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Performance Summary 2016 Performance Summary 2016 Introduction Delivering today Investing in tomorrow Performance Summary 2016 Performance Summary 2016 Introduction “ A vintage year, driven by a successful strategy and winning culture” Richard Burrows Chairman Our year in numbers Group cigarette volume Group share of Key Markets Global Drive Brands’ Global Drive and Strategic (GDBs) cigarette volume Brands’ (GDSBs) total volume 665bn +50 bps 324bn 346bn +0.2% (-0.8% organic1) +7.5% +7.2% 2015: 663bn bps = basis points KPI KPI Reported revenue Revenue at constant rates2 Profit from operations Adjusted profit from operations3 at constant rates2 £14,751m £14,008m £4,655m £5,197m +12.6% +6.9% +2.2% +4.1% (+10% excl. trans FX4) 2015: £13,104m 2015: £13,104m KPI 2015: £4,557m 2015: £4,992m KPI Adjusted diluted Adjusted diluted earnings Basic earnings per share Total dividends per share earnings per share3 per share3 at constant rates2 247.5p 230.0p 250.2p 169.4p +18.8% +10.4% +8.4% +10.0% 2015: 208.4p KPI 2015: 208.4p KPI 2015: 230.9p 2015: 154.0p Cash generated from Operating cash flow Total shareholder return (TSR) We use these measures and indicators operations at constant rates2 conversion ratio (compound annual growth rate) to assess our performance. To ensure management’s focus is aligned with the interests of our shareholders, our KPIs are reflected in our management incentive schemes. Although our business measures 2014–2016 are not directly included in these incentives, £2,918m 93% 16.1% they reflect our performance, improve the quality of our business and contribute to +21.3% shareholder value. 5 2015: £2,405m (excl. FII GLO) KPI 2015: 92% KPI KPI Notes: 1. Organic excludes contributions by TDR, Blue Nile, Ten Motives and CHIC. 2. The term ‘Constant rates’ 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 payment and release of a provision relating to non-tobacco litigation. 4. Estimate to exclude transactional foreign exchange on cost of sales. 5. 2015 cash generated from operations included a one-off receipt in relation to Franked Investment Income Group Litigation Order (FII GLO), which is not treated as part of on-going cash generation. For the avoidance of doubt – all variances in this document are calculated based upon the absolute number. 01 British American Tobacco Performance Summary 2016 Performance Summary 2016 Chief Executive’s review “The Group delivered a great set of results in 2016, with excellent growth seen across all key business metrics” Nicandro Durante Chief Executive A great year This is a significant step towards the In the UK, our category retail share, as completion of this transaction and we look independently measured by AC Nielsen, The Group delivered a great set of results forward to putting the recommended offer has reached nearly 40% through the growth in 2016, with excellent growth seen to shareholders. of Vype and the acquisition of Ten Motives. across all key business metrics. This was We also have an estimated market share of achieved despite a challenging backdrop Strategically, this deal will create a truly around 50% in Poland as well as category of adverse foreign exchange rates impacting global business with a world-class portfolio retail share of over 7% in Germany, over 4% our cost base and ongoing pressure on of tobacco and Next Generation Products in France and over 2% in Italy. In addition, consumers’ disposable income in many that will be available across the most we also launched a new vaping concept in of our Key Markets. attractive markets in the world. Financially, Europe called the Vype Pebble, which we it will be earnings accretive with enhanced The work that has been carried out in believe will enhance the overall category cash generation while maintaining a solid previous years to integrate and streamline and increase consumer penetration. investment grade credit rating. internal systems, identify consumer needs In December 2016, we launched a new- earlier and increase efficiencies across the We expect the transaction to close during the to-world Tobacco Heating Product called Group means that we now have the building third quarter of 2017, subject to obtaining the glo in Sendai, Japan. Initial results are very blocks in place to continue to deliver for relevant shareholder and regulatory approvals. encouraging, with glo gaining 5.4% volume shareholders in the future. Combustible tobacco products share in a leading convenience store chain in Sendai after only ten weeks. Further roll-out Results Total Group cigarette volume for the full and product upgrades are scheduled for Group revenue was up by 6.9% at year was up 0.2% to 665 billion. A 0.8% 2017 and beyond. constant rates of exchange, driven by decline on an organic basis was considerably good pricing – with price mix exceeding better than the industry, which we estimate to These innovations, alongside our exciting 6%. Reported revenue was 12.6% higher, be down around 3.0%. pipeline, demonstrate our commitment reflecting the translational tailwind resulting to meeting all of the differing preferences Strong growth in 2016, with overall market from the relative weakness of sterling. of our consumers, providing them with share in our Key Markets increasing by 50 bps, On an organic basis, Group revenue was a choice of outstanding products across was driven by the continuing momentum of up by 5.3% at constant rates. the risk continuum. our Global Drive Brands (GDBs). At constant rates of exchange, adjusted Total volume growth across the GDBs was Facing the future with confidence profit from operations grew by 4.1% and an outstanding 7.5% and total market share As these results demonstrate, our combustible adjusted diluted earnings per share grew growth was 100 bps. The GDBs now account tobacco business continues to perform by 10.4%. for 49% of Group cigarette volume, up from extremely well and I am very pleased with the Adjusted profits from operations would 32% in 2011, demonstrating the key role progress we are making in Next Generation have grown by approximately 10% were they play in our growth strategy. Products. Both would be made stronger it not for the significant ongoing effect of by our proposed acquisition of Reynolds adverse foreign exchange movements on Next Generation Products American, creating what will become a truly our cost base during 2016. In 2016, we made significant progress with global tobacco and Next Generation Products our differentiated strategy of developing company, delivering sustained long-term Underlying operating margin, excluding and marketing a range of outstanding next profit growth and returns. transactional foreign exchange and generation tobacco and nicotine products, acquisitions, grew by around 160 bps. The ongoing success of the Group is only across both the Vapour and Tobacco Heating On a reported basis, it was down by made possible by the passion and dedication categories – having further strengthened our 90 bps to 37.2%. of our talented people around the globe and R&D capabilities and continued to invest in I am confident that we are well placed to world-class science to provide our consumers Agreement to acquire continue this success into the future. Reynolds American with innovative and inspiring products. Nicandro Durante I am very pleased that we reached an Our Vapour Products business continues to Chief Executive agreement with the Board of Reynolds perform very well and, following the geographic American in relation to the acquisition of expansion of Vype in 2016, we are now present the remaining 57.8% of Reynolds American in ten markets and have the largest vapour that the Group does not currently own. business in the world outside of the US. British American Tobacco Performance Summary 2016 02 Performance Summary 2016 Our global business Our heritage Our leading brands British American Tobacco was founded in 1902 Our five Global Drive Brands – Dunhill, Kent, Lucky Strike, Pall Mall and was first listed in 1912. Today, we are one and Rothmans – play a key role in our growth strategy. These leading brands continued to drive volume and share growth in our markets of the top five companies listed on the London worldwide in 2016. Stock Exchange by market capitalisation. We also We have many other famous international and local brands including have a secondary listing on the Johannesburg Vogue, Viceroy, Kool, Peter Stuyvesant, Craven A, Benson & Hedges, Stock Exchange. John Player Gold Leaf, State Express 555 and Shuang Xi. With factories in 42 countries and offices all Our key Next Generation Product brands include Vype, our range around the world, we have long played a of Vapour Products, and glo, our Tobacco Heating Product. significant role in the local communities where Dunhill we operate across the globe. We are proud that Dunhill’s roots date back to 1907 we are frequently rated in many countries as when Dunhill Tobacco of London Limited was established on Gentlemen’s Row. Volume a top employer. More than a century later, Dunhill is our premium international brand, embodying -3.3% Traditional tobacco products are our core perfect taste, always. business. However, we are also committed to 57bn 2015: 59bn developing and selling potentially less risky Market share alternatives to regular cigarettes. These Next Generation Products include Vapour Products, Flat like e-cigarettes, and Tobacco Heating Products. Kent Kent symbolises progress through Volume technology in the cigarette category and stands out as the most innovative and +1.0% forward-looking brand in the industry. Our products 66bn 2015: 66bn It is a pioneering brand, which has led the way since 1952.
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