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

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14 Cigarettes ECONOMIC SALES +6.8% EUR 1.838 million +5.9% EUR 644 million EBITDA EBITDA MARGIN 35% Cigars ECONOMIC SALES +7.2% EUR 817 million EBITDA +20.6% EUR 214 million EBITDA MARGIN 26.1% Logistics ECONOMIC SALES +8.3% EUR 861 million +8.5% EUR 252 million EBITDA EBITDA MARGIN 29.2%
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 34: Group business in 2004 Altadis grew
Page 38: Rounding out the brand portfolio an
Page 42: since, although Italy is Europe’s
Page 48: 22 … Despite the diffi culties en
Page 52: 24 France In 2004, tax pressure inc
Page 56: 26 FORTUNA No. 1 in the Spanish mar
Page 60: 28 Spain Higher revenues The Spanis
Page 64: 30 Other European markets In Wester
Page 68: 32 Italy A locomotive named Fortuna
Page 72: 34 International markets In Morocco
Page 76: 36 OLIVIER BUBBE Director for the A
Page 80: 38 Production Enhancing fl exibilit
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40 Research and Development Constan
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Chief Operating Offi cer, Cigar Div
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Benchmarks A world market trending
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9.4 % Increase of sales in dollars
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“With DUX, we’ve created a qual
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Other countries Cigar sales outside
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90 Casa del Habanos worldwide These
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56 … The Division’s economic sa
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58 General logistics General logist
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60 Other logistics services Logista
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62 Tobacco logistics Tobacco logist
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Social and environmental responsibi
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Altadis Group employees at December
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as a key aspect of its social polic
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ISO 14001: continuing the certifi c
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Prevention of accidental leakages T
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Supporting research and ensuring co
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Relations with local communities As
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Debates: plural vision Through a se
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France: 182-188, avenue de France -
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Altadis, S.A. and Dependent Compani
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Altadis Group 2004 Financial Inform
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Lastly, when the Parent Company dir
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Depreciation Rate (%) Structures 2-
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h) Inventories Inventories of raw m
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and not yet exercised were acquired
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6. Tangible fixed assets The variat
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a) Holdings in associated companies
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In order to adjust the acquisition
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) Negative consolidation difference
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13. Shareholders’ equity The vari
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14. Minority interests The variatio
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16. Payable to credit institutions,
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17. Other accounts payables The det
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The average number of the Group’s
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20. Balances and transactions with
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21. Contribution of Group companies
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23. Other disclosures Directors’
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Detail of directors’ equity inter
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The aforementioned plan is currentl
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130 Altadis Group 2004 Financial In
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Altadis, S.A. Index 152 Auditors’
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Altadis, S.A. 2004 Financial Inform
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4. Valuation standards The main val
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e) Deferred charges The balance of
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Also, the Company records the appro
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The most significant additions in 2
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As of December 31, 2004, the balanc
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12.Provisions for contingencies and
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Credits As of December 31, 2004, th
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The 2004 corporate income tax charg
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The average number of permanent emp
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The main purchase and expense trans
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The total salary compensation recei
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186 Altadis, S.A. 2004 Financial In
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188 Altadis, S.A. 2004 Financial In
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192 Altadis, S.A. 2004 Corporate Go
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Annual report 2004 (English) - PDF 3546K - Imperial Tobacco

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