Wrap Text
BAT Capital Markets Day
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. (the "Company")
15 October 2024
BAT Capital Markets Day
On 16 October 2024, we will host a Capital Markets Day for institutional investors and analysts at our
Innovation Centre in Southampton, UK. Chief Executive, Tadeu Marroco, and Chief Financial Officer, Soraya
Benchikh, will be joined by the management team and senior leaders from across the Group to provide
further detail on our transformation journey.
We are committed to Building a Smokeless World and becoming a predominantly smokeless1 business by
2035. By providing smokers with access to a wide range of smokeless products, we can drive forward
Tobacco Harm Reduction and, ultimately, make cigarettes a thing of the past.
Our well-established multi-category strategy, global footprint, and deep consumer insights are crucial
drivers of this journey. Our latest Innovation Centre in Southampton, opened earlier this year, is home to
many of our 1,750 scientists, who deliver the rigorous science and R&D that underpin our New Categories.
This event will demonstrate how BAT's science, innovation, breadth of capabilities and people can
combine to achieve a Smokeless World and deliver long-term sustainable value for all our stakeholders.
On track for full-year 2024 guidance
We remain on track to deliver low-single digit organic revenue and adjusted profit from operations growth
in FY24. We will progressively improve our delivery to 3-5% organic revenue growth, and mid-single figure
adjusted profit from operations growth, on an organic, constant currency basis2 by 2026.
Extrapolating current spot rates3, we anticipate currency translation to be a c.5% headwind on FY24
adjusted profit from operations. All other guidance is unchanged.
Event details
Presentations will start at 8:30am on 16 October 2024. There will also be a live webcast on www.bat.com/ir
for attendees who wish to join the event virtually. A copy of the presentations, together with a video
playback of the webcast, will be made available after the event via the same link, and on our refreshed BAT
IR App.
For further information, please contact:
Media Centre
+44 (0) 20 7845 2888 (24 hours) | press_office@bat.com | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
Amy Chamberlain: +44 (0)20 7845 1124
John Harney: +44 (0)20 7845 1263
ir_team@bat.com
Notes:
1
Predominantly smokeless refers to our ambition to achieve 50% of Group revenue from our smokeless products by 2035. Smokeless
refers to Non-Combustibles, including Vapour products, Heated Products, Modern Oral pouches and Traditional Oral.
2
To supplement the Group's results presented in accordance with International Financial Reporting Standards (IFRS), the Group's
Management Board, as the chief operating decision maker, reviews certain of its results, including revenue, and adjusted profit from
operations, at constant rates of exchange, prior to the impact of businesses sold or held-for-sale in the case of revenue and adjusted
profit from operations. Although the Group does not believe that these measures are a substitute for IFRS or other operating measures,
the Group does believe that such results excluding the impact of businesses sold or to be held-for-sale provide additional useful
information to investors regarding the underlying performance of the business on a comparable basis and in the case of the sale of the
Group's businesses in Russia and Belarus, the impact these businesses had on revenue and profit from operations. Accordingly, the
organic volume and financial measures appearing in this document should be read in conjunction with the Group's results as reported
under IFRS and other operating measures.
3
Based on current exchange rates of USD/GBP 1.3075 as at close on 11 October 2024.
Important information
References in this announcement to 'BAT', 'Group', 'we', 'us' and 'our' when denoting opinion refer to
British American Tobacco p.l.c. (BAT PLC) and when denoting business activity refer to BAT Group
operating companies, collectively or individually as the case may be. This announcement does not
constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT PLC shares
or other securities.
Forward looking statements
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. 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 Group operates.
In particular, these forward-looking statements include statements regarding (i) our commitment to
Building a Smokeless World and becoming a predominantly smokeless business by 2035 and (ii)
statements under the heading "On track for full-year 2024 guidance."
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; the impact of supply chain
disruptions; 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; changes in the
market position, businesses, financial condition, results of operations or prospects of the Group; direct or
indirect adverse impacts associated with climate change and the move towards a circular economy; and
cyber security risks caused by the heightened cyber-threat landscape, and increased digital interactions
with consumers, and changes to regulation.
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.
No statement in this announcement is intended to be a profit forecast and no statement in this
announcement should be interpreted to mean that earnings per share of BAT PLC for the current or
future financial years would necessarily match or exceed the historical published earnings per share of
BAT PLC.
2
Additional information concerning these and other factors can be found in BAT PLC filings with the U.S.
Securities and Exchange Commission (SEC), including the Annual Report on Form 20-F for the financial
year ended December 31, 2023 and Current Reports on Form 6-K, which may be obtained free of charge at
the SEC's website, http://www.sec.gov, and at the British American Tobacco website, http://www.bat.com.
Sponsor: Merrill Lynch South Africa (Pty) Ltd t/a BofA Securities
3
Date: 15-10-2024 05:35:00
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