《企业状况分析例文》由会员分享，可在线阅读，更多相关《企业状况分析例文（17页珍藏版）》请在金锄头文库上搜索。
1、Contents1 Discussion 2 - 131.1 History of British American Tobacco 1.2 How British American Tobacco financed1.3 The reason of Imperial Tobacco choosing the method of financing1.4 The reflect of the operation of efficient capital markets1.5 Discussions of Dividend Policy1.6 Analysis of the P/E ratio2
2、 References 143 Appendices 15 - 171.1 History of British American TobaccoBritish American Tobacco has been in business for more than 100 years, trading through the turbulence of wars, revolutions and nationalisations as well as all the controversy surrounding smoking.The business was formed in 1902,
3、 as a joint venture between the UKs Imperial Tobacco Company and the American Tobacco Company founded by James Buck Duke.1902 The UKs Imperial Tobacco Company and the American Tobacco Company of the United States form a joint venture, the British American Tobacco Company.19041908Expansion: to the We
4、st Indies, Ceylon and Egypt, Holland, Belgium, Sweden and Norway, Finland, Indonesia and East Africa1910 British American Tobaccos sales are more than 10 billion cigarettes. Profits grow correspondingly very quickly.1911 Expansion: to Malaya (now Malaysia)1911 The American Tobacco Company divests it
5、s shares in the joint venture. British American Tobacco is listed on the London Stock Exchange and British investors acquire most of its American parents shares. The company is now free to conduct its business independently throughout the world, except in the UK where territorial agreements remain w
6、ith Imperial.1913 A local tobacco manufacturer in Argentina, Bozetti & Co. is acquired. 1914 Brazilian company Souza Cruz is purchased today, one of the Groups leading subsidiaries.1915 British American Tobacco cigarette sales total 25 billion.1921 Cigarrera Bigott Sucs is formed in Venezuela and, i
7、n the following few years, acquisitions are made in Chile, Mexico and Central America.1927 British American Tobacco moves into the US market with the acquisition of a small North Carolina company, Brown & Williamson.1953 With new Chairman Duncan Oppenheim, 1953 signals a fresh start for the company.
8、 1956 British American Tobacco obtains the overseas business of Benson & Hedges. With State Express, Benson & Hedges becomes one of the cornerstones of the Groups predominance in the international brand market.1960 British American Tobacco begins to diversify into paper and pulp, cosmetics and the f
9、ood industry. Stakes in Wiggins Teape and Mardon Packaging are among the companys initial moves. 1964 Acquisitions the UKs Tonibell ice cream company and the Lenthric fragrance house. Brown & Williamson and British American Tobacco companies in South Africa and Australia also begin to invest in the
10、food industry.1966 British American Tobacco acquires cigar manufacturer Henri Wintermans and company profits exceed 100m for the first time. 1976 the Group undergoes radical reorganisation. With a new Chairman, Peter Macadam, operations are coordinated under a new holding company, B.A.T Industries.1
11、978 Industries is the UKs third largest company and the largest tobacco manufacturer in the free world with annual sales of 500 billion cigarettes.1992 British American Tobacco acquires Hungarys Pecsi Dohanygyar.1994 Acquisition of the American Tobacco Company 1998 BAT Industries divests its financi
12、al services businesses. That same year the company acquires Cigarrera La Moderna, the leading cigarette company in Mexico.British American Tobacco p.l.c. becomes a separately quoted company on the London Stock Exchange, with Martin Broughton as its chairman1999 British American Tobacco, the second l
13、argest tobacco company, announces a global merger with Rothmans International, the fourth largest. With the merger, British American Tobacco adds to its portfolio several major brands, including Dunhill.2001 the Group announces a series of new investments in countries such as Turkey, Egypt, Vietnam,
14、 South Korea and Nigeria.2004 US business of Brown & Williamson and RJ Reynolds Tobacco Company are combined and Reynolds American is formed a stronger, more sustainable business in which British American Tobacco has a 42% share.2007 sees snus test marketing extended to Canada and the sale of a numb
15、er of our pipe tobacco trademarks to Danish company Orlik Tobacco Company2009 Richard Burrows takes over as Chairman of British American Tobacco p.l.c. in November 2009.1.2 How British American Tobacco Tobacco financedGenerally, company should be financed by a combination of long-term and short-term
16、s.British American Tobacco is financed by Borrowing which including the non-current and current liabilities. And another financed method is issue of shares.Borrowing: This is the mean method to financed for the company. The proportion accounted for 59.29%, total amount is 9712 millions. Its the foundation of the financial structure of a company and mean source of its capital. Borrowing capital includin
