Difference between revisions of "Japan Tobacco International"

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==Company Overview==
 
==Company Overview==
 
In 2017, British American Tobacco generated reported revenue of £20 billion and profit from operations of £6.5 billion. In July 2017, British American Tobacco p.l.c. acquired the remaining 57.8% of Reynolds American Inc. that BAT did not already own. <REF>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWURBD </REF>
 
In 2017, British American Tobacco generated reported revenue of £20 billion and profit from operations of £6.5 billion. In July 2017, British American Tobacco p.l.c. acquired the remaining 57.8% of Reynolds American Inc. that BAT did not already own. <REF>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWURBD </REF>
 +
 +
===Key Executives===
 +
{| class="wikitable"
 +
! style="font-weight:bold; width:20%" |Name
 +
! style="font-weight:bold; width:20%" |Position
 +
! style="font-weight:bold; width:40%" |Bio<ref>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO764EM6</ref>
 +
|-
 +
|Jerome Abelman
 +
|Director, Legal And External Affairs And General Counsel
 +
|Jerry was appointed Director, Legal and External Affairs and General Counsel in May 2015, having joined the Management Board as Group Corporate and Regulatory Affairs Director in January 2015. He has been with the Group for over 15 years and has held a number of roles in Legal. Jerry was Regional General Counsel, Asia-Pacific from 2010 to 2014, before becoming Assistant General Counsel – Corporate and Commercial. Jerry was a member of the Board of Reynolds American Inc. (RAI) from February 2016 until the acquisition of RAI in July 2017.
 +
|-
 +
|Jack Bowles
 +
|Chief Operating Officer
 +
|Jack became BAT’s Chief Operating Officer for the International Business in October 2017. Joining the Group in 2004, Jack was Chairman of British American Tobacco France in 2005 before taking up the role of Managing Director of British American Tobacco Malaysia in 2007. He joined the Management Board as Regional Director for Western Europe in October 2009 before becoming Regional Director for the Americas in October 2011. He was appointed Regional Director, Asia-Pacific in January 2013, a position he continued to hold until 1 January 2018 when a new regional structure came into effect.
 +
|-
 +
|Alan Davy
 +
|Director, Operations
 +
|Alan was appointed to the Management Board as Group Operations Director in March 2013. He joined the Group in 1988 and has held various roles in manufacturing, supply chain and general management. Alan previously held the position of Group Head of Supply Chain.
 +
|-
 +
|Giovanni Giordano
 +
|Director, Group Human Resources
 +
|Giovanni joined the Management Board of British American Tobacco in June 2011. He is an international human resources executive with wide experience from senior roles at Procter & Gamble and Ferrero, where he was Chief Corporate Officer.
 +
|-
 +
|Andrew Gray
 +
|Chief Marketing Officer
 +
|Andrew was appointed Chief Marketing Officer (CMO) in October 2017 having previously been BAT’s Marketing Director. In August 2017, BAT announced that it was fully integrating its Next Generation Products (NGP) business into the Group’s core operations. The expanded CMO role combines Marketing and R&D (including innovation and product development) across all categories – combustible cigarettes and NGP. Andrew joined the Management Board as Regional Director for Africa and the Middle East in January 2008 before being appointed Regional Director for Eastern Europe, Middle East and Africa (EEMEA) in January 2011 and then Marketing Director in September 2014. Joining Souza Cruz in Brazil as an intern in 1986, he went on to hold a number of senior management positions in South America and the Caribbean (including President of Souza Cruz) and also in Malaysia.
 +
|-
 +
|Tadeu Marroco
 +
|Regional Director, Europe And North Africa
 +
|Tadeu was appointed Regional Director, Europe and North Africa in January 2018. He joined the Management Board as Director, Business Development, in September 2014 and was appointed Regional Director, Western Europe in December 2016, a position he held until 1 January 2018 when a new regional structure came into effect and Tadeu took up his current role. He joined British American Tobacco in Brazil over 20 years ago and his other previous roles include Regional Finance Controller, EEMEA, and Group Finance Controller.
 +
|-
 +
|Dr. David O’reilly
 +
|Group Scientific And R&D Director
 +
|David was appointed Group Scientific Director in January 2012. He has been with British American Tobacco for over 20 years and has held various positions in Group Research and Development. He has led the Group’s R&D efforts to develop reduced toxicant products and has also been Head of International Public Health and Scientific Affairs, responsible for engagement with the scientific, medical and public health communities.
 +
|-
 +
|Ricardo Oberlander
 +
|President And Ceo, Reynolds American Inc.
 +
|Ricardo became President and CEO of Reynolds American Inc. (RAI) in January 2018. He was appointed to the Management Board as Regional Director for the Americas in January 2013. Ricardo joined Souza Cruz in May 1989 and has held various roles including Marketing Director of British American Tobacco’s Malaysian business, Regional Marketing Manager for the Americas, General Manager in France and Global Consumer Director. Ricardo was a member of the Board of RAI from December 2014 until the acquisition of RAI in July 2017. He is a member of the Chief Marketing Officer (CMO) Council North America Advisory Board.
 +
|-
 +
|Naresh Sethi
 +
|Director, Business Development
 +
|Naresh was appointed Director, Business Development in December 2016 with responsibility for Group Strategy and Planning, IT, Global Business Services and Enterprise Operating Model Transformation. He has been with British American Tobacco for more than 20 years and held Marketing roles in India, Indonesia, West Africa and Australasia before moving to Japan where he was Marketing Director and then General Manager. Naresh was also Group Head of Strategy and Planning before joining the Management Board in January 2012 as Director, Group Business Development and was appointed Regional Director, Western Europe in January 2013.
 +
|-
 +
|Johan Vandermeulen
 +
|Regional Director, Asia-Pacific And Middle East
 +
|Johan was appointed Regional Director, Asia-Pacific and Middle East in January 2018. He joined the Management Board as Regional Director for Eastern Europe, Middle East and Africa in September 2014, a position he held until 1 January 2018 when a new regional structure came into effect and Johan took up his current role. He has been with British American Tobacco for more than 25 years and his previous roles include General Manager in Russia, General Manager in Turkey and Global Brand Director for the Kent brand.
 +
|-
 +
|Kingsley Wheaton
 +
|Regional Director, Americas And Sub-Saharan Africa
 +
|Kingsley was appointed Regional Director, Americas and Sub-Saharan Africa in January 2018. He joined the Group in 1996 and has held a number of roles in Marketing. He was Marketing Director in Nigeria and Russia, before becoming General Manager in Russia. He was Global Brand Director responsible for the Kent and Vogue brands, before joining the Management Board in January 2012 as Deputy Corporate and Regulatory Affairs Director. In June 2012 he was appointed Director, Corporate and Regulatory Affairs. In January 2015, Kingsley became Managing Director, Next Generation Products (NGP), heading up this growing part of British American Tobacc’s business which is now integrated into the core operations so that we can leverage the scale and expertise of the whole Group to drive future growth in NGP.
 +
|-
 +
|}
 +
 +
===Board Members===
 +
 +
{| class="wikitable sortable"
 +
! style="font-weight:bold; width:20%" |Name
 +
! style="font-weight:bold; width:20%" |Position
 +
! style="font-weight:bold; width:40%" |Bio <ref>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO52ADFJ Accessed: 6th June, 2018</ref>
 +
|-
 +
|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):===
 +
 +
<blockquote>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.<ref>https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp</ref>
 +
</blockquote>
 +
 +
(Associated undertakings and joint ventures)
 +
 +
{| class="wikitable"
 +
! style="font-weight:bold; width: 30%;" | Subsidiary Name
 +
! style="font-weight:bold;" | Country
 +
! style="font-weight:bold;" | Interest amount (percentage)
 +
! style="font-weight:bold;" | Interest Type
 +
! style="font-weight:bold; width: 30%;" | 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===
 +
{| class="wikitable sortable"
 +
! style="font-weight:bold;" | Subsidiary Name
 +
! style="font-weight:bold; width: 30%;" |State or Country of Organization
 +
! style="font-weight:bold; width: 30%;" |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. <REF>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5 </REF> The company expects that by 2030, a very significant percentage of Group revenue will be generated by our suite of potentially reduced-risk products.<REF>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5 </REF>
 +
 +
==Profitability==
 +
===Annual Trends===
 +
 +
{| class="wikitable"
 +
! Fiscal year
 +
''in billions GBP''
 +
! 2017 <ref name="BAT_AR_2017_AsiaPac>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, pp.45]</ref>
 +
! 2016 <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20 </REF>
 +
! 2015 <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20 </REF>
 +
! 2014 <REF>http://www.bat.com/ar/2014/performance.html</REF>
 +
! 2013 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2</ref>
 +
|-
 +
| 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 <ref> BAT AR 2015 </ref>
 +
{| class="wikitable"
 +
! ''in millions GBP''
 +
! 2017 <ref name="BAT_AR_2017_AsiaPac>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, pp.45]</ref>
 +
! 2016 <ref name="BAT_AR_2017_AsiaPac/>
 +
! 2015 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf</ref>
 +
! 2014 <ref>http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf</ref>
 +
! 2013 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2</ref>
 +
|-
 +
| Net Revenues
 +
| 4,509
 +
| 4,266
 +
| 3,773
 +
| 4,253
 +
| 4,203
 +
|-
 +
| Adjusted profit
 +
| 1,638
 +
| 1,432
 +
| 1,361
 +
| 1,548
 +
| 1,693
 +
|}
 +
 +
====Americas====
 +
Geographic region covers: Argentina, Brazil, Canada, Chile, Colombia, Mexico <ref> BAT AR 2015 </ref>
 +
 +
{| class="wikitable"
 +
! ''in millions GBP''
 +
! 2017 <ref name="BAT_AR_2017_AsiaPac>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, pp.45]</ref>
 +
! 2016 <ref name="BAT_AR_2017_AsiaPac/>
 +
! 2015 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf</ref>
 +
! 2014 <ref>http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf</ref>
 +
! 2013 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2</ref>
 +
|-
 +
| 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 <ref> BAT ER 2015 </ref>
 +
 +
{| class="wikitable"
 +
! ''in millions GBP''
 +
! 2017 <ref name="BAT_AR_2017_AsiaPac>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, pp.45]</ref>
 +
! 2016 <ref name="BAT_AR_2017_AsiaPac/>
 +
! 2015 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf</ref>
 +
! 2014 <ref>http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf</ref>
 +
! 2013 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2</ref>
 +
|-
 +
| Net Revenues
 +
| 4,532
 +
| 3,867
 +
| 3,203
 +
| 3,546
 +
| 3,635
 +
|-
 +
| Adjusted profit
 +
| 1,127
 +
| 1,044
 +
| 990
 +
| 1,189
 +
| 1,273
 +
|}
 +
 +
====EEMEA====
 +
Geographic region covers: Algeria, Morocco, Egypt, Nigeria, GCC, Russia
, Iran, South Africa, Iraq, Turkey, Kazakhstan, Ukraine <ref> BAT AR 2015, p.3 </ref>
 +
 +
{| class="wikitable"
 +
! ''in millions GBP''
 +
! 2017 <ref name="BAT_AR_2017_AsiaPac>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, pp.45]</ref>
 +
! 2016 <ref name="BAT_AR_2017_AsiaPac/>
 +
! 2015 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf</ref>
 +
! 2014 <ref>http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf</ref>
 +
! 2013 <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2</ref>
 +
|-
 +
| 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===
 +
{| class="wikitable"
 +
! Recent acquisitions <ref>https://www.crunchbase.com/organization/british-american-tobacco#section-acquisitions, Accessed 5th August, 2018</ref>
 +
! 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
 +
|$54.5B
 +
|-
 +
|CN Creative acquired by British American Tobacco
 +
|CN Creative
 +
|British American Tobacco
 +
|12/1/2012
 +
|£50M
 +
|-
 +
|TDR acquired by British American Tobacco
 +
|TDR
 +
|British American Tobacco
 +
|6/1/2015
 +
|€550M
 +
|-
 +
|Ten Motives acquired by British American Tobacco
 +
|Ten Motives
 +
|British American Tobacco
 +
|4/29/2016
 +
| -
 +
|-
 +
|}
 +
 +
===Investments===
 +
 +
At 31 December 2015, the following substantial interests (3% or more) in the Company’s ordinary share capital (voting securities) had been notified to the Company in accordance with Section 5.1.2 of the Disclosure Rules and Transparency Rules. As at 24 February 2016, the Company had not received notification either of any change in the interests below or that any other person holds 3% or more of its ordinary shares. <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.114 </REF>
 +
 +
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. <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5 </REF>
 +
 +
In 2015, British American Tobacco signed a vapour products technology-sharing agreement with R.J. Reynolds Tobacco Company. The agreement provides a framework for collaboration and mutual cross-licensing of the parties’ vapour product technologies up to 31 December 2022. British American Tobacco  completed the acquisition of the CHIC Group, the market-leading Vapour Product (e-cigarette) business in Poland. <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.15 </REF>
 +
 +
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. <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5 </REF> 
 +
 +
{| class="wikitable"
 +
! Investments
 +
! Organizational Name
 +
! Funding Type
 +
! Money Raised
 +
! Announced Date
 +
|-
 +
| a
 +
| b
 +
| c
 +
| d
 +
| zz/zz/zzzz
 +
|}
 +
 +
In August 2018, Guardian reported more than GBP 1.7 billion has been directly invested in tobacco company stocks by healthcare providers, fire authorities and schools via UK council pension funds. Council retirement schemes in the UK are major investors in firms including British American Tobacco, Imperial Brands and Philip Morris, according to data compiled from more than 100 freedom of information requests. <ref>https://www.theguardian.com/world/2018/aug/13/council-pension-funds-major-investors-tobacco-companies </ref>
 +
 +
===Market Share===
 +
 +
"The Group’s cigarette market share in its Key Markets continued to grow strongly (up 40 bps). This was powered by another excellent performance by our GDBs, which grew 110 bps (ex US) and now account for more than 50% of Group cigarette and THP volume outside the US. Over the year, market share in the US also grew strongly and was up 20 bps, with the RAI Strategic Brands growing 40 bps. Total Group cigarette and THP volume grew 3.2% to 686 billion, or on an organic basis fell 2.6%, outperforming the industry, which was estimated to have declined by around 3.5%. In 2017, we also made excellent progress with our NGP business. Our fagship THP, glo, frst launched in Japan in December 2016, reached 3.6% market share by the end of 2017 – having been rolled out nationally from October 2017. Since then, 50% of the overall category growth in Japan has been from glo – demonstrating its strong consumer appeal in a very short period. Good initial progress is also being made in our other launch markets of South Korea, Russia, Canada, Romania and Switzerland." - Page 13, BAT Annual Report
 +
 +
<ref name="BAT_AR_2017_Financial_Report>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, p.13]</ref>
 +
 +
===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. <ref>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DOAHNL68</ref> 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. <ref>https://www.ft.com/content/23b177f8-f8f7-11e6-bd4e-68d53499ed71</ref>
 +
 +
===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. <REF>http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAZJL24 </REF> 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. <REF>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</REF>
 +
 +
===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
 +
 +
<ref name="BAT_AR_2017_Financial_Report_p37>[http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf British American Tobacco Annual Report and Form 20-F 2017, p.37]</ref>
 +
 +
==Products==
 +
===Key Portfolio===
 +
British American Tobacco offers three core product ranges:
 +
*Fine Cut (roll-your-own and make-your-own tobacco)
 +
*Swedish-style snus
 +
*Cigars
 +
 +
===Innovative Product Portfolio===
 +
The Next Generation Products include:
 +
*Vapour Products (e-cigarettes), a battery-powered electronic devices which heat a solution to create a vapour which can be inhaled;
 +
*Tobacco Heating Products, devices designed to work with specifically engineered cartridges, containing tobacco, to deliver a real tobacco taste and aroma;
 +
*Licensed Medicinal Products, licensed nicotine products to help smokers reduce, replace or stop. <REF> LINK </REF>
 +
 +
===Volumes===
 +
====Volume of Cigarettes by Region====
 +
{| class="wikitable"
 +
! 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====
 +
{| class="wikitable"
 +
! 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. <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.3 </REF>
 +
 +
===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" <REF>http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.15 </REF>
 +
 +
===Political Spending===
 +
For a list of political contributions in the United States look [[Political Spending|<strong>here</strong>]].
 +
 +
==Reporting and Regulation==
 +
===Tobacco Litigation===
 +
 +
==Partners and Allies==
 +
===Audit and Accounting===
 +
===Banking and Finance===
 +
===Consultancies===
 +
 +
===Marketing, Communications and PR Companies===
 +
 +
{| class="wikitable"
 +
! style="font-weight:bold;width=10%" |Name
 +
! style="font-weight:bold;width=10%" |Contract Status
 +
! style="font-weight:bold;width=20%" |Notes
 +
! style="font-weight:bold;width=30%" |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==
 +
{{Reflist}}

Revision as of 01:57, 24 August 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

In 2017, British American Tobacco generated reported revenue of £20 billion and profit from operations of £6.5 billion. In July 2017, British American Tobacco p.l.c. acquired the remaining 57.8% of Reynolds American Inc. that BAT did not already own. [3]

Key Executives

Name Position Bio[4]
Jerome Abelman Director, Legal And External Affairs And General Counsel Jerry was appointed Director, Legal and External Affairs and General Counsel in May 2015, having joined the Management Board as Group Corporate and Regulatory Affairs Director in January 2015. He has been with the Group for over 15 years and has held a number of roles in Legal. Jerry was Regional General Counsel, Asia-Pacific from 2010 to 2014, before becoming Assistant General Counsel – Corporate and Commercial. Jerry was a member of the Board of Reynolds American Inc. (RAI) from February 2016 until the acquisition of RAI in July 2017.
Jack Bowles Chief Operating Officer Jack became BAT’s Chief Operating Officer for the International Business in October 2017. Joining the Group in 2004, Jack was Chairman of British American Tobacco France in 2005 before taking up the role of Managing Director of British American Tobacco Malaysia in 2007. He joined the Management Board as Regional Director for Western Europe in October 2009 before becoming Regional Director for the Americas in October 2011. He was appointed Regional Director, Asia-Pacific in January 2013, a position he continued to hold until 1 January 2018 when a new regional structure came into effect.
Alan Davy Director, Operations Alan was appointed to the Management Board as Group Operations Director in March 2013. He joined the Group in 1988 and has held various roles in manufacturing, supply chain and general management. Alan previously held the position of Group Head of Supply Chain.
Giovanni Giordano Director, Group Human Resources Giovanni joined the Management Board of British American Tobacco in June 2011. He is an international human resources executive with wide experience from senior roles at Procter & Gamble and Ferrero, where he was Chief Corporate Officer.
Andrew Gray Chief Marketing Officer Andrew was appointed Chief Marketing Officer (CMO) in October 2017 having previously been BAT’s Marketing Director. In August 2017, BAT announced that it was fully integrating its Next Generation Products (NGP) business into the Group’s core operations. The expanded CMO role combines Marketing and R&D (including innovation and product development) across all categories – combustible cigarettes and NGP. Andrew joined the Management Board as Regional Director for Africa and the Middle East in January 2008 before being appointed Regional Director for Eastern Europe, Middle East and Africa (EEMEA) in January 2011 and then Marketing Director in September 2014. Joining Souza Cruz in Brazil as an intern in 1986, he went on to hold a number of senior management positions in South America and the Caribbean (including President of Souza Cruz) and also in Malaysia.
Tadeu Marroco Regional Director, Europe And North Africa Tadeu was appointed Regional Director, Europe and North Africa in January 2018. He joined the Management Board as Director, Business Development, in September 2014 and was appointed Regional Director, Western Europe in December 2016, a position he held until 1 January 2018 when a new regional structure came into effect and Tadeu took up his current role. He joined British American Tobacco in Brazil over 20 years ago and his other previous roles include Regional Finance Controller, EEMEA, and Group Finance Controller.
Dr. David O’reilly Group Scientific And R&D Director David was appointed Group Scientific Director in January 2012. He has been with British American Tobacco for over 20 years and has held various positions in Group Research and Development. He has led the Group’s R&D efforts to develop reduced toxicant products and has also been Head of International Public Health and Scientific Affairs, responsible for engagement with the scientific, medical and public health communities.
Ricardo Oberlander President And Ceo, Reynolds American Inc. Ricardo became President and CEO of Reynolds American Inc. (RAI) in January 2018. He was appointed to the Management Board as Regional Director for the Americas in January 2013. Ricardo joined Souza Cruz in May 1989 and has held various roles including Marketing Director of British American Tobacco’s Malaysian business, Regional Marketing Manager for the Americas, General Manager in France and Global Consumer Director. Ricardo was a member of the Board of RAI from December 2014 until the acquisition of RAI in July 2017. He is a member of the Chief Marketing Officer (CMO) Council North America Advisory Board.
Naresh Sethi Director, Business Development Naresh was appointed Director, Business Development in December 2016 with responsibility for Group Strategy and Planning, IT, Global Business Services and Enterprise Operating Model Transformation. He has been with British American Tobacco for more than 20 years and held Marketing roles in India, Indonesia, West Africa and Australasia before moving to Japan where he was Marketing Director and then General Manager. Naresh was also Group Head of Strategy and Planning before joining the Management Board in January 2012 as Director, Group Business Development and was appointed Regional Director, Western Europe in January 2013.
Johan Vandermeulen Regional Director, Asia-Pacific And Middle East Johan was appointed Regional Director, Asia-Pacific and Middle East in January 2018. He joined the Management Board as Regional Director for Eastern Europe, Middle East and Africa in September 2014, a position he held until 1 January 2018 when a new regional structure came into effect and Johan took up his current role. He has been with British American Tobacco for more than 25 years and his previous roles include General Manager in Russia, General Manager in Turkey and Global Brand Director for the Kent brand.
Kingsley Wheaton Regional Director, Americas And Sub-Saharan Africa Kingsley was appointed Regional Director, Americas and Sub-Saharan Africa in January 2018. He joined the Group in 1996 and has held a number of roles in Marketing. He was Marketing Director in Nigeria and Russia, before becoming General Manager in Russia. He was Global Brand Director responsible for the Kent and Vogue brands, before joining the Management Board in January 2012 as Deputy Corporate and Regulatory Affairs Director. In June 2012 he was appointed Director, Corporate and Regulatory Affairs. In January 2015, Kingsley became Managing Director, Next Generation Products (NGP), heading up this growing part of British American Tobacc’s business which is now integrated into the core operations so that we can leverage the scale and expertise of the whole Group to drive future growth in NGP.

Board Members

Name Position Bio [5]
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.[6]

(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. [7] The company expects that by 2030, a very significant percentage of Group revenue will be generated by our suite of potentially reduced-risk products.[8]

Profitability

Annual Trends

Fiscal year

in billions GBP

2017 [9] 2016 [10] 2015 [11] 2014 [12] 2013 [13]
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 [14]

in millions GBP 2017 [9] 2016 [9] 2015 [15] 2014 [16] 2013 [17]
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 [18]

in millions GBP 2017 [9] 2016 [9] 2015 [19] 2014 [20] 2013 [21]
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 [22]

in millions GBP 2017 [9] 2016 [9] 2015 [23] 2014 [24] 2013 [25]
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 [26]

in millions GBP 2017 [9] 2016 [9] 2015 [27] 2014 [28] 2013 [29]
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 [30] 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. [31]

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. [32]

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. [33]

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. [34]

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. [35]

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

[36]

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. [37] 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. [38]

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. [39] 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. [40]

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

[41]

Products

Key Portfolio

British American Tobacco offers three core product ranges:

  • Fine Cut (roll-your-own and make-your-own tobacco)
  • Swedish-style snus
  • Cigars

Innovative Product Portfolio

The Next Generation Products include:

  • Vapour Products (e-cigarettes), a battery-powered electronic devices which heat a solution to create a vapour which can be inhaled;
  • Tobacco Heating Products, devices designed to work with specifically engineered cartridges, containing tobacco, to deliver a real tobacco taste and aroma;
  • Licensed Medicinal Products, licensed nicotine products to help smokers reduce, replace or stop. [42]

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. [43]

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" [44]

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.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWURBD
  4. http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO764EM6
  5. http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DO52ADFJ Accessed: 6th June, 2018
  6. https://www.investopedia.com/terms/u/unconsolidated-subsidiary.asp
  7. http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
  8. http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAWWGJT/$file/Annual_Report_and_Form_20-F_2017.pdf, p.5
  9. 9.0 9.1 9.2 9.3 9.4 9.5 9.6 9.7 9.8 British American Tobacco Annual Report and Form 20-F 2017, pp.45
  10. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
  11. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDAKAJCS.pdf?openelement p.20
  12. http://www.bat.com/ar/2014/performance.html
  13. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  14. BAT AR 2015
  15. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  16. http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  17. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  18. BAT AR 2015
  19. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  20. http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  21. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  22. BAT ER 2015
  23. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  24. http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  25. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  26. BAT AR 2015, p.3
  27. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf
  28. http://www.bat.com/ar/2014/assets/downloads/BAT_Annual_Report_2014_Business-Performance.pdf
  29. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMD9HEGPT.pdf, p.2
  30. https://www.crunchbase.com/organization/british-american-tobacco#section-acquisitions, Accessed 5th August, 2018
  31. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.114
  32. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
  33. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.15
  34. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf p.5
  35. https://www.theguardian.com/world/2018/aug/13/council-pension-funds-major-investors-tobacco-companies
  36. British American Tobacco Annual Report and Form 20-F 2017, p.13
  37. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DOAHNL68
  38. https://www.ft.com/content/23b177f8-f8f7-11e6-bd4e-68d53499ed71
  39. http://www.bat.com/group/sites/UK__9D9KCY.nsf/vwPagesWebLive/DOAZJL24
  40. http://business-review.eu/investments/bats-factory-in-ploiesti-will-be-the-third-in-the-world-and-the-first-in-europe-to-produce-neosticks-for-glo-172799
  41. British American Tobacco Annual Report and Form 20-F 2017, p.37
  42. LINK
  43. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.3
  44. http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DCL3B/$FILE/medMDA87PVT.pdf, p.15