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      "text": ">120 Solus FMC+ 80-120 Solus FMC <80 Solus FMC",
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      "text": "Source: BAT data: Indexed NC Gross Margin per consumer per annum vs FMC *World Average based on Top 17 NC markets accounting for ~85% of World's NCs revenue, based on BAT internal est.. **Europe Top 12 European NC Markets accounting for ~85% of total Europe's NC revenue, based on BAT internal est. †Factory Made Cigarettes -GMs per unit based on BAT internal estimates: FMC Value for money (2023 @ '22 FX rates); Users & Avg daily consumption data based on NC Track, NC users. -Annual Gross Margin (excl. Marketing Investment in revenue & Royalties) per user Group",
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      "text": "Belief #9 New Categories are less profitable",
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