MIRA
INFORM REPORT
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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
JAPAN TOBACCO INC |
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Registered Office : |
2-2-1 Toranomon, Minato-ku, |
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Country : |
Japan |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
01.04.1985 |
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Legal Form : |
Public Parent |
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Line of Business : |
Engaged in the tobacco business |
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No. of Employees : |
48,529 |
RATING & COMMENTS
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MIRAs Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A tiny agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. Usually self-sufficient in rice, Japan imports about 60% of its food on a caloric basis. Japan maintains one of the world's largest fishing fleets and accounts for nearly 15% of the global catch. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2011 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2011. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan further into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake in March disrupted manufacturing. Electricity supplies remain tight because Japan has temporarily shut down almost all of its nuclear power plants after the Fukushima Daiichi nuclear reactors were crippled by the earthquake and resulting tsunami. Estimates of the direct costs of the damage - rebuilding homes, factories, and infrastructure - range from $235 billion to $310 billion, and GDP declined almost 0.5% in 2011. Prime Minister Yoshihiko NODA has proposed opening the agricultural and services sectors to greater foreign competition and boosting exports through membership in the US-led Trans-Pacific Partnership trade talks and by pursuing free-trade agreements with the EU and others, but debate continues on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy.
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Source : CIA |
Company name
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Japan Tobacco Inc |
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Employees: |
48,529 |
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Company Type: |
Public Parent |
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Corporate Family: |
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Traded: |
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Incorporation Date: |
01-Apr-1985 |
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Auditor: |
Deloitte & Touche LLP |
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Fiscal Year End: |
31-Mar-2012 |
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Reporting Currency: |
Japanese Yen |
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Annual Sales: |
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Net Income: |
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Total Assets: |
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Market Value: |
56,346.1 |
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(09-Nov-2012) |
Business Description
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Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant Developments
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News
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Financial Summary
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Stock Snapshot |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121
2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536
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More Business
Descriptions |
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Tobacco, Food & Pharmaceutical Products Mfr
Japan Tobacco Inc. (JT) is the third largest tobacco company in the
world. Its internationally recognized cigarette brands include Camel, Winston,
Mild Seven and Benson & Hedges. The company operates its business through
four reportable business segments, namely, Domestic Tobacco, International
Tobacco, Pharmaceutical and Food. The company, through its Domestic Tobacco
segment, provides cigarette products to retail stores throughout Japan. The
subsidiaries operating under Domestic Tobacco business include JT Logistics
Co., Ltd.; TS Network Co., Ltd.; Japan Filter Technology, Ltd.; Fuji Flavor
Co., Ltd.; and JT Engineering Inc. The Tobacco segment distributes tobacco
products under brand names such as Seven Stars, Mild Seven, Cabin Mild and
Caster. JT introduced ''Mild Seven Impact One 100s Box'' and “Seven Stars
Black Charcoal Menthol Box” to enhance its brand equity in the Japanese
market. Its domestic manufacturing facilities are equipped with world-class
manufacturing technologies and quality control. The company also conducts
research and development to develop new cigarette products that satisfy
consumers. For the fiscal year ended March 2011, the company reported revenue
of JPY3,103.35 billion from the Japanese Domestic Tobacco segment, reflecting
an increase of 2.0% over revenue in 2010. The segment accounted for 50.1% of
the company’s total revenue in 2011. Besides, JT’s revenue from the
Japanese Domestic Tobacco segment for the nine months ended December 31, 2011
stood at JPY877.3 billion, reflecting an increase of 14.5% over JPY766.5
billion recorded during the same period in the previous year.In 2012, JT
launched The Peace, a tobacco product and two super slim-sized products, ''Mild
Seven Style Plus 6'' and ''Mild Seven Style Plus One,” across Japan. In
October 2011, the company launched the new Seven Stars Alaska Menthol Box and ''Zerostyle
Bitter Leaf'' with accompanying refill cartridges in Japan. On December 9,
2011, JTI entered into a strategic agreement with Ploom, under which JTI will
commercialize Ploom’s new generation smoking alternative products outside the
US.The International Tobacco segment focuses on the manufacture and sale of
cigarettes in the overseas market, under the brand names Winston, Camel, Salem
and Mild Seven. The operations of this segment are carried out through Japan
Tobacco International (JTI). Its other consolidated subsidiaries include
JTI-Macdonald Corp.; JT International S.A.; LLC Petro; JTI Tutun Urunleri
Sanayi A.S.; JT International Germany GmbH; Gallaher Ltd.; Liggett-Ducat CJSC;
and Austria Tabak GmbH. JTI has 29 factories and 90 other business facilities
around the world. With headquarters in Geneva, Switzerland, JTI manufactures,
markets and sells tobacco products around the world. It operates in
approximately 120 countries. JTI owns a portfolio of global flagship brands
consisting of Camel, Winston, Benson & Hedges, Mild Seven, Sobranie, Silk
Cut, LD and Glamour. For the fiscal year ended March 2011, the company reported
revenue of JPY2,649.95 billion from International tobacco segment, reflecting
an increase of 0.6% over revenue in 2010. The segment accounted for 42.8% of
the company’s total revenue in 2011. Besides, JT’s revenue from the
International tobacco segment for the nine months ended December 31, 2011 stood
at JPY736.3 billion, reflecting an increase of 0.9% over JPY729.4 billion recorded
during the same period in the previous year. In December 2011, JT acquired a
leading tobacco company, Haggar Cigarette & Tobacco Factory Ltd. (HCTF) in
the Republics of North Sudan and South Sudan.Under the Pharmaceutical Segment,
the company focuses on the research, development, production and distribution
of drugs and medicines. This segment is operated by subsidiaries including JT
Pharma Alliance Co., Ltd.; Torii Pharmaceutical Co., Ltd.; and Akros Pharma
Inc. Torii Pharmaceutical manufactures and sells pharmaceutical products.
JT’s R&D facility, the Central Pharmaceutical Research Institute,
conducts research and development on virus; glucose and lipid metabolism;
immune disorders and inflammation; and bone metabolism. Besides, the company
focuses on enhancing its in-house R&D capabilities through alliances with
other firms to accelerate development and bring products to market faster. Some
of the company’s key product candidates in clinical development include
JTT-705 (dalcetrapib), JTT-130 (granotapide) and JTT-302 for the treatment of
dyslipidemia; JTT-751 (Ferric Citrate) for the treatment of hyperphosphatemia;
JTK-853 for the treatment of Hepatitis C; JTT-851 for the treatment of type 2
diabetes mellitus; JTZ-951 for the treatment of anemia associated with chronic
kidney disease; and JTE-051 for the treatment of autoimmune/allergic diseases.
For the fiscal year ended March 2011, the company reported revenue of JPY46.98
billion from the Pharmaceutical segment, reflecting an increase of 6.6% over
revenue in 2010. The segment accounted for 0.8% of the company’s total
revenue in 2011. Besides, JT’s revenue from the Pharmaceutical segment for
the nine months ended December 31, 2011 stood at JPY39.3 billion, reflecting an
increase of 9.5% over JPY35.9 billion recorded during the same period in the
previous year.In December 2011, JT, Toray and Torii terminated the joint
development of nalfurafine hydrochloride (TRK-820) for pruritus associated with
liver disease in Japan. In December 2011, JT signed a licensing agreement with
Gilead Sciences for exclusive rights to develop and commercialize Gilead’s
investigational pharmacoenhancing cobicistat as a standalone product in Japan.
In October 2011, JT terminated its licensing agreement with Merck & Co.,
Inc. related to JT’s original compound JTT-305 for the treatment of
osteoporosis. In October 2011, an NDA for an anti-HIV single-tablet regimen
containing a new HIV integrase inhibitor, JT’s original compound JTK-303
(elvitegravir), was submitted to the USFDA for approval.JT's Food segment
manufactures and markets beverages, processed foods, seasonings and other
products through its subsidiaries including Japan Beverage Holdings Inc.; JT
Beverage Inc.; and TableMark Co., Ltd. The company’s beverages business
expanded its vending machine sales channels steadily, through its Japan
Beverage Inc., a JT subsidiary. The beverages unit introduced new products with
focus on its flagship Roots brand. The seasonings business of the company
carries out the development of natural seasonings including high-value yeast
products, based on its in-house technology. The company also expanded the
seasonings business by sharing business resources, for material procurement,
production and sale, with Fuji Foods Corporation (FFC). JT launched a new coffee
product certified by Japan's Ministry of Health, Labour and Welfare (MHLW) as
''Food for Specified Health Uses''. For the fiscal year ended March 2011, the
company reported revenue of JPY375.01 billion from Food segment, reflecting a
decrease of 5.0% over revenue in 2010. The segment accounted for 6.1% of the
company’s total revenue in 2011. Besides, JT’s revenue from the Food
segment for the nine months ended December 31, 2011 stood at JPY281.9 billion,
reflecting a decrease of 4% over JPY293.6 billion recorded during the same
period in the previous year.For the fiscal year ended March 2011, the company
reported revenue of JPY19.23 billion from Other segment, reflecting a decrease
of 1.4% over revenue in 2010. The segment accounted for 0.3% of the company’s
total revenue in 2011. Besides, JT’s revenue from Other segment for the nine
months ended December 31, 2011 stood at JPY12 billion, reflecting a decrease of
16.7% over JPY14.4 billion recorded during the same period in the previous
year.The company sells its products in more than 120 countries across the world
including Western Europe, CIS, Asia, Africa, and the Middle East.
Geographically, it generates revenue from two regions, namely, Japan and
Foreign Countries. For the fiscal year ended March 2011, the Japan segment
accounted for 56.9% of the company’s total revenue, followed by Foreign
Countries with 43.1% revenue. In January 2012, JT announced plans to dissolve
its consolidated subsidiary, JT Canada LLC II Inc.
Japan Tobacco Inc. (JT) is the world's third largest cigarette maker. It
manufactures, distributes and sells tobacco products worldwide. JT is Japan’s
leading tobacco product company with a 59.1% share of Japan's tobacco market as
of December 2011. The company’s products are sold in more than 120 countries.
Its internationally recognized cigarette brands include Camel, Winston, Mild
Seven and Benson & Hedges. JT is also active in pharmaceuticals and foods
businesses. The Pharmaceutical division of the company develops world-class drugs
for indications such as HIV infection, hepatitis C, dyslipidemia,
hyperphosphatemia, type 2 diabetes mellitus, anemia and autoimmune/allergic
diseases, while its Food division deals with processed foods, beverages and
seasonings. JT is headquartered at Minato-ku in Tokyo, Japan.The company
reported revenues of (Yen) JPY 2,033,825.00 million during the fiscal year
ended March 2012, a decrease of 1.24% from 2011. The operating profit of the
company was JPY 459,180.00 million during the fiscal year 2012, an increase of
14.69% over 2011. The net profit of the company was JPY 320,884.00 million
during the fiscal year 2012, an increase of 31.88% over 2011.
JTI (Japan), as well as developing a wide variety of domestic and
international tobacco brands, is building up a pharmaceutical and foods
business. Japan Tobacco International operating unit sells Camel, Salem and
Winston brands outside the USA. The company bought the Gallaher Group (UK) for
US$15 billion in 2007.
Tobacco Product Manufacturing
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Japan Tobacco Inc The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic
Initiatives
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The international tobacco business delivered strong financial results
despite the challenging ongoing environment. As we approach the end of our “JT-
11 mid-term
management plan period this March, I am confident we will exceed the 5%
compound annual EBITDA growth plan objective.Jan 30, 2012Japan Tobacco To Dissolve Its
Consolidated Subsidiary JT CanadaJapan Tobacco Inc. (JT) made a decision to
dissolve a consolidated subsidiary JT Canada LLC II Inc. (JT Canada). As a
result of capital improvement, the decision has been made to dissolve JT
Canada, which was established as an intermediary stock holding company in
Canada after JT's acquisition of the
non-US tobacco business of RJR Nabisco Inc. Liquidation is planned to be
completed on March 31, 2012.Oct 31, 2011Japan Tobacco Reports Net Sales Of
JPY940.3 Billion For H1 Fiscal 2012Japan Tobacco Inc. (JT) reported net sales
of JPY940. |
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HCTF is the leading tobacco manufacturer in the Republic of Sudan with
a market share of more than 80%. In 2010, HCTF sold more than 4.5 billion
cigarettes. The acquisition of HCTF will
help JT to strengthen its business operations further.New Product Launches:
Tobacco BusinessIn the rapidly changing and highly competitive markets, successful
new product launches would be crucial to the company’s business growth and
profitability. JT’s ability to launch new products will not only increase
its scope of operations, but also strengthen its market presence. In February
2012, JT launched The Peace, a fragrant masterpiece in the history of Peace
across Japan at approximately 3,500 stores. |
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Overview
Japan Tobacco Inc. (JT) carries out the production and sale of tobacco
products. The company operates through four reportable segments, namely
Japanese Domestic Tobacco Business, International Tobacco Business,
Pharmaceutical Business, and Food Business. The company’s broad range of
operations gives it a wide customer base. JT leverages its in-house research
expertise and market leading position in the Japanese tobacco market to drive
its revenue growth. Promising pharmaceutical product pipeline, new tobacco
product launches and strategic agreements could provide new growth opportunities
to the company. However, the company’s involvement in legal proceedings,
coupled with stringent government regulations and increasing competitive
pressures, could hamper its business operations and profitability.
Strengths
The company leverages its wide-ranging expertise in the manufacture,
sale and research of tobacco products to strengthen its market presence in
Japan. A strong position in the tobacco industry, coupled with its diverse
range of business offerings, helps JT tap the immense market potential in the
tobacco and pharmaceutical market space, strengthening its balance sheet. The
company is the third largest publicly trading cigarette company in the world.
With nine of the top 10 tobacco products in Japan, by sales volume, being
manufactured by the company, JT ranks third in sales volume worldwide and had a
59.1% share of Japan's tobacco market as of December 2011. The company’s
marquee brands, Winston and Camel, enjoy global recognition and leading market
shares. Winston is the second largest brand in the world, while Camel is
present is more than 100 countries and enjoys a cult status. The other brand,
Mild Seven, is the leading premium charcoal brand; Silk Cut enjoys a
significant market share in the premium segment in the European market, while
Benson & Hedges is one of the popular British brands. Presence of marquee
brands provides the required competitive advantage as customers tend to be very
brand royal.
A broad range of operations helps the company cater to the diverse needs
of customers. The company manufactures and sells tobacco products, prescription
drugs and foods. JT operates through four reportable business segments, namely,
Japanese Domestic Tobacco Business, International Tobacco Business,
Pharmaceutical Business and Food business. Through Japanese Domestic Tobacco
Business, the company manufactures and sells tobacco products in domestic
regions, which include markets in Japan, China, Hong Kong and Macau. The
International Tobacco Business provides tobacco products through Japan Tobacco
International (JTI). Its Pharmaceutical Business conducts the research and
development, and manufacture and sale of innovative and globally-competitive
drugs. The company’s Food Business manufactures and sells beverages,
processed foods and seasonings. For the fiscal year ended 2011, the
contribution by these four segments to the total revenue of the company was
50.2%, 42.8%, 0.9%, and 6.1% respectively. A broad range of operations
mitigates the business risk of the company.
Strong R&D
Activities: Pharmaceutical Business
The company leverages its expertise in research activities to expand in
international markets and outperform its competitors. In Pharmaceutical
segment, the company's research activities focus on four key areas: glucose and
lipid metabolism, virus research, immune disorders and inflammation, and bone
metabolism. The company has a full-scale R&D facility, the Central
Pharmaceutical Research Institute in Takatsuki City, Osaka Prefecture. The
company’s R&D activities focus on increasing its market presence through
original and innovative drugs. In its Pharmaceutical business, the company has
enhanced its in-house R&D capabilities through alliances with other
pharmaceutical companies to develop and bring products to the market faster.
The company has major licensing agreements with Roche, for anti-dyslipidemia
agent JTT-705; Gilead Sciences, for anti-HIV agent JTK-303; GlaxoSmithKline,
for a new pre-clinical trial stage compound (MEK inhibitor); and MedImmune, for
a pre-clinical stage antibody drug candidate (anti-ICOS-antibody) among others.
These collaborations help the company introduce new products in the market, and
receive upfront and milestone payments, to drive its revenue growth. The
company continues to invest a substantial portion of its revenue in research
activities to complement its business operations and ensure superior quality
products. Operating through Torii Pharmaceutical Co., Ltd., the company
manufactures and sells prescription drugs in the domestic market, while
deriving revenue from the overseas market through royalties by licensing its
successful anti-HIV drug.
Weaknesses
JT is one of the largest global cigarette manufacturers in terms of
sales volume. Though the company faces competition from Philip Morris
International and British American Tobacco, it had a share of 59.1% in the
domestic cigarette market of Japan. The Ministry of Finance, Government of
Japan owns around 50% of the company and over the years, it lobbied for a
reduction in the government’s stake to free its hand in decision making. It
is planning a buyback of government-owned shares through limited amount of
debt. The Japanese Government has plans to sell around 17% of the outstanding stock
to fund reconstruction efforts in tsunami and earthquake affected regions. Due
to high risk of litigation for tobacco companies in the American market, the
company is not looking for growth in that market. The company could look
forward to greater autonomy in decision making with the expected share buyback
and the plans of government to reduce its ownership.
Product recalls not only affect the company's current revenue, but could
also affect its long-term performance by reducing customer confidence. Product
discontinuations could hamper its brand image and impact its product sales
considerably. In 2010, JT discontinued the development of anti-diabetes
compound JTT-654 and in 2009, JT discontinued the development of JTT-553, an
anti-obesity compound; JTK-652, anti-hepatitis C compound; JTT-552, an
anti-hyperuricemia compound; JTT-651, an anti-diabetes compound; and JTK-656,
an anti-HIV compound. These product recalls could result in significant costs
to the company, and have an adverse effect on its business and brand.
Opportunities
The company’s strategic agreements with other companies will enhance
the scope of its business operations and bring non-dilutive capital into the
company. In December 2011, JT signed a licensing agreement with Gilead
Sciences, Inc. (Gilead) for exclusive rights to develop and commercialize
cobicistat, Gilead’s investigational pharmacoenhancing standalone product in
Japan to contribute to the treatment of HIV. Cobicistat increases blood levels
of certain HIV medicines, including JT’s JTK-303 (elvitegravir), an original
HIV integrase inhibitor to facilitate once daily dosing. On December 9, 2011,
JTI entered into a strategic agreement with Ploom under which JTI will
commercialize Ploom’s new generation smoking alternative products outside the
US. Besides, On December 1, 2011, JT acquired a leading tobacco company, Haggar
Cigarette & Tobacco Factory Ltd. (HCTF) in the Republics of North Sudan and
South Sudan. HCTF is the leading tobacco manufacturer in the Republic of Sudan
with a market share of more than 80%. In 2010, HCTF sold more than 4.5 billion
cigarettes. The acquisition of HCTF will help JT to strengthen its business
operations further.
Promising
Product Pipeline: Pharmaceutical Busines
JT’s long term success depends on the commercialization of its
products in development. The company has a strong pipeline of product
candidates, which could provide it opportunities to augment its business. As of
February 6, 2012, JT had the following products in clinical development:
JTT-705 (dalcetrapib) in Phase II (Japan) for the treatment of dyslipidemia;
JTT-130 (granotapide) in Phase II (Japan and overseas) for the treatment of
dyslipidemia; JTT-302 in Phase II (overseas) for the treatment of dyslipidemia;
JTT-751 (Ferric Citrate) in Phase III (Japan) for the treatment of
hyperphosphatemia; JTK-853 in Phase I (overseas) for the treatment of hepatitis
C; JTT-851 in Phase I (Japan and overseas) for the treatment of type 2 diabetes
mellitus; JTZ-951 in Phase I (Japan and overseas) for the treatment of anemia
associated with chronic kidney disease; and JTE-051 in Phase I (overseas) for
the treatment of autoimmune/allergic diseases. In October 2011, A new drug
application (NDA) for an anti-HIV single-tablet regimen containing a new HIV
integrase inhibitor, JT’s original compound JTK-303 (elvitegravir), was
submitted to the US Food and Drug Administration (FDA) for approval. Such
robust product pipeline will create opportunities to the company for revenue
generation.
New Product
Launches: Tobacco Business
In the rapidly changing and highly competitive markets, successful new
product launches would be crucial to the company’s business growth and
profitability. JT’s ability to launch new products will not only increase its
scope of operations, but also strengthen its market presence. In February 2012,
JT launched The Peace, a fragrant masterpiece in the history of Peace across
Japan at approximately 3,500 stores. In January 2012, JT launched two super
slim-sized products, ''Mild Seven Style Plus 6'' and ''Mild Seven Style Plus
One,” across Japan. In October 2011, JT launched the new Seven Stars Alaska
Menthol Box, the first 5mg tar menthol product in the Seven Stars line in
Japan; and also increased its new style of smokeless tobacco product
''Zerostyle,'' with the launch of the new ''Zerostyle Bitter Leaf'' with
accompanying refill cartridges in Tokyo, Kanagawa, Saitama, Chiba, and selected
retail stores nationwide. In August 2011, in Japan, JT launched the new Seven
Stars Cutting Menthol, the first super slim product in the Seven Stars line,
one of the biggest brands in Japan. In February 2011, JT announced its plans to
launch new style of smokeless tobacco, "Zerostyle Mint", in Saitama
and Chiba in Mid-March 2011. Its new launches in the previous year include
Pianissimo Super Slims Menthol, Mild Seven Aqua Squash, Winston Lights 6 Box,
Winston Extra 3 Box, and Winston Ultra One 100s Box. Similarly, in 2010, the
company extended its Smokeless Tobacco Product line through the launch of
Zerostyle Mint with Refill Cartridges. In February, JT announced the nationwide
launch of “Seven Stars Black Impact Box” in Japan. In 2009, the company
announced the launch of a new product labeled “Mild Seven Impact One Menthol
Box” in early February 2010 in Japan. Such new products will support the
company's growth and profitability.
Threats
Lawsuits against the company have an adverse impact on its financial
performance and impact its brand image in the long run. JT, along with its
subsidiaries, is a defendant in lawsuits filed by plaintiffs seeking damages
for harm allegedly caused by smoking, exposure to tobacco smoke and the
marketing of tobacco products. In Japan, the company was involved in two
lawsuits related to smoking and health. As of the May 31, 2011, there were a 25
lawsuits pending in which JT subsidiaries are named as defendants. JT cannot
predict the outcome of currently pending or future lawsuits. In spite of JT and
its subsidiaries not reporting or losing a case or paying money to settle a
case out of court, involvement in such litigations could adversely affect the
company’s business and financial conditions.
The company operates in the highly regulated tobacco industry. Factors
such as governmental actions, diminishing social acceptance of smoking and
private actions to restrict smoking, have led to reduced sales volume in many
of the company’s markets. Significant regulatory developments, driven by the
World Health Organization's Framework Convention on Tobacco Control (FCTC), are
likely to take place in the near future. The FCTC, which is the first
international public health treaty on tobacco, intends to set a global agenda
for tobacco regulation. Some of the regulatory initiatives taken in recent
times include levying of substantial and increasing tax and duty charges; bans
on advertising, marketing and sponsorship; displaying larger and graphic health
warnings, among other labeling requirements; increased restrictions on smoking
in public and work places; encouraging litigation against tobacco companies;
and restrictions on packaging design and the use of colors. The government is
considering the idea of forcing plain packaging for cigarettes. Besides, JT’s
Pharmaceutical business operations are highly regulated, where a variety of
statutes and regulations are in place for the manufacture and sale of
therapeutic products. In Japan, the Pharmaceutical Affairs Law (PAL); in China,
The State Food and Drug Administration (SFDA) of China; in the US, the FDA; and
in Europe, the European Medicines Agency (EMA) regulate the manufacture of
pharmaceutical products, their safety and quality, the introduction of new
pharmaceutical products, and manufacturing and labeling and record keeping
procedures for such products. The company has to obtain regulatory approvals
before marketing its products. Failure to comply with the present or future
regulations related to the distribution and trading of pharmaceutical products
may result in the cancellation of permission to distribute drugs. The company
faces potential threat from its competitors, which have obtained regulatory
approvals for marketing. Such regulatory initiatives could significantly affect
the demand for JT’s International Tobacco Business segment products.
The company operates in a highly competitive tobacco industry. Its
performance could be affected by the competitive environment in the tobacco
industry and customer preferences. It faces stiff competition from global
players such as Philip Morris International, ITC Limited, Imperial Tobacco
Group, British American Tobacco plc, and others. In Pharmaceutical segment, it
competes with Takeda Pharmaceutical Company Limited, Mitsubishi Tanabe Pharma
Corporation, Astellas Pharma and other pharmaceutical research companies.
Takeda Pharmaceutical’s product pipeline includes Alogliptin + Metformin,
Nesina, TAK-875 and SYR-472 for the treatment of type 2 diabetes. Mitsubishi
Tanabe Pharma is conducting several clinical trials for hyperphosphatemia and
dyslipidemia indications and developing MCI-196, MP-513 for the treatment of
type 2 diabetes; and TA-8995 and MP-136 for the treatment of dyslipidemia.
Astellas Pharma is conducting several clinical trials for hyperphosphatemia
indications and developing ASP1941, ASP1941 + Alpha-Glucosidase Inhibitor,
ASP1941 + DPP-4 Inhibitor, ASP1941 + Metformin, ASP1941 + Nateglinide and
ASP1941 + Pioglitazone for the treatment of type 2 diabetes. Its major competitors
in Food segment include Sapporo Holdings Limited and Miho Japan Co., Ltd. Apart
from established players, the company also faces challenges from domestic
companies and various private labels. To survive and succeed in a stiff
competitive environment, it becomes imperative for the company to distinguish
its product and service offerings through a clear and unique value proposition.
Rising competition could also force the company to reduce its prices, which
could adversely affect its margins.
|
Corporate Family |
Corporate Structure News: |
|
|
|
|
Japan Tobacco Inc |
|
|
|
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Tokyo |
Japan |
Tobacco |
25,757.3 |
48,529 |
|
|
Subsidiary |
Geneva |
Switzerland |
Tobacco |
3,750.0 |
25,000 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Tobacco |
391.6 |
25,000 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Tobacco |
232.4 |
570 |
|
|
Subsidiary |
Köln |
Germany |
Tobacco |
1,671.8 |
1,900 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Tobacco |
3,148.5 |
1,189 |
|
|
Subsidiary |
Bucharest |
Romania |
Tobacco |
350.0 |
750 |
|
|
Subsidiary |
Kiev |
Ukraine |
Tobacco |
552.3 |
675 |
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Tobacco |
|
560 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Personal and Household Products |
214.7 |
519 |
|
|
Subsidiary |
Madrid |
Spain |
Tobacco |
175.0 |
240 |
|
|
Subsidiary |
Taipei |
Taiwan |
Tobacco |
161.0 |
200 |
|
|
Subsidiary |
Dagmersellen, Lucerne |
Switzerland |
Tobacco |
277.0 |
175 |
|
|
Subsidiary |
Izmir |
Turkey |
Tobacco |
|
121 |
|
|
Subsidiary |
Mississauga, ON |
Canada |
Tobacco |
|
100 |
|
|
Branch |
Montreal, QC |
Canada |
Tobacco |
384.4 |
350 |
|
|
Branch |
Burnaby, BC |
Canada |
Tobacco |
8.8 |
8 |
|
|
Branch |
Quebec, QC |
Canada |
Tobacco |
8.8 |
8 |
|
|
Branch |
London, ON |
Canada |
Tobacco |
1.1 |
1 |
|
|
Subsidiary |
Rio de Janeiro |
Brazil |
Tobacco |
|
100 |
|
|
Subsidiary |
Hilversum |
Netherlands |
Tobacco |
|
85 |
|
|
Subsidiary |
Athens |
Greece |
Tobacco |
80.0 |
80 |
|
|
Subsidiary |
Bengaluru, Karnataka |
India |
Tobacco |
1.0 |
50 |
|
|
Subsidiary |
Pasig |
Philippines |
Tobacco |
|
45 |
|
|
Subsidiary |
Prague |
Czech Republic |
Tobacco |
|
40 |
|
|
Subsidiary |
Bangkok |
Thailand |
Tobacco |
|
15 |
|
|
Subsidiary |
Singapore |
Singapore |
Tobacco |
114.7 |
8 |
|
|
Subsidiary |
Ljubljana |
Slovenia |
Tobacco |
|
5 |
|
|
Subsidiary |
Quito |
Ecuador |
Tobacco |
40.0 |
|
|
|
Subsidiary |
Sant Julia de Loria |
Andorra |
Tobacco |
|
|
|
|
Subsidiary |
Belgrade |
Serbia |
Tobacco |
|
|
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Tobacco |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
1,632 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Tobacco |
175.0 |
1,188 |
|
|
Subsidiary |
Wien |
Austria |
Tobacco |
242.5 |
745 |
|
|
Subsidiary |
Mönchengladbach, Nordrhein-Westfalen |
Germany |
Tobacco |
739.4 |
830 |
|
|
Subsidiary |
Unterschleißheim, Bayern |
Germany |
Tobacco |
|
1 |
|
|
Subsidiary |
Santa Cruz De Tenerife |
Spain |
Tobacco |
125.2 |
481 |
|
|
Subsidiary |
Stockholm |
Sweden |
Tobacco |
124.4 |
150 |
|
|
Subsidiary |
Vårgårda, Västra Götaland |
Sweden |
Tobacco |
11.3 |
32 |
|
|
Subsidiary |
Dublin |
Ireland |
Tobacco |
986.0 |
104 |
|
|
Subsidiary |
Dublin |
Ireland |
Construction Services |
0.4 |
|
|
|
Subsidiary |
Boulogne, Billancourt |
France |
Tobacco |
|
100 |
|
|
Subsidiary |
Ludwigsburg |
Germany |
Tobacco |
|
60 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Commercial Banks |
754.2 |
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Tobacco |
7,276.7 |
1,591 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Nonclassifiable Industries |
|
300 |
|
|
Subsidiary |
Bradford |
United Kingdom |
Nonclassifiable Industries |
|
20 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Lisboa, Lisboa |
Portugal |
Business Services |
5.9 |
16 |
|
|
Subsidiary |
Strombeek-Bever |
Belgium |
Tobacco |
94.9 |
3 |
|
|
Subsidiary |
Madrid |
Spain |
Tobacco |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
London |
United Kingdom |
Commercial Banks |
|
|
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Las Palmas |
Spain |
Tobacco |
|
|
|
|
Subsidiary |
Limassol |
Cyprus |
Tobacco |
|
|
|
|
Subsidiary |
Kanonji |
Japan |
Food Processing |
2,201.0 |
974 |
|
|
Subsidiary |
Tokyo |
Japan |
Biotechnology and Drugs |
617.0 |
927 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Fabricated Products |
344.2 |
800 |
|
|
Subsidiary |
Dar Es Salaam |
Tanzania |
Tobacco |
133.1 |
595 |
|
|
Subsidiary |
Bucharest |
Romania |
Tobacco |
|
551 |
|
|
Subsidiary |
Izmir |
Turkey |
Tobacco |
|
432 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
|
300 |
|
|
Subsidiary |
Manchester |
United Kingdom |
Commercial Banks |
23.9 |
208 |
|
|
Subsidiary |
Moscow |
Russian Federation |
Food Processing |
174.0 |
180 |
|
|
Subsidiary |
Kairouan |
Tunisia |
Tobacco |
|
135 |
|
|
Subsidiary |
Amman |
Jordan |
Food Processing |
156.0 |
129 |
|
|
Subsidiary |
Bryanston |
South Africa |
Crops |
113.0 |
110 |
|
|
Subsidiary |
Bryanston |
South Africa |
Tobacco |
|
110 |
|
|
Subsidiary |
Houthulst |
Belgium |
Tobacco |
171.4 |
82 |
|
|
Subsidiary |
Princeton, NJ |
United States |
Business Services |
27.3 |
42 |
|
|
Subsidiary |
Riga |
Latvia |
Food Processing |
13.0 |
11 |
|
|
Subsidiary |
Weybridge |
United Kingdom |
Business Services |
19.7 |
9 |
|
|
Subsidiary |
Casablanca |
Morocco |
Crops |
4.0 |
3 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
0.5 |
2 |
|
|
Subsidiary |
Hilversum, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
12,545.0 |
|
|
|
Subsidiary |
Hilversum, North Holland |
Netherlands |
Miscellaneous Financial Services |
|
40 |
|
|
Subsidiary |
Trier, Rheinland-Pfalz |
Germany |
Tobacco |
1,464.0 |
1,900 |
|
|
Subsidiary |
St. Petersburg |
Russian Federation |
Tobacco |
1,064.5 |
2,028 |
|
|
Subsidiary |
Boulogne-Billancourt |
France |
Tobacco |
43.6 |
224 |
|
|
Subsidiary |
Trier, Rheinland-Pfalz |
Germany |
Tobacco |
|
10 |
|
|
Subsidiary |
Wartkowice |
Poland |
Tobacco |
791.5 |
831 |
|
|
Subsidiary |
Budapest |
Hungary |
Tobacco |
93.8 |
164 |
|
|
Subsidiary |
Milan |
Italy |
Tobacco |
73.9 |
132 |
|
|
Subsidiary |
Hilversum, North Holland |
Netherlands |
Tobacco |
197.4 |
80 |
|
|
Subsidiary |
Causeway Bay, Hong Kong |
Hong Kong |
Tobacco |
|
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal and Household Products |
84.8 |
18 |
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Tobacco |
1.7 |
9 |
|
|
Subsidiary |
Singapore |
Singapore |
Tobacco |
1.6 |
8 |
|
|
Subsidiary |
Hilversum, North Holland |
Netherlands |
Business Services |
36.5 |
|
|
|
Subsidiary |
Hilversum, Noord-Holland |
Netherlands |
Miscellaneous Financial Services |
|
|
|
|
Subsidiary |
Shinjuku-Ku, Tokyo |
Japan |
Miscellaneous Financial Services |
2,060.3 |
|
|
|
Subsidiary |
Hiroshima, Hiroshima |
Japan |
Business Services |
15.6 |
|
|
|
Subsidiary |
Sumida-Ku, Tokyo |
Japan |
Engineering Consultants |
246.7 |
|
|
|
Subsidiary |
Shibuya-Ku, Tokyo |
Japan |
Real Estate Operations |
130.8 |
|
|
|
Subsidiary |
Shibuya-Ku, Tokyo |
Japan |
Consumer Financial Services |
103.7 |
|
|
|
Subsidiary |
Shibuya-Ku, Tokyo |
Japan |
Rental and Leasing |
90.4 |
|
|
|
Subsidiary |
Utsunomiya, Tochigi |
Japan |
Construction Services |
87.8 |
|
|
|
Subsidiary |
Chiba, Chiba |
Japan |
Business Services |
69.6 |
|
|
|
Subsidiary |
Kyoto, Kyoto |
Japan |
Business Services |
34.6 |
|
|
|
Subsidiary |
Chikushino, Fukuoka |
Japan |
Business Services |
31.5 |
|
|
|
Subsidiary |
Kawasaki |
Japan |
Food Processing |
1.0 |
|
|
|
Subsidiary |
Hamura, Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Fuji Flavor Co., Ltd. - Planning & General
Administration Division |
Division |
Hamura, Tokyo |
Japan |
Chemical Manufacturing |
|
110 |
|
Division |
Hamura, Tokyo |
Japan |
Fish and Livestock |
|
|
|
|
Division |
Hamura, Tokyo |
Japan |
Fish and Livestock |
|
|
|
|
Division |
Hamura, Tokyo |
Japan |
Fish and Livestock |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Biotechnology and Drugs |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Beverages (Alcoholic) |
|
|
|
|
Subsidiary |
Kan-onji |
Japan |
Food Processing |
|
|
|
|
Subsidiary |
Miyazaki, Miyazaki |
Japan |
Food Processing |
28.9 |
235 |
|
|
Subsidiary |
Kasuya-Gun, Fukuoka |
Japan |
Food Processing |
60.2 |
103 |
|
|
Subsidiary |
Minamiuonuma, Niigata |
Japan |
Crops |
51.3 |
13 |
|
|
Subsidiary |
Kanonji, Kagawa |
Japan |
Real Estate Operations |
2.3 |
3 |
|
|
Subsidiary |
Osaka, Osaka |
Japan |
Food Processing |
296.1 |
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Food Processing |
221.8 |
|
|
|
Subsidiary |
Yokohama, Kanagawa |
Japan |
Retail (Grocery) |
156.2 |
|
|
|
Subsidiary |
Kanonji, Kagawa |
Japan |
Food Processing |
126.1 |
|
|
|
Subsidiary |
Izumisano, Osaka |
Japan |
Food Processing |
112.0 |
|
|
|
Subsidiary |
Kan-Onji, Kagawa |
Japan |
Trucking |
90.8 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Tobacco |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Engineering Consultants |
|
|
|
|
|
|
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|
Japan Tobacco
Inc
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||||||
|
|
Tokyo shares close 0.12% down |
20-Nov-2012 |
|
|||
|
|
Tokyo Shares End Down On Profit-Taking As Buy Catalysts
Dry Up |
20-Nov-2012 |
|
|||
|
|
Tokyo Closing Stock Prices(1) |
20-Nov-2012 |
|
|||
|
|
Tokyo Stock Exchange: closing price list -3- |
20-Nov-2012 |
|
|||
|
|
MARKET TALK: Nikkei Down 0.2%; Positive Catalysts
Exhausted |
20-Nov-2012 |
|
|||
|
|
Interfax Ukraine Business Daily. |
20-Nov-2012 |
|
|||
|
|
Tokyo stocks up 0.10% by break |
19-Nov-2012 |
|
|||
|
|
Tokyo Stock Exchange: morning price list -3- |
19-Nov-2012 |
|
|||
|
|
MARKET TALK: Nikkei +0.1%; US Fiscal Cliff Relief Baked
In |
19-Nov-2012 |
|
|||
|
|
Q2 2013 Daiichi Sankyo Co Ltd Earnings Presentation -
Final |
19-Nov-2012 |
|
|||
|
||||||
|
|
UPDATE1: Nikkei closes at 2-month high on weaker yen |
19-Nov-2012 |
|
|||
|
|
Tobacco firms warn of flood of illegal cigarettes into UK |
18-Nov-2012 |
|
|||
|
|
Japan Tobacco's group net profit rises 17.5% in
April-September |
05-Nov-2012 |
|
|||
|
|
And the winners are.. |
18-Oct-2012 |
|
|||
|
|
Imps smoking on bid rumour |
06-Oct-2012 |
|
|||
|
|
UPDATE1: Tokyo stocks retreat in morning on stronger yen |
24-Sep-2012 |
|
|||
|
|
UPDATE1: Tokyo stocks drop sharply on stronger yen, weak
Chinese data |
24-Sep-2012 |
|
|||
|
|
UPDATE1: Tokyo stocks jump on easing concern about Europe |
10-Sep-2012 |
|
|||
|
|
UPDATE1: Tokyo stocks surge on receding concern about
Europe |
10-Sep-2012 |
|
|||
|
|
UPDATE1: Tokyo stocks end slightly lower amid lack of
fresh cues |
04-Sep-2012 |
|
|||
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
25,757.3 |
24,032.3 |
66,006.3 |
67,993.8 |
56,076.9 |
|
Revenue |
25,757.3 |
24,032.3 |
66,006.3 |
67,993.8 |
56,076.9 |
|
Total Revenue |
25,757.3 |
24,032.3 |
66,006.3 |
67,993.8 |
56,076.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,297.1 |
11,131.3 |
54,041.1 |
55,276.3 |
45,746.4 |
|
Cost of Revenue, Total |
11,297.1 |
11,131.3 |
54,041.1 |
55,276.3 |
45,746.4 |
|
Gross Profit |
14,460.1 |
12,901.0 |
11,965.2 |
12,717.5 |
10,330.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2,863.3 |
2,713.7 |
2,304.2 |
2,275.8 |
2,029.9 |
|
Labor & Related Expense |
2,976.9 |
2,698.5 |
2,324.6 |
2,304.1 |
1,802.9 |
|
Advertising Expense |
1,893.8 |
1,783.3 |
1,782.7 |
1,871.2 |
1,632.6 |
|
Total Selling/General/Administrative Expenses |
7,734.1 |
7,195.5 |
6,411.5 |
6,451.1 |
5,465.3 |
|
Research & Development |
651.7 |
570.3 |
534.1 |
470.7 |
395.1 |
|
Depreciation |
741.5 |
719.9 |
781.0 |
1,125.2 |
703.3 |
|
Amortization of Acquisition Costs |
- |
- |
1,048.3 |
1,050.0 |
- |
|
Depreciation/Amortization |
741.5 |
719.9 |
1,829.3 |
2,175.2 |
703.3 |
|
Investment Income -
Operating |
-25.9 |
-27.2 |
- |
- |
- |
|
Interest/Investment Income - Operating |
-25.9 |
-27.2 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
-25.9 |
-27.2 |
- |
- |
- |
|
Restructuring Charge |
- |
- |
106.5 |
242.5 |
56.4 |
|
Impairment-Assets Held for Use |
- |
- |
133.2 |
277.3 |
88.6 |
|
Impairment-Assets Held for Sale |
- |
11.1 |
- |
0.0 |
97.6 |
|
Other Unusual Expense (Income) |
157.9 |
0.0 |
-118.7 |
373.2 |
225.9 |
|
Unusual Expense (Income) |
157.9 |
11.1 |
121.0 |
893.0 |
468.5 |
|
Other, Net |
-614.4 |
-240.7 |
- |
- |
- |
|
Other Operating Expenses, Total |
-614.4 |
-240.7 |
- |
- |
- |
|
Total Operating Expense |
19,942.0 |
19,360.1 |
62,937.0 |
65,266.2 |
52,778.6 |
|
|
|
|
|
|
|
|
Operating Income |
5,815.3 |
4,672.2 |
3,069.3 |
2,727.5 |
3,298.3 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-182.1 |
-199.4 |
-280.9 |
-511.1 |
-365.3 |
|
Interest Expense, Net Non-Operating |
-182.1 |
-199.4 |
-280.9 |
-511.1 |
-365.3 |
|
Interest Income - Non-Operating |
30.0 |
25.4 |
48.1 |
100.6 |
98.3 |
|
Investment Income -
Non-Operating |
-18.5 |
75.6 |
-123.7 |
-171.8 |
-259.1 |
|
Interest/Investment Income - Non-Operating |
11.5 |
101.0 |
-75.6 |
-71.2 |
-160.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
-170.6 |
-98.4 |
-356.5 |
-582.3 |
-526.1 |
|
Gain (Loss) on Sale of Assets |
- |
- |
302.4 |
440.8 |
555.4 |
|
Other Non-Operating Income (Expense) |
-55.2 |
-78.1 |
-44.9 |
22.8 |
-67.7 |
|
Other, Net |
-55.2 |
-78.1 |
-44.9 |
22.8 |
-67.7 |
|
Income Before Tax |
5,589.5 |
4,495.7 |
2,970.2 |
2,608.9 |
3,259.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
1,428.5 |
1,593.0 |
1,412.8 |
1,343.2 |
1,123.2 |
|
Income After Tax |
4,161.0 |
2,902.7 |
1,557.5 |
1,265.6 |
2,136.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-97.2 |
-63.3 |
-67.8 |
-37.5 |
-48.4 |
|
Net Income Before Extraord Items |
4,063.8 |
2,839.4 |
1,489.7 |
1,228.1 |
2,088.4 |
|
Net Income |
4,063.8 |
2,839.4 |
1,489.7 |
1,228.1 |
2,088.4 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Income Available to Common Excl Extraord Items |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,904.3 |
1,914.8 |
1,916.0 |
1,916.0 |
1,916.0 |
|
Basic EPS Excl Extraord Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Basic/Primary EPS Incl Extraord Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
Diluted Weighted Average Shares |
1,905.1 |
1,915.4 |
1,916.2 |
1,916.2 |
1,916.0 |
|
Diluted EPS Excl Extraord Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Diluted EPS Incl Extraord Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Dividends per Share - Common Stock Primary Issue |
0.63 |
0.40 |
0.31 |
0.27 |
0.21 |
|
Gross Dividends - Common Stock |
1,205.8 |
757.5 |
597.8 |
514.8 |
402.3 |
|
Interest Expense, Supplemental |
182.1 |
199.4 |
280.9 |
511.1 |
365.3 |
|
Depreciation, Supplemental |
1,505.1 |
1,376.5 |
1,428.5 |
1,760.5 |
1,466.8 |
|
Total Special Items |
157.9 |
11.1 |
866.5 |
1,501.8 |
-53.0 |
|
Normalized Income Before Tax |
5,747.4 |
4,506.8 |
3,836.8 |
4,110.7 |
3,207.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
40.4 |
3.9 |
-86.3 |
232.8 |
-29.9 |
|
Inc Tax Ex Impact of Sp Items |
1,468.8 |
1,596.9 |
1,326.5 |
1,576.0 |
1,093.2 |
|
Normalized Income After Tax |
4,278.6 |
2,909.9 |
2,510.3 |
2,534.6 |
2,113.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4,181.4 |
2,846.6 |
2,442.4 |
2,497.1 |
2,065.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.20 |
1.49 |
1.27 |
1.30 |
1.08 |
|
Diluted Normalized EPS |
2.19 |
1.49 |
1.27 |
1.30 |
1.08 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
1,047.9 |
1,049.6 |
34.0 |
|
Advertising Expense, Supplemental |
1,893.8 |
1,783.3 |
1,782.7 |
1,871.2 |
200.5 |
|
Research & Development Exp, Supplemental |
651.7 |
570.3 |
534.1 |
470.7 |
395.1 |
|
Reported Operating Profit |
5,815.3 |
4,683.3 |
3,190.2 |
3,620.5 |
3,766.8 |
|
Reported Ordinary Profit |
- |
- |
2,747.7 |
3,061.0 |
3,173.0 |
|
Normalized EBIT |
5,947.2 |
4,656.1 |
3,190.3 |
3,620.5 |
3,766.8 |
|
Normalized EBITDA |
7,452.4 |
6,032.6 |
5,666.7 |
6,430.6 |
5,267.6 |
|
Interest Cost - Domestic |
49.1 |
41.8 |
194.6 |
216.1 |
176.3 |
|
Service Cost - Domestic |
145.1 |
65.1 |
121.5 |
130.6 |
114.7 |
|
Prior Service Cost - Domestic |
0.6 |
0.6 |
18.8 |
12.5 |
13.4 |
|
Expected Return on Assets - Domestic |
-30.0 |
-29.0 |
-138.8 |
-200.3 |
-173.1 |
|
Actuarial Gains and Losses - Domestic |
- |
- |
41.7 |
7.4 |
-3.8 |
|
Curtailments & Settlements - Domestic |
0.0 |
-1.5 |
- |
- |
- |
|
Domestic Pension Plan Expense |
164.9 |
77.0 |
237.8 |
166.3 |
127.6 |
|
Interest Cost - Foreign |
177.7 |
170.8 |
- |
- |
- |
|
Service Cost - Foreign |
60.7 |
53.9 |
- |
- |
- |
|
Prior Service Cost - Foreign |
2.3 |
16.1 |
- |
- |
- |
|
Expected Return on Assets - Foreign |
-141.8 |
-134.2 |
- |
- |
- |
|
Curtailments & Settlements - Foreign |
-0.7 |
-0.7 |
- |
- |
- |
|
Other Pension, Net - Foreign |
25.2 |
0.2 |
- |
- |
- |
|
Foreign Pension Plan Expense |
123.5 |
106.0 |
- |
- |
- |
|
Total Pension Expense |
288.4 |
183.1 |
237.8 |
166.3 |
127.6 |
|
Discount Rate - Domestic |
1.40% |
1.70% |
2.50% |
2.50% |
2.50% |
|
Discount Rate - Foreign |
2.50% |
2.80% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Foreign |
2.80% |
4.30% |
- |
- |
- |
|
Total Plan Interest Cost |
226.8 |
212.7 |
194.6 |
216.1 |
176.3 |
|
Total Plan Service Cost |
205.8 |
119.0 |
121.5 |
130.6 |
114.7 |
|
Total Plan Expected Return |
-171.7 |
-163.3 |
-138.8 |
-200.3 |
-173.1 |
|
Total Plan Other Expense |
25.2 |
0.2 |
- |
- |
- |
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
1,320.6 |
1,264.7 |
1,663.6 |
1,670.1 |
2,148.8 |
|
Short Term Investments |
3,924.3 |
2,132.8 |
127.9 |
49.7 |
49.8 |
|
Cash and Short Term Investments |
5,244.9 |
3,397.6 |
1,791.5 |
1,719.8 |
2,198.6 |
|
Accounts Receivable -
Trade, Gross |
3,999.4 |
3,783.4 |
3,177.3 |
2,936.8 |
3,265.9 |
|
Provision for Doubtful
Accounts |
-21.0 |
-28.5 |
-38.8 |
-32.0 |
-45.3 |
|
Trade Accounts Receivable - Net |
3,978.5 |
3,754.9 |
3,138.5 |
2,904.8 |
3,220.7 |
|
Other Receivables |
81.3 |
130.1 |
- |
- |
- |
|
Total Receivables, Net |
4,059.8 |
3,885.0 |
3,138.5 |
2,904.8 |
3,220.7 |
|
Inventories - Finished Goods |
4,943.7 |
5,450.5 |
1,616.7 |
1,245.0 |
- |
|
Inventories - Work In Progress |
- |
- |
1,232.3 |
1,274.2 |
- |
|
Inventories - Raw Materials |
- |
- |
3,091.7 |
2,180.2 |
- |
|
Inventories - Other |
477.4 |
444.8 |
- |
- |
- |
|
Total Inventory |
5,421.1 |
5,895.4 |
5,940.7 |
4,699.4 |
5,614.6 |
|
Prepaid Expenses |
1,189.5 |
1,226.3 |
- |
- |
- |
|
Deferred Income Tax - Current Asset |
- |
- |
284.8 |
300.4 |
321.6 |
|
Other Current Assets |
241.1 |
784.8 |
1,642.4 |
1,468.8 |
1,049.1 |
|
Other Current Assets, Total |
241.1 |
784.8 |
1,927.3 |
1,769.3 |
1,370.7 |
|
Total Current Assets |
16,156.4 |
15,189.0 |
12,797.9 |
11,093.2 |
12,404.6 |
|
|
|
|
|
|
|
|
Buildings |
7,209.9 |
7,449.8 |
6,544.4 |
6,292.1 |
6,830.8 |
|
Land/Improvements |
- |
- |
1,484.4 |
1,490.5 |
1,581.2 |
|
Machinery/Equipment |
10,024.6 |
10,171.2 |
8,984.5 |
8,176.4 |
9,299.2 |
|
Construction in
Progress |
377.7 |
351.1 |
448.5 |
356.9 |
322.7 |
|
Property/Plant/Equipment - Gross |
17,612.2 |
17,972.1 |
17,461.8 |
16,315.9 |
18,033.8 |
|
Accumulated Depreciation |
-10,092.2 |
-10,258.3 |
-10,189.1 |
-9,545.2 |
-10,364.8 |
|
Property/Plant/Equipment - Net |
7,520.0 |
7,713.9 |
7,272.7 |
6,770.7 |
7,669.0 |
|
Goodwill - Gross |
13,473.8 |
14,191.6 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
0.0 |
-1.0 |
- |
- |
- |
|
Goodwill, Net |
13,473.8 |
14,190.6 |
14,848.0 |
14,720.7 |
21,167.3 |
|
Intangibles - Gross |
10,292.9 |
10,239.4 |
- |
- |
- |
|
Accumulated Intangible Amortization |
-6,573.2 |
-6,255.4 |
- |
- |
- |
|
Intangibles, Net |
3,719.7 |
3,984.0 |
4,084.6 |
3,825.9 |
6,555.7 |
|
LT Investment - Affiliate Companies |
223.9 |
230.1 |
245.4 |
- |
- |
|
LT Investments - Other |
1,637.9 |
1,196.2 |
654.7 |
913.5 |
1,326.1 |
|
Long Term Investments |
1,861.8 |
1,426.3 |
900.1 |
913.5 |
1,326.1 |
|
Note Receivable - Long Term |
- |
- |
15.0 |
93.0 |
44.3 |
|
Pension Benefits - Overfunded |
174.4 |
81.7 |
- |
- |
- |
|
Deferred Income Tax - Long Term Asset |
1,604.3 |
1,517.0 |
913.7 |
1,303.9 |
1,112.3 |
|
Other Long Term Assets |
- |
- |
612.6 |
560.2 |
830.5 |
|
Other Long Term Assets, Total |
1,778.8 |
1,598.6 |
1,526.3 |
1,864.1 |
1,942.8 |
|
Total Assets |
44,510.4 |
44,102.3 |
41,444.6 |
39,281.1 |
51,109.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
2,008.0 |
2,061.1 |
1,599.6 |
1,605.2 |
1,761.9 |
|
Accrued Expenses |
- |
- |
3,937.3 |
3,167.4 |
3,649.6 |
|
Notes Payable/Short Term Debt |
527.8 |
845.3 |
2,442.9 |
1,146.4 |
2,702.9 |
|
Current Portion - Long Term Debt/Capital Leases |
2,042.6 |
1,785.4 |
838.6 |
2,250.2 |
800.9 |
|
Income Taxes Payable |
515.9 |
792.1 |
578.5 |
524.2 |
720.3 |
|
Other Payables |
1,617.2 |
1,700.8 |
789.1 |
636.1 |
793.8 |
|
Deferred Income Tax - Current Liability |
- |
- |
25.2 |
29.5 |
65.8 |
|
Other Current Liabilities |
7,338.0 |
5,815.8 |
1,577.5 |
1,711.1 |
2,408.7 |
|
Other Current liabilities, Total |
9,471.1 |
8,308.8 |
2,970.4 |
2,900.9 |
3,988.5 |
|
Total Current Liabilities |
14,049.5 |
13,000.6 |
11,788.6 |
11,070.1 |
12,903.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
3,395.6 |
5,769.2 |
5,978.0 |
6,574.4 |
10,454.0 |
|
Capital Lease Obligations |
- |
- |
97.7 |
113.7 |
0.0 |
|
Total Long Term Debt |
3,395.6 |
5,769.2 |
6,075.7 |
6,688.2 |
10,454.0 |
|
Total Debt |
5,966.1 |
8,400.0 |
9,357.1 |
10,084.8 |
13,957.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
1,000.9 |
879.0 |
1,012.2 |
1,117.6 |
1,752.1 |
|
Deferred Income Tax |
1,000.9 |
879.0 |
1,012.2 |
1,117.6 |
1,752.1 |
|
Minority Interest |
978.0 |
919.0 |
787.7 |
719.9 |
787.4 |
|
Reserves |
54.0 |
54.4 |
0.0 |
7.0 |
2.6 |
|
Pension Benefits - Underfunded |
3,823.7 |
3,763.5 |
2,704.0 |
2,630.0 |
2,854.6 |
|
Other Long Term Liabilities |
1,374.4 |
1,314.8 |
1,421.5 |
1,322.9 |
1,495.6 |
|
Other Liabilities, Total |
5,252.1 |
5,132.7 |
4,125.6 |
3,960.0 |
4,352.8 |
|
Total Liabilities |
24,676.2 |
25,700.5 |
23,789.7 |
23,555.9 |
30,250.1 |
|
|
|
|
|
|
|
|
Common Stock |
1,213.8 |
1,206.6 |
1,070.2 |
1,012.5 |
1,004.7 |
|
Common Stock |
1,213.8 |
1,206.6 |
1,070.2 |
1,012.5 |
1,004.7 |
|
Additional Paid-In Capital |
8,938.6 |
8,885.3 |
7,887.1 |
7,459.4 |
7,400.3 |
|
Retained Earnings (Accumulated Deficit) |
15,398.1 |
12,476.5 |
14,026.9 |
12,402.4 |
13,507.7 |
|
Treasury Stock - Common |
-1,147.9 |
-1,141.1 |
-798.1 |
-755.1 |
-749.3 |
|
Unrealized Gain (Loss) |
- |
- |
128.9 |
86.4 |
216.6 |
|
Translation Adjustment |
- |
- |
-4,378.9 |
-4,288.4 |
-412.8 |
|
Minimum Pension Liability Adjustment |
- |
- |
-281.1 |
-192.0 |
-107.6 |
|
Other Comprehensive Income |
-4,568.3 |
-3,025.4 |
- |
- |
- |
|
Other Equity, Total |
-4,568.3 |
-3,025.4 |
-4,660.0 |
-4,480.4 |
-520.4 |
|
Total Equity |
19,834.2 |
18,401.8 |
17,654.9 |
15,725.2 |
20,859.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
44,510.4 |
44,102.3 |
41,444.6 |
39,281.1 |
51,109.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,904.3 |
1,904.3 |
1,916.0 |
1,916.0 |
1,916.0 |
|
Total Common Shares Outstanding |
1,904.3 |
1,904.3 |
1,916.0 |
1,916.0 |
1,916.0 |
|
Treasury Shares - Common Stock Primary Issue |
95.7 |
95.7 |
84.0 |
84.0 |
84.0 |
|
Employees |
48,529 |
48,472 |
49,665 |
47,977 |
47,459 |
|
Number of Common Shareholders |
51,995 |
- |
57,389 |
62,931 |
49,329 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
1.0 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
6,573.2 |
6,255.4 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
5,440.2 |
7,555.4 |
6,763.7 |
8,768.9 |
11,254.9 |
|
Long Term Debt Maturing within 1 Year |
2,043.2 |
1,785.4 |
784.7 |
2,194.4 |
795.9 |
|
Long Term Debt Maturing in Year 2 |
251.2 |
2,305.8 |
1,800.4 |
740.2 |
3,701.8 |
|
Long Term Debt Maturing in Year 3 |
1,840.0 |
253.3 |
1,757.9 |
1,662.2 |
2,544.4 |
|
Long Term Debt Maturing in Year 4 |
815.2 |
1,878.3 |
616.8 |
617.5 |
1,954.5 |
|
Long Term Debt Maturing in Year 5 |
0.3 |
845.0 |
1,797.9 |
2,900.7 |
616.7 |
|
Long Term Debt Maturing in 2-3 Years |
2,091.1 |
2,559.1 |
3,558.3 |
2,402.4 |
6,246.2 |
|
Long Term Debt Maturing in 4-5 Years |
815.4 |
2,723.3 |
2,414.7 |
3,518.2 |
2,571.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
490.4 |
487.6 |
5.9 |
653.9 |
1,641.7 |
|
Total Capital Leases, Supplemental |
- |
- |
150.5 |
169.5 |
0.0 |
|
Capital Lease Payments Due in Year 1 |
- |
- |
52.8 |
55.8 |
0.0 |
|
Capital Lease Payments Due in Year 2 |
- |
- |
42.7 |
45.1 |
0.0 |
|
Capital Lease Payments Due in Year 3 |
- |
- |
29.1 |
34.2 |
0.0 |
|
Capital Lease Payments Due in Year 4 |
- |
- |
16.2 |
20.4 |
0.0 |
|
Capital Lease Payments Due in Year 5 |
- |
- |
6.0 |
8.0 |
0.0 |
|
Capital Lease Payments Due in 2-3 Years |
- |
- |
71.8 |
79.3 |
0.0 |
|
Capital Lease Payments Due in 4-5 Years |
- |
- |
22.2 |
28.4 |
0.0 |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
- |
3.7 |
6.0 |
0.0 |
|
Total Operating Leases, Supplemental |
266.0 |
249.6 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
93.5 |
80.5 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
38.9 |
35.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
38.9 |
35.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
38.9 |
35.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
38.9 |
35.3 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
77.8 |
70.7 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
77.8 |
70.7 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
16.8 |
27.7 |
- |
- |
- |
|
Pension Obligation - Domestic |
2,887.5 |
2,853.2 |
4,872.3 |
4,297.0 |
5,696.9 |
|
Pension Obligation - Foreign |
3,337.0 |
3,355.6 |
- |
- |
- |
|
Plan Assets - Domestic |
1,118.7 |
1,163.6 |
3,438.8 |
2,840.1 |
4,516.9 |
|
Plan Assets - Foreign |
2,548.0 |
2,542.5 |
- |
- |
- |
|
Funded Status - Domestic |
-1,768.8 |
-1,689.6 |
-1,433.5 |
-1,456.9 |
-1,180.0 |
|
Funded Status - Foreign |
-789.0 |
-813.0 |
- |
- |
- |
|
Total Funded Status |
-2,557.8 |
-2,502.6 |
-1,433.5 |
-1,456.9 |
-1,180.0 |
|
Discount Rate - Domestic |
1.40% |
1.70% |
2.50% |
2.50% |
2.50% |
|
Discount Rate - Foreign |
2.50% |
2.80% |
- |
- |
- |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Foreign |
2.80% |
4.30% |
- |
- |
- |
|
Prepaid Benefits - Domestic |
- |
- |
250.3 |
279.9 |
496.2 |
|
Accrued Liabilities - Domestic |
- |
- |
-1,523.7 |
-1,426.2 |
-1,563.1 |
|
Other Assets, Net - Domestic |
- |
- |
80.5 |
206.6 |
46.0 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
-1,192.8 |
-939.8 |
-1,021.0 |
|
Total Plan Obligations |
6,224.5 |
6,208.7 |
4,872.3 |
4,297.0 |
5,696.9 |
|
Total Plan Assets |
3,666.7 |
3,706.2 |
3,438.8 |
2,840.1 |
4,516.9 |
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
5,589.5 |
4,495.7 |
2,970.2 |
2,608.8 |
3,259.9 |
|
Depreciation |
1,505.1 |
1,376.5 |
1,428.5 |
1,760.5 |
1,466.8 |
|
Depreciation/Depletion |
1,505.1 |
1,376.5 |
1,428.5 |
1,760.5 |
1,466.8 |
|
Amortization of Acquisition Costs |
- |
- |
1,047.9 |
1,049.6 |
34.0 |
|
Amortization |
- |
- |
1,047.9 |
1,049.6 |
34.0 |
|
Unusual Items |
-195.4 |
3.7 |
-180.3 |
-179.9 |
-400.6 |
|
Equity in Net Earnings (Loss) |
-25.9 |
-27.2 |
-25.8 |
- |
- |
|
Other Non-Cash Items |
135.9 |
156.6 |
119.4 |
248.5 |
204.9 |
|
Non-Cash Items |
-85.4 |
133.1 |
-86.8 |
68.6 |
-195.7 |
|
Accounts Receivable |
-382.6 |
-322.8 |
61.4 |
-429.3 |
415.4 |
|
Inventories |
346.9 |
78.5 |
-854.9 |
-474.0 |
237.2 |
|
Prepaid Expenses |
-22.6 |
-104.8 |
- |
- |
- |
|
Accounts Payable |
-67.9 |
298.5 |
22.4 |
-52.2 |
-495.2 |
|
Accrued Expenses |
1,877.6 |
322.4 |
331.8 |
288.4 |
-1,864.6 |
|
Taxes Payable |
187.5 |
174.5 |
0.0 |
- |
- |
|
Other Liabilities |
-122.7 |
-95.9 |
- |
- |
0.0 |
|
Other Operating Cash Flow |
-1,840.0 |
-1,607.7 |
-1,477.3 |
-2,090.4 |
-1,588.9 |
|
Changes in Working Capital |
-23.8 |
-1,257.5 |
-1,916.6 |
-2,757.5 |
-3,296.1 |
|
Cash from Operating Activities |
6,985.4 |
4,747.8 |
3,443.3 |
2,729.9 |
1,268.8 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,212.1 |
-1,516.7 |
-1,306.8 |
-1,118.7 |
-1,092.1 |
|
Purchase/Acquisition of Intangibles |
-231.2 |
-162.3 |
-71.4 |
-69.1 |
-59.8 |
|
Capital Expenditures |
-1,443.2 |
-1,679.0 |
-1,378.3 |
-1,187.8 |
-1,151.9 |
|
Sale of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
24.3 |
101.9 |
474.0 |
549.9 |
729.1 |
|
Sale/Maturity of Investment |
1,162.0 |
790.5 |
26.6 |
23.0 |
49.6 |
|
Investment, Net |
0.0 |
-7.6 |
0.0 |
- |
- |
|
Purchase of Investments |
-1,088.7 |
-686.3 |
-150.4 |
-44.0 |
-14,286.6 |
|
Other Investing Cash Flow |
31.0 |
10.2 |
123.6 |
12.0 |
61.4 |
|
Other Investing Cash Flow Items, Total |
128.6 |
208.7 |
473.8 |
540.9 |
-13,446.5 |
|
Cash from Investing Activities |
-1,314.6 |
-1,470.3 |
-904.4 |
-646.9 |
-14,598.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-25.5 |
-9.0 |
-37.6 |
-45.6 |
-28.8 |
|
Financing Cash Flow Items |
-25.5 |
-9.0 |
-37.6 |
-45.6 |
-28.8 |
|
Cash Dividends Paid - Common |
-964.6 |
-648.3 |
-577.2 |
-495.1 |
-368.8 |
|
Total Cash Dividends Paid |
-964.6 |
-648.3 |
-577.2 |
-495.1 |
-368.8 |
|
Repurchase/Retirement
of Common |
0.0 |
-233.4 |
0.0 |
- |
- |
|
Common Stock, Net |
0.0 |
-233.4 |
0.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
0.0 |
-233.4 |
0.0 |
- |
- |
|
Short Term Debt, Net |
-30.5 |
-2,008.2 |
1,005.4 |
-1,245.8 |
1,190.4 |
|
Long Term Debt Issued |
0.0 |
1,665.7 |
1,097.6 |
936.8 |
4,624.4 |
|
Long Term Debt
Reduction |
-2,513.6 |
-930.2 |
-4,182.5 |
-1,314.4 |
-876.6 |
|
Long Term Debt, Net |
-2,513.6 |
735.6 |
-3,084.8 |
-377.7 |
3,747.8 |
|
Issuance (Retirement) of Debt, Net |
-2,544.1 |
-1,272.6 |
-2,079.4 |
-1,623.4 |
4,938.2 |
|
Cash from Financing Activities |
-3,534.2 |
-2,163.3 |
-2,694.1 |
-2,164.2 |
4,540.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-103.9 |
-65.4 |
16.6 |
-394.0 |
350.7 |
|
Net Change in Cash |
2,032.6 |
1,048.8 |
-138.7 |
-475.2 |
-8,438.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,093.2 |
1,801.5 |
1,799.6 |
2,139.7 |
10,319.3 |
|
Net Cash - Ending Balance |
5,125.8 |
2,850.2 |
1,660.9 |
1,664.5 |
1,881.0 |
|
Cash Interest Paid |
202.7 |
217.9 |
322.3 |
556.9 |
315.7 |
|
Cash Taxes Paid |
1,550.9 |
1,428.1 |
1,251.7 |
1,138.6 |
1,161.2 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per share items (actual units) |
|
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
25,757.3 |
24,032.3 |
66,006.3 |
67,993.8 |
56,076.9 |
|
Total Revenue |
25,757.3 |
24,032.3 |
66,006.3 |
67,993.8 |
56,076.9 |
|
|
|
|
|
|
|
|
Other Revenue |
-614.4 |
-240.7 |
- |
- |
- |
|
Cost of Sales |
11,297.1 |
11,131.3 |
54,041.1 |
55,276.3 |
45,746.4 |
|
Equity gains |
-25.9 |
-27.2 |
- |
- |
- |
|
Advertising Expenses |
272.7 |
249.2 |
236.5 |
255.7 |
200.5 |
|
Sales Promotion |
1,621.1 |
1,534.1 |
1,546.2 |
1,615.5 |
1,432.1 |
|
Store & freight expenses |
353.6 |
327.3 |
- |
- |
- |
|
Outsourcing expenses |
518.8 |
492.6 |
- |
- |
- |
|
Employee related expenses |
2,976.9 |
2,698.5 |
- |
- |
- |
|
Research & Development |
651.7 |
570.3 |
534.1 |
470.7 |
395.1 |
|
Depreciation and Amortization |
741.5 |
719.9 |
- |
- |
- |
|
Impairment Loss |
88.8 |
72.1 |
- |
- |
- |
|
Regulatory fine in Canada |
0.0 |
149.9 |
- |
- |
- |
|
Retir. &Sale of Tan. Intan.& inv't
asset |
145.1 |
117.1 |
- |
- |
- |
|
Donation to tobacco waste work |
157.9 |
0.0 |
- |
- |
- |
|
Payroll |
- |
- |
1,436.5 |
1,413.7 |
1,110.8 |
|
Periodic Retirement Benefit |
- |
- |
188.5 |
146.6 |
107.8 |
|
Legal Benefits |
- |
- |
259.3 |
262.7 |
192.1 |
|
Employee Bonus |
- |
- |
143.2 |
134.3 |
104.9 |
|
Provision for Bonus |
- |
- |
297.0 |
346.8 |
287.3 |
|
Depreciation |
- |
- |
781.0 |
1,125.2 |
703.3 |
|
Amort. Goodwill |
- |
- |
1,048.3 |
1,050.0 |
- |
|
Other SGA |
1,757.1 |
1,554.6 |
2,304.2 |
2,275.8 |
2,029.9 |
|
SP Rev. Amende related lia. compe. law |
- |
- |
-179.8 |
0.0 |
- |
|
SP Other Special Gain |
- |
- |
-60.7 |
-19.1 |
-19.4 |
|
SP Loss Retire Fixed Asset |
- |
- |
68.2 |
114.5 |
55.2 |
|
SP L on val of LT inv't secs. |
- |
- |
- |
0.0 |
97.6 |
|
SP Impairment Loss |
- |
- |
65.0 |
162.9 |
33.5 |
|
SP Bus. Struct.Enhance |
- |
- |
106.5 |
242.5 |
56.4 |
|
SP Adult Identification Vending Machines |
- |
- |
0.0 |
134.0 |
112.7 |
|
SP Frosted foods recall related expense |
- |
- |
- |
0.0 |
49.2 |
|
SP Loss on the Japan Earthquake |
- |
- |
0.0 |
- |
- |
|
SP Regulatory fine in Canada |
- |
- |
0.0 |
- |
- |
|
SP PBC Waste Disposal Expense |
- |
- |
43.6 |
0.0 |
- |
|
SP Other Special Loss |
- |
- |
78.2 |
258.2 |
83.5 |
|
Loss Val. Mktbl. Sec |
- |
11.1 |
- |
- |
- |
|
Total Operating Expense |
19,942.0 |
19,360.1 |
62,937.0 |
65,266.2 |
52,778.6 |
|
|
|
|
|
|
|
|
NOP Dividend Income |
16.2 |
17.5 |
27.0 |
21.6 |
19.0 |
|
NOP Interest Income |
30.0 |
25.4 |
48.1 |
100.6 |
98.3 |
|
NOP Gain Sale Mkt Secs |
- |
58.8 |
- |
- |
- |
|
NOP Exchange Gain |
- |
9.3 |
0.0 |
- |
- |
|
NOP Equity gains |
- |
- |
25.8 |
23.6 |
- |
|
NOP Other Non-operating Income |
24.8 |
4.2 |
67.0 |
156.1 |
71.1 |
|
NOP Interest Expense |
-182.1 |
-199.4 |
-280.9 |
-511.1 |
-365.3 |
|
NOP Loss Sale Mkt Secs |
- |
-10.0 |
- |
- |
- |
|
NOP Foreign Exch. Loss |
-34.7 |
- |
-217.6 |
-217.0 |
-278.1 |
|
NOP Disaster Subsidy |
- |
- |
-5.6 |
-7.6 |
-17.5 |
|
NOP Cooperative Accr.Ret |
- |
- |
-18.5 |
-20.1 |
-20.4 |
|
Employee related expenses |
-69.9 |
-63.4 |
- |
- |
- |
|
NOP Other Non-Op. Expens |
-10.0 |
-18.9 |
-87.7 |
-105.5 |
-100.8 |
|
SP Gain Sale fixed assets |
- |
- |
348.0 |
462.4 |
584.0 |
|
SP Gain Sale Invest Sec |
- |
- |
41.1 |
- |
- |
|
SP Loss Sale Fixed assets |
- |
- |
-45.6 |
-21.6 |
-28.5 |
|
Net Income Before Taxes |
5,589.5 |
4,495.7 |
2,970.2 |
2,608.9 |
3,259.9 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
1,428.5 |
1,593.0 |
1,412.8 |
1,343.2 |
1,123.2 |
|
Net Income After Taxes |
4,161.0 |
2,902.7 |
1,557.5 |
1,265.6 |
2,136.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-97.2 |
-63.3 |
-67.8 |
-37.5 |
-48.4 |
|
Net Income Before Extra. Items |
4,063.8 |
2,839.4 |
1,489.7 |
1,228.1 |
2,088.4 |
|
Net Income |
4,063.8 |
2,839.4 |
1,489.7 |
1,228.1 |
2,088.4 |
|
|
|
|
|
|
|
|
EPS Adjustment |
0.0 |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,904.3 |
1,914.8 |
1,916.0 |
1,916.0 |
1,916.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Basic EPS Including ExtraOrdinary Item |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
4,063.8 |
2,839.4 |
1,489.6 |
1,228.1 |
2,088.3 |
|
Diluted Weighted Average Shares |
1,905.1 |
1,915.4 |
1,916.2 |
1,916.2 |
1,916.0 |
|
Diluted EPS Excluding ExtraOrd Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
Diluted EPS Including ExtraOrd Items |
2.13 |
1.48 |
0.78 |
0.64 |
1.09 |
|
DPS-Common Stock |
0.63 |
0.40 |
0.31 |
0.27 |
0.21 |
|
Gross Dividends - Common Stock |
1,205.8 |
757.5 |
597.8 |
514.8 |
402.3 |
|
Normalized Income Before Taxes |
5,747.4 |
4,506.8 |
3,836.8 |
4,110.7 |
3,207.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
1,468.8 |
1,596.9 |
1,326.5 |
1,576.0 |
1,093.2 |
|
Normalized Income After Taxes |
4,278.6 |
2,909.9 |
2,510.3 |
2,534.6 |
2,113.8 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
4,181.4 |
2,846.6 |
2,442.4 |
2,497.1 |
2,065.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.20 |
1.49 |
1.27 |
1.30 |
1.08 |
|
Diluted Normalized EPS |
2.19 |
1.49 |
1.27 |
1.30 |
1.08 |
|
Interest Expense |
182.1 |
199.4 |
280.9 |
511.1 |
365.3 |
|
Amort of Goodwill |
- |
- |
1,047.9 |
1,049.6 |
34.0 |
|
Advertising Expenses |
272.7 |
249.2 |
236.5 |
255.7 |
200.5 |
|
Sales Promotion |
1,621.1 |
1,534.1 |
1,546.2 |
1,615.5 |
- |
|
Research & Development Expenses |
651.7 |
570.3 |
534.1 |
470.7 |
395.1 |
|
Depreciation |
1,505.1 |
1,376.5 |
1,428.5 |
1,760.5 |
1,466.8 |
|
Reported Operating Profit |
5,815.3 |
4,683.3 |
3,190.2 |
3,620.5 |
3,766.8 |
|
Reported Ordinary Profit |
- |
- |
2,747.7 |
3,061.0 |
3,173.0 |
|
Service cost |
145.1 |
65.1 |
121.5 |
130.6 |
114.7 |
|
Interest cost |
49.1 |
41.8 |
194.6 |
216.1 |
176.3 |
|
Expected return on plan assets |
-30.0 |
-29.0 |
-138.8 |
-200.3 |
-173.1 |
|
Actuarial gains and losses |
- |
- |
41.7 |
7.4 |
-3.8 |
|
Prior service cost |
0.6 |
0.6 |
18.8 |
12.5 |
13.4 |
|
Curtailments & Settlements - Domestic |
0.0 |
-1.5 |
- |
- |
- |
|
Domestic Pension Plan Expense |
164.9 |
77.0 |
237.8 |
166.3 |
127.6 |
|
Service Cost - Foreign |
60.7 |
53.9 |
- |
- |
- |
|
Interest Cost - Foreign |
177.7 |
170.8 |
- |
- |
- |
|
Expected Return on Assets - Foreign |
-141.8 |
-134.2 |
- |
- |
- |
|
Prior Service Cost - Foreign |
2.3 |
16.1 |
- |
- |
- |
|
Special reitrement |
25.2 |
0.2 |
- |
- |
- |
|
Curtailments & Settlements - Foreign |
-0.7 |
-0.7 |
- |
- |
- |
|
Foreign Pension Plan Expense |
123.5 |
106.0 |
- |
- |
- |
|
Total Pension Expense |
288.4 |
183.1 |
237.8 |
166.3 |
127.6 |
|
Discount rate-Domestic |
1.40% |
1.70% |
2.50% |
2.50% |
2.50% |
|
Expected Rate of Return - Domestic |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Discount Rate - Foreign |
2.50% |
2.80% |
- |
- |
- |
|
Expected Rate of Return - Foreign |
2.80% |
4.30% |
- |
- |
- |
|
|
|
Annual Balance Sheet |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
82.385362 |
82.88 |
93.44 |
98.77 |
99.535 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Equivalents |
1,320.6 |
1,264.7 |
1,663.6 |
1,670.1 |
2,148.8 |
|
ST investment |
3,592.2 |
1,682.2 |
- |
- |
- |
|
Note&Acct.Rcvbl. |
3,784.7 |
3,636.2 |
3,177.3 |
2,936.8 |
3,265.9 |
|
Other Receivables |
214.8 |
147.2 |
- |
- |
- |
|
Doubt. Acct. Prv |
-21.0 |
-28.5 |
-38.8 |
-32.0 |
-45.3 |
|
Mrktbl. Secs. |
- |
- |
127.9 |
49.7 |
49.8 |
|
Inventories |
- |
- |
- |
- |
5,614.6 |
|
Inventories - merchandise& finished good |
1,365.3 |
1,309.6 |
1,616.7 |
1,245.0 |
- |
|
Inventories - tobacco |
3,578.5 |
4,140.9 |
- |
- |
- |
|
Other Inventories |
477.4 |
444.8 |
- |
- |
- |
|
Inventories - semi-finished goods |
- |
- |
1,173.2 |
1,207.8 |
- |
|
Other Financial Assets |
332.1 |
450.6 |
- |
- |
- |
|
Inventories - work-in-process |
- |
- |
59.1 |
66.4 |
- |
|
Inventories - raw materials&supplies |
- |
- |
3,091.7 |
2,180.2 |
- |
|
Dfrd. Tax Asset |
- |
- |
284.8 |
300.4 |
321.6 |
|
Prepaid Tobacco tax |
1,059.2 |
1,103.9 |
- |
- |
- |
|
Prepaid expenses |
130.3 |
122.3 |
- |
- |
- |
|
Sales tax receivable |
81.3 |
130.1 |
- |
- |
- |
|
Other Assets |
224.1 |
307.6 |
1,642.4 |
1,468.8 |
1,049.1 |
|
Assets held for sale |
17.0 |
477.2 |
- |
- |
- |
|
Total Current Assets |
16,156.4 |
15,189.0 |
12,797.9 |
11,093.2 |
12,404.6 |
|
|
|
|
|
|
|
|
Land,Bldg.&Structure, gross |
7,209.9 |
7,449.8 |
- |
- |
- |
|
Accum. depr & impair. -land bldg&struc |
-3,648.0 |
-3,778.9 |
- |
- |
- |
|
Bldg.&Structure, gross |
- |
- |
6,544.4 |
6,292.1 |
6,830.8 |
|
Accum. depr - bldg&struc |
- |
- |
-4,071.8 |
-3,914.3 |
-4,000.2 |
|
Machinery/Equip., gross |
8,140.3 |
8,330.3 |
7,155.5 |
6,501.4 |
7,079.5 |
|
Accum. depr & impair. -machin&vehicles |
-5,236.9 |
-5,288.6 |
- |
- |
- |
|
Accum. depr - machin&vehicles |
- |
- |
-4,877.3 |
-4,588.0 |
-4,879.6 |
|
Tools, furniture, & fixtures, gross |
1,884.2 |
1,841.0 |
1,829.0 |
1,674.9 |
2,219.6 |
|
Accum. depr & impair. - tool,furnitures |
-1,207.3 |
-1,190.8 |
- |
- |
- |
|
Accum, depr - furniture |
- |
- |
-1,240.0 |
-1,042.9 |
-1,485.1 |
|
Land |
- |
- |
1,484.4 |
1,490.5 |
1,581.2 |
|
Constr. in Prog. |
377.7 |
351.1 |
448.5 |
356.9 |
322.7 |
|
Trademarks |
- |
- |
3,755.4 |
3,517.0 |
6,163.6 |
|
Other Intangible |
- |
- |
329.3 |
308.9 |
392.1 |
|
Investment Secs. |
- |
- |
654.7 |
913.5 |
1,327.9 |
|
Equity secs.-nonconsol affil.&sub. |
- |
- |
241.7 |
- |
- |
|
Inv't partnership-nonconsol.affil.&subs. |
- |
- |
3.7 |
- |
- |
|
LT Loans |
- |
- |
15.0 |
93.0 |
44.3 |
|
Other Assets |
- |
- |
983.9 |
982.3 |
1,132.7 |
|
Doubt. Acct. Prv |
- |
- |
-371.3 |
-422.1 |
-302.2 |
|
Inv. Allow. Prov |
- |
- |
- |
0.0 |
-1.8 |
|
Goodwill |
- |
- |
14,848.0 |
14,720.7 |
21,167.3 |
|
Goodwill,gross |
13,473.8 |
14,191.6 |
- |
- |
- |
|
Accumulated Goodwill Amortization |
0.0 |
-1.0 |
- |
- |
- |
|
Trademarks,gross |
8,058.2 |
8,194.1 |
- |
- |
- |
|
Accumulative Amortization of trademark |
-4,934.4 |
-4,735.7 |
- |
- |
- |
|
Software,gross |
1,181.2 |
1,135.6 |
- |
- |
- |
|
Accumulative Amortization of software |
-965.6 |
-908.5 |
- |
- |
- |
|
Other Intangible Assets |
1,053.5 |
909.7 |
- |
- |
- |
|
Accumulative Amortization of other intan |
-673.1 |
-611.2 |
- |
- |
- |
|
Investment-Real Estate |
817.9 |
440.1 |
- |
- |
- |
|
Pension related Assets |
174.4 |
81.7 |
- |
- |
- |
|
Investment- Equity Method |
223.9 |
230.1 |
- |
- |
- |
|
Other Financial Assets |
819.9 |
756.0 |
- |
- |
- |
|
Deferred Taxes Assets |
1,604.3 |
1,517.0 |
913.7 |
1,303.9 |
1,112.3 |
|
Total Assets |
44,510.4 |
44,102.3 |
41,444.6 |
39,281.1 |
51,109.7 |
|
|
|
|
|
|
|
|
Note&Acct.Pay |
2,008.0 |
2,061.1 |
1,599.6 |
1,605.2 |
1,761.9 |
|
Other Accounts Payable |
870.7 |
810.0 |
789.1 |
636.1 |
793.8 |
|
Other Payables |
746.5 |
890.9 |
- |
- |
- |
|
Short Term Debt |
527.8 |
845.3 |
1,169.3 |
1,146.4 |
2,702.9 |
|
Commercial papers |
0.0 |
0.0 |
1,273.5 |
0.0 |
- |
|
Curr. Port. LTD |
949.4 |
259.3 |
246.4 |
267.1 |
67.0 |
|
Curr.Prot.Corp.B |
1,093.2 |
1,526.1 |
539.3 |
1,927.3 |
734.0 |
|
Lease |
- |
- |
52.8 |
55.8 |
0.0 |
|
CigaretteTax Payable |
- |
- |
2,269.5 |
1,751.4 |
2,018.1 |
|
Sp.CigaretteTax |
- |
- |
112.3 |
106.0 |
109.5 |
|
Local Cigarette Tax |
- |
- |
912.2 |
866.1 |
892.5 |
|
Sales Tax |
- |
- |
643.2 |
443.9 |
629.5 |
|
Dfrd. Tax Liab. |
- |
- |
25.2 |
29.5 |
65.8 |
|
Accrued Bonuses |
- |
- |
- |
- |
0.0 |
|
Other Allowance |
- |
- |
423.9 |
396.6 |
416.7 |
|
Income Taxes Payable |
515.9 |
792.1 |
578.5 |
524.2 |
720.3 |
|
Other Financial Liability |
97.6 |
101.9 |
- |
- |
- |
|
Reserves |
69.0 |
50.5 |
- |
- |
- |
|
Other Liabs. |
7,170.2 |
5,587.5 |
1,153.6 |
1,314.5 |
1,991.9 |
|
Held for sale assets related Liability |
1.2 |
76.0 |
- |
- |
- |
|
Total Current Liabilities |
14,049.5 |
13,000.6 |
11,788.6 |
11,070.1 |
12,903.9 |
|
|
|
|
|
|
|
|
Corporate Bond |
2,797.5 |
3,930.2 |
4,377.3 |
3,541.5 |
6,466.4 |
|
Long Term Debt |
598.1 |
1,839.0 |
1,600.7 |
3,032.9 |
3,987.6 |
|
Lease |
- |
- |
97.7 |
113.7 |
0.0 |
|
Total Long Term Debt |
3,395.6 |
5,769.2 |
6,075.7 |
6,688.2 |
10,454.0 |
|
|
|
|
|
|
|
|
Rsrv-Accr.Retire |
- |
- |
2,695.9 |
2,623.7 |
2,847.1 |
|
Allw-Dir.'s Reti |
- |
- |
8.2 |
6.3 |
7.5 |
|
Reserve-guarantee obligations |
- |
- |
0.0 |
7.0 |
2.6 |
|
Other Financial Liability |
254.8 |
179.0 |
- |
- |
- |
|
Pension related Liability |
3,823.7 |
3,763.5 |
- |
- |
- |
|
Reserves |
54.0 |
54.4 |
- |
- |
- |
|
Other Liabs. |
1,119.6 |
1,135.8 |
1,421.5 |
1,322.9 |
1,495.6 |
|
Deferred Taxes |
1,000.9 |
879.0 |
1,012.2 |
1,117.6 |
1,752.1 |
|
Minority Int. |
978.0 |
919.0 |
787.7 |
719.9 |
787.4 |
|
Total Liabilities |
24,676.2 |
25,700.5 |
23,789.7 |
23,555.9 |
30,250.1 |
|
|
|
|
|
|
|
|
Common Stock |
1,213.8 |
1,206.6 |
1,070.2 |
1,012.5 |
1,004.7 |
|
Paid in Capital |
8,938.6 |
8,885.3 |
7,881.1 |
7,455.7 |
7,398.4 |
|
Treasury Stock |
-1,147.9 |
-1,141.1 |
-798.1 |
-755.1 |
-749.3 |
|
Other |
-4,568.3 |
-3,025.4 |
- |
- |
- |
|
Retained Earning |
15,398.1 |
12,476.5 |
14,026.9 |
12,402.4 |
13,507.7 |
|
Unrealized Gain |
- |
- |
128.9 |
85.4 |
214.4 |
|
Unrealized Gain/Loss on Hedge |
- |
- |
0.0 |
0.9 |
2.2 |
|
Pension Liability Adjustment |
- |
- |
-281.1 |
-192.0 |
-107.6 |
|
Trans Adjust |
- |
- |
-4,378.9 |
-4,288.4 |
-412.8 |
|
New stock subscription right |
- |
- |
6.0 |
3.7 |
1.9 |
|
Total Equity |
19,834.2 |
18,401.8 |
17,654.9 |
15,725.2 |
20,859.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
44,510.4 |
44,102.3 |
41,444.6 |
39,281.1 |
51,109.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
1,904.3 |
1,904.3 |
1,916.0 |
1,916.0 |
1,916.0 |
|
Total Common Shares Outstanding |
1,904.3 |
1,904.3 |
1,916.0 |
1,916.0 |
1,916.0 |
|
T/S-Common Stock |
95.7 |
95.7 |
84.0 |
84.0 |
84.0 |
|
Accumulated Goodwill Amortization Suppl. |
0.0 |
1.0 |
- |
- |
- |
|
Accumulated Intangible Amort, Suppl. |
6,573.2 |
6,255.4 |
- |
- |
- |
|
Full-Time Employees |
48,529 |
48,472 |
49,665 |
47,977 |
47,459 |
|
Number of Common Shareholders |
51,995 |
- |
57,389 |
62,931 |
49,329 |
|
LT Debts Maturing within 1yr. |
2,043.2 |
1,785.4 |
784.7 |
2,194.4 |
795.9 |
|
LT Debts Maturing within 2yr. |
251.2 |
2,305.8 |
1,800.4 |
740.2 |
3,701.8 |
|
LT Debts Maturing within 3yr. |
1,840.0 |
253.3 |
1,757.9 |
1,662.2 |
2,544.4 |
|
LT Debts Maturing within 4yr. |
815.2 |
1,878.3 |
616.8 |
617.5 |
1,954.5 |
|
LT Debts Maturing within 5yr. |
0.3 |
845.0 |
1,797.9 |
2,900.7 |
616.7 |
|
Remaining |
490.4 |
487.6 |
5.9 |
653.9 |
1,641.7 |
|
Total Long Term Debt, Supplemental |
5,440.2 |
7,555.4 |
6,763.7 |
8,768.9 |
11,254.9 |
|
Captial lease within 1 yr. |
- |
- |
52.8 |
55.8 |
0.0 |
|
Capital lease within 2 yr. |
- |
- |
42.7 |
45.1 |
0.0 |
|
Capital lease within 3 yr. |
- |
- |
29.1 |
34.2 |
0.0 |
|
Capital lease within 4 yr. |
- |
- |
16.2 |
20.4 |
0.0 |
|
Capital lease within 5 yr. |
- |
- |
6.0 |
8.0 |
0.0 |
|
Capital lease after 5 yr. |
- |
- |
3.7 |
6.0 |
0.0 |
|
Total Capital Leases |
- |
- |
150.5 |
169.5 |
0.0 |
|
Operating Lease Pymts. Due within 1Year |
93.5 |
80.5 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
155.6 |
141.4 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
16.8 |
27.7 |
- |
- |
- |
|
Total Operating Leases |
266.0 |
249.6 |
- |
- |
- |
|
Pension obligation |
2,887.5 |
2,853.2 |
4,872.3 |
4,297.0 |
5,696.9 |
|
Fair value of plan asset |
1,118.7 |
1,163.6 |
3,438.8 |
2,840.1 |
4,516.9 |
|
Funded status |
-1,768.8 |
-1,689.6 |
-1,433.5 |
-1,456.9 |
-1,180.0 |
|
Pension Obligation - Foreign |
3,337.0 |
3,355.6 |
- |
- |
- |
|
Plan Assets - Foreign |
2,548.0 |
2,542.5 |
- |
- |
- |
|
Funded Status - Foreign |
-789.0 |
-813.0 |
- |
- |
- |
|
Total Funded Status |
-2,557.8 |
-2,502.6 |
-1,433.5 |
-1,456.9 |
-1,180.0 |
|
Discount rate |
1.40% |
1.70% |
2.50% |
2.50% |
2.50% |
|
Expected rate of return |
2.50% |
2.50% |
2.50% |
2.50% |
2.50% |
|
Discount Rate - Foreign |
2.50% |
2.80% |
- |
- |
- |
|
Expected Rate of Return - Foreign |
2.80% |
4.30% |
- |
- |
- |
|
Unrecognized actuarial gains and losses |
- |
- |
451.6 |
455.6 |
120.9 |
|
Unrecognized prior service cost |
- |
- |
51.3 |
62.8 |
81.3 |
|
Overseas consolid. co's pension liab. |
- |
- |
-382.5 |
-259.8 |
-122.7 |
|
Prepaid pension benefits |
- |
- |
250.3 |
279.9 |
496.2 |
|
Other current liabilities |
- |
- |
-39.8 |
-52.0 |
-33.6 |
|
Reserve for accrued retirement benefits |
- |
- |
-1,523.7 |
-1,426.2 |
-1,563.1 |
|
Net Assets Recognized on Balance Sheet |
- |
- |
-1,192.8 |
-939.8 |
-1,021.0 |
|
|
|
Annual Cash Flows |
|
Financials in:
USD (mil) |
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate
(Period Average) |
78.961215 |
85.691434 |
92.941082 |
100.484331 |
114.302336 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
Net Income,Bf.Tax |
5,589.5 |
4,495.7 |
2,970.2 |
2,608.8 |
3,259.9 |
|
Depreciation |
1,505.1 |
1,376.5 |
1,428.5 |
1,760.5 |
1,466.8 |
|
Impairment Loss |
88.8 |
72.1 |
65.0 |
162.9 |
33.5 |
|
Amort. of Goodwill |
- |
- |
1,047.9 |
1,049.6 |
34.0 |
|
Retirement Benefits |
- |
- |
-86.4 |
-131.0 |
-43.1 |
|
Int. & Div. Income |
-46.2 |
-42.8 |
-75.1 |
-122.2 |
-117.3 |
|
Interest Expenses |
182.1 |
199.4 |
280.9 |
511.1 |
365.3 |
|
Equity in (earnings) losses of affiliate |
-25.9 |
-27.2 |
-25.8 |
- |
- |
|
Regulatory fine in Canada |
- |
- |
0.0 |
- |
- |
|
Loss Val. Invest Sec |
- |
- |
15.5 |
70.3 |
97.6 |
|
Sale & Retire PPE, Intang.,Inv.Real Esta |
-284.2 |
-68.4 |
- |
- |
- |
|
G/Sale & Retire PPE |
- |
- |
-260.8 |
-413.0 |
-531.6 |
|
L/G sales of investment secur. |
- |
- |
0.0 |
- |
- |
|
Accounts and Other Receivable |
-382.6 |
-322.8 |
- |
- |
- |
|
Accounts Receivable |
- |
- |
61.4 |
-429.3 |
415.4 |
|
Inventories |
346.9 |
78.5 |
-854.9 |
-474.0 |
237.2 |
|
Accounts and Other Payable |
-67.9 |
298.5 |
- |
- |
- |
|
Accounts Payable |
- |
- |
-137.9 |
26.8 |
-145.7 |
|
Other Payable |
- |
- |
160.4 |
-79.0 |
-349.6 |
|
Pension related liability |
-122.7 |
-95.9 |
- |
- |
- |
|
Prepaid Cigarette Tax |
-22.6 |
-104.8 |
- |
- |
- |
|
Cigarette Tax Payable |
1,877.6 |
322.4 |
331.8 |
288.4 |
-1,864.6 |
|
LT Payable |
- |
- |
- |
- |
0.0 |
|
Inc (Dec) sales tax payables |
187.5 |
174.5 |
0.0 |
- |
- |
|
Other, Net |
-164.7 |
-20.7 |
20.5 |
-549.7 |
-271.5 |
|
Interest & dividends Receivable |
78.3 |
59.0 |
76.3 |
154.8 |
159.5 |
|
Interest Paid |
-202.7 |
-217.9 |
-322.3 |
-556.9 |
-315.7 |
|
Payment for regulatory fine in Canada |
- |
- |
0.0 |
- |
- |
|
Taxes Paid |
-1,550.9 |
-1,428.1 |
-1,251.7 |
-1,138.6 |
-1,161.2 |
|
Decrease due to un-consol. of subs. |
- |
- |
- |
-9.5 |
0.0 |
|
Adjustment |
- |
0.1 |
- |
- |
- |
|
Cash from Operating Activities |
6,985.4 |
4,747.8 |
3,443.3 |
2,729.9 |
1,268.8 |
|
|
|
|
|
|
|
|
Time Depo Made |
-590.8 |
-295.2 |
0.0 |
- |
- |
|
Time Deposit Matured |
441.4 |
247.0 |
0.0 |
- |
- |
|
Purc. of Investment |
-72.1 |
-391.0 |
- |
- |
- |
|
Sale & redem. of Investment |
273.8 |
425.8 |
- |
- |
- |
|
Purc. Marketable Sec |
- |
- |
-43.0 |
-13.5 |
-20.6 |
|
Sale & redem.Marketable Secs |
- |
- |
26.6 |
18.5 |
37.0 |
|
Capital Expenditures |
-1,212.1 |
-1,516.7 |
-1,306.8 |
-1,118.7 |
-1,092.1 |
|
Sale of Fixed Assets |
24.3 |
101.9 |
474.0 |
549.9 |
729.1 |
|
Sale of Investment Real Estate |
437.5 |
117.6 |
- |
- |
- |
|
Purc. Intangibles |
-231.2 |
-162.3 |
-71.4 |
-69.1 |
-59.8 |
|
Purc. Investment Sec |
- |
- |
- |
0.0 |
-197.4 |
|
Sale Investment Secs |
- |
- |
- |
- |
0.0 |
|
Sale/redempt.LT inv't in sec. |
- |
- |
0.0 |
- |
- |
|
Purch. Subsidiary Stk |
-425.8 |
0.0 |
-107.3 |
-30.5 |
-14,068.7 |
|
Sale of Subsidiary Stock |
9.2 |
0.0 |
0.0 |
4.5 |
12.7 |
|
Sale of subsidiaries' shares Con. |
0.0 |
-7.6 |
0.0 |
- |
- |
|
Sale of Consolidated Subsidiary Stock |
- |
- |
- |
- |
0.0 |
|
Other, Net |
31.0 |
10.2 |
123.6 |
12.0 |
61.4 |
|
Cash from Investing Activities |
-1,314.6 |
-1,470.3 |
-904.4 |
-646.9 |
-14,598.4 |
|
|
|
|
|
|
|
|
Short Term Debt & Commercial Paper, Net |
-30.5 |
-2,008.2 |
1,005.4 |
-1,245.8 |
1,190.4 |
|
Proc. Long Term Debt |
0.0 |
734.6 |
18.4 |
936.8 |
3,314.6 |
|
Repay. LT Debt |
-758.3 |
-270.8 |
-2,055.5 |
-544.0 |
-789.1 |
|
Bond issued |
0.0 |
931.2 |
1,079.2 |
0.0 |
1,309.9 |
|
Repayment of Bond |
-1,688.6 |
-587.0 |
-2,065.1 |
-704.7 |
-87.5 |
|
Dividends Paid |
-964.6 |
-648.3 |
-577.2 |
-495.1 |
-368.8 |
|
Min. Shs. Divs. Paid |
-27.1 |
-19.4 |
-39.6 |
-35.2 |
-25.3 |
|
Proceed from minorities' payment |
8.0 |
6.8 |
2.0 |
0.0 |
- |
|
Repayment of finance lease |
-66.7 |
-72.3 |
-61.9 |
-65.7 |
0.0 |
|
Purchase of treasury stock |
0.0 |
-233.4 |
0.0 |
- |
- |
|
Min. sharehd. paid for sub.equity |
-6.4 |
-0.9 |
- |
- |
- |
|
Paid to min. sharehd.from sale sub.equi. |
0.0 |
4.6 |
- |
- |
- |
|
Other, net |
0.0 |
0.0 |
0.0 |
-10.4 |
-3.6 |
|
Cash from Financing Activities |
-3,534.2 |
-2,163.3 |
-2,694.1 |
-2,164.2 |
4,540.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-103.9 |
-65.4 |
16.6 |
-394.0 |
350.7 |
|
Net Change in Cash |
2,032.6 |
1,048.8 |
-138.7 |
-475.2 |
-8,438.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
3,093.2 |
1,801.5 |
1,799.6 |
2,139.7 |
10,319.3 |
|
Net Cash - Ending Balance |
5,125.8 |
2,850.2 |
1,660.9 |
1,664.5 |
1,881.0 |
|
Cash Interest Paid |
202.7 |
217.9 |
322.3 |
556.9 |
315.7 |
|
Cash Taxes Paid |
1,550.9 |
1,428.1 |
1,251.7 |
1,138.6 |
1,161.2 |
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
|
|
1 |
Rs.87.38 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.