OREANDA-NEWS. August 5, 2011. Japan Tobacco Inc. (JT) (TSE: 2914) has announced the full year forecast for the fiscal year ending March 31, 2012 set out below. Some of this forecast data was not provided in the company's Brief Statements of the Consolidated Financial Results for the fiscal year ended March 31, 2011.

1. Forecast for the Fiscal Year Ending March 31, 2012 (from April 1, 2011 to March 31, 2012)

Units: Millions of Yen except where otherwise stated

 

Net sales

Operating income

Ordinary income

Net income

Net income per share Unit: Yen

Previous forecast (A)

—

—

—

—

—

Updated forecast (B)

2,446,000

336,000

324,000

161,000

16,909.15

Change (B - A)

—

—

—

—

—

Change (%)

—

—

—

—

—

Prior fiscal year actual

2,432,638

333,240

313,065

145,365

15,183.52

 

 

Adjusted net sales, excluding tax1

EBITDA2

Previous forecast (A)

1,925,000—1,970,000

540,000—574,000

Updated forecast (B)

1,915,000

550,000

Change (B) - (A)

—

—

Change (%)

—

—

Prior fiscal year actual

1,946,958

542,595

Footnotes:

1          Adjusted net sales excluding tax on a consolidated basis do not include revenue from the imported tobacco, domestic duty free, the China Division and other peripheral businesses in the Japanese domestic tobacco business. Nor does it include revenue from distribution, contract manufacturing and other peripheral businesses in the international tobacco business.

2          EBITDA was calculated as operating income + depreciation of tangible fixed assets + amortization of intangible fixed assets + amortization of long-term prepaid expenses + amortization of goodwill.

•           A statement of forecast for the six months cumulative is not included as it is not computed by the company.

•           Beginning with the fiscal year ending March 31, 2012, the accounting policy has been partly changed; accordingly, the financial results for the fiscal year ended March 31, 2011 have been restated to conform to the policy.

2. Reason

In the company's Brief Statements of the Consolidated Financial Results for the fiscal year ended March 31, 2011, the company had disclosed only adjusted net sales excluding tax and EBITDA forecasts for the fiscal year ending March 31, 2012 based on a set of assumptions. This level of disclosure was due to difficulties in reliably estimating the impact of the Great East Japan Earthquake. Based on the recent developments and operating performance, the company today disclosed the forecast information detailed above.

The adjusted net sales excluding tax forecast is below the range of forecasts previously provided. This is because the core net sales excluding tax3 forecast for the international tobacco business has been downwardly revised, reflecting our revised exchange rate assumptions about the appreciation of the Japanese yen against the US dollar, Ґ2 higher than we had previously estimated. The international tobacco business' core net sales excluding tax in US dollars are forecast to increase.

For full details, please refer to the company's Brief Statements of the Consolidated Financial Results for the first three months of the fiscal year ending March 31, 2012.