BAT Results Presentation Deck
CASH AND DELEVERAGE: Strong Liquidity Position
>90% operating cash conversion
Strong Operating Cash
Flow Conversion
!!!
100%*
103%
97%
FY18
FY19
FY20
Cash generation led by
Combustibles
* normalised for MSA impact in 2018
Strengthened Liquidity
in 2020
£ in billions
1.9
USD: Apr
7,10 & 30
yr bonds
3.4
€
£8.9bn
£3.4bn
£5.8bn
EUR: Apr
4.5 & 8
yr bonds
3.9
GBP: Jun
8
yr bonds
8.9
A
USD: Sep
5.5, 7.5, 10.5,
20 & 30
yr bonds
2.8
Manageable Maturity
Due¹21
Profile
BAT
A BETTER TOMORROW
£ in billions
3.9
Bond issuance
Bi-laterals
Renewed RCF: 1 & 5 year term;
No financial covenants
Successful refinancing with enhanced liquidity and extended maturities
9.9yr
93:7
63:19:13:5
2.5
Due¹22 Due¹23
Average Maturity
Fixed:Floating
$:£:€:Other
30View entire presentation