2021 FULL-YEAR & FOURTH-QUARTER HIGHLIGHTS
2021 Full-Year
2021 Fourth-Quarter
"Our business delivered excellent performance in 2021, with strong underlying momentum driving total volume growth, high single-digit organic net revenue growth and double-digit adjusted diluted EPS growth against the pandemic-affected prior year," said
"We were especially pleased by the reacceleration of our business in the fourth quarter to deliver better-than-expected results. This included a step-up in sequential IQOS user growth, as well as the outstanding initial performance of IQOS ILUMA. We also achieved essentially stable category share for cigarettes in the quarter, as our portfolio initiatives bore fruit and pandemic-linked restrictions receded in many markets."
"We enter 2022 with strong fundamentals, underpinned by IQOS, and exciting innovation to come across our broader smoke-free product portfolio. We are forecasting organic top-line growth of 4% to 6% and currency-neutral adjusted diluted EPS growth of 8% to 11%, which prudently incorporate the continuing uncertainty on full IQOS device availability and the pace of the ongoing pandemic recovery."
2022 FULL-YEAR FORECAST
|
Full-Year |
||||||||||||
|
2022 |
|
2021 |
|
Growth |
||||||||
|
|
|
|
|
|
|
|
|
|||||
Reported Diluted EPS |
|
- |
|
|
|
|
|
|
|
||||
|
— |
|
0.14 |
|
|
|
|
||||||
Asset impairment and exit costs |
— |
|
0.12 |
|
|
|
|
||||||
Asset acquisition cost |
— |
|
0.03 |
|
|
|
|
||||||
Equity investee ownership dilution |
— |
|
(0.04 |
) |
|
|
|
||||||
Adjusted Diluted EPS |
|
- |
|
|
|
|
|
|
|
|
|||
Currency |
(0.45) |
|
|
|
|
|
|
||||||
Adjusted Diluted EPS, excluding currency |
|
- |
|
|
|
|
|
8% |
- |
11% |
Reported diluted EPS forecast to be in a range of
2022 Full-Year Forecast Assumptions
This forecast assumes:
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 PMI's Canadian subsidiary,
Factors described in the Forward-Looking and Cautionary Statements section of this release represent continuing risks to these projections.
IQOS in the
On
Note: The ITC decision has no bearing outside the
Platform 2
PMI conducted a consumer test of its Platform 2 TEEPS carbon tip product in the last quarter of 2021. As a result of the feedback from this consumer test, the design of the company's current Platform 2 technology has been discontinued. PMI is assessing alternative designs for this consumer segment.
Conference Call
A conference call, hosted by
CONSOLIDATED SHIPMENT VOLUME & MARKET SHARE
PMI Shipment Volume by Region |
Fourth-Quarter |
Full-Year |
||||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||||
Cigarettes |
|
|
|
|
|
|
||||||||
|
37,605 |
37,278 |
0.9 |
% |
157,843 |
163,420 |
(3.4 |
)% |
||||||
|
20,927 |
22,725 |
(7.9 |
)% |
88,698 |
93,462 |
(5.1 |
)% |
||||||
|
34,756 |
29,912 |
16.2 |
% |
127,911 |
117,999 |
8.4 |
% |
||||||
South & |
36,136 |
36,609 |
(1.3 |
)% |
141,923 |
144,788 |
(2.0 |
)% |
||||||
|
10,463 |
9,946 |
5.2 |
% |
43,913 |
45,100 |
(2.6 |
)% |
||||||
|
18,495 |
18,207 |
1.6 |
% |
64,587 |
63,749 |
1.3 |
% |
||||||
Total PMI |
158,382 |
154,677 |
2.4 |
% |
624,875 |
628,518 |
(0.6 |
)% |
||||||
|
|
|
|
|
|
|
||||||||
Heated Tobacco Units |
|
|
|
|
|
|
||||||||
|
7,803 |
5,773 |
35.2 |
% |
28,208 |
19,842 |
42.2 |
% |
||||||
|
7,056 |
6,524 |
8.2 |
% |
25,650 |
20,898 |
22.7 |
% |
||||||
|
655 |
188 |
+100 |
% |
2,140 |
1,022 |
+100 |
% |
||||||
South & |
89 |
26 |
+100 |
% |
240 |
36 |
+100 |
% |
||||||
|
9,684 |
9,063 |
6.9 |
% |
38,162 |
33,862 |
12.7 |
% |
||||||
|
110 |
135 |
(18.5 |
)% |
576 |
451 |
27.7 |
% |
||||||
Total PMI |
25,397 |
21,709 |
17.0 |
% |
94,976 |
76,111 |
24.8 |
% |
||||||
|
|
|
|
|
|
|
||||||||
Cigarettes and Heated Tobacco Units |
|
|
|
|
|
|
||||||||
|
45,408 |
43,051 |
5.5 |
% |
186,051 |
183,262 |
1.5 |
% |
||||||
|
27,983 |
29,249 |
(4.3 |
)% |
114,348 |
114,360 |
— |
% |
||||||
|
35,411 |
30,100 |
17.6 |
% |
130,051 |
119,021 |
9.3 |
% |
||||||
South & |
36,225 |
36,635 |
(1.1 |
)% |
142,163 |
144,824 |
(1.8 |
)% |
||||||
|
20,147 |
19,009 |
6.0 |
% |
82,075 |
78,962 |
3.9 |
% |
||||||
|
18,605 |
18,342 |
1.4 |
% |
65,163 |
64,200 |
1.5 |
% |
||||||
Total PMI |
183,779 |
176,386 |
4.2 |
% |
719,851 |
704,629 |
2.2 |
% |
Full-Year
Estimated international industry cigarette and heated tobacco unit volume, excluding
PMI's total shipment volume increased by 2.2%, driven by:
partly offset by
Total shipment volume in
Impact of Inventory Movements
Excluding the net favorable impact of estimated distributor inventory movements of approximately 8.4 billion units, PMI’s total in-market sales increased by 1.0%, driven by a 21.1% increase in heated tobacco units, partly offset by a 1.5% decrease in cigarettes.
The net favorable impact of approximately 8.4 billion units reflected:
PMI's total heated tobacco unit in-market sales volume in the year was 92.5 billion units.
Fourth-Quarter
PMI's total shipment volume increased by 4.2%, driven by:
partly offset by
Impact of Inventory Movements
Excluding the net favorable impact of estimated distributor inventory movements of approximately 3.3 billion units, PMI’s total in-market sales increased by 2.3%, driven by a 15.1% increase in heated tobacco units and a 0.6% increase in cigarettes.
The net favorable impact of approximately 3.3 billion units reflected:
PMI's total heated tobacco unit in-market sales volume in the quarter was 23.6 billion units.
PMI Shipment Volume by Brand
PMI Shipment Volume by Brand |
|
Fourth-Quarter |
|
Full-Year |
||||||
(million units) |
|
2021 |
2020 |
Change |
|
2021 |
2020 |
Change |
||
Cigarettes |
|
|
|
|
|
|
|
|
||
|
|
62,619 |
57,521 |
8.9 |
% |
|
239,905 |
233,158 |
2.9 |
% |
L&M |
|
20,314 |
21,883 |
(7.2 |
)% |
|
84,342 |
91,098 |
(7.4 |
)% |
Chesterfield |
|
15,780 |
12,864 |
22.7 |
% |
|
58,800 |
52,139 |
12.8 |
% |
Philip Morris |
|
10,514 |
10,822 |
(2.8 |
)% |
|
42,395 |
45,645 |
(7.1 |
)% |
|
|
11,085 |
9,162 |
21.0 |
% |
|
41,621 |
34,737 |
19.8 |
% |
Sampoerna A |
|
10,214 |
9,061 |
12.7 |
% |
|
37,815 |
32,862 |
15.1 |
% |
Dji Sam Soe |
|
5,983 |
6,410 |
(6.7 |
)% |
|
22,627 |
24,754 |
(8.6 |
)% |
Lark |
|
3,636 |
3,429 |
6.0 |
% |
|
15,487 |
15,489 |
— |
% |
|
|
1,975 |
5,632 |
(64.9 |
)% |
|
14,175 |
24,113 |
(41.2 |
)% |
Next |
|
2,292 |
2,277 |
0.7 |
% |
|
8,849 |
8,980 |
(1.5 |
)% |
Others |
|
13,970 |
15,616 |
(10.5 |
)% |
|
58,859 |
65,543 |
(10.2 |
)% |
Total Cigarettes |
|
158,382 |
154,677 |
2.4 |
% |
|
624,875 |
628,518 |
(0.6 |
)% |
Heated Tobacco Units |
|
25,397 |
21,709 |
17.0 |
% |
|
94,976 |
76,111 |
24.8 |
% |
Total PMI |
|
183,779 |
176,386 |
4.2 |
% |
|
719,851 |
704,629 |
2.2 |
% |
Note: Lark includes Lark Harmony; Next includes Next Dubliss; Philip Morris includes Philip Morris/Dubliss; and Sampoerna A includes Sampoerna. |
Full-Year
The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably
PMI's cigarette shipment volume of the following brands increased:
PMI's cigarette shipment volume of the following brands decreased:
PMI's cigarette shipment volume for Lark was flat.
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 0.8 points to 24.9%, mainly reflecting lower cigarette market share and/or an unfavorable geographic mix impact, notably in
In 2021, PMI owned five of the world's top 15 international cigarette brands, with international cigarette market shares as follows:
Fourth-Quarter
The increase in PMI's heated tobacco unit shipment volume was mainly driven by the EU (notably
PMI's cigarette shipment volume of the following brands increased:
PMI's cigarette shipment volume of the following brands decreased:
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 down by 0.1 point to 25.0%, mainly reflecting lower cigarette market share and/or an unfavorable geographic mix impact, notably in
CONSOLIDATED FINANCIAL SUMMARY
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Revenues |
|
$ |
31,405 |
|
$ |
28,694 |
|
|
9.4 |
% |
6.7 |
% |
|
2,711 |
|
678 |
|
109 |
|
667 |
1,538 |
|
(281 |
) |
|||||||
Saudi Arabia Customs Assessments |
|
|
(246 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(246 |
) |
— |
|
— |
|
— |
— |
|
(246 |
) |
|||||||
Adjusted Net Revenues |
|
$ |
31,651 |
|
$ |
28,694 |
|
|
10.3 |
% |
7.6 |
% |
|
2,957 |
|
678 |
|
109 |
|
667 |
1,538 |
|
(35 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues (1) |
|
$ |
31,405 |
|
$ |
28,694 |
|
|
9.4 |
% |
6.7 |
% |
|
2,711 |
|
678 |
|
109 |
|
667 |
1,538 |
|
(281 |
) |
|||||||
Cost of Sales |
|
|
(10,030 |
) |
|
(9,569 |
) |
|
(4.8 |
)% |
(1.2 |
)% |
|
(461 |
) |
(266 |
) |
(82 |
) |
— |
(530 |
) |
417 |
|
|||||||
Marketing, Administration and Research Costs |
|
|
(8,304 |
) |
|
(7,384 |
) |
|
(12.5 |
)% |
(10.4 |
)% |
|
(920 |
) |
(143 |
) |
(8 |
) |
— |
— |
|
(769 |
) |
|||||||
Amortization of Intangibles |
|
|
(96 |
) |
|
(73 |
) |
|
(31.5 |
)% |
(5.5 |
)% |
|
(23 |
) |
(1 |
) |
(18 |
) |
— |
— |
|
(4 |
) |
|||||||
Operating Income |
|
$ |
12,975 |
|
$ |
11,668 |
|
|
11.2 |
% |
8.9 |
% |
|
1,307 |
|
268 |
|
1 |
|
667 |
1,008 |
|
(637 |
) |
|||||||
Asset Impairment & Exit Costs (2) |
|
|
(216 |
) |
|
(149 |
) |
|
(45.0 |
)% |
(45.0 |
)% |
|
(67 |
) |
— |
|
— |
|
— |
— |
|
(67 |
) |
|||||||
Saudi Arabia Customs Assessments (3) |
|
|
(246 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(246 |
) |
— |
|
— |
|
— |
— |
|
(246 |
) |
|||||||
Asset Acquisition Cost (2) |
|
|
(51 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(51 |
) |
— |
|
— |
|
— |
— |
|
(51 |
) |
|||||||
Brazil Indirect Tax Credit (2) |
|
|
— |
|
|
119 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(119 |
) |
— |
|
— |
|
— |
— |
|
(119 |
) |
|||||||
Adjusted Operating Income |
|
$ |
13,488 |
|
$ |
11,698 |
|
|
15.3 |
% |
13.0 |
% |
|
1,790 |
|
268 |
|
1 |
|
667 |
1,008 |
|
(154 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
42.6 |
% |
|
40.8 |
% |
|
1.8 |
pp |
2.0 |
pp |
|
|
|
|
|
|
|
||||||||||||
(1) Cost/Other variance includes a reduction in net revenues of |
|||||||||||||||||||||||||||||||
(2) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||||
(3) Included in Net Revenues above. |
Net revenues increased by 6.7%, excluding currency and acquisitions, mainly reflecting: favorable volume/mix, primarily driven by higher heated tobacco unit volume (notably in the EU, particularly
Operating income increased by 8.9%, excluding currency and acquisitions, primarily reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume, partly offset by lower cigarette volume and unfavorable cigarette mix (each mainly reflecting the same geographies as for net revenues noted above); a favorable pricing variance; and lower manufacturing costs (driven by significant productivity gains related to reduced-risk and combustible products); partly offset by higher marketing, administration and research costs, including an unfavorable comparison related to the
Adjusted operating income increased by 13.0% on an organic basis. Adjusted operating income margin increased by 2.0 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Revenues |
|
$ |
8,104 |
|
$ |
7,444 |
|
|
8.9 |
% |
8.4 |
% |
|
660 |
|
(74 |
) |
107 |
|
77 |
555 |
|
(5 |
) |
|||||||
Cost of Sales |
|
|
(2,807 |
) |
|
(2,572 |
) |
|
(9.1 |
)% |
(5.8 |
)% |
|
(235 |
) |
(6 |
) |
(81 |
) |
— |
(201 |
) |
53 |
|
|||||||
Marketing, Administration and Research Costs |
|
|
(2,309 |
) |
|
(1,949 |
) |
|
(18.5 |
)% |
(16.5 |
)% |
|
(360 |
) |
(31 |
) |
(7 |
) |
— |
— |
|
(322 |
) |
|||||||
Amortization of Intangibles |
|
|
(41 |
) |
|
(18 |
) |
|
-(100 |
)% |
(27.8 |
)% |
|
(23 |
) |
— |
|
(18 |
) |
— |
— |
|
(5 |
) |
|||||||
Operating Income |
|
$ |
2,947 |
|
$ |
2,905 |
|
|
1.4 |
% |
5.2 |
% |
|
42 |
|
(111 |
) |
1 |
|
77 |
354 |
|
(279 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(46 |
) |
|
(78 |
) |
|
41.0 |
% |
41.0 |
% |
|
32 |
|
— |
|
— |
|
— |
— |
|
32 |
|
|||||||
Brazil Indirect Tax Credit (1) |
|
|
— |
|
|
119 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(119 |
) |
— |
|
— |
|
— |
— |
|
(119 |
) |
|||||||
Adjusted Operating Income |
|
$ |
2,993 |
|
$ |
2,864 |
|
|
4.5 |
% |
8.3 |
% |
|
129 |
|
(111 |
) |
1 |
|
77 |
354 |
|
(192 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
36.9 |
% |
|
38.5 |
% |
|
(1.6 |
)pp |
(0.1 |
)pp |
|
|
|
|
|
|
|
||||||||||||
(1) Included in Marketing, Administration and Research Costs above. |
Net revenues increased by 8.4% on an organic basis, mainly reflecting: favorable volume/mix, primarily driven by higher heated tobacco unit volume (notably in the EU, particularly
Operating income increased by 5.2%, excluding currency and acquisitions, primarily reflecting: favorable volume/mix, mainly driven by the same factors and geographies as for net revenues noted above); a favorable pricing variance; and lower manufacturing costs (primarily driven by productivity gains related to reduced-risk products); partly offset by higher marketing, administration and research costs (mainly due to investments behind combustible and reduced-risk products, as well as an unfavorable comparison related to the
Adjusted operating income increased by 8.3% on an organic basis. Adjusted operating income margin decreased by 0.1 point on the same basis. The slight organic margin decline partly reflected: an unfavorable impact on gross margin of the higher initial cost of IQOS ILUMA devices and initial weight and cost of TEREA consumables, and higher logistics costs, including costs related to the use of air freight to support the strong up-take of IQOS ILUMA and TEREA consumables in
EUROPEAN UNION REGION
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues |
|
$ |
12,275 |
|
$ |
10,702 |
|
|
14.7 |
% |
8.8 |
% |
|
1,573 |
|
618 |
8 |
69 |
878 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
6,119 |
|
$ |
5,098 |
|
|
20.0 |
% |
12.5 |
% |
|
1,021 |
|
384 |
2 |
69 |
728 |
(162 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(68 |
) |
|
(57 |
) |
|
(19.3 |
)% |
(19.3 |
)% |
|
(11 |
) |
— |
— |
— |
— |
(11 |
) |
|||||||
Adjusted Operating Income |
|
$ |
6,187 |
|
$ |
5,155 |
|
|
20.0 |
% |
12.5 |
% |
|
1,032 |
|
384 |
2 |
69 |
728 |
(151 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income Margin |
|
|
50.4 |
% |
|
48.2 |
% |
|
2.2 |
pp |
1.6 |
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 (notably in
Operating income increased by 12.5%, excluding currency and acquisitions, primarily reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume and favorable device mix, partly offset by lower cigarette volume and unfavorable cigarette mix (each primarily reflecting the same geographies as for net revenues noted above); lower manufacturing costs (driven by combustible and reduced-risk products); and a favorable pricing variance; partly offset by higher marketing, administration and research costs (due to combustible and reduced-risk products).
Adjusted operating income increased by 12.5% on an organic basis. Adjusted operating income margin increased by 1.6 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues |
|
$ |
3,025 |
|
$ |
2,742 |
|
|
10.3 |
% |
11.3 |
% |
|
283 |
(33 |
) |
6 |
2 |
308 |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
1,308 |
|
$ |
1,174 |
|
|
11.4 |
% |
13.7 |
% |
|
134 |
(29 |
) |
2 |
2 |
221 |
(62 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(12 |
) |
|
(30 |
) |
|
60.0 |
% |
60.0 |
% |
|
18 |
— |
|
— |
— |
— |
18 |
|
|||||||
Adjusted Operating Income |
|
$ |
1,320 |
|
$ |
1,204 |
|
|
9.6 |
% |
11.9 |
% |
|
116 |
(29 |
) |
2 |
2 |
221 |
(80 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income Margin |
|
|
43.6 |
% |
|
43.9 |
% |
|
(0.3 |
)pp |
0.2 |
pp |
|
|
|
|
|
|
|
|||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 11.3% on an organic basis, reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume (notably in
Operating income increased by 13.7%, excluding currency and acquisitions, primarily reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume and favorable device mix, partly offset by unfavorable cigarette volume/mix (each primarily reflecting the same geographies as for net revenues noted above); and lower manufacturing costs (driven by reduced-risk products); partly offset by higher marketing, administration and research costs (due to combustible and reduced-risk products).
Adjusted operating income increased by 11.9% on an organic basis. Adjusted operating income margin increased by 0.2 points on the same basis.
Total Market, PMI Shipment & Market Share Commentaries
European Union Key Data |
Fourth-Quarter |
Full-Year |
||||||||||||
|
|
|
Change |
|
|
Change |
||||||||
|
2021 |
2020 |
% / pp |
2021 |
2020 |
% / pp |
||||||||
Total Market (billion units) |
117.8 |
115.3 |
2.2 |
% |
478.2 |
473.4 |
1.0 |
% |
||||||
|
|
|
|
|
|
|
||||||||
PMI Shipment Volume (million units) |
|
|
|
|
|
|
||||||||
Cigarettes |
37,605 |
37,278 |
0.9 |
% |
157,843 |
163,420 |
(3.4 |
)% |
||||||
Heated Tobacco Units |
7,803 |
5,773 |
35.2 |
% |
28,208 |
19,842 |
42.2 |
% |
||||||
Total EU |
45,408 |
43,051 |
5.5 |
% |
186,051 |
183,262 |
1.5 |
% |
||||||
|
|
|
|
|
|
|
||||||||
PMI Market Share |
|
|
|
|
|
|
||||||||
|
16.2% |
17.0% |
(0.8 |
) |
16.6% |
17.5% |
(0.9 |
) |
||||||
L&M |
5.3% |
5.9% |
(0.6 |
) |
5.6% |
6.2% |
(0.6 |
) |
||||||
Chesterfield |
5.4% |
5.3% |
0.1 |
|
5.4% |
5.5% |
(0.1 |
) |
||||||
Philip Morris |
2.2% |
2.2% |
— |
|
2.2% |
2.4% |
(0.2 |
) |
||||||
Heated Tobacco Units |
6.4% |
5.0% |
1.4 |
|
5.7% |
4.2% |
1.5 |
|
||||||
Others |
3.0% |
3.2% |
(0.2 |
) |
3.1% |
3.0% |
0.1 |
|
||||||
Total EU |
38.5% |
38.6% |
(0.1 |
) |
38.6% |
38.8% |
(0.2 |
) |
Full-Year
The estimated total market in the EU increased by 1.0% to 478.2 billion units, primarily driven by:
partly offset by
PMI's total shipment volume increased by 1.5% to 186.1 billion units, primarily driven by:
partly offset by
Fourth-Quarter
The estimated total market in the EU increased by 2.2% to 117.8 billion units, primarily driven by:
partly offset by
PMI's total shipment volume increased by 5.5% to 45.4 billion units, mainly driven by:
Excluding the net favorable impact of estimated distributor inventory movements, PMI's total in-market sales volume increased by 2.1%.
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
3,544 |
|
$ |
3,378 |
|
|
4.9 |
% |
5.9 |
% |
|
166 |
(32 |
) |
— |
68 |
130 |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
1,213 |
|
$ |
871 |
|
|
39.3 |
% |
38.5 |
% |
|
342 |
7 |
|
— |
68 |
139 |
128 |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(14 |
) |
|
(15 |
) |
|
6.7 |
% |
6.7 |
% |
|
1 |
— |
|
— |
— |
— |
1 |
|||||||
Adjusted Operating Income |
|
$ |
1,227 |
|
$ |
886 |
|
|
38.5 |
% |
37.7 |
% |
|
341 |
7 |
|
— |
68 |
139 |
127 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
34.6 |
% |
|
26.2 |
% |
|
8.4 |
pp |
7.9 |
pp |
|
|
|
|
|
|
|
||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 5.9% on an organic basis, reflecting: favorable volume/mix, driven by higher heated tobacco unit volume (mainly in
Operating income increased by 38.5%, excluding currency and acquisitions, primarily reflecting: favorable volume/mix, mainly driven by higher heated tobacco unit volume, partly offset by lower cigarette volume and unfavorable cigarette mix (all primarily reflecting the same geographies as for net revenues noted above); lower manufacturing costs (mainly related to reduced-risk products, primarily in
Adjusted operating income increased by 37.7% on an organic basis. Adjusted operating income margin increased by 7.9 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
912 |
|
$ |
908 |
|
|
0.4 |
% |
(4.2 |
)% |
|
4 |
42 |
— |
— |
(38 |
) |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income |
|
$ |
300 |
|
$ |
261 |
|
|
14.9 |
% |
11.5 |
% |
|
39 |
9 |
— |
— |
(1 |
) |
31 |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(3 |
) |
|
(8 |
) |
|
62.5 |
% |
62.5 |
% |
|
5 |
— |
— |
— |
— |
|
5 |
|||||||
Adjusted Operating Income |
|
$ |
303 |
|
$ |
269 |
|
|
12.6 |
% |
9.3 |
% |
|
34 |
9 |
— |
— |
(1 |
) |
26 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Operating Income Margin |
|
|
33.2 |
% |
|
29.6 |
% |
|
3.6 |
pp |
4.2 |
pp |
|
|
|
|
|
|
|
||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 4.2% on an organic basis, reflecting: unfavorable volume/mix, mainly due to unfavorable cigarette volume/mix (primarily in
Operating income increased by 11.5%, excluding currency and acquisitions, primarily reflecting: lower manufacturing costs; and lower marketing, administration and research costs. Volume/mix was slightly unfavorable, mainly reflecting unfavorable cigarette volume/mix (primarily in
Adjusted operating income increased by 9.3% on an organic basis. Adjusted operating income margin increased by 4.2 points on the same basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Cigarettes |
20,927 |
22,725 |
(7.9)% |
88,698 |
93,462 |
(5.1)% |
||||||
Heated Tobacco Units |
7,056 |
6,524 |
8.2% |
25,650 |
20,898 |
22.7% |
||||||
Total |
27,983 |
29,249 |
(4.3)% |
114,348 |
114,360 |
—% |
Full-Year
The estimated total market in
PMI's total shipment volume was flat at 114.3 billion units, notably reflecting:
partly offset by
Excluding the net favorable impact of estimated distributor inventory movements, PMI's total in-market sales volume decreased by 1.3%.
Fourth-Quarter
The estimated total market in
PMI's total shipment volume decreased by 4.3% to 28.0 billion units, primarily due to:
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
3,293 |
|
$ |
3,088 |
|
|
6.6 |
% |
10.4 |
% |
|
205 |
|
(115 |
) |
— |
287 |
320 |
(287 |
) |
|||||||
Saudi Arabia Customs Assessments |
|
|
(246 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(246 |
) |
— |
|
— |
— |
— |
(246 |
) |
|||||||
Adjusted Net Revenues |
|
$ |
3,539 |
|
$ |
3,088 |
|
|
14.6 |
% |
18.3 |
% |
|
451 |
|
(115 |
) |
— |
287 |
320 |
(41 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net Revenues (1) |
|
$ |
3,293 |
|
$ |
3,088 |
|
|
6.6 |
% |
10.4 |
% |
|
205 |
|
(115 |
) |
— |
287 |
320 |
(287 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
1,146 |
|
$ |
1,026 |
|
|
11.7 |
% |
23.8 |
% |
|
120 |
|
(124 |
) |
— |
287 |
237 |
(280 |
) |
|||||||
Asset Impairment & Exit Costs (2) |
|
|
(17 |
) |
|
(19 |
) |
|
10.5 |
% |
10.5 |
% |
|
2 |
|
— |
|
— |
— |
— |
2 |
|
|||||||
Saudi Arabia Customs Assessments (3) |
|
|
(246 |
) |
|
— |
|
|
— |
% |
— |
% |
|
(246 |
) |
— |
|
— |
— |
— |
(246 |
) |
|||||||
Adjusted Operating Income |
|
$ |
1,409 |
|
$ |
1,045 |
|
|
34.8 |
% |
46.7 |
% |
|
364 |
|
(124 |
) |
— |
287 |
237 |
(36 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
39.8 |
% |
|
33.8 |
% |
|
6.0 |
pp |
8.2 |
pp |
|
|
|
|
|
|
|
||||||||||
(1) Cost/Other variance includes a reduction in net revenues of |
|||||||||||||||||||||||||||||
(2) Included in Marketing, Administration and Research Costs above. |
|||||||||||||||||||||||||||||
(3) Included in Net Revenues above. |
Net revenues increased by 10.4%, excluding currency and acquisitions, despite the unfavorable impact of the
Adjusted net revenues increased by 18.3% on an organic basis, as detailed above, reflecting: favorable volume/mix, primarily driven by higher cigarette volume (predominantly in PMI Duty Free and
Operating income increased by 23.8%, excluding currency and acquisitions, mainly reflecting: a favorable pricing variance; favorable volume/mix, driven by the same factors and geographies as for net revenues noted above; and lower manufacturing costs (primarily related to combustible products); partly offset by the unfavorable impact of the
Adjusted operating income increased by 46.7% on an organic basis. Adjusted operating income margin increased by 8.2 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues |
|
$ |
987 |
|
$ |
740 |
|
|
33.4 |
% |
40.0 |
% |
|
247 |
(49 |
) |
— |
96 |
210 |
(10 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income |
|
$ |
407 |
|
$ |
207 |
|
|
96.6 |
% |
+100 |
% |
|
200 |
(50 |
) |
— |
96 |
167 |
(13 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(4 |
) |
|
(10 |
) |
|
60.0 |
% |
60.0 |
% |
|
6 |
— |
|
— |
— |
— |
6 |
|
|||||||
Adjusted Operating Income |
|
$ |
411 |
|
$ |
217 |
|
|
89.4 |
% |
+100 |
% |
|
194 |
(50 |
) |
— |
96 |
167 |
(19 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
41.6 |
% |
|
29.3 |
% |
|
12.3 |
pp |
15.2 |
pp |
|
|
|
|
|
|
|
|||||||||
(1) Included in Marketing, Administration and Research Costs above. |
Net revenues increased by 40.0% on an organic basis, primarily reflecting: favorable volume/mix, mainly driven by higher cigarette volume (primarily in PMI Duty Free and
Operating income increased by +100%, excluding currency and acquisitions, mainly reflecting: favorable volume/mix, mainly driven by the same factors and geographies as for net revenues noted above; and a favorable pricing variance; partly offset by higher marketing, administration and research costs.
Adjusted operating income increased by +100% on an organic basis. Adjusted operating income margin increased by 15.2 points on the same basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Cigarettes |
34,756 |
29,912 |
16.2% |
127,911 |
117,999 |
8.4% |
||||||
Heated Tobacco Units |
655 |
188 |
+100% |
2,140 |
1,022 |
+100% |
||||||
Total |
35,411 |
30,100 |
17.6% |
130,051 |
119,021 |
9.3% |
Full-Year
The estimated total market in the
partly offset by
PMI's total shipment volume increased by 9.3% to 130.1 billion units, notably driven by:
partly offset by
Fourth-Quarter
The estimated total market in the
partly offset by
PMI's total shipment volume increased by 17.6% to 35.4 billion units, notably driven by:
partly offset by
Excluding the net favorable impact of estimated distributor inventory movements, PMI's total in-market sales volume increased by 13.4%.
SOUTH &
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
4,396 |
|
$ |
4,396 |
|
|
— |
% |
(2.3 |
)% |
|
— |
|
99 |
— |
(93 |
) |
(6 |
) |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
1,506 |
|
$ |
1,709 |
|
|
(11.9 |
)% |
(14.0 |
)% |
|
(203 |
) |
36 |
— |
(93 |
) |
(90 |
) |
(56 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(21 |
) |
|
(23 |
) |
|
8.7 |
% |
8.7 |
% |
|
2 |
|
— |
— |
— |
|
— |
|
2 |
|
|||||||
Adjusted Operating Income |
|
$ |
1,527 |
|
$ |
1,732 |
|
|
(11.8 |
)% |
(13.9 |
)% |
|
(205 |
) |
36 |
— |
(93 |
) |
(90 |
) |
(58 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
34.7 |
% |
|
39.4 |
% |
|
(4.7 |
)pp |
(4.7 |
)pp |
|
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 2.3% on an organic basis, primarily reflecting: an unfavorable pricing variance, mainly due to lower pricing for combustible products (primarily in
Operating income decreased by 14.0%, excluding currency and acquisitions, primarily reflecting: an unfavorable pricing variance; unfavorable volume/mix, mainly due to lower cigarette volume (primarily in
Adjusted operating income decreased by 13.9% on an organic basis. Adjusted operating income margin decreased by 4.7 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Net Revenues |
|
$ |
1,112 |
|
$ |
1,185 |
|
|
(6.2 |
)% |
(5.9 |
)% |
|
(73 |
) |
(3 |
) |
— |
(89 |
) |
19 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Operating Income |
|
$ |
298 |
|
$ |
419 |
|
|
(28.9 |
)% |
(28.9 |
)% |
|
(121 |
) |
— |
|
— |
(89 |
) |
(9 |
) |
(23 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(4 |
) |
|
(12 |
) |
|
66.7 |
% |
66.7 |
% |
|
8 |
|
— |
|
— |
— |
|
— |
|
8 |
|
|||||||
Adjusted Operating Income |
|
$ |
302 |
|
$ |
431 |
|
|
(29.9 |
)% |
(29.9 |
)% |
|
(129 |
) |
— |
|
— |
(89 |
) |
(9 |
) |
(31 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Adjusted Operating Income Margin |
|
|
27.2 |
% |
|
36.4 |
% |
|
(9.2 |
)pp |
(9.3 |
)pp |
|
|
|
|
|
|
|
||||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues decreased by 5.9% on an organic basis, reflecting: an unfavorable pricing variance, due to combustible pricing (mainly in
Operating income decreased by 28.9%, excluding currency and acquisitions, primarily reflecting: an unfavorable pricing variance; and higher marketing, administration and research costs (notably in
Adjusted operating income decreased by 29.9% on an organic basis. Adjusted operating income margin decreased by 9.3 points on the same basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Cigarettes |
36,136 |
36,609 |
(1.3)% |
141,923 |
144,788 |
(2.0)% |
||||||
Heated Tobacco Units |
89 |
26 |
+100% |
240 |
36 |
+100% |
||||||
Total South & |
36,225 |
36,635 |
(1.1)% |
142,163 |
144,824 |
(1.8)% |
Full-Year
The estimated total market in South &
partly offset by:
PMI's total shipment volume decreased by 1.8% to 142.2 billion units, primarily due to:
partly offset by
Fourth-Quarter
The estimated total market in South &
partly offset by
PMI's total shipment volume decreased by 1.1% to 36.2 billion units, mainly due to:
partly offset by
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
5,953 |
|
$ |
5,429 |
|
|
9.7 |
% |
8.5 |
% |
|
524 |
|
62 |
|
— |
291 |
171 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
2,556 |
|
$ |
2,400 |
|
|
6.5 |
% |
8.7 |
% |
|
156 |
|
(53 |
) |
— |
291 |
(2 |
) |
(80 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(88 |
) |
|
(26 |
) |
|
-(100 |
)% |
-(100 |
)% |
|
(62 |
) |
— |
|
— |
— |
— |
|
(62 |
) |
|||||||
Adjusted Operating Income |
|
$ |
2,644 |
|
$ |
2,426 |
|
|
9.0 |
% |
11.2 |
% |
|
218 |
|
(53 |
) |
— |
291 |
(2 |
) |
(18 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
44.4 |
% |
|
44.7 |
% |
|
(0.3 |
)pp |
1.1 |
pp |
|
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 8.5% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher heated tobacco, combustible and device net pricing in
Operating income increased by 8.7%, excluding currency and acquisitions, mainly reflecting: a favorable pricing variance; and lower manufacturing costs (primarily related to reduced-risk products in
Adjusted operating income increased by 11.2%, on an organic basis. Adjusted operating income margin increased by 1.1 points on the same basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Revenues |
|
$ |
1,444 |
|
$ |
1,384 |
|
|
4.3 |
% |
7.2 |
% |
|
60 |
|
(39 |
) |
— |
51 |
48 |
|
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Operating Income |
|
$ |
515 |
|
$ |
608 |
|
|
(15.3 |
)% |
(7.6 |
)% |
|
(93 |
) |
(47 |
) |
— |
51 |
(23 |
) |
(74 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(21 |
) |
|
(13 |
) |
|
(61.5 |
)% |
(61.5 |
)% |
|
(8 |
) |
— |
|
— |
— |
— |
|
(8 |
) |
|||||||
Adjusted Operating Income |
|
$ |
536 |
|
$ |
621 |
|
|
(13.7 |
)% |
(6.1 |
)% |
|
(85 |
) |
(47 |
) |
— |
51 |
(23 |
) |
(66 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Operating Income Margin |
|
|
37.1 |
% |
|
44.9 |
% |
|
(7.8 |
)pp |
(5.6 |
)pp |
|
|
|
|
|
|
|
|||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 7.2% on an organic basis, reflecting: a favorable pricing variance, primarily driven by higher device net pricing and combustible pricing in
Operating income decreased by 7.6%, excluding currency and acquisitions, mainly reflecting: higher marketing, administration and research costs (notably due to the launch of IQOS ILUMA in
Adjusted operating income decreased by 6.1% on an organic basis. Adjusted operating income margin decreased by 5.6 points on the same basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Cigarettes |
10,463 |
9,946 |
5.2% |
43,913 |
45,100 |
(2.6)% |
||||||
Heated Tobacco Units |
9,684 |
9,063 |
6.9% |
38,162 |
33,862 |
12.7% |
||||||
Total |
20,147 |
19,009 |
6.0% |
82,075 |
78,962 |
3.9% |
Full-Year
The estimated total market in
PMI's total shipment volume increased by 3.9% to 82.1 billion units, mainly driven by:
partly offset by
Excluding the net favorable impact of estimated distributor inventory movements, PMI's total in-market sales volume declined by 0.4%.
Fourth-Quarter
The estimated total market in
PMI's total shipment volume increased by 6.0% to 20.1 billion units, mainly driven by:
Excluding the net favorable impact of estimated distributor inventory movements, PMI's total in-market sales volume increased by 0.4%.
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
1,843 |
|
$ |
1,701 |
|
|
8.3 |
% |
5.6 |
% |
|
142 |
|
46 |
— |
45 |
45 |
|
6 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
487 |
|
$ |
564 |
|
|
(13.7 |
)% |
(16.8 |
)% |
|
(77 |
) |
18 |
— |
45 |
(4 |
) |
(136 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(8 |
) |
|
(9 |
) |
|
11.1 |
% |
11.1 |
% |
|
1 |
|
— |
— |
— |
— |
|
1 |
|
|||||||
Brazil Indirect Tax Credit (1) |
|
|
— |
|
|
119 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(119 |
) |
— |
— |
— |
— |
|
(119 |
) |
|||||||
Adjusted Operating Income |
|
$ |
495 |
|
$ |
454 |
|
|
9.0 |
% |
5.1 |
% |
|
41 |
|
18 |
— |
45 |
(4 |
) |
(18 |
) |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Adjusted Operating Income Margin |
|
|
26.9 |
% |
|
26.7 |
% |
|
0.2 |
pp |
(0.2 |
)pp |
|
|
|
|
|
|
|
||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 5.6% on an organic basis, mainly reflecting: a favorable pricing variance, driven by higher combustible pricing (mainly in
Operating income decreased by 16.8%, excluding currency and acquisitions, mainly reflecting an unfavorable comparison related to the
Adjusted operating income increased by 5.1% on an organic basis, primarily reflecting: a favorable pricing variance; and lower marketing, administration and research costs; partly offset by higher manufacturing costs (due to reduced-risk and combustible products). Volume/mix was slightly unfavorable, mainly reflecting unfavorable cigarette mix (notably in
Adjusted operating income margin decreased by 0.2 points on an organic basis.
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net Revenues |
|
$ |
523 |
|
$ |
485 |
|
|
7.8 |
% |
6.2 |
% |
|
38 |
|
8 |
— |
17 |
8 |
|
5 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Operating Income |
|
$ |
120 |
|
$ |
236 |
|
|
(49.2 |
)% |
(51.7 |
)% |
|
(116 |
) |
6 |
— |
17 |
(1 |
) |
(138 |
) |
|||||||
Asset Impairment & Exit Costs (1) |
|
|
(2 |
) |
|
(5 |
) |
|
60.0 |
% |
60.0 |
% |
|
3 |
|
— |
— |
— |
— |
|
3 |
|
|||||||
Brazil Indirect Tax Credit (1) |
|
|
— |
|
|
119 |
|
|
-(100 |
)% |
-(100 |
)% |
|
(119 |
) |
— |
|
— |
— |
|
(119 |
) |
|||||||
Adjusted Operating Income |
|
$ |
122 |
|
$ |
122 |
|
|
— |
% |
(4.9 |
)% |
|
— |
|
6 |
— |
17 |
(1 |
) |
(22 |
) |
|||||||
Adjusted Operating Income Margin |
|
|
23.3 |
% |
|
25.2 |
% |
|
(1.9 |
)pp |
(2.7 |
)pp |
|
|
|
|
|
|
|
||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
Net revenues increased by 6.2% on an organic basis, primarily reflecting: a favorable pricing variance driven by combustible products (notably in
Operating income decreased by 51.7%, excluding currency and acquisitions, primarily reflecting an unfavorable comparison related to the
Adjusted operating income decreased by 4.9% on an organic basis, mainly reflecting: higher manufacturing costs (due to reduced-risk and combustible products); partly offset by a favorable pricing variance. Volume/mix was slightly unfavorable, primarily reflecting unfavorable cigarette mix (notably in
Adjusted operating income margin decreased by 2.7 points on an organic basis.
Total Market, PMI Shipment & Market Share Commentaries
PMI Shipment Volume |
Fourth-Quarter |
Full-Year |
||||||||||
(million units) |
2021 |
2020 |
Change |
2021 |
2020 |
Change |
||||||
Cigarettes |
18,495 |
18,207 |
1.6% |
64,587 |
63,749 |
1.3% |
||||||
Heated Tobacco Units |
110 |
135 |
(18.5)% |
576 |
451 |
27.7% |
||||||
Total |
18,605 |
18,342 |
1.4% |
65,163 |
64,200 |
1.5% |
Full-Year
The estimated total market in
partly offset by
PMI's total shipment volume increased by 1.5% to 65.2 billion units, primarily driven by:
partly offset by
Fourth-Quarter
The estimated total market in
partly offset by
PMI's total shipment volume increased by 1.4% to 18.6 billion units, mainly driven by:
partly offset by
OTHER
Following the acquisitions of
Full-Year
Financial Summary - Years Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
|||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net Revenues |
|
$ |
101 |
|
$ |
— |
|
— |
% |
— |
% |
|
101 |
|
— |
101 |
|
— |
— |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Operating Income / (Loss) |
|
$ |
(52 |
) |
$ |
— |
|
— |
% |
— |
% |
|
(52 |
) |
— |
(1 |
) |
— |
— |
(51 |
) |
|||||||
Asset Acquisition Cost (1) |
|
|
(51 |
) |
|
— |
|
— |
% |
— |
% |
|
(51 |
) |
— |
— |
|
— |
— |
(51 |
) |
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(1 |
) |
$ |
— |
|
— |
% |
— |
% |
|
(1 |
) |
— |
(1 |
) |
— |
— |
— |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(1.0 |
)% |
|
n/a |
|
— |
pp |
— |
pp |
|
|
|
|
|
|
|
||||||||||
(1) Included in marketing, administration and research costs at the consolidated operating income level. |
PMI recorded net revenues of
The operating loss of
PMI recorded an adjusted operating loss of
Fourth-Quarter
Financial Summary - Quarters Ended |
|
|
|
|
Change Fav./(Unfav.) |
|
Variance Fav./(Unfav.) |
||||||||||||||||||||
|
2021 |
|
2020 |
|
Total |
|
Excl. |
|
Total |
|
Cur- |
|
Acqui- |
|
Price |
|
Vol/ |
|
Cost/ |
||||||||
(in millions) |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Net Revenues |
|
$ |
101 |
|
$ |
— |
|
— |
% |
— |
% |
|
101 |
|
— |
101 |
|
— |
— |
— |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating Income / (Loss) |
|
$ |
(1 |
) |
$ |
— |
|
— |
% |
— |
% |
|
(1 |
) |
— |
(1 |
) |
— |
— |
— |
|||||||
Adjusted Operating Income / (Loss) |
|
$ |
(1 |
) |
$ |
— |
|
— |
% |
— |
% |
|
(1 |
) |
— |
(1 |
) |
— |
— |
— |
|||||||
Adjusted Operating Income / (Loss) Margin |
|
|
(1.0 |
)% |
|
n/a |
|
— |
pp |
— |
pp |
|
|
|
|
|
|
|
PMI recorded net revenues of
Note: Results of operations from the acquisition dates through
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 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; 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, availability, and quality of tobacco and other agricultural products and raw materials, as well as components and materials for our electronic devices; 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, including women or diverse candidates. Future results are also subject to the lower predictability of our reduced-risk product category's performance.
In addition, PMI’s business risks also include risks and uncertainties related to PMI’s acquisitions of
The ongoing 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 may adversely impact our business, results of operations, cash flows and financial position. Our business continuity plans and other safeguards may not be effective to mitigate the impact of the pandemic. Currently, significant risks include our diminished ability to convert adult smokers to our reduced-risk products, 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 continuation of the COVID-19 pandemic. 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 reduced-risk products 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 in relation to 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 reduced-risk products and our efforts to advocate for the development of science-based regulatory frameworks for the development and commercialization of reduced-risk products.
The impact of these risks also depends on factors beyond our knowledge or control, including the duration and severity of the pandemic, 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: The above IQOS user metrics reflect PMI estimates based on consumer claims and sample-based statistical assessments, the accuracy and reliability of which may vary based on individual market maturity and availability of information. The average margin of error for IQOS users in key volume markets is +/-5% at a 95% Confidence Interval.
As of
IQOS in
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Appendix 1 |
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Key Market Data |
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Quarters Ended |
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Market |
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Total Market, bio units |
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PMI Shipments, bio units |
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PMI Market Share, % (1) |
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Total |
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Cigarette |
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HTU |
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Total |
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HTU |
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2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
pp |
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2021 |
2020 |
pp |
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Total |
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665.7 |
653.6 |
1.9 |
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183.8 |
176.4 |
4.2 |
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158.4 |
154.7 |
2.4 |
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25.4 |
21.7 |
17.0 |
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27.4 |
27.3 |
0.1 |
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3.5 |
3.1 |
0.4 |
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8.0 |
8.6 |
(6.6 |
) |
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3.6 |
3.6 |
(0.7 |
) |
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3.5 |
3.6 |
(0.5 |
) |
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— |
0.1 |
(12.7 |
) |
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44.3 |
44.9 |
(0.6 |
) |
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0.8 |
0.6 |
0.2 |
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17.6 |
18.2 |
(3.5 |
) |
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7.0 |
7.1 |
(2.1 |
) |
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6.4 |
6.6 |
(4.4 |
) |
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0.6 |
0.5 |
30.5 |
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39.6 |
39.0 |
0.6 |
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3.5 |
2.6 |
0.9 |
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17.5 |
16.6 |
5.1 |
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9.7 |
7.9 |
23.2 |
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7.3 |
6.3 |
15.3 |
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2.4 |
1.6 |
54.9 |
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53.3 |
52.6 |
0.7 |
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12.7 |
9.6 |
3.1 |
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12.1 |
10.6 |
13.7 |
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4.5 |
4.1 |
8.0 |
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3.6 |
3.4 |
6.7 |
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0.9 |
0.8 |
13.9 |
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37.1 |
39.0 |
(1.9 |
) |
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7.4 |
7.4 |
— |
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10.5 |
10.1 |
3.5 |
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3.0 |
3.1 |
(3.8 |
) |
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2.8 |
3.0 |
(5.7 |
) |
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0.2 |
0.1 |
52.2 |
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30.0 |
31.2 |
(1.2 |
) |
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1.3 |
1.1 |
0.2 |
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52.9 |
55.7 |
(5.1 |
) |
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16.8 |
17.6 |
(4.7 |
) |
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12.1 |
13.3 |
(9.0 |
) |
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4.6 |
4.3 |
8.5 |
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32.1 |
32.3 |
(0.2 |
) |
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8.0 |
7.2 |
0.8 |
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4.9 |
5.8 |
(15.5 |
) |
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2.3 |
2.9 |
(20.0 |
) |
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2.3 |
2.8 |
(20.3 |
) |
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0.1 |
0.1 |
(2.9 |
) |
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41.9 |
40.4 |
1.5 |
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1.2 |
0.5 |
0.7 |
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33.0 |
28.4 |
16.1 |
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15.2 |
12.2 |
24.8 |
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15.2 |
12.2 |
24.8 |
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— |
— |
— |
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46.0 |
43.0 |
3.0 |
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— |
— |
— |
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South & |
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78.8 |
74.8 |
5.4 |
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22.0 |
21.2 |
4.0 |
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22.0 |
21.2 |
4.0 |
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— |
— |
— |
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27.9 |
28.3 |
(0.4 |
) |
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— |
— |
— |
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14.2 |
15.0 |
(5.5 |
) |
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8.7 |
9.5 |
(8.5 |
) |
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8.7 |
9.5 |
(8.7 |
) |
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— |
— |
— |
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61.4 |
63.5 |
(2.1 |
) |
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0.3 |
0.2 |
0.1 |
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2.6 |
2.6 |
(1.4 |
) |
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0.8 |
0.8 |
2.3 |
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0.8 |
0.8 |
2.3 |
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— |
— |
— |
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32.2 |
31.1 |
1.1 |
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— |
— |
— |
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32.2 |
31.5 |
2.1 |
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13.7 |
12.4 |
10.5 |
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5.3 |
4.5 |
16.9 |
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8.4 |
7.8 |
6.8 |
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38.1 |
38.4 |
(0.3 |
) |
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22.8 |
22.0 |
0.8 |
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17.6 |
16.8 |
4.9 |
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3.4 |
3.5 |
(2.6 |
) |
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2.2 |
2.4 |
(7.0 |
) |
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1.2 |
1.1 |
6.7 |
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19.5 |
20.8 |
(1.3 |
) |
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6.8 |
6.7 |
0.1 |
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9.7 |
9.3 |
4.5 |
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5.3 |
5.6 |
(4.4 |
) |
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5.3 |
5.6 |
(4.4 |
) |
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— |
— |
— |
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54.7 |
59.8 |
(5.1 |
) |
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— |
— |
— |
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9.4 |
8.7 |
7.6 |
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6.3 |
5.9 |
6.7 |
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6.3 |
5.9 |
6.6 |
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— |
— |
— |
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67.3 |
67.9 |
(0.6 |
) |
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0.3 |
0.2 |
0.1 |
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(1) Market share estimates are calculated using IMS data |
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Note: % change for Total Market and PMI shipments is computed based on millions of units. "-" indicates volume below 50 million units and market share below 0.1% |
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Appendix 2 |
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Key Market Data |
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Years Ended |
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Market |
|
Total Market, bio units |
|
PMI Shipments, bio units |
|
PMI Market Share, % (1) |
|||||||||||||||||||||||
|
|
Total |
|
Cigarette |
|
HTU |
|
Total |
|
HTU |
|||||||||||||||||||
|
2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
% |
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2021 |
2020 |
pp |
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2021 |
2020 |
pp |
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Total |
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2,613.2 |
2,551.1 |
2.4 |
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719.9 |
704.6 |
2.2 |
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624.9 |
628.5 |
(0.6 |
) |
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95.0 |
76.1 |
24.8 |
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27.3 |
27.7 |
(0.4 |
) |
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3.5 |
3.0 |
0.5 |
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34.3 |
36.6 |
(6.2 |
) |
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15.2 |
16.3 |
(6.6 |
) |
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15.0 |
16.1 |
(7.0 |
) |
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0.2 |
0.2 |
22.5 |
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43.9 |
44.9 |
(1.0 |
) |
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0.7 |
0.5 |
0.2 |
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74.1 |
74.6 |
(0.8 |
) |
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28.6 |
29.1 |
(1.6 |
) |
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26.3 |
27.4 |
(4.1 |
) |
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2.3 |
1.6 |
40.2 |
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38.6 |
39.0 |
(0.4 |
) |
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3.1 |
2.2 |
0.9 |
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70.4 |
67.4 |
4.4 |
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38.6 |
34.6 |
11.5 |
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29.7 |
29.0 |
2.2 |
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8.9 |
5.6 |
60.5 |
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53.0 |
52.2 |
0.8 |
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11.5 |
8.1 |
3.4 |
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49.3 |
45.6 |
8.1 |
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18.4 |
17.8 |
3.7 |
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15.3 |
15.4 |
(0.7 |
) |
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3.1 |
2.4 |
31.9 |
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37.3 |
39.0 |
(1.7 |
) |
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6.3 |
5.2 |
1.1 |
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42.7 |
41.8 |
1.9 |
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13.2 |
13.2 |
(0.1 |
) |
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12.6 |
12.8 |
(0.9 |
) |
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0.5 |
0.4 |
26.3 |
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31.1 |
31.4 |
(0.3 |
) |
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1.2 |
1.0 |
0.2 |
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216.8 |
219.1 |
(1.0 |
) |
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68.8 |
69.2 |
(0.5 |
) |
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52.5 |
55.6 |
(5.6 |
) |
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16.3 |
13.6 |
20.0 |
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31.7 |
32.3 |
(0.6 |
) |
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7.4 |
6.3 |
1.1 |
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21.1 |
21.7 |
(2.7 |
) |
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8.9 |
9.1 |
(2.7 |
) |
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8.7 |
9.0 |
(4.0 |
) |
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0.2 |
0.1 |
+100 |
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41.6 |
39.0 |
2.6 |
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1.0 |
0.3 |
0.7 |
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124.2 |
114.8 |
8.2 |
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55.7 |
47.5 |
17.2 |
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55.7 |
47.5 |
17.2 |
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— |
— |
— |
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44.8 |
41.3 |
3.5 |
|
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— |
— |
— |
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South & |
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|||||||||
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296.2 |
276.2 |
7.2 |
|
|
82.8 |
79.5 |
4.3 |
|
|
82.8 |
79.5 |
4.3 |
|
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— |
— |
— |
|
28.0 |
28.8 |
(0.8 |
) |
|
— |
— |
— |
|
|
|
55.4 |
62.1 |
(10.7 |
) |
|
34.4 |
41.7 |
(17.6 |
) |
|
34.2 |
41.7 |
(17.9 |
) |
|
0.2 |
— |
— |
|
62.0 |
67.2 |
(5.2 |
) |
|
0.3 |
0.1 |
0.2 |
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|||||||||
|
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9.7 |
11.0 |
(11.3 |
) |
|
3.1 |
3.3 |
(4.2 |
) |
|
3.1 |
3.3 |
(4.2 |
) |
|
— |
— |
— |
|
32.3 |
29.9 |
2.4 |
|
|
— |
— |
— |
|
|
|
139.5 |
142.9 |
(2.4 |
) |
|
55.2 |
51.1 |
8.0 |
|
|
22.1 |
22.2 |
(0.5 |
) |
|
33.1 |
28.9 |
14.5 |
|
38.5 |
37.1 |
1.4 |
|
|
22.9 |
20.4 |
2.5 |
|
|
|
71.7 |
71.6 |
0.1 |
|
|
14.1 |
14.8 |
(4.7 |
) |
|
9.4 |
10.2 |
(7.4 |
) |
|
4.7 |
4.6 |
1.4 |
|
19.7 |
20.7 |
(1.0 |
) |
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6.5 |
6.5 |
— |
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36.1 |
33.6 |
7.4 |
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19.9 |
20.5 |
(2.9 |
) |
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19.9 |
20.5 |
(2.9 |
) |
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— |
— |
— |
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55.1 |
61.0 |
< |