Results for FY2013
At constant FX, adjusted EBITDA and adjusted EPS increased 7.5% and 15.7% respectively,exceeding the Business Plan 2013 targets amid a challenging operating environment. Revenue and earnings reached record highs.
Revenue and adjusted EBITDA grew 13.2% and 20.9% respectively driven by strong top-line growth in the tobacco businesses and the depreciation of the Japanese Yen. Profit attributable to owners of the parent increased 24.6%.
International Tobacco Business: At constant FX, adjusted EBITDA in US Dollars achieved double-digit growth of 11.3%, driven by a robust price/mix and market share gains in most key markets. Core revenue and adjusted EBITDA in Japanese Yen grew 27.3% and 31.6% respectively due to the depreciation of the currency against the US Dollar.
Japanese Domestic Tobacco Business: Adjusted EBITDA grew 7.4% due to steady market share growth driven by key brands centered on Mevius and a one-off increase in demand ahead of the consumption tax (VAT) hike in April 2014.
The Company’s Board is recommending a total dividend per share of ¥96, including a first half-year dividend per share of ¥46 with a forecast dividend payout ratio of 40.8% for this fiscal year.