Befreiender Konzernabschluss zum Geschäftsjahr vom 01.10.2021 bis zum 30.09.2022
| Published date | 05 Octubre 2023 |
| Section | Rechnungslegung / Finanzberichte |
| Issuer | Reemtsma Cigarettenfabriken Gesellschaft mit beschränkter HaftungHamburg |
Reemtsma Cigarettenfabriken Gesellschaft mit beschränkter Haftung
Hamburg
Befreiender Konzernabschluss zum Geschäftsjahr vom 01.10.2021 bis zum 30.09.2022
Imperial Brands PLC
Bristol/UK
A CHALLENGER MINDSET
CONTENTS
| STRATEGIC REPORT | GOVERNANCE | FINANCIALS |
| At a Glance | Chair’s Introduction | Independent Auditors’ Report |
| Chair’s Statement | Board Leadership | Consolidated Income Statement |
| Chief Executive’s Statement | Section 172 | Consolidated Statement of Comprehensive Income |
| Our Distinct Approach | Board Statements | Consolidated Balance Sheet |
| Transformation in Action | People and Governance Committee | Consolidated Statement of Changes in Equity |
| Our Investment Case | Audit Committee | Consolidated Cash Flow Statement |
| KPIs | Remuneration Report | Notes to the Consolidated Financial Statements |
| Stakeholder Engagement | Directors’ Report | |
| Non-Financial Information Statement | ||
| ESG Review | ||
| TCFD | ||
| Operating Review | ||
| Financial Review | ||
| Principal Risks and Uncertainties | ||
| SUPPLEMENTARY INFORMATION | IMPERIAL BRANDS PLC FINANCIALS | SHAREHOLDER INFORMATION |
| Adjusted Performance Measures | Imperial Brands PLC Balance Sheet | Shareholder Information |
| Glossary | Imperial Brands PLC Statement of Changes in Equity | |
| Notes to the Financial Statements of Imperial Brands PLC |
For more information
please see www.imperialbrandsplc.com
STRATEGIC REPORT
WE ARE TRANSFORMING
By becoming a strong challenger, we are building a business more capable of growth year in, year out.
IMPERIAL BRANDS AT A GLANCE
DELIVERING ON OUR STRATEGY
The five-year strategy we launched in January 2021 was the roadmap for our transformation. Since then we have been building the foundations for future success - and we are now on track to move to the next phase of delivery.
WE HAVE A CLEAR STRATEGY TO BECOME A STRONG CHALLENGER...
WHICH WE ARE ROLLING OUT WITH DISCIPLINE...
STRATEGIC PILLARS
Pages 14-19
* FOCUSING ON OUR PRIORITY MARKETS
* DRIVING VALUE FROM OUR BROADER PORTFOLIO
* BULDING A TARGETED NGP BUSINESS
PHASE 1: BUILDING FOUNDATIONS
| Jan 2021 | Five-year strategy launched |
| Efficiency programme begins | |
| Top five aggregate market share stabilised | |
| New Global Consumer Office established | |
| New management team in place | |
| Purpose, vision and behaviours launched | |
| Sept 2021 | NGP trials begin |
| Exit of Russia completed | |
| Refresh of ESG strategy | |
| NGP trials validate further roll-outs | |
| Operational efficiencies drive improvements | |
| Top five aggregate market share growth | |
| Sept 2022 | Behaviours embedded in performance-based culture |
| Further NGP market launches |
CRITICAL ENABLERS
Pages 20-25
* CONSUMER AT THE CENTRE OF THE BUSINESS
* PERFORMANCE-BASED CULTURE AND CAPABILITES
* SIMPLIFIED AND EFFICIENT OPERATIONS
OUR FINANCIAL PERFORMANCE
| Tobacco &NGP net revenue | Adjusted EPS |
| £7.8 bn | 265.2p |
| +1.5%* | +4.9%* |
| Reported EPS | Dividend per share |
| 165.9p | 141.17p |
| -44.7% | +1.5%* |
* Movement on a constant currency basis.
Performance measures used throughout the report
Reported (GAAP)
Complies with International Financial Reporting Standards and the relevant legislation.
Adjusted (Non-GAAP)
Non-GAAP measures provide a useful comparison of performance from one period to the next. The basis of our adjusted measures is explained in the accounting policies accompanying our financial statements and the APM section within Supplementary Information.
Constant currency basis
Removes the effect of exchange rate movements on the translation of the results of our overseas operations. We translate current year results at prior year foreign exchange rates. See page 75 for more details.
Market share
Market share data is presented as a 12-month moving average weighted across the markets in which we operate.
Stick equivalent
Stick equivalent volumes reflect our combined cigarette, fine cut tobacco, cigar and snus volumes.
Our purpose remains:
Forging a path to a healthier future for moments of relaxation and pleasure.
For more information please see www.imperialbrandsplc.com
STRENGTHENING OUR INVESTMENT CASE...
PHASE 2: IMPROVING RETURNS
2023 - 2025
• Revitalised tobacco business driving strong cash returns
• NGP business providing options for potential harm reduction and growth
• Strong, sustainable cash flow generated froma high-quality portfolio
• New capabilities and more efficient structures delivering operational improvement and strengthening performance
• Progressive dividend supplemented by surplus capital returns via a share buyback
AND DELIVERING FOR ALL STAKEHOLDERS
Our consumers
Millions of adults worldwide choose to enjoy our tobacco and NGP. Meeting their expectations of quality and understanding their evolving requirements are vital for the long-term sustainable growth of our business.
Our colleagues
Our colleagues are our most important asset. It is essential we create a supportive, safe and rewarding work environment to enable them to deliver our goals and develop their careers.
Our customers
We work closely with distributors, wholesalers and retailers to ensure our products are available to adult consumers in a diverse range of outlets worldwide. They play a crucial role in our business model.
Governments & regulators
Approaches to legislation vary significantly across geographies. We support reasonable regulation of tobacco and nicotine products and look to have constructive engagement with policy makers and regulators.
Our investors
Our investors provide capital to the business and monitor management’s allocation of that capital within the business.
Our suppliers
We maintain strong relationships with our tobacco, non-tobacco materials (NTM) and NGP suppliers to help ensure sustainable supply and business continuity, underpinned by fair contract and payment terms.
OUR BRANDS
Our portfolio of brands connects with adult consumers in all the key tobacco and next generation product segments. We invest in innovation to meet evolving consumer preferences.
c.120 markets
| Cigarettes | |
| JPS JOHN PLAYER SPECIAL | Davidoff CIGARETTES |
| West | GAULOISES |
| Winston | |
| Nobel | L&B |
| Other tobacco products & accessories | |
| BACKWOODS | GOLDEN VIRGINIA |
| RIZLA+ | skruf |
| Vapour | |
| blu | |
| Heated tobacco | |
| PULZE HEATED TOBACCO | |
| Modern oral | |
| ZONE X |
CHAIR’S STATEMENT
FOUNDATIONS FOR LONG-TERM SUCCESS
DEAR SHAREHOLDERS
This has been a year of significant progress for Imperial against a backdrop of unexpected and challenging conditions.
We have strengthened our core combustible business and reshaped our next generation product (NGP) operations.
We have reduced debt to our target range and begun a £1 billion share buyback.
At the same time, we have further upskilled and diversified our Board and executive team, progressed our broader cultural change agenda, introduced new consumer capabilities, and continued to build a simpler and more efficient organisation.
All this has been achieved against the headwinds of the war in Ukraine and the exit from our Russian business, global supply chain disruptions, high inflation and a squeeze on household incomes.
The team remained focused on the methodical roll-out of our strategy and we are emerging as a strong challenger business - our natural role as the smallest of the four global tobacco companies.
On behalf of the Board, I would like to say a big “thank you” to the entire Imperial workforce for their commitment and the way they continue to embrace change with enthusiasm.
A purpose-led approach to ESG
During 2021 alongside our new strategy we began articulating a new purpose: “forging a path to a healthier future for moments of relaxation and pleasure” as well as a clear vision “to build a strong challenger business powered by responsibility, focus and choice”. In the past year we have evolved these high-level aspirations into granular objectives for our most material environmental, social and governance (ESG) priorities, and the Board has been engaged in the development of this fresh approach. For more on our People and Planet agenda see pages 36 to 58.
Our most important area of focus will continue to be consumer health. Smoking is a cause of serious diseases and, despite these health risks, many people choose to continue to smoke. That is why it is important we are successful in offering attractive, potentially less harmful alternatives to adult smokers. Our NGP operations over the past two years have become more consumer-centric and innovative, and in this year the Board was pleased to authorise an ambitious but disciplined expansion of our footprint.
Another area where we can support a healthier future is by delivering on our goal to become a Net Zero company by 2040. This year, for the first time, we are publishing a full report detailing our strategy for climate change in line with the requirements of the Task Force on Climate-related Financial Disclosures (see pages 59 to 65).
Building a more diverse and inclusive business - at all levels - is another important priority. During the year, we brought in new talent from outside the organisation to develop this agenda. I have also been encouraged by the way this team, working closely with our four Employee Resource Groups focusing on gender, disability, sexual orientation and ethnicity, are identifying the key structural issues and developing focused plans.
Underlining our commitment to delivering on our ESG priorities, for FY23 we have introduced metrics on consumer health and climate change for Executive Directors’ bonuses (see Directors’...
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