Philip Morris International (PM) FY2011 results: revenue $76.3 billion, up 12.7% on the year
Philip Morris International Inc. (PM) reported revenue of $76.3 billion for fiscal 2011, the year ended 31 December 2011, up 12.7% on the year before. Net income was $8.6 billion, up 18.3%, and diluted earnings per share $4.85. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2012.
Revenue
$76.3 billion
+12.7% on the year
FY2007FY2011
Operating margin
17.5%
16.5% a year earlier
FY2007FY2011
Net income
$8.6 billion
+18.3% on the year
FY2007FY2011
Diluted EPS
$4.85
+23.7% on the year
FY2007FY2011
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Revenue
76,346
67,713
62,080
+12.7%
Cost of revenue
10,678
9,713
9,022
+9.9%
Gross profit
20,419
17,495
16,013
+16.7%
Gross margin
26.7%
25.8%
25.8%
Research and development
413
391
335
+5.6%
Operating income
13,332
11,200
10,040
+19.0%
Operating margin
17.5%
16.5%
16.2%
Interest expense
934
974
905
-4.1%
Pre-tax income
12,532
10,324
9,243
+21.4%
Income tax
3,653
2,826
2,691
+29.3%
Effective tax rate
29.1%
27.4%
29.1%
Net income
8,591
7,259
6,342
+18.3%
Net margin
11.3%
10.7%
10.2%
Diluted EPS
$4.85
$3.92
$3.24
+23.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Operating cash flow
10,529
9,437
7,884
+11.6%
Capital expenditure
897
713
715
+25.8%
Free cash flow
9,632
8,724
7,169
+10.4%
Free cash flow margin
12.6%
12.9%
11.5%
Cash from investing
-1,032
-710
-1,098
Cash from financing
-8,338
-8,578
-6,911
Depreciation and amortisation
993
932
853
+6.5%
Share-based compensation
162
127
93.0
+27.6%
Buybacks
5,372
5,030
5,625
+6.8%
Dividends paid
4,788
4,423
4,327
+8.3%
Dividend per share
$2.82
$2.44
$2.24
+15.6%
Diluted shares, weighted
1,762m
1,842m
1,950m
-4.3%
Shares outstanding at period end
n/a
1,802m
1,887m
Balance sheet
$ million
FY2011
FY2010
FY2009
On the year
Last 8 years
Shareholders' equity
229
3,506
5,716
-93.5%
Non-controlling interest
322
427
429
-24.6%
Redeemable equity
1,212
n/a
n/a
Short-term borrowings
n/a
n/a
1,662
Debt
18,545
16,502
13,754
+12.4%
Other liabilities
15,180
14,615
12,991
+3.9%
Total liabilities and equity
35,488
35,050
34,552
+1.2%
Fixed assets
6,250
6,499
6,390
-3.8%
Goodwill
9,928
10,161
9,112
-2.3%
Intangible assets
3,697
3,873
3,546
-4.5%
Cash and equivalents
2,550
1,703
1,540
+49.7%
Receivables
3,201
3,009
3,098
+6.4%
Inventory
8,120
8,317
9,207
-2.4%
Other assets
1,742
1,488
1,659
+17.1%
Total assets
35,488
35,050
34,552
+1.2%
10-K for the year ended 31 December 2011, filed 24 February 2012: the filing.