|
— |
|
— |
— |
— |
|
4 |
|||||||
Amortization and Impairment of Intangibles |
|
|
(3 |
) |
|
(8 |
) |
|
62.5 |
% |
62.5 |
% |
|
5 |
|
— |
|
|
— |
— |
|
5 |
|||||||
Costs associated with |
|
|
16 |
|
|
— |
|
|
— |
% |
— |
% |
|
16 |
|
— |
|
|
— |
— |
|
16 |
|||||||
Adjusted Operating Income |
|
$ |
311 |
|
$ |
310 |
|
|
0.3 |
% |
18.1 |
% |
|
1 |
|
(55 |
) |
— |
105 |
(62 |
) |
13 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
28.3 |
% |
|
27.9 |
% |
|
0.4 |
pp |
2.2 |
pp |
|
|
|
|
|
|
|
Net revenues increased by 9.4% on an organic basis, reflecting: a favorable pricing variance, driven by combustible tobacco pricing. Volume/mix was slightly unfavorable, primarily due to lower cigarette volume, largely offset by favorable cigarette mix.
Operating income increased by 27.2%, excluding currency and acquisitions. Adjusted operating income increased by 18.1% on an organic basis, primarily reflecting: a favorable pricing variance; and lower marketing, administration and research costs; partly offset by unfavorable volume/mix, mainly due to lower cigarette volume. Adjusted operating income margin increased by 2.2 points on an organic basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
34,591 |
36,136 |
(4.3)% |
|
143,982 |
141,923 |
1.5% |
||||
Heated Tobacco Units |
|
154 |
89 |
73.0% |
|
469 |
240 |
95.4% |
||||
Total South & |
|
34,745 |
36,225 |
(4.1)% |
|
144,451 |
142,163 |
1.6% |
Full-Year
The estimated total market in South &
India , up by 16.8%, primarily reflecting a favorable comparison versus the prior year, during which pandemic-related restrictions impacted the movement of certain products, including tobacco; andIndonesia , up by 4.5%, mainly reflecting the impact on adult smoker consumption of the easing of pandemic-related measures, which drove growth in the tax-advantaged 'below tier one' segment;
partly offset by
Bangladesh , down by 4.0%, primarily reflecting the impact of pandemic-related restrictions on mobility duringFebruary 2022 , as well as the impact of second-quarter 2022 excise tax-driven price increases; andthe Philippines , down by 6.1%, mainly reflecting the impact of first-quarter 2022 excise tax-driven price increases.
PMI's total shipment volume increased by 1.6% to 144.5 billion units, mainly driven by:
India , up by 73.9%, primarily reflecting a higher market share (driven by geographic expansion) and the higher total market; andIndonesia , up by 4.8%, mainly reflecting the higher total market;
partly offset by
the Philippines , down by 6.3%, mainly reflecting the lower total market.
Fourth-Quarter
The estimated total market in South &
Indonesia , down by 5.1%, mainly reflecting the impact of inflationary pressure driven by fuel price increases;Pakistan , down by 13.6%, primarily reflecting the impact of excise tax-driven price increases; andthe Philippines , down by 10.8%, primarily reflecting the same factor as for the year;
partly offset by
India , up by 14.8%, primarily reflecting the same factor as for the year.
PMI's total shipment volume decreased by 4.1% to 34.7 billion units, mainly due to:
Indonesia , down by 3.7%, primarily reflecting the lower total market, partly offset by a higher market share (mainly driven by share growth for PMI's premium and hand-rolled portfolio, partly offset by adult smoker down-trading to the 'below tier one' segment as a result of significantly lower retail prices); andthe Philippines , down by 11.6%, primarily reflecting the lower total market.
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
5,132 |
|
$ |
5,953 |
|
|
(13.8 |
) % |
(3.9 |
) % |
|
(821 |
) |
(587 |
) |
— |
(16 |
) |
(218 |
) |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
1,919 |
|
$ |
2,556 |
|
|
(24.9 |
) % |
(10.9 |
) % |
|
(637 |
) |
(358 |
) |
— |
(16 |
) |
(477 |
) |
214 |
|
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(88 |
) |
|
+100 |
% |
+100 |
% |
|
88 |
|
— |
|
— |
— |
|
— |
|
88 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(2 |
) |
|
(3 |
) |
|
33.3 |
% |
33.3 |
% |
|
1 |
|
— |
|
— |
— |
|
— |
|
1 |
|
|||||||
Costs associated with |
|
|
(21 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(21 |
) |
— |
|
— |
— |
|
— |
|
(21 |
) |
|||||||
Adjusted Operating Income |
|
$ |
1,942 |
|
$ |
2,647 |
|
|
(26.6 |
) % |
(13.1 |
)% |
|
(705 |
) |
(358 |
) |
— |
(16 |
) |
(477 |
) |
146 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
37.8 |
% |
|
44.5 |
% |
|
(6.7 |
)pp |
(4.3 |
)pp |
|
|
|
|
|
|
|
Net revenues decreased by 3.9% on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to unfavorable device mix, lower cigarette volume and unfavorable cigarette mix, partly offset by higher HTU volume and higher device volume; and an unfavorable pricing comparison.
Operating income decreased by 10.9%, excluding currency and acquisitions. Adjusted operating income decreased by 13.1% on an organic basis, mainly reflecting: unfavorable volume/mix, primarily due to unfavorable HTU mix, lower cigarette volume, unfavorable cigarette mix and unfavorable device mix; and higher manufacturing costs; partly offset by lower marketing, administration and research costs.
Adjusted operating income margin decreased by 4.3 points on an organic basis. The margin decline was primarily due to the impact of higher device sales; the growth of ILUMA within the Region's smoke-free product portfolio mix, with its higher initial unit cost of devices and consumables; and higher logistics costs, including costs related to the use of air freight to
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||
Net Revenues |
|
$ |
1,322 |
|
$ |
1,444 |
|
|
(8.4 |
) % |
6.0 |
% |
|
(122 |
) |
(208 |
) |
— |
(47 |
) |
133 |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
604 |
|
$ |
515 |
|
|
17.3 |
% |
36.1 |
% |
|
89 |
|
(97 |
) |
— |
(47 |
) |
70 |
163 |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(21 |
) |
|
+100 |
% |
+100 |
% |
|
21 |
|
— |
|
— |
— |
|
— |
21 |
|||||||
Amortization and Impairment of Intangibles |
|
|
— |
|
|
(1 |
) |
|
+100 |
% |
+100 |
% |
|
1 |
|
— |
|
— |
— |
|
— |
1 |
|||||||
Costs associated with |
|
|
28 |
|
|
— |
|
|
— |
% |
— |
% |
|
28 |
|
— |
|
— |
— |
|
— |
28 |
|||||||
Adjusted Operating Income |
|
$ |
576 |
|
$ |
537 |
|
|
7.3 |
% |
25.3 |
% |
|
39 |
|
(97 |
) |
— |
(47 |
) |
70 |
113 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
43.6 |
% |
|
37.2 |
% |
|
6.4 |
pp |
6.8 |
pp |
|
|
|
|
|
|
|
Net revenues increased by 6.0% on an organic basis, reflecting: favorable volume/mix, driven by higher HTU volume, partly offset by unfavorable HTU mix, unfavorable device mix (primarily due to ILUMA ONE) and lower cigarette volume; partly offset by an unfavorable pricing variance, mainly due to lower HTU (net) pricing and lower device pricing, partly offset by higher combustible tobacco pricing.
Operating income increased by 36.1%, excluding currency and acquisitions. Adjusted operating income increased by 25.3% on an organic basis, mainly reflecting: lower marketing, administration and research costs (due to a favorable comparison versus the fourth quarter of 2021, which included higher commercial investments behind the launch of ILUMA); and favorable volume/mix, primarily driven by higher HTU volume, partly offset by unfavorable HTU mix and lower cigarette volume; partially offset by an unfavorable pricing variance. Adjusted operating income margin increased by 6.8 points on an organic basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
|
Fourth-Quarter |
|
Full-Year |
|||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
|||||
Cigarettes |
|
10,053 |
10,463 |
(3.9)% |
|
42,493 |
43,913 |
(3.2)% |
|||||
Heated Tobacco Units |
|
12,375 |
9,684 |
27.8% |
|
39,391 |
38,162 |
3.2% |
|||||
Total |
|
22,428 |
20,147 |
11.3% |
|
81,884 |
82,075 |
(0.2)% |
Full-Year
The estimated total market in
Japan , down by 1.5%, primarily reflecting the impact of theOctober 2021 excise tax-driven price increases.
PMI's total shipment volume decreased by 0.2% to 81.9 billion units, mainly due to:
Australia , down by 5.1%, mainly reflecting a lower total market, partly offset by a higher market share; andSouth Korea , down by 1.6%, primarily reflecting a lower market share;
partly offset by
Japan , up by 0.6%, or by 3.9% excluding the net unfavorable impact of estimated distributor inventory movements (primarily due to HTUs), reflecting a higher market share, partly offset by the lower total market.
Excluding the net unfavorable impact of estimated distributor inventory movements, PMI's total in-market sales volume increased by 1.9%.
Fourth-Quarter
The estimated total market in
Japan , up by 11.9%, or by 1.8% excluding the net favorable impact of estimated trade inventory movements, primarily reflecting heated tobacco category growth.
PMI's total shipment volume increased by 11.3% to 22.4 billion units, mainly due to:
Japan , up by 17.8%, primarily reflecting the higher total market and a higher market share (driven by HTUs).
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
1,903 |
|
$ |
1,843 |
|
|
3.3 |
% |
4.1 |
% |
|
60 |
|
(15 |
) |
— |
102 |
(23 |
) |
(4 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
436 |
|
$ |
487 |
|
|
(10.5 |
) % |
(8.2 |
) % |
|
(51 |
) |
(11 |
) |
— |
102 |
(6 |
) |
(136 |
) |
||||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(8 |
) |
|
+100 |
% |
+100 |
% |
|
8 |
|
— |
|
— |
— |
— |
|
8 |
|
||||||||
Amortization and Impairment of Intangibles |
|
|
(9 |
) |
|
(9 |
) |
|
— |
% |
— |
% |
|
— |
|
— |
|
— |
— |
— |
|
— |
|
||||||||
Costs associated with |
|
|
(5 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(5 |
) |
— |
|
— |
— |
— |
|
(5 |
) |
||||||||
Adjusted Operating Income |
|
$ |
450 |
|
$ |
504 |
|
|
(10.7 |
)% |
(8.5 |
)% |
|
(54 |
) |
(11 |
) |
— |
102 |
(6 |
) |
(139 |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
23.6 |
% |
|
27.3 |
% |
|
(3.7 |
)pp |
(3.3 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 4.1% on an organic basis, primarily reflecting: a favorable pricing variance, driven by combustible tobacco pricing; partly offset by unfavorable volume/mix, mainly due to unfavorable cigarette mix.
Operating income decreased by 8.2%, excluding currency and acquisitions. Adjusted operating income decreased by 8.5% on an organic basis, mainly reflecting: higher marketing, administration and research costs; and higher manufacturing costs; partly offset by a favorable pricing variance. Volume/mix was slightly unfavorable, mainly due to unfavorable cigarette mix, largely offset by higher cigarette volume. Adjusted operating income margin decreased by 3.3 points on an organic basis. The margin decline was notably due to incremental investments in the U.S. market, including expenses related to domestic manufacturing.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
536 |
|
$ |
523 |
|
|
2.5 |
% |
2.3 |
% |
|
13 |
|
1 |
|
— |
29 |
(11 |
) |
(6 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
100 |
|
$ |
120 |
|
|
(16.7 |
) % |
(4.2 |
) % |
|
(20 |
) |
(15 |
) |
— |
29 |
(1 |
) |
(33 |
) |
|||||||
Asset Impairment & Exit Costs |
|
|
— |
|
|
(2 |
) |
|
+100 |
% |
+100 |
% |
|
2 |
|
— |
|
— |
— |
— |
|
2 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(3 |
) |
|
(2 |
) |
|
(50.0 |
) % |
(50.0 |
) % |
|
(1 |
) |
— |
|
— |
— |
— |
|
(1 |
) |
|||||||
Costs associated with |
|
|
8 |
|
|
— |
|
|
— |
% |
— |
% |
|
8 |
|
— |
|
— |
— |
— |
|
8 |
|
|||||||
Adjusted Operating Income |
|
$ |
95 |
|
$ |
124 |
|
|
(23.4 |
)% |
(11.3 |
)% |
|
(29 |
) |
(15 |
) |
— |
29 |
(1 |
) |
(42 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
17.7 |
% |
|
23.7 |
% |
|
(6.0 |
)pp |
(3.1 |
)pp |
|
|
|
|
|
|
|
Net revenues increased by 2.3% on an organic basis, primarily reflecting: a favorable pricing variance, driven by combustible tobacco pricing; partly offset by unfavorable volume/mix, mainly due to lower cigarette volume and unfavorable cigarette mix.
Operating income decreased by 4.2%, excluding currency and acquisitions. Adjusted operating income decreased by 11.3% on an organic basis, mainly reflecting: higher marketing, administration and research costs; partly offset by a favorable pricing variance. Adjusted operating income margin decreased by 3.1 points on an organic basis. The margin decline was notably due to incremental investments in the U.S. market, including expenses related to domestic manufacturing.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
|
Fourth-Quarter |
|
Full-Year |
||||||||
(million units) |
|
2022 |
2021 |
Change |
|
2022 |
2021 |
Change |
||||
Cigarettes |
|
18,432 |
18,495 |
(0.3)% |
|
65,973 |
64,587 |
2.1% |
||||
Heated Tobacco Units |
|
193 |
110 |
75.5% |
|
532 |
576 |
(7.6)% |
||||
Total |
|
18,625 |
18,605 |
0.1% |
|
66,505 |
65,163 |
2.1% |
Full-Year
The estimated total market in the
Brazil , up by 7.6%, primarily reflecting a lower estimated prevalence of illicit trade;
partly offset by
Canada , down by 12.8%, notably reflecting the impact of price increases and out-switching from cigarettes to e-vapor products.
PMI's total shipment volume increased by 2.1% to 66.5 billion units, mainly driven by:
Brazil , up by 13.3%, primarily reflecting the higher total market and a higher market share; andMexico , up by 2.5%, mainly reflecting a higher total market and a higher market share for cigarettes;
partly offset by
Argentina , down by 2.8%, primarily reflecting a lower market share due to adult smoker downtrading to ultra-low-price brands produced by local manufacturers, partly offset by a higher total market.
Fourth-Quarter
The estimated total market in the
Brazil , up by 7.6%, primarily reflecting the same factor as for the year; andMexico , up by 2.9%, mainly reflecting the impact on adult smoker average daily consumption of the easing of pandemic-related measures;
partly offset by
Argentina , down by 5.5%, mainly reflecting the impact of price increases and a general deterioration of the macroeconomic environment; andCanada , down by 11.4%, notably reflecting the same factors as for the year.
PMI's total shipment volume increased by 0.1% to 18.6 billion units, mainly driven by:
Brazil , up by 12.3%, primarily reflecting the same factors as for the year;
partly offset by
Argentina , down by 7.3%, primarily reflecting the lower total market.
PMI's results for the
Full-Year and Fourth-Quarter
Financial Summary - Years Ended |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||
|
2022 |
|
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||
(in millions) |
|
|
|
|
|||||||||||||||||||||||
Net Revenues |
|
$ |
316 |
|
$ |
— |
|
— |
% |
— |
% |
|
316 |
|
— |
316 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income / (Loss) |
|
$ |
(22 |
) |
$ |
— |
|
— |
% |
— |
% |
|
(22 |
) |
— |
(22 |
) |
— |
— |
— |
|||||||
Amortization and Impairment of Intangibles |
|
|
(26 |
) |
|
— |
|
— |
% |
— |
% |
|
(26 |
) |
— |
(26 |
) |
— |
— |
— |
|||||||
|
|
|
(125 |
) |
|
— |
|
— |
% |
— |
% |
|
(125 |
) |
— |
(125 |
) |
— |
— |
— |
|||||||
Adjusted Operating Income |
|
$ |
129 |
|
$ |
— |
|
— |
% |
— |
% |
|
129 |
|
— |
129 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
40.8 |
% |
|
n/a |
|
— |
pp |
— |
pp |
|
|
|
|
|
|
|
PMI recorded net revenues of $316 million in the
PMI recorded adjusted operating income of $129 million in the segment, reflecting an adjusted operating margin of 40.8%.
WELLNESS AND HEALTHCARE
In the third quarter of 2021, PMI acquired
Full-Year
Financial Summary - Years Ended December 31, |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui |
Price |
Vol/ |
Cost/ |
|||||||||||||||||||
(in millions) |
|
|
|
||||||||||||||||||||||||||||
Net Revenues |
|
$ |
271 |
|
$ |
101 |
|
|
+100 |
% |
(7.9 |
) % |
|
170 |
|
(11 |
) |
189 |
|
(10 |
) |
— |
2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income / (Loss) |
|
$ |
(258 |
) |
$ |
(52 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(206 |
) |
8 |
|
(72 |
) |
(10 |
) |
— |
(132 |
) |
|||||||
Asset Acquisition Cost |
|
|
— |
|
|
(51 |
) |
|
+100 |
% |
+100 |
% |
|
51 |
|
— |
|
— |
|
— |
|
— |
51 |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(171 |
) |
|
(18 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(153 |
) |
— |
|
(44 |
) |
— |
|
— |
(109 |
) |
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(87 |
) |
$ |
17 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(104 |
) |
8 |
|
(28 |
) |
(10 |
) |
— |
(74 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(32.1 |
) % |
|
16.8 |
% |
|
(48.9 |
)pp |
(88.8 |
)pp |
|
|
|
|
|
|
|
Net revenues decreased by 7.9% on an organic basis, primarily reflecting lower product supply revenues and lower royalties.
The adjusted operating loss of $87 million mainly reflected investments in research and development, as well as expenses related to employee retention programs. Adjusted operating loss margin for the year was 32.1%.
Fourth-Quarter
Financial Summary - Quarters Ended December 31, |
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||||
|
2022 |
2021 |
|
Total |
Excl. |
|
Total |
Cur- |
Acqui- |
Price |
Vol/ |
Cost/ |
||||||||||||||||||
(in millions) |
|
|
|
|||||||||||||||||||||||||||
Net Revenues |
|
$ |
72 |
|
$ |
101 |
|
|
(28.7 |
) % |
(18.8 |
) % |
|
(29 |
) |
(10 |
) |
— |
(21 |
) |
— |
2 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income / (Loss) |
|
$ |
(42 |
) |
$ |
(1 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(41 |
) |
6 |
|
— |
(21 |
) |
— |
(26 |
) |
|||||||
Asset Acquisition Cost |
|
|
— |
|
|
— |
|
|
— |
% |
— |
% |
|
— |
|
— |
|
— |
— |
|
— |
— |
|
|||||||
Amortization and Impairment of Intangibles |
|
|
(13 |
) |
|
(18 |
) |
|
27.8 |
% |
27.8 |
% |
|
5 |
|
— |
|
— |
— |
|
— |
5 |
|
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(29 |
) |
$ |
17 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(46 |
) |
6 |
|
— |
(21 |
) |
— |
(31 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(40.3 |
) % |
|
16.8 |
% |
|
(57.1 |
)pp |
(59.5 |
)pp |
|
|
|
|
|
|
|
Net revenues decreased by 18.8% on an organic basis, notably reflecting an unfavorable comparison versus the fourth quarter of 2021, during which approximately two weeks of results from the third quarter (net revenues of approximately $12 million) were included in the period due to acquisition timing.
The adjusted operating loss of $29 million primarily reflected investments in research and development. Adjusted operating loss margin in the quarter was 40.3%.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and goals and other forward-looking statements, including statements regarding business plans and strategies. Achievement of future results is subject to risks, uncertainties and inaccurate assumptions. In the event that risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could vary materially from those contained in such forward-looking statements. Pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, PMI is identifying important factors that, individually or in the aggregate, could cause actual results and outcomes to differ materially from those contained in any forward-looking statements made by PMI.
PMI's business risks include: excise tax increases and discriminatory tax structures; increasing marketing and regulatory restrictions that could reduce our competitiveness, eliminate our ability to communicate with adult consumers, or ban certain of our products in certain markets or countries; health concerns relating to the use of tobacco and other nicotine-containing products and exposure to environmental tobacco smoke; litigation related to tobacco use and intellectual property; intense competition; the effects of global and individual country economic, regulatory and political developments, natural disasters and conflicts; the impact and consequences of
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including PMI's Annual Report on Form 10-K for the fourth quarter and year ended December 31, 2021, the Form 10-Q for the quarter ended September 30, 2022, and the Form 10-K for the fourth quarter and year ended December 31, 2022, which will be filed in the coming days. PMI cautions that the foregoing list of important factors is not a complete discussion of all potential risks and uncertainties. PMI does not undertake to update any forward-looking statement that it may make from time to time, except in the normal course of its public disclosure obligations.
Key Terms, Definitions and Explanatory Notes
General
- "PMI" refers to
Philip Morris International Inc. and its subsidiaries. Trademarks and service marks that are the registered property of, or licensed by, the subsidiaries of PMI, are italicized. - Comparisons are made to the same prior-year period unless otherwise stated.
- References to total industry, total market, PMI shipment volume and PMI market share performance reflect cigarettes and heated tobacco units, unless otherwise stated.
- As of the first quarter of 2022, total industry volume, PMI in-market sales volume and PMI market share for the following geographies include the cigarillo category in
Japan : the total international market,East Asia &Australia Region, and Japanese domestic market. - References to total international market, defined as worldwide cigarette and heated tobacco unit volume excluding the
U.S. , total industry, total market and market shares are PMI estimates for tax-paid products based on the latest available data from a number of internal and external sources and may, in defined instances, excludethe People's Republic of China and/or PMI's duty free business. - 2021 and 2022 estimates for total industry volume and market share in certain geographies reflect limitations on the availability and accuracy of industry data during pandemic-related restrictions.
- "Combustible tobacco products" is the term PMI uses to refer to cigarettes and other tobacco products that are combusted.
- In-market sales, or "IMS," is defined as sales to the retail channel, depending on the market and distribution model.
- "Total shipment volume" is defined as the combined total of cigarette shipment volume and heated tobacco unit shipment volume.
- "
Americas " refers to the formerLatin America &Canada segment, which was renamed as theAmericas segment as of the third quarter of 2021. References to "Americas " may, in defined instances, exclude theU.S. - In the third quarter of 2021, PMI acquired
Fertin Pharma A/S , Vectura Group plc. and OtiTopic, Inc. On March 31, 2022, PMI launched a new Wellness and Healthcare business consolidating these entities, Vectura Fertin Pharma. The operating results of this new business are reported in the Wellness and Healthcare segment. The business operations of PMI's Wellness and Healthcare segment are managed and evaluated separately from the geographical segments. - In the fourth quarter of 2022,
Philip Morris Holland Holdings B.V ., a wholly owned subsidiary of PMI, acquired a controlling interest inSwedish Match . The operating results ofSwedish Match are disclosed as a separate segment. The business operations of theSwedish Match segment are managed and evaluated separately from the geographical segments. - Following the deconsolidation of PMI's Canadian subsidiary,
Rothmans, Benson & Hedges, Inc. (RBH) on March 22, 2019, PMI continues to report the volume of brands sold by RBH for which other PMI subsidiaries are the trademark owner. These include HEETS, Next, Philip Morris and Rooftop. - From time to time, PMI’s shipment volumes are subject to the impact of distributor inventory movements, and estimated total industry/market volumes are subject to the impact of inventory movements in various trade channels that include estimated trade inventory movements of PMI’s competitors arising from market-specific factors that significantly distort reported volume disclosures. Such factors may include changes to the manufacturing supply chain, shipment methods, consumer demand, timing of excise tax increases or other influences that may affect the timing of sales to customers. In such instances, in addition to reviewing PMI shipment volumes and certain estimated total industry/market volumes on a reported basis, management reviews these measures on an adjusted basis that excludes the impact of distributor and/or estimated trade inventory movements. Management also believes that disclosing PMI shipment volumes and estimated total industry/market volumes in such circumstances on a basis that excludes the impact of distributor and/or estimated trade inventory movements, such as on an IMS basis, improves the comparability of performance and trends for these measures over different reporting periods.
Financial
- Adjusted net revenues exclude the impact related to the
Saudi Arabia customs assessments. - "Cost of sales" consists principally of: tobacco leaf, non-tobacco raw materials, labor and manufacturing costs; shipping and handling costs; and the cost of devices produced by third-party electronics manufacturing service providers. Estimated costs associated with device warranty programs are generally provided for in cost of sales in the period the related revenues are recognized.
- "Marketing, administration and research costs" include the costs of marketing and selling our products, other costs generally not related to the manufacture of our products (including general corporate expenses), and costs incurred to develop new products. The most significant components of our marketing, administration and research costs are marketing and sales expenses and general and administrative expenses.
- "Cost/Other" in the Consolidated Financial Summary table of total PMI and the six geographical segments of this release reflects the currency-neutral variances of: cost of sales (excluding the volume/mix cost component); marketing, administration and research costs (including asset impairment and exit costs); and amortization and impairment of intangibles. “Cost/Other” also includes the currency-neutral net revenue variance, unrelated to volume/mix and price components, attributable to: fees for certain distribution rights billed to customers in certain markets in the
Middle East &Africa Region and theSaudi Arabia customs assessment net revenue adjustment. - "Adjusted Operating Income Margin" is calculated as adjusted operating income, divided by adjusted net revenues.
- "Adjusted EBITDA" is defined as earnings before interest, taxes, depreciation, amortization and equity (income)/loss in unconsolidated subsidiaries, excluding asset impairment and exit costs, impairment of intangibles, and unusual items.
- "Net debt" is defined as total debt, less cash and cash equivalents.
- Growth rates presented on an organic basis reflect adjusted results, excluding currency, acquisitions and disposals.
- Management reviews net revenues, operating income, operating income margin, operating cash flow and earnings per share, or "EPS," on an adjusted basis, which may exclude the impact of currency and other items such as acquisitions, asset impairment and exit costs, tax items and other special items. Additionally, starting in 2022 and on a comparative basis, for these measures other than net revenues and operating cash flow, PMI will include adjustments to add back amortization expense on acquisition related intangible assets that are recorded as part of purchase accounting and contribute to PMI’s revenue generation, as well as impairment of intangible assets, if any. Currency-neutral and organic growth rates reflect the way management views underlying performance for these measures. PMI believes that such measures provide useful insight into underlying business trends and results. Management reviews these measures because they exclude changes in currency exchange rates and other factors that may distort underlying business trends, thereby improving the comparability of PMI’s business performance between reporting periods. Furthermore, PMI uses several of these measures in its management compensation program to promote internal fairness and a disciplined assessment of performance against company targets. PMI discloses these measures to enable investors to view the business through the eyes of management.
- Non-GAAP measures used in this release should neither be considered in isolation nor as a substitute for the financial measures prepared in accordance with
U.S. GAAP. For a reconciliation of non-GAAP measures to the most directly comparableU.S. GAAP measures, see the relevant schedules provided with this press release. U.S. GAAP Treatment of a country as a Highly Inflationary Economy. Following the categorization of a country by the International Practices Task Force of the Center for Audit Quality as having a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance withU.S. GAAP. For such countries, PMI accounts for the operations of its local affiliates as highly inflationary, and to treat theU.S. dollar as the functional currency of the affiliates. Such treatment was effective July 1, 2018, forArgentina , and April 1, 2022, forTurkey .- "Fair value adjustment for equity security investments" reflects the adjustment resulting from share price movements in passive investments for publicly traded entities that are not controlled or influenced by PMI. Under
U.S. GAAP, such adjustments are required, since January 1, 2018, to be reflected directly in the income statement. 2022 adjustments reflect share price movements in PMI's investments inIndia andSri Lanka . - "
Swedish Match AB acquisition accounting related item" refers to expenses associated with fair-value adjustments onSwedish Match inventories. In the fourth quarter of 2022, PMI recorded a total fair value step-up adjustment for inventories of $146 million related to the acquisition, of which $125 million was recognized in cost of sales in the fourth quarter of 2022, with the remaining balance expected to be recognized in the first quarter of 2023. - "Tax benefit associated with
Swedish Match AB financing" in 2022 reflects a deferred tax benefit for unrealized foreign currency losses on intercompany loans related to theSwedish Match acquisition financing reflected in PMI's consolidated statements of earnings ($203 million). The underlying pre-tax foreign currency movements fully offset in the consolidated statements of earnings and were reflected as currency translation adjustments in PMI's consolidated statements of stockholders' (deficit) equity at December 31, 2022.
Smoke-Free Products
- Smoke-free products ("SFPs") is the term PMI primarily uses to refer to all of its products that are not combustible tobacco products, such as heat-not-burn, e-vapor, and oral nicotine. In addition, SFPs include wellness and healthcare products, as well as consumer accessories such as lighters and matches.
- Reduced-risk products (“RRPs”) is the term PMI uses to refer to products that present, are likely to present, or have the potential to present less risk of harm to smokers who switch to these products versus continuing smoking. PMI has a range of RRPs in various stages of development, scientific assessment and commercialization. PMI's RRPs are smoke-free products that contain and/or generate far lower quantities of harmful and potentially harmful constituents than found in cigarette smoke.
- Wellness and Healthcare products primarily refer to products associated with inhaled therapeutics and oral and intra-oral delivery systems that are included in the operating results of PMI's new Wellness and Healthcare business, Vectura Fertin Pharma.
- Following the
Swedish Match acquisition and a review of PMI and Swedish Match’s combined product portfolio, PMI reclassified certain of its own products previously reported under its combustible tobacco product category to the newly created smoke-free product category to better reflect the characteristics of these products. Prior years' amounts have been reclassified to conform with the updated presentation for full-year and fourth-quarter 2022. - "Heated tobacco units," or "HTUs," is the term PMI uses to refer to heated tobacco consumables, which include the company's BLENDS, HEETS, HEETS Creations, HEETS Dimensions, HEETS Marlboro and HEETS FROM MARLBORO (defined collectively as HEETS), Marlboro Dimensions, Marlboro HeatSticks, Parliament HeatSticks, SENTIA and TEREA, as well as the KT&G-licensed brands, Fiit and Miix (outside of
South Korea ). - Market share for HTUs is defined as the in-market sales volume for HTUs as a percentage of the total estimated industry sales volume for cigarettes and HTUs. For
Japan , total estimated industry sales volume also includes cigarillos. - Unless otherwise stated, all references to IQOS are to PMI's Platform 1 IQOS devices and heated tobacco consumables.
- IQOS heat-not-burn devices are precisely controlled heating devices into which a specially designed and proprietary tobacco units are inserted and heated to generate an aerosol.
- "PMI heat-not-burn products" include licensed KT&G heat-not-burn products.
- "PMI HTUs" include licensed KT&G HTUs.
- “Total IQOS users” is defined as the estimated number of Legal Age (minimum 18 years) users of PMI heat-not-burn products, for which PMI HTUs represented at least a portion of their daily tobacco consumption over the past seven days.
The estimated number of adults who have "switched to IQOS and stopped smoking" reflects:
- for markets where there are no heat-not-burn products other than PMI heat-not-burn products: daily individual consumption of PMI HTUs represents the totality of their daily tobacco consumption in the past seven days;
- for markets where PMI heat-not-burn products are among other heat-not-burn products: daily individual consumption of HTUs represents the totality of their daily tobacco consumption in the past seven days, of which at least 70% is PMI HTUs.
Note: The above IQOS user metrics reflect PMI estimates, which are based on consumer claims and sample-based statistical assessments with an average margin of error of +/-5% at a 95% Confidence Interval in key volume markets. The accuracy and reliability of IQOS user metrics may vary based on individual market maturity and availability of information.
As of December 2020, PMI heat-not-burn products and HTUs include licensed KT&G heat-not-burn products and HTUs, respectively.
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Appendix 1 |
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Key Market Data |
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||||||||||||
Quarters Ended December 31, |
|||||||||||||||||||||||||||||||||||||
Market |
|
Total Market, |
|
PMI Shipments, bio units |
|
PMI Market Share, % (1) |
|||||||||||||||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||||||||||||||
|
2022 |
|
2021 |
|
% Change |
|
2022 |
|
2021 |
|
% |
|
2022 |
|
2021 |
|
% |
|
2022 |
|
2021 |
|
% |
|
2022 |
|
2021 |
|
pp |
|
2022 |
|
2021 |
|
pp |
||
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|||||||||||||
Total (2) |
|
661.7 |
667.4 |
(0.9) |
|
186.0 |
183.8 |
1.2 |
|
154.0 |
158.4 |
(2.8) |
|
32.0 |
25.4 |
26.1 |
|
28.0 |
27.3 |
0.7 |
|
4.3 |
3.5 |
0.8 |
|||||||||||||
|
|
|
|
|
|
|
|
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|
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|
||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
7.7 |
8.0 |
(4.1) |
|
3.2 |
3.6 |
(10.3) |
|
3.1 |
3.5 |
(11.1) |
|
0.1 |
— |
— |
|
43.6 |
44.3 |
(0.7) |
|
0.8 |
0.8 |
— |
|||||||||||||
|
|
16.0 |
17.6 |
(9.0) |
|
7.1 |
7.0 |
1.1 |
|
5.8 |
6.4 |
(8.9) |
|
1.3 |
0.6 |
+100 |
|
44.0 |
39.6 |
4.4 |
|
7.9 |
3.5 |
4.4 |
|||||||||||||
|
|
17.8 |
17.5 |
1.9 |
|
10.2 |
9.7 |
5.0 |
|
6.4 |
7.3 |
(11.8) |
|
3.8 |
2.4 |
55.3 |
|
54.3 |
53.3 |
1.0 |
|