烟草在线据《彭博商务周刊》报道编译　　为帮助缩小与包括菲莫国际公司和英美烟草公司在内的竞争对手的每股收益增长的差距，日本烟草公司可能会回购公司的股票。

　　日本烟草公司执行副总裁雅和清水（Masakazu Shimizu）在2月7日接受采访时说：“我们在追赶菲莫公司和英美烟草公司。”他说，通过提高每股收益增长幅度和股息，并通过提高现金流和息税折旧摊销前利润，将可以达到追赶上这两家竞争对手的目标。

　　日本烟草公司说，在日本政府开始出售其在日本烟草公司这家前烟草专卖公司中50%的股权时，公司将会回购股票。清水说，如果日本政府决定减少自己的控股，任何股票回购都将有助于防止股票价值的稀释。日本可能会将自己在这家烟草公司中的控股减少至33%，以筹集现金，为去年3.11地震后的重建计划提供资金。

　　清水说：“第一优先考虑的事务，是在作为未来增长引擎的业务上进行投资，这将导致相关各方，包括股东的获得利润。”

　　世界第二大上市卷烟制造商日本烟草公司，计划在提高利润率的同时提高股东股息，作为新的中期战略的一部分。这个计划是在支付因2007年收购加莱赫集团产生的债务后出台的。

　　制造柔和七星和骆驼卷烟的日本烟草公司受到了压力，要把更多现金回报给包括儿童投资基金管理英国公司在内的股东。这家位于英国的投资者说，它寻求获得每股20000日元的股息，相比之下，该公司原计划截至3月31日的年度股息为每股9000日元。

　　2月7日，日本烟草公司在东京股市收市时涨1.9%达到414000日元。该公司股票今年上涨了14%，超过日经225股票平均指数6.6%涨幅的大约一倍。

　　根据彭博公司编写的数据，在过去一年里，日本烟草公司每股收益增长了4.8%，低于全球烟草业19.4%的平均涨幅。

Japan Tobacco Aims to Boost EPS as It Chases Philip Morris, BAT

Bloomberg Business Week
Feb 8, 2012

　　Japan Tobacco Inc. may buy back shares to help narrow a gap in earnings-per-share growth with rivals including Philip Morris International Inc. and British American Tobacco Plc.

　　"We are chasing Philip Morris and British American," Executive Deputy President Masakazu Shimizu said yesterday in an interview. This will be achieved by increasing EPS growth and dividends as well as through raising cash flows and Ebitda, or earnings before interest, taxes, depreciation and amortization, margin, he said.

　　The company has said it will buy back shares when the government starts selling from its 50 percent stake in the former tobacco monopoly. Any repurchases will help prevent dilution of share value if the government decides to cut its holding, Shimizu said. Japan may reduce its stake to 33 percent to raise cash to pay for recovery projects after the March 11 earthquake.

　　"The first priority is investing in the business which will be the engine for future growth," Shimizu said. "This will lead to profits for all parties concerned, including shareholders."

　　The world's second-biggest listed cigarette maker plans to increase shareholder dividend while boosting profitability as part of its new mid-term strategy. This comes after paying down its debt from the takeover of Gallaher Group Ltd. in 2007.

　　The maker of Mild Seven and Camel cigarettes has come under pressure to return more cash to shareholders including Children's Investment Fund Management UK LLP. The U.K.-based investor has said it is seeking a 20,000 yen-a-share dividend, compared with the 9,000 yen the company plans for the year ending March 31.

　　The cigarette maker rose 1.9 percent to 414,000 yen at the close of trading in Tokyo yesterday. The shares have advanced 14 percent this year, more than double the 6.6 percent gain for the Nikkei 225 Stock Average.

　　Japan Tobacco earnings per share rose 4.8 percent over the past year, lower than the 19.4 percent median for the global tobacco industry, according to data compiled by Bloomberg.