Philip Morris International Inc · NYSE:PM
Philip Morris International — Investor Day (June 2012)
70 slides from Philip Morris International's investor day presentation, Jun 21, 2012
Slide 1: Investor Day – EU Region
Investor Day – EU Region Lausanne, June 21, 2012 Jacek Olczak President, European Union Region Philip Morris International
Slide 2: Region Overview
Region Overview Current EU Region = EU Area + Non EU Markets 2011 – EU Markets belonging to EEMA Region Cigarettes Cigarette Industry (units billion) 555 LA (min. 18) – 64 Smoking Incidence 20.8% PMI Cigarette Share of Market 38.2% Other Tobacco Products (OTP) OTP Industry (eq. units billion) 136 Fi
Slide 3: Weak Economic Outlook
Weak Economic Outlook Real GDP Variance (%) Government Debt (%) and Deficit (%) 82.8 84.0 3.0 74.7 1.9 1.6 1.2 0.5 0.3 2012 59.0 2007 2008 2009 2010 2011 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 (0.7) (0.9) (2.5) (4.4) (4.2) (6.8) Government Debt Deficit Source: Economist Intelligence Unit,
Slide 4: High Unemployment Levels
High Unemployment Levels Unemployment(a) Total Unemployment Youth Unemployment(b) (%) 60 Northern Southern Central 51.5 48.1 36.6 35.2 26.8 24.3 25.4 22.0 21.7 20.3 17.8 15.2 9.4 10.2 10.2 9.9 10.7 7.9 7.4 6.6 5.2 5.4 0 Neth. Ger. Belg. France Italy Port. Gre. Spain Cze. Pol. Hun. (a) April 2012 dat
Slide 5: Cigarette Industry Volume
Cigarette Industry Volume Cigarettes (units billion) CAGR 653.4 2007-2011 607.1 554.9 (4.0)% (1.5)% (1.7)% (1.6)% (3.1)% (7.7)% (5.4)% (8.9)% (4.4)% (6.7)% 2007 2009 2011 Northern Europe Southern Europe Central Europe Note: Please refer to the Glossary of Terms for the list of countries under Northe
Slide 6: Cigarette and OTP Industry Volume
Cigarette and OTP Industry Volume Cigarettes Fine Cut(a) & Other OTP Cigarettes (units billion) (units billion equivalent) & OTP CAGR CAGR CAGR 653.4 2007-2011 2007-2011 2007-2011 607.1 554.9 (4.0)% (1.5)% (1.7)% 136.3 3.2% (2.8)% 127.5 120.0 (1.6)% (3.1)% Fine 2.0% (0.8)% (7.7)% Cut (5.4)% 22.9% (4
Slide 7: Profitable Low-Price Cigarette Segment and Fine-Cut Category
Profitable Low-Price Cigarette Segment and Fine-Cut Category (Net Revenue Other Regions Index)(a) EU Region Combined 100 100 76 57 51 47 0 Premium Mid Low Fine Cut(b) Cigarettes Cigarettes (a) Ratio indexed on net revenue per thousand , excluding excise taxes, of premium cigarette brands in Europe.
Slide 8: Financial Results 2007-2011
Financial Results 2007-2011 Shipment Volume Net Revenues Adjusted OCI (units billion) ($ million) ($ million) CAGR: (4.8)% CAGR: 1.1% CAGR: 1.5% CAGR: 0.2% (excl. currency) CAGR: 1.3% (excl. currency) 9,212 4,605 8,835 4,332 257.5 211.5 2007 2011 2007 2011 2007 2011 Source: PMI Financials 8
Slide 9: Positive Performance in Q1, 2012
Positive Performance in Q1, 2012 Shipment Volume Net Revenues Adjusted OCI (units billion) ($ million) ($ million) (1.5)% +2.6% +1.3% +5.3% (excl. currency) +3.7% (excl. currency) 2,001 2,053 1,017 1,030 48.5 47.8 Q1, 2011 Q1, 2012 Q1, 2011 Q1, 2012 Q1, 2011 Q1, 2012 Source: PMI Financials 9
Slide 10: EU Contribution to 2011 PMI Results
EU Contribution to 2011 PMI Results Cigarette Shipment Volume Net Revenues 23% 30% Adjusted OCI 34% Source: PMI Financials 10
Slide 11: Expanding Adjusted OCI Margin
Expanding Adjusted OCI Margin (%) 52 50.0 50.2 49.0 42 2007 2011 Q1, 2012 Note: Adjusted OCI margins are calculated as adjusted OCI, divided by net revenues, excluding excise taxes Source: PMI Financials 11
Slide 12: Resilient Share Performance
Resilient Share Performance PMI Share of Cigarette Market (%) 39.3 38.8 38.2 40 0 2007 2009 2011 Source: PMI estimates 12
Slide 13: Undisputed Leader in the EU Region
Undisputed Leader in the EU Region Cigarette Market 2011 Share of Market (%) 40 38 21 20 17 4 0 PMI IMT BAT JTI Others Source: PMI estimates 13
Slide 14: Five PMI Brands within the Top-15 Cigarette Brand Families
Five PMI Brands within the Top-15 Cigarette Brand Families 2011 Share of Market (%) 17.9 Variance (0.2) +0.2 +0.2 +0.0 +0.1 2011 vs. 2010 (pp) 6.5 3.1 2.0 2.0 Marlboro L&M Pall Camel Winston JPS Chest. Lucky Gaul. Diana Viceroy Philip MS Benson Fortuna Mall Strike Morris & Hedges Note: Chest. is Che
Slide 15: Continuous Share Growth in Fine Cut
Continuous Share Growth in Fine Cut PMI Share of Fine Cut Market(a) Share of Fine Cut Volume Growth (%) 2011 vs. 2010 (%) 15 13.7 12.6 11.8 9.4 PMI 39% 0 2007 2009 2011 Q1, 2012 (a) Includes Roll Your Own, Make Your Own, and additionally pipe tobacco in Spain and Poland. Fine cut converted to cigare
Slide 16: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share: - Leverage innovation and new campaign to grow Marlboro 16
Slide 17: Marlboro: at the Forefront of Innovation
Marlboro: at the Forefront of Innovation ● Marlboro is and remains the most aspirational cigarette brand in the EU Region ● Marlboro is modern and innovative: - Product innovation - Pack formats - New “Be Marlboro” campaign 17
Slide 18: Innovative filter with menthol capsule
• Innovative filter with menthol capsule • Launched in 7 markets in the last 12 months • Q1, 2012 market shares: - France: 0.5% - Switzerland: 0.6% - Sweden: 1.5% Source: PMI estimates 18
Slide 19: Marlboro: Innovation Through Formats
Marlboro: Innovation Through Formats Marlboro Core Flavor, Gold Touch and Marlboro Pocket Pack • Slimmer diameter or shorter length • Marlboro Gold Touch and Core Flavor combined volume growth of 21% in 2011 • Marlboro Pocket Pack volume growth of 17% in 2011 8 Markets 15 Markets 12 Markets Source:
Slide 20: Marlboro Campaign
Marlboro Campaign Pick and choose 20
Slide 21: Marlboro: Growing in the Premium Segment
Marlboro: Growing in the Premium Segment Marlboro Share of Premium Segment (%) 54.5 55 54.1 53.9 53.7 54 Marlboro Share of Market 21 18.4 18.1 17.9 17.9 17 2009 2010 2011 YTD May 2012 Source: PMI estimates 21
Slide 22: Marlboro: Over-Indexed Among YAS
Marlboro: Over-Indexed Among YAS Difference LA (min. 18) – 24 vs. LA (min. 18) – 64 (pp) Total PMI Marlboro Portfolio 6 France Spain Neth. Italy Belg. Cze. Poland Ger. France Spain (2) Note: Neth. is Netherlands, Belg. is Belgium, Cze. is Czech Republic and Ger. is Germany Source: PMI Market Researc
Slide 23: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share: - Leverage innovation and new campaign to grow Marlboro - Strengthen our footprint in the profitable below-premium cigarette segments and fine-cut category 23
Slide 24: 2011 Share of Cigarettes – PMI Portfolio with Strong International Brands
2011 Share of Cigarettes – PMI Portfolio with Strong International Brands (%) PMI Competition 17.9 MARLBORO Top 3-Brands Top 3-Brands 11.6 10.5 PHILIP MORRIS 9.6 B&H VICEROY CHESTERFIELD 7.3 WINSTON LUCKY STRIKE FORTUNA GAULOISES L&M CAMEL PALL MALL JPS PMI PMI JTI BAT IMT Source: PMI estimates 24
Slide 25: Success of PMI International Brands in the Below-Premium Segment
Success of PMI International Brands in the Below-Premium Segment Chesterfield, L&M and Philip Morris Share of Below-Premium Segment (%) 16 15.2 14.7 13.7 12.5 12 2007 2009 2011 YTD May 2012 Source: PMI estimates 25
Slide 26: L&M: Steady Growth
L&M: Steady Growth ● No. 1 brand in the mid and low-price segment ● Shipment volume grew by 2.7% in the Region in 2011 L&M Performance and Key Competitive Brands Share of Market (%) 7 6.6 L&M 5.2 4.8 Pall Mall 3.8 4.5 Winston 3.5 JPS 2.9 2.0 0 2007 2008 2009 2010 2011 YTD May 2012 Source: PMI estima
Slide 27: Innovation Extended to L&M
Innovation Extended to L&M ● Consumer-relevant innovation introduced in L&M cigarettes ● L&M Forward: a regular cigarette featuring a menthol capsule in the filter ● L&M U-Spin: a cigarette with an innovative filter that allows smokers to adjust taste intensity 27
Slide 28: Roken is dodelijk
Roken is dodelijk
Slide 29: Chesterfield: Continuous Share Growth
Chesterfield: Continuous Share Growth ● Shipment volume grew by 8.5% in the EU Region in 2011 Share of Market (%) 3.1 3.3 2.7 2.9 2007 2009 2011 YTD May 2012 Source: PMI Financials and PMI estimates 29
Slide 30: Marlboro in Roll Your Own
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Slide 31: Increasing Share of Cigarette Brands in Fine Cut
Increasing Share of Cigarette Brands in Fine Cut Share of Fine Cut in Top 5 EU Markets(a)(b) (%) 69.1 70 Traditional 60.8 Fine Cut Brands 55.1 44.9 Cigarette Brands 39.2 in Fine Cut 30.9 30 2009 2009 2010 2010 2011 2011 (a) Includes Roll Your Own, Make Your Own, and additionally pipe tobacco in Spai
Slide 32: 2011 PMI Growth in Fine Cut
2011 PMI Growth in Fine Cut Share of Fine Cut(a) (%) 15 6 14.0 PMI 9.4 3.5 Chesterfield 9 4 2.6 Marlboro 2.5 2.5 L&M 0.6 0.6 0 2007 2009 2011 YTD May, 2012 (a) Includes Roll Your Own, Make Your Own, and additionally pipe tobacco in Spain and Poland. Fine cut converted to cigarette equivalents based
Slide 33: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share ● Advocate for reasonable tax increases and improvement of excise tax structures 33
Slide 34: No Disruptive Excise Tax Increases in 2011 nor in 2012
No Disruptive Excise Tax Increases in 2011 nor in 2012 Marlboro Marlboro Total Tax Total Tax (€/’000) Incidence 400 100% 75% 75% 75% 75% 197 201(a) 178 +6% 188 +5% 0 0% 2009 2010 2011 Apr 2012 (a) Total tax on Marlboro increased by 4.8% in April 2012, year-on-year Source: PMI estimates 34
Slide 35: Structural Cigarette Tax Improvements
Structural Cigarette Tax Improvements ● Increased Minimum Excise Excise Specific-to- Total Tax Ratio on Cigarettes Taxes (weighted average for EU Region) ● EU excise tax rules allow for 32.4% specific to total tax ratio of up to 76.5%: - 4 countries already moved 29.2% above the previous threshold o
Slide 36: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share ● Advocate for reasonable tax increases and improvement of excise tax structures ● Deliver OCI growth through a balanced pricing and price gap reduction strategy 36
Slide 37: Price Increases Implemented in Most EU Markets
Price Increases Implemented in Most EU Markets Pricing Variance ● In 2011 and through May Total Year 2012, PMI implemented or ($ million) Q1 298 announced price 300 increases notably in: 2011 2012 Czech Republic Belgium France Czech Republic Germany Germany Greece Italy Italy Netherlands Norway Norw
Slide 38: Reduction of Price Gaps
Reduction of Price Gaps January 1, 2009 May 1, 2012 France Germany Italy Spain Poland France Germany Italy Spain Poland Premium 9% 10% 16% 17% 24% 8% 8% 14% 12% 20% Low-Price Source: PMI affiliates 38
Slide 39: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share ● Advocate for reasonable tax increases and improvement of excise tax structures ● Deliver OCI growth through a balanced pricing and price gap reduction strategy ● Continue to fight illicit trade 39
Slide 40: Illicit Trade: a Risk, But Also an Opportunity to Recover Volume
Illicit Trade: a Risk, But Also an Opportunity to Recover Volume (units billion) 10.4% (% of total consumption) 9.9% 8.9% 8.4% 8.6% 64.2 65.3 60.6 60.5 61.1 54.1 2007 2008 2009 2010 2011 France tax-paid domestic 2011 Source: KPMG analysis based on empty pack surveys, legal domestic sales and non-dom
Slide 41: Strategies to Fight Illicit Trade
Strategies to Fight Illicit Trade Hungary Illicit Trade Cooperation (% of total (units billion) 17.3% consumption) 9.5% 7.9% 6.6% 3.3 5.5% 3.8% Communication 1.7 1.4 1.0 0.8 0.5 2006 2007 2008 2009 2010 2011 Total Consumption Cigarettes & Fine Cut(a) (units billion equivalent) 21 19.2 Engagement 15.
Slide 42: Key Strategies
Key Strategies ● Leverage our strong brands to increase market share ● Advocate for reasonable tax increases and improvement of excise tax structures ● Deliver OCI growth through a balanced pricing and price gap reduction strategy ● Continue to fight illicit trade ● Protect our ability to differenti
Slide 43: Tobacco Products Directive (2001/37/EC)
Tobacco Products Directive (2001/37/EC) Impact Commission Voting in EU Transposition Adoption by Member Assessment Proposal Parliament & Council States Q1 2010 – Q3 2012 Q4 2012 2013 2014 2015 > ● Potential changes to packaging & labeling requirements, use of ingredients, restrictions to tobacco pro
Slide 44: Five Key Markets in the EU Region
Five Key Markets in the EU Region 44
Slide 45: Spain: Economy Hit by Recession
Spain: Economy Hit by Recession ● Country in recession with high unemployment ● Volume decline and consumer downtrading ● Reduced price gaps ● Marlboro growing share in the premium cigarette segment ● Positive performance of L&M and Chesterfield in the low- price cigarette segment 45
Slide 46: Spain: Industry Volume Decline and Downtrading
Spain: Industry Volume Decline and Downtrading (units billion; units billion equivalent) Variance Cigarettes (2011 vs. 2010) Fine Cut(a) 89.3 80.4 69.3 (13.8)% Variance (Q1, 2012 vs. Q1, 2011) 81.7 72.7 60.6 (16.6)% 14.7 15.1 3.2% 12.8 12.8 0.6% 7.6 7.7 8.7 13.0% 1.9 2.3 20.9% 2009 2010 2011 Q1, 201
Slide 47: Spain: Reduction of Price Gaps between Marlboro and Other Price Segments
Spain: Reduction of Price Gaps between Marlboro and Other Price Segments December 31, 2009 May 31, 2012 €3.45 €4.50 €0.45 €0.40 €0.55 MPPC MPPC €0.75 €0.15 €0.15 €0.15 Note: MPPC stands for Most Popular Price Class Source: PMI affiliate 47
Slide 48: Spain: Growing Share in the Premium Segment
Spain: Growing Share in the Premium Segment Marlboro SoM and Share of Premium Segment Chesterfield and L&M SoM (%) (%) 100 9.7 86.9 86.6 89.6 10 8.9 83.7 8.7 8.4 Chest. Marlboro Share of Premium Segment 6.3 6.5 6.5 L&M 4.7 16.5 15.3 14.6 13.9 Marlboro 0 0 2007 2008 2009 2010 2011 Q1 2007 2008 2009 2
Slide 49: Italy: Strong Portfolio in a Difficult Economic Environment
Italy: Strong Portfolio in a Difficult Economic Environment ● Deteriorating economy with increasing price elasticity ● Stabilizing Marlboro share ● Launch of Philip Morris Selection in the low-price cigarette segment ● Recent market leadership in fine cut 49
Slide 50: Italy: Cigarette Industry Volumes under Pressure and Significant Increase of Fine Cut
Italy: Cigarette Industry Volumes under Pressure and Significant Increase of Fine Cut (units billion; units billion equivalent) Variance Cigarettes (2011 vs. 2010) Fine Cut(a) 91.0 89.5 89.1 (0.5)% Variance (Q1, 2012 vs. Q1, 2011) 89.2 87.0 85.5 (1.8)% 20.5 19.8 (3.1)% 19.8 18.6 (6.1)% 1.9 2.5 3.6 4
Slide 51: Italy: Marlboro Resilient in a Difficult Economic Environment
Italy: Marlboro Resilient in a Difficult Economic Environment Share of Market (%) 30 Marlboro 22.8 22.4 22.6 22.8 22.5 22.5 0 2007 2008 2009 2010 2011 YTD May Source: PMI estimates 2012 51
Slide 52: Italy: Philip Morris Selection Launched in the Low-Price Segment
Italy: Philip Morris Selection Launched in the Low-Price Segment ● Introduction in the low- price segment in January 2012 ● 0.4% share of market YTD May, 2012 Philip Morris Selection YTD May, 2012 Performance (%) 1 ● 0.8% share of the low- 0.8 price segment YTD May, 2012 0.4 0 Cigarette Low-Price Sh
Slide 53: Italy: PMI Recent Leadership in the Fine-Cut Category
Italy: PMI Recent Leadership in the Fine-Cut Category Main Manufacturers Share of Fine Cut (%) 45 43.6 30.0 PMI 26.8 IMT 13.6 12.5 JT 4.7 1.4 BAT 0.6 0 2009 2010 2011 YTD May 2012 Source: PMI estimates 53
Slide 54: France: Solid Volume and Share Performance
France: Solid Volume and Share Performance ● Stable industry volume with growth of fine cut ● Cigarette market share growth in 2011 ● Remarkable fine cut share of market growth after the launch of Marlboro Source: PMI estimates 54
Slide 55: France: Stable Total Tobacco Industry Volume
France: Stable Total Tobacco Industry Volume (units billion; units billion equivalent) Variance Cigarettes (2011 vs. 2010) Fine Cut(a) 64.7 64.9 64.7 (0.3)% Variance (Q1, 2012 vs. Q1, 2011) 55.0 54.8 54.1 (1.3)% 15.4 15.3 (0.2)% 12.9 12.6 (1.9)% 9.7 10.1 10.6 5.0% 2.5 2.7 9.1% 2009 2010 2011 Q1, 201
Slide 56: France: Robust Share of Premium Segment and Cigarette Market Share Growth in 2011
France: Robust Share of Premium Segment and Cigarette Market Share Growth in 2011 Share of Premium Segment (%) 75 70.6 70.3 70.7 70.5 70.8 70.6 PMI Share of Market 50 42.5 40.8 40.6 40.4 40.5 39.9 PMI 30.2 27.3 26.5 25.9 25.7 24.8 Marlboro 25 6.2 6.5 7.0 7.8 8.2 8.2 Philip Morris 0 2007 2008 2009 20
Slide 57: France: Remarkable Market Share Growth in the Fine-Cut Category
France: Remarkable Market Share Growth in the Fine-Cut Category Share of Fine Cut ● Superior performance (%) 25.6 of Marlboro 26 24.6 22.0 PMI ● Interval moderating decline rate 14.8 Interval ● Dedicated sales force 9.9 9.5 7.5 Marlboro 6.0 0 2008 2009 2010 2011 YTD May 2012 Source: PMI estimates 57
Slide 58: Poland: Solid Fundamentals
Poland: Solid Fundamentals ● Strong macro-economic environment ● Consumer uptrading ● Growth of PMI international brands ● PMI outperforming in the growing slims and menthol segments 58
Slide 59: Poland: Uptrading to Premium and Mid-Price Segments
Poland: Uptrading to Premium and Mid-Price Segments Total Market by Price Segment (%) 12.4 13.0 13.5 14.4 Premium(a) 29.6 29.3 29.0 28.3 Mid-Price(b) 58.0 57.7 57.5 57.3 Low-Price(c) 2007 2009 2011 Q1 (a) Premium Price: mainly Marlboro and Vogue 2012 (b) Mid-Price: mainly L&M, West, Golden American
Slide 60: Poland: PMI International Brands Growing Share of Market
Poland: PMI International Brands Growing Share of Market (%) 18 15.9 15.6 L&M 14.8 15.1 10.4 10.1 Marlboro 9.4 8.5 1.4 1.9 Chesterfield 0.2 0.2 0 2007 2009 2011 YTD May 2012 Source: PMI estimates 60
Slide 61: Poland: PMI Growing in the Slims and Menthol Segments
Poland: PMI Growing in the Slims and Menthol Segments Slims Share of Market (%) PMI Slims Share of Segment (%) 21.0 31.1 15.0 25.1 10.9 14.0 2007 2009 2011 2007 2009 2011 Menthol Share of Market (%) PMI Menthol Share of Segment (%) 34.4 17.0 30.6 15.5 28.1 13.9 2007 2009 2011 2007 2009 2011 Source:
Slide 62: Germany: Excellent Performance
Germany: Excellent Performance ● Solid macro-economic fundamentals and growing cigarette and industry volumes ● Marlboro – No. 1 brand and growing share among YAS ● L&M – the fastest-growing brand in Germany ● PMI reinforcing position in fine cut thanks to the international portfolio 62
Slide 63: Germany: Positive Cigarette and Fine Cut Volume Development in 2011
Germany: Positive Cigarette and Fine Cut Volume Development in 2011 (units billion; units billion equivalent) Variance Cigarettes (2011 vs. 2010) Fine Cut(a) 120.3 119.5 120.5 0.8% Variance (Q1, 2012 vs. 85.5 83.9 84.5 0.7% Q1, 2011) 28.1 28.5 1.4% 19.4 20.0 3.1% 34.8 35.6 36.0 1.2% 8.7 8.5 (2.2)% 2
Slide 64: Germany: PMI Cigarette Market Share Turnaround
Germany: PMI Cigarette Market Share Turnaround Main Manufacturers Share of Market (%) 40 36.9 36.5 36.5 35.5 35.9 36.4 PMI 27.1 26.4 25.5 IMT 18.4 18.6 19.3 BAT 11.6 12.4 11.8 Private Label 5.0 5.0 5.1 JT 0 2007 2008 2009 2010 2011 YTD May 2012 Source: PMI estimates 64
Slide 65: Germany: Marlboro Resumes Share Growth Among Young Adult Smokers
Germany: Marlboro Resumes Share Growth Among Young Adult Smokers Marlboro Share of Market ● New “Be Marlboro” Marlboro Smoker Share LA (min.18) – 24 campaign launched in (%) Q4, 2011 25 23.0 21.4 20.9 20.9 18.3 20.2 16.6 14.6 10 2009 2010 2011 2012 (a) (a) YTD May, 2012 data for share of market and
Slide 66: Germany: L&M Outperforming Main Competitor Brands
Germany: L&M Outperforming Main Competitor Brands L&M and Key Competitive Brands ● L&M is the fastest-growing Share of Cigarette Market brand in Germany (%) ● L&M is clearly 12 outperforming the main 11.0 L&M competitors in the same 9.8 Pall Mall price segment 9.6 JPS 6.8 6.7 5.1 5 2007 2008 2009 20
Slide 67: Germany: PMI Continuous Share Growth in the Fine-Cut Category
Germany: PMI Continuous Share Growth in the Fine-Cut Category Driven by International Brands PMI Fine Cut Share of Market(a) Other PMI Brands Marlboro, L&M and Chesterfield ● PMI share of market (%) 16.0 growth, driven by its 16 14.8 1.8 international brands 13.3 13.9 1.9 1.8 2.0 14.2 12.1 12.9 11.3
Slide 68: Concluding Remarks
Concluding Remarks ● Positive developments of Marlboro demographics ● Robust mid and low-price brand portfolio: L&M, Chesterfield and Philip Morris ● Strong international well-established cigarette brands in the fine-cut category ● Pipeline of consumer-relevant product innovations ● Improving tax en
Slide 69: Questions & Answers
Investor Day – EU Region Lausanne, June 21, 2012 Questions & Answers
Slide 70: Reconciliations of non-GAAP measures
Reconciliations of non-GAAP measures included in this presentation to the most comparable GAAP measures are provided on our website at: www.pmi.com/2012InvestorDay/RecSlides
Philip Morris International — Investor Day (June 2012) on 6ix