1st Quarter Results
British American Tobacco PLC
30 April 2002
QUARTERLY REPORT TO 31 MARCH 2002 30 April 2002
SUMMARY
2002 2001 Change
Operating profit pre goodwill amortisation £628m £602m + 4%
Pre-tax profit £472m £467m + 1%
Adjusted earnings per share 14.08p 12.76p +10%
• Operating profit, excluding goodwill amortisation, was
4 per cent higher mainly as a result of increased
contributions from the America-Pacific region. At
comparable rates of exchange, operating profit would
have risen 7 per cent.
• Pre-tax profit at £472 million was only 1 per cent up,
as last year included a £33 million profit on the sale
of a business.
• Adjusted diluted earnings per share rose by 10 per cent
to 14.08p, benefiting from lower net interest and
minority charges.
• The four global drive brands achieved overall growth of
3 per cent. Total Group volumes down 6 per cent, but
some recovery expected during the rest of 2002.
• The Chairman, Martin Broughton, commented "In terms of
our prospects for the full year, we announced in
December that we expected Group volumes to be some 2-3
per cent lower in 2002 but that we remained confident
of delivering earnings growth in high single figures.
Although volumes are running a little below
expectations, at current rates of exchange we see no
reason to change our earnings projection."
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BRITISH AMERICAN TOBACCO p.l.c.
QUARTERLY REPORT TO 31 MARCH 2002
INDEX
PAGE
Chairman's comments 2
Business review 4
Group results 9
Segmental analyses of turnover and profit 10
Statement of total recognised gains and losses 11
Interest of British American Tobacco's shareholders 11
Accounting policies and basis of preparation 12
Changes in the Group 12
Foreign currencies 12
Exceptional items 13
Goodwill amortisation 13
Sale of business 13
Net interest 13
Taxation 13
Earnings per share 14
Restated segmental analyses for 2001 15
CHAIRMAN'S COMMENTS 2.
British American Tobacco's first quarter performance has been
broadly in line with the comments that we made last December.
Operating profit excluding goodwill was 4 per cent ahead at
£628 million while adjusted diluted earnings per share increased
by 10 per cent to 14.08p. The growth in operating profit would
have been 7 per cent at constant rates of exchange.
The first quarter volume decline, at 6 per cent, was greater
than the 2-3 per cent already indicated for the full year and
the Group expects to see some recovery in volumes during the
rest of 2002. The reduction in volumes as a result of
restricting the supply of duty-free exports has been very much
as expected and has mostly affected International Brands in the
Asia-Pacific and Africa and Middle East regions. The additional
decline is accounted for by low margin business in Russia and
our associate companies in India.
We remain focused on shifting the mix of our business towards
the growing and more profitable sectors. It is encouraging that
our global drive brands, Lucky Strike, Kent, Dunhill and Pall
Mall, managed to achieve an overall growth rate of 3 per cent,
although our International Brand volumes as a whole were down.
As a result, the proportion of total volumes accounted for by
International Brands continued to increase.
Shareholders may have noticed the reference to Africa and Middle
East as a region earlier in these comments. We have decided
that the Amesca (Africa, Middle East, South and Central Asia)
region was an excessively diverse collection of markets and have
therefore changed our organisation. Africa and Middle East has
become a separate region, South Asia has been added to
Asia-Pacific and Central Asia has been included as part of
Europe. While the last point may look geographically eccentric,
it actually recognises the continuing importance of the
Commonwealth of Independent States, whose centre of gravity is
undoubtedly in Europe.
At the Annual General Meeting on 16 April, I made some comments
on regulation which I am going to repeat here because achieving
or maintaining a realistic relationship with government and
regulators is so important to our business.
Our message is that constructive dialogue and co-operation
between governments and the legitimate tobacco industry can
bring a 'win-win' scenario: one of gradually declining total
consumption for health ministries, higher tax collection for
finance ministries, potentially reduced exposure products for
consumers and less tobacco smuggling and counterfeiting, with
improved law and order for us all.
We are not out to increase the number of smokers but to compete
fairly for a valuable share of the existing market. We can
certainly foresee health authorities achieving gradually
decreasing world volumes, while well-run tobacco companies
continue to build sustainable value.
Chairman's comments cont... 3.
We aspire to be the first to launch successfully a new
generation of tobacco products with critical mass appeal that,
over time, will be recognised by scientific and regulatory
authorities as posing substantially reduced risks to health.
There would be very little point in developing a product that
does not appeal to consumers just to be able to claim a
technological success. But, equally, there may be little merit
in developing a product that might appeal to consumers without a
consensus about what changes to the product regulators might
accept as reducing risks. Co-operation with governments and
regulators can pave the way.
A fundamental tenet of good regulation is that the regulated are
part of the process. The World Health Organisation continues to
exclude our industry from meaningful dialogue on its proposed
Framework Convention on Tobacco Control. But much of the
negotiation is now focusing on what individual governments want.
We hope that governments will acknowledge that consultation is
part of good regulatory practice and that, over time, we will be
able to put our commitment and knowledge of the product and its
consumers towards shared regulatory goals wherever we operate.
At the AGM, I also updated shareholders on the progress the
Group is making as a result of our commitment to social
reporting. Our first Report to Society will be sent to
shareholders in June and we very much look forward to hearing
what you think about it.
The aim of social reporting is to help companies to listen and
respond to their stakeholders' reasonable expectations of
corporate social responsibility and to demonstrate progress over
time against objective standards. Managing the many issues and
discussing them with stakeholders is not new to us. What is new
for us is to adopt such a systematic, independently-run and
externally verified process for stakeholder dialogue and
reporting.
I cannot predict whether reporting to society will reduce
conflict, or encourage the industry's strongest critics to
engage with us in seeking real solutions. But I know that we
are sincere and genuine in seeking to build acceptance and
trust, as well as ensuring best practice in every way that we do
business.
In terms of our prospects for the full year, we announced in
December that we expected Group volumes to be some 2-3 per cent
lower in 2002 but that we remained confident of delivering
earnings growth in high single figures. Although volumes are
running a little below expectations, at current rates of
exchange we see no reason to change our earnings projection.
MARTIN BROUGHTON
BUSINESS REVIEW 4.
Operating profit at £628 million was 4 per cent higher,
excluding goodwill amortisation, mainly as a result of increased
contributions from the America-Pacific region. The Group profit
was particularly affected by the weakness of the South African
rand and, at comparable rates of exchange, the growth in profit
would have been 7 per cent.
On 5 December 2001, the Group announced that deteriorating
economic conditions and the application of even more stringent
criteria for supplying trade customers, especially in the area
of duty-free sales, would have a negative impact on volumes in
2002. For the first quarter of 2002 Group volumes at 183
billion were down 6 per cent, with the higher than expected
decline reflecting reduced sales of lower price brands in some
markets. However, some recovery from this shortfall is expected
during the remainder of the year.
The Group's four global drive brands Lucky Strike, Kent, Dunhill
and Pall Mall, achieved an overall growth of 3 per cent although
international brand volumes as a whole were down. The combined
result of this was that the ratio of international brands to
Group volumes continued to increase and overall margins rose, in
line with the Group strategy.
Profit from the America-Pacific region was up £32 million to
£233 million, reflecting higher contributions in the US, Canada
and South Korea. There were market share gains in South Korea
and Japan, where the total market declined. These, together
with stable volumes in the very competitive US market, led to
regional volumes 2 per cent higher at 25 billion.
Imperial Tobacco Canada contributed £98 million of profit, up
19 per cent in local currency. This significant growth over the
comparative quarter reflected higher margins and timing of
expenditure, partly offset by lower volumes following tax
increases during 2001. The Group's impressive market share was
slightly down, as increases in sales of lower priced brands made
by small manufacturers affected volumes.
In the US, Brown & Williamson's cigarette business contributed
£89 million, which represents an increase of 20 per cent in
local currency. This is the result of higher net benefits from
price increases and the timing of expenditure. Total shipments
were in line with last year but due to significant wholesale
loading of competitive inventory prior to the 1 April 2002 price
increase, shipment share was depressed, declining from 10.6 to
10.2 per cent year on year. Kool, Pall Mall and Misty increased
volumes, offset by decreases in GPC and Carlton.
Business review cont... 5.
In Japan, where market share rose in a reduced total market,
Kent and Kool increased sales. However, profit was lower as
higher gross margins and slightly higher volumes were more than
offset by increased marketing investments and unfavourable
exchange rates.
Dunhill Lights continued to drive the substantial increase in
profit and volumes in South Korea, resulting in an increased
total market share at 9 per cent and a 43 per cent share of the
imported cigarette market.
In Asia-Pacific, regional volumes at 49 billion were down 6 per
cent compared to last year. The higher volumes achieved in
growth markets were more than offset by lower duty-free sales,
as well as pricing-led decreases in Pakistan and our associated
companies in India. However, profit grew £3 million to
£115 million, bolstered by higher margins in Australia, Malaysia
and Pakistan, as well as robust growth in volumes in Vietnam,
Cambodia and Bangladesh.
Australia delivered strong profit growth due to higher margins
and savings in the supply chain. The growth in volumes and
share of Winfield and Dunhill, together with an increased market
share for Benson & Hedges, led to stable volumes despite the
decline in the total industry volumes. In New Zealand, profits
declined slightly with volumes the same as last year.
Profit in Malaysia increased as Dunhill continued to produce
steady growth in volume and share. Better margins were achieved
following excise-driven price increases late last year.
Both Vietnam and Cambodia recorded excellent results with
profits and volumes significantly ahead. This was attributable
to the continued strong performance by State Express 555 and
Craven 'A', coupled with a price increase in Vietnam and strong
growth in the value-for-money brands in Cambodia. Excise-led
price increases resulted in higher profits in Indonesia, despite
lower volumes as government mandated price increases hampered
efforts to compete effectively in the value-for-money segment.
The better product mix and favourable pricing saw Pakistan
improve profits significantly, although volumes were lower. In
Bangladesh, increased market share and the continued success of
higher margin brands, including Benson & Hedges and John Player
Gold Leaf, enabled higher volumes to deliver significant profit
growth in the absence of price increases.
Business review cont... 6.
In Singapore, where volumes were maintained, profitability was
affected by the emerging value-for-money segment. In Taiwan,
Dunhill continued its track record of growth and achieved a
record market share.
Profit from the Group's associated companies in India grew
strongly following a significant excise-driven price increase,
which resulted in a decline in cigarette volumes.
In Latin America, profits at £105 million increased by
£5 million, primarily as a result of higher contributions from
Brazil, Venezuela and Mexico. This represented a good
performance in a region affected by deteriorating exchange
rates.
Volumes in the region were affected by the difficult economic
conditions, downtrading and higher prices and declined by 6 per
cent to 38 billion, with all markets, except Venezuela and the
Caribbean, down.
In Brazil, higher prices led to a strong growth of profits in
local currency but this was largely offset by the devaluation of
the local currency against the US dollar. The small market
share decline was mainly the result of the decrease in premium
and mid price brands, not fully recovered by the growth of low
price brands, mainly Derby.
Higher prices and cost reductions led to increased profits in
Mexico despite lower volumes and the higher excise rates. In
Chile, market share was in line with last year but profits were
lower as total market volumes declined. Market share was gained
in Venezuela, as Consul grew share, and profits also rose.
Argentina was affected by the economic crisis, which led to
lower volumes and a halving of profit reported in sterling.
Profit in Central America also decreased with lower volumes and
higher marketing investment, partially offset by lower
production costs. In the Caribbean, both volumes and profits
were higher.
Total profit in Europe at £111 million was down £2 million on
last year, adversely affected by the impact of the dissolution
of the UK partnership. Regional volumes declined by 5 per cent
to 50 billion, mainly as a result of reductions in Russia and
the UK.
Business review cont... 7.
In Germany, volumes increased as the key brands of Lucky Strike,
Gauloises Blondes and Pall Mall all gained market share and
volume, although margins declined reflecting the adverse effect
of the October 2001 excise increase. Elsewhere in Western
Europe strong profit growth was achieved following price
increases in Switzerland and France, while higher margins
improved profitability in Italy and Belgium. In the
Netherlands, profit was maintained despite a slight decline in
volumes.
In Russia, there was strong profit growth. Premium and mid
price brands continued to do well, as market share in key cities
strengthened with Kent outperforming its competitors,
particularly in Moscow. However, reorganisation of the
secondary supply chain in Eastern Russia and fierce competition
in the low price sector, resulted in reduced volumes of ovals
and other lower price brands.
In Poland, advances made by Sobieski and Vogue increased overall
market share, but pricing and the slowdown in economic growth
continued to hinder profit recovery. Higher volumes of Prilucky
Osoblivy and Pall Mall led to increased profit in Ukraine. The
position in Uzbekistan improved with volumes up and
profitability restored after last year's loss.
Market share and profits grew in Greece, fuelled primarily by a
recovery of Peter Stuyvesant. In Hungary, volumes and market
share rose, but the results in both Hungary and Romania were
affected by very competitive market conditions.
In the smoking tobacco and cigars operations, profit was higher
mainly driven by strong performances for fine cut in most of the
core markets, especially Germany, Netherlands and France.
In the Africa and Middle East region, profit was £12 million
lower at £64 million, mainly due to the reduced sterling
contribution from South Africa with the severe devaluation of
the rand and lower volumes overall. Regional volumes decreased
by 16 per cent to 22 billion, largely as a result of lower duty-
free sales.
Profit in South Africa, in local currency, was in line with last
year as higher margins offset the lower volumes in a reduced
total market. Benson & Hedges, Peter Stuyvesant and Dunhill all
increased market share. Elsewhere in the Southern Africa area
volumes slightly increased, resulting in higher profit.
Business review cont... 8.
In Nigeria, through a combination of volume and price gains, the
company's financial position improved significantly compared to
last year when results were impacted by start up costs.
In the Middle East, although there were good performances in
Saudi Arabia and the rest of the Gulf markets, total profit was
in line with last year. Overall results were also affected by
expenses incurred in preparing for market entry in Turkey.
With effect from 1 January 2002, the Group has changed its
regional structure. Certain markets, previously included in the
Amesca region, have been allocated between Asia-Pacific and
Europe, causing the former region to be renamed Africa and
Middle East. All the comparative information in this report has
been restated to account for this reallocation of markets.
Further information on this change, including restated regional
information for 2001, is shown on page 15.
Non-trading items
The above results were achieved before accounting for the
goodwill amortisation described on page 13.
Group Cigarette Volumes
3 months to Year to
31.3.02 31.3.01 31.12.01
Restated Restated
bns bns bns
America-Pacific 24.5 24.0 105.9
Asia-Pacific 48.6 51.7 204.1
Latin America 38.0 40.5 162.9
Europe 50.3 53.2 230.2
Africa and Middle East 21.6 25.8 104.0
----- ----- -----
183.0 195.2 807.1
===== ===== =====
The regional analyses of Group volumes for 2001 have been
restated. See page 15.
GROUP RESULTS - unaudited 9.
3 months to Year to
31.3.02 31.3.01 31.12.01
£m £m £m
REVENUE
Subsidiary undertakings 5,635 5,839 24,466
Share of associates and joint
ventures 326 290 1,228
----- ----- ------
5,961 6,129 25,694
===== ===== ======
PROFIT
Subsidiary undertakings 505 480 2,176
after charging:
integration costs (82)
goodwill amortisation (95) (96) (392)
Share of associates and joint
ventures 28 26 121
----- ----- ------
Total operating profit 533 506 2,297
Sale of business 33 33
----- ----- ------
Profit on ordinary activities
before interest 533 539 2,330
Net interest (60) (70) (263)
Share of associates' and joint
ventures' net interest (1) (2) (2)
----- ----- ------
Profit before taxation 472 467 2,065
Taxation on ordinary activities (207) (193) (886)
----- ----- ------
Profit after taxation 265 274 1,179
Minority interests (36) (45) (169)
----- ----- ------
Profit for the period 229 229 1,010
===== ===== ======
Earnings per share
- basic 10.48p 10.48p 44.43p
===== ===== ======
- adjusted diluted 14.08p 12.76p 61.82p
===== ===== ======
See notes on pages 12 to 14.
SEGMENTAL ANALYSES OF TURNOVER AND PROFIT - unaudited 10.
3 months to Year to
31.3.02 31.3.01 31.12.01
Restated Restated
£m £m £m
Turnover excluding duty, excise
and other taxes
America-Pacific 948 958 4,128
Asia-Pacific 465 466 1,911
Latin America 373 389 1,619
Europe 714 738 3,189
Africa and Middle East 256 292 1,192
------ ------ ------
2,756 2,843 12,039
====== ====== ======
Operating profit
America-Pacific 233 201 1,019
Asia-Pacific 115 112 509
Latin America 105 100 428
Europe 111 113 505
Africa and Middle East 64 76 310
------ ------ ------
628 602 2,771
Integration costs (82)
Goodwill amortisation (95) (96) (392)
------ ------ ------
533 506 2,297
====== ====== ======
Operating profit restated at
comparable rates of exchange 544 506 2,297
====== ====== ======
The segmental analyses reflect the changes to the Group's
regional structure as explained on page 15, with the comparatives
restated accordingly.
The net turnover analysis is based on external sales in each
region. The figures for the three months ended 31 March 2002 and
31 March 2001 based on regional location of manufacture would not
be materially different except for sales from Europe to Africa
and Middle East and Asia-Pacific which amounted to £95 million
and £31 million respectively, 2001 £157 million and £81 million.
11.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES - unaudited
3 months to Year to
31.3.02 31.3.01 31.12.01
£m £m £m
Profit for the period 229 229 1,010
Differences on exchange 92 (52) (631)
------ ------ ------
Total recognised gains related to the period (below) 321 177 379
====== ====== ======
INTEREST OF BRITISH AMERICAN TOBACCO'S SHAREHOLDERS - unaudited
3 months to Year to
31.3.02 31.3.01 31.12.01
£m £m £m
Balance 1 January 4,754 5,097 5,097
Total recognised gains related to the period (above) 321 177 379
Issue of shares - share options 4 3 3
Dividends and other appropriations:
ordinary shares (686)
convertible redeemable preference
shares (39)
amortisation of discount on
preference shares (4) (4) (18)
Other movements 4 4 18
------ ------ ------
Balance at period end 5,079 5,277 4,754
====== ====== ======
See notes on pages 12 to 14.
ACCOUNTING POLICIES AND BASIS OF PREPARATION 12.
The financial statements comprise the unaudited results for the
three months ended 31 March 2002 and 31 March 2001 and the
audited results for the twelve months ended 31 December 2001.
The unaudited Group results have been prepared under the
historical cost convention and in accordance with applicable
accounting standards using the accounting policies set out in
the Report and Accounts for the year ended 31 December 2001.
CHANGES IN THE GROUP
On 30 January 2001, it was announced that the Group's Australian
subsidiary had entered into an agreement under which the Group
proposed to acquire the remaining 40.5 per cent shareholding of
that company that it did not already own. This transaction was
completed on 11 May 2001 at a cost of Aus$1.1 billion
(£393 million), resulting in goodwill of £311 million which will
be amortised over 20 years. Consequent upon the transaction,
the company was delisted from the Australian Stock Exchange.
FOREIGN CURRENCIES
The results of overseas subsidiaries, associates and joint
ventures have been translated to sterling as follows:
Profit and loss for the three months to 31 March 2002 at the
average rates for that period. The comparatives for the three
months to 31 March 2001 and the year to 31 December 2001 at the
average rates for the year to 31 December 2001. The interest of
British American Tobacco's shareholders has been translated at
the relevant period end rate.
For high inflation countries, the translation from local
currencies to sterling makes allowance for the impact of
inflation on the local currency results.
The principal exchange rates used were as follows:
Average Closing
2002 2001 31.3.02 31.3.01 31.12.01
US dollar 1.426 1.440 1.424 1.422 1.455
Canadian dollar 2.274 2.229 2.272 2.239 2.323
Euro 1.626 1.608 1.632 1.608 1.635
South African rand 16.438 12.330 16.184 11.388 17.458
EXCEPTIONAL ITEMS 13.
Integration costs disclosed in 2001 were the final such costs
incurred in integrating Rothmans into the British American
Tobacco Group and the consequential restructuring of the
enlarged Group.
GOODWILL AMORTISATION
The amortisation charge of £95 million is in respect of goodwill
which principally arose from the Rothmans transaction during
1999 and the Imasco transaction during 2000.
SALE OF BUSINESS
The sale of the Group's pipe tobacco business in South Africa to
Swedish Match was completed on 1 February 2001, resulting in a
non-taxable profit on disposal of £33 million.
NET INTEREST
The decrease in net interest reflects the benefit from the
Group's cash flow and lower interest rates partly offset by the
acquisition of the minority shares in Australia in May 2001.
TAXATION
3 months to
31.3.02 31.3.01
£m £m
UK 4
Overseas 196 178
---- ----
British American Tobacco p.l.c.
and subsidiary undertakings 196 182
Share of associates and joint
ventures 11 11
---- ----
207 193
==== ====
Tax rate 43.9% 41.3%
==== ====
The 2001 tax rate benefited from the inclusion of the tax free
capital gain realised in South Africa. (See above).
The tax rates for the three months of both 2002 and 2001 are
adversely affected by goodwill amortisation. The underlying tax
rate reflected in the adjusted earnings per share shown on
page 14 was 36.5 per cent (2001 36.4 per cent).
EARNINGS PER SHARE 14.
Basic earnings per share are based on the profit for the
period attributable to ordinary shareholders and the average
number of ordinary shares in issue during the period
(excluding shares held by the Group's two Employee Share
Ownership Trusts).
For the calculation of diluted earnings per share the average
number of shares reflects the potential dilutive effect of
employee share schemes and the convertible redeemable
preference shares. The earnings are correspondingly adjusted
to the amount of earnings prior to charging dividends and the
amortisation of discount on the convertible redeemable
preference shares.
The earnings have been distorted by exceptional items and
goodwill amortisation. To illustrate the impact of these
distortions, the adjusted diluted earnings per share are
shown below:
Diluted earnings per share
3 months to Year to
31.3.02 31.3.01 31.12.01
pence pence pence
Unadjusted earnings per share 9.95 9.97 43.97
Effect of goodwill amortisation 4.13 4.21 17.07
Effect of integration costs 2.22
Effect of sale of business (1.42) (1.44)
------ ------ ------
Adjusted earnings per share 14.08 12.76 61.82
====== ====== ======
Similar types of adjustments would apply to basic earnings per
share. For the three months to 31 March 2002 basic earnings per
share on an adjusted basis would be 14.90p (2001 13.46p)
compared to unadjusted amounts of 10.48p (2001 10.48p).
RESTATED SEGMENTAL ANALYSES FOR 2001 - unaudited 15.
3 months to 6 months to 9 months to Year to
31.3.01 30.6.01 30.9.01 31.12.01
Volume bns bns bns bns
America-Pacific 24.0 50.7 78.7 105.9
Asia-Pacific 51.7 104.3 153.4 204.1
Latin America 40.5 80.7 120.5 162.9
Europe 53.2 111.6 171.6 230.2
Africa and Middle East 25.8 51.2 77.8 104.0
------ ------ ------ ------
195.2 398.5 602.0 807.1
====== ====== ====== ======
Turnover excluding duty, excise
and other taxes £m £m £m £m
America-Pacific 958 2,006 3,076 4,128
Asia-Pacific 466 943 1,398 1,911
Latin America 389 812 1,190 1,619
Europe 738 1,541 2,399 3,189
Africa and Middle East 292 556 873 1,192
------ ------ ------ ------
2,843 5,858 8,936 12,039
====== ====== ====== ======
Operating profit £m £m £m £m
America-Pacific 201 469 738 1,019
Asia-Pacific 112 225 370 509
Latin America 100 224 335 428
Europe 113 247 388 505
Africa and Middle East 76 150 251 310
------ ------ ------ ------
602 1,315 2,082 2,771
====== ====== ====== ======
With effect from 1 January 2002 the composition of the regions has been
changed to ensure the most efficient grouping of markets, taking
account of political and economic patterns of influence as well as the
organisation of our supply chain. The markets of South Asia (Pakistan,
Bangladesh and Sri Lanka) together with our associated companies in
India will now form part of Asia-Pacific. Also the markets of Central
Asia will become part of the Europe region. These transferred markets
were formerly part of the Amesca region, which is now renamed Africa
and Middle East.
The above tables set out the revised regional analyses for all the
reported periods in 2001 which will now form the restated comparatives
for reporting in 2002.
******
Copies of this Report will be posted to shareholders and may
also be obtained during normal business hours from the Company's
Registered Office at Globe House, 4 Temple Place, London WC2R 2PG.
Aileen E McDonald
Secretary
30 April 2002
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