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Delivering Today. Investing in Tomorrow. Annual Report 2013 British American Tobacco Annual Report 2013 Strategic Report Governance Financials

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Delivering Today. Investing in Tomorrow. Annual Report 2013 British American Tobacco Annual Report 2013 Strategic Report Governance Financials BritishAmerican Tobacco Annual Report 2013 Delivering today. Investing in tomorrow. Annual Report 2013 British American Tobacco Annual Report 2013 Strategic Report Governance Financials This Annual Report outlines how our vision, strategy, business model and governance enable us to create value over the short, medium and long term – both for our shareholders and a wide group of stakeholders. We describe our global operations for the year ended 31 December 2013, lay out our full financial statements and report in detail on the performance of the Group. Our risks and opportunities are presented in a broad economic, social and environmental context and we make links between our financial and non-financial performance where appropriate. We focus on those topics that British American Tobacco, in consultation with our stakeholders, deems to be most material to the sustainability of our business. Go online to view Our Year in Review 2013, + featuring downloadable versions of this Report, along with a video review, our Sustainability Summary Report and other content – all accessible on desktop, tablet and mobile. www.bat.com/review2013 British American Tobacco p.l.c. (No. 3407696) Cautionary statement Annual Report 2013 The Strategic Report and certain other sections of the Annual This is the Annual Report of British American Tobacco p.l.c. Report contain forward-looking statements that are subject to (the Company) and the British American Tobacco Group, risk factors associated with, among other things, the economic comprising the Strategic Report, Directors’ Report and the and business circumstances occurring from time to time in audited Financial Statements, for the year ended 31 December the countries and markets in which the Group operates. It is 2013. It has been drawn up and is presented in accordance believed that the expectations reflected in these statements with, and reliance upon, applicable English company law. The are reasonable but they may be affected by a wide range of liabilities of the Directors in connection with this report shall be variables that could cause actual results to differ materially subject to the limitations and restrictions provided by such law. from those currently anticipated. The Annual Report is published on www.bat.com. A printed copy is mailed to shareholders on the UK main register who have elected to receive it. Otherwise, shareholders are notified that the Annual Report is available on the website and will, at the time of that notification, receive a short Performance Summary (which sets out an overview of the Group’s performance, headline facts and figures and key dates in the References in this publication to ‘British American Tobacco’, Company’s financial calendar) as well as a Notice of Annual ‘BAT’, ‘we’, ‘us’, and ‘our’ when denoting opinion refer to British General Meeting and Proxy form. American Tobacco p.l.c. and when denoting tobacco business Specific local mailing and/or notification requirements will activity refer to British American Tobacco Group operating apply to shareholders on the South Africa branch register. companies, collectively or individually as the case may be. British American Tobacco 01 Annual Report 2013 Strategic Report Governance Financials Delivering today. Investing in tomorrow. “ Our ambition remains to lead our industry. We will do this by keeping the consumer at the heart of our business and focusing on delivering today’s results as well as investing in our long-term success.” Nicandro Durante Chief Executive Read Nicandro’s overview of our + 2013 performance and outlook on page 06 What you will Strategic Report Governance 02 Our year in numbers Directors’ Report 03 Chairman’s introduction 44 Chairman’s introduction find in this report 04 Our global business 45 Leadership and responsibilities 06 Chief Executive’s overview 46 Board of Directors 08 Industry trends 50 Board effectiveness 10 Our vision and strategy 54 Audit and accountability 12 Our business model 58 Corporate social responsibility 14 Our KPIs and business measures 60 Appointments to the Board 15 Delivering our strategy 61 Remuneration Report 24 Key Group risk factors 105 Other disclosures 30 Regional Review 112 Responsibility of Directors 36 Financial Review + pg 02 – 43 + pg 44 – 112 + Group Financial Parent Company Statements Financial Statements 113 Independent auditors’ report 204 Independent auditors’ report 117 Group Income Statement 206 Balance Sheet – 118 Group Statement of Comprehensive Income British American Tobacco p.l.c. 119 Group Statement of Changes in Equity 207 Notes on the accounts 120 Group Balance Sheet 122 Group Cash Flow Statement 123 Notes on the accounts Other information 200 Five-Year Summary 210 Shareholder and contact information 201 Half-Yearly Analysis of Profit 202 Principal subsidiaries and other Group undertakings pg 113 – 203 + pg 204 – 212 + 016512_BAT_AR2013_p01-09_AW7.indd 1 13/03/2014 11:39 British American Tobacco 02 Annual Report 2013 Strategic Report Governance Financials Our year in numbers Group cigarette volumes, Profit from operations (£million)1 Basic earnings per share (pence)1 excluding associates (billion) 676 5,526 205.4 –2.7% +3% +5% 2012: 694 2012: 5,372 2012: 195.8 Revenue at constant exchange rates2 Adjusted profit from operations3 at constant Adjusted diluted earnings (£million) exchange rates2 (£million) per share3 (pence) 15,822 6,041 216.6 +4% +7% +6% 2012: 15,190 2012: 5,641 2012: 205.2 Revenue (£million) Free cash flow Dividends per share (£million) (pence) 15,260 3,371 142.4 +0% +3% +6% 2012: 15,190 2012: 3,259 2012: 134.9 Notes: 1. 2012 figures have been restated. See Note 1 on the accounts. 2. Constant currency provides the information based on a re-translation, at prior year exchange rates, of the current year information. 3. Adjusted profit from operations is derived after excluding the adjusting items from the profit from operations. These items include restructuring and integration costs, amortisation and impairment of trademarks and similar intangibles and a gain on deemed partial disposal of a trademark. British American Tobacco 03 Annual Report 2013 Strategic Report Governance Financials Chairman’s introduction “IamconfidentthattheGroupis positioned to continue to deliver strong profitanddividendgrowthformany years to come.” Richard Burrows Chairman Strong growth Our efforts in these areas are discussed within this Strategic Report The Group has achieved another year of strong earnings and market and elsewhere in our Annual Report, but we have also published share growth, despite difficult trading conditions in some parts of a separate Sustainability Summary report called ‘Value Shared’. the world and unfavourable currency headwinds. Industry volumes This sits alongside the two Sustainability Focus reports we published continued to decline but the pricing environment remained strong. in 2013, covering harm reduction and acting with integrity. You can Good profit growth and a focus on asset management have also download all three of these reports from our corporate website at contributed to a continued improvement in return on capital www.bat.com/sustainability. employed, as detailed in our Financial Review. What guides us It is to the great credit of our people, our management team and Our Guiding Principles have long been at the core of our culture. our Chief Executive, Nicandro Durante, that the business continues They guide our behaviour and in this Strategic Report we describe to deliver such strong results. The Group adopted a new vision and how they align with our new vision. The Principles also underpin refocused strategy in 2013 and this has been embedded across the our approach to good corporate governance, as I have set out organisation, further sharpening our global alignment. We remain in my introduction to this year’s Governance section in the focused on investing in our tobacco business but recognise Directors’ Report. that beyond tobacco there are opportunities in the emerging next-generation product category. Board changes May I thank all of our Board members for their contributions Nicandro’s overview of business performance in this Report describes during 2013. I am pleased to report that we maintain our strong how our strategy guides our global commercial operations and record on Board diversity, both in gender and in the wide range the roles new markets and new product categories will play in of backgrounds and nationalities represented among our Directors. our future. My thanks go to Anthony Ruys, who will stand down as a This success continues to deliver for our shareholders and is reflected Non-Executive Director at the conclusion of this year’s AGM in an increase of adjusted diluted earnings per share for 2013 to having served for eight years on your Board. 216.6p, an increase of 6% on last year, or 10% on a constant currency basis. Also to John Daly, who stepped down as Chief Operating Officer at the end of December to focus on the transitioning of key projects The Board has recommended a final dividend of 97.4p per share, and initiatives in early 2014. He will retire from the Board in April which will be paid on 8 May 2014 to shareholders on the register 2014. John has held many senior management roles during his at 14 March 2014. This takes the total dividend for 2013 to 142.4p, 19 year career with British American Tobacco. He will be missed by an increase of 6% on 2012. colleagues throughout the organisation and I join them in wishing him well for his retirement. Our share buy-back programme continued in 2013. Between the beginning of March and the end of December 2013, almost I am also delighted to welcome Savio Kwan, who joined our Board 44 million shares were repurchased at a value of £1.5 billion, as a Non-Executive Director in January 2014. Savio brings us his excluding transaction costs. The Board has agreed a further profound commercial approach, a clear international orientation and £1.5 billion share buy-back programme for 2014.
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