Year ended December 31, 2022

Consolidated Earnings Report - Supplementary Information

Consolidated Results (Year ended December 31, 2022)

  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

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.

1

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

4

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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.