Year ended December 31, 2022
Consolidated Earnings Report - Supplementary Information
Consolidated Results (Year ended December 31, 2022)
- Consolidated Financial Highlights
- Major Sales and Sales Volume Data
- Condensed Consolidated Results Consolidated Statements of Income Consolidated Statements of Cash Flows
- Consolidated Statements of Income : Breakdown of Key Changes
- Segment information
- Condensed Consolidated Balance Sheets
Consolidated Forecasts (Year ending December 31, 2023)
- Full-YearConsolidated Business Results estimate
- Full-YearConsolidated Statement of Income: Breakdown of Key Changes
- Full-YearConsolidated Segment information
February 2023
Securities Code: 2501
URL https://www.sapporoholdings.jp/en/
1. Financial Highlights
Consolidated Financial Highlights
(billions of yen, except percentages, ratios, per-share data, and exchange rates)
Year ended | Year ended | ||||
December 31, | December 31, | Change | Change(%) | ||
2021 | 2022 | ||||
Revenue | 437.2 | 478.4 | 41.3 | 9.4% | |
(ref.)Excluding liquor tax | 331.2 | 364.2 | 33.0 | 10.0% | |
Revenue growth rate | 0.6% | 9.4% | ー | ー | |
(ref.)Excluding liquor tax | 0.8% | 10.0% | ー | ー | |
Overseas revenue | 74.5 | 102.2 | 27.7 | 37.2% | |
Overseas revenue growth rate | 13.7% | 37.2% | ー | ー | |
Core operating profit(*1) | 8.1 | 9.3 | 1.2 | 14.4% | |
Core operating margin | 1.9% | 1.9% | ー | ー | |
Operating profit | 22.0 | 10.1 | (11.9) | (54.1%) | |
Profit attributable to owners of parent | 12.3 | 5.4 | (6.9) | (55.8%) | |
Total assets | 594.6 | 639.1 | 44.6 | 7.5% | |
Total equity | 163.3 | 167.2 | 3.9 | 2.4% | |
Balance of debt :Net (*2) | 180.7 | 226.5 | 45.8 | 25.3% | |
Debt-to-equity ratio (times) :Net(*3) | 1.1 | 1.4 | ー | ー | |
Depreciation and amortization | 20.5 | 20.6 | 0.1 | 0.3% | |
EBITDA(*4) | 28.6 | 29.9 | 1.2 | 4.3% | |
EBITDA interest-bearing debt ratio(times) (*5) | 6.3 | 7.6 | ー | ー | |
Capital expenditure | Cash basis | 21.2 | 22.3 | 1.1 | 5.1% |
ROE(%) (*6) | 7.9% | 3.3% | ー | ー | |
EPS(yen sen)(*7) | 158.30 | 69.96 | ー | ー | |
DOE(%) (*8) | 2.1% | 2.0% | ー | ー | |
Payout ratio(%) | 26.5% | 60.0% | ー | ー | |
Exchange rates (Yen) (*9) | US$ | 109.90 | 131.64 | ー | ー |
CAN$ | 87.69 | 101.02 | ー | ー | |
SG$ | 81.77 | 95.40 | ー | ー | |
Year ended | Year ending | ||||
December 31, 2023 | Change | Change(%) | |||
December 31, 2022 | |||||
(Forecast) | |||||
Revenue | 478.4 | 490.0 | 11.6 | 2.4% | |
(ref.)Excluding liquor tax | 364.2 | 374.2 | 9.9 | 2.7% | |
Revenue growth rate | 9.4% | 2.4% | ー | ー | |
(ref.)Excluding liquor tax | 10.0% | 2.7% | ー | ー | |
Overseas revenue | 102.2 | 111.8 | 9.6 | 9.4% | |
Overseas revenue growth rate | 37.2% | 9.4% | ー | ー | |
Core operating profit(*1) | 9.3 | 13.5 | 4.2 | 45.0% | |
Core operating margin | 1.9% | 2.8% | ー | ー | |
Operating profit | 10.1 | 9.5 | (0.6) | (6.0%) | |
Profit attributable to owners of parent | 5.4 | 5.5 | 0.1 | 0.9% | |
Total assets | 639.1 | ||||
Total equity | 167.2 | ||||
Balance of debt :Net (*2) | 226.5 | 246.2 | 19.6 | 8.7% | |
Debt-to-equity ratio (times) :Net(*3) | 1.4 | 1.5 | ー | ー | |
Depreciation and amortization | 20.6 | 21.2 | 0.7 | 3.2% | |
EBITDA(*4) | 29.9 | 34.7 | 4.8 | 16.2% | |
EBITDA interest-bearing debt ratio(times) (*5) | 7.6 | 7.1 | ー | ー | |
Capital expenditure | Cash basis | 22.3 | 43.1 | 20.7 | 92.8% |
ROE(%) (*6) | 3.3% | 3.3% | ー | ー | |
EPS(yen sen)(*7) | 69.96 | 70.61 | ー | ー | |
DOE(%) (*8) | 2.0% | 2.0% | ー | ー | |
Payout ratio(%) | 60.0% | 59.5% | ー | ー | |
Exchange rates (Yen) (*9) | US$ | 131.64 | 125.00 | ー | ー |
CAN$ | 101.02 | 95.00 | ー | ー | |
SG$ | 95.40 | 95.00 | ー | ー |
*1: Core operating profit is calculated as Revenue ‒ Cost of sales ‒ SG&A expenses.
*2: The balance of debt includes commercial paper but excludes the balance of lease obligations.
*3: Balance of debt:Net(excluding lease liabilities) /Equity attributable to owners of parent
*4: EBITDA (IFRS)=Core operating profit + Depreciation and amortization
(excluding depreciation expense on leased assets which is charged on the rent of restaurants) *5: Balance of debt:Net (excluding lease liabilities)/EBITDA
*6: Profit attributable to owners of parent/Equity attributable to owners of parent
*7: Profit attributable to owners of parent/Average number of shares during the period
*8: Dividend/Equity attributable to owners of parent(Average)
*9: Revenues and expenses are translated into Japanese yen at the average exchange rate for the fiscal year.
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2. Major Sales and Sales Volume
Sales Volume:Beer (Japan) | (10,000 cases) | ||||||||
YoY | YoY | Full-year | YoY | YoY | |||||
Fiscal 2021 | Fiscal 2022 | estimate for | |||||||
Change | Change(%) | Change | Change(%) | ||||||
fiscal 2023 | |||||||||
Sapporo Draft Beer Black Label (total) | 1,249 | 1,399 | 150 | 12.0% | 1,533 | 134 | 9.6% | ||
YEBISU (total) | 685 | 666 | (20) | (2.9%) | 679 | 13 | 2.0% | ||
1 | Beer (total) | 2,441 | 2,677 | 236 | 9.7% | 2,816 | 139 | 5.2% | |
2 Happoshu (total) | 165 | 151 | (14) | (8.7%) | 101 | (50) | (33.2%) | ||
3 New genre beer products (total) | 1,214 | 1,114 | (100) | (8.2%) | 1,026 | (88) | (7.9%) | ||
Beer, happoshu, and new genre (total 1+2+3) | 3,820 | 3,942 | 121 | 3.2% | 3,943 | 1 | 0.0% | ||
RTD(*1) | 1,186 | 1,219 | 33 | 2.8% | 1,443 | 224 | 18.4% | ||
Non-alcoholic beer and low alcohol beer taste beverage | 72 | 69 | (3) | (3.9%) | 80 | 11 | 16.3% | ||
*1: RTD 1 case = 250 ml x 24 bottles | |||||||||
Sales Volume:Beer (International) | (10,000 cases) | ||||||||
YoY | YoY | Full-year | YoY | YoY | |||||
Fiscal 2021 | Fiscal 2022 | estimate for | |||||||
Change | Change(%) | Change | Change(%) | ||||||
fiscal 2023 | |||||||||
Overseas brand (SLEEMAN, Anchor, Stone, etc.) | 1,330 | 1,457 | 127 | 9.5% | 1,609 | 152 | 10.4% | ||
Sapporo brand | 378 | 418 | 40 | 10.6% | 446 | 28 | 6.6% | ||
North America | 1,709 | 1,876 | 167 | 9.8% | 2,055 | 179 | 9.6% | ||
Sapporo brand | 190 | 243 | 52 | 27.4% | 301 | 58 | 24.1% | ||
Other areas | 190 | 243 | 52 | 27.4% | 301 | 58 | 24.1% | ||
Total | 1,899 | 2,118 | 219 | 11.5% | 2,356 | 238 | 11.2% | ||
Sales:Beer (Japan) *including liquor tax | (billions of yen) | ||||||||
YoY | YoY | Full-year | YoY | YoY | |||||
Fiscal 2021 | Fiscal 2022 | estimate for | |||||||
Change | Change(%) | Change | Change(%) | ||||||
fiscal 2023 | |||||||||
Beer | 131.8 | 145.2 | 13.5 | 10.2% | 157.5 | 12.3 | 8.4% | ||
Happoshu | 6.4 | 5.9 | (0.5) | (7.4%) | 4.1 | (1.7) | (29.6%) | ||
New genre | 44.6 | 41.5 | (3.1) | (7.0%) | 41.1 | (0.4) | (1.0%) | ||
Subtotal | 182.8 | 192.6 | 9.9 | 5.4% | 202.7 | 10.1 | 5.3% | ||
Rebate subtracted from sales(*2) | (10.5) | (10.1) | 0.4 | ー | ー | ー | ー | ||
Total | 172.3 | 182.5 | 10.2 | 5.9% | ー | ー | ー |
*2:Full year estimate for rebate subtracted from sales in not disclosed.
Sales:Alcoholic Beverage (Japan)
(billions of yen)
YoY | YoY | Full-year | YoY | YoY | ||||||
Fiscal 2021 | Fiscal 2022 | estimate for | ||||||||
Change | Change(%) | Change | Change(%) | |||||||
fiscal 2023 | ||||||||||
Domestic wines | 3.3 | 3.4 | 0.1 | 2.7% | 3.3 | (0.0) | (0.8%) | |||
Imported wines | 6.5 | 7.1 | 0.6 | 9.5% | 7.3 | 0.2 | 2.3% | |||
Wine (total) | 9.8 | 10.5 | 0.7 | 7.2% | 10.6 | 0.1 | 1.3% | |||
Spirits and Shochu (total) | 24.2 | 27.2 | 3.0 | 12.5% | 25.6 | (1.6) | (6.0%) | |||
RTD | 19.8 | 20.4 | 0.6 | 3.1% | 25.1 | 4.7 | 22.8% | |||
Subtotal | 53.8 | 58.1 | 4.4 | 8.1% | 61.3 | 3.2 | 5.4% | |||
Rebate subtracted from sales(*3) | (10.2) | (10.2) | (0.0) | 0.3% | ー | ー | ー | |||
Total | 43.6 | 47.9 | 4.3 | 9.9% | ー | ー | ー |
*3:Full year estimate for rebate subtracted from sales in not disclosed.
Sales:Food & Soft Drinks (Japan) *4
(billions of yen)
YoY | YoY | Full-year | YoY | YoY | |||
Fiscal 2021 | Fiscal 2022 | estimate for | |||||
Change | Change(%) | Change | Change(%) | ||||
fiscal 2023 | |||||||
Soft Drinks | 62.7 | 61.0 | (1.7) | (2.6%) | 60.2 | (0.8) | (1.3%) |
Food(Lemon・Soups・Plant milk) | 33.1 | 32.9 | (0.2) | (0.6%) | 33.0 | 0.0 | 0.2% |
*4:Only domestic sales(Before Rebate subtracted from sales)
2
3. Consolidated Results (Year ended December 31, 2022)
Consolidated Statements of Income | (billions of yen) | ||||
Year ended | Year ended | ||||
December 31, | December 31, | Change | Change(%) | ||
2021 | 2022 | ||||
Alcoholic Beverages | 289.7 | 334.6 | 45.0 | 15.5% | |
Japanese | 228.6 | 245.4 | 16.8 | 7.3% | |
Overseas | 53.4 | 74.0 | 20.5 | 38.4% | |
Restaurants | 7.6 | 15.3 | 7.7 | 101.0% | |
Food & Soft Drinks | 125.5 | 122.9 | (2.5) | (2.0%) | |
Real Estate | 21.9 | 20.7 | (1.1) | (5.2%) | |
Other | 0.2 | 0.1 | (0.0) | (15.5%) | |
Revenue | 437.2 | 478.4 | 41.3 | 9.4% | |
Alcoholic Beverages | 5.4 | 7.7 | 2.3 | 42.1% | |
Japanese | 7.9 | 8.5 | 0.6 | 7.0% | |
Overseas | 1.7 | (0.3) | (2.0) | ー | |
Restaurants | (4.2) | (0.5) | 3.7 | ー | |
Food & Soft Drinks | 0.7 | 1.8 | 1.1 | 148.2% | |
Real Estate | 8.2 | 6.5 | (1.8) | (21.5%) | |
Other・General corporate and | (6.2) | (6.6) | (0.4) | ー | |
intercompany eliminations | |||||
Core operating profit(*1) | 8.1 | 9.3 | 1.2 | 14.4% | |
Other operating income | 28.5 | 4.0 | (24.5) | (86.0%) | |
Other operating expense | 14.6 | 3.2 | (11.4) | (78.0%) | |
Operating profit | 22.0 | 10.1 | (11.9) | (54.1%) | |
Financial income (expense) | (0.9) | 1.2 | 2.0 | ー | |
Equity in net income of affiliates | 0.0 | 0.1 | 0.1 | 130.1% | |
Profit before tax | 21.2 | 11.4 | (9.8) | (46.3%) | |
Income taxes | 8.9 | 5.9 | (3.1) | (34.3%) | |
Profit | 12.3 | 5.5 | (6.8) | (55.1%) | |
Profit (loss) attributable to non-controlling interest | (0.1) | 0.1 | 0.1 | ー | |
Profit attributable to owners of parent | 12.3 | 5.4 | (6.9) | (55.8%) | |
(ref.) | |||||
EBITDA (*2) | 28.6 | 29.9 | 1.2 | 4.3% |
*1: Core operating profit is calculated as Revenue ‒ Cost of sales ‒ SG&A expenses.
*2: EBITDA (IFRS)=Core operating profit + Depreciation and amortization
(excluding depreciation expense on leased assets which is charged on the rent of restaurants)
Consolidated Statements of Cash Flows | (billions of yen) | |||||
Year ended | Year ended | |||||
December 31, | December 31, | Change | Change(%) | |||
2021 | 2022 | |||||
Increase (decrease) in cash and cash equivalents | (1.3) | (2.0) | (0.7) | ー | ||
Cash flows from operating activities | 30.3 | 7.8 | (22.5) | (74.2%) | ||
Profit before tax | 21.2 | 11.4 | (9.8) | (46.3%) | ||
Depreciation and amortization | 22.7 | 21.2 | (1.4) | (6.3%) | ||
Income tax payment (refundment) | 0.1 | (10.0) | (10.1) | ー | ||
Cash flows from investing activities | 20.7 | (46.1) | (66.9) | ー | ||
Purchase(Proceeds from sales ) of property, | (10.5) | (6.1) | 4.4 | ー | ||
plant and equipment | ||||||
Purchase(Proceeds from sales ) of | 32.3 | (12.7) | (45.0) | ー | ||
Investment property | ||||||
Free Cash flows | 51.0 | (38.3) | (89.4) | ー | ||
Cash flows from financial activities | (53.1) | 36.5 | 89.5 | ー | ||
Change in financial liabilities | (43.7) | 44.4 | 88.1 | ー | ||
Dividend paid | (3.3) | (3.3) | (0.0) | ー | ||
Repayments of lease liabilities | (6.1) | (4.7) | 1.4 | ー | ||
Cash and cash equivalents | 19.7 | 17.4 | (2.4) | (12.0%) | ||
(beginning of the period) | ||||||
Cash and cash equivalents | 17.4 | 15.4 | (2.0) | (11.4%) | ||
(end of the period) | ||||||
3
4. Consolidated Results (Year ended December 31, 2022)
Breakdown of key income Changes(Year-on-year)
(1)Alcoholic Beverages
(billions of yen)
Change factor | Fiscal 2021 | Fiscal 2022 | Change | Details | ||
Beer increase (decrease) in volume | 2.9 | |||||
Product mix, Price revision, Manufacturing cost | 1.2 | |||||
RTD・Wine・Spirits・Shochu, other | 0.3 | Including Non-alcoholic | ||||
Advertising and promotion expenses(*1) | (1.4) | |||||
Personnel expenses, Facilities costs ,other | (2.4) | |||||
Domestic subsidiary,consolidation adjusting, other | (0.0) | |||||
Alcoholic Beverages in Japanese | 7.9 | 8.5 | 0.6 | |||
Alcoholic Beverages in Overseas | 1.7 | (0.3) | (2.0) | |||
Restaurants | (4.2) | (0.5) | 3.7 | |||
Segment adjustment | 0.0 | 0.0 | 0.0 | |||
Alcoholic Beverages(Core operating profit) | 5.4 | 7.7 | 2.3 | |||
(*1)Advertising and promotion expenses(2022) 21.5billions of | yen |
(2)Food & Soft Drinks | (billions of yen) | |||||
Change factor | Fiscal 2021 | Fiscal 2022 | Change | Details | ||
Increase (decrease) in volume | (0.9) | |||||
Product mix, Price revision, Manufacturing cost | (0.8) | |||||
Advertising and promotion expenses | 1.2 | |||||
Personnel expenses, Facilities costs ,other | 0.4 | |||||
Domestic subsidiary,consolidation adjusting, other | (0.3) | |||||
Japanese Food & Soft Drinks | (0.5) | |||||
Overseas Soft Drinks/ Domestic coffee shop chain | 1.5 | |||||
Food & Soft Drinks(Core operating profit) | 0.7 | 1.8 | 1.1 |
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Sapporo Holdings Limited published this content on 15 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 February 2023 06:04:02 UTC.