Philip Morris CR (PM CR) disclosed its full-year 2002 CAS results yesterday. The company had already reported its unconsolidated 2002 CAS net income, at CZK 3.98 bil. (+17% y-o-y, EPS of CZK 1,448), two weeks ago. We believe the dividend payout ratio could approach 100%.
PM CR's 2002 sales were affected by decreased demand in Slovakia reflecting a considerable excise-tax increase there at the beginning of last year. This was, however, more than offset by PM CR's lower material costs due to the appreciated Czech currency in 2002 (vs. the US dollar), and due to thorough personnel and service cost controls. EBIT thus exceeded our forecast by 4%.
CAS uncons. 2002 2001 change 2002e
(CZK mil.)
Sales 13,076 13,594 -3.8% 13,458
EBITDA 5,940 5,328 11.5% 5,669
EBIT 5,470 4,885 12.0% 5,239
Pretax profit 5,697 5,007 13.8% 5,411
Net profit 3,976 3,407 16.7% 3,733
EPS 1,448 1,241 16.7 % 1,360
Jan Hájek