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Altria Group, Inc. 2007 Annual Report on March 28, 2008, Altria Group, Inc

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Altria Group, Inc. 2007 Annual Report on March 28, 2008, Altria Group, Inc We have not included any tobacco brand advertising in this online version of the 2007 Annual Report. We do not intend to market, advertise or promote the brands of Altria Group’s tobacco subsidiaries on this Web site. Altria Group, Inc. 2007 Annual Report On March 28, 2008, Altria Group, Inc. (Altria) completed the spin-off of 100% of the shares of Philip Morris International Inc. (PMI) to Altria’s shareholders. The PMI spin-off and related actions position Altria and PMI for future success as stand-alone companies with unique and formidable strengths, including leading brands, strong cash flows, experienced leadership and solid growth prospects. Business Purpose Share Distribution Shareholder Value Additional Information PMI’s separation from Altria is n The distribution was made on n Altria is expected to pay a divi- n Registered shareholders expected to enhance growth and March 28, 2008, to Altria share- dend at the initial rate of $0.29 in the U.S. and Canada who shareholder value by providing: holders of record as of 5:00 p.m. per share per quarter, or $1.16 would like more information n An improved focus on the New York City Time on March 19, per common share on an annual- should contact Computershare different market dynamics, com- 2008 (the record date). ized basis. Altria has established Trust Company by e-mail at petitive frameworks, challenges n Altria distributed one share of a dividend policy that anticipates [email protected] or and opportunities faced by Altria PMI for every share of Altria com- a payout ratio of approximately by phone at 1-866-538-5172. and PMI; mon stock outstanding as of the 75% post-spin. Registered shareholders outside n A more optimal and efficient record date. n A new $7.5 billion two-year the U.S. and Canada should call capital allocation, coupled with n Trading began for PMI stock share repurchase program 1-781-575-3572. greater financial flexibility; on March 31, 2008, on the New was authorized for Altria and is n If you hold Altria shares n Greater transparency, leading York Stock Exchange under the expected to begin after comple- through a broker, bank or other to the elimination of the sum-of- symbol “PM.” tion of the spin-off. nominee, please contact your the-parts discount under which n In March 2008, Altria mailed n PMI is expected to pay a divi- financial institution directly Altria’s common stock has an Information Statement to all dend at the initial rate of $0.46 or call D.F. King & Co. at typically traded; holders of Altria common stock per share per quarter, or $1.84 1-800-290-6431. n A significant reduction in as of the record date. Included per common share on an annual- n Additional information, includ- corporate overhead, including in the Information Statement ized basis. PMI has established a ing answers to frequently asked the closure of Altria’s corporate were the procedures by which dividend policy that anticipates questions (FAQs), is available in headquarters in New York; the distribution was effected and a payout ratio of approximately a special section of the Altria n The creation of a potential other details of the transaction, 65% post-spin. website at www.altria.com/ acquisition currency in the form together with comprehensive n A $13.0 billion two-year share pmispinoff. of more focused equity that data on PMI. repurchase program was author- neither of Altria’s tobacco sub- ized for PMI and is expected to sidiaries has had available prior begin in May 2008. to the spin-off; and n A tighter alignment of com- pensation and rewards with the performance of each entity. 2 Financial Highlights Consolidated Results (in millions of dollars, except per share data) 2007 2006* % Change Net revenues $73,801 $67,051 10.1% Operating income 13,235 12,887 2.7% Earnings from continuing operations 9,161 9,329 (1.8%) Net earnings 9,786 12,022 (18.6%) Basic earnings per share: Continuing operations 4.36 4.47 (2.5%) Net earnings 4.66 5.76 (19.1%) Diluted earnings per share: Continuing operations 4.33 4.43 (2.3%) Net earnings 4.62 5.71 (19.1%) Cash dividends declared per share 3.05 3.32 (8.1%) Results by Business Segment 2007 2006* % Change Tobacco U.S. Tobacco Net revenues $18,485 $18,474 0.1% Operating companies income** 4,518 4,812 (6.1%) European Union Net revenues 26,682 23,752 12.3% Operating companies income** 4,173 3,516 18.7% Eastern Europe, Middle East and Africa Net revenues 12,149 9,972 21.8% Operating companies income** 2,427 2,065 17.5% Asia Net revenues 11,099 10,142 9.4% Operating companies income** 1,802 1,869 (3.6%) Latin America Net revenues 5,166 4,394 17.6% Table of Contents Operating companies income** 520 1,008 (48.4%) 4 Letter to Shareholders Financial Services 9 Board of Directors Net revenues $ 220 $ 317 (30.6%) 10 2007 Business Review Operating companies income** 421 176 100+% 16 Responsibility * Results for 2006 have been restated to reflect Kraft Foods Inc. as a discontinued operation. In addition, 2006 segment results have 17 Financial Review/ been revised to reflect Philip Morris International Inc.’s operations by geographic region. Guide to Select Disclosures ** Altria Group, Inc.’s management reviews operating companies income, which is defined as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and allocate resources. For a reconciliation of 95 Shareholder Information operating companies income to operating income, see Note 15. Segment Reporting in the consolidated financial statements. 3 Dear Shareholder By nearly all measures, 2007 was an excellent year for Altria Group, Inc. (Altria), and as I write this letter I am deeply excited by the prospects for Altria and its principal subsidiary, Philip Morris USA Inc. (PM USA), as well as for the newly independent Philip Morris International Inc. (PMI). Key Accomplishments use of Altria’s and PMI’s strong of both our U.S. and inter national and Developments balance sheets to support tobacco businesses, including the We took numerous steps in 2007 further enhancement of share- acquisition of 100% of privately and early 2008 to restructure holder value while preserving held cigar manufacturer John Altria, in order to better equip financial flexibility; Middleton, Inc. (Middle ton); the its component parts to more n Establishment of dividend acquisition of an additional 30% effectively and successfully grow policies and initial dividend rates stake in PMI’s Mexican tobacco their respective operations for Altria and PMI, which together business from Grupo Carso; and enhance shareholder value with the share repurchase and the acquisition by PMI of an in today’s complex and fast- programs mentioned above additional stake in Lakson Tobacco changing economic, regulatory represent a combined cash Company in Pakistan, bringing and competitive environment. outflow to shareholders of more its total ownership interest to Let me share a few of the than $33 billion over the next approximately 98%; Louis C. Camilleri highlights: two years; n Cost-reduction programs Former Chairman of the Board n The successful execution of n Altria is expected across all businesses and at and Chief Executive Officer the Kraft spin-off in March 2007, to pay a dividend at the initial Altria’s corporate headquarters, followed by the distribution of annualized rate of $1.16 per which has been significantly PMI shares on March 28, 2008. common share, while PMI is downsized and relocated to Highlights of the PMI spin-off are expected to pay a dividend at the Richmond, Virginia, comple- listed on the inside front cover initial annualized rate of $1.84 mented by plans to optimize of this report, and additional per share. Thus, Altria sharehold- PMI and PM USA’s manufacturing details of the transaction were ers who retain their PMI shares infrastructures; made available in the Information will receive, in the aggregate, the n Continued advances on soci- Statement mailed to shareholders same dividend amount of $3.00 etal alignment initiatives, litigation in March 2008; per share that existed before and compliance and integrity n Announcement of two-year the spin-off; initiatives; share repurchase programs of n Identification of the initial n Strong performance of $7.5 billion at Altria and Boards of Directors of Altria and our 28.6% ownership stake in $13.0 billion at PMI, PMI as separately traded public SABMiller, which had a market reflecting more companies, and the management value on a pre-tax basis of efficient capital teams leading those businesses; approximately $9 billion on structures and n Business development initia- February 29, 2008; and the prudent tives that extend the capabilities n Total shareholder return for 4 2007 Board of Directors Dr. Elizabeth E. Bailey Mathis Cabiallavetta J. Dudley Fishburn George Muñoz John S. Reed Director since 1989 Director since 2002 Director since 1999 Director since 2004 Director 1975–2003 Re-elected April 2004 Dr. Harold Brown Louis C. Camilleri Robert E. R. Huntley Lucio A. Noto Director 1983–2003 Director since 2002 Director since 1976 Director since 1998 Stephen M. Wolf Re-elected December 2004 Director since 1993 Thomas W. Jones Director since 2002 the year ended December 31, independent members of the The 2008 proxy state- 2007 Total Shareholder Return 2007, of 22.2%, exceeding that former Altria Board (listed above) Dividends and Price Appreciation ment contains a comprehensive of the S&P 500 for the sixth have essentially split evenly to description25.00 of Altria’s Board of consecutive year.
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