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British American Tobacco Annual Report and Accounts 2007

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British American Tobacco Annual Report and Accounts 2007 British American Tobacco British American Tobacco Annual Report and Accounts 2007 www.bat.com British American Tobacco Annual Report and Accounts 2007 Photography by Matthew Ford. Printed in the UK by St Ives Westerham Press Ltd. ISO14001:2004, FSC certified and Carbon Neutral. The paper used for this report is Revive 50:50 silk, comprising 25% post-consumer and 25% pre-consumer waste, and 50% virgin wood fibre sourced from sustainable forests independently certified according to the rules of the Forest Stewardship Council. This document is recyclable. What you’ll find online Usability Videos Clear and easy to use navigation, Clips of the Chairman and Chief including choice of a summarised Executive delivering their statements. Quick Read or the Full Report. Downloads Accessibility Sections of the Report, or the whole Following international guidelines to document, available in PDFs for quick make content generally user-friendly and and easy download. accessible for people with disabilities. Portability All the main parts of the Report can be viewed on handhelds. The way we report is changing At the 2007 Annual General Meeting, shareholders approved changes to the Articles of Association of British American Tobacco p.l.c. enabling us to make greater use of electronic communications with shareholders. Moving from printed to online reporting will not only bring about reduced print and distribution costs, but also help our environment by saving on paper. We have further enhanced our online Annual Report this year, making it more accessible and engaging for our shareholders. To opt out of receiving printed copies, shareholders should register with www.computershare.com/investor/uk/ecomms. www.bat.com/annualreport2007 Cautionary statement: the Operating and Financial Review and certain other sections of this document contain forward-looking statements which are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. Quick Read 02 At a glance QUICK READ 04 Vision and strategy 06 Our Global Drive Brands CHAIRMAN’S Operating and Chairman’s overview 41 Financial review OVERVIEW Financial Review 08 Chairman’s statement 41 Profit from operations 41 Exceptional items Business review 42 Net finance costs 10 Chief Executive’s review 42 Interest cover 12 Measuring our performance 42 Associates 14 Our strategy 42 Profit before tax 16 Growth BUSINESS 42 Effective tax rate REVIEW 20 Productivity 42 Earnings per share 22 Responsibility 43 Dividends 26 Winning Organisation 43 Total equity Risk factors 43 Cash flow 28 Key Group risk factors 44 Treasury operations 45 Changes in the Group Regional and financial review FACTORS 45 Share buy-back programme RISK 32 Regional review 45 Accounting developments 34 Europe 36 Asia-Pacific 37 Latin America 38 Africa and Middle East FINANCIAL REVIEW 39 America-Pacific REGIONAL AND 40 Associates MANAGEMENT Directors’ Report Management British American Tobacco p.l.c. and Accounts 46 Board of Directors 169 Report of the independent auditors 47 Management Board 170 Balance sheet 48 Directors’ report 171 Notes on the accounts 58 Remuneration report 76 Corporate governance statement Shareholder information GROUP ACCOUNTS 175 Shareholder information British American Tobacco Group 176 Contact information 84 Report of the independent auditors 86 Group income statement 87 Group statement of changes in total equity 88 Group balance sheet 90 Group cash flow statement PLC ACCOUNTS 91 Notes on the accounts 162 Five year summary 164 Quarterly analyses of profit 166 Principal subsidiary undertakings 168 Principal associate undertakings INFORMATION SHAREHOLDER AT A GLANCE 2007 results Group results 2007 British American Tobacco has had another very good year, Gross turnover (including duty, excise and other taxes) with increased profit and share growth in many markets. At current rates of exchange, revenue was ahead by 3 per cent +4% £26,234 million and profit from operations, excluding exceptionals, by 7 per cent, despite the £106 million adverse impact of exchange rates. At comparable rates of exchange, revenue Revenue was up 5 per cent and profit from operations, excluding exceptionals, up 11 per cent. +3% £10,018 million Total shareholder return (annual %) Profit from operations (1 January 2005 – 31 December 2007) FTSE 100 ■ Upper quartile ■ Lower quartile +11% £2,905 million The FTSE 100 comparison is based on three months’ average values. British American Median 13.9% Tobacco 33.9% 70 Profit from operations, excluding exceptional items +7% £3,003 million 0 Basic earnings per share -40 +14% 105.19 pence Adjusted diluted earnings per share +11% 108.53 pence Dividend per share declared +18% 66.20 pence Group cigarette volumes, excluding associates -1% 684 billion 02 British American Tobacco Annual Report and Accounts 2007 QUICK READ go online at www.bat.com/annualreport2007 QUICK READ Our regions Volume (billions) Revenue (£ million) Profit (£ million)* Europe The region covers over 50 countries -1% +3% +8% and extends from Portugal to Russia. 245 3,655 842 Asia-Pacific The region covers South Korea, +2% +2% +9% China and the countries of South Asia, South-East Asia and Australasia. 145 1,876 672 Latin America The region covers the countries of -1% +11% +11% South America, Mexico, Central America and the Caribbean. 151 1,983 680 Africa and Middle East The region covers Africa, the Middle -4% -3% +0% East, the Caucasus and Turkey. 101 1,445 470 America-Pacific The region covers Canada and Japan. -3% -4% +5% 42 1,059 446 *Profit from operations, excluding exceptional items. AMERICA- PACIFIC EUROPE ASIA- PACIFIC AFRICA AND MIDDLE EAST LATIN AMERICA ■ Associates Annual Report and Accounts 2007 British American Tobacco 03 QUICK READ VISION AND STRATEGY Our vision is to achieve leadership of the global tobacco industry in order to create shareholder value. Quantitatively, we seek volume leadership among our international competitors. Qualitatively, we aim to lead our industry as the preferred partner of key stakeholders and in demonstrating responsibility. Our strategy to deliver our vision is based on Growth, Productivity, Responsibility and building a Winning Organisation. We use a range of indicators to assess our performance against our strategy. They include our Key Performance Indicators, described on pages 12 and 13, together with some of our other Business Measures, described on pages 16 to 27. 04 British American Tobacco Annual Report and Accounts 2007 QUICK READ go online at www.bat.com/annualreport2007 QUICK READ Growth We focus on increasing our volume and value share of the global tobacco market through organic growth and mergers and acquisitions. In this section • Our approach to marketing • Our marketing strategy • Delivering innovations • Global Drive Brands go to page 16 • Other International Brands • Trade Marketing and Distribution Productivity We focus on effectively and efficiently deploying our global resources to increase profits and generate funds to reinvest in our business. In this section • Supply chain • Overheads and indirects go to page 20 Responsibility We focus on continuing to balance our commercial objectives with the expectations of a broad range of stakeholders, thus ensuring a sustainable business. In this section • Dow Jones Sustainability Indexes • Environmental performance • Harm reduction go to page 22 Winning Organisation We focus on ensuring we have the right people and the right work environment to deliver our vision. In this section • Talent management • Employee share ownership • Employee engagement • Your Voice go to page 26 • Work environment Annual Report and Accounts 2007 British American Tobacco 05 QUICK READ OUR GLOBAL DRIVE BRANDS Our four Global Drive Brands – Dunhill, Kent, Lucky Strike and Pall Mall – are well represented across the key market segments. Since 2002, they have together grown volumes by 62 per cent. They represent 24 per cent of our volume, and give us a truly global approach. Innovation is central to our approach to building brands that evolve and offer consumers relevant products to meet their changing needs. 06 British American Tobacco Annual Report and Accounts 2007 QUICK READ go online at www.bat.com/annualreport2007 QUICK READ Dunhill celebrated its Kent was introduced Lucky Strike was launched Pall Mall is our leading centenary in 2007. It is in America in 1952. It is in 1871 and remains one global Value-for-Money a strong Premium Brand now sold in more than of the world’s most iconic Brand, positioned to exceed which sells in more than 70 countries. Kent is a trademarks. It is among consumer expectations. 120 countries. It offers a modern freestanding our leading Premium Introduced in 1899, it diverse range of Premium Premium Brand, Brands and sold in now sells in more than and Super Premium cigars consistently perceived as more than 90 countries. 60 countries, offering a and cigarettes. 35 billion delivering ‘the modern It continues to bring range of cigarette and Dunhill cigarettes were way to smoke’. 54 billion creativity to consumers make-your-own products. sold in 2007, up 6 per cent cigarettes were sold in through product and It delivered outstanding on 2006. Key markets 2007, the brand’s fifth
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