Wrap Text
Interim Management Statement for 3 months ended 31 March 2013
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")
25 APRIL 2013
BRITISH AMERICAN TOBACCO p.l.c.
INTERIM MANAGEMENT STATEMENT FOR THE THREE MONTHS ENDED 31 MARCH 2013
A GOOD START TO 2013
- Good revenue growth of 5% at constant rates of exchange
- Revenue growth of 1% at current rates of exchange
- Cigarette volumes from subsidiaries decreased by 3.7% to 160 billion, with a decrease of 3.4%
for total tobacco volumes
- Global Drive Brand cigarette volumes grew by 1.0%
Nicandro Durante, Chief Executive, commented: “This is a good performance against a backdrop of
fragile economic conditions persisting in many parts of the world. We have grown revenue, our
pricing momentum remains strong and our Global Drive Brands continue to perform well. It is a good
start and I remain confident of another year of earnings growth in line with our long term strategic
goals.”
SUMMARY OF PERFORMANCE
Trading update
British American Tobacco performed well in the three months to the end of March 2013 with
continued growth in revenue and Global Drive Brands. Market share grew strongly in the Group’s Top
40 markets, although volumes were lower than last year as a result of the adverse impact of excise-
driven trade inventory movements in Brazil, the leap year comparator and industry volume decline.
Group revenue for the three months, at constant rates of exchange, grew by 5%, driven by a strong
pricing environment. At current exchange rates, revenue grew by 1%, as movements in some of the
Group’s key trading currencies adversely impacted revenues.
Cigarette volumes from subsidiaries were 160 billion, down 3.7%, with growth in many markets,
including Bangladesh, Pakistan and Vietnam, more than offset by lower volumes in Brazil, as a result
of trade inventory movements, the leap year comparator and market declines in southern Europe.
The four Global Drive Brands’ cigarette volumes were up by 1%, with their market share growing
strongly in the Group’s Top 40 markets. Dunhill volumes increased by 5%, with good growth in
Indonesia, the Middle East and South Korea, partially offset by declines in Brazil. Kent was 7% lower,
driven by market declines in Russia and Japan. Lucky Strike volumes were down by 9%, with increases
in Germany, Poland and Italy, more than offset by market declines in Spain and lower volumes in the
Middle East. Pall Mall was up by 9%, largely as a result of growth in Pakistan, Chile, Canada and Italy,
partially offset by declines in Uzbekistan and Spain.
Other tobacco products performed well, with Fine Cut tobacco growing strongly, driven by a 9.5%
increase in Western Europe. Pall Mall, the biggest Fine Cut brand in Western Europe, was up by 21.2%
with growth in Spain, France, Italy and Belgium.
Trading environment
The pricing environment remains strong despite difficult trading conditions in many parts of the
world, notably southern Europe. If current exchange rates persist for the rest of the year, the
currency headwind that adversely impacted the quarter will reverse.
Cigarette volumes
The segmental analysis of the volumes of subsidiaries was as follows:
3 months to 3 months to Year to
31.03.13 31.03.12 31.12.12
bns bns bns
Asia-Pacific 48 45 188
Americas 32 37 142
Western Europe 26 29 129
EEMEA 54 55 235
160 166 694
SHARE BUY-BACK PROGRAMME
The Group resumed an on-market share buy-back programme from 1 March 2013. During the three
months to 31 March 2013, 3.5 million shares were bought at a cost of £123.5 million, excluding
transaction costs.
FINANCIAL POSITION
The Group has sufficient financing and facilities available for the foreseeable future.
The changes in the financing arrangements of the Group since the beginning of the financial year
were the issue in March of a new €650 million bond with a maturity of 2025, and a new US$300
million bond with a maturity of 2016. These issues were in anticipation of the repayment of bonds
that will expire later in 2013 and the beginning of 2014.
There have been no material events, transactions or changes 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 changes in the financial position of the Group which have occurred
up to and including 24 April 2013, being the latest practicable date before the date of the publication
of this Interim Management Statement.
On behalf of the Board
Nicola Snook
Secretary
24 April 2013
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 2013 and
contains information that covers the three months and the period since the first quarter end to 24
April 2013, 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 2013
8 May Payment date of 2012 final dividend
31 July Half-Yearly Report
23 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 2013 are currently scheduled as follows:
2013
Wednesday 31 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 – 29 July 2013;
plus additional applicable information as required in respect of
South African dividend tax).
Wednesday 31 July to Friday 23 August From the commencement of trading on Wednesday 31 July 2013 to
Friday 23 August 2013, no removal requests in either direction
between the UK main register and the South Africa branch register
will be permitted.
Friday 16 August Last Day to Trade or LDT (JSE)
Monday 19 August to Friday 23 August No transfers between the UK main register and the South Africa
branch register will be permitted; no shares may be dematerialised
or rematerialised between these inclusive dates.
Monday 19 August Ex-dividend date (JSE)
Wednesday 21 August Ex-dividend date (LSE)
Friday 23 August Record date (LSE and JSE)
Monday 30 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 31 July 2013.
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 MKT 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/ 020 7845 2888
Rachael Brierley 020 7845 1519 Jem Maidment/
Will Hill
Sponsor: UBS South Africa (Pty) Ltd
25th April 2013
Date: 25/04/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
