Philip Morris International Inc. held its 2012 Annual Meeting of Stockholders today. Louis C. Camilleri, Chairman and Chief Executive Officer, highlighted the company’s key achievements in 2011 and reaffirmed the company’s steadfast commitment to deliver superior returns to its shareholders.
Philip Morris International tobacco company
“2011 was an outstanding year for PMI. Our cigarette volume grew by 1.7% to 915 billion units. Net revenues increased by 14.3% to $31.1 billion. Reported Operating Companies Income, or “OCI”, was up by 18.7% to $13.6 billion. Reported diluted earnings per share increased by 23.7% to reach $4.85,” said Mr. Camilleri.
“We are steadfastly committed to using our significant cash to enhance shareholder returns.”
“During 2011, we outperformed every single company that makes up the Dow 30, both in terms of share price and total shareholder returns,” continued Mr. Camilleri.
Mr. Camilleri also paid tribute to Hermann Waldemer, Chief Financial Officer, whose decision to take early retirement, effective July 31, 2012, was communicated on May 7, 2012, along with the announcement of Mr. Waldemer’s successor, Jacek Olczak.
More than 87% of the shares entitled to vote were represented at the meeting in person or by proxy. The twelve nominees for director named in the proxy statement were elected; the selection of PricewaterhouseCoopers SA as independent auditors was ratified; the compensation of named executive officers as disclosed in the Company’s Proxy Statement was approved on an advisory basis; PMI’s 2012 performance incentive plan was approved; and the two stockholder proposals presented at the meeting were defeated. Final voting results will be included in a Form 8-K that will be filed with the SEC.
For reconciliations of PMI’s operating companies income to operating income, and net revenues, excluding excise taxes, to reported net revenues, refer to Schedule 5 and Schedule 14, respectively, of the 2011 full-year earnings release.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international tobacco company, with seven of the world’s top 15 brands, including Marlboro, the number one cigarette brand worldwide. PMI’s products are sold in approximately 180 countries. In 2011, the company held an estimated 16.0% share of the total international cigarette market outside of the U.S., or 28.1% excluding the People’s Republic of China and the U.S.
