BTI FY 2014 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

FY 2014 Earnings

Reported December 31, 2014

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2014	Prior Q	FY 2013	QoQ Change	YoY Change
Revenue	$18.8B	—	$20.6B	—	-8.4%
Op. Income	$6.8B	—	$7.8B	—	-12.9%
Gross Margin	78.3%	—	78.7%	—	-0.4pp
Net Margin	22.3%	—	25.6%	—	-3.3pp
EPS (Diluted)	$2.25	—	$2.76	—	-18.5%
Free Cash Flow	$4.3B	—	$5.2B	—	-17.5%

Revenue Flow

Item	Amount
REVENUE	$18.8B
Cost of Revenue	$4.1B
GROSS PROFIT	$14.8B
R&D Expenses	$208M
Selling & Marketing	$2.8B
General & Administrative	$20M
SG&A Expenses	$2.8B
Other Expenses	-$5.0B
Operating Expenses	$7.6B
Cost & Expenses	$11.7B
OPERATING INCOME	$6.8B
Interest Income	$591M
Interest Expense	$653M
Other Income/Expenses	-$253M
INCOME BEFORE TAX	$6.5B
Income Tax Expense	$2.0B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$969M
NET INCOME	$4.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.2B
D&A	$570M
EBIT	$7.3B
EBITDA	$6.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$18.8B
Cost of Revenue	$4.1B
GROSS PROFIT	$14.8B
R&D Expenses	$208M
Selling & Marketing	$2.8B
General & Administrative	$20M
SG&A Expenses	$2.8B
Other Expenses	-$5.0B
Operating Expenses	$7.6B
Cost & Expenses	$11.7B
OPERATING INCOME	$6.8B
Interest Income	$591M
Interest Expense	$653M
Other Income/Expenses	-$253M
INCOME BEFORE TAX	$6.5B
Income Tax Expense	$2.0B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$969M
NET INCOME	$4.2B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$4.2B
D&A	$570M
EBIT	$7.3B
EBITDA	$6.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$4.2B
Depreciation & Amortization	$570M
Stock-Based Compensation	$100M
Deferred Income Tax	$0
Other Non-Cash Items	$1.1B
Change in Working Capital	-$926M
OPERATING CASH FLOW	$5.0B
Capital Expenditure	-$713M
Acquisitions (Net)	$127M
Purchases of Investments	-$42M
Sales/Maturities of Investments	$46M
Other Investing Activities	$80M
NET CASH FROM INVESTING	-$634M
Net Debt Issuance	$897M
Common Stock Repurchased	-$1.1B
Common Dividends Paid	-$3.7B
Other Financing Activities	-$777M
NET CASH FROM FINANCING	-$4.7B
FREE CASH FLOW	$4.3B
Net Change in Cash	-$383M

Balance Sheet

Item	Amount
Cash & Equivalents	$2.5B
Short-Term Investments	$67M
Net Receivables	$2.8B
Inventory	$5.6B
Other Current Assets	$1.4B
TOTAL CURRENT ASSETS	$12.3B
PP&E (Net)	$4.1B
Goodwill	$13.3B
Intangible Assets	$1.3B
Long-Term Investments	$3.2B
Tax Assets	$419M
Other Non-Current Assets	$715M
TOTAL NON-CURRENT ASSETS	$23.0B
TOTAL ASSETS	$35.3B
Account Payables	$7.4B
Short-Term Debt	$3.3B
Deferred Revenue	$580M
Other Current Liabilities	$453M
TOTAL CURRENT LIABILITIES	$11.8B
Long-Term Debt	$13.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$667M
Other Non-Current Liabilities	$2.4B
TOTAL NON-CURRENT LIABILITIES	$15.6B
TOTAL LIABILITIES	$27.4B
Common Stock	$684M
Additional Paid-In Capital	$100M
Retained Earnings	$2.1B
Treasury Stock	$0
Accum. Other Comp. Income	$4.4B
Other Equity	-$12.5B
TOTAL STOCKHOLDERS' EQUITY	$7.4B
Minority Interest	$410M
TOTAL EQUITY	$7.8B
TOTAL LIABILITIES & EQUITY	$35.3B
Total Debt	$16.5B
Net Debt	$14.1B