Full Year 2021 British American Tobacco PLC Earnings Call Transcript
Good morning, everyone. I'm Jack Bowles, the Chief Executive of BAT, and I'm here with Tadeu Marroco, the Group Finance and Transformation Director. We are very happy to be with you this morning to present our 2021 results. I hope everyone listening this morning and your families and friends are well.
In 2021, we delivered the pivotal year, a key milestone towards our 2025 targets and a clear acceleration in our transformation journey to build a better tomorrow. This morning, I will share the key highlights of our progress, and then Tadeu will provide more details on our performance and outlook.
A year ago, we said that 2021 would be a pivotal year, and we were at a critical turning point in BAT's transformation journey. We committed to accelerating New Category revenue growth, reducing New Category losses for the first time and deleveraging to around 3x net debt to EBITDA. And I'm delighted to say that we have delivered on all 3 areas. We accelerated constant currency New
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