PM PHILIP MORRIS INTERNATIONAL INC

(NEW YORK STOCK EXCHANGE)

Date: 12 November 2016 Sector: Consumer Non-Cyclicals Industry: Tobacco

Business Summary
Philip Morris International Inc. is a holding company engaged in the manufacture and sale of
cigarettes, other tobacco products and other nicotine-containing products in markets outside of the
United States. The Company's products are sold in over 180 markets. Its segments include European
Union; Eastern Europe, Middle East & Africa; Asia, and Latin America & Canada. The Company's Philip Morris International Inc
premium price brands include Marlboro, Merit, Parliament and Virginia Slims; mid-price brands 120 Park Ave
include L&M and Philip Morris, and other international brands include Bond Street, Chesterfield, NEW YORK
Lark, Muratti, Next and Red & White. Its local cigarette brands consist of Dji Sam Soe, Sampoerna NY 10017-5577
and U Mild in Indonesia; Champion, Fortune and Hope in the Philippines; Apollo-Soyuzand Op- United States
tima in Russia; Morven Gold in Pakistan; Boston in Colombia, Belmont, Canadian Classics and
Nicholas Rolli (Vice President,
Number 7 in Canada; Best in Serbia; f6 in Germany; Delicados in Mexico; Assos in Greece, and
Investor Relations and Financial C)
Petra in the Czech Republic and Slovakia.

Share Performance http://www.pmi.com

Price ($): 90.50 52 Week High: 104.20 Currency: USD
Volume (millions): 5.3 52 Week Low: 83.27 P/E: 21.63
Employees: 80,200
(Millions)
Market Cap: 140,397.20
Shares Outstanding: 1,551.35
Float: 1,545.47

Sa le s
32700
31200
29700
28300
26800
25300
De c 1 3 De c 1 4 De c 1 5
($ Millions)

In co m e
9100
8600
8000

Financial Summary 7400

6900
BRIEF: For the nine months ended 30 September 2016, Philip Morris International Inc. revenues
6300
decreased 3% to $19.71B. Net income applicable to common stockholders decreased 6% to $5.24B. De c 1 3 De c 1 4 De c 1 5
Revenues reflect Eastern Europe, Middle East & Africa segment decrease of 4% to $13.65B, Latin ($ Millions)
America & Canada segment decrease of 8% to $6.44B. Net income also reflects Eastern Europe,
Middle East & Africa segment income decrease of 13% to $2.39B. Ea r n in gs p e r Sh a r e
5 .7 1
Valuation Ratios Per Share Data 5 .3 9
Price/Earnings (TTM) 21.63 Earnings (TTM) 4.18 5 .0 8
Price/Sales (TTM) 5.38 Sales (TTM) 16.84 4 .7 7
Price/Book (MRQ) -- Book Value (MRQ) (7.83) 4 .4 5
Price/Cashflow (TTM) 18.96 Cash Flow (TTM) 4.78 4 .1 4
Cash (MRQ) 2.21 De c 1 3 De c 1 4 De c 1 5
($)

Profitability Ratios (%) Management Effectiveness (%)

Div id e n d s p e r Sh a r e
Gross Margin (TTM) 64.50 Return on Equity (TTM) -- 4 .1 9
Operating Margin (TTM) 38.70 Return on Assets (TTM) 19.72 4 .0 4
Net Profit Margin (TTM) 25.53 Return on Investment (TTM) 36.98
3 .8 9
3 .7 3
Financial Strength Dividend Information
3 .5 8
Quick Ratio (MRQ) 0.64 Dividend Yield (%) 4.60
3 .4 3
Current Ratio (MRQ) 1.16 Dividend per Share (MRQ) 1.04 De c 1 3 De c 1 4 De c 1 5
LT Debt/Equity (MRQ) 0.00 Payout Ratio (MRQ) 83.70 ($)
Total Debt/Equity (MRQ) 0.00
TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2015; Most recent quarter: 3; Fiscal year end month: December; 1
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals
PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics

Financial Strength
12 Mo 12 Mo 12 Mo MRQ 3 Year
Financial Strength looks at business risk. The
Dec 13 Dec 14 Dec 15 Average stronger a company is from a financial standpoint,
Quick Ratio 0.35 0.38 0.40 0.64 0.38 the less risky it is. The Quick Ratio compares cash
Current Ratio 0.99 1.02 1.03 1.16 1.01 and short-term investments (investments that could
be converted to cash very quickly) to the financial
LT Debt/Equity (3.09) (2.13) (1.91) 0.00 (2.38)
liabilities they expect to incur within a year's time.
Total Debt Equity (3.56) (2.33) (2.15) 0.00 (2.68)

Cu r r e n t Ra t io
The Current Ratio compares year-ahead liabilities
1 .2 2 to cash on hand now plus other inflows (e.g. Ac-
1 .1 6 counts Receivable) the company is likely to realize
1 .1 over that same twelve-month period.
1 .0 5
Current Ratio 1.03
0 .9 9 Total Current Assets 15,804.00
0 .9 3 Total Current Liabilities 15,386.00
1 2 Mo 1 2 Mo 1 2 Mo MRQ 3 Ye a r
De c 1 3 De c 1 4 De c 1 5 Av e r a ge
The Long Term Debt/Equity Ratio looks at the
Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Cur- company's capital base. A ratio of 1.00 means the
rent Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current company's long-term debt and equity are equal. The
Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided
by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder
Total Debt/Equity Ratio includes long-term debt
Equity for the same period. and short term debt.

Profitability
12 Mo 12 Mo 12 Mo TTM 3 Year
Dec 13 Dec 14 Dec 15 Average These ratios realize overall profitability, or the bot-
Gross Margin (%) 66.65 64.94 65.05 64.50 65.55 tom line.
Operating Margin (%) 43.29 39.31 39.65 38.70 40.75 Gross Margin (%) 65.05 (%)
Net Profit Margin (%) 28.42 25.37 25.85 25.53 26.55 Gross Profit 17,429.00
x 100 x 100
12.24 10.00 9.38 -- 10.54 Revenue 26,794.00
Interest Coverage

Gr o s s Ma r gin (%) Gross Margin shows the amount of revenue left over
6 7 .4 after deducting direct costs of producing the goods
6 6 .7 or services. Operating Profit and Operating Margin
6 5 .9 trace the progress revenue down to another impor-
6 5 .2 tant level. From gross profit, we now subtract indi-
rect costs, often referred to as overhead e.g. facili-
6 4 .5
ties and salaries associated with headquarters op-
6 3 .8
1 2 Mo 1 2 Mo 1 2 Mo TTM 3 Ye a r erations.
De c 1 3 De c 1 4 De c 1 5 Av e r a ge

Gross Margin: This value measures the percent of revenue left after paying all direct production ex-
Finally, Profit Margin shows you how much of each
penses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied revenue dollar is left after all costs, of any kind, are
by 100. Operating Margin: This value measures the percent of revenues remaining after paying all subtracted. These other costs include such items as
operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by interest on corporate debt and income taxes.
100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided
by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The
Operating Income divided by the company's interest obligations.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2015; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 2
PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Management Effectiveness (%)

12 Mo 12 Mo 12 Mo TTM 3 Year
A company's ability to operate profitably can be
Dec 13 Dec 14 Dec 15 Average measured directly by measuring its return on assets.
Return on Equity % (151.77) (73.15) (52.94) -- (92.62) ROA (Return On Assets) is the ratio of a company's
Return on Assets % 23.40 20.59 20.04 19.72 21.34 net profit to its total assets, expressed as a percent-
age.
Return on Investments % 42.49 36.69 35.85 36.98 38.34
Return on Assets (%) 20.04 (%)
Re t u r n o n As s e t s %
Income After Taxes 6,927.00
2 4 .6 x 100 x 100
Average Total Assets 34,571.50
2 3 .4
2 2 .2
ROA measures how well a company's management
2 0 .9 uses its assets to generate profits. It is a better mea-
1 9 .7 sure of operating efficiency than ROE, which on-
1 8 .5 ly measures how much profit is generated on the
1 2 Mo 1 2 Mo 1 2 Mo TTM 3 Ye a r
De c 1 3 De c 1 4 De c 1 5 Av e r a ge shareholders equity but ignores debt funding. This
ratio is particularly relevant for banks which typi-
Return On Equity: Income Available to Common Stockholders divided by the Common Equity and cally have huge assets.
expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the
Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided
by the average total long term debt, other long term liabilities and shareholders equity, and expressed
as a percentage.

Dividend Information
12 Mo 12 Mo 12 Mo MRQ 3 Year
Dec 13 Dec 14 Dec 15 Average The annual dividend is the total amount($) of div-
Payout Ratio (%) 68.07 81.46 91.37 83.70 80.30 idends you could expect to receive if you held
the stock for a year (assuming no change in the
Dividend Per Share 3.58 3.88 4.04 1.04 3.83
company's dividend policy).
Pa y o u t Ra t io (%)
99 Payout Ratio (%) 91.37 (%)
Dividend Per Share 4.04
91 x 100 x 100
Primary EPS 4.42
84
76 The dividend yield is the indicated annual dividend
68 rate expressed as a percentage of the price of the
60 stock, and could be compared to the coupon yield on
1 2 Mo 1 2 Mo 1 2 Mo MRQ 3 Ye a r
De c 1 3 De c 1 4 De c 1 5 Av e r a ge a bond. The Payout Ratio tells you what percent of
the company's earnings have been given to share-
Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: holders as cash dividends. A low payout ratio indi-
This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items cates that company has chosen to reinvest most of
paid to common stockholders in the form of cash dividends. the profits back into the business.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2015; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 3
PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Key Ratios & Statistics (cont.)

Per Share Data

12 Mo 12 Mo 12 Mo TTM 3 Year
The most important Per-Share Data item is Earn-
Dec 13 Dec 14 Dec 15 Growth ings Per Share. That's because ultimately, the price
Earning Per Share 5.26 4.76 4.42 4.18 (0.05) of your stock is related in some way to the value of
Sales Per Share 19.25 19.01 17.30 16.84 (0.02) the stream of earnings attributable to that share.
Book Value (4.89) (8.16) (8.55) (7.83)
Earnings Per Share 4.42
Cash Flow 5.47 4.82 4.47 4.78 (0.06) Adjusted Income Avail. to Common Shareholders 6,849.00
Cash Per Share 1.36 1.09 2.21 2.21 0.07 Diluted Weighted Average Shares 1,549.00

Ea r n in gs Pe r Sh a r e This section also includes the amount of Cash Per

5 .6 2 Share the company had at the time of its most re-
5 .2 6 cent quarterly or annual report. Most of the time,
4 .9 this number will be far below the stock price. In
4 .5 4 a healthy industrial company, a Cash Per Share
4 .1 8
figure that is close the stock price might suggest
that investors are underestimating the worth of the
3 .8 2
1 2 Mo 1 2 Mo 1 2 Mo TTM company's ongoing business, thereby creating an
De c 1 3 De c 1 4 De c 1 5 interesting investment opportunity for you.
EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by
the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided
by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common
Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum
of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Deprecia-
tion, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Invest-
ments divided by the Shares Outstanding.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2015; Most recent quarter: 3; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals 4
PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Consensus Estimates

Analyst Recommendations Current As of 1 As of 4 As of 8 As of 13

Week Ago Weeks Ago Weeks Ago Weeks Ago Consensus Recommendation
& Revisions
OUTPERFORM
Buy 3 3 3 3 3
Outperform 8 8 8 7 7
Company Fiscal Year End Month
Hold 8 8 8 7 7
December
Underperform 0 0 0 0 0
Strong Sell 0 0 0 0 0
Last Updated
Mean Rating 2.3 2.3 2.3 2.2 2.2 12 November 2016

Consensus Estimate Trends Current As of 1 As of 4 As of 8 As of 13

Week Ago Weeks Ago Weeks Ago Weeks Ago Sa le s
Sales (Millions) 28700

Year Ending Dec 16 26,627.2 26,627.2 26,643.9 26,656.8 26,674.1 28200

Year Ending Dec 17 28,193.8 28,193.8 28,230.9 28,203.9 28,210.3 27700

Quarter Ending Jun 17 7,116.3 7,116.3 7,132.5 7,121.6 7,111.1 27100

Quarter Ending Sep 17 7,465.9 7,465.9 7,546.7 7,553.8 7,540.2 26600

26100
Earnings (Per share) De c 1 6 De c 1 7
Year Ending Dec 16 4.6 4.6 4.5 4.5 4.5
($ Millions)
Year Ending Dec 17 5.0 5.0 4.9 4.9 4.9
Quarter Ending Sep 17 1.4 1.4 1.4 1.3 1.3 Ea r n in gs p e r Sh a r e
Quarter Ending Dec 17 1.2 1.2 1.2 1.2 1.2 5 .1
4 .9 6
4 .8 2
No. of Mean High Low 4 .6 9
Consensus Estimate Analysis
Estimates Estimate Estimate Estimate 4 .5 5
Sales (Millions) 4 .4 1
Year Ending Dec 16 14 26,627.2 26,908.2 26,309.0 De c 1 6 De c 1 7
Year Ending Dec 17 17 28,193.8 29,493.2 27,475.0 ($)

Quarter Ending Jun 17 6 7,116.3 7,625.4 6,800.6

Quarter Ending Sep 17 6 7,465.9 7,761.9 7,173.7
Earnings (Per share)
Year Ending Dec 16 16 4.6 4.6 4.5
Year Ending Dec 17 19 5.0 5.2 4.8
Quarter Ending Sep 17 9 1.4 1.4 1.3
Quarter Ending Dec 17 6 1.2 1.4 1.0
LT Growth Rate 3 8.4 12.0 5.6

Quarter Historical Surprises Estimate Actual Difference Surprise (%)

Sales (Millions)
September 2016 6,974.77 6,982.00 7.23 0.10
June 2016 6,773.23 6,649.00 124.23 1.83
March 2016 6,344.42 6,083.00 261.42 4.12
September 2015 6,760.60 6,927.00 166.40 2.46
Earnings (Per share)
September 2016 1.23 1.25 0.02 1.30
June 2016 1.20 1.15 0.05 4.00
March 2016 1.11 0.98 0.13 11.66
December 2015 0.81 0.81 0.00 0.43

Data Source: Reuters Fundamentals 5

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Annual Income Statement

Type of Update UPD UPD UPD T o t a l Re v e n u e
32700
($ Millions) ($ Millions) ($ Millions)
12Months 12Months 12Months 31200
31 Dec 13 31 Dec 14 31 Dec 15 29700
Total Revenue 31,217.0 29,767.0 26,794.0 28300
Cost of Revenue,Total 10,410.0 10,436.0 9,365.0
26800
Gross Profit 20,807.0 19,331.0 17,429.0
25300
Selling/General/Admin.Expenses 6,889.0 7,001.0 6,656.0 De c 1 3 De c 1 4 De c 1 5
Research & Development -- -- -- ($ Millions)
Depreciation/Amortization 93.0 93.0 82.0
Interest Expense/Income Net Op. -- -- -- Gr o s s Pr o fit
Unusual Income/Expense 309.0 535.0 68.0 21900

Other Operating Expenses,Total -- -- -- 20800

Total Operating Expense 17,702.0 18,065.0 16,171.0 19700

Operating Income 13,515.0 11,702.0 10,623.0 18600
Interest Expense/Income Net Non Op. (3.0) 4.0 6.0 17400
Gain/(Loss) on Sale of Assets -- -- -- 16300
De c 1 3 De c 1 4 De c 1 5
Other, Net -- -- --
($ Millions)
Income Before Tax 12,542.0 10,650.0 9,615.0
Income Tax - Total 3,670.0 3,097.0 2,688.0
Op e r a t in g In co m e
Income After Tax 8,872.0 7,553.0 6,927.0 14500
Minority Interest (274.0) (165.0) (159.0) 13500
Equity In Affiliates (22.0) 105.0 105.0
12600
U.S. GAAP Adjustment -- -- --
11600
Net Income Before Extra. Items 8,576.0 7,493.0 6,873.0
10600
Accounting Change -- -- --
9700
Discontinued Operations -- -- -- De c 1 3 De c 1 4 De c 1 5
Extraodinary Item -- -- -- ($ Millions)
Tax on Extraordinary Items -- -- --
Net Income 8,576.0 7,493.0 6,873.0 Ne t In co m e
Preferred Dividends -- -- -- 9100
General Partner's Distributions -- -- -- 8600
Inc. Avail. to Common Excl. Extra. Items 8,531.0 7,459.0 6,849.0 8000
Inc. Avail. to Common Incl. Extra. Items 8,531.0 7,459.0 6,849.0 7400
Basic Weighted Average Shares 1,622.0 1,566.0 1,549.0 6900
Basic EPS Excl. Extra. Items 5.260 4.763 4.422 6300
Basic EPS Incl. Extra. Items 5.260 4.763 4.422 De c 1 3 De c 1 4 De c 1 5

Dilution Adjustment -- -- -- ($ Millions)

Diluted Net Income 8,531.000 7,459.000 6,849.000

Dilu t e d No r m a liz e d EPS
Diluted Weighted Average Shares 1,622.000 1,566.000 1,549.000 5 .7 1
Diluted EPS Excl. Extra. Items 5.260 4.763 4.422
5 .3 9
Diluted EPS Incl. Extra. Items 5.260 4.763 4.422
5 .0 8
Div's per Share - Common Stock 3.580 3.880 4.040
4 .7 7
Gross Dividends - Common Stock 5,809.000 6,087.000 6,280.000
4 .4 5
Interest Expense, Supplemental 1,104.000 1,170.000 1,132.000
4 .1 4
Interest Capitalized, Supplemental -- -- -- De c 1 3 De c 1 4 De c 1 5
Depreciation, Supplemental 789.000 796.000 672.000
($ Millions)
Total Special Items 309.000 535.000 68.000
Normalized Income Before Tax 12,851.000 11,185.000 9,683.000
Effect of Special Items on Inc. Taxes 90.419 155.577 19.010
Inc. Taxes Excl. Impact Special Items 3,760.420 3,252.580 2,707.010
Normalized Income After Tax 9,090.580 7,932.420 6,975.990
Normalized Income Available to Common 8,749.580 7,838.420 6,897.990
Basic Normalized EPS 5.394 5.005 4.453
Diluted Normalized EPS 5.394 5.005 4.453
Auditor PWSA PWSA PWSA
Auditor Opinion UNO UNO UNO
Source Document 10-K 10-K 10-K

Data Source: Reuters Fundamentals 6

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Annual Balance Sheet

Type of Update UPD UPD UPD Ca s h & Sh o r t T e r m In v e s t m e n t s
4000
($ Millions) ($ Millions) ($ Millions)
31 Dec 13 31 Dec 14 31 Dec 15 3400
Cash -- -- -- 2800
Cash and Equivalents 2,154.0 1,682.0 3,417.0 2300
Short Term Investments -- -- -- 1700
Cash and Short Term Investments 2,154.0 1,682.0 3,417.0 1100
Accounts Receivable(Trade), Net 3,853.0 4,004.0 2,778.0 De c 1 3 De c 1 4 De c 1 5
Notes Receivable - Short Term -- -- -- ($ Millions)

Other Receivables -- -- --
Total Receivables, Net 3,853.0 4,004.0 2,778.0 T o t a l Cu r r e n t As s e t s
17310
Total Inventory 9,846.0 8,592.0 8,473.0
16850
Prepaid Expenses -- -- --
16400
Other Current Assets 999.0 1,206.0 1,136.0
15940
Total Current Assets 16,852.0 15,484.0 15,804.0
15480
Property/Plant/Equipment - Gross 13,957.0 12,759.0 11,767.0
Accumulated Depreciation (7,202.0) (6,688.0) (6,046.0) 15030
De c 1 3 De c 1 4 De c 1 5
Property/Plant/Equip., Net 6,755.0 6,071.0 5,721.0
($ Millions)
Goodwill, Net 8,893.0 8,388.0 7,415.0
Intangibles, Net 3,193.0 2,985.0 2,623.0 T o t a l De b t
Long Term Investments 1,536.0 1,083.0 890.0 30000
Note Receivable - Long Term -- -- -- 29500
Other Long Term Assets, Total 939.0 1,176.0 1,503.0 28900
Other Assets, Total -- -- -- 28300
Total Assets 38,168.0 35,187.0 33,956.0 27700
Accounts Payable 1,274.0 1,242.0 1,289.0 27100
Payable/Accrued -- -- -- De c 1 3 De c 1 4 De c 1 5
Accrued Expenses 9,270.0 8,423.0 8,047.0 ($ Millions)

Notes Payable/Short Term Debt 2,400.0 1,208.0 825.0

Current Port. LT Debt/Capital Leases 1,255.0 1,318.0 2,405.0 T o t a l Eq u it y
- 5900
Other Current Liabilities, Total 2,867.0 2,921.0 2,820.0
- 7800
Total Current Liabilities 17,066.0 15,112.0 15,386.0
- 9600
Long Term Debt 24,023.0 26,929.0 25,250.0
- 11400
Capital Lease Obligations -- -- --
Total Long Term Debt 24,023.0 26,929.0 25,250.0 - 13200

Total Debt 27,678.0 29,455.0 28,480.0 - 15100

De c 1 3 De c 1 4 De c 1 5
Deferred Income Tax 1,477.0 1,549.0 1,543.0
($ Millions)
Minority Interest 1,492.0 1,426.0 1,768.0
Other Liabilities, Total 1,876.0 2,800.0 3,253.0
T o t a l Co m m o n Sh a r e s Ou t s t a n d in g
Total Liabilities 45,934.0 47,816.0 47,200.0 1603
Redeemable Preferred Stock -- -- -- 1589
Preferred Stock(Non Redeemable), Net -- -- -- 1575
Common Stock -- 0.0 0.0 1561
Additional Paid-In Capital 723.0 710.0 1,929.0 1547
Retained Earnings/Accum. Deficit 27,843.0 29,249.0 29,842.0 1533
Treasury Stock - Common (32,142.0) (35,762.0) (35,613.0) De c 1 3 De c 1 4 De c 1 5
ESOP Debt Guarantee -- -- -- ($ Millions)

Unrealized Gain/Loss -- -- --
Other Equity, Total (4,190.0) (6,826.0) (9,402.0)
Total Equity (7,766.0) (12,629.0) (13,244.0)
Total Liability & Shareholders' Equity 38,168.0 35,187.0 33,956.0
Total Common Shares Outstanding 1,589.0 1,546.9 1,549.3
Total Preferred Stock Shares Outs. -- -- --
Auditor PWSA PWSA PWSA
Auditor Opinion UNO UNO UNO
Source Document 10-K 10-K 10-K

Data Source: Reuters Fundamentals 7

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Annual Cash Flow Statement

Type of Update UPD UPD UPD T o t a l Ca s h fr o m Op e r a t in g Act iv it ie s
10900
($ Millions) ($ Millions) ($ Millions)
12Months 12Months 12Months 10100
31 Dec 13 31 Dec 14 31 Dec 15 9300
Net Income/Starting Line 8,850.0 7,658.0 7,032.0 8500
Depreciation/Depletion 882.0 889.0 754.0
7700
Amortization -- -- --
6900
Deferred Taxes (28.0) (62.0) (18.0) De c 1 3 De c 1 4 De c 1 5
Non-Cash Items 288.0 175.0 (164.0) ($ Millions)
Cash Receipts -- -- --
Cash Payments -- -- -- Ca p it a l Ex p e n d it u r e s
Cash Taxes Paied 3,999.0 3,577.0 2,771.0 - 880

Cash Interest Paid 978.0 1,068.0 1,045.0 - 960

Changes in Working Capital 143.0 (921.0) 261.0 - 1040

Total Cash from Operating Activities 10,135.0 7,739.0 7,865.0 - 1120
Capital Expenditures (1,200.0) (1,153.0) (960.0) - 1200
Other Investing Cash Flow Items, Total (1,480.0) 157.0 252.0 - 1280
De c 1 3 De c 1 4 De c 1 5
Total Cash from Investing Activities (2,680.0) (996.0) (708.0)
($ Millions)
Financing Cash Flow Items (324.0) (242.0) 1,518.0
Total Cash Dividends Paid (5,720.0) (6,035.0) (6,250.0)
Is s u e o f St o ck
Insurance/Retirement of Stock, Net (6,666.0) (3,833.0) (48.0) 2200
Insurance/Retirement of Debt, Net 4,495.0 3,271.0 44.0 0
Total Cash from Financing Activities (8,215.0) (6,839.0) (4,736.0)
- 2300
Foreign Exchange Effects (69.0) (376.0) (686.0)
- 4500
Net Change in Cash (829.0) (472.0) 1,735.0
- 6700
Depreciation, Supplemental 882.0 889.0 754.0
- 8900
Cash Interest Paid, Supplemental 978.0 1,068.0 1,045.0 De c 1 3 De c 1 4 De c 1 5
Cash Taxes Paid, Supplemental 3,999.0 3,577.0 2,771.0 ($ Millions)
Auditor PWSA PWSA PWSA
Auditor Opinion UNO UNO UNO Is s u e o f De b t
Source Document 10-K 10-K 10-K 5600
4500
3400
2200
1100
0
De c 1 3 De c 1 4 De c 1 5
($ Millions)

Ne t Ch a n ge in Ca s h
2600
1700
900
0
- 800
- 1700
De c 1 3 De c 1 4 De c 1 5
($ Millions)

Data Source: Reuters Fundamentals 8

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Quarterly Income Statement

Type of Update UPD UCA UPD UPD UPD T o t a l Re v e n u e
7280
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
3Months 3Months 3Months 3Months 3Months 6980
30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 6680
Total Revenue 6,927.0 6,392.0 6,083.0 6,649.0 6,982.0 6380
Cost of Revenue,Total 2,383.0 2,375.0 2,096.0 2,364.0 2,432.0
6080
Gross Profit 4,544.0 4,017.0 3,987.0 4,285.0 4,550.0
5780
Selling/General/Admin.Expenses 1,566.0 2,028.0 1,496.0 1,513.0 1,554.0 Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Research & Development -- -- -- -- -- ($ Millions)
Depreciation/Amortization 19.0 20.0 18.0 19.0 19.0
Interest Expense/Income Net Op. -- -- -- -- -- Gr o s s Pr o fit
Unusual Income/Expense 0.0 68.0 -- -- -- 4740

Other Operating Expenses,Total -- -- -- -- -- 4550

Total Operating Expense 3,968.0 4,491.0 3,610.0 3,896.0 4,005.0 4360

Operating Income 2,959.0 1,901.0 2,473.0 2,753.0 2,977.0 4170
Interest Expense/Income Net Non Op. (247.0) (227.0) (247.0) (223.0) (220.0) 3990
Gain/(Loss) on Sale of Assets -- -- -- -- -- 3800
Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Other, Net -- -- -- -- --
($ Millions)
Income Before Tax 2,712.0 1,674.0 2,226.0 2,530.0 2,757.0
Income Tax - Total 748.0 412.0 630.0 716.0 764.0
Op e r a t in g In co m e
Income After Tax 1,964.0 1,262.0 1,596.0 1,814.0 1,993.0 3340
Minority Interest (42.0) (49.0) (75.0) (54.0) (90.0) 2980
Equity In Affiliates 20.0 36.0 9.0 28.0 35.0
2620
U.S. GAAP Adjustment -- -- -- -- --
2260
Net Income Before Extra. Items 1,942.0 1,249.0 1,530.0 1,788.0 1,938.0
1900
Accounting Change -- -- -- -- --
1540
Discontinued Operations -- -- -- -- -- Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Extraodinary Item -- -- -- -- -- ($ Millions)
Tax on Extraordinary Items -- -- -- -- --
Net Income 1,942.0 1,249.0 1,530.0 1,788.0 1,938.0 Ne t In co m e
Preferred Dividends -- -- -- -- -- 2170
General Partner's Distributions -- -- -- -- -- 1940
Inc. Avail. to Common Excl. Extra. Items 1,935.0 1,245.0 1,525.0 1,783.0 1,933.0 1710
Inc. Avail. to Common Incl. Extra. Items 1,935.0 1,245.0 1,525.0 1,783.0 1,933.0 1480
Basic Weighted Average Shares 1,549.0 1,549.0 1,550.0 1,551.0 1,551.0 1250
Basic EPS Excl. Extra. Items 1.249 0.804 0.984 1.150 1.246 1020
Basic EPS Incl. Extra. Items 1.249 0.804 0.984 1.150 1.246 Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6

Dilution Adjustment -- -- -- -- -- ($ Millions)

Diluted Net Income 1,935.000 1,245.000 1,525.000 1,783.000 1,933.000

Dilu t e d No r m a liz e d EPS
Diluted Weighted Average Shares 1,549.000 1,549.000 1,550.000 1,551.000 1,551.000 1 .3 9
Diluted EPS Excl. Extra. Items 1.249 0.804 0.984 1.150 1.246
1 .2 5
Diluted EPS Incl. Extra. Items 1.249 0.804 0.984 1.150 1.246
1 .1 1
Div's per Share - Common Stock 1.020 1.020 1.020 1.020 1.040
0 .9 7
Gross Dividends - Common Stock 1,586.000 1,585.000 1,587.000 1,588.000 1,618.000
0 .8 4
Interest Expense, Supplemental -- -- -- -- --
0 .7
Interest Capitalized, Supplemental -- -- -- -- -- Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Depreciation, Supplemental 165.000 173.000 157.000 166.000 169.000
($ Millions)
Total Special Items 0.000 68.000 -- -- --
Normalized Income Before Tax 2,712.000 1,742.000 2,226.000 2,530.000 2,757.000
Effect of Special Items on Inc. Taxes 0.000 16.736 -- -- --
Inc. Taxes Excl. Impact Special Items -- -- -- -- --
Normalized Income After Tax 1,964.000 1,313.260 1,596.000 1,814.000 1,993.000
Normalized Income Available to Common 1,935.000 1,296.260 1,525.000 1,783.000 1,933.000
Basic Normalized EPS 1.249 0.837 0.984 1.150 1.246
Diluted Normalized EPS 1.249 0.837 0.984 1.150 1.246
Source Document 10-Q 10-K 10-Q 10-Q 10-Q
Fiscal Period 3 4 1 2 3

Data Source: Reuters Fundamentals 9

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Quarterly Balance Sheet

Type of Update UPD UPD UPD UPD UPD Ca s h & Sh o r t T e r m In v e s t m e n t s
5700
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 4900
Cash -- -- -- -- -- 4100
Cash and Equivalents 2,393.0 3,417.0 2,944.0 3,814.0 4,884.0 3200
Short Term Investments -- -- -- -- -- 2400
Cash and Short Term Investments 2,393.0 3,417.0 2,944.0 3,814.0 4,884.0 1600
Accounts Receivable(Trade), Net 3,322.0 2,778.0 2,989.0 3,085.0 3,100.0 Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Notes Receivable - Short Term -- -- -- -- -- ($ Millions)

Other Receivables -- -- -- -- --
Total Receivables, Net 3,322.0 2,778.0 2,989.0 3,085.0 3,100.0 T o t a l Cu r r e n t As s e t s
17400
Total Inventory 7,207.0 8,473.0 8,699.0 7,989.0 7,486.0
16600
Prepaid Expenses -- -- -- -- --
15800
Other Current Assets 1,190.0 1,136.0 1,296.0 1,158.0 1,104.0
14900
Total Current Assets 14,112.0 15,804.0 15,928.0 16,046.0 16,574.0
14100
Property/Plant/Equipment - Gross 11,865.0 11,767.0 12,202.0 12,320.0 12,698.0
Accumulated Depreciation (6,265.0) (6,046.0) (6,337.0) (6,389.0) (6,565.0) 13300
Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Property/Plant/Equip., Net 5,600.0 5,721.0 5,865.0 5,931.0 6,133.0
($ Millions)
Goodwill, Net 7,404.0 7,415.0 7,683.0 7,622.0 7,646.0
Intangibles, Net 2,621.0 2,623.0 2,664.0 2,603.0 2,578.0 T o t a l De b t
Long Term Investments 919.0 890.0 942.0 948.0 986.0 30600
Note Receivable - Long Term -- -- -- -- -- 30100
Other Long Term Assets, Total 1,355.0 1,503.0 1,539.0 1,652.0 1,660.0 29600
Other Assets, Total -- -- -- -- -- 29000
Total Assets 32,011.0 33,956.0 34,621.0 34,802.0 35,577.0 28500
Accounts Payable 1,237.0 1,289.0 1,496.0 1,547.0 1,573.0 27900
Payable/Accrued -- -- -- -- -- Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Accrued Expenses 6,889.0 8,047.0 7,164.0 6,943.0 6,866.0 ($ Millions)

Notes Payable/Short Term Debt 1,007.0 825.0 673.0 696.0 710.0

Current Port. LT Debt/Capital Leases 2,100.0 2,405.0 2,437.0 1,175.0 2,417.0 T o t a l Eq u it y
- 11660
Other Current Liabilities, Total 2,869.0 2,820.0 2,321.0 2,311.0 2,692.0
- 12140
Total Current Liabilities 14,102.0 15,386.0 14,091.0 12,672.0 14,258.0
- 12620
Long Term Debt 25,800.0 25,250.0 26,683.0 28,098.0 26,960.0
- 13100
Capital Lease Obligations -- -- -- -- --
Total Long Term Debt 25,800.0 25,250.0 26,683.0 28,098.0 26,960.0 - 13580

Total Debt 28,907.0 28,480.0 29,793.0 29,969.0 30,087.0 - 14060

Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Deferred Income Tax 1,614.0 1,543.0 1,378.0 1,463.0 1,376.0
($ Millions)
Minority Interest 1,356.0 1,768.0 1,859.0 1,757.0 1,825.0
Other Liabilities, Total 2,721.0 3,253.0 3,363.0 3,368.0 3,300.0
T o t a l Co m m o n Sh a r e s Ou t s t a n d in g
Total Liabilities 45,593.0 47,200.0 47,374.0 47,358.0 47,719.0 1 5 5 2 .0
Redeemable Preferred Stock -- -- -- -- -- 1 5 5 1 .4
Preferred Stock(Non Redeemable), Net -- -- -- -- -- 1 5 5 0 .7
Common Stock 0.0 0.0 0.0 0.0 0.0 1 5 5 0 .0
Additional Paid-In Capital 783.0 1,929.0 1,874.0 1,907.0 1,934.0 1 5 4 9 .3
Retained Earnings/Accum. Deficit 30,178.0 29,842.0 29,785.0 29,985.0 30,305.0 1 5 4 8 .6
Treasury Stock - Common (35,616.0) (35,613.0) (35,498.0) (35,493.0) (35,492.0) Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
ESOP Debt Guarantee -- -- -- -- -- ($ Millions)

Unrealized Gain/Loss -- -- -- -- --
Other Equity, Total (8,927.0) (9,402.0) (8,914.0) (8,955.0) (8,889.0)
Total Equity (13,582.0) (13,244.0) (12,753.0) (12,556.0) (12,142.0)
Total Liability & Shareholders' Equity 32,011.0 33,956.0 34,621.0 34,802.0 35,577.0
Total Common Shares Outstanding 1,549.3 1,549.3 1,551.3 1,551.3 1,551.3
Total Preferred Stock Shares Outs. -- -- -- -- --
Source Document 10-Q 10-K 10-Q 10-Q 10-Q
Fiscal Period 3 4 1 2 3

Data Source: Reuters Fundamentals 10

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Quarterly Cash Flow Statement

Type of Update UPD UPD UPD UPD UPD T o t a l Op e r a t in g Act iv it ie s
9800
($ Millions) ($ Millions) ($ Millions) ($ Millions) ($ Millions)
9Months 12Months 3Months 6Months 9Months 7900
30 Sep 15 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 5900
Net Income/Starting Line 5,734.0 7,032.0 1,605.0 3,447.0 5,475.0 3900
Depreciation/Depletion 561.0 754.0 175.0 360.0 548.0
2000
Amortization -- -- -- -- --
0
Deferred Taxes 102.0 (18.0) 10.0 44.0 50.0 Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Non-Cash Items (220.0) (164.0) (14.0) (22.0) (26.0) ($ Millions)
Cash Receipts -- -- -- -- --
Cash Payments -- -- -- -- -- Ca p it a l Ex p e n d it u r e s
Cash Taxes Paied -- 2,771.0 -- -- -- 20

Cash Interest Paid -- 1,045.0 -- -- -- - 230

Changes in Working Capital (184.0) 261.0 (1,314.0) (993.0) (119.0) - 470

Total Cash from Operating Activities 5,993.0 7,865.0 462.0 2,836.0 5,928.0 - 720
Capital Expenditures (636.0) (960.0) (226.0) (480.0) (734.0) - 960
Other Investing Cash Flow Items, Total 248.0 252.0 (193.0) 43.0 (209.0) - 1200
Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Total Cash from Investing Activities (388.0) (708.0) (419.0) (437.0) (943.0)
($ Millions)
Financing Cash Flow Items 27.0 1,518.0 (23.0) (174.0) (210.0)
Total Cash Dividends Paid (4,665.0) (6,250.0) (1,585.0) (3,173.0) (4,759.0)
Is s u e o f St o ck
Insurance/Retirement of Stock, Net (48.0) (48.0) 0.0 0.0 0.0 16
Insurance/Retirement of Debt, Net 225.0 44.0 1,015.0 1,353.0 1,409.0 0
Total Cash from Financing Activities -- -- -- -- --
- 16
Foreign Exchange Effects (433.0) (686.0) 77.0 (8.0) 42.0
- 32
Net Change in Cash 711.0 1,735.0 (473.0) 397.0 1,467.0
- 48
Depreciation, Supplemental 561.0 754.0 175.0 360.0 548.0
- 64
Cash Interest Paid, Supplemental -- 1,045.0 -- -- -- Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
Cash Taxes Paid, Supplemental -- 2,771.0 -- -- -- ($ Millions)
Source Document 10-Q 10-K 10-Q 10-Q 10-Q
Fiscal Period 3 4 1 2 3 Is s u e o f De b t
1760
1410
1060
700
350
0
Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
($ Millions)

Ne t Ch a n ge in Ca s h
2500
1700
1000
300
- 500
- 1200
Se p 1 5 De c 1 5 Ma r 1 6 Ju n 1 6 Se p 1 6
($ Millions)

Data Source: Reuters Fundamentals 11

PM PHILIP MORRIS INTERNATIONAL INC
(NEW YORK STOCK EXCHANGE)

Further Information

Internet Information
Home Page: http://www.pmi.com

Officers
Louis Camilleri Non-Employee Chairman of the Board
Andre Calantzopoulos Chief Executive Officer, Director
Jacek Olczak Chief Financial Officer
Drago Azinovic President - Eastern Europe, Middle East & Africa Region and PMI Duty Free
Frederic De Wilde President - European Union
Martin King President - Asia Region
Jeanne Polles President - Latin America & Canada
Miroslaw Zielinski President, Reduced-Risk Products
Patrick Brunel Chief Information Officer, Senior Vice President
Marc Firestone Senior Vice President, General Counsel
James Mortensen Senior Vice President - Human Resources
Werner Barth Senior Vice President - Marketing and Sales
Marco Mariotti Senior Vice President - Corporate Affairs
Andreas Kurali Vice President, Controller
Peter Luongo Vice President - Treasury and Planning
Jerry Whitson Deputy General Counsel, Corporate Secretary
Werner Geissler Director
Jun Makihara Director
Frederik Paulsen Director
Harold Brown Independent Director

Philip Morris International Inc Group Headquarters: 120 Park Ave, NEW YORK, NY 10017-5577, United States, Nicholas Rolli (Vice President,
Investor Relations and Financial C)

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Data Source: Reuters Fundamentals 12