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Imperial Tobacco Gp (IMT)

  Print      Mail a friend       Annual reports

Tuesday 01 May, 2012

Imperial Tobacco Gp

Half Yearly Report

RNS Number : 4393C
Imperial Tobacco Group PLC
01 May 2012
 



Imperial Tobacco Group PLC

Half Year Results for the 6 months ended 31 March 2012

Total Tobacco Portfolio Driving Sales Momentum

Sales Growth

·      Tobacco net revenue up 3.3 per cent; stick equivalent volumes down 4.1 per cent

·      Key strategic brand net revenue up 12 per cent; stick equivalent volumes up 5 per cent

·      Continued growth in luxury Cuban cigars and snus

·      Strong Q2 growth: tobacco net revenue up 8 per cent*; stick equivalent volumes down 1 per cent*

 

Ongoing Cost Optimisation

·      Tobacco adjusted operating margin at around 43 per cent

·      Disciplined investments supporting growth

 

Maximising Cash Returns

·      Interim dividend up 13 per cent

·      Ongoing increase in full year dividend payout ratio ahead of adjusted earnings per share growth

·      Annualised £500 million share buyback achieved and ongoing

 

* Second quarter performance against the same period last year

 

 

 

Highlights - adjusted basis1

6 months

ended

31 March

2012

Change

Change at

Constant

currency3

6 months

ended

31 March

2011

Stick equivalents2

159.1bn

-4.1%


165.9bn

Tobacco net revenue

£3,388m

+3.0%

+3.3%

£3,289m

Tobacco adjusted operating profit

£1,456m

+3.3%

+3.3%

£1,409m

Logistics distribution fees

£439m

-2.9%

-1.8%

£452m

Logistics adjusted operating profit

£76m

-5.0%

-3.8%

£80m

Total adjusted operating profit

£1,524m

+3.0%

+3.0%

£1,479m

Adjusted earnings per share

93.1p

+5.3%

+5.1%

88.4p

Interim dividend per share

31.7p

+12.8%


28.1p

 

Alison Cooper, Chief Executive, said:

 

"Our focus on realising the potential of our total tobacco portfolio through our sales growth drivers has delivered a good first half performance, with strong second quarter results reflecting the sales momentum we're generating.

 

"I'm pleased with the ongoing success of our key strategic brands Davidoff, Gauloises Blondes, West and JPS, as well as the recent cigarette and fine cut tobacco share progress we've made in both the EU and emerging markets.

 

"Disciplined investments are supporting our sales ambitions and we'll continue to maximise the many growth opportunities that our unique portfolio offers to create further value for our shareholders."

 

 

 

Highlights - reported basis

6 months

ended

31 March

2012

Change

6 months

ended

31 March

2011

Revenue

£13,962m

+1.9%

£13,701m

Operation profit

£1,330m

+4.4%

£1,274m

Basic earnings per share

82.5p

-9.6%

91.3p

 

1

Management believes that these non-GAAP measures provide a useful comparison of business performance and reflect the way in which the business is controlled. Definitions are included in our accounting policies within the notes to the financial statements.  Reconciliations between adjusted and reported measures are also included in the relevant notes.

2

Stick equivalent volumes reflect our combined cigarette and fine cut tobacco volumes. Our 2011 stick equivalent volumes have been restated due to a change to the conversion factors used to convert fine cut tobacco volumes into stick equivalent volumes, reflecting increasing consumption patterns of expanded tobacco products.

3

To aid understanding of our performance, change at constant currency removes the effects of exchange rate movements on the translation of the results of our overseas operations.  References in this document to percentage growth and increases or decreases in our adjusted results are on a constant currency basis unless stated otherwise.

 

Cautionary Statement

 

Certain statements in this announcement constitute or may constitute forward-looking statements. Any statement in this announcement that is not a statement of historical fact including, without limitation, those regarding the Company's future expectations, operations, financial performance, financial condition and business is or may be a forward-looking statement, particularly under Outlook, Outlook: Tobacco and Outlook: Logistics. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected or implied in any forward-looking statement. These risks and uncertainties include, among other factors, changing economic, financial, business or other market conditions some of which are identified on pages 16 to 19 of our 2011 Annual Report and Accounts. These and other factors could adversely affect the outcome and financial effects of the plans and events described in this announcement. As a result, you are cautioned not to place any reliance on such forward-looking statements. The forward-looking statements reflect knowledge and information available at the date of this announcement and the Company undertakes no obligation to update its view of such risks and uncertainties or to update the forward-looking statements contained herein. Nothing in this announcement should be construed as a profit forecast.

 

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 50 manufacturing sites and around 38,000 employees and operates in over 160 markets.

 

Investor Contacts

Gerry Gallagher, Director of Investor Communications

+44 (0)7813 917 339

John Nelson-Smith, Investor Relations Manager

+44 (0)7919 391 866

Grant Edmunds, Investor Relations Manager

+44 (0)7854 521 732

 

Media Contacts

Alex Parsons, Director of Corporate Communications

+44 (0)7967 467 241

Simon Evans, Group Press Officer

+44 (0)7967 467 684

 

A live webcast of a presentation for analysts and investors will be available on www.imperial-tobacco.com from 9.00am (BST). An archive of the webcast and the presentation script and slides will also be made available during the afternoon.

 

Interviews with Alison Cooper, Chief Executive and Bob Dyrbus, Finance Director, are available in video, audio and text formats at: www.imperial-tobacco.com and www.cantos.com

 

Alison Cooper will host a media conference call at 7.30am (BST), at which there will be the opportunity for questions.

 

Dial in number: +44 (0)20 7136 2051

Access Code: 4184287

 

A replay of this call will be available for one week. To listen, please dial:

 

+44 (0)20 7111 1244

Access code: 4184287

 

STRATEGIC AND OPERATIONAL OVERVIEW

 

Our focus on driving growth through our total tobacco portfolio, while effectively managing cost and cash, has resulted in a good performance in the first half of the year.

 

We maximise shareholder returns by driving sales, generating high margin profits and using our cash to create value for our shareholders and support the development of the business.

 

We are focused on realising the potential of our assets through our four sales growth drivers: portfolio management, innovation, customer engagement and pricing.

 

The sales growth drivers are supported by three key enablers: continued development of consumer insights, alignment of our operations behind our sales agenda and shaping our external environment.

 

The sales growth drivers are central to our success; we are focused on excelling in each area to drive sustainable growth.  This statement sets out the progress we have made in the first six months of our 2012 financial year.

 

More information on our growth strategy is available on our website: www.imperial-tobacco.com

 

Results and Dividends1

 

We grew both our tobacco net revenue and our tobacco adjusted operating profit by 3.3 per cent and increased adjusted earnings per share by 5.1 per cent to 93.1 pence.

 

The Board has declared an interim dividend of 31.7 pence per share, which represents a third of last year's full year dividend, an increase of 13 per cent.  Our full year dividend payout ratio will continue to increase ahead of adjusted earnings per share.  The interim dividend will be paid on 17 August 2012, with an ex-dividend date of 18 July 2012.

 

1 References in this document to percentage increases or decreases in our adjusted results are on a constant currency basis unless stated otherwise.

 

Sales Growth

 

On a half yearly basis our overall stick equivalent volumes declined by around 4 per cent with cigarette down 4 per cent and fine cut tobacco down 1 per cent.   Our first quarter was challenging due to a number of specific external factors that we highlighted in February.

 

Our second quarter performance provides a better insight into the sales momentum we are generating: stick equivalent volumes declined just 1 per cent and tobacco net revenue was up 8 per cent compared to the same period last year.  Our second quarter growth reflects the success of our key strategic brands with combined stick equivalent volumes up over 6 per cent and net revenue up 15 per cent compared to the same period last year.  We are focused on building on this sales growth momentum in the remainder of the year.

 

Sales Growth Drivers

 

Portfolio Management

 

Through portfolio management we are capitalising on our unique total tobacco strength to maximise our share of consumers and consumption.

 

In the first half, we grew combined stick equivalent volumes of our key strategic brands Davidoff, Gauloises Blondes, JPS and West by 5 per cent with net revenue up by 12 per cent.  Fine cut tobacco volumes declined by 1 per cent driven by market weakness and trade destocking in Poland; excluding Poland volumes were up 3 per cent.

 

We improved volumes of our luxury Cuban cigars by 3 per cent and revenue by 8 per cent with strong growth in emerging markets.  We again delivered excellent results in smokeless tobacco, improving snus volumes by 74 per cent.

 

We increased volumes of Davidoff by 2 per cent, making further gains in Asia and the Middle East.  Davidoff performed very well in profitable high growth segments such as king size superslims and queen size in Eastern Europe, where our volumes of these formats increased significantly. Davidoff growth was especially strong in Asia Pacific with volumes up 11 per cent in the region.

 

We improved volumes of our largest brand Gauloises Blondes by 11 per cent, achieving excellent results in the Middle East and North Africa where volumes were up 20 per cent.  West volumes were flat, although we are achieving gains in numerous emerging markets in Eastern Europe and Asia, with Taiwan up 35 per cent and further growth in Russia and Ukraine.

 

JPS again delivered a good performance across the total tobacco brand franchise with volumes up by 4 per cent and excellent results in the UK and Australia.  We recently completed a major brand rejuvenation initiative to reinforce the brand's credentials.

 

We are the world leader in fine cut tobacco and we have been strategically managing share and profit to maximise returns. We are focused on driving profitable growth in the make your own category in a number of European markets with JPS, Ducados and News.  In addition, we delivered 5 per cent growth in papers and 10 per cent growth in tubes.

 

Our luxury Cuban cigar portfolio delivered another strong performance, particularly in emerging markets.  Limited edition launches supported the excellent gains we made in China, Russia and the Middle East.

 

In smokeless tobacco, our portfolio is aligned with consumers in both the premium and value segments and we increased our market shares in both Sweden and Norway.

 

Innovation

 

We have launched a number of innovative brands and products in the first half as we continued to create an innovation pipeline of scalable initiatives based on consumer insights.

 

Pack innovations provide smokers with choice and reinforce brand differentiation.  Branded tobacco packaging enables smokers to distinguish one brand from another, which drives effective competition between tobacco companies.

 

Through our GlideTec pack we have developed an industry leading innovation built around the sociability of smoking.  In the UK, GlideTec has strengthened the performance of Lambert & Butler, while in France we launched Gauloises Tactil in a GlideTec pack in March. GlideTec Fortuna was launched in Spain in April, with other brands and markets to follow.

 

While setting the pace for innovation and being first to market is an important aspect of our innovation strategy, we are also focused on growing share in high growth segments.  We launched a number of brands using crushball filter technology, which allows smokers to determine the strength of the menthol flavour in each cigarette, including West Duo in Poland and Russia and Lambert & Butler Fresh Burst in the UK.  In addition, we have introduced queen size variants across many markets including Lambert & Butler Profile in the UK, Davidoff Shape in a number of countries in Eastern Europe and West Compact in Russia and Ukraine.

 

Customer Engagement

 

Customer engagement involves partnering with retailers to enhance the advocacy and the availability of our products.  It is a key focus area across our markets and is particularly important in an environment of product display restrictions.  Our strong relationships with retailers in Australia have supported the excellent market share and volume gains we continue to deliver.   We have also been working with large retailers in the UK in the run up to the first stage of display restrictions which came into force last month.

 

Pricing

 

Our fourth sales growth driver is pricing; maximising revenue growth by taking a strategic approach to pricing opportunities on a brand, pack size and sales channel basis.  This involves detailed pricing analysis across our market footprint as well as further evolving our approach to engagement with authorities on excise matters.

 

By actively sharing best practice around price research and scenario modelling we can optimise brand price, pack per channel offers that drive profit and/or share.  Our focus on pricing has enabled us to already achieve over 80 per cent of our pricing assumptions for this financial year.

 

Ongoing Cost Optimisation

 

Our tobacco adjusted operating margins remained strong at around 43 per cent.  Our focus on manufacturing excellence and our disciplined approach to investments have supported the portfolio gains we have made in the first half of the year.

 

Maximising Cash Returns

 

Effectively using the cash we generate is central to creating sustainable shareholder returns.  We have increased the interim dividend by 13 per cent and intend to continue to increase annual dividends ahead of adjusted earnings per share growth.  Our cash conversion over the 12 month period to 31 March 2012 was 79 per cent.  This was below our long term trend due to higher working capital outflows as a result of a number of factors including pre-production ahead of January and February duty increases, which we expect to unwind in the second half of the year.

 

We completed our £500 million share buyback programme announced at our 2011 half year results and the programme will continue at that annualised rate.

 

Outlook

 

Our second quarter performance reflects the strong sales growth momentum we are generating and we are focused on building on this in the remainder of the year.

 

We will focus on maximising the many growth opportunities across our brands and products: driving growth of our key strategic brands and enhancing our performance across our total tobacco portfolio.  Our innovations will continue to support sales with scalable initiatives that are relevant to consumers.  Our work in customer engagement and pricing is integral to our overall success and we are driving an integrated approach across all four sales growth drivers in our markets.

 

External conditions present challenges but we have consistently demonstrated our ability to grow our business in such environments. Our highly energised people are very focused on sales, cost and cash management. With their talents and our unique total tobacco portfolio, we remain in a strong position to maximise growth and further reward our shareholders.

 

OPERATIONAL PERFORMANCE: TOBACCO

 

Global Overview

 

The combination of our unique total tobacco portfolio and our balanced geographic footprint provides a good platform for growth in both EU and Non-EU countries.   Applying our sales growth drivers across our footprint is key to building sustainable sales.

 

Economic and regulatory conditions are influencing consumer choices and we are continuing to respond to their evolving preferences.  We also remain vigilant in managing regulation and tackling illicit trade, which regrettably remains a significant and growing problem in many markets, often fuelled by excessive regulation and rising excise duties.

 

We support reasonable regulation but will vigorously challenge extreme proposals that lack credible evidence such as plain packaging. We expect the outcome of the legal challenge against plain packaging in Australia to be announced later in the year and we will make a comprehensive submission to the UK Government's consultation on the plain packaging of tobacco products.

 

EU Overview

 

With our broad product portfolio and total tobacco strength we are well positioned in the EU, where consumers continue to seek value in what are challenging economic conditions.

 

We continue to focus on balancing market share and profit to maximise returns.  Some of our market shares have been under pressure and we have been working to address this through our sales growth drivers.  We generated positive market share results in most of our major markets in the second quarter, when compared to the first quarter, including in Spain, the UK, Germany and France.

 

We have a leading position in many markets in the EU and have implemented a number of price increases across the region in the first half which have strengthened our financial results.

 

EU Markets Results

 

Financial Performance

 

We delivered a good financial performance in the UK, Germany and in our Rest of EU region, with EU adjusted operating profit growing by over 5 per cent.

 

In the UK, our financial performance benefited from a favourable comparative due to the timing of price increases: net revenue was up by 12 per cent to £469 million and adjusted operating profit up by 9 per cent to £307 million.

 

In Germany, net revenue was up by 3 per cent to £410 million and adjusted operating profit up by 3 per cent at £216 million as a result of portfolio gains and price increases.

 

In Spain, the market remained challenging and as a result net revenue declined by 4 per cent to £239 million and adjusted operating profit was down by 2 per cent to £106 million.

 

In our Rest of EU region, we grew net revenue by 4 per cent to £764 million and adjusted operating profit was up by 5 per cent to £321 million due to a number of successes across our total tobacco portfolio and price increases.

 

Operational Performance

 

In the UK, we estimate the overall duty paid market declined by 2 per cent, with cigarettes down by 6 per cent and fine cut tobacco up by 11 per cent as consumers continued to economise.  The overall duty paid market was impacted by a number of significant duty increases in 2011 and most recently a 5 per cent above inflation duty increase announced in March 2012.

 

In cigarette, we grew market share of our value brands JPS Silver and Windsor BlueLambert & Butler remains the UK's No 1 brand and continued to benefit from the launch of GlideTec.  Further innovative variants were launched in April including Lambert & Butler Profile (queen size cigarettes) and Lambert & Butler Fresh Burst (with a crushball filter) which will strengthen our portfolio.  Our cigarette share was down slightly to 45.1 per cent overall but is on an improved trend since July 2011.

 

In fine cut tobacco JPS, Gold Leaf and Golden Virginia Yellow have all performed well, although our overall fine cut tobacco share was 47.6 per cent reflecting premium sector decline.

 

In Germany, we estimate the duty paid market was up by 3 per cent overall, with the cigarette market stable and fine cut tobacco up 9 per cent reflecting strong make your own tobacco growth.

 

Several portfolio initiatives have taken place in the first half including a JPS brand rejuvenation and the launch of a number of limited editions for Gauloises BlondesWest remained under pressure, impacted by consumer downtrading and our overall cigarette share was down to 25.6 per cent.  In fine cut tobacco Route 66 performed well in make your own tobacco, growing share and our overall fine cut tobacco market share was stable at 20.7 per cent.

 

In Spain, we estimate the duty paid market declined by 9 per cent overall, by 10 per cent in cigarettes and by 3 per cent in fine cut tobacco, reflecting the wider economic challenges facing Spain and the resulting pressure on incomes.  As market leader in Spain we have continued to focus on consolidating our leading position and providing Spanish consumers with value brands and products.

 

In cigarettes, we continued to deliver success across the Fortuna brand family with our line extensions Red Line, Fortuna XL and Fortuna 24 driving growth in market share. We have further strengthened the franchise with the launch of Fortuna GlideTec in April.  We grew Nobel market share with several successful innovative formats particularly Nobel Style in the queen size segment and Nobel Slims.   As a result of these portfolio initiatives, we have grown our domestic blonde cigarette market share to 28.4 per cent.

 

In fine cut tobacco, we have grown our market share to 43.3 per cent, as a result of strong performances from Ducados Rubio and Fortuna.  In the mass cigar category we delivered another good performance with Coburn growing volumes by 17 per cent.

 

In Rest of EU region, we estimate that overall duty paid regional volumes were down by 2 per cent with the cigarette market down 3 per cent and the fine cut tobacco market up by 6 per cent.  Given the wider economic challenges across the Euro zone, consumers are looking for value brands and products and we have been using our portfolio management and innovation capabilities to drive growth.

 

We have grown our cigarette market shares in a number of markets including in the Czech Republic, Greece, Italy and Portugal.   In France, our domestic blonde cigarette market share was 22.2 per cent and we are progressing a number of innovative portfolio initiatives to further support our recent share improvements.  In March, Gauloises Tactil was launched in a GlideTec pack which has had a very positive response from smokers and retailers.

 

In fine cut tobacco, overall volumes were down due to market weakness and trade destocking in Poland, although we increased our market share. JPS delivered strong growth with regional volumes up by 9 per cent and we delivered particular success in the make your own category driving profitable growth in a number of European markets with News and JPS.

 

InScandinavia, we have developed a dynamic snus portfolio with a strong presence in both the premium and value segments and our new factory is enabling us to keep pace with the growing demand for our products.    In the first half of the year we improved volumes by 74 per cent and increased market shares in Sweden and Norway to 6.8 per cent and 26.4 per cent respectively.

 

Non-EU Markets Overview

 

Our Non-EU markets comprise the emerging markets of Africa and the Middle East, Eastern Europe and Asia Pacific and the more developed markets of USA and Australasia.  We are driving sales growth by aligning our portfolio to consumer dynamics in individual markets in premium and value.

 

Our international strategic cigarette brands Davidoff, West and Gauloises Blondes and luxury Cuban cigar brands are continuing to grow strongly as consumers are trading up to premium brands and products in a number of markets, improving our sales mix.  In USA and Australasia, similar to the mature markets of the EU, the trend is for value brands and products.

 

Non-EU Markets Results

 

Financial Performance

 

In our Rest of the World region, we grew net revenue by 6 per cent to £1,212 million and adjusted operating profit by 5 per cent to £422 million.   This reflects an excellent performance in Asia Pacific with revenue growth of 16 per cent and profit growth of 23 per cent and a good performance in Africa and the Middle East where, despite the impact of international sanctions in Syria, we increased revenue and profit.  Our performance in Eastern Europe was impacted by distributor destocking in Ukraine and market declines following a duty increase.

 

In the Americas, our net revenue was down to £294 million and adjusted operating profit declined to £84 million partly reflecting the competitive market environment in the USA and shipment timings ahead of our October 2011 price increase.

 

Operational Performance

 

We delivered an excellent performance across the Asia-Pacific region growing our market shares in a number of countries with particularly good results in Taiwan and Australia.  In Taiwan we grew West and increased our overall cigarette market share to 11.3 per cent.  In Australia, JPS continued to make strong gains both in cigarette and fine cut tobacco such that we grew our overall market shares to 19.5 per cent and 61.5 per cent respectively.

 

In Eastern Europe, we have again delivered growth in innovative cigarette formats including king size superslims and queen size with Davidoff and WestStyle continued to deliver a good performance growing volumes by 9 per cent.  In Russia, Davidoff, Maxim and Style delivered strong growth contributing to our overall cigarette market share performance which was up to 9.4 per cent.    These results helped to partially offset conditions in Ukraine.  Eastern Europe remains a key strategic growth region for the Group and we are continuing to invest to support our portfolio and strengthen our competitive position.

 

In Africa and the Middle East we grew our volumes and delivered a good performance with Gauloises Blondes which grew overall volumes by 20 per cent across the region with Algeria and Morocco particular highlights.  In Africa, Fine continued to show strong growth, notably in Cote D'Ivoire. In the Middle East overall growth has slowed due to compliance with international sanctions against Syria.  Davidoff made further gains across the region including in Saudi Arabia and UAE.

 

Our primary focus in the Americas is the USA, which remains an extremely competitive market. We estimate that the overall cigarette market declined by 3 per cent.   The integration of our USA cigarette and mass market cigar sales forces is strengthening our business and we are focusing on our sales growth drivers to improve performance in the second half of the year.

 

In cigarette we grew our market share of Fortuna, although USA Gold and Sonoma remained under pressure, impacting our overall market share which was down to 3.5 per cent.

 

Across our premium handmade cigar business we continue to deliver growth and in mass market cigars we are building on a number of portfolio initiatives and delivered a good performance with White Cat.

 

Our luxury Cuban cigar portfolio includes Montecristo, Cohiba and Romeo y Julietta.  We delivered another very strong performance, particularly in emerging markets with limited editions such as Cohiba Behike supporting the excellent gains we have continued to make in China, Russia and the Middle East.

 

Outlook: Tobacco - EU and Non-EU Markets

 

Our focus for the remainder of the year is to build on our sales momentum, driving growth across our total tobacco portfolio. Our key strategic brands are performing well and will be supported by a number of new initiatives in the second half.  Consumer insights are fundamental to sales success; our ongoing programme of decoding consumer behaviours is enhancing our growth opportunities and ensures disciplined targeting of investments.

 

In the EU, we expect consumers to remain focussed on value brands and products and we will capitalise on this dynamic with our total tobacco portfolio, building on the market share improvements we are making.

 

In the UK we expect further market volume declines and we will continue to focus on reinforcing our leadership position. In Germany, the market remains buoyant and we will seek to capitalise on growth in fine cut tobacco and improve our cigarette share.  Spain remains a challenging market and we will seek to improve our performance across our total tobacco portfolio.

 

Outside the EU we see significant opportunities across our portfolio and will build on the excellent results we have delivered through Davidoff, Gauloises Blondes, West and our luxury Cuban cigar portfolio.  The USA remains challenging and highly competitive; we have the benefit of critical mass from the combined cigarette and mass cigar business and our new management team are focused on improving the performance of our core brands by applying our sales growth drivers.

 

Duty Paid Tobacco Market Size: EU Stick Equivalent Volumes1

 


Stick equivalents (bn)

Cigarettes (bn)

Fine cut tobacco (bn)


6 months

ended

31 March

2012

Change +/-

6 months

ended

31 March

2012

Change +/-

6 months

ended

31 March

2012

Change +/-

UK

26.9

-2%

20.0

-6%

6.9

+11%

Germany

60.1

+3%

40.6

19.5

+9%

Spain

29.9

-9%

26.6

-10%

3.3

-3%

Rest of EU

188.2

-1%

160.5

-3%

27.7

+6%

Total EU 2

305.1

-1%

247.7

-3%

57.4

+7%

 

1    Imperial Tobacco estimates

2    Imperial Tobacco definition

 

Market Share Performance1: Tobacco

 

Cigarette



%

HY122

1Q123

HY12 v

1Q12

HY112

Austria

17.0

16.8

0.2 

17.4  

Australia

19.5

18.8

0.7 

18.4  

Czech Republic

14.1

14.4

(0.3)

14.0  

France4

22.2

22.1

0.1 

22.8  

Germany

25.6

25.5

0.1 

26.9  

Greece

11.9

11.9

11.05

Hungary

12.1

12.6

(0.5)

12.3  

Ireland

23.1

23.0

0.1 

24.4  

Morocco

81.8

81.7

0.1 

83.9  

Netherlands

11.3

10.8

0.5 

11.65

Poland

24.1

23.4

0.7 

25.4  

Russia

9.4

8.8

0.6 

9.05

Spain4

28.4

27.1

1.3 

28.2  

Taiwan

11.3

11.2

0.1 

11.15

Turkey

3.3

3.1

0.2 

3.4  

UK

45.1

45.0

0.1 

45.3  

Ukraine

21.6

21.5

0.1 

22.55

USA

3.5

3.6

(0.1)

3.9  

 

 

Fine Cut Tobacco



%

HY122

1Q123

HY12 v

1Q12

HY112

Belgium

15.5

13.9

1.6 

13.65

Czech Republic

58.4

61.4

(3.0)

59.2  

France

20.8

19.6

1.2 

21.65

Germany

20.7

20.2

0.5 

20.7  

Greece

24.2

25.2

(1.0)

30.75

Hungary

35.3

32.5

2.8 

42.0  

Italy

28.0

33.6

(5.6)

40.0  

Netherlands

45.5

45.5

0.0 

46.95

Poland

55.8

57.1

(1.3)

53.6  

Spain

43.3

38.8

4.5 

37.35

UK

47.6

47.5

0.1 

51.7  

 

1    Imperial Tobacco estimates

2    6 month average

3    3 month average

4    Domestic blonde market share

5    Restated due to change of source or basis

 

 

Imperial Tobacco Volume Performance: Tobacco

 


Stick equivalents1 (bn)

Cigarettes (bn)

Fine cut tobacco (bn)


6 months

ended

31 March

2012

6 months

ended

31 March

2011

6 months

ended

31 March

2012

6 months

ended

31 March

2011

6 months

ended

31 March

2012

6 months

ended

31 March

2011

UK

13.2

12.4

9.7

9.4

3.5

3.0

Germany

14.9

15.3

10.7

11.0

4.2

4.3

Spain

10.7

11.6

9.3

10.3

1.4

1.3

Rest of EU

36.2

38.6

26.1

27.6

10.1

11.0

Americas

4.7

6.2

4.4

5.9

0.3

0.3

Rest of the World

79.4

81.8

78.1

80.6

1.3

1.2

Total

159.1

165.9

138.3

144.8

20.8

21.1

 

1          Stick equivalent volumes reflect our combined cigarette and fine cut tobacco volumes. Our 2011 stick equivalent volumes have been restated due to a change to the conversion factors used to convert fine cut tobacco volumes into stick equivalent volumes, reflecting increasing consumption patterns of expanded tobacco products.

 

Regional Net Revenue: Tobacco

 

 

£ million

 

6 months

ended

31 March

2012

Foreign

exchange

6 months

ended

31 March

 2011

Constant

currency

6 months

ended

 31 March

2012

 

Change at

constant

currency

%

 

6 months

ended

31 March

2011

UK

469

469

+12.2

418

Germany

410

(5)

415

+3.2

402

Spain

239

(3)

242

-4.0

252

Rest of EU

764

(16)

780

+3.7

752

Americas

294

290

-13.4

335

Rest of the World

1,212

1,203

+6.5

1,130

Total

3,388

(11)

3,399

+3.3

3,289

 

Regional Adjusted Operating Profit: Tobacco

 

 

£ million

 

6 months

ended

31 March

2012

Foreign

exchange

6 months

ended

31 March

2011

Constant

currency

6 months

ended

31 March

2011

 

Change at

constant

currency

%

 

6 months

ended

31 March

2011

UK

307

307

+9.3

281

Germany

216

(3)

219

+3.3

212

Spain

106

(1)

107

-1.8

109

Rest of EU

321

(6)

327

+5.1

311

Americas

84

83

-21.0

105

Rest of the World

422

10 

412

+5.4

391

Total

1,456

1,455

+3.3

1,409

 

OPERATIONAL PERFORMANCE: LOGISTICS

 

Our logistics business has two key aspects: tobacco logistics and other logistics.  Tobacco logistics delivers products for domestic and international tobacco companies, including Imperial Tobacco, to tobacconists and other sales outlets in Spain, France, Italy and Poland.  In other logistics we provide specialist services for customers in a number of different sectors in Spain, Portugal, France and Italy.  In total we make around 40 million deliveries per year.

 

Financial Performance

 

Economic conditions have remained challenging and in this context distribution fees were down by 1.8 per cent to £439 million, with adjusted operating profit down by 3.8 per cent to £76 million, a robust performance given the difficult operating environment.

 

Operational Performance

 

In Tobacco Logistics, Spain has continued to be difficult as a result of cigarette volume decreases and market volumes have remained under pressure in France and Italy.  We have partially offset this impact with increased volumes of cigars and fine cut tobacco, fee increases and cost saving initiatives.

 

In Other Logistics, sales and profits were stable in our transport division.  Our e-transaction business including telephone cards and transport tickets delivered a positive performance in a declining market while in our pharma division, we have grown our market share and are investing in direct distribution to pharmacies.  In our Lottery business, we have added new points of sales to the network and incorporated new games into the portfolio which have continued to support our sales development.

 

Outlook: Logistics

 

Across our Logistics business we will continue to pursue opportunities to grow the business whilst maintaining our cost discipline.

 

Logistics

 

 

£ million

 

6 months

ended

31 March

2012

Foreign

exchange

6 months

ended

31 March

2012

Constant

currency

6 months

ended

31 March

2012

 

Change at

constant

currency

%

 

6 months

ended

31 March

2011

Distribution fees

439

(5)

444

-1.8

452

Adjusted operating profit

76

(1)

77

-3.8

80

 

FINANCIAL REVIEW

 

The analysis of our financial results below focuses on our adjusted measures, which reflect the way in which we manage the business, and provides a useful comparison of business performance.

 

Percentage growth figures for our adjusted results are given on a constant currency basis, where exchange translation (but not transactional) effects are removed by applying exchange rates in the first half of 2011 to the results in the first half of 2012.

 

Revenue Performance

 

£ million

6 months

ended

31 March

2011

Tobacco revenue

10,300 

9,986 

Logistics revenue

4,146 

4,188 

Eliminations

(484)

(473)

Group revenue

13,962 

13,701 




Tobacco net revenue

3,388 

3,289 

Logistics distribution fees

439 

452 

 

Tobacco net revenue increased by 3.3 per cent with volume growth in our key strategic brands, cigars and smokeless tobacco together with price increases in many of our markets offsetting overall volume declines.  Logistics distribution fees declined by 1.8 per cent; a robust performance given the difficult operating environment.  Group revenue reflected these factors and changes in duty levels in various markets.

 

Group Earnings Performance

 


Adjusted

Reported

£ million unless otherwise indicated

6 months

ended

31 March

2012

6 months

ended

31 March

2011

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Operating Profit





   Tobacco

1,456 

1,409 

1,309 

1,262 

   Logistics

76 

80 

29 

22 

   Eliminations

(8)

(10)

(8)

(10)

Group operating profit

1,524 

1,479 

1,330 

1,274 

Net finance costs

(276)

(280)

(222)

(331)

Profit before taxation

1,248 

1,199 

1,108 

943 

Taxation

(306)

(294)

(272)

(9)

Profit for the period

942 

905 

836 

934 

Earnings per ordinary share (pence)

93.1 

88.4 

82.5 

91.3 

 

Adjusted operating profit grew by 3.0 per cent reflecting our good performance in the majority of European Union markets and excellent results in Asia-Pacific, partially offset by reductions in Spain and in the Americas.

 

Tobacco adjusted operating profit was up 3.3 per cent and Logistics adjusted operating profit was down by 3.8 per cent reflecting external challenges.

 

After tax at an effective rate of 24.5 per cent (2011: 24.5 per cent), adjusted earnings per share grew by 5.1 per cent to 93.1 pence.

 

Reported earnings per share were 82.5 pence (2011: 91.3 pence) additionally reflecting fair value and exchange movements on financial instruments, amortisation of acquired intangibles and other adjusting items as outlined below.

 

Reconciliation of Adjusted Performance Measures

 


Operating profit

(£ millions)

Net finance costs

(£ millions)

Earnings per share

(pence)


6 months

ended

31 March

2012

6 months

ended

31 March

2011

6 months

ended

31 March

2012

6 months

ended

31 March

2011

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Reported

1,330 

1,274 

(222)

(331)

82.5 

91.3 

Acquisition accounting adjustments

(10)

(0.9)

Amortisation of acquired intangibles

190 

210 

15.6 

14.1 

Fair value and exchange (gains)/losses on







financial instruments providing commercial hedges

(68)

47 

(5.9)

3.4 

Post-employment benefits net financing cost

14 

0.9 

0.2 

Restructuring costs

14 

(5)

0.9 

(0.3)

Tax provisions released

(20.3)

Adjusted

1,524 

1,479 

(276)

(280)

93.1 

88.4 

 

Acquisition accounting adjustments includes the release of a small number of provisions established on the acquisition of Altadis that are no longer required. Amortisation of acquired intangibles was £190 million compared with £210 million in the first half of 2011.  Net fair value and exchange gains on financial instruments providing commercial hedges included in reported net finance costs were £68 million (2011: losses £47 million).  The net financing cost of post-employment benefits amounted to £14 million compared with £4 million in 2011.  Restructuring costs of £14 million compared with a credit of £5 million in the first half of 2011.

 

Net Finance Costs

 

Adjusted net finance costs were down from £280 million to £276 million, as cash generated in the period funded a higher final dividend payment, share buybacks and higher working capital outflows. Reported net finance costs were £222 million (2011: £331 million). Our all in cost of debt was stable at 5.5 per cent and our interest cover was 5.5 times (2011: 5.3 times).

 

Cash Flows and Financing

 

Our reported net debt was £10.3 billion, up from £9.4 billion at 30 September 2011 mainly due to the normal seasonal increase in working capital as a result of a number of factors including pre-production ahead of January and February duty increases, which we expect to unwind in the second half of the year. Reported net debt was £0.6 billion lower than at 31 March 2011.

 

Eliminating accrued interest, the fair value of derivatives providing commercial cash flow hedges and finance lease liabilities, our adjusted net debt was £9.9 billion, up by £1.1 billion since 30 September 2011 but reduced by £0.2 billion since 31 March 2011.  This 12 month reduction in both reported and adjusted net debt was supported by our 79 per cent cash conversion over the year to 31 March 2012 (to 31 March 2011: 98 per cent) which was below our long term trend due to higher working capital outflows in the 12 month period.

 

During the first half of the year we returned £1.0 billion (2011: £0.6 billion) to our shareholders, comprising £0.3 billion of share buybacks (2011: nil) and dividend payments of £0.7 billion (2011: £0.6 billion).

 

The denomination of our closing adjusted net debt was 48 per cent euro, 9 per cent US dollar and 43 per cent sterling. As at 31 March 2012, we had committed financing facilities in place of around £13.7 billion. Some 20 per cent was bank facilities with the balance raised through capital markets. We remain fully compliant with all our banking covenants and remain committed to retaining our investment grade ratings.

 

Share Buyback Programme and Dividends

 

We continued our share buyback programme and in the six months to 31 March 2012 we spent £0.3 billion, acquiring 13.4 million shares which are held as treasury shares. The average price paid was £23.89. At 31 March 2012, we held 70.4 million shares representing 6.6 per cent of our issued share capital.

 

The Board has declared an interim dividend of 31.7 per share, an increase of 12.8 per cent over 2011.

 

Principal Risks and Uncertainties

 

The principal risks and uncertainties to which the Group is exposed and our approach to managing those risks are unchanged from those identified on pages 16 to 19 of our 2011 Annual Report and Accounts and cover the following areas:

 

·    the illicit trade of tobacco products;

·    the levels of excise duty applied in the many markets in which the Group operates;

·    the degree of regulation in the Group's markets;

·    the Group's performance being dependent on key markets;

·    the Group's exposure to tobacco-related litigation; and

·    the levels of the Group's borrowing and prevailing interest rates.

 

It is the Board's view that the principal risks and uncertainties surrounding the Group in the second half of the financial year remain those set out in the 2011 Annual Report and Accounts.

 

The Board considers that having taken into account the Group's plans and financial commitments the Group has sufficient resources to meet its expected requirements over the next twelve months.

 

Statement of Director's Responsibilities

 

The directors confirm that this condensed consolidated interim financial information has been prepared in accordance with IAS 34 as adopted by the European Union and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related party transactions in the first six months of the current financial year and any material changes in the related-party transactions described in the last annual report.

 

In October 2011, Malcolm Wyman was appointed a Non-Executive Director and at our Annual General Meeting in February 2012, Pierre Jungels retired from the Board as a Non-Executive Director.  As a result Mark Williamson was appointed Senior Independent Director and Malcolm Wyman was appointed Chairman of the Audit Committee.  In February 2012, David Haines was appointed a Non-Executive Director.

We have also strengthened our regional management team with the recent appointments of Roberto Ascoli, formerly of Unilever and Symrise as Regional Director Asia-Pacific and Kevin Freudenthal, formerly of UST and Altria as Regional Director Americas.

 

A list of current directors is maintained on the Imperial Tobacco Group website: www.imperial-tobacco.com

 

By order of the Board

 

 

 

Alison Cooper

Robert Dyrbus

Chief Executive

Finance Director

 

 

Financial Statements

 

Independent Review Report

to the members of Imperial Tobacco Group PLC

 

Introduction

 

We have been engaged by the Company to review the condensed set of financial statements in the half yearly financial report for the six months ended 31 March 2012, which comprises the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement and related notes. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

Directors' Responsibilities

 

The half yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

As disclosed in the Accounting Policies section, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half yearly financial report has been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as adopted by the European Union.

 

Our Responsibility

 

Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half yearly financial report based on our review. This report, including the conclusion, has been prepared for and only for the Company for the purpose of the Disclosure and Transparency Rules of the Financial Services Authority and for no other purpose. We do not, in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

 

Scope of Review

 

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

 

Conclusion

 

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half yearly financial report for the six months ended 31 March 2012 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

 

PricewaterhouseCoopers LLP
Chartered Accountants
Bristol
1 May 2012

 

Notes

 

(a) The maintenance and integrity of the Imperial Tobacco Group PLC website is the responsibility of the Directors; the work carried out by the Auditors does not involve consideration of these matters and, accordingly, the Auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

 

(b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

 

Consolidated Income Statement

for the six months ended 31 March 2012

 

 

 

 

£ million unless otherwise indicated

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Revenue

13,962 

13,701 

29,223 

Duty and similar items

(6,772)

(6,529)

(14,037)

Other cost of sales

(4,525)

(4,564)

(9,736)

Cost of sales

(11,297)

(11,093)

(23,773)

Gross profit

2,665 

2,608 

5,450 

Distribution, advertising and selling costs

(994)

(970)

(2,006)

Administrative and other expenses

(341)

(364)

(804)

Operating profit

1,330 

1,274 

2,640 

Investment income

361 

497 

785 

Finance costs

(583)

(828)

(1,272)

Net finance costs

(222)

(331)

(487)

Profit before taxation

1,108 

943 

2,153 

Taxation

(272)

(9)

(337)

Profit for the period

836 

934 

1,816 

Attributable to:




Owners of the parent

826 

926 

1,796 

Non-controlling interests

10 

20 





Earnings per ordinary share (pence)





- Basic

82.5 

91.3

177.3 


- Diluted

82.3 

91.0 

176.8 

 

Consolidated Statement of Comprehensive Income

for the six months ended 31 March 2012

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Profit for the period

836

934 

1,816 

Other comprehensive income




Exchange movements

(239)

28 

(127)

Net actuarial (losses)/gains on retirement benefits

(29)

114 

41 

Deferred tax relating to net actuarial losses/(gains) on





retirement benefits

10 

(31)

(21)

Other comprehensive income for the period, net of

(258)

111 

(107)


tax




Total comprehensive income for the period

578 

1,045 

1,709 





Attributable to:




Owners of the parent

570 

1,037 

1,692 

Non-controlling interests

17 

Total comprehensive income for the period

578 

1,045 

1,709 

 

Reconciliation from operating profit to adjusted operating profit

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Operating profit

1,330 

1,274 

2,640 

Acquisition accounting adjustments

(10)

Amortisation of acquired intangibles

190 

210 

402 

Restructuring costs

14 

(5)

61 

Adjusted operating profit

1,524 

1,479 

3,103 

 

Reconciliation from net finance costs to adjusted net finance costs

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Net finance costs

(222)

(331)

(487)

Net fair value and exchange (gains)/losses on financial





instruments providing commercial hedges

(68)

47 

(85)

Post-employment benefits net financing cost

14 

10 

Adjusted net finance costs

(276)

(280)

(562)

 

Consolidated Balance Sheet

at 31 March 2012

 

£ million

31 March

2012

31 March

2011

30 Sept

2011

Non-current assets




Intangible assets

19,692 

21,041 

20,487 

Property, plant and equipment

2,068 

2,054 

2,038 

Investments in associates

18 

18 

18 

Retirement benefit assets

10 

30 

Trade and other receivables

94 

98 

100 

Derivative financial instruments

469 

90 

429 

Deferred tax assets

108 

105 

102 


22,459 

23,436 

23,179 

Current assets




Inventories

3,810 

3,588 

3,055 

Trade and other receivables

3,119 

2,968 

2,897 

Current tax assets

27 

15 

42 

Cash and cash equivalents

896 

635 

1,171 

Derivative financial instruments

204 

181 

223 


8,056 

7,387 

7,388 

Total assets

30,515 

30,823 

30,567 

Current liabilities




Borrowings

(2,533)

(396)

(2,104)

Derivative financial instruments

(211)

(321)

(301)

Trade and other payables

(7,530)

(7,569)

(7,617)

Finance lease liabilities

(1)

(2)

(1)

Current tax liabilities

(500)

(408)

(434)

Provisions

(125)

(177)

(163)


(10,900)

(8,873)

(10,620)

Non-current liabilities




Borrowings

(8,415)

(10,435)

(8,076)

Derivative financial instruments

(685)

(586)

(760)

Trade and other payables

(22)

(21)

(19)

Finance lease liabilities

(21)

(23)

(22)

Deferred tax liabilities

(1,981)

(2,071)

(2,056)

Retirement benefit liabilities

(719)

(736)

(759)

Provisions

(477)

(563)

(545)


(12,320)

(14,435)

(12,237)

Total liabilities

(23,220)

(23,308)

(22,857)

Net assets

7,295 

7,515 

7,710 





Equity




Share capital

107 

107 

107 

Share premium

5,833 

5,833 

5,833 

Retained earnings

785 

602 

956 

Exchange translation reserve

522 

911 

759 

Equity attributable to owners of the parent

7,247 

7,453 

7,655 

Non-controlling interests

48 

62 

55 

Total equity

7,295 

7,515 

7,710 

 

 

Consolidated Statement of Changes in Equity

for the six months ended 31 March 2012

 

 

 

 

 

 

£ million

 

 

 

 

 

Share

capital

 

 

 

 

 

Share

premium

 

 

 

 

 

Retained

earnings

 

 

 

Exchange

trans-

lation

 reserve

Equity

attrib-

utable

to

owners

of the

parent

 

 

 

Non-

control-

ling

interest

 

 

 

 

 

Total

equity

At 1 October 2011

107 

5,833 

956 

759 

7,655 

55 

7,710 

Profit

826 

826 

10 

836 

Other comprehensive income

(19)

(237)

(256)

(2)

(258)

Total comprehensive income

807 

(237)

570 

578 

Transactions with owners








Cash from employees on maturity/









exercise of share schemes

Purchase of shares by Employee









Share Ownership Trusts

(1)

(1)

(1)

Costs of employees' services









compensated by share schemes

12 

12 

12 

Increase in own shares held as









treasury shares

(321)

(321)

(321)

Dividends

(669)

(669)

(15)

(684)

At 31 March 2012

107 

5,833 

785 

522  

7,247 

48 

7,295 









At 1 October 2010

107 

5,833

206 

883 

7,029 

60 

7,089 

Profit

926 

926 

934 

Other comprehensive income

83 

28 

111 

111 

Total comprehensive income

1,009 

28 

1,037 

1,045 

Transactions with owners








Cash from employees on maturity/









exercise of share schemes

Purchase of shares by Employee









Share Ownership Trusts

(21)

(21)

(21)

Costs of employees' services









compensated by share schemes

14 

14 

14 

Dividends

(608)

(608)

(6)

(614)

At 31 March 2011

107 

5,833 

602 

911 

7,453 

62 

7,515 

 

Consolidated Cash Flow Statement

for the six months ended 31 March 2012

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Cash flows from operating activities

254 

484 

2,556 

Cash flows from investing activities




Interest received

13 

10 

18 

Purchase of property, plant and equipment

(152)

(171)

(341)

Proceeds from sale of property, plant and equipment

11 

21 

Purchase of intangible assets - software

(9)

(11)

(22)

Net cash used in investing activities

(139)

(161)

(324)

Cash flows from financing activities




Interest paid

(333)

(385)

(570)

Cash from employees on maturity/exercise of share





schemes

Purchase of shares by Employee Share Ownership





Trusts

(1)

(21)

(22)

Settlement of exchange rate derivative financial





instruments

(94)

(18)

(44)

Increase in borrowings

2,232 

1,450 

1,785 

Repayment of borrowings

(1,232)

(892)

(1,837)

Reduction/(increase) in collateralisation deposits

62 

12 

(34)

Repayment of obligations under finance leases

(1)

(1)

(2)

Purchase of treasury shares

(321)

(182)

Dividends paid to non-controlling interests

(4)

(6)

(22)

Dividends paid to owners of the parent

(669)

(608)

(892)

Net cash used in financing activities

(360)

(467)

(1,816)

Net (decrease)/increase in cash and cash equivalents

(245)

(144)

416 

Cash and cash equivalents at start of period

1,171 

773 

773 

Effect of foreign exchange rates on cash and cash





equivalents

(30)

(18)

Cash and cash equivalents at end of period

896 

635 

1,171

 

The accounting policies and notes 1 to 13 are an integral part of these consolidated financial statements.

 

Accounting Policies

 

Basis of Preparation

 

The financial information comprises the unaudited results for the six months ended 31 March 2012 and 31 March 2011, together with the audited results for the year ended 30 September 2011.

 

The information shown for the year ended 30 September 2011 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006, and is an abridged version of the Group's published financial statements for that year. The Auditors' Report on those statements was unqualified and did not contain any statements under section 498 of the Companies Act 2006.  The financial statements for the year ended 30 September 2011 were approved by the Board of Directors on 1 November 2011 and filed with the Registrar of Companies.

 

This condensed consolidated financial information for the six months ended 31 March 2012 has been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and with IAS 34 Interim Financial Reporting as adopted by the European Union. The condensed consolidated financial statements for the six months ended 31 March 2012 should be read in conjunction with the annual financial statements for the year ended 30 September 2011 which have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

 

The Group's principal accounting policies used in preparing this information are as stated in the financial statements for the year ended 30 September 2011, which are available on our website www.imperial-tobacco.com

 

Critical Accounting Estimates and Judgements

The Group makes estimates and judgements regarding the future.  Estimates and judgements are continually evaluated based on historical experience, and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

 

In the future, actual experience may deviate from these estimates and judgements.  The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the current financial year are discussed in the financial statements for the year ended 30 September 2011.

 

Use of Adjusted Measures

Management believes that non-GAAP or adjusted measures provide a useful comparison of business performance and reflect the way in which the business is controlled. Accordingly, adjusted measures of operating profit, net finance costs, profit before tax, taxation, attributable earnings and earnings per share exclude, where applicable, acquisition accounting adjustments, amortisation of acquired intangibles, restructuring costs, post-employment benefits net financing cost, fair value gains and losses on derivative financial instruments in respect of commercially effective hedges, exchange gains and losses on borrowings in respect of commercially effective hedges, and related taxation effects and significant one-off tax provision charges or credits arising from the resolution of prior year tax matters. Reconciliations between adjusted and reported operating profit are included within note 1 to the financial statements, adjusted and reported net finance costs in note 2, adjusted and reported taxation in note 3, and adjusted and reported earnings per share in note 5. The adjusted measures in this report are not defined terms under IFRS and may not be comparable with similarly titled measures reported by other companies.

 

The items excluded from adjusted results are those which are one-off in nature or which arose due to acquisitions and are not influenced by the day to day operations of the Group, and the movements in the fair value of financial instruments which are marked to market and not naturally offset. Adjusted net finance costs also excludes all post-employment benefit net finance cost since pension assets and liabilities and redundancy and social plan provisions do not form part of adjusted net debt. This allows comparison of the Group's cost of debt with adjusted net debt. The adjusted measures are used by management to assess the Group's financial performance and aid comparability of results year on year.

 

The principal adjustments made to reported profits are as follows:

 

Acquisition Accounting Adjustments

Adjusted measures exclude acquisition-related items which do not relate to the operational performance of the Group, such as subsequent releases of or additional charges to provisions established at the time of an acquisition.

 

Amortisation of Acquired Intangibles

Acquired intangibles are amortised over their estimated useful economic lives where these are considered to be finite. Acquired intangibles considered to have an indefinite life are not amortised. We exclude from our adjusted measures the amortisation of acquired intangibles, other than software, and the deferred tax associated with amortisation of acquired intangibles and tax deductible goodwill. The deferred tax is excluded on the basis that it will only crystallise upon disposal of the intangibles and goodwill. The related current cash tax benefit is retained in the adjusted measure to reflect the ongoing tax benefit to the Group. Impairment of goodwill is also excluded from our adjusted measures.

 

Fair Value Gains and Losses on Derivative Financial Instruments and Exchange Gains and Losses on Borrowings

IAS 39 requires that all derivative financial instruments are recognised in the balance sheet at fair value, with changes in the fair value being recognised in the consolidated income statement unless the instrument satisfies the hedge accounting rules under IFRS and the Group chooses to designate the derivative financial instrument as a hedge.

 

The Group hedges underlying exposures in an efficient, commercial and structured manner. However, the strict hedging requirements of IAS 39 may lead to some commercially effective hedge positions not qualifying for hedge accounting. As a result, and as permitted under IAS 39, the Group has decided not to apply cash flow or fair value hedge accounting for its derivative financial instruments. However, the Group does apply net investment hedging, designating certain borrowings and derivatives as hedges of the net investment in the Group's foreign operations, as permitted by IAS 39, in order to minimise income statement volatility.

 

We exclude fair value gains and losses on derivative financial instruments and exchange gains and losses on borrowings providing commercial hedges from adjusted net finance costs. Fair value gains and losses on the interest element of derivative financial instruments are excluded as they will reverse over time or are matched in future periods by interest charges. Fair value gains and losses on the currency element of derivative financial instruments and exchange gains and losses on borrowings are excluded as the relevant foreign exchange gains and losses on the commercially hedged item are accumulated as a separate component of other comprehensive income in accordance with the Group's policy on foreign currency.

 

Restructuring Costs

Significant one-off costs incurred in integrating acquired businesses and in major rationalisation initiatives together with their related tax effects are excluded from our adjusted earnings measures. These costs include the impairment of property, plant and equipment which are surplus to requirements due to restructuring activity.

 

Post-Employment Benefits Net Financing Cost

The expected return on plan assets and the interest on retirement benefit liabilities, together with the unwind of discount on redundancy and social plans costs included in restructuring provisions, are reported within net finance costs. These items together with their related tax effects are excluded from our adjusted earnings measures.

 

Tax Provisions

Significant one-off tax charges or credits arising from the resolution of prior year tax matters are excluded from our adjusted tax charge to aid comparability and understanding of the Group's performance.

 

Other Non-GAAP Measures Used by Management

 

Net Revenue

Net revenue comprises the Tobacco business revenue less associated duty and similar items less revenue from the sale of peripheral and non-tobacco-related products. Management considers this an important measure in assessing the profitability of Tobacco operations.

 

Distribution Fees

Distribution fees comprises the Logistics segment revenue less the cost of distributed products. Management considers this an important measure in assessing the profitability of Logistics operations.

 

Adjusted Net Debt

Management monitors the Group's borrowing levels using adjusted net debt which excludes interest accruals, the fair value of derivative financial instruments providing commercial cash flow hedges and finance lease liabilities.

 

Notes to the Financial Statements

 

1.  Segment Information

 

Imperial Tobacco comprises two distinct businesses - Tobacco and Logistics.  In addition to regularly reviewing results and plans for the Tobacco and Logistics businesses, the Operating Executive regularly reviewed during the period the performance and plans of the Tobacco business analysed on a geographic basis, reflecting the importance of certain individual markets and geographic groupings. The segments presented below are therefore the Group's six Tobacco regions and the Logistics business.

 

The information provided to the Operating Executive is used as the basis of the segment revenue and profit disclosures provided below, with the geographic analysis of Tobacco based on the location of customers, and central Group costs allocated consistently based on management's assessment of the level of support provided. The main measure of profit used by the Operating Executive to assess performance is adjusted operating profit. Segment balance sheet information is not provided to the Operating Executive.

 

The Tobacco business comprises the manufacture, marketing and sale of tobacco and tobacco-related products, including sales to (but not by) the Logistics business. The Logistics business comprises the distribution of tobacco products for tobacco product manufacturers, including Imperial Tobacco, as well as a wide range of non-tobacco products and services.

 

The Logistics business is run on an operationally neutral basis ensuring all customers are treated equally, and consequently transactions between the Tobacco and Logistics businesses are undertaken on an arm's length basis reflecting market prices for comparable goods and services.

 

For the purposes of the analysis below, Rest of European Union comprises the EU member states plus Norway, Iceland, Liechtenstein and Switzerland.  The Cuban joint ventures are included in the Rest of the World. All of the Logistics business is located in the European Union.

 

Tobacco

 

 

 

£ million unless otherwise indicated

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Revenue

10,300 

9,986 

21,277 

Net revenue

3,388 

3,289 

6,913 

Operating profit

1,309 

1,262 

2,577 

Adjusted operating profit

1,456 

1,409 

2,924 

Adjusted operating margin

43.0% 

42.8% 

42.3% 

 

Logistics

 

 

 

£ million unless otherwise indicated

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Revenue

4,146 

4,188 

8,911 

Distribution fees

439 

452 

932 

Operating profit

29 

22 

67 

Adjusted operating profit

76 

80 

183 

Adjusted distribution margin

17.3% 

17.7% 

19.6% 

 

Revenue

 


6 months ended

31 March 2012

6 months ended

31 March 2011

Year ended

30 September 2011

 

£ million

Total

revenue

External

revenue

Total

revenue

External

revenue

Total

revenue

External

revenue

Tobacco







UK

2,726 

2,726 

2,358 

2,358 

5,030 

5,030 

Germany

1,884 

1,884 

1,923 

1,923 

4,147 

4,147 

Spain

239 

16 

252 

29 

497 

56 

Rest of European Union

2,472 

2,211 

2,553 

2,303 

5,469 

4,945 

Americas

542 

542 

650 

650 

1,408 

1,408 

Rest of the World

2,437 

2,437 

2,250 

2,250 

4,726 

4,726 

Total Tobacco

10,300 

9,816 

9,986 

9,513 

21,277 

20,312 

Logistics

4,146 

4,146 

4,188 

4,188 

8,911 

8,911 

Eliminations

(484)

(473)

(965)

Total Group

13,962 

13,962 

13,701 

13,701 

29,223 

29,223 

 

 

Tobacco net revenue excludes revenue from the sale of peripheral and non-tobacco related products of £140 million (2011 6 months: £168 million, year: £326 million).

 

Tobacco net revenue

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

UK

469 

418 

869 

Germany

410 

402 

879 

Spain

239 

252 

497 

Rest of European Union

764 

752 

1,592 

Americas

294 

335 

731 

Rest of the World

1,212 

1,130 

2,345 

Total Tobacco

3,388 

3,289 

6,913 

 

Adjusted operating profit and reconciliation to profit before tax

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Tobacco




UK

307 

281 

577 

Germany

216 

212 

461 

Spain

106 

109 

200 

Rest of European Union

321 

311 

658 

Americas

84 

105 

234 

Rest of the World

422 

391 

794 

Total Tobacco

1,456 

1,409 

2,924 

Logistics

76 

80 

183 

Eliminations

(8)

(10)

(4)

Adjusted operating profit

1,524 

1,479 

3,103 

Acquisition accounting adjustments - Tobacco

10 

Amortisation of acquired intangibles - Tobacco

(147)

(152)

(299)

Amortisation of acquired intangibles - Logistics

(43)

(58)

(103)

Restructuring costs - Tobacco

(10)

(48)

Restructuring costs - Logistics

(4)

(13)

Operating profit

1,330 

1,274 

2,640 

Net finance costs

(222)

(331)

(487)

Profit before tax

1,108 

943 

2,153 

 

2.  Net Finance Costs

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Interest on bank deposits

(9)

(8)

(18)

Expected return on retirement benefit assets

(84)

(89)

(178)

Fair value gains on derivative financial instruments





providing commercial hedges

(245)

(367)

(445)

Fair value gains on derivative financial instruments





hedging underlying borrowings

(4)

(33)

Exchange gains on financing activities

(19)

(144)

Investment income

(361)

(497)

(785)

Interest on bank and other loans

285 

288 

580 

Interest on retirement benefit liabilities

94 

89 

180 

Unwind of discount on redundancy and social plans

Fair value losses on derivative financial instruments





providing commercial hedges

200 

414 

428 

Fair value losses on derivative financial instruments





hedging underlying borrowings

76 

Exchange losses on financing activities

33 

Finance costs

583 

828 

1,272 

Net finance costs

222 

331 

487 

 

Reconciliation from reported net finance costs to adjusted net finance costs

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Reported net finance costs

222 

331 

487 

Fair value gains on derivative financial instruments





providing commercial hedges

245 

367 

445 

Fair value losses on derivative financial instruments





providing commercial hedges

(200)

(414)

(428)

Fair value gains on derivative financial instruments





hedging underlying borrowings

33 

Fair value losses on derivative financial instruments





hedging underlying borrowings

(76)

Exchange gains/(losses) on financing activities

19 

(33)

144 

Net fair value and exchange gains/(losses) on





financial instruments providing commercial hedges

68 

(47)

85 

Expected return on retirement benefit assets

84 

89 

178 

Interest on retirement benefit liabilities

(94)

(89)

(180)

Unwind of discount on redundancy and social plans

(4)

(4)

(8)

Post-employment benefit net financing cost

(14)

(4)

(10)

Adjusted net finance costs

276 

280 

562 

 

3.  Taxation

 

Reported taxation

Reported tax for the six months ended 31 March 2012 has been calculated on the basis of an estimated effective rate for the year ended 30 September 2012.

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Total tax charged to the consolidated income statement

272 

337 

 

The change in UK Corporation tax rate to 24% from 1 April 2012 does not have a material impact on the Group's tax position.

 

During the six months ended 31 March 2011 certain outstanding matters were resolved with tax authorities. The reported tax charge for the period includes a release of £205 million of tax provisions following resolution of these matters. This release is excluded from the adjusted tax charge to aid comparability and understanding of the Group's performance.

 

Reconciliation from reported taxation to adjusted taxation

Adjusted taxation for the six months ended 31 March 2012 has been calculated on the basis of an estimated adjusted effective rate of 24.5% (2011: 24.5%).

 

The table below shows the tax impact of the adjustments made to reported profit before tax in order to arrive at the adjusted measure of earnings disclosed in note 5.

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Reported taxation

272 

337 

Tax on acquisition accounting adjustments

(1)

Deferred tax on amortisation of acquired intangibles

34 

67 

77 

Tax on net fair value and exchange (gains)/losses on





financial instruments providing commercial hedges

(9)

13 

 (23)

Tax on post-employment benefits net financing cost

Tax on restructuring costs

(2)

17 

Tax provisions released

205 

205 

Adjusted tax charge

306 

294 

617 

 

4.  Dividends

 

Dividend per share in respect of financial year

 

In pence

2012

2011

2010

Interim

31.7

28.1

24.3

Final

67.0

60.0

Total

31.7

95.1

84.3

 

Final dividends are recognised as a liability in the period in which the dividends are approved by shareholders, while interim dividends are recognised in the period in which the dividends are paid.  Consequently Imperial Tobacco Group's interim dividends are paid and recognised in the second half of the year, and final dividends in respect of a year are paid and recognised in the following financial year.

 

Amounts recognised as distributions to ordinary equity holders in the period

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Final dividend paid in the period in respect of previous





financial year

669 

608 

608 

Interim dividend

284 


669 

608 

892 

 

The declared interim dividend for 2012 amounts to a total dividend of £315 million based on the number of shares ranking for dividend at 31 March 2012.

 

5.  Earnings Per Share

 

Basic earnings per share is based on the profit for the period attributable to the owners of the parent and the weighted average number of ordinary shares in issue during the period excluding shares held to satisfy the Group's employee share schemes and shares purchased by the Company and held as treasury shares.  Diluted earnings per share have been calculated by taking into account the weighted average number of shares that would be issued if rights held under the employee share schemes were exercised.  No instruments have been excluded from the calculation for any period on the grounds that they are anti-dilutive.

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended 30

September

2011

Earnings: basic and diluted

826 

926 

1,796 

 

Millions of shares




Weighted average number of shares:




Shares for basic earnings per share

1,000.8 

1,014.4 

1,013.0 

Potentially dilutive share options

2.4 

2.9 

3.0 

Shares for diluted earnings per share

1,003.2 

1,017.3 

1,016.0 

 

Pence




Basic earnings per share

82.5 

91.3 

177.3 

Diluted earnings per share

82.3 

91.0 

176.8 

 

Reconciliation from reported to adjusted earnings and earnings per share

 


6 months ended

31 March 2012

6 months ended

31 March 2011

Year ended

30 September 2011

 

 

 

£ million unless otherwise indicated

Earnings

per

share

(pence)

 

 

 

Earnings

Earnings

per

share

(pence)

 

 

 

Earnings

Earnings

per

share

(pence)

 

 

 

Earnings

Reported basic

82.5 

826 

91.3 

926 

177.3 

1,796 

Acquisition accounting adjustments

(0.9)

(9)

Amortisation of acquired intangibles

15.6 

156 

14.1 

143 

32.1 

325 

Net fair value and exchange








(gains)/losses on financial instruments








providing commercial hedges

(5.9)

(59)

3.4 

34 

(6.1)

(62)

Post-employment benefits net








financing cost

0.9 

0.2 

0.6 

Restructuring costs

0.9 

(0.3)

(3)

4.3 

44 

Tax provisions released

(20.3)

(205)

(20.2)

(205)

Adjusted

93.1 

932 

88.4 

897 

188.0 

1,904 

Adjusted diluted

92.9 

932 

88.2 

897 

187.4 

1,904 

 

6.  Intangible Assets

 

A number of factors affecting the Spanish market were reflected in note 9 to the financial statements (Intangible Assets) in our 2011 Annual Report and Accounts.

 

The 2011 year end impairment test for Spain indicated headroom of £30 million on a goodwill balance of £1,511 million, and that an impairment would result in the event of relatively small changes in an individual assumption or a combination of assumptions.

 

In view of the sensitivity of the 2011 year end impairment test for Spain to changes in assumptions, we have reviewed the appropriateness of the carrying value of our Spanish intangible assets at 31 March 2012. We have revised our projected short term cash flows, derived from five year financial plans, including the effects of recent duty and price changes and taking account of our current expectations for the Spanish market. While the outlook for the Spanish economy remains uncertain, the improvement in the performance in the market in the first half of 2012 compared to the second half of 2011 was broadly consistent with our expectations and assumptions.

 

We have therefore concluded that the overall position has not materially changed since the year end, and that the carrying value of the Spanish intangible assets included in our 31 March 2012 balance sheet is appropriate.

 

7.  Provisions

 

£ million

Restructuring

Other

Total

At 1 October 2011

351 

357 

708 

Additional provisions charged to the consolidated income statement

12 

Unwind of discount on redundancy and social plan liabilities

Amounts used

(56)

(18)

(74)

Unused amounts reversed

(17)

(15)

(32)

Exchange movements

(8)

(8)

(16)

At 31 March 2012

277 

325 

602 

 

Analysed as:

£ million

 

2012

 

2011

Current

125 

163 

Non-current

477 

545 


602 

708 

 

Restructuring provisions relate primarily to European Integration projects announced in June 2008 as part of the integration of Imperial Tobacco and Altadis. These projects affect sales and marketing, manufacturing and central support functions in a number of markets and have largely been implemented. The remaining provisions are expected to be used over a number of years.

 

Other provisions principally relate to commercial legal claims and disputes. The majority of other provisions represent the fair value at acquisition of current and potential Altadis commercial disputes, litigation and duty claims arising in the normal course of business. These liabilities are expected to crystallise within the next five years.

 

8.  Cash Flows from Operating Activities

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended

30 Sept

 2011

Profit for the period

836 

934 

1,816 

Adjustments for:




Taxation

272 

337 

Investment income

(361)

(497)

(785)

Finance costs

583 

828 

1,272 

Share of post-tax losses of associates

Depreciation, amortisation and impairment

278 

292 

598 

Profit on disposal of property, plant and equipment

(1)

(1)

(1)

Loss on disposal of software

Post-employment benefits

(62)

(34)

(45)

Cost of employees' services compensated by share schemes

12 

14 

26 

Movement in provisions

(94)

(110)

(130)

Operating cash flows before movement in working capital

1,464 

1,436 

3,091 

Increase in inventories

(835)

(498)

(39)

(Increase)/decrease in trade and other receivables

(283)

81 

80 

Increase/(decrease) in trade and other payables

102 

(285)

(47)

Movement in working capital

(1,016)

(702)

(6)

Taxation paid

(194)

(250)

(529)

Net cash flows from operating activities

254 

484 

2,556 

 

9.  Net Debt

 

The movements in cash and cash equivalents, borrowings, derivative financial instruments and finance lease liabilities in the period were as follows:

 

 

 

£ million

Cash

and cash

equivalents

 

Current

borrowings

 

Non-current

borrowings

Derivative

financial

instruments

Finance

lease

liabilities

 

 

Total

At 1 October 2011

1,171 

(2,104)

(8,076)

(409)

(23)

(9,441)

Cash flow

(245)

(438)

(562)

32 

(1,212)

Accretion of interest

(37)

105 

68 

Change in fair values

154 

154 

Exchange movements

(30)

46 

118 

134 

At 31 March 2012

896 

(2,533)

(8,415)

(223)

(22)

(10,297)

 

Adjusted net debt

Management monitors the Group's borrowing levels using adjusted net debt which excludes interest accruals, the fair value of derivative financial instruments providing commercial cash flow hedges and finance lease liabilities.

 

 

 

 

£ million

6 months

ended

31 March

2012

6 months

ended

31 March

2011

Year

ended

30 Sept

2011

Reported net debt

(10,297)

(10,857)

(9,441)

Accrued interest

229 

191 

297 

Fair value of derivatives providing commercial hedges

124 

558 

290 

Finance lease liabilities

22 

25 

23 

Adjusted net debt

(9,922)

(10,083)

(8,831)

 

10.  Retirement Benefit Schemes

 

Actuarial valuations for the Group's retirement benefit plans are updated annually as at 30 September.  An interim update is carried out at 31 March for the main plans.  As part of this interim update, the plan assets are revalued based on market data at the period end and the scheme liabilities are recalculated to reflect key changes in membership data and revised actuarial assumptions.

 

11.  Treasury Shares

 

Shares purchased under the Group's buyback programme are not cancelled but are retained in issue and represent a deduction from equity attributable to owners of the parent (see Consolidated Statement of Changes in Equity). During the six months ended 31 March 2012 the Group purchased 13,365,000 shares (2011: nil) at a cost of £321 million (2011: nil).

 

12.  Legal Proceedings

 

The Group is currently involved in a number of legal cases in which claimants are seeking damages for alleged smoking and health-related effects. In the opinion of the Group's lawyers, the Group has meritorious defences to these actions, all of which are being vigorously contested. Although it is not possible to predict the outcome of the pending litigation, the Directors believe that the pending actions will not have a material adverse effect upon the results of the operations, cash flow or financial condition of the Group. Consequently, the Group has not provided for any amounts in respect of these cases in the consolidated financial statements.

 

 

The fine of £112.3 million imposed by the United Kingdom Office of Fair Trading following its infringement decision in 2010 was quashed by the Competition Appeal Tribunal in December 2011.  The Group had made no provision for the fine in any of its financial statements, based on legal advice that its appeal against the fine was likely to be successful.

 

13.  Capital Expenditure and Commitments

 

In the six months ended 31 March 2012 capital expenditure on property, plant and equipment and intangible assets was £161 million (2011: £182 million).  Property, plant and equipment and intangible assets with a net book value of £9 million (2011: £10 million) were disposed of during the period.  Profit on disposal was nil (2011: £1 million).  Commitments for capital expenditure contracted for, but not provided for, at 31 March 2012 were £151 million (2011: £139 million).

 

 

Financial Calendar

 

Ex-dividend date for interim dividend

18 July 2012

Interim dividend record date

20 July 2012

Interim dividend payable

17 August 2012

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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