- 2011 Highlights
- Letter to Shareholders
- Driving Shareholder Value
- Business Highlights
- Board / Management
- Shareholder Information
• PMI’s cigarette shipment volume in the EEMA Region increased by 0.3%, predominantly due to: the Middle East, primarily Saudi Arabia, mainly reflecting a higher total market; North Africa, primarily Algeria, driven by a higher total market and share growth; and Turkey, reflecting share growth.
• Reported net revenues, excluding excise taxes, increased by 6.4% to $7.9 billion.
• Excluding the favorable impact of currency of $49 million and acquisitions, reported net revenues, excluding excise taxes, increased by 5.4%, primarily due to favorable pricing of $271 million and favorable volume/mix of $127 million.
• Reported operating companies income increased by 2.4% to $3.2 billion.
• Excluding the unfavorable impact of currency of $97 million and acquisitions, operating companies income increased by 5.9%, 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 0.4 percentage points to 42.9%.
• PMI’s market share was stable, or registered growth, in a number of markets, notably Algeria, Croatia, Israel, Lebanon, Morocco, Russia, South Africa and Turkey.