Final Results - Part 2

British American Tobacco PLC 28 February 2001 BRITISH AMERICAN TOBACCO PLC PART TWO GROUP PROFIT AND LOSS ACCOUNT 10. For the year ended 31 December 2000 1999 £m £m REVENUE Subsidiary undertakings 23,578 18,798 Share of associates 1,253 2,873 ------ ------ 24,831 21,671 ====== ====== PROFIT Subsidiary undertakings 1,739 1,099 ------------------------------------------ -------- ------- after charging: US restructuring costs* (119) acquired stock* (83) US tobacco settlements* (24) integration costs* (126) (357) goodwill amortisation* (376) (162) ------------------------------------------ -------- ------- Share of associates and joint ventures 61 380 ------------------------------------------ -------- ------- after charging: Imasco restructuring (71) costs* ------------------------------------------ -------- ------- Total operating profit 1,800 1,479 Sale of brands* 88 ------ ------ Profit on ordinary activities before interest 1,800 1,567 Net interest (269) (170) Share of associates net interest (9) (26) ------ ------ Profit before taxation 1,522 1,371 Taxation (683) (673) ------ ------ Profit after taxation 839 698 Minority interests (169) (142) ------ ------ Profit for the year 670 556 Dividends and other appropriations (680) (620) ------ ------ Retained loss (10) (64) ====== ====== Earnings per share: Basic 28.50p 25.25p ====== ====== Adjusted fully diluted 57.87p 52.33p ====== ====== * see notes on pages 18 and 19. STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 11. for the year ended 31 December 2000 1999 £m £m Profit for the year 670 556 Differences on exchange (213) (268) Revaluation of associated company 1,248 ----- ----- Total recognised gains related to the year (below) 1,705 288 ===== ===== INTEREST OF BRITISH AMERICAN TOBACCO'S SHAREHOLDERS for the year ended 31 December 2000 1999 £m £m Balance 1 January 4,821 64 Total recognised gains related to the year (above) 1,705 288 Issue of shares: Share options 3 3 Rothmans merger 5,089 Redemption of convertible redeemable preference shares (695) Dividends and other appropriations: Ordinary shares (623) (546) Convertible redeemable preference shares (35) (54) Amortisation of discount on preference shares (22) (20) Other 24 (3) ----- ----- Balance 31 December 5,178 4,821 ===== ===== SEGMENTAL ANALYSES 12. The analyses below for the year ended 31 December include the Group's share of associates. As a result of a reorganisation following the acquisition of Rothmans and the acquisition of Imperial Tobacco Canada, the comparative information has been restated (see page 17). Cigarette volumes Net revenue 2000 1999 2000 1999 bns Bns £m £m America-Pacific 109 116 4,092 4,804 Asia-Pacific 87 85 1,405 1,208 Latin America 165 167 1,615 1,461 Europe 208 171 2,904 2,359 Amesca 238 214 1,599 1,350 ------ ------ ------ ------ 807 753 11,615 11,182 ====== ====== ====== ====== OPERATING PROFIT America-Pacific 878 848 Asia-Pacific 361 235 Latin America 425 333 Europe 541 338 Amesca 370 268 ------ ------ 2,575 2,022 US restructuring costs (119) Acquired stock (83) US tobacco settlements (24) Integration costs (126) (357) Goodwill amortisation (376) (162) Imasco restructuring costs (71) ------ ------ 1,800 1,479 ====== ====== The net revenue analysis is based on the external sales in each region less duty, excise and other taxes. The operations of subsidiaries are almost entirely related to tobacco. The operations of associates comprise the following businesses: NET REVENUE Tobacco 588 824 Financial services 69 761 Other trading activities 43 525 ------ ------ 700 2,110 ====== ====== OPERATING PROFIT (after Imasco restructuring cost) Tobacco 45 225 Financial services 12 103 Other trading activities 4 52 ------ ------ 61 380 ====== ====== Following the acquisition of Imperial Tobacco Canada, the above results for associates only include the results of Imasco to 31 January 2000 (see page 17). QUARTERLY ANALYSES OF PROFIT 13. The figures shown below have been produced using average rates of exchange for the years ended 31 December 2000 and 1999 respectively, with the previously reported quarterly figures for 2000 restated using average rates for the full year. 3 months to 31.3.00 30.6.00 30.9.00 31.12.00 £m £m £m £m America-Pacific 181 211 245 241 Asia-Pacific 78 95 98 90 Latin America 88 115 116 106 Europe 116 125 177 123 Amesca 82 99 100 89 ---- ---- ---- ---- 545 645 736 649 US restructuring costs (119) Acquired stock (83) Integration costs (18) (26) (31) (51) Imasco restructuring costs (69) (2) Goodwill amortisation (86) (96) (96) (98) ---- ---- ---- ---- Profit on ordinary activities before interest 289 523 609 379 Net interest - subsidiary undertakings (63) (39) (97) (70) Share of associates' net interest (3) (1) (1) (4) ---- ---- ---- ---- Profit before taxation 223 483 511 305 ==== ==== ==== ==== The above table includes the results from Canada, comprising of the Group's share of the results of its associate for January 2000 and the consolidated results of Imperial Tobacco for the 11 months to 31 December 2000 (see page 17). Quarterly analyses of profit continued 14. 3 months to 31.3.99 30.6.99 30.9.99 31.12.99 £m £m £m £m America-Pacific 169 203 237 239 Asia-Pacific 40 48 83 64 Latin America 71 68 104 90 Europe 47 54 138 99 Amesca 26 31 118 93 ---- ---- ---- ---- 353 404 680 585 US tobacco settlements (13) (9) 5 (7) Integration costs (81) (276) Goodwill amortisation (91) (71) ---- ---- ---- ---- Operating profit 340 395 513 231 Sale of brands 88 ---- ---- ---- ---- Profit on ordinary activities before interest 340 395 601 231 Net interest - subsidiary undertakings (27) (37) (45) (61) Share of associates' net interest (5) (7) (4) (10) ---- ---- ---- ---- Profit before taxation 308 351 552 160 ==== ==== ==== ==== The above table includes the results of Rothmans and the goodwill on that acquisition for the period from 7 June 1999. The results and goodwill for the period from 7 June 1999 to 30 September 1999 were included as part of the three months to 30 September. GROUP BALANCE SHEET 15. 31 December 2000 1999 £m £m Fixed assets Intangible assets 7,158 5,338 Tangible assets 2,600 2,456 Investments in associates and joint ventures 201 636 Other investments and long term loans 527 210 ------ ------ 10,486 8,640 ------ ------ Current assets Stocks 3,053 2,850 Debtors 2,267 2,000 Acquired businesses awaiting disposal 57 123 Current investments 221 768 Short term deposits and cash 1,667 1,853 ------ ------ 7,265 7,594 ------ ------ TOTAL ASSETS 17,751 16,234 ====== ====== Capital and reserves Share capital 575 605 Share premium account 7 4 Merger reserves 4,475 4,726 Capital redemption reserve 30 Other reserves 511 503 Profit and loss account (420) (1,017) ------ ------ Shareholders' funds (including non-equity interests) 5,178 4,821 Minority shareholders' interest 418 455 ------ ------ 5,596 5,276 ------ ------ Other liabilities Provisions for liabilities and charges 1,390 1,251 Borrowings 6,151 5,676 Creditors 4,614 4,031 ------ ------ 12,155 10,958 ------ ------ TOTAL FUNDS EMPLOYED 17,751 16,234 ====== ====== GROUP CASH FLOW STATEMENT 16. For the year ended 31 December 2000 1999 £m £m Net operating cash flow from subsidiary undertakings 2,758 1,995 Dividends from associates 30 90 ------ ------ Net cash inflow from operating activities 2,788 2,085 Returns on investments and servicing of finance (530) (206) Taxation paid (598) (334) Capital expenditure and financial investment (346) (281) ------ ------ Net cash generation 1,314 1,264 Disposals less acquisitions 88 (216) Equity dividends paid (580) (530) ------ ------ Cash flow 822 518 ====== ====== MORE TO FOLLOW

Companies

British American Tobacco (BATS)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today