2020 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS
2020 Full-Year
2020 Fourth-Quarter
"In 2020, PMI delivered a robust business performance despite the unprecedented headwinds of the COVID-19 pandemic, with adjusted diluted EPS organic growth of 7.0%, supported by stronger-than-anticipated fourth quarter results," said
"We must first and foremost salute the enormous efforts of the entire PMI organization to keep our employees and their families safe, ensure business continuity, rapidly adapt our ways of working and help our local communities."
"IQOS continued to deliver impressive growth in 2020, driving significant increases in our total users, as well as both HTU shipment and in-market sales volumes. During the fourth quarter, we reported record HTU market shares in key IQOS geographies, and exited the year with double-digit national shares in ten markets."
"We enter 2021 with favorable momentum, although certain headwinds remain, notably related to Duty Free,
2021 FULL-YEAR FORECAST
|
Full-Year |
|||||||||||
|
2021 |
|
2020 |
|
Organic |
|||||||
|
|
|
|
|
|
|
|
|
|
|||
Reported Diluted EPS |
|
- |
|
|
|
|
|
|
|
|
||
Tax items |
|
|
(0.06 |
) |
|
|
|
|
||||
Asset impairment and exit costs |
|
|
0.08 |
|
|
|
|
|
||||
|
|
|
(0.05 |
) |
|
|
|
|
||||
Fair value adjustment for equity security investments |
|
|
0.04 |
|
|
|
|
|
||||
Adjusted Diluted EPS |
|
- |
|
|
|
|
|
|
|
|
||
Currency |
(0.25) |
|
|
|
|
|
|
|||||
Adjusted Diluted EPS, excluding currency |
|
- |
|
|
|
|
|
9% |
- |
11% |
Reported diluted EPS forecast to be in a range of
Excluding a favorable currency impact, at prevailing exchange rates, of approximately
2021 Full-Year Forecast Assumptions
This forecast assumes:
The foregoing is underpinned by the assumption that, even in the event of prolonged pandemic-related restrictions, there will not be a return to the depressed consumption levels of the second quarter of 2020. This assumption is consistent with the less severe impact on consumption levels observed in the second half of 2020 as COVID-19 spread in a number of markets.
This forecast excludes the impact of any future acquisitions, unanticipated or unquantifiable asset impairment and exit cost charges, future changes in currency exchange rates, further developments pertaining to the judgment in the two Québec Class Action lawsuits and the Companies’ Creditors Arrangement Act (CCAA) protection granted to RBH, any unusual events, and any COVID-19-related developments different from the assumptions set forth in the company's forecast.
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
COVID-19: Business Continuity Update
Since the onset of the COVID-19 pandemic, PMI has undertaken a number of business continuity measures to mitigate potential disruption to its operations and route-to-market in order to preserve the availability of products to its customers and adult consumers.
Currently:
On
The IQOS 3 device contains a number of technological advancements compared to a previously authorized IQOS device (IQOS 2.4), including longer battery life and quicker recharge between uses.
In its decision, the FDA noted that international survey data reviewed by the agency found no evidence of increased uptake of IQOS by youth or young adults, while use patterns available for the previously authorized version of IQOS within the
The IQOS 3 PMTA authorization is independent of the modified risk tobacco product application (MRTPA) authorization for IQOS 2.4. PMI expects to file an application seeking an exposure modification order for IQOS 3.
Brazil Indirect Tax Credit
Following a final and enforceable decision by the highest court in
A decision regarding an additional amount of overpaid indirect taxes of approximately
Conference Call
A conference call, hosted by
CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
PMI Shipment Volume by Region |
|
Fourth-Quarter |
|
Full-Year |
||||||||||
(million units) |
|
2020 |
2019 |
Change |
|
2020 |
2019 |
Change |
||||||
Cigarettes |
|
|
|
|
|
|
|
|
||||||
|
|
37,278 |
|
41,226 |
|
(9.6 |
)% |
|
163,420 |
|
174,319 |
|
(6.3 |
)% |
|
|
22,725 |
|
25,865 |
|
(12.1 |
)% |
|
93,462 |
|
100,644 |
|
(7.1 |
)% |
|
|
29,912 |
|
32,611 |
|
(8.3 |
)% |
|
117,999 |
|
134,568 |
|
(12.3 |
)% |
South & |
|
36,609 |
|
44,704 |
|
(18.1 |
)% |
|
144,788 |
|
174,934 |
|
(17.2 |
)% |
|
|
9,946 |
|
11,301 |
|
(12.0 |
)% |
|
45,100 |
|
49,951 |
|
(9.7 |
)% |
|
|
18,207 |
|
19,387 |
|
(6.1 |
)% |
|
63,749 |
|
72,293 |
|
(11.8 |
)% |
Total PMI |
|
154,677 |
|
175,094 |
|
(11.7 |
)% |
|
628,518 |
|
706,709 |
|
(11.1 |
)% |
|
|
|
|
|
|
|
|
|
||||||
Heated Tobacco Units |
|
|
|
|
|
|
|
|
||||||
|
|
5,773 |
|
3,759 |
|
53.6 |
% |
|
19,842 |
|
12,569 |
|
57.9 |
% |
|
|
6,524 |
|
5,240 |
|
24.5 |
% |
|
20,898 |
|
13,453 |
|
55.3 |
% |
|
|
188 |
|
593 |
|
(68.3 |
)% |
|
1,022 |
|
2,654 |
|
(61.5 |
)% |
South & |
|
26 |
|
— |
|
— |
% |
|
36 |
|
— |
|
— |
% |
|
|
9,063 |
|
7,424 |
|
22.1 |
% |
|
33,862 |
|
30,677 |
|
10.4 |
% |
|
|
135 |
|
97 |
|
39.2 |
% |
|
451 |
|
299 |
|
50.8 |
% |
Total PMI |
|
21,709 |
|
17,113 |
|
26.9 |
% |
|
76,111 |
|
59,652 |
|
27.6 |
% |
|
|
|
|
|
|
|
|
|
||||||
Cigarettes and Heated Tobacco Units |
|
|
|
|
|
|
|
|
||||||
|
|
43,051 |
|
44,985 |
|
(4.3 |
)% |
|
183,262 |
|
186,888 |
|
(1.9 |
)% |
|
|
29,249 |
|
31,105 |
|
(6.0 |
)% |
|
114,360 |
|
114,097 |
|
0.2 |
% |
|
|
30,100 |
|
33,204 |
|
(9.3 |
)% |
|
119,021 |
|
137,222 |
|
(13.3 |
)% |
South & |
|
36,635 |
|
44,704 |
|
(18.0 |
)% |
|
144,824 |
|
174,934 |
|
(17.2 |
)% |
|
|
19,009 |
|
18,725 |
|
1.5 |
% |
|
78,962 |
|
80,628 |
|
(2.1 |
)% |
|
|
18,342 |
|
19,484 |
|
(5.9 |
)% |
|
64,200 |
|
72,592 |
|
(11.6 |
)% |
Total PMI |
|
176,386 |
|
192,207 |
|
(8.2 |
)% |
|
704,629 |
|
766,361 |
|
(8.1 |
)% |
(1) Includes shipments to Altria Group, Inc., commencing in the third quarter of 2019, for sale in |
Full-Year
Estimated international industry cigarette and heated tobacco unit volume, excluding
PMI's total shipment volume decreased by 8.1% (or by 7.9% on a like-for-like basis), due to:
partly offset by
Impact of Inventory Movements
The net impact of estimated distributor inventory movements for the full year was immaterial. On a like-for-like basis, PMI’s total in-market sales volume declined by 7.8%.
Fourth-Quarter
PMI's total shipment volume decreased by 8.2%, due to:
partly offset by
Impact of Inventory Movements
The net impact of estimated distributor inventory movements in the fourth quarter was immaterial. PMI’s total in-market sales volume declined by 8.3%.
PMI Shipment Volume by Brand
PMI Shipment Volume by Brand |
|
Fourth-Quarter |
|
Full-Year |
||||||||||
(million units) |
|
2020 |
2019 |
Change |
|
2020 |
2019 |
Change |
||||||
Cigarettes |
|
|
|
|
|
|
|
|
||||||
|
|
57,521 |
|
66,025 |
|
(12.9 |
)% |
|
233,158 |
|
262,908 |
|
(11.3 |
)% |
L&M |
|
21,883 |
|
23,107 |
|
(5.3 |
)% |
|
91,098 |
|
92,873 |
|
(1.9 |
)% |
Chesterfield |
|
12,864 |
|
13,683 |
|
(6.0 |
)% |
|
52,139 |
|
57,185 |
|
(8.8 |
)% |
Philip Morris |
|
10,822 |
|
12,216 |
|
(11.4 |
)% |
|
45,645 |
|
49,164 |
|
(7.2 |
)% |
|
|
9,162 |
|
9,639 |
|
(4.9 |
)% |
|
34,737 |
|
38,723 |
|
(10.3 |
)% |
Sampoerna A |
|
9,061 |
|
9,121 |
|
(0.7 |
)% |
|
32,862 |
|
35,133 |
|
(6.5 |
)% |
Dji Sam Soe |
|
6,410 |
|
9,346 |
|
(31.4 |
)% |
|
24,754 |
|
32,435 |
|
(23.7 |
)% |
|
|
5,632 |
|
6,926 |
|
(18.7 |
)% |
|
24,113 |
|
28,025 |
|
(14.0 |
)% |
Lark |
|
3,429 |
|
4,027 |
|
(14.8 |
)% |
|
15,489 |
|
19,602 |
|
(21.0 |
)% |
Next |
|
2,277 |
|
2,202 |
|
3.4 |
% |
|
8,980 |
|
8,602 |
|
4.4 |
% |
Others |
|
15,616 |
|
18,802 |
|
(16.9 |
)% |
|
65,543 |
|
82,059 |
|
(20.1 |
)% |
Total Cigarettes |
|
154,677 |
|
175,094 |
|
(11.7 |
)% |
|
628,518 |
|
706,709 |
|
(11.1 |
)% |
Heated Tobacco Units (1) |
|
21,709 |
|
17,113 |
|
26.9 |
% |
|
76,111 |
|
59,652 |
|
27.6 |
% |
Total PMI |
|
176,386 |
|
192,207 |
|
(8.2 |
)% |
|
704,629 |
|
766,361 |
|
(8.1 |
)% |
(1) Includes shipments to Altria Group, Inc., commencing in the third quarter of 2019, for sale in |
||||||||||||||
Note: Sampoerna A includes Sampoerna; Philip Morris includes Philip Morris/Dubliss; Lark includes Lark Harmony; and Next includes Next/Dubliss. |
Full-Year
PMI's cigarette shipment volume of the following brands decreased:
PMI's cigarette shipment volume of the following brand increased:
The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably
International Share of Market
PMI's total international market share (excluding
PMI's total international cigarette sales volume as a percentage of total industry cigarette sales volume was down by 1.2 points to 25.7%, mainly reflecting: out-switching to heated tobacco units, as well as lower cigarette market share and/or an unfavorable geographic mix impact, notably in
In 2020, PMI owned five of the world's top 15 international cigarette brands, with international cigarette market shares as follows:
Fourth-Quarter
PMI's cigarette shipment volume of the following brands decreased:
PMI's cigarette shipment volume of the following brand increased:
The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably
International Share of Market
PMI's total international market share (excluding
PMI's total international cigarette sales volume as a percentage of total industry cigarette sales volume was down by 1.5 points to 25.2%, mainly reflecting: out-switching to heated tobacco units, as well as lower cigarette market share and/or an unfavorable geographic mix impact, notably in
CONSOLIDATED FINANCIAL SUMMARY
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
28,694 |
|
$ |
29,805 |
|
|
(3.7 |
)% |
(2.2 |
)% |
|
(1,111 |
) |
(469 |
) |
794 |
|
(1,183 |
) |
(253 |
) |
||||||
Cost of Sales |
|
|
(9,569 |
) |
|
(10,513 |
) |
|
9.0 |
% |
7.5 |
% |
|
944 |
|
158 |
|
— |
|
464 |
|
322 |
|
||||||
Marketing, Administration and Research Costs (2) |
|
|
(7,384 |
) |
|
(8,695 |
) |
|
15.1 |
% |
17.0 |
% |
|
1,311 |
|
(166 |
) |
— |
|
— |
|
1,477 |
|
||||||
Amortization of Intangibles |
|
|
(73 |
) |
|
(66 |
) |
|
(10.6 |
)% |
(13.6 |
)% |
|
(7 |
) |
2 |
|
— |
|
— |
|
(9 |
) |
||||||
Operating Income |
|
$ |
11,668 |
|
$ |
10,531 |
|
|
10.8 |
% |
15.3 |
% |
|
1,137 |
|
(475 |
) |
794 |
|
(719 |
) |
1,537 |
|
||||||
Asset Impairment & Exit Costs (3) |
|
|
(149 |
) |
|
(422 |
) |
|
64.7 |
% |
64.7 |
% |
|
273 |
|
— |
|
— |
|
— |
|
273 |
|
||||||
Canadian Tobacco Litigation-Related Expense (3) |
|
|
— |
|
|
(194 |
) |
|
+100 |
% |
+100 |
% |
|
194 |
|
— |
|
— |
|
— |
|
194 |
|
||||||
Loss on Deconsolidation of RBH (3) |
|
|
— |
|
|
(239 |
) |
|
+100 |
% |
+100 |
% |
|
239 |
|
— |
|
— |
|
— |
|
239 |
|
||||||
Russia Excise and VAT Audit Charge (3) |
|
|
— |
|
|
(374 |
) |
|
+100 |
% |
+100 |
% |
|
374 |
|
— |
|
— |
|
— |
|
374 |
|
||||||
Brazil Indirect Tax Credit (3) |
|
|
119 |
|
|
— |
|
|
— |
% |
— |
% |
|
119 |
|
— |
|
— |
|
— |
|
119 |
|
||||||
Adjusted Operating Income |
|
$ |
11,698 |
|
$ |
11,760 |
|
|
(0.5 |
)% |
3.5 |
% |
|
(62 |
) |
(475 |
) |
794 |
|
(719 |
) |
338 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
40.8 |
% |
|
39.5 |
% |
|
1.3 |
pp |
2.2 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Cost/Other variance includes the impact of the RBH deconsolidation. |
|||||||||||||||||||||||||||||
(2) Favorable Cost/Other variance includes the 2019 Canadian tobacco litigation-related expense, the 2019 loss on deconsolidation of RBH, the 2019 and 2020 asset impairment and exit costs, the 2019 Russia excise and VAT audit charge, the 2020 Brazil indirect tax credit, and the impact of the RBH deconsolidation. |
|||||||||||||||||||||||||||||
(3) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||
Note: Net Revenues include revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc., commencing in the third quarter of 2019, for sale under license in |
Net revenues decreased by 2.2%, excluding currency, reflecting: unfavorable volume/mix, primarily due to lower cigarette volume (mainly in
Operating income increased by 15.3%, excluding currency, notably reflecting a favorable comparison, shown in "Cost/Other," of net items recorded in 2020 of
Adjusted operating income increased by 3.5%, excluding currency, primarily reflecting: a favorable pricing variance; lower manufacturing costs (driven by productivity gains related to reduced-risk and combustible products) and lower marketing, administration and research costs (partly driven by cost efficiencies); partially offset by unfavorable volume/mix, mainly due to lower cigarette volume (primarily in
Adjusted operating income margin increased by 2.2 points to 41.7%, excluding currency, as detailed in Schedule 8, or by 2.4 points to 41.7%, on an organic basis, as detailed in Schedule 9.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
7,444 |
|
$ |
7,713 |
|
|
(3.5 |
)% |
(3.5 |
)% |
|
(269 |
) |
— |
|
128 |
|
(385 |
) |
(12 |
) |
||||||
Cost of Sales |
|
|
(2,572 |
) |
|
(2,778 |
) |
|
7.4 |
% |
8.0 |
% |
|
206 |
|
(15 |
) |
— |
|
146 |
|
75 |
|
||||||
Marketing, Administration and Research Costs (1) |
|
|
(1,949 |
) |
|
(2,413 |
) |
|
19.2 |
% |
20.7 |
% |
|
464 |
|
(35 |
) |
— |
|
— |
|
499 |
|
||||||
Amortization of Intangibles |
|
|
(18 |
) |
|
(16 |
) |
|
(12.5 |
)% |
(25.0 |
)% |
|
(2 |
) |
2 |
|
— |
|
— |
|
(4 |
) |
||||||
Operating Income |
|
$ |
2,905 |
|
$ |
2,506 |
|
|
15.9 |
% |
17.8 |
% |
|
399 |
|
(48 |
) |
128 |
|
(239 |
) |
558 |
|
||||||
Asset Impairment & Exit Costs (2) |
|
|
(78 |
) |
|
(357 |
) |
|
78.2 |
% |
78.2 |
% |
|
279 |
|
— |
|
— |
|
— |
|
279 |
|
||||||
Brazil Indirect Tax Credit (2) |
|
|
119 |
|
|
— |
|
|
— |
% |
— |
% |
|
119 |
|
— |
|
— |
|
— |
|
119 |
|
||||||
Adjusted Operating Income |
|
$ |
2,864 |
|
$ |
2,863 |
|
|
— |
% |
1.7 |
% |
|
1 |
|
(48 |
) |
128 |
|
(239 |
) |
160 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
38.5 |
% |
|
37.1 |
% |
|
1.4 |
pp |
2.0 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Favorable Cost/Other variance includes the 2019 and 2020 asset impairment and exit costs and the 2020 Brazil indirect tax credit | |||||||||||||||||||||||||||||
(2) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||
Note: Net Revenues include revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc., commencing in the third quarter of 2019, for sale under license in |
Net revenues decreased by 3.5%, on an organic basis, mainly reflecting: unfavorable volume/mix, primarily due to lower cigarette volume (mainly in
Operating income increased by 17.8%, excluding currency, notably reflecting a favorable comparison, shown in "Cost/Other," of net favorable items recorded in the fourth quarter of 2020 of
Adjusted operating income increased by 1.7%, on an organic basis, primarily reflecting: a favorable pricing variance; lower marketing, administration and research costs (partly driven by cost efficiencies); and lower manufacturing costs (driven by productivity gains related to reduced-risk and combustible products); partially offset by unfavorable volume/mix, due to the same factors as for net revenues noted above.
Adjusted operating income margin increased by 2.0 points to 39.1%, on an organic basis, as detailed in Schedule 8.
EUROPEAN UNION REGION
Full-Year
Financial Summary - |
|
|
|
|
Change |
|
Variance |
||||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
10,702 |
|
$ |
9,817 |
|
|
9.0 |
% |
8.8 |
% |
|
885 |
|
21 |
|
187 |
|
677 |
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
5,098 |
|
$ |
3,970 |
|
|
28.4 |
% |
29.0 |
% |
|
1,128 |
|
(24 |
) |
187 |
|
663 |
|
302 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(57 |
) |
|
(342 |
) |
|
83.3 |
% |
83.3 |
% |
|
285 |
|
— |
|
— |
|
— |
|
285 |
|
||||||
Adjusted Operating Income |
|
$ |
5,155 |
|
$ |
4,312 |
|
|
19.6 |
% |
20.1 |
% |
|
843 |
|
(24 |
) |
187 |
|
663 |
|
17 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
48.2 |
% |
|
43.9 |
% |
|
4.3 |
pp |
4.6 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 8.8%, on an organic basis, reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume across the Region (notably in the
Operating income increased by 29.0%, excluding currency, notably reflecting a favorable comparison, shown in "Cost/Other," of asset impairment and exit costs recorded in 2020 associated with organizational design optimization, to those recorded in 2019 associated with a plant closure in
Adjusted operating income increased by 20.1%, on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by the same factors as for net revenues noted above; a favorable pricing variance; and lower manufacturing costs (notably in
Adjusted operating income margin increased by 4.6 points to 48.5%, on an organic basis, as detailed in Schedule 8.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
2,742 |
|
$ |
2,436 |
|
|
12.6 |
% |
6.4 |
% |
|
306 |
|
151 |
|
45 |
|
110 |
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,174 |
|
$ |
624 |
|
|
88.1 |
% |
74.8 |
% |
|
550 |
|
83 |
|
45 |
|
129 |
|
293 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(30 |
) |
|
(342 |
) |
|
91.2 |
% |
91.2 |
% |
|
312 |
|
— |
|
— |
|
— |
|
312 |
|
||||||
Adjusted Operating Income |
|
$ |
1,204 |
|
$ |
966 |
|
|
24.6 |
% |
16.0 |
% |
|
238 |
|
83 |
|
45 |
|
129 |
|
(19 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
43.9 |
% |
|
39.7 |
% |
|
4.2 |
pp |
3.6 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 6.4%, on an organic basis, reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume (notably in
Operating income increased by 74.8%, excluding currency, mainly reflecting a favorable comparison, shown in "Cost/Other," of asset impairment and exit costs recorded in the fourth quarter of 2020 associated with organizational design optimization, to those recorded in the same period of 2019 associated with a plant closure in
Adjusted operating income increased by 16.0%, on an organic basis, primarily reflecting: favorable volume/mix, driven by the same factors as for net revenues noted above; and a favorable pricing variance; partly offset by higher manufacturing costs (notably in
Adjusted operating income margin increased by 3.6 points to 43.3%, on an organic basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
European Union Key Data |
Fourth-Quarter |
Full-Year |
||||||||||||||||
|
|
|
Change |
|
|
Change |
||||||||||||
|
2020 |
|
2019 |
|
% / pp |
2020 |
|
2019 |
|
% / pp |
||||||||
Total Market (billion units) |
115.2 |
|
119.0 |
|
(3.2 |
)% |
472.7 |
|
482.8 |
|
(2.1 |
)% |
||||||
|
|
|
|
|
|
|
||||||||||||
PMI Shipment Volume (million units) |
|
|
|
|
|
|
||||||||||||
Cigarettes |
37,278 |
|
41,226 |
|
(9.6 |
)% |
163,420 |
|
174,319 |
|
(6.3 |
)% |
||||||
Heated Tobacco Units |
5,773 |
|
3,759 |
|
53.6 |
% |
19,842 |
|
12,569 |
|
57.9 |
% |
||||||
Total EU |
43,051 |
|
44,985 |
|
(4.3 |
)% |
183,262 |
|
186,888 |
|
(1.9 |
)% |
||||||
|
|
|
|
|
|
|
||||||||||||
PMI Market Share |
|
|
|
|
|
|
||||||||||||
|
17.1 |
% |
17.8 |
% |
(0.7 |
) |
17.5 |
% |
18.0 |
% |
(0.5 |
) |
||||||
L&M |
5.9 |
% |
6.5 |
% |
(0.6 |
) |
6.2 |
% |
6.7 |
% |
(0.5 |
) |
||||||
Chesterfield |
5.3 |
% |
5.6 |
% |
(0.3 |
) |
5.5 |
% |
5.8 |
% |
(0.3 |
) |
||||||
Philip Morris |
2.2 |
% |
2.6 |
% |
(0.4 |
) |
2.4 |
% |
2.7 |
% |
(0.3 |
) |
||||||
HEETS |
5.0 |
% |
3.2 |
% |
1.8 |
|
4.2 |
% |
2.5 |
% |
1.7 |
|
||||||
Others |
3.1 |
% |
3.0 |
% |
0.1 |
|
3.1 |
% |
3.1 |
% |
— |
|
||||||
Total EU |
38.6 |
% |
38.7 |
% |
(0.1 |
) |
38.9 |
% |
38.8 |
% |
0.1 |
|
||||||
Note: HEETS includes HEETS Dimensions. |
Full-Year
The estimated total market in the EU decreased by 2.1% to 472.7 billion units, notably due to:
partly offset by
PMI's total shipment volume decreased by 1.9% to 183.3 billion units, reflecting:
partly offset by
Fourth-Quarter
The estimated total market in the EU decreased by 3.2% to 115.2 billion units, notably driven by:
PMI's total shipment volume decreased by 4.3% to 43.1 billion units, reflecting:
partly offset by
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
3,378 |
|
$ |
3,282 |
|
|
2.9 |
% |
10.9 |
% |
|
96 |
|
(263 |
) |
162 |
|
197 |
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
871 |
|
$ |
547 |
|
|
59.2 |
% |
+100 |
% |
|
324 |
|
(299 |
) |
162 |
|
146 |
|
315 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(15 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(15 |
) |
— |
|
— |
|
— |
|
(15 |
) |
||||||
Russia Excise and VAT Audit Charge (1) |
|
|
— |
|
|
(374 |
) |
|
+100 |
% |
+100 |
% |
|
374 |
|
— |
|
— |
|
— |
|
374 |
|
||||||
Adjusted Operating Income |
|
$ |
886 |
|
$ |
921 |
|
|
(3.8 |
)% |
28.7 |
% |
|
(35 |
) |
(299 |
) |
162 |
|
146 |
|
(44 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
26.2 |
% |
|
28.1 |
% |
|
(1.9 |
)pp |
4.4 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 10.9%, on an organic basis, reflecting: favorable volume/mix, predominantly driven by higher heated tobacco unit volume across the Region (notably in
Operating income increased by over 100%, excluding currency, primarily reflecting a favorable comparison, shown in "Cost/Other," mainly due to a charge recorded in 2019 of
Adjusted operating income increased by 28.7%, on an organic basis, reflecting: a favorable pricing variance; favorable volume/mix, driven by the same factors as for net revenues noted above; and lower manufacturing costs; partly offset by higher marketing, administration and research costs (partly related to increased investments behind reduced-risk products, notably in
Adjusted operating income margin increased by 4.4 points to 32.5%, on an organic basis, as detailed in Schedule 8.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
908 |
|
$ |
982 |
|
|
(7.5 |
)% |
4.5 |
% |
|
(74 |
) |
(118 |
) |
57 |
|
(13 |
) |
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
261 |
|
$ |
263 |
|
|
(0.8 |
)% |
33.8 |
% |
|
(2 |
) |
(91 |
) |
57 |
|
(10 |
) |
42 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(8 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(8 |
) |
— |
|
— |
|
— |
|
(8 |
) |
||||||
Adjusted Operating Income |
|
$ |
269 |
|
$ |
263 |
|
|
2.3 |
% |
36.9 |
% |
|
6 |
|
(91 |
) |
57 |
|
(10 |
) |
50 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
29.6 |
% |
|
26.8 |
% |
|
2.8 |
pp |
8.3 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 4.5%, on an organic basis, mainly reflecting: a favorable pricing variance, driven by higher combustible pricing (predominantly in
Operating income increased by 33.8%, excluding currency, primarily reflecting a favorable pricing variance; and lower manufacturing costs (mainly in
Adjusted operating income increased by 36.9%, on an organic basis. Adjusted operating income margin increased by 8.3 points to 35.1%, on the same basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Cigarettes |
22,725 |
25,865 |
(12.1)% |
93,462 |
100,644 |
(7.1)% |
||||||
Heated Tobacco Units |
6,524 |
5,240 |
24.5% |
20,898 |
13,453 |
55.3% |
||||||
Total |
29,249 |
31,105 |
(6.0)% |
114,360 |
114,097 |
0.2% |
Full-Year
The estimated total market in
PMI's total shipment volume increased by 0.2% to 114.4 billion units, mainly due to:
partly offset by
Fourth-Quarter
The estimated total market in
PMI's total shipment volume decreased by 6.0% to 29.2 billion units, notably due to:
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
3,088 |
|
$ |
4,042 |
|
|
(23.6 |
)% |
(21.7 |
)% |
|
(954 |
) |
(77 |
) |
186 |
|
(1,001 |
) |
(62 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,026 |
|
$ |
1,684 |
|
|
(39.1 |
)% |
(35.2 |
)% |
|
(658 |
) |
(65 |
) |
186 |
|
(784 |
) |
5 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(19 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(19 |
) |
— |
|
— |
|
— |
|
(19 |
) |
||||||
Adjusted Operating Income |
|
$ |
1,045 |
|
$ |
1,684 |
|
|
(37.9 |
)% |
(34.1 |
)% |
|
(639 |
) |
(65 |
) |
186 |
|
(784 |
) |
24 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
33.8 |
% |
|
41.7 |
% |
|
(7.9 |
)pp |
(6.6 |
)pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 21.7%, on an organic basis, reflecting: unfavorable volume/mix, mainly due to lower cigarette volume, heated tobacco unit volume and IQOS device volume in PMI Duty Free, as well as lower cigarette volume in
Operating income decreased by 35.2%, excluding currency, mainly reflecting: unfavorable volume/mix, predominantly due to lower cigarette and heated tobacco unit volume in PMI Duty Free; and lower fees for certain distribution rights, as noted above for net revenues; partially offset by a favorable pricing variance; and lower marketing, administration and research costs.
Adjusted operating income decreased by 34.1% on an organic basis. Adjusted operating income margin decreased by 6.6 points to 35.1%, on the same basis, as detailed in Schedule 8.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
740 |
|
$ |
984 |
|
|
(24.8 |
)% |
(21.6 |
)% |
|
(244 |
) |
(31 |
) |
63 |
|
(265 |
) |
(11 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
207 |
|
$ |
380 |
|
|
(45.5 |
)% |
(36.1 |
)% |
|
(173 |
) |
(36 |
) |
63 |
|
(219 |
) |
19 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(10 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(10 |
) |
— |
|
— |
|
— |
|
(10 |
) |
||||||
Adjusted Operating Income |
|
$ |
217 |
|
$ |
380 |
|
|
(42.9 |
)% |
(33.4 |
)% |
|
(163 |
) |
(36 |
) |
63 |
|
(219 |
) |
29 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
29.3 |
% |
|
38.6 |
% |
|
(9.3 |
)pp |
(5.8 |
)pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 21.6%, on an organic basis, primarily reflecting: unfavorable volume/mix, mainly due to lower cigarette and heated tobacco unit volume in PMI Duty Free; partly offset by a favorable pricing variance, notably driven by combustible pricing in
Operating income decreased by 36.1%, excluding currency, mainly reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; partly offset by a favorable pricing variance; lower manufacturing costs; and lower marketing, administration and research costs.
Adjusted operating income decreased by 33.4%, on an organic basis. Adjusted operating income margin decreased by 5.8 points to 32.8%, on the same basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Cigarettes |
29,912 |
32,611 |
(8.3)% |
117,999 |
134,568 |
(12.3)% |
||||||
Heated Tobacco Units |
188 |
593 |
(68.3)% |
1,022 |
2,654 |
(61.5)% |
||||||
Total |
30,100 |
33,204 |
(9.3)% |
119,021 |
137,222 |
(13.3)% |
Full-Year
The estimated total market in the
PMI's total shipment volume decreased by 13.3% to 119.0 billion units, notably due to:
Fourth-Quarter
The estimated total market in the
partly offset by
PMI's total shipment volume decreased by 9.3% to 30.1 billion units, notably due to:
partly offset by
SOUTH &
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
4,396 |
|
$ |
5,094 |
|
|
(13.7 |
)% |
(13.3 |
)% |
|
(698 |
) |
(19 |
) |
(44 |
) |
(635 |
) |
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,709 |
|
$ |
2,163 |
|
|
(21.0 |
)% |
(21.1 |
)% |
|
(454 |
) |
2 |
|
(44 |
) |
(457 |
) |
45 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(23 |
) |
|
(20 |
) |
|
(15.0 |
)% |
(15.0 |
)% |
|
(3 |
) |
— |
|
— |
|
— |
|
(3 |
) |
||||||
Adjusted Operating Income |
|
$ |
1,732 |
|
$ |
2,183 |
|
|
(20.7 |
)% |
(20.8 |
)% |
|
(451 |
) |
2 |
|
(44 |
) |
(457 |
) |
48 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
39.4 |
% |
|
42.9 |
% |
|
(3.5 |
)pp |
(3.7 |
)pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 13.3%, on an organic basis, reflecting: unfavorable volume/mix, primarily due to lower cigarette volume in
Operating income decreased by 21.1%, excluding currency, mainly reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; and an unfavorable pricing variance; partly offset by lower marketing, administration and research costs (primarily in
Adjusted operating income decreased by 20.8%, on an organic basis. Adjusted operating income margin decreased by 3.7 points to 39.2%, on the same basis, as detailed in Schedule 8.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
1,185 |
|
$ |
1,487 |
|
|
(20.3 |
)% |
(20.6 |
)% |
|
(302 |
) |
5 |
|
(98 |
) |
(209 |
) |
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
419 |
|
$ |
692 |
|
|
(39.5 |
)% |
(39.7 |
)% |
|
(273 |
) |
2 |
|
(98 |
) |
(161 |
) |
(16 |
) |
||||||
Asset Impairment & Exit Costs (1) |
|
|
(12 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(12 |
) |
— |
|
— |
|
— |
|
(12 |
) |
||||||
Adjusted Operating Income |
|
$ |
431 |
|
$ |
692 |
|
|
(37.7 |
)% |
(38.0 |
)% |
|
(261 |
) |
2 |
|
(98 |
) |
(161 |
) |
(4 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
36.4 |
% |
|
46.5 |
% |
|
(10.1 |
)pp |
(10.1 |
)pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 20.6%, on an organic basis, reflecting: unfavorable volume/mix, principally due to lower cigarette volume in
Operating income decreased by 39.7%, excluding currency, primarily reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; and an unfavorable pricing variance.
Adjusted operating income decreased by 38.0%, on an organic basis. Adjusted operating income margin decreased by 10.1 points to 36.4%, on the same basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Cigarettes |
36,609 |
44,704 |
(18.1)% |
144,788 |
174,934 |
(17.2)% |
||||||
Heated Tobacco Units |
26 |
— |
—% |
36 |
— |
—% |
||||||
Total South & |
36,635 |
44,704 |
(18.0)% |
144,824 |
174,934 |
(17.2)% |
Full-Year
The estimated total market in South &
PMI's total shipment volume decreased by 17.2% to 144.8 billion units, notably due to:
Fourth-Quarter
The estimated total market in South &
PMI's total shipment volume decreased by 18.0% to 36.6 billion units, notably due to:
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
5,429 |
|
$ |
5,364 |
|
|
1.2 |
% |
0.6 |
% |
|
65 |
|
33 |
|
168 |
|
(136 |
) |
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
2,400 |
|
$ |
1,932 |
|
|
24.2 |
% |
23.1 |
% |
|
468 |
|
21 |
|
168 |
|
(68 |
) |
347 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(26 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(26 |
) |
— |
|
— |
|
— |
|
(26 |
) |
||||||
Adjusted Operating Income |
|
$ |
2,426 |
|
$ |
1,932 |
|
|
25.6 |
% |
24.5 |
% |
|
494 |
|
21 |
|
168 |
|
(68 |
) |
373 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
44.7 |
% |
|
36.0 |
% |
|
8.7 |
pp |
8.6 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 0.6%, on an organic basis, reflecting: a favorable pricing variance, mainly driven by higher heated tobacco and combustible pricing in
Operating income increased by 23.1%, excluding currency, mainly reflecting: lower marketing, administration and research costs (notably in
Adjusted operating income increased by 24.5%, on an organic basis. Adjusted operating income margin increased by 8.6 points to 44.6%, on the same basis, as detailed in Schedule 8.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
1,384 |
|
$ |
1,270 |
|
|
9.0 |
% |
6.1 |
% |
|
114 |
|
36 |
|
33 |
|
45 |
|
— |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
608 |
|
$ |
412 |
|
|
47.6 |
% |
43.0 |
% |
|
196 |
|
19 |
|
33 |
|
66 |
|
78 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(13 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(13 |
) |
— |
|
— |
|
— |
|
(13 |
) |
||||||
Adjusted Operating Income |
|
$ |
621 |
|
$ |
412 |
|
|
50.7 |
% |
46.1 |
% |
|
209 |
|
19 |
|
33 |
|
66 |
|
91 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
44.9 |
% |
|
32.4 |
% |
|
12.5 |
pp |
12.3 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 6.1%, on an organic basis, reflecting: favorable volume/mix, mainly due to higher heated tobacco unit volume in
Operating income increased by 43.0%, excluding currency, mainly reflecting: favorable volume/mix, due to the same factors as for net revenues noted above; lower marketing, administration and research costs (related to combustible and reduced-risk products); lower manufacturing costs (primarily related to
Adjusted operating income increased by 46.1%, on an organic basis. Adjusted operating income margin increased by 12.3 points to 44.7%, on the same basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Cigarettes |
9,946 |
11,301 |
(12.0)% |
45,100 |
49,951 |
(9.7)% |
||||||
Heated Tobacco Units |
9,063 |
7,424 |
22.1% |
33,862 |
30,677 |
10.4% |
||||||
Total |
19,009 |
18,725 |
1.5 % |
78,962 |
80,628 |
(2.1)% |
Full-Year
The estimated total market in
partly offset by
PMI's total shipment volume decreased by 2.1% to 79.0 billion units, notably in:
Fourth-Quarter
The estimated total market in
partly offset by
PMI's total shipment volume increased by 1.5% to 19.0 billion units, notably in:
Full-Year
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
1,701 |
|
$ |
2,206 |
|
|
(22.9 |
)% |
(15.5 |
)% |
|
(505 |
) |
(164 |
) |
135 |
|
(285 |
) |
(191 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
564 |
|
$ |
235 |
|
|
+100 |
% |
+100 |
% |
|
329 |
|
(110 |
) |
135 |
|
(219 |
) |
523 |
|
||||||
Asset Impairment & Exit Costs (2) |
|
|
(9 |
) |
|
(60 |
) |
|
85.0 |
% |
85.0 |
% |
|
51 |
|
— |
|
— |
|
— |
|
51 |
|
||||||
Canadian Tobacco Litigation-Related Expense (2) |
|
|
— |
|
|
(194 |
) |
|
+100 |
% |
+100 |
% |
|
194 |
|
— |
|
— |
|
— |
|
194 |
|
||||||
Loss on Deconsolidation of RBH (2) |
|
|
— |
|
|
(239 |
) |
|
+100 |
% |
+100 |
% |
|
239 |
|
— |
|
— |
|
— |
|
239 |
|
||||||
Brazil Indirect Tax Credit (2) |
|
|
119 |
|
|
— |
|
|
— |
% |
— |
% |
|
119 |
|
— |
|
— |
|
— |
|
119 |
|
||||||
Adjusted Operating Income |
|
$ |
454 |
|
$ |
728 |
|
|
(37.6 |
)% |
(22.5 |
)% |
|
(274 |
) |
(110 |
) |
135 |
|
(219 |
) |
(80 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
26.7 |
% |
|
33.0 |
% |
|
(6.3 |
)pp |
(2.8 |
)pp |
|
|
|
|
|
|
|||||||||||
(1) Cost/Other variance includes the impact of the RBH deconsolidation. |
|||||||||||||||||||||||||||||
(2) Included in marketing, administration and research costs at the consolidated operating income level. |
|||||||||||||||||||||||||||||
Note: Net Revenues include revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc., commencing in the third quarter of 2019, for sale under license in |
Net revenues decreased by 15.5%, excluding currency, reflecting: unfavorable volume/mix, due to lower cigarette volume, mainly in
Operating income increased by over 100%, excluding currency, notably reflecting a favorable comparison, shown in "Cost/Other," of net favorable items recorded in 2020 of
Adjusted operating income decreased by 22.5%, excluding currency, mainly reflecting: unfavorable volume/mix, due to the same factors as for net revenues noted above; and the unfavorable impact of the deconsolidation of RBH, included in "Cost/Other"; partly offset by a favorable pricing variance; and lower marketing, administration and research costs (notably in
Adjusted operating income margin decreased by 2.8 points to 30.2%, excluding currency, as detailed in Schedule 8, or increased by 0.4 points to 30.1%, on an organic basis, as detailed in Schedule 10.
Fourth-Quarter
Financial Summary - |
|
|
|
|
|
Change |
|
Variance |
|||||||||||||||||||||
|
2020 |
|
2019 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
485 |
|
$ |
554 |
|
|
(12.5 |
)% |
(4.7 |
)% |
|
(69 |
) |
(43 |
) |
28 |
|
(53 |
) |
(1 |
) |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
236 |
|
$ |
135 |
|
|
74.8 |
% |
93.3 |
% |
|
101 |
|
(25 |
) |
28 |
|
(44 |
) |
142 |
|
||||||
Asset Impairment & Exit Costs (1) |
|
|
(5 |
) |
|
(15 |
) |
|
66.7 |
% |
66.7 |
% |
|
10 |
|
— |
|
— |
|
— |
|
10 |
|
||||||
Brazil Indirect Tax Credit (1) |
|
|
119 |
|
|
— |
|
|
— |
% |
— |
% |
|
119 |
|
— |
|
— |
|
— |
|
119 |
|
||||||
Adjusted Operating Income |
|
$ |
122 |
|
$ |
150 |
|
|
(18.7 |
)% |
(2.0 |
)% |
|
(28 |
) |
(25 |
) |
28 |
|
(44 |
) |
13 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
25.2 |
% |
|
27.1 |
% |
|
(1.9 |
)pp |
0.7 |
pp |
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
|||||||||||||||||||||||||||||
Note: Net Revenues include revenues from shipments of Platform 1 devices, heated tobacco units and accessories to Altria Group, Inc., commencing in the third quarter of 2019, for sale under license in |
Net revenues decreased by 4.7%, on an organic basis, mainly reflecting: unfavorable volume/mix, notably due to lower cigarette volume in
Operating income increased by 93.3%, excluding currency, primarily reflecting a favorable comparison, shown in "Cost/Other," due mainly to the
Adjusted operating income decreased by 2.0%, on an organic basis, primarily reflecting: unfavorable volume/mix (due to the same factors as for net revenues noted above); partly offset by a favorable pricing variance.
Adjusted operating income margin increased by 0.7 points to 27.8%, on an organic basis, as detailed in Schedule 8.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Cigarettes |
18,207 |
19,387 |
(6.1)% |
63,749 |
72,293 |
(11.8)% |
||||||
Heated Tobacco Units |
135 |
97 |
39.2% |
451 |
299 |
50.8% |
||||||
Total |
18,342 |
19,484 |
(5.9)% |
64,200 |
72,592 |
(11.6)% |
Full-Year
The estimated total market in
partly offset by
PMI's total shipment volume decreased by 11.6% to 64.2 billion units (or by 10.3% on a like-for-like basis), notably due to:
partly offset by
Fourth-Quarter
The estimated total market in
partly offset by
PMI's total shipment volume decreased by 5.9% to 18.3 billion units, mainly due to:
partly offset by
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other forward-looking statements. 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; 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; changes in adult smoker behavior; lost revenues as a result of counterfeiting, contraband and cross-border purchases; governmental investigations; unfavorable currency exchange rates and currency devaluations, and limitations on the ability to repatriate funds; adverse changes in applicable corporate tax laws; adverse changes in the cost and quality of tobacco and other agricultural products and raw materials; and the integrity of its information systems and effectiveness of its data privacy policies. PMI's future profitability may also be adversely affected should it be unsuccessful in its attempts to produce and commercialize reduced-risk products or if regulation or taxation do not differentiate between such products and cigarettes; if it is unable to successfully introduce new products, promote brand equity, enter new markets or improve its margins through increased prices and productivity gains; if it is unable to expand its brand portfolio internally or through acquisitions and the development of strategic business relationships; or if it is unable to attract and retain the best global talent. Future results are also subject to the lower predictability of our reduced-risk product category's performance.
The COVID-19 pandemic has created significant societal and economic disruption, and resulted in closures of stores, factories and offices, and restrictions on manufacturing, distribution and travel, all of which will adversely impact our business, results of operations, cash flows and financial position during the continuation of the pandemic. Our business continuity plans and other safeguards in place may not be effective to mitigate the impact of the pandemic. Currently, significant risks include our diminished ability to convert adult smokers to our RRPs, significant volume declines in our duty-free business and certain other key markets, disruptions or delays in our manufacturing and supply chain, increased currency volatility, and delays in certain cost saving, transformation and restructuring initiatives. Our business could also be adversely impacted if key personnel or a significant number of employees or business partners become unavailable due to the COVID-19 outbreak. The significant adverse impact of COVID-19 on the economic or political conditions in markets in which we operate could result in changes to the preferences of our adult consumers and lower demand for our products, particularly for our mid-price or premium-price brands. Continuation of the pandemic could disrupt our access to the credit markets or increase our borrowing costs. Governments may temporarily be unable to focus on the development of science-based regulatory frameworks for the development and commercialization of RRPs or on the enforcement or implementation of regulations that are significant to our business. In addition, messaging about the potential negative impacts of the use of our products on COVID-19 risks may lead to increasingly restrictive regulatory measures on the sale and use of our products, negatively impact demand for our products, the willingness of adult consumers to switch to our RRPs and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of RRPs.
The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the outbreak, its recurrence in our key markets, actions taken to contain its spread and to mitigate its public health effects, and the ultimate economic consequences thereof.
PMI is further subject to other risks detailed from time to time in its publicly filed documents, including the Form 10-Q for the quarter ended
Key Terms, Definitions and Explanatory Notes
General
Financial
Reduced-Risk Products
Note: as of
IQOS in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 1 |
|||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||
Key Market Data |
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Quarters Ended |
|||||||||||||||||||||||||||||||||||||||||||
Market |
|
Total Market, |
|
PMI Shipments, bio units |
|
PMI Market Share, % (1) |
|||||||||||||||||||||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||||||||||||||||||||
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
pp |
|
2020 |
2019 |
pp |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
|
651.1 |
|
686.4 |
|
(5.1 |
) |
|
176.4 |
|
192.2 |
|
(8.2 |
) |
|
154.7 |
|
175.1 |
|
(11.7 |
) |
|
21.7 |
|
17.1 |
|
26.9 |
|
|
27.4 |
|
28.3 |
|
(0.9 |
) |
|
3.1 |
|
2.4 |
|
0.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
8.6 |
|
8.8 |
|
(2.9 |
) |
|
3.6 |
|
3.9 |
|
(7.0 |
) |
|
3.6 |
|
3.8 |
|
(7.7 |
) |
|
0.1 |
|
— |
|
— |
|
|
44.9 |
|
45.1 |
|
(0.2 |
) |
|
0.6 |
|
0.3 |
|
0.3 |
|
|
|
|
18.2 |
|
18.2 |
|
0.4 |
|
|
7.1 |
|
7.1 |
|
0.4 |
|
|
6.6 |
|
6.8 |
|
(2.3 |
) |
|
0.5 |
|
0.3 |
|
62.8 |
|
|
39.0 |
|
39.0 |
|
— |
|
|
2.6 |
|
1.6 |
|
1.0 |
|
|
|
|
16.6 |
|
16.8 |
|
(1.3 |
) |
|
7.9 |
|
8.3 |
|
(5.5 |
) |
|
6.3 |
|
7.2 |
|
(13.3 |
) |
|
1.6 |
|
1.1 |
|
47.7 |
|
|
52.6 |
|
52.3 |
|
0.3 |
|
|
9.6 |
|
6.1 |
|
3.5 |
|
|
|
|
10.6 |
|
10.8 |
|
(1.8 |
) |
|
4.1 |
|
4.5 |
|
(7.7 |
) |
|
3.4 |
|
4.1 |
|
(17.8 |
) |
|
0.8 |
|
0.4 |
|
94.2 |
|
|
39.0 |
|
41.5 |
|
(2.5 |
) |
|
7.4 |
|
3.8 |
|
3.6 |
|
|
|
|
10.1 |
|
10.9 |
|
(7.7 |
) |
|
3.1 |
|
3.1 |
|
(1.4 |
) |
|
3.0 |
|
3.0 |
|
(1.5 |
) |
|
0.1 |
|
0.1 |
|
1.2 |
|
|
31.2 |
|
30.7 |
|
0.5 |
|
|
1.1 |
|
0.8 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
55.7 |
|
58.4 |
|
(4.6 |
) |
|
17.6 |
|
19.2 |
|
(8.2 |
) |
|
13.3 |
|
15.4 |
|
(13.2 |
) |
|
4.3 |
|
3.8 |
|
12.0 |
|
|
32.3 |
|
31.2 |
|
1.1 |
|
|
7.2 |
|
5.0 |
|
2.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
5.8 |
|
4.6 |
|
26.0 |
|
|
2.9 |
|
2.6 |
|
14.0 |
|
|
2.8 |
|
2.6 |
|
11.6 |
|
|
0.1 |
|
— |
|
— |
|
|
40.4 |
|
51.6 |
|
(11.2 |
) |
|
0.5 |
|
— |
|
0.5 |
|
|
|
|
|
28.4 |
|
26.4 |
|
7.7 |
|
|
12.2 |
|
11.4 |
|
7.3 |
|
|
12.2 |
|
11.4 |
|
7.3 |
|
|
— |
|
— |
|
— |
|
|
43.0 |
|
43.4 |
|
(0.4 |
) |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
South & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
74.8 |
|
83.0 |
|
(10.0 |
) |
|
21.2 |
|
26.4 |
|
(19.7 |
) |
|
21.2 |
|
26.4 |
|
(19.7 |
) |
|
— |
|
— |
|
— |
|
|
28.3 |
|
31.7 |
|
(3.4 |
) |
|
— |
|
— |
|
— |
|
|
|
|
15.0 |
|
17.8 |
|
(15.6 |
) |
|
9.5 |
|
12.5 |
|
(23.4 |
) |
|
9.5 |
|
12.5 |
|
(23.6 |
) |
|
— |
|
— |
|
— |
|
|
63.5 |
|
69.9 |
|
(6.4 |
) |
|
0.2 |
|
— |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
2.6 |
|
2.8 |
|
(5.1 |
) |
|
0.8 |
|
0.8 |
|
8.6 |
|
|
0.8 |
|
0.8 |
|
8.6 |
|
|
— |
|
— |
|
— |
|
|
31.1 |
|
27.2 |
|
3.9 |
|
|
— |
|
— |
|
— |
|
|
|
|
31.5 |
|
37.6 |
|
(16.3 |
) |
|
12.4 |
|
11.9 |
|
3.4 |
|
|
4.5 |
|
5.7 |
|
(20.2 |
) |
|
7.8 |
|
6.3 |
|
24.6 |
|
|
38.4 |
|
35.1 |
|
3.3 |
|
|
22.1 |
|
17.7 |
|
4.4 |
|
|
|
|
16.8 |
|
16.9 |
|
(0.5 |
) |
|
3.5 |
|
3.7 |
|
(4.7 |
) |
|
2.4 |
|
2.6 |
|
(9.0 |
) |
|
1.1 |
|
1.1 |
|
5.9 |
|
|
20.8 |
|
21.7 |
|
(0.9 |
) |
|
6.7 |
|
6.3 |
|
0.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
9.3 |
|
8.7 |
|
7.1 |
|
|
5.6 |
|
5.8 |
|
(3.5 |
) |
|
5.6 |
|
5.8 |
|
(3.5 |
) |
|
— |
|
— |
|
— |
|
|
59.8 |
|
66.4 |
|
(6.6 |
) |
|
— |
|
— |
|
— |
|
|
|
|
8.7 |
|
10.4 |
|
(15.9 |
) |
|
5.9 |
|
7.3 |
|
(18.3 |
) |
|
5.9 |
|
7.3 |
|
(18.5 |
) |
|
— |
|
— |
|
— |
|
|
67.9 |
|
70.0 |
|
(2.1 |
) |
|
0.2 |
|
0.1 |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) Market share estimates are calculated using IMS data |
|||||||||||||||||||||||||||||||||||||||||||
Note: % change for Total Market and PMI shipments is computed based on millions of units; PMI Market Share estimates for previous periods are restated to reflect RBH deconsolidation and exclude RBH-owned brands. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appendix 2 |
|||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||
Key Market Data |
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Years Ended |
|||||||||||||||||||||||||||||||||||||||||||
Market |
|
Total Market, |
|
PMI Shipments, bio units |
|
PMI Market Share, % (1) |
|||||||||||||||||||||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||||||||||||||||||||
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
% |
|
2020 |
2019 |
pp |
|
2020 |
2019 |
pp |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total |
|
2,548.4 |
|
2,705.0 |
|
(5.8 |
) |
|
704.6 |
|
766.4 |
|
(8.1 |
) |
|
628.5 |
|
706.7 |
|
(11.1 |
) |
|
76.1 |
|
59.7 |
|
27.6 |
|
|
27.7 |
|
28.4 |
|
(0.7 |
) |
|
3.0 |
|
2.2 |
|
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
36.6 |
|
37.9 |
|
(3.6 |
) |
|
16.3 |
|
17.0 |
|
(4.3 |
) |
|
16.1 |
|
16.9 |
|
(4.9 |
) |
|
0.2 |
|
0.1 |
|
+100 |
|
|
44.9 |
|
45.0 |
|
(0.1 |
) |
|
0.5 |
|
0.2 |
|
0.3 |
|
|
|
|
74.6 |
|
73.3 |
|
1.9 |
|
|
29.1 |
|
27.9 |
|
4.4 |
|
|
27.4 |
|
27.0 |
|
1.7 |
|
|
1.6 |
|
0.9 |
|
82.7 |
|
|
39.0 |
|
38.0 |
|
1.0 |
|
|
2.2 |
|
1.2 |
|
1.0 |
|
|
|
|
67.4 |
|
67.9 |
|
(0.8 |
) |
|
34.6 |
|
34.9 |
|
(0.8 |
) |
|
29.0 |
|
31.4 |
|
(7.4 |
) |
|
5.6 |
|
3.5 |
|
57.9 |
|
|
52.2 |
|
51.8 |
|
0.4 |
|
|
8.1 |
|
4.8 |
|
3.3 |
|
|
|
|
45.6 |
|
46.2 |
|
(1.3 |
) |
|
17.8 |
|
19.0 |
|
(6.7 |
) |
|
15.4 |
|
17.9 |
|
(13.8 |
) |
|
2.4 |
|
1.1 |
|
+100 |
|
|
39.0 |
|
41.2 |
|
(2.2 |
) |
|
5.2 |
|
2.5 |
|
2.7 |
|
|
|
|
41.8 |
|
45.4 |
|
(7.8 |
) |
|
13.2 |
|
14.5 |
|
(8.8 |
) |
|
12.8 |
|
14.1 |
|
(9.5 |
) |
|
0.4 |
|
0.3 |
|
19.6 |
|
|
31.4 |
|
31.3 |
|
0.1 |
|
|
1.0 |
|
0.7 |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
219.1 |
|
226.5 |
|
(3.3 |
) |
|
69.2 |
|
68.0 |
|
1.8 |
|
|
55.6 |
|
58.8 |
|
(5.4 |
) |
|
13.6 |
|
9.2 |
|
48.4 |
|
|
32.3 |
|
30.1 |
|
2.2 |
|
|
6.3 |
|
3.8 |
|
2.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
21.7 |
|
20.8 |
|
4.4 |
|
|
9.1 |
|
9.2 |
|
(0.7 |
) |
|
9.0 |
|
9.2 |
|
(2.0 |
) |
|
0.1 |
|
— |
|
— |
|
|
39.0 |
|
43.0 |
|
(4.0 |
) |
|
0.3 |
|
— |
|
0.3 |
|
|
|
|
|
114.8 |
|
119.7 |
|
(4.2 |
) |
|
47.5 |
|
51.9 |
|
(8.5 |
) |
|
47.5 |
|
51.9 |
|
(8.5 |
) |
|
— |
|
— |
|
— |
|
|
41.3 |
|
43.4 |
|
(2.1 |
) |
|
— |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
South & |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
276.3 |
|
305.7 |
|
(9.6 |
) |
|
79.5 |
|
98.5 |
|
(19.3 |
) |
|
79.5 |
|
98.5 |
|
(19.3 |
) |
|
— |
|
— |
|
— |
|
|
28.8 |
|
32.2 |
|
(3.4 |
) |
|
— |
|
— |
|
— |
|
|
|
|
62.1 |
|
70.5 |
|
(12.0 |
) |
|
41.7 |
|
49.7 |
|
(16.1 |
) |
|
41.7 |
|
49.7 |
|
(16.2 |
) |
|
— |
|
— |
|
— |
|
|
67.2 |
|
70.5 |
|
(3.3 |
) |
|
0.1 |
|
— |
|
0.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
11.0 |
|
12.0 |
|
(8.8 |
) |
|
3.3 |
|
3.3 |
|
(0.8 |
) |
|
3.3 |
|
3.3 |
|
(0.8 |
) |
|
— |
|
— |
|
— |
|
|
29.9 |
|
27.5 |
|
2.4 |
|
|
— |
|
— |
|
— |
|
|
|
|
142.9 |
|
157.8 |
|
(9.4 |
) |
|
51.1 |
|
52.4 |
|
(2.4 |
) |
|
22.2 |
|
26.6 |
|
(16.4 |
) |
|
28.9 |
|
25.8 |
|
11.9 |
|
|
37.1 |
|
34.5 |
|
2.6 |
|
|
20.4 |
|
17.1 |
|
3.3 |
|
|
|
|
71.6 |
|
68.6 |
|
4.4 |
|
|
14.8 |
|
15.5 |
|
(4.3 |
) |
|
10.2 |
|
10.8 |
|
(6.0 |
) |
|
4.6 |
|
4.6 |
|
(0.3 |
) |
|
20.7 |
|
22.6 |
|
(1.9 |
) |
|
6.5 |
|
6.8 |
|
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
33.6 |
|
33.4 |
|
0.7 |
|
|
20.5 |
|
23.3 |
|
(12.2 |
) |
|
20.5 |
|
23.3 |
|
(12.2 |
) |
|
— |
|
— |
|
— |
|
|
61.0 |
|
70.0 |
|
(9.0 |
) |
|
— |
|
— |
|
— |
|
|
|
|
30.7 |
|
35.5 |
|
(13.6 |
) |
|
19.5 |
|
23.8 |
|
(18.0 |
) |
|
19.5 |
|
23.8 |
|
(18.3 |
) |
|
0.1 |
|
— |
|
— |
|
|
63.7 |
|
67.1 |
|
(3.4 |
) |
|
0.2 |
|
— |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
(1) Market share estimates are calculated using IMS data |