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Consolidated Results

(in millions of dollars, except per share data)

 

			2003			2002		% Change
	Net revenues		$81,832			$80,408		1.8%
	Operating income		15,910			16,601		(4.2%)
	Net earnings		9,204			11,102		(17.1%)
	Basic earnings per share		4.54			5.26		(13.7%)
	Diluted earnings per share		4.52			5.21		(13.2%)
	Dividends declared per share		2.64			2.44		8.2%

Results by Business Segment

			2003			2002		% Change
	Tobacco
	Domestic
	Net revenues		$17,001			$18,877		(9.9%)
	Operating companies income*		3,889			5,011		(22.4%)
	International
	Net revenues		33,389			28,672		16.5%
	Operating companies income*		6,286			5,666		10.9%
	Food
	North American
	Net revenues		$21,907			$21,485		2.0%
	Operating companies income*		4,920			4,953		(0.7%)
	International
	Net revenues		9,103			8,238		10.5%
	Operating companies income*		1,282			1,330		(3.6%)
	Beer**
	Net revenues					$  2,641		(100.0%)
	Operating companies income*					276		(100.0%)
	Financial Services
	Net revenues		$      432			$    495		(12.7%)
	Operating companies income*		313			55		100.0%		+

 

*	Altria Group, Inc.’s management reviews operating companies income, which is defined as operating income before corporate expenses and amortization of intangibles, to evaluate segment performance and allocate resources. For a reconciliation of operating companies income to operating income, see Note 14. Segment Reporting.
**	Beginning with the third quarter of 2002, Altria Group, Inc.’s ownership interest in SABMiller plc ("SABMiller") is being accounted for under the equity method. Accordingly, Altria Group, Inc. is recording its share of SABMiller’s net earnings based on its economic ownership percentage and is no longer consolidating Miller Brewing Company.

The Family of Companies:   Philip Morris USA Inc. (100% Ownership)   Philip Morris International Inc. (100% Ownership)   Kraft Foods Inc. (84.6% Ownership)   Philip Morris Capital Corporation (100% Ownership)   Other Interest: Altria Group, Inc. holds a 36% economic interest in SABMiller plc