TIDMBATS
RNS Number : 6725R
British American Tobacco PLC
09 March 2021
BRITISH AMERICAN TOBACCO p.l.c.
Annual Report for the Year Ended 31 December 2020
In compliance with Listing Rule 9.6.1, British American Tobacco
p.l.c. (the "Company") reports that its Annual Report 2020
(including the Strategic Report 2020) and Performance Summary 2020
will be shortly submitted to the National Storage Mechanism and
will be available for inspection via the following link:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The Company's Annual Report 2020 and Performance Summary 2020
have been published to be viewed or downloaded on the British
American Tobacco website at www.bat.com/annualreport .
In addition, in accordance with Section 203.01 of the New York
Stock Exchange Listed Company Manual, the Company announces that
today it filed with the Securities and Exchange Commission an
Annual Report on Form 20-F that included audited financial
statements for the year ended 31 December 2020. The Annual Report
on Form 20-F will be available online at the British American
Tobacco website at www.bat.com/annualreport and also online at
www.sec.gov .
The Annual Report 2020 and other ancillary shareholder documents
will be mailed and made available to shareholders on 17 March 2021.
Investors have the ability to receive a hard copy of BAT's complete
audited financial statements, free of charge, upon request, by
contacting the below:
United Kingdom
British American Tobacco Telephone: +44 20 7511 7797
Publications Email: bat@team365.co.uk
-----------------------------------------
South Africa
The Company's Representative Telephone: +27 21 003 6712
Office
-----------------------------------------
United States
Citibank Shareholder Services Telephone: +1 888 985 2055
(toll-free)
Email: citibank@shareholders-online.com
-----------------------------------------
The Company's Sustainability Report 2020 will be available
online at the British American Tobacco website at www.bat.com.
The Company made its preliminary announcement of its audited
results (which included a condensed set of the Company's financial
statements, extracts of the management report and a Directors'
responsibility statement) in respect of the year ended 31 December
2020 (the "Preliminary Announcement") on 17 February 2021. Further
to the Preliminary Announcement and with reference to the
requirements of Rule 6.3.5 of the Disclosure Guidance and
Transparency Rules, the following disclosures are made in the
Appendices below.
Appendix A to this announcement contains a description of the
Group Principal Risks (page 84 of the Annual Report 2020), Appendix
B is a statement of related party disclosures (page 222 of the
Annual Report 2020) and Appendix C contains the Directors'
responsibility statement (page 140 of the Annual Report 2020).
Together these constitute the material required by Rule 6.3.5 of
the Disclosure Guidance and Transparency Rules to be communicated
to the media in unedited full text through a Regulatory Information
Service. This material is not a substitute for reading the full
Annual Report 2020. Any page numbers and cross-references in the
extracted information below refer to page numbers in the Annual
Report 2020.
P McCrory
Company Secretary
9 March 2021
Enquiries:
Investor Relations
British American Tobacco Investor Relations
Mike Nightingale / Victoria Buxton / William Houston / John
Harney
+44 (0) 20 7845 1180 / 2012 / 1138 / 1263
British American Tobacco Press Office
+44 (0) 20 7845 2888 (24 hours) | @BATplc
APPIX A
GROUP PRINCIPAL RISKS
Overview
The principal risks that may affect the Group are set out on the
following pages.
Each risk is considered in the context of the Group's strategy,
as set out in this Strategic Report on pages 18 and 19. Following a
description of each risk, its potential impact and management by
the Group is summarised. Clear accountability is attached to each
risk through the risk owner.
The Group has identified risks and is actively monitoring and
taking action to manage the risks. This section focuses on those
risks that the Directors believe to be the most important after
assessment of the likelihood and potential impact on the business.
Not all of these risks are within the control of the Group and
other risks besides those listed may affect the Group's
performance. Some risks may be unknown at present. Other risks,
currently regarded as less material, could become material in the
future.
The risks listed in this section and the activities being
undertaken to manage them should
be considered in the context of the Group's internal control
framework. This is described in the section on risk management and
internal control in the corporate governance statement on pages 114
to 115. This section should also be read in the context of the
cautionary statement on page 318.
A summary of all the risk factors (including the principal
risks) which are monitored by the Board through the Group's risk
register is set out in the Additional disclosures section on pages
288 to 306.
Assessment of Group Risk
During the year, the Directors have carried out a robust
assessment of the principal risks and uncertainties facing the
Group, including those that could impact delivery of its strategic
objectives, business model, future performance, solvency or
liquidity.
During the first half of 2020, the Board assessed that it was
appropriate to include COVID-19 as a Group principal risk as
reported in the Half-year Report, however as new working practices
are implemented to reflect the current operating environment and
associated risks are incorporated into existing Group risks, the
Group no longer maintains COVID-19 as a principal risk (please see
Group risk factors, page 294 for further information). The Group's
current principal risks remain broadly unchanged compared to 2019
with regards to marketplace, excise and tax, operations, regulation
and litigation risks, and continue to reflect the challenging
external environment.
The viability statement below provides a broader assessment of
long-term solvency and liquidity. The Directors considered a number
of factors that may affect the resilience of the Group. Except for
the risk 'injury, illness or death in the work place' the Directors
have also assessed the potential impact of the principal risks that
may impact the Group's viability.
Viability Statement
The Board has assessed the viability of the Group taking into
account the current position and principal risks, in accordance
with provision 31 of the 2018 UK Corporate Governance Code. Whilst
the Directors have no reason to believe the Group will not be
viable over a longer period, owing to the inherent uncertainty
arising due to ongoing litigation and regulation, the period over
which the Board considers it possible to form a reasonable
expectation as to the Group's longer-term viability (that it will
be able to continue in operation and meet its liabilities as they
fall due) is three years.
In making this assessment of the Group's prospects, the Board
considered the Group's strong cash generation from operating
activities, access to external sources of financing (and ability to
manage the impact of COVID-19). In doing so, the Directors
recognised the Group's ability to utilise is geographic footprint
and integrated operating model to minimise the impact of the
pandemic on the Group's performance.
This assessment included a robust review of the Group's
operational and financial processes and the principal risks (as
indicated on pages 85 to 88) that may impact the Group's viability.
These are considered, with the mitigating actions, at least once a
year. The assessment included reverse stress test of the core
drivers of the Group's performance to determine the impact of the
risks (individually and in aggregate) whilst recognising that, from
2020, no external financial covenant exists with regards to the
Group's financing facilities. The reverse stress testing did not
identify any individual risk, based upon a prudent annual forecast,
that would, if arising in isolation and without mitigation, impact
the Group's viability within the 3 year confirmation period.
Furthermore, the Board recognised that even if all the principal
risks arose simultaneously, given the underlying strong free cash
flow generation before the payment of dividends (2020: GBP7.3
billion), the Group would be able to undertake mitigating actions
to meet the liabilities as they fall due.
The Board noted that the Group has access to a GBP6 billion
credit facility (2020 undrawn), US (US$4 billion) and Euro (GBP3
billion) commercial paper programmes (2020: GBPnil outstanding) and
GBP3.4 billion of bilateral agreements (2020: undrawn) which may be
utilised to support the Group's ability to operate.
However, the Group is subject to uncertainties with regards to
regulatory change and litigation, which may have a bearing on the
Group's viability. The Group maintains, as referred to in note 27
in the Notes on the Accounts 'Contingent Liabilities and Financial
Commitments,' that the defences of the Group's companies to all the
various claims are meritorious on both law and the facts. If an
adverse judgment is entered against any of the Group's companies in
any case, an appeal may be made, the duration of which can be
reasonably expected to last for a number of years.
Risks
Competition from illicit trade
Increased competition from illicit trade and illegal products -
either local duty evaded, smuggled, counterfeits or non-regulatory
compliant.
Time frame
Short/Long term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Society
Considered in viability statement
Yes
Impact
Erosion of goodwill, with lower volumes and reduced profits.
Reduced ability to take price increases.
Investment in trade marketing and distribution is
undermined.
Counterfeit New Categories products and other illicit products
could harm consumers, damaging goodwill, and/or the category (with
lower volumes and reduced profits), potentially leading to
misplaced claims against BAT and further regulation.
Mitigation activities across all categories
Dedicated Anti-Illicit Trade (AIT) teams operating at global and
country levels; internal cross-functional levels; compliance
procedures, toolkit and best practice shared.
Active engagement with key external stakeholders.
Cross-industry and multi-sector cooperation on a range of AIT
issues.
Global AIT strategy supported by a research programme to further
the understanding of the size and scope of the problem.
AIT Engagement Team (including a dedicated analytical laboratory
and a forensic compliance team) work with enforcement agencies in
pursuit of priority targets.
Tobacco, New Categories and other regulation interrupts growth
strategy
The enactment of regulation that significantly impairs the
Group's ability to communicate, differentiate, market or launch its
products.
Time frame
Medium term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Society
Considered in viability statement
Yes
Impact
Erosion of brand value through commoditisation, the inability to
launch innovations, differentiate products, maintain or build brand
equity and leverage price.
Regulation in respect of menthol, Nicotine levels and New
Categories may adversely impact individual brand portfolios.
Adverse impact on ability to compete within the legitimate
tobacco, nicotine or New Categories industry and with illicit
traders.
Reduced consumer acceptability of new product specifications,
leading to consumers seeking alternatives in illicit markets.
Shocks to share price on the announcement or enactment of
restrictive regulation.
Reduced ability to compete in future product categories and make
new market entries.
Increased scope and severity of compliance regimes in new
regulation leading to higher costs, greater complexity and
potential reputational damage or fines for inadvertent breach.
EU Directive on single-use plastics could result in increased
operational costs and/or adverse impact on sales volume and
profit.
Please refer to pages 307 to 310 for details of tobacco and
nicotine regulatory regimes under which the Group's businesses
operate.
Mitigation activities
Engagement and litigation strategy coordinated and aligned
across the Group to drive a balanced global policy framework for
combustibles and New Categories.
Stakeholder mapping and prioritisation, developing robust
compelling advocacy materials (with supporting evidence and data)
and regulatory engagement programmes.
Regulatory risk assessment of marketing plans to ensure
decisions are informed by an understanding of the potential
regulatory environments.
Advocating the application of integrated regulatory proposals to
governments and public health practitioners based on the harm
reduction principles of New Categories.
Development of an integrated regulatory strategy that spans
conventional combustibles and New Categories.
Training and capability programmes for End Markets to upskill
Legal and External Affairs managers on combustible and New
Categories product knowledge.
Direct access to online portal providing latest position and
advocacy material for End Market engagement on combustibles and New
Categories.
Inability to develop, commercialise and deliver the New
Categories strategy
Risk of not capitalising on the opportunities in developing and
commercialising successful, safe and consumer-appealing
innovations.
Time frame
Long term
Strategic impact
New Categories
Combustibles
Simplification
Key Stakeholders
Consumers
Considered in viability statement
Yes
Impact
Failure to deliver Group strategic imperative, 2025 growth
ambition (previously 2024) and 2030 consumer targets.
Potentially missed opportunities, unrecoverable costs and/or
erosion of brand, with lower volumes and reduced profits.
Reputational damage and recall costs may arise in the event of
defective product design or manufacture.
Loss of market share due to non-compliance of product portfolio
with regulatory requirements.
Mitigation activities
Focus on product stewardship to ensure high-quality standards
across portfolio.
Brand Expression, which sets out how our brand expresses itself
(including through its logo, name, product, packaging etc.)
deployed to lead End Markets via activation workshops and best
practices shared.
Generating sufficient IP to develop competitive and sustainable
products.
Accelerating digital and consumer analytics along with data
management platforms for enhanced methodologies, insight generation
and line of sight across the Group.
R&D is accredited to ISO9001 standard and laboratories are
accredited to ISO17025 for key methods.
Market size reduction and consumer down-trading
The Group is faced with steep excise-led price increases and,
due in part to the continuing difficult economic and regulatory
environment in many countries, market contraction and consumer
down-trading is a risk.
Time frame
Short/Medium term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Consumers
Shareholders
Considered in viability statement
Yes
Impact
Volume decline and portfolio mix erosion leading to lower
profitability.
Funds to invest in growth opportunities are reduced.
Mitigation activities
Geographic spread mitigates impact at Group level.
Close monitoring of portfolio and pricing strategies across
combustibles and New Categories, ensuring balanced portfolio of
strong brands across key segments.
Overlap with many mitigation activities undertaken for other
principal risks facing the Group, such as competition from illicit
trade and significant excise increases or structure changes.
New Category growth and multi category approach.
Litigation
Product liability, regulatory or other significant cases
(including investigations) may be lost or settled resulting in a
material loss or other consequence.
Time frame
Long term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Shareholders
Considered in viability statement
Yes
Impact
Damages and fines, negative impact on reputation, disruption and
loss of focus on the business.
Consolidated results of operations, cash flows and financial
position could be materially affected, in a particular fiscal
quarter or fiscal year, by region or country, by an unfavourable
outcome or settlement of pending or future litigation, criminal
prosecution or other contentious action.
Inability to sell products as a result of patent infringement
action may restrict growth plans and competitiveness.
Mitigation activities
Consistent litigation and patent management strategy across the
Group.
Expertise and legal talent maintained both within the Group and
external partners.
Ongoing monitoring of key legislative and case law developments
related to our business.
Delivery with Integrity compliance programme.
Please refer to note 27 in the Notes on the Accounts for details
of contingent liabilities applicable to the Group.
Significant increases or structural changes in tobacco, nicotine
and New Categories related taxes
The Group is exposed to unexpected and/or significant increases
or structural changes in tobacco, nicotine and New Categories
related taxes in key markets.
Time frame
Long term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Consumers
Society
Considered in viability statement
Yes
Impact
Consumers reject the Group's legitimate tax-paid products for
products from illicit sources or cheaper alternatives.
Reduced legal industry volumes.
Reduced sales volume and/or portfolio erosion.
Partial absorption of excise increases leading to lower
profitability.
Mitigation activities
Formal pricing and excise strategies, including Revenue Growth
Management using a data science-led approach, with annual risk
assessments and contingency plans across all products.
Pricing, excise and trade margin committees in markets, with
global support.
Engagement with relevant local and international authorities
where appropriate, in particular in relation to the increased risk
to excise revenues from higher illicit trade.
Portfolio reviews to ensure appropriate balance and coverage
across price segments.
Monitoring of economic indicators, government revenues and the
political situation.
Foreign exchange rate exposures
The Group faces translational and transactional foreign exchange
(FX) rate exposure for earnings/cash flows from its global
business.
Time frame
Short/Medium term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Shareholders
Considered in viability statement
Yes
Impact
Fluctuations in FX rates of key currencies against sterling
introduce volatility in reported earnings per share (EPS), cash
flow and the balance sheet driven by translation into sterling of
our financial results and these exposures are not normally
hedged.
The dividend may be impacted if the payout ratio is not
adjusted.
Differences in translation between earnings and net debt may
affect key ratios used by credit rating agencies.
Volatility and/or increased costs in our business, due to
transactional FX, may adversely impact financial performance.
Mitigation activities
While translational FX exposure is not hedged, its impact is
identified in results presentations and financial disclosures;
earnings are restated at constant rates for comparability.
Debt and interest are matched to assets and cash flows to
mitigate volatility where possible and economic to do so.
Hedging strategy for transactional FX and framework is defined
in the treasury policy, a global policy approved by the Board.
Illiquid currencies of many markets where hedging is either not
possible or uneconomic are reviewed on a regular basis.
Geopolitical tensions
Geopolitical tensions, civil unrest, economic policy changes,
global health crises, terrorism and organised crime have the
potential to disrupt the Group's business in multiple markets.
Time frame
Medium term
Strategic impact
New Categories
Combustibles
Simplification
Considered in viability statement
Yes
Impact
Potential loss of life, loss of assets and disruption to supply
chains and normal business processes.
Increased costs due to more complex supply chain arrangements
and/or the cost of building new facilities or maintaining
inefficient facilities.
Lower volumes as a result of not being able to trade in a
country.
Higher taxes or other costs of doing business as a foreign
company or the loss of assets as a result of nationalisation.
Mitigation activities
Physical and procedural security controls are in place, and
constantly reviewed in accordance with our Security Risk Management
process, for all field force and supply chain operations, with an
emphasis on the protection of Group employees.
Globally integrated sourcing strategy and contingency sourcing
arrangements.
Security risk modelling, including external risk assessments and
the monitoring of geopolitical and economic policy developments
worldwide.
Insurance cover and business continuity planning, including
scenario planning and testing, and risk awareness training.
Solvency and liquidity
Liquidity (access to cash and sources of finance) is essential
to maintaining the Group as a going concern in the short term
(liquidity) and medium term (solvency).
Time frame
Short/Medium term
Strategic impact
New Categories
Combustibles
Key Stakeholders
Shareholders
Considered in viability statement
Yes
Impact
Inability to fund the business under the current capital
structure resulting in missed strategic opportunities or inability
to respond to threats.
Decline in our creditworthiness and increased funding costs for
the Group.
Requirement to issue equity or seek new sources of capital.
Reputational risk of failure to manage the financial risk
profile of the business, resulting in an erosion of shareholder
value reflected in an underperforming share price.
Mitigation activities
Group policies include a set of financing principles and key
performance indicators including the monitoring of credit ratings,
interest cover, solvency and liquidity with regular reporting
to
Corporate Finance Committee and the Board.
The Group targets an average centrally managed debt maturity of
at least five years with no more than 20% of centrally managed debt
maturing in a single rolling year.
The Group holds a two-tranche revolving credit facility of GBP6
bn syndicated across a wide banking group, consisting of a 364-day
tranche (with two one-year extension options and a one-year
term-out option) and a GBP3 bn five-year tranche (with two one-year
extension options).
Liquidity pooling structures are in place to ensure that there
is maximum mobilisation of cash liquidity within the Group.
Going concern and viability support papers are presented to the
Board on a regular basis.
Injury, illness or death in the workplace
The risk of injury, death or ill health to employees and those
who work with the business is a fundamental concern of the Group
and can have a significant effect on its operations.
Time frame
Short term
Strategic impact
New Categories
Combustibles
Simplification
Key Stakeholders
Employees
Considered in viability statement
No
Impact
Serious injuries, ill health, disability or loss of life
suffered by employees and the people who work with the Group.
Exposure to civil and criminal liability and the risk of
prosecution from enforcement bodies and the cost of associated
legal costs, fines and/or penalties.
Interruption of Group operations if issues are not addressed
immediately.
High staff turnover or difficulty recruiting employees if
perceived to have a poor Environment, Health and Safety (EHS)
record.
Reputational damage to the Group.
Mitigation activities
Risk control systems in place to ensure equipment and
infrastructure are provided and maintained.
EHS strategy aims to ensure that employees at all levels receive
appropriate EHS training and information.
Behavioural-based safety programme to drive operations' safety
performance, culture and closer to zero accidents.
Analysis of incidents undertaken regionally and globally by a
dedicated team to identify increasing incident trends or high
potential risks that require coordinated action.
Disputed taxes, interest and penalties
The Group may face significant financial penalties, including
the payment of interest, in the event of an unfavourable ruling by
a tax authority in a disputed area.
Time frame
Short/Medium term
Strategic impact
New Categories
Combustibles
Simplification
Key Stakeholders
Shareholders
Considered in viability statement
Yes
Impact
Significant fines and potential legal penalties.
Disruption and loss of focus on the business due to diversion of
management time.
Impact on profit and dividend.
Mitigation activities
End market tax committees.
Internal tax function provides dedicated advice and guidance,
and external advice sought where needed.
Engagement with tax authorities at Group, regional and
individual market level.
Please refer to note 27 in the Notes on the Accounts for details
of contingent liabilities applicable to the Group.
APPIX B
RELATED PARTY DISCLOSURES
The Group has a number of transactions and relationships with
related parties, as defined in IAS 24 Related Party Disclosures,
all of which are undertaken in the normal course of business.
Transactions with CTBAT International Limited (a joint operation)
are not included in these disclosures as the results are immaterial
to the Group.
Transactions and balances with associates relate mainly to the
sale and purchase of cigarettes and tobacco leaf. The Group's share
of dividends from associates, included in other net income in the
table below, was GBP394 million (2019: GBP239 million; 2018: GBP211
million).
2020 2019 2018
GBPm GBP m GBPm
==================================== ================ =========================
T ransactions
511 473 (79)
- revenue 495 (101)
- pu r chases (80) 248 216
- other net income 388 42 26 (2) (1)
Amount s receivable at 31 December 33
Amount s payable at 31 December (5)
==================================== ================ =========================
During 2020, the Group made a capital contribution in Brascuba
Cigarrillos S.A. at a cost of GBP17 million (2019: GBP20 million)
and increased its ownership of FE "Samfruit" JSC to 38.63% for GBP5
million.
During 2020, there was a capital reduction in CTBAT
International Limited of approximately US$171 million with funds
due to be remitted prorate to investors in 2021.
During 2019, the Group acquired 60% of VapeWild Holdings LLC and
a minority stake in AYR Limited.
During 2018, the Group acquired a further 44% interest in
British American Tobacco Myanmar Limited and a further 11% interest
in British American Tobacco Vranje.
The key management personnel of British American Tobacco consist
of the members of the Board of Directors of British American
Tobacco p.l.c. and the members of the Management Board. No such
person had any material interest during the year in a contract of
significance (other than a service contract) with the Company or
any subsidiary company. The term key management personnel in this
context includes their close family members.
2020 201 9 2018
GBPm GBP m GBPm
=================================================== ===== =====================
Th e total compensation for key management
personnel, including Directors, was:
- salaries and other short-term employee benefits 17 2 6 21
- post-employment benefits 2 4 4
- share-based payments 13 23 18
=================================================== ===== =====================
32 53 43
=================================================== ===== =====================
The following table, which is not part of IAS24 disclosures,
shows the aggregate emoluments of the Directors of the Company.
Executive Directors Chairman Non-Executive Directors Total
2020 201 9 2018 2020 201 9 2018 2020 201 9 2018 2020 201 9 2018
GBP'000 GBP'00 0 GBP'000 GBP'00 0 GBP'000 GBP'00 0 GBP'000 GBP'000 GBP'00 0
GBP'000 GBP'000 GBP'000
==================== ============ ================= =========== ================= ============ ===================== ============ ================
Sala r y ;
fees; benefits;
incentives
- sala ry 2,026 2,356 2,211 - - - - - 2,026 2,356 2,211
- fees - - 714 6 95 680 1,028 969 1,092 1,742 1, 664 1,772
- taxable benefits 744 608 427 77 1 37 116 72 310 303 893 1,055 846
- short-term
incentives 3,274 4,791 5,031 - - - - - - - 3,274 4, 791 5,031
- long-term
incentives 1,294 4,4 20 5,300 - - - - 1,294 4,420 5,300
==================== ============ ================= =========== ================= ============ ===================== ============ ================
Sub-total 7,338 12, 175 12,969 791 832 796 1,100 1,2 79 1,395 9,229 14,286 15,160
==================== ============ ================= =========== ================= ============ ===================== ============ ================
Pension ; other
emoluments
- pension
- other emoluments 304 6 86 921 - - - - - - 304 6 86 921
20 47 50 - - - - - - 20 47 50
==================== ============ ================= =========== ================= ============ ===================== ============ ================
Sub-total 324 733 971 - - - - - - 324 733 971
==================== ============ ================= =========== ================= ============ ===================== ============ ================
T ota l emoluments 7,662 1 2,908 13,940 791 832 796 1,100 1,2 79 1,395 9,553 15,019 16,131
==================== ============ ================= =========== ================= ============ ===================== ============ ================
Aggregat e gains on L TIP shares
exe r cised in the year
================================= ============================================================================
Pric Aggregate
Exe r e per gain
cised share
A war d date L TI P Exe r cis (GBP) (GBP)
shares e date
================================= ======================= =========== ============ ========== ============
Jack Bowles 2 7 Mar 2017 18,497 06 Apr 2020 29.62 547,881
08 June
Tadeu Marroco 2 7 Mar 2017 14,755 2020 31.23 460,799
================================= ======================= =========== ============ ========== ============
LTIP - Value of awards 2017
============================ =====================================
Pric Face
e per Value
share
Shares (GBP)(1) (GBP)
============================ =========== ========== ==========
Jack Bowles 26,463 52.11 1,378,987
Tadeu Marroco 21,109 52.11 1,099,990
============================== =========== ========== ==========
1. For information only as awards are made as nil cost options.
Sharesave- Aggregate Gains
2020
============================== ======================================================================================
Price Aggregate
per share gain
A war d date Shares Exercise (GBP) (GBP)
date
============================== ======================== ====== ===================== ========== =================
Tadeu Marroco 2 3 March 2015 495 09 June 2020 30.26 0
Sharesave- Value of award 2015
============================== ======================================================================================
Price Face
per share Value
Shares (GBP) (GBP)
============================== ======================== ====== ===================== ========== =================
Tadeu Marroco 495 30.26 14.979
APPIX C
DIRECTORS' RESPONSIBILITY STATEMENT
The responsibility statement set out below is solely for the
purpose of complying with Disclosure Guidance and Transparency Rule
6.3.5R. This statement relates to and is extracted from the 2020
Annual Report. Responsibility is for the full 2020 Annual Report
and not the extracted information presented in this announcement
and the Preliminary Announcement. We confirm that to the best of
our knowledge:
-- the financial statements, prepared in accordance with the
applicable set of accounting standards, give a true and fair view
of the assets, liabilities, financial position and profit or loss
of the Company and the undertakings included in the consolidation
taken as a whole; and
-- the Strategic Report and the Directors' Report include a fair
review of the development and performance of the business and the
position of the Company and the undertakings included in the
consolidation taken as a whole, together with a description of the
principal risks and uncertainties that they face.
Forward looking statements
This announcement contains certain forward-looking statements,
including "forward-looking" statements made within the meaning of
U.S. Private Securities Litigation Reform Act 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, 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 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 market size
reduction and consumer down-trading; 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.
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 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. The forward-looking statements
reflect knowledge and information available at the date of
preparation of this announcement and the Group 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 communication 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.
Additional information concerning these and other factors can be
found in the Company's filings with the U.S. Securities and
Exchange Commission ("SEC"), including the Annual Report on Form
20-F filed on 9 March 2021 and Current Reports on Form 6-K, which
may be obtained free of charge at the SEC's website,
http://www.sec.gov, and the Company's Annual Reports, which may be
obtained free of charge from the British American Tobacco website
www.bat.com .
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACSDKCBBNBKDDNK
(END) Dow Jones Newswires
March 09, 2021 09:00 ET (14:00 GMT)
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