Sapporo : Supplementary Information(309.7KB)

Six Months ended June 30, 2023

Consolidated First Half Earnings Report - Supplementary Information

Consolidated Results (Six Months ended June 30, 2023)

1. Consolidated Financial Highlights
2. Major Sales and Sales Volume Data
3. Condensed Consolidated Results Consolidated Statements of Income Consolidated Statements of Cash Flows
4. Consolidated Statements of Income : Breakdown of Key Changes
5. Segment information
6. Condensed Consolidated Balance Sheets

Consolidated Forecasts (Year ending December 31, 2023)

1. Full-YearConsolidated Business Results estimate
2. Full-YearConsolidated Statement of Income: Breakdown of Key Changes
3. Full-YearConsolidated Segment information

August 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)

		Six Months ended	Six Months ended
		June 30,	June 30,	Change	Change(%)
		2022	2023
Revenue		213.8	238.5	24.7	11.6%
（ref.）Excluding liquor tax	162.4	184.6	22.1	13.6%
Revenue growth rate		7.1%	11.6%	ー	ー
（ref.）Excluding liquor tax	7.5%	13.6%	ー	ー
Overseas revenue		43.1	57.4	14.2	33.0%
Overseas revenue growth rate	24.3%	33.0%	ー	ー
Core operating profit（*1）		(2.2)	3.5	5.7	ー
Core operating margin		(1.0%)	1.5%	ー	ー
Operating profit		(0.2)	(2.8)	(2.6)	ー
Profit attributable to owners of parent	(0.4)	(5.1)	(4.7)	ー
Total assets		591.5	644.5	53.0	9.0%
Total equity		166.4	171.6	5.2	3.1%
Balance of debt :Net （*2）		188.6	215.6	27.1	14.3%
Debt-to-equity ratio (times) :Net（*3）	1.1	1.3	ー	ー
Depreciation and amortization		10.0	10.0	(0.1)	(0.6%)
EBITDA（*4）		7.9	13.5	5.6	71.1%
Exchange rates (Yen) （*9）	US$	123.15	134.99	ー	ー
CAN$	96.83	100.22	ー	ー
	SG$	90.17	101.02	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)
			Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
			estimate for
			2022	2023	Change	Change(%)	Change	Change(%)
			fiscal 2023
		Sapporo Draft Beer Black Label (total)	607	689	81	13.4%	1,533	134	9.6%
		YEBISU (total)	263	265	3	1.0%	679	13	2.0%
	1	Beer (total)	1,144	1,262	118	10.3%	2,816	139	5.2%
	2 Happoshu (total)	72	66	(6)	(8.1%)	101	(50)	(33.2%)
	3 New genre beer products (total)	569	483	(86)	(15.1%)	1,026	(88)	(7.9%)
	Beer, happoshu, and new genre （total 1+2+3）	1,785	1,811	26	1.4%	3,943	1	0.0%
	RTD(*2)	620	647	27	4.3%	1,443	224	18.4%
	Non-alcoholic beer and low alcohol beer taste beverage	32	30	(2)	(5.1%)	80	11	16.3%
*1:Following the agreement of the Brewers Association of Japan, there is	no disclosure of the sales volume for the first quarter.
	The sales volume for the first half and end of the fiscal year shall be disclosed.
*2:Only canned products
Sales Volume:Beer (International)				(10,000 cases)
			Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
			estimate for
			2022	2023	Change	Change(%)	Change	Change(%)
			fiscal 2023
		Overseas brand (SLEEMAN, Anchor, Stone, etc.)	623	800	177	28.4%	1,609	152	10.4%
		Sapporo brand	204	211	7	3.5%	446	28	6.6%
	North America	827	1,011	184	22.3%	2,055	179	9.6%
		Sapporo brand	119	138	18	15.4%	301	58	24.1%
	Other areas	119	138	18	15.4%	301	58	24.1%
	Total	946	1,148	202	21.4%	2,356	238	11.2%
Sales:Beer (Japan) *including liquor tax				(billions of yen)
			Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
			estimate for
			2022	2023	Change	Change(%)	Change	Change(%)
			fiscal 2023
		Beer	60.9	70.8	9.9	16.2%	157.5	12.3	8.4%
		Happoshu	2.7	2.7	(0.1)	(1.9%)	4.1	(1.7)	(29.6%)
		New genre	20.9	19.0	(1.9)	(9.2%)	41.1	(0.4)	(1.0%)
		Subtotal	84.6	92.5	7.9	9.3%	202.7	10.1	5.3%
		Rebate subtracted from sales(*2)	(4.3)	(4.7)	(0.4)	ー	ー	ー	ー
		Total	80.3	87.8	7.5	9.4%	ー	ー	ー

Sales:Alcoholic Beverage (Japan)

(billions of yen)

				Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
				estimate for
				2022		2023	Change	Change(%)	Change	Change(%)
					fiscal 2023
			Domestic wines		1.6	1.6	(0.0)	(1.3%)	3.3	(0.0)	(0.8%)
			Imported wines		3.2	3.0	(0.2)	(6.2%)	7.3	0.2	2.3%
		Wine (total)		4.8	4.6	(0.2)	(4.5%)	10.6	0.1	1.3%
		Spirits and Shochu (total)		12.8	14.5	1.7	13.5%	25.6	(1.6)	(6.0%)
		RTD		11.1	12.4	1.3	11.3%	25.1	4.7	22.8%
		Subtotal		28.7	31.4	2.8	9.6%	61.3	3.2	5.4%
		Rebate subtracted from sales(*3)		(5.0)	(5.3)	(0.2)	ー	ー	ー	ー
		Total		23.6	26.1	2.5	10.7%	ー	ー	ー

Sales:Food & Soft Drinks (Japan) *3

(billions of yen)

	Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
	estimate for
	2022		2023	Change	Change(%)	Change	Change(%)
		fiscal 2023
Soft Drinks		28.3	26.5	(1.8)	(6.3%)	60.2	(0.8)	(1.3%)
Food（Lemon・Soups・Plant milk）		14.4	13.7	(0.6)	(4.5%)	33.0	0.0	0.2%

*3:Only domestic sales(Before Rebate subtracted from sales)

Sales:Food & Soft Drinks (Overseas) *4

	Jan 1 - Jun 30,	Jan 1 - Jun 30,	YoY	YoY	Full-year	YoY	YoY
	estimate for
	2022		2023	Change	Change(%)	Change	Change(%)
		fiscal 2023
Singapore(billions of SGD)		7.4	7.6	0.3	3.8%	15.0	0.5	3.2%
Malaysia(billions of MYR)		3.7	4.0	0.4	10.3%	9.0	1.0	12.5%
International(billions of SGD)		2.7	3.0	0.3	13.0%	5.7	0.5	8.8%
*4:, Before sales deduction, exclude OEM sales

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3. Consolidated Results (Six months ended June 30, 2023)

	Consolidated Statements of Income				(billions of yen)
		Six Months ended	Six Months ended
		June 30,		June 30,	Change	Change(%)
	2022		2023
	Alcoholic Beverages		146.1	172.5	26.3	18.0%
	Japanese		109.7	121.1	11.4	10.4%
	Overseas		30.0	42.2	12.2	40.6%
	Restaurants		6.4	9.2	2.8	42.7%
	Food & Soft Drinks		57.5	55.4	(2.1)	(3.6%)
	Japanese		46.3	42.4	(3.9)	(8.4%)
	Overseas		11.2	13.0	1.8	15.9%
	Real Estate		10.1	10.6	0.5	4.9%
	Other		0.1	0.1	0.0	8.3%
Revenue		213.8	238.5	24.7	11.6%
	Alcoholic Beverages		(0.5)	5.0	5.5	ー
	Japanese		0.1	4.5	4.4	3,159.9%
	Overseas		0.2	(0.3)	(0.5)	ー
	Restaurants		(0.9)	0.8	1.7	ー
	Food & Soft Drinks		(0.8)	0.5	1.3	ー
	Japanese		(1.5)	(0.2)	1.3	ー
	Overseas		0.7	0.7	0.0	1.1%
	Real Estate		2.6	1.9	(0.6)	(25.2%)
	Other・General corporate and		(3.5)	(3.9)	(0.4)	ー
	intercompany eliminations
Core operating profit（*1）		(2.2)	3.5	5.7	ー
	Other operating income		3.1	0.4	(2.8)	(88.5%)
	Other operating expense		1.2	6.7	5.5	456.2%
Operating profit		(0.2)	(2.8)	(2.6)	ー
	Financial income (expense)		1.0	(0.6)	(1.5)	ー
	Equity in net income of affiliates		0.0	0.0	(0.0)	(10.6%)
Profit before tax		0.8	(3.3)	(4.1)	ー
	Income taxes		1.1	1.8	0.6	55.7%
Profit		(0.4)	(5.1)	(4.7)	ー
	Profit (loss) attributable to non-controlling interest		0.0	(0.0)	(0.0)	ー
Profit attributable to owners of parent		(0.4)	(5.1)	(4.7)	ー
（ref.）
ＥＢＩＴＤＡ （*2）		7.9	13.5	5.6	71.1%
*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)
			Six Months ended	Six Months ended
			June 30,	June 30,	Change	Change(%)
			2022	2023
Increase (decrease) in cash and cash equivalents		0.9	2.0	1.2	135.0%
Cash flows from operating activities		5.5	24.6	19.1	346.7%
	Profit before tax		0.8	(3.3)	(4.1)	ー
	Depreciation and amortization		10.4	10.2	(0.1)	(1.3%)
	Income tax payment (refundment)		(7.5)	1.0	8.5	ー
Cash flows from investing activities		(10.5)	(8.9)	1.6	ー
	Purchase(Proceeds from sales ) of property,		(1.7)	(5.9)	(4.2)	ー
	plant and equipment
	Purchase(Proceeds from sales ) of		(6.6)	(3.5)	3.1	ー
	Investment property
Free Cash flows		(5.0)	15.6	20.6	ー
Cash flows from financial activities		3.5	(15.7)	(19.1)	ー
	Change in financial liabilities		9.1	(10.0)	(19.2)	ー
	Dividend paid		(3.3)	(3.3)	(0.0)	ー
	Repayments of lease liabilities		(2.4)	(2.4)	0.0	ー
Cash and cash equivalents		17.4	15.4	(2.0)	(11.4%)
(beginning of the period)
Cash and cash equivalents		18.2	17.4	(0.8)	(4.6%)
(end of the period)

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4. Consolidated Results (Six months ended June 30, 2023)

Breakdown of key income Changes(Year-on-year)

（１）Alcoholic Beverages

(billions of yen)

		Change factor	Jan 1 - Jun 30,	Jan 1 - Jun 30,	Change	Details
		2022		2023
		Beer increase (decrease) in volume				0.6
		Product mix, Price revision, Manufacturing cost				2.4
		RTD・Wine・Spirits・Shochu, other				0.7	Including Non-alcoholic
		Advertising and promotion expenses（*1）				0.8
		Personnel expenses, Facilities costs ,other				(0.3)
		Domestic subsidiary,consolidation adjusting, other				0.1
	Alcoholic Beverages in Japanese		0.1	4.5	4.4
	Alcoholic Beverages in Overseas		0.2	(0.3)	(0.5)
	Restaurants		(0.9)	0.8	1.7
	Segment adjustment		0.0	0.0	0.0
Alcoholic Beverages(Core operating profit)		(0.5)	5.0	5.5
（*1）Advertising and promotion expenses(2023) 10.6billions of	yen

（２）Food & Soft Drinks				(billions of yen)
		Change factor	Jan 1 - Jun 30,	Jan 1 - Jun 30,	Change	Details
		2022		2023
		Increase (decrease) in volume				(1.1)
		Product mix, Price revision, Manufacturing cost				0.7
		Advertising and promotion expenses				0.7
		Personnel expenses, Facilities costs ,other				0.4
		Domestic subsidiary,consolidation adjusting, other				0.5	Including structural reforms
	Japanese Food & Soft Drinks				1.3
	Overseas Soft Drinks				0.0
Food & Soft Drinks(Core operating profit)		(0.8)	0.5	1.3
（３）Real Estate				(billions of yen)
		Change factor	Jan 1 - Jun 30,	Jan 1 - Jun 30,	Change	Details
		2022		2023
	Yebisu Garden Place, etc.				(0.6)	Including expenses associated with air conditioning equipment construction
	Other area & other operations				(0.0)
	Sapporo				(0.0)
	Others				0.0
Real	Estate(Core operating profit)		2.6	1.9	(0.6)

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