British American Tobacco Debt Investor Update Presentation, March Ben Stevens Finance Director
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1 British American Tobacco Debt Investor Update Presentation, March 2015 Ben Stevens Finance Director 1
2 Disclaimer By reading, accessing or making any other use of this presentation, you agree to be bound by the following terms. This presentation is strictly confidential. This presentation may not be reproduced, retransmitted or further distributed to the press or any other person or published, in whole or in part, for any purpose. Failure to comply with the restriction may constitute a violation of applicable securities laws. The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. The information set out herein may be subject to revision and may change materially before any issue of securities. British American Tobacco is under no obligation to keep current the information contained in this presentation. Prospective investors are solely responsible for making their own independent appraisal of, and investigations into, the products, investments and transactions referred to in this presentation and should not rely on any information in this presentation as constituting investment advice. Neither British American Tobacco nor any of its affiliates are responsible for providing prospective investors with legal, tax or other specialist advice and prospective investors should make their own arrangements in this respect accordingly. This presentation does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of British American Tobacco in any jurisdiction or an inducement to enter into investment activity and prospective investors should not rely upon this presentation in making any investment decision. Nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever, and none of British American Tobacco or any of its affiliates, advisers, representatives, respective members, employees, directors or officers shall have any liability whatsoever for any loss whatsoever arising from any use of this presentation or its contents, or otherwise arising in connection with this presentation (whether direct, indirect, consequential or other). Unauthorised distribution of the information contained in this presentation may constitute an offence (and, in particular, such unauthorised distribution in the UK may constitute an offence under the Financial Services and Markets Act 2000 ( FSMA )). The content of this presentation has not been approved by the UK Financial Conduct Authority ( FCA ) or any person authorised under the FSMA. Accordingly, this presentation is directed only at: (i) in case the of recipients in the EEA, qualified investors within the meaning of the Prospectus Directive (Directive 2003/71/EC, as amended); (ii) in the case of recipients in the UK, persons whom British American Tobacco reasonably believes to be: (a) persons who have professional experience in matters relating to investments falling within the definition of investment professionals in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ); or (b) persons falling within Article 49(2)(a) to (d) of the Order or to those persons to whom it can otherwise lawfully be distributed; and (iii) qualified institutional buyers as defined in Rule 144A under the United States Securities Act of 133, as amended (the Securities Act ) (all such persons in (i), (ii) and (iii) together being referred to as relevant persons ). This presentation also is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is or would be contrary to law or regulation. In particular, this presentation and the information contained herein do not constitute an offer of securities for sale in the United States and are not for publication or distribution to persons in the United States (within the meaning of Regulation S under the Securities Act). Neither this presentation nor any copy of it may be taken or transmitted into the United States, its territories or possessions, or distributed, directly or indirectly, in the United States, its territories or possessions. Any failure to comply with this restriction may constitute a violation of U.S. security laws. The distribution of this presentation in other jurisdictions may be restricted by law and persons into whose possession this presentation comes should inform themselves about, and observe, any such restrictions. Reproduction of this presentation, or any information contained in this presentation, in whole or in part, or disclosure of any of its contents is prohibited. This presentation remains the property of British American Tobacco and on request must be returned and any copies destroyed. This presentation is for information and convenient reference and is not intended as an offer for sale or subscription of, or solicitation of any offer to buy or subscribe for, any securities of British American Tobacco in any jurisdiction nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever. By receiving this presentation you will be taken to have represented, warranted and undertaken that: (i) you are a relevant person (as defined above); (ii) you have read and agree to comply with the contents of this notice; and (iii) you will not at any time have any discussion, correspondence or contact concerning the information contained in this presentation with any of the directors, employees, members, officers, agents or advisors of British American Tobacco nor with any of their suppliers, customers, subcontractors or any governmental or regulatory body without the prior written consent of British American Tobacco. By receiving this presentation or attending the presentation you agree to be bound by the foregoing terms, and to keep this presentation and the information contained herein confidential. This presentation includes forward-looking statements. These forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions identify forward-looking statements. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for products; economic outlook and industry trends; developments of markets; the impact of regulatory initiatives; and the strength of competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management's examination of historical operating trends, data contained in British American Tobacco s records and other data available from third parties. Although British American Tobacco believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, and British American Tobacco may not achieve or accomplish these expectations, beliefs or projections. Neither British American Tobacco, nor any of its members, directors, officers, agents, employees or advisers intend or have any duty or obligation to supplement, amend, update or revise any of the forward-looking statements contained in this presentation. NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA 2
3 Winning strategy with proven track record Consistently executed strategy Challenging trading conditions in recent years High single figure constant earnings growth delivered Sustainable business model Well positioned for continued success 3
4 Preliminary results summary Financials Volume Current Revenue 14.0bn Profit 5.4bn Margin 38.7% EPS 208.1p Cigarettes -8.4% 2.8% -1.4% 667bn -7.2% 0.5pp -3.9% Constant 4.4% 0.5pp 7.9% Total Tobacco 694bn GDBs 278bn Total IBs 397bn -1.3% 5.8% 3.0% A strong performance in a tough environment 4
5 Proposed offer for Souza Cruz BAT has filed a request to register a public tender offer to acquire up to all of the 24.7% of Souza Cruz shares which are not currently owned by BAT and to delist the company, representing a cost of 2.3bn for BAT in the event of a 100% take-up. Proposed offer for Souza Cruz in Brazil The offer is still subject to prior approval by the Brazilian securities regulator. Upon approval, a formal offer can be made by BAT which will remain subject to the satisfaction of certain conditions precedent, including acceptance of the offer by two-thirds of the holders of free float shares that qualify for the auction. Bridge financing is in place. 5
6 Maintain investment in Reynolds Intended $4.7bn investment in our associate Reynolds American to maintain our 42% holding in the new enlarged company US remains an important market and is the largest profit pool outside China Deal would make Reynolds a clear No.2 All shareholder approvals have now been obtained and Reynolds is currently waiting for FTC approval. The deal remains on track to complete in the first half of the year. Bridge financing is in place. 6
7 Rating and financial policy Target Net debt/adj. EBITDA of 1.5x-2.5x Financing principles: Strong centre liquidity Average debt maturity of at least 5 years (currently 6.7 years) 20% of total debt maturing on a rolling 12-month basis Distribute 65% of long term sustainable earnings 795mn of shares bought back to end July, now suspended due to Reynolds and potential Souza Cruz transaction to 2017 S&P Moody s Fitch LT Rating A- A3 A- ST Rating A-2 P-2 F-2 Outlook Stable Stable Stable 7
8 Regulation and litigation Regulation: WHO s Framework Convention on Tobacco Control (FCTC) in force, ratified by over 170 governments Further tobacco control and tobacco-related regulation has happened, driven by the FCTC and domestic regulation, such as: Product product design, ingredients & reporting requirements Packaging larger warnings, plain packaging & restrictions on pack design Promotion consumer communication restrictions Purchase product display restrictions Place indoor and outdoor public place smoking bans Price excise increases May impact overall legal sales volume and the cost of doing business May impact our ability to compete with both legitimate and illicit competitors Litigation: Litigation threat originated in USA Minority shareholding in Reynolds American Indemnification provided in respect of B&W cases Today most active jurisdiction is Canada Types of cases: healthcare recoupment cases, class actions, individual cases and other Other 8
9 Debt maturity profile 1,400m 1,200m Weighted average years to maturity 6.72 Total issues 25 EUR GBP USD CHF 1,000m 800m 600m 400m 200m 0m Access to undrawn 3bn Group RCF matures May 2019 with two one-year extension options 9
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