Annual report 2010 - Imperial Tobacco Group

Notes to the Imperial Tobacco Group PLC Balance Sheet continuedStrategy Performance Governance Financials(viii) GuaranteesImperial Tobacco Group PLC has guaranteed various borrowings and liabilities of certain UK and overseas subsidiaryundertakings, including various Dutch and Irish subsidiaries. At 30 September 2010, the contingent liability totalled£9,790 million (2009: £11,464 million).The guarantees include the Dutch subsidiaries which, in accordance with Book 2, Article 403 of The Netherlands Civil Code,do not file separate financial statements with the Chamber of Commerce. Under the same article, Imperial Tobacco GroupPLC has issued declarations to assume any and all liabilities for any and all debts of the Dutch subsidiaries.The guarantees also cover the Irish subsidiaries, all of which are included in the consolidated financial statements asat 30 September 2010. The Irish companies, namely John Player & Sons Limited and Imperial Tobacco Mullingar, havetherefore availed themselves of the exemption provided by section 17 of the Irish Companies (Amendment) Act 1986in respect of documents required to be attached to the annual returns for such companies.The Directors have assessed the fair value of the above guarantees and do not consider them to be material. They havetherefore not been recognised on the balance sheet.(ix) Related Party DisclosuresNumber of employeesThe average number of employees during 2010 was nil (2009: nil).Key management personnelThe key management personnel of the Group and the Company are the same. The relevant disclosures are given in theDirectors’ Remuneration Report on pages 78 to 95.Share-based compensationAs discussed in note 21 to the consolidated financial statements the Group provides share-based compensation toemployees through a number of schemes. These are in relation to shares in the Company and the cost of providing thosebenefits is recharged to the employing companies in the Group.Directors’ emolumentsDetails of Directors’ emoluments and interests are provided within the Directors’ Remuneration Report on pages 81 to 83.These disclosures form part of the financial statements.156