Annual report 2010 - Imperial Tobacco Group

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Independent Auditors’ Reportto the Members of Imperial Tobacco Group PLCStrategy Performance Governance FinancialsWe have audited the parent company financial statementsof Imperial Tobacco Group PLC for the year ended30 September 2010 which comprise the Balance Sheet andthe related notes. The financial reporting framework that hasbeen applied in their preparation is applicable law and UnitedKingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice).Respective Responsibilities of Directors and AuditorsAs explained more fully in the Statement of Directors’Responsibilities, the Directors are responsible for thepreparation of the parent company financial statementsand for being satisfied that they give a true and fair view.Our responsibility is to audit the parent company financialstatements in accordance with applicable law andInternational Standards on Auditing (UK and Ireland).Those standards require us to comply with the AuditingPractices Board’s Ethical Standards for Auditors.This report, including the opinions, has been preparedfor and only for the Company’s members as a body inaccordance with Chapter 3 of Part 16 of the CompaniesAct 2006 and for no other purpose. We do not, in givingthese opinions, accept or assume responsibility for anyother purpose or to any other person to whom this reportis shown or into whose hands it may come save whereexpressly agreed by our prior consent in writing.Scope of the Audit of the Financial StatementsAn audit involves obtaining evidence about the amountsand disclosures in the financial statements sufficient to givereasonable assurance that the financial statements arefree from material misstatement, whether caused by fraudor error. This includes an assessment of: whether theaccounting policies are appropriate to the parent company’scircumstances and have been consistently applied andadequately disclosed; the reasonableness of significantaccounting estimates made by the Directors; and theoverall presentation of the financial statements.Opinion on Financial StatementsIn our opinion the parent company financial statements:Opinion on Other Matters Prescribed by theCompanies Act 2006In our opinion:––the part of the Directors’ Remuneration Report to beaudited has been properly prepared in accordance withthe Companies Act 2006; and––the information given in the Directors’ Report for thefinancial year for which the parent company financialstatements are prepared is consistent with the parentcompany financial statements.In our opinion the information given in the CorporateGovernance Report set out with respect to internal controland risk management systems and about share capitalstructures is consistent with the financial statements.Matters on Which We Are Required to Reportby ExceptionWe have nothing to report in respect of the following matterswhere the Companies Act 2006 requires us to report to youif, in our opinion:––adequate accounting records have not been kept by theparent company, or returns adequate for our audit havenot been received from branches not visited by us; or––the parent company financial statements and the part ofthe Directors’ Remuneration Report to be audited are notin agreement with the accounting records and returns; or––certain disclosures of directors’ remuneration specifiedby law are not made; or––we have not received all the information and explanationswe require for our audit.Other MatterWe have reported separately on the Group financialstatements of Imperial Tobacco Group PLC for the yearended 30 September 2010.––give a true and fair view of the state of the Company’saffairs as at 30 September 2010;––have been properly prepared in accordance with UnitedKingdom Generally Accepted Accounting Practice; and––have been prepared in accordance with the requirementsof the Companies Act 2006.David Charles (Senior Statutory Auditor)for and on behalf of PricewaterhouseCoopers LLPChartered Accountants and Statutory AuditorsBristol2 November 2010152
Imperial Tobacco Group PLC Balance Sheetat 30 September 201030 September201030 September2009£ million NotesFixed assetsInvestments in subsidiaries (ii) 3,035 1,035Current assetsDebtors (iii) 3,976 6,015Cash 48 –4,024 6,015Creditors: amounts falling due within one year (iv) – (208)Net current assets 4,024 5,807Total assets less current liabilities 7,059 6,842Net assets 7,059 6,842Capital and reservesCalled up share capital (v) 107 107Share premium (vi) 5,833 5,833Profit and loss account (vi) 1,119 902Equity shareholders’ funds 7,059 6,842The financial statements on pages 153 to 156 were approved by the Board of Directors on 2 November 2010 and signed onits behalf by:Iain NapierChairmanRobert DyrbusDirector153
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Imperial Tobacco Group PLCAnnual Re
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…to deliver sustainableshareholde
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Operational HighlightsDelivering Su
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and product portfolio to evolving c
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In this section9 Strategic Review10
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Our StrategyWe are focused on deliv
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Total Tobacco5 % Our Powerful Brand
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Our global strategic cigarette bran
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Our global team is fully aligned be
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Satisfying consumers and aligning o
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We are a responsive business with s
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Operating responsibly, combined wit
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Our growth drivers of sales growth,
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Principal Risks and UncertaintiesA
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Competition LawOverviewWe take comp
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Reconciliation of Adjusted Performa
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Key Performance Indicators (KPIs) 1
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Lambert & Butler and Richmond remai
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Within this the travel retail marke
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OutlookThe strength of our portfoli
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Blondes. In the Middle East, we aga
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Corporate ResponsibilityOur Corpora
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Corporate Responsibility and our St
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We have revised our IMS and employe
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Environmental Performance 1Absolute
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across the business. More informati
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Supplier RelationshipsOur main supp
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Non-financial performance indicator
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“High standards of corporategover
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5. Pierre Jungels, CBE (HON), PHD,
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Management and Corporate StructureB
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Meetings of the Board, Board Commit
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and supplemented by our Non-Executi
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6 Performance evaluation: How do we
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The Board recognises that we operat
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Assurance process for financial rep
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- receiving reports from, and quest
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Directors’ Report: Other Informat
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- state whether IFRSs as adopted by
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We understand that a purported coll
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This Report covers the following:1
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2 Directors’ Emoluments for the Y
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Directors’ Interests in Ordinary
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Executive Directors’ Service Agre
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When setting base salary the Remune
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First ElementFifty per cent of the
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In respect of the October 2007 - Oc
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Any annual bonus earned up to 100 p
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Benefit Trusts have also been provi
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Independent Auditors’ Reportto th
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Consolidated Statement ofComprehens
Page 103 and 104: Consolidated Statement of Changes i
Page 105 and 106: Accounting PoliciesBasis of Prepara
Page 107 and 108: Duty and Similar ItemsDuty and simi
Page 109 and 110: InventoriesInventories are stated a
Page 111 and 112: Restructuring CostsSignificant one-
Page 113 and 114: Property, Plant and Equipment and I
Page 115 and 116: Tobacco net revenue£ million 2010
Page 117 and 118: 3 Restructuring Costs£ million 201
Page 119 and 120: Factors affecting the tax charge fo
Page 121 and 122: 9 Intangible Assets2010£ million G
Page 123 and 124: 10 Property, Plant and Equipment201
Page 125 and 126: 13 Trade and Other Receivables2010
Page 127 and 128: Sensitivity analysisIFRS 7 requires
Page 129 and 130: At 30 September 2009Balance sheetam
Page 131 and 132: (iii) Currency analysis and effecti
Page 133 and 134: (iv) Derivative financial instrumen
Page 135 and 136: Matures in financial year ending in
Page 137 and 138: The following tables are provided i
Page 139 and 140: Matures in financial year ending in
Page 141 and 142: (vi) Hedge of net investments in fo
Page 143 and 144: 18 Retirement Benefit SchemesThe Gr
Page 145 and 146: Assumptions regarding future mortal
Page 147 and 148: 21 Share SchemesThe Group recognise
Page 149 and 150: Year from 1 October 2008 to 30 Sept
Page 151 and 152: 23 CommitmentsCapital commitments£
Page 153: 27 Reconciliation of Cash Flow to M
Page 157 and 158: (iii) Debtors: Amounts Falling Due
Page 159 and 160: Principal SubsidiariesThe principal
Page 161 and 162: Shareholder InformationRegistered O
Page 163 and 164: IndexAAccounting Policies 103Acquis
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Annual report 2010 - Imperial Tobacco Group

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