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Registered Office Imperial T Imperial Tobacco Group PLC Imperial Tobacco Group PLC Annual Report and Accounts 2011 PO Box 244 Upton Road obacco Gr Bristol BS99 7UJ UK www.imperial-tobacco.com oup PLC Annual Report and Accounts 2011 p ential This document is printed by Park Communications. Park is an EMAS certified CarbonNeutral® Company and its Environmental Management System is certified to ISO14001. 100% of the inks used are vegetable oil based 95% of press chemicals are recycled for further use and on average 99% of any waste associated with this production will be recycled. This document is printed on Heaven 42; a paper sourced from well managed, sustainable, FSC certified forests, and bleached using a chlorine free process. Designed and produced by Black Sun Plc Index Directors Non-EU 24 A Biographies 45 Non-Financial Performance Indicators 41 Accounting Policies 82, 126 Interests in Shares 64 Notes to the Financial Statements 88 www.imperial-tobacco.com Acquisitions 123 Pensions 72 Notes to the Financial Statements Adjusted Earnings Per Share 11 Remuneration 60 of Imperial Tobacco Group PLC 126 Adjusted Measures 85 Responsibilities 59 Africa 26 Directors and Employees 91 O American Depositary Receipts/Shares 132 Disclosure Committee 54 Americas 25 Dividend Reinvestment Plan (DRIP) 132 Office of Fair Trading 58, 122 Analysis of Net Debt 122 Dividends 32, 56, 93 Operating Executive 50 Annual General Meeting 55, 132 Operating Review 20 Asia-Pacific 26 E Audit Committee 52 Auditors Earnings Per Share 11, 30, 93 P Remuneration 55, 90 Employees 56, 91 Pensions 72 Report 76, 124 EU 20 People 14 Australia 25 Excise Duty 17 Poland 21 Austria 23 Execution Excellence 15 Portfolio Management 14 Portugal 23 F Pricing 14 B Principal Risks and Uncertainties 16 In this report Balance Sheet (Consolidated) 79 Financial Calendar 132 Principal Undertakings 129 Balance Sheet (Parent) 125 Financial Highlights 5 Profit Before Taxation 90 Belgium 21 Financial Review 30 Property, Plant and Equipment 96 Board Committees 46 Financial Statements 75 Provisions 118 Board of Directors 44 France 21 Borrowings and Derivative Future Foundations 15 R Strategy Financial Instruments 99 Brand Equity 14 G Reconciliation of Cash Flow to We explain our sales growth Business Model 3 Movement in Net Debt 123 strategy in more detail and our Business Overview 2 Germany 21 Registrars 131 areas of focus that will drive our Governance 42 Regulation 18 Greece 21 Remuneration Committee 60 future growth. C Group Performance 30 Remuneration Report 60 Cash and Cash Equivalents 99 Rest of EU 23 Cash Conversion Rate 13 Rest of the World 26 Risk Cash Flows from Operating Activities 122 H Restructuring Costs 90 Cash Flow Statement 81 Retirement Benefit Schemes 84, 115 We explain how we manage Habanos 26 Cash Utilisation 12 Hungary 21 Revenue Performance 30 and mitigate the risks facing Chairman’s Introduction 6 Russia 25 our business. Chairman’s Introduction to Governance 43 I Charitable and Political Donations 56 S Chief Executive’s Review 8 Illicit Trade 17 Performance Commitments 121 Income Statement 77 Sales Growth 12 Consumer Centric 15 Innovation 14 Sales Growth Drivers 14 We made gains in EU and Contents 1 Introduction 1 Saudi Arabia 25 Non-EU markets with an excellent Corporate Governance Report 46 Intangible Assets 94 Segment Information 88 performance in emerging markets. Corporate Responsibility Review 33 Inventories 98 Share Capital 56, 118 Anti-illicit Trade 35 Italy 21 Shares 121 Assurance 35 Share Schemes 119 Carbon Disclosure Project 39 Shareholder Information 131 Responsibility Code of Conduct 38 J Spain 21 Acting responsibly is simply part Climate Change 38 Joint Ventures 97 Statement of Changes in Equity 80 Diversity and Equality 37 of how we do business. Statement of Comprehensive Income 78 Enabling our People 37 Stick Equivalent Volumes 13 Environmental Performance 39 K Strategy 4, 11 Ingredients Reporting 36 Marketing Standards 36 Key Assets 14 Governance Partnership Investment 40 Key Enablers 15 T Product Quality 36 Key Performance Indicators 11 Our embedded high standards Taiwan 25 Responsibility Strategy 34 Taxation 92 of corporate governance Social Assessment and L Tobacco Adjusted Operating Margin 13 and our strong management Human Rights 38 Tobacco Net Revenue 13 Laos 26 Supply Chain 40 Total Shareholder Return 7, 11 team support our sales Legal Proceedings 87, 122 Tobacco and Health 36 Total Tobacco 2, 14 growth strategy. Litigation 19, 58 Tobacco Regulation 35 Trade and Other Payables 99 Logistics 28 Workplace Health and Safety 37 Trade and Other Receivables 98 Youth Smoking Prevention 36 Treasury Shares 121 Cost Optimisation 12 M Turkey 25 Creditor Payment Policy 56 Critical Accounting Estimates Market Footprint 14 and Judgements 87 Middle East 26 U Morocco 25 Customer Engagement 14 Ukraine 25 Czech Republic 21 United Kingdom 21 N United States of America 25 D Net Finance Costs 32, 91 Deferred Tax Assets and Liabilities 114 Netherlands 21 W New Zealand 26 Development Executive 50 World Tobacco Market Overview 10 Nominations Committee 51 Introduction 1 Overview Strategy Risk Performance Contents Overview Financial Statements and Notes Governance 1 Introduction 76 Independent Auditors’ Report to the 3 How we create value for our shareholders Members of Imperial Tobacco Group PLC 5 Financial Highlights 77 Consolidated Income Statement 6 Chairman’s Introduction 78 Consolidated Statement of Comprehensive Income Financials 79 Consolidated Balance Sheet 80 Consolidated Statement of Changes in Equity Directors’ Report: Strategy 81 Consolidated Cash Flow Statement 8 Chief Executive’s Review 82 Accounting Policies 11 Our Strategy 87 Critical Accounting Estimates and Judgements 88 Notes to the Group Financial Statements Directors’ Report: Risk 124 Independent Auditors’ Report to the Members of Imperial Tobacco Group PLC 16 Principal Risks and Uncertainties 125 Imperial Tobacco Group PLC Balance Sheet 126 Notes to the Financial Statements of Directors’ Report: Performance Imperial Tobacco Group PLC 20 Operating Review 30 Financial Review Supplementary Information 33 Corporate Responsibility Review 129 Principal Undertakings 41 Non-Financial Performance Indicators 131 Shareholder Information IBC Index Directors’ Report: Governance 43 Chairman’s Introduction 44 Board of Directors 46 Corporate Governance Report 60 Directors’ Remuneration Report Imperial Tobacco Group PLC | Annual Report and Accounts 2011 2 Introduction continued Overview Who we are and what we do We are a leading international tobacco company with a strong track record of creating value for our shareholders by driving sustainable sales, optimising costs Strategy and effectively utilising the cash we generate. What makes us different We drive sales growth through our unique total tobacco portfolio with brands and products across the tobacco category. Risk Performance ngth tre W Governance s fi o l es ne rld a tt c n re ut N io a t o t g o . a i b 1 c n a i r n n c e i c t o n I Total Financials Tobacco p s W r a a p o g r i e l r d c s N n a o i n . .1 d 1 o t in N ub ld es Wor Through our total tobacco portfolio The strength and breadth of our we provide consumers with the most portfolio provides us with significant comprehensive range of brands future sales growth opportunities. and products in the world including We are focused on realising this cigarettes, fine cut tobacco, cigars potential, by using our portfolio to and snus. reach more consumers in more markets on more consumption occasions. Imperial Tobacco Group PLC | Annual Report and Accounts 2011 3 Overview How we create value for our shareholders Our Business Model Strategy Risk High Margin Profits Performance Governance Strong Sales Cash Flow Financials Reinvest Maximising Shareholder Returns How our Business Model works Sustainable sales growth combined with Maximising shareholder returns is about our ongoing efficient management of growing our sales, maximising our cash operations generate high operating margins. flow and then successfully redeploying These high margin profits combined that cash. with our management of working capital Our strategy is to sustainably grow sales generate our substantial cash flows. We by focusing on our sales growth drivers then reinvest our cash to grow sales or and we support these through our focus make acquisitions that meet our strategic on our consumers, execution excellence criteria, or we return our cash to our and building strong future foundations. shareholders to maximise their returns. Imperial Tobacco Group PLC | Annual Report and Accounts 2011 4 Introduction continued Overview How we create value for our shareholders Our Strategy Strategy Risk Delivering sustainable shareholder returns Performance Cost Sales Cash Optimisation Growth Utilisation Governance Our Key Assets Market Total Brand People Financials Footprint Tobacco Equity Sales Growth Drivers Portfolio Customer Innovation Pricing Management Engagement Key Enablers Consumer Execution Future Centric Excellence Foundations Our Strategy Read more about our strategy on pages 11 – 15. Imperial Tobacco Group PLC | Annual Report and Accounts 2011 2011 Financial Highlights 5 Overview How we have performed Strategy Change at Constant Highlights – adjusted basis1 2011 Change Currency3 2010 2 Risk Stick equivalents KPI 343.4bn -1.5% 348.5bn 4 Tobacco net revenue KPI £6,913m +1.8% +2.0% £6,793m Logistics distribution fees £932m -0.4% -0.3% £936m Tobacco adjusted operating profit £2,924m +1.2% +1.3% £2,889m Performance Logistics adjusted operating profit £183m +4.0% +4.0% £176m Total adjusted operating profit £3,103m +1.2% +1.3% £3,067m Adjusted earnings per share KPI 188.0p +5.1% +5.4% 178.8p Governance Highlights – reported basis 2011 Change 2010 Revenue £29,223m +3.7% £28,173m Financials Operating profit £2,640m +4.4% £2,528m Basic earnings per share 177.3p +19.4% 148.5p Dividend per share 95.1p +12.8% 84.3p 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.

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