четверг, 28 июня 2007 г.

FINANCIAL SERVICES

Philip Morris Capital Corporation (PMCC) reported operating companies income of $160 million for the first quarter of 2007 versus $96 million for the year-earlier period. First-quarter 2007 results reflected a cash recovery of $129 million at PMCC from assets which had been previously written down, partially offset by lower asset management gains and lower revenues, primarily as a result of lower investment balances.

Consistent with its strategic shift in 2003, PMCC is focused on managing its existing portfolio of finance assets in order to maximize gains and generate cash flow from asset sales and related activities. PMCC is no longer making new investments and expects that its operating companies income will fluctuate over time as investments mature or are sold.

Altria Group, Inc. Profile

As of March 31, 2007, Altria Group, Inc. owned 100% of Philip Morris International Inc., Philip Morris USA Inc. and Philip Morris Capital Corporation, and approximately 28.6% of SABMiller plc. The brand portfolio of Altria Group, Inc.?s tobacco operating companies includes such well-known names as Marlboro, L&M, Parliament and Virginia Slims. Altria Group, Inc. recorded 2006 net revenues from continuing operations of $67.1 billion.

Trademarks and service marks mentioned in this release are the registered property of, or licensed by, the subsidiaries of Altria Group, Inc.

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 tobacco subsidiaries (Philip Morris USA and Philip Morris International) are subject to intense price competition; changes in consumer preferences and demand for their products; fluctuations in levels of customer inventories; the effects of foreign economies and local economic and market conditions; unfavorable currency movements and changes to income tax laws. 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; and to improve productivity.

Altria Group, Inc.?s tobacco subsidiaries continue to be subject to litigation, including risks associated with adverse jury and judicial determinations, and courts reaching conclusions at variance with the company?s understanding of applicable law and bonding requirements in the limited number of jurisdictions that do not limit the dollar amount of appeal bonds; legislation, including actual and potential excise tax increases; discriminatory excise tax structures; 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. and its 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, 2006. 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.

Toward a New Foreign Policy

Prohibit the U.S. government from promoting tobacco interests abroad, challenging other countries' tobacco control regulations or demanding "free trade" in tobacco. Apply a single regulatory standard-both in the United States and abroad-to U.S. tobacco companies' marketing, labels, and products. Provide more funding to the WHO and foreign NGOs for tobacco control activities and play a more constructive role in negotiations on the Framework Convention on Tobacco Control. The Doggett Amendment is important for barring heinous assaults on countries' tobacco control regulations. It should be made permanent law, so that it no longer requires annual renewal. Even if made law, however, the Doggett Amendment needs strengthening. It currently allows the U.S. government to challenge other countries' tobacco control measures if they appear to discriminate against U.S. companies. Yet other countries often must impose such controls to significantly reduce smoking rates. The World Bank has recently reiterated the finding that opening developing markets to multinational tobacco companies is associated with a 10% increase in smoking rates. U.S. policy should prohibit the inclusion of tobacco in new bilateral trade agreements, so that countries can have the options of either blocking the entrance of U.S. and foreign brands or taxing them heavily. More affirmative measures are required, as well. U.S. tobacco companies, primarily Philip Morris, should be required to meet the same minimal marketing, labeling, promotional, and performance standards in their overseas operations as they must in the U.S. market. The U.S. government also should increase its funding of international tobacco control activities to a level commensurate with the harm being caused by tobacco. This funding should go to the WHO-which has been reinvigorated since former Norwegian Prime Minister Dr. Gro Harlem Brundtland became director-general in 1998 and made tobacco a top priority-to foreign NGOs, and to the U.S. Department of Health and Human Services. Imposing a special licensing fee on tobacco companies or earmarking a portion of new tobacco taxes for international tobacco control would secure funds for this effort without requiring annual debates over funding levels. Finally, the United States needs to display strong leadership in the negotiations regarding the Framework Convention on Tobacco Control or at least not function as an impediment to an agreement on a strong convention. The convention should set a global floor for national tobacco control efforts while in no way preventing countries from adopting measures that go beyond what is in the FCTC. A strong and enforceable convention is needed to hold tobacco companies accountable for their actions, and the FCTC and its protocols should include binding measures in areas such as advertising/promotion and smuggling. The tobacco companies must be barred from any role in the negotiation or implementation of the treaty, and NGOs should be fully included in these processes.

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