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Imperial Brands H1 FY21 Earnings Call Notes (Substack Exclusive)

Imperial Brands H1 FY21 Earnings Call Notes (Substack Exclusive)

Company Update (IMB LN) (Neutral)

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Librarian Capital
May 18, 2021
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Librarian Capital's Research Library
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Imperial Brands H1 FY21 Earnings Call Notes (Substack Exclusive)
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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…

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