Imperial Tobacco Group PLC Preliminary results for the twelve months ended 30 September 2009
10 November, 2009
|2009 (1)||Change||2008 (1)|
|Financial highlights – adjusted basis (3)|
|Adjusted profit from operations||£2,933m||+32%||£2,230m|
|Adjusted profit before tax||£2,233m||+39%||£1,607m|
|Adjusted earnings per share||161.8p||+18%||136.9p|
|Financial highlights – unadjusted|
|Profit from operations||£2,337m||+59%||£1,471m|
|Profit before tax||£945m||+52%||£621m|
|Basic earnings per share||65.5p||+29%||50.6p|
|Diluted earnings per share||65.3p||+30%||50.4p|
|Dividend per share (4)||73.0p||+16%||63.1p|
- Key international cigarette brand volume growth: Davidoff +12%, Gauloises Blondes +1%*, JPS +11%
- +5% Tobacco net revenue growth in H209 at constant currency
- +7% adjusted profit from operations growth in H209 at constant currency, excluding synergies
- euro 190m of cumulative Altadis integration synergies
- £1bn of working capital savings
- Cash conversion rate of 128%
- Adjusted net debt down to £10.8bn
* Adjusted for shipment timings.
Summarising today’s announcement, Gareth Davis, Chief Executive, said:
“We delivered a strong operational and financial performance, improving sales and profits in mature and emerging markets whilst making excellent progress on integration and considerably strengthening our balance sheet.
“We have driven sales across our portfolio with growth in our key international cigarette brands Davidoff, Gauloises Blondes and JPS supported by good gains from our regional and local brands.
“In the second half of the year, the first period offering a true comparison since the Altadis acquisition, we delivered 5 per cent growth in tobacco net revenues and 7 per cent growth in adjusted profit from operations at constant currency and before synergy benefits.
“The swift and efficient integration of Altadis has accelerated the timing of cumulative synergies enabling us to deliver euro 190 million, euro 10 million ahead of our expectations and we remain firmly on track to achieve our overall synergy targets.
“We were able to reduce working capital in the business by £1 billion last year, enhancing our cash generation and enabling us to reduce our adjusted debt by £2 billion before the impact of foreign exchange. We further strengthened our financial position with a number of successful bond issues and have no refinancing requirements until July 2012.
“The external environment is challenging but our balanced portfolio and geographic reach, combined with our enhanced focus on sales excellence and effective cost and cash management, leaves us well placed to continue to reward our shareholders with sustainable growth.”
Notes to editors
Imperial Tobacco Group PLC is a multi-national tobacco company, with international strength in cigarettes and world leadership in fine cut tobacco, cigars, rolling papers and tubes. The Group has 56 manufacturing sites and around 38,000 employees.
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