Cash flow Asahi Group Holdings, Ltd.

Equities

2502

JP3116000005

Brewers

Market Closed - Japan Exchange Other stock markets 06:30:00 19/01/2026 GMT			5-day change	1st Jan Change
1,676.00 ^JPY	+1.85%		+1.27%	+2.23%

01-09	Sector Update: Consumer Stocks Advance Friday Afternoon	MT
01-09	Sector Update: Consumer Stocks Advance Premarket Friday	MT

0b6e1cf87d6919f535d3f0e98.WEh7pCxwYAueheoOIxoFpxSVXS92KOKtqwG2qYbwVGw.HC9O9GoaAkjo6902SyNt6i3UZGQ8GZHd2jfDzc2aNS4WBy7FeiY2Pu_Tpw

Published financial data: ASAHI GROUP HOLDINGS, LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	2,028B	2,236B	2,511B	2,769B	2,939B
Total Revenues	2,028B	2,236B	2,511B	2,769B	2,939B
Cost of Goods Sold, Total	1,283B	1,383B	1,589B	1,770B	1,842B
Gross Profit	745B	853B	922B	999B	1,098B
Selling General & Admin Expenses, Total	516B	567B	609B	660B	729B
Provision for Bad Debts	-	-	-	-	-
R&D Expenses	-	-	-	-	-
Depreciation & Amortization - (IS)	60.84B	67.64B	69.45B	75.27B	83.25B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Other Operating Expenses	25.68B	23.68B	17.82B	12.93B	24.64B
Other Operating Expenses, Total	602B	659B	696B	748B	837B
Operating Income	142B	194B	226B	251B	260B
Interest Expense, Total	-11.16B	-12.7B	-12.31B	-14.27B	-18.44B
Interest And Investment Income	3.54B	2.88B	2.66B	7.45B	7.57B
Net Interest Expenses	-7.63B	-9.82B	-9.65B	-6.82B	-10.86B
Income (Loss) On Equity Invest.	285M	687M	667M	875M	548M
Currency Exchange Gains (Loss)	1.86B	1.52B	-228M	-1.3B	3.47B
Other Non Operating Income (Expenses)	1.83B	-1.68B	-520M	6.26B	6.75B
EBT, Excl. Unusual Items	138B	185B	216B	250B	260B
Gain (Loss) On Sale Of Investments	-2.3B	-	-	-	-
Gain (Loss) On Sale Of Assets	1.84B	31.08B	9.54B	-3.56B	15.4B
Asset Writedown	-12.64B	-16.22B	-19.82B	-4.33B	-8.79B
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	125B	200B	206B	242B	267B
Income Tax Expense	32.82B	46B	54.28B	75.84B	73.81B
Earnings From Continuing Operations	92.58B	154B	152B	166B	193B
Net Income to Company	92.58B	154B	152B	166B	193B
Minority Interest	241M	-322M	-162M	-1.96B	-1.1B
Net Income - (IS)	92.83B	154B	152B	164B	192B
Net Income to Common Incl Extra Items	92.83B	154B	152B	164B	192B
Net Income to Common Excl. Extra Items	92.83B	154B	152B	164B	192B
Per Share Items
Net EPS - Basic	65.51	100.97	99.7	107.94	126.66
Basic EPS - Continuing Operations	65.51	100.97	99.7	107.94	126.66
Basic Weighted Average Shares Outstanding	1.42B	1.52B	1.52B	1.52B	1.52B
Net EPS - Diluted	65.5	100.96	99.69	107.92	126.63
Diluted EPS - Continuing Operations	65.5	100.96	99.69	107.92	126.63
Diluted Weighted Average Shares Outstanding	1.42B	1.52B	1.52B	1.52B	1.52B
Normalized Basic EPS	61.25	75.83	88.81	101.41	106.58
Normalized Diluted EPS	61.25	75.82	88.8	101.39	106.56
Dividend Per Share	35.33	36.33	37.67	40.33	49
Payout Ratio	49.84	35.32	36.78	35.2	34.56
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	265B	329B	366B	399B	418B
EBITA	142B	194B	226B	251B	260B
EBIT	142B	194B	226B	251B	260B
Effective Tax Rate - (Ratio)	26.17	23.02	26.35	31.36	27.64
Normalized Net Income	86.8B	115B	135B	154B	162B
Non-Cash Pension Expense	2.9B	2.91B	5.4B	5.42B	12.23B
Supplemental Operating Expense Items
Advertising Expense	172B	185B	195B	211B	225B
Selling and Marketing Expenses	253B	273B	298B	315B	342B
Research And Development Expense From Footnotes	13.19B	14.23B	15.09B	17.47B	18B

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	48.46B	52.74B	37.44B	59.94B	83.96B
Total Cash And Short Term Investments	48.46B	52.74B	37.44B	59.94B	83.96B
Accounts Receivable, Total	379B	396B	416B	466B	440B
Other Receivables	24.4B	2.23B	7.35B	2.93B	4.84B
Total Receivables	403B	398B	423B	469B	445B
Inventory	183B	201B	235B	267B	271B
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	54.13B	48.4B	42.09B	51.13B	57.32B
Total Current Assets	689B	700B	738B	847B	858B
Net Property Plant And Equipment	810B	818B	835B	888B	935B
Long-term Investments	210B	175B	175B	218B	215B
Goodwill	1,724B	1,817B	1,967B	2,147B	2,203B
Other Intangibles, Total	978B	1,003B	1,061B	1,137B	1,150B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	27.6B	34.55B	54.89B	48.54B	41.47B
Other Long-Term Assets, Total	3M	4M	4M	5M	5M
Total Assets	4,439B	4,548B	4,830B	5,286B	5,403B
Liabilities
Accounts Payable, Total	477B	532B	592B	715B	721B
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	672B	232B	224B	23.85B	4.21B
Current Portion of Long-Term Debt	253B	191B	143B	366B	447B
Current Portion of Leases	-	-	-	-	-
Current Income Taxes Payable	35.68B	36.84B	30.91B	26.26B	31.28B
Other Current Liabilities	215B	251B	276B	266B	307B
Total Current Liabilities	1,653B	1,243B	1,266B	1,397B	1,510B
Long-Term Debt	899B	1,173B	1,130B	1,021B	828B
Long-Term Leases	-	-	-	-	-
Pension & Other Post Retirement Benefits	24.09B	24.05B	20.35B	17.24B	14.39B
Deferred Tax Liability Non Current	205B	204B	213B	233B	239B
Other Non Current Liabilities	141B	146B	138B	152B	138B
Total Liabilities	2,922B	2,789B	2,767B	2,820B	2,729B
Common Stock, Total	220B	220B	220B	220B	220B
Additional Paid In Capital	162B	162B	162B	162B	162B
Retained Earnings	967B	1,065B	1,166B	1,282B	1,419B
Treasury Stock	-1.03B	-923M	-1.18B	-1.19B	-31.21B
Comprehensive Income and Other	168B	312B	515B	797B	899B
Total Common Equity	1,516B	1,757B	2,061B	2,461B	2,669B
Minority Interest	1.69B	2.04B	2.21B	5.23B	5.25B
Total Equity	1,518B	1,759B	2,063B	2,466B	2,674B
Total Liabilities And Equity	4,439B	4,548B	4,830B	5,286B	5,403B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.52B	1.52B	1.52B	1.52B	1.5B
ECS Total Common Shares Outstanding	1.52B	1.52B	1.52B	1.52B	1.5B
Book Value / Share	997.35	1.16K	1.36K	1.62K	1.78K
Tangible Book Value	-1,186B	-1,063B	-967B	-823B	-685B
Tangible Book Value Per Share	-780.1	-698.93	-636.29	-541.7	-455.86
Total Debt	1,824B	1,596B	1,497B	1,411B	1,279B
Net Debt	1,775B	1,543B	1,460B	1,351B	1,195B
Debt Equivalent of Unfunded Proj. Benefit Obligation	4.81B	72M	-3.66B	-19.27B	-29.71B
Minority Interest, Total (Incl. Fin. Div)	1.69B	2.04B	2.21B	5.23B	5.25B
Equity Method Investments, Total	5.26B	6.64B	6.72B	11.08B	11.37B
Inventories - Raw Materials, Total	54.33B	58B	72.5B	77.78B	78.28B
Inventories - Work In Process, Total	47.7B	51.28B	57.11B	61.41B	65.8B
Inventories - Finished Goods, Total	81.14B	91.54B	105B	128B	127B
Inventories - Others	1M	2M	1M	1M	1M
Full Time Employees	29.85K	30.02K	29.92K	28.64K	28.17K
Accumulated Allowance for Doubtful Accounts (Supple)	7.03B	9.2B	10.12B	11.4B	12.91B

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	125B	200B	206B	242B	267B
Depreciation & Amortization - CF	123B	135B	140B	148B	158B
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	123B	135B	140B	148B	158B
(Gain) Loss From Sale Of Asset	6.98B	-17.64B	8.95B	5.75B	-8.57B
(Gain) Loss on Sale of Investments - (CF)	2.3B	-	-	-	-1.6B
(Income) Loss On Equity Investments - (CF)	-285M	-687M	-667M	-875M	-548M
Other Operating Activities, Total	-53.49B	-48.9B	-86.4B	-72.12B	-70.3B
Change In Accounts Receivable	48.67B	-11.81B	-826M	-23.61B	39.07B
Change In Inventories	3.31B	-14.57B	-27.96B	-24.45B	1.55B
Change In Accounts Payable	-19.91B	18.7B	21.68B	35.88B	-6.2B
Change in Other Net Operating Assets	39.62B	78.08B	4.81B	37.1B	25.4B
Cash from Operations	276B	338B	266B	348B	404B
Capital Expenditure	-80.78B	-80.8B	-83.05B	-89.58B	-108B
Sale of Property, Plant, and Equipment	12.1B	46.32B	25.11B	11.71B	32.88B
Cash Acquisitions	-1,166B	-14.76B	-2.66B	-3.55B	-21.45B
Divestitures	1.64B	396M	676M	-	485M
Sale (Purchase) of Intangible assets	-9.97B	6.91B	-15.93B	-20.25B	-27.93B
Investment in Marketable and Equity Securities, Total	1.63B	29.7B	7.93B	2.1B	5.69B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-2.02B	-2.1B	-1.26B	-18.14B	-22M
Cash from Investing	-1,243B	-14.35B	-69.19B	-118B	-119B
Short Term Debt Issued, Total	489B	-	-	-	-
Long-Term Debt Issued, Total	608B	473B	60B	200B	235B
Total Debt Issued	1,097B	473B	60B	200B	235B
Short Term Debt Repaid, Total	-	-441B	-8.53B	-201B	-19.96B
Long-Term Debt Repaid, Total	-225B	-272B	-191B	-143B	-377B
Total Debt Repaid	-225B	-713B	-200B	-344B	-397B
Issuance of Common Stock	156B	135M	-	-	-
Repurchase of Common Stock	-309M	-26M	-263M	-25M	-30.02B
Common Dividends Paid	-46.26B	-54.22B	-55.74B	-57.76B	-66.37B
Common & Preferred Stock Dividends Paid	-46.26B	-54.22B	-55.74B	-57.76B	-66.37B
Other Financing Activities, Total	-24.68B	-26.47B	-23.57B	-25.19B	-14.12B
Cash from Financing	957B	-320B	-220B	-227B	-273B
Foreign Exchange Rate Adjustments	10.72B	1.14B	7.45B	20B	11.74B
Miscellaneous Cash Flow Adjustments	-	-	-	-585M	-1M
Net Change in Cash	-29M	4.28B	-15.3B	22.51B	24.02B
Supplemental Items
Cash Interest Paid	10.05B	11.22B	10.84B	12.65B	15.69B
Cash Income Tax Paid (Refund)	55.26B	50.62B	88.56B	73.91B	75.57B
Levered Free Cash Flow	221B	259B	202B	207B	238B
Unlevered Free Cash Flow	228B	267B	209B	216B	250B
Change In Net Working Capital	-106B	-84.67B	-26.78B	-21.51B	-65.16B
Net Debt Issued / Repaid	872B	-240B	-140B	-144B	-162B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.34	2.7	3.01	3.1	3.05
Return on Total Capital	3.21	3.63	4.08	4.21	4.16
Return On Equity %	6.69	9.39	7.94	7.33	7.52
Return on Common Equity	6.72	9.38	7.94	7.26	7.49
Margin Analysis
Gross Profit Margin %	36.72	38.14	36.71	36.07	37.34
SG&A Margin	25.44	25.37	24.24	23.83	24.81
EBITDA Margin %	13.09	14.72	14.59	14.4	14.23
EBITA Margin %	7.01	8.69	9	9.06	8.86
EBIT Margin %	7.01	8.69	9	9.06	8.86
Income From Continuing Operations Margin %	4.57	6.88	6.04	6	6.57
Net Income Margin %	4.58	6.86	6.04	5.93	6.53
Net Avail. For Common Margin %	4.58	6.86	6.04	5.93	6.53
Normalized Net Income Margin	4.28	5.16	5.38	5.57	5.5
Levered Free Cash Flow Margin	10.89	11.59	8.04	7.49	8.1
Unlevered Free Cash Flow Margin	11.23	11.94	8.34	7.81	8.49
Asset Turnover
Asset Turnover	0.54	0.5	0.54	0.55	0.55
Fixed Assets Turnover	2.62	2.75	3.04	3.21	3.22
Receivables Turnover (Average Receivables)	5.16	5.77	6.19	6.28	6.49
Inventory Turnover (Average Inventory)	7.23	7.2	7.29	7.05	6.84
Short Term Liquidity
Current Ratio	0.42	0.56	0.58	0.61	0.57
Quick Ratio	0.27	0.36	0.36	0.38	0.35
Operating Cash Flow to Current Liabilities	0.17	0.27	0.21	0.25	0.27
Days Sales Outstanding (Average Receivables)	70.98	63.24	58.99	58.08	56.4
Days Outstanding Inventory (Average Inventory)	50.61	50.66	50.04	51.78	53.53
Average Days Payable Outstanding	127.35	131.41	126.29	132.3	142.33
Cash Conversion Cycle (Average Days)	-5.75	-17.5	-17.26	-22.43	-32.4
Long Term Solvency
Total Debt/Equity	120.15	90.74	72.58	57.21	47.84
Total Debt / Total Capital	54.58	47.57	42.06	36.39	32.36
LT Debt/Equity	59.22	66.65	54.78	41.4	30.97
Long-Term Debt / Total Capital	26.9	34.95	31.74	26.34	20.95
Total Liabilities / Total Assets	65.81	61.32	57.29	53.35	50.51
EBIT / Interest Expense	12.73	15.3	18.36	17.57	14.13
EBITDA / Interest Expense	23.77	25.91	29.78	27.94	22.69
(EBITDA - Capex) / Interest Expense	16.54	19.55	23.03	21.67	16.82
Total Debt / EBITDA	6.87	4.85	4.09	3.54	3.06
Net Debt / EBITDA	6.69	4.69	3.98	3.39	2.86
Total Debt / (EBITDA - Capex)	9.88	6.43	5.28	4.56	4.13
Net Debt / (EBITDA - Capex)	9.61	6.22	5.15	4.37	3.85
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-2.93	10.27	12.3	10.27	6.15
Gross Profit, 1 Yr. Growth %	-5.95	14.54	8.08	8.36	9.89
EBITDA, 1 Yr. Growth %	-16.57	23.98	11.35	8.82	4.94
EBITA, 1 Yr. Growth %	-30.7	36.66	16.34	10.95	3.88
EBIT, 1 Yr. Growth %	-30.7	36.66	16.34	10.95	3.88
Earnings From Cont. Operations, 1 Yr. Growth %	-34.47	66.14	-1.37	9.43	16.35
Net Income, 1 Yr. Growth %	-34.72	65.36	-1.27	8.26	17.07
Normalized Net Income, 1 Yr. Growth %	-33.26	32.8	17.11	14.18	4.86
Diluted EPS Before Extra, 1 Yr. Growth %	-36.7	54.15	-1.26	8.26	17.33
Accounts Receivable, 1 Yr. Growth %	-7.04	4.5	4.98	12.02	-5.43
Inventory, 1 Yr. Growth %	6.67	9.64	17	13.77	1.54
Net Property, Plant and Equip., 1 Yr. Growth %	10.24	1	1.99	6.39	5.33
Total Assets, 1 Yr. Growth %	41.35	2.44	6.21	9.43	2.22
Tangible Book Value, 1 Yr. Growth %	679.62	-10.4	-8.97	-14.87	-16.8
Common Equity, 1 Yr. Growth %	21.65	15.89	17.28	19.4	8.46
Cash From Operations, 1 Yr. Growth %	8.83	22.46	-21.26	30.66	16.16
Capital Expenditures, 1 Yr. Growth %	8.7	0.03	2.78	7.86	20.93
Levered Free Cash Flow, 1 Yr. Growth %	96.44	17.36	-22.11	2.82	14.77
Unlevered Free Cash Flow, 1 Yr. Growth %	94.65	17.25	-21.55	3.3	15.36
Dividend Per Share, 1 Yr. Growth %	6	2.83	3.67	7.08	21.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.21	3.46	11.28	11.28	8.19
Gross Profit, 2 Yr. CAGR %	-4.54	3.79	11.27	8.22	9.12
EBITDA, 2 Yr. CAGR %	-9.49	1.7	17.49	10.08	6.86
EBITA, 2 Yr. CAGR %	-18.65	-2.68	26.09	13.61	7.36
EBIT, 2 Yr. CAGR %	-18.65	-2.68	26.09	13.61	7.36
Earnings From Cont. Operations, 2 Yr. CAGR %	-21.68	4.34	28.01	3.89	12.84
Net Income, 2 Yr. CAGR %	-21.61	3.89	27.78	3.39	12.58
Normalized Net Income, 2 Yr. CAGR %	-20.07	-5.85	24.71	15.64	9.42
Diluted EPS Before Extra, 2 Yr. CAGR %	-22.81	-1.22	23.37	3.39	12.71
Accounts Receivable, 2 Yr. CAGR %	-5.83	-1.44	4.74	8.44	2.92
Inventory, 2 Yr. CAGR %	6.89	8.14	13.26	15.37	7.48
Net Property, Plant and Equip., 2 Yr. CAGR %	8.37	5.52	1.5	4.17	5.86
Total Assets, 2 Yr. CAGR %	20.07	20.33	4.31	7.81	5.77
Tangible Book Value, 2 Yr. CAGR %	105.02	164.3	-9.69	-11.97	-15.84
Common Equity, 2 Yr. CAGR %	15	18.74	16.59	18.34	13.8
Cash From Operations, 2 Yr. CAGR %	4.54	15.44	-1.8	1.43	23.2
Capital Expenditures, 2 Yr. CAGR %	1.19	4.28	1.4	5.29	14.21
Levered Free Cash Flow, 2 Yr. CAGR %	-6.21	51.83	-4.39	-10.51	8.63
Unlevered Free Cash Flow, 2 Yr. CAGR %	-5.53	51.07	-4.09	-9.98	9.17
Dividend Per Share, 2 Yr. CAGR %	3.47	4.4	3.25	5.36	14.06
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.92	1.79	6.33	10.94	9.54
Gross Profit, 3 Yr. CAGR %	-1.93	1.44	5.2	10.29	8.78
EBITDA, 3 Yr. CAGR %	-2.92	0.52	4.82	14.53	8.34
EBITA, 3 Yr. CAGR %	-8.94	-3.29	3.28	20.83	10.27
EBIT, 3 Yr. CAGR %	-8.94	-3.29	3.28	20.83	10.27
Earnings From Cont. Operations, 3 Yr. CAGR %	-12.64	0.63	2.4	21.49	7.89
Net Income, 3 Yr. CAGR %	-13.01	0.53	2.14	20.91	7.76
Normalized Net Income, 3 Yr. CAGR %	-9.53	-5.33	1.25	21.1	11.93
Diluted EPS Before Extra, 3 Yr. CAGR %	-13.89	-2.8	-1.24	18.11	7.84
Accounts Receivable, 3 Yr. CAGR %	-4.38	-2.5	0.65	7.11	3.6
Inventory, 3 Yr. CAGR %	5.51	7.8	11.02	13.43	10.56
Net Property, Plant and Equip., 3 Yr. CAGR %	4.12	5.85	4.33	3.1	4.56
Total Assets, 3 Yr. CAGR %	9.87	13.88	15.43	5.99	5.91
Tangible Book Value, 3 Yr. CAGR %	44.44	55.58	85.26	-11.45	-13.61
Common Equity, 3 Yr. CAGR %	9.81	15.3	18.25	17.52	14.95
Cash From Operations, 3 Yr. CAGR %	5.99	10.2	1.62	8	6.12
Capital Expenditures, 3 Yr. CAGR %	1.77	0.8	3.77	3.51	10.26
Levered Free Cash Flow, 3 Yr. CAGR %	31.41	1.07	21.55	-2.05	-2.77
Unlevered Free Cash Flow, 3 Yr. CAGR %	30.92	1.52	21.43	-1.69	-2.22
Dividend Per Share, 3 Yr. CAGR %	12.22	3.26	4.16	4.51	10.48
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.77	5.55	3.79	5.48	7.07
Gross Profit, 5 Yr. CAGR %	-0.33	6.98	3.15	4.1	6.75
EBITDA, 5 Yr. CAGR %	5.16	9.09	4.78	4.24	5.63
EBITA, 5 Yr. CAGR %	-0.49	6.48	3.72	3.15	4.89
EBIT, 5 Yr. CAGR %	1.02	6.48	3.72	3.15	4.89
Earnings From Cont. Operations, 5 Yr. CAGR %	4.26	12.04	1.79	1.92	6.46
Net Income, 5 Yr. CAGR %	3.96	11.46	1.45	1.66	6.2
Normalized Net Income, 5 Yr. CAGR %	-1.26	4.74	2.86	2.55	4.44
Diluted EPS Before Extra, 5 Yr. CAGR %	3.41	9.23	-0.57	-0.37	4.12
Accounts Receivable, 5 Yr. CAGR %	1.18	-0.07	-0.83	1.73	1.56
Inventory, 5 Yr. CAGR %	6.72	8.03	8.55	10.77	9.59
Net Property, Plant and Equip., 5 Yr. CAGR %	6.84	7.47	3.06	5.18	4.94
Total Assets, 5 Yr. CAGR %	18.48	16.86	7.61	11.41	11.46
Tangible Book Value, 5 Yr. CAGR %	13.05	25.24	19.7	23.89	35.12
Common Equity, 5 Yr. CAGR %	11.55	16.01	12.47	16.5	16.45
Cash From Operations, 5 Yr. CAGR %	19.59	16.94	2.8	6.6	9.76
Capital Expenditures, 5 Yr. CAGR %	11.68	9.92	1.62	2.57	7.83
Levered Free Cash Flow, 5 Yr. CAGR %	22.88	12.55	15.71	-3.73	16.2
Unlevered Free Cash Flow, 5 Yr. CAGR %	22.95	12.86	15.6	-3.24	16.37
Dividend Per Share, 5 Yr. CAGR %	16.22	15.08	8.54	4.1	8.01