Annual report 2010 - Imperial Tobacco Group

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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
Principal SubsidiariesThe principal subsidiaries and joint ventures of the Group, which are unlisted unless otherwise indicated, are shown below.Registered in England and Wales, wholly ownedNamePrincipal activityImperial Tobacco Holdings (2007) LimitedHolding investments in subsidiary companiesImperial Tobacco LimitedManufacture, marketing and sale of tobacco products in the UKImperial Tobacco International LimitedExport and marketing of tobacco productsImperial Tobacco Finance PLCFinance companyIncorporated overseas, wholly ownedName and country of incorporationPrincipal activityAltadis S.A., SpainManufacture, marketing, sale and distribution of tobacco productsin SpainAltadis Distribution France S.A.S., FranceDistribution of tobacco products in FranceAltadis Emisiones Financieras SAU, SpainFinance companyAltadis Finance B.V., NetherlandsFinance companyAltadis Maroc S.A., MoroccoManufacture, marketing, sale and distribution of tobacco productsin MoroccoAltadis Middle East Fzco., United Arab Emirates Marketing and sale of tobacco products in the Middle EastAltadis USA Inc., United States of AmericaManufacture, marketing and sale of cigars in the United Statesof AmericaCommonwealth Brands Inc.,United States of AmericaManufacture, marketing and sale of tobacco products in the UnitedStates of AmericaCompañía de Distribución Integral Logista S.A., Spain Distribution of tobacco products and related services in SpainEts. L. Lacroix Fils N.V., BelgiumManufacture, marketing and sale of tobacco products in BelgiumImperial Tobacco Australia Limited, Australia Marketing and sale of tobacco products in AustraliaImperial Tobacco CR s.r.o., Czech Republic Marketing and sale of tobacco products in the Czech RepublicImperial Tobacco Finland Oy, FinlandMarketing and sale of tobacco products in FinlandImperial Tobacco Hellas S.A., GreeceMarketing and sale of tobacco products in GreeceImperial Tobacco Italia Srl, Italy 1Marketing and sale of tobacco products in ItalyImperial Tobacco Magyarorszäg Dohänyforgalmazö Marketing and sale of tobacco products in HungaryKft, HungaryImperial Tobacco Mullingar, Republic of Ireland Manufacture of fine cut tobacco in the Republic of IrelandImperial Tobacco New Zealand Limited,New ZealandManufacture, marketing and sale of tobacco products inNew ZealandImperial Tobacco Norway A.S., NorwayMarketing and sale of tobacco products in NorwayImperial Tobacco Polska S.A., PolandManufacture, marketing and sale of tobacco products in PolandImperial Tobacco Sales & Marketing LLC, Russia Marketing and sale of tobacco products in RussiaImperial Tobacco Sigara ve Tutunculuck Sanayi Marketing and sale of tobacco products in Turkeyve Ticaret A.S., TurkeyImperial Tobacco Slovakia A.S., Slovak Republic Marketing and sale of tobacco products in the Slovak RepublicImperial Tobacco Taiwan Co. Limited, Taiwan Marketing and sale of tobacco products in TaiwanImperial Tobacco Taiwan Manufacturing Company Manufacture of tobacco products in TaiwanLimited, TaiwanImperial Tobacco Tutun Urunleri Satis ve Pazarlama Manufacture of tobacco products in TurkeyA.S., TurkeyImperial Tobacco Ukraine, UkraineMarketing and sale of tobacco products in UkraineOOO Imperial Tobacco Volga LLC, RussiaManufacture of tobacco products in RussiaJohn Player S.A., SpainMarketing and sale of tobacco products in the Canary IslandsJohn Player & Sons Limited, Republic of Ireland Marketing and sale of tobacco products in the Republic of IrelandLogista Italia S.p.A., ItalyDistribution of tobacco products in ItalyReemtsma Cigarettenfabriken GmbH, Germany Manufacture, marketing and sale of tobacco products in GermanyReemtsma International Asia Services Limited, China Marketing of tobacco products in ChinaSkruf Snus AB, SwedenManufacture, marketing and sale of tobacco products in Sweden157
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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
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Consolidated Statement of Changes i
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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 and 154: 27 Reconciliation of Cash Flow to M
Page 155 and 156: Imperial Tobacco Group PLC Balance
Page 157: (iii) Debtors: Amounts Falling Due
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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