Imperial Brands H1 FY21 Earnings Call Notes (Substack Exclusive)
Company Update (IMB LN) (Neutral)
From IMB: CEO (Stefan Bomhard), CFO (Oliver Tant), next CFO (Lukas Paravicini)
CEO Section (Headlines)
Headlines
Pleased with H1 results, especially with stabilisation of tobacco market share
In NGP, “resetting the business” has delivered “further reduction in losses”
"On track to deliver full-year results in line with guidance”
Tobacco & NGP Progress
Grew share in 3 out of 5 priority markets; Germany, Australia “will take time”
“Clear market prioritisation” now in place, aligning investments in 5 markets
NGP approach now “much more measured and disciplined”
Plans for trials in e-vapor and Heat-Not-Burn “on track”
People & Organisation
New team now in place with new hires, including from outside the industry
Beginning to change organisation structure and working processes
CFO Section (Finance)
P&L Headlines
Business performing well, “albeit against weaker comparator period”
Tobacco volume -3.3% y/y, incl. -1.3% from Duty Free; underlying -2.2%
COVID-19 has positive impact on some markets and negative o…