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BTI - British American Tobacco p.l.c - Interim management statement for the
three months ended 31 March 2012
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")
BRITISH AMERICAN TOBACCO p.l.c.
INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2012
- Good revenue growth of 6 per cent at constant rates of exchange.
- Revenue growth of 4 per cent at current rates of exchange.
- Volumes from subsidiaries increased by 1.3 per cent to 166 billion,
organic volumes increased by 0.7 per cent
- Global Drive Brand volumes grew by 6 per cent
Nicandro Durante, Chief Executive, commented "We have grown volumes and
Global Drive Brands and have achieved good growth in revenue, with continued
pricing momentum, although currency headwinds have adversely affected
results. It is a strong start to another year of anticipated good earnings
growth."
SUMMARY OF PERFORMANCE
Trading update
British American Tobacco performed well in the three months to the end of
March 2012 with increased total volumes, as well as continued growth in
revenue and Global Drive Brands. Group volumes were higher than last year
despite industry volume decline. There are encouraging signs that the overall
industry volume decline is moderating.
Group revenue for the three months, on an organic basis and at constant rates
of exchange, grew by 6 per cent, driven by volume growth, improving mix and
continued good pricing. At current exchange rates, organic revenue grew by
4%, as movements in some of the Group`s trading currencies adversely impacted
revenues.
Group volumes from subsidiaries were 166 billion, up 1.3 per cent including
the acquisition of Protabaco in October 2011. Organic volumes increased by
0.7 per cent principally driven by growth in Brazil, GCC, Denmark, Bangladesh
and Vietnam, partially offset by lower volumes in Italy and South Korea.
Innovations continued to drive the four Global Drive Brands` performance
which led to a volume growth of 6 per cent. Kent was up 7 per cent, driven
by Russia, Japan, Middle East, Ukraine and Azerbaijan. Dunhill was in line
with last year, mainly as growth in Brazil, GCC, Malaysia, South Africa and
Romania was offset by a decline in South Korea. Lucky Strike was up 26 per
cent following strong growth in Germany, Spain, Poland, France and Chile.
Pall Mall was up 4 per cent largely as a result of growth in Germany,
Pakistan, Russia and Uzbekistan, partially offset by declines in Chile, Italy
and Spain.
Trading environment
Although there are indications that industry volume decline is moderating,
the unsettled economic climate and currency headwinds continue to present a
challenging trading environment.
Cigarette volumes
The segmental analysis of the volumes of subsidiaries was as follows:
3 months to Year to
31.03.12 31.03.11 31.12.11
bns bns bns
Asia-Pacific 45 44 191
Americas 37 36 143
Western Europe 29 30 135
EEMEA 55 54 236
166 164 705
SHARE BUY-BACK PROGRAMME
The Group resumed an on-market share buy-back programme from the end of
February 2012. During the three months to 31 March 2012, 5 million shares
were bought at a total cost of GBP150 million excluding transaction costs.
FINANCIAL POSITION
The Group has sufficient financing and facilities available for the
foreseeable future.
There have been no material events, transactions or change in the financial
position of the Group since the year end, other than as outlined in this
statement. Further, the Board is not aware of any material events,
transactions or change in the financial position of the Group which have
occurred up to and including 25 April 2012, being the latest practicable date
before the date of the publication of this Interim Management Statement.
CHANGES TO BOARD COMMITTEES
In our Preliminary Announcement, we announced the resignation of Christine
Morin-Postel as a member of the Audit Committee with effect from 21 February
2012 due to a personal conflict of interest. Since then, we have taken the
opportunity to review the membership of all of our principal Board
Committees, which subject to re-election of all Directors at the AGM, will
all take effect immediately following the AGM on 26 April 2012:
Audit Committee: Ann Godbehere and Kieran Poynter have been appointed; and
Sir Nicholas Scheele has resigned. CSR Committee: Christine Morin-Postel and
Sir Nicholas Scheele have been appointed; and Ann Godbehere, Gerry Murphy and
Kieran Poynter have resigned. Remuneration Committee: Gerry Murphy has been
appointed to succeed Anthony Ruys as Chairman; no changes in membership.
Nominations Committee: no changes in membership.
On behalf of the Board
Nicola Snook
Secretary
25 April 2012
NOTES AND ADDITIONAL INFORMATION
British American Tobacco is the world`s second largest quoted tobacco group
by global market share, with brands sold in more than 180 markets. We have
four Global Drive Brands - Dunhill, Kent, Lucky Strike and Pall Mall - and
over 300 brands in our portfolio. We hold robust market positions in each of
our regions and have leadership positions in more than 50 markets.
Disclaimers
This Interim Management Statement (IMS) relates to the three months ended 31
March 2012 and contains information that covers the first quarter and the
period since the quarter end to 25 April 2012, being the latest practicable
date before the date of the publication of this IMS.
This announcement does not constitute an invitation to underwrite, subscribe
for, or otherwise acquire or dispose of any British American Tobacco p.l.c.
shares or other securities.
This IMS contains certain 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
this announcement 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.
Past performance is no guide to future performance and persons needing advice
should consult an independent financial adviser.
Distribution of this Interim Management Statement (IMS)
The IMS is released to the London Stock Exchange and the JSE Limited. It may
be viewed and downloaded from our website, www.bat.com
Copies of the IMS may also be obtained during normal business hours from: (1)
the Company`s registered office; (2) the Company`s representative office in
South Africa; and (3) British American Tobacco Publications, details of which
are given below.
FINANCIAL CALENDAR 2012
Thursday 3 May Payment date of 2011 final dividend
Wednesday 25 July Half-Yearly Report
Wednesday 24 October Interim Management Statement
HALF-YEARLY REPORT AND INTERIM DIVIDEND
With particular reference to the Company`s obligations in respect of the
secondary listing of its ordinary shares on the JSE, the proposed dates in
respect of the Half-Yearly Report and the interim dividend for the year
ending 31 December 2012 are currently scheduled as follows:
2012
Wednesday 25 July Half-Yearly Report (to include announcement of
declaration of interim dividend: amount of
dividend per share in both sterling and rand;
applicable exchange rate and conversion date -
23 July 2012; plus additional applicable
information as required in respect of South
African dividend tax).
Wednesday 25 July to From the commencement of trading on Wednesday
Friday 17 August 25 July 2012 to Friday 17 August 2012, no
removal requests in either direction between
the UK main register and the South African
branch register will be permitted.
Friday 10 August Last Day to Trade or LDT (JSE)
Monday 13 August to No transfers between the UK main register and
Friday 17 August the South African branch register will be
permitted; no shares may be dematerialised or
rematerialised between these inclusive dates.
Monday 13 August Ex-dividend date (JSE)
Wednesday 15 August Ex-dividend date (LSE)
Friday 17 August Record date (LSE and JSE)
Wednesday 26 September Payment date (sterling and rand)
Note: Any changes to the dates set out above will be announced. This
timetable will be included in the Half-Yearly Report scheduled for release on
Wednesday 25 July 2012.
CORPORATE INFORMATION
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 (0)870 889 3159
Share dealing tel: 0870 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 (Pty) Ltd
PO Box 61051, Marshalltown 2107, South Africa
tel: 0861 100 925; +27 11 870 8222
e-mail enquiries: web.queries@computershare.co.za
American Depositary Receipts (ADRs)
NYSE Amex Equities (Symbol: BTI; CUSIP Number: 110448107)
Sponsored ADR programme; each ADR represents two ordinary shares of British
American Tobacco p.l.c.
Citibank Shareholder Services
PO Box 43077
Providence, Rhode Island 02940-3077, USA
tel: 1-888-985-2055 (toll-free) or +1 781 575 4555
e-mail 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 (0)20 7511 7797; facsimile: +44 (0)20 7540 4326
e-mail enquiries: bat@team365.co.uk or
Computershare Investor Services (Pty) Ltd in South Africa using the contact
details shown above.
British American Tobacco p.l.c.
Registered office
Globe House
4 Temple Place
London
WC2R 2PG
tel: +44 (0)20 7845 1000
British American Tobacco p.l.c. is a public limited company which is listed
on the London 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.
British American Tobacco p.l.c.
Representative office in South Africa
34 Alexander Street
Stellenbosch
7600
South Africa
(PO Box 631, Cape Town 8000, South Africa)
tel: +27 (0)21 888 3722
ENQUIRIES:
INVESTOR RELATIONS: PRESS OFFICE:
Mike Nightingale/ 020 7845 1180 Kate Matrunola/ 02020 020 7845
Rachael Brierley/ 020 7845 1519 Catherine 2888
Maya Farhat 020 7845 1977 Armstrong
26 April 2012
Sponsor: UBS South Africa (Pty) Ltd
Date: 26/04/2012 08:00:01 Supplied by www.sharenet.co.za
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