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Here's the scenario: NGP profits improve by 250m/yr, from reported losses of 1bn in 2021 to management's target of break-even in 2025 NGP profits continue growing by 250m/yr until they reach 1.25bn in 2030 The combustibles business produces sufficient earnings to grow BAT's overall earnings by 3% per year to 2030 Heres a chart showing what that would look like: The blue line shows NGP losses gradually turning into profits and the amber line shows headline earnings growing at about 3% per year

Cigarette smoke contains many toxins, including ammonia, butane, nicotine and tar, that damage the lungs over time and cause lung cancer

Similarly, Poland is classified as an Emerging Market country by MSCI but as a developed country by FTSE

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