Investor Update November 2009 (241 kb) - British American Tobacco

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<strong>Tobacco</strong> Litigation <strong>Update</strong> � Historical � Largest litigation threat in USA � Overwhelming majority of cases in industry’s favour � Healthcare recoupment cases � Canada � Nigeria � Class Actions � Individual Cases 13
Financial policies � Liquidity : maintain minimum of £1bn in cash and committed facilities � Maturity profile : average maturity of 5 years � Gross interest cover : between 5 and 9 times � Dividends : distribute 65% of long term sustainable earnings � Share repurchase : £750mn in 2007, £400mn in 2008 currently suspended 14
Page 1 and 2: British American Tobacco Investor u
Page 3 and 4: Agenda � Business overview � Gr
Page 5 and 6: Major Competitors BAT* PMI JTI Impe
Page 7 and 8: Business Strategy VISION STRATEGY G
Page 9 and 10: Growth: Innovation � There is a c
Page 11 and 12: Productivity savings goal: 2008 - 2
Page 13: Regulation update � WHO’s Frame
Page 17 and 18: £ mn 2,000 1,800 1,600 1,400 1,200
Page 19 and 20: Liability Management Exercise � O
Page 21 and 22: Profit from operations Regions FY20
Page 23 and 24: Cash Flow £mn FY2007 FY2008 2008H1

Investor Update November 2009 (241 kb) - British American Tobacco

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