Swedish Match - Full Year Report January - December 2010..

February 25, 2011 - Swedish Match's (SM) sales during the 12 months to the end of December (excluding sales of the businesses transferred to the Scandinavian Tobacco Group ‒ STG ‒ on October 1), at SEK11,222 million, were increased by about five per cent from SEK10,678 million.

Group Presentation - 12 months ending June 30, 2010

Swedish Match today..
The largest snus manufacturer in Scandinavia, number one position
The third largest moist snuff manufacturer in the US
Well positioned in the growing US snusmarket
A 50/50 joint venture with Philip Morris International (PMI) to commercialize snusoutside of Scandinavia and the US
The largest manufacturer of chewing tobacco in the US, with market leading brands
A significant and growing presence in the US mass market cigar market
A leading manufacturer and distributor of matches and lighters with a strong brand portfolio across the globe
The largest distributor of tobacco products on the Swedish market
A 49 percent ownership of Scandinavian Tobacco Group (STG), with market leading positions for US premium cigars, European machine-made cigars, and pipe tobacco, as well as for fine cut tobacco

SM - Primary Reporting Segements
Snus and snuff
Swedish snusi n Scandinavia and US
US moist snuff
Income from SMPMI
Other Tobacco Products (OTP)
US mass market cigars
Chewing tobacco
Fire products
Other operations
Central costs

Sales of the businesses transferred to Scandinavian Tobacco Group (STG), at SEK2,385 million, were down by about 32 per cent from SEK3,526 million; so, overall, SM's sales, at SEK13,606 million, were down by about four per cent from SEK14,204 million.(Scandinavian Tobacco Group A/S (STG) plans for the future..)

Sales of snus and snuff were up by about six per cent to SEK4,522 million, while sales of other tobacco products were up by about four per cent to SEK2,440 million. Lights sales were up by about two per cent to SEK1,429 million and sales from other operations were up by about five per cent to SEK2,831 million.

"For the full year 2010 Swedish Match reported solid sales growth across our businesses," said CEO, Lars Dahlgren.

"In the fourth quarter, sales, excluding businesses transferred to STG, increased by seven per cent. Sales in local currencies increased for every product area, except for 'Other operations'. Snus and snuff and 'Other tobacco products' showed strong improvements in operating profit.

"In the Snus and snuff product area, we achieved solid gains in sales for Scandinavian snus, with volume growth in Sweden and Norway. In the US, fourth quarter moist snuff sales were higher than last year, while operating profit was impacted by marketing investments behind General snus.

"Our investments for growth in the smoke-free business continue, and we see positive signs from recent new product initiatives in Scandinavia as well as in the US.

"At the end of 2010, SMPM International (Swedish Match PMI) began its second limited test, this time in Canada. This test is in addition to activities in Taiwan. (PMI will jointly sell SNUS worldwide with Swedish Match AB..)

"The US mass market cigar business continues to perform very well, and our market share continues to grow.

"With regard to our new partnership with Scandinavian Tobacco Group, operational since October 1, we are pleased with the pace of activity as Scandinavian Tobacco Group works through the integration process. We are now expecting to see some of the synergy benefits coming through over the coming quarters.

"Our Group strategy is to position Swedish Match as the global smoke-free leader, to leverage our strong platforms in other tobacco products – US mass market cigars and chewing tobacco, to maximize long term profitability, to continue our operational excellence for Lights, and, through active ownership, realize the potential of Scandinavian Tobacco Group."

Comparable operating profit (operating profit excluding businesses transferred to STG, share of net loss from STG and larger one time items) for the full year increased by nine per cent to SEK3,158 million and for the fourth quarter by about 13 per cent to SEK836 million.

References: SM’s sales of snus and snuff up six per cent, Tobacco Reporter, 2/23/2011; SWEDISH MATCH : Full Year Report January - December 2010, Swedish Match, 2/23/2011..



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