They could be tarred and feathered, made to ride a rail, or even stripped naked
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These lower returns were attributed to overconfidence
At about quarter after twelve, a mob of about 400 men and boys, many quite intoxicated, began making their way to the Watkins factory
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BAT Preliminary Announcement 2025 Summary Performance Review Financial Statements Other Information Data Lake and Reconciliations 22 Financial Statements Continued Group Cash Flow Statement For years ended 31 December 2025 2024 m m Cash flows from operating activities Cash generated from operating activities (page 33) 8,899 11,573 Dividends received from associates 369 406 Tax paid (2,926) (1,854) Net cash generated from operating activities 6,342 10,125 Cash flows from investing activities Interest received 201 187 Dividends received 1 Purchases of property, plant and equipment (551) (486) Proceeds on disposal of property, plant and equipment 37 145 Purchases of intangibles (153) (122) Proceeds on disposal of intangibles 31 39 Purchases of investments (54) (216) Proceeds on disposals of investments 848 299 Investment in associates and acquisitions of other subsidiaries net of cash acquired (29) (48) Proceeds from disposal of shares in associate, net of tax 1,052 1,577 Disposal of subsidiary, net of cash disposed of 4 Net cash generated from investing activities 1,387 1,375 Cash flows from financing activities Interest paid on borrowings and financing related activities (1,631) (1,703) Interest element of lease liabilities (40) (37) Capital element on lease liabilities (177) (165) Proceeds from increases in and new borrowings 3,814 2,404 Reductions in and repayments of borrowings (3,932) (4,826) Outflows relating to derivative financial instruments (380) (128) Purchases of own shares - share buy-back programme (1,112) (698) Purchases of own shares held in employee share ownership trusts (61) (94) Proceeds from the issue of perpetual hybrid bonds, net of issuance costs 1,050 Redemption of perpetual hybrid bonds, net of costs (883) Coupon paid on perpetual hybrid bonds (54) (56) Dividends paid to owners of the parent (5,238) (5,213) Investments in relation to non-controlling interests (19) Dividends paid to non-controlling interests (100) (121) Other 1 5 Net cash used in financing activities (8,762) (10,632) Net cash flows (used in)/generated from operating, investing and financing activities (1,033) 868 Transferred to held-for-sale (208) Differences on exchange (76) (281) (Decrease)/Increase in net cash and cash equivalents in the year (1,317) 587 Net cash and cash equivalents at 1 January 5,104 4,517 Net cash and cash equivalents at 31 December 3,787 5,104 Cash and cash equivalents per balance sheet 3,827 5,297 Overdrafts and accrued interest (40) (193) Net cash and cash equivalents at 31 December 3,787 5,104 The accompanying notes on pages 24 to 38 form an integral part of this condensed consolidated financial information
