- 2011 Highlights
- Letter to Shareholders
- Driving Shareholder Value
- Business Highlights
- Board / Management
- Shareholder Information
• PMI’s cigarette shipment volume in Latin America & Canada decreased by 4.8%, predominantly due to a decline in Mexico following the significant January 1, 2011, excise tax increase.
• Reported net revenues, excluding excise taxes, increased by 8.1% to $3.3 billion.
• Excluding the favorable impact of currency of $70 million, reported net revenues, excluding excise taxes, increased by 5.8%, primarily due to favorable pricing of $334 million, partly offset by unfavorable volume/mix of $158 million.
• Reported operating companies income increased by 3.7% to $988 million.
• Excluding the unfavorable impact of currency of $2 million, operating companies income increased by 3.9%, driven by higher pricing, partly offset by unfavorable volume/mix and higher costs.
• Excluding the impact of currency, adjusted operating companies income margin was up by 0.2 percentage points to 31.4%.
• PMI’s market share was stable, or registered growth, in a number of markets, notably Argentina, Canada, Colombia, the Dominican Republic and Mexico.