Strengthening our Portfolio
Developing our Footprint
Cost Optimisation
Capital Discipline
Alison Cooper, Chief Executive, said:
“This was another successful year for Imperial in which we further strengthened the business and improved our quality of growth. We generated excellent results from our Growth Brands, outperforming the market with volume and share growth. Our footprint was significantly enhanced by the US acquisition and the acquired brands performed well in the final quarter, maintaining share. Elsewhere, we maintained positive momentum in many Growth Markets and enhanced our delivery in Returns Markets. We realised further savings through our cost optimisation programme, providing funds for investment and improving our margins. Cash conversion was up to 97 per cent, supporting sustainable returns for shareholders with another 10 per cent dividend increase. We continue to deliver against our strategic priorities and look forward to building on these good results in the year ahead.”
| Overview - Adjusted Basis4 | Full Year Result | Change | ||||
|---|---|---|---|---|---|---|
| 2015 | 2014R | Actual | Constant Currency2 | Underlying3 | ||
| Growth Brand volume | bn SE | 145.1 | 131.1 | +10.7% | +7.1% | |
| Tobacco net revenue | £m | 6,251 | 6,421 | -2.6% | +4.3% | +3.1% |
| Tobacco adjusted operating profit | £m | 2,895 | 2,805 | +3.2% | +7.3% | |
| Logistics adjusted operating profit | £m | 154 | 166 | -7.3% | +2.4% | |
| Total adjusted operating profit | £m | 3,053 | 2,981 | +2.4% | +6.8% | |
| Adjusted earnings per share | pence | 212.5 | 203.4 | +4.5% | +8.2% | |
| Dividend per share | pence | 141.0 | 128.1 | +10.1% | ||
| Adjusted net debt | £m | (11,646) | (8,112) | +43.6% | ||
Net contribution to the USA Division since acquisition; volume 5bn SE, net revenue £242m.
| Overview - Reported Basis4 | Full Year Result | Change | |||
|---|---|---|---|---|---|
| 2015 | 2014R | Actual | Underlying3 | ||
| Total tobacco volume | bn SE2 | 285.1 | 294.4 | -3.1% | -5.6% |
| Revenue | £m | 25,289 | 26,460 | -4.4% | |
| Operating profit | £m | 1,988 | 2,019 | -1.5% | |
| Basic earnings per share | pence | 177.4 | 148.5 | +19.5% | |
See page 2 for basis of presentation. R See note 1 to the Financial Statements for details of the restatements
1 Iraq & Syria: Combined contribution of these markets to underlying Group results in FY15; 3% volumes (FY14: 7%) and 1% of net revenue (FY14: 3%).
2 Change at constant currency removes the effect of exchange rate movements on the translation of the results of our overseas operations.
3 Underlying change additionally removes the impact of our 2014 stock optimisation programme, in order to reflect management’s estimate of the performance
before the one off fall in sales arising from the reduction in excess stock held in distribution channels. References in this document to percentage growth and
increases or decreases in our results for volumes and net revenue are on an underlying basis unless stated otherwise.
4 Reported, constant currency and underlying results include the contribution from the US asset acquisition which completed on 12 June 2015
