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Japan Tobacco Inc. Annual Report FY2015

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Japan Tobacco Inc. Annual Report FY2015 Japan Tobacco Inc. Annual Report FY2015 Year ended December 31, 2015 Contents Unless the context indicates otherwise, references in this Annual Report to “we”, “us”, “our”, “Japan Tobacco”, “JT Group” or “JT” are to Japan Tobacco Inc. and its consolidated subsidiaries. References to “JTI” are to JTI Holding B.V., our consolidated subsidiary, and its consolidated subsidiaries. References to “TableMark” are to TableMark Holdings Co., Ltd., TableMark Co., Ltd. and its group companies. References to “Japan Tobacco Inc.” 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” (as defi ned in the Companies Act of Japan) that performs certain supervisory functions through its monitoring and audit activities within the overall scheme Management Corporate Information of corporate governance pursuant to the Companies Act of 001 Financial Highlights 046 Corporate Governance Japan. References to “audit & supervisory board member” 002 At a Glance 058 History of the JT Group are to a member or members of an audit & supervisory board, also referred to in Japanese as “kansayaku” 004 Consolidated Five-year 062 Regulation and Other Relevant Laws (as defi ned in the Companies Act of Japan). Financial Summary 065 Litigation Forward-looking statements 006 Message from the 066 Members of the Board, Audit This report contains forward-looking statements. These Chairman and CEO & Supervisory Board Members statements appear in a number of places in this report and include statements regarding the intent, belief, or current 008 CEO Business Review and Executive Offi cers and future expectations of our management with respect to 010 Management Principle, 067 Members of the JTI our business, fi nancial condition and results of operations. Strategic Framework and Executive Committee In some cases, you can identify forward-looking statements by terms such as “may”, “will”, “should”, “would”,“expect”, Resource Allocation 067 Corporate Data “intend”, “project”, “plan”, “aim”, “seek”, “target”, 012 Business Plan 2016 “anticipate”, “believe”, “estimate”, “predict”, “potential” 013 Role and Priority of or the negative of these terms or other similar terminology. These statements are not guarantees of future performance Each Business and are subject to various risks and uncertainties. Actual 014 Performance Measures results, performance or achievements, or those of the industries in which we operate, may diff er materially from any future results, performance or achievements expressed or implied by these forward-looking statements. In addition, these forward-looking statements are necessarily dependent upon assumptions, estimates and data that may be incorrect or imprecise and involve known and unknown risks and uncertainties. Forward-looking statements regarding operating results are particularly subject to a variety of assumptions, some or all of which Shareholder Information may not be realized. 068 Shareholder Information Risks, uncertainties or other factors that could cause actual results to diff er materially from those expressed in any forward-looking statement include, without limitation: 1. decrease in demand for tobacco products in key Operations & Analysis markets; 017 Industry Overview 2. restrictions on promoting, marketing, packaging, 017 Tobacco Business labeling and usage of tobacco products in markets in which we operate; 019 Pharmaceutical Business 3. increases in excise, consumption or other taxes on 020 Processed Food Business tobacco products in markets in which we operate; 021 Review of Operations 4. litigation around the world alleging adverse health 021 Tobacco Business and fi nancial eff ects resulting from, or relating to, Value Chain tobacco products; 022 International Tobacco Business 5. our ability to realize anticipated results of our acquisition or other similar investments; 028 Special Feature: Financial Information 6. competition in markets in which we operate or into Emerging products 072 Financial Review which we seek to expand; 030 Japan Domestic 080 Consolidated Financial Statements 7. deterioration in economic conditions in areas that Tobacco Business 086 Notes to Consolidated Financial matter to us; 034 Pharmaceutical Business Statements 8. economic, regulatory and political changes, such 038 Processed Food Business 141 Independent Auditor’s report as nationalization, terrorism, wars and civil unrest, in countries in which we operate; 040 Risk Factors 9. fl uctuations in foreign exchange rates and the costs 044 JT Group and Sustainability of raw materials; and 142 Glossary of Terms 10. catastrophes, including natural disasters. FY2015 Results for the fi scal year ended December 31, 2015 Continuing operations (Like-for-like basis) Adjusted Operating Profi t 626.7 (JPY BN) –5.2% Financial Year-on-year change +9.9% Year-on-year change at Highlights constant exchange rates Adjusted EPS (diluted) 234.35 (JPY) From the third quarter of FY2015, In addition, FY2014 was a transitional beverage business has been period for the Company due to the classifi ed as discontinued operations unifi cation of accounting period. –2.5% in accordance with IFRS requirements. Therefore, for the purpose of fair Year-on-year change Consequently, profi t (loss) and some business performance comparison, items from continuing operations and we are providing fi gures for the + discontinued operations are presented twelve-month period from January 1, 16.3% separately for the fi nancial results 2014 to December 31, 2014 (Like-for- Year-on-year change at of FY2015 and FY2014. To facilitate Like basis) with regard to all business constant exchange rates better understanding of our business segments in continuing operations. Dividend Payout Ratio performance in FY2015, we off er our analysis with a focus on continuing operations. 53.2% (vs. profi t from continuing operations) Results for FY2015 and 2014 Reported basis Like-for-Like basis (comparison with Jan-Dec 2014) Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Domestic Domestic International International FY2014 FY2015 2014 Jan – Dec FY2015 In Financial Statements and Notes, FY2015 and Excluding Financial Statements and Notes, 2014 FY2014 results are shown on a Reported basis. results are shown on a January to December (Like-for-Like) basis. Revenue, operating profi t, adjusted operating profi t from continuing operations and profi t attributed to owners of the parent company from continuing and discontinued operations combined for January to Factsheets available at: December, 2014 were disclosed in the Annual Securities Report, which was audited. www.jt.com/investors/results/ fact_sheet/index.html JAPAN TOBACCO INC. ANNUAL REPORT 2015 001 At a Glance Our businesses FY2015: Results for the fi scal year ended December 31, 2015 The JT Group is a leading international tobacco company with operations in over 70 countries. Our products are sold in over 120 countries and our internationally recognized brands include Winston, Camel, MEVIUS and LD. We are also active in pharmaceutical and processed food businesses and we expect them to establish a foundation for future profi t contribution, as we strive for sustainable growth. International Today the international tobacco Results for FY2015: business continues to strengthen Achieved double-digit profi t growth Tobacco its role as the JT Group’s profi t growth at constant exchange rates while engine, generating more than 60% of delivering on committed investments. Business the consolidated profi t1. In the years to come, we expect it will further increase Key drivers: its contribution, enabling the JT Group • Global Flagship Brands to continue delivering sustainable profi t volume growth Global brand ranking growth in the mid to long term. • Market share gains across (excluding China National Tobacco Corp) our footprint Our brand portfolio is competitive • Robust pricing and well-balanced, allowing us to • Long-term commitment to #2 capture down-traders and up-traders. investing into: Brand equity, We have structured our portfolio Emerging Markets and into three broad categories including Emerging Products #5 ready-made cigarettes, fi ne cut • 26,000 dedicated employees and emerging products. #9 #13 Source: JTI estimate as of 2015. Note: The brand rankings of Winston and Camel include sales by Reynolds American Inc. 1. Consolidated profi t: consolidated adjusted operating profi t from continuing operations. 2 Markets where JTG’s SOM 2. SOM: Share of market. is 5% or higher as of 2015. Pharmaceutical JT Group’s pharmaceutical infl ammation, while Torii Pharmaceutical business focuses on the research Co., Ltd. is in charge of manufacturing Business and development, production, and as well as sales and promotion in the sale of prescription pharmaceutical domestic market. products. Its mission is to build world-class, unique research and Our products include Remitch development capabilities and reinforce Capsules (anti-pruritus), Truvada its market presence through innovative Combination Tablets (anti-HIV) and drugs. In the pharmaceutical business, Riona Tablets (hyperphosphatemia) JT concentrates on research and etc. During 2015, ‘MITICURE House development activities mainly on the Dust Mite Sublingual Tablets’ was fi elds of glucose and lipid metabolism; launched by Torii Pharmaceutical anti-virus; and immune disorders and in Japan. 002 JAPAN TOBACCO INC. ANNUAL REPORT 2015 Management 001
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