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

Income statement
(in millions of euros)
Balance sheet
(in millions of euros)
2004 * 2004
IFRS
SALES NA 9,546
(COST OF GOODS SOLD) + (CONSIGNMENT COSTS)
+ DISCOUNTS NA (5,988)
ECONOMIC SALES 3,518 3,557
EBITDA 1,113 1,104
(DEPRECIATION AND AMORTIZATION) (175) (168)
INCOME FROM ORDINARY ACTIVITIES NA 936
OTHER INCOME AND EXPENSES NA 0
OPERATING INCOME 938 936
FINANCIAL EXPENSE (101) (92)
EXCEPTIONAL ITEMS 11 0
COMPANIES CONSOLIDATED BY THE EQUITY METHOD 34 34
GOODWILL AMORTIZATION (157) 0
CORPORATE INCOME TAX (256) (282)
MINORITY INTERESTS (56) (57)
ATTRIBUTABLE NET INCOME 413 539
NET EARNINGS PER SHARE (IN EUROCENTS) 146 190
*Certain reclassifi cations have been made in order to facilitate comparison with IFRS fi gures.
ASSETS 2004 * 2004
IFRS
FIXED ASSETS 2,085 2,096
Intangible assets 560 718
Tangible assets 853 914
Investments 672 464
GOODWILL 2,605 2,401
DEFERRED TAXES - 442
CURRENT ASSETS 4,802 4,677
CASH AND CASH EQUIVALENTS 1,120 1,103
TOTAL 10,612 10,720
*Certain reclassifi cations have been made in order to facilitate comparison with IFRS fi gures.
The switchover to International Financial Reporting Standards,
a vast project begun in 2002, was completed in April 2005 with
the publication of the IFRS-restated pro-forma 2004 accounts.
This transition from local to international standards allows easier
comparison of Altadis with its peers, thereby enhancing the ability
of investors to assess its performance and future prospects.
The switch to IFRS had an impact on certain data. Economic sales
gained EUR 39 million, EBITDA shrank slightly by EUR 10 million,
net income expanded EUR 126 million and the balance sheet total
was revalued by EUR 108 million. However, the new standards
have little to no effect on the following items:
• our payout policy (the Group is committed to achieving double
digit annual dividend growth and pursuing its share buyback
policy),
• our cash-generating ability,
• our net debt and short-term cash/cash equivalents positions,
• our shareholders’ equity at January 1, 2004, whose modifi cation
only refl ects the integration of minority interests.
Full details on the transition to IFRS are available on our
corporate website: www.altadis.com.
LIABILITIES 2004 * 2004
IFRS
SHAREHOLDERS’ EQUITY 1,044 1,426
PROVISIONS 1,004 -
Minority interests 291 -
Provisions 670 -
Badwill 42 -
DEFERRED TAXES - 168
OTHER LONG-TERM COMMITMENTS - 423
LONG-TERM DEBT - 1,785
SHORT-TERM DEBT - 1,263
OTHER CURRENT LIABILITES 5,505 5,655
FINANCIAL DEBT 3,059 -
TOTAL 10,612 10,720
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