Kirin : SUMMARY OF CONSOLIDATED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED MARCH 31,2021 (UNDER IFRS) (UNAUDITED)

KIRIN HOLDINGS COMPANY, LIMITED

SUMMARY OF CONSOLIDATED FINANCIAL RESULTS

FOR THE THREE MONTHS ENDED MARCH 31, 2021 (UNDER IFRS)

(UNAUDITED)

May 12, 2021

(English Translation)

Fiscal year ending December 31, 2021

KIRIN HOLDINGS COMPANY, LIMITED

NAKANO CENTRAL PARK SOUTH, 10-2, Nakano 4-chome,Nakano-ku, Tokyo, Japan (URL https://www.kirinholdings.co.jp/english/)

Code No.:	2503
Shares Listed:	Tokyo, Nagoya, Sapporo and Fukuoka
Representative:	Mr. Yoshinori Isozaki, President and CEO
For further information, please contact:	Mr. Nobuhiko Hori,
	General Manager of Corporate Communications Department
	Telephone: [phone] from overseas

Submission date of quarterly securities report scheduled:	May 14, 2021
Commencement date of dividend distribution scheduled:	－
Preparation of supplementary documents to the financial results:	Yes
Holding of financial results presentation (for institutional investors and analysts):	Yes

1. Consolidated business results and financial position for the first three months of the current fiscal year (January 1, 2021 - March 31, 2021)

	[Unit: Japanese yen (¥)]
(1) Results of operations (cumulative):	(Amounts are rounded to the nearest ¥1 million)

(Percentage change compares current results with those of the same period of the previous year)

	Revenue	Percentage		Normalized	Percentage	Profit	Percentage
		change		operating profit		change	before tax	change
	(¥ millions)	(%)		(¥ millions)		(%)	(¥ millions)	(%)
Three months ended
March 31, 2021	409,302	(3.6)	33,142		1.1	33,561	3.1
March 31, 2020	424,549	(2.3)	32,787		(11.0)	32,538	－
	Profit	Percentage	Profit attributable to	Percentage	Total	Percentage
	comprehensive
		change	owners of the Company		change	change
			income
	(¥ millions)	(%)		(¥ millions)		(%)	(%)
			(¥ millions)
Three months ended
March 31, 2021	24,143	(14.8)	16,967		(16.3)	65,309	－
March 31, 2020	28,330	－	20,283		－	(26,446)	－
	Basic earnings	Diluted earnings
	per share	per share
	(¥)	(¥)
Three months ended
March 31, 2021	20.35	20.35
March 31, 2020	23.68	23.67
Reference: Operating profit		Three months ended March 31, 2021	¥28,014 million	7.5%
		Three months ended March 31, 2020	¥26,071 million	－%

• Normalized operating profit is a profit indicator for measuring recurring performance which is calculated by deducting cost of sales and selling, general and administrative expenses from revenue.

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(2) Financial position:

	Total assets	Total equity	Equity	Equity ratio
			attributable to	attributable to
			owners of the	owners of the
			Company	Company
	(¥ millions)	(¥ millions)	(¥ millions)	(%)
As of
March 31, 2021	2,434,733	1,128,570	866,220	35.6
December 31, 2020	2,459,363	1,095,939	838,584	34.1

2. Dividends

			Annual dividends
	First quarter	Second quarter	Third quarter	Year-end	Total
	(¥)	(¥)	(¥)	(¥)	(¥)
Fiscal year ended December 31, 2020	－	32.50	－	32.50	65.00
Fiscal year ending December 31, 2021	－
Fiscal year ending December 31, 2021		32.50	－	32.50	65.00
(Forecast)

Note: Revision of the forecast from recently announced figures: None

3. Forecast consolidated business results for the current fiscal year (January 1, 2021 - December 31, 2021)

(Percentage change compares forecast results with actual results of the previous year)

		Revenue	Percentage	Normalized	Percentage	Profit	Percentage
			change	operating profit	change	before tax	change
		(¥ millions)	(%)	(¥ millions)	(%)	(¥ millions)	(%)
Fiscal year ending	1,880,000	1.6	180,000	11.0	177,000	42.1
December 31, 2021
		Profit	Percentage	Profit attributable to	Percentage	Basic earnings
		owners of the
			change	change	per share
			Company
		(¥ millions)	(%)	(%)	(¥)
		(¥ millions)
Fiscal year ending	132,000	32.2	103,000	43.2	123.56
December 31, 2021
Note:	Revision of the forecast from recently announced figures: None
Reference:	Operating profit		Fiscal year ending December 31, 2021	¥151,000 million	46.7%

The impact of spread of COVID-19 is reflected in the consolidated business forecast above, but it is subject to change depending on the situation.

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* Notes

(1)	Changes in significant subsidiaries for the three months ended March 31, 2021:	Yes
	(Changes in specified subsidiaries accompanying change in scope of consolidation)
	Newly included: -	Excluded: 2 companies
		Lion-Dairy & Drinks Pty Ltd
		Berri Pty Limited
(2)	Changes in accounting policies and changes in accounting estimates
	i. Changes in accounting policies required by IFRS:		None
	ii. Changes in accounting policies due to other reasons:		None
	iii. Changes in accounting estimates:		None

(3) Number of shares outstanding (ordinary shares)
i. Number of shares outstanding at the end of the period (including treasury shares)
As of March 31, 2021	914,000,000 shares
As of December 31, 2020	914,000,000 shares
ii. Number of treasury shares at the end of the period
As of March 31, 2021	80,388,007 shares
As of December 31, 2020	80,385,352 shares
iii. Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended March 31, 2021	833,613,476 shares
For the three months ended March 31, 2020	856,597,565 shares

Note: Number of treasury shares at March 31, 2021 and December 31, 2020 includes 388,000 shares held in the BIP

(Board Incentive Plan) Trust. These shares are excluded in calculation of the average number of shares during the period.

• The summary of quarterly consolidated financial results is not subject to a quarterly review by certified public accountants or an audit corporation.
• Information about proper usage of forecast business results, and other special instructions
• 1. The statements concerning future performance that are presented in this document are based on judgments using information available to Kirin Holdings and the Kirin Group as of the release date of this material. Certain risks and uncertainties could cause the results of Kirin Holdings and the Kirin Group to differ materially from any projections presented herein. These risks and uncertainties include, but are not limited to, the economic circumstances surrounding the Company's businesses, market trends, and exchange rates.
  2. The Company will post the Supplementary Documents to the Financial Results today, Wednesday, May 12, and will post the presentation materials and the main Q&A from the financial results presentation (conference call) to be held today on the Company's website as soon as possible.
     (URL of the Company's website) https://www.kirinholdings.co.jp/english/ir/event/explain/index.html

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ATTACHED MATERIALS

INDEX

1. CONDENSED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS...................................................................................	2
(1) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF FINANCIAL POSITION........................................................	2
(2) CONDENSED QUARTERLY CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND COMPREHENSIVE INCOME…. 4
(3) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY........................................................	6
(4) CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF CASH FLOWS.....................................................................	8
(5) NOTES TO CONDENSED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS..........................................................	10
(GOING CONCERN ASSUMPTION).........................................................................................................................................	10

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1. CONDENSED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS

1. CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		(¥ millions)
	At December 31, 2020	At March 31, 2021
Assets
Non-current assets
Property, plant and equipment	521,919	533,238
Goodwill	245,709	256,186
Intangible assets	209,291	214,972
Equity-accounted investees	387,467	390,456
Other financial assets	105,740	110,279
Other non-current assets	21,162	21,144
Deferred tax assets	101,533	102,644
Total non-current assets	1,592,821	1,628,919
Current assets
Inventories	217,176	238,804
Trade and other receivables	372,146	297,286
Other financial assets	7,948	9,897
Other current assets	33,941	35,284
Cash and cash equivalents	161,667	219,447
(Sub-total)	792,878	800,717
Assets held for sale	73,664	5,097
Total current assets	866,542	805,814
Total assets	2,459,363	2,434,733

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