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BR.AMER.TOB.

(BATS GB0002875804 GBX)

Value 3,067.500

Change Today +3.50

Updated17/05 16:35

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PROFILE

Registered Number	3407696
Registered Address	Globe House 4 Temple Place London WC2R 2PG
Phone Number	+44 (0) 207 8451000
Fax Number
Website	http://www.bat.com
Activities	Produces and retails tobacco and related products
Country of Register	GB
Currency	GBX
Short Name	BR.AMER.TOB.
First Day Traded	24/11/2003
Industrial Sector	Tobacco
Number of shares	1.97b

Key People

Richard Burrows	Chairman
Paul Adams	Chief Executive Officer
Nicandro Durante	Director
Karen Segundo	Non Executive Director
John Daly	Director
Gerard Murphy	Non Executive Director
J.Ben Stevens	Financial Director
David Fell	Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	6.78%
Reinet Investments SCA	4.30%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	10,018	12,122	14,208	14,883	15,399
Cost of Goods Sold (COGS) incl. D&A	4,647.30	5,629.70	6,712.60	6,845.50	6,443
COGS excluding D&A	4,333.30	5,209.70	6,208.60	6,341.50	5,927
Depreciation & Amortization Expense	314	420	504	504	516
Depreciation	277	0	379	376	366
Amortization of Intangibles	37	0	125	128	150
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	5,370.70	6,492.30	7,495.40	8,037.50	8,956
Selling, General & Administrative Expense	0	0	0	0	226
Research & Development	91	105	112.10	117	81
Other Selling, General & Administrative	0	0	0	0	145
Other Operating Expense	2,491.70	2,823.30	3,029.40	3,533.50	3,941
Non Operating Income/Expense	344	706	65	461	-211
Non-Operating Interest Income	111	129	83	58	79
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	323	788	415	602	313
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	382	535	602	583	83
Gross Interest Expense	382	535	602	583	83
Interest Capitalized	0	0	0	0	0
Pretax Income	2,629	3,181	3,597	3,838	4,261
Income Tax	791	1,025	1,124	1,248	1,556
Income Tax - Current Domestic	0	0	16	-16	0
Income Tax - Current Foreign	765	945	1,147	1,294	1,470
Income Tax - Deferred Domestic	26	80	-39	-30	86
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	157	202	243	261	280
Equity in Affiliates	449	503	483	550	670
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	2,130	2,457	2,713	2,879	3,095
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	2,130	2,457	2,713	2,879	3,095
Preferred Dividends	0	0	0	0	0
Net Income available to Common	2,130	2,457	2,713	2,879	3,095
Operational EPS	115.55	150.05	150.85	165.52	167.21
EPS (basic)	105.19	123.28	137.00	145.20	157.10
EPS (diluted)	104.46	122.54	136.26	144.38	156.16
EBITDA	3,193	4,089	4,970	5,008	5,305
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	314	420	504	504	516

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	1,415	2,808	2,374	2,532	2,410
Cash Only	1,258	2,309	2,161	2,329	2,194
Short-Term Investments	157	499	213	203	216
Total Accounts Receivable	1,930	2,532	2,441	2,482	2,550
Accounts Receivables, Net	0	2,395	2,344	2,409	2,423
Accounts Receivables, Gross	0	2,395	2,344	2,409	2,423
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	0	137	97	73	127
Inventories	1,985	3,177	3,261	3,608	3,498
Finished Goods	882	1,682	1,674	1,715	1,701
Work in Progress	0	0	0	0	0
Raw Materials	1,103	1,495	1,587	1,893	1,797
Progress Payments & Other	0	0	0	0	0
Other Current Assets	36	225	30	35	37
Prepaid Expenses	0	0	0	0	0
Miscellaneous Current Assets	36	225	30	35	37
Total Current Assets	5,366	8,742	8,106	8,657	8,495
Net Property, Plant & Equipment	2,378	3,076	3,010	3,117	3,047
Property, Plant & Equipment - Gross	4,834	6,152	6,140	6,583	6,293
Buildings	810	1,014	1,243	1,293	1,206
Land & Improvements	0	0	92	98	84
Machinery & Equipment	3,467	4,395	4,349	4,748	4,588
Construction in Progress	239	316	336	369	380
Leases	318	427	120	75	35
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	2,456	3,076	3,130	3,466	3,246
Buildings	298	351	514	574	521
Land & Improvements	0	0	0	0	0
Machinery & Equipment	2,040	2,530	2,527	2,834	2,697
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	2,444	2,755	2,640	2,823	2,832
LT Investment - Affiliate Companies	2,269	2,552	2,521	2,666	2,613
Other Long-Term Investments	175	203	119	157	219
Long-Term Note Receivable	123	193	171	272	305
Intangible Assets	8,105	12,318	12,232	12,458	11,992
Net Goodwill	7,942	11,391	11,331	11,656	11,120
Net Other Intangibles	163	927	901	802	872
Other Assets	50	75	105	122	105
Deferred Charges	50	75	105	122	105
Tangible Other Assets	0	0	0	0	0
Total Assets	18,728	27,551	26,614	27,860	27,119
ST Debt & Curr. Portion LT Debt	861	2,454	1,138	1,092	1,536
Short Term Debt	78	86	368	774	749
Current Portion of Long Term Debt	783	2,368	770	318	787
Accounts Payable	2,976	4,718	4,727	5,335	5,174
Income Tax Payable	227	300	364	467	494
Other Current Liabilities	490	1,429	687	751	643
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	490	1,429	687	751	643
Total Current Liabilities	4,554	8,901	6,916	7,645	7,847
Long-Term Debt	6,062	9,437	9,712	8,916	8,510
Long-Term Debt excl. Capitalized Leases	6,021	9,397	9,694	8,907	8,506
Non-Convertible Debt	6,021	9,397	9,694	8,907	8,506
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	41	40	18	9	4
Provision for Risks & Charges	522	1,034	1,273	957	1,461
Deferred Taxes	32	207	177	98	213
Deferred Taxes - Credit	294	599	527	509	556
Deferred Taxes - Debit	-262	-392	-350	-411	-343
Accumulated Minority Interest	218	271	299	342	307
Other Liabilities	198	365	274	285	271
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	198	365	274	285	271
Deferred Income	0	0	0	0	0
Total Liabilities	11,630	20,336	18,702	18,312	18,645
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	6,880	6,944	7,613	9,206	8,167
Common Stock Par/Carry Value	506	506	506	506	506
Additional Paid-In Capital/Capital Surplus	53	56	58	61	64
Retained Earnings	6,362	6,554	7,171	8,171	8,406
ESOP Debt Guarantee	-173	-222	-249	-227	-261
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	48	192	269	833	320
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	179	179	179	179
Other Appropriated Reserves	207	202	202	206	231
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	-123	-523	-523	-523	-1,278
Total Shareholders' Equity	6,880	6,944	7,613	9,206	8,167
Liabilities & Shareholders' Equity	18,728	27,551	26,614	27,860	27,119

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	3,078	3,572	4,101	4,318	4,721
Depreciation, Depletion & Amortization	314	425	504	504	516
Depreciation and Depletion	277	345	379	376	366
Amortization of Intangible Assets	37	80	125	128	150
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	-1,091	-1,033	-1,172	-788	-874
Funds from Operations	2,301	2,964	3,433	4,034	4,363
Extraordinaries	0	0	0	0	0
Changes in Working Capital	28	299	-48	-63	-296
Receivables	-83	19	30	-127	-87
Inventories	170	-367	-125	-280	-47
Accounts Payable	61	746	174	497	46
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-120	-99	-127	-153	-208
Net Operating Cash Flow	2,329	3,263	3,385	3,971	4,067
Capital Expenditures	482	544	554	584	617
Capital Expenditures (Fixed Assets)	416	448	450	497	510
Capital Expenditures (Other Assets)	66	96	104	87	107
Net Assets from Acquisitions	-15	-9	-1	0	-295
Sale of Fixed Assets & Businesses	172	88	39	73	116
Purchase/Sale of Investments	71	-2,107	-158	-1	3
Purchase of Investments	0	-2,116	-382	-1	0
Sale/Maturity of Investments	71	9	224	0	3
Other Uses	0	0	0	0	0
Other Sources	16	59	0	0	0
Net Investing Cash Flow	-238	-2,513	-674	-512	-793
Cash Dividends Paid - Total	-1,198	-1,393	-1,798	-2,093	-2,358
Common Dividends	-1,198	-1,393	-1,798	-2,093	-2,358
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-764	-506	-87	-59	-873
Repurchase of Common & Preferred Stk.	-791	-516	-94	-66	-878
Sale of Common & Preferred Stock	27	10	7	7	5
Proceeds from Stock Options	27	3	2	3	3
Other Proceeds from Sale of Stock	0	7	5	4	2
Issuance/Reduction of Debt, Net	-111	2,749	-441	-707	44
Change in Current Debt	-101	-8	0	0	0
Change in Long-Term Debt	-10	2,757	-441	-707	44
Issuance of Long-Term Debt	438	3,518	1,447	892	1,361
Reduction in Long-Term Debt	-448	-761	-1,888	-1,599	-1,317
Other Funds	-262	-829	-501	-425	-280
Other Uses	-262	-829	-501	-425	-285
Other Sources	0	0	0	0	5
Net Financing Cash Flow	-2,335	21	-2,827	-3,284	-3,467
Exchange Rate Effect	47	261	-125	29	-48
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	-197	1,032	-241	204	-241
Free Cash Flow	715	1,422	1,137	1,381	1,199

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	39,646.14	35,929.28	40,257.50	49,191.08	60,162.46
Price/Earnings	18.68	14.60	14.72	16.97	19.45
Price/Sales	3.97	2.96	2.81	3.28	3.91
Price/Book Value	5.76	5.17	5.29	5.34	7.37
Price/Cash Flow	17.20	11.06	11.86	12.37	14.89
Enterprise Value/EBIT	15.91	12.39	10.95	12.64	14.30
Enterprise Value/EBITDA	14.34	11.11	9.84	11.37	12.91
Enterprise Value/Sales	4.57	3.75	3.44	3.83	4.45
Total Debt/Enterprise Value	0.15	0.26	0.22	0.18	0.15
Total Debt/EBITDA	2.17	2.91	2.18	2.00	1.89
EPS (basic)	105.19	123.28	137.00	145.20	157.10
EPS (diluted) as stated	104.46	122.54	136.26	144.38	156.16
Profitability
Gross Margin (%)	53.61	53.56	52.75	54.00	58.16
Operating Margin (%)	28.74	30.27	31.43	30.26	31.10
Pretax Margin (%)	26.24	26.24	25.32	25.79	27.67
Net Margin (%)	21.26	20.27	19.09	19.34	20.10
Return on Assets (%)	11.67	10.62	10.02	10.57	11.26
Return on Equity (%)	31.93	35.55	37.27	34.24	35.63
Return on Avg. Total Capital (%)	15.84	15.06	14.55	15.28	16.54
Return on Avg. Invested Capital (%)	17.06	16.76	16.10	16.24	17.79
Efficiency
Revenue/Employee	0.10	0.13	0.15	0.16	0.18
Receivables Turnover	5.63	5.43	5.71	6.05	6.12
Days of Sales Outstanding (DSO) (%)	64.80	67.18	63.88	60.37	59.64
Inventory Turnover	2.30	2.18	2.09	1.99	1.81
Days of Inventory on Hand (DIO)	158.69	167.34	175.03	183.13	201.28
Total Asset Turnover	0.55	0.52	0.52	0.55	0.56
Working Capital Turnover	12.34	0.00	11.94	14.71	23.76
Liquidity
Current Ratio	1.18	0.98	1.17	1.13	1.08
Quick Ratio	0.74	0.63	0.70	0.66	0.64
Capital Structure
Debt-to-Total Equity (%)	100.63	171.24	142.52	108.71	123.01
Debt-to-Total Capital (%)	50.16	63.13	58.77	52.09	55.16
Debt-to-Total Assets (%)	36.97	43.16	40.77	35.92	37.04
Interest Coverage	7.54	6.86	7.42	7.73	57.70

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,502.05	-0.77%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

BR.AMER.TOB.

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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