- 2011 Highlights
- Letter to Shareholders
- Driving Shareholder Value
- Business Highlights
- Board / Management
- Shareholder Information
• PMI’s cigarette shipment volume in Asia increased by 11.0%, predominantly due to growth in Indonesia, Japan, Korea and the Philippines.
• Reported net revenues, excluding excise taxes, increased by 34.9% to $10.7 billion.
• Excluding the favorable impact of currency of $690 million and acquisitions, reported net revenues, excluding excise taxes, increased by 24.8%, primarily due to favorable pricing of $991 million, and favorable volume/mix of $977 million.
• Reported operating companies income increased by 58.6% to $4.8 billion.
• Excluding the favorable impact of currency of $400 million and acquisitions, operating companies income increased by 44.6%, driven by higher pricing, and favorable volume/mix, partly offset by higher costs.
• Excluding the impact of currency and acquisitions, adjusted operating companies income margin was up by 6.0 percentage points to 44.7%.
• PMI’s market share was stable, or registered growth, in a number of markets, notably Australia, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and Vietnam.