Philip Morris International (PM) FY2014 results: revenue $80.1 billion, up 0.1% on the year
Philip Morris International Inc. (PM) reported revenue of $80.1 billion for fiscal 2014, the year ended 31 December 2014, up 0.1% on the year before. Net income was $7.5 billion, down 12.6%, and diluted earnings per share $4.76. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2015.
Revenue
$80.1 billion
+0.1% on the year
FY2007FY2014
Operating margin
14.6%
16.9% a year earlier
FY2007FY2014
Net income
$7.5 billion
-12.6% on the year
FY2007FY2014
Diluted EPS
$4.76
-9.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
80,106
80,029
77,393
+0.1%
Cost of revenue
10,436
10,410
10,373
+0.2%
Gross profit
19,331
20,807
21,004
-7.1%
Gross margin
24.1%
26.0%
27.1%
Research and development
433
449
415
-3.6%
Operating income
11,702
13,515
13,846
-13.4%
Operating margin
14.6%
16.9%
17.9%
Interest expense
1,170
1,104
1,007
+6.0%
Pre-tax income
10,650
12,542
12,987
-15.1%
Income tax
3,097
3,670
3,833
-15.6%
Effective tax rate
29.1%
29.3%
29.5%
Net income
7,493
8,576
8,800
-12.6%
Net margin
9.4%
10.7%
11.4%
Diluted EPS
$4.76
$5.26
$5.17
-9.5%
$ 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
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
7,739
10,135
9,421
-23.6%
Capital expenditure
1,153
1,200
1,056
-3.9%
Free cash flow
6,586
8,935
8,365
-26.3%
Free cash flow margin
8.2%
11.2%
10.8%
Cash from investing
-996
-2,680
-992
Cash from financing
-6,839
-8,215
-8,100
Depreciation and amortisation
889
882
898
+0.8%
Buybacks
3,833
5,963
6,525
-35.7%
Dividends paid
6,035
5,720
5,404
+5.5%
Dividend per share
$3.88
$3.58
$3.24
+8.4%
Diluted shares, weighted
n/a
1,622m
1,692m
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
-12,629
-7,766
-3,476
Non-controlling interest
1,426
1,492
322
-4.4%
Debt
29,455
27,678
22,839
+6.4%
Other liabilities
16,935
16,764
17,985
+1.0%
Total liabilities and equity
35,187
38,168
37,670
-7.8%
Fixed assets
6,071
6,755
6,645
-10.1%
Goodwill
8,388
8,893
9,900
-5.7%
Intangible assets
2,985
3,193
3,619
-6.5%
Cash and equivalents
1,682
2,154
2,983
-21.9%
Receivables
4,004
3,853
3,589
+3.9%
Inventory
8,592
9,846
8,949
-12.7%
Other assets
3,465
3,474
1,985
-0.3%
Total assets
35,187
38,168
37,670
-7.8%
10-K for the year ended 31 December 2014, filed 20 February 2015: the filing.