JAPAN TOBACCO INC., The Current Fiscal Year Net Income Revised Downward by 2%

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Thu Oct 31, 2024 3:00 pm JST Earnings

2914 JAPAN TOBACCO INC. 【IFRS】

Earnings Report

JAPAN TOBACCO INC. <2914> [TSE-P] announced its financial results (based on IFRS) after the market closed on October 31st (15:00). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2024 (January to September) was 442 billion yen, a 0.1% increase compared to the same period last year.

However, the full-year consolidated net income has downwardly by 1.7%, from the previous forecast of 475 billion yen to 467 billion yen (compared to 482 billion yen in the previous period), leading to an increase in the profit decline rate from 1.5% to 3.2%.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has downwardly by 4.7%, from the previous forecast of 169 billion yen to 161 billion yen (compared to 195 billion yen in the same period of the previous year), leading to an increase in the profit decline rate from 13.0% to 17.1%.

In the most recent three-month period, from July to September (3Q), the consolidated net income decreased to 137 billion yen, a 11.5% decrease compared to the same period last year. The operating profit margin decreased from 28.6% in the same period last year to 24.8%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Jan - Sep, 2022	2,008,548	579,341	535,596	403,807	227.5	90.3	Oct 31, 2022	IFRS
Jan - Sep, 2023	2,157,018	631,847	586,209	442,010	249.0	94.3	Oct 31, 2023	IFRS
Jan - Sep, 2024	2,393,278	636,629	580,272	442,414	249.2	ー	Oct 31, 2024	IFRS
YoY	+11.0%	+0.8%	-1.0%	+0.1%	+0.1%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2024 Prev	1,539,108	227,338	ー	169,828	95.7	97	Aug 2, 2024	IFRS
Jul - Dec, 2024 New	1,593,608	255,338	ー	161,828	91.1	97	Oct 31, 2024	IFRS
Revision Rate	+3.5%	+12.3%	－	-4.7%	-4.7%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2024 Prev	3,109,000	660,000	ー	475,000	267.5	194	Aug 2, 2024	IFRS
Dec, 2024 New	3,163,500	688,000	ー	467,000	263.0	194	Oct 31, 2024	IFRS
Revision Rate	+1.8%	+4.2%	－	-1.7%	-1.7%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Jul - Dec, 2023	1,448,265	258,855	248,171	195,279	110.0	100	Feb 13, 2024	IFRS
Jul - Dec, 2024 Guidance	1,593,608	255,338	ー	161,828	91.1	97	Oct 31, 2024	IFRS
YoY	+10.0%	-1.4%	－	-17.1%	-17.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Dec, 2022	2,657,832	653,575	593,450	442,716	249.5	188	Feb 14, 2023	IFRS
Dec, 2023	2,841,077	672,410	621,601	482,288	271.7	194	Feb 13, 2024	IFRS
Dec, 2024 Guidance	3,163,500	688,000	ー	467,000	263.0	194	Oct 31, 2024	IFRS
YoY	+11.3%	+2.3%	－	-3.2%	-3.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2023	764,206	218,292	212,779	155,001	87.3	28.6	Oct 31, 2023	IFRS
Oct - Dec, 2023	684,059	40,563	35,392	40,278	22.7	5.9	Feb 13, 2024	IFRS
Jan - Mar, 2024	740,333	215,818	201,266	157,266	88.6	29.2	May 9, 2024	IFRS
Apr - Jun, 2024	829,559	216,844	197,807	147,906	83.3	26.1	Aug 2, 2024	IFRS
Jul - Sep, 2024	823,386	203,967	181,199	137,242	77.3	24.8	Oct 31, 2024	IFRS
YoY	+7.7%	-6.6%	-14.8%	-11.5%	-11.5%