DOCSLIB.ORG

Annual Report 2007

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2007 Annual Report 2007 Annual Report 2007 For the Year Ended March 31, 2007 CONTENTS 1 Financial Highlights 2 JT at a Glance 4 Towards Realization of the Company JT Envisions 6 To Our Shareholders, Customers, and Employees 10 Special Feature 12 Acquisition of Gallaher Group PLC 18 Review of Operations 20 Domestic Tobacco Business 24 International Tobacco Business 28 Pharmaceutical Business 30 Foods Business 32 History of JT, Business Environment Surrounding JT 34 History of JT 36 Business Environment Surrounding JT 44 Corporate Social Responsibility 46 Corporate Governance 49 Activities Contributing to the Environment and Society 56 Financial Information 58 Consolidated Five-Year Financial Summary 60 Management’s Discussion and Analysis of Financial Condition and Results of Operations 70 Consolidated Balance Sheets 72 Consolidated Statements of Operations 73 Consolidated Statements of Changes in Equity 75 Consolidated Statements of Cash Flows 76 Notes to Consolidated Financial Statements 98 Independent Auditors’ Report 99 Fact Sheets 100 Financial Data 106 Domestic Tobacco Business 116 International Tobacco Business 118 Pharmaceutical Business 119 Foods Business 119 Number of Employees 120 Shareholder Information 122 Members of the Board, Auditors, and Executive Officers 123 Corporate Data FORWARD-LOOKING AND CAUTIONARY STATEMENTS This presentation contains forward-looking statements about our industry, business, plans and objectives, financial condition and results of operations that are based on our current expectations, assumptions, estimates and projections. These statements discuss future expectations, identify strategies, discuss market trends, contain projections of results of operations or of our financial condition, or state other forward-looking information. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors that could cause our actual results to dif- fer materially from those suggested by any forward-looking statement. We assume no duty or obligation to update any forward-looking statement or to advise of any change in the assumptions and fac- tors on which they are based. Risks, uncertainties or other factors that could cause actual results to differ materially from those expressed in any forward-looking statement include, without limitation: 1. health concerns relating to the use of tobacco products; 2. legal or regulatory developments and changes, including, without limitation, tax increases and restrictions on the sale, marketing and usage of tobacco products, and governmental investigations and privately imposed smoking restrictions; 3. litigation in Japan and elsewhere; 4. our ability to further diversify our business beyond the tobacco industry; 5. our ability to successfully expand internationally and make investments outside of Japan; 6. competition and changing consumer preferences; 7. the impact of any acquisitions or similar transactions; 8. local and global economic conditions; and 9. fluctuations in foreign exchange rates and the costs of raw materials. Unless otherwise specified in this annual report, the information herein is as of June 22, 2007. Japan Tobacco Inc. and Consolidated Subsidiaries Financial Highlights Years ended March 31 Millions of Millions of yen U.S. dollars 2003 2004 2005 2006 2007 2007 For the year: Net sales ¥ 4,492,264 ¥ 4,625,151 ¥ 4,664,514 ¥ 4,637,657 ¥ 4,769,387 $ 40,401 EBITDA (Note 2) 337,296 373,435 400,115 433,391 464,634 3,936 Operating income 188,963 234,034 273,371 306,946 331,991 2,812 Net income (loss) 75,302 (7,603) 62,584 201,542 210,772 1,785 Free cash flow (FCF) (Note 3) 170,372 269,174 269,459 145,590 223,007 1,889 At year-end: Total assets ¥ 2,957,665 ¥ 3,029,084 ¥ 2,982,056 ¥ 3,037,379 ¥ 3,364,663 $ 28,502 Total equity 1,622,654 1,507,937 1,498,204 1,762,512 2,024,616 17,150 Ratios: Return on equity (ROE) 4.7% (0.5%) 4.2% 12.4% 11.3% Return on asset (ROA) 6.4% 7.9% 9.2% 10.4% 10.7% Equity Ratio 54.9% 49.8% 50.2% 58.0% 58.3% Amounts per share (in yen and U.S. dollars): Net income (loss) ¥ 37,528 ¥ (3,967) ¥ 32,090 ¥ 105,085 ¥ 22,001 $ 186 Total equity 811,204 771,516 781,814 919,780 204,618 1,733 Cash dividends applicable to the year 10,000 10,000 13,000 16,000 4,000 34 Notes: 1. Figures stated in U.S. dollars in this report are translated solely for convenience at the rate of ¥118.05 per $1, the rate of exchange as of March 31, 2007. 2. EBITDA = operating income + depreciation and amortization Depreciation and amortization = depreciation of tangible fixed assets + amortization of intangible fixed assets + amortization of long-term prepaid expenses + amortization of goodwill 3. FCF = (cash flow from operating activities + cash flow from investing activities) excluding the following items: From “cash flow from operating activities”: Dividends received / interest received and its tax effect / interest paid and its tax effect From “cash flow from investing activities”: Cash outflow from purchase of marketable securities / proceeds from sales of marketable securities / cash outflow from purchases of investment securities / proceeds from sales of investment securities / others (but not business-related investment securities, which are included in the investment securities item) 4. On April 1, 2006, a 5 for 1 stock split went into effect. The graph showing “Cash Dividends Applicable to the Year” is adjusted retroactively. EBITDA and Net Income (Loss) and Free Cash Flow Cash Dividends Applicable Operating Income ROE to the Year (Billions of Yen) (Billions of Yen) (%) (Billions of Yen) (Yen) 4,000 464.6 269.2 269.5 433.4 201.5 210.8 400.1 3,200 12,4 11.3 373.4 223.0 337.3 332.0 2,600 306.9 273.4 170.4 2,000 2,000 234.0 145.6 75.3 189.0 4.7 62.6 4.2 -0.5 -7.6 ’03 ’04 ’05 ’06 ’07 ’03 ’04 ’05 ’06 ’07 ’03 ’04 ’05 ’06 ’07 ’03 ’04 ’05 ’06 ’07 EBITDA Operating Income Net Income (Loss) ROE (Years ended March 31) (Years ended March 31) (Years ended March 31) (Years ended March 31) Review of Operations Financial Highlights JT Annual Report 2007 1 JT at a Glance Japan Tobacco Inc. (JT) and its 33,400 employees are striving to become a “global growth company that develops diversified, value-creating businesses.” JT is the world’s third-largest tobacco compa- ny.Our domestic tobacco business continues to maintain a significant competitive position in the Japanese market, and the international tobacco business is delivering remarkable performance as the driver of profit growth for the JT Group. As future pillar businesses, the pharmaceutical busi- ness pursued strategic licensing to world-leading pharmaceutical companies, and the foods busi- ness continued to expand profit levels steadily. Net Sales EBITDA Operating Income Net Sales EBITDA Operating Income (Loss) (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) 3,491.5 245.4 3,416.3 326.5 3,405.3 305.8 5.5 1.9 296.0 57.7 49.3 -5.1 45.5 -1.8 220.1 -11.2 215.8 -8.2 Net Sales Breakdown, by Business Segment Other Business ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 0.4% ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 1.0% Pharmaceutical Business 6.0% 71.6% Domestic Tobacco Business Foods Business International Tobacco Business 21.0% Net Sales EBITDA Operating Income Net Sales EBITDA Operating Income (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) (Billions of Yen) 999.7 112.7 81.1 71.0 94.1 286.6 11.9 12.0 881.2 278.4 265.4 6.7 44.5 7.9 6.3 792.7 65.5 1.9 ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 ’05 ’06 ’07 2 Pharmaceutical Business • AKROS PHARMA INC. Research activities in the pharmaceutical business and clinical development in the United States Russia Canada France Ukraine South Italy Domestic Tobacco Business Spain Tu r key Korea • JT: Headquarters Iran Taiwan Foods Business • Weihai J.K. Foods Co., Ltd. Malaysia Manufacturing and sale of seasonings International Tobacco Business • Shanghai JS Foods Co., Ltd. • JT International S.A. Manufacturing and sale of frozen foods Headquarters of the International Tobacco Operations • Swickers Kingaroy Bacon Factory Pty. Ltd. JT International is responsible Meat processing for the JT Group’s international tobacco business. • Hans Continental Smallgoods Pty. Ltd. —Approximately 12,000 employees. Manufacturing and sale of ham and sausage —Products sold in more than 120 countries. • Thai Foods International Co., Ltd. —Operates cigarette manufacturing factories in 15 countries. Manufacturing and sale of seasonings Core markets of International Tobacco Business Top 5 Brands by Sales Volume Worldwide Major Tobacco Companies’ Share (Year ended December 31, 2005) (2005) (Billions of cigarettes) (%) Brand Brand Owner Total World Annual Sales Volume 1. Marlboro Altria 472.7 17.7 2. Mild Seven JT 111.7 3. L&M Altria 106.2 12.1 4. Winston Total* 91.3 10.5 JT 77.1 Reynolds American 14.2 7.4 5. Camel Total* 59.0 3.1 3.1 JT 35.7 2.4 Reynolds American 23.3 (1) Source: The Maxwell Report “Top World Cigarette Market Leaders” Altria JT+Gallaher JT Gallaher Altadis (USA) (UK) (Spain) *Sales volume within the United States and that outside the United States belong to Reynolds American and JT, respectively British American Tobacco (UK) Imperial Tobacco(2) (UK) Source: Companies’ reports, The Maxwell Report (1): FY 3/2006 (2): FY 9/2005 Top 10 Cigarette Products in Japan, by Market Share Worldwide Demand for Cigarette (Year ended March 31, 2007) Product Manufacturer Share (%) (Billions of cigarettes) 1MILD SEVEN SUPER LIGHTS JT 6.8 5,597 5,585 2MILD
Load more

Recommended publications
  • Large Firm Dynamics and Secular Stagnation: Evidence from Japan and the U.S
    Bank of Japan Working Paper Series Large Firm Dynamics and Secular Stagnation: Evidence from Japan and the U.S. Yoshihiko Hogen* [email protected] Ko Miura** [email protected] Koji Takahashi*** [email protected] No.17-E-8 Bank of Japan June 2017 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo 103-0021, Japan ***Research and Statistics Department (currently at the Monetary Affairs Department) *** Research and Statistics Department *** Research and Statistics Department (currently at the Financial System and Bank Examination Department) Papers in the Bank of Japan Working Paper Series are circulated in order to stimulate discussion and comments. Views expressed are those of authors and do not necessarily reflect those of the Bank. If you have any comment or question on the working paper series, please contact each author. When making a copy or reproduction of the content for commercial purposes, please contact the Public Relations Department ([email protected]) at the Bank in advance to request permission. When making a copy or reproduction, the source, Bank of Japan Working Paper Series, should explicitly be credited. Large Firm Dynamics and Secular Stagnation: Evidence from Japan and the U.S. Yoshihiko Hogeny Ko Miuraz Koji Takahashix June 2017 Abstract Focusing on the recent secular stagnation debate, this paper examines the role of large …rm dynamics as determinants of productivity ‡uctuations. We …rst show that idiosyncratic shocks to large …rms as well as entry, exit, and reallocation e¤ects account for 30 to 40 percent of productivity ‡uctuations in Japan and the U.S.
    [Show full text]
  • Published on July 21, 2021 1. Changes in Constituents 2
    Results of the Periodic Review and Component Stocks of Tokyo Stock Exchange Dividend Focus 100 Index (Effective July 30, 2021） Published on July 21, 2021 1. Changes in Constituents Addition（18） Deletion（18） CodeName Code Name 1414SHO-BOND Holdings Co.,Ltd. 1801 TAISEI CORPORATION 2154BeNext-Yumeshin Group Co. 1802 OBAYASHI CORPORATION 3191JOYFUL HONDA CO.,LTD. 1812 KAJIMA CORPORATION 4452Kao Corporation 2502 Asahi Group Holdings,Ltd. 5401NIPPON STEEL CORPORATION 4004 Showa Denko K.K. 5713Sumitomo Metal Mining Co.,Ltd. 4183 Mitsui Chemicals,Inc. 5802Sumitomo Electric Industries,Ltd. 4204 Sekisui Chemical Co.,Ltd. 5851RYOBI LIMITED 4324 DENTSU GROUP INC. 6028TechnoPro Holdings,Inc. 4768 OTSUKA CORPORATION 6502TOSHIBA CORPORATION 4927 POLA ORBIS HOLDINGS INC. 6503Mitsubishi Electric Corporation 5105 Toyo Tire Corporation 6988NITTO DENKO CORPORATION 5301 TOKAI CARBON CO.,LTD. 7011Mitsubishi Heavy Industries,Ltd. 6269 MODEC,INC. 7202ISUZU MOTORS LIMITED 6448 BROTHER INDUSTRIES,LTD. 7267HONDA MOTOR CO.,LTD. 6501 Hitachi,Ltd. 7956PIGEON CORPORATION 7270 SUBARU CORPORATION 9062NIPPON EXPRESS CO.,LTD. 8015 TOYOTA TSUSHO CORPORATION 9101Nippon Yusen Kabushiki Kaisha 8473 SBI Holdings,Inc. 2.Dividend yield (estimated) 3.50% 3. Constituent Issues (sort by local code) No. local code name 1 1414 SHO-BOND Holdings Co.,Ltd. 2 1605 INPEX CORPORATION 3 1878 DAITO TRUST CONSTRUCTION CO.,LTD. 4 1911 Sumitomo Forestry Co.,Ltd. 5 1925 DAIWA HOUSE INDUSTRY CO.,LTD. 6 1954 Nippon Koei Co.,Ltd. 7 2154 BeNext-Yumeshin Group Co. 8 2503 Kirin Holdings Company,Limited 9 2579 Coca-Cola Bottlers Japan Holdings Inc. 10 2914 JAPAN TOBACCO INC. 11 3003 Hulic Co.,Ltd. 12 3105 Nisshinbo Holdings Inc. 13 3191 JOYFUL HONDA CO.,LTD.
    [Show full text]
  • News Analysis
    Tob Control: first published as 10.1136/tc.2009.034454 on 2 December 2009. Downloaded from KAZAKHSTAN: PUBLIC SMOKING BAN News analysis Like Bulgaria (see page 429), just a few years ago Kazakhstan would not have been NEW ZEALAND: INDUSTRY FACES GRILLING URUGUAY: NEW HEALTH WARNINGS expected to turn up on a list of countries OVER MAORIS Uruguay is set to have the largest health likely to ban smoking in all public places. In which country might one hear the warnings in the world. A new set of six But as the health ministry said when most refreshingly straight talk about the graphic pack warnings, each covering 80 announcing such a move in September, tobacco industry in the national legisla- per cent of the front and back of the pack, the central Asian country is now following the recommendations of the World Health ture? There may be no easy, single was finalised in September. They will Organization, according to whose data answer, but recent experience suggests have to be in place by 1 March 2010, more than 30,000 people die every year in that New Zealand must be a contender. though the warnings they replace, which Kazakhstan from smoking. Sports stadiums While the majority of New Zealanders covered 50 per cent of the pack, were and public transport facilities were already have been reducing their tobacco con- ordered to be expanded to 80 per cent by smoke-free, but Kazakh bars and night- sumption for several decades, the indigen- December. The two large sides of the pack clubs, and all other remaining public areas ous Maori people still have alarmingly are not the only place where Uruguayan not previously covered by the ban, have high smoking rates.
    [Show full text]
  • Illicit Tobacco Trade in Georgia: Prevalence and Perceptions Megan Little,1 Hana Ross,1 George Bakhturidze ‍ ,2,3 Iago Kachkachishvili4
    Original research Tob Control: first published as 10.1136/tobaccocontrol-2018-054839 on 18 January 2019. Downloaded from Illicit tobacco trade in Georgia: prevalence and perceptions Megan Little,1 Hana Ross,1 George Bakhturidze ,2,3 Iago Kachkachishvili4 ► Additional material is ABSTRact The new government coming to power in 2004 published online only. To view Background In lower- income and middle- income decided to double and triple taxes for imported please visit the journal online filtered and domestic filtered cigarettes, respec- (http:// dx. doi. org/ 10. 1136/ countries, limited research exists on illicit tobacco tobaccocontrol- 2018- 054839). trade and its responsiveness to taxation. Tobacco taxes tively. In preparation for this increase, tobacco are critical in reducing tobacco consumption, thereby companies prepurchased tax stamps (introduced in 1 Economics, Southern Africa improving public health. However, the tobacco industry 1999) with the lower 2004 value, to use in their Labour and Development 2005 sales. This resulted in an artificial tax revenue Research Unit, University of claims that tax increases will increase illicit tobacco Cape Town, Cape Town, South trade. Therefore, research evidence on the size of the increase in 2004 followed by a sharp fall in early Africa illicit cigarette market is needed in Georgia and other 2005, when the new tax came into effect. Tobacco 2 Tobacco Control Research, low- income and middle- income countries to inform companies then asserted that the tax revenue fall FCTC Implementation and tobacco tax policies. was driven by a sharp increase in illicit trade from Monitoring Center in Georgia, 10% in 2003 to 65% in post-2005.3 This persuaded Tbilisi, Georgia Methods In 2017, a household survey using stratified 3Health Promotion Research, multistage sampling was conducted in Georgia with the government to lower taxes by 30%–40% in Georgian Health Promotion and 2997 smokers, to assess illicit tobacco consumption.
    [Show full text]
  • Itraxx Japan Series 35 Final Membership List March 2021
    iTraxx Japan Series 35 Final Membership List March 2021 Copyright © 2021 IHS Markit Ltd T180614 iTraxx Japan Series 35 Final Membership List 1 iTraxx Japan Series 35 Final Membership List...........................................3 2 iTraxx Japan Series 35 Final vs. Series 34................................................ 5 3 Further information .....................................................................................6 Copyright © 2021 IHS Markit Ltd | 2 T180614 iTraxx Japan Series 35 Final Membership List 1 iTraxx Japan Series 35 Final Membership List IHS Markit Ticker IHS Markit Long Name ACOM ACOM CO., LTD. JUSCO AEON CO., LTD. ANAHOL ANA HOLDINGS INC. FUJITS FUJITSU LIMITED HITACH HITACHI, LTD. HNDA HONDA MOTOR CO., LTD. CITOH ITOCHU CORPORATION JAPTOB JAPAN TOBACCO INC. JFEHLD JFE HOLDINGS, INC. KAWHI KAWASAKI HEAVY INDUSTRIES, LTD. KAWKIS KAWASAKI KISEN KAISHA, LTD. KINTGRO KINTETSU GROUP HOLDINGS CO., LTD. KOBSTL KOBE STEEL, LTD. KOMATS KOMATSU LTD. MARUB MARUBENI CORPORATION MITCO MITSUBISHI CORPORATION MITHI MITSUBISHI HEAVY INDUSTRIES, LTD. MITSCO MITSUI & CO., LTD. MITTOA MITSUI CHEMICALS, INC. MITSOL MITSUI O.S.K. LINES, LTD. NECORP NEC CORPORATION NPG-NPI NIPPON PAPER INDUSTRIES CO.,LTD. NIPPSTAA NIPPON STEEL CORPORATION NIPYU NIPPON YUSEN KABUSHIKI KAISHA NSANY NISSAN MOTOR CO., LTD. OJIHOL OJI HOLDINGS CORPORATION ORIX ORIX CORPORATION PC PANASONIC CORPORATION RAKUTE RAKUTEN, INC. RICOH RICOH COMPANY, LTD. SHIMIZ SHIMIZU CORPORATION SOFTGRO SOFTBANK GROUP CORP. SNE SONY CORPORATION Copyright © 2021 IHS Markit Ltd | 3 T180614 iTraxx Japan Series 35 Final Membership List SUMICH SUMITOMO CHEMICAL COMPANY, LIMITED SUMI SUMITOMO CORPORATION SUMIRD SUMITOMO REALTY & DEVELOPMENT CO., LTD. TFARMA TAKEDA PHARMACEUTICAL COMPANY LIMITED TOKYOEL TOKYO ELECTRIC POWER COMPANY HOLDINGS, INCORPORATED TOSH TOSHIBA CORPORATION TOYOTA TOYOTA MOTOR CORPORATION Copyright © 2021 IHS Markit Ltd | 4 T180614 iTraxx Japan Series 35 Final Membership List 2 iTraxx Japan Series 35 Final vs.
    [Show full text]
  • Assonance a Journal of Russian & Comparative Literary Studies
    ISSN 2394-7853 Assonance A Journal of Russian & Comparative Literary Studies No.21 January 2021 Department of Russian & Comparative Literature University of Calicut Kerala – 673635 Assonance: A Journal of Russian & Comparative Literary Studies No.21, January 2021 ISSN 2394-7853 Listed in UGC Care ©2021 Department of Russian & Comparative Literature, University of Calicut Editors: Dr. K.K. Abdul Majeed (Assistant Professor & Head) Dr. Nagendra Shreeniwas (Associate Professor, CRS, SLL&CS, JNU, New Delhi) Sub Editor: Sameer Babu Kavad Board of Referees: 1. Prof. Amar Basu, (Retd.), JNU, New Delhi 2. Prof. Govindan Nair (Retd.), University of Kerala 3. Prof. Ranjana Banerjee, JNU, New Delhi 4. Prof. Kandrapa Das, Guahati University, Assam 5. Prof. Sushant Kumar Mishra, JNU, New Delhi 6. Prof. T.K. Gajanan, University of Mysore 7. Prof. Balakrishnan K, Amrita School of Arts and Sciences, Kochi 8. Dr. S.S. Rajput, EFLU, Hyderabad 9. Smt. Sreekumari S, (Retd.), University of Calicut, Kerala 10. Dr. V.K. Subramanian, University of Calicut, 11. Dr. Arunim Bandyopadhyay, JNU, New Delhi 12. Dr. K.M. Sherrif, University of Calicut, Kerala 13. Dr. K.M. Anil, Malayalam University, Kerala 14. Dr. Sanjay Kumar, EFLU, Hyderabad 15. Dr. Krishnakumar R.S, University of Kerala Frequency: Annual Published by: Department of Russian & Comparative Literature, University of Calicut, Thenhipalam, Malappuram, Kerala – 673635 Articles in the journal reflect the views of the respective authors only and do not reflect the view of the editors, the journal, the department and/or the university. ii Notes for contributors Assonance is an ISSN, UGC-CARE listed, multilingual, refereed, blind peer reviewed, annual publication of the Department of Russian & Comparative Literature, University of Calicut.
    [Show full text]
  • Ranking of Stocks by Market Capitalization(As of End of Jan.2018)
    Ranking of Stocks by Market Capitalization(As of End of Jan.2018) 1st Section Rank Code Issue Market Capitalization \100mil. 1 7203 TOYOTA MOTOR CORPORATION 244,072 2 8306 Mitsubishi UFJ Financial Group,Inc. 115,139 3 9437 NTT DOCOMO,INC. 105,463 4 9984 SoftBank Group Corp. 98,839 5 6861 KEYENCE CORPORATION 80,781 6 9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION 73,587 7 9433 KDDI CORPORATION 71,225 8 7267 HONDA MOTOR CO.,LTD. 69,305 9 8316 Sumitomo Mitsui Financial Group,Inc. 68,996 10 7974 Nintendo Co.,Ltd. 67,958 11 7182 JAPAN POST BANK Co.,Ltd. 66,285 12 6758 SONY CORPORATION 65,927 13 6954 FANUC CORPORATION 60,146 14 7751 CANON INC. 58,005 15 6902 DENSO CORPORATION 54,179 16 4063 Shin-Etsu Chemical Co.,Ltd. 53,624 17 8411 Mizuho Financial Group,Inc. 52,124 18 6594 NIDEC CORPORATION 52,025 19 9983 FAST RETAILING CO.,LTD. 51,647 20 4502 Takeda Pharmaceutical Company Limited 50,743 21 7201 NISSAN MOTOR CO.,LTD. 49,108 22 8058 Mitsubishi Corporation 48,497 23 2914 JAPAN TOBACCO INC. 48,159 24 6098 Recruit Holdings Co.,Ltd. 45,095 25 5108 BRIDGESTONE CORPORATION 43,143 26 6503 Mitsubishi Electric Corporation 42,782 27 9022 Central Japan Railway Company 42,539 28 6501 Hitachi,Ltd. 41,877 29 9020 East Japan Railway Company 41,824 30 6301 KOMATSU LTD. 41,162 31 3382 Seven & I Holdings Co.,Ltd. 39,765 32 6752 Panasonic Corporation 39,714 33 4661 ORIENTAL LAND CO.,LTD. 38,769 34 8766 Tokio Marine Holdings,Inc.
    [Show full text]
  • (With) Shakespeare (/783437/Show) (Pdf) Elizabeth (/783437/Pdf) Klett
    11/19/2019 Borrowers and Lenders: The Journal of Shakespeare and Appropriation ISSN 1554-6985 V O L U M E X · N U M B E R 2 (/current) S P R I N G 2 0 1 7 (/previous) S h a k e s p e a r e a n d D a n c e E D I T E D B Y (/about) E l i z a b e t h K l e t t (/archive) C O N T E N T S Introduction: Dancing (With) Shakespeare (/783437/show) (pdf) Elizabeth (/783437/pdf) Klett "We'll measure them a measure, and be gone": Renaissance Dance Emily Practices and Shakespeare’s Romeo and Juliet (/783478/show) (pdf) Winerock (/783478/pdf) Creation Myths: Inspiration, Collaboration, and the Genesis of Amy Romeo and Juliet (/783458/show) (pdf) (/783458/pdf) Rodgers "A hall, a hall! Give room, and foot it, girls": Realizing the Dance Linda Scene in Romeo and Juliet on Film (/783440/show) (pdf) McJannet (/783440/pdf) Prokofiev’s Romeo and Juliet: Some Consequences of the “Happy Nona Ending” (/783442/show) (pdf) (/783442/pdf) Monahin Scotch Jig or Rope Dance? Choreographic Dramaturgy and Much Emma Ado About Nothing (/783439/show) (pdf) (/783439/pdf) Atwood A "Merry War": Synetic's Much Ado About Nothing and American Sheila T. Post-war Iconography (/783480/show) (pdf) (/783480/pdf) Cavanagh "Light your Cigarette with my Heart's Fire, My Love": Raunchy Madhavi Dances and a Golden-hearted Prostitute in Bhardwaj's Omkara Biswas (2006) (/783482/show) (pdf) (/783482/pdf) www.borrowers.uga.edu/7165/toc 1/2 11/19/2019 Borrowers and Lenders: The Journal of Shakespeare and Appropriation The Concord of This Discord: Adapting the Late Romances for Elizabeth the
    [Show full text]
  • State Street Global Advisors ESG Stock Exclusion List and Methodology in Relation to MSCI Produced Indices July 2021
    1 State Street Global Advisors ESG Stock Exclusion List and Methodology in Relation to MSCI Produced Indices July 2021 Exclusion List for Q3-2021 Quarterly Index Rebalance Adani Enterprises Limited Jacobs Engineering Group Inc. Reinet Investments S.C.A. Adani Ports & Special Economic Zone Ltd. Japan Tobacco Inc. RLX Technology, Inc. Sponsored ADR Class A Airbus SE JBS S.A. Safran S.A. Altria Group Inc Korea Aerospace Industries, Ltd. Saudi Arabian Oil Company (Saudi Aramco) BAE Systems plc Korea Electric Power Corporation Saudi Basic Industries Corp. Boeing Company KT & G Corporation SK Inc. British American Tobacco p.l.c. Larsen & Toubro Infotech Ltd Smoore International Holdings Limited Canopy Growth Corporation Larsen & Toubro Ltd. Southern Copper Corporation China National Nuclear Power Co. Ltd. Class A Lockheed Martin Corporation Swedbank AB Class A China Northern Rare Earth (Group) High-Tech Co., Ltd. Metallurgical Corporation of China Ltd. Class A Swedish Match AB Class A China Petroleum & Chemical Corporation Class A MMC Norilsk Nickel PJSC Tata Consultancy Services Limited Teva Pharmaceutical Industries Limited Sponsored China Petroleum & Chemical Corporation Class H Motorola Solutions, Inc. ADR China Shipbuilding Industry Company Limited Class A MTN Group Limited Textron Inc. Danske Bank A/S Northrop Grumman Corporation Thales SA Tokyo Electric Power Company Holdings, Eastern Company Nutrien Ltd. Incorporated Elbit Systems Ltd Oil & Natural Gas Corp. Ltd. Toshiba Corporation Freeport-McMoRan, Inc. Pan American Silver Corp. Vale S.A. General Dynamics Corporation PetroChina Company Limited Class A Wal-Mart de Mexico SAB de CV Grupo Mexico S.A.B. de C.V. Class B PetroChina Company Limited Class H Walmart Inc.
    [Show full text]
  • Annual Report FY2017
    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.
    [Show full text]
  • International Companies with U.S. Branches
    INTERNATIONAL COMPANIES WITH U.S. BRANCHES ® CLEMSON UNIVERSITY MICHELIN CAREER CENTER Company: Home Country: Type of Business: Royal Dutch/Shell Group Netherlands oil & gas Royal Dutch/Shell Group United Kingdom oil & gas BP United Kingdom oil & gas DaimlerChrysler Germany automobile Toyota Motor Japan automobile Mitsubishi Japan trading & distribution Mitsui & Co Japan trading & distribution Allianz Worldwide Germany insurance ING Group Netherlands diversified finance Volkswagen Group Germany automobile Sumitomo Japan trading & distribution Marubeni Japan trading & distribution Hitachi Japan electronic equipment Honda Motor Japan automobile AXA Group France insurance Sony Japan household durables Ahold Netherlands food & drug retail Nestle Switzerland food products Nissan Motor Japan automobile Credit Suisse Group Switzerland diversified finance Deutsche Bank Group Germany diversified finance BNP Paribas France bank Deutsche Telekom Germany telecom services Aviva United Kingdom insurance Generali Group Italy insurance Samsung Electronics South Korea semiconductor equip & prods Vodafone United Kingdom wireless telecom svcs Toshiba Japan electronic equipment ENI Italy oil & gas Unilever Netherlands food products Unilever United Kingdom food products Fortis Netherlands diversified finance France Telecom France telecom services UBS Switzerland diversified finance HSBC Group United Kingdom bank BMW-Bayerische Motor Germany automobile NEC Japan computers & peripherals Fujitsu Japan computers & peripherals Bayer HypoVereinsbank Germany bank
    [Show full text]
  • R&Co Risk-Based International Index – Weighting
    Rothschild & Co Risk-Based International Index Indicative Index Weight Data as of June 30, 2021 on close Constituent Exchange Country Index Weight(%) Jardine Matheson Holdings Ltd Singapore 1.46 LEG Immobilien SE Germany 0.98 Ajinomoto Co Inc Japan 0.95 SoftBank Corp Japan 0.89 Shimano Inc Japan 0.85 FUJIFILM Holdings Corp Japan 0.73 Singapore Exchange Ltd Singapore 0.72 Japan Tobacco Inc Japan 0.72 Cellnex Telecom SA Spain 0.69 Nintendo Co Ltd Japan 0.69 Carrefour SA France 0.67 Nexon Co Ltd Japan 0.66 Deutsche Wohnen SE Germany 0.65 Bank of China Ltd Hong Kong 0.64 REN - Redes Energeticas Nacion Portugal 0.63 Pan Pacific International Hold Japan 0.63 Japan Post Holdings Co Ltd Japan 0.62 Nippon Telegraph & Telephone C Japan 0.61 Roche Holding AG Switzerland 0.61 Nestle SA Switzerland 0.61 Novo Nordisk A/S Denmark 0.59 ENEOS Holdings Inc Japan 0.59 Nomura Research Institute Ltd Japan 0.59 Koninklijke Ahold Delhaize NV Netherlands 0.59 Jeronimo Martins SGPS SA Portugal 0.58 HelloFresh SE Germany 0.58 Toshiba Corp Japan 0.58 Hoya Corp Japan 0.58 Siemens Healthineers AG Germany 0.58 MS&AD Insurance Group Holdings Japan 0.57 Coloplast A/S Denmark 0.57 Kerry Group PLC Ireland 0.57 Scout24 AG Germany 0.57 SG Holdings Co Ltd Japan 0.56 Symrise AG Germany 0.56 Nitori Holdings Co Ltd Japan 0.56 Beiersdorf AG Germany 0.55 Mitsubishi Corp Japan 0.55 KDDI Corp Japan 0.55 Sysmex Corp Japan 0.55 Chr Hansen Holding A/S Denmark 0.55 Ping An Insurance Group Co of Hong Kong 0.55 Eisai Co Ltd Japan 0.54 Chocoladefabriken Lindt & Spru Switzerland 0.54 Givaudan
    [Show full text]