Annual General Meeting of Shareholders of Philip Morris ČR a.s. Kutná Hora April 27, 2018
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1 Annual General Meeting of Shareholders of Philip Morris ČR a.s. Kutná Hora April 27, 2018 Árpád Könye Chairman of the Board of Directors
2 Total Cigarette Market Czech Republic Total cigarette market down by 0.6% predominantly due to: Decrease of cigarette consumption Source: Philip Morris ČR a.s. internal estimates 2
3 Price Increases (CZK/pack) Czech Republic Dec'15 Dec'16 Dec'17 Premium Medium Low SuperLow Excise tax increase January 1, 2016 Excise tax increase January 1, 2017 Source: Price Gazettes of the Ministry of Finance 3
4 PMCR Cigarette Market Share and Shipments Czech Republic Market share decline to 45.2% (-0.9pp) The good performance of Chesterfield was fully offset by the decline of local brands Domestic cigarette shipments down by 3.5% Due to lower cigarette market share Source: Nielsen Company (Europe) Sárl., Philip Morris ČR a.s. financials 4
5 Fine Cut Tobacco Czech Republic Note: Fine Cut Tobacco refers to tobacco products such as tobacco for make-your-own cigarettes (0.73 g is equivalent to 1 cigarette), roll-your-own cigarettes (0.60 g is equivalent to 1 cigarette) and volume tobacco for make-your-own cigarettes (0.60 g is equivalent to 1 cigarette). Source: Philip Morris ČR a.s. internal estimates, Nielsen Company (Europe) Sárl., Philip Morris ČR a.s. financials 5
6 Total Cigarette Market Slovakia Total cigarette market up by 1.9% reflecting mainly Solid economic conditions Source: Philip Morris Slovakia s.r.o. internal estimates 6
7 Price Increases (EUR/pack) Slovakia Dec '15 Dec '16 Dec '17 Premium Medium Super Low Price increases in Q in conjunction with the stick count change from 19s to 20s Price increases in Q in conjunction with excise tax increase (Euro 0.08/20s) Source: Philip Morris Slovakia s.r.o. price lists 7
8 Cigarette Market Share and Shipments Slovakia Market share decline to 57.0% (-0.1pp) Share decline of local brands Almost fully offset by strong performance of L&M and Marlboro Cigarette shipments up 1.6% Higher total cigarette market Partially offset by lower market share Source: Nielsen Company (Europe) Sárl., Philip Morris Slovakia s.r.o. financials 8
9 Net Revenues Consolidated Financial Results (CZK million) YTD Dec 2017 YTD Dec 2016 Var. Fav./(Unfav.) % Change vs. YTD Dec 2016 Amt Actual Excl. Currency Net Revenues % 7.2 % Real variance of CZK 823 million Source: Philip Morris ČR a.s. financials 9
10 Operating Income Consolidated Financial Results (CZK million) YTD Dec 2017 YTD Dec 2016 Var. Fav./(Unfav.) % Change vs. YTD Dec 2016 Amt Actual Excl. Curr. Net Revenues % 7.2 % Operating Income % 24.6 % Real variance of CZK 854 million Source: Philip Morris ČR a.s. financials 10
11 Fiscal Outlook Czech Republic 2,700 MET per 1000 cig. 2,600 2,500 EU MET requirement of 90 EUR 2,400 2,300 2,200 2,100 2,250 2,370 2,520 2,570 2,630 2,000 JAN 2014 DEC Adopted three-year excise tax roadmap for meeting minimum EU requirements Excise tax increase as of Jan 16, 17 & 18, ad valorem remains 27%, specific & MET increase Anti-forestalling regulation introduced for cigarettes in Dec 14 remains in * Note: PMCR internal estimate Source: Act no. 315/2015 Coll. of November 11, 2015, amending Act. no. 353/2003 Coll. on excise taxes, as amended. 11
12 Fiscal Outlook Slovakia Minimum Excise Tax for Cigarettes (EUR/ 000) EU MET requirement of 90 EUR 3 year fiscal plan adopted in fall 2016 Euro 0.08/20s increases in February 1, 17 & 19 new excise category for smoke-less tobacco products as of May 1, 2017 anti-forestalling measures for cigarettes (1m) extended to OTP (8m) Source: Act no. 296/2016 Coll. of 12 October 2016 amending Act no. 106/2004 Coll. On excise taxes on tobacco products. 12
13 Anti-smoking Act Czech Republic Entered into effect May 31, 2017 New Act no. 65/2017 Coll. includes: Full HORECA (restaurants + bars) smoking ban (outside terraces exempted) E-cigs vaping and IQOS use allowed in HORECA Vending machines allowed 15
14 RRP - Distribution agreement Czech Republic and Slovakia Effective as of July 1, 2017 for PMČR and as of July 20, 2017 for PMSK Signed between: Pricing method: Entrepreneur Philip Morris Products S.A. (Seller) Philip Morris ČR a.s. (Distributor) Philip Morris Slovakia s.r.o. (Distributor) ROS Return on Sales Limited Risk Distributor Philip Morris Products S.A. Philip Morris ČR a.s. Philip Morris Slovakia s.r.o. Source: Philip Morris ČR a.s., Philip Morris Slovakia s.r.o. 14
15 IQOS Growing Focus Area Offtake Shares (%) Czech Republic and Slovakia cities: Praha, Ceske Budejovice, Usti nad Labem, Plzen, Hradec Kralove, Jihlava, Brno, Olomouc a Ostrava 9 cities: Bratislava, Trnava, Trencin, Nitra, Banska Bystrica, Zilina, Poprad, Presov, Kosice Source: Philip Morris ČR a.s. and Philip Morris Slovakia s.r.o. internal estimates 15
16 IQOS Device Economics Czech Republic and Slovakia Czech Republic Recommended retail selling price CZK Recommended registration discounts (CZK 1 800) Slovakia Recommended retail selling price EUR 99 Recommended registration discounts (EUR 68) Source: Philip Morris ČR a.s., Philip Morris Slovakia s.r.o. 16
17 IQOS Heated Tobacco Units Economics Czech Republic and Slovakia Czech Republic Recommended retail selling price bundle CZK 900 pack CZK 100 Slovakia Recommended retail selling price bundle EUR 35 pack EUR 3.50 Source: Philip Morris ČR a.s., Philip Morris Slovakia s.r.o. 17
18 IQOS approach to Commercialization Heated Tobacco Share Switched User Referral Customer Care Service Switched Users IQOS Kit Purchases IQOS Kit Lending Quality Guided Trials IQOS Coaches Adult Smokers 18
19 IQOS Boutique Kutná Hora Czech Republic First IQOS store opened June 26 th, 2017 Objective to make Kutna Hora 1 st Smoke-Free City in Czech Republic Source: Philip Morris ČR a.s. 19
20 IQOS Store Praha Czech Republic opened March, 2018 located in Slovanský dům, Na Příkopě street 22, Prague Source: Philip Morris ČR a.s. 20
21 IQOS Mobile Unit Czech Republic and Slovakia Arkády Praha, October November 2017 Bratislava, August 2017 Festival Pohoda Source: Philip Morris ČR a.s., Philip Morris Slovakia s.r.o. 21
22 IQOS POP-UP stands Czech Republic and Slovakia IQOS devices, HEETS or full accessories portfolio can be purchased at several commercial centers. Source: Philip Morris ČR a.s., Philip Morris Slovakia s.r.o. 22
23 IQOS Media overall coverage
24 Conversion Rates Czech Republic and Slovakia December 2017 Adult Smoker Conversion Rates (%) Converted (>95% THS) Predominant ( 70 to 95% THS) Situational ( 5 to <70% THS) Abandoned (<5% THS) Czech Republic Slovak Republic Source: Ipsos Mori UK Ltd 24
25 Assets & Liabilities Consolidated Financial Results (CZK million) Assets Dec 2017 Dec 2016 Incr./(Decr.) Cash & Equivalents (852) Inventories Receivables Prepaid Income Tax - 14 (14) Other Non-Financial Assets Non-Current Assets Total Assets (13) Liabilities & Equity Dec 2017 Dec 2016 Incr./(Decr.) Trade & Other Financial Liabilities (412) Other Other Tax Liabilities (411) Deferred Tax Liability Equity Total Liabilities & Equity (13) Source: Philip Morris ČR a.s. financials 29
26 Cash and Cash Equivalents Consolidated Financial Results (CZK million) Dec 2017 Dec 2016 Dec'17 vs. Dec'16 Incr./(Decr.) % Cash & Equivalents (822) (10.1) % Source: Philip Morris ČR a.s. financials 26
27 Dividend proposal Philip Morris ČR a.s. (CZK / share) Earnings per Share Earnings Current Year Retained Earnings Prior Year Dividend Paid / Proposed Reserve Fund Release + 60 Total Payout Proposed
28 Thank you 32
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