Philip Morris International Inc · NYSE:PM
Philip Morris International — Investor Day (June 2010)
83 slides from Philip Morris International's investor day presentation, Jun 23, 2010
Slide 1: Investor Day – EEMA Region
Investor Day – EEMA Region Lausanne, June 23, 2010 Miroslaw Zielinski President, EEMA Region Philip Morris International
Slide 2: Agenda
Agenda ● EEMA Region at a glance ● Review of 2009 and Q1 2010 results ● Strategic priorities ● Key EEMA markets: highlights 2
Slide 3: EEMA Region Contribution to 2009 PMI Results
EEMA Region Contribution to 2009 PMI Results Cigarette Shipment Volume EEMA 35% Net Revenues Operating Companies Income EEMA EEMA 27% 26% Source: PMI Financials 3
Slide 4: EEMA Region – Overview
EEMA Region – Overview PMI Factories • St. Petersburg (Russia) • Krasnodar (Russia) • Kharkiv (Ukraine) • Almaty (Kazakhstan) • Izmir (Turkey) • 93 markets • Bucharest (Romania) • 1.3 billion population • Nis (Serbia) • 1.2 trillion unit cigarette market(a) • Dakar (Senegal) • 8 cigarette and 1 OTP
Slide 5: 2009 Industry Volume by Market
2009 Industry Volume by Market Others 33% Russia 32% South Africa Turkey 2% 9% Egypt Ukraine Saudi Arabia 7% 9% 2% Algeria Romania Kazakhstan 2% 2% 2% Source: PMI estimates, excluding Duty Free 5
Slide 6: GDP Growth Rates
GDP Growth Rates Russia Ukraine (%) (%) 15 15 8.1 7.6 5.6 2.6 2.3 2.1 2009 2009 2007 2008 2010E 2007 2008 2010E -7.9 -15 -15 -14.6 Turkey Egypt (%) (%) 15 15 7.1 7.2 4.7 4.7 5.0 3.6 0.9 2009 2007 2008 2010E 2007 2008 2009 2010E -6.2 -15 -15 Source: Global Insight 6
Slide 7: Unemployment Rates
Unemployment Rates Russia Ukraine (%) (%) 15 15 8.4 8.3 8.8 8.5 6.1 6.4 6.4 6.4 0 0 2007 2008 2009 2010E 2007 2008 2009 2010E Turkey Egypt (%) (%) 15 14.1 15 13.2 10.3 11.0 8.9 8.7 9.3 8.9 0 0 2007 2008 2009 2010E 2007 2008 2009 2010E Source: Economist Intelligence Unit 7
Slide 8: Industry Volume
Industry Volume(a) (billion units) 1,203 +2.6% 1,234 -2.3% 1,206 Middle East -1.0% +2.1% 394 390 398 & Africa Turkey 108 108 108 Balkans 102 110 103 +7.8% -6.4% +4.5% -4.6% Eastern Europe 599 626 597 2007 2008 2009 (a) Excluding Duty Free Source: PMI estimates 8
Slide 9: Premium Brands as % of Total PMI Volume
Premium Brands as % of Total PMI Volume (%) 42 39.4 39.6 39.3 38.8 37.9 30 H1 2008 H2 2008 H1 2009 H2 2009 Q1 2010 Source: PMI Financials 9
Slide 10: PMI Regional Market Share
PMI Regional Market Share (%) 25 23.2 22.7 22.1 20 2007 2008 2009 Source: PMI estimates, excluding Duty Free 10
Slide 11: PMI Market Shares
PMI Market Shares Variance 2009 vs. 2008 Russia 25.4 % 0.4 pp Ukraine 35.9 0.7 Turkey 42.9 1.4 Egypt 15.8 1.3 Romania 28.8 0.5 Kazakhstan 50.2 (3.2) Algeria 21.3 6.4 Saudi Arabia 51.3 (4.8) Bulgaria 13.8 3.5 Serbia 49.0 (1.7) Morocco 10.6 1.2 Tunisia 10.7 3.9 Source: A.C. Nielsen, Business Analytica
Slide 12: EEMA Region Results
EEMA Region Results Shipment Volume Net Revenues CAGR 05-09: +1.1% CAGR 05-09(a): +10.0% (billion units) ($ million) 320 8,500 303.2 7,504 1,373 298.8 (b) 288.3 290.3 6,346 286.0 6,795 5,625 5,084 240 3,000 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 YoY +0.8% +0.7% +4.4% -1.5% YoY(a) +11.1% +
Slide 13: EEMA Region Results
EEMA Region Results Operating Companies Income CAGR 05-09(a): +19.2% ($ million) 3,600 3,119 893 (b) 2,431 2,663 2,080 1,664 600 2005 2006 2007 2008 2009 YoY(a) +24.4% +12.2% +27.4% +13.4% (a) Excluding currency and acquisitions (b) Unfavorable currency impact Source: PMI Financials 13
Slide 14: EEMA Region Q1, 2010 Results
EEMA Region Q1, 2010 Results Shipment Volume Net Revenues Operating Companies Income YoY: -5.2% YoY(a): +14.9% YoY(a): +28.5% (billion units) ($ million) ($ million) 100 2,000 850 770 1,746 67.7 586 64.1 1,452 0 500 0 Q1 2009 Q1 2010 Q1 2009 Q1 2010 Q1 2009 Q1 2010 (a) Excluding currency and acquisi
Slide 15: Strategic Priorities
Strategic Priorities Grow volume and OCI through: ● Portfolio initiatives and innovations ● Proactive tax and regulatory engagement ● Pricing and price gap management ● Actively pursue business development opportunities 15
Slide 16: PMI Brand Portfolio
PMI Brand Portfolio Unit Margin Index Premium 100% & Above Mid-Price 47% Low-Price 25% Local Heritage 15% 16
Slide 17: Key EEMA Consumer Trends
Key EEMA Consumer Trends Share of Market (%) PMI Share of Segment (%) 12.4 30.1 SLTN 29.0 8.2 2007 2008 2009 Q1 2007 2008 2009 Q1 2010 2010 8.8 19.9 17.2 Slims 4.2 2007 2008 2009 Q1 2007 2008 2009 Q1 2010 2010 Source: PMI estimates 17
Slide 18: Marlboro New Architecture Roll-Out
Marlboro New Architecture Roll-Out Filter Plus in 24 markets Gold Original pack upgrade in 13 markets Gold Touch in 12 markets Gold Edge in 6 markets Gold Smooth 1mg in 6 markets 18
Slide 19: Marlboro Filter Plus
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Slide 20: Marlboro Filter Plus
Marlboro Filter Plus Share of Market (%) 2.8 1.3 1.0 0.6 0.7 Serbia Bulgaria UAE Kazakhstan Kuwait Q2 2009 Q3 2009 Q4 2009 Q1 2010 Source: A.C. Nielsen and Business Analytica 20
Slide 21: Marlboro Gold Touch and Fine Touch
Marlboro Gold Touch and Fine Touch National Main City Share of Market (%) Share of Market (%) 1.3 0.9 0.9 0.6 0.3 0.1 Russia Kazakhstan Romania Moscow Almaty Bucharest Q3 2009 Q4 2009 Q1 2010 Source: A.C. Nielsen and Business Analytica 21
Slide 22: Marlboro Gold Smooth 1mg
Marlboro Gold Smooth 1mg Share of Market (%) 1.1 0.6 0.6 0.5 Saudi Arabia UAE Bahrain Kuwait Q2 2009 Q3 2009 Q4 2009 Q1 2010 Source: A.C. Nielsen 22
Slide 23: Parliament
Parliament 23
Slide 24: Parliament
Parliament 2009 Share of Market (%) 8.4 3.8 2.9 2.3 2.0 Turkey Kazakhstan Russia Ukraine Romania Source: A.C. Nielsen and Business Analytica 24
Slide 25: Chesterfield
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Slide 26: Chesterfield
Chesterfield Share of Market (%) 7.8 7.8 7.3 3.3 2.9 3.1 Russia Ukraine 2008 2009 Q1 2010 Source: A.C. Nielsen 26
Slide 27: Chesterfield Superslims 100s
Chesterfield Superslims 100s Launched in March 2010 in Ukraine 27
Slide 28: 3ABKV PASOM
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Slide 29: L&M
L&M 2009 Share of Market (%) 15.3 13.4 9.5 9.2 8.5 6.1 4.2 3.5 GCC Jordan Romania Algeria Egypt Turkey Ukraine Russia Source: A.C. Nielsen and PMI estimates 29
Slide 30: Bond Street
Bond Street PHILIP NORRIS INTERNATIONAL VCrIxy B VHPAIHI KYPIHH| MOXE BUKIIMKATI 3AXBOPIOBAHHAl HA PAK
Slide 31: Bond Street
Bond Street Share of Market (%) Share of Price Segment (%) 41.8 39.5 40.0 38.0 38.7 36.0 25.7 22.9 21.0 13.1 12.2 11.4 7.3 7.4 7.5 5.4 4.4 3.7 Russia Ukraine Kazakhstan Russia Ukraine Kazakhstan 2008 2009 Q1 2010 Source: A.C. Nielsen and Business Analytica 31
Slide 32: Total Tax Incidence – Best Selling Brand
Total Tax Incidence – Best Selling Brand (% of RSP) 79.8 78.3 72.2 66.4 59.3 52.4 48.8 39.0 35.0 33.6 Romania Turkey Serbia Morocco Egypt Ukraine South Saudi Russia Kazakh. Africa Arabia Note: As of June 18, 2010 Source: PMI Financials 32
Slide 33: Marlboro Retail Price Increases since Jan. 2009
Marlboro Retail Price Increases since Jan. 2009 ($/pack) 0.15 PMI / Trade Increase Tax Increase 0.06 1.24 0.35 0.92 0.08 0.36 0.16 0.16 0.10 0.27 0.14 0.09 0.11 0.10 0.09 0.04 Turkey Romania South Ukraine Saudi Russia Serbia Kazakhstan Egypt Africa Arabia Note: As of June 18, 2010. Conversion to US
Slide 34: Excise Taxation
Excise Taxation ● Excise tax levels are generally low in EEMA ● Some large tax increases in 2009 and 2010 due to economic crisis (Turkey, Romania, Ukraine and Egypt) ● PMI has more than passed on tax increases ● Although there will be more tax increases, we see them as manageable ● Price gaps have n
Slide 35: Marlboro Price Gap vs. Leading Low-Price Brand
Marlboro Price Gap vs. Leading Low-Price Brand Russia Ukraine Turkey (%) 300 268 252 210 109 71 67 0 Dec 2007 May 2010 Dec 2007 May 2010 Dec 2007 May 2010 Source: PMI estimates 35
Slide 36: Pricing Variance vs. Volume/Mix Variance
Pricing Variance vs. Volume/Mix Variance 2008 2009 ($ million) 900 820 500 240 Volume / Mix Pricing Volume / Mix Pricing (250) (193) Source: PMI Financials 36
Slide 37: Russia – Overview
Russia – Overview Total Market Evolution (billion units) 420 401 ) 393 Izhora 390 387 (St. Petersburg) ●● Moscow Russia Krasnodar ) 330 2006 2007 2008 2009 Source: PMI estimates 37
Slide 38: Russia – Business Environment
Russia – Business Environment ● Moderate GDP gain expected in 2010 ● Unemployment remains high; limited wage gains ● Total market recovering ● Downtrading is stabilizing ● Trends towards lighter taste and new features ● Multi-year excise tax framework ● Broad brand portfolio ● PMI continues to gain
Slide 39: Russia – PMI Market Share
Russia – PMI Market Share (%) 27 25.6 25.4 25.0 24.5 22 2007 2008 2009 Q1 2010 Source: A.C. Nielsen 39
Slide 40: Russia – PMI Brand Portfolio
Russia – PMI Brand Portfolio 2009 Share of Market (%) 4.4 3.5 3.1 3.0 2.9 2.5 2.2 1.9 1.2 0.8 Parliament Marlboro Virginia Chesterfield Muratti L&M Bond Street Apollo- Next Optima Slims Soyuz Above Premium Mid-Price Low-Price Premium Source: A.C. Nielsen 40
Slide 41: Russia – PMI Premium Brands Growth vs. PY
Russia – PMI Premium Brands Growth vs. PY 17.3 14.7 10.9 4.4 -2.6 -4.3 -11.5 -12.3 -13.0 -13.3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Apr-May 2008 2009 2010 Note: In-market sales volumes Source: PMI estimates 41
Slide 42: Russia – Parliament
Russia – Parliament Share of Segment (%) ● Russia’s ultimate luxury 18.3 16.6 cigarette brand ● Original recessed filter 2.7 2.9 ● Above premium pricing Share of Market (%) ● Smoker share LA (min 18) - 24 (“YAS”): 2008 2009 Q1 2010 - National: 6.2% - Moscow: 14.4% Source: A.C. Nielsen and Global Con
Slide 43: Russia – Marlboro
Russia – Marlboro Q1, 2010 Share of Market (%) ● Unique marketing and 5.2 promotional platforms 0.3 0.6 Gold Edge ● Relevant innovation Gold Touch 0.9 Filter Plus ● YAS share: - National: 4.5% 2.3 - Moscow: 7.7% 0.3 3.5 Mainline 1.8 National Moscow Source: A.C. Nielsen and GCTS 2009 43
Slide 44: Russia – Chesterfield
Russia – Chesterfield Share of Market (%) ● Authenticity, quality ● Distinctive packaging 3.3 ● Top of mid-price segment 2.8 ● YAS share: 5.4% 2008 2009 Q1, 2010 Source: A.C. Nielsen and GCTS 2009 44
Slide 45: Russia – Bond Street
Russia – Bond Street Share of Market (%) ● Affordable, international 5.4 quality ● Modern packaging 3.5 ● Top of value-price segment ● Best performing brand in Russia 2008 2009 Q1 2010 Source: A.C. Nielsen 45
Slide 46: Russia – Excise Taxation
Russia – Excise Taxation 2007 2008 2009 2010 2011 2012 Ad Valorem (% of MRSP) 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% Specific (RUB/000 cigs.) 100 120 150 205 250 305 Minimum (RUB/000 cigs.) 115 142 177 250 305 375 Source: Russia Ministry of Finance 46
Slide 47: Ukraine – Overview
Ukraine – Overview Total Market Evolution (billion units) 140 ●Kiev ) 122 119 Ukraine Kharkiv 114 108 70 2006 2007 2008 2009 Source: KPMG 47
Slide 48: Ukraine – Business Environment
Ukraine – Business Environment ● Economic recovery ● Stable mix despite excise tax and affordability issues ● Excise tax pressure due to government revenue requirements ● Market contraction 48
Slide 49: Ukraine – Excise Taxation
Ukraine – Excise Taxation Jan-09 May-09 Jan-10 Jul-10 ● Three excise tax increases since January 2009 Specific (UAH/000 cigs.) 30 60 69 90 -Ad Valorem (% of RSP net of VAT)(a) 16% 20% 20% 25% ● Retail Prices (UAH/pack) - Marlboro 6.25 8.00 9.00 - Optima 2.50 4.50 5.25 ● These price increases improve
Slide 50: Ukraine – PMI Market Share
Ukraine – PMI Market Share (%) 38 36.2 35.9 35.2 33.9 30 2007 2008 2009 Q1 2010 Source: A.C. Nielsen 50
Slide 51: Ukraine – PMI Brand Shares
Ukraine – PMI Brand Shares Share of Market (%) 7.8 Chesterfield 7.1 Bond Street 7.5 6.9 Marlboro 5.5 5.5 4.3 L&M 4.1 2.4 Parliament 1.6 2008 2009 Q1 2010 Source: A.C. Nielsen 51
Slide 52: Turkey – Overview
Turkey – Overview Total Market Evolution (billion units) 120 ● Istanbul 108 108 108 108 Turkey ) Torbali (Izmir) 90 2006 2007 2008 2009 Source: Turkish Tobacco Board 52
Slide 53: Turkey – Excise Taxation
Turkey – Excise Taxation Jun-09 Jan-10 ● Excise tax increases - Ad Valorem (% of RSP) 58% 63% - Minimum (TRL/000) 102.5 132.5 ● Retail Prices (TRL/pack) - Marlboro 5.50 7.00 - Lark 3.50 4.50 ● These price increases improved our unit margins Source: Turkey Ministry of Finance and PMI Financials 53
Slide 54: Turkey – Business Environment
Turkey – Business Environment ● Large retail price increases driven by excise tax increases ● Premium brands under market share pressure ● Increase in illicit trade ● Market contraction 54
Slide 55: Turkey – PMI Market Share
Turkey – PMI Market Share (%) 44 42.9 41.6 41.5 40.9 30 2007 2008 2009 Q1 2010 Source: A.C. Nielsen 55
Slide 56: Turkey – PMI Brand Shares
Turkey – PMI Brand Shares Share of Market (%) Lark 13.2 11.1 9.0 Marlboro 7.3 Parliament 7.0 6.9 6.7 5.3 Muratti 5.6 4.5 L&M 2008 2009 2010 (a) (a) April/May 2010 Source: A.C. Nielsen 56
Slide 57: Turkey – Strategies
Turkey – Strategies ● Reinforce Marlboro through innovative line extensions ● Strengthen mid and low-price portfolio ● Work towards excise tax reform 57
Slide 58: Bulgaria – PMI Market Share
Bulgaria – PMI Market Share (%) 16 14.3 13.8 10.3 4.9 0 2007 2008 2009 Q1 2010 Source: A.C. Nielsen 58
Slide 59: South Africa – Acquisition
South Africa – Acquisition ● Swedish Match (“SM”) market 2009 Total Tobacco Market leader in pipe tobacco and snuff categories ● PMI gains real presence and a PMI Cigarettes manufacturing base 2.5% ● Share gains from joint SM OTP 25.8% distribution and field force expansion Source: PMI estimates 59
Slide 60: North Africa – Overview
North Africa – Overview Total Market Evolution (billion units) 150 ) Tunisia 139 ) Morocco 133 129 ) 125 Algeria Libya Egypt Mauritania 90 2006 2007 2008 2009 Source: PMI estimates 60
Slide 61: North Africa Business Structure
North Africa Business Structure ● Algeria - Market entry Mar 2005 - Local manufacturing with STAEM Apr 2009 ● Morocco - Local manufacturing with Imperial Sep 2009 ● Egypt - Local manufacturing with Eastern Nov 1985 ● Other Markets - Imports 61
Slide 62: North Africa – PMI Market Share
North Africa – PMI Market Share (%) 20 18.4 16.5 14.0 11.4 0 2007 2008 2009 Q1 2010 Source: PMI estimates 62
Slide 63: Conclusion
Conclusion ● Gradual economic recovery ● Downtrading is stabilizing ● Broad and vibrant brand portfolio ● Share gains in most major markets ● Excise taxation manageable, but some large recent increases ● Significant pricing potential ● Continued robust OCI growth 63
Slide 64: Questions & Answers
Investor Day – EEMA Region Lausanne, June 23, 2010 Questions & Answers
Slide 65: Forward-Looking and Cautionary Statements
Forward-Looking and Cautionary Statements This presentation and related discussion contain statements that, to the extent they do not relate strictly to historical or current facts, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Su
Slide 66: Glossary of Terms
Glossary of Terms ● References to PMI volumes refer to shipment volume, unless otherwise stated ● Industry volume and market shares are from a number of internal and external sources ● Organic volume refers to volume excluding acquisitions ● Net revenues exclude excise taxes ● Operating Companies In
Slide 67: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for the Impact of Currency and Acquisitions For the Quarters Ended March 31, ($ in millions) (Unaudited) % Change in Reported Net 2010 2009 Revenues excluding Excise Taxes Reported Net Reported Net Reve
Slide 68: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions For the Quarters Ended March 31, ($ in millions) (Unaudited) % Change in Adjusted Op
Slide 69: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, excluding Currency For the Quarters Ended March 31, (Unaudited) 2010 2009 % Change Reported Diluted EPS $ 0.90 $ 0.74 21.6% L
Slide 70: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Operating Cash Flow to Free Cash Flow and Free Cash Flow, excluding Currency Reconciliation of Operating Cash Flow to Operating Cash Flow, excluding Currency For the Quarters Ended March 31, ($ in
Slide 71: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Adjusted Op
Slide 72: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for Impact of Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Reported Net 2009 2008 Revenues excluding Excise Taxes Reported Reported Net Reported Net
Slide 73: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Diluted EPS to Adjusted Diluted EPS and Adjusted Diluted EPS, excluding Currency For the Years Ended December 31, (Unaudited) 2009 2008 % Change Reported Diluted EPS $ 3.24 $ 3.31 (2.1)%
Slide 74: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Adjusted Op
Slide 75: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for Impact of Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Reported Net Revenues 2008 2007 excluding Excise Taxes Reported Net Reported Net Reported
Slide 76: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income, excluding Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Adjusted Op
Slide 77: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for Impact of Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Reported Net Revenues 2007 2006 excluding Excise Taxes Reported Reported Net Reported Net
Slide 78: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for Impact of Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Reported Net Revenues 2006 2005 excluding Excise Taxes Reported Reported Net Reported Net
Slide 79: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Adjustments for Impact of Currency and Acquisitions For the Years Ended December 31, ($ in millions) (Unaudited) % Change in Reported Net Revenues 2005 2004 excluding Excise Taxes Reported Reported Net Reported Net
Slide 80: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Calculation of Total Debt to EBITDA and Net Debt to EBITDA Ratios ($ in millions, except ratios) (Unaudited) For the Year Ended March 31, December 31, 2010 2009 April ~ December January ~ March 12 months 2009 2010
Slide 81: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Calculation of Total Debt to EBITDA and Net Debt to EBITDA Ratios ($ in millions, except ratios) (Unaudited) March 31, 2008 April ~ December January ~ March 12 months 2007 2008 rolling Earnings before income taxes
Slide 82: Reconciliation of Non-GAAP Measures
PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries Reconciliation of Non-GAAP Measures Reconciliation of Reported Operating Income to Reported Operating Companies Income Reconciliation of Reported Operating Companies Income to Adjusted Operating Companies Income For the Years Ended December 31, ($ in
Slide 83: Investor Day – EEMA Region
Investor Day – EEMA Region Lausanne, June 23, 2010
Philip Morris International — Investor Day (June 2010) on 6ix