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Revision as of 06:28, 23 September 2018
Japan Tobacco International was formed in 1999 when the parent company JT Group acquired the non US operations of R.J. Reynolds. In 2007, Japan Tobacco International acquired UK based Gallaher, doubling in size and adding 11,000 new employees. [1] According to company's website, 2017 marked 19th consecutive year of profit growth for the company. [2]
Contents
Company Overview
Key Executives
Name | Position | Bio[3] |
---|---|---|
Name | Postition | Bio From Source |
Board Members
Name | Position | Bio [4] |
---|---|---|
Richard Burrows | Chairman | Richard Burrows joined the Board of British American Tobacco as a Non-Executive Director in September 2009 and became Chairman in November 2009. He is also Chairman of the Nominations Committee. |
Nicandro Durante | Chief Executive | Nicandro Durante became British American Tobacco’s Chief Executive in March 2011. Nicandro has extensive leadership skills developed in various senior international roles in the Group. He originally joined the British American Tobacco as Chief Operating Officer in January 2008 after almost two years in the role of Regional Director for Africa & Middle East. Nicandro was appointed Chief Executive Designate in September 2010. Nicandro, who is Brazilian / Italian, holds degrees in finance, economics and business administration. He joined British American Tobacco’s Brazilian subsidiary Souza Cruz in 1981, after three years working in finance in two Brazilian companies and built a successful finance career. In 1995 he was seconded to the UK head office. In 1997 Nicandro was appointed Finance Director in Hong Kong before returning to Brazil in 2000 as Finance Director for Souza Cruz. In April 2002 he was appointed President of Souza Cruz. Nicandro was appointed as a Non-Executive Director of Reckitt Benckiser Group plc in December 2013. |
Ben Stevens | Finance Director | Ben joined the Board of British American Tobacco p.l.c. in March 2008 and was appointed to the role of Finance Director in April 2008. He was previously Director of British American Tobacco’s Europe region, a position he had held since 2004.
Ben has broad international experience spanning both senior finance and general management roles. He joined British American Tobacco in 1990 as Regional Finance Controller with responsibilities for Europe, East Africa and South Asia and in 1994 moved to Switzerland where he worked in a variety of marketing roles. In 1995 Ben became Chairman and Managing Director of the Pakistan Tobacco Company before being appointed Chairman and Managing Director of British American Tobacco Russia in 1997. In 1998 he returned to the UK as Head of Corporate Affairs for the newly listed British American Tobacco p.l.c. and in the following year was appointed Head of Merger Integration following the merger with Rothmans. He was appointed to the Management Board as Development Director in April 2001 where his responsibilities included corporate strategy, mergers and acquisitions and IT. Ben was elected as a member of the Board of Directors of ISS A/S on 5 April 2016. Ben, a graduate of Manchester University and the Manchester Business School, is married with two children. |
Kieran Poynter | Senior Independent Director | Kieran Poynter became a Non-Executive Director of British American Tobacco p.l.c. in July 2010. He became Senior Independent Director in October 2016. He is Chairman of the Audit Committee and a member of the Nominations Committee. |
Sue Farr | Non-Executive Director | Sue Farr was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director in February 2015. She is a member of the Nominations and Remuneration Committees. |
Dr. Marion Helmes | Non-Executive Director | Dr. Marion Helmes joined the Board of British American Tobacco p.l.c. as a Non-Executive Director on 1 August 2016. She is a member of the Audit and Nominations Committees. |
Luc Jobin | Non-Executive Director | Luc Jobin was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director on 25 July 2017 following completion of the acquisition of Reynolds American Inc. He is a member of the Nominations and Remuneration Committees |
Holly Keller Koeppel | Non-Executive Director | Holly Keller Koeppel was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director on 25 July 2017 following completion of the acquisition of Reynolds American Inc. She is a member of the Audit and Nominations Committees. |
Savio Kwan | Non-Executive Director | Savio Kwan was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director in January 2014. He is a member of the Nominations and Remuneration Committees. |
Lionel L. Nowell, III | Non-Executive Director | Lionel Nowell, III was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director on 25 July 2017 following completion of the acquisition of Reynolds American Inc. He is a member of the Audit and Nominations Committees. |
Dimitri Panayotopoulos | Non-Executive Director | Dimitri Panayotopoulos was appointed to the Board of British American Tobacco p.l.c. as a Non-Executive Director in February 2015. He is Chairman of the Remuneration Committee and a member of the Nominations Committee. |
Investments in Unconsolidated Subsidiaries ("significant" > 20 percent management control):
An unconsolidated subsidiary is a company that is owned by a parent company, but whose individual financial statements are not included in the consolidated or combined financial statements of the parent company to which it belongs. Instead, this type of company appears in the combined financial statement as an investment.[5]
(Associated undertakings and joint ventures)
Subsidiary Name | Country | Interest amount (percentage) | Interest Type | Notes |
---|---|---|---|---|
Tisak d.d. | Croatia | 41.86% | ||
Országos Dohányboltellátó Korlátolt Felelosségu Társaság | Hungary | 49% | ||
ITC Limited | India | 29.69% | ||
VST Industries Limited | India | 32.16% | ||
Surya Nepal Pvt. Limited | Nepal | 61% | ||
Veletabak d.o.o. | Serbia | 25% | ||
Uganda Tobacco Processors Limited | Uganda | 50% | ||
Kamaran Industry and Investment Company | Yemen | 31% | ||
United Industries Company Limited | Yemen | 32% |
List of Significant Subsidiaries
Subsidiary Name | State or Country of Organization | Region |
---|---|---|
British American Tobacco (Algérie) S.P.A. | Algeria | Eastern Europe, Middle East and Africa |
British American Tobacco Argentina S.A.I.C.y F. | Argentina | Americas |
British American Tobacco Australia Limited | Australia | Asia-Pacific |
British American Tobacco Bangladesh Company Limited | Bangladesh | Asia-Pacific |
British American Tobacco Belgium S.A. | Belgium | Western Europe |
Souza Cruz LTDA | Brazil | Americas |
British American Tobacco (Cambodia) Limited | Cambodia | Americas |
Imperial Tobacco Canada Limited | Canada | Americas |
British American Tobacco Chile Operaciones S.A. | Chile | Americas |
British American Tobacco Colombia S.A.S. | Colombia | Americas |
British American Tobacco (Czech Republic), s.r.o. | Czech Republic | Western Europe |
British American Tobacco Denmark A/S (House of Prince A/S) | Denmark | Western Europe |
British American Tobacco Egypt LLC | Egypt | Eastern Europe, Middle East and Africa |
British American Tobacco France SAS | France | Western Europe |
BATIG Gesellschaft fur Beteiligungen m.b.H. | Germany | Western Europe |
British American Tobacco (Germany) GmbH | Germany | Western Europe |
British American Tobacco (Industrie) GmbH | Germany | Western Europe |
PT Bentoel Internasional Investama, Tbk | Indonesia | Asia-Pacific |
B.A.T. Pars Company (Private Joint Stock) | Iran, Islamic Republic of | Eastern Europe, Middle East and Africa |
British American Tobacco Italia S.p.A. | Italy | Western Europe |
British American Tobacco Japan, Ltd. | Japan | Asia-Pacific |
British American Tobacco Kazakhstan Trading LLP | Kazakhstan | Eastern Europe, Middle East and Africa |
British American Tobacco Korea Limited | Korea, Republic of | Asia-Pacific |
British American Tobacco Korea Manufacturing Limited | Korea, Republic of | Asia-Pacific |
British American Tobacco (Malaysia) Berhad | Malaysia | Asia-Pacific |
British American Tobacco Mexico, S.A. de C.V. (iv) | Mexico | Americas |
British American Tobacco Exports B.V. | Netherlands | Western Europe |
British American Tobacco Holdings (The Netherlands) B.V. | Netherlands | Western Europe |
British American Tobacco Nederland B.V. | Netherlands | Western Europe |
British American Tobacco Western Europe Region B.V. | Netherlands | Western Europe |
British American Tobacco (New Zealand) Limited | New Zealand | Asia-Pacific |
British American Tobacco (Nigeria) Limited | Nigeria | Eastern Europe, Middle East and Africa |
British American Tobacco Marketing Nigeria Limited | Nigeria | Eastern Europe, Middle East and Africa |
Pakistan Tobacco Company Limited | Pakistan | Asia-Pacific |
British American Tobacco Polska Trading sp. zo.o. | Poland | Western Europe |
British-American Tobacco Polska S.A. | Poland | Western Europe |
British American Tobacco (Romania) Trading SRL | Romania | Western Europe |
JSC ‘British American Tobacco-SPb’ | Russia | Eastern Europe, Middle East and Africa |
JSC ‘International Tobacco Marketing Services’ | Russia | Eastern Europe, Middle East and Africa |
British-American Tobacco (Singapore) Private Limited | Singapore | Asia-Pacific |
British American Tobacco Holdings South Africa (Pty) Limited | South Africa | Eastern Europe, Middle East and Africa |
British American Tobacco España, S.A. | Spain | Western Europe |
British American Tobacco Switzerland S.A. | Switzerland | Western Europe |
British American Tobacco Tütün Mamulleri Sanayi ve Ticaret Anonim Sirketi | Turkey | Eastern Europe, Middle East and Africa |
LLC “British American Tobacco Sales and Marketing Ukraine” | Ukraine | Western Europe |
PJSC “A/T B.A.T. – Prilucky Tobacco Company” | Ukraine | Western Europe |
B.A.T (U.K. and Export) Limited | United Kingdom | Western Europe |
B.A.T Services Limited | United Kingdom | Western Europe |
British American Tobacco (GLP) Limited | United Kingdom | Western Europe |
British American Tobacco (Investments) Limited | United Kingdom | Western Europe |
British American Tobacco Global Travel Retail Limited | United Kingdom | Western Europe |
British American Tobacco Western Europe Commercial Trading Limited | United Kingdom | Western Europe |
B.A.T. International Finance p.l.c. | United Kingdom | Western Europe |
BATMark Limited | United Kingdom | Western Europe |
British American Tobacco (Brands) Limited | United Kingdom | Western Europe |
British-American Tobacco (Holdings) Limited | United Kingdom | Western Europe |
British American Tobacco UK Limited | United Kingdom | Western Europe |
R.J. Reynolds Tobacco Company | United States | United States |
RAI Services Company | United States | United States |
RAI Trade Marketing Services Company | United States | United States |
Reynolds American Inc. | United States | United States |
B.A.T Capital Corporation | United States | United States |
British American Tobacco (Brands) Inc. | United States | United States |
American Snuff Company, LLC | United States | United States |
Santa Fe Natural Tobacco Company, Inc | United States | United States |
Compania Anonima Cigarrera Bigott Sucesores | Venezuela | Americas |
2018 Forecast
According to the 2018 annual report, by the end of the year 2018, the company's objective is to generate over £1 billion revenue from Next Generation Products and by 2022 to have increased that figure fivefold to £5 billion. [6] The company expects that by 2030, a very significant percentage of Group revenue will be generated by our suite of potentially reduced-risk products.[7]
Profitability
Annual Trends
Fiscal year
in billions GBP |
2017 [8] | 2016 [9] | 2015 [10] | 2014 [11] | 2013 [12] |
---|---|---|---|---|---|
Net Revenue | 20.3 | 14.8 | 13.1 | 13.9 | 15.8 |
Reported Profit | 6.5 | 4.7 | 4.6 | 4.9 | 6.1 |
Profits per Region (in millions GBP)
Asia-Pacific
Geographic region covers: Australia, Bangladesh, Indonesia, Japan, Malaysia, New Zealand, Pakistan, Philippines, South Korea, Taiwan, Vietnam [13]
in millions GBP | 2017 [8] | 2016 [8] | 2015 [14] | 2014 [15] | 2013 [16] |
---|---|---|---|---|---|
Net Revenues | 4,509 | 4,266 | 3,773 | 4,253 | 4,203 |
Adjusted profit | 1,638 | 1,432 | 1,361 | 1,548 | 1,693 |
Americas
Geographic region covers: Argentina, Brazil, Canada, Chile, Colombia, Mexico [17]
in millions GBP | 2017 [8] | 2016 [8] | 2015 [18] | 2014 [19] | 2013 [20] |
---|---|---|---|---|---|
Net Revenues | 3,125 | 2,868 | 2,720 | 1,286 | 3,317 |
Adjusted profit | 3,125 | 2,868 | 2,720 | 1,286 | 1,364 |
Western Europe
Geographic region covers: Belgium , Czech Republic, Denmark, France, Germany , Italy, Netherlands, Poland , Romania , Spain, Sweden, Switzerland, United Kingdom [21]
in millions GBP | 2017 [8] | 2016 [8] | 2015 [22] | 2014 [23] | 2013 [24] |
---|---|---|---|---|---|
Net Revenues | 4,532 | 3,867 | 3,203 | 3,546 | 3,635 |
Adjusted profit | 1,127 | 1,044 | 990 | 1,189 | 1,273 |
EEMEA
Geographic region covers: Algeria, Morocco, Egypt, Nigeria, GCC, Russia , Iran, South Africa, Iraq, Turkey, Kazakhstan, Ukraine [25]
in millions GBP | 2017 [8] | 2016 [8] | 2015 [26] | 2014 [27] | 2013 [28] |
---|---|---|---|---|---|
Net Revenues | 3,915 | 3,750 | 3,408 | 4,337 | 4,105 |
Adjusted profit | 1,246 | 1,182 | 1,127 | 1,380 | 1,490 |
Acquisitions
Recent acquisitions [29] | Acquired Organization Name | Acquiring Organization Name | Announced Date | Value |
---|---|---|---|---|
Ente Tabacchi Italiani S.p.A acquired by British American Tobacco | Ente Tabacchi Italiani S.p.A | British American Tobacco | 1/1/2003 | - |
British American Tobacco Denmark A/S acquired by British American Tobacco | British American Tobacco Denmark A/S | British American Tobacco | 7/2/2008 | - |
Tekel AS acquired by British American Tobacco | Tekel AS | British American Tobacco | 6/24/2008 | - |
Bentoel Group acquired by British American Tobacco | Bentoel Group | British American Tobacco | 6/17/2009 | $494M |
Productora Tabacalera de Colombia acquired by British American Tobacco | Productora Tabacalera de Colombia | British American Tobacco | 5/26/2011 | $452M |
Reynolds American acquired by British American Tobacco | Reynolds American | British American Tobacco | 1/17/2017 | $54.5B |
CN Creative acquired by British American Tobacco | CN Creative | British American Tobacco | 12/1/2012 | £50M |
TDR acquired by British American Tobacco | TDR | British American Tobacco | 6/1/2015 | €550M |
Ten Motives acquired by British American Tobacco | Ten Motives | British American Tobacco | 4/29/2016 | - |
Investments
At 31 December 2015, the following substantial interests (3% or more) in the Company’s ordinary share capital (voting securities) had been notified to the Company in accordance with Section 5.1.2 of the Disclosure Rules and Transparency Rules. As at 24 February 2016, the Company had not received notification either of any change in the interests below or that any other person holds 3% or more of its ordinary shares. [30]
In 2015, the organisation has completed the acquisition of TDR in Croatia, the leading independent cigarette manufacturer in Central Europe. British American Tobacco also acquired the rest of the shares in its Brazilian subsidiary, Souza Cruz, not currently owned by the Group and de-listed the company the same year. [31]
In 2015, British American Tobacco signed a vapour products technology-sharing agreement with R.J. Reynolds Tobacco Company. The agreement provides a framework for collaboration and mutual cross-licensing of the parties’ vapour product technologies up to 31 December 2022. British American Tobacco completed the acquisition of the CHIC Group, the market-leading Vapour Product (e-cigarette) business in Poland. [32]
In 2015, British American Tobacco continued to grow market share of Vype in the UK and expanded the geographical footprint of its Next Generation Product business beyond the UK, with launches of Vype in France, Germany, Italy, Poland and Colombia. Additionally, British American Tobacco’s first Tobacco Heating Product, the ‘glo iFuse’, was launched in Romania, with excellent initial levels of consumer acceptance. [33]
Investments | Organizational Name | Funding Type | Money Raised | Announced Date |
---|---|---|---|---|
a | b | c | d | zz/zz/zzzz |
In August 2018, Guardian reported more than GBP 1.7 billion has been directly invested in tobacco company stocks by healthcare providers, fire authorities and schools via UK council pension funds. Council retirement schemes in the UK are major investors in firms including British American Tobacco, Imperial Brands and Philip Morris, according to data compiled from more than 100 freedom of information requests. [34]
"The Group’s cigarette market share in its Key Markets continued to grow strongly (up 40 bps). This was powered by another excellent performance by our GDBs, which grew 110 bps (ex US) and now account for more than 50% of Group cigarette and THP volume outside the US. Over the year, market share in the US also grew strongly and was up 20 bps, with the RAI Strategic Brands growing 40 bps. Total Group cigarette and THP volume grew 3.2% to 686 billion, or on an organic basis fell 2.6%, outperforming the industry, which was estimated to have declined by around 3.5%. In 2017, we also made excellent progress with our NGP business. Our fagship THP, glo, frst launched in Japan in December 2016, reached 3.6% market share by the end of 2017 – having been rolled out nationally from October 2017. Since then, 50% of the overall category growth in Japan has been from glo – demonstrating its strong consumer appeal in a very short period. Good initial progress is also being made in our other launch markets of South Korea, Russia, Canada, Romania and Switzerland." - Page 13, BAT Annual Report
Emerging Markets
British American Tobacco has a significant presence in emerging markets across South America, Africa, the Middle East and Asia. According to the company's website emerging markets will account for 60 percent of volume in the enlarged group. Over the last 5 years, revenue per pack in emerging markets has grown at more than twice the rate compared to developed markets. With generally low cigarette pack prices and expectations of continued growth in consumer disposable income over the long term, the future profit growth opportunity remains strong. [36] Nik Oliver, consumer goods analyst at UBS said in a March 2017 interview with Financial Times, British American Tobacco derives more than 50 per cent of its total revenues from emerging markets with the strongest emerging market portfolio of the company's peers. [37]
Factory Openings and Closures
In June 2018, British American Tobacco announced it will invest €800 million over the next five years in its factory in Ploiești, Romania. The investment, which will generate 200 new jobs in Romania, will support the expansion of innovative tobacco heating product – glo – in countries across Europe during the second half of 2018. [38] The unit in Ploiesti will be the third in the world (after South Korea and Russia) to produce Neosticks for glo and the first in Europe. [39]
Dividends
"Quarterly dividends The dividend in respect of 2017 is 195.2p, being an increase over 2016 of 15.2% (2016: 169.4p).
As announced in April 2017, the Group has moved to quarterly dividends with effect from 1 January 2018. In order to effect the transition to quarterly dividends, we committed to ensuring shareholders would receive an equivalent cash amount in 2018 under the quarterly dividend approach as they would have done under the previous methodology.
As part of this process, a second interim dividend of 43.6p (equivalent to 25% of the cash dividend paid in 2017) was declared in December 2017 and paid in February 2018. The Board has declared an interim dividend of 195.2p per ordinary share, payable in four equal dividend payments of 48.8p per ordinary share, to shareholders registered on the UK main register or the South Africa branch register and to ADS holders, each on the applicable record dates. The dividends receivable by ADS holders in US dollars will be calculated based on the exchange rate on the applicable payment dates." - Page 37, BAT Annual Report
Products
Key Portfolio
Japan Tobacco International is a maker of some of the world’s best-known tobacco brands, including Winston, Mevius, Camel and LD. In 2017, the comapany's flagship brands accounted for more than 72 percent of Japan Tobacco International's sales. According to the company's website, Japan Tobacco International have approximately 14 percent global market share. [41]
Innovative Product Portfolio
Volumes
Volume of Cigarettes by Region
Region | 2017 (Billions) | 2016 (Billions) | 2015 (Billions) | 2014 (Billions) | 2013 (Billions) |
---|---|---|---|---|---|
Asia-Pacific | 193 | 196 | 198 | - | 197 |
Americas | 36 | - | - | - | 134 |
Western Europe | 122 | 120 | 112 | - | 119 |
Eastern Europe, Middle East and Africa (EEMEA) | 228 | 236 | 229 | - | 226 |
Total | 686 | 665 | 663 | 667 | 676 |
Product Unit Volume
Product Category | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|
Tobacco Units (in billions) | - | - | - | - | - |
Heated tobacco (in billions) | -.- | -.- | -.- | -.- | -.- |
Total | 686 | 665 | 663 | 667 | 676 |
Percentage | 3.2 | 0.2 | (0.5) | (1.3) | - |
Marketing and External Relations
Global Campaigns
Corporate Social Responsibility
The organisation’s sustainability focus is on three key areas: harm reduction, sustainable agriculture and farmer livelihoods and corporate behaviour: We are committed to operating to the highest standards of corporate conduct and transparency. [42]
Research and Development
Marketing to Kids
Advertisements and Bad Acts Review
{{quote |"With respect to plain packaging, we have always believed that the policy is not proportionate, will not deliver the intended results and will significantly erode our Intellectual Property Rights. Consequently, we have reluctantly taken legal action to protect shareholders’ interests." |Nicandro Durante, 2018" [43]
Political Spending
For a list of political contributions in the United States look here.
Reporting and Regulation
Tobacco Litigation
Partners and Allies
Audit and Accounting
Banking and Finance
Consultancies
Marketing, Communications and PR Companies
Name | Contract Status | Notes | Other Clients |
---|---|---|---|
FTI (2017) | Active | FTI Consulting is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. Individually, each practice is a leader in its specific field, staffed with experts recognized for the depth of their knowledge and a track record of making an impact. UK PR Agency for BAT |
|
Sard Verbinnen (2017) | Active | Sard Verbinnen & Co., LLC provides strategic communications advice and services that help clients in managing their position and specific events affecting their reputation, business, and market value. The company also provides services in the areas of corporate positioning that include development of strategies and initiatives based on research, judgment, and thinking for individuals and institutions; and offers communication advisory services to boards and senior management of public and private organizations, as well as small and mid-cap companies. US PR agency for BAT |
|
EUK Consulting (2017) | Active | EUK Westminster and Brussels based consultancy, bespoke public affairs, lobbying and issues-management services, political consultants, politics, british politics, london parliament. |
Full list: http://www.eukconsulting.com/our-clients/ |
Red Flag (2017) | Active | Red Flag is an international consultancy specialising in strategic communications, government relations, crisis management and regulatory engagement. (listed as lobbyists for BAT in 2016 EU talks regarding implementation of FCTC |
|
References
- ↑ https://www.jti.com/about-us
- ↑ https://www.jti.com/about-us
- ↑ http://www.example.com BIO Source
- ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO52ADFJ Accessed: 6th June, 2018
- ↑ https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp
- ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
- ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 British American Tobacco Annual Report and Form 20-F 2017, pp.45
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
- ↑ http://www.bat.com/ar/2014/performance.html
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
- ↑ BAT AR 2015
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
- ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
- ↑ BAT AR 2015
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
- ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
- ↑ BAT ER 2015
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
- ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
- ↑ BAT AR 2015, p.3
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
- ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
- ↑ https://www.crunchbase.com/organization/british-american-tobacco#section-acquisitions, Accessed 5th August, 2018
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.114
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.15
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
- ↑ https://www.theguardian.com/world/2018/aug/13/council-pension-funds-major-investors-tobacco-companies
- ↑ British American Tobacco Annual Report and Form 20-F 2017, p.13
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DOAHNL68
- ↑ https://www.ft.com/content/23b177f8-f8f7-11e6-bd4e-68d53499ed71
- ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAZJL24
- ↑ http://business-review.eu/investments/bats-factory-in-ploiesti-will-be-the-third-in-the-world-and-the-first-in-europe-to-produce-neosticks-for-glo-172799
- ↑ British American Tobacco Annual Report and Form 20-F 2017, p.37
- ↑ https://www.jti.com/about-us/what-we-do/our-brands
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.3
- ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.15