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( BW)(ALTRIA-GROUP)(MOP) Interim Results
Business Editors
UK REGULATORY NEWS
NEW YORK--(BUSINESS WIRE)--July 17, 2003--
Altria Group, Inc. Reports 2003 Second-Quarter Results
-- 2003 Second-Quarter Diluted Earnings Per Share Down 0.8% to $1.20
Including $0.06 in Charges for Tobacco Growers Settlement and
Relocation
-- 2003 Full-Year Diluted Earnings Per Share Projected To Be In a
Range of $4.50 to $4.60 Including $0.08 in Charges
Altria Group, Inc. (NYSE: MO) announced today that second-quarter 2003
diluted earnings per share fell 0.8% or $0.01 to $1.20, including
$0.06 per share in charges related to the tobacco growers settlement
announced on May 15, 2003 and initial charges for moving Philip Morris
USA's headquarters to Richmond, VA.
"In a global economic environment that continued to be difficult,
results for our tobacco operating companies were fundamentally
robust," said Louis C. Camilleri, chairman and chief executive officer
of Altria Group, Inc. "Our domestic tobacco business demonstrated
continued resilience in both volume and share. Our international
tobacco business delivered strong operating companies income growth,
aided by favorable currency and widespread share gains, although
volume growth was mitigated by difficult conditions affecting
performance in Italy and worldwide duty free."
"Kraft's performance lagged our internal expectations, due to
increased trade inventory reductions, as well as the combined adverse
effect of global economic weakness and intense price competition," Mr.
Camilleri said. "To improve consumption and share trends, Kraft plans
to increase marketing spending behind certain U.S. businesses for the
balance of this year and 2004."
Altria Group, Inc. is projecting 2003 full-year diluted earnings per
share of $4.50 to $4.60, including $0.08 of incurred and projected
charges in 2003 for the tobacco growers settlement and relocation of
Philip Morris USA's headquarters. The factors described in the
Forward-Looking and Cautionary Statements section of this release
represent continuing risks to these projections.
A conference call with members of the investment community will be
Webcast at 9:00 a.m. Eastern Time on July 17, 2003. Access is
available at www.altria.com.
ALTRIA GROUP, INC.
As described in "Note 14, Segment Reporting" of Altria Group, Inc.'s
2002 Annual Report, management reviews operating companies income,
which is defined as operating income before corporate expenses and
amortization of intangibles, to evaluate segment performance and
allocate resources. Management believes it is appropriate to disclose
this measure to help investors analyze business performance and
trends. For a reconciliation of operating companies income to
operating income, see the Condensed Statements of Earnings contained
in this release.
2003 Second-Quarter Results
Net revenues for the second quarter of 2003, as detailed in the
attached schedule entitled "Selected Financial Data by Business
Segment," decreased 1.3% versus 2002 to $20.8 billion, due primarily
to the impact of the Miller Brewing Company (Miller) transaction,
which resulted in no beer revenues in 2003 compared with $1.4 billion
in net revenues in the second quarter of 2002, and to a $383 million
decrease in net revenues from the domestic tobacco business, partially
offset by higher net revenues from the food and international tobacco
businesses. Favorable currency increased net revenues by $926 million.
Operating income decreased 9.4% to $4.2 billion, due primarily to
lower operating income of $250 million from the domestic tobacco
business, $91 million from food and $169 million from the Miller
transaction, partially offset by higher operating results from
international tobacco. Also affecting operating income comparisons
were favorable currency of $143 million, 2003 charges of $191 million
related to the domestic tobacco growers settlement and Philip Morris
USA headquarters relocation, and 2002 charges of $117 million for
separation programs and integration costs. Net earnings decreased 6.6%
to $2.4 billion.
During the quarter, the three major credit rating agencies lowered
Altria Group, Inc.'s short-term and long-term debt ratings following
the $10.1 billion judgment on March 21, 2003 against Philip Morris USA
in the Price litigation. Consequently, Altria Group, Inc.'s access to
the commercial paper market was eliminated, which resulted in
unplanned borrowings against a portion of its revolving credit
facilities. In early July, Altria Group, Inc. successfully negotiated
a new 364-day revolving credit facility, to replace its 364-day
facility that was due to expire on July 14, 2003. The new facility is
for $2.0 billion, and was oversubscribed.
Altria Group, Inc. declared a regular quarterly dividend of $0.64
during the second quarter of 2003, which represents an annualized rate
of $2.56 per common share.
DOMESTIC TOBACCO
2003 Second-Quarter Results
Philip Morris USA Inc., Altria Group, Inc.'s domestic tobacco
business, continued to show solid volume and retail share performance
in the second quarter, as its enhanced sales and promotional programs
had their intended effect.
Operating companies income decreased 30.3% to $1.0 billion. The
decrease was due to higher spending to support Philip Morris USA's
ongoing promotional programs, as well as charges in the current
quarter of $182 million resulting from the tobacco growers settlement
and $9 million related to moving Philip Morris USA's headquarters to
Richmond, VA, partially offset by higher volume.
Philip Morris USA's shipment volume increased 4.1% to 48.2 billion
units for the second quarter, as a result of the timing of trade
purchases and promotional programs since last year.
Philip Morris USA's total retail share continued to improve in the
second quarter of 2003 versus the two previous quarters, driven by the
resilience of Marlboro and the continued momentum of Parliament.
The following table summarizes sequential retail share performance for
its key brands since implementing enhanced promotional programs in
2002, based on data from the IRI/Capstone Total Retail Panel:
Q2 2003 Q1 2003 Q4 2002
---------------- ---------------- ----------------
Marlboro 37.8% 37.5% 37.4%
Parliament 1.7% 1.5% 1.3%
Virginia Slims 2.4% 2.5% 2.5%
Basic 4.2% 4.3% 4.3%
---------------- ---------------- ----------------
Focus Brands 46.1% 45.8% 45.5%
Other PM USA 2.4% 2.5% 2.6%
---------------- ---------------- ----------------
Total PM USA 48.5% 48.3% 48.1%
On a sequential basis, Philip Morris USA's retail share of the premium
segment increased 0.1 share point, to 61.1% in the second quarter of
2003 versus the first quarter of 2003, while its share of the discount
segment decreased 0.1 share point to 15.6%.
Retail share for the discount segment of the industry declined by 0.5
points to 27.6% compared to the first quarter of 2003 and retail share
for the industry's deep discount segment was essentially flat, up 0.1
share point to 10.0%.
During the second quarter of 2003, Philip Morris USA's Marlboro Blend
No. 27 met the company's initial expectations for market share and
distribution. Philip Morris USA also launched Parliament Ultra Lights
and began test marketing Chesterfield in the premium segment.
Numerous initiatives were pursued during the quarter on programs to
address contraband and counterfeit issues and industry-wide compliance
with the Master Settlement Agreement and related state escrow
requirements. Philip Morris USA has filed lawsuits against more than
2,300 retailers and is working with law enforcement agencies to reduce
illegal cigarette sales. It also filed 18 lawsuits against more than
50 Internet sites for violation of trademark laws. In addition, 31
states have enacted or are in the process of enacting complementary
legislation to ensure compliance with Master Settlement Agreement
related legislation by non-participating manufacturers.
INTERNATIONAL TOBACCO
2003 Second-Quarter Results
Operating companies income for Philip Morris International Inc. (PMI),
Altria Group, Inc.'s international tobacco business, rose a strong
14.3% versus the same period a year ago to $1.6 billion, due to
favorable currency of $125 million, volume gains, higher pricing and
separation charges of $25 million in the second quarter of 2002,
partially offset by unfavorable mix.
Shipment volume increased 1.0% to 187.4 billion units, as declines in
Italy and worldwide duty free partially offset a 3.5% increase in all
other markets. Volume for worldwide duty free declined 10.6%, due to
reduced international travel, reflecting the effects of the war in
Iraq and the SARS epidemic.
PMI achieved widespread market share gains, including increases in the
key income markets of Argentina, Austria, Belgium, the Middle East,
France, Germany, Greece, Japan, Korea, the Netherlands, Russia,
Singapore, Spain, Switzerland, Turkey, the Ukraine and the United
Kingdom.
Total Marlboro shipments declined 0.6% in the second quarter, as
decreases in Italy and worldwide duty free more than offset a 2.1%
increase from all other markets. Marlboro share increased in most key
income markets, as PMI continued to build its brand equity and
maintain its vitality through superior marketing programs.
In Western Europe, shipment volume declined 6.7%, driven primarily by
decreases in Italy and France. In Italy, volume was down 20.2%, while
share fell 7.8 share points to 54.5%, due to Marlboro and Diana, which
remain under pressure from intense price competition. In France,
shipment volume was down 6.9%, due to a lower total market following
consecutive tax-driven price increases in January 2002 and 2003.
However, PMI's share in France increased during the quarter.
Reflecting the resilience and power of its brand portfolio, PMI
increased its share of the total industry in all major Western
European markets with the exception of Italy.
In Central Europe, volume increased 3.1% as gains in the Czech
Republic, Romania, the Slovak Republic and Switzerland were partially
offset by decreases in the Baltics and Hungary. During the second
quarter, PMI signed an agreement to acquire shares equal to
approximately 76% of the Greek cigarette company Papastratos and
announced that a public tender offer will be made for the remaining
outstanding shares. PMI expects to complete the transaction in the
second half of 2003, subject to receipt of regulatory approval.
In Eastern Europe, the Middle East and Africa, volume grew a very
strong 15.4%, driven by continued double-digit gains in Russia, as
well as strong increases in the Middle East, Turkey and the Ukraine.
In Russia, L&M, Bond Street, Parliament, Marlboro, Chesterfield,
Virginia Slims and local brand Optima, each contributed to the robust
volume gain versus prior year. In Turkey, L&M continued its
outstanding performance.
In Asia, volume decreased 4.7%, due to shortfalls in Indonesia, Japan
and the Philippines, partially offset by strong gains in Korea,
Taiwan, Thailand and Singapore. Volume was strong in Korea, driven by
the success of Lark. In Japan, volume decreased due primarily to the
timing of shipments in the second quarter of 2002 versus 2003. Share
in Japan advanced 0.1 share point to 23.7%, driven by Marlboro and
Lark. Industry shipments in advance of the July tax-driven retail
price increase adversely distorted PMI's market share trends in Japan.
In Latin America, volume rose 2.8%, driven by gains in Argentina,
Brazil and Central America. In Argentina, share increased for both
Marlboro and L&M in a total market that was up significantly.
FOOD
Yesterday, Kraft Foods Inc. (Kraft) reported second-quarter 2003
results. Kraft's worldwide volume increased 1.7%, driven by new
products, the shift in Easter timing, strong shipments in Beverages,
Desserts and Cereals, and higher growth in developing markets,
partially offset by divestitures. Volume was negatively impacted by
trade inventory reductions and soft consumption in certain categories
and countries. The weakness in consumption was driven by the prolonged
economic weakness in many parts of the world, combined with higher
price gaps in some key categories and countries, which caused overall
category softness and consumer down trading to lower priced
alternative products. Operating income increased $9 million, or 0.6%,
to $1.6 billion, reflecting integration costs in 2002, volume growth,
pricing and currency, which were partially offset by higher commodity
and benefit costs, increased promotional spending in certain
categories to narrow price gaps and the adverse impact of product
returns from new biscuit product launches that fell short of
expectations.
As reported yesterday, Kraft anticipates lower operating income in the
second half of 2003 as a result of increased marketing spending behind
certain businesses, with full-year 2003 diluted earnings per share
projected to be in a range of $2.00 to $2.05.
NORTH AMERICAN FOOD
2003 Second-Quarter Results
Volume for Kraft Foods North America, Inc. (KFNA) increased 2.5%,
driven by ready-to-drink beverages, new products and the shift in
Easter timing, partially offset by trade inventory reductions and
consumption weakness in certain categories. Operating companies income
increased 1.0% to $1.4 billion, reflecting charges of $75 million in
pre-tax integration charges incurred in 2002, productivity and synergy
savings, and volume growth, partially offset by higher commodity and
benefit costs, increased promotional spending in certain categories to
narrow price gaps, biscuit product returns and adverse product mix.
INTERNATIONAL FOOD
2003 Second-Quarter Results
Volume for Kraft Foods International, Inc. (KFI) decreased 0.9%, due
to the divestiture of KFI's Latin America bakery ingredients business
in 2002 and the impact of consumer down trading to competitors' lower
priced products, partially offset by new products, acquisitions and
the shift in Easter timing. Operating companies income decreased 1.0%
to $296 million, as higher benefit costs and devaluation-driven cost
increases in Latin America and the absence of earnings from a business
divested in 2002 were only partially offset by currency favorability
of $16 million and 2002 integration charges of $17 million.
FINANCIAL SERVICES
Operating companies income for Philip Morris Capital Corporation
(PMCC) decreased 21.2% to $82 million, due to a significant gain from
the early termination of a lease in the second quarter of 2002, which
was only partially offset by higher income from leasing related
activities in the second quarter of 2003. During the second quarter of
2003, PMCC announced that it is shifting its strategic focus from an
emphasis on the growth of its portfolio of finance leases through new
lease investments to one of maximizing investment gains and generating
cash flows from its existing portfolio of leased assets.
Altria Group, Inc. Profile
Altria Group, Inc. is the parent company of Kraft Foods Inc., with
approximately 84% ownership of outstanding Kraft common shares, Philip
Morris International Inc., Philip Morris USA Inc. and Philip Morris
Capital Corporation. In addition, Altria Group, Inc. has a 36%
economic interest in SABMiller plc, the world's second-largest brewer.
The brand portfolio of Altria Group, Inc.'s consumer packaged goods
companies includes such well-known names as Kraft, Jacobs, L&M,
Marlboro, Maxwell House, Nabisco, Oreo, Oscar Mayer, Parliament,
Philadelphia, Post and Virginia Slims. Altria Group, Inc. recorded
2002 net revenues of $80.4 billion.
Trademarks and service marks mentioned in this release are the
registered property of, or licensed by, the subsidiaries of Altria
Group, Inc.
Prior to January 27, 2003, Altria Group, Inc. was named Philip Morris
Companies Inc. This news release refers to Altria Group, Inc. even
when historical events took place under the company's former name.
On May 30, 2002, Altria Group, Inc. announced an agreement with South
African Breweries plc (SAB) to merge Miller into SAB. The transaction
closed on July 9, 2002 and SAB changed its name to SABMiller plc
(SABMiller) and resulted in a pre-tax gain of approximately $2.6
billion or approximately $1.7 billion after-tax in the third quarter
of 2002. Altria records its share of SABMiller's net earnings based on
its economic ownership percentage in minority interest in earnings,
net, on the condensed consolidated statement of earnings.
You may learn more by listening to a live audio webcast of the Altria
Group, Inc. conference call with members of the investment community
at 9:00 a.m. Eastern Time on July 17, 2003. Access is available at
www.altria.com.
Forward-Looking and Cautionary Statements
This press release contains projections of future results and other
forward-looking statements that involve a number of risks and
uncertainties and are made pursuant to the Safe Harbor Provisions of
the Private Securities Litigation Reform Act of 1995. The following
important factors could cause actual results and outcomes to differ
materially from those contained in such forward-looking statements.
Altria Group, Inc.'s consumer products subsidiaries are subject to
unfavorable currency movements; intense price competition, changes in
consumer preferences and demand for their products; changing prices
for raw materials, fluctuations in levels of customer inventories and
the effects of foreign economies and local economic and market
conditions. Their results are dependent upon their continued ability
to promote brand equity successfully; to anticipate and respond to new
consumer trends; to develop new products and markets and to broaden
brand portfolios in order to compete effectively with lower-priced
products in a consolidating environment at the retail and
manufacturing levels; to improve productivity; and to respond
effectively to changing prices for their raw materials.
Altria Group, Inc.'s tobacco subsidiaries (Philip Morris USA and
Philip Morris International) continue to be subject to litigation,
including risks associated with adverse jury and judicial
determinations, courts reaching conclusions at variance with the
company's understanding of applicable law, bonding requirements and
the absence of adequate appellate remedies to get timely relief from
any of the foregoing; price disparities and changes in price
disparities between premium and lowest-price brands; legislation,
including actual and potential excise tax increases; increasing
marketing and regulatory restrictions; the effects of price increases
related to excise tax increases and concluded tobacco litigation
settlements on consumption rates and consumer preferences within price
segments; health concerns relating to the use of tobacco products and
exposure to environmental tobacco smoke; governmental regulation;
privately imposed smoking restrictions; and governmental and grand
jury investigations.
Altria Group, Inc.'s financial flexibility may be affected by its
current inability to access credit markets for short-term and
long-term borrowings on terms as favorable as those that existed prior
to recent actions by credit rating agencies.
Altria Group, Inc.'s financial services subsidiary (Philip Morris
Capital Corporation) is subject to the effects of a weak economy,
particularly with respect to aircraft leases to the troubled airline
industry.
Altria Group, Inc.'s consumer products subsidiaries are subject to
other risks detailed from time to time in its publicly filed
documents, including its Annual Report on Form 10-K for the period
ended December 31, 2002 and its Quarterly Report on Form 10-Q for the
period ended March 31, 2003. Altria Group, Inc. cautions that the
foregoing list of important factors is not complete and does not
undertake to update any forward-looking statements that it may make.
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Statements of Earnings
For the Quarters Ended June 30,
(in millions, except per share data)
2003 2002 % Change
------- ----------------
Net revenues $20,831 $21,103 (1.3)%
Cost of sales 7,991 8,501 (6.0)%
Excise taxes on products (*) 5,344 4,583 16.6 %
------- -------
Gross profit 7,496 8,019 (6.5)%
Marketing, administration and research costs 2,928 3,107
Domestic tobacco legal settlement 182 -
Domestic tobacco headquarters relocation
charges 9 -
Gains on sales of businesses - (3)
Food integration costs - 92
International tobacco separation programs - 25
------- -------
Operating companies income 4,377 4,798 (8.8)%
Amortization of intangibles 3 2
General corporate expenses 183 169
------- -------
Operating income 4,191 4,627 (9.4)%
Interest and other debt expense, net 263 309
------- -------
Earnings before income taxes and minority
interest 3,928 4,318 (9.0)%
Provision for income taxes 1,382 1,533 (9.8)%
------- -------
Earnings before minority interest 2,546 2,785 (8.6)%
Minority interest in earnings, net 109 175
------- -------
Net earnings $ 2,437 $ 2,610 (6.6)%
======= =======
Basic earnings per share (**) $ 1.20 $ 1.22 (1.6)%
======= =======
Diluted earnings per share (**) $ 1.20 $ 1.21 (0.8)%
======= =======
Weighted average number of
shares outstanding - Basic 2,023 2,135 (5.2)%
- Diluted 2,029 2,159 (6.0)%
(*) The detail of excise taxes on products sold is as follows:
2003 2002
------- -------
Domestic tobacco $ 951 $ 911
International tobacco 4,393 3,432
Beer - 240
------- -------
Total excise taxes $ 5,344 $ 4,583
======= =======
(**) Basic and diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings per
share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Quarters Ended June 30,
(in millions)
Domestic International North International
tobacco tobacco American food
food
-------------------------------------------
2003 Net Revenues $ 4,498 $ 8,388 $ 5,644 $2,197
2002 Net Revenues 4,881 7,139 5,568 1,945
% Change (7.8)% 17.5% 1.4% 13.0%
Reconciliation:
---------------
2002 Net Revenues $ 4,881 $ 7,139 $ 5,568 $1,945
Divested businesses - 2002 - - (6) (21)
Currency - 779 18 129
Operations (383) 470 64 144
------- ------- ------- ------
2003 Net Revenues $ 4,498 $ 8,388 $ 5,644 $2,197
======= ======= ======= ======
Beer Financial Total
services
------------------------------
2003 Net Revenues $ - $ 104 $20,831
2002 Net Revenues 1,422 148 21,103
% Change (29.7)% (1.3)%
Reconciliation:
---------------
2002 Net Revenues $ 1,422 $ 148 $21,103
Divested businesses - 2002 (1,422) - (1,449)
Currency - - 926
Operations - (44) 251
------- ------- -------
2003 Net Revenues $ - $ 104 $20,831
======= ======= =======
Note: The detail of excise taxes on products sold is as follows:
2003 2002
------- -------
Domestic tobacco $ 951 $ 911
International tobacco 4,393 3,432
Beer - 240
------- -------
Total excise taxes $ 5,344 $ 4,583
======= =======
Currency increased international tobacco excise taxes by $472 million.
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Quarters Ended June 30,
(in millions)
Domestic International North International
tobacco tobacco American food
food
-------------------------------------------
2003 Operating Companies
Income $ 1,013 $ 1,603 $1,383 $ 296
2002 Operating Companies
Income 1,454 1,403 1,369 299
% Change (30.3)% 14.3% 1.0% (1.0)%
Reconciliation:
---------------
2002 Operating Companies
Income $ 1,454 $ 1,403 $1,369 $ 299
Divested businesses - 2002 - - (1) (4)
Gains on sales of
businesses - 2002 - - - (3)
Integration costs - 2002 - - 75 17
Separation programs - 2002 - 25 - -
Asset impairment - 2002 - - - -
Domestic tobacco legal
settlement - 2003 (182) - - -
Domestic tobacco
headquarters
relocation charges - 2003 (9) - - -
Currency - 125 2 16
Operations (250) 50 (62) (29)
------- ------- ------ ------
2003 Operating Companies
Income $ 1,013 $ 1,603 $1,383 $ 296
======= ======= ====== ======
Beer Financial Total
services
---------------------------------
2003 Operating Companies
Income $ - $ 82 $4,377
2002 Operating Companies
Income 169 104 4,798
% Change (21.2)% (8.8)%
Reconciliation:
---------------
2002 Operating Companies
Income $ 169 $ 104 $4,798
Divested businesses - 2002 (169) - (174)
Gains on sales of
businesses - 2002 - - (3)
Integration costs - 2002 - - 92
Separation programs - 2002 - - 25
Asset impairment - 2002 - - -
Domestic tobacco legal
settlement - 2003 - - (182)
Domestic tobacco
headquarters
relocation charges - 2003 - - (9)
Currency - - 143
Operations - (22) (313)
------- ------- ------
2003 Operating Companies
Income $ - $ 82 $4,377
======= ======= ======
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Statements of Earnings
For the Six Months Ended June 30,
(in millions, except per share data)
2003 2002 % Change
------- ----------------
Net revenues $40,202 $41,638 (3.4)%
Cost of sales 15,556 17,033 (8.7)%
Excise taxes on products (*) 10,231 9,158 11.7 %
------- -------
Gross profit 14,415 15,447 (6.7)%
Marketing, administration and research costs 5,798 6,001
Domestic tobacco legal settlement 182 -
Domestic tobacco headquarters relocation
charges 9 -
Gains on sales of businesses - (3)
Food integration costs - 119
Food separation programs - 142
International tobacco separation programs - 25
Beer separation programs and asset impairment - 23
------- -------
Operating companies income 8,426 9,140 (7.8)%
Amortization of intangibles 5 4
General corporate expenses 366 338
------- -------
Operating income 8,055 8,798 (8.4)%
Interest and other debt expense, net 546 602
------- -------
Earnings before income taxes and minority
interest 7,509 8,196 (8.4)%
Provision for income taxes 2,643 2,909 (9.1)%
------- -------
Earnings before minority interest 4,866 5,287 (8.0)%
Minority interest in earnings, net 243 312
------- -------
Net earnings $ 4,623 $ 4,975 (7.1)%
======= =======
Basic earnings per share (**) $ 2.28 $ 2.32 (1.7)%
======= =======
Diluted earnings per share (**) $ 2.27 $ 2.30 (1.3)%
======= =======
Weighted average number of
shares outstanding - Basic 2,027 2,140 (5.3)%
- Diluted 2,035 2,165 (6.0)%
(*) The detail of excise taxes on products sold is as follows:
2003 2002
------- -------
Domestic tobacco $ 1,817 $ 1,939
International tobacco 8,414 6,766
Beer - 453
------- -------
Total excise taxes $10,231 $ 9,158
======= =======
(**) Basic and diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings per
share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Six Months Ended June 30,
(in millions)
Domestic International North International
tobacco tobacco American food
food
-------------------------------------------
2003 Net Revenues $ 8,315 $16,467 $11,024 $4,176
2002 Net Revenues 9,899 14,173 10,862 3,798
% Change (16.0)% 16.2% 1.5% 10.0%
Reconciliation:
---------------
2002 Net Revenues $ 9,899 $14,173 $10,862 $3,798
Divested businesses - 2002 - - (10) (39)
Currency - 1,317 12 216
Operations (1,584) 977 160 201
------- ------- ------- ------
2003 Net Revenues $ 8,315 $16,467 $11,024 $4,176
======= ======= ======= ======
Beer Financial Total
services
------------------------------
2003 Net Revenues $ - $ 220 $40,202
2002 Net Revenues 2,641 265 41,638
% Change (17.0)% (3.4)%
Reconciliation:
---------------
2002 Net Revenues $ 2,641 $ 265 $41,638
Divested businesses - 2002 (2,641) - (2,690)
Currency - - 1,545
Operations - (45) (291)
------- ------- -------
2003 Net Revenues $ - $ 220 $40,202
======= ======= =======
Note: The detail of excise taxes on products sold is as follows:
2003 2002
------- -------
Domestic tobacco $ 1,817 $ 1,939
International tobacco 8,414 6,766
Beer - 453
------- -------
Total excise taxes $10,231 $ 9,158
======= =======
Currency increased international tobacco excise taxes by $784 million.
ALTRIA GROUP, INC.
and Subsidiaries
Selected Financial Data by Business Segment
For the Six Months Ended June 30,
(in millions)
Domestic International North International
tobacco tobacco American food
food
-------------------------------------------
2003 Operating Companies
Income $ 1,755 $3,293 $2,680 $ 533
2002 Operating Companies
Income 2,704 2,967 2,467 551
% Change (35.1)% 11.0% 8.6% (3.3)%
Reconciliation:
---------------
2002 Operating Companies
Income $ 2,704 $2,967 $2,467 $ 551
Divested businesses - 2002 - - (2) (6)
Gains on sales of
businesses - 2002 - - - (3)
Integration costs - 2002 - - 102 17
Separation programs - 2002 - 25 135 7
Asset impairment - 2002 - - - -
Domestic tobacco legal
settlement - 2003 (182) - - -
Domestic tobacco
headquarters
relocation charges - 2003 (9) - - -
Currency - 210 1 23
Operations (758) 91 (23) (56)
------- ------ ------ ------
2003 Operating Companies
Income $ 1,755 $3,293 $2,680 $ 533
======= ====== ====== ======
Beer Financial Total
services
------------------------------
2003 Operating Companies
Income $ - $ 165 $8,426
2002 Operating Companies
Income 276 175 9,140
% Change (5.7)% (7.8)%
Reconciliation:
---------------
2002 Operating Companies
Income $ 276 $ 175 $9,140
Divested businesses - 2002 (299) - (307)
Gains on sales of
businesses - 2002 - - (3)
Integration costs - 2002 - - 119
Separation programs - 2002 8 - 175
Asset impairment - 2002 15 - 15
Domestic tobacco legal
settlement - 2003 - - (182)
Domestic tobacco
headquarters
relocation charges - 2003 - - (9)
Currency - - 234
Operations - (10) (756)
------- ------ ------
2003 Operating Companies
Income $ - $ 165 $8,426
======= ====== ======
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings Per Share
For the Quarters Ended June 30,
($ in millions, except per share data)
Diluted
Net E.P.S. (*)
Earnings
-----------------
2003 $2,437 $ 1.20
2002 $2,610 $ 1.21
% Change (6.6)% (0.8)%
Reconciliation:
---------------
2002 Reported $2,610 $ 1.21
Gains on sales of businesses - 2002 (2) -
Food integration costs - 2002,
net of minority interest impact 49 0.02
Food separation programs - 2002,
net of minority interest impact - -
Beer separation programs and
asset impairment - 2002 - -
International tobacco separation programs - 2002 16 0.01
Domestic tobacco legal settlement - 2003 (118) (0.06)
Domestic tobacco headquarters relocation charges -
2003 (6) -
Currency 92 0.05
Shares outstanding - 0.07
Operations (204) (0.10)
------ ------
2003 Reported $2,437 $ 1.20
====== ======
(*) Basic and diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings per
share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC.
and Subsidiaries
Net Earnings and Diluted Earnings Per Share
For the Six Months Ended June 30,
($ in millions, except per share data)
Diluted
Net E.P.S. (*)
Earnings
-----------------
2003 $4,623 $ 2.27
2002 $4,975 $ 2.30
% Change (7.1)% (1.3)%
Reconciliation:
---------------
2002 Reported $4,975 $ 2.30
Gains on sales of businesses - 2002 (2) -
Food integration costs - 2002,
net of minority interest impact 64 0.03
Food separation programs - 2002,
net of minority interest impact 77 0.03
Beer separation programs and
asset impairment - 2002 15 0.01
International tobacco separation programs - 2002 16 0.01
Domestic tobacco legal settlement - 2003 (118) (0.06)
Domestic tobacco headquarters relocation charges -
2003 (6) -
Currency 151 0.08
Shares outstanding - 0.14
Operations (549) (0.27)
------ ------
2003 Reported $4,623 $ 2.27
====== ======
(*) Basic and diluted earnings per share are computed for each of the
periods presented. Accordingly, the sum of the quarterly earnings per
share amounts may not agree to the year-to-date amounts.
ALTRIA GROUP, INC.
and Subsidiaries
Condensed Balance Sheets
(in millions, except ratios)
June 30, December
31,
2003 2002
------- -------
Assets
------
Cash and cash equivalents $ 4,832 $ 565
All other current assets 17,397 16,876
Property, plant and equipment, net 15,621 14,846
Goodwill and other intangible assets, net 38,440 37,871
Other assets 8,725 8,151
------- -------
Total consumer products assets 85,015 78,309
Total financial services assets 9,137 9,231
------- -------
Total assets $94,152 $87,540
======= =======
Liabilities and Stockholders' Equity
------------------------------------
Short-term borrowings $ 5,485 $ 407
Current portion of long-term debt 1,612 1,558
Accrued settlement charges 2,309 3,027
All other current liabilities 13,689 14,090
Long-term debt 18,890 19,189
Deferred income taxes 6,195 6,112
Other long-term liabilities 15,331 15,498
------- -------
Total consumer products liabilities 63,511 59,881
Total financial services liabilities 8,403 8,181
------- -------
Total liabilities 71,914 68,062
Total stockholders' equity 22,238 19,478
------- -------
Total liabilities and
stockholders' equity $94,152 $87,540
======= =======
Total consumer products debt $25,987 $21,154
Debt/equity ratio - consumer products 1.17 1.09
Total debt $28,501 $23,320
Total debt/equity ratio 1.28 1.20
Short Name: Altria Group Inc
Category Code: IR
Sequence Number: 00007231
Time of Receipt (offset from UTC): 20030716T201830+0100
--30--MEM/ny* DB/ny
CONTACT: Altria Group, Inc., New York
Nicholas M. Rolli, 917-663-3460
Timothy R. Kellogg, 917-663-2759
KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: RETAIL FOODS/BEVERAGES BANKING FOREST PRODUCTS
CONSUMER/HOUSEHOLD CONFERENCE CALLS EARNINGS
SOURCE: Altria Group Inc
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