- 2011 Highlights
- Letter to Shareholders
- Driving Shareholder Value
- Business Highlights
- Board / Management
- Shareholder Information
• PMI’s cigarette shipment volume in the EU Region declined by 5.1%, predominantly due to lower total markets and share, mainly in Italy, Portugal and Spain, and a lower total market in Greece.
• Reported net revenues, excluding excise taxes, increased by 4.6% to $9.2 billion.
• Excluding the favorable impact of currency of $440 million, reported net revenues, excluding excise taxes, decreased by 0.4%, largely due to unfavorable volume/mix of $337 million, partly offset by favorable pricing of $298 million.
• Reported operating companies income increased by 5.8% to $4.6 billion.
• Excluding the favorable impact of currency of $277 million, operating companies income was down by 0.6%, reflecting unfavorable volume/mix and higher costs, partly offset by higher pricing.
• Excluding the impact of currency and acquisitions, adjusted operating companies income margin was up 0.2 percentage points to 49.4%.
• PMI’s market share was stable, or registered growth, in a number of markets, notably Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, the Netherlands, Norway and Sweden.