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Imperial Tobacco Group PLC Preliminary Results for the Twelve Months Ended 30 September 2011

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Imperial Tobacco Group PLC Preliminary Results for the Twelve Months Ended 30 September 2011 Imperial Tobacco Group PLC Preliminary Results for the twelve months ended 30 September 2011 Highlights Delivering Growth Through Total Tobacco Portfolio EU and Non-EU market gains with excellent performance in emerging markets Overall volumes of key strategic brands up 4 per cent Fine cut tobacco volumes up 4 per cent Non-EU luxury Cuban cigar volumes up 4 per cent Snus volumes up 30 per cent Ongoing Cost Optimisation Tobacco operating margin above 42 per cent Ongoing efficiency focus; productivity up by 3 per cent Maximising Cash Returns: Dividend Growth, Cash Conversion and Share Buyback Dividend per share up 13% to 95.1p, increasing our payout ratio to 50.6% Strong cash conversion rate of 88 per cent £181 million share buyback completed to date Alison Cooper, Chief Executive, said: “This good performance reflects the strength of our total tobacco portfolio and our ability to use this unique asset to drive sales and profit growth across our international footprint. I’m particularly pleased with the overall growth in our key strategic brands Davidoff, Gauloises Blondes, West and JPS . “We mitigated the impact of difficult conditions in Spain with gains elsewhere in the EU and excellent growth in the emerging markets of Eastern Europe, Africa and the Middle East and Asia Pacific. Our focus on capitalising on consumer growth segments continues to be supported by disciplined portfolio and capacity investments. “The strength of our performance has enabled us to grow earnings per share by 5 per cent and reward our shareholders with a very strong 13 per cent dividend increase. “I’m focused on maintaining our sales momentum and see significant growth opportunities ahead. Our commitment to sales excellence combined with effective cost and cash management will enable us to continue maximising returns to our shareholders.” Change at Constant Highlights – adjusted basis 1 2011 Change Currency 3 2010 Stick equivalents 2 343.4bn - 1.5% 348.5bn Tobacco net revenue 4 £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 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 188.0p + 5.1% + 5.4% 178.8p Highlights – reported basis Revenue £29,223m + 3.7% £28,173m 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. 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 equivalents reflects our combined cigarette and fine cut tobacco volumes. 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. 4. The definition of net revenue has been changed to exclude revenue from the sale of peripheral and non -tobacco related products, with comparatives restated accordingly. Notes to Editors Imperial Tobacco Group PLC is an international tobacco company, with international strength in cigarettes and world leadership in fine cut tobacco, cigars, rolling papers and tubes. The Group has 51 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 (GMT). 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 High-resolution photographs are available to the media free of charge at: www.newscast.co.uk Alison Cooper will host a media conference call at 7.30am (GMT), at which there will be the opportunity for questions. Dial in number: +44 (0)20 3450 9987 (UK) Dial in number: +34 91 453 3434 (Spain) Dial in number: +33 (0)1 7099 4270 (France) Dial in number: +49 (0)69 2222 34061 (Germany) Confirmation Code: 9875148 A replay of this call will be available for one week. To listen, please dial: +44 (0)20 7111 1244 Access code: 9875148# 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. Such 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. 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. 2 Chairman’s and Chief Executive’s Statement Overview Our strategy for delivering quality earnings growth and creating long-term value for our shareholders continues to deliver results. We made good progress this year driving growth through our total tobacco portfolio in many markets, while effectively managing our costs and cash flows, all of which are central to our success. 1 Results and Dividends (1 References in this document to percentage growth and increases or decreases in our adjusted results are on a constant currency basis.) We grew our tobacco net revenues by 2.0 per cent and our total adjusted operating profits were up by 1.3 per cent at £3.1 billion. We delivered 5.4 per cent growth in adjusted earnings per share to 188.0 pence. Basic earnings per share were 177.3 pence (2010: 148.5 pence). We have increased our dividend payout ratio to 50.6 per cent of adjusted earnings per share and the Board recommends a final dividend of 67.0 pence per share, bringing the total dividend for the year to 95.1 pence per share, up by 12.8 per cent. This will be paid on 17 February 2012 with an ex dividend date of 18 January 2012. 2011 Highlights Sustainable Sales Growth We made gains in the EU and delivered an excellent performance in emerging markets outside the EU. Our key strategic brands Davidoff, Gauloises Blondes, West and JPS had another strong year with overall volumes up 4 per cent 2. We also delivered excellent growth in fine cut tobacco, and snus and grew volumes of both our mass market and premium cigars. Our stick equivalent volumes declined by 1.5 per cent, a good result given the exceptional circumstances in Spain and the impact of trade buying patterns in the UK. Adjusting for these factors, our stick equivalent volumes were flat, whilst tobacco net revenues were up 4.5 per cent. (2 Volume changes on a stick equivalent basis.) Cost Optimisation Strong financial discipline is embedded across our business and we continue to focus on efficiencies and productivity gains. Tobacco operating margins were again over 42 per cent due to price increases and ongoing cost optimisation. Cash Utilisation We use our substantial cash flows to reward our shareholders and to reinvest in growing our sales. We delivered a very strong dividend increase this year and we intend to continue steadily increasing dividends per share ahead of the growth in adjusted earnings per share. At our half year results in May we announced a share buyback programme of £500 million on an annualised basis and spent £181 million acquiring 8.7 million shares during the balance of the financial year. Key Strategic Brand Highlights Within our key strategic brands we grew volumes of Davidoff by 6 per cent with excellent gains in Russia, Ukraine, Taiwan and Saudi Arabia. Gauloises Blondes volumes were up by 2 per cent reflecting a very strong performance in North Africa notably Algeria and Morocco. However the overall brand performance was held back by sanction compliance in the Middle East. West performed well in new formats in the emerging markets of Eastern Europe and Asia, but overall volumes were down 2 per cent impacted by market weakness in Poland and Turkey. 3 We delivered another very good performance with JPS , increasing volumes by 12 per cent with particular success in the UK, Australia, Portugal and New Zealand. EU Highlights We have leading positions in cigarettes and fine cut tobacco in many markets in the EU and have made good progress with our value portfolio across the region.
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