JTI 2017ᖺ䛻䛚䛡䜛ᡂᯝ䛚䜘䜃2018ᖺ䜺䜲䝎䞁䝇
Eddy Pirard

President & Chief Executive Officerలਟपঢ়घॊ੶஽ಉपणःथभओିਔ
মৱમपम‫ؚ‬ਊ঺ྼमਊ঺ॢঝ‫ش‬উभ঵ౚपঢ়৴खथలਟपঢ়घॊ੶஽॑அ॒दउॉऽघ‫؛‬ऊऊॊలਟपঢ়घॊ੶஽म‫َؚ‬અइथःऽघَُৄ੢॒दःऽघَُ੒਋खथःऽघَُ੒୳खथःऽघَُ੒ৄखथःऽघَُੑ઺َُਅറَُ૭ચਙُಉभୁ཭ृ‫ؚ‬లਟभহ঵ણ৿‫ؚ‬঵ౚ‫ؚ‬হ଴ྼम૖੯॑਀घ৊஘भୁ཭॑அिऒधऋँॉऽघ‫؛‬లਟपঢ়घॊ੶஽म‫ؚ‬ਠ૔োুदऌॊੲਾप੦तऎ৽੾঻भਖ਼૵‫ؚ‬੒೾‫ؚ‬਋ୄ‫ؚ‬ੑ઺‫ؚ‬ੳ௙‫ؚ‬௬੼ಉ॑੦ຊधखथ੶ൗऔोथःॊपૌऍऽच॒‫؛‬ऒोैभ੶஽ऩःखহৰྼम৐઀‫ق‬ෘ৒‫ك‬पणःथम‫ؚ‬जभਙସ঱‫ؚ‬௢௴৓पਫનदँॊधःअ৳઒ुలਟजभৢॉपৰਠघॊधःअ৳઒ुऩऎ‫ؚ‬ਊ঺धखथजभৰਠ॑৺൶घॊະ຺भुभदुँॉऽच॒‫؛‬ऽञ‫ؚ‬ऊऊॊలਟपঢ়घॊ੶஽म‫ؚ‬औऽकऽऩজ५ॡृਂનৰਙपᑨऔोथउॉ‫ؚ‬ৰ੠भ঵ౚम‫ؚ‬లਟपঢ়घॊ੶஽पउऐॊৄ੢ाधপऌऎ౮ऩॊৃ়ऋँॉऽघ‫؛‬जभ৔‫ؚ‬ਠৎਡद୳৒औोॊ਌ऩुभधखथ‫ؚ‬ਰৣभेअऩহඨ॑଱ऑॊऒधऋदऌऽघ‫ق‬ऩउ‫ؚ‬ऊऊॊজ५ॡृਏ౤मऒोैभহඨप଒ैोॊुभदमँॉऽच॒‫؛ك‬‫ཹ كق‬໛पঢ়घॊ௏೨঱भೃ୛भੜপ
‫ كق‬ञयऒपঢ়घॊব৔ਗभ১ഥૠಋपेॊૠ਑ಉभ଑ো‫؞‬૗ಌ‫ق‬ੜઘ‫ؚ‬ञयऒଲષभ୿ਲ਼‫ؚ‬বਓ୴ञयऒभେোोଝਜ‫ؚ‬ෆಎ‫ؚ‬ছঋঝ‫ؚ‬ঐ‫ॸॣش‬ॕথॢ఺लઞ৷पঢ়घॊ৆ਿभૠ਑ಉ‫ؚك‬ཹ໛पঢ়घॊড়৑ૠ਑఺ल৆ਿपेॊ৹ਪभ୶஭ಉ‫ كق‬ব৔ਗभ୪යभ৿਱
‫ كق‬ব৔ञयऒহ঵‫ؚ‬ਲਗञयऒহ঵ਰਗष੗ഓ৲घॊਊ঺भચৡ‫ كق‬ব੠৓ऩহ঵ఁপध‫ؚ‬঩মবਗषभ਺ৱ॑ਛ඘औचॊਊ঺भચৡ‫ كق‬৘ৃपउऐॊ౎঺धभ଼ଥౕ৲‫ؚ‬ໝ෧ᚆ஀भ૗৲఺ल೽ਏभ੖૘‫ كق‬େઽृঅ४ॿ५भ੗ഓ৲पൣअ୶஭‫ كق‬ব৔ਗभ৽ੋ૾ய‫ كق‬ನ౹૗৿఺लਉ౫માभ૗৿‫كق‬ঽே಼૩఺लਂ೾भহଙಉ
&RS\ULJKW-7

Tokyo – February 7, 2018-7,QYHVWRU0HHWLQJᑗ᮶䛾ᡂ㛗䛻ྥ䛡䛯ᢞ㈨䜢ᐇ⾜䛧䛴䛴ຊᙉ䛔฼┈ᡂ㛗䜢ᐇ⌧-7,SHUIRUPDQFH 䝅䜵䜰ఙᙇ䛻䜘䜛ዲㄪ䛺*)%䝰䝯䞁䝍䝮7RWDOYROXPH ୺䛻䝻䝅䜰䞉8.䛻䛚䛡䜛䝖䝑䝥䝷䜲䞁䜈䛾ᢞ㈨䛜&RUH UHYHQXH䛻ᙳ㡪$GMXVWHGRSHUDWLQJSURILW
 ㈙཰䛻䜘䜛஦ᴗᇶ┙ᙉ໬*)%YROXPH

 䜾䝻䞊䝞䝹䝃䝥䝷䜲䝏䜵䞊䞁䛾᭱㐺໬䛜Ⅽ୍᭰ᐃ䛷䛾฼┈ᡂ㛗䜢≌ᘬ

&RUHUHYHQXH

8.䛻䛚䛡䜛ὶ㏻ྲྀᘬඛ䛾ಽ⏘⏦ㄳ䛻క䛖ᦆኻ䜢ྵ䜑䛶䜒䚸䠐䠂䛾฼┈ᡂ㛗Note: 2017 vs. PY. At constant currency.
&RS\ULJKW-7

-7,QYHVWRU0HHWLQJTokyo – February 7, 2018

GFB䛾䝅䜵䜰䛜ຊᙉ䛟ఙᙇ*)%VKDUHRIPDUNHW YV3<.H\PDUNHWV
7DLZDQDRIVERS

6SDLQ

5XVVLD(PHUJLQJPDUNHWVSSWRSSWR
SSWR

Note: SoM on 12-month rolling average to December. Source: Internal estimates.

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3KLOLSSLQHVSSWR

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-7,QYHVWRU0HHWLQJ

Winston: GFB䛾ᡂ㛗䝰䝯䞁䝍䝮䜢≌ᘬ

9ROXPHWR%Q8

6R0SSWRᕷሙ䛻䛚䛔䛶஧᱆ᡂ㛗ᕷሙ䛻䛚䛔䛶൨ᮏ௨ୖ䜢㈍኎ᕷሙ䛻䛚䛔䛶䝅䜵䜰ఙᙇᕷሙ䛻䛚䛔䛶㐣ཤ᭱㧗䝅䜵䜰㐩ᡂ 䝫䞊䝖䝣䜷䝸䜸䜈䛾ᢞ㈨䛜⤖ᐇ䛧䚸ᖺ㐃⥆䛷䛾ຊᙉ䛔ᩘ㔞ᡂ㛗䜢㐩ᡂ 䝣䝷䞁䝇䚸䝻䝅䜰䚸䝇䝨䜲䞁䚸䝖䝹䝁䜢䛿䛨䜑䛸䛩䜛௨ୖ䛾ᕷሙ䛷䝸䞊䝕䜱䞁䜾䝫䝆䝅䝵䞁䜢ಖᣢ

Winston XStyle Duo - Russia
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-7,QYHVWRU0HHWLQJTokyo – February 7, 2018

Note: 2017 Volume and SoM variance vs. PY. * SoM on 12-month rolling average to December, based on JTI’s top-30 markets. Source: Internal estimates.

Camel: 㐣ཤ᭱㧗䛾㈍኎ᩘ㔞䜢㐩ᡂ

9ROXPH
WR%Q86R0SSWR

ᕷሙ䛻䛚䛔䛶 ᕷሙ䛻䛚䛔䛶஧᱆ᡂ㛗൨ᮏ௨ୖ䜢㈍኎

ᕷሙ䛻䛚䛔䛶䝅䜵䜰ఙᙇᕷሙ䛻䛚䛔䛶㉸䛾䝅䜵䜰 ୺䛻(PHUJLQJ PDUNHWV䛾㈉⊩䛻䜘䜚ᖺ㐃⥆䛷ᩘ㔞ᡂ㛗 ᖺ௨㝆᪂䛯䛻ᕷሙ䛻ᢞධ䛧䚸ᆅ⌮ⓗᣑ኱䜢⥅⥆Camel Kretek - Indonesia

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Tokyo – February 7, 2018

Note: 2017 Volume and SoM variance vs. PY. * SoM on 12-month rolling average to December, based on JTI’s top-30 markets. Source: Internal estimates.

-7,QYHVWRU0HHWLQJ䝻䝅䜰: ᕷሙ䝅䜵䜰䛜╔ᐇ䛻ᅇ᚟
6KDUHRIPDUNHW

䝫䞊䝖䝣䜷䝸䜸䜈䛾ᢞ㈨䛜ᐇ䜢⤖䜃ຊᙉ䛔䝅䜵䜰ఙᙇ䜢㐩ᡂ

+2.0pp#2



27.2%

27.3%

23.2%

23.4%



27.2%

27.2%

22.7%

22.3%

 ౯᱁䛾㐺ṇ໬䛻䜘䜚➇தຊ䜢ᙉ໬ ప౯᱁ᖏ䛻䛚䛡䜛䝅䜵䜰ఙᙇSSYV4¶ &LJDUHWWHV䜹䝔䝂䝸䞊ෆ䛾䛩䜉䛶䛾ᡂ㛗䝉䜾䝯䞁䝖䛻䛚䛔䛶┠ぬ䜎䛧䛔ᡂᯝ 4µYV4µ 

28.4%#3 21.1%

26.7%

 䝣䝺䞊䝞䞊䜸䞁䝕䝬䞁䝗〇ရSS21.9%

 䝁䞁䝟䜽䝖〇ရSS4  4  4  4  4 

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-7,QYHVWRU0HHWLQJTokyo – February 7, 2018

Note: Quarterly SoM on 3-month rolling average. Source: Nielsen and Internal estimates.

䝻䝅䜰: Winston䛸LD䛜㐣ཤ᭱㧗䝅䜵䜰䜢㐩ᡂ
6KDUHRIPDUNHW*)%  䝣䝺䞊䝞䞊䜸䞁䝕䝬䞁䝗䛚䜘䜃䝁䞁䝟䜽䝖〇ရ䝉䜾䝯䞁䝖䛷䛾ᡂ㛗 /' ᩘ㔞ᡂ㛗䛸ຊᙉ䛔䝅䜵䜰䝰䝯䞁䝍䝮 0RUH䜢⤫ྜ䛧䛯䛣䛸䛻ຍ䛘䚸䜸䞊䜺䝙䝑䜽ᡂ㛗䛜㈉⊩ :LQVWRQ1R䝫䝆䝅䝵䞁䜢䜘䜚ᙉᅛ䛺䜒䛾䛻'HF -XQ +4.0%'HF ≉䛻ୗᮇ䛻䛚䛔䛶䝥䝷䜲䝅䞁䜾䜢╔ᐇ䛻ᐇ᪋䛧䛺䛜䜙䜒䚸䝅䜵䜰䛿ሀㄪ䛻᥎⛣+8.2%

Winston average price*&RS\ULJKW-7

Tokyo – February 7, 2018

Note: Monthly SoM data. Source: Nielsen and Internal estimates. * Retail selling price for 20 cigarettes.

-7,QYHVWRU0HHWLQJ

UK: 䝅䜵䜰䝰䝯䞁䝍䝮䛜᚟ㄪ-7,VKDUHRIPDUNHW)&7 43.2%
42.1%

41.7%

 )LQH FXW䜹䝔䝂䝸䞊䛷䛾౯᱁➇த䛾⃭໬䛚䜘䜃᪂䛯䛺つไ䛾᪋⾜➼䚸8.ᕷሙ䛻䛸䛳䛶ཝ䛧䛔୍ᖺ

42.3%

40.7%
7RWDO 

50& 39.1%'HF 39.6%

39.5%

39.4%

 ➨ᅄ༙ᮇ䛻䛚䛔䛶䚸䝅䜵䜰䛜ᡂ㛗㌶㐨
䜈ᅇᖐ39.7% )LQHFXW± 6WHUOLQJ䛜ᡂ㛗䛧䛯䛣䛸䛻ຍ䛘䚸$PEHU /HDI䛾䝖䝺䞁䝗䜒ᨵၿ &LJDUHWWHV±% +䛸6RYHUHLJQ䛾ዲㄪ䛺䝟䝣䜷䞊䝬䞁䝇-XQ 2FW 

1RY 

&RS\ULJKW-7

'HF -7,QYHVWRU0HHWLQJTokyo – February 7, 2018

Note: Monthly SoM data. Source: Nielsen and Internal estimates.

Ḣᕞᕷሙ: GFB䛻≌ᘬ䛥䜜䛯ᗏሀ䛔䝟䝣䜷䞊䝬䞁䝇
6KDUHRIPDUNHWLQ(XURSH
 73'䛾᪋⾜䛚䜘䜃⃭䛧䛔➇த䛻䜘䜚䚸䛥䜙䛻ཝ䛧䛥䜢ቑ䛧䛯஦ᴗ⎔ቃ

+0.3pp

18.1%

18.2%

18.4%

 ᖺ䛿䚸ሀㄪ䛺䝅䜵䜰䝰䝯䞁䝍䝮䛻䜘䜚㡰ㄪ䛺⁥䜚ฟ䛧 ᗏሀ䛔*)%䝟䝣䜷䞊䝬䞁䝇+0.3pp*)%15.7%'HF 15.9%-XQ &RS\ULJKW-7

Note: Monthly SoM data. Source: Internal estimates. * Excluding the UK.

16.0%

 &DPHO䛚䜘䜃:LQVWRQ䛜䚸䝏䜵䝁䚸䜸䝷䞁䝎䚸䝇䝨䜲䞁➼䛾」ᩘᕷሙ䛻䛚䛔䛶㐣ཤ᭱㧗䝅䜵䜰䜢㐩ᡂ 䝣䝷䞁䝇䚸䝗䜲䝒䚸䜲䝍䝸䜰䛷䛿䝏䝱䝺䞁䝆䞁䜾䛺஦ᴗ⎔ቃ䛜⥅⥆

1RY Tokyo – February 7, 2018-7,QYHVWRU0HHWLQJ䜲䝷䞁: Winston䛻≌ᘬ䛥䜜䛯┠ぬ䜎䛧䛔䝟䝣䜷䞊䝬䞁䝇

6R0

 ᖺ㐃⥆䛷஧᱆䛾ᩘ㔞ᡂ㛗䜢㐩ᡂ䛧䚸཰┈㈉⊩䜒䜘䜚ᙉᅛ䛻 ┙▼䛺1R䝫䝆䝅䝵䞁䝅䜵䜰䛿௨ୖ
 1R䛾50&䝤䝷䞁䝗䛷䛒䜛:LQVWRQ䛿䚸㐣ཤ᭱㧗䛾㈍኎ᩘ㔞䛚䜘䜃䝅䜵䜰䜢㐩ᡂ

9ROXPH

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 $7,㈙཰ᚋ䛾ᙉ㠌䛺஦ᴗᇶ┙Tokyo – February 7, 2018

-7,QYHVWRU0HHWLQJ

-7,QYHVWRU0HHWLQJ

Note: SoM on 12-month rolling average to December. Source: Internal estimates.

䜰䝆䜰䝟䝅䝣䜱䝑䜽: 䜸䞊䜺䝙䝑䜽䛸㈙཰䚸཮᪉䜢㏻䛨䛶஦ᴗ䜢ᣑ኱
-7,YROXPHJURZWKLQ$VLD YV3<2UJDQLF

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7RWDO

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Tokyo – February 7, 2018

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KEY DRIVER

6*3005910,'1

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-7,QYHVWRU0HHWLQJTokyo – February 7, 2018䝣䜱䝸䝢䞁䛚䜘䜃䜲䞁䝗䝛䝅䜰: 䛥䜙䛺䜛஦ᴗᇶ┙ᙉ໬䛻ྥ䛡䛯㈙཰
䜰䝆䜰䛾&LJDUHWWH䜹䝔䝂䝸䞊䛻䛚䛡䜛஧䛴䛾᭷ຊᕷሙከᒱ䛻䜟䛯䜚䝥䝺䝊䞁䝇䜢኱䛝䛟ᙉ໬


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6R0
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DFTXLVLWLRQప౯᱁ᖏ䛻䛚䛡䜛䝸䞊䝎䞊䝅䝑䝥ྲྀᢅᗑ⯒ᩘ䛜୓ᗑ䛻ቑຍᚑ๓୓ᗑ

6R0YVEHIRUHWKH
DFTXLVLWLRQ䝣䝹䝣䝺䞊䝞䞊䛚䜘䜃ᡭᕳ䜽䝺䝔䝑䜽䛯䜀䛣䜹䝔䝂䝸䞊䛻䛚䛡䜛䝥䝺䝊䞁䝇ྲྀᢅᗑ⯒ᩘ䛜୓ᗑ䛻ቑຍᚑ๓୓ᗑ,'1-31%*',1'

&RS\ULJKW-7

Note: Monthly SoM in December 2017. Source: Internal estimates.

910

3+/

Tokyo – February 7, 2018-7,QYHVWRU0HHWLQJ䝃䝥䝷䜲䝏䜵䞊䞁䛚䜘䜃ᴗົ䝥䝻䝉䝇᭱㐺໬䛻䜘䜛䝁䝇䝖పῶ&RVWEDVHHYROXWLRQDWFRQVWDQW); ィ⏬ⓗ䛻ᐇ᪋䛧䛶䛝䛯᪋⟇䛻䜘䜛䝁䝇䝖పῶຠᯝ䛜ᖺ䛾฼┈ᡂ㛗䜢≌ᘬ

 〇㐀యไ䛾᭱㐺໬ ᑐ๓ᖺ䛷䛾ཎᮦᩱ㈝┦ᑐῶ䛻䜘䜛䝁䝇䝖䝧䝛䝣䜱䝑䝖 ⥅⥆ⓗ䛺ᴗົ䝥䝻䝉䝇䛾ᨵၿ䛻䜘䜛➇தຊ䛾ᙉ໬





&RS\ULJKW-7

-7,QYHVWRU0HHWLQJTokyo – February 7, 2018* Excluding the UK distributor impact.

2018ᖺ䛻ྥ䛡䚸ሀㄪ䛺䝡䝆䝛䝇䝰䝯䞁䝍䝮䜢☜ㄆ
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Tokyo – February 7, 2018

Note: SoM on 12-month rolling average to December, based on JTI’s top-30 markets. Source: Internal estimates.

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Tokyo – February 7, 2018

* Based on JTI’s top-30 markets. Source: Internal estimates. Note: 2018 variance vs. PY. Core revenue at constant currency.

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Tokyo – February 7, 2018

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Tokyo – February 7, 2018