On the surface, the trend of ROCE at British American Tobacco doesn't inspire confidence. Over the last five years, returns on capital have decreased to 8.1% from 22% five years ago. However it looks like British American Tobacco might be reinvesting for long term growth because while capital employed has increased, the company's sales haven't changed much in the last 12 months. It's worth keeping an eye on the company's earnings from here on to see if these investments do end up contributing to the bottom line.