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For Shareholders and Investors
Scroll to our 2022 overview
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Our 2022 full year performance demonstrates that we are delivering and transforming at speed, driven by the strength of our multi-category portfolio of global brands.

Tadeu Marroco
Finance and Transformation Director
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Long history

of delivering returns and cash flow to our shareholders with £6.9 billion paid in 2022

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0.0%
of

Group Revenues

in Non-Combustible, reduced-risk products*†

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0+

brands in our portfolio specifically positioned in each target consumer segment

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0%

dividend growth, to 230.9p per share

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£0m
savings

in 2022 (annualised), with £1.9 billion realised over 3 years, in excess of original £1.0 billion target

New capabilities

combined with our existing skills and experience are helping to radically redefine our organisation

A Better Tomorrow
For Shareholders and Investors

We are committed to delivering sustainable and superior returns to our shareholders and investors. It is essential that we maintain the support of our shareholders and investors to enable access to capital. This allows us to implement our strategy and achieve our business objectives.

Measured by:

01
3-5% revenue growth over the medium-term
02
high-single digit adjusted EPS growth at constant rates of exchange over the medium-term
03
65% dividend payout ratio over the long-term
03
deleveraging the balance sheet to within our 2-3x adjusted net debt/adjusted EBITDA range

Our year in numbers 2022

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Download PDF

Our performance metrics

Number of Non-Combustible Product Consumers

0.0m
XXX%

Cigarette and THP volume share growth (bps)

-0bps
XXX%

Cigarette and THP value share growth (bps)

flat
2021 +20 bps
2020 +20 bps

Vapour (mn 10ml units/pods)

0
14%

THP (bn sticks)

0
2021: 19
2020: 11

Cigarettes (bn sticks)

0
2021: 637
2020: 638

Profit from Operations (£m)

0,0
2.8%

Revenue (£m)

0,0
2021: 25,684
2020: 25,776

Revenue from New Categories (£m)

0,0
2021: 2,054
2020: 1,443

Scope 1 & 2 (market based) CO2e emissions (thousand tonnes)

0
2.8%

Target: Net Zero by 2050

% female representation in management roles

0
2021: 39
2020: 38

% waste sent to landfill from direct operations

0.0
2021: 8.70
2020: 8.90

Investment case

Transformation driving sustainable growth

Delivering growth by reducing harm and expanding our portfolio
Our corporate purpose is to build A Better Tomorrow. Reducing the health impact of our business, by encouraging those smokers who would otherwise continue to smoke to switch completely to scientifically-substantiated, reduced-risk alternatives*†, is the greatest contribution we can make to society. This means growing our New Categories business as quickly as possible and developing opportunities Beyond Nicotine to consolidate our position as a high growth, multi-category consumer products company.

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Reducing our Health and
Environmental Impact

Creating sustainable value for all our stakeholders
Our work to reduce the health and environmental impact of the business will drive growth and create shared value, delivering results that benefit shareholders and wider society.

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Creating the Enterprise
of the Future

Leveraging proven expertise and developing
new capabilities to deliver our ambitions

Our New Category portfolio benefits from decades of insights and expertise that have driven our No. 1 global revenue position in combustibles (excl. China). This, combined with increased investment behind new capabilities, gives us confidence that we can deliver our medium- to long-term ambitions.

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Continuing our Track Record of Delivery

Commitment to delivering returns and cash to shareholders
We are confident in our growth outlook, and have a proven track record of performance whatever the external environment.

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* Based on the weight of evidence and assuming a complete switch from cigarette smoking. These products are not risk free and are addictive.

† Our Vapour product Vuse (including Alto, Solo, Ciro and Vibe), and certain products, including Velo, Grizzly, Kodiak, and Camel Snus, which are sold in the U.S., are subject to FDA regulation and no reduced-risk claims will be made as to these products without agency clearance.