Annual report 2004 (English) - PDF 3546K - Imperial Tobacco

a) Holdings in associated companies
Companies accounted for by the equity method
The variations in 2004 in the investments in
companies accounted for by the equity method
were as follows:
Other investments
The additions recorded under the “Other
Investments” caption relate, mainly, to the
investment of €35,940 thousand in Nicot. The
return on this investment, which was made
because it qualifies for certain tax incentives, is
assured. The variations in the scope of
Altadis Group 2004 Financial Information 101
Thousands of Euros
Share in
Balance Income Distribution Balance
at Changes (Loss) for of at
12/31/03 in scope Reductions the Year Dividends 12/31/04
Direct ownership interests:
Aldeasa, S.A. 59,568 – – 10,077 (6,478) 63,167
CITA Tabacos de Canarias, S.L. 24,474 – – 4,193 – 28,667
Tabaqueros Asociados, S.A. 772 – – 417 (311) 878
Tabacos Elaborados, S.A. 1,107 – – 611 (456) 1,262
Tacisa (*) – 11,364 – (3,415) – 7,949
MTS (*) – 1,887 – 783 – 2,670
Urex Inversiones Subgroup:
Compañía Española de Tabaco
en Rama, S.A. 10,779 – – 1,052 – 11,831
Unión Ibérica de Radio, S.A. 1,901 – – 451 3 2,355
Inversiones Tabaqueras
Internacionales Cigars
(ITI Cigars) Subgroup 251 17 (159) – – 109
LOGISTA Subgroup:
Iberia, L.A.E., S.A. 117,541 – (48) 14,740 (1,835) 130,398
Distribuidora del Noroeste, S.L. 480 – – 80 – 560
Other 336 – – 145 (180) 301
SEITA Subgroup:
Intertab (*) – 896 – 180 – 1,076
LTR Industries 6,067 – – 4,016 (3,113) 6,970
MITSA (*) – 25 – 408 – 433
Total 223,276 14,189 (207) 33,738 (12,370) 258,626
(*) Companies accounted for by the equity method from January 1, 2004.
consolidation under the “Other Investments”
caption relate to certain companies that due to
their size had not been consolidated in prior years
and which have been accounted for by the equity
method since January 1, 2004.