Annual report 2010 - Imperial Tobacco Group

More documents

Recommendations

Info

Financial Statements and Notes – ContentsStrategy Performance Governance FinancialsGroup Financial StatementsIndependent Auditors’ Report to theMembers of Imperial Tobacco Group PLC 97Consolidated Income Statement 98Consolidated Statement of Comprehensive Income 99Consolidated Balance Sheet 100Consolidated Statement of Changes in Equity 101Consolidated Cash Flow Statement 102Accounting Policies 103Critical Accounting Estimates and Judgements 110Notes to the Group Financial Statements1 Segment Information 1122 Profit Before Taxation 1143 Restructuring Costs 1154 Directors and Employees 1155 Net Finance Costs 1166 Taxation 1167 Dividends 1178 Earnings Per Share 1189 Intangible Assets 11910 Property, Plant and Equipment 12111 Investments in Associates and Joint Ventures 12212 Inventories 12213 Trade and Other Receivables 12314 Cash and Cash Equivalents 12315 Trade and Other Payables 12316 Borrowings and Derivative Financial Instruments 12317 Deferred Tax Assets and Liabilities 13918 Retirement Benefit Schemes 14119 Provisions 14420 Share Capital 14421 Share Schemes 14522 Shares 14823 Commitments 14924 Legal Proceedings 14925 Cash Flows from Operating Activities 15026 Analysis of Net Debt 15027 Reconciliation of Cash Flow to Movementin Net Debt 15128 Balances and Transactions with Associatesand Joint Ventures 15129 Acquisitions 151Parent Company Financial StatementsIndependent Auditors’ Report to theMembers of Imperial Tobacco Group PLC 152Imperial Tobacco Group PLC Balance Sheet 153Notes to the Imperial Tobacco Group PLC Balance Sheet 154Principal Subsidiaries 15796
Independent Auditors’ Reportto the Members of Imperial Tobacco Group PLCWe have audited the Group financial statements of ImperialTobacco Group PLC for the year ended 30 September 2010which comprise the Consolidated Income Statement, theConsolidated Statement of Comprehensive Income, theConsolidated Balance Sheet, the Consolidated Statementof Changes in Equity, the Consolidated Cash FlowStatement, the Accounting Policies and related notes.The financial reporting framework that has been appliedin their preparation is applicable law and InternationalFinancial Reporting Standards (IFRSs) as adopted bythe European Union.Respective Responsibilities of Directors and AuditorsAs explained more fully in the Statement of Directors’Responsibilities, the Directors are responsible for thepreparation of the Group financial statements and for beingsatisfied that they give a true and fair view. Our responsibilityis to audit the Group financial statements in accordance withapplicable law and International Standards on Auditing (UKand Ireland). Those standards require us to comply with theAuditing Practices 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 togive reasonable assurance that the financial statementsare free from material misstatement, whether caused byfraud or error. This includes an assessment of: whetherthe accounting policies are appropriate to the Group’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 Group financial statements:––give a true and fair view of the state of the Group’s affairsas at 30 September 2010 and of its profit and cash flowsfor the year then ended;––have been properly prepared in accordance with IFRSsas adopted by the European Union; andOpinion on Other Matters Prescribed by theCompanies Act 2006In our opinion the information given in the Directors’Report for the financial year for which the Group financialstatements are prepared is consistent with the Groupfinancial 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:Under the Companies Act 2006 we are required to reportto you if, in our opinion:––certain disclosures of directors’ remuneration specifiedby law are not made; or––we have not received all the information and explanationswe require for our audit; or––a corporate governance statement has not beenprepared by the parent company.Under the Listing Rules we are required to review:––the Directors’ statement in the Corporate GovernanceReport, in relation to going concern; and––the part of the Corporate Governance Report relating tothe Company’s compliance with the nine provisions ofthe June 2008 Combined Code specified for our review.Other MatterWe have reported separately on the parent companyfinancial statements of Imperial Tobacco Group PLC for theyear ended 30 September 2010 and on the information inthe Directors’ Remuneration Report that is described ashaving been audited.David Charles (Senior Statutory Auditor)for and on behalf of PricewaterhouseCoopers LLPChartered Accountants and Statutory AuditorsBristol2 November 2010––have been prepared in accordance with the requirements ofthe Companies Act 2006 and Article 4 of the lAS Regulation.97
Page 1 and 2:
Imperial Tobacco Group PLCAnnual Re
Page 3 and 4:
…to deliver sustainableshareholde
Page 5 and 6:
Operational HighlightsDelivering Su
Page 7 and 8:
and product portfolio to evolving c
Page 9 and 10:
In this section9 Strategic Review10
Page 11 and 12:
Our StrategyWe are focused on deliv
Page 13 and 14:
Total Tobacco5 % Our Powerful Brand
Page 15 and 16:
Our global strategic cigarette bran
Page 17 and 18:
Our global team is fully aligned be
Page 19 and 20:
Satisfying consumers and aligning o
Page 21 and 22:
We are a responsive business with s
Page 23 and 24:
Operating responsibly, combined wit
Page 25 and 26:
Our growth drivers of sales growth,
Page 27 and 28:
Principal Risks and UncertaintiesA
Page 29 and 30:
Competition LawOverviewWe take comp
Page 31 and 32:
Reconciliation of Adjusted Performa
Page 33 and 34:
Key Performance Indicators (KPIs) 1
Page 35 and 36:
Lambert & Butler and Richmond remai
Page 37 and 38:
Within this the travel retail marke
Page 39 and 40:
OutlookThe strength of our portfoli
Page 41 and 42:
Blondes. In the Middle East, we aga
Page 43 and 44:
Corporate ResponsibilityOur Corpora
Page 45 and 46:
Corporate Responsibility and our St
Page 47 and 48: We have revised our IMS and employe
Page 49 and 50: Environmental Performance 1Absolute
Page 51 and 52: across the business. More informati
Page 53 and 54: Supplier RelationshipsOur main supp
Page 55 and 56: Non-financial performance indicator
Page 57 and 58: “High standards of corporategover
Page 59 and 60: 5. Pierre Jungels, CBE (HON), PHD,
Page 61 and 62: Management and Corporate StructureB
Page 63 and 64: Meetings of the Board, Board Commit
Page 65 and 66: and supplemented by our Non-Executi
Page 67 and 68: 6 Performance evaluation: How do we
Page 69 and 70: The Board recognises that we operat
Page 71 and 72: Assurance process for financial rep
Page 73 and 74: - receiving reports from, and quest
Page 75 and 76: Directors’ Report: Other Informat
Page 77 and 78: - state whether IFRSs as adopted by
Page 79 and 80: We understand that a purported coll
Page 81 and 82: This Report covers the following:1
Page 83 and 84: 2 Directors’ Emoluments for the Y
Page 85 and 86: Directors’ Interests in Ordinary
Page 87 and 88: Executive Directors’ Service Agre
Page 89 and 90: When setting base salary the Remune
Page 91 and 92: First ElementFifty per cent of the
Page 93 and 94: In respect of the October 2007 - Oc
Page 95 and 96: Any annual bonus earned up to 100 p
Page 97: Benefit Trusts have also been provi
Page 101 and 102: 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 and 154:
27 Reconciliation of Cash Flow to M
Page 155 and 156:
Imperial Tobacco Group PLC Balance
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
show all

Annual report 2010 - Imperial Tobacco Group

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?