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2014 Annual Report 2014 Philip Morris International Inc. 2014 Annual Report Philip Morris International Inc. 2014 Philip Morris International Inc. 120 Park Avenue New York, NY 10017-5579 USA www.pmi.com 2014 Annual Report Contents 1 Letter to Shareholders Download the PMI IR App 4 Marlboro 2014: A Successful 5 L&M and Chesterfield 6 iQOS Philip Morris International Inc. (PMI) is Stay up to date with access to all 7 Contributions & the leading international tobacco com- PMI’s previously disclosed investor Investment Year Environmental Sustainability 8 Board of Directors & pany, with seven of the world’s top 15 relations materials such as press Company Management international brands, including Marlboro, releases, SEC filings, investor IBC Shareholder Information the number one cigarette brand world- materials and live and archived audio wide. PMI’s products are sold in more webcast playback of earnings calls than 180 markets. In 2014, the company held an estimated and investor presentations. The free Investor Relations 15.6% share of the total international cigarette market outside Mobile Application is available to download at the Apple of the U.S., or 28.6% excluding the People’s Republic of App Store for iOS devices and at Google Play for Android China and the U.S. For more information, see www.pmi.com. mobile devices at: www.pmi.com/irapp. We invested in a number of strategic priorities in 2014 that will better position 856.0 Shareholder Information us for future growth, including: Billion Cigarettes Mailing Addresses: Shareholder Publications: Direct Stock Purchase and Shipped, Philip Morris International Inc. makes Dividend Reinvestment Plan: n The accelerated launch of our first † Headquarters: a variety of publications and reports Philip Morris International Inc. offers Philip Morris International Inc. available. These include the Annual a Direct Stock Purchase and Dividend (1) down by 2.8% Reduced-Risk Product (RRP), iQOS, 120 Park Avenue Report, news releases and other Reinvestment Plan, administered by New York, NY 10017-5579 publications. For copies, please visit: Computershare. For more information, or USA www.pmi.com/investors to purchase shares directly through the which represents an historic milestone in www.pmi.com Philip Morris International Inc. makes Plan, please contact Computershare. available free of charge its filings our commitment to harm reduction; $29.8 Operations Center: (including proxy statements and Trademarks: Philip Morris International Reports on Forms 10-K, 10-Q and 8-K) Trademarks and service marks in this Management SA with the U.S. Securities and Exchange report are the registered property of, or Avenue de Rhodanie 50 Commission. For copies, please visit: licensed by, the subsidiaries of Philip n Billion The successful initial roll-out of our 1007 Lausanne www.pmi.com/SECfilings Morris International Inc., and are italicized Net Revenues,* Switzerland or shown in their logo form. Marlboro 2.0 Architecture, which marked †† www.pmi.com If you do not have Internet access, up by 2.0% you may call our Shareholder Stock Exchange Listings: Independent Auditors: Publications Center toll-free: Philip Morris International Inc. is listed on a bold new chapter for the world’s most PricewaterhouseCoopers SA 1-866-713-8075 the New York Stock Exchange and NYSE Avenue C.F. Ramuz 45 Euronext/Paris (ticker symbol “PM”). The popular cigarette brand and helped to grow 1001 Lausanne Shareholder Response Center: company is also listed on the SIX Swiss Switzerland Computershare Trust Company, N.A., Exchange (ticker symbol “PMI”). its global market share to 9.4%,(2) and our transfer agent, will answer questions $12.6 Transfer Agent and Registrar: about your accounts, certificates, Internet Access Helps Reduce Costs: Computershare Trust Company, N.A. dividends or the Direct Stock Purchase As a convenience to shareholders and P.O. Box 43078 and Dividend Reinvestment Plan. U.S. an important cost-reduction measure, you n Billion Providence, RI 02940-3078 and Canadian shareholders may call can register to receive future shareholder A major optimization of our global USA toll-free: materials (i.e., Annual Report and proxy Adjusted OCI, 1-877-745-9350 statement) via the Internet. Shareholders manufacturing footprint, that now places us †† 2015 Annual Meeting: From outside the U.S. or Canada, also can vote their proxies via the flat The Philip Morris International Inc. Annual shareholders may call: Internet. For complete instructions, Meeting of Shareholders will be held at 1-781-575-4310 please visit: on a more efficient operational foundation. 9:00 a.m. on Wednesday, May 6, 2015, Postal address: www.pmi.com/investors in the Empire State Ballroom at the Computershare Trust Company, N.A. Grand Hyatt New York P.O. Box 43078 To eliminate duplicate mailings, please 109 East 42nd Street Providence, RI 02940-3078 contact Computershare (if you are a New York, NY 10017 USA registered shareholder) or your broker $5.02 USA E-mail address: (if you hold your stock through a For further information, call [email protected] brokerage firm). toll-free: 1-866-713-8075 Adjusted (1) Reduced-Risk Products (RRPs) is the term the company uses to refer to products with the potential to reduce individual risk and population harm in comparison to smoking combustible cigarettes. For further information, please see page 6 of this Annual Report. Diluted EPS, Design: RWI www.rwidesign.com (2) Excluding China and the U.S. ††† *Excluding excise taxes. up by 7.8% Photography: Vickers & Beechler, Todd Rosenberg, †Excluding acquisitions. ††Excluding currency and acquisitions. †††Excluding currency. Jesse Morgan, Fred Merz Note: Operating companies income (OCI) is defined as operating income, excluding general corporate Printer: Earth •Thebault, USA expenses and the amortization of intangibles, plus equity (income)/loss in unconsolidated subsidiaries, net. © Copyright 2015 Philip Morris International Inc. Dear Shareholder, “Although we anticipated that 2014 would be a particularly difficult and complex year for PMI, our performance in several critical areas of the business was extremely positive.” We aimed to address specific challenges in We exceeded our productivity target of key markets, such as Italy, Japan and the $300 million last year. Both manufacturing Philippines, while also investing in a number and procurement-related productivity savings of strategic initiatives, including the pilot helped to partially offset the impact of higher launches of our Reduced-Risk Product(1) leaf and clove prices on our manufacturing iQOS and the roll-out of the new Marlboro costs. In 2015, we anticipate that our 2.0 Architecture (both featured later in this productivity and cost-savings programs, Annual Report) as well as the optimization combined with savings associated with of our global manufacturing footprint. In the manufacturing footprint restructuring addition, we faced an operating environment implemented last year, should result in a of continued macro-economic weakness and total company cost-base increase, excluding an unprecedented currency headwind. RRPs and currency, of approximately 1%. Within this context, we delivered a Adjusted diluted EPS of $5.02 declined solid currency-neutral performance in 2014, by 7.0% versus 2013, with currency repre- achieving adjusted diluted earnings per senting a considerable headwind of $0.80 share (EPS) growth of 7.8%. This result per share. Excluding currency, adjusted exceeded the 6.5% to 7.5% currency-neutral diluted EPS increased by 7.8%. guidance that we provided last November, Free cash flow of $6.6 billion declined due mainly to better-than-expected per- by 26.3% versus 2013. Excluding currency, formances in the European Union (EU) free cash flow was down by 7.9%, notably and Eastern Europe, Middle East & Africa due to an increase in working capital require- (EEMA) Regions. In addition, we made ments (largely due to the timing of excise André Calantzopoulos very substantial progress in addressing our payments) and higher cash payments related Chief Executive Officer market-specific challenges and successfully to restructuring costs. executed our strategic initiatives. Our market share performance in 2014 was strong despite significant price 2014 Results competition in several countries, notably Cigarette volume of 856.0 billion units Australia and the Philippines. We registered in 2014 was down by 2.8%, excluding a growing or stable share in 19 of our top-30 acquisitions, versus the prior year. The OCI markets. Importantly, we stabilized decline primarily reflects the impact of lower our share in Japan, which augurs well for cigarette industry volume in all Regions 2015. Total PMI share, excluding China and and unfavorable inventory movements, the U.S., grew by 0.3 percentage points particularly in Asia, partially offset by market to 28.6%, with the highest-ever share share growth in the EU, EEMA and Latin progression in the EU Region, up by 1.0 America & Canada (LA&C) Regions. percentage point, as well as increases in the Reported net revenues, excluding LA&C and EEMA Regions, up by 0.4 and 0.3 excise taxes, of $29.8 billion declined by percentage points, respectively. Overall, we 4.6% versus 2013. Excluding currency continued to effectively manage the delicate and acquisitions, net revenues grew by balance between share and OCI growth 2.0%. Adverse volume/mix, due mainly to within the context of a difficult operating total industry volume declines, eroded a environment. significant portion of our favorable pricing The
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