Quick read
2011 highlights
Revenue rose by 7 per cent on an organic basis
Adjusted profit from operations up 11 per cent
Global Drive Brand volumes grew by 9 per cent
Our operating margin increased to 35.8 per cent
"The strength of our brands, our consumer-centric innovative products and the quality of our people have delivered another year of very good earnings growth."
Nicandro Durante, Chief Executive
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Gross turnover (including duty, excise and other taxes) (£million)
46,123 +5%
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Revenue (£million)
15,399 +3%
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Organic revenue2 at constant exchange rates3 (£million)
15,453 +7%
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Profit from operations (£million)
4,721 +9%
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Adjusted profit from operations1 (£million)
5,519 +11%
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Free cash flow (£million)
3,326 +3%
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Basic earnings per share (pence)
157.1 +8%
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Adjusted diluted earnings per share1 (pence)
194.6 +11%
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Dividends per share (pence)
126.5 +11%
Our Global Drive Brands are Dunhill, Kent, Lucky Strike and Pall Mall, and in 2011 they provided around 35 per cent of Group revenue. Our other international brands include Vogue, Viceroy, Rothmans, Kool, Peter Stuyvesant, Benson & Hedges, State Express 555 and John Player Gold Leaf. Our brands are sold in around 180 markets worldwide.
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Group cigarette volumes, excluding associates (billion)
705 -0.4%
Dunhill
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Cigarettes sold (billion)
48 2010: 48
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Volume growth
0% 2010: +18%
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Number of markets
120+ 2010: 120+
Kent
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Cigarettes sold (billion)
67 2010: 61
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Volume growth
+10% 2010: -1%
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Number of markets
75+ 2010: 70+
Lucky Strike
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Cigarettes sold (billion)
30 2010: 26
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Volume growth
+14% 2010: +2%
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Number of markets
60+ 2010: 60+
Pall Mall
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Cigarettes sold (billion)
81 2010: 73
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Volume growth
+11% 2010: +8%
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Number of markets
110+ 2010: 100+
Our global business
We are the world's second largest stock market listed tobacco group, with a responsible approach to doing business from crop to consumer in around 180 markets. Our positive results in 2011 were spread across the world and this led to adjusted profit from operations increasing in all our regions:
Asia-Pacific +16%
Americas +4%
Western Europe +11%
Eastern Europe, Middle East and Africa +12%
Asia-Pacific
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Revenue (£million)
4,251 2010: 3,759
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Adjusted profit (£million)
1,539 2010: 1,332
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Volume (billion)
191 2010: 188
Americas
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Revenue (£million)
3,558 2010: 3,498
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Adjusted profit (£million)
1,441 2010: 1,382
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Volume (billion)
143 2010: 149
Western Europe
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Revenue (£million)
3,600 2010: 3,695
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Adjusted profit (£million)
1,228 2010: 1,103
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Volume (billion)
135 2010: 136
Eastern Europe, Middle East and Africa (EEMEA)
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Revenue (£million)
3,990 2010: 3,931
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Adjusted profit (£million)
1,311 2010: 1,167
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Volume (billion)
236 2010: 235
- 1)
- Adjusted profit from operations is derived after excluding the adjusting items from the profit from operations. These adjusting items include restructuring and integration costs, amortisation and impairment of trademarks, goodwill impairment and Fox River provision.
- 2)
- Organic growth is the growth after adjusting for mergers and acquisitions and discontinued activities. Adjustments are made to current and prior year numbers, based on the 2011 Group position.
- 3)
- Constant currency provides the information based on a re-translation, at prior year exchange rates, of the current year information.