企业状况分析例文.doc

Contents Discussion …………………………………………… 2 - 13 History of British American Tobacco How British American Tobacco financed The reason of Imperial Tobacco choosing the method of financing The reflect of the operation of efficient capital markets Discussions of Dividend Policy Analysis of the P/E ratio References ………………………………………………… 14 Appendices …………………………………………… 15 - 17 1.1 History of British American Tobacco British 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, as a joint venture between the UK’s Imperial Tobacco Company and the American Tobacco Company founded by James ‘Buck’ Duke. 1902 The UK’s Imperial Tobacco Company and the American Tobacco Company of the United States form a joint venture, the British American Tobacco Company. 1904~1908 Expansion: to the West Indies, Ceylon and Egypt, Holland, Belgium, Sweden and Norway, Finland, Indonesia and East Africa 1910 British American Tobacco’s sales are more than 10 billion cigarettes. Profits grow correspondingly very quickly. 1911 Expansion: to Malaya (now Malaysia) 1911 The American Tobacco Company divests its 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 with Imperial. 1913 A local tobacco manufacturer in Argentina, Bozetti Co. is acquired. 1914 Brazilian company Souza Cruz is purchased – today, one of the Group’s leading subsidiaries. 1915 British American Tobacco cigarette sales total 25 billion. 1921 Cigarrera Bigott Sucs is formed in Venezuela and, in the following few years, acquisitions are made in Chile, Mexico and Central America. 1927 British American Tobacco moves