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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Suntory Beverage & Food Limited    2587   JP3336560002

SUNTORY BEVERAGE & FOOD LIMITED

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Suntory Beverage & Food : Notification Concerning Content of Parent Company Financial as of June 30 2019

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02/14/2020 | 02:59am EDT

Suntory Holdings Limited

February 14, 2020

SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS AS OF

DECEMBER 31, 2019 [IFRS] (English Translation, UNAUDITED)

Company Name:

Suntory Holdings Limited

(URL: https://www.suntory.com/)

Representative:

Takeshi Niinami, President

Contact:

Hiroshi Kato, Head of Public Relations

Public Relations Office:

Tel:+81(0)3 5579-1150

Tel:+81(0)6 6346-0835

(Fractions of millions have been truncated)

1. Consolidated operating results and financial positions for the fiscal year (January 1, 2019 - December 31, 2019)

(1) Operating results

(% figures represent change from the same period of the previous fiscal year)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit

Profit attributable to

owners of the

excise taxes)

excise taxes)

income

income taxes

for the year

Company

Fiscal year ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

December 31, 2019

2,569,230

2.1

2,294,704

2.0

259,646

3.5

241,505

3.9

182,435

0.6

140,940

0.6

December 31, 2018

2,517,258

4.0

2,250,782

4.3

250,859

(1.1)

232,347

2.4

181,387

(28.0)

140,151

(33.7)

Reference: Adjusted operating income for the fiscal year ending December 31, 2019

258,519million

3.0 %

Adjusted operating income for the fiscal year ending December 31, 2018

250,955million (1.8) %

Adjusted operating income was calculated as operating income excluding non-recurring items.

Basic earnings per share

Diluted earnings per share

Profit ratio to equity

Profit before income taxes

Operating income ratio to

attributable to owners of

ratio to total assets

revenue (excluding excise

the Company

taxes)

Fiscal year ended

¥

¥

%

%

%

December 31, 2019

205 .53

10.6

5.4

11.3

December 31, 2018

204 .39

11.3

5.2

11.1

(2) Financial positions

Equity attributable to

Equity attributable to

Equity per share

Total assets

Total equity

owners of the Company

attributable to owners of

owners of the Company

ratio

the Company

Fiscal year ended

¥million

¥million

¥million

%

¥

December 31, 2019

4,516,779

1,793,887

1,398,534

31.0

2,039.41

December 31, 2018

4,421,864

1,651,689

1,272,770

28.8

1,856.01

(3) Cash flows

Operating

Investing

Financing

Cash and cash equivalents at

activities

activities

activities

the end of the year

Fiscal year ended

¥million

¥million

¥million

¥million

December 31, 2019

321,613

(120,525)

(218,969)

255,302

December 31, 2018

250,384

(104,196)

(232,938)

272,425

2. Dividends

Dividends per share

Total cash dividends

Dividend payout ratio

Ratio of

dividends to equity attributable

(Annual)

(Annual)

(Consolidated)

to owner of the Company

Fiscal year ended

Yen

Millions of yen

%

%

December 31, 2019

13

.00

8,914

6.3

0.7

December 31, 2018

13

.00

8,914

6.4

0.7

1

3. Consolidated earnings forecast for the fiscal year ending December 31, 2020 (January 1, 2020 - December 31, 2020)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit attributable to

Basic earnings per

excise taxes)

excise taxes)

income

income taxes

owners of the

share

Company

Fiscal year ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥

December 31, 2020

2,640,000

2.8

2,360,000

2.8

260,000

0.1

243,000

0.6

130,000

(7.8)

189

.57

Reference: Adjusted operating income for the fiscal year ending December 31, 2020

266,000million

2.9

2

SUMMARY OF NON-CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (English Translation, UNAUDITED)

(1) Operating results

Fiscal year ended December 31, 2019 December 31, 2018

Fiscal year ended December 31, 2019 December 31, 2018

(2) Financial positions

As of

December 31, 2019

December 31, 2018

(% figures represent change from the same period of the previous fiscal year)

Operating revenue

Operating income

Ordinary income

¥million

%

¥million

%

¥million

%

136,843

27.8

90,920

42.2

94,050

35.7

107,068

22.4

63,920

31.5

69,297

26.7

Net income

Basic net earnings per share

¥million

%

¥

89,297

36.0

130

.22

65,668

27.0

95

.77

Total assets

Net assets

Ratio of equity

Total equity per share

to total assets

¥million

¥million

%

¥

2,085,813

831,853

39.9

1,213.05

2,072,627

750,898

36.2

1,094.99

3

Operating Results

1. Overview of the Twelve-Month Period Ended December 31, 2019

The Suntory Group has actively expanded business in each of three segments, "Beverages and foods," "Alcoholic beverages," and "Others," both domestically and abroad. In the fiscal year under review, revenue (excluding excise taxes) grew by 2.0% over the same period of the previous year to 2.2947 trillion yen, while revenue (including excise taxes) came to 2.5692 trillion yen, an increase of 2.1% from the same period of the previous year. Operating income rose by 3.5% to 259.6 billion yen, and profit attributable to owners of the Company was 140.9 billion yen, up 0.6% over the same period of the previous year.

Suntory Beverage & Food Limited focused on strengthening brands and creating new demand with the aim of proposing unique, high-quality products that capture the customer's tastes and needs to further enrich customer lifestyles, as well as on improving product quality. Furthermore, the company focused on strengthening its business foundations in each area for sustained growth in the future.

In Japan, although the company aimed to create new demand by strengthening core brands, mainly in the categories of water, coffee, and sugar-free tea again this year, sales volume fell below its level for the same period of the previous year. Still, it outpaced the soft drink market, which is estimated to have declined year on year due to the end of the rainy season being delayed, among other factors. Suntory Tennensui fell year on year due to the impact of poor weather in July. In the BOSS brand, in addition to actively expanding marketing activities for canned coffee, we grew the Craft BOSS series, and the sales volume for the brand as a whole recorded year-on-year growth. In the sugar-free tea category, although the sales volume of Iyemon fell year on year, the sales volume of Green DAKARA Yasashii Mugicha increased substantially. Furthermore, in addition to conducting active marketing activities for products such as Tokucha, which is a specified health food, and Iyemon Plus for Cholesterol Control, which is a food with functional claims, efforts were made to increase revenue, such as revising the prices of certain products in May. Furthermore, the company engaged in the establishment of a high added-value and high revenue model, structural reform of SCM and structural reform of the vending machine business as medium-term structural reforms aimed at increasing profitability. Structural reform of the vending machine business will require time for results to appear as initially anticipated, but the

4

establishment of a high added-value and high revenue model and structural reform of SCM have steadily produced results. Furthermore, in addition to engaging in ongoing activities to reduce costs, marketing and advertising expenses decreased compared to the same period of the previous year.

In Europe, sales volume in France fell below the level of the same period of the previous year for the flagship Oasis brand, due to the impact of the market slowdown, but sales volume of Orangina was at generally the same level as the previous year. In the United Kingdom, the sales volume for Lucozade continued on a trend of recovery and exceeded the level of the same period of the previous year. In Spain, sales volume of the flagship Schweppes brand increased year on year, driven by the off premise channel, but difficulties in the on-premise channel with high unit prices led to sales for Spain as a whole falling compared to the same period of the previous year.

In Asia, products such as the Sting energy drink and TEA+ performed well in Vietnam, and the flagship PEPSI performed well in Thailand, with sales in the soft drinks business all exceeding the same period of the previous year. Furthermore, in Thailand and Vietnam, we launched the goodmood flavored water, which has been well received in Indonesia. In the health food business, we made stronger marketing efforts for BRAND'S Essence of Chicken and others mainly in the core market of Thailand, and also proceeded to review our distribution policy.

In Oceania, we engaged in strengthening of marketing for energy drinks including V in the soft drinks business, and continued efforts to strengthen flagship brands such as TOBY'S ESTATE, L'AFFARE and Mocopan in the fresh coffee business.

In Americas, in addition to further strengthening sales of flagship carbonated beverage brands, we also focused on the growing category of non-carbonated drinks, such as water and coffee beverages.

As a result of the above, revenue for the Beverages and foods Segment increased 0.4% year on year to 1.2917 trillion yen, while operating income rose by 0.3% to 135.7 billion yen.

The revenue figures for the Alcoholic beverages Segment exclude excise taxes.

Comparable revenue for Beam Suntory Inc., excluding the impact of currency, increased at a mid-single-digit rate over the same period of the previous year.

Sustained consumer demand for bourbon and premium spirits helped drive strong growth for Jim Beam, Maker's Mark and the company's super-premium small batch Bourbons. The company's East-Meets-West competitive advantage was reflected in the successful launch of Legent bourbon in key markets and Oaksmith whisky in the India market.

5

The company's Japan business (Suntory Spirits Limited) recorded 7% year-on-year sales growth. Whiskies delivered strong growth, centered on strategic brands Kakubin, Jim Beam, Torys, and Maker's Mark. RTD beverage sales grew volume by 17% year on year, due to very strong consumer demand for the newly launched Kodawari Sakaba no Lemon Sour, in addition to the expansion of -196 Strong Zero and other canned highball products, which consumers increasingly enjoy with meals. Also, to inspire consumer interest with innovative new products, the company launched products including SUNTORY WORLD WHISKY Ao, Japanese craft vodka HAKU, and Japanese craft liqueur Kanade.

With the overall beer-type beverage market*1 in Japan estimated to be falling by around 2% year on year, Suntory Beer Limited's sales volume was 71.07 million cases*2, up 2% year on year. The company's beer category drinks, excluding alcohol-freebeer-type beverages, rose 1% year on year to 63.65 million cases.

The Premium Malt's brand rose 1% year on year to 17.26 million cases. We focused on the foam, a unique characteristic of beer, by developing the promotion for "KAMIAWA," which can be enjoyed at home, when dining out, or even while sitting on the Shinkansen, and giving consumers the opportunity to experience high-quality"KAMIAWA."

In addition to the renewal of existing products in the Kinmugi brand, the new Kinmugi Gold Lager contributed to a rise of 11% year on year to 38.47 million cases, achieving a record-high sales volume.

Sales volume for the All-Free brand rose 7% year on year to 7.35 million cases. The launch of a new cask product for use by all restaurants nationwide, a first in Japan*3, and the launch of KARADA-WO-OMOU All-Free, which is the first food with functional claims for the brand, contributed to the increase, resulting in the achievement of the highest sales volume on record.

*1. Beer, including alcohol-freebeer-type beverages, on a volume basis

*2. Converted to large bottles (1 case = 633ml × 20 bottles)

*3. As of February 2019 Suntory survey of major beer manufacturers

Suntory Wine International Limited's revenue fell 3% year on year.

In domestic wine, products such as Sankaboshizai Mutenka no Oishii Wine, which has the leading sales in the domestic wine market*4, performed strongly, with a 4% year-on-year increase in sales volume. Imported wine was helped by the EU-Japan Economic Partnership Agreement taking effect in February, with strength in European wines such as Freixenet and Baron de Lestac.

*4. Research by SRI: Japanese wine market sales volume and amount January-December 2019 (nationwide total for supermarkets, convenience stores, discount liquor stores, home improvement stores, drugstores, ordinary liquor stores, and liquor wholesalers)

6

As a result of the above, revenue (excluding excise taxes) for the Alcoholic beverages Segment was 773.4 billion yen, up 3.2% year on year, revenue (including excise taxes) came to 1.0479 trillion yen (up 3.1% year on year), and operating income was 144.3 billion yen (up 8.5% year on year).

For Suntory Wellness Limited, the Sesamin series, the skin care product F.A.G.E. and other products were strong, leading to revenue growing 8% year on year. Revenue in the restaurant businesses, including DYNAC HOLDINGS CORPORATION and PRONTO CORPORATION, also grew.

Revenue for the Others Segment was 229.6 billion yen, up 6.9% year on year, and operating income was 25.8 billion, up 1.6% year on year.

Additionally, the breakdown between domestic and overseas revenues was as follows. Revenue (excluding excise taxes)

Domestic: 1.3297 trillion yen (up 1.8% year on year)

Overseas: 965.0 billion yen (up 2.2% year on year)

Overseas ratio: 42.1% Revenue (including excise taxes)

Domestic: 1.5288 trillion yen (up 2.0% year on year)

Overseas: 1.0404 trillion yen (up 2.1% year on year)

Overseas ratio: 40.5%

Since our very inception, Suntory has aggressively pursued its interests while also putting forth initiatives to contribute to culture and society and implement environmental activities based on Suntory's founding spirit of "Sharing the Profit with Society." In addition, we have made the promise to stakeholders of "Mizu To Ikiru" (literally "living with water"), and aims to develop various activities while maintaining a harmonious coexistence between society and nature.

Based on the corporate philosophy of "to create harmony with people and nature," the Suntory Group established a Sustainability Vision to face the various issues of the world more seriously than in the past, and to continue to face the challenge of realizing a sustainable society. Perceiving the plastic problem to be an important issue, the Suntory Group has provided strong leadership for the transformation to a

7

recycling-oriented and zerocarbon society by formulating a "Plastic Policy." We aim to switch all the PET bottles used globally for Suntory products to be made of recycled or plant-based material by 2030, achieving zero use of virgin petroleum-based materials. Through initiatives such as the use of lighter packaging materials as well as the use of FtoP Direct Recycle Technology*5, the first of its kind in the domestic beverage industry, the Group will continue its activities to reduce the burden on the environment.

Based on the Suntory Group's Sustainable Water Philosophy, the Suntory Natural Water Sanctuaries are now present at 21 locations in 15 prefectures nationwide, with a total space of approximately 12,000 hectares, and enabling us to achieve the goal of "cultivating water more than double the amount of groundwater pumped up in the Suntory Group's plants in Japan" one year ahead of schedule. We are also promoting activities globally that address local topics, such as the "Mizuiku" education program on water for the next generation in Vietnam, Thailand and Indonesia, and water source conservation activities in the United States and France.

In order to promote a decarbonized society and to address climate change, we are reducing carbon emissions through the introduction of the latest energy-saving technologies and the use of renewable energy at our facilities as well as in our operations throughout the value chain.

We are also actively involved in support for reconstruction. The Company disbursed donations to local governments that suffered significant damage due to Typhoon Faxai (No. 15 of 2019) and Typhoon Hagibis (No. 19 of 2019). Our reconstruction support activities for the Great East Japan Earthquake have now reached a cumulative total of around 10.8 billion yen, while the same activities for the Kumamoto Earthquake have reached a cumulative total of 400 million yen, and are still ongoing.

*5. A technology in which "flake" created by pulverizing and washing recovered PET bottles is treated at high temperature in a vacuum for a fixed period and which, after being melted and filtered, can be used to manufacture the preform directly.

2. Forecast for the Next Period

The Suntory Group will strive to respond swiftly to changes in the market environment to create yet unknown value and work to further enhance growth and profitability as a global corporate group specializing in food and alcoholic beverages. We will do this while continuing to aim for harmonious coexistence with society and nature.

8

Suntory Beverage & Food Limited aims to achieve growth in revenue and income by engaging in efforts to strengthen its foundations and implement structural reforms in each of its reporting segments.

In Japan, as various costs continue to rise, creating a harsh business environment, we will work on further structural reform to improve profitability. In Europe, we will work on stimulating flagship brands as well as structural reforms such as enhancement of sales and supply chain management in major countries. In Asia, we will further strengthen efforts in both the soft drinks business and the health food business. In Oceania, we will continue to strengthen our soft drinks business, fresh coffee business, and flagship brands. In Americas, we will proceed to strengthen the flagship carbonated beverage category while at the same time working to achieve further expansion in the growing non-carbonated beverage category. We will also continue efforts to reduce costs.

As the world's third largest premium spirits company, Beam Suntory Inc. aims to outperform its global market by leveraging its strong routes to market and building its premium brands. In Japan, we will aim to expand business by further developing and strengthening brands centered on major brands such as Jim Beam, Torys, Maker's Mark, Teachers, -196°CStrong Zero and Kodawari Sakaba no Lemon Sour. Furthermore, in order to enable customer to enjoy delicious alcoholic beverages even more, we will engage in activities focused on quality from product development to the consumption, and conduct active marketing activities such as selling new products providing new value.

Suntory Beer Limited will create new demand and work on revitalization of the overall beer-type beverage market by proposing new value as well as increasing the value of brands such as Kinmugi, The Premium Malt's and All Free. The company revamped the Kinmugi brand line, including Kinmugi, Kinmugi 75% Less Carbohydrate and Kinmugi Gold Lager, seeking a balance of the flavor from malt and easiness to drink, to enable people to enjoy the beverages with everyday meals. In addition, this spring, we will begin highlighting the drinking value of a new Kinmugi brand by offering Shiki no Kinmugi (Kin-Mugi by offering products tailored to the four seasons of Japan) providing a different flavor to match each season. With The Premium Malt's brand, we will continue marketing the popular "KAMIAWA" in an effort to change customers' standard for selecting beer to be based on foam. By simultaneously revamping The

9

Premium Malt's and Premium Malt's Kaoru Ale, we will seek to offer better flavor and foam quality. The content and packaging of All Free will be upgraded to offer a more refreshing beer taste as a drink for refreshment. In addition, we will seek to further expand the "highly functional" market by actively promoting the popular KARADA WO OMOU All-Free, which is a food with functional claims.

Suntory Wine International Limited is a wine maker with its own vineyards in Japan and Europe and also a distributor that handles high-quality wines from around the world. In Japan, we will also work on creating new demand by actively investing in new domestic casual wine products. Furthermore, we will work to expand our line-up of organic wines in major brands of European wine gaining attention due to the EU-Japan Economic Partnership Agreement entering into force.

Suntory Wellness Limited will continue to focus on the Sesamin series, the skin care product F.A.G.E., and other products. Additionally, we will actively develop the businesses of DYNAC HOLDINGS CORPORATION and PRONTO CORPORATION.

As a result of these activities, our forecast for revenue by segment is 1.33 trillion yen in the Beverages and foods Segment (up 3.0% year on year), 796 billion yen excluding excise taxes in the Alcoholic beverages Segment (up 2.9% year on year), 1.076 trillion yen including excise taxes in the Alcoholic beverages Segment (up 2.7% year on year), and 234 billion yen in the Others segment (up 1.9% year on year).

All these things considered, in the fiscal year ending December 31, 2020, the Group is forecasting revenue (excluding excise taxes) of 2.36 trillion yen (up 2.8% year on year), revenue (including excise taxes) of 2.64 trillion yen (up 2.8% year on year), operating income of 260 billion yen (up 0.1% year on year), and profit attributable to owners of the Company of 130 billion yen (down 7.8% year on year).

10

Classification of Shareholders

As of December 31, 2019

Shares (Number of one unit of shares: -)

Shares less than

Japanese

Foreign investors

Financial

Securities

Other

Individuals and

One Unit

government and

Total

Other than

institutions

Companies

Corporation

Individuals

Others

(share)

local government

Individuals

Number of

4

2

73

79

Shareholders

Number of Shares

Held

27,485,448

617,408,764

42,241,984

687,136,196

(Unit)

Percentage of

4.00

89.85

6.14

100.00

Shares Held (%)

Note: 1,380,000 shares of treasury stock are included in "Individuals and Others"

Status of Major Shareholders

As of December 31, 2019

Name of shareholders

Address

Number of shares held

Percentage of common

(thousands)

stock issued (%)

Kotobuki Realty Co., Ltd.

2-1-40 Dojimahama, Kita-ku, Osaka

613,818

89.50

Employees Share Ownership Plan of

2-1-40 Dojimahama, Kita-ku, Osaka

34,383

5.01

Suntory

MUFG Bank, Ltd.

2-7-1, Marunouchi, Chiyoda-ku, Tokyo

6,871

1.00

Sumitomo Mitsui Banking

1-1-2, Marunouchi, Chiyoda-ku, Tokyo

6,871

1.00

Corporation

Sumitomo Mitsui Trust Bank,

1-4-1, Marunouchi, Chiyoda-ku, Tokyo

6,871

1.00

Limited

Nippon Life Insurance Company

1-6-6, Marunouchi, Chiyoda-ku, Tokyo

6,871

1.00

Suntory Foundation for Life

8-1-1, Seikadai, Seika-cho,Souraku-gun, Kyoto

3,590

0.52

Sciences

Nobutada Saji

Minato-ku, Tokyo

652

0.09

Shingo Torii

Higashinada-ku, Kobe

539

0.07

Nobuhiro Torii

Minato-ku, Tokyo

173

0.02

Total

680,643

99.25

11

Directors and Audit & Supervisory Board Members

As of December 31, 2019

Title and

Term of

Number of

Name

Date of Birth

Brief History

shares held

Scope of Responsibility

office

(in thousands)

Representative Director,

Joined Sony Corporation in April 1971.

Joined Suntory Limited in June 1974.

Assumed the office of Senior General Manager of Osaka branch of such company in August 1981.

Assumed the office of Director of such company in June 1982. Assumed the office of Managing Director of such company in June 1984.

Assumed the office of Senior Managing Director of such company in June 1987.

Assumed the office of Director, Executive Vice President of such company in March 1989.

Assumed the office of Representative Director, Executive Vice

President & Chief Operating Officer of such company in March 1990.

Chairman of the Board & Nobutada Saji November 25, 1945 Assumed the office of Representative Director, President &Chief Note 5 652 Chief Executive Officer

Executive Officer of such company in March 2001.

Assumed the office of Representative Director, Chairman, President

  • Chief Executive Officer of such company in March 2002. Assumed the office of Representative Director and President of Kotobuki Realty Co., Ltd. in March 2002.
    Assumed the office of Representative Director, Chairman, President
  • Chief Executive Officer of Suntory Holdings Limited in February 2009.
    Has occupied the office of Representative Director, Chairman of the Board & Chief Executive Officer of Suntory Holdings Limited from October 2014 to date (incumbent).
    Has occupied the office of Representative Director and Chairman of Kotobuki Realty Co., Ltd. from March 2016 to date (incumbent).

12

Title and

Term of

Number of

Name

Date of Birth

Brief History

shares held

Scope of Responsibility

office

(in thousands)

Joined Itochu Corporation in April 1980.

Joined Suntory Limited in June 1983.

Assumed the office of Senior General Manager of Production

Planning Division of such company in March 1990.

Assumed the office of Director of such company in March 1992.

Assumed the office of Managing Director of such company in March

1999.

Assumed the office of Representative Director and Senior Managing

Director of such company in March 2001.

Assumed the office of Representative Director, Executive Vice

Representative Director, Vice

Shingo Torii

January 18, 1953

President & Chief Operating Officer of such company in March 2003.

Note 5

539

Chairman of the Board

Assumed the office of Representative Director, Executive Vice

President & Chief Operating Officer of Suntory Holdings Limited in

February 2009.

Assumed the office of Representative Director and Executive Vice

President of Kotobuki Realty Co., Ltd. in March 2009.

Has occupied the office of Representative Director, Vice Chairman of

the Board of Suntory Holdings Limited from October 2014 to date

(incumbent).

Has occupied the office of Representative Director and Vice

Chairman of Kotobuki Realty Co., Ltd. from March 2016 to date

(incumbent).

Joined Mitsubishi Corporation in April 1981.

Assumed the office of Manager of LAWSON Project Management

Unit and Food Service Business Unit, Consumer Business Div. of

such company in April 2001.

Assumed the office of President & CEO, Representative Director and

Executive Officer of Lawson, Inc. in May 2002.

Assumed the office of President & CEO, and Representative Director

of such company in March 2005.

Representative Director,

Assumed the office of Chairman, Representative Director of such

Takeshi

January 30, 1959

company in May 2014.

Note 5

170

President & Chief Executive

Niinami

Officer

Assumed the office of Chairman, Member of the Board of such

company in May 2014.

Assumed the office of Advisor of Suntory Holdings Limited in

August 2014.

Assumed the office of Director of Suntory Holdings Limited in

September 2014.

Has occupied the office of Representative Director, President & Chief

Executive Officer of Suntory Holdings Limited from October 2014 to

date (incumbent).

13

Title and

Term of

Number of

Name

Date of Birth

Brief History

shares held

Scope of Responsibility

office

(in thousands)

Joined The Industrial Bank of Japan (Present: Mizuho Bank, Ltd.) in

July 1991.

Joined Suntory Limited in April 1997.

Assumed the office of Senior General Manager of Overall Sales &

Marketing Division of such company in September 2005.

Assumed the office of Director of such company in March 2007.

Assumed the office of Executive Officer of Suntory Holdings Limited

in April 2009.

Assumed the office of Managing Executive Officer of Suntory

Holdings Limited in April 2010.

Assumed the office of Senior Managing Director of Suntory Holdings

Limited in January 2011.

Assumed the office of Representative Director, President & Chief

Executive Officer of Suntory Beverage & Food Limited in January

Representative Director,

Nobuhiro Torii

March 10, 1966

2011.

Note 5

173

Executive Vice President &

Assumed the office of Director of Suntory Holdings Limited in

Chief Operating Officer

January 2013.

Has occupied the office of Representative Director and President

of Kotobuki Realty Co., Ltd. from March 2016 to date (incumbent).

Has occupied the office of Representative Director, Executive Vice

President & Chief Operating Officer of Suntory Holdings Limited

from March 2016 to date (incumbent).

Has occupied the office of Director of Suntory Beverage & Food

Limited from March 2016 to date (incumbent).

Has occupied the office of Representative Director, President &

Chief Executive Officer of Suntory Beer, Wine & Spirits Japan

Limited from April 2017 to date (incumbent).

Has occupied the office of Representative Director, Chairman & Chief

Executive Officer of Suntory Liquors Limited from March 2018 to

date (incumbent).

Joined Suntory Limited in April 1978.

Assumed the office of Senior General Manager of Engineering &

Process Development Division of such company in October 2003.

Assumed the office of Director of such company in March 2005.

Director, Executive Vice

Koji Kojima

May 21, 1952

Assumed the office of Managing Executive Officer of Suntory

Note 5

130

President

Holdings Limited in April 2009.

Has occupied the office of Senior Managing Director of Suntory

Holdings Limited from March 2013 to date.

Has occupied the office of Director, Executive Vice President of

Suntory Holdings Limited from March 2018 to date (incumbent).

14

Title and

Term of

Number of

Name

Date of Birth

Brief History

shares held

Scope of Responsibility

office

(in thousands)

Joined Suntory Limited in April 1978.

Assumed the office of Executive Officer of Suntory Beer & Spirits

Limited (Present: Suntory Liquors Limited) in April 2009.

Assumed the office of Senior General Manager, Sales Development

& Marketing Promotion Department 1 of such company in April

2009.

Assumed the office of Executive Officer of Suntory Holdings Limited

in January 2011.

Director,

Shinichiro

Assumed the office of Managing Director of Suntory Beverage &

Senior Managing Executive

November 19, 1955

Note 5

111

Hizuka

Food Limited in March 2012.

Officer

Assumed the office of Senior Managing Director of such company in

December 2012.

Has occupied the office of Senior Managing Director of Suntory

Holdings Limited from March 2015 to date.

Has occupied the office of Director of Suntory Holdings Limited from

March 2018 to date (incumbent).

Has occupied the office of Senior Managing Executive Officer of

Suntory Holdings Limited from March 2018 to date (incumbent).

Joined Suntory Limited in April 1980.

Assumed the office of Senior General Manager of Legal Department

of Suntory Limited in March 2006.

Assumed the office of Executive Officer of Suntory Holdings Limited

in April 2010.

Director,

Assumed the office of Managing Executive Officer of Suntory

Kazutomo

Holdings Limited in April 2012.

Senior Managing Executive

October 14,1957

Note 5

123

Aritake

Officer

Has occupied the office of Senior Managing Director of Suntory

Holdings Limited from March 2017 to date.

Has occupied the office of Director of Suntory Holdings Limited from

March 2018 to date (incumbent).

Has occupied the office of Senior Managing Executive Officer of

Suntory Holdings Limited from March 2018 to date (incumbent).

Assumed the office of Professor of the Faculty of Law, Tokyo

Metropolitan University in October 1988.

Has occupied the office of Visiting Professor of the Research Center

for Advanced Science and Technology, the University of Tokyo from

April 2012 to date (incumbent).

Director

Takashi

April 27, 1951

Has occupied the office of Professor Emeritus of the University of

Note 5

Mikuriya

Tokyo from April 2012 to date (incumbent).

Has occupied the office of Visiting Professor of the Open University

of Japan from April 2016 to date (incumbent).

Has occupied the office of Director of Suntory Holdings Limited from

March 2017 to date (incumbent).

15

Assumed the office of Director, President and CEO of Beam Global

Spirits & Wine, Inc. in March 2009.

Has occupied the office of Director, President and CEO of Beam Inc.

(Present: Bean Suntory Inc.) from October 2011.

Director

Matthew J.

August 19, 1962

Has occupied the office of Chairman of Beam Suntory Inc. from April

Note 5

Shattock

2014.

Has occupied the office of Director of Suntory Holdings Limited from

May 2014 to date (incumbent).

Has occupied the office of Non- Executive Chairman of Beam

Suntory Inc. from April 2019 to date (incumbent).

Title and

Term of

Number of

Name

Date of Birth

Brief History

shares held

Scope of Responsibility

office

(in thousands)

Joined Suntory Limited in April 1980.

Assumed the office of Chief Operating Officer, Liquor China

Division of such company, and Vice President of Suntory (China)

Holding Co., Ltd. in April 2008.

Assumed the office of Executive Officer of Suntory Holdings Limited

in April 2009.

Senior Audit & Supervisory

Yasuhiko

February 4, 1958

Assumed the office of Director of Suntory Beverage & Food Limited

Note 5

170

Board Member

Kamada

in March 2013.

Assumed the office of Representative Director, President & Chief

Executive Officer of Suntory Beverage Service Limited in April 2013.

Has occupied the office of Senior Audit & Supervisory Board

Member of Suntory Holdings Limited from March 2016 to date

(incumbent).

Joined Suntory Limited in April 1982.

Assumed the office of CEO of Suntory Beverage & Food Asia Pte.

Ltd. in September 2011.

Has occupied the office of Executive Officer of Suntory Holdings

Audit & Supervisory Board

Hong Sik Park

June 16, 1958

Limited from April 2016.

Note 6

20

Member

Has occupied the office of Audit Committee Member of Beam

Suntory Inc. from April 2017.

Has occupied the office of Audit & Supervisory Board Member of

Suntory Holdings Limited from March 2019 to date (incumbent).

Was appointed as Judge in April 1976.

Resigned from bench in March 1980.

Has Registered as Attorney from May 1980 to date (incumbent).

Audit & Supervisory Board

Minoru Amano

February 17, 1948

Assumed the office of Audit & Supervisory Board Member of

Note 6

Member

Suntory Limited in March 2003.

Has occupied the office of Audit & Supervisory Board Member of

Suntory Holdings Limited from February 2009 to date (incumbent).

16

Assumed the office of Professor of system science laboratory, Waseda

University in April 1997.

Has occupied the office of Outside Auditor of Fukuoka Financial

Group, Inc. from June 2015 to date (incumbent).

Audit & Supervisory Board

Hideo Yamada

February 23, 1955

Has occupied the office of Audit & Supervisory Board Member of

Note 5

Member

Suntory Holdings Limited from March 2016 to date (incumbent).

Has occupied the office of Professor of Graduate School of Business

Administration, Waseda University from April 2016 to date

(incumbent).

Note: 1. Suntory Limited is Suntory Spirits Limited at the present time.

  1. Director Mr. Takashi Mikuriya is an Outside Director.
  2. Mr. Minoru Amano and Mr. Hideo Yamada are Outside Audit & Supervisory Board Members.
  3. Mr. Shinichiro Hizuka and Mr. Kazutomo Aritake were appointed to the positions of Director, Executive Vice President on January 1, 2020.
  4. Current terms of office will expire at the close of Ordinary General Meeting of Shareholders for the Fiscal Year 2019.
  5. Current terms of office will expire at the close of Ordinary General Meeting of Shareholders for the Fiscal Year 2022.

17

Consolidated statement of financial position

Millions of yen

As at December 31, 2018

As at December 31, 2019

Assets

Current assets:

Cash and cash equivalents

272,425

255,302

Trade and other receivables

405,556

408,893

Other financial assets

3,671

12,344

Inventories

415,841

435,501

Other current assets

68,231

63,797

Sub-total

1,165,726

1,175,840

Assets held for sale

27

187

Total current assets

1,165,753

1,176,028

Non-current assets:

Property, plant and equipment

696,103

708,663

Right-of-use assets

97,359

Goodwill

867,986

857,328

Intangible assets

1,422,962

1,405,341

Investments accounted for using the equity method

42,411

46,217

Other financial assets

120,483

122,950

Deferred tax assets

71,300

73,729

Other non-current assets

34,861

29,161

Total non-current assets

3,256,110

3,340,751

Total assets

4,421,864

4,516,779

18

Millions of yen

As at December 31, 2018

As at December 31, 2019

Liabilities and equity

Liabilities

Current liabilities:

Bonds and borrowings

243,396

148,861

Trade and other payables

529,616

564,412

Other financial liabilities

98,190

121,775

Accrued income taxes

24,499

27,432

Provisions

16,490

13,985

Other current liabilities

84,765

86,327

Total current liabilities

996,959

962,794

Non-current liabilities:

Bonds and borrowings

1,348,629

1,278,013

Other financial liabilities

66,286

126,683

Post-employment benefit liabilities

40,670

43,618

Provisions

7,190

6,882

Deferred tax liabilities

288,542

289,537

Other non-current liabilities

21,895

15,362

Total non-current liabilities

1,773,215

1,760,098

Total liabilities

2,770,175

2,722,892

Equity

Share capital

70,000

70,000

Share premium

133,944

133,909

Retained earnings

1,198,492

1,329,315

Treasury shares

(938)

(938)

Other components of equity

(128,728)

(133,752)

Total equity attributable to owners of the Company

1,272,770

1,398,534

Non-controlling interests

378,918

395,352

Total equity

1,651,689

1,793,887

Total liabilities and equity

4,421,864

4,516,779

19

Consolidated statement of profit or loss

Millions of yen

Year ended December 31, 2018

Year ended December 31, 2019

Revenue (including excise taxes)

2,517,258

2,569,230

Less: excise taxes

(266,475)

(274,525)

Revenue (excluding excise taxes)

2,250,782

2,294,704

Cost of sales

(1,172,720)

(1,199,321)

Gross profit

1,078,062

1,095,383

Selling, general and administrative expenses

(832,899)

(840,306)

Gain on investments accounted for using the equity method

7,916

8,703

Other income

18,888

15,825

Other expenses

(21,108)

(19,959)

Operating income

250,859

259,646

Finance income

6,305

4,008

Finance costs

(24,817)

(22,148)

Profit before income taxes

232,347

241,505

Income tax expenses

(50,959)

(59,070)

Profit for the year

181,387

182,435

Attributable to:

Owners of the Company

140,151

140,940

Non-controlling interests

41,236

41,494

Profit for the year

181,387

182,435

Earnings per share (Yen)

204.39

205.53

Reconciliation from operating income to adjusted operating income

Millions of yen

Year ended December 31, 2018

Year ended December 31, 2019

Operating income

250,859

259,646

Restructuring charges

(12,173)

(160)

Losses from natural disaster

2,432

2,587

Insurance income

(975)

(9,795)

Impairment losses and reversal of impairment losses

3,498

4,214

Gain on disposals of shares in subsidiaries and associates

4,012

1,036

Other

3,301

991

Total

96

(1,126)

Adjusted operating income

250,955

258,519

20

Consolidated statement of changes in equity for the year ended 31 December 2019

Millions of yen

Attributable to owners of the parent

Non-

Total

Other

controlling

Share

Share

Retained

Treasury

equity

components

Total

interests

capital

premium

earnings

shares

of equity

Balance at 31 December 2017

70,000

133,885

1,064,603

(1,006)

(62,735)

1,204,747

340,965

1,545,713

Cumulative effect of adopting new

1,356

1,356

1,356

accounting standards

Balance at 1 January 2018

70,000

133,885

1,065,959

(1,006)

(62,735)

1,206,103

340,965

1,547,069

Profit for the year

140,151

140,151

41,236

181,387

Other comprehensive income

(64,654)

(64,654)

(13,813)

(78,467)

Total comprehensive income for the

140,151

(64,654)

75,497

27,423

102,920

year

Disposals of treasury shares

90

68

159

159

Dividends

(8,913)

(8,913)

(16,401)

(25,315)

Increase due to business

26,881

26,881

combinations

Transfer from other components of

1,295

(1,295)

equity to retained earnings

Changes in ownership interests in

subsidiaries that do not involve

(32)

(43)

(76)

50

(25)

loss of control

Total transactions with owners of the

58

(7,618)

68

(1,338)

(8,829)

10,529

1,699

parent

Balance at 31 December 2018

70,000

133,944

1,198,492

(938)

(128,728)

1,272,770

378,918

1,651,689

Cumulative effect of adopting new

(1,041)

(1,041)

(453)

(1,494)

accounting standards

Balance at 1 January 2019

70,000

133,944

1,197,451

(938)

(128,728)

1,271,729

378,464

1,650,194

Profit for the year

140,940

140,940

41,494

182,435

Other comprehensive income

(5,188)

(5,188)

(17)

(5,205)

Total comprehensive income for the

140,940

(5,188)

135,751

41,477

177,229

year

Dividends

(8,914)

(8,914)

(24,277)

(33,192)

Incorporation of a new subsidiary

274

274

Transfer from other components of

(34)

(34)

(583)

(618)

equity to retained earnings

Changes in ownership interests in

subsidiaries that do not involve

(161)

164

3

(3)

loss of control

Total transactions with owners of the

(34)

(9,076)

164

(8,946)

(24,589)

(33,536)

parent

Balance at 31 December 2019

70,000

133,909

1,329,315

(938)

(133,752)

1,398,534

395,352

1,793,887

21

Consolidated statement of cash flows

Year ended December 31, 2018

Year ended December 31, 2019

Cash flows from operating activities

Profit before income taxes

232,347

241,505

Depreciation and amortization

98,417

121,506

Impairment losses (reversal of impairment losses)

4,318

2,623

Interest and dividend income

(2,435)

(2,771)

Interest expense

22,970

21,547

Gain on investments accounted for using the equity method

(7,916)

(8,703)

Increase in inventories

(14,118)

(20,516)

Increase in trade and other receivables

(9,990)

(3,968)

Increase in trade and other payables

11,409

20,033

Other

(6,327)

23,777

Subtotal

328,676

395,032

Interest and dividends received

6,988

6,932

Interest paid

(24,217)

(23,785)

Income taxes paid

(61,061)

(56,565)

Net cash inflow from operating activities

250,384

321,613

Cash flows from investing activities

Purchases of property, plant and equipment and intangible assets

(110,712)

(120,814)

Proceeds from sales of property, plant and equipment and intangible assets

5,741

3,075

Payments for acquisition of investment securities

(1,404)

(2,016)

Proceeds from sales of investment securities

3,539

603

Payments for acquisition of shares in subsidiaries involving changes in the

(26,890)

(925)

scope of consolidation

Proceeds from disposals of shares in subsidiaries involving changes in the

24,216

scope of consolidation

Other

1,313

(446)

Net cash outflow from investing activities

(104,196)

(120,525)

Cash flows from financing activities

Increase (decrease) in short-term borrowings

405

(7,826)

Proceeds from long-term borrowings

112,937

195,754

Repayment of long-term borrowings

(311,123)

(343,072)

Payments of finance lease liabilities

(10,014)

(31,444)

Proceeds from disposals of treasury shares

159

Dividends paid to owners of the Company

(8,913)

(8,914)

Dividends paid to non-controlling interests

(16,388)

(23,605)

Other

(0)

141

Net cash outflow from financing activities

(232,938)

(218,969)

Net increase (decrease) in cash and cash equivalents

(86,750)

(17,881)

Cash and cash equivalents at the beginning of the year

359,518

272,425

(Opening balance on the consolidated statement of financial position)

Reclassification of cash and cash equivalents included in assets held for

3,439

sale in the opening balance

Cash and cash equivalents at the beginning of the year

362,958

272,425

Effects of exchange rate changes on cash and cash equivalents

(3,782)

758

Cash and cash equivalents at the end of the year

272,425

255,302

22

Segment Information

(1) Overview of reportable segments

The reportable segments are components of the Group for which separate financial information is available and regularly reviewed by management to make decisions about the allocation of resources and to assess segment performance.

The Group applies a holding company structure and operating companies have been established by product or service. The management of each operating company focuses on the type of products and services delivered or provided when establishing its own strategy for domestic and international operations. Therefore, the Group determined and identified "Beverages and foods" and "Alcoholic beverages" as a reportable segment based on the types of products and services delivered or provided. The classification of the Group's primary products and services have been defined as below.

Reportable segment

Primary products

Beverages and foods

Non-alcoholic beverages, healthy drinks, processed foods, other products

Alcoholic beverages

Spirits, beer, wine and other alcoholic beverages

Others

Healthy foods, ice cream, restaurants, flowers, operations in China and other operations

  1. Profit or loss for each reportable segment
    Profit or loss for each reportable segment of the Group was as follows. Year ended December 31, 2018

(Millions of yen)

Reportable segment

Segment total

Reconciliations

Consolidated

Beverages and

Alcoholic

*2

*1

Others

foods

beverages

Revenue (including excise taxes)

1,286,582

1,015,915

214,760

2,517,258

2,517,258

Revenue (excluding excise taxes)

External customers

1,286,582

749,439

214,760

2,250,782

2,250,782

Intersegment

7,673

4,655

11,753

24,083

(24,083)

Total revenue

1,294,256

754,095

226,514

2,274,865

(24,083)

2,250,782

Segment profit

135,344

133,040

25,370

293,755

(42,896)

250,859

(Note) *1. Segment profit agrees with operating income presented in the consolidated statement of profit or loss.

*2. "Reconciliations" to segment profit or loss represent overhead costs incurred by the Company to manage the Group's operations and are not allocated to the reportable segments.

23

Year ended December 31, 2019

(Millions of yen)

Reportable segment

Segment total

Reconciliations

Consolidated

Beverages and

Alcoholic

*2

*1

Others

foods

beverages

Revenue (including excise taxes)

1,291,732

1,047,908

229,589

2,569,230

2,569,230

Revenue (excluding excise taxes)

External customers

1,291,732

773,382

229,589

2,294,704

2,294,704

Intersegment

7,653

5,037

11,666

24,356

(24,356)

Total revenue

1,299,385

778,419

241,255

2,319,061

(24,356)

2,294,704

Segment profit

135,726

144,330

25,779

305,836

(46,190)

259,646

(Note) *1. Segment profit agrees with operating income presented in the consolidated statement of profit or loss.

*2. "Reconciliations" to segment profit or loss represent overhead costs incurred by the Company to manage the Group's operations and are not allocated to the reportable segments.

(3) Information about geographical areas

Geographical areas other than Japan are comprised of the following countries: Americas: United States of America and others

Europe: France, UK, Spain, and others

Asia and Oceania: Vietnam, Thailand, Australia and others

1. Revenue (including excise taxes) from external customers was as follows:

(Millions of yen)

Japan

Americas

Europe

Asia and Oceania

Total

Fiscal year ended December 31,2018

1,498,126

355,088

321,408

342,634

2,517,258

Fiscal year ended December 31,2019

1,528,825

371,023

297,744

371,635

2,569,230

(Note) Revenue (including excise taxes) is allocated into countries or areas based on the customers' locations for the analysis above.

2. Revenue (excluding excise taxes) from external customers was as follows:

(Millions of yen)

Japan

Americas

Europe

Asia and Oceania

Total

Fiscal year ended December 31,2018

1,306,268

297,650

312,308

334,555

2,250,782

Fiscal year ended December 31,2019

1,329,703

312,674

288,808

363,517

2,294,704

(Note) Revenue (excluding excise taxes) is allocated into countries or areas based on the customers' locations for the analysis above.

24

Balance Sheet

(Millions of yen)

As of December 31, 2018

As of December 31, 2019

ASSETS

Current assets

1,282,822

1,217,632

Cash and deposits

73,046

46,923

Accounts receivable-trade

3,777

3,882

Short-term loans receivable

1,163,864

1,120,086

Advance payments-trade

1,553

926

Accounts receivable-other

37,031

42,048

Other current assets

3,549

3,765

Non-current assets

788,975

867,133

Property, plant and equipment

32,337

31,088

Buildings, net

22,120

21,316

Machinery and equipment, net

866

789

Tools, furniture and fixtures, net

4,170

3,931

Land

4,155

3,675

Construction in progress

18

407

Other

1,006

967

Intangible assets

3,843

3,830

Leasehold right

3,705

3,705

Other intangible assets

138

125

Investments and other assets

752,794

832,215

Investment securities

17,952

19,569

Shares of subsidiaries and associates

513,026

513,173

Long-term loans receivable from

192,137

271,660

subsidiaries and associates

Long-term prepaid expenses

1,140

1,665

Prepaid pension cost

21,300

19,276

Other

7,235

6,869

Deferred assets

829

1,047

TOTAL ASSETS

2,072,627

2,085,813

25

(Millions of yen)

As of December 31, 2018

As of December 31, 2019

LIABILITIES

Current liabilities

283,620

215,195

Short-term loans payable

26

13

Current portion of long-term loans

76,178

56,921

payable

Current portion of bonds

76,743

Accounts payable-other

21,935

18,311

Accrued expenses

14,315

14,235

Accrued consumption taxes

638

510

Income taxes payable

778

638

Deposits received from employees

16,965

16,967

Deposits received

65,853

95,991

Provision for bonuses

6,159

6,545

Other

4,025

5,058

Non-current liabilities

1,038,109

1,038,764

Bonds payable

188,625

269,902

Long-term loans payable

833,357

753,020

Deferred tax liabilities

1,622

901

Provision for retirement benefits

8,473

8,834

Other

6,030

6,106

TOTAL LIABILITIES

1,321,729

1,253,959

NET ASSETS

Shareholders' equity

747,899

828,281

Capital stock

70,000

70,000

Capital surplus

286,367

286,367

Legal capital surplus

17,500

17,500

Other capital surplus

268,867

268,867

Retained earnings

392,470

472,852

Other retained earnings

392,470

472,852

Reserve for special depreciation

33

23

Reserve for advanced depreciation of

1,785

1,740

non-current assets

General reserve

312,700

312,700

Retained earnings brought forward

77,951

158,388

Treasury stock

(938)

(938)

Valuation and translation adjustments

2,999

3,571

Valuation difference on available-for-sale

6,250

7,313

securities

Deferred gains or losses on hedges

(3,251)

(3,741)

TOTAL NET ASSETS

750,898

831,853

TOTAL LIABILITIES AND NET ASSETS

2,072,627

2,085,813

26

Statement of Income

(Millions of yen)

Fiscal year ended

Fiscal year ended

December 31, 2018

December 31, 2019

Operating revenue

136,843

107,068

Royalty income

37,416

38,411

Rent income

1,553

1,621

Dividends from subsidiaries and associates

68,098

96,810

Operating expenses

43,148

45,923

General and administrative expenses

43,148

45,923

Operating income

63,920

90,920

Non-operating income

19,927

15,248

Interest income

15,486

13,299

Interest income on securities

8

8

Dividends income

298

297

Foreign exchange gains

1,390

Gain on cancellation of derivatives

3,489

Other

644

252

Non-operating expenses

14,550

12,117

Interest expenses

11,577

9,720

Interest on bonds

1,729

1,564

Foreign exchange losses

426

Other

817

833

Ordinary income

69,297

94,050

Extraordinary income

2,134

Gain on sales of shares of non-current assets

1,126

Gain on sales of investment securities

782

Other

225

Extraordinary loss

1,995

4,373

Restructuring cost

923

3,307

Other

1,071

1,066

Income before income taxes

69,437

89,677

Income taxes-current

3,016

1,424

Income taxes-deferred

752

(1,045)

Net income

65,668

89,297

27

Statement of Changes in Net Assets

Fiscal year ended December 31, 2018

(Millions of yen)

Capital surplus

Retained earnings

Other retained earnings

Total

Capital

Legal

Other

Total

Reserve for

Total

Treasury

shareholders'

advanced

Retained

stock

capital

capital

capital

Reserve for

retained

stock

equity

depreciation

General

earnings

surplus

surplus

surplus

special

earnings

of non-

reserve

brought

depreciation

current

forward

assets

Balance at January 1,

70,000

17,500

268,776

286,276

42

1,830

232,100

94,033

328,007

(1,006)

683,276

2018

Cumulative effects of

changes in accounting

7,707

7,707

7,707

policies

Restated balance

70,000

17,500

268,776

286,276

42

1,830

232,100

101,741

335,715

(1,006)

690,984

Changes of items

during the year

Dividends from

(8,913)

(8,913)

(8,913)

surplus

Net income

65,668

65,668

65,668

Reversal of reserve

for special

(9)

9

depreciation

Reversal of reserve

for advanced

(45)

45

depreciation of non-

current assets

Provision of general

80,600

(80,600)

reserve

Disposal of treasury

90

90

68

159

shares

Net changes of

items other than

shareholders' equity

Total changes of items

90

90

(9)

(45)

80,600

(23,789)

56,755

68

56,914

during the year

Balance at December

70,000

17,500

268,867

286,367

33

1,785

312,700

77,951

392,470

(938)

747,899

31, 2018

28

(Millions of yen)

Balance at January 1, 2018

Cumulative effects of changes in accounting policies

Restated balance

Changes of items during the year

Dividends from surplus

Net income

Reversal of reserve for special depreciation

Reversal of reserve for advanced depreciation of non- current assets

Provision of general reserve

Disposal of treasury shares

Net changes of items other than shareholders' equity

Total changes of items during the year

Balance at December 31, 2018

Valuation and translation adjustments

Valuation

Deferred gains

Total valuation

Total net assets

difference on

or losses on

and translation

available - for -

hedges

adjustments

sale securities

7,841

(1,485)

6,355

689,632

7,707

7,841

(1,485)

6,355

697,339

(8,913)

65,668

159

(1,590)

(1,765)

(3,356)

(3,356)

(1,590)

(1,765)

(3,356)

53,558

6,250

(3,251)

2,999

750,898

29

Fiscal year ended December 31, 2019

(Millions of yen)

Capital surplus

Retained earnings

Other retained earnings

Total

Capital

Legal

Other

Total

Reserve for

Total

Treasury

Retained

shareholders'

stock

capital

capital

capital

Reserve for

advanced

retained

stock

equity

depreciation

General

earnings

surplus

surplus

surplus

special

of non-

reserve

brought

earnings

depreciation

current

forward

assets

Balance at January 1,

70,000

17,500

268,867

286,367

33

1,785

312,700

77,951

392,470

(938)

747,899

2019

Cumulative effects of

changes in accounting

policies

Restated balance

70,000

17,500

268,867

286,367

33

1,785

312,700

77,951

392,470

(938)

747,899

Changes of items

during the year

Dividends from

(8,914)

(8,914)

(8,914)

surplus

Net income

89,297

89,297

89,297

Reversal of reserve

for special

(9)

9

depreciation

Reversal of reserve

for advanced

(44)

44

depreciation of non-

current assets

Net changes of

items other than

shareholders' equity

Total changes of items

(9)

(44)

80,436

80,382

80,382

during the year

Balance at December

70,000

17,500

268,867

286,367

23

1,740

312,700

158,388

472,852

(938)

828,281

31, 2019

30

(Millions of yen)

Valuation and translation adjustments

Valuation

Deferred gains

Total valuation

Total net assets

difference on

or losses on

and translation

available - for -

hedges

adjustments

sale securities

Balance at January 1,

6,250

(3,251)

2,999

750,898

2019

Cumulative effects of

changes in accounting

policies

Restated balance

6,250

(3,251)

2,999

750,898

Changes of items

during the year

Dividends from

(8,914)

surplus

Net income

89,297

Reversal of reserve

for special

depreciation

Reversal of reserve

for advanced

depreciation of non-

current assets

Net changes of

items other than

1,063

(490)

572

572

shareholders' equity

Total changes of items

1,063

(490)

572

80,954

during the year

Balance at December

7,313

(3,741)

3,571

831,853

31, 2019

31

Disclaimer

Suntory Beverage & Food Limited published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 07:58:07 UTC

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Financials
Sales 2020 1 274 B 11 674 M 11 674 M
Net income 2020 64 461 M 591 M 591 M
Net Debt 2020 53 625 M 492 M 492 M
P/E ratio 2020 21,4x
Yield 2020 1,75%
Capitalization 1 387 B 12 733 M 12 717 M
EV / Sales 2019
EV / Sales 2020 1,13x
Nbr of Employees 24 213
Free-Float 40,3%
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Technical analysis trends SUNTORY BEVERAGE & FOOD LI
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 4 802,50 JPY
Last Close Price 4 490,00 JPY
Spread / Highest target 33,6%
Spread / Average Target 6,96%
Spread / Lowest Target -8,69%
EPS Revisions
Managers
NameTitle
Saburo Kogo President, CEO & Representative Director
Hideo Tsujimura Director, VP, GM-Research & Development
Yuji Yamazaki Director & Senior Managing Executive Officer
Nobuhiro Torii Director
Yukari Inoue Independent Outside Director
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