Title: Aucun titre de diapositive
12002 Full Year
Results
Wednesday, February 26th, 2003
www.altadis.com
2Content
- 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
3Altadis 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.
4Key facts figures
Logistics 23 ()
Cigarette 53 ()
Cigar 24 ()
3 in Western Europe1 in Spain2 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 ()
Euro 7,447 mn ()
3,197 million cigars
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
Economic Sales EBITDA Net Income
Euro 3,182 mn ( 3.4) Euro 971 mn (
9.5) Euro 435 mn (14.5)
Group(growth)
Headcount
20,813
() Of Group economic sales () Including 7.0 bn
licensed to third parties () Logistics
accounted sales
5Q4 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
Cigar
Cigarette
11.4
20.1 3.4 ex perimeter impact
-14.7 -6.9 ex forex impact
Economic Sales
Q401
Q402
Q401
Q402
Q401
Q402
32.3
-13.3 -1.4 ex forex impact
14.2 8.9 ex perimeter impact
Ebitda
Q401
Q402
Q401
Q402
Q401
Q402
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
6Heading 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
7CIGARETTE
Flagship brands Internationalisation Pricing
power
53 of Group economic sales 59 of Group
Ebitda Ebitda margin 33.9 of economic sales
(1.9 points)
8Cigarette internationalisation strategy
- Capitalise on the Groups 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-Ã -vis dark cigarettes
(Gauloises dark, Ducados)
9Cigarette 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
7.4
- 1.3
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
Fortuna
Ducados
Roll-your-own (RYO) and other sales
10Blondes 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
Rest of the World
Poland
11Good performanceof most blonde market shares
31/12/01
31/12/02
Var.
(Volumes in billion units)
Spain Volume 22.1 22.1 -0.1Market share
31.2 30.2 -0.9 France Volume 11.4 12.2 7.5Ma
rket share 16.2 17.7 1.5 Germany Volume 6.2 7
.2 15.7Market share 4.2 4.7 0.6 Austria Vo
lume 1.0 1.1 4.0Market share
6.3 7.3 1.0 Belgium/ Luxemburg Volume 0.6 0.6
6.7Market share 3.4 3.7
0.2 Poland Volume 8.6 9.7 13.3Market share
11.5 12.8 1.3
Market performance which may differ from sales
invoiced to distribution
12Gauloises Blondesa strategical European brand
Gauloises Blondesin the world (billion units)
France
International
Other markets
Gauloises Blondes abroad (billion units)
Germany Austria
13Gauloises Blondes 13.7 in volume 2002
CAGR(99-02)
Var. 01-02
(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 Au
stria Volume 545 991 1,042 1,084 4.0 25.8 Sale
s 9.15 17.68 19.00 20.57 8.3 31.0 Belgium /
Luxembourg Volume 500 493 567 605 6.7 6.6 Sal
es 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
14Gauloises Blondesintrinsic 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
15Fortuna 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
16Fortuna 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
17Changing pricing environment still leaves Altadis
with pricing power
Marlboro 7.20
Silk cut 7.20
7.2
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
18CIGAR
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)
19Cigar 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
20Cigarstable 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
Other sales
Mass (Popular Little)
Natural
Premium Habanos (50)
21Cigar 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)
22Cuban 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.
23Cigar Europe impact of depressed Spanish sales
Value (Euro mn) Growth 2001-2002
Volumes (million units)
31/12/02
150
- 7.3
139
Total 857
- 12.2
-13.0
31/12/01
Total 976
3.2
31/12/01
31/12/02
France
Spain
24LOGISTICS
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)
25Logistics 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
26Tobacco logistics economic sales up 4.0
Number of points of sales 50,000
Growth
31/12/02
31/12/01
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
27General logisticsBurgal acquisition pushes
sales growth to 45.9
Number of points of sales 150,000
Growth
31/12/02
31/12/01
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
28General logistics channels and products
As a percentage of total General logistics
economic sales
CHANNELS
PRODUCT LINES
29The 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
1000 - 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
30FINANCIALS
31How 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
32Exposure to the US dollar is limited
A
- Activity in Euroland
- USD - 200 mn net exposure
- (net purchases, lead time gt 12 months)
- Activity in US dollar zone
- USD 170 mn net exposure
- (contribution to Group Ebitda)
US Dollar impact on PL is close to balance over
two years
B
ALTADIS IS THE SOLE EURO DENOMINATED TOBACCO STOCK
33Ebitda 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 AP
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
34EBITDA Full Year 2002 971.1 million Euros (
9.5)
01-02Growth
2002
2001
(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 )
35Sizeable and recurrent cash flow
2002
2001
(Euro mn)
Operating flow (Ebitda Var. WCR) 713 792 Corpora
te 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) Financia
l 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)
36Balance Sheet
Assets
Liabilities Shareholders Equity
(Euro mn)
8,304
8,270
8,304
8,270
Equity
ShareholdersEquity
FixedAssets
Fixed assets tobacconist terms - disposals
Provisions
Goodwill
CurrentLiabilities Others
Current assets Price increases Perimeter impact
CurrentAssets Cash Short
Term Financial Investments
Financial Debt
Financial debt Includes Securitisation
31/12/01
30/09/02
31/12/01
30/09/02
Net financial position 948 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
37CONCLUSION
38Outlook 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
39Value 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(No Transcript)
41Appendices
- 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
42Corporate 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
Pedro ALONSO DE OZALLA Deputy
Stanislas VRLA Vice President Investor Relations
Telephone 34 91 360 92 47 Fax 34 91 360 92
91 E-mail paozalla_at_altadis.com
Telephone 33 1 44 97 62 21 Fax 33 1 44 97 66
27 E-mail stanislas.vrla_at_altadis.com
43Corporate 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 Moodys at A3 and by Standard Poors at
A- - IFRS (International Financial Reporting
Standards) project launched for application from
December 31st, 2004 onwards
44Factories in Spain and France by the end of 2002
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)
45Altadis 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
46Spanish 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 Va
lue 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
47Dark cigarettes salesPrices 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
48Roll-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
49EU tax regulation no adverse effect for Altadis
SITUATION AS OF FEBRUARY 2003
SPAIN
FRANCE
MPPC (Marlboro)
Marlboro
MPPC (Fortuna)
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
- 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 Most popular price category
50Altadis 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
Export
France
Spain
USA
Habanos (50)
Other sales
51Limited off-balance sheet contingencies
- Equity swap for stock-options plans for Euro 160
million - Interest rate swap for Euro 697 million at 3.44
(2003) - Interest rate hedge for USD 84 million at 1.73
(2003) - Comfort letter for a Euro 120 million bank loan
to Habanos, 50 of which is currently in
Altadis balance sheet - Currently, no material leasing agreements.
Leasing to be signed for the Madrid head office. - Long term rental contracts for Paris head office
- Most pension schemes are contribution based
52Litigation risk is limited
ALTADIS SITUATION
- Ongoing cases Six individuals 4 associations
of persons with laryngectomy Andalusian Local
Government in Spain - Nine favourable rulings, and no final adverse
decision - In the case by the Andalusian Local Government,
the Court has dismissed competence of the Civil
Court (turning the case to the administrative
jurisdiction) - Favourable decisions are often very clear-cut
decision like in the Gourlain case in September
2001 or, more recently, in the Loupias case
KEY FACTORS AND PARTICULARLY THE ABSENCE OF
- class actions
- punitive damages
- contingency fees
- popular juries
are fundamentally distinguishing Europe and the
US, thus conducing to a totally different type
and level of risk
53Quarterly data 2002
ECONOMIC SALES 2002
(Figures in million Euros)
Q1 Q2 Q3 Q4 Full
Cigarette 374.4 438.3 419.1 457.0 1,688.8 Cigar 17
3.5 201.3 199.8 180.6 755.2 Logistics 156.1 194.1
184.0 206.5 740.7 Others and adjustments 1.8 -0.8
-7.1 3.5 -2.6 Total 705.8 833.0 795.6 847.5 3,182.
1
EBITDA 2002
(Figures in million Euros)
Q1 Q2 Q3 Q4 Full
Cigarette 119.3 143.0 151.1 158.2 571.7 Cigar 35.4
48.3 51.6 36.5 171.8 Logistics 50.5 57.4 58.9 64.
3 231.1 Others and adjustments 5.0 -1.6 2.0 -8.8
-3.5 Total 210.2 247.1 263.5 250.2 971.1