Imperial - Resilient in Turbulent Economic Conditions

Source from:  tr.itsmyiq.com Sep 24, 2008 09/26/2008

The Imperial Tobacco Group's chief executive, Gareth Davis, is expected to confirm later today that the company's overall performance for the financial year to the end of September remains in line with management's expectations and that the trading trends outlined in its Interim Management Statement of July 24 have continued. The company will hold a presentation for analysts and investors at 11.30 hours British Summer Time at which it will focus on two key Imperial Tobacco markets, Spain and France, as well as on the progress it has made on integration and its new reporting segments. A live audio webcast will be available on the company's website, where an archived version of the webcast and presentation will be made during the afternoon. Summarising today's announcement, Davis said earlier, "We are making very good progress with the integration of Imperial Tobacco and Altadis, particularly in France where we have agreed with the Central Works Council that the consultation process will be completed in November 2008. There have been further productive developments in other markets and we remain focused on maintaining this positive momentum whilst continuing to support our employees. "Earlier this month we successfully accessed the debt capital markets with the issue of two bonds raising approximately £1.2 billion. The issue was extremely well received and has now substantially fulfilled our refinancing needs over the short to medium term. "Our business fundamentals are excellent and our resilience in times of turbulent economic conditions is well known. We have strengthened our position in many markets with our enhanced brand and product portfolio and I am excited about our growth opportunities. Cash flows remain strong and stable and we will utilise the high level of cash we generate to reduce debt in the short term and to continue to create additional value for our shareholders." Enditem