BTI Q2 2019 Earnings Report — British American Tobacco p.l.c. Revenue & Financial Results | Market Cap Arena

British American Tobacco p.l.c.BTI

Q2 2019 Earnings

Reported June 30, 2019

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q2 2019	Q1 2019	Q2 2018	QoQ Change	YoY Change
Revenue	$16.4B	—	$15.7B	—	4.6%
Op. Income	$6.2B	—	$6.2B	—	-0.6%
Gross Margin	83.0%	—	80.4%	—	2.6pp
Net Margin	23.1%	—	23.1%	—	0.0pp
EPS (Diluted)	$1.67	—	$1.60	—	4.2%
Free Cash Flow	$1.8B	—	$4.9B	—	-64.5%

Revenue Flow

Item	Amount
REVENUE	$16.4B
Cost of Revenue	$2.8B
GROSS PROFIT	$13.6B
R&D Expenses	$186M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.9B
Other Expenses	$30M
Operating Expenses	$7.3B
Cost & Expenses	$10.1B
OPERATING INCOME	$6.2B
Interest Income	$1.1B
Interest Expense	$0
Other Income/Expenses	-$1.6B
INCOME BEFORE TAX	$5.2B
Income Tax Expense	$1.3B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$348M
NET INCOME	$3.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.8B
D&A	$680M
EBIT	$6.0B
EBITDA	$6.7B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$16.4B
Cost of Revenue	$2.8B
GROSS PROFIT	$13.6B
R&D Expenses	$186M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$1.9B
Other Expenses	$30M
Operating Expenses	$7.3B
Cost & Expenses	$10.1B
OPERATING INCOME	$6.2B
Interest Income	$1.1B
Interest Expense	$0
Other Income/Expenses	-$1.6B
INCOME BEFORE TAX	$5.2B
Income Tax Expense	$1.3B
Net Income from Continuing Ops	$3.6B
Net Income from Discontinued Ops	$0
Other Adjustments	$348M
NET INCOME	$3.8B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$3.8B
D&A	$680M
EBIT	$6.0B
EBITDA	$6.7B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$3.8B
Depreciation & Amortization	-$680M
Stock-Based Compensation	$0
Deferred Income Tax	$0
Other Non-Cash Items	-$2.4B
Change in Working Capital	-$2.1B
OPERATING CASH FLOW	$2.1B
Capital Expenditure	-$315M
Acquisitions (Net)	-$57M
Purchases of Investments	-$94M
Sales/Maturities of Investments	$159M
Other Investing Activities	-$40M
NET CASH FROM INVESTING	-$307M
Net Debt Issuance	$1.8B
Common Stock Repurchased	-$158M
Common Dividends Paid	-$3.1B
Other Financing Activities	$55M
NET CASH FROM FINANCING	-$1.6B
FREE CASH FLOW	$1.8B
Net Change in Cash	$78M

Balance Sheet

Item	Amount
Cash & Equivalents	$4.5B
Short-Term Investments	$225M
Net Receivables	$6.9B
Inventory	$9.0B
Other Current Assets	$378M
TOTAL CURRENT ASSETS	$19.4B
PP&E (Net)	$7.7B
Goodwill	$0
Intangible Assets	$167.3B
Long-Term Investments	$2.6B
Tax Assets	$684M
Other Non-Current Assets	$2.0B
TOTAL NON-CURRENT ASSETS	$180.3B
TOTAL ASSETS	$199.7B
Account Payables	$13.2B
Short-Term Debt	$11.7B
Deferred Revenue	$1.1B
Other Current Liabilities	$712M
TOTAL CURRENT LIABILITIES	$26.7B
Long-Term Debt	$56.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$23.9B
Other Non-Current Liabilities	$4.7B
TOTAL NON-CURRENT LIABILITIES	$84.6B
TOTAL LIABILITIES	$111.3B
Common Stock	$828M
Additional Paid-In Capital	$35.9B
Retained Earnings	$51.7B
Treasury Stock	$0
Accum. Other Comp. Income	-$352M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$88.0B
Minority Interest	$342M
TOTAL EQUITY	$88.4B
TOTAL LIABILITIES & EQUITY	$199.7B
Total Debt	$67.8B
Net Debt	$63.3B