アニュアルレポート 2013年度
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- きょういち すえがら
- 5 years ago
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2 Management At a Glance CEO Financial Review 074 Financial Statements 084 Shareholder Information 142 Operation & Analysis JT 058 Other Information 146 JT JTI Executive Committee Fact Sheets Fact Sheet Web annual_report/index.html For more information, please visit
3 Financial Highlights EBITDA 7, % 7.5% % ppt EPS % 15.7% MANAGEMENT OPERATIONS & ANALYSIS FINANCIAL REVIEW FINANCIAL STATEMENTS SHAREHOLDER INFORMATION OTHER INFORMATION JAPAN TOBACCO INC. ANNUAL REPORT
4 Ploom: Introduced in 2013 in our first four markets, Ploom is a unique concept driven by an innovative design. See page 33 & 37 for more details.
5 004 At a Glance CEO MANAGEMENT JT
6 At a Glance Winston Camel MEVIUS 6 JT Fine Cut Emerging Product JT 61% % 2013 MEVIUS 4, % GFB 2, % US$ 12, % EBITDA US$ 4, % 1, % 6, % EBITDA 3, % +6.1% +11.3% 004 JAPAN TOBACCO INC. ANNUAL REPORT 2013
7 7.7% 2.7% 29.6% 0.6% 6.5% 52.9% MANAGEMENT EBITDA JT EBITDA , EBITDA , EBITDA % JAPAN TOBACCO INC. ANNUAL REPORT
8 Consolidated Five-year Financial Summary IFRS 2011 IFRS 2012 IFRS 2013 IFRS 1 61,347 20,594 20,338 21,202 23,998 26,336 9,635 9,663 10,107 12,700 30,428 6,658 6,462 6,871 7, ,947 3,675 3,594 1,888 1,855 1,845 1,707 1,687 1, ,068 8,878 8,946 9,431 12,007 6,160 6,322 6,119 6,540 6,762 2,965 4,013 4,592 5,322 6,483 1,369 2,259 2,524 2,894 3,764 1,987 2,023 2,093 2,413 2, EBITDAEBITDA3 5,267 5,220 5,771 6,220 7,517 2,777 2,779 3,148 3,432 4,516 2,513 2,472 2,623 2,813 3, ,302 1,180 1,188 1,165 1, ,384 2,433 3,209 3,436 4,280 FCF 5 2,507 3,004 4,513 3,160 2, JAPAN TOBACCO INC. ANNUAL REPORT 2013
9 MANAGEMENT IFRS 2011 IFRS 2012 IFRS 2013 IFRS 38,726 36,552 36,670 38,526 46, ,743 7,091 5,024 3,272 3,759 21,493 20,539 19,524 19,601 20,154 17,233 16,013 17,146 18,924 25,961 ROE7 8.6% 15.3% 20.3% 20.0% 19.9% ROA 8 6.6% 10.2% 12.1% 13.5% 15.0% % 41.7% 44.6% 46.9% 54.3% ,448 25, , , , ,800 6, % 26.8% 29.7% 37.6% 40.8% 1 IFRS 2 IFRS 3EBITDA IFRS EBITDA * * 4IFRSIFRS 5 FCF 6 7 IFRS 8 IFRS 9 IFRS 10IFRS IFRS 13 JAPAN TOBACCO INC. ANNUAL REPORT
10 Yasutake Tango Chairman of the Board Mitsuomi Koizumi President and CEO and Representative Director 008 JAPAN TOBACCO INC. ANNUAL REPORT 2013
11 Message from the Chairman and CEO MANAGEMENT S MEVIUS EBITDA 7.5% 40.8% % EPS 15.7% EBITDA 2013 Emerging Product 4S % 50% FMCG CSR 4S JAPAN TOBACCO INC. ANNUAL REPORT
12 CEO Business Review CEO JT 2013 Ploom Nakhla Megapolis Yasutake Tango Chairman of the Board Mitsuomi Koizumi President and CEO and Representative Director 010 JAPAN TOBACCO INC. ANNUAL REPORT 2013
13 MANAGEMENT 61.0% 1.4% Mild SevenMEVIUS JT JT S HIV 250mg HIV JTK-303 Vitekta EMAFDA MEK FDA 6Mekinist EMA Roots JAPAN TOBACCO INC. ANNUAL REPORT
14 Management Principle 4S JT 4S 4 4 JT Strategic Framework JT 012 JAPAN TOBACCO INC. ANNUAL REPORT 2013
15 Resource Allocation Policy FMCG MANAGEMENT EBITDA Nakhla, Megapolis Gryson 4,623 Hagger Cigarette & Tobacco Factory (Sudan) Kannenberg, Tribac Leaf Gallaher RJR International FY1999 FY2000 FY2001 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 JT % % EPS 16 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 JAPAN TOBACCO INC. ANNUAL REPORT
16 Business Plan JT3 mid to high single-digit 2014 EBITDA % 50% FMCG EPS high single-digit * * 2014 * 6.0% 1.6% * Glossary +6.0% +1.6% ,130 6,500 6, JAPAN TOBACCO INC. ANNUAL REPORT 2013
17 Role and Priority of Each Business 2014 MANAGEMENT JTmid to high single-digit p28 p34 p38 p42 p46 JAPAN TOBACCO INC. ANNUAL REPORT
18 Performance Measures *EPS 2014 JT 3 * 14 Calendar year basis 4.6% 4,164 4,257 4,365 4,164 fine cut cigar pipe snus % 1,201 1,084 1,162 1,201 FY2011 FY2012 FY2013 GFB GFB Calendar year basis 0.8% 2,666 2,565 2,688 2,666 Winston Camel MEVIUS B&H Silk Cut LD Glamour Sobranie JAPAN TOBACCO INC. ANNUAL REPORT 2013
19 MANAGEMENT US Calendar year basis 11,211 11, , , % 12,362US +3.9% 12,273US Restated* Business 2013 at constant exchange rates FX 2013 * Glossary +3.4% 6,762 6,540 6,762 6,119 FY2011 FY2012 FY % 23,998 20,338 21,202 23,998 FY2011 FY2012 FY2013 JAPAN TOBACCO INC. ANNUAL REPORT
20 Performance Measures continued EBITDA EBITDA 5,771 6, , , % 6, % 7,517 * FY2011 FY2012 Business FY2013 at constant exchange rates FX FY2013 * % 3.2ppt 40.8% FY2011 FY2012 FY2013 CAGR14.1% EBITDA JAPAN TOBACCO INC. ANNUAL REPORT 2013
21 MANAGEMENT CAGR39% % FY2011 FY2012 FY2013 EPS EPS % % EPS FY2011 FY2012 Business FY2013 at constant currency FX FY2013 EPS * * JAPAN TOBACCO INC. ANNUAL REPORT
22 Camel: Launched in 1913 and a pioneer of the American blend, Camel's strong heritage and genuine taste continue to drive its success. The brand's success is supported by innovative propositions and it celebrated 100-year anniversary in See page 29 for further details.
23 JT 058 OPERATIONS & ANALYSIS JT
24 Industry Overview e-cigarette Vapor % 2013 * Euromonitor e-cigarette EU JT M&A 022 JAPAN TOBACCO INC. ANNUAL REPORT 2013
25 ,292 23,167 24,062 24,779 25,178 3,900 3,831 3,751 3,708 3,472 3,207 3,091 2,991 2,927 2,852 1,738 1,816 1,918 2,031 2,212 2,351 2,179 1,959 1,974 1, ,028 1,021 1,009 OPERATIONS & ANALYSIS 1, , , Euromonitor 4 % JT Euromonitor and JT estimate Excluding China National Tobacco Corp CNTC Marlboro Philip Morris International Inc Altria Group Inc 4,257 4,208 4,144 4,169 4,027 Winston Japan Tobacco Inc Reynolds American Inc 1,221 1,224 1,224 1,302 1,363 Pall Mall British American Tobacco Plc Reynolds American Inc ,010 1,016 1,045 L&M Philip Morris International Inc MEVIUS Japan Tobacco Inc 1, Gold Flake ITC Ltd British American Tobacco Plc Kent British American Tobacco Plc Gudang Garam Gudang Garam Tbk PT Camel Japan Tobacco Inc Reynolds American Inc Dunhill British American Tobacco Plc Euromonitor Excluding China National Tobacco Corp CNTC JAPAN TOBACCO INC. ANNUAL REPORT
26 Industry Overview continued , IMS Health 36% 23% 12%2013 IMS Health %4.7% 2013 IMS Health % ,800 3% % 32% 21% 10% %8% % 024 JAPAN TOBACCO INC. ANNUAL REPORT 2013
27 OPERATIONS & ANALYSIS %9, %8% PB JAPAN TOBACCO INC. ANNUAL REPORT
28 Review of Operations The core business and profit growth engine of the JT Group JTmid to high single digit JT 026 JAPAN TOBACCO INC. ANNUAL REPORT 2013
29 OPERATIONS & ANALYSIS R&D GFB GFB JAPAN TOBACCO INC. ANNUAL REPORT
30 Review of Operations continued , % Thomas A. McCoy President & CEO, JTI 2, % GFB 12, % + 6.1% US 4, % % EBITDA US JTI 2013 GFB Fine Cut Emerging Products Emerging Product US 11, % +1,083 12, Volume Price/Mix 2013 at restated * constant currency * 4.6% GFBWinston 0.8% /116.1% 3.9% EBITDA 11.3% US +11.3% 2014 JTI 4, , , restated Volume Price/Mix Other 2013 at constant currency JT JTI90 120JTI JT / 7.5% Glossary 028 JAPAN TOBACCO INC. ANNUAL REPORT 2013
31 JT Global Flagship Brands (GFB) Portfolio GFBJTI 8GFB Winston 1954Winston JTI Winston 1,40038 Fine Cut 16.3% OPERATIONS & ANALYSIS Winston 1,250 1,307 1,394 1, Winston 42 Winston Core Winston XS +3.1% +4.5% +6.7% +0.7% Winston Core Winston King Size Super SlimFine Cut Winston XS King Size Super Slim King Size Slim 2013 Camel 1913 Camel 100JTI 2013Camel100 Oyster Pack On demand *Camel Activate ActivateCamel 19% Fine Cut * JAPAN TOBACCO INC. ANNUAL REPORT
32 Review of Operations continued JTI Fine Cut18.4% 4.6% 4, ppt 20.1% % % % % % % +1.3 Fine Cut Nielsen Logista ppt 18.8% % % % % % % +1.5 Fine Cut Nielsen Logista IRI GFB 2013 GFB 0.8% 2,666 GFB2.4 ppt 64.0% GFB 124.4ppt 14.4% Cluster breakdown 29% 29% 20% 44% 12% 18% 21% 15% 18% 18% South & West Europe 36% * % EBITA* Rest-of-the-World CIS+ North & Central Europe South & West Europe * % GFB % % 9% GFB 2.8% 5.0% WinstonCamel EBITA 030 JAPAN TOBACCO INC. ANNUAL REPORT 2013
33 JT Global Flagship Brands Portfolio continued MEVIUS 1977 Mild Seven MEVIUS Imagineering the future 18 No No.1 Ploom LD 1999 LD 2JTI 37 LD Value LD30% 2013 Fine Cut OPERATIONS & ANALYSIS Benson & Hedges Sobranie Sobranie Sobranie GFB Sobranie Prestige58% King Size Super Slims 98MM MIDI SLIMS Prestige Glamour 1873Benson Hedges JTI EU 27B&H 2013 Dual B&H 2 Silk Cut 1964 Silk Cut 1970 JTIEU Silk Cut 16 Glamour JTI 2005 Glamour CIS JAPAN TOBACCO INC. ANNUAL REPORT
34 Review of Operations continued EBITA 0.4% EBITA 2.8% EBITA North & Central Europe % GFB % 2013North & Central Cluster 1.0% GFB 5.3% JTI 40% Sterling Amber Leaf No.1Amber Leaf No.1 7.8% EBITA 5.6% CIS , % GFB 1, % 2013 CIS 6.2% GFB 0.7% GFB % GFB1.3ppt 23.2% Winston 1.6ppt 14.3%Camel Sobranie JTI0.5ppt 36.7% 9.6% EBITA 19.9% CIS Rest-of-the-World , % GFB % 2013 Rest-of-the-World 5.3% GFB 2.5% 2.8% GFB 3.1% MEVIUS Mi-NeWinston 1.2ppt 44.5% 4.4%EBITA 13.9% JTI 2014 Emerging Products 032 JAPAN TOBACCO INC. ANNUAL REPORT 2013
35 JT Other Tobacco Products Portfolio Ploom Ploom OPERATIONS & ANALYSIS PloomVapor Red Dot Award Vapor Ploom JTI Fine Cut JTI Fine Cut Roll your own, Make your own Gryson 18.4% +8% Winston Camel LD GFB 22.6%Amber Leaf Old Holborn 2013JTI Fine Cut 18.3% Fine Cut Shisha JTI JAPAN TOBACCO INC. ANNUAL REPORT
36 Review of Operations continued , % 3, % EBITDA 2013MEVIUS EBITDA MEVIUS % 1, % * 1, , % 6,762 EBITDA 7.4% 3,021 EBITDA +3.4% +7.4% * JT ,969 JT % 6,540 6, ,813 3, JAPAN TOBACCO INC. ANNUAL REPORT 2013
37 JT No.1* JT 2013 MEVIUS JT OPERATIONS & ANALYSIS No.1* ** 1mg mg No.1* * ** JAPAN TOBACCO INC. ANNUAL REPORT
38 Review of Operations continued MEVIUS % 1.4ppt MEVIUS 61.5% Share evolution of JT, key brands, and MEVIUS % JT MV JT Mild Seven MEVIUS MEVIUS pptJT % JT 036 JAPAN TOBACCO INC. ANNUAL REPORT 2013
39 JT Vapor café STUDIO with Ploom OPERATIONS & ANALYSIS JT ,600 JAPAN TOBACCO INC. ANNUAL REPORT
40 Review of Operations continued EBITDA HIV 250mg EBITDA HIVStribildJTK-303 HIVVitektaJTK-303 Mekinist 2012 JT 113EBITDA JAPAN TOBACCO INC. ANNUAL REPORT 2013
41 MR OPERATIONS & ANALYSIS MR MR MR 485MR MR ISO14001 JAPAN TOBACCO INC. ANNUAL REPORT
42 Review of Operations continued JTK-303 elvitegravir HIV HIV JTT GPR40 JTZ-951 HIF-PHD HIF-PHD JTE-051 ITK T JTE-052 JAK JAK JTE-151 ROR Th17ROR JTE-350** JTT PDHK PDH * Gilead Sciences ** elvitegravir JTK-303 Gilead Sciences HIV HIV elvitegravir/cobicistat/emtricitabine/ tenofovir alafenamide) Phase 3 trametinib GlaxoSmithKline MEK MEK ICOS MedImmune ICOS T ICOS 040 JAPAN TOBACCO INC. ANNUAL REPORT 2013
43 Phase 1 Phase 2 Phase 3 elvitegravir/cobicistat/emtricitabine/ tenofovir alafenamide) Phase 3 * Elvitegravir 3 Gilead Sciences OPERATIONS & ANALYSIS Phase 2 Phase 2 Phase 2 Phase 1 Phase 1 Phase 1 Phase 1 Phase 1 ALK JAPAN TOBACCO INC. ANNUAL REPORT
44 Review of Operations continued , EBITDA 10 1,855 1, EBITDA JAPAN TOBACCO INC. ANNUAL REPORT 2013
45 2003 AROMA&BODY* 3 OPERATIONS & ANALYSIS * JT 2009 REVOLUTION AROMA REVOLUT % * JTJT ** * 7.5g / 100ml55% ** JT 1996 * ml * JAPAN TOBACCO INC. ANNUAL REPORT
46 Review of Operations continued * JTFSSC22000 * HTST :HTST 044 JAPAN TOBACCO INC. ANNUAL REPORT 2013
47 OPERATIONS & ANALYSIS JAPAN TOBACCO INC. ANNUAL REPORT
48 Review of Operations continued , EBITDA , % 1,526 1,569 * EBITDA +1.5% % EBITDA 1.5% * 046 JAPAN TOBACCO INC. ANNUAL REPORT 2013
49 No OPERATIONS & ANALYSIS * * JAPAN TOBACCO INC. ANNUAL REPORT
50 Review of Operations continued HACCPISO22000 ISO22000 HACCP 30 ISO JAPAN TOBACCO INC. ANNUAL REPORT 2013
51 OPERATIONS & ANALYSIS JT 100% 1998 M&A JT JAPAN TOBACCO INC. ANNUAL REPORT
52 Risk Factors JT CIS 1. JT 050 JAPAN TOBACCO INC. ANNUAL REPORT 2013
53 2. JT 2007 JT JT International Holding B.V. JT International S.A. EU26 EU 2009 EU JT JTI Macdonald Corp. OPERATIONS & ANALYSIS 3. JT JAPAN TOBACCO INC. ANNUAL REPORT
54 Risk Factors continued JT 6. RJR JAPAN TOBACCO INC. ANNUAL REPORT 2013
55 7. JT OPERATIONS & ANALYSIS JT JT 8. JT JT JT International Holding B.V. JAPAN TOBACCO INC. ANNUAL REPORT
56 JT Group and Sustainability JT JTFY2013JT 2. JT JT JT JT 3. JT JT4S JT 1. JT JT 4S 4 4 4S 4S JT 4S 4. JT JT JT JTI 054 JAPAN TOBACCO INC. ANNUAL REPORT 2013
57 JT JT JTI 4 JT JT OPERATIONS & ANALYSIS JT ALP GCP ARISE ARISE JAPAN TOBACCO INC. ANNUAL REPORT
58 JT Group and Sustainability continued JT 5. JT JT JAPAN TOBACCO INC. ANNUAL REPORT 2013
59 6. JT4SJT OPERATIONS & ANALYSIS 7. JT JT JTI org 2013JT 77 8, ,700 ECLT JAPAN TOBACCO INC. ANNUAL REPORT
60 Corporate Governance * 2006 * JT JAPAN TOBACCO INC. ANNUAL REPORT 2013
61 * OPERATIONS & ANALYSIS * JAPAN TOBACCO INC. ANNUAL REPORT
62 Corporate Governance continued JAPAN TOBACCO INC. ANNUAL REPORT 2013
63 OPERATIONS & ANALYSIS ,700 22,400 9, JT International S.A. Executive Vice President JAPAN TOBACCO INC. ANNUAL REPORT
64 Corporate Governance continued , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
65 OPERATIONS & ANALYSIS LIXIL JAPAN TOBACCO INC. ANNUAL REPORT
66 Corporate Governance continued , JT International Holding B.V. Vice President JAPAN TOBACCO INC. ANNUAL REPORT 2013
67 , OPERATIONS & ANALYSIS JAPAN TOBACCO INC. ANNUAL REPORT
68 Corporate Governance continued JAPAN TOBACCO INC. ANNUAL REPORT 2013
69 1 OPERATIONS & ANALYSIS 156P JAPAN TOBACCO INC. ANNUAL REPORT
70 Corporate Governance continued JT JT JT JAPAN TOBACCO INC. ANNUAL REPORT 2013
71 OPERATIONS & ANALYSIS JT50P JAPAN TOBACCO INC. ANNUAL REPORT
72 Corporate Governance continued JAPAN TOBACCO INC. ANNUAL REPORT 2013
73 OPERATIONS & ANALYSIS JT ,000 58,000100, JAPAN TOBACCO INC. ANNUAL REPORT
74 JTI new head office in Geneva: Currently under construction, the new JTI headquarters in Geneva is an innovative structure, designed to inspire our diverse employees with a challenging mindset.
75 FINANCIAL REVIEW 074
76 Financial Review * ,202 * , ,998 2, % 23,998 EBITDA , ,517 EBITDA 1, % 7, EBITDA 7.5% 2012 EBITDA ,322 +1, ,483 1, % 6, JAPAN TOBACCO INC. ANNUAL REPORT 2013
77 ,436 +1, , % 4, ,202 23, ,107 12, ,431 12,007 6,871 7, ,540 6, ,855 1,845 1,687 1, RUB GBP EUR EBITDA ,322 6, ,035 EBITDA 6,220 7, ,894 3, EBITDA 3,432 4,516 2,413 2, EBITDA 2,813 3,021 (162) (90) EBITDA (127) (54) 23 (21) EBITDA (58) (2) EBITDA (307) (378) EBITDA (96) (127) FINANCIAL REVIEW EBITDA 1 2EBITDA* * ** ** JAPAN TOBACCO INC. ANNUAL REPORT
78 Financial Review continued ,526 +1, , ,077 +1,088 46,114 7,589 46, , , , , ,154 7,037 25, JAPAN TOBACCO INC. ANNUAL REPORT 2013
79 RJR IFRS EBITDA EBITDA EBITDA EBITDA GAAP IFRS GAAP 1EPS EBITDA FINANCIAL REVIEW EBITDA GAAPIFRS 2EPS ,104 EPS % JAPAN TOBACCO INC. ANNUAL REPORT
80 Financial Review continued EPS ,436 4,280 (342) (440) ,297 4,104 1,898,553 1,818, % ,374 1, % % % % % % % , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
81 % S 4 FINANCIAL REVIEW ,272 3,759 (1,427) (2,532) 1,845 1,227 18,065 25, ,451, % JT JT JAPAN TOBACCO INC. ANNUAL REPORT
82 Financial Review continued 1 CMS , , , , , ,1052, , , , , % 5.30% 1.42% 4.20% 0.43% 5.90% 0.43% 5.90% , , Aa3 & S&P AA R&I AA S&P R&I 080 JAPAN TOBACCO INC. ANNUAL REPORT 2013
83 % 2.10% 0.45% 2.10% 1.07% 41.00% 1.05% 13.00% ,724 1, , ,759 2, FINANCIAL REVIEW JAPAN TOBACCO INC. ANNUAL REPORT
84 Three dimensional structure of elvitegravir (JTK-303), JT s original compound: Our pharmaceutical business aims to build a unique, world-class pharmaceutical portfolio driven by R&D, and to increase our market presence through original and innovative drugs. See page page 38 for more details.
85 FINANCIAL STATEMENTS 084
86 * 7 142, , , , , , ,103 17, , ,691 1,210,552 1,482, ,594 1,952 1,213,146 1,484, , , ,316,476 1,584, , , ,995 61, ,825 16,530 22, , ,781 92, , ,880 2,639,421 3,127,053 3,852,567 4,611,444 * JAPAN TOBACCO INC. ANNUAL REPORT 2013
87 * , , , ,562 85,714 77, ,550 9, ,256 7, , ,161 1,112,867 1,250, ,112,968 1,250, , , ,844 17, , , ,786 5, , , , , , ,842 1,960,137 2,015, , , , , (344,573) (344,463) 23 (155,420) 251,107 1,470,125 1,762,566 1,806,543 2,505,610 85,887 90,481 1,892,431 2,596,091 FINANCIAL STATEMENTS 3,852,567 4,611,444 * 3. JAPAN TOBACCO INC. ANNUAL REPORT
88 * ,120,196 2,399, (899,437) (979,975) 1,220,759 1,419, ,165 55,634 2,775 1, (733,486) (828,942) 6 532, , ,493 8, (28,351) (20,408) 509, , (157,907) (200,912) 351, , , ,987 7,852 7, , , EBITDA * , , , ,921 (34,234) (44,016) 7,536 14,580 EBITDA6 621, ,745 * JAPAN TOBACCO INC. ANNUAL REPORT 2013
89 * , , ,799 4, (28,122) 8,824 (23,322) 13, , , , , , , , , , ,867 8,288 7, , ,261 * 3. FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
90 * , ,410 (94,574) 1,028 (387,228) (309) 10, , , , , (250,000) (2) (2) 1 (249,999) 245 (2) , ,411 (344,573) 1,274 (171,341) (187) 14, , , , , (0) 23 (11) 110 (81) (118) (11) (118) , ,400 (344,463) 1, , ,380 * * * * * * (376,363) 1,268,944 1,634,418 80,576 1,714, , ,596 7, ,448 (28,177) 192, , ,959 (28,177) 192, , ,119 8, , (250,000) (250,000) 23 (2) (114,258) (114,258) (4,061) (118,319) (522) (505) 28,177 28,175 (28,175) 1,606 1,606 28,177 28,420 (142,415) (363,993) (2,977) (366,970) (155,420) 1,470,125 1,806,543 85,887 1,892, , ,987 7, ,291 8, , , ,970 8, , , ,867 7, , (0) (0) 23 (81) (18) (152,669) (152,669) (3,179) (155,849) (1,011) (1,011) (2,509) (3,520) (8,405) (8,523) 8,523 9,629 9,629 2,888 12,517 (8,405) (8,353) (135,546) (143,800) (2,801) (146,601) ,107 1,762,566 2,505,610 90,481 2,596,091 * JAPAN TOBACCO INC. ANNUAL REPORT 2013
91 * , , , ,921 3,213 2,446 9,717 (5,137) (7,933) 10,134 8,612 (2,775) (1,702) (29,218) (38,800) (24,118) (13,631) 10,791 (15,530) 1,576 11,289 (16,152) (17,661) (31,377) (14,274) 12,802 (103,515) (3,093) (5,148) 17,341 (2,247) 569, ,748 6,764 9,514 (8,703) (8,469) (101,258) (185,298) 466, ,496 (19,161) (8,880) 3,426 23,716 (114,240) (132,256) 33,425 56,159 (18,611) (18,263) (26,647) (798) 45,665 4,744 (54,128) (978) (74,801) 3,321 (13,095) (147,928) (163,473) 24 (114,236) (152,570) (4,009) (3,195) (23,012) (8,936) (81,165) (20,558) 49,395 (92,466) (4,814) (4,992) (250,000) (0) (505) (4,462) 0 0 (569,473) (145,189) (250,793) 87, , ,713 (11,235) 22, , ,219 FINANCIAL STATEMENTS * 3. JAPAN TOBACCO INC. ANNUAL REPORT
92 IFRS IFRS IFRS IFRS IFRS 9 IAS 39 IAS 39 2 IAS IAS 36 IAS 36 IFRS 13 IFRS JT International Holding B.V. JT International Holding B.V. JTIH JTIH JTIH JTIH IFRS JAPAN TOBACCO INC. ANNUAL REPORT 2013
93 JTIH FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
94 3 JTIH a b 4 i IAS 39 i 092 JAPAN TOBACCO INC. ANNUAL REPORT 2013
95 a b IAS 39 i FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
96 IFRIC JAPAN TOBACCO INC. ANNUAL REPORT 2013
97 IAS 37 FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
98 JAPAN TOBACCO INC. ANNUAL REPORT 2013
99 IFRS IFRS IFRS 7 IFRS 10 IFRS 11 IFRS 12 IFRS 13 IAS 1 IAS 19 IAS 28 IFRS 10IFRS 11 IFRS 12 IAS 36 IAS 19 FINANCIAL STATEMENTS 4. 1 JAPAN TOBACCO INC. ANNUAL REPORT
100 JAPAN TOBACCO INC. ANNUAL REPORT 2013
101 5. IFRS IFRS IFRS IFRS 3 IFRS IFRS 9 IFRS IFRS 3 IFRS IFRS IFRS IAS IAS IAS IAS IAS IAS IAS IAS 40IFRS 3 IFRIC IFRS IFRS 12 IAS 27 IAS 16 IAS FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
102 JT International S.A. 2 EBITDA ,138 1,010,655 53, , ,747 2,105,177 15,019 2,120,196 28,402 31, ,186 9,398 (69,583) 715,541 1,041,683 53, , ,394 2,165,362 24,417 (69,583) 2,120,196 EBITDA 1 281, ,189 (12,726) 12,414 7, ,544 (8,971) (595) 621,977 41,074 51,101 3,440 10,072 7, ,828 3,947 (313) 116, ,248 1,584 1,629 3, ,685 (11) 2, ,775 71,238 37,504 5,761 12,029 4, ,128 6,527 (206) 137, JAPAN TOBACCO INC. ANNUAL REPORT 2013
103 ,299 1,270,020 64, , ,920 2,386,194 13,648 2,399,841 23,770 36, ,532 10,014 (71,546) 734,069 1,306,922 64, , ,680 2,447,725 23,662 (71,546) 2,399,841 EBITDA 1 302, ,639 (5,384) 8,664 7, ,484 (12,490) (248) 751,745 44,411 63,745 3,624 10,761 6, ,444 3,787 (310) 132, , , , ,613 (2) 1, ,702 49,101 78,527 3,859 14,643 4, ,029 5, ,158 EBITDA EBITDA 1 281, ,189 (12,726) 12,414 7, ,544 (8,971) (595) 621,977 (41,074) (51,101) (3,440) (10,072) (7,141) (112,828) (3,947) 313 (116,462) 5 1, ,595 32,639 34,234 5 (154) (3,057) (6,039) (9,250) 1,714 (7,536) 241, ,427 (16,166) 2,342 (5,822) 511,061 21,434 (282) 532,213 5,493 (28,351) 509,355 FINANCIAL STATEMENTS EBITDA 1 302, ,639 (5,384) 8,664 7, ,484 (12,490) (248) 751,745 (44,411) (63,745) (3,624) (10,761) (6,903) (129,444) (3,787) 310 (132,921) 5 1, ,366 42,650 44,016 5 (712) (11,477) (1,002) (13,191) (1,389) (14,580) 258, ,416 (9,008) (2,097) (195) 623,215 24, ,260 8,351 (20,408) 636,203 1EBITDA 2 JT International S.A JAPAN TOBACCO INC. ANNUAL REPORT
104 , , ,094 1,200, ,445 9,366 4, ,811 4,862 9,717 (4,279) 4 7,536 14, , ,768 1,819,391 2,223,173 2,396,599 2,810, ,089,661 1,100,874 1,030,535 1,298,967 2,120,196 2,399,841 4 Megapolis 268, % 357, % 102 JAPAN TOBACCO INC. ANNUAL REPORT 2013
105 , ,959 20,960 14, , ,219 JTI Pars PJS Co. 14, ,61042, , ,211 21,470 12,326 (1,584) (2,327) 387, ,210 FINANCIAL STATEMENTS , , , ,318 47,855 56, , ,987 1 TS 2 12 JAPAN TOBACCO INC. ANNUAL REPORT
106 ,077 8,600 46,699 53,705 15,676 7,177 5,347 1,538 38,181 47,202 (9,096) (8,293) 100, ,929 29,103 17,333 71,781 92, , , KT&G Corporation 18,609 22,163 & 2,664 3,373 2,545 2,609 1,846 2,426 UFJ 2,010 2,043 1,336 1, (2) (118) 104 JAPAN TOBACCO INC. ANNUAL REPORT 2013
107 , ,277 9,546 11,315 10,580 12,527 27,384 20, , , ,482 1,730 2,594 1, FINANCIAL STATEMENTS 400 JAPAN TOBACCO INC. ANNUAL REPORT
108 , ,199 55,768 31, ,536 17,583 45,367 26,432 22, , ,386 1, ,391 (2,452) (6) (23) (2,482) (384) (0) (6) (389) (14,759) (44,587) (20,178) (79,524) (570) (202) (88) (860) (282) (4,762) (462) (115) (5,621) 9,129 14,570 1,928 1,677 27,303 4,233 19,684 1,822 (26,998) (1,259) , ,207 65,256 28, ,316 14,255 50,973 21,750 50, , (1,623) (4) (5) (1,633) (15,892) (50,521) (22,387) (88,801) (27) (922) (2) (282) (1,233) (1,612) (3,914) (363) (111) (6,000) 16,204 28,189 3,438 6,201 54,031 12,672 16,764 1,024 (16,947) 13, , ,929 68,710 68, , %4.3% , , ,232 31,120 1,450, , , ,351 28,522 1,535, , , ,959 68,041 1,721, , ,446 99, , , , , , , , , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
109 ,875 6,749 9, ,378 3,364 6,798 11, ,335 5,015 6,763 13, , ,110, ,349 17,760 31,339 1,416, ,149 10,228 24,704 46,509 13, ,750 (20,767) (7,721) (5,815) (34,303) (61) (3) (64) (359) (214) (573) 159,918 37, , ,707 (6,524) 1, ,316, ,622 31,869 29,321 1,665, ,573 11,287 18,271 (25,378) (11,093) (5,336) (41,807) (2) (713) (715) (1) (137) (66) (203) 266,105 60, ,745 1,828 (1,562) 6,462 (5,775) ,584, ,234 34,366 29,501 1,969,532 FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
110 ,110, ,875 97,314 86,792 1,958, ,316, , ,640 87,671 2,249, ,584, , ,940 92,853 2,625, ,526 79,553 55, , ,122 79,770 58, , ,435 89,574 63, , JTIH 1,273,971 1,541, , , RJR 2007 Gallaher ,541,904 1,273,971 25,368 25, % 5.4% 94.4% 4.2% % 11.9% % 3.2% 92.1% 1.1% % 4.7% 2.9% 108 JAPAN TOBACCO INC. ANNUAL REPORT 2013
111 ,590 4, ,301 4, ,010 9, ,424 9, ,480 15, ,050 12,543 14,154 FINANCIAL STATEMENTS ,624 8, ,948 13, ,383 7,908 24,955 30, ,132 11,266 1,056 1,028 JAPAN TOBACCO INC. ANNUAL REPORT
112 ,387 58, ,482 1,633 (5,491) (4,114) (493) (6,339) (2,634) (2,313) (2,289) (98) (506) (1,513) ,908 58,995 61, , ,493 77,589 68, , ,831 68,498 47, ,307 3, , ,070 2, , ,995 61, JAPAN TOBACCO INC. ANNUAL REPORT 2013
113 ,704 7,915 6,674 6, , ,500 (2,036) 2,612 43,075 93,782 (5,857) 9,211 2,227 99,362 59,731 2,564 3,277 65,572 72,737 1,438 (107) 3,295 77, ,749 (3,891) 9,105 11, ,372 (61,679) (8,104) (148) (1,899) (71,829) 207,071 (11,995) 8,957 9, ,543 FINANCIAL STATEMENTS (107,789) (736) (10,413) (118,937) (3,917) 1, (1,218) (3,440) (45,728) (1,254) (2,472) (5,744) (55,198) (157,434) (479) (2,289) (17,375) (177,576) JAPAN TOBACCO INC. ANNUAL REPORT
114 ,075 (6,138) 5,826 42,763 99,362 (7,435) (3,953) 6,127 94,101 65,572 (11,451) 5,248 59,369 77,363 (2,898) 1,891 7,946 84, ,372 (27,922) (2,062) 25, ,535 (71,829) 11, (4,409) (64,911) 213,543 (16,691) (1,965) 20, , (118,937) 2,954 (15,030) (131,013) (3,440) 3,192 (410) (2,745) (3,403) (55,198) (18,137) (4,249) (11,447) (89,032) (177,576) (11,991) (4,659) (29,222) (223,448) , ,128 46, ,707 3, , , ,230 12,473 28, , ,912 2,070 1, JAPAN TOBACCO INC. ANNUAL REPORT 2013
115 % % (9.60) (10.98) (1.68) (1.11) (0.46) , ,408 71,325 73,340 67,959 90, , ,704 FINANCIAL STATEMENTS % ,816 4,856 23,847 21, ,454 1, ,401 33,163 35, , ,131 23,577 22, , ,949 52, , , , , ,949 1 JAPAN TOBACCO INC. ANNUAL REPORT
116 ,953 99,993 (99,993) % ,000 40, ,000 20, ,000 20, , [500USD] J TI UK Finance Plc , EUR 237,236 ( ) ,408 (72,408) [500EUR] 303,532 (172,401) ,149 5, ,173 5, ,072 1, ,367 1, JAPAN TOBACCO INC. ANNUAL REPORT 2013
117 , ,938 3,919 10, ,951 4, , (49) (3,945) (3,811) (255) (8,061) (62) (226) (126) (583) (997) , ,073 3,824 10, , ,256 1, ,090 4,786 1, ,073 3,824 10, , ,073 3,824 10, ,910 4, , (92) (309) (3,958) (185) (4,544) (202) (116) (360) (678) ,695 2,055 4,288 4,566 12, ,055 4,288 1,014 7,362 1,690 3,552 5,241 1,695 2,055 4,288 4,566 12,603 FINANCIAL STATEMENTS 1 1 JAPAN TOBACCO INC. ANNUAL REPORT
118 , ,372 14,473 9, , ,474 85,388 91,733 45,461 52,618 19,815 21, , , , , , , , , , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
119 , , ,287 12,185 5,207 17,392 (4,346) (505) (4,851) 3,919 12,901 16, , ,242 7,129 34,524 41,653 14,332 7,345 21,677 (27,461) (15,906) (43,366) 44,425 44, , , ,205 12,377 7,755 20,132 2,627 2,627 3,046 14,972 18, ,211 4,215 (679) 1, (86) 3,029 2,943 (30,703) (17,871) (48,574) 88,196 88, , , ,809 FINANCIAL STATEMENTS , , , , , ,483 16,491 35,156 51,647 14,791 49,900 64, , , , , , , , , , , , , ,794 76,814 (4,279) (529) (1,070) (8,891) (8,380) 76,814 67, JAPAN TOBACCO INC. ANNUAL REPORT
120 , , ,082 1,296 9,745 11,041 18,983 9,189 28, ,115 9,204 12, (8,029) (10,845) (18,874) 34,897 34, ,857 1, , , ,425 1,065 11,116 12,181 4,363 16,391 20, ,453 11,890 16, (8,293) (13,378) (21,671) 64,357 64, , , , , , , ,638 (107,590) (264,835) (372,425) 12,915 10,297 23, ,807 89, , , , , , , ,604 (4) (14,821) (14,825) 227, , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
121 , , ,242 (109,484) (356,392) (465,876) 5,916 2,450 8, , , , , , , , , ,462 (1) (16,529) (16,530) 210, , , ,594 17,594 8,524 8,524 17,666 17,666 18,238 18,238 7,619 7,619 8,369 8,369 10,047 10,047 9,869 9,869 22,850 22,850 20,483 20,483 17,357 17,357 18,248 18,248 5,493 5,493 2,235 2, ,008 48,008 61,330 61,330 1,473 1, ,109 49, ,590 47,351 62, ,484 FINANCIAL STATEMENTS ,092 15,092 19,313 19, , , , ,446 48,818 48,818 50,670 50,670 28,308 28,308 42,537 42,537 31,694 31,694 46,238 46, ,376 3, , ,683 4, ,305 69,798 69, , ,883 24,974 24,974 28,553 28,553 23,604 3,947 27,552 30,246 4,623 34,869 3,142 1,095 4,236 5,479 1,199 6,679 14, ,363 4,763 13,886 18, ,728 5, , ,684 19, ,392 JAPAN TOBACCO INC. ANNUAL REPORT
122 ,686 32,686 27,837 27, , , , , ,226 3, , ,166 4, ,788 3,142 1,095 4,236 5,539 1,199 6,738 48,008 48,008 61,330 61,330 14,298 1,538 15,836 4,810 14,689 19, ,837 54, , ,035 81, ,876 1IFRS 13 2 % JAPAN TOBACCO INC. ANNUAL REPORT 2013
123 (12,595) (24,104) (11,555) (32,618) ,523 26,982 12,394 36, ,077 23, (17,721) (21,928) 1 7,707 9,460 7,094 15,870 1 (7,598) (9,544) (6,970) (14,384) ,185 5,207 17,392 (4,346) (505) (4,851) 2,623 3,156 5, ,462 8,658 19,120 1, ,242 7,129 34,524 41,653 14,332 7,345 21,677 (18,983) (9,189) (28,172) 4,299 33,101 37,400 14,761 41,758 56,519 FINANCIAL STATEMENTS ,377 7,755 20,132 2,627 2,627 1,981 3,856 5, ,358 14,275 28, ,211 4,215 (679) 1, (86) 3,029 2,943 (4,363) (16,391) (20,754) (5,125) (7,978) (13,103) 9,233 6,297 15, ,959 6,224 JAPAN TOBACCO INC. ANNUAL REPORT
124 , ,730 69,161 70,066 39,982 45,994 22,662 26,696 2,737 (242) ,000, , , , ,990, ,000, , ,411 (11) ,000, , , ,990, , , , , ,573 2 (58) (110) , , ,806250, , JAPAN TOBACCO INC. ANNUAL REPORT 2013
125 ,129 6, , FINANCIAL STATEMENTS , , , JAPAN TOBACCO INC. ANNUAL REPORT
126 , ,673,222 7,442,722 (4,553,027) (5,042,881) 2,120,196 2,399,841 IFRSRevenue ,195 44, ,970 10,680 42,165 55, ,229 43, ,234 44, JAPAN TOBACCO INC. ANNUAL REPORT 2013
127 ,566 21, , ,793 27,092 27,089 41,184 49, , , ,862 57,103 59,092 68, ,213 2,446 9, ,265 9, , , , , ,835 (205) 3, ,258 1,650 1,197 2,749 9,366 4, FINANCIAL STATEMENTS ,365 1,520 3,772 6, ,493 8, ,688 8, ,285 4, ,779 5,836 1,153 1,233 28,351 20, JAPAN TOBACCO INC. ANNUAL REPORT
128 ,344 7,344 (2,545) 4,799 (37,400) (37,400) 9,278 (28,122) (30,055) (30,055) 6,733 (23,322) 216,182 (22) 216, ,161 4,102 (3,914) 188 (66) ,284 (3,936) 216,348 (66) 216, ,229 (3,936) 186,293 6, , ,235 7,235 (2,509) 4,725 13,103 13,103 (4,279) 8,824 20,337 20,337 (6,788) 13, ,578 (32) 400, ,941 4,444 (3,700) 744 (264) ,022 (3,733) 401, , ,360 (3,733) 421,627 (6,657) 414, , , , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
129 ,897,636 1,817, , , , , ,897,636 1,817, ,014 1,898,553 1,818, , ,987 (34,234) (44,016) 7,536 14,580 12,772 11, , , FINANCIAL STATEMENTS ,756 5, JAPAN TOBACCO INC. ANNUAL REPORT
130 ,875 2,244 4, , , , , , ,681 65,600 80, ,800 42,000 58, ,000 (600) (600) (58,200) (58,200) (116,200) 116,200 (15,400) 15, , , , , ,800 1,010, , , , , ,600 2,567 52,924 3, ,238 3, % % JAPAN TOBACCO INC. ANNUAL REPORT 2013
131 S , ,881 (142,713) (253,219) 184, ,662 1,806,543 2,505, ROE 2 3 FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
132 ,709 6, ,271 5, ,866 10,681 1,444 1,486 (6,016) (1,609) (922) (480) ,681 10, JAPAN TOBACCO INC. ANNUAL REPORT 2013
133 , , ,741 23,847 23,847 23, ,454 20,454 20,454 33,163 33,163 1,217 31, , , ,298 40,000 20,000 20, , , , ,515 71, ,109 20,584 3,614 3,614 3, ,816 3,814 3, , , , ,582 71, ,109 20, , , ,704 21,936 21,936 21,936 1,225 1,225 1,225 35,034 35,034 34, , , , , ,460 40,000 20,000 51,460 20, , , ,277 74, ,133 51,595 20,539 4,681 4,681 4, ,856 4,846 4, , , ,062 74, ,133 51,595 20,539 FINANCIAL STATEMENTS , , , ,826 JAPAN TOBACCO INC. ANNUAL REPORT
134 5 ii iii ii iii ,342 2, , ,921 (2,585) 307,880 (1,937) 476,263 (287) 577,598 (1,173) ii , , , , , % (118) (4,262) 132 JAPAN TOBACCO INC. ANNUAL REPORT 2013
135 6 i ,063 2,063 (202) 2,607 2,607 (175) 2,063 2,063 (202) 2,607 2,607 (175) ii (0) 30,000 30, ,000 30,000 3,866 17,439 17, ,058 30, ,439 47,439 4,587 FINANCIAL STATEMENTS 100bp (634) 7 8 JAPAN TOBACCO INC. ANNUAL REPORT
136 ,617 53,624 53, , , , ,259 36,259 36, , , , ,077 4,077 43,052 3,646 46, ,098 43,172 4,077 4,625 51,874 3,816 3,816 3,816 3, ,600 8,600 49,809 3,896 53, ,333 1,534 50,011 8,600 5,229 63,840 4,856 4,856 4,856 4, JAPAN TOBACCO INC. ANNUAL REPORT 2013
137 ,339 4, (24) (32) 4,625 5, % 1 CJSC TK Megapolis47, FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
138 ,802 62,670 2, ,909 63, RJR 20 i 1 Joselowitz JAPAN TOBACCO INC. ANNUAL REPORT ii 8 Cecilia Letourneau JTI-Macdonald Corp. JTI-Mac 3 4, ,
139 Conseil quebecois sur le tabac et la sante JTI-Mac3 1 1, Adams JTI-Mac Kunta JTI-Mac JTI-Mac Semple JTI-Mac JTI-Mac Bourassa JTI-Mac McDermid JTI-Mac Jacklin JTI-Mac iii 9 tobacco related wrong JTI-Mac JTI-Mac JTI-Mac 4 6, FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
140 JTI-Mac JTI-Mac JTI-Mac 5 6, JTI-Mac 9, JTI-Mac JTI-Mac ,937 1,159,116 1,779,878 2,399, , , , ,203 99, , , , JAPAN TOBACCO INC. ANNUAL REPORT 2013
141 Deloitte Touche Tohmatsu Limited FINANCIAL STATEMENTS JAPAN TOBACCO INC. ANNUAL REPORT
142 Investor meeting in London: The JT Group held an investor day in London in October One of the presentations featured the successful rebranding of MEVIUS and how we grew our market share in Japan through MEVIUS line extensions and innovations. See pages for more about the MEVIUS success story.
143 SHAREHOLDER INFORMATION 142
144 Shareholder Information ,000,000,000 2,000,000, ,059 UFJ ,930,000 52,139,400 52,011,700 45,227,166 34,629,271 33,800,000 HSBC BANK PLC A/C THE CHILDRENS INVESTMENT MASTER FUND 26,179, ,623, ,446, ,041, JAPAN TOBACCO INC. ANNUAL REPORT 2013
145 1 1,362,000 2,110,000 1,438, ,438, , , , , , ,390 35, , ,334 91, , ,625, ,636, ,261, ,000 4,000 3,500 3,500 3,000 3,000 2,500 2,000 1,500 1, ,500 2,000 1,500 1, SHAREHOLDER INFORMATION JAPAN TOBACCO INC. ANNUAL REPORT
146 Our Employees: We will continue to invest in our employees in order to maintain a high level of engagement, increase diversity, and encourage performance. The JT Group is focused on motivating its employees to inspire each other and share best practices from around the world.
147 146 JT JTI Executive Committee OTHER INFORMATION
148 History of the JT Group JT Before 1985 JT 1898 JT 1784Austria Tabak 70 Tom Gallaher 1874 RJR JT JT JT 146 JAPAN TOBACCO INC. ANNUAL REPORT 2013
149 JT Austria Tabak Joseph 1857 Tom Gallaher 1874 RJR Richard Joshua Reynolds Ducat RJR & American Tobacco Company OTHER INFORMATION JAPAN TOBACCO INC. ANNUAL REPORT
150 History of the JT Group continued JT In and after JT 1992 Manchester Tobacco Company Ltd. AS-Petro* , Yelets* Peter I * , Tanzanian tobacco * American Brands ** RJR LD** 2000 Liggett-Ducat ** 2001 Austria Tabak ** , , , CRES Neva Ltd. ** AD Duvanska Industrija Senta *RJR JT **JT 148 JAPAN TOBACCO INC. ANNUAL REPORT 2013
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Factory floor of Kansai factory: One of the key tobacco manufacturing plants in Japan 022 026 045 JT 046 050 OPERATIONS & ANALYSIS JT Industry Overview Electronic Cigarette e-cigarette Vapor E-VaporHeat-not-Burn
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Operations and Analysis 2015 Awards and recognition 2015 JT DJSI Dow Jones Sustainability Asia/Pacific Index www.sustainability-indices.com2014 2 www.morningstar.co.jp/sri 44 JT 016 JAPAN TOBACCO INC.
アニュアルレポート2013 -Operation & Analysis-
020 024 050 054 CSR 058 OPERATION & Analysis Continuous investment in our brands for quality top-line growth delivered strong results Our strategic emphasis on top-line growth resulted in another strong
アニュアルレポート Operation & Contribution -
Operation & Contribution Operation & Contribution At a Glance 016 018 018 022 028 030 032 JT 038 JAPAN TOBACCO INC. Annual Report 2012 015 At a Glance JT 2012 JT-11 JT EBITDA mid to high single digit 3
アニュアルレポート2013
2013 2013 3 31 Management 001 004 At a Glance 006 5 009 010 CEO 012 013 2013 014 Operation & Analysis 020 020 022 024 024 026 032 036 038 042 046 050 054 CSR 058 Financial Information 076 084 Fact Sheets
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Operations and Analysis 016 Japan Tobacco Inc. Annual Report 2016 Operations & Analysis Industry Overview 017 020 038 JT 042 044 JT Roll-Your-Own Make-Your-Own Vapor Products E-Vapor Electronic Cigarette
Financial Information (P )
2010 Results & Management Financial Information 11................................. 64................................ 66............................................... 80...............................................
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Meeting at JT Tokyo headquarters: Always striving for the best results 142 JT 146 149 150 151 JTI Executive Committee 152 154 OTHER INFORMATION History of the JT Group JT Before 1985 JT 1898 JT1784Austria
At a Glance 当社グループの事業について 2015 年度 2015 年 12 月 31 日終了年度 当社グループは 70 以上の国と地域で事業を展開するグローバルたばこメーカーです 我々の製品は120 以上の国と 地域で販売されており Winston Camel MEVIUSやLDといった
2015 2015 12 31 Like-for-Like Financial Highlights 6,267 5.2% + 9.9% 2015IFRS 3 2015 2014 2015 2014 2015 2014 2014 1 1 2014 12 31 Like-for-Like EPS 234.35 2.5% + 16.3% 53.2% 2015 Like-for-Like 2014 1 12
Annual Report 財務情報-
Financial Information 2009 055 056 11 058 070 072 073 074 075 056 2009 11 3 31 11 1999 2000 2001 2002 3,876,528 4,371,250 4,501,701 4,544,175 3,616,706 4,024,487 4,140,270 4,178,034 23,751 67,790 66,414
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2012 3 31 1,084 4,257 Jt euromonitor 8.7 % 2 338 ebitda 5,771 roe 20.3 % 1 eps 33,687.78 32.6% eps 2 30,530.39 17.9% 4,513 0.31 1 29.7% 10,000 30.7% JT 5,340 JT 8.7% 2 340 EBITDA 5,700 ROE 20% 1 EBITDA
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Welcome to the Delight World 2003 10 12 Vol.4 JT 100 s MEET YOUR DELIGHT JT JT 2004 2004JT PLAN-V 1 6 2003 10 JT EU 4 GFB 21 Welcome to the Delight World Vol. 4 JT JT JT HIV JT JT 2004 2 JT PLAN-V 2004
1 Annual Report 212
ANNUAL REPORT 212 1 Annual Report 212 C O N T E N T S 3 4 5 7 9 11 13 15 17 19 38 39 4 41 About the Cover Page ART IN THE OFFICE Annual Report 212 2 Consolidated Financial Highlights 3,497 24,812 22,499
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