medMDA87PVT.pdf - Delivering today Investing in tomorrow...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Annual Report 2015 Delivering today Investing in tomorrow
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

STRATEGIC REPORT Overview Our year in numbers 01 Our global business 02 Chairman’s introduction 04 Strategic management Chief Executive’s review 06 Our vision and strategy 08 Our business model 10 Industry insight 12 Delivering our strategy 13 Our Global Drive Brands in 2015 22 Our global performance 23 Regional review 24 Financial Review Income Statement 28 EPS, dividends and financing 31 Alternative cash flow 33 Non-GAAP measures and other information 35 Business environment Principal Group risk factors 37 GOVERNANCE Directors’ Report Chairman’s introduction 46 Governance framework 47 Board of Directors 48 Management Board 50 Board activities in 2015 52 Board effectiveness 54 Audit Committee 58 Corporate Social Responsibility (CSR) Committee 64 Nominations Committee 66 Remuneration Report 67 Other corporate disclosures 113 Responsibility of Directors 120 FINANCIAL STATEMENTS Group Financial Statements 121 Group Companies and Undertakings 206 Parent Company Financial Statements 213 Shareholder and contact information 220 British American Tobacco p.l.c. (No. 3407696) Annual Report 2015 This is the Annual Report of British American Tobacco p.l.c. (the Company) and the British American Tobacco Group, comprising the Strategic Report, Directors’ Report and the audited Financial Statements for the year ended 31 December 2015. It has been drawn up and is presented in accordance with, and reliance upon, applicable English company law. The liabilities of the Directors in connection with this report shall be subject to the limitations and restrictions provided by such law. The Annual Report is published on . A printed copy is mailed to shareholders on the UK main register who have elected to receive it. Otherwise, shareholders are notified that the Annual Report is available on the website and will, at the time of that notification, receive a short Performance Summary (which sets out an overview of the Group’s performance, headline facts and figures and key dates in the Company’s financial calendar) and Proxy Form. Specific local mailing and/or notification requirements will apply to shareholders on the South Africa branch register. References in this publication to ‘British American Tobacco’, ‘BAT’, ‘we’, ‘us’ and ‘our’ when denoting opinion refer to British American Tobacco p.l.c. and when denoting tobacco business activity refer to British American Tobacco Group operating companies, collectively or individually as the case may be. Cautionary statement The Strategic Report and certain other sections of the Annual Report contain forward-looking statements that are subject to risk factors associated with, among other things, the economic and business circumstances occurring from time to time in the countries and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables that could cause actual results to differ materially from those currently anticipated.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Fall '17
  • tua

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern