British American Tobacco PLC (CHIX:BATSl)

£ 29.53 -0.44 (-1.47%) Market Cap: 64.95 Bil Enterprise Value: 98.48 Bil PE Ratio: 0 PB Ratio: 1.21 GF Score: 71/100

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Full Year 2018 British American Tobacco PLC Earnings Call Transcript

Feb 28, 2019 / 09:30AM GMT

Release Date Price: £27.6 (-1.22%)

Transcript

Nicandro Durante

British American Tobacco p.l.c. - CEO & Executive Director

So good morning, everyone, and welcome to British American Tobacco 2018 Preliminary Presentation. I am Nicandro Durante, Chief Executive of British American Tobacco. And with me this morning is Jack Bowles, Chief Executive Designate; and Ben Stevens, Finance Director. Thank you all for coming to this results presentation, which will be my last before Jack drops the designate part of his title and becomes Chief Executive in April.

As always, a warm welcome to those of you who are listening on the conference call or listening via our website bat.com. As usual, after taking you through the results presentation, there will be an opportunity for those of you in the audience to ask questions.

Before I start the presentation, I will take you that you have all seen and read the disclaimer on Page 2 and 3.

It is clear that these results have benefited significantly from the inclusion of Reynolds as a fully-owned subsidiary. Given this, volume, revenue and profit from operations will be presented as though

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