Japan Tobacco Inc. · TSE:2914
Japan Tobacco — FY2021 Earnings Presentation
16 slides from Japan Tobacco's earnings presentation, Feb 14, 2022
Slide 1: JT Group 2021 Results & 2022 Forecast
JT Group 2021 Results & 2022 Forecast Nobuya Kato JT Group Chief Financial Officer *Please be reminded that the figures shown on these slides may differ from those shown in the financial statements as they are intended to facilitate the reader’s understanding of individual businesses. *For details o
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements. These statements appear in a number of places in this document and include statements regarding the intent, belief, or current and future expectations of our management with respect to our business, financial condition
Slide 3: 2021 Results
2021 Results
Slide 4: 2021 Financial Results
2021 Financial Results Adjusted operating profit (AOP) at constant FX: +22.9% vs.2020 • Driven by the continued robust performance in the tobacco business (JPY BN) FY2021 vs. 2020 Revenue and AOP on a reported basis Reported • Increased double-digit fueled by a favorable price/mix contribution and v
Slide 5: Japanese-domestic tobacco business: Volume Performance and Financial Results
Japanese-domestic tobacco business: Volume Performance and Financial Results Volume Industry Volume Figures in parentheses are year-on-year comparisons. • Combustibles: decreased more moderately than expected (BnU) Industry JT volume SoM/SoS** • RRP: increased in line with our projections 150.4 66.8
Slide 6: International tobacco business: Volume Performance and Financial Results
International tobacco business: Volume Performance and Financial Results Volume Core Revenue and AOP (BnU) 2021 vs. 2020 Operations Driven by robust price/mix gains mostly in major markets, and higher Total shipment volume 460.2 +5.6% volume from strong share momentum across a resilient industry vol
Slide 7: Pharmaceutical and Processed food businesses: Financial Results
Pharmaceutical and Processed food businesses: Financial Results Pharmaceutical Business • Revenue: increased as the revenue growth at our consolidated subsidiary, Torii Pharmaceutical, exceeded lower overseas royalty income (JPY BN) 2021 vs. 2020 • AOP: decreased due to increases in R&D expenditures
Slide 8: 2022 Forecast
2022 Forecast
Slide 9: 2022 Consolidated Financial Forecast
2022 Consolidated Financial Forecast Core revenue at constant FX*: -0.1% vs. 2021 AOP at constant FX: +4.0% vs. 2021 Variance Variance (JPY BN) FY2022 vs. 2021 vs. 2021 Revenue (abs) (%) • Revenue decrease in the tobacco business partially offset by Reported revenue increase in pharmaceutical and pr
Slide 10: Tobacco business: Volume Outlook and Financial Forecast
Tobacco business: Volume Outlook and Financial Forecast Core revenue on a reported basis (+) Continued price/mix contribution and market share gains as well as larger RRP volumes Volume (-) Decline in combustible volumes due to an unfavorable comparison to 2021 as the impact of the pandemic-led rest
Slide 11: Pharmaceutical and Processed food businesses: Financial forecasts
Pharmaceutical and Processed food businesses: Financial forecasts Pharmaceutical Business • Revenue: projected to increase as revenue growth at Torii and one-time income from licensing of patented JT compound exceed lower overseas royalty income （JPY BN） FY2022 vs. 2021 • AOP: projected to decrease
Slide 12: Closing remarks
Closing remarks
Slide 13: Closing remarks
Closing remarks 2021 Results • Largely exceeded our initial guidance driven by growth in the tobacco business • Launched Ploom X in Japan leading to steady share increase • Carried out initiatives conducive to the future growth consistently Shareholders 2022 Outlook • Forecast AOP at constant FX and
Slide 14: Definitions
<Definitions> Adjusted operating profit (AOP): Adjusted operating profit = operating profit + amortization cost of acquired intangibles arising from business acquisitions + adjusted items (income and costs)* * Adjusted items (income and costs) = impairment losses on goodwill ± restructuring income a
Slide 15: Definitions
<Definitions> Total tobacco industry volume: Industry volume in Japan market by number of sticks based on the internal (Japanese-domestic tobacco business) estimate. This includes cigarettes, cigarillos, RRP and others Combustibles: Combustibles include all tobacco products excluding contract manufa
Slide 16: Definitions
<Definitions> Total volume: The volume of tobacco-based products which excludes contract manufactured products, waterpipe, RRP devices and related (Tobacco business) accessories. Combustible volume: The shipment volume of combustible products which excludes contract manufactured products, snus, wate