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Even when BAT sustained huge non-cash impairments amounting to 4.3 billion in goodwill and 23.0 billion in the carrying value of its US Combustibles portfolio in FY23, its operating cash flows were not significantly affected, allowing BAT to maintain a payout ratio of over 62% and consistently growing their dividends per share by +2.0% from FY22 to FY24 despite market volatility, impairment charges, and regulatory challenges

If a cart that used to feel smooth has gradually become harsher, oxidation is a likely contributor