PMI Returned $10 Billion to Shareholders in 2009

Source from:  Tobacco Reporter 05/14/2010

Attendees at Philip Morris International's 2010 Annual Meeting of Stockholders were reminded yesterday that the company had returned $10 billion to its shareholders last year. Chairman and CEO, Louis C. Camilleri, highlighted the company's key achievements during 2009 and reaffirmed the company's "steadfast commitment" to deliver superior returns to its shareholders. "Despite the impact of the global recession and rising unemployment on industry volume, PMI achieved strong financial results in 2009," Camilleri said. "This resilient performance was in part masked by significant currency headwinds. "Of particular import was our ability to generate operating cash flow that enabled us to return $10 billion in 2009 alone to our shareholders through our dividend and share repurchase program. "We are confident in our ability over the longer term to grow our business both organically and through acquisitions," he added. More than 83 per cent of the shares entitled to vote were represented at the meeting in person or by proxy. The 10 nominees for director named in the proxy statement were elected; the selection of PricewaterhouseCoopers SA as independent auditors was ratified; and two stockholder proposals were defeated. Enditem