25 October 2017
The information contained in these materials, in relation to British American Tobacco p.l.c. (“BAT”) and its subsidiaries has been prepared solely for use in these materials. These materials are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
References in these materials to ‘British American Tobacco’, ‘BAT’, ‘Group’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting tobacco business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be.
The information contained in these materials does not purport to be comprehensive and has not been independently verified. Certain industry and market data contained in these materials has come from third party sources. Third party publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of accuracy or completeness of such data.
These materials do not constitute an invitation to underwrite, subscribe for, or otherwise acquire or dispose of any BAT shares or other securities. These materials contain certain forward-looking statements, made within the meaning of Section 21E of the United States Securities Exchange Act of 1934, regarding our intentions, beliefs or current expectations concerning, amongst other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates.
These statements are often, but not always, made through the use of words or phrases such as “believe,” “anticipate,” “could,” “may,” “would,” “should,” “intend,” “plan,” “potential,” “predict,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy,” “outlook”, “target” and similar expressions.
It is believed that the expectations reflected in these materials are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated.
The forward-looking statements reflect knowledge and information available at the date of preparation of these materials and BAT undertakes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking statements are uncertainties related to the following: the impact of competition from illicit trade; the impact of adverse domestic or international legislation and regulation; changes in domestic or international tax laws and rates and the impact of an unfavourable ruling by a tax authority in a disputed area; adverse litigation and dispute outcomes and the effect of such outcomes on the Group’s financial condition; changes or differences in domestic or international economic or political conditions; adverse decisions by domestic or international regulatory bodies; the impact of market size reduction and consumer down-trading; translational and transactional foreign exchange rate exposure; the impact of serious injury, illness or death in the workplace; the ability to maintain credit ratings and to fund the business under the current capital structure; the inability to develop, commercialise and deliver the New Categories strategy; and changes in the market position, businesses, financial condition, results of operations or prospects of the Group.
Additional information concerning these and other factors can be found in BAT’s filings with the U.S. Securities and Exchange Commission (“SEC”), including the Annual Report on Form 20-F to be filed on or around 26 March 2020 and Current Reports on Form 6-K, which may be obtained free of charge at the SEC’s website, http://www.sec.gov, and BAT’s Annual Reports, which may be obtained free of charge from the British American Tobacco website www.bat.com.
Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Readers are cautioned not to place undue reliance on such forward-looking statements.
No statement in these materials is intended to be a profit forecast and no statement in these materials should be interpreted to mean that earnings per share of BAT for the current or future financial years would necessarily match or exceed the historical published earnings per share of BAT.
These materials are provided for the purpose of giving information about BAT and its subsidiaries to investors only and is not intended for general consumers. BAT, its directors, officers, employees, agents or advisers do not accept or assume responsibility to any other person to whom this material is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. These materials are not provided for product advertising, promotional or marketing purposes. These materials do not constitute and should not be construed as constituting an offer to sell, or a solicitation of an offer to buy, any of our products. Our products are sold only in compliance with the laws of the particular jurisdictions in which they are sold.
All financial statements and financial information provided by or with respect to the US or Reynolds American Inc. (“RAI”) are initially prepared on the basis of U.S. GAAP and constitute the primary financial statements or financial records of the US business/RAI. This financial information is then converted to International Financial Reporting Standards as issued by the IASB and as adopted by the European Union (IFRS) for the purpose of consolidation within the results of the BAT Group. To the extent any such financial information provided in these materials relates to the US or RAI it is provided as an explanation of, or supplement to, RAI’s primary U.S. GAAP based financial statements and information.
Our vapour product Vuse (including Alto and Vibe), and certain oral products including Grizzly, Granit, Camel Snus, Kodiak and Velo, which are sold in the US, are subject to Food and Drug Administration (FDA) regulation and no reduced-risk claims will be made as to these products without agency clearance.
For presentation purposes within these materials, all prior periods have been revised to be consistent with the current reporting structure. All of the information in these materials is in respect to continuing operations, revised for the fully retrospective adoption of IFRS 15.
The following materials are intended to inform and be accessed by [BAT] institutional investors and shareholders only. They are not intended to provide consumer information.
I confirm I am an institutional investor or shareholder
By clicking on the Accept button below I also accept the Terms of Access.