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Japan Tobacco's (JAPAF) Q1 2018 Results - Earnings Call Transcript

May 02, 2018 10:43 PM ETJapan Tobacco Inc. (JAPAF)
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Japan Tobacco (OTCPK:JAPAF) Q1 2018 Earnings Conference Call May 2, 2018 3:00 AM ET


Naohiro Minami - Representative Director and Executive Vice President

Hisashi Ishikawa - Vice President, Head of Tobacco Business Planning Division


Ritsuko Tsunoda - JPMorgan Securities Japan Co., Ltd.

Hiroshi Saji - Mizuho Securities Co., Ltd.

Nobuyoshi Miura - Citigroup Global Markets Japan Inc.

Satoshi Fujiwara - Nomura Securities Co., Ltd

Keiko Yamaguchi - Goldman Sachs Japan Co., Ltd.

Makoto Morita - Daiwa Securities Co. Ltd.

Unidentified Company Representative

[Interpreted] Thank you for waiting. Thank you very much for joining the JT Group Consolidated Financial Results Meeting for the First Quarter of 2018. I would like to open the meeting. First, Naohiro Minami, the Chief Financial Officer, will make a presentation for 15 minutes followed by the Q&A session. And the meeting will be about 60 minutes. I would like to start the presentation.

Naohiro Minami

[Interpreted] I'm Naohiro Minami, Chief Financial Officer of the JT Group. I will take you through the consolidated financial results for the first quarter of 2018. First I will focus on the highlights of consolidated [Technical Difficulty] for the first quarter of 2018, please look at Slide 4. Adjusted operating profit at constant FX, our KPI increased year-on-year led by the strong performance in the international tobacco business and pharmaceutical business while the challenging environment continued in the Japanese domestic tobacco business.

As for results by business segment, in the international tobacco business pricing gains drove the growth in both of the top line and bottom line as we communicated earlier this year. In the Japanese domestic tobacco business profit decreased due to cigarette volume decline despite the increased sales of Ploom TECH. This result was within our expectation.

In the pharmaceutical business, royalty revenue continued to grow and made

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