Summary - Funding Rounds

Founding Date

2004
Reynolds American is a subsidiary of British American Tobacco

Reynolds American Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

8.2 b8.5 b10.7 b12.5 b

Revenue growth, %

3%26%17%

Cost of goods sold

3.7 b4.1 b4.7 b4.8 b

Gross profit

4.6 b4.4 b6 b7.7 b

Gross profit Margin, %

55%52%56%61%

EBIT

3.1 b2.5 b7 b10.6 b

EBIT margin, %

38%30%65%85%

Interest expense

259 m286 m570 m626 m

Interest income

5 m3 m6 m8 m

Pre tax profit

2.7 b2.3 b6.4 b9.7 b

Income tax expense

1 b817 m3.1 b3.6 b

Net Income

1.7 b1.4 b3.3 b6.1 b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Revenue

2.1 b2 b2.3 b3.1 b2.9 b3.1 b3.2 b2.9 b3.3 b

Cost of goods sold

1 b850 m1.1 b1.4 b1.2 b1.3 b1.2 b1.2 b1.3 b

Gross profit

1.1 b1.1 b1.3 b1.7 b1.7 b1.9 b2 b1.7 b2 b

Gross profit Margin, %

51%57%54%55%59%59%62%59%61%

General and administrative expense

339 m511 m451 m453 m465 m499 m484 m418 m478 m

Operating expense total

339 m511 m451 m453 m465 m499 m484 m418 m478 m

EBIT

791 m693 m4.4 b6.1 b1.4 b1.5 b1.3 b1.6 b

EBIT margin, %

38%35%186%215%45%48%46%47%

Interest income

1 m1 m1 m3 m3 m2 m2 m2 m3 m

Pre tax profit

720 m620 m4.2 b1 b5.7 b1.3 b1.4 b1.2 b1.4 b

Income tax expense

263 m231 m2.3 b358 m2.2 b470 m507 m395 m479 m

Net Income

457 m363 m492 m467 m389 m1.9 b657 m3.6 b796 m861 m780 m919 m

Reynolds American Balance Sheet

Annual

usdY, 2010Y, 2011Y, 2012FY, 2013FY, 2014FY, 2015FY, 2016

Cash

2.2 b2 b2.5 b1.5 b966 m2.6 b2.1 b

Accounts Receivable

106 m116 m68 m66 m

Inventories

1.1 b1.3 b1.7 b1.6 b

Current Assets

3.7 b3.3 b6.2 b4.2 b

PP&E

1.1 b1.2 b1.3 b1.3 b

Goodwill

8 b8 b16 b16 b

Total Assets

15.4 b15.2 b53.2 b51.1 b

Accounts Payable

185 m142 m179 m221 m

Dividends Payable

514 m656 m

Short-term debt

450 m506 m501 m

Current Liabilities

3.1 b3.5 b5.3 b5 b

Long-term debt

5.1 b4.6 b16.9 b12.7 b

Total Debt

5.1 b5.1 b17.4 b13.2 b

Common Stock

Additional Paid-in Capital

6.6 b6.2 b18.4 b18.3 b

Retained Earnings

(1.3 b)(1.3 b)188 m3.7 b

Total Equity

5.2 b4.5 b18.3 b21.7 b

Debt to Equity Ratio

1 x1.1 x1 x0.6 x

Debt to Assets Ratio

0.3 x0.3 x0.3 x0.3 x

Financial Leverage

3 x3.4 x2.9 x2.4 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017

Cash

2.7 b1.8 b1.3 b1.3 b1.6 b4 b2.9 b4.4 b1.9 b1.9 b3.2 b1.8 b

Accounts Receivable

84 m100 m98 m89 m118 m145 m62 m80 m89 m37 m55 m123 m

Inventories

1.1 b1.1 b1.1 b1.1 b1.3 b1.7 b1.6 b1.7 b1.5 b1.6 b1.6 b1.4 b

Current Assets

4.8 b4 b3.5 b3.5 b4 b7.5 b6.4 b7.5 b4.9 b5 b5.1 b3.6 b

Goodwill

8 b8 b8 b8 b8 b17 b16.2 b16 b16 b16 b16 b16 b

Total Assets

16.6 b15.8 b15.3 b15.3 b15.9 b54.6 b53.8 b54.4 b51.8 b51.8 b52 b50.5 b

Accounts Payable

127 m179 m137 m129 m126 m178 m144 m138 m191 m198 m175 m193 m

Current Liabilities

4 b3.7 b3.3 b3.3 b4.2 b6.4 b5.7 b7.6 b4.8 b5.1 b5.9 b5.5 b

Long-term debt

5.1 b5.1 b5.1 b5.1 b4.6 b17.6 b17 b13.2 b13.2 b12.7 b12.7 b11.4 b

Total Debt

5.1 b5.1 b5.1 b5.1 b4.6 b17.6 b17 b13.2 b13.2 b12.7 b12.7 b11.4 b

Additional Paid-in Capital

6.7 b6.4 b6.2 b6.2 b6.2 b18.4 b18.5 b18.3 b18.3 b18.3 b18.2 b18.2 b

Retained Earnings

(1.3 b)(1.3 b)(1.2 b)(1.1 b)(1.3 b)285 m425 m3.2 b3.3 b3.5 b3.8 b4 b

Total Equity

5.1 b5 b4.9 b5 b18.3 b18.5 b21.2 b21.4 b21.5 b21.7 b21.9 b

Financial Leverage

3.3 x3.2 x3.1 x3.1 x3 x2.9 x2.6 x2.4 x2.4 x2.4 x2.3 x

Reynolds American Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

1.7 b1.4 b3.3 b6.1 b

Inventories

(143 m)(154 m)31 m89 m

Accounts Payable

(2 m)(43 m)32 m42 m

Cash From Operating Activities

1.3 b1.6 b196 m1.3 b

Cash From Investing Activities

(113 m)(205 m)(10 b)5.1 b

Long-term Borrowings

(1 b)(1 b)(450 m)(500 m)

Cash From Financing Activities

(2.2 b)(1.9 b)11.4 b(6.9 b)

Interest Paid

267 m252 m510 m712 m

Income Taxes Paid

713 m974 m3.7 b3.2 b

Free Cash Flow

1.5 b1.8 b370 m1.5 b

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015

Net Income

457 m363 m855 m1.3 b389 m

Depreciation and Amortization

25 m51 m78 m

Cash From Operating Activities

912 m

Cash From Financing Activities

(329 m)

Interest Paid

30 m125 m158 m

Income Taxes Paid

13 m499 m751 m

Free Cash Flow

857 m
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