English Translation
February 14, 2022
Summary of Consolidated Financial Results | |
for the Fiscal Year Ended December 31, 2021 | |
(UNAUDITED) | |
Company name: | Suntory Beverage & Food Limited |
Shares listed: | First Section, Tokyo Stock Exchange |
Securities code: | 2587 |
URL: | https://www.suntory.com/sbf/ |
Representative: | Kazuhiro Saito, Chief Executive Officer |
Inquiries: | Kazushi Ishikawa, Chief Financial Officer, Corporate Strategy Division |
TEL: +81-3-5579-1837 (from overseas) |
Scheduled date of ordinary general meeting of shareholders: | March 25, 2022 |
Scheduled date to file securities report: | March 28, 2022 |
Scheduled date to commence dividend payments: | March 28, 2022 |
Preparation of supplementary material on financial results: | Yes |
Holding of financial results presentation meeting (for institutional investors and analysts): | Yes |
(Millions of yen with fractional amounts discarded, unless otherwise noted)
1. Consolidated financial results for the fiscal year ended December 31, 2021 (from January 1, 2021 to December 31, 2021)
(1) Consolidated operating results
(Percentages indicate year-on-year changes)
Revenue | Operating income | Profit before tax | Profit for the year | |||||
Fiscal year ended | (Millions of yen) | (%) | (Millions of yen) | (%) | (Millions of yen) | (%) | (Millions of yen) | (%) |
December 31, 2021 | 1,268,917 | 7.7 | 118,568 | 23.3 | 117,052 | 24.3 | 83,029 | 29.1 |
December 31, 2020 | 1,178,137 | (9.3) | 96,177 | (15.6) | 94,168 | (16.1) | 64,294 | (19.7) |
Profit for the year | Comprehensive income | |||||||
attributable to owners of | ||||||||
for the year | ||||||||
the Company | ||||||||
Fiscal year ended | (Millions of yen) | (%) | (Millions of yen) | (%) | ||||
December 31, 2021 | 68,676 | 31.5 | 122,638 | 113.5 | ||||
December 31, 2020 | 52,212 | (24.2) | 57,434 | (26.9) | ||||
Ratio of profit for | Ratio of profit | Ratio of operating | ||||||
Basic earnings | Diluted earnings | the year to | ||||||
equity attributable | before tax to | income to | ||||||
per share | per share | |||||||
to owners of | total assets | revenue | ||||||
the Company | ||||||||
Fiscal year ended | (Yen) | (Yen) | (%) | (%) | (%) | |||
December 31, 2021 | 222.25 | - | 8.4 | 7.2 | 9.3 | |||
December 31, 2020 | 168.97 | - | 6.8 | 6.0 | 8.2 | |||
Reference: Gain on investments accounted for using the equity method | |
For the fiscal year ended December 31, 2021: | ¥70 million |
For the fiscal year ended December 31, 2020: | ¥(85) million |
(2) Consolidated financial position | ||||||
Equity attributable | Ratio of equity | Equity | ||||
attributable to | attributable to | |||||
Total assets | Total equity | to owners of the | owners of | owners of | ||
Company | the Company | the Company | ||||
to total assets | per share | |||||
As of | (Millions of yen) | (Millions of yen) | (Millions of yen) | (%) | (Yen) | |
December 31, 2021 | 1,676,926 | 943,952 | 860,593 | 51.3 | 2,785.09 | |
December 31, 2020 | 1,574,251 | 859,556 | 781,755 | 49.7 | 2,529.95 | |
(3) Consolidated cash flows | |||||
Net cash inflow | Net cash inflow | Net cash inflow | Cash and cash | ||
(outflow) from | (outflow) from | (outflow) from | equivalents at the | ||
operating activities | investing activities | financing activities | end of the year | ||
Fiscal year ended | (Millions of yen) | (Millions of yen) | (Millions of yen) | (Millions of yen) | |
December 31, 2021 | 158,180 | (56,867) | (96,109) | 176,655 | |
December 31, 2020 | 134,019 | (61,217) | (46,754) | 167,480 | |
2. Dividends
Annual cash dividends | Ratio of | |||||||
dividends to | ||||||||
Total cash | Dividend | equity | ||||||
First | Second | Third | Fiscal | payout ratio | attributable to | |||
Total | dividends | |||||||
quarter-end | quarter-end | quarter-end | year-end | (Consolidated) | owners of the | |||
Company | ||||||||
(Consolidated) | ||||||||
(Yen) | (Yen) | (Yen) | (Yen) | (Yen) | (Millions of yen) | (%) | (%) | |
Fiscal year ended | - | 39.00 | - | 39.00 | 78.00 | 24,101 | 46.2 | 3.1 |
December 31, 2020 | ||||||||
Fiscal year ended | - | 39.00 | - | 39.00 | 78.00 | 24,101 | 35.1 | 2.9 |
December 31, 2021 | ||||||||
Fiscal year ending | ||||||||
December 31, 2022 | - | 39.00 | - | 39.00 | 78.00 | 32.8 | ||
(Forecast) | ||||||||
3. Consolidated earnings forecast for the fiscal year ending December 31, 2022 (from January 1, 2022 to December 31, 2022)
(Percentages indicate year-on-year changes)
Profit for the year | Basic earnings | ||||||||||
Revenue | Operating income | Profit before tax | Profit for the year | attributable to | |||||||
owners of | per share | ||||||||||
the Company | |||||||||||
(Millions of | (%) | (Millions of | (%) | (Millions of | (%) | (Millions of | (%) | (Millions of | (%) | (Yen) | |
yen) | yen) | yen) | yen) | yen) | |||||||
Fiscal year ending | 1,369,000 | 7.9 | 125,500 | 5.8 | 124,000 | 5.9 | 88,500 | 6.6 | 73,500 | 7.0 | 237.86 |
December 31, 2022 | |||||||||||
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- Changes in accounting policies and changes in accounting estimates
a. | Changes in accounting policies required by IFRS: | None |
b. | Changes in accounting policies due to other reasons: | None |
c. | Changes in accounting estimates: | None |
- Number of issued shares (ordinary shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As at December 31, 2021 | 309,000,000 shares |
As at December 31, 2020 | 309,000,000 shares |
- Number of treasury shares at the end of the period
As at December 31, 2021 | 31 shares |
As at December 31, 2020 | 3 shares |
- Average number of outstanding shares during the period
Fiscal year ended December 31, 2021 | 308,999,994 shares |
Fiscal year ended December 31, 2020 | 308,999,997 shares |
- Financial results reports are not required to be audited by certified public accountants or an audit corporation.
- Proper use of earnings forecast, and other special matters
The earnings forecast contained in these materials are based on our judgment attributable to information available to the Company and the Group as of the date of announcement of these materials, and include certain risks and uncertainties. These statements are not intended as a promise by the Company to achieve such results. Actual business results may differ substantially due to various factors such as economic situation surrounding the Company and the Group, market trend, exchange rates and other factors.
Attached Materials
Index
1. | Overview of Operating Results........................................................................................................ | 2 |
(1) | Overview of operating results for the fiscal year under review ....................................................... | 2 |
(2) | Overview of financial position for the fiscal year under review...................................................... | 4 |
(3) | Overview of cash flows for the fiscal year under review................................................................. | 4 |
(4) | Future outlook.................................................................................................................................. | 4 |
(5) | Basic policy on profit distribution and dividends for the 2021 and 2022 fiscal years ..................... | 4 |
2. | State of the Group ............................................................................................................................ | 6 |
3. | Management Strategy....................................................................................................................... | 7 |
(1) | Corporate vision and promise .......................................................................................................... | 7 |
(2) | Medium-term strategy...................................................................................................................... | 7 |
(3) | Medium-term plan (2021-2023)....................................................................................................... | 7 |
(4) | Issues to address............................................................................................................................... | 8 |
4. | Basic Concept Regarding Selection of Accounting Standard .......................................................... | 9 |
5. | Consolidated Financial Statements and Significant Notes Thereto (Unaudited) ........................... | 10 |
(1) | Consolidated statement of financial position ................................................................................. | 10 |
(2) | Consolidated statement of profit or loss......................................................................................... | 12 |
(3) | Consolidated statement of comprehensive income ........................................................................ | 13 |
(4) | Consolidated statement of changes in equity ................................................................................. | 14 |
(5) | Consolidated statement of cash flows............................................................................................ | 15 |
(6) | Notes to consolidated financial statements .................................................................................... | 16 |
(Going concern) ............................................................................................................................. | 16 | |
(Changes in presentation)............................................................................................................... | 16 | |
(Significant accounting estimates) ................................................................................................. | 16 | |
(Segment information) ................................................................................................................... | 16 | |
(Per share information) .................................................................................................................. | 18 | |
(Subsequent events) ....................................................................................................................... | 18 |
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1. Overview of Operating Results
-
Overview of operating results for the fiscal year under review
Suntory Beverage & Food Limited Group (the Group), based on the philosophy of enriching consumers' lives by proposing premium and unique products that match the tastes and needs of consumers, put effort into brand reinforcement and new demand creation, and worked to improve the quality of products. In addition, the Group worked to strengthen profitability in each area.
In 2021, the Group continued to expand its market share in key countries as a result of promoting its growth strategy enlisting ongoing efforts to concentrate on our core brands while coming up against effects of the novel coronavirus disease (COVID-19). Profit greatly exceeded that of the previous fiscal year as the Group persisted in carrying out cost reduction activities and improving efficiency in the use of sales promotion and advertising costs amid a scenario of cost increases associated with inflation in commodities and global supply chain disruptions becoming more apparent since the third quarter of the year ended December 31, 2021. With respect to operating income, whereas the Group had been seeking to achieve a return to 2019 levels during the fiscal year ending December 31, 2022, the Group achieved that objective one year ahead of plan.
For the fiscal year under review, the Group reported consolidated revenue of ¥1,268.9 billion, up 7.7% year on year. Consolidated operating income was ¥118.6 billion, up 23.3% year on year. Furthermore, profit for the year attributable to owners of the Company was ¥68.7 billion, up 31.5% year on year.
Results by segment are described below.
The Company implemented changes to its organization on January 1, 2021, to achieve dramatic growth in key markets in the Asia and Oceania regions. As a result of this restructuring, the reportable segments, which until now comprised "Japan business," "Europe business," "Asia business," "Oceania business," and "Americas business," effective in 2021, comprise "Japan business," "Asia Pacific business," "Europe business," and "Americas business." To present comparisons with the previous corresponding periods, previous fiscal year figures have been reclassified into the reportable segments subsequent to the organizational changes and also reclassified enlisting the methods for calculating profit and loss of reportable segments subsequent to the changes.
< Japan business >
Results in the overall beverage market were only slightly higher than in the previous fiscal year (presumably by the Company) due to restrictions imposed on human activity as a result of the government's intermittent announcements and extensions of state of emergency declarations and also due to effects of unfavorable weather prevailing since mid-August. Nevertheless, the Company achieved an increase in sales volume relative to the previous fiscal year due to contributions of initiatives to strengthen its core brands with a focus on the water, coffee, and sugar-free tea categories, sales of new products and marketing activities, leading the Company to increase market share.
The Suntory Tennensui brand achieved record-high sales volume with sales volume of the brand overall having increased relative to the previous fiscal year. Sales of the Suntory Tennensui Sparkling series increased substantially as sales of THE STRONG, which was newly released in June, remained solid. For the BOSS brand, the overall sales volume of the brand increased year on year. The increase in sales volume was substantially bolstered by Matcha Latte, which was newly released in August, in addition to growth with respect to both the Craft BOSS series, which was renewed in March, and the tea series. In the sugar-free tea category, the Iyemon brand achieved record-high sales volume with the brand's overall sales volume having greatly exceeded that of the previous fiscal year. The increase in the brand's sales volume contributed to strong performance of Iyemon Koi Aji, which was newly released in February, and Iyemon Kyoto Blend, which was newly released in April.
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Suntory Beverage & Food Limited published this content on 14 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2022 06:31:58 UTC.