Cash flow British American Tobacco p.l.c.

Equities

BATS

GB0002875804

Tobacco

Market Closed - London S.E. Other stock markets 16:35:19 10/01/2025 GMT			5-day change	1st Jan Change
2,966.00 ^GBX	-0.84%		-0.24%	+2.99%

01-06	BRITISH AMERICAN TOBACCO : JP Morgan remains Neutral	ZD
12-19	BAT: pursues its investment strategy with a 2nd fund	CF

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Published financial data: BRITISH AMERICAN TOBACCO P.L.C.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	25.88B	25.78B	25.68B	27.66B	27.28B
Total Revenues	25.88B	25.78B	25.68B	27.66B	27.28B
Cost of Goods Sold, Total	4.44B	4.14B	4.6B	4.8B	4.89B
Gross Profit	21.44B	21.64B	21.09B	22.85B	22.39B
Selling General & Admin Expenses, Total	2.87B	2.65B	3.81B	3.83B	3.86B
Depreciation & Amortization - (IS)	994M	1.09B	938M	962M	849M
Other Operating Expenses	7.02B	6.83B	5.34B	6.41B	5.05B
Other Operating Expenses, Total	10.89B	10.57B	10.09B	11.2B	9.75B
Operating Income	10.55B	11.07B	11B	11.65B	12.64B
Interest Expense, Total	-1.76B	-1.81B	-1.5B	-1.66B	-1.86B
Interest And Investment Income	84M	50M	35M	92M	186M
Net Interest Expenses	-1.68B	-1.76B	-1.47B	-1.57B	-1.67B
Income (Loss) On Equity Invest.	498M	455M	415M	442M	585M
Currency Exchange Gains (Loss)	457M	-225M	171M	-491M	432M
Other Non Operating Income (Expenses)	-380M	234M	-166M	324M	-623M
EBT, Excl. Unusual Items	9.45B	9.77B	9.95B	10.36B	11.36B
Restructuring Charges	-565M	-408M	-150M	-774M	2M
Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-194M	-209M	-57M	-	-4.61B
Gain (Loss) On Sale Of Investments	-	-	-24M	-	-
Gain (Loss) On Sale Of Assets	-	-	-358M	6M	-546M
Asset Writedown	-261M	-	-92M	-123M	-23.11B
Legal Settlements	-264M	-508M	-81M	-144M	-156M
Other Unusual Items	-252M	25M	-26M	-	-
EBT, Incl. Unusual Items	7.91B	8.67B	9.16B	9.32B	-17.06B
Income Tax Expense	2.06B	2.11B	2.19B	2.48B	-2.87B
Earnings From Continuing Operations	5.85B	6.56B	6.97B	6.85B	-14.19B
Net Income to Company	5.85B	6.56B	6.97B	6.85B	-14.19B
Minority Interest	-145M	-164M	-173M	-180M	-178M
Net Income - (IS)	5.7B	6.4B	6.8B	6.67B	-14.37B
Preferred Dividend and Other Adjustments	-	-	12M	49M	45M
Net Income to Common Incl Extra Items	5.7B	6.4B	6.79B	6.62B	-14.41B
Net Income to Common Excl. Extra Items	5.7B	6.4B	6.79B	6.62B	-14.41B
Per Share Items
Net EPS - Basic	2.5	2.8	2.97	2.93	-6.47
Basic EPS - Continuing Operations	2.5	2.8	2.97	2.93	-6.47
Basic Weighted Average Shares Outstanding	2.28B	2.29B	2.29B	2.26B	2.23B
Net EPS - Diluted	2.49	2.79	2.96	2.92	-6.47
Diluted EPS - Continuing Operations	2.49	2.79	2.96	2.92	-6.47
Diluted Weighted Average Shares Outstanding	2.29B	2.3B	2.3B	2.27B	2.23B
Normalized Basic EPS	2.52	2.6	2.64	2.79	3.11
Normalized Diluted EPS	2.51	2.59	2.63	2.78	3.11
Dividend Per Share	2.03	2.1	2.16	2.18	2.31
Payout Ratio	80.61	74.14	72.2	73.73	-35.6
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	11.54B	12.16B	11.94B	12.18B	13.28B
EBITA	10.55B	11.41B	11B	11.65B	12.88B
EBIT	10.55B	11.07B	11B	11.65B	12.64B
EBITDAR	11.56B	-	11.95B	12.2B	13.29B
Effective Tax Rate - (Ratio)	26.07	24.31	23.89	26.58	16.83
Current Domestic Taxes	8M	38M	-25M	-3M	32M
Current Foreign Taxes	2.05B	2.39B	2.4B	2.72B	2.78B
Total Current Taxes	2.06B	2.42B	2.38B	2.72B	2.81B
Total Deferred Taxes	8M	-317M	-187M	-240M	-5.68B
Normalized Net Income	5.76B	5.94B	6.05B	6.29B	6.93B
Interest on Long-Term Debt	32M	-	24M	25M	30M
Non-Cash Pension Expense	10M	-	-28M	-29M	-33M
Supplemental Operating Expense Items
Marketing Expenses	-	-	1.24B	1.16B	1.15B
Selling and Marketing Expenses	-	-	1.24B	1.16B	1.15B
Research And Development Expense From Footnotes	376M	307M	304M	323M	408M
Net Rental Expense, Total	17M	-	9M	12M	14M
Imputed Operating Lease Interest Expense	5.15M	-	2.59M	3.85M	4.98M
Imputed Operating Lease Depreciation	11.85M	-	6.41M	8.15M	9.02M
Stock-Based Comp., SG&A Exp. (Total)	120M	-	78M	85M	-
Total Stock-Based Compensation	120M	-	78M	85M	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	2.53B	3.14B	2.81B	3.45B	4.66B
Short Term Investments	123M	242M	-	-	-
Trading Asset Securities, Total	-	-	456M	579M	601M
Total Cash And Short Term Investments	2.65B	3.38B	3.26B	4.02B	5.26B
Accounts Receivable, Total	3.37B	3.72B	3B	2.61B	2.89B
Other Receivables	846M	79M	1.07B	1.91B	906M
Total Receivables	4.22B	3.8B	4.07B	4.52B	3.79B
Inventory	6.09B	6B	5.28B	5.67B	4.94B
Other Current Assets, Total	316M	433M	195M	1.2B	195M
Total Current Assets	13.27B	13.61B	12.81B	15.41B	14.19B
Gross Property Plant And Equipment	9.22B	-	8.97B	9.51B	9.04B
Accumulated Depreciation	-3.7B	-	-4.02B	-4.64B	-4.46B
Net Property Plant And Equipment	5.52B	5.06B	4.95B	4.87B	4.58B
Long-term Investments	1.87B	1.82B	2B	2.14B	2.09B
Goodwill	44.32B	-	43.19B	47.96B	41.09B
Other Intangibles, Total	74.47B	115B	72.43B	81.12B	54.47B
Deferred Tax Assets Long-Term	424M	534M	611M	682M	911M
Other Long-Term Assets, Total	1.13B	1.32B	1.37B	1.37B	1.39B
Total Assets	141B	138B	137B	154B	119B
Liabilities
Accounts Payable, Total	3.45B	9.69B	3.92B	4.06B	1.71B
Accrued Expenses, Total	14M	-	14M	14M	13M
Short-term Borrowings	1.55B	-	346M	106M	-
Current Portion of Long-Term Debt	5.86B	4.04B	3.52B	4.16B	4.19B
Current Portion of Leases	154M	-	126M	142M	131M
Current Income Taxes Payable	683M	868M	879M	1.05B	992M
Other Current Liabilities	7.11B	876M	6.34B	8.32B	8.64B
Total Current Liabilities	18.82B	15.48B	15.14B	17.85B	15.67B
Long-Term Debt	37.38B	39.45B	35.35B	38.35B	35.23B
Long-Term Leases	425M	475M	320M	375M	367M
Pension & Other Post Retirement Benefits	1.47B	1.52B	1.27B	979M	910M
Deferred Tax Liability Non Current	17.05B	16.31B	16.46B	18.43B	12.19B
Other Non Current Liabilities	1.7B	1.49B	1.43B	1.85B	1.41B
Total Liabilities	76.84B	74.74B	69.96B	77.84B	65.78B
Preferred Stock - Others	90M	-	-	-	-
Total Preferred Equity	90M	-	-	-	-
Common Stock, Total	614M	614M	614M	614M	614M
Additional Paid In Capital	94M	26.62B	107M	113M	115M
Retained Earnings	45.5B	42.04B	49.33B	51.2B	31.63B
Treasury Stock	-5.26B	-	-5.12B	-7.12B	-7.1B
Comprehensive Income and Other	22.87B	-6.6B	22.17B	30.56B	27.31B
Total Common Equity	63.81B	62.67B	67.1B	75.37B	52.57B
Minority Interest	258M	282M	300M	342M	368M
Total Equity	64.16B	62.96B	67.4B	75.71B	52.93B
Total Liabilities And Equity	141B	138B	137B	154B	119B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.29B	2.29B	2.29B	2.23B	2.23B
ECS Total Common Shares Outstanding	2.29B	2.29B	2.29B	2.23B	2.23B
Book Value / Share	27.92	27.42	28.59	33.04	22.81
Tangible Book Value	-54.98B	-52.67B	-48.52B	-53.71B	-43B
Tangible Book Value Per Share	-24.05	-23.04	-21.94	-24.84	-20.03
Total Debt	45.37B	43.97B	39.66B	43.14B	39.92B
Net Debt	42.72B	40.59B	36.39B	39.11B	34.66B
Debt Equivalent of Unfunded Proj. Benefit Obligation	350M	794M	-230M	-574M	-525M
Debt Equivalent Oper. Leases	136M	-	72M	96M	112M
Minority Interest, Total (Incl. Fin. Div)	258M	282M	300M	342M	368M
Equity Method Investments, Total	1.86B	1.8B	1.95B	2.02B	1.97B
Account Code - Inventory Valuation	6	3	6	6	6
Inventories - Raw Materials, Total	2.75B	-	2.1B	2.37B	2.2B
Inventories - Finished Goods, Total	3.34B	-	3.18B	3.3B	2.74B
Land - (BS)	261M	-	242M	246M	-
Machinery, Total	6.01B	-	6B	6.32B	6.08B
Full Time Employees	56.69K	-	54.36K	52.08K	46.72K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	27M	-	37M	51M	70M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	5.7B	6.4B	6.8B	6.67B	-14.37B
Depreciation & Amortization - CF	994M	751M	938M	531M	492M
Amortization of Goodwill and Intangible Assets - (CF)	-	339M	-	-	237M
Depreciation & Amortization, Total	994M	1.09B	938M	531M	729M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	120M
(Gain) Loss From Sale Of Asset	-	-	-	554M	-
Asset Writedown & Restructuring Costs	518M	360M	138M	220M	27.76B
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-585M
Other Operating Activities, Total	1.47B	1.83B	1.9B	2.32B	-2.48B
Change In Accounts Receivable	-699M	300M	-393M	-42M	-487M
Change In Inventories	-371M	-144M	433M	-246M	265M
Change In Accounts Payable	730M	-320M	183M	3M	640M
Change in Other Net Operating Assets	654M	273M	-285M	388M	-887M
Cash from Operations	9B	9.79B	9.72B	10.39B	10.71B
Capital Expenditure	-664M	-511M	-527M	-523M	-460M
Sale of Property, Plant, and Equipment	34M	44M	31M	31M	54M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-98M	-	159M
Sale (Purchase) of Intangible assets	-151M	-244M	-218M	-130M	-114M
Investment in Marketable and Equity Securities, Total	62M	-120M	-361M	-168M	-80M
Other Investing Activities, Total	80M	48M	33M	85M	145M
Cash from Investing	-639M	-783M	-1.14B	-705M	-296M
Long-Term Debt Issued, Total	4.25B	9.83B	978M	3.27B	5.13B
Total Debt Issued	4.25B	9.83B	978M	3.27B	5.13B
Long-Term Debt Repaid, Total	-5.79B	-10.8B	-5B	-3.26B	-6.93B
Total Debt Repaid	-5.79B	-10.8B	-5B	-3.26B	-6.93B
Issuance of Common Stock	-	-	1.68B	-	-
Repurchase of Common Stock	-117M	-18M	-82M	-2.09B	-110M
Common Dividends Paid	-4.6B	-4.74B	-4.91B	-4.92B	-5.11B
Common & Preferred Stock Dividends Paid	-4.6B	-4.74B	-4.91B	-4.92B	-5.11B
Other Financing Activities, Total	-2.33B	-2.16B	-1.42B	-1.87B	-2.29B
Cash from Financing	-8.59B	-7.9B	-8.75B	-8.88B	-9.31B
Foreign Exchange Rate Adjustments	-57M	-253M	-253M	431M	-292M
Miscellaneous Cash Flow Adjustments	-	-	-	-368M	368M
Net Change in Cash	-293M	853M	-425M	874M	1.18B
Supplemental Items
Cash Interest Paid	1.63B	1.76B	1.5B	1.6B	1.71B
Cash Income Tax Paid (Refund)	2.2B	2.13B	2.31B	2.54B	2.62B
Levered Free Cash Flow	4.2B	6.69B	6.61B	6.65B	7.4B
Unlevered Free Cash Flow	5.3B	7.82B	7.55B	7.69B	8.56B
Change In Net Working Capital	1.59B	-570M	-404M	-446M	-381M
Net Debt Issued / Repaid	-1.55B	-971M	-4.02B	2M	-1.8B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	4.59	4.96	5	5.01	5.8
Return on Total Capital	5.92	6.39	6.43	6.45	7.45
Return On Equity %	9.01	10.33	10.7	9.57	-22.06
Return on Common Equity	8.83	10.11	10.47	9.29	-22.53
Margin Analysis
Gross Profit Margin %	82.85	83.95	82.1	82.63	82.07
SG&A Margin	11.11	10.29	14.83	13.85	14.13
EBITDA Margin %	44.61	47.17	46.48	44.05	48.66
EBITA Margin %	40.77	44.26	42.83	42.13	47.2
EBIT Margin %	40.77	42.94	42.83	42.13	46.33
Income From Continuing Operations Margin %	22.6	25.47	27.15	24.76	-52.01
Net Income Margin %	22.04	24.83	26.48	24.1	-52.66
Net Avail. For Common Margin %	22.04	24.83	26.43	23.93	-52.82
Normalized Net Income Margin	22.26	23.06	23.54	22.76	25.38
Levered Free Cash Flow Margin	16.23	25.96	25.74	24.06	27.11
Unlevered Free Cash Flow Margin	20.48	30.35	29.4	27.81	31.36
Asset Turnover
Asset Turnover	0.18	0.18	0.19	0.19	0.2
Fixed Assets Turnover	4.84	4.87	5.13	5.63	5.77
Receivables Turnover (Average Receivables)	8.3	6.6	8.92	9.86	9.93
Inventory Turnover (Average Inventory)	0.73	0.68	0.82	0.88	0.92
Short Term Liquidity
Current Ratio	0.71	0.88	0.85	0.86	0.91
Quick Ratio	0.36	0.46	0.48	0.48	0.58
Operating Cash Flow to Current Liabilities	0.48	0.63	0.64	0.58	0.68
Days Sales Outstanding (Average Receivables)	43.99	55.48	40.94	37	36.76
Days Outstanding Inventory (Average Inventory)	498.64	534.76	447.69	415.98	395.86
Average Days Payable Outstanding	284.17	879.23	359.78	280.21	156.65
Cash Conversion Cycle (Average Days)	258.45	-289	128.85	172.77	275.97
Long Term Solvency
Total Debt/Equity