April-June 2011
Core net sales excluding tax increased by 13.8%, driven by pricing and GFB shipment volume growth.
At constant rates of exchange, core net sales excluding tax grew by 6.0% and core net sales excluding tax per thousand cigarettes increased by 6.2% to US$24.9.
GFB shipment volume grew 4.0% driven by Russia, the Middle East and Italy.
January-June 2011
Core net sales excluding tax increased by 9.3%, driven by pricing and GFB shipment volume growth.
At constant rates of exchange, core net sales excluding tax grew by 6.2% and core net sales excluding tax per thousand cigarettes increased by 6.1% to US$25.7.
GFB shipment volume grew 3.2% driven by Russia, Turkey and Italy.
Year-on-year market share continued to grow in most key markets including Turkey, Taiwan, Italy, France and Russia.
South and West Europe: Both total shipment volume and GFB shipment volume increased by 0.7% compared to the same period of the prior year. GFB volume growth in Italy and France offset the impact of continued industry contraction in Spain. Market share increased in the key markets of Italy and France.
North and Central Europe: GFB shipment volume continued to grow, increasing by 4.8%, largely driven by a strong performance in Poland. Total shipment volume decreased by 1.0%, due to the previous year’s temporary increase in demand in the UK following tax hike speculation. Market share grew in Poland and Sweden.
CIS+: GFB shipment volume continued to grow, increasing by 7.8%, driven by growth in Russia and Romania. Total shipment volume decreased by 3.1% due to industry contraction in Ukraine and the unstable operating environment in Belarus. This volume decrease was partly offset by growth in Romania. Market share increased in Russia and Kazakhstan.
Rest-of-the-World: Total shipment volume increased by 5.2% driven by growth in the Middle East. GFB volume increased by 0.5%. Market share increased in Turkey, Taiwan, Korea and Malaysia.