SUMMARY OF CONSOLIDATED FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (UNDER IFRS) (UNAUDITED)

KIRIN HOLDINGS COMPANY, LIMITED

SUMMARY OF CONSOLIDATED FINANCIAL RESULTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (UNDER IFRS) (UNAUDITED)

November 9, 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.com/en/)

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:	November 11, 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 nine months of the current fiscal year (January 1, 2021 - September 30, 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)	(%)
Nine months ended
September 30, 2021	1,326,547	(2.4)	117,988	(9.4)		100,348	(12.9)
September 30, 2020	1,359,682	(5.4)	130,276	(12.2)	115,201	48.7
	Profit	Percentage	Profit attributable to	Percentage	Total	Percentage
	comprehensive
		change	owners of the Company	change	change
		income
	(¥ millions)	(%)		(¥ millions)	(%)		(%)
			(¥ millions)
Nine months ended
September 30, 2021	69,529	(26.1)	51,627	(28.0)	89,678	21.4
September 30, 2020	94,080	90.1	71,751	116.5	73,868	366.9
	Basic earnings	Diluted earnings
	per share	per share
	(¥)	(¥)
Nine months ended
September 30, 2021	61.93	61.91
September 30, 2020	85.11	85.09
Reference: Operating profit		Nine months ended September 30, 2021	¥78,475 million	(24.8%)
		Nine months ended September 30, 2020	¥104,329 million	70.9%

• 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.

―i―

(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
September 30, 2021	2,408,079	1,120,328	862,138	35.8
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	－	32.50	－
Fiscal year ending December 31, 2021				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	1,870,000	1.1	170,000	4.9	158,000	26.9
December 31, 2021
		Profit	Percentage	Profit attributable to	Percentage	Basic earnings
		owners of the
			change	change	per share
			Company
		(¥ millions)	(%)	(%)	(¥)
		(¥ millions)
Fiscal year ending	112,500	12.7	86,500	20.2	103.77
December 31, 2021
Note:	Revision of the forecast from recently announced figures: None
Reference:	Operating profit		Fiscal year ending December 31, 2021	¥125,500 million	21.9%

―ii―

* Notes

(1)	Changes in significant subsidiaries for the nine months ended September 30, 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:		Yes

For details, please see "NOTES TO CONDENSED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS (CHANGES IN ACCOUNTING ESTIMATES)" on page 10.

(3) Number of shares outstanding (ordinary shares)
i. Number of shares outstanding at the end of the period (including treasury shares)
As of September 30, 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 September 30, 2021	80,411,001 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 nine months ended September 30, 2021	833,602,121 shares
For the nine months ended September 30, 2020	843,004,792 shares

Note: Number of treasury shares at September 30, 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, Tuesday, November 9, 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.com/en/investors/

―iii―

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
(CHANGES IN ACCOUNTING ESTIMATES)..............................................................................................................................	10

―1―

1. CONDENSED QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS

1. CONDENSED QUARTERLY CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		(¥ millions)
	At December 31, 2020	At September 30, 2021
Assets
Non-current assets
Property, plant and equipment	521,919	532,800
Goodwill	245,709	227,687
Intangible assets	209,291	211,471
Equity-accounted investees	387,467	408,234
Other financial assets	105,740	88,982
Other non-current assets	21,162	20,677
Deferred tax assets	101,533	102,964
Total non-current assets	1,592,821	1,592,816
Current assets
Inventories	217,176	247,749
Trade and other receivables	372,146	298,052
Other financial assets	7,948	6,942
Other current assets	33,941	30,641
Cash and cash equivalents	161,667	231,879
(Sub-total)	792,878	815,263
Assets held for sale	73,664	－
Total current assets	866,542	815,263
Total assets	2,459,363	2,408,079

―2―