Philip Morris International (PM) FY2012 results: revenue $77.4 billion, up 1.4% on the year
Philip Morris International Inc. (PM) reported revenue of $77.4 billion for fiscal 2012, the year ended 31 December 2012, up 1.4% on the year before. Net income was $8.8 billion, up 2.4%, and diluted earnings per share $5.17. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2013.
Revenue
$77.4 billion
+1.4% on the year
FY2007FY2012
Operating margin
17.9%
17.5% a year earlier
FY2007FY2012
Net income
$8.8 billion
+2.4% on the year
FY2007FY2012
Diluted EPS
$5.17
+6.6% on the year
FY2007FY2012
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Revenue
77,393
76,346
67,713
+1.4%
Cost of revenue
10,373
10,678
9,713
-2.9%
Gross profit
21,004
20,419
17,495
+2.9%
Gross margin
27.1%
26.7%
25.8%
Research and development
415
413
391
+0.5%
Operating income
13,846
13,332
11,200
+3.9%
Operating margin
17.9%
17.5%
16.5%
Interest expense
1,007
934
974
+7.8%
Pre-tax income
12,987
12,532
10,324
+3.6%
Income tax
3,833
3,653
2,826
+4.9%
Effective tax rate
29.5%
29.1%
27.4%
Net income
8,800
8,591
7,259
+2.4%
Net margin
11.4%
11.3%
10.7%
Diluted EPS
$5.17
$4.85
$3.92
+6.6%
$ 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
FY2012
FY2011
FY2010
On the year
Last 8 years
Operating cash flow
9,421
10,529
9,437
-10.5%
Capital expenditure
1,056
897
713
+17.7%
Free cash flow
8,365
9,632
8,724
-13.2%
Free cash flow margin
10.8%
12.6%
12.9%
Cash from investing
-992
-1,032
-710
Cash from financing
-8,100
-8,338
-8,578
Depreciation and amortisation
898
993
932
-9.6%
Share-based compensation
n/a
162
127
Buybacks
6,525
5,372
5,030
+21.5%
Dividends paid
5,404
4,788
4,423
+12.9%
Dividend per share
$3.24
$2.82
$2.44
+14.9%
Diluted shares, weighted
1,692m
1,762m
1,842m
-4.0%
Shares outstanding at period end
n/a
n/a
1,802m
Balance sheet
$ million
FY2012
FY2011
FY2010
On the year
Last 8 years
Shareholders' equity
-3,476
229
3,506
Non-controlling interest
322
322
427
0.0%
Redeemable equity
n/a
1,212
n/a
Debt
22,839
18,545
16,502
+23.2%
Other liabilities
17,985
15,180
14,615
+18.5%
Total liabilities and equity
37,670
35,488
35,050
+6.1%
Fixed assets
6,645
6,250
6,499
+6.3%
Goodwill
9,900
9,928
10,161
-0.3%
Intangible assets
3,619
3,697
3,873
-2.1%
Cash and equivalents
2,983
2,550
1,703
+17.0%
Receivables
3,589
3,201
3,009
+12.1%
Inventory
8,949
8,120
8,317
+10.2%
Other assets
1,985
1,742
1,488
+13.9%
Total assets
37,670
35,488
35,050
+6.1%
10-K for the year ended 31 December 2012, filed 22 February 2013: the filing.