Business Plan 2024
Management information
- Resource allocation policy based on the 4S model and the JT Group Purpose
・ Prioritize business investments*1 for sustainable profit growth in the mid- to long-term
・ Strike a balance between profit growth through business investments and shareholder returns - Shareholder return policy
・ Aim to enhance shareholder returns by realizing the Group’s mid- to long-term profit growth, while maintaining a strong financial base*2
・ Target a dividend payout ratio of about 75%,*3 a competitive level*4 in the capital markets
・ Consider implementing a share buy-back program, mainly taking into account the Group’s financial outlook of the respective year and mid-term capital needs - *1 Investment towards the growth of the tobacco business is our highest priority. Pursue growth of AOP at constant currency through quality top-line growth
- *2 The Group will maintain a strong financial base that secures stability in case of changes in business environment such as economic crises and flexibility enabling expeditious responses to business investment opportunities
- *3 3 To be in the range of approximately ±5%
- *4 We monitor the shareholder return trends of Fast-Moving Consumer Goods companies which have a stakeholder model similar to our “4S” model and have realized strong business growth
-
February 13, 2024
The JT Group’s Business Plan covers a three-year period, and is rolled-over annually to reflect the challenges identified in our operating environment, which presents continuously changing uncertainties, in order to strengthen our competitiveness with agility.
Mid- to Long-Term Target
Achieve mid to high single digit annual average growth rate of consolidated adjusted operating profit at constant FX.
Resource Allocation Policy