Philip Morris International‘s shipment volumes during the 12 months to the end of December, at 915,266 million, were increased by 1.7 per cent on those of the 12 months to the end of December 2010.
Excluding acquisitions, volumes were up by 0.5 per cent.
- Philip Morris International cigarette brands
Volumes were up by 11.0 per cent to 313,282 million in Asia, because of a higher total market in Indonesia, higher shares in Japan and Korea, and the impact of a business combination in the Philippines.
And they were up by 0.3 per cent to 290,250 million in PMI’s Eastern Europe, Middle East and Africa (EEMA) region driven by higher total markets in Algeria and Saudi Arabia, and higher shares in Algeria and Turkey.
But volumes were down by 4.8 per cent to 100,241 million in Latin America and Canada because of a lower total market in Mexico, partly offset by a higher total market and share in Argentina, and a higher share in Canada.
Volumes were down also in the EU: by 5.1 per cent to 211,493 million. This drop was predominantly due to lower total markets and share, mainly in Italy, Portugal and Spain, and a lower total market in Greece.
Total shipments of Marlboro cigarettes of 300.1 billion were up by 0.9 per cent, driven primarily by growth in the EEMA region of 5.3 per cent, in particular in the Middle East and North Africa, and by growth in Asia of 8.8 per cent, notably in Indonesia, Japan, Korea and Vietnam. The growth was partly offset by a 5.1 per cent fall in the EU and by a 5.8 per cent fall in the Latin America and Canada region.
Total L&M shipments of 90.1 billion were up by 1.7 per cent, total Bond Street shipments of 45.0 billion were increased by 2.0 per cent, total Parliament shipments were up by 12.1 per cent to 39.4 billion, total Philip Morris shipments increased by 1.4 per cent to 39.3 billion, total Chesterfield shipments of 36.7 billion were up by 0.6 per cent, and total Lark shipments of 33.7 billion were increased by 17.5 per cent.
Total shipments of other tobacco products (OTP), in cigarette equivalent units, excluding acquisitions, grew by 7.2 per cent, notably in the Benelux countries, France, Italy and Germany.
Total shipments for cigarettes and OTP combined were up by 0.7 per cent, excluding the effects of acquisitions.
Meanwhile, during the fourth quarter of last year, PMI’s cigarette shipments, at 226,622 million, were up by 0.7 per cent on those of the three months to the end of December 2010.
Asia region shipments were up by 10.5 per cent to 78,095 million, and EEMA shipments were up by 0.2 per cent to 72,218 million.
EU shipments were down by 7.1 per cent to 49,580 million, while Latin America and Canada shipments were down by 7.4 per cent to 26,729 million.
In announcing the results, Louis C. Camilleri, chairman and CEO, said that while PMI’s 2011 results had been lifted by its performance in Japan, they had been “simply superb in each and every aspect”.
“Every single one of our top 10 brands recorded volume growth, we surpassed all of our key financial performance measures and grew our global market share for the fourth year in a row.
“Our total shareholder return in 2011 was an impressive 39.8 per cent, substantially outperforming the broader market indices.”
Looking to the future, Camilleri said that economic uncertainty, currency volatility and the year-on-year comparison of PMI’s business performance in Japan are obvious challenges in 2012. [Japan Tobacco Inc is gradually regaining market share lost when its production and distribution operations were heavily disrupted by the earthquake and tsunami of March 11.]
“We nevertheless begin the year with solid business momentum, confident in our ability to meet our constant currency financial growth targets, and as steadfast as ever in our commitment to reward shareholders with superior returns over the long term.”
For the full year 2011, PMI reported diluted earnings per share up by 23.7 per cent (18.9 per cent excluding currency factors) and adjusted diluted earnings per share up 26.1 per cent (21.2 per cent) to $4.88.
Reported net revenues, excluding excise taxes, were up by 14.3 per cent (9.2 per cent excluding currency factors and acquisitions) to $31.1 billion.
Reported operating companies’ income was up by 18.7 per cent (13.6 per cent excluding currency factors and acquisitions) to $13.6 billion, and adjusted operating companies’ income was up by 19.2 per cent (14.0 per cent) to $13.7 billion.
Operating income was up by 19.0 per cent to $13.3 billion.