- Page 1 and 2:
Annual Report 2004
- Page 4:
Economic sales* (in millions of eur
- Page 8:
2 Message from the Co-Chairmen “W
- Page 12:
4 Corporate Governance The Altadis
- Page 16:
6 Compensation and Appointments Com
- Page 20:
8 Group Management Committee c a b
- Page 24:
10 Overview of fi ve successful yea
- Page 28:
12 Share performance and investor r
- Page 32:
14 Cigarettes ECONOMIC SALES +6.8%
- Page 36:
16 Acquisitions Three new steps in
- Page 40:
18 Etinera key figures • 228 empl
- Page 46:
BRUNO GERMAIN-THOMAS Chief Operatin
- Page 50:
Benchmarks World market trends The
- Page 54:
Price increases In France, the aver
- Page 58:
LIONEL HEUZÉ Cigarette Marketing a
- Page 62:
Spain The Spanish market also poste
- Page 66:
Germany Gauloises Blondes, our key
- Page 70:
SMART +31.6% Sales increase in Finl
- Page 74:
Marquise, number-one in the Morocca
- Page 78:
The Caucasus A niche strategy for G
- Page 82:
Poland The country’s entry into t
- Page 86:
In 2004, experiments began in Moroc
- Page 92:
44 … Altadis USA remained the ben
- Page 96:
46 United States Leader in the most
- Page 100:
48 Spain and France Ongoing growth
- Page 104:
50 FRANCK COSTE Cigar Marketing and
- Page 108:
52 Corporación Habanos A particula
- Page 114: LUIS EGIDO Chief Operating Offi cer
- Page 118: Benchmarks A high-value-added chain
- Page 122: JUAN RIZO Chief Operating Offi cer,
- Page 126: This diversifi cation and innovatio
- Page 130: Morocco Régie des Tabacs du Maroc
- Page 136: 66 Human Resources Values and pract
- Page 140: 68 These principles are enshrined i
- Page 144: 70 Ensuring environmental protectio
- Page 148: 72 Energy consumption, water consum
- Page 152: 74 Relations with consumers High-qu
- Page 156: 76 Relations with public authoritie
- Page 160: 78 Cultural sponsorship: an express
- Page 166: France: 182-188, avenue de France -
- Page 170: Altadis, S.A. and Dependent Compani
- Page 178: Altadis Group 2004 Financial Inform
- Page 182: Altadis Group 2004 Financial Inform
- Page 186: Lastly, when the Parent Company dir
- Page 190: Depreciation Rate (%) Structures 2-
- Page 194: h) Inventories Inventories of raw m
- Page 198: and not yet exercised were acquired
- Page 202: 6. Tangible fixed assets The variat
- Page 206: a) Holdings in associated companies
- Page 210: In order to adjust the acquisition
- Page 214:
) Negative consolidation difference
- Page 218:
13. Shareholders’ equity The vari
- Page 222:
14. Minority interests The variatio
- Page 226:
16. Payable to credit institutions,
- Page 230:
17. Other accounts payables The det
- Page 234:
The average number of the Group’s
- Page 238:
20. Balances and transactions with
- Page 242:
21. Contribution of Group companies
- Page 246:
23. Other disclosures Directors’
- Page 250:
Detail of directors’ equity inter
- Page 254:
The aforementioned plan is currentl
- Page 258:
Altadis Group 2004 Financial Inform
- Page 264:
130 Altadis Group 2004 Financial In
- Page 268:
132 Altadis Group 2004 Financial In
- Page 272:
134 Altadis Group 2004 Financial In
- Page 276:
136 Altadis Group 2004 Financial In
- Page 280:
138 Altadis Group 2004 Financial In
- Page 284:
140 Altadis Group 2004 Financial In
- Page 288:
142 Altadis Group 2004 Financial In
- Page 292:
144 Altadis Group 2004 Financial In
- Page 296:
146 Altadis Group 2004 Financial In
- Page 300:
148 Altadis Group 2004 Financial In
- Page 304:
Altadis, S.A. Index 152 Auditors’
- Page 312:
Altadis, S.A. 2004 Financial Inform
- Page 316:
Altadis, S.A. 2004 Financial Inform
- Page 320:
4. Valuation standards The main val
- Page 324:
e) Deferred charges The balance of
- Page 328:
Also, the Company records the appro
- Page 332:
The most significant additions in 2
- Page 336:
Altadis, S.A. 2004 Financial Inform
- Page 340:
As of December 31, 2004, the balanc
- Page 344:
12.Provisions for contingencies and
- Page 348:
Credits As of December 31, 2004, th
- Page 352:
The 2004 corporate income tax charg
- Page 356:
The average number of permanent emp
- Page 360:
The main purchase and expense trans
- Page 364:
The total salary compensation recei
- Page 368:
Altadis, S.A. 2004 Financial Inform
- Page 374:
186 Altadis, S.A. 2004 Financial In
- Page 378:
188 Altadis, S.A. 2004 Financial In
- Page 384:
192 Altadis, S.A. 2004 Corporate Go
- Page 388:
194 Altadis, S.A. 2004 Corporate Go
- Page 392:
196 Altadis, S.A. 2004 Corporate Go
- Page 396:
198 Altadis, S.A. 2004 Corporate Go
- Page 400:
200 Altadis, S.A. 2004 Corporate Go
- Page 404:
202 Altadis, S.A. 2004 Corporate Go
- Page 408:
204 Altadis, S.A. 2004 Corporate Go
- Page 412:
206 Altadis, S.A. 2004 Corporate Go
- Page 416:
208 Altadis, S.A. 2004 Corporate Go
- Page 420:
210 Altadis, S.A. 2004 Corporate Go
- Page 424:
212 Altadis, S.A. 2004 Corporate Go
- Page 428:
214 Altadis, S.A. 2004 Corporate Go
- Page 432:
216 Altadis, S.A. 2004 Corporate Go
- Page 436:
218 Altadis, S.A. 2004 Corporate Go
- Page 440:
220 Altadis, S.A. 2004 Corporate Go
- Page 444:
222 Altadis, S.A. 2004 Corporate Go
- Page 448:
224 Altadis, S.A. 2004 Corporate Go
- Page 452:
226 Altadis, S.A. 2004 Corporate Go
- Page 456:
228 Altadis, S.A. 2004 Corporate Go
- Page 460:
230 Altadis, S.A. 2004 Corporate Go
- Page 464:
232 Altadis, S.A. 2004 Corporate Go
- Page 468:
234 Altadis, S.A. 2004 Corporate Go