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Chairman’s AGM Statement – 2020 perspective

30 April 2020

Our main focus continues to be the health insurance and wellbeing of y our workers. To most readily useful ensure security also to minimise the possibility of virus transmission, we now have implemented a number of preventative wellness measures for the workers around the globe, centered on country-specific circumstances and federal federal federal government guidance. This might be particularly necessary for our workers whoever jobs can’t be done from your home. I wish to thank every one of our workers and lovers for his or her efforts that are tremendous help everyone’s wellbeing, plus the success of the business enterprise during this period.

Our present ESG priority is giving an answer to the ‘whole of society’ approach needed by the that, once we have actually outlined above. Having said that, i’d like to emphasize the more focus we now have delivered to ESG problems generally speaking during 2019.

Sustainability Front and Centre

As explained during the current Capital Markets Day in March, sustainability is front and centre of every thing we do, therefore we now have actually an obvious business function to produce “A Better Tomorrow” for several our stakeholders:

  • For the customers through providing a higher selection of enjoyable much less products that are risky
  • For culture through reducing the health that is overall ecological impacts of our business
  • For the workers by making a powerful and purposeful spot to work, and
  • For the investors by regularly delivering against our economic commitments

At our Capital Markets Day, we announced committed brand new sustainability goals:

  • To own 50 million customers of non-combustible items by 2030
  • To produce carbon neutrality by that exact same 12 months, and
  • To create ahead our existing 2030 environmental targets to 2025

2019 Efficiency – a Operational that is strong Efficiency

2019 had been characterised by a powerful performance that is operational we delivered on our three core priorities, to:

  • Deliver value in combustibles
  • Drive one step improvement in New groups
  • Build an easier, faster organisation

We delivered against all our targets that are financial

  • Strong reported income development up 5.7% at present prices and 5.6% on an adjusted constant price basis, driven by the exemplary performance from our combustibles profile, that was up 4.6% additionally on an adjusted constant price foundation
  • This is running on our strategic combustibles brands, which, driven by continued strong volume and value share development and strong price/mix of 9%, expanded adjusted revenue 5.6% at constant prices, and

  • Continued deleveraging associated with balance sheet, reducing Adjusted Net Debt**/Adjusted EBITDA*** by 0.5x to 3.5x
  • A dividend of 210.4p per ordinary share, a 3.6% enhance, keeping our 65% pay-out policy

This supported further increased investment in New groups, focussing on building worldwide brands to aid our differentiated approach that is multi-category vapour, tobacco-heating and modern oral items leading to:

  • 32% constant money income development in New Categories
  • 11 million consumers of non-combustible items, and
  • New Categories income of ?1.2bn at constant prices, a lot more than doubling revenue from 2 yrs ago and supplying us by having a vital platform for future development

Tomorrow Building A Better

Jack Bowles marked their very very first complete 12 months as CEO, delivering strong leads to 2019, and it is accelerating our ambition to transform our company. The Board and we completely endorse the evolved “A Better Tomorrow” strategy he introduced during the Capital Markets Day having its eyesight to simplify the Group, drive value from our combustibles profile, and better fulfill evolving customer choices with brand new and innovative potentially paid off risk services and services and services and products.

The simplification were only available in 2019 using the very first period of venture Quantum, a simple re-evaluation of how exactly we are organised, including:

  • Redesigning administration levels and duplication that is eliminating
  • Whilst entrenching accountability, and
  • Producing capabilities that are new the organization

Venture Quantum may also release valuable funds for further reinvestment in future development. We announced a further stage of this task at our recent Capital Markets Day as well as in total we try to deliver cost savings of ?1bn over 2020- 2022. This phase that is further add:

  • Operational efficiencies
  • Route-to-market focus, and
  • Supply chain efficiency

We remain devoted to continuing the change of our company in 2020.

Board Structure

I will be happy to welcome Jerry Fowden, who brings extensive US encounter to your Board. I’d like to thank Kieran Poynter our Senior Independent Director, whom appears down through the Board today. Dimitri Panayotopoulos can be Independent that is senior Director today’s conference.

And I expect to retire at or before our 2021 AGM as you would expect given my tenure as Chairman, the Board and Nominations Committee will be focussed on succession planning for my role, from which. Personally I think highly that my successor will inherit a small business this is certainly in exemplary form, that we am confident will deliver sustainable development for several years in the future.

Richard Burrows Chairman

2020 Outlook – Confirming High Single Figure EPS Growth and 65% Dividend Pay-out Policy

We now have regularly delivered on our high figure that is single money profits development target so we continue steadily to keep this guidance for 2020.

We now have produced strong begin to the season driven by:

  • Proceeded value and volume share development of 40bps and 20bps correspondingly
  • Good amount development (with a few take advantage of a rise in consumer and trade shares), and
  • Strong cost mix, with prices consistent with our plan



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