half yearly results 2011 - imperial brands · information available at the date of announcement of...

Half Yearly Results 2011Half Yearly Results 2011Imperial Tobacco Group PLC

10 May 2011

Alison Cooper Chief Executive Alison Cooper Chief Executive

Bob Dyrbus Finance Director

Certain statements in this presentation constitute forward-looking statements. Any statement in this presentation 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 a forward-looking statement. Such

Disclaimer

performance, financial condition and business is a forward-looking statement. Such forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. 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 presentation. 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 announcement of the half yearly results 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 presentation should be construed as a profit forecast.

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This presentation does not constitute an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of the Company nor should it form the basis of or be relied on in connection with any contract or commitment whatsoever.

Building sustainable sales

� success across international footprint

Delivering Our Strategy

� driving growth through total tobacco

Disciplined cost management

� investing for growth

� margins increased

Effectively managing cash

4

� strong 12 month cash conversion

� dividend growth ahead of adjusted EPS growth

� share buyback starting immediately

HY11 Overview

+15.6%

+7.0%

+2.7%

-0.7%

+3.8%

+7.0%

5

DPS28.1p

EPS88.4p

Tobacco operating profit

£1,409m

Tobacco net revenue

£3,289m

Stick equivalent volumes164.9bn

Percentage changes reflect constant currency performance and are adjusted and presented on our usual basis, see slide 60 for details. The definition of tobacco net revenue has been changed to exclude revenue from peripheral and non-tobacco related products with comparatives restated accordingly.

-0.7%

Underlying Growthex Spain; adjusted for UK trade buying

+7.2%

+2.6%+3.2%

+1.0%

+4.4%

-1.4%

6

Tobacco net revenue

Tobacco operating

profit

Stick equivalent volumes

Group

Stick equivalent volumes

EU

Tobacco operating

profit

Tobacco net revenue

Percentage changes reflect underlying constant currency performance and are adjusted and presented on our usual basis, see slide 60 for details. The definition of tobacco net revenue has been changed to exclude revenue from peripheral and non-tobacco related products with comparatives restated accordingly.

Effective Cash Utilisation

� Cash: key component of our value creating strategy� Cash: key component of our value creating strategy

� FY11 dividend payout ratio 50%

� Post FY11 dividends to grow ahead of adjusted EPS

7

� £500m annualised share buyback effective immediately

Sales growth across market footprint

� underlying growth in EU excluding Spain

HY11 Key Achievements

� +7% in non-EU markets

Driving growth through Total Tobacco

� strong global strategic brand performance; +5% cigarette volume growth

� excellent JPS result; +16% cigarette volume growth

� +5% fine cut tobacco growth*; +8% papers; +12% tubes

8

� +16% Habanos sales growth outside EU

� +19% snus volume growth

* Stick equivalent basis

Total Tobacco5% global strategic cigarette brand growth

+9%

+5%+5%

+1%

9

WestGauloises Blondes

DavidoffGlobal Strategic Brands

+1%

Total TobaccoJPS: 16% cigarette volume growth

+151%

+16%

+33%

+14%

10

AustraliaGermanyUKJPS

Total Tobacco5% fine cut tobacco growth; strong papers and tubes

+73%

+5%

+10%

+6%

11

Route 66WestFCT JPS

Growth on a stick equivalent basis

Total TobaccoHabanos: 16% sales growth outside EU

This space appears blank because we have removed the images that appear

in the presentation.

This is because we currently donot feature tobacco product brand

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not feature tobacco product brand imagery on our website.

Total TobaccoSnus: 19% volume growth

+43%

+5%

+19%

+13%

13

KnoxSkrufSnus

Volume based on can sales

Growth in EU and Non-EU

EU

� seeking value a key consumer trend

� well placed to capitalise

� flexibility to respond quickly

Non-EU

� USA: integrating sales forces

� RoW: growing in consumer growth segments

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� profit growth: Eastern Europe +30%; Asia-Pacfic +20%; AME +10%

� significant Habanos growth

HY11 EU Stick Equivalent Volumes

+2.4

-1.3

+0.5

-2.0 -0.8 -3.6

15

GermanyUK Spain RoEU Total EU-4.5%

Total Non-EU+2.8%

Billion stick equivalent change

Non-EU Stick Equivalent Volumes

+2.4

+0.4

+1.4

+0.7

16

Americas Africa /Middle East

Eastern Europe Duty FreeAsia Pacific Total Non-EU+2.8%

Billion stick equivalent change

-0.2+0.1

Tobacco Net Revenuestable EU constant currency revenues

+90

-22 +3 -19

+36

-2

17

GermanyUK Spain RoEU Total EU0%

Total Non-EU+7%

Net tobacco revenue change (£m)

Tobacco Net Revenueexcellent non-EU constant currency growth

+94+90

18

Americas Rest of World Total Non-EU+7%

Net tobacco revenue change (£m)

-4

Group Results7% constant currency EPS growth

HY10Foreign

Exchange

Constant Currency

Growth HY11 Change

Constant Currency

Change

Tobacco net revenue 3,262 (61) 88 3,289 0.8% 2.7%Tobacco net revenue 3,262 (61) 88 3,289 0.8% 2.7%

Logistics distribution fees 480 (21) (7) 452 -5.8% -1.5%

Tobacco operating profit 1,374 (17) 52 1,409 2.6% 3.8%

Operating margin % 42.1 0.3 0.4 42.8

Logistics operating profit 87 (4) (3) 80 -8.0% -3.4%

Distribution margin % 18.1 (0.1) (0.3) 17.7

Eliminations (9) - (1) (10)

Operating profit 1,452 (21) 48 1,479 1.9% 3.3%

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Operating profit 1,452 (21) 48 1,479 1.9% 3.3%

Interest (302) 13 9 (280) 7.3% 3.0%

Tax rate % 26.0 24.5

EPS 83.2p (0.6) 5.8 88.4p 6.3% 7.0%

All numbers on an adjusted basis. The definition of tobacco net revenue has been changed to exclude revenue from peripheral and non-tobacco related products with comparatives restated accordingly

EU Adjusted Operating Profit

+62

+14

-15 -16

+7

-10

20

GermanyUK Spain RoEU Total EU-1%

Total Non-EU+15%

Tobacco adjusted operating profit change on constant currency basis (£m)

Non-EU Adjusted Operating Profit

+59+62

21

Americas Rest of World Total Non-EU+15%

Tobacco adjusted operating profit change on constant currency basis (£m)

+3

Cost Optimisation

� Constant currency tobacco margin +0.4%� Constant currency tobacco margin +0.4%

� Maintaining cost discipline

� Investing for growth

22

Logistics

Tobacco logistics

� growth in cigars and fine cut tobacco

� Spain challenging

� reduced costs

Other logistics

� transport operations performed well

� cost saving programme continues

23

H2 Operational Outlook

EU

� UK: trade buying patterns unwind

Germany: strong market; May MPI

total tobacco driving growth

� Germany: strong market; May MPI

� Spain: challenging environment; growth segment focus

� Rest of EU: driving growth across cigarette, fine cut tobacco and snus

Non-EU

� Americas: strengthening competitive position

� Eastern Europe: Russia and Ukraine stabilising; targeting growth segments

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� Eastern Europe: Russia and Ukraine stabilising; targeting growth segments

� Africa and Middle East: growth across the region

� Asia Pacific: improving positions

Logistics: identify growth opportunities; manage costs

Closing

Adjusted Net Debt

£0.6bn

£0.2bn

Net Debt 30/09/10£9.3bn

Net Debt 31/03/11£10.1bn

£0.7bn

£0.2bn

£0.6bn£1.5bn

25

Foreign exchangeand other

DividendsTax and interest

Net capexWorking capital

Adjusted operating

profit

Adjusted debt figures exclude accrued interest, fair value gains and losses on derivatives providing commercial cash flow hedges and finance lease liabilities

� Average net debt £10.3bn

Financing and Cost of Debt

� Average net debt £10.3bn

� £2.5bn refinancing of bank facilities to 2015

� Average all-in cost of net debt 6.1% (HY10: 5.2%)

� Net interest charge £280m (HY10: £302m)

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� Interest cover* 5.6x (HY10: 4.9x)

*12 months adjusted EBITDA/12 months adjusted net finance costs. Numbers are adjusted and presented on our usual basis

� FY11 average interest cost 6.1%

FY11 Financial Outlook

� FY11 average interest cost 6.1%

� Tax rate 24.5%

� Working capital c.£100m outflow

27

Cash Utilisation

� Sustainable shareholder returns

� Reviewed options

� c.4.5% dividend yield; c.11x PE

� Post FY11 dividends to grow ahead of earnings

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� Steadily increasing payout ratio

� £500m annualised share buyback effective immediately

Sales growth across market footprint

� underlying growth in EU excluding Spain

HY11 Key Achievements

� +7% in non-EU markets

Driving growth through Total Tobacco

� strong global strategic brand performance; +5% cigarette volume growth

� excellent JPS result; +16% cigarette volume growth

� +5% fine cut tobacco growth*; +8% papers; +12% tubes

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� +16% Habanos sales growth outside EU

� +19% snus volume growth

* Stick equivalent basis

Our Strategy

Delivering sustainable shareholder returns

Growth driversGrowth drivers

Cost Optimisation

Sales Growth

Cash Utilisation

Our key assets

MarketFootprint

TotalTobacco

BrandEquity People

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Consumer Centric

ExecutionExcellence

FutureFoundations

Footprint Tobacco Equity

How we leverage our assets

Half Yearly Results 2011Half Yearly Results 2011Imperial Tobacco Group PLC

10 May 2011

AppendicesAppendices

32

FinancialFinancial

33

HY11 Income Statement

£m HY11 HY10 Change %

Revenue 13,701 13,370 +2

Adjusted operating profit 1,479 1,452 +2Adjusted operating profit 1,479 1,452 +2

Acquisition accounting adjustments - (25)

Amortisation of acquired intangibles (210) (231)

Restructuring costs 5 (8)

Net finance costs* (331) (214)

Profit before tax 943 974

Tax (9) (277)

34

Profit/(loss) after tax 934 697

Minority interests (8) (8)

Basic EPS 91.3p 68.0p

Adjusted EPS 88.4p 83.2p +6

*Including fair value gains and losses on derivatives

Reported HY11

Amortisationof acquired intangibles

Fair valuegains & losses on derivatives

Post employment

net financingRestructuring

costsTax

provisionsAdjusted

HY11

Operating

Reconciliation: Reported to Adjusted

Operating profit

1,274 210 - - (5) - 1,479

Finance costs

(331) - 47 4 - - (280)

Profit before tax

943 210 47 4 (5) - 1,199

Tax (9) (67) (13) (2) 2 (205) (294)

Profit after tax

934 143 34 2 (3) (205) 905

35

tax

Minority interest

(8) - - - - - (8)

Earnings attributable

926 143 34 2 (3) (205) 897

EPS 91.3p 14.1p 3.4p 0.2p (0.3)p (20.3)p 88.4p

Results are adjusted and presented on our usual basis

HY11 % Change

£m Actual(1)Foreign

ExchangeConstant

Currency(2) HY10Constant Currency

HY11 regional net revenue analysisTobacco

UK 418 - 418 440 (5.0)

Germany 402 (19) 421 418 0.7

Spain 252 (12) 264 283 (6.7)

Rest of EU 752 (35) 787 751 4.8

Americas 335 1 334 338 (1.2)

36(1)based on average exchange rates for six months ended 31 March 2011; (2)assumes that average exchange rates in HY11 were the same as in HY10; The definition of tobacco net revenue has been changed to exclude revenue from peripheral and non-tobacco related products with comparatives restated accordingly

Americas 335 1 334 338 (1.2)

Rest of World 1,130 4 1,126 1,032 9.1

Total 3,289 (61) 3,350 3,262 2.7

HY11 regional operating profit analysisTobacco

HY11 % Change


ExchangeConstant


UK 281 1 280 295 (5.1)

Germany 212 (10) 222 208 6.7

Spain 109 (5) 114 130 (12.3)

Rest of EU 311 (15) 326 319 2.2

Americas 105 1 104 101 3.0

37(1)based on average exchange rates for six months ended 31 March 2011; (2)assumes that average exchange rates in HY11 were the same as in HY10. Results are adjusted and presented on our usual basis

Americas 105 1 104 101 3.0

Rest of World 391 11 380 321 18.4

Total 1,409 (17) 1,426 1,374 3.8

Logistics

HY11 % Change


ExchangeConstant


Distribution fees 452 (21) 473 480 (1.5)

Operating profit 80 (4) 84 87 (3.4)

Distribution margin % 17.7 17.8 18.1

38(1)based on average exchange rates for six months ended 31 March 2011; (2)assumes that average exchange rates in HY11 were the same as in HY10. Results are adjusted and presented on our usual basis

Average Closing£1 = HY11 HY10 HY11 HY10

Foreign Currencies

Euro 1.169 1.117 1.130 1.122

US dollar 1.592 1.598 1.604 1.516

39

£m HY11 HY10

Non-current assets: tangible 2,395 2,633

31 March 2011Balance Sheet

intangible 21,041 21,823

Current assets: inventories 3,588 3,426

other 3,799 4,351

Current liabilities (8,873) (10,107)

Non-current liabilities (14,435) (15,394)

40

Net assets 7,515 6,732

£m HY11 HY10

Cash flows from operating activities pre tax 734 601

Tax paid (250) (172)

HY11 Cash Flow

Cash flows from operating activities 484 429

Net capex (includes software) (171) (109)

Net acquisitions (businesses and trademarks) - 2

ESOT (19) 1

Dividends paid (inc. minority interests) (614) (538)

Net interest paid (375) (387)

Net cash flow (695) (602)

Opening net debt (10,024) (12,044)

41

Closing net debt before non-cash movements (10,719) (12,646)

Non-cash movements

Exchange movement (37) 110

Interest accretion and derivative fair value adjustments (101) 245

Closing Net Debt after non-cash adjustments (10,857) (12,291)

£m HY11 HY10

Net finance costs 331 214

Net Finance Costs

Net finance costs 331 214

Adjusted for:

- expected return on retirement benefit assets 89 90

- interest on retirement benefit liabilities (89) (93)

- unwind of discount on redundancy and social plans (4) (5)

42

- fair value (loss)/gain on derivatives (47) 96

Adjusted net finance costs 280 302

£m

12 months to March

2011

12 months to March

2010

6 months to March

2011

12 Month Cash Conversion

Net cash flow from operating activities 2,914 3,423 484

Tax 443 307 250

Net capex (319) (221) (171)

Cash flow post capex pre interest and tax 3,038 3,509 563

Adjusted operating profit 3,094 3,016 1,479

43

Adjusted operating profit 3,094 3,016 1,479

Cash conversion 98% 116% 38%

Working capital cash inflow/(outflow) 331 763 (702)

£mReported

HY11Accrued interest

Fair value of derivatives

Finance lease creditors

Adjusted HY11

Opening net debt (10,024) 292 410 25 (9,297)

Net Debt Reconciliation

Opening net debt (10,024) 292 410 25 (9,297)

Free cash flow (81) (31) (1) (113)

Dividends (614) (614)

Accretion of interest 101 (101) -

Change in fair values (202) 179 (23)

44

Exchange movements (37) 1 (36)

Closing net debt (10,857) 191 558 25 (10,083)

For further details on the methodology for adjustments please see slide 60

Tobacco Net Revenue

HY11 FY10 HY10 FY09

Reported ReportedNew

Definition ReportedNew

Definition ReportedNew

Definition

restated per new definition

Reported Reported Definition Reported Definition Reported Definition

UK 418 911 896 448 440 893 873

Germany 402 853 851 419 418 826 824

Spain 252 594 588 284 283 610 604

RoEU 752 1,577 1,523 782 751 1,490 1,435

Americas 335 780 729 362 338 861 842

45

Americas 335 780 729 362 338 861 842

RoW 1,130 2,340 2,203 1,094 1,032 2,138 2,010

Total 3,289 7,055 6,790 3,389 3,262 6,818 6,589

VolumesVolumes

46

Billion stick equivalents HY11 HY10

UK (exc PMI(1)) 12.4 13.7

HY11 Stick Equivalent Volumes

UK (exc PMI ) 12.4 13.7

Germany 15.7 15.2

Spain 11.5 13.5

Rest of European Union 37.2 38.0

Americas 6.2 5.8

Asia-Pacific 11.3 10.6

Eastern Europe 33.5 33.7

47

Africa & Middle East 34.6 33.2

Duty Free 2.5 2.4

Total Rest of the World 81.9 79.9

Total Group 164.9 166.1

(1)1.5bn sales of PMI brands (HY10: 1.7bn)

Billion sticks HY11 HY10

UK (exc PMI(1)) 9.4 10.4

HY11 Cigarette Volumes

UK (exc PMI ) 9.4 10.4

Germany 11.0 10.8

Spain 10.3 12.8


Americas 5.9 5.5


Eastern Europe 33.5 33.7

48


Duty Free 2.2 2.0



(1)1.5bn sales of PMI brands (HY10: 1.7bn)

Billion stick equivalents HY11 HY10

UK 3.0 3.3

HY11 Fine Cut Tobacco Volumes

UK 3.0 3.3

Germany 4.7 4.4

Spain 1.2 0.7


Americas 0.3 0.3



49


Duty Free 0.3 0.4



Millions HY11 HY10

UK 29 37

HY11 Cigar Volumes & USA Net Revenues

Germany 1 2

Spain 138 143

Rest of European Union 176 168

Americas 620 666

Rest of the World 101 111

50

Rest of the World 101 111

Total Group 1,065 1,127

Excludes eco-cigarillos; The definition of tobacco net revenue has been changed to exclude revenue from peripheral and non-tobacco related products with comparatives restated accordingly

USA Cigar Net Revenues (£m) 200 200

Market SharesMarket Shares

51

6 month average

Cigarette (%) HY11 HY10

UK 45.3 45.4

European UnionCigarette Market Shares

UK 45.3 45.4

Germany 26.9 26.6

Spain1 28.2 29.7

France1 22.8 23.9

Austria 17.4 16.3

Czech Republic 14.0 14.0

Greece 11.5 11.5

Hungary 12.3 12.62

52Imperial estimates; 1domestic blonde share; 2restated due to change of source or basis

Hungary 12.3 2

Ireland 24.4 24.5

Netherlands 12.3 12.5

Poland 25.4 25.8

European UnionFCT Market Shares

6 month average

Fine cut tobacco (%) HY11 HY10

UK 51.7 55.2UK 51.7 55.2

Germany 20.7 20.01

Spain 34.4 32.0

France 20.4 20.61

Belgium 12.4 10.91

Czech Republic 59.2 50.3

Greece 31.3 33.5

Hungary 42.0 47.71

53Imperial estimates; 1restated due to change of source or basis

Italy 40.0 43.1

Netherlands 47.4 49.0

Poland 53.6 16.5

Americas and Rest of the WorldCigarette Market Shares

Cigarette 6 month average

% HY11 HY10

USA 3.9 3.91USA 3.9 3.9

Argentina 2.5 2.6

Australia 18.4 16.9

Morocco 83.9 83.7

Russia 8.5 9.21

Saudi Arabia 10.3 10.0

Taiwan 10.9 11.1

Turkey 3.4 3.91

54Imperial estimates; 1restated due to change of source or basis

Turkey 3.4 3.9

Ukraine 22.2 20.71

MiscellaneousMiscellaneous

55

Senior Bank Facilities31 March 2011

Amount Description Maturity date £m equiv. Margin

$1,629m Committed 5 Year Revolving Credit Facility Jul-12 £1,015m 0.725%*$1,629m Committed 5 Year Revolving Credit Facility Jul-12 £1,015m 0.725%*

Committed 5 Year Revolving Credit Facility Dec-15 1.000%**

$632m USD tranche £394m

£600m GBP tranche £600m

56

€1,785m EUR tranche £1,579m

Total £3,588m

Note: Amounts adjusted for Lehman Brothers collapse* Margin increases to 1% from July 2011**The Dec’15 committed Revolving Credit Facility has a margin step up clause based on utilisation of the entire facility. If utilisation of the entire facility is more than 50% then the margin on all Dec’15 facility drawings increases by 20bp to 1.2%. If utilisation is more than 75% then the margin on all Dec’15 facility drawings increases by a further 20bp to 1.4%. The margin step up applies until the utilisation percentage falls below the step up level

Bond Issues31 March 2011

Amount Issuer Coupon Issue Date Maturity Date £m equiv. Margin

£350m Imperial Tobacco Finance PLC 6.875% Jun-02 Jun-12 £489m* 1.3%

€1,250m Imperial Tobacco Finance PLC 5.000% Jun-09 Jun-12 £1,106m 2.7%€1,250m Imperial Tobacco Finance PLC 5.000% Jun-09 Jun-12 £1,106m 2.7%

€500m Altadis Finance BV 5.125% Oct-03 Oct-13 £442m 0.8%

€1,200m Imperial Tobacco Finance PLC 4.375% Nov-06 Nov-13 £1,062m 0.6%

€750m Imperial Tobacco Finance PLC 7.250% Sep-08 Sep-14 £663m 2.7%

€500m Altadis Emisiones Financieras SAU 4.000% Dec-05 Dec-15 £442m 1.1%

€1,500m Imperial Tobacco Finance PLC 8.375% Feb-09 Feb-16 £1,327m 5.0%

£450m Imperial Tobacco Finance PLC 5.500% Nov-06 Nov-16 £593m* 0.6%

£200m Imperial Tobacco Finance PLC 6.250% Dec-03 Dec-18 £259m* 1.1%

57

£500m Imperial Tobacco Finance PLC 7.750% Jun-09 Jun-19 £500m 3.8%

£1,000m Imperial Tobacco Finance PLC 9.000% Feb-09 Feb-22 £1,000m 5.0%

£600m Imperial Tobacco Finance PLC 8.125% Sep-08 Mar-24 £600m 3.1%

Total/Weighted Average £8,483m 2.7%

* Adjusted for cross currency swaps

Financingmaturity profile at 31 March 2011

12,000

14,000

Bond Issues

Bank Facilities

£ eq

uiva

lent

(m)

2,000

4,000

6,000

8,000

10,000

Bond Issues

58

� 30% bank, 70% capital markets

� Facilities in place as at 31 March: c.£12bn

� Headroom as at 31 March c.£1.4bn including short

term facilities

0Apr 12

Apr 13

Apr 14

Apr 15

Apr 16

Apr 17

Apr 18

Apr 19

Apr 20

Apr 21

Apr 22

Apr 23

Apr 24

Apr 11

Applying FCF Against Net Debt

� Current cost of bank financing significantly less than bond financing� Current cost of bank financing significantly less than bond financing

� Free cash flow is used to repay bank debt only, therefore interest cost

saving is lower than all-in cost of debt (around one-third for FY11 and

around half for FY12)

� As absolute debt levels fall, proportion of higher-cost bonds increases

59

therefore increasing all in cost of debt

Use of Adjusted MeasuresManagement believes that reporting non-GAAP or adjusted measures provides a useful comparison of business performance and reflects the way in which the business is controlled. Accordingly, adjusted measures of operating profit, net finance costs, profit before tax, taxation, earnings and earnings per share exclude, where applicable, acquisition

Basis of Results Presentation

net finance costs, profit before tax, taxation, earnings and earnings per share exclude, where applicable, acquisition accounting adjustments, amortisation of acquired intangibles, restructuring costs, post-employment benefits net financing income or expense, fair value gains and losses on derivative financial instruments 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 measures are included in our published financial statements. Adjusted measures are not defined terms under IFRS and may not be comparable with similarly titled measures reported by other companies.

Imperial Tobacco also uses the following non-GAPP measures in presenting its results:

Net RevenueNet 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.

60

of Tobacco operations.

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

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

Gerry Gallagher

Director of Investor Communications

ContactsInvestor Relations department

[email protected]

Tel: +44 (0) 117 933 7014

John Nelson-Smith Grant Edmunds

Investor Relations Manager Investor Relations Manager

61

[email protected] [email protected]

Tel: +44 (0) 117 933 7032 Tel: +44 (0) 117 933 7117

half yearly results 2011 - imperial brands · information available at the date of announcement of...

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