TIDMBATS
RNS Number : 6358L
British American Tobacco PLC
07 September 2023
British American Tobacco p.l.c.
7 September 2023
Russia business update - agreement signed
In March 2022 BAT announced that the ownership of our business
in Russia was no longer sustainable in the current environment and
that our intention was to transfer our business. BAT has now
formally entered into an agreement to sell its Russian and
Belarusian businesses in compliance with local and international
laws.
The buyer is a consortium led by members of BAT Russia's
management team which, upon completion, will wholly own both
businesses. Post completion, these businesses will be known as the
ITMS Group.
Throughout the transfer process one of our key priorities has
been the interests of our colleagues in Russia and Belarus. As part
of the agreement, their employment terms will remain comparable to
their existing BAT terms for at least two years
post-completion.
We anticipate that the transaction will complete within the next
month, once certain conditions have been satisfied. Upon
completion, BAT will no longer have a presence in Russia or Belarus
and will receive no financial gain from ongoing sales in these
markets.
BAT remains confident of delivering its Full Year guidance as
set out at our Half Year results on 26 July 2023.
Notes to Editors
-- BAT's operations in Russia include a head office in Moscow,
75 regional offices and a manufacturing facility in St. Petersburg.
BAT also has an office in Belarus.
-- At 30 June 2023, on a constant currency basis, Russia and
Belarus accounted for approximately 2.7% of Group revenue, and
approximately 2.5% of Group adjusted profit from operations.
ENDS
Enquiries
Media Centre
+44 (0) 20 7845 2888 (24 hours) | @BATplc
Investor Relations
Victoria Buxton: +44 (0)20 7845 2012
Amy Chamberlain +44 (0)20 7845 1124
John Harney: +44 (0)20 7845 1263
Jane Henderson +44 (0)207845 1117
About BAT
BAT is a leading, multi-category consumer goods business with a
purpose to build A Better Tomorrow(TM) by reducing the health
impact of its business through offering a greater choice of
enjoyable and less risky products for adult consumers.
The company continues to be clear that combustible cigarettes
pose serious health risks, and the only way to avoid these risks is
not to start or to quit. BAT encourages those who would otherwise
continue to smoke to switch completely to
scientifically-substantiated, reduced-risk alternatives* . In order
to deliver this, BAT is transforming into a truly consumer-centric
multi-category consumer products business.
BAT's ambition is to have 50 million consumers of its
non-combustible products by 2030 and to generate GBP5billion of New
Categories revenue by 2025. BAT has set stretching ESG targets
including achieving carbon neutrality for Scopes 1 & 2 by 2030
and eliminating unnecessary single-use plastic and making all
plastic packaging reusable, recyclable or compostable by 2025.
BAT employs over 50,000 people. The BAT Group generated revenue
of GBP27.65 billion in 2022 and profit from operations of GBP10.5
billion.
The company's Strategic Portfolio is made up of its global
cigarette brands and a growing range of reduced-risk* New Category
tobacco and nicotine products and traditional non-combustible
tobacco products. These include vapour, tobacco heating products,
modern oral products including tobacco-free nicotine pouches, as
well as traditional oral products such as snus and moist snuff. In
the first half of 2023, we had 24 million consumers of our
non-combustible products, a rise of 1.5 million on full year
2022.
* Based on the weight of evidence and assuming a complete switch
from cigarette smoking. These products are not risk free and are
addictive.
Our vapour product Vuse (including Alto, Solo, Ciro and Vibe),
and certain products, including Velo, Grizzly, Kodiak, and Camel
Snus, which are sold in the U.S., are subject to FDA regulation and
no reduced-risk claims will be made as to these products without
agency clearance.
Forward-looking statements
This release contains certain forward-looking statements,
including "forward-looking" statements made within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words
or phrases such as "believe," "anticipate," "could," "may,"
"would," "should," "intend," "plan," "potential," "predict,"
"will," "expect," "estimate," "project," "positioned," "strategy,"
"outlook", "target" and similar expressions. These include
statements regarding our customer target ambition, New Categories
revenue targets and our ESG targets.
All such forward-looking statements involve estimates and
assumptions that are subject to risks, uncertainties and other
factors. It is believed that the expectations reflected in this
release 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. A review of the reasons why actual
results and developments may differ materially from the
expectations disclosed or implied within forward-looking statements
can be found by referring to the information contained under the
headings "Cautionary Statement" and "Group Principal Risks " in the
2022 Annual Report and Form 20-F of British American Tobacco p.l.c.
(BAT).
Additional information concerning these and other factors can be
found in BAT's filings with the U.S. Securities and Exchange
Commission ("SEC"), including the Annual Report on Form 20-F and
Current Reports on Form 6-K, which may be obtained free of charge
at the SEC's website, http://www.sec.gov and BAT's Annual Reports,
which may be obtained free of charge from the BAT website
www.bat.com .
Past performance is no guide to future performance and persons
needing advice should consult an independent financial adviser. The
forward-looking statements reflect knowledge and information
available at the date of preparation of this release and BAT
undertakes no obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise. Readers are cautioned not to place undue reliance on
such forward-looking statements.
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END
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September 07, 2023 02:00 ET (06:00 GMT)
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