{ "docId": "019de516-10f5-70cb-9e12-27d4ee68c3bd", "docSlug": "b6cd2296479ec4d9979ff117d8dd1d43", "documentTitle": "BAT | Results Presentation Deck | 44 slides", "authorId": "bat", "authorName": "BAT", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2023-07-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.7777778, "pageNumber": 44, "pageCount": 44, "prevPage": 43, "nextPage": null, "slideType": "appendix", "function": "appendix", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de516-10f5-70cb-9e12-27d4ee68c3bd/44", "deckHref": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd", "deckJsonHref": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd.json", "deckAnchorHref": "/decks/019de516-10f5-70cb-9e12-27d4ee68c3bd#slide-44", "components": [ { "bbox": { "h": 0.06, "w": 0.094, "x": 0.853, "y": 0.066 }, "kind": "image", "text": "BAT A BETTER TOMORROW", "attrs": null, "subkind": "logo", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "86ac4b3e-cd47-4a4c-84e7-eb934a224574", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.73, "w": 0.939, "x": 0.028, "y": 0.149 }, "kind": "list", "text": "A1: Adjusting (Adj.)\nAdjusting items represent certain items which the Group considers distinctive based upon their size, nature or incidence.\nA2: Constant currency\nConstant currency - measures are calculated based on the prior year's exchange rate, removing the potentially distorting effect of translational foreign exchange on the Group's results. The Group does not adjust for normal transactional gains or losses in profit from operations which are generated by exchange rate movements.\nA3: Share metrics\nYear to date basis through May '23\nVolume share: The number of units bought by consumers of a specific brand or combination of brands, as a proportion of the total units bought by consumers in the industry, category or other sub-categorisation. Sub categories include, but are not limited to, the total nicotine category, modern oral, vapour, traditional oral or cigarette. Corporate volume share is the share held by BAT Group/Reynolds (U.S. region). Except when referencing particular markets, volume share is based on our key markets (representing over 80% of the Group's cigarette volume).\nValue share: The retail value of units bought by consumers of a particular brand or combination of brands, as a proportion of the total retail value of units bought by consumers in the industry, category or other sub-categorisation in discussion.\nA4: Price/Mix\nPrice mix is a term used by management and investors to explain the movement in revenue between periods. Revenue is affected by the volume (how many units are sold) and the value (how much is each unit sold for). Price mix is used to explain the value component of the sales as the Group sells each unit for a value (price) but may also achieve a movement in revenue due to the relative proportions of higher value volume sold compared to lower value volume sold (mix).\nA5: Free Cash Flow\nNet cash generated from operating activities before the impact of trading loans provided to a third party and after dividends paid to non-controlling interests, net interest paid and net capital expenditure.\nA6: Operating Cash Conversion\nNet cash generated from operating activities before the impact of adjusting items and dividends from associates and excluding trading loans to third parties, pension short fall funding, taxes paid and net capital expenditure, as a proportion of adjusted profit from operations.\nA7 Organic\nTo supplement the Group's results presented in accordance with International Financial Reporting Standards (IFRS), the Group's Management Board, as the chief operating decision maker, reviews certain of its results, including revenue and adjusted profit from operations, at constant rates of exchange, prior to the impact of businesses sold or held-for-sale. Although the Group does not believe that these measures are a substitute for IFRS measures, the Group does believe that such results excluding the impact of businesses sold or to be held-for-sale provide additional useful information to investors regarding the underlying performance of the business on a comparable basis and in the case of the expected sale of the Group's businesses in Russia and Belarus, the impact these businesses have on revenue and profit from operations. Accordingly, the organic financial measures appearing in this document should be read in conjunction with the Group's results as reported under IFRS.\nA8: Poly-usage\nRefers to a transitional period for smokers towards complete switching to potentially risk reduced nicotine products during which period such smokers reduce cigarette consumption and choose to consume one or more New Category nicotine products.\nA9: Adjusted net debt to adjusted EBITDA\nNet debt, excluding the impact of the revaluation of Reynolds American Inc. acquired debt arising as part of the purchase price allocation process, as a proportion of profit for the year (earnings) before net finance costs (interest), tax, depreciation, amortisation, impairment, associates and adjusting items\nA10: Consumers of Non-Combustible Products\nThe number of consumers of Non-Combustible products is defined as the estimated number of Legal Age (minimum 18 years) consumers of the Group's Non-Combustible products. In markets where regular consumer tracking is in place, this estimate is obtained from adult consumer tracking studies conducted by third parties (including Kantar). In markets where regular consumer tracking is not in place, the number of consumers of Non-Combustible products is derived from volume sales of consumables and devices in such markets, using consumption patterns obtained from other similar markets with adult consumer tracking (utilising studies conducted by third parties including Kantar). The number of consumers is adjusted for those identified (as part of the consumer tracking studies undertaken) as using more than one BAT Brand - referred to as \"poly users\".\nThe number of consumers of Non-Combustible products is used by management to assess the number of consumers using the Group's New Categories products as the increase in Non-Combustible products is a key pillar of the Group's ESG ambition and is integral to the sustainability of our business.\nThe Group's management believes that this measure is useful to investors given the Group's ESG ambition and alignment to the sustainability of the business with respect to the Non-Combustibles portfolio.", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "75f39f9c-d4d6-4591-8003-a60fada75e35", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.013, "w": 0.019, "x": 0.936, "y": 0.94 }, "kind": "source-note", "text": "44", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9e613f14-5125-4c2a-81be-1fda11d4f545", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.199, "x": 0.028, "y": 0.066 }, "kind": "title", "text": "Appendix", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "79b5d275-34be-440d-b2da-71465ec46713", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }