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British American Tobacco (JSE:BTI) News - Half-year report to 30 June 2022
British American Tobacco p.l.c.
Incorporated in England and Wales
(Registration number: 03407696)
Short name: BATS
Share code: BTI
ISIN number: GB0002875804
("British American Tobacco p.l.c." or "the Company")
27 JULY 2022 – INTERIM RESULTS
BRITISH AMERICAN TOBACCO p.l.c.
HALF-YEAR REPORT TO 30 JUNE 2022
NEW CATEGORIES GROWTH DRIVES FASTER TRANSFORMATION
PERFORMANCE HIGHLIGHTS REPORTED ADJUSTED
Current Vs 2021 Current Vs 2021
rates Rates current constant
Cigarette and THP value share +10 bps
Cigarette and THP volume share flat
Consumers of non-combustible products1 20.4m +2.1m
Revenue (£m) £12,869m +5.7% £12,869m +5.7% +3.7%
Revenue from New Categories (£m) £1,283m +45.4% £1,283m +45.4% +45.0%
Profit from operations (£m) £3,678m -25.0% £5,645m +7.8% +4.9%
New Category contribution (£m) £(222)m -56.1%^ -55.4%^
-11.7
Operating margin (%) +28.6% +43.9% +90 bps +50 bps
ppts
Diluted EPS (pence) 80.8p -42.9% 167.4p +8.6% +5.7%
Net cash generated from operating
£3,221m +42.9%
activities (£m)
Adjusted cash generation from operations
£2,137m +60.2% +64.2%
(£m)
+41.7 +10.6
Cash conversion (%) +87.6% +77.3%
ppts ppts
Borrowings (£m) £44,875m -0.3%
Adjusted Net Debt (£m) £39,990m -1.2% -7.5%
The use of non-GAAP measures, including adjusting items and constant currencies, are further discussed on pages 55 to 60, with reconciliations from the most
comparable IFRS measure provided. Note – 1. Internal estimate. ^Improvement in New Categories contribution as losses reduce by 56.1% (or 55.4% at constant rates
of exchange)
Faster Transformation HY Results
- Revenue up 3.7%* led by New Category growth
- New Categories revenue up 45% to £1,283m* - Combustible revenue up 0.6%* against a
- Non-combustible product consumers increased strong U.S. comparator, price/mix was up
by 2.1m to 20.4m, with 14.6% of Group 4.8%
revenue delivered by non-combustible - Cigarette value share up 10 bps
products, up 2.2 ppts from FY21 - £1.5bn Quantum savings delivered six months
- Vapour revenue up 48%*, Vuse extended global early, expect to deliver in excess of £1.5bn
category value share leadership, becoming by end of 2022
U.S. No.1 - Adjusted profit from operations up 4.9%*
- glo revenue up 44%*, with glo hyper volume includes an adverse transactional FX impact
share gains in Europe of 1.5%
- Modern Oral revenue up 37%*, driven by Velo, - Adjusted operating margin up 90 bps
with continued volume share leadership in - Adjusted diluted EPS up 5.7% to 163.0p*
Europe - Operating cashflow conversion of 77%,
- All New Categories grew revenue faster than reflecting continued excellent cash
volume generation
- New Category contribution losses reduced by - Reported results mainly reflect charges in
over 50% to £222m respect of Russia and the DOJ/OFAC
investigations
Jack Bowles, Chief Executive:
“I am very proud that our continued New Categories growth momentum is driving Faster Transformation, with
revenue growth of 45%* in the first half of 2022, on top of 51%* growth in FY2021. We are delivering both
strong operational performance and transforming the business.
I am especially proud that the number of consumers using our non-combustible brands has passed the milestone
of 20m in the first half. Our A Better Tomorrow purpose, partnered with our well-established multi-category
strategy, continues to drive growth.
Our three strong, global New Category brands underpinned our revenue performance, with non-combustibles now
representing 14.6% of revenue. Revenue growth was ahead of volume growth in all three New Categories. We are
confident in delivering £5bn New Category revenue, and profitability, by 2025.
Furthermore, New Category contribution improved by over 50% in H1, with losses reduced by £281m* in the
period alongside a continued increase in investment in our transformation, with a total of £1.1bn invested
in New Categories in the first half.
From an innovation perspective, the second half promises to be exciting. We are launching our new glo system
proposition, hyper X2, and a new consumables range in the THP category, where we are enjoying strong growth.
In addition, we continue to build on our international leadership position in Vapour, expanding our
portfolio with the launch of Vuse Go, our new disposable Vapour platform. This will be scaled-up and rolled
out into a number of new markets following our successful UK pilot launch in the first half of 2022.
Our combustibles business continues to grow value share enabled by robust pricing. In addition, we have
delivered £1.5bn Quantum savings six months early, and our progress continues. We now expect to achieve in
excess of £1.5bn by year end.
We have a strong and resilient portfolio in the U.S., growing value share in both combustibles and vapour.
We continue to grow our premium value share in combustibles and to date we see no acceleration of
downtrading in our combustibles portfolio.
We are not immune, of course, to the increasing macro-economic pressures, exacerbated by the conflict in
Ukraine. However, we are well positioned to navigate the current turbulent environment due to our powerful
brands, operational agility and continued strong cash generation.
I am very pleased that, thanks to the hard work and commitment of BAT employees all over the world, we are
delivering our operational performance and business transformation at pace in a challenging environment.
With this strong start to the year, I am confident in achieving our full year guidance. While understanding
that there is more to do, these results demonstrate the strong progress we are making in our Faster
Transformation towards A Better Tomorrow.”
* at constant rates of exchange
CHIEF EXECUTIVE’S STATEMENT
FASTER TRANSFORMATION OF OUR BUSINESS
“During the first half of 2022, our Faster Transformation demonstrated the benefits of our multi-category
strategy. Our A Better Tomorrow purpose, which drives a reduction in the health impact of our business, is
based on our three core beliefs:
- Rigorous science should underpin our portfolio of reduced-risk products**†;
- Product innovation is essential to satisfy evolving global consumer needs; and
- Sustainability is at the centre of our business decisions and heart of our strategy.
We continue to make substantial investments in our science and R&D and have built a substantial body of
science to support our New Category products, including pioneering clinical studies of glo and Vuse.
- Based on over 135 of our own studies, and third-party data across emissions, toxicology and the
growing body of clinical and population studies, we believe our products are scientifically
substantiated as reduced risk**† compared to smoking and that this science supports the role and use
of these products in Tobacco Harm Reduction.
- The science shows that, for Vuse and glo harmful components are 90-99% less than cigarettes, with
toxicology between 95% to 99% less. For Velo, studies show it contains less harmful components than
snus.
Further to our vapour portfolio expansion, in July 2022, we launched our new THP innovation platform – glo
hyper X2 – a smaller, lighter, induction heating device with an ergonomic design and separate boost button.
This platform will be enabled by a re-designed Neo consumables range. The roll-out has started in Japan,
with rapid roll-outs to other markets planned in the second half of 2022.
We continue to take an active approach to reducing our environmental impact, having signed up to the UN-
backed Race to Zero campaign. I am pleased to report that we now have 18 certified carbon neutral^
manufacturing and commercial facilities with two added in the first half of 2022.
Driving even Faster Transformation, while navigating the macro environment, will be our priority during the
second half of the year. The strength of our New Category portfolio, combined with our focus on science,
innovation and sustainability, underpins our confidence in delivering another strong year in 2022.”
FINANCE & TRANSFORMATION DIRECTOR’S OUTLOOK STATEMENT
TRANSFORMING AND DELIVERING
“Our first half performance demonstrates our delivery and our Faster Transformation in action. We continue
to build on our momentum, supported by our New Categories becoming a greater driver of Group performance.
We continued to invest in our transformation, with over £1 billion invested in New Categories in the first
half. In addition, we improved the contribution from New Categories, with losses down for the second
consecutive period, reducing by a further £281 million, at constant rates. Our New Category business is
already delivering a positive financial contribution in 9 markets.
Progress at our state-of-the-art Innovation Hub in Trieste, Italy also continues. The Hub will host a New
Categories manufacturing site, innovation lab and digital centre of excellence.
Strong pricing in combustibles and value share growth, up a further 10 bps, continue to fund our
transformation. U.S. combustible volume was down 13.4%, mainly due to industry volume decline which
reflected the impact of macro factors, including higher fuel prices and a return to more normal consumer
consumption patterns post COVID.
Adjusted operating margin growth of 90 bps was supported by a further c£275 million of Quantum savings in
the first half of 2022. We now expect to achieve in excess of £1.5 billion annualised savings by the end of
2022. Reported results were impacted by impairment charges in respect of Russia assets (£957 million, as
described on pages 33 and 34), a charge of £450 million related to the investigation in respect of alleged
historical breach of sanctions (described on page 20) and other charges recognised related to Quantum
(including the exit from Egypt and planned factory closure in Singapore), with reported EPS down 42.9%.
On an adjusted, constant currency basis, EPS was up 5.7% reflecting our continued strong performance,
absorbing the impact of a very strong comparator in the U.S., and the sale of our business in Iran in August
2021. While we are not immune to the current macro environment, we are confident in our full year guidance,
irrespective of the timing of the transfer of our Russian business.
We expect to generate £40 billion of free cash flow before dividends over the next five years. With our
active capital allocation framework, we are committed to delivering enhanced long-term value for
shareholders. We have already repurchased 37.7 million shares at a cost of £1.3 billion as part of our £2
billion share repurchase programme for 2022. Liquidity remains strong with average debt maturity close to 10
years, and 90% of our debt is fixed. Our medium-term rating target remains BBB+/Baa1, with a current rating
of BBB+ (negative outlook)/Baa2 (stable outlook)***.
In summary, our robust first half results give us confidence in our full year guidance. We are making strong
progress towards our Faster Transformation and building a sustainable Enterprise of the Future.”
On track for FULL YEAR 2022 guidance:
- Global tobacco industry volume expected to be down c.3.0% partly due to the U.S., Turkey and uncertainty
over Russia / Ukraine.
- Constant currency revenue growth of 2-4% and continued strong progress towards £5bn New Category revenue
in 2025.
- Mid-single figure constant currency adjusted EPS growth, including continued expectation of c.2%
transactional FX headwind.
- Expected translational FX tailwind of c.6% on full year adjusted diluted EPS growth.
- Operating cashflow conversion in excess of 90%. Adjusted net debt/Adjusted EBITDA expected within our 2-
3x corridor.
- Commitment to dividend growth in sterling terms and our long-term 65% dividend pay-out ratio.
** Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk-free and are addictive.
***A credit rating is not a recommendation to buy, sell or hold securities, and may be subject to withdrawal or revision at any time. Each rating should be
evaluated separately of any other rating.
† Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the U.S.,
are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance.
^ Carbon neutrality relates to Scope 1 & 2 greenhouse gas (GHG) emissions, achieved by a combination of initiatives, including energy efficiency, emissions
reduction, renewable energy use, the purchase of renewable energy certificates and offsetting.
Other Information
DIVIDENDS
On 11 February 2022, the Company announced that the Board had declared an interim dividend of 217.8p
per ordinary share of 25p, payable in four equal quarterly instalments of 54.45p per ordinary share
in May 2022, August 2022, November 2022 and February 2023.
The May 2022 quarterly dividend was paid to shareholders on the UK main register and South Africa
branch register on 4 May 2022 and to holders of American Depositary Shares (ADSs) on 9 May 2022. The
three remaining quarterly dividends will be paid to shareholders registered on either the UK main
register or the South Africa branch register, and to holders of ADSs, each on the applicable record
dates set out under the heading ‘Key Dates’ below.
General dividend information
Under IFRS, the interim dividend is recognised in the period that it is paid. Therefore, the results
for the six months ended 30 June 2022 reflect the fourth quarterly dividend from the declaration made
on 17 February 2021 of 53.90p per ordinary share and the first quarterly dividend from the declaration
made on 10 February 2022, of 54.45p per ordinary share as these were paid in February 2022 and May
2022, respectively.
For the six months ended 30 June 2022
Pence per share US$ per ADS
Quarterly payment paid in February 2022 53.90 0.7248860
Quarterly payment paid in May 2022 54.45 0.6754340
1.4003200 108.35
Holders of ADSs
For holders of ADSs listed on the New York Stock Exchange (NYSE), the record dates and payment dates
are set out below. The equivalent quarterly dividends receivable by holders of ADSs in US dollars
will be calculated based on the exchange rate on the applicable payment date. A fee of US$0.005 per
ADS will be charged by Citibank, N.A. in its capacity as depositary bank for the BAT American
Depositary Receipt (ADR) programme in respect of each quarterly dividend payment.
South Africa Branch Register
In accordance with the JSE Limited (JSE) listing requirements, the finalisation information relating
to shareholders registered on the South Africa branch register (comprising the amount of the dividend
in South African rand, the exchange rate and the associated conversion date) will be published on the
dates stated below, together with South Africa dividends tax information.
The quarterly dividends are regarded as ‘foreign dividends’ for the purposes of the South Africa
Dividends Tax. For the purposes of South Africa Dividends Tax reporting, the source of income for the
payment of the quarterly dividends is the United Kingdom.
Key dates
In compliance with the requirements of the London Stock Exchange (LSE), the NYSE and Strate, the
electronic settlement and custody system used by the JSE, the following salient dates for the
quarterly dividends payments are applicable. All dates are 2022, unless otherwise stated.
Event Payment No. 2 Payment No. 3 Payment No. 4
Preliminary announcement
(includes declaration data 11 February
required for JSE purposes)
Publication of finalisation 28 June 20 September 12 December
information (JSE)
No removal requests 28 June– 20 September– 12 December–
permitted between the UK 11 July 3 October 27 December
main register and the South
(inclusive) (inclusive) (inclusive)
Africa branch register
Last Day to Trade (LDT) cum 5 July 27 September 20 December
dividend (JSE)
Shares commence trading ex- 6 July 28 September 21 December
dividend (JSE)
No transfers permitted 6 July– 28 September – 21 December–
between the UK main register 11 July 3 October 27 December
and the South Africa branch
(inclusive) (inclusive) (inclusive)
register
No shares may be 6 July– 28 September– 21 December–
dematerialised or 11 July 3 October 27 December
rematerialised on the South
(inclusive) (inclusive) (inclusive)
Africa branch register
Shares commence trading ex- 7 July 29 September 22 December
dividend (LSE and NYSE)
Record date 8 July 30 September 23 December
(JSE, LSE and NYSE)
Last date for receipt of 27 July 20 October 12 January 2023
Dividend Reinvestment Plan
(DRIP) elections (LSE)
Payment date (LSE and JSE) 17 August 10 November 2 February 2023
ADS payment date (NYSE) 22 August 15 November 6 February 2023
Note:
(1) The dates set out above may be subject to any changes to public holidays arising and changes or revisions to the LSE, JSE and NYSE
timetables. Any confirmed changes to the dates will be announced.
(2) JSE finalisation information published on 28 June 2022 can be found on the British American Tobacco website www.bat.com.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the Directors of the Company. It is only a
summary of the information contained in the full Half-Year Report to 30 June 2022 (the “Results
Announcement”) and does not contain full or complete details. Any investment decisions should be
based on consideration of the full Results Announcement available via the JSE at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/BTI/BATHY22.pdf and on the Company’s website at
www.bat.com.
Copies of the full Results Announcement may also be obtained during normal business hours from the
Company’s registered office and the Company’s representative office in South Africa. Contact details
are set out below.
FINANCIAL CALENDAR
December 2022 Pre-close Trading Update
Thursday 9 February 2023 Preliminary Statement 2022
PROPOSED DATES FOR QUARTERLY DIVIDEND PAYMENTS FOR THE YEAR ENDING 31 DECEMBER 2022
Event Payment No. 1 Payment No. 2 Payment No. 3 Payment No. 4
Last day to trade 20 March 2023 11 July 2023 26 September 2023 19 December 2023
(JSE)
Ex-dividend date 22 March 2023 12 July 2023 27 September 2023 20 December 2023
(JSE)
Ex-dividend date 23 March 2023 13 July 2023 28 September 2023 21 December 2023
(LSE and NYSE)
Record date 24 March 2023 14 July 2023 29 September 2023 22 December 2023
(JSE, LSE and NYSE)
Payment date 3 May 2023 18 August 2023 3 November 2023 1 February 2024
(LSE and JSE)
ADS payment date 8 May 2023 23 August 2023 8 November 2023 6 February 2024
(NYSE)
Notes:
(1) A complete timetable for the quarterly dividend payments for the year ending 31 December 2022 and the declared amount will be
included in the Preliminary Results Announcement in February 2023.
(2) The dates set out above may be subject to any changes to public holidays arising and changes or revisions to the LSE, JSE and NYSE
timetables. Any confirmed changes to the dates will be announced.
CORPORATE INFORMATION
British American Tobacco p.l.c. is a public limited company which is listed on the London Stock
Exchange, New York Stock Exchange and the JSE Limited in South Africa. British American Tobacco
p.l.c. is incorporated in England and Wales (No. 3407696) and domiciled in the UK.
Premium listing
London Stock Exchange (Share Code: BATS; ISIN: GB0002875804)
Computershare Investor Services PLC
The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, UK
Tel: 0800 408 0094; +44 370 889 3159
Share dealing tel: 0370 703 0084 (UK only)
Your account: www.computershare.com/uk/investor/bri
Share dealing: www.computershare.com/dealing/uk
Web-based enquiries: www.investorcentre.co.uk/contactus
Secondary listing
JSE (Share Code: BTI)
Shares are traded in electronic form only and transactions settled electronically through Strate.
Computershare Investor Services Proprietary Limited
Private Bag X9000, Saxonwold 2132, South Africa
Rosebank Towers, 15 Biermann Avenue, Rosebank, South Africa
Tel: 0861 100 634; +27 11 870 8216
Email enquiries: web.queries@computershare.co.za
Sponsor for the purpose of the JSE - Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
American Depositary Receipts (ADRs)
NYSE (Symbol: BTI; CUSIP Number: 110448107)
BAT’s shares are listed on the NYSE in the form of American Depositary Shares (ADSs) and these are
evidenced by American Depositary Receipts (ADRs), each one of which represents one ordinary share of
British American Tobacco p.l.c. Citibank, N.A. is the depositary bank for the sponsored ADR
programme.
Citibank Shareholder Services
PO Box 43077, Providence, Rhode Island 02940-3077, USA
Tel: +1 888 985 2055 (toll-free) or +1 781 575 4555
Email enquiries: citibank@shareholders-online.com; website: www.citi.com/dr
Publications
British American Tobacco Publications
Unit 80, London Industrial Park, Roding Road, London E6 6LS, UK
Tel: +44 20 7511 7797; e-mail enquiries: bat@team365.co.uk or the Company’s Representative office in
South Africa using the contact details below.
British American Tobacco p.l.c. - Registered office
Globe House, 4 Temple Place, London, WC2R 2PG, UK
Tel: +44 20 7845 1000; facsimile: +44 20 7240 0555
British American Tobacco p.l.c. - Representative office in South Africa
Waterway House South
No 3 Dock Road, V&A Waterfront, Cape Town 8000, South Africa
PO Box 631, Cape Town 8000, South Africa
Tel: +27 21 003 6712
ENQUIRIES
INVESTOR RELATIONS: PRESS OFFICE:
Mike Nightingale +44 (0)20 7845 1180 Press Office +44 (0)20 7845 2888
Victoria Buxton +44 (0)20 7845 2012
William Houston +44 (0)20 7845 1138
John Harney +44 (0)20 7845 1263
FORWARD-LOOKING STATEMENTS AND OTHER MATTERS
This announcement contains certain forward-looking statements, including "forward-looking" statements made within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995.
In particular, these forward-looking statements include, among other statements, statements regarding the Group's
future financial performance, planned product launches and future regulatory developments and business objectives
(including with respect to sustainability and other environmental, social and governance matters), as well as: (i)
certain statements in the Chief Executive commentary (pages 1 to 2); (ii) certain statements in the Finance and
Transformation Director’s Outlook Statement (page 2); (iii) certain statements in the Category Performance Review
(pages 4 to 8); (iv) certain statements in the Regional Review section (pages 9 to 13); (v) certain statements in
the Other Financial Information section (pages 14 to 17); (vi) certain statements in the Other Information section
(pages 18 to 22); (vii) certain statements in the Notes to the Unaudited Interim Financial Statements section (pages
31 to 50), including the Liquidity and Contingent Liabilities and Financial Commitments sections; and (viii) certain
statements in the Other Information section (pages 51 to 63), including the Non-GAAP Measures sections and under the
heading “Dividends”.
These statements are often, but not always, made through the use of words or phrases such as "believe",
"anticipate", "could", "may", "would", "should", "intend", "plan", "potential", "predict", "will", "expect",
"estimate", "project", "positioned", "strategy", "outlook", "target" and similar expressions. These include
statements regarding our intentions, beliefs or current expectations concerning, amongst other things, our results
of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business
circumstances occurring from time to time in the countries and markets in which the British American Tobacco Group
(the ”Group“) operates, including the projected future financial and operating impacts of the COVID-19 pandemic.
All such forward-looking statements involve estimates and assumptions that are subject to risks, uncertainties and
other factors. It is believed that the expectations reflected in this announcement are reasonable, but they may be
affected by a wide range of variables that could cause actual results and performance to differ materially from
those currently anticipated. Among the key factors that could cause actual results to differ materially from those
projected in the forward-looking statements are uncertainties related to the following: the impact of competition
from illicit trade; the impact of adverse domestic or international legislation and regulation; the inability to
develop, commercialise and deliver the Group’s New Categories strategy; adverse litigation and dispute outcomes and
the effect of such outcomes on the Group’s financial condition; the impact of significant increases or structural
changes in tobacco, nicotine and New Categories related taxes; translational and transactional foreign exchange rate
exposure; changes or differences in domestic or international economic or political conditions; the ability to
maintain credit ratings and to fund the business under the current capital structure; the impact of serious injury,
illness or death in the workplace; adverse decisions by domestic or international regulatory bodies; and changes in
the market position, businesses, financial condition, results of operations or prospects of the Group.
A review of the reasons why actual results and developments may differ materially from the expectations disclosed or
implied within forward-looking statements can be found by referring to the information contained under the headings
“Cautionary statement”, "Group Principal Risks" and "Group Risk Factors" in the 2021 Annual Report and Form 20-F of
British American Tobacco p.l.c. (BAT). Additional information concerning these and other factors can be found in
BAT's filings with the U.S. Securities and Exchange Commission ("SEC"), including the Annual Report on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge at the SEC's website, http://www.sec.gov and BAT’s
Annual Reports, which may be obtained free of charge from the British American Tobacco website www.bat.com.
No statement in this announcement is intended to be a profit forecast and no statement in this communication should
be interpreted to mean that earnings per share of BAT for the current or future financial years would necessarily
match or exceed the historical published earnings per share of BAT. Past performance is no guide to future
performance and persons needing advice should consult an independent financial adviser. The forward-looking
statements reflect knowledge and information available at the date of preparation of this announcement and BAT
undertakes no obligation to update or revise these forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned not to place undue reliance on such forward-looking
statements.
All financial statements and financial information provided by or with respect to the U.S. or Reynolds American Inc.
(Reynolds American) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements
or financial records of the U.S. / Reynolds American. This financial information is then converted to International
Financial Reporting Standards as issued by the IASB and as adopted for use in the UK (“IFRS”) for the purpose of
consolidation within the results of the Group. To the extent any such financial information provided in this
announcement relates to the U.S. or Reynolds American it is provided as an explanation of, or supplement to,
Reynolds American’s primary U.S. GAAP based financial statements and information.
Our vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products including Velo, Grizzly, Kodiak,
and Camel Snus , which are sold in the U.S., are subject to FDA regulation and no reduced-risk claims will be made
as to these products without agency clearance.
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
Date: 27-07-2022 08:00:00
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