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7.12.2023 6 MARKETS Symbol Volume Value Trades High Low Open Closing Change Code Traded Traded Trades Price Price Price Price EQUITIES APS 7,526 4,515.60 1 0.600 0.600 0.600 0.600 0.000 BMIT 135,625 58,318.75 5 0.430 0.430 0.430 0.430 0.000 BOV 73,352 81,346.38 7 1.130 1.090 1.110 1.130 0.040 GO 9,400 27,778.00 4 2.960 2.940 2.960 2.940 0.000 HLI 1,800 410.40 1 0.228 0.228 0.228 0.228 0.000 HSB 109,863 119,750.67 4 1.090 1.090 1.090 1.090 0.000 MIA 19,973 108,882.85 4 5.500 5.450 5.500 5.450 0.000 PG 83,900 161,386.52 7 1.940 1.920 1.920 1.940 0.020 CORPORATE STOCKS G32G 10,000 10,365.00 1 103.650 103.650 103.650 103.650 -0.580 G34A 58,400 60,718.48 1 103.970 103.970 103.970 103.970 -1.030 G40A 216,000 192,302.18 7 99.000 88.280 98.000 88.280 -2.220 G43AA 25,000 24,835.00 1 99.340 99.340 99.340 99.340 -0.910 CORPORATE BONDS AX24A 25,000 25,250.00 1 101.000 101.000 101.000 101.000 0.990 AX29A 4,300 4,203.25 1 97.750 97.750 97.750 97.750 -0.200 BB33A 8,500 8,712.50 1 102.500 102.500 102.500 102.500 0.500 BV30B 27,200 24,147.46 8 89.200 88.500 88.510 89.200 1.190 CE33A 10,100 10,100.00 1 100.000 100.000 100.000 100.000 0.000 DF26A 20,000 20,000.00 1 100.000 100.000 100.000 100.000 0.010 HF28A 5,000 4,675.50 1 93.510 93.510 93.510 93.510 0.010 IB32A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.000 IH26A 13,500 13,600.65 3 100.750 100.740 100.740 100.750 0.000 IH31A 4,000 3,720.00 1 93.000 93.000 93.000 93.000 0.000 JD32A 9,100 9,044.35 2 99.850 99.010 99.850 99.010 -0.840 MI23A 9,000 8,998.35 2 100.000 99.970 99.970 100.000 0.800 MP32A 5,000 4,970.00 1 99.400 99.400 99.400 99.400 -0.100 ON34A 16,000 15,360.00 2 96.000 96.000 96.000 96.000 -2.000 SF27A 10,000 10,000.00 1 100.000 100.000 100.000 100.000 0.700 SP29A 3,000 2,970.00 1 99.000 99.000 99.000 99.000 0.000 ST27A 33,000 33,000.00 4 100.000 100.000 100.000 100.000 0.000 VR27A 300 289.50 1 96.500 96.500 96.500 96.500 -2.400 Malta Stock Exchange Regulated Main Market Trading Date: 6 December 2023 British American Tobacco wipes $31.5 billion off value of US cigarette brands BRITISH American Tobacco (BAT) will take a hit of around $31.5 billion as it writes down the value of Camel, Pall Mall and other US cigarette brands, the company said Wednesday, ac- knowledging that its traditional market has no long-term future. e move by the maker of Lucky Strike and Dunhill ciga- rettes comes as ever-stricter reg- ulation and growing awareness of health risks squeeze tobacco companies' traditional business, driving declines in cigarette vol- umes in some markets. BAT (BTI) also pointed to eco- nomic challenges in the Unit- ed States — where some in- flation-weary consumers are downgrading to cheaper brands — and the rise of illicit dispos- able vapes putting pressure on its US cigarette division. e company said these factors, combined with the broader move away from smoking, meant it would adjust the way some of its US brands are treated on its bal- ance sheet, shifting their value to a finite lifetime of 30 years. is will result in an impair- ment charge of around £25 bil- lion ($31.5 billion), BAT said. Its Newport, Camel, Pall Mall and Natural American Spirit brands were affected, a spokesperson added. Chief Executive Tadeu Marroco described the move as "account- ing catching up with reality." While he does not believe ciga- rettes will disappear in 30 years, he said it was no longer possible to justify an indefinite value for those brands, equating to around $80 billion on BAT's balance sheet. BAT added that it would start amortizing the remaining value of its US combustibles brands in 2024, making it the first of the major cigarette players to acknowledge that its tobacco brands' value has an expiry date. BAT's shares fell more than 8% in early trade, wiping about £4 billion ($5 billion) off the compa- ny's value. Imperial Brands shares were down more than 2%. Like rivals, BAT has been in- vesting heavily in smoking alter- natives like vapes. On Wednesday, it announced a new ambition to generate 50% of its revenues from non-combusti- bles by 2025. James Edwardes Jones, analyst at RBC Capital Markets, wel- comed the goal given the US charge and a "grim" outlook for BAT. "Goodness, that's a big number," he said of the charge, adding that it exemplified the "perils of the industry" and sent signals about the outlook for cigarettes. The move by the maker of Lucky Strike cigarettes comes as ever-stricter regulation and growing awareness of health risks squeeze tobacco companies' traditional business.

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