British American Tobacco Underlines Commitment To Transforming Tobacco In Latest Group Reports

Source from:  PR Newswire UK 03/19/2018

British American Tobacco (BAT) today published its Annual Report and Sustainability Report - both of which outline the Company's commitment to transform tobacco by offering an unrivalled suite of potentially reduced-risk products that address the varied preferences of today's consumers.

The reports - both titled 'Transforming Tobacco', clearly set out BAT's ambition to lead and shape the transformation of the industry by achieving a triple win: for consumers - who will be offered a range of potentially safer choices; for society - who could benefit from real progress in tobacco harm reduction; and for shareholders - who will own an even more sustainable and profitable business.

Complementing its existing combustible portfolio, BAT now offers a wide range of potentially reduced-risk products, including Next Generation Products (NGPs), comprising vapour and tobacco heating products (THPs), as well as oral tobacco and nicotine products, such as snus and moist snuff.

Commenting on the two reports, Nicandro Durante, Chief Executive, said:

"We recognise that the tobacco and nicotine industry has entered a dynamic period of change and we are committed to leading this transformation. Increased public health awareness, new societal attitudes and rapid developments in new technologies have all combined to create a unique opportunity to accelerate the delivery of our long-held ambition to provide our consumers with less risky tobacco and nicotine choices.

"These two important reports out today, clearly outline our strategy to transform tobacco by building our business based on outstanding products, informed consumer choice and a potentially reduced-risk portfolio. Put simply: more choice, more innovation, less risk."

The Company's commitment to the important role these potentially reduced-risk products will play, is reflected in its aims to generate over ￡1 billion revenue from NGPs in 2018 and to increase this figure fivefold to ￡5 billion by 2022.

Since 2012, together with Reynolds American Inc., BAT has invested approximately US$2.5 billion in developing and commercialising its range of Next Generation Products.

Mr Durante added:

"Transforming Tobacco isn't just about harm reduction, though. To respond to evolving challenges and opportunities, we need to continue to focus on the other key areas of our Sustainability Agenda, including sustainable agriculture and farmer livelihoods, and corporate behaviour. These are fundamental imperatives that set the foundations for our business for years to come."

Now in BAT's 16th year of sustainability reporting, the latest Sustainability Report, 'Transforming Tobacco', details the Group's 2017 sustainability performance and how the Company is shaping the future and transforming tobacco to create shared value for consumers, shareholders and stakeholders across its value chain.  Enditem