Philip Morris International (PM) FY2013 results: revenue $80.0 billion, up 3.4% on the year
Philip Morris International Inc. (PM) reported revenue of $80.0 billion for fiscal 2013, the year ended 31 December 2013, up 3.4% on the year before. Net income was $8.6 billion, down 2.5%, and diluted earnings per share $5.26. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2014.
Revenue
$80.0 billion
+3.4% on the year
FY2007FY2013
Operating margin
16.9%
17.9% a year earlier
FY2007FY2013
Net income
$8.6 billion
-2.5% on the year
FY2007FY2013
Diluted EPS
$5.26
+1.7% on the year
FY2007FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
80,029
77,393
76,346
+3.4%
Cost of revenue
10,410
10,373
10,678
+0.4%
Gross profit
20,807
21,004
20,419
-0.9%
Gross margin
26.0%
27.1%
26.7%
Research and development
449
415
413
+8.2%
Operating income
13,515
13,846
13,332
-2.4%
Operating margin
16.9%
17.9%
17.5%
Interest expense
1,104
1,007
934
+9.6%
Pre-tax income
12,542
12,987
12,532
-3.4%
Income tax
3,670
3,833
3,653
-4.3%
Effective tax rate
29.3%
29.5%
29.1%
Net income
8,576
8,800
8,591
-2.5%
Net margin
10.7%
11.4%
11.3%
Diluted EPS
$5.26
$5.17
$4.85
+1.7%
$ 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
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
10,135
9,421
10,529
+7.6%
Capital expenditure
1,200
1,056
897
+13.6%
Free cash flow
8,935
8,365
9,632
+6.8%
Free cash flow margin
11.2%
10.8%
12.6%
Cash from investing
-2,680
-992
-1,032
Cash from financing
-8,215
-8,100
-8,338
Depreciation and amortisation
882
898
993
-1.8%
Share-based compensation
n/a
n/a
162
Buybacks
5,963
6,525
5,372
-8.6%
Dividends paid
5,720
5,404
4,788
+5.8%
Dividend per share
$3.58
$3.24
$2.82
+10.5%
Diluted shares, weighted
1,622m
1,692m
1,762m
-4.1%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
-7,766
-3,476
229
Non-controlling interest
1,492
322
322
+363.4%
Redeemable equity
n/a
n/a
1,212
Debt
27,678
22,839
18,545
+21.2%
Other liabilities
16,764
17,985
15,180
-6.8%
Total liabilities and equity
38,168
37,670
35,488
+1.3%
Fixed assets
6,755
6,645
6,250
+1.7%
Goodwill
8,893
9,900
9,928
-10.2%
Intangible assets
3,193
3,619
3,697
-11.8%
Cash and equivalents
2,154
2,983
2,550
-27.8%
Receivables
3,853
3,589
3,201
+7.4%
Inventory
9,846
8,949
8,120
+10.0%
Other assets
3,474
1,985
1,742
+75.0%
Total assets
38,168
37,670
35,488
+1.3%
10-K for the year ended 31 December 2013, filed 21 February 2014: the filing.