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IMPERIAL TOBACCO GROUP PLC IMPERIAL TOBACCO GROUP PLC ANNUAL REPORT AND ACCOUNTS IMPERIAL TOBACCO, the world’s fourth 2004 largest international tobacco company, manufactures, markets and sells a comprehensive range of cigarettes, ANNUAL REPOR tobaccos, rolling papers and cigars. T AND ACCOUNTS Our strategy… to create sustainable shareholder value by growing our operations both organically and through acquisitions. 2004 The consistent application of our strategy… has delivered compound annual growth both in adjusted earnings per share and in dividends per share of 17% since 2000. Delivering sustainable shareholder value… Successful acquisition track record… IMPERIAL TOBACCO GROUP PLC > PO BOX 244 £4.8bn invested SOUTHVILLE 2004: Business and assets of the CTC Tube Company of Canada BRISTOL BS99 7UJ 2002: Reemtsma Cigarettenfabriken GmbH www.imperial-tobacco.com 2001: Tobaccor S.A. 2000: The Baelen Group, The EFKA Group, Mayfair Vending 1999: Brand acquisition in Australia and New Zealand 1998: Van Nelle Tabak 1997: Rizla > Proven integration record > Synergies achieved or exceeded IMPERIAL TOBACCO, the world’s fourth largest international tobacco company, manufactures, markets and sells a comprehensive range of cigarettes, tobaccos, rolling papers and cigars. Our strategy… to create sustainable shareholder value by growing our operations both organically and through acquisitions. The consistent application of our strategy… has delivered compound annual growth both in adjusted earnings per share and in dividends per share of 17% since 2000. Successful acquisition track record… > £4.8bn invested 2004: Business and assets of the CTC Tube Company of Canada 2002: Reemtsma Cigarettenfabriken GmbH 2001: Tobaccor S.A. 2000: The Baelen Group, The EFKA Group, Mayfair Vending 1999: Brand acquisition in Australia and New Zealand 1998: Van Nelle Tabak 1997: Rizla > Proven integration record > Synergies achieved or exceeded 01 INTRODUCTION 02 FINANCIAL HIGHLIGHTS 04 CHAIRMAN AND CHIEF EXECUTIVE’S STATEMENT 08 INTERNATIONAL REACH 10 MULTI-PRODUCT ADVANTAGE 12 OPERATING AND FINANCIAL REVIEW 28 CORPORATE RESPONSIBILITIES 28 BOARD OF DIRECTORS 30 CHIEF EXECUTIVE’S COMMITTEE 34 SHAREHOLDER INFORMATION 37 REPORT OF THE DIRECTORS 39 CORPORATE GOVERNANCE REPORT A strong 45 DIRECTORS’ REMUNERATION REPORT 57 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF IMPERIAL TOBACCO GROUP PLC 58 CONSOLIDATED PROFIT AND LOSS ACCOUNT foundation for 58 CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 59 CONSOLIDATED BALANCE SHEET future growth… 60 CONSOLIDATED CASH FLOW STATEMENT 61 ACCOUNTING POLICIES 63 NOTES TO THE ACCOUNTS 99 IMPERIAL TOBACCO GROUP PLC BALANCE SHEET 100 NOTES TO THE IMPERIAL TOBACCO GROUP PLC BALANCE SHEET 102 PRINCIPAL SUBSIDIARIES Company Hallmarks 104 INDEX 105 GLOSSARY OF TERMS > Strong financial performance > Profitable core markets > International reach > International brand equity > Multi-product advantage > Successful acquisitions > Cost focus .01 Our business highlights… in 2004 > For the past five years, our total shareholder return has grown by 19.5 per cent year on year and we have outperformed the FTSE All-Share Index by 163 per cent. > Our broad international coverage has produced some excellent results. We have grown our market shares in a number of markets in Western Europe, Africa, the Middle East and Asia. > Supporting this performance has been our strong multi-product portfolio: > Our strategic cigarette brand Davidoff has grown volumes by on average 15 per cent across all our regions, demonstrating its international appeal. > Our strength in the profitable other tobacco products sector with brands such as Golden Virginia, Drum and Van Nelle has underpinned our profit delivery in the Rest of Western Europe region. > The number one and number two cigarette brands Lambert & Butler and Richmond performed well, further extending our UK market leadership. > The national launch of the JPS brand family in Germany in April 2004 has supported our improving profits. > Across our manufacturing sites we improved productivity, with significant progress made to further standardise our products, processes and systems. > Our success in 2004 was as much about our people as our products and markets. We aim to provide an environment where our employees can maximise their potential. We produce a comprehensive range of cigarettes and other tobacco products… Sales in over 130 countries some 15,000 employees 33 factories Our key brands… Rizla Rizla is the world’s No.1 rolling paper, sold in over 50 countries. Davidoff Lambert & Butler In 2004, Davidoff experienced Lambert & Butler has been significant volume growth the UK’s best selling cigarette across the business. brand for the past 6 years. JPS JPS is a key value brand within our cigarette portfolio with its major markets being France, the UK, Germany and Spain. West West is our biggest cigarette brand. Drum We are world leader in roll your own tobacco, with Drum one of our key brands. Earnings per share Dividends per share Financial (adjusted) Highlights 101.6p 50p up 13% on 2003 up 19% on 2003 2004 (In £’s million) 2004 2003 2002 2001 2000 Turnover 11,005 down 4% 11,412 8,296 5,918 5,220 Operating profit 885 –– 881 603 604 560 Adjusted operating profit 1 1,218 up 7% 1,135 789 619 568 Pre-tax profit 688 up 5% 656 423 494 450 Adjusted pre-tax profit 1 1,014 up 13% 898 642 509 458 Profit after tax 450 up 6% 424 283 355 323 Adjusted profit after tax 1 743 up 13% 655 465 370 331 (In pence) 2004 2003 2002 2001 2000 Basic earnings per share 61.4 up 6% 58.1 41.0 56.6 52.3 Adjusted earnings per share 1 101.6 up 13% 90.0 68.4 59.0 53.6 Diluted earnings per share 61.2 up 6% 57.9 40.8 56.2 52.0 Dividend per share 50.0 up 19% 42.0 33.0 28.8 26.4 1 Adjusted to exclude amortisation and exceptional items. Management believes that reporting results before amortisation and exceptional items (adjusted operating profit, adjusted profit before tax, adjusted profit after tax and adjusted earnings per share) provides a better comparison of underlying business performance for the year. .02 Adjusted operating profit Cash conversion rate Interest cover £1,218m 98% 6.0times up 7% on 2003 Total Shareholder Return Index We are focused on shareholder value creation. Since 2000, total shareholder return has grown by 19.5 per cent year on year and we have outperformed the FTSE All-Share Index by 163 per cent. .03 Chairman and Chief Executive’s Statement Derek Bonham Chairman (left) Gareth Davis Chief Executive These positive results reflect At the heart of everything we do is a desire to create sustainable profitable growth for our shareholders, the progress made while ensuring we continue to meet the current and throughout the Group during future needs of our consumers. Our comprehensive portfolio of tobacco products and the year. Imperial Tobacco brands, our geographic diversity and our proactive remains a highly cash approach mean we are well placed to capitalise on changes in our external environment as we pursue generative business, with growth, both organically and through acquisition. strong earnings growth. FINANCIAL PERFORMANCE Our financial performance reflects our operational progress, supported by continuing cost efficiencies, and the effective use of our cash. Turnover excluding duty in 2004 was £3.0 billion (2003: £3.2 billion), impacted by the sale of two wholesale businesses last year and adverse foreign exchange movements, totalling around £0.2 billion. Adjusting for these factors, turnover was broadly flat, with our focus on profitable volume development compensating for certain market size pressures in the year, particularly in Germany and France. Adjusted operating profit (before amortisation and exceptional items) increased by 7 per cent to over £1.2 billion. Reported profit (after amortisation and exceptional items) was flat at £885 million (2003: £881 million). .04 With a reduction in the interest charge to £204 million Outside our manufacturing operations the same (2003: £237 million), adjusted profit on ordinary rigorous management approach is applied, ensuring activities before taxation increased by 13 per cent to effective control of both the costs and capital over £1 billion. Adjusted earnings per share were up employed by the Group around the world. 13 per cent to 101.6 pence, from 90.0 pence in 2003. Basic earnings per share were 61.4 pence The acquisition of the business and assets of the (2003: 58.1 pence). CTC Tube Company of Canada in May provided an opportunity to strengthen our position in the growing rolling papers and tubes markets. Although this was a small acquisition for Imperial Tobacco, we have been DIVIDEND encouraged by the opportunities this business offers. The Board recommends a final dividend of 35.0 pence per share bringing the total dividend for 2004 to 50.0 pence, an increase of 19 per cent (2003: 42.0 pence). As we said in our interim report OUR ENVIRONMENT in April, this takes us back to our historical annual Together with other tobacco growers, manufacturers dividend payout of around 50 per cent of earnings. and suppliers, we are part of an estimated £229 billion global tobacco industry. We recognise The dividend will be paid on 18 February 2005 to that our industry remains controversial. We are shareholders on the register at the close of business committed to providing consumers with high quality on 21 January 2005. tobacco products, while continuing to seek constructive dialogue with governments and regulatory bodies in pursuit of reasonable and appropriate regulation. ANOTHER YEAR OF PROGRESS This financial success is the result of a number of We believe that an outright ban on smoking in public strong performances around the business, and places such as those seen in recent months in includes some particular highlights. Ireland and Norway is a step too far. Given the heightened interest in this topic, we have included From a brand perspective Davidoff has performed further information on smoking bans on page 26 of extremely well, with volumes up 15 per cent year this report.
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