2023 First Quarter Highlights (vs. 2022)
- Revenue increased by 14.4% to JPY 665.3 billion.
- Core revenue at constant FX increased by 6.2% to JPY 594.6 billion.
- Adjusted operating profit at constant FX increased by 5.1% to JPY 204.7 billion.
- On a reported basis, adjusted operating profit increased by 14.6 % to JPY 223.4 billion.
- Operating profit increased by 15.7% to JPY 206.4 billion.
- Profit increased by 16.6% to JPY 144.7 billion.
Please refer to ‘Data Sheets’ on page 9 for more financial figures.
Comments from Masamichi Terabatake, President and CEO of the JT Group:
“JT Group delivered solid results in the first quarter, building on the positive momentum across its businesses.
Robust pricing in the tobacco business continued to drive the strong performance of the Group.
In line with our plan to increase our presence in HTS (heated tobacco sticks) and establish the foundations for JT Group’s future earnings growth, we successfully launched Ploom X in Italy and Lithuania in April, after an encouraging rollout in the U.K. We are making good progress for additional international launches, with a rollout in Portugal planned for mid May.
Guided by the Group’s management principle, which is to pursue the 4S model*, and considering the recently
announced JT Group Purpose**, we will continue to take all necessary decisions to address operational
uncertainties, such as regulatory changes, economic instabilities and volatile foreign exchange rates.
Together as a Group, we are confident in our ability to deliver on our full year forecast.”
* Under the 4S model, we strive to fulfill our responsibilities to our valued consumers, shareholders, employees and the wider society, carefully considering the respective interests of these four key stakeholder groups and exceeding their expectations wherever we can. For more details, please visit https://www.jt.com/about/management_principles/index.html
** The JT Group Purpose “Fulfilling Moments, Enriching Life” is designed to clarify the direction to being a sustainable entity. The area of “human enrichment” undergoes changes in various ways with the times and the people, and the JT Group strives to evolve constantly so that we can continue to be entrusted within this area by society and make valuable contributions in the future.
Investors’ Meeting
An investors’ meeting with members of the investor community will be held on May 2, 2023 at 5:00pm Tokyo time. An on-demand audio recording of this conference will be available on our website (https://www.jt.com/investors/results/presentation_financial). For detailed information on the consolidated financial results, please visit the Company’s website (https://www.jt.com/investors/).
Note on Hyperinflationary Adjustments
The results for fiscal year 2022 and fiscal year 2023 as well as the forecasts for fiscal year 2023 on a reported basis have been adjusted to include the impact of hyperinflationary accounting, which has been applied since Q3 2020, in accordance with the requirements stipulated in IAS 29. Starting from Q1 2021, the results on a constant FX basis have been calculated to exclude amounts of revenue and profit that have increased due to hyperinflation in certain markets. As of Q1 2023, the impacts of the hyperinflationary accounting and hyperinflation include those in Ethiopia, Iran, Sudan and Turkey.