24th Sep 2008 07:00
24 September 2008
Trading Update
Imperial Tobacco Group PLC (Imperial Tobacco) will hold a presentation for analysts and investors later today. The presentation will focus on two key Imperial Tobacco markets, Spain and France, as well as our progress on integration and the new reporting segments. Copies of the presentation slides and script will be available on our website. At this presentation, Gareth Davis, Chief Executive, will confirm that Imperial Tobacco's overall performance for the financial year to 30 September 2008 remains in line with management's expectations and that the trading trends outlined in the Interim Management Statement on 24 July 2008 have continued.
Summarising today's announcement Gareth Davis, Chief Executive, said:
"We are making very good progress with the integration of Imperial Tobacco and Altadis, particularly in France where we have agreed with the Central Works Council that the consultation process will be completed in November 2008. There have been further productive developments in other markets and we remain focused on maintaining this positive momentum whilst continuing to support our employees.
"Earlier this month we successfully accessed the debt capital markets with the issue of two bonds raising approximately £1.2 billion. The issue was extremely well received and has now substantially fulfilled our refinancing needs over the short to medium term.
"Our business fundamentals are excellent and our resilience in times of turbulent economic conditions is well known. We have strengthened our position in many markets with our enhanced brand and product portfolio and I am excited about our growth opportunities. Cash flows remain strong and stable and we will utilise the high level of cash we generate to reduce debt in the short term and to continue to create additional value for our shareholders."
New Reporting Segmentation
Following the acquisition of Altadis, Imperial Tobacco comprises two distinct businesses - Tobacco and Logistics. These will be the primary reporting segments in our 2008 Annual Report and Accounts. In a change from the segmental reporting adopted by Altadis, the Moroccan distribution arm will be reported within the Tobacco segment as this more accurately reflects the integrated nature of Imperial Tobacco's operations in that country.
The Group will also provide a regional analysis of net revenue and adjusted profit from operations for the Tobacco segment and further analysis of key market and product volumes. The new reporting regions will be UK, Germany, Spain, Rest of EU, Americas and the Rest of the World. The individually disclosed countries have been selected on the basis that they are the most significant contributors to adjusted profit from operations. The countries and regions will be kept under review as the contributions from individual countries and the business as a whole continue to grow.
The presentation will begin at 11.30am (BST) and a live audio webcast will be available on www.imperial-tobacco.com. An archive of the audio webcast and the presentation and script will be available on the corporate website during the afternoon.
ENQUIRIES
Alex Parsons
Imperial Tobacco Group
Head of Corporate Communications
Tel: +44 (0) 7967 467 241
Simon Evans
Imperial Tobacco Group
Group Press Officer
Tel: +44 (0) 7967 467 684
John Nelson-Smith
Imperial Tobacco Group
Investor Relations Manager
Tel: +44 (0) 7919 391 866
Nicola Tate
Imperial Tobacco Group
Investor Relations Manager
Tel: +44 (0) 7967 467 082
Copies of our announcements are available on our website: www.imperial-tobacco.com
ENDS
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