Imperial Brands Investor Day Presentation Deck
Deleverage priority to strengthen investment grade
credit rating
●
●
Debt repayment to strengthen balance sheet
Accelerate pace of deleverage following limited
progress in recent years.
Increase headroom within financial credit metrics
Create future flexibility by deleveraging to lower
end of target 2-2.5x range
Support a strong and efficient balance sheet
89 Capital Markets Day | 27 January 2021
3.3x
FY16
Historical net debt/EBITDA progress
3.0x
IMPERIAL
BRANDS
2.9x
2.9x
liii
FY17
FY18
2.9x
2.7x
FY19 FY20 excl. FY20 pro
timing
forma
benefits*
PCD**
Target leverage: Lower end of 2-2.5 times
*FY20 reported net debt/EBITDA 2.7x; excl. working capital temporary timing benefit it is 2.9x
**Pro forma reduces year end net debt by €1.1 bn for post balance sheet sale of PCDView entire presentation