2008
25 November 2008
Highlights
- Cigarette volumes | 292bn | up | 46% | (2007: 200bn) |
- Tobacco net revenue | Ł5,238m | up | 60% | (2007: Ł3,280m) |
- Logistics distribution fees | Ł607m | | | |
- Adjusted(1) profit from operations | Ł2,230m | up | 51% | (2007: Ł1,475m) |
- Adjusted(1) attributable earnings | Ł1,159m | up | 26% | (2007: Ł921m) |
- Distribution to shareholders | Ł588m | up | 26% | (2007: Ł467m) |
- Full year dividend per share(2) | 63.1p | up | 4% | (2007: 60.4p) |
- Adjusted(1) earnings per share(3) | 136.9p | up | 15% | (2007: 118.8p) |
- Profit from operations | Ł1,157m | down | 18% | (2007: Ł1,418m) |
- Basic earnings per share | 50.6p | down | 57% | (2007: 116.7p) |
Results include the contribution from Altadis since completion of the acquisition on 25 January 2008 and 2007 per share figures have been restated to reflect the bonus element of the related rights issue.
(1) Adjusted measures exclude where applicable amortisation of acquired intangibles (Ł309m), restructuring costs (Ł463m), fair value losses on derivatives in respect of commercially effective net investment hedges (Ł314m), an exceptional gain on brand divestments (Ł174m), charges for one-off acquisition accounting adjustments (Ł161m), fair value gains on derivatives in respect of commercially effective interest rate hedges (Ł42m), retirement benefit net financing income (Ł45m) and related taxation effects.
(2) Following the rights issue there are currently 1,011.3m shares eligible for the final dividend (2008 interim dividend: 672.8m)
(3) Earnings per share is calculated using the weighted average shares in issue of 846.5m (2007: 775.5m)
Summarising today's announcement, Gareth Davis, Chief Executive, said:
"In a year of significant achievement we have completed the acquisition of Altadis and grown our cigarette volumes and shares in mature and emerging markets. Our performance has enabled us to increase our dividend distribution by 26 per cent to Ł588 million, building on our long track record of creating sustainable value for our shareholders.
"Excellent results in Eastern Europe, Africa and the Middle East were complemented by further share gains in the European Union and rapid expansion in the USA.
"Our international premium cigarette brands Davidoff and Gauloises Blondes are driving growth in emerging markets, while our strength in value brands and products has enabled us to capitalise on downtrading in mature markets, a trend which is likely to continue in the current environment.
"We have made further very good progress with the integration of Imperial Tobacco and Altadis, particularly in France where we recently completed the consultation process and where we expect to begin implementing our projects in early 2009.
"We are comfortable with our current financing position and our business is highly cash generative. We are resilient in times of economic downturn and remain focused on efficiently integrating the two businesses, whilst maximising the enhanced growth opportunities presented by our versatile portfolio and extended geographic reach."
Notes to editors
Imperial Tobacco Group PLC is a multi-national tobacco company, with international strength in cigarette and world leadership in fine cut tobacco, cigars, rolling papers and tubes. Following the acquisition of Altadis in January 2008 the enlarged Group has 58 manufacturing sites and employs around 40,000.
Enquiries
Alex Parsons
Head of Corporate Communications
+44 (0)7967 467 241
Simon Evans
Group Press Officer
+44 (0)7967 467 684
Nicola Tate
Investor Relations Manager
+44 (0)7967 467 082
John Nelson-Smith
Investor Relations Manager
+44 (0)791 939 1866
Interviews with Gareth Davis, Chief Executive, and Bob Dyrbus, Finance Director, are available in video, audio and text formats on this website and www.cantos.com
High-resolution photographs are available to the media free of charge at:
www.newscast.co.uk +44 (0)20 7608 1000
Imperial Tobacco's 2008 Preliminary Results are available on this website
Gareth Davis will host the following conference calls, at which there will be the opportunity for questions.
Newswires at 7:15am (GMT):
Dial in number: +44 (0)20 7806 1967 (UK)
Dial in number: +34 91 788 9937 (Spain)
Dial in number: +33 (0)1 7099 4295 (France)
Dial in number: +49 (0)69 5007 1317 (Germany)
Confirmation Code: 4993451
A replay of this call will be available for one week. To listen, please dial:
+44 (0)20 7806 1970
Code: 4993451#
Media at 11:00am (GMT):
Dial in number: +44 (0)20 7806 1968 (UK)
Dial in number: +34 91 788 9936 (Spain)
Dial in number: +33 (0)1 7099 4303 (France)
Dial in number: +49 (0)69 5007 1316 (Germany)
Confirmation Code: 6077143
A replay of this call will be available for one week. To listen, please dial:
+44 (0)20 7806 1970
Code: 6077143#