Exhibit 99.3
Fiscal Year 2022 Unaudited Pro Forma
Combined Financial Information
PMI and Swedish Match AB Combined
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| | | | | | | | | | Schedule 1 |
| PHILIP MORRIS INTERNATIONAL INC. and Subsidiaries |
| Reconciliation of Non-GAAP Measures |
| Pro Forma Financial Information – PMI and Swedish Match Combined |
| ($ in millions) / (unaudited) |
| | | | | | | | | | |
| | Quarter
Ended March 31 | | Quarter
Ended June 30 | | Quarter
Ended September 30 | | Quarter
Ended December 31 | | Full Year
Ended December 31 |
| | 2022 | | 2022 | | 2022 | | 2022 | | 2022 |
| Total PMI | | | | | | | | | | |
| Net Revenues | | $ 7,746 | | $ 7,832 | | $ 8,032 | | $ 8,152 | | $ 31,762 |
| Cost of sales | | 2,608 | | | 2,648 | | | 2,935 | | | 3,211 | | | 11,402 | |
| Gross Profit | | $ 5,138 | | $ 5,184 | | $ 5,097 | | $ 4,941 | | $ 20,360 |
| | | | | | | | | | |
| Swedish Match | | | | | | | | | | |
| Net Revenues | | $ — | | $ — | | $ — | | $ 316 | | $ 316 |
| Cost of sales | | — | | | — | | | — | | | 247 | | | 247 | |
| Gross Profit | | $ — | | $ — | | $ — | | $ 69 | | $ 69 |
| | | | | | | | | | |
| Total PMI excl. Swedish Match | | | | | | | | | | |
| Net Revenues | | $ 7,746 | | $ 7,832 | | $ 8,032 | | $ 7,836 | | $ 31,446 |
| Cost of sales | | 2,608 | | | 2,648 | | | 2,935 | | | 2,964 | | | 11,155 | |
| Gross Profit | | $ 5,138 | | $ 5,184 | | $ 5,097 | | $ 4,872 | | $ 20,291 |
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| Pro Forma Swedish Match Financial Information | | | | | | | | |
| Net Revenues | | $ 490 | | $ 557 | | $ 579 | | $ 619 | | $ 2,244 |
| Cost of sales | | 190 | | | 218 | | | 225 | | | 244 | | | 877 | |
| Gross Profit | | $ 300 | | $ 338 | | $ 354 | | $ 375 | | $ 1,367 |
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| Pro Forma Combined Financial Information | | | | | | | | |
| Net Revenues | | $ 8,236 | | $ 8,389 | | $ 8,611 | | $ 8,455 | | $ 33,690 |
| Cost of sales | | 2,798 | | | 2,866 | | | 3,160 | | | 3,208 | | | 12,032 | |
| Gross Profit | | $ 5,438 | | $ 5,522 | | $ 5,451 | | $ 5,247 | | $ 21,658 |
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The unaudited pro forma combined financial information was prepared using the acquisition method of accounting as required by ASC 805 Business Combinations and was based on the historical financial information of PMI and Swedish Match as disclosed in Form 10-K for the year ended December 31, 2022, Item 8, Note 3. Acquisitions
The unaudited pro forma financial information is not necessarily indicative of what the consolidated results of operations would have been had the acquisition been completed on January 1, 2021. In addition, the unaudited pro forma financial information is not a projection of future results of operations of the combined company |
