Imperial Brands(US:IMBBY)2020-11-17 12:31Financial Performance - Imperial Brands' FY20 constant currency tobacco net revenue decreased by 0.1% to £8,053 million[44], while NGP net revenue decreased significantly by 27% to £201 million[44, 57] - The company's adjusted operating profit decreased by 4.8% in constant currency to £3,527 million[60, 81] - Adjusted EPS decreased to 254.4 pence, impacted by operating profit decline, but partly offset by share buybacks[28, 89] - The company achieved a strong underlying cash conversion rate of 107%, excluding a 20% benefit from a change in the timing of excise payments in the UK & Logista[28, 29] - Net debt reduction was £1.1 billion before FX and changes in fair value of derivatives[28] Volumes and Market Share - Overall volumes decreased by 2.1%[28] - Europe volumes decreased by 3.5%, while Americas volumes increased by 0.4% and AAA volumes increased by 4.8%[33] - The company reported improving sequential share in Germany and the UK, and share gains in US cigarettes[40] Outlook and Priorities - The company expects a stronger financial performance in 2021, with low-mid single digit organic operating profit growth and EPS slightly ahead at constant currency[69, 75] - Priorities for 2021 include concluding the strategic review, implementing a revised strategy, strengthening performance management, and combining existing strengths with fresh perspectives[77, 79]