Difference between revisions of "Japan Tobacco International"

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! style="font-weight:bold; width:20%" |Name
 
! style="font-weight:bold; width:20%" |Name
 
! style="font-weight:bold; width:20%" |Position
 
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! style="font-weight:bold; width:40%" |Bio <ref>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO52ADFJ Accessed: 6th June, 2018</ref>
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! style="font-weight:bold; width:40%" |Bio <ref>http://www.example.com Bio Source</ref>
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|Richard Burrows
 
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|Chairman
 
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|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.
 
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| Nicandro Durante
 
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| Chief Executive
 
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| 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.
 
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| Ben Stevens
 
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| Finance Director
 
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| 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.
 
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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.
 
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|-
 
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| Kieran Poynter
 
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| Senior Independent Director
 
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| 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.
 
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|-
 
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| Sue Farr
 
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| Non-Executive Director
 
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| 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.
 
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|-
 
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| Dr. Marion Helmes
 
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| Non-Executive Director
 
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| 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.
 
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|-
 
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| Luc Jobin
 
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| Non-Executive Director
 
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| 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
 
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|-
 
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| Holly Keller Koeppel
 
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| Non-Executive Director
 
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| 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.
 
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|-
 
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| Savio Kwan
 
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| Non-Executive Director
 
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| 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.
 
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|-
 
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| Lionel L. Nowell, III
 
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| Non-Executive Director
 
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| 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.
 
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|-
 
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| Dimitri Panayotopoulos
 
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| Non-Executive Director
 
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| 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.
 
 
|-
 
|-
 +
|Name
 +
|Position
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|Bio from source.
 
|}
 
|}
  

Revision as of 06:29, 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]

Company Overview

Key Executives

Name Position Bio[3]
Name Postition Bio From Source

Board Members

Name Position Bio [4]
Name Position Bio from source.

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]

Market Share

"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

[35]

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

[40]

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
  • Yahoo! Inc
  • Jackson Walker LLP
  • Liquidation Trustee - Bernard L. Madoff Investment Securities
  • Sportsman's Warehouse
  • TXCO Resources
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
  • SoftBank
  • Alibaba Group
  • Didi Chuxing
  • Nikon
  • HNA Group
  • Grab
  • KKR
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.
  • Emergent BioSolutions Inc
  • McCain Foods (GB) Ltd
  • Colgate Palmolive SARL
  • SC Johnson EURAFNE
  • Nicoventures Limited (also owned by BAT)
  • United Technologies Corporation
  • Lonza Limited

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

https://www.politico.eu/article/tobacco-lobbyists-demand-say-in-eu-debate-on-tobacco-lobbying-european-parliament-european-ombudsman-emily-oreilly/

  • ESTA
  • Anitox
  • EDiMA
  • NuFarm
  • Barclay Chemicals Manufacturing
  • North American Meat Institute
  • Irish Distillers Limited (Pernod Ricard)
  • Anitox
  • Monsanto
  • National Coffee Association of USA

References

  1. ↑ https://www.jti.com/about-us
  2. ↑ https://www.jti.com/about-us
  3. ↑ http://www.example.com BIO Source
  4. ↑ http://www.example.com Bio Source
  5. ↑ https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp
  6. ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
  7. ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
  8. ↑ 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
  9. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
  10. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
  11. ↑ http://www.bat.com/ar/2014/performance.html
  12. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  13. ↑ BAT AR 2015
  14. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  15. ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  16. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  17. ↑ BAT AR 2015
  18. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  19. ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  20. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  21. ↑ BAT ER 2015
  22. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  23. ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  24. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  25. ↑ BAT AR 2015, p.3
  26. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  27. ↑ http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  28. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  29. ↑ https://www.crunchbase.com/organization/british-american-tobacco#section-acquisitions, Accessed 5th August, 2018
  30. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.114
  31. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
  32. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.15
  33. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
  34. ↑ https://www.theguardian.com/world/2018/aug/13/council-pension-funds-major-investors-tobacco-companies
  35. ↑ British American Tobacco Annual Report and Form 20-F 2017, p.13
  36. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DOAHNL68
  37. ↑ https://www.ft.com/content/23b177f8-f8f7-11e6-bd4e-68d53499ed71
  38. ↑ http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAZJL24
  39. ↑ http://business-review.eu/investments/bats-factory-in-ploiesti-will-be-the-third-in-the-world-and-the-first-in-europe-to-produce-neosticks-for-glo-172799
  40. ↑ British American Tobacco Annual Report and Form 20-F 2017, p.37
  41. ↑ https://www.jti.com/about-us/what-we-do/our-brands
  42. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.3
  43. ↑ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.15
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