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A

AA1000

An assurance model designed to improve the accountability and performance of organisations by learning through stakeholder engagement and increasing quality in social and ethical accounting, auditing and reporting.

Adjusted attributable earnings

Adjusted profit after tax attributable to the equity holders of the company.

Adjusted distribution margin

The adjusted profit from operations for the Logistics segment divided by distribution fees for the Logistics segment.

Adjusted Earnings per share

Adjusted profit after tax attributable to the equity holders of the Company divided by the weighted average number of shares in issue during the period excluding shares held to satisfy employee share schemes and shares purchased by the Company and held as Treasury shares.

Adjusted measures

Management believes that reporting adjusted measures provides a useful comparison of business performance and reflects the way in which the business is controlled. Accordingly, adjusted measures of profit from operations, net finance costs, profit before tax, taxation, attributable earnings and earnings per share exclude, where applicable, amortisation of acquired intangibles, restructuring costs, retirement benefits net financing income, fair value gains and losses on derivative financial instruments in respect of commercially effective hedges, one-off acquisition accounting adjustments, brand divestment gains and related taxation effects. The adjusted measures in this report are not defined terms under International Financial Reporting Standards and may not be comparable with similarly titled measures reported by other companies.

Adjusted net debt

Management monitors the Group’s borrowing levels using adjusted net debt which excludes interest accruals, the fair value of derivative financial instruments providing commercial cash flow hedges and finance lease liabilities.

Adjusted operating margin

The adjusted profit from operations for the Tobacco business divided by net revenue for the Tobacco segment.

Adjusted profit from operations

Profit from operations adjusted for amortisation of acquired intangibles, restructuring costs, one-off acquisition accounting adjustments and brand divestment gains.

Amortisation

A systematic charge to the income statement to write off the value of intangible assets with finite lives over their useful lives.

Attributable earnings

Profit after tax attributable to the equity holders of the company.

Assurance

Independent external validation to substantiate the management process and the veracity of any accounts of social and environmental performance as accurate, fair and meaningful.

Audit

Independent examination of facts and processes, usually to identify opportunities for improvement.