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Investment Leading to Sustainable Growth Corporate Information 048 Corporate Governance 058 History of the JT Group Japan Tobacco Inc. Annual Report FY2017 062 Regulation and Other Relevant Laws Year ended December 31, 2017 065 Litigation 066 Members of the Board, Audit Investment Operations & Analysis and Supervisory Board Members, leading and Executive Officers to sustainable 018 Industry Overview 067 Members of the JTI growth. 018 Tobacco Business Executive Committee 021 Pharmaceutical Business 067 Corporate Data 021 Processed Food Business 068 Investor Relations Activity 022 Review of Operations 069 Shareholder Information 022 International Tobacco Business 028 Japanese Domestic Tobacco Business 032 Global Tobacco Strategy 034 Pharmaceutical Business 038 Processed Food Business 040 Risk Factors Management 044 JT Group and Sustainability 046 Environmental, Social and 001 Performance Indicators Governance Initiatives 002 At a Glance 004 Consolidated Five-Year Financial Summary 006 Message from the Chairman and CEO Financial Information 008 CEO Business Review 010 Highlights (JT Group’s 2017) 071 Message from CFO 012 Management Principle, Strategic 072 Financial Review Framework and Resource Allocation 080 Consolidated Financial Statements 014 Business Plan 2018 086 Notes to Consolidated 015 Role and Target of Each Business Financial Statements 016 Performance Measures 139 Independent Auditor’s report 140 Glossary of Terms Management Performance Indicators Adjusted Operating Profit Dividend per Share 585.3 14 0 (JPY BN) (JPY) - 0.3% +7. 7 % Year-on-Year Change Year-on-Year Change - 0.6% Factsheets available at: Year-on-Year Change at Constant Exchange Rates https://www.jt.com/investors/results/annual_report/ Unless the context indicates otherwise, references in this Annual Report to ‘we’, ‘us’, In addition, these forward-looking statements are necessarily dependent upon ‘our’, ‘Japan Tobacco’, ‘JT Group’ or ‘JT’ are to Japan Tobacco Inc. and its consolidated assumptions, estimates and data that may be incorrect or imprecise and involve known subsidiaries. References to ‘JTI’ are to JTI Holding B.V., our consolidated subsidiary, and and unknown risks and uncertainties. Forward-looking statements regarding operating its consolidated subsidiaries. References to ‘TableMark’ are to TableMark Holdings Co., results are particularly subject to a variety of assumptions, some or all of which may not Ltd., TableMark Co., Ltd. and its Group companies. References to ‘Japan Tobacco Inc.’ be realized. are only to Japan Tobacco Inc. and references to ‘JT International Holding B.V.’ are only to JTI Holding B.V. References to ‘audit & supervisory board’ are to ‘kansayaku-kai’ Risks, uncertainties or other factors that could cause actual results to differ materially (as defined in the Companies Act of Japan) that performs certain supervisory functions from those expressed in any forward-looking statement include, without limitation: through its monitoring and audit activities within the overall scheme of corporate governance pursuant to the Companies Act of Japan. References to ‘audit & supervisory 1. change in consumer’s needs and preferences, and decrease in demand for tobacco board member’ are to a member or members of an audit & supervisory board, also products in key markets; referred to in Japanese as ‘kansayaku’ (as defined in the Companies Act of Japan). 2. restrictions on promoting, marketing, packaging, labeling and usage of tobacco products in markets in which we operate; Forward-looking statements 3. increases in excise, consumption or other taxes on tobacco products in markets This report contains forward-looking statements. These statements appear in a in which we operate; number of places in this report and include statements regarding the intent, belief, 4. litigation around the world alleging adverse health and financial effects resulting or current and future expectations of our management with respect to our business, from, or relating to, tobacco products; financial condition and results of operations. In some cases, you can identify 5. our ability to realize anticipated results of our acquisition or other similar forward-looking statements by terms such as ‘may’, ‘will’, ‘should’, ‘would’, ‘expect’, investments; ‘intend’, ‘project’, ‘plan’, ‘aim’, ‘seek’, ‘target’, ‘anticipate’, ‘believe’, ‘estimate’, ‘predict’, 6. competition in markets in which we operate or into which we seek to expand; ‘potential’ or the negative of these terms or other similar terminology. 7. deterioration in economic conditions in areas that matter to us; These statements are not guarantees of future performance and are subject to 8. economic, regulatory and political changes, such as nationalization, terrorism, various risks and uncertainties. Actual results, performance or achievements, or wars and civil unrest, in countries in which we operate; those of the industries in which we operate, may differ materially from any future 9. fluctuations in foreign exchange rates and the costs of raw materials; and results, performance or achievements expressed or implied by these 10. catastrophes, including natural disasters. forward-looking statements. 2 Japan Tobacco Inc. Annual Report 2017 Japan Tobacco Inc. Annual Report 2017 001 Management Performance Indicators 001 At a Glance 002 At a Glance Consolidated Five-Year Financial Summary 004 Message from the Chairman and CEO 006 CEO Business Review 008 2017 Highlights (JT Group’s) 010 Our Businesses Management Principle, Strategic FY2017: Results for the fiscal year ended December 31, 2017 Framework and Resource Allocation 012 Business Plan 2018 014 Role and Target of Each Business 015 Performance Measures 016 Our products are sold in over 130 countries and our Revenue breakdown by business segment The JT Group is a leading internationally recognized brands include Winston, Camel, MEVIUS and LD. Processed Food Others international tobacco We are also active in pharmaceutical and processed 7.6% 0.4% food businesses and we expect them to establish a foundation for continuous profit contribution, as Pharmaceutical International Tobacco company with operations we strive for sustainable growth. 4.9% 57.8% Japanese Domestic Tobacco in over 70 countries. 29.3% International Tobacco Business Japanese Domestic Tobacco Business Pharmaceutical Business Processed Food Business The international tobacco business is the JT Group’s We are the market leader in Japan, which is one of JT Group’s pharmaceutical business focuses on With Group company TableMark Co., Ltd. taking a growth engine, generating over 60% of the Group’s the largest markets in the world, generating about the research and development, production and sale central role, the processed food business is primarily consolidated adjusted operating profit. Looking 40% of our consolidated adjusted operating profit. of prescription pharmaceutical products. Its mission engaged in business concerning frozen and ambient ahead, we expect it will continue its strong contribution, We continue to be a significant profit contributor to is to build world-class, unique research and processed food, mainly staple food products such as strengthening competitiveness of the JT Group to the JT Group. development capabilities and reinforce its market frozen noodles, frozen rice, packed cooked rice and drive sustainable growth in the mid- to long-term. presence through innovative drugs. JT concentrates frozen baked bread, and seasoning including yeast During 2017, our SOM** reached 61.3%, thanks to the on research and development activities mainly extracts and oyster sauce. Our international brands portfolio is competitive and solid performance of our core brands, such as MEVIUS on the fields of metabolic diseases; viral infection; well-balanced, with strong equity brands across all and Natural American Spirit. Thus, we further solidified and autoimmune/inflammatory diseases, while We have solidified its No. 3 position in the frozen relevant product categories and price segments. our No. 1 position in cigarettes. In addition, we launched Torii Pharmaceutical Co., Ltd. is in charge of food industry with several top-selling products within The portfolio includes leading international brands Ploom shops and expanded the sales of Ploom TECH manufacturing as well as sales and promotion respective categories, such as frozen Udon noodles in cigarettes and fine cut, such as Winston, MEVIUS, in Tokyo. in the domestic market. and frozen Okonomiyaki. Camel and LD, as well as in Reduced-Risk Products (RRP)*, such as Ploom TECH and Logic. Results for FY2017: Results for FY2017: Earnings increased and achieved a record high profit. Achieved profit growth for the fifth consecutive year. Results for FY2017: Results for FY2017: Robust profit growth at constant exchange rates Adjusted operating profit decreased due to lower underpinned by resilient volume performance, cigarette sales volume partially offset by the positive Global Flagship Brands (GFB) momentum optimization of investments. Japan Tobacco around the World (Tobacco Business) and planned initiatives to optimize the manufacturing Composition of JT SOM** as of 2017 footprint and overall cost base. Sweden MEVIUS Germany Key Drivers: Winston • Positive GFB momentum driven by share gains Russia Seven Stars • Stronger business base from acquisitions Natural American Spirit Poland • Global supply chain optimization Belgium Pianissimo Canada Ukraine • Focused investments behind Switzerland Romania Peace Serbia Kazakhstan Japan – Global Flagship Brands, HOPE US Turkey Iran – Emerging
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