1) Group revenue (£24,492m) was up 25% or 3.5% on an adjusted, representative basis at constant rates of exchange;
2) Profit from operations increased by 45% or 4.0% on an adjusted, representative basis at constant rates of exchange;
3) Operating margin was 38.0% and Adjusted operating margin was 42.6%;
4) Diluted earnings per share fell 86%. Adjusted diluted earnings per share up 5.2% or 11.8% at constant rates;
5) Dividend per share up 4.0% at 203.0p;
6) Net cash generated from operating activities up 93%, with adjusted cash generated from operations@ at constant rates up 158%;
7) Cash conversion at 111%, with operating cash flow conversion ratio at 113%;
8) In 2018, net cash generated from operating activities increased by £4,948 million to £10,295 million;
9) In 2018, net cash used in investing activities declined by £17,523 million to £1,021 million (2017: £18,544 million, 2016: £640 million) as 2017 included the acquisition of the shares in RAI not already owned by the Group;
10) Total borrowings decreased to £47,509 million in 2018 (2017: £49,450 million) as the Group repaid, on maturity, a €400 million bond in March 2018 and three bonds totalling US$2,500 million in June 2018. The increase in 2017 (2016: £19,495 million) was largely due to the US$25 billion debt raised in connection with the acquisition of RAI and the consolidation of RAI’s debt on acquisition;
11) Net debt, at 31 December 2018, was £44,351 million (2017: £45,571 million; 2016: £16,767 million);
12) In 2018, volume was 5.4% lower at 157 billion sticks;
13) Market share was 20 bps lower.
British American Tobacco - Annual Reports$file/Annual_Report_and_Form_20-F_2018.pdf
