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

Contents
2 Message from the Co-Chairmen
4 The Altadis Group
4 Corporate governance
8 Management
10 Overview of fi ve successful years
12 Share performance
and investor relations
14 Group Business in 2004
16 Acquisitions
20 Cigarettes
42 Cigars
54 Logistics
64 Social and Environmental
Responsibility
80 Financial Information
Group profi le
The Altadis Group is a European leader in the tobacco and
local-logistics sectors, with strategic positions in its three core
businesses.
The Group ranks third in the Western European CIGARETTE,
market as well as fi rst in the world CIGAR market, and is also a
major LOGISTICS provider to convenience stores, tobacconists
and other local outlets in the Mediterranean Basin.
As the result of a strong international expansion drive,
Altadis now generates more than 40% of its revenues outside
its domestic markets. The Group is also pursuing a dynamic
external growth policy, as evidenced in 2004 by its acquisitions
of Balkan Star in Russia and Etinera in Italy.
Listed on the Paris and Madrid stock exchanges, Altadis is
one of Europe’s largest tobacco groups in terms of market
capitalization.
Changes in the Group management structure
At its meeting on June 6, 2005, the Altadis Board of Directors decided to submit changes in the Group
management structure for approval by shareholders at the Annual Meeting on June 29. The changes are
as follows:
• The appointment of Jean-Dominique Comolli as Chairman of the Board of Directors and of Antonio
Vázquez, who will be in charge of the Group’s operations, as Chairman of the Executive Commission
and Chief Executive Offi cer of the Altadis Group.
• The appointment of two Directors to serve as Vice Chairmen of the Board.
• The creation of a new Strategy, Ethics and Corporate Governance commission, in addition to existing
commissions. Board Chairman Jean-Dominique Comolli will also chair the new commission, which will
be comprised of the two Vice Chairmen and Group CEO Antonio Vázquez, among others.
These changes, which are in line with the best international corporate governance standards, will enable
the Group to more effectively respond to the major challenges it will face in the near future.
1