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2002 Full Year

2002 Full Year. Results. Wednesday, February 26th, 2003. www.altadis.com. Content. Key facts & figures page 4 Restructuring & synergies page 6 Cigarette page 7 Cigar page 18 Logistics page 24 Financials page 30 Conclusion page 37 Appendices page 41.

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2002 Full Year

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  1. 2002 Full Year Results Wednesday, February 26th, 2003 www.altadis.com

  2. Content • Key facts & figures page 4 • Restructuring & synergies page 6 • Cigarette page 7 • Cigar page 18 • Logistics page 24 • Financials page 30 • Conclusion page 37 • Appendices page 41

  3. Altadis meets its 2002 profitability target, with an Ebitda growth of 9.5% • Fourth quarter has grown still faster than the beginning of the year. • The pattern of activity has continued in Q4, at a higher level of performance. • Full year 2002: • Economic sales up by 3.4% to Euro 3,182 million. • Ebitda up by 9.5% to Euro 971 million. • Net result up by 14.5% to Euro 435 million.

  4. Key facts & figures Cigarette 53% (*) Cigar 24% (*) Logistics 23% (*) #3 in Western Europe#1 in Spain#2 in France #4 in Germany #1 Worldwide #1 in the US #1 in Spain #1 in France Servicing 150,000POS in WesternEurope Market Position Volume 102.3 billion cigarettes (**) 3,197 million cigars Euro 7,447 mn (***) Economic Sales (growth) Euro 1,689 mn (+4.3%) Euro 755 mn (-3.3%) (+0.9 % ex forex impact) Euro 741 mn (+23.2%) FY 2002 Euro 3,182 mn (+ 3.4%) Euro 971 mn (+ 9.5%) Euro 435 mn (+14.5%) Economic Sales EBITDA Net Income Group(growth) Headcount 20,813 (*) Of Group economic sales (**) Including 7.0 bn licensed to third parties (***) Logistics accounted sales

  5. Q4 highlights : excellent performance of cigarette and logistics, impact of USD weighs on cigar Total economic sales : Euro 848 mn + 1.7 % + 3.5% ex forex impact Logistics Cigarette Cigar +11.4% -14.7% -6.9% ex forex impact +20.1% + 3.4 % ex perimeter impact Economic Sales Q4´01 Q4´02 Q4´01 Q4´02 Q4´01 Q4´02 +32.3% -13.3% -1.4% ex forex impact +14.2% + 8.9 % ex perimeter impact Ebitda* Q4´01 Q4´02 Q4´01 Q4´02 Q4´01 Q4´02 *Cigarette Ebitda 2001 with a one-off negative provision of Euro 7mn for the Byrne directive Total Ebitda : Euro 250 mn + 11.2% +12.6% ex forex impact

  6. Heading to Euro 164 million from cost optimisations in 2003 • Restructuring: recurrent benefits of Euro 83 million in 2003 • Implementation of the major restructuring in Spain, conducted during 2001 and 2002 is over. • Headcount reduction has been around 1,900. • Total recurrent benefit of Euro 83 mn onwards(2001: 24; 2002 : 52; 2003e: 83) • Synergies: recurrent benefits of Euro 81 million in 2003 • Total estimated recurrent benefits of Euro 81 mn from 2003 onwards (2000: 33; 2001: 48; 2002: 67; 2003e: 81) • Estimates fall within the range initially forecasted • 2000 - 2001: Merged US companies, procurement, sales forces, optimisation of structures • 2002 - 2003: IT systems, further benefits from procurement, further optimisation of structures

  7. CIGARETTE Flagship brands Internationalisation Pricing power 53% of Group economic sales 59% of Group Ebitda Ebitda margin: 33.9% of economic sales (+1.9 points)

  8. Cigarette : internationalisation strategy • Capitalise on the Group’s two brands that sell around 20 billioncigarettes a year • Globalisation of Gauloises Blondes in the sub-premium segment • Regional development of Fortuna in the medium-value segment(Spain, France, Italy, Portugal) • Tactical use of strong local brands (News, Nobel, Fox, Spike, Fine, Gitanes, …) • Cash cow strategy vis-à-vis dark cigarettes (Gauloises dark, Ducados)

  9. Cigarette : sales growth by 4.3% Segments (Euro mn) &Growth 2001-2002 Major Brands (Euro mn) &Growth 2001-2002 + 4.9% 721 31/12/02 688 +1.8% + 8.5% 1,072 Total: 1,689 + 4.3% - 1.3% + 7.4% +1.1% 31/12/01 - 0.4% 356 355 - 0.4% Total: 1,619 - 0.3% 31/12/01 31/12/02 Blond cigarettes Dark cigarettes Gauloises Blondes Gauloises Brunes Ducados Fortuna Roll-your-own (RYO) and other sales

  10. Blondes grow on all markets, sales up 7.4 % Value (Euro mn) &Growth 2001-2002 Volumes (bn units) 31/12/02 + 7.4% 1,072 - 2.0% 998 +9.0% + 14.4% Total: 62.9 + 10.1% + 5.5% + 8.2% + 13.3% +5.4% 7.2 + 15.7% +11.2% 31/12/01 Total: 59.6 +1.3% 31/12/01 31/12/02 Spain France Germany Poland Rest of the World

  11. Good performanceof most blonde market shares 31/12/01 31/12/02 Var. (Volumes in billion units) * Spain Volume 22.1 22.1 -0.1%Market share 31.2% 30.2% -0.9 France Volume 11.4 12.2 +7.5%Market share 16.2% 17.7% +1.5 Germany Volume 6.2 7.2 +15.7%Market share 4.2% 4.7% +0.6 Austria Volume 1.0 1.1 +4.0%Market share 6.3% 7.3% +1.0 Belgium/ Luxemburg Volume 0.6 0.6 +6.7%Market share 3.4% 3.7% + 0.2 Poland Volume 8.6 9.7 +13.3%Market share 11.5% 12.8% +1.3 * Market performance which may differ from sales invoiced to distribution

  12. Gauloises Blondes:a strategical European brand Gauloises Blondesin the world (billion units) France International Other markets Gauloises Blondes abroad (billion units) Germany + Austria

  13. Gauloises Blondes: + 13.7% in volume 2002 Var. % 01-02 CAGR(99-02) (Volumes in million units) (Sales in million Euro) 1999 2000 2001 2002 Germany Volume 4,416 5,293 5,920 6,912 16.8% 16.1% Sales 90.87 114.96 132.18 143.80 8.8% 16.5% Austria Volume 545 991 1,042 1,084 4.0% 25.8% Sales 9.15 17.68 19.00 20.57 8.3% 31.0% Belgium / Luxembourg Volume 500 493 567 605 6.7% 6.6% Sales 9.35 9.51 11.67 13.93 19.4% 14.2% Rest of the world Volume 3,223 4,196 4.576 5,164 12.8% 17.0% Sales 41.11 56.12 67.07 73.40 9.5% 21.3% Total (France excluded) Volume 8,684 10,973 12,104 13,765 13.7% 16.6% Sales 150.48 198.27 229.92 251.71 9.5% 18.7%

  14. Gauloises Blondes:intrinsic value, successful mix • Immediate recognition, wide awareness, differentiating strength of the name • Logo symbolising freedom together with courage and independence • « Liberté toujours » (Liberty forever) brand foundation • Sub-premium pricing • Design aiming at aesthetics and originality • Targeting in priority mature markets where the brand and mix have more appeal • Consistent communication

  15. Fortuna: successful launch in Italy 1 Spain: strong starting point • Leading brand in Spain • 24.0 % market share • Attractive to young adult urban smokers 2 3 France: Growth since 1994 Italy: successful launch in May 2002 Sales in million cigarettes Sales in million cigarettes

  16. Fortuna: potential for growth • Capitalise on Spanish and Latin roots: both universal and aspirational • Strong potential versus international brands with weaker image and versus local mainstream brands that are seldom aspirational • Medium-value priced • Attractive value-added offer for the core target: 18/25 years old, urban male/female

  17. Changing pricing environment still leaves Altadis with pricing power Generics 5.63 Generics 2.75 Marlboro 7.20 7.2 Silk cut 7.20 Retail price in Euro per pack of 20 cigarettes as of February 1st, 2003 Gauloises 7.06 6.5 Marlboro 3.90 Gauloises 3.50 UK 3.5 Marlboro 3.50 Fortuna 3.50 Gauloises Dark 3.50 Marlboro 3.37 Marlboro 3.30 Gauloises 3.26 Gauloises 3.20 News 3.40 West 3.16 West 3.20 Belga 3.20 Gauloises 3.10 France West 3.10 Marlboro 3.10 3.0 Memphis 3.00 Austria Germany* 2.5 Marlboro 2.50 Gauloises 2.50 Generics 2,39 Belgium Gauloises 2.10 MS 2.18 2.0 Fortuna 2.00 Fortuna 1.95 Italy Ducados 1.70 Spain 1.5 Total taxes 71.8% 74.5% 72.9% 74.6% 73.0% 76.0% 78.7% Total taxes (excise tax + VAT) on retail price, for MPPC - Most popular price category* Retail price for packs of 20 cigarettes. For 19 cigarettes (which is the standard) prices are respectively 3.20, 3.10, 3.00 and 2.60 Euros

  18. CIGAR World leadership Ebitda growth of 14% ex USD impact 24% of Group economic sales 18% of Group Ebitda Ebitda margin: 22.7% of economic sales (+2.3 points)

  19. Cigar: leadership strategy • Reinforce the lead of the market in the US, with the corresponding ability to take the initiative with respect to product innovation and pricing • Further expand the prestige of Cuban cigar, taking advantageof the high potential of the best brands in the world • Tie together top positions (US, Cuban brands, Spain and France)to develop a worldwide presence including unexplored markets • Strong focus on the cost side and margin rates

  20. Cigar:stable sales ex USD impact Value (Euro mn) &Growth 2001-2002 Volumes (million units) - 3.3%+0.9 % ex USD impact 781 755 n.s. +4.8% 31/12/01 31/12/02 + 6.0% 31/12/01 31/12/02 -3.6% - 6.4% 31/12/01 31/12/02 - 11.3% -8.9% 31/12/01 31/12/02 31/12/01 31/12/02 Mass (Popular + Little) Other sales Premium & Habanos (50%) Natural

  21. Cigar US: 8.4 % sales growth ex USD impact in the most profitable cigar market Value (Euro mn) &Growth 2001-2002 Volumes (million units) + 2.8 % + 8.4 %(ex USD impact) 451 439 + 6.3% + 6.7 % + 12,6 % (ex USD impact) 31/12/01 31/12/02 + 0.0 % + 5.4 % (ex USD impact) + 3.0% 31/12/01 31/12/02 31/12/01 31/12/02 31/12/02 Premium & Natural Mass (Popular + Little)

  22. Cuban cigar in difficult environment in 2002 • With the continued poor environment for luxury goods, Habanos sales went down by 14.9% in dollarsThe evolution of the sales to the different markets has been much better as we have reduced inventories at distributor level • Positive launching of mini Cubanos, Cohiba, Partagás, Montecristo, with sales (*) close to 14 million cigars • Improved margins: growth of EBITDA margin by nearly 5 points (*) Figures refer to Altadis consolidated 50 %. For the mini Cubanos, total Habanos sales were 28, so 14 for Altadis.

  23. Cigar Europe: impact of depressed Spanish sales Value (Euro mn) &Growth 2001-2002 Volumes (million units) 150 31/12/02 - 7.3% 139 Total: 857 - 12.2% -13.0% 31/12/01 Total: 976 +3.2% 31/12/01 31/12/02 Spain France

  24. LOGISTICS Improved efficiencyfor tobacco, strong growthfor general logistics 23% of Group economic sales 24% of Group Ebitda Ebitda margin: 31.2% of economic sales (-3.0 points)

  25. Logistics strategy: widened applicationof a unique expertise • Keep the lead of tobacco goods distribution in Spain and France while optimising the cost structure • Further develop the expertise now successfully appliedto non-tobacco goods • Aim at niche logitics markets with higher than average margins

  26. Tobacco logistics: economic sales up 4.0 % Number of points of sales 50,000 31/12/01 31/12/02 Growth Economic sales (in million Euro) Spain and Portugal 161.7 166.6 + 3.0 % France 172.2 172.3 + 0.1 % Adjustments -7.3 0.9 TOTAL 326.6 339.8 + 4.0%

  27. General logistics:Burgal acquisition pushes sales growth to 45.9 % Number of points of sales 150,000 31/12/01 31/12/02 Growth Economic sales (in million Euro) Spain and Portugal 138.6 242.7 + 75.1 % France 136.1 158.2 +16.2 % TOTAL 274.7 400.9 + 45.9 % + 10.6 % ex Burgal

  28. General logistics: channels and products Clientsfor logistic35% Tobacconists32% Books andstationeryshops 25% Gas stations 4% Bakeriesand others 4% Logisticservices35% Books andmagazines22 % Telephony 15 % Food 8 % Stationery4 % Tobaccorelated 4 % Misc. 12 % As a percentage of total General logistics economic sales CHANNELS PRODUCT LINES

  29. The Burgal group and Transportes Alameda • Burgal Group • Economic sales: Euro 97.4 mn (since March 2002) Euro 115 mn proforma 12 months (+10.6% vs.01) • Business lines: • NACEX opened 12 new franchises on 2002, reaching 249, investing Euros 4.8 mn in its new platform in Madrid • Intregra2: Succesful implementation of a new service Integra2-Farma, deliveries to hospitals before 10:00 • «Transportes Alameda» recent acquisitionwill bring benefits • Main player in parcel transport under controlled temperature • Larger portfolio and exposure to the pharmaceutical sector • Additional growth in the Madrid area • Synergies from combining loads and deliveries betweenMadrid and Barcelona

  30. FINANCIALS

  31. How we improved our profitability in 2002 2002 vs. 2001 (Euro mn) Organic: + 49 • Prices, contrasted volumeand mix changes Perimeter: + 100 Economic sales : +105 • Mainly Burgal acquisition Foreign exchange: - 35 • Unfavorable Dollar evolution Others: - 9 Organic : + 35 • Prices, mix, costs control • Restructuring and synergies Restructuring and synergies: + 47 • Mainly Burgal acquisition Perimeter: + 13 Ebitda: +85 Foreign exchange: - 8 • Unfavorable Dollar evolution Others: - 2

  32. Exposure to the US dollar is limited A Activity in Euroland • USD - 200 mn net exposure (net purchases, lead time > 12 months) Activity in US dollar zone • USD + 170 mn net exposure • (contribution to Group Ebitda) US Dollar impact on P&L is close to balance over two years B ALTADIS IS THE SOLE EURO DENOMINATED TOBACCO STOCK

  33. Ebitda margin is up 1.7 point to 30.5 % 2001 vs 2002 (Euro mn) Sales up 4.3 % from 1,619to 1,689 Cigarette + 10.3 % Ebitda margin up 1.9 pt to 33.9 % Price increases (Spain, France) Volume growth Restructuring positive effect Increased A&P Economic Sales+ 3.4 % 3,182 EBITDA+ 9.5% Sales down - 3.3 % from781 to 755 Cigar + 7.6 % +13.7 ex forex impact Ebitda margin up 2.3 pt to 22.7 % US Sales up Dollar negative effect Cuban cigar and Spanish marketdepressed Restructuring positive effect EBITDA breakdown Operating Costs+ 0.9 % Logistics + 12.5% Sales up 23.2 % from 601to 741 Ebitda margin down 3 pt to 31.2 % Dilution due to acquisitions Organic growth Markets evolutions Cost optimisation Other and adjustments n/s Closure of Viaplus

  34. EBITDA Full Year 2002: 971.1 million Euros (+ 9.5%) 01-02Growth 2001 2002 (Euro mn) Economic sales 3,076.9 3,182.1 + 3.4 % EBITDA 886.6 971.1 + 9.5 % EBITA 769.6 859.5 +11.7 % Operating Income 729.8 810.5 +11.1 % Financial Results (44.6) (36.8) - 17.5 % Goodwill Amortisation (90.8) (94.5) + 4.0 %Associates 16.6 26.6 + 60.0 % Extraordinary Results 5.6 (32.1) n.s. Earnings Before Tax 616.6 673.6 + 9.2 %Corporate Income Tax (206.1) (196.8) - 4.5 % Minority Interests (30.2) (41.6) + 37.7 % Net Income Group Share 380.2 435.2 + 14.5 % EPS (in eurocents) 1.255 1.462 + 16.5 % Average number of shares (million)* 303.1 297.8 - 1.7 % * : Average number of shares = average of (total number of shares - treasury stock )

  35. Sizeable and recurrent cash flow 2001 2002 (Euro mn) Operating flow (Ebitda + Var. WCR) 713 792 Corporate tax payment (101) (260) Restructuring cash out (277) (103) Cash flow from operating activities 335 429 Investment cash out (130) (275) Divestment cash in 82 93 Cash flow from investing activities (48) (182) Financial interest payment (39) (36) Net dividends (183) (200) Purchase of shares (of Group companies) (193) (188) Cash flow from financing activities (415) (423) Net change in cash and cash equivalent (128) (176) Initial net financial position (807) (948) Net cash change (128) (176) Effect of exchange rate fluctuations on banking debt (13) 33 Final net financial position (948) (1,091)

  36. Balance Sheet Assets Liabilities & Shareholders’ Equity (Euro mn) 8,304* 8,270 8,304* 8,270 Equity Shareholders’Equity FixedAssets Fixed assets : + tobacconist terms - disposals Provisions** Goodwill CurrentLiabilities & Others Current assets : Price increases Perimeter impact CurrentAssets Cash + Short Term Financial Investments Financial debt: Includes Securitisation Financial Debt*** 31/12/01 30/09/02 31/12/01 30/09/02 Net financial position948 1,091 Limited increase of net debt *Including the restatement of the securitisation (reintegration of Euro 537 mn) * *Provisions + Badwill + Minorities *** Long term + Short term

  37. CONCLUSION

  38. Outlook and Strategy OUTLOOK: • Positive level of activity in our three business units • 2003 foreseen with significant profitability growth STRATEGY: Altadis is committed to maximising value for its shareholders and pursue a profitable growth strategy in each of its three core businesses: cigarette, cigar and logistics • Cigarette: accelerate internationalisation • Cigar: make the best of the world leadership • Logistics: expand general logistics, optimise tobacco • Carefully review acquisition opportunities • Pursue with cost control enhancement • Optimise financial structure and debt management

  39. Value for shareholders • Growth story, at top and bottom line • Transparency and relevant information provided to the market • Dividend policy: policy is to increase regularly the dividend with a 50% reference pay-out ratio (70 Eurocents to be paid in 1st half 2003, out of which 31 Eurocents as interim dividend on March 24th) • Room for improved leverage • Share buy back of Group companies shares and cancellation, AGM authorised 5% • Potential for acquisitions : expertise and financing capacity for acquisitions of strategic and value-creation importance

  40. Appendices • Corporate calendar - Contacts • Corporate governance • Factories in Spain and France by the end of 2002 • Altadis cigarette sales by segment & markets • Spanish & French Total cigarette markets • Dark cigarettes sales • Roll-your-own sales • EU tax regulation • Altadis cigar sales per market • Limites off-balance sheet contingencies • Litigation risk is limited • Quarterly Data 2002 - Q1, Q2 , Q3 & Q4

  41. Corporate Calendar - Contacts CALENDAR March 24th, 2003 Interim dividend payment May 14th, 2003 2003 Q1 Results May 2003 Annual Report June 10th, 2003 AGM June 2003 Complementary dividend payment September 1st, 2003 2003 H1 Results November 17th, 2003 2003 Q3 Results February 2004 2003 FY Results Closed periods start one month ahead of publications. CONTACTS Stanislas VRLA Vice President Investor Relations Pedro ALONSO DE OZALLA Deputy Telephone : 34 91 360 92 47 Fax : 34 91 360 92 91 E-mail : paozalla@altadis.com Telephone : 33 1 44 97 62 21 Fax : 33 1 44 97 66 27 E-mail : stanislas.vrla@altadis.com

  42. Corporate governance • From the creation of Altadis • Audit committee • Compensation committee • Internal ethical guidelines • Auditors: • Altadis, Altadis USA, Logista : Deloitte & Touche • Seita: Mazars et Guérard, BFA (Ernst and Young) • Full year accounts are audited, interim accounts are reviewed • Rated by Moody’s at A3 and by Standard & Poors at A- • IFRS (International Financial Reporting Standards) project launched for application from December 31st, 2004 onwards

  43. Factories in Spain and France by the end of 2002 LeHavre Riom Cantabria Logroño Tarragona Palazuelo Lille Metz Morlaix * Alicante Strasbourg Sevilla Nantes Cádiz Tonneins * cigar workshop Cigarette factories (7) Cigar factories (3) Pipe tobacco & RYO factories (1) Processing plants (4)

  44. Altadis cigarette sales by segments & markets 31/12/01 31/12/02 Var. % 31/12/01 31/12/02 Var. % SALES BY SEGMENTS (bn units) Blond 59.6 62.9 +5.5% Dark 32.0 28.6 -10.6% RYO 3.9 3.8 -4.3% Total 95.5 95.3 -0.3% MAJOR BRANDS (bn units) Gauloises Blondes 17,3 18,9 +8,7% Fortuna 19,2 19,0 -1,0% Blond 36,6 37,9 +3,6% Ducados 15.2 14.1 -7.5% Gauloises dark 9.8 8.5 -13.5% Dark 25,0 22,5 -9,8% SALES BY MARKETS (bn units) Spain 39.7 37.8 -4.6% France 27.5 26.1 -5.1% Rest of Europe 22.3 24.0 +7.2% Rest of the World 6.0 7.4 +21.7% Total 95.5 95.3 -0.3% SALES BY MARKETS (Euro mn) Spain 587 591 +0.6% France 544 572 +5.1% Rest of Europe 330 354 +7.3% Rest of the World 87 106 +22.2% Other Sales 71 65 n.s. Total 1,619 1,688 +4.3%

  45. Spanish and French total cigarette markets: value growth despite volume decrease (Volumes in billion units,value in million Euros) 31/12/01 31/12/02 Var. % SPANISH TOTAL MARKET Volumes Blond 71.0 73.1 +3.0% Dark 19.7 18.1 -8.4% Total 90.8 91.2 +0.5% Value Blond 1,376 1,452 +5.5% Dark 225 223 -1.2% Total 1,601 1,675 +4.6% FRENCH TOTAL MARKET Volumes Blond 70.2 69.1 -1.5% Dark 13.2 11.4 -13.5% RYO 7.1 7.0 -1.8% Total 90.5 87.5 -3.3% Value Blond 1,736 1,824 +5.1% Dark 251 251 +0.2% RYO 128 138 +8.0% Total 2,115 2,213 +4.7% Notes : Value figures are distribution fees deducted. RYO sales in Spain are negligible

  46. Dark cigarettes sales:Prices offset most of volume decrease Value (Euro mn) &Growth 2001-2002 Volumes (bn units) -1.3% 31/12/02 489 483 Total: 28.6 -12.1% -14.8% -10.6% 1.3 15.8 -8.0% -0.3% 11.5 -13.6% 31/12/01 Total: 32.0 1.5 17.2 -0.8% 13.3 31/12/01 31/12/02 Spain France International

  47. Roll-your-own sales Value (Euro mn) &Growth 2001-2002 Volumes (bn units) 31/12/02 +12.6% Total: 3.8 69 - 4.3% 62 +42.7% 1.2 + 4.6% 2.3 -8.5% 0.2 - 3.1% 31/12/01 Total: 3.9 +2.3% 1.2 2.6 +2.8% 0.2 31/12/01 31/12/02 Spain France International

  48. EU tax regulation: no adverse effect for Altadis SITUATION AS OF FEBRUARY 2003 SPAIN FRANCE • Minimum excise tax per 1,000 cigarettes on MPPC: Euro 60 (July 2002, January 2005 in Spain) and Euro 64 (July 2006, January 2008 in Spain) • Altadis intended price policy is in harmony with and supportedby this new EU requirement • Spain: • Euro 60 requires an average 3.3 % yearly increase of MPPC* (Fortuna)from 2003 & 2004 • Euro 64 requires an average 2.4 % yearly increase from 2005 to 2007 • No impact elsewhere (France, Germany) MPPC* (Fortuna) Marlboro MPPC* (Marlboro) Retail prices (Euro) 1.95 2.50 3.90 Excise tax (% of retail price) 58.01% 57.13% 58.99% Tax (Euro / 1,000 cigarettes) 56.56 71.41 115.03 EU regulation *MPPC: Most popular price category

  49. Altadis cigar sales per markets: stable sales ex USD impact Value (Euro mn) & Growth 2001-2002 781 755 -3.3% (+ 0.9% ex USD impact) n.s. -9,4% +3.3% -13.0% +2.8% (+8.8% ex USD impact) -19.4% (-14.9% ex USD impact) 31/12/01 31/12/02 Habanos (50%) USA Spain France Export Other sales

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