- PMI’s cigarette shipment volume in the EU declined by 6.4%, due principally to a lower total market across the Region.
- Reported net revenues decreased by 7.4% to $8.5 billion, due primarily to unfavorable currency of $716 million.
- Excluding currency, net revenues increased by 0.3%, mainly reflecting favorable pricing of $475 million, partly offset by unfavorable volume/mix of $445 million.
- Reported OCI decreased by 8.2% to $4.2 billion, due primarily to unfavorable currency of $384 million.
- Excluding the impact of currency, OCI increased by 0.2%, reflecting higher pricing and favorable asset impairment and exit costs compared to 2011, offset by an unfavorable volume/mix of $380 million, higher manufacturing costs, and higher marketing costs, principally reflecting marketing investment behind new brand launches and the roll-out of the “Be Marlboro” marketing campaign.
- Excluding the impact of currency, adjusted OCI margin declined by 0.5 percentage points to 49.5%.
