At a board meeting today, the Supervisory Board of Skandinavisk Tobakskompagni has considered and adopted the Annual Report of ST and the ST Group for 2007/08.
The ST Group achieved a satisfactory profit before tax of DKK 2,370 million compared to DKK 2,348 million in 2006/07. ST’s share of the profit after tax amounted to DKK 1,620 million compared to DKK 1,616 million in 2006/07.
The Group’s revenue for the year amounted to DKK 44 billion compared to DKK 42 billion last year.
With effect from 1 July 2008, ST sold its cigarette activities and certain roll-your-own and snus activities to British American Tobacco (BAT). Consequently, BAT has acquired the businesses House of Prince, J.L. Tiedemanns and Fiedler & Lundgren at a price of more than DKK 20 billion. At the same time, ST entered into an agreement with Assens Tobaksfabrik A/S to acquire its 50% share of Orlik Tobacco Company A/S making this company a fully owned subsidiary. Finally, Skandinavisk Holding A/S, the Parent Company of ST, acquired BAT’s 32.35% shareholding in ST at 1 July 2008. Skandinavisk Holding A/S is owned by Chr. Augustinus Fabrikker Akts. and C.W. Obel A/S.
As an element in the above transaction, ST distributed extraordinary dividend totalling DKK 280.10 per share equivalent to DKK 10,421 million in June and July 2008. For the 2006/07 financial year, dividend amounted to DKK 40 per share. The Supervisory Board proposes no further dividend distribution in respect of the results for 2007/08.
ST´s Management Board now consists of Anders Colding Friis (CEO), Niels Frederiksen, Christian Hother Sørensen, Rob Zwarts and Sisse Fjelsted Rasmussen.
In continuation of the Annual General Meeting, Skandinavisk Holding A/S (SH), the Parent Company of ST, will make a compulsory redemption in respect of all Series I shares representing more than 2% of the share capital. In this way SH will achieve full ownership of ST.
The ST Group is a world leading manufacturer of pipe smoking tobacco and a major player in the roll-your-own tobacco market. At the same time, the Group is a leading cigar supplier in Europe and the global market.
ST’s ownership of Dagrofa and Tivoli will continue without any changes.
The 2008/09 results of ST will be materially affected by the transaction with BAT, whereas the operating profit from the continuing operations is expected to be at the 2007/08 level.
Read the annual report 2007/2008 here.
ABOUT SCANDINAVIAN TOBACCO GROUP
- a world leading manufacturer of cigars and traditional pipe tobacco
- approx. 8,200 employees in the Dominican Republic, Honduras, Nicaragua, Indonesia, Europe, New Zealand, Australia, Canada and the US
The Group’s brand portfolio contains more than 200 international, regional and local tobacco brands, including the cigar brands Café Crème, La Paz, Henri Wintermans, Macanudo, CAO, Partagas (US) and Cohiba (US). Pipe tobacco brands include Captain Black, Erinmore, Borkum Riff and W.Ø. Larsen, while leading fine-cut tobacco brands include Bugler, Break, Escort, Bali Shag and Tiedemanns.
The Group is ultimately owned by two Danish foundations (51%) – the Augustinus Foundation and Det Obelske Familiefond – and by Swedish Match (49%). Both Danish foundations have been active in the tobacco industry for more than 250 years. Swedish Match is a publicly owned company listed on the Stockholm Stock Exchange.
Read more: www.st-group.com.
Scandinavian Tobacco Group A/S
CVR 31 08 01 85