Imperial Tobacco Group PLC (Imperial Tobacco) will hold a presentation for analysts and investors later today. The presentation will focus on two key Imperial Tobacco markets, Spain and France, as well as our progress on integration and the new reporting segments. Copies of the presentation slides and script will be available on our website.
At this presentation, Gareth Davis, Chief Executive, will confirm that Imperial Tobacco's overall performance for the financial year to 30 September 2008 remains in line with management's expectations and that the trading trends outlined in the Interim Management Statement on 24 July 2008 have continued.
Summarising today's announcement Gareth Davis, Chief Executive, said:
"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 ...