01—Abstract
Summary
Summary of the 10-K/A filed June 1, 2023. Cited figures are marked; the original filing is the authoritative source.
Altria Group, Inc. (MO) filed an amendment to its 2022 10-K on May 31, 2023, primarily to incorporate financial statements and auditor reports for its Belgian subsidiary, ABI.
This filing does not appear to introduce significant new operational or financial information regarding the parent company for the 2022 fiscal year beyond what was likely presented in the original 10-K. Investors should note that the core financial performance and strategic direction for Altria remain detailed in the original 10-K filing, with this amendment serving a specific administrative purpose related to its international operations.
For investors, the key takeaway is to refer to the original 10-K for a comprehensive understanding of Altria's 2022 performance, including its tobacco segments (Marlboro, Black & Mild), and its investments in reduced-risk products and other ventures. The amendment's focus on ABI suggests a need for compliance and transparency regarding its European financial reporting, rather than a material shift in Altria's overall financial health or strategic outlook.
02—Key points
Key Highlights
- The filing is an amendment (10-K/A) to the 2022 Annual Report, filed on May 31, 2023.
- The primary purpose of the amendment is to incorporate the ABI (Altria's Belgian subsidiary) financial statements and auditor's report.
- Exhibit 99.3 contains the ABI Financial Statements and the report from PwC Bedrijfsrevisoren BV.
- The amendment includes the consent of PwC Bedrijfsrevisoren BV as an independent registered public accounting firm.
- This filing appears to be administrative in nature, rather than introducing new material financial information about the parent company for fiscal year 2022.
- Investors should consult the original 10-K filing for a complete understanding of Altria Group's overall financial performance and strategic initiatives for 2022.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2022, Altria Group, Inc. kept $0.23.
- Revenue$25.10B100.0%
- Cost of revenue−$10.85B43.2%
- Gross profit$14.25B56.8%
- Operating costs−$2.33B9.3%
- Operating income$11.92B47.5%
- Interest, other & tax−$6.16B24.5%
- Net income$5.76B23.0%
Where FY2022 revenue went
$25.10B- Other operating costs: $6.57B, 26% of revenue
- Cost of revenue: $6.44B, 26% of revenue
- Interest, other & tax: $6.16B, 25% of revenue
- Net income: $5.76B, 23% of revenue
- R&D: $162.0M, 0.6% of revenue
Kept 23% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2022filed June 1, 2023Financial Statements
FY2022 against FY2021
| Line item | FY2022FY2021 | Change |
|---|---|---|
| Revenue | $25.10B$26.01B | −3.5% |
| Cost of Revenue | $6.44B$7.12B | −9.5% |
| Gross Profit | $14.25B$13.99B | +1.8% |
| R&D Expenses | $162.00M$145.00M | +11.7% |
| Operating Income | $11.92B$11.56B | +3.1% |
| Interest Expense | $1.13B$1.19B | −5.1% |
| Net Income | $5.76B$2.48B | +132.9% |
| EPS (Basic) | $3.19$1.34 | +138.1% |
| EPS (Diluted) | $3.19$1.34 | +138.1% |
| Shares Outstanding (Basic) | 1.80B1.84B | −2.2% |
| Shares Outstanding (Diluted) | 1.80B1.84B | −2.2% |
05—Questions
Frequently Asked Questions
What is the main purpose of this 10-K/A filing?
The main purpose of this filing is to amend the original 2022 10-K report to include the financial statements and auditor's report for Altria's Belgian subsidiary, ABI. This is an administrative step to ensure comprehensive reporting.
Does this amendment change Altria's overall financial results for 2022?
This amendment primarily focuses on the financial reporting of a subsidiary and is not expected to significantly alter the overall consolidated financial results or strategic overview of Altria Group, Inc. as presented in the original 10-K.
Where can I find the key financial information and strategic outlook for Altria in 2022?
Investors should refer to the original 10-K Annual Report filing for Altria Group, Inc. for the fiscal year ended December 30, 2022. This amendment serves to incorporate specific subsidiary financial details.
Who is the auditor for the ABI financial statements mentioned in this filing?
The auditor for the ABI financial statements is PwC Bedrijfsrevisoren BV / Reviseurs d’Entreprises SRL, located in Diegem, Belgium, with PCAOB ID: 1350.
06—Continue