Japan Tobacco Inc. · TSE:2914
Japan Tobacco — Q3 FY2005 Earnings Presentation
17 slides from Japan Tobacco's earnings presentation, Feb 10, 2006
Slide 1: 2006 3 3
2006 3 3 2006 3 3 1 2 3 4 5 6 7 8 9 2 1
Slide 2: JT PLAN-V results summary
2005 2005 3 JT PLAN-V 3 2006 3 3 2005 3 2006 3 3 3 35,964 35,503 (460) 15,480 15,315 (164) EBITDA 3,247 3,457 209 2,303 2,518 214 2,274 2,435 161 1,314 1,640 326 4 2
Slide 3: Nine-month results by segment
2006 3 3 ¾ 1-9 2005 3 2006 3 3 3 9,329 9,067 (262) EBITDA 2,321 2,414 92 1,726 1,767 40 3,215 3,558 342 EBITDA 586 761 175 430 596 166 5 2006 3 3 3 JTT-705 2005 3 2006 3 3 3 474 388 (85) EBITDA 72 (2) (74) 45 (26) (72) 2,025 2,127 101 EBITDA 66 96 30 22 54 32 6 3
Slide 4: Domestic tobacco sales and D-spec
(%) 2,700 2,479 75 2,500 2,428 2,320 2,269 2,300 2,204 2,100 JT 2 1,900 1,846 70 1,781 1,691 1,655 1,700 67.3 1,500 1,472 66.7 66.7 66.6 66.4 66.1 66.1 65.5 65.3 1,300 66.6 66.6 65 1,100 900 JT 1 700 500 60 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 1 JT 2005 4 2005 5 J
Slide 5: Full-year forecast for fiscal 2006
¾ ¾ D-spec ¾ D-spec ¾ ¾ ¾ 9 2006 3 ¾ z ¾ z 05 3 06 3 06 3 2,132 1,890 (242) 1,910 34,914 34,030 (884) 34,080 EBITDA 2,960 3,020 59 3,100 2,158 2,160 1 2,240 10 5
Slide 6: Results by segment: GFB, international, pharmaceuticals, food
GFB 2004 2005 2005 2,124 2,203 79 3.7% 2,190 GFB 1,314 1,338 24 1.8% 1,340 2004 2005 2005 7,927 8,800 872 11.0% 8,700 EBITDA 654 940 285 43.5% 880 444 710 265 59.7% 660 JT EBITDA 802 1,070 267 33.4% 1,020 108.23 110.26 2.03 108.00 11 3 05 3 06 3 06 3 576 485 (91) 475 EBITDA 54 (40) (94) (55) 18 (70)
Slide 7: Cash flow, ROE and FCF
2006 3 2006 3 ¾ z EBITDA ¾ z EBITDA 05 3 06 3 06 3 46,645 46,200 (445) 46,200 EBITDA 4,001 4,240 238 4,240 2,733 2,980 246 2,980 2,702 2,890 187 2,910 625 1,950 1,324 1,890 ROE(%) 4.2 12.3 8.1 11.9 FCF 2,694 1,010 (1,684) 1,060 13 7
Slide 8: Domestic tobacco revenue bridge
2006 3 3 2006 3 2006 3 3 6,786 5,913 873 2005 3 Q3 6,786 JT (26) JT +58 860 (45) 2006 3 Q3 5,913 5,000 5,200 5,400 5,600 5,800 6,000 6,200 6,400 6,600 6,800 7,000 9,329 9,067 262 16 8
Slide 9: EBITDA bridge
2006 3 3 EBITDA 2,321 2,414 92 2005 3 Q3 2,321 +58 +450 +25 20 (350) (71) 2006 3 Q3 2,414 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 1,726 1,767 40 595 647 52 17 2006 3 3 2,926 3,299 372 2005 3 Q3 2,926 +146 +136 +90 2006 3 Q3 3,299 2,800 2,900 3,000 3,100 3,200 3,300 3,400 3,
Slide 10: EBITDA bridge by segment
2006 3 3 EBITDA 1 638 806 167 1 2005 3 Q3 638 +39 +144 +26 (41) 2006 3 Q3 806 600 650 700 750 800 850 EBITDA 586 761 175 430 596 166 2 156 165 9 109.00 107.90 1.10 19 2006 3 3 474 388 85 2005 3 Q3 474 (8) (78) 2006 3 Q3 388 300 320 340 360 380 400 420 440 460 480 500 20 10
Slide 11: EBITDA bridge by segment
2006 3 3 EBITDA 72 2 74 2005 3 Q3 +72 +6 4 (76) 2006 3 Q3 (2) (10) 0 10 20 30 40 50 60 70 80 45 26 72 27 24 2 21 2006 3 3 2,025 2,127 101 2005 3 Q3 2,025 +18 (6) +1 +34 +15 VM 45 (6) 2006 3 Q3 2,127 2,000 2,050 2,100 2,150 22 11
Slide 12: Food segment EBITDA
2006 3 3 22 54 32 20 5 5 9 32 20 30 40 50 60 2005 3 Q3 2006 3 Q3 22 54 EBITDA 66 96 30 32 2 23 2006 3 3 2,274 2,435 161 1,314 1,640 326 2005 3 Q3 2,274 2005 3 Q3 1,314 +214 +161 (53) +165 2006 3 Q3 2,435 2006 3 Q3 1,640 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 +12 +2 +649 +2 +34 +22 25
Slide 13: Full-year forecast bridges
2006 3 25,439 22,400 3,039 34,914 34,030 884 TS 40,000 34,914 35,000 34,030 2005 5 30,000 9,475 9,475 11,630 +2,154 11,630 25,000 20,000 15,000 25,439 2,132 1,890 242 22,400 10,000 JT 5,000 0 2005 3 2006 3 25 2006 3 EBITDA 2,960 3,020 59 3,500 2,960 3,020 + 540 3,000 2,500 +42 2,158 2,160 2,000 1,
Slide 14: Forecast for GFB segment
2006 3 7,927 8,800 872 10,000 8,800 9,000 7,927 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 2005 3 2006 3 108.23 110.26 2.03 27 2006 3 EBITDA 802 1,070 267 1,200 1,070 1,100 1,000 900 802 800 700 600 500 400 300 200 100 - 2005 3 2006 3 EBITDA 654 940 285 444 710 265 108.23 110.26 2.03 28 14
Slide 15: Pharmaceutical forecast
2006 3 576 485 91 600 576 485 05 JTK-303 15 500 400 300 200 04 JTT-705 100 419 406 13 - 2005 3 2006 3 29 2006 3 EBITDA 54 40 94 18 70 88 80 60 54 40 05 JTK-303 15 18 20 0 20 40 40 04 JTT-705 60 80 70 84 72 12 2005 3 2006 3 EBITDA 30 15
Slide 16: Food forecast
2006 3 2,653 2,750 96 2,800 2,750 2,700 2,653 2,600 2,500 2,400 2,300 2,200 2,100 2,000 2005 3 2006 3 31 2006 3 EBITDA 79 105 25 19 50 30 120 105 100 79 80 60 50 40 19 20 0 2005 3 2006 3 EBITDA 32 16
Slide 17: Cash flow bridge
2006 3 2,702 2,890 187 625 1,950 1,324 2005 3 2,702 2005 3 625 +246 +187 (58) +1,138 2006 3 2,890 2006 3 1,950 2,000 2,200 2,400 2,600 2,800 3,000 0 500 1,000 1,500 2,000 04 2,248 04 42 33 17