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British American Tobacco Annual Report

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British American Tobacco Annual Report CHAIRMAN’S STATEMENT “Over the past five years, our strategy for building shareholder value has delivered compound growth of 10 per cent in adjusted diluted earnings per share and 13 per cent in dividends.” Jan du Plessis Chairman British American Tobacco has 2007 saw the completion of our initial We have announced an agreement to had another very good year, with five year programmes of cost savings acquire 100 per cent of Skandinavisk increased profit and share growth from the supply chain and from Tobakskompagni’s (ST) cigarette and in many markets. At current rates overheads and indirects. Over the snus business in exchange for our of exchange, revenue was ahead by period, we have saved over £1 billion 32.35 per cent holding in ST and 3 per cent and profit from operations, in annual costs. The annualised supply the payment of DKK11,384 million excluding exceptionals, by 7 per cent, chain savings in 2007 reached (£1,151 million) in cash. ST accounts despite the £106 million adverse £177 million, bringing the total to for more than 60 per cent of cigarette impact of exchange rates. At £551 million and the overheads and sales in Scandinavia. comparable rates of exchange, indirects annualised savings were By turning our minority stake in a revenue was up 5 per cent and £100 million, making the total for diversified group into full control of a profit from operations, excluding that programme £455 million. very profitable cigarette business, we exceptionals, up 11 per cent. will strengthen our market positions in Adjusted diluted earnings per share Denmark, Norway, Sweden and Poland increased by 11 per cent to 108.53p. +11% and achieve significant synergy Over the past five years, our earnings benefits. The transaction, which is Increase in adjusted diluted earnings per share have grown by 10 per cent subject to competition approvals, per share compound, clearly demonstrating will be funded from a committed our ability to meet our goal of bank facility and, excluding one-off Over the next five years, our target is delivering high single-figure growth costs, is expected to be immediately to achieve further annualised savings in earnings, on average, over the earnings enhancing. of £800 million by 2012, in areas medium to long term. such as supply chain efficiencies, back We are also delighted to have won Sales of the Group’s Global Drive office integration and management the public tender for the cigarette Brands improved by 10 per cent, structures. Some of the savings will assets of Tekel, the Turkish state- as both Kent and Pall Mall broke be reinvested in the business, so that owned tobacco company, with a bid through the 50 billion sticks volume we can maintain our investment in of US$1,720 million (£860 million). level for the first time. Kent grew by innovation, distribution and research On completion, which is expected 19 per cent, driven by the innovative and development, driving sustainable later this year and is subject to Kent Nanotek in Russia, as well as revenue growth and improving the regulatory approvals, the acquisition by growth in Chile, Romania and quality of our business. will raise our market share in Turkey, Ukraine. Dunhill was up 6 per cent, the eighth largest cigarette market Our share of our associate companies’ benefiting from new products and in the world, to some 36 per cent post-tax results rose by 3 per cent to packaging, while Lucky Strike grew from just over 7 per cent today. £442 million, reflecting higher profits slightly. Our premium volume grew from Reynolds American and ITC, The addition of Tekel’s portfolio will by 3 per cent, in contrast to the partly offset by adverse exchange provide a stronger platform for the 1 per cent decline in overall volumes, movements. growth of our International Brands demonstrating the benefit of our such as Kent, Pall Mall and Vogue continuing investment in innovation. 08 British American Tobacco Annual Report and Accounts 2007 OPERATING AND FINANCIAL REVIEW go online at www.bat.com/annualreport2007 CHAIRMAN’S OVERVIEW Historical total shareholder return performance Growth in the value of a hypothetical £100 holding over five years ■ FTSE 100 ■ British American Tobacco FTSE 100 comparison based on 30 trading day average values. 400 300 200 100 0 Dec Dec Dec Dec Dec Dec 2002 2003 2004 2005 2006 2007 in the Turkish market. We expect to In November 2007, Richemont following an outstandingly successful achieve significant one-off benefits in and Remgro made preliminary period as Chief Operating Officer and addition to the expected cost savings announcements that they were was replaced by Nicandro Durante. and the transaction, which will also considering restructurings that We have also announced that Paul be financed with a committed bank might entail providing their respective Rayner will be retiring as Finance facility, should be earnings enhancing shareholders with the option of Director at the AGM, as he needs to from 2009. becoming direct shareholders in return to Australia for family reasons. British American Tobacco. We have Our thoughts are very much with During the year, we repurchased agreed, if requested, to obtain a Paul and his family at this difficult some 45 million shares at a cost of secondary listing for our ordinary time. I would like to thank him for £750 million and at an average price shares on the Johannesburg Stock his tremendous contribution to the of £16.57. Over the past five years, Exchange with a view to facilitating Group over many years. Paul will be we have returned almost £3 billion any such restructurings. succeeded by Ben Stevens, currently to shareholders in share buy-backs. Regional Director, Europe. However, in view of our refinancing plans following the Tekel and ST Amongst the Non-Executive Directors, transactions, we have decided to +18% Piet Beyers retired in June and Karen de scale back the 2008 share buy-back Segundo and Christine Morin-Postel Increase in dividend per share to some £400 million with a view were appointed in October. Ken Clarke declared to maintaining our credit rating. will be retiring from the Board at the We will keep the level under review, AGM, having served since 1998. We Shareholders may remember that last as we intend to return to the higher will miss his wise counsel very much year the Board announced a phased level of £750 million announced last indeed. Ken will be succeeded as increase in the dividend payout ratio, year in due course. Senior Independent Director by Sir which is planned to reach 65 per cent Nick Scheele. Once again, following discussions with of long term sustainable earnings the Takeover Panel, the Company will in 2008. The Board is therefore At a time of considerable economic be asking independent shareholders at proposing a final dividend for and financial uncertainty around the the Annual General Meeting (AGM) to 2007 of 47.60p, taking the total for world, British American Tobacco is waive the requirement for R&R the year to 66.20p, an increase of in good shape. Over the past five Holdings S.A. (R&R) to make a bid 18 per cent, representing a payout years, we have delivered significant for the remaining shares in British ratio of 61 per cent. Over the past five shareholder value with a total return of American Tobacco, should their years, we have achieved compound 294 per cent, compared to 89 per cent combined interest, which currently dividend growth of 13 per cent. for the FTSE 100 as a whole. stands at 29.95 per cent, reach or There have been a number of exceed 30 per cent as a result of changes to the Board during 2007. our share buy-back programme. Antonio Monteiro de Castro retired Annual Report and Accounts 2007 British American Tobacco 09 OPERATING AND FINANCIAL REVIEW CHIEF EXECUTIVE’S REVIEW “We are confident we can continue to meet the expectations of our shareholders.” Paul Adams Chief Executive Group numbers 2007 2007 was another very good year For example, we have recently for British American Tobacco. We announced the acquisition of both the maintained the strong momentum cigarette assets of Tekel, the Turkish million of the past five years as we made state-owned tobacco company, and £26,234 progress in all areas of our Group 100 per cent of the cigarette and snus Gross turnover (including duty, strategy – Growth, Productivity, business belonging to Skandinavisk excise and other taxes) Responsibility and building a Tobakskompagni, our associate Winning Organisation. company in Scandinavia. As a result, our market positions will be significantly Since 2002, our organic growth million strengthened in Turkey, Denmark, £10,018 has been driven by our Global Drive Revenue Sweden, Norway and Poland. Brands (GDBs), which have been rising by an average of over 10 per cent per annum, resulting in a 62 per cent £3,003 million increase over the last five years. This +62% Profit from operations, excluding is partly due to successful innovations, Increase in GDB volumes over exceptional items that have real appeal to our consumers, five years and the roll-out of our GDBs into new markets. As detailed on pages 20 and 21, 108.53 pence We have achieved volume growth in we have delivered over £1 billion Adjusted diluted earnings per share developing markets, such as Russia, of productivity savings over the last Nigeria and Pakistan. We have also five years. More than half of our entered new markets, such as Turkey, worldwide manufacturing capacity has million Bulgaria and Kazakhstan. been restructured to achieve greater £86 efficiencies. Additionally, we are Research and development expenditure While our growth has been boosted conducting extensive reorganisations by previous merger and acquisition to enhance our market effectiveness activities, including the purchase of and achieve above-market synergies.
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