BAT Investor Conference Presentation Deck
In summary we have delivered our Pivotal
Year in 2021
Accelerating New
Category revenue growth
51% Revenue growth*
• +4.8m Consumers of
our non-combustible
products to 18.3m
Strong share growth
**
Improving New Category
profitability
●
c.£100m reduction in
New Category losses
Driven by increased
scale
***
Clear pathway to 2025
profitability
●
●
BAT
A BETTER TOMORROW
De-levered to c. 3x adj.
net debt/ adj. EBITDA^
£2bn 2022 share
buyback
104% Operating cash
conversion
De-levered to c.3x^
* At constant rates. See Appendix A2. ** Volume share in THP, Modern Oral and Value share in Vapour. ***Reduction at category contribution level: Profit from the sales of brands after deduction of directly attributable costs (including
marketing) and before allocation of overheads. ^ Adjusted Net Debt to Adjusted EBITDA. See Appendix A1.
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