Six Months ended June 30, 2020

Consolidated First Half Earnings Report - Supplementary Information

Consolidated Results (Six months ended June 30, 2020)

  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, 2020)

  1. Full-YearConsolidated Business Results estimate
  2. Full-YearConsolidated Statement of Income: Breakdown of Key Changes
  3. Full-YearConsolidated Segment information

August 2020

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)

Six months

Six months

ended June 30,

ended June 30,

Change

Change(%)

2019（*1）

2020

Revenue

228.2

200.0

(28.2)

(12.4%)

（ref.）Excluding liquor tax

173.0

151.6

(21.4)

(12.4%)

Revenue growth rate

(0.1%)

(12.4%)

ー

ー

（ref.）Excluding liquor tax

0.4%

(12.4%)

ー

ー

Overseas revenue

35.2

30.7

(4.5)

(12.9%)

Overseas revenue growth rate

(0.9%)

(12.9%)

ー

ー

Core operating profit（*2）

(1.3)

(5.1)

(3.8)

ー

Core operating margin

(0.6%)

(2.5%)

ー

ー

Operating profit

0.1

(9.4)

(9.5)

ー

Profit attributable to owners of parent

(0.8)

(6.4)

(5.6)

ー

Total assets

639.3

616.7

(22.6)

(3.5%)

Total equity

165.7

156.6

(9.1)

(5.5%)

Balance of debt :Net （*3）

228.0

225.8

(2.1)

(0.9%)

Debt-to-equity ratio (times) :Net（*4）

1.4

1.4

ー

ー

Depreciation and amortization

12.0

11.4

(0.5)

(4.5%)

EBITDA（*5）

10.7

6.4

(4.3)

(40.6%)

US$

110.06

108.25

ー

ー

Exchange rates (Yen) （*10）

CAN$

82.56

79.36

ー

ー

SG$

80.99

77.41

ー

ー

Year ended

Year ending

December 31,

December 31,

Change

Change(%)

2019(*1)

2020 (Forecast)

Revenue

491.9

444.5

(47.4)

(9.6%)

（ref.）Excluding liquor tax

371.1

337.5

(33.6)

(9.1%)

Revenue growth rate

(0.4%)

(9.6%)

ー

ー

（ref.）Excluding liquor tax

0.1%

(9.1%)

ー

ー

Overseas revenue

71.2

64.0

(7.2)

(10.2%)

Overseas revenue growth rate

(4.1%)

(10.2%)

ー

ー

Core operating profit（*2）

11.7

1.0

(10.7)

(91.5%)

Core operating margin

2.4%

0.2%

ー

ー

Operating profit

12.2

(7.9)

(20.1)

ー

Profit attributable to owners of parent

4.4

(6.5)

(10.9)

ー

Total assets

638.7

Total equity

174.5

Balance of debt :Net （*3）

212.1

217.4

5.3

2.5%

Debt-to-equity ratio (times) :Net（*4）

1.2

1.4

ー

ー

Depreciation and amortization

24.2

22.5

(1.7)

(7.0%)

EBITDA（*5）

36.0

23.5

(12.5)

(34.7%)

EBITDA interest-bearing debt ratio(times) （*6)

5.9

9.2

ー

ー

Capital expenditure

Cash basis

29.9

13.5

(16.4)

(54.8%)

ＲＯＥ（％） （*7)

2.6%

(3.9%)

ー

ー

ＥＰＳ（yen sen）

（*8)

55.92

(83.44)

ー

ー

ＤＯＥ（％） （*9)

2.0%

2.0%

ー

ー

Payout ratio（％）

75.1%

ー

ー

ー

US$

109.03

108.00

ー

ー

Exchange rates (Yen) （*10）

CAN$

82.19

79.00

ー

ー

SG$

79.93

77.00

ー

ー

*1: The profit and loss of the North American soft drinks business has been classified under discontinued operations in 2019.

Therefore, the amount of continuing operations excluding the amount of discontinued operations from related items is shown. *2: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.

*3: The balance of debt includes commercial paper but excludes the balance of lease obligations.

*4: Balance of debt:Net ／Equity total

*5: EBITDA (IFRS)=Profit from operations before non-recurring items+ Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants）

*6: Balance of debt:Net ／EBITDA

*7: Profit attributable to owners of parent／owend capitaled（Average）

*8: Profit attributable to owners of parent／Average number of shares during the period

*9: Dividend／Equity attributable to owners of parent(Average)

*10: 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)

Jan. 1 -

Jan. 1 -

Year ending

Change

Change(%)

December 31,

Change

Change(%)

Jun.30, 2019

Jun.30, 2020

2020 (Forecast)

Sapporo Draft Beer Black Label (total)

778

600

(178)

(22.9%)

1,380

(287)

(17.2%)

YEBISU (total)

353

282

(71)

(20.1%)

670

(162)

(19.5%)

1 Beer (total)

1,342

1,043

(299)

(22.3%)

2,460

(547)

(18.2%)

2 Happoshu (total)

99

85

(14)

(14.1%)

175

(35)

(16.7%)

3 New genre beer products (total)

520

704

184

35.4%

1,410

279

24.7%

Beer, happoshu, and new genre （total 1+2+3）

1,961

1,832

(129)

(6.6%)

4,045

(302)

(6.9%)

Non-alcoholic beer taste beverage

35

28

(7)

(20.0%)

71

0

0.0%

Sales Volume:Beer (International)

(10,000 cases)

Jan. 1 -

Jan. 1 -

Year ending

Change

Change(%)

December 31,

Change

Change(%)

Jun.30, 2019

Jun.30, 2020

2020 (Forecast)

Overseas brand (SLEEMAN, Anchor, etc.)

645

649

4

0.6%

1,329

6

0.5%

Sapporo brand

178

137

(41)

(22.9%)

274

(91)

(24.9%)

North America

823

786

(37)

(4.5%)

1,604

(85)

(5.0%)

Sapporo brand

141

72

(69)

(48.9%)

159

(72)

(31.1%)

Other areas

141

72

(69)

(48.9%)

159

(72)

(31.1%)

Total

964

858

(106)

(11.0%)

1,763

(157)

(8.2%)

Sales:Beer (Japan) *including liquor tax

(billions of yen)

Jan. 1 -

Jan. 1 -

Change

Change(%)

Jun.30, 2019

Jun.30, 2020

Beer

74.4

58.4

(16.0)

(21.5%)

Happoshu

3.8

3.3

(0.5)

(14.4%)

New genre

17.2

23.3

6.2

35.9%

Subtotal

95.3

85.0

(10.4)

(10.9%)

Rebate subtracted from sales

(5.1)

(4.7)

0.4

ー

Total

90.3

80.3

(10.0)

(11.1%)

Sales:Alcoholic Beverage (Japan)

(billions of yen)

Year ending

Jan. 1 -

Jan. 1 -

Change

Change(%)

December 31,

Change

Change(%)

Jun.30, 2019

Jun.30, 2020

2020 (Forecast)

Domestic wines

2.1

1.7

(0.4)

(18.5%)

3.7

(0.6)

(13.5%)

Imported wines

3.6

2.8

(0.8)

(22.8%)

6.7

(1.7)

(20.3%)

Wine (total)

5.7

4.5

(1.2)

(21.2%)

10.4

(2.3)

(18.0%)

RTD, Spirits and Shochu (total)

18.2

18.0

(0.2)

(1.3%)

37.7

(0.1)

(0.2%)

Subtotal

24.1

22.5

(1.6)

(6.8%)

48.2

(2.3)

(4.6%)

Rebate subtracted from sales(*2)

(4.7)

(4.5)

0.2

ー

－

－

－

Total

19.3

17.9

(1.3)

(7.0%)

－

－

－

*2:Full year estimate for rebate subtracted from sales is not disclosed.

Sales:Food & Soft Drinks (Japan) *3

(billions of yen)

Jan. 1 -

Jan. 1 -

Change

Change(%)

Jun.30, 2019

Jun.30, 2020

Soft Drinks

32.1

28.9

(3.2)

(10.0%)

Food（Lemon・Soups・Soy milk, chilled products）

12.8

13.8

1.0

7.8%

*3:Only domestic sales

2

３．Consolidated Results (Six months ended June 30, 2020)

Consolidated Statements of Income

(billions of yen)

Six months

Six months

ended June 30,

ended June 30,

Change

Change(%)

2019（*1）

2020

Alcoholic Beverages（*2）

152.6

130.4

(22.3)

(14.6%)

Japan & Asia

116.4

103.4

(13.0)

(11.2%)

North America

23.3

21.5

(1.8)

(7.9%)

Restaurants

12.9

5.5

(7.4)

(57.3%)

Food & Soft Drinks

63.5

58.1

(5.4)

(8.5%)

Real Estate

12.0

11.5

(0.6)

(4.7%)

Otehr（*2）

0.1

0.1

0.0

11.7%

Revenue

228.2

200.0

(28.2)

(12.4%)

Alcoholic Beverages（*2）

(0.6)

(3.8)

(3.2)

ー

Japan & Asia

0.3

(0.8)

(1.1)

ー

North America

(0.5)

(0.6)

(0.1)

ー

Restaurants

(0.4)

(2.5)

(2.1)

ー

Food & Soft Drinks

(1.6)

(2.6)

(1.0)

ー

Real Estate

4.5

4.6

0.2

3.4%

Other・General corporate and

(3.5)

(3.3)

0.2

ー

intercompany eliminations（*2）

Core operating profit（*3）

(1.3)

(5.1)

(3.8)

ー

Other operating income

2.9

0.6

(2.2)

(77.3%)

Other operating expense

1.4

5.0

3.5

246.9%

Operating profit

0.1

(9.4)

(9.5)

ー

Financial income (expense) /

(0.5)

(0.5)

(0.1)

ー

Foreign exchange gains (losses)

Equity in net income (loss) of affiliates

0.0

0.0

(0.0)

(34.8%)

Profit before tax

(0.3)

(9.9)

(9.6)

ー

Income taxes

0.4

(3.4)

(3.8)

ー

Loss from continuing operations

(0.8)

(6.6)

(5.8)

ー

Loss from discontinued operations

(0.4)

ー

0.4

ー

Loss

(1.1)

(6.6)

(5.4)

ー

Profit (loss) attributable to non-controlling interest

(0.3)

(0.1)

0.2

ー

Loss attributable to owners of parent

(0.8)

(6.4)

(5.6)

ー

（ref.）

ＥＢＩＴＤＡ

（*4）

10.7

6.4

(4.3)

(40.6%)

*1: The profit and loss of the North American soft drinks business has been classified under discontinued operations in 2019. Therefore, the amount of continuing operations excluding the amount of discontinued operations from related items is shown.

*2: The logistics businesses which until now were listed under "other business", will be classified under "Alcoholic Beverages" in 2020 .

To enable year-on-year comparisons, figures for the previous fiscal year have been adjusted to reflect the new reportable segments.

*3: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.

*4: EBITDA (IFRS)=Profit from operations before non-recurring items+ 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)

Six months

Six months

ended June 30,

ended June 30,

Change

Change(%)

2019（*1）

2020

Increase (decrease) in cash and cash equivalents

(1.2)

8.6

9.8

ー

Cash flows from operating activities

13.6

4.3

(9.3)

(68.3%)

Profit before tax

(0.8)

(9.9)

(9.1)

ー

Depreciation and amortization

14.0

13.3

(0.7)

(4.7%)

Income tax payment

(1.4)

(4.4)

(3.0)

ー

Cash flows from investing activities

(14.9)

(11.8)

3.0

ー

Purchase(Proceeds from sales ) of property,plant

(6.3)

(6.2)

0.1

ー

and equipment

Purchase(Proceeds from sales ) of

(3.8)

(3.2)

0.6

ー

Investment property

Free Cash flows

(1.3)

(7.5)

(6.3)

ー

Cash flows from financial activities

0.1

15.5

15.4

12,175.6%

Change in financial liabilities

6.8

22.1

15.3

226.3%

Dividend paid

(3.3)

(3.3)

0.0

ー

Repayments of lease liabilities

(3.4)

(3.3)

0.1

ー

Cash and cash equivalents

10.0

15.2

5.2

52.3%

(beginning of the period)

Cash and cash equivalents

8.7

23.8

15.1

172.1%

(end of the period)

3

４．Consolidated Results (Six months ended June 30, 2020)

Breakdown of key income Changes(Year-on-year)

（１）Alcoholic Beverages

(billions of yen)

Change factor

Jan. 1 -

Jan. 1 -

Change

Details

Jun.30, 2019

Jun.30, 2020

Beer increase (decrease) in volume

(3.6)

Beer (6.1)

Happoshu

(0.1)

New genre

+2.7

Beer product mix

0.3

Excluding Composition difference between genres

Manufacturing cost ,other

(0.0)

Wine・Spirits・Shochu

0.0

Otehrs

0.7

Non-alcoholic beer・RTD

Marginal profit

(2.5)

Advertising and promotion expenses

1.5

Personnel expenses, Facilities costs ,other

0.5

Domestic subsidiary,consolidation adjusting, other

(0.2)

Fixed costs and other

1.8

Alcoholic Beverages in Japan

(0.8)

Alcoholic Beverages in Asia

(0.3)

Vietnam

Alcoholic Beverages in Japan & Asia

0.3

(0.8)

(1.1)

Alcoholic Beverages in North America

(0.5)

(0.6)

(0.1)

Restaurants

(0.4)

(2.5)

(2.1)

Alcoholic Beverages(Core operating profit)

(0.6)

(3.8)

(3.2)

（２）Food & Soft Drinks

(billions of yen)

Change factor

Jan. 1 -

Jan. 1 -

Change

Details

Jun.30, 2019

Jun.30, 2020

Increase (decrease) in volume

(1.1)

Manufacturing cost ,other

0.2

Logistics costs

(0.2)

Marginal profit

(1.1)

Advertising and promotion expenses

0.6

Personnel expenses, Facilities costs ,other

0.6

Fixed costs and other

1.2

Domestic subsidiary,consolidation adjusting, other

(0.4)

Japanese Food & Soft Drinks

(0.3)

Overseas Soft Drinks/ Domestic coffee shop chain

(0.7)

Overseas+0.1・Domestic others(0.8)

Food & Soft Drinks(Core operating profit)

(1.6)

(2.6)

(1.0)

4

５．Consolidated Results (Six months ended June 30, 2020)

Segment Information

(billions of yen)

Alcoholic

Food & Soft

Corporate

Consolidated

Real Estate

Other

and

Beverages

Drinks (*1)

total(*1)

eliminations

Revenue

Jan. 1 - Jun.30, 2020

130.4

58.1

11.5

0.1

ー

200.0

Jan. 1 - Jun.30, 2019

152.6

63.5

12.0

0.1

ー

228.2

Change

(22.3)

(5.4)

(0.6)

0.0

ー

(28.2)

Core operating profit (*2)

Jan. 1 - Jun.30, 2020

(3.8)

(2.6)

4.6

(0.0)

(3.3)

(5.1)

Jan. 1 - Jun.30, 2019

(0.6)

(1.6)

4.5

0.0

(3.5)

(1.3)

Change

(3.2)

(1.0)

0.2

(0.0)

0.2

(3.8)

Operating profit

Jan. 1 - Jun.30, 2020

(7.8)

(2.9)

4.3

(0.0)

(3.0)

(9.4)

Jan. 1 - Jun.30, 2019

(0.8)

(1.9)

6.3

0.0

(3.5)

0.1

Change

(7.0)

(1.0)

(2.1)

(0.0)

0.5

(9.5)

Depreciation and amortization

Jan. 1 - Jun.30, 2020

5.2

2.8

2.5

0.0

1.0

11.4

Jan. 1 - Jun.30, 2019

5.6

2.9

2.6

0.0

0.9

12.0

Change

(0.5)

(0.0)

(0.1)

0.0

0.1

(0.5)

ＥＢＩＴＤＡ（*3）

Jan. 1 - Jun.30, 2020

1.4

0.2

7.1

(0.0)

(2.3)

6.4

Jan. 1 - Jun.30, 2019

5.0

1.2

7.0

0.0

(2.6)

10.7

Change

(3.7)

(1.0)

0.1

(0.0)

0.3

(4.3)

Capital expenditures (cash basis)

Jan. 1 - Jun.30, 2020

4.2

1.6

3.5

0.0

1.3

10.6

Jan. 1 - Jun.30, 2019

3.5

2.5

12.4

0.0

1.6

20.0

Change

0.7

(0.8)

(8.9)

(0.0)

(0.3)

(9.4)

*1: The profit and loss of the North American soft drinks business has been classified under discontinued operations in 2019.

Therefore, the amount of continuing operations excluding the amount of discontinued operations from related items is shown. *2: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.

*3: EBITDA (IFRS)=Profit from operations before non-recurring items+ Depreciation and amortization

(excluding depreciation expense on leased assets which is charged on the rent of restaurants）

5

６．Consolidated Results (Six months ended June 30, 2020)

Condensed Consolidated Balance Sheets

(billions of yen)

Year ended

Six months

December 31,

ended June 30,

Change

Details

2019

2020

Current assets

155.8

144.5

(11.3)

Cash and cash equivalents

15.2

23.8

8.6

Trade and other receivables

92.5

67.1

(25.4)

Seasonal factors

Inventories

36.5

39.9

3.4

Other

11.5

13.6

2.1

Non-current assets

483.0

472.2

(10.7)

Property, plant and equipment , Intangible

155.9

152.3

(3.5)

Investment property

219.6

219.5

(0.1)

Goodwill

18.4

18.3

(0.1)

Other

89.2

82.2

(7.0)

Total assets

638.7

616.7

(22.0)

Current liabilities

210.5

226.2

15.7

Trade and other payables

34.5

32.1

(2.3)

Short-term financial liabilities

72.1

110.1

38.0

increase cash on hand

Other

103.9

83.9

(19.9)

Non-current liabilities

253.7

233.9

(19.8)

Long-term financial liabilities

155.2

139.6

(15.7)

Net defined benefit liability

5.0

6.8

1.8

Other

93.5

87.6

(5.9)

Total liabilities

464.2

460.1

(4.1)

Equity attributable to owners of parent

174.1

156.3

(17.7)

Equity attributable to non-controlling interests

0.5

0.3

(0.2)

Total equity

174.5

156.6

(17.9)

Total liabilities and equity

638.7

616.7

(22.0)

Total Asset by segment

(billions of yen)

Year ended

Six months

December 31,

ended June 30,

Change

Details

2019

2020

Alcoholic Beverages(*1)

280.2

261.4

(18.8)

Food & Soft Drinks

117.6

107.8

(9.8)

Real Estate

244.7

240.3

(4.5)

Other(*1)

0.0

0.0

0.0

Corporate and eliminations

(3.9)

7.2

11.1

Total

638.7

616.7

(22.0)

*1:The logistics businesses which until now were listed under "other business", will be classified under "Alcoholic Beverages" in 2020 .

To enable year-on-year comparisons, figures for the previous fiscal year have been adjusted to reflect the new reportable segments.

Financial Liabilities by segment(*1)

(billions of yen)

Year ended

Six months

December 31,

ended June 30,

Change

Details

2019

2020

Alcoholic Beverages(*2)

49.4

63.2

13.8

Food & Soft Drinks

23.3

22.1

(1.2)

Real Estate

130.0

135.3

5.3

Other(*2)

0.0

0.0

0.0

Corporate and eliminations

24.7

29.0

4.3

Total

227.3

249.6

22.3

*1: The balance of debt includes commercial paper but excludes the balance of lease obligations.

*2:The logistics businesses which until now were listed under "other business", will be classified under "Alcoholic Beverages" in 2020 . To enable year-on-year comparisons, figures for the previous fiscal year have been adjusted to reflect the new reportable segments.

6

Consolidated Forecasts (Year ending December 31, 2020)

Condensed Consolidated Statements of Income

(billions of yen)

Year ended

Year ending

December 31,

December 31,

Change

Details

2019(*1)

2020 (Forecast)

Alcoholic Beverages (*2)

330.2

286.9

(43.3)

(13.1%)

Japan & Asia

254.7

229.4

(25.3)

(9.9%)

North America

48.3

44.9

(3.4)

(7.0%)

Restaurants

27.3

12.7

(14.6)

(53.4%)

Food & Soft Drinks

136.9

134.0

(2.9)

(2.1%)

Real Estate

24.7

23.4

(1.3)

(5.2%)

Other (*2)

0.2

0.2

0.0

31.3%

Revenue

491.9

444.5

(47.4)

(9.6%)

Alcoholic Beverages(*2)

8.5

(0.4)

(8.9)

ー

Japan & Asia

8.0

4.5

(3.5)

(43.8%)

North America

0.2

0.0

(0.2)

(100.0%)

Restaurants

0.4

(4.9)

(5.3)

ー

Food & Soft Drinks

(0.5)

(2.7)

(2.2)

ー

Real Estate

10.7

10.5

(0.2)

(2.2%)

Other ・General corporate and

(7.1)

(6.4)

0.7

ー

intercompany eliminations(*2)

Core operating profit (*3)

11.7

1.0

(10.7)

(91.5%)

Other operating income

3.5

3.0

(0.6)

(15.9%)

Other operating expense

3.0

11.9

8.8

289.8%

Operating profit

12.2

(7.9)

(20.1)

ー

Financial income (expense) /

(0.6)

(1.4)

(0.8)

ー

Foreign exchange gains (losses)

Equity in net income (loss) of affiliates

0.0

0.0

(0.0)

(34.8%)

Profit before tax

11.6

(9.4)

(21.0)

ー

Income taxes

4.3

(2.9)

(7.2)

ー

Profit (loss)

from continuing operations

7.3

(6.5)

(13.8)

ー

Loss from discontinued operations

(3.5)

ー

3.5

ー

Profit (loss)

3.8

(6.5)

(10.3)

ー

Profit (loss) attributable to non-controlling interest

(0.5)

(0.0)

0.5

ー

Profit (loss) attributable to owners of parent

4.4

(6.5)

(10.9)

ー

（ref.）

ＥＢＩＴＤＡ

（*4）

36.0

23.5

(12.5)

(34.7%)

*1:The profit and loss of the North American soft drinks business has been classified under discontinued operations in 2019. Therefore, the amount of continuing operations excluding the amount of discontinued operations from related items is shown.

*2:The logistics businesses which until now were listed under "other business", will be classified under "Alcoholic Beverages" in 2020 .

*3: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.

*4: EBITDA=Profit from operations before non-recurring items+ Depreciation and amortization (excluding depreciation expense on leased assets which is charged on the rent of restaurants）

Condensed Consolidated Statements of Cash Flows

(billions of yen)

Year ended

Year ending

December 31,

December 31,

Change

Details

2019

2020 (Forecast)

Cash flows from operating activities

36.1

13.9

(22.1)

(61.3%)

Cash flows from investing activities

(24.9)

(13.5)

11.4

ー

Free Cash flows

11.1

0.4

(10.7)

(96.0%)

7

Consolidated Forecasts ( Year ending December 31, 2020 )

Breakdown of key income Changes (Year-on-year)

（１）Alcoholic Beverages

(billions of yen)

Year ended

Year ending

December 31,

Change factor

December 31,

Change

Details

2020

2019

(Forecast)

Beer increase (decrease) in volume

(7.4)

Beer (10.9)

Happoshu

(0.4)

New genre

+4.0

Beer product mix

0.2

Excluding Composition difference between genres

Manufacturing cost ,other

(0.7)

Wine・Spirits・Shochu

0.4

Otehrs

0.7

Non-alcoholic beer・RTD

Marginal profit

(6.8)

Advertising and promotion expenses

3.2

Rebate subtracted from sales

Personnel expenses, Facilities costs ,other

1.0

Domestic subsidiary,consolidation adjusting, other

(0.5)

Fixed costs and other

3.6

Alcoholic Beverages in Japan

(3.2)

Alcoholic Beverages in Asia

(0.3)

Vietnam

Alcoholic Beverages in Japan & Asia

8.0

4.5

(3.5)

Alcoholic Beverages in North America

0.2

0.0

(0.2)

Restaurants

0.4

(4.9)

(5.3)

Alcoholic Beverages(Core operating profit)

8.5

(0.4)

(8.9)

（２）Food & Soft Drinks

(billions of yen)

Year ended

Year ending

December 31,

Change factor

December 31,

Change

Details

2020

2019

(Forecast)

Increase (decrease) in volume

(0.8)

Manufacturing cost ,other

0.6

Logistics costs

(0.4)

Marginal profit

(0.6)

Advertising and promotion expenses

(0.0)

Personnel expenses, Facilities costs ,other

0.1

Fixed costs and other

0.1

Domestic subsidiary,consolidation adjusting, other

(0.7)

Japanese Food & Soft Drinks

(1.2)

Overseas Soft Drinks/ Domestic coffee shop chain

(1.1)

Overseas(0.2)・Domestic others(0.9)

Food & Soft Drinks(Core operating profit)

(0.5)

(2.7)

(2.2)

8

Consolidated Forecasts (Year ended December 31, 2020)

Segment Information

(billions of yen)

Alcoholic

Food & Soft

Real Estate

Other

Corporate

Consolidated

and

Beverages

Drinks(*1)

eliminations

total(*1)

Revenue

Year ending December 31, 2020(Forecast)

286.9

134.0

23.4

0.2

ー

444.5

Year ended December 31, 2019

330.2

136.9

24.7

0.2

ー

491.9

Change

(43.3)

(2.9)

(1.3)

0.0

ー

(47.4)

Core operating profit (*2)

Year ending December 31, 2020(Forecast)

(0.4)

(2.7)

10.5

0.0

(6.4)

1.0

Year ended December 31, 2019

8.5

(0.5)

10.7

0.0

(7.1)

11.7

Change

(8.9)

(2.2)

(0.2)

(0.0)

0.7

(10.7)

Operating profit

Year ending December 31, 2020(Forecast)

(5.8)

(3.2)

11.3

0.0

(10.2)

(7.9)

Year ended December 31, 2019

7.7

(1.2)

12.7

0.0

(7.1)

12.2

Change

(13.5)

(2.0)

(1.4)

(0.0)

(3.1)

(20.1)

Depreciation and amortization

Year ending December 31, 2020(Forecast)

10.5

5.1

5.1

0.0

1.9

22.5

Year ended December 31, 2019

11.4

5.8

5.2

0.0

1.9

24.2

Change

(0.9)

(0.7)

(0.1)

0.0

0.0

(1.7)

ＥＢＩＴＤＡ（*3）

Year ending December 31, 2020(Forecast)

10.1

2.4

15.6

0.0

(4.5)

23.5

Year ended December 31, 2019

19.9

5.3

15.9

0.0

(5.2)

36.0

Change

(9.9)

(2.9)

(0.3)

(0.0)

0.7

(12.5)

Capital expenditures (cash basis)

Year ending December 31, 2020(Forecast)

3.9

1.4

5.7

0.0

2.5

13.5

Year ended December 31, 2019

7.2

6.5

13.5

0.0

2.6

29.9

Change

(3.3)

(5.2)

(7.8)

(0.0)

(0.1)

(16.4)

*1:The profit and loss of the North American soft drinks business has been classified under discontinued operations in 2019.

Therefore, the amount of continuing operations excluding the amount of discontinued operations from related items is shown. *2: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.

*3: EBITDA (IFRS)=Profit from operations before non-recurring items+ Depreciation and amortization

(excluding depreciation expense on leased assets which is charged on the rent of restaurants）

９

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Sapporo Holdings Limited published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 August 2020 06:03:16 UTC