煙草在線據金融時報網站報道編譯　　當俄羅斯人和土耳其人花錢時，他們也把錢花在卷煙上。今年俄羅斯人和土耳其人消費行為方面的激增使美國煙草集團菲莫國際很受歡迎。

　　菲莫國際在上月警告稱，若非近期新興市場匯率的動蕩，財務效益將會更大。“不利匯率”拖累了公司的效益，使匯率調整前的營業收入3.4%的上漲轉變為2.7%的下降。預計在新興市場活躍的跨國公司還會發生很多這種情況。

　　在公布公司第二季度業績時，菲莫國際透露，在俄羅斯的卷煙銷量增長了8.7%，由百樂門和萬寶路等在內的高檔品牌的銷量領漲了12.5%。在土耳其，卷煙銷量增長更多，增長了8.9%。總體來說，東歐、中東和非洲（EEMEA）是銷量最高的地區，出貨量提高了5.1%，而集團的出貨量則降低了1.2%。

　　從財務上看，EEMEA地區在截至6月底前的三個月內領先于世界其他地區，這是顯而易見的。該地區的凈收入增加了6.9%，上漲至11.5億美元，而世界其他地區的凈收入下降了1.8%，跌至81.2億美元，該地區的營業收入增加了13.5%，上漲至9.48億美元，而其他地區的營業收入下降了2.7%（稅率調整后），跌至36.8億美元。

　　除去消費稅后的凈收入下降了1.8%，跌至81億美元，除去現金流轉和并購后的凈收入增加了2.9%。

　　首席執行官路易斯·C·金瑞利（Louis C. Camilleri）在一份聲明中稱：

　　我們遍布各地的足跡、世界一流的品牌組合以及堅挺的價格環境仍然是我們能持續利用世界各地增長機會的基石，同時，使我們能經受住那些經濟環境目前仍然疲軟的市場的不確定性。

　　換句話說，新興市場對我們是有利的。

Russia & Turkey: Lighting Up

　　When Russians and Turks spend, they also spend on cigarettes. This year's surge in Russian and Turkish consumer activity has given a welcome boost to Philip Morris International, the US tobacco group.

　　As the company warned last month, the financial benefits would have been even greater had it not been for the recent turmoil in emerging market currencies. "Currency headwinds" held the company back, turning a 3.4 per cent gain in operating income before currency adjustments into a 2.7 per cent decline. Expect more such announcements from multinationals active in emerging markets.

　　Reporting its second quarter results, PMI disclosed an 8.7 per cent increase in cigarette sales in Russia, led by a 12.5 per cent rise in premium brands including Parliament and Marlboro. Turkey was up by even more, 8.9 per cent. Overall, eastern Europe, the Middle East and Africa (EEMEA) was the top-performing region, with a 5.1 per cent increase in shipments, compared with a 1.2 per cent decline at group level.

　　In financial terms, the EEMEA region’s lead over the rest of the world in the three months to the end of June was just as noticeable. Net revenues rose 6.9 per cent to $1.15bn, compared to a 1.8 per cent decline to $8.12bn, and operating incomes were up 13.5 per cent at $948m, versus a 2.7 per cent decline (after currency adjustments) at $3.68bn.

　　Net revenues, excluding excise taxes, were down 1.8 per cent at $8.1bn, or up 2.9 per cent excluding currency and acquisitions.

　　CEO Louis C. Camilleri said in a statement:

　　Our broad geographic footprint, world-class brand portfolio and a strong pricing environment remain the cornerstone of our continuing ability to capitalize on growth opportunities around the world, whilst enabling us to weather uncertainty in those markets where economic conditions are still currently weak.

　　In other words, emerging markets are good for us. Enditem