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      "text": "£470m cost savings – On track for £1bn 3-yr target\nMitigating inflationary COGS headwinds of c.10% in 2023\nManufacturing efficiency* +2ppts\nContinued combustibles simplification\nSKUs -12% v 2022\n100% cash conversion**",
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      "text": ">29% stake regularly reviewed\n>100 years of ownership, with numerous share capital changes\nHighly complex regulatory and administrative restrictions\nActively working to partially monetise",
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      "text": "* Cigarette manufacturing improvement v prior year. ** See Appendices A1 & A6. *** Market divestments excluding Russia and Belarus.",
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      "text": "5. Enhancing financial flexibility",
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