SAPPORO HOLDINGS LIMITED Three Months ended March 31, 2021
Consolidated First Quarter Earnings Report - Supplementary Information
Consolidated Results (Three months ended March 31, 2021)
- Consolidated Financial Highlights
- Major Sales and Sales Volume Data
- Condensed Consolidated Results Consolidated Statements of Income Consolidated Statements of Cash Flows
- Consolidated Statements of Income : Breakdown of Key Changes
- Segment information
- Condensed Consolidated Balance Sheets
Consolidated Forecasts (Year ending December 31, 2021)
- Full-YearConsolidated Business Results estimate
- Full-YearConsolidated Statement of Income: Breakdown of Key Changes
- Full-YearConsolidated Segment information
May 2021
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)
Three months | Three months | ||||
ended March 31, | ended March 31, | Change | Change(%) | ||
2020 | 2021 | ||||
Revenue | 99.8 | 89.9 | (9.9) | (9.9%) | |
（ref.）Excluding liquor tax | 77.1 | 68.5 | (8.6) | (11.2%) | |
Revenue growth rate | (1.1%) | (9.9%) | ー | ー | |
（ref.）Excluding liquor tax | (0.3%) | (11.2%) | ー | ー | |
Overseas revenue | 15.2 | 14.3 | (1.0) | (6.3%) | |
Overseas revenue growth rate | (5.8%) | (6.3%) | ー | ー | |
Core operating profit（*1） | (6.2) | (6.9) | (0.7) | ー | |
Core operating margin | (6.2%) | (7.6%) | ー | ー | |
Operating profit | (6.1) | (6.2) | (0.1) | ー | |
Profit attributable to owners of parent | (4.6) | (5.2) | (0.6) | ー | |
Total assets | 609.1 | 602.4 | (6.7) | (1.1%) | |
Total equity | 152.7 | 145.6 | (7.0) | (4.6%) | |
Balance of debt :Net （*2） | 213.1 | 228.5 | 15.4 | 7.2% | |
Debt-to-equity ratio (times) :Net（*3） | 1.4 | 1.6 | ー | ー | |
Depreciation and amortization | 6.1 | 5.2 | (0.9) | (15.2%) | |
EBITDA（*4） | (0.1) | (1.7) | (1.6) | ー | |
Exchange rates (Yen) （*9） | US$ | 108.91 | 106.09 | ー | ー |
CAN$ | 81.09 | 83.80 | ー | ー | |
SG$ | 78.63 | 79.62 | ー | ー | |
Year ended | Year ending | ||||
December 31, 2021 | Change | Change(%) | |||
December 31, 2020 | |||||
(Forecast) | |||||
Revenue | 434.7 | 468.2 | 33.5 | 7.7% | |
（ref.）Excluding liquor tax | 328.6 | 354.1 | 25.5 | 7.8% | |
Revenue growth rate | (11.6%) | 7.7% | ー | ー | |
（ref.）Excluding liquor tax | (11.5%) | 7.8% | ー | ー | |
Overseas revenue | 65.5 | 72.7 | 7.2 | 11.0% | |
Overseas revenue growth rate | (8.0%) | 11.0% | ー | ー | |
Core operating profit（*1） | 4.3 | 9.0 | 4.7 | 111.2% | |
Core operating margin | 1.0% | 1.9% | ー | ー | |
Operating profit | (15.9) | 18.0 | 33.9 | ー | |
Profit attributable to owners of parent | (16.1) | 12.0 | 28.1 | ー | |
Total assets | 616.3 | ||||
Total equity | 149.6 | ||||
Balance of debt :Net （*2） | 221.5 | 215.2 | (6.3) | (2.9%) | |
Debt-to-equity ratio (times) :Net（*3） | 1.5 | 1.4 | ー | ー | |
Depreciation and amortization | 23.1 | 20.4 | (2.7) | (11.6%) | |
EBITDA（*4） | 27.4 | 29.4 | 2.0 | 7.5% | |
EBITDA interest-bearing debt ratio(times) （*5) | 8.1 | 7.3 | ー | ー | |
Capital expenditure | Cash basis | 16.1 | 33.4 | 17.3 | 107.3% |
ＲＯＥ（％） （*6) | (9.9%) | 7.8% | ー | ー | |
ＥＰＳ（yen sen）（*7) | (206.31) | 154.05 | ー | ー | |
ＤＯＥ（％） （*8) | 2.0% | 2.1% | ー | ー | |
Payout ratio（％） | ー | 27.3% | ー | ー | |
Exchange rates (Yen) （*9） | US$ | 106.77 | 104.00 | ー | ー |
CAN$ | 79.66 | 77.00 | ー | ー | |
SG$ | 77.43 | 76.00 | ー | ー |
*1: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.
*2: The balance of debt includes commercial paper but excludes the balance of lease obligations.
*3: Balance of debt:Net(excluding lease liabilities) ／Equity attributable to owners of parent
*4: EBITDA (IFRS)=Core operating profit + Depreciation and amortization
(excluding depreciation expense on leased assets which is charged on the rent of restaurants） *5: Balance of debt:Net (excluding lease liabilities)／EBITDA
*6: Profit attributable to owners of parent／Equity attributable to owners of parent
*7: Profit attributable to owners of parent／Average number of shares during the period
*8: Dividend／Equity attributable to owners of parent(Average)
*9: Revenues and expenses are translated into Japanese yen at the average exchange rate for the fiscal year.
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2. Major Sales and Sales Volume
Sales Volume:Beer (Japan) *1 | (10,000 cases) | |||||
Jan. 1 - | Jan. 1 - | YoY | YoY | |||
Mar.31, 2020 | Mar.31, 2021 | Change | Change(%) | |||
Sapporo Draft Beer Black Label (total) | ー | ー | ー | (22.0%) | ||
YEBISU (total) | ー | ー | ー | (3.5%) | ||
1 | Beer (total) | ー | ー | ー | (11.4%) | |
2 Happoshu (total) | ー | ー | ー | (5.3%) | ||
3 New genre beer products (total) | ー | ー | ー | (11.2%) | ||
Beer, happoshu, and new genre （total 1+2+3） | ー | ー | ー | (11.1%) | ||
RTD(*2) | 174 | 260 | 86 | 49.5% | ||
Non-alcoholic beer taste beverage | 11 | 11 | 0 | 0.0% |
*1:Following the agreement of the Brewers Association of Japan, there is no disclosure of the sales volume for the first quarter. The sales volume for the first half and end of the fiscal year shall be disclosed.
*2: RTD 1 case = 250 ml x 24 bottles
Sales Volume:Beer (International) | (10,000 cases) | |||||
Jan. 1 - | Jan. 1 - | YoY | YoY | |||
Mar.31, 2020 | Mar.31, 2021 | Change | Change(%) | |||
Overseas brand (SLEEMAN, Anchor, etc.) | 277 | 277 | (0) | (0.1%) | ||
Sapporo brand | 87 | 64 | (23) | (26.4%) | ||
North America | 364 | 340 | (23) | (6.4%) | ||
Sapporo brand | 34 | 41 | 6 | 17.7% | ||
Other areas | 34 | 41 | 6 | 17.7% | ||
Total | 398 | 381 | (17) | (4.3%) |
Sales:Beer (Japan) *including liquor tax | (billions of yen) | ||||||
Jan. 1 - | Jan. 1 - | YoY | YoY | ||||
Mar.31, 2020 | Mar.31, 2021 | Change | Change(%) | ||||
Beer | 27.5 | 23.4 | (4.1) | (14.8%) | |||
Happoshu | 1.4 | 1.4 | (0.1) | (3.9%) | |||
New genre | 10.9 | 10.8 | (0.1) | (1.3%) | |||
Subtotal | 39.8 | 35.6 | (4.3) | (10.7%) | |||
Rebate subtracted from sales | (2.4) | (2.5) | (0.1) | ー | |||
Total | 37.5 | 33.1 | (4.4) | (11.7%) | |||
Sales:Alcoholic Beverage (Japan) | (billions of yen) | ||||||
Jan. 1 - | Jan. 1 - | YoY | YoY | ||||
Mar.31, 2020 | Mar.31, 2021 | Change | Change(%) | ||||
Domestic wines | 0.9 | 0.8 | (0.1) | (9.4%) | |||
Imported wines | 1.5 | 1.3 | (0.2) | (14.7%) | |||
Wine (total) | 2.4 | 2.1 | (0.3) | (12.8%) | |||
Spirits and Shochu (total) | 4.9 | 5.0 | 0.1 | 1.8% | |||
Subtotal | 7.3 | 7.1 | (0.2) | (3.0%) | |||
Rebate subtracted from sales | (1.4) | (1.4) | (0.1) | ー | |||
Total | 6.0 | 5.7 | (0.3) | (5.1%) | |||
Sales:Food & Soft Drinks (Japan) *3 | (billions of yen) | ||||||
Jan. 1 - | Jan. 1 - | YoY | YoY | ||||
Mar.31, 2020 | Mar.31, 2021 | Change | Change(%) | ||||
Soft Drinks | 13.7 | 12.6 | (1.1) | (7.7%) | |||
Food（Lemon・Soups・Plant milk） | 7.1 | 7.5 | 0.4 | 4.9% | |||
*3:Only domestic sales |
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3. Consolidated Results (Three months ended March 31, 2021)
Consolidated Statements of Income | (billions of yen) | |||||
Three months | Three months | |||||
ended March 31, | ended March 31, | Change | Change(%) | |||
2020 | 2021 | |||||
Alcoholic Beverages（*1）（*2） | 63.4 | 56.6 | (6.7) | (10.6%) | ||
Japanese | 48.6 | 44.7 | (3.9) | (8.0%) | ||
Overseas | 10.3 | 10.2 | (0.1) | (1.0%) | ||
Restaurants | 4.5 | 1.8 | (2.7) | (60.4%) | ||
Food & Soft Drinks | 30.3 | 27.6 | (2.8) | (9.1%) | ||
Real Estate | 6.1 | 5.6 | (0.4) | (7.2%) | ||
Other（*1） | 0.0 | 0.0 | 0.0 | 14.0% | ||
Revenue | 99.8 | 89.9 | (9.9) | (9.9%) | ||
Alcoholic Beverages（*1）（*2） | (4.6) | (5.0) | (0.4) | ー | ||
Japanese | (2.9) | (3.0) | (0.1) | ー | ||
Overseas | (0.6) | (0.3) | 0.3 | ー | ||
Restaurants | (1.2) | (1.7) | (0.5) | ー | ||
Food & Soft Drinks | (1.4) | (1.1) | 0.3 | ー | ||
Real Estate | 1.2 | 0.7 | (0.5) | (40.0%) | ||
Other・General corporate and | (1.4) | (1.5) | (0.1) | ー | ||
intercompany eliminations（*1） | ||||||
Core operating profit（*3） | (6.2) | (6.9) | (0.7) | ー | ||
Other operating income | 0.4 | 1.3 | 0.9 | 265.9% | ||
Other operating expense | 0.2 | 0.6 | 0.4 | 156.6% | ||
Operating profit | (6.1) | (6.2) | (0.1) | ー | ||
Financial income (expense) | (0.2) | (0.1) | 0.2 | ー | ||
Equity in net income (loss) of affiliates | 0.0 | 0.0 | 0.0 | 79.5% | ||
Profit before tax | (6.3) | (6.2) | 0.1 | ー | ||
Income taxes | (1.6) | (1.0) | 0.6 | ー | ||
Profit (loss) | (4.7) | (5.2) | (0.5) | ー | ||
Profit (loss) attributable to non-controlling interest | (0.1) | (0.0) | 0.0 | ー | ||
Profit (loss) attributable to owners of parent | (4.6) | (5.2) | (0.6) | ー | ||
（ref.） | ||||||
ＥＢＩＴＤＡ | （*4） | (0.1) | (1.7) | (1.6) | ー |
*1: Effective from the fiscal year 2020, the logistics businesses were listed under "Alcoholic Beverages".
*2:The Vietnam and Europe businesses which were previously listed under "Japan & Asia business", but has been classified under "Overseas business" in 2021. With the change of the classification, the name of "Japan & Asia business" changed to "Japanese business".
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)=Core operating profit + Depreciation and amortization
(excluding depreciation expense on leased assets which is charged on the rent of restaurants）
Consolidated Statements of Cash Flows
(billions of yen)
Three months | Three months | ||||
ended March 31, | ended March 31, | Change | Change(%) | ||
2020 | 2021 | ||||
Increase (decrease) in cash and cash equivalents | 14.1 | (0.6) | (14.8) | ー | |
Cash flows from operating activities | 11.2 | 2.1 | (9.1) | (81.4%) | |
Profit before tax | (6.3) | (6.2) | 0.1 | ー | |
Depreciation and amortization | 6.8 | 5.7 | (1.1) | (16.2%) | |
Income tax payment | (2.4) | (5.3) | (2.9) | ー | |
Cash flows from investing activities | (7.1) | (5.4) | 1.6 | ー | |
Purchase(Proceeds from sales ) of property, | (3.0) | (1.0) | 2.0 | ー | |
plant and equipment | |||||
Purchase(Proceeds from sales ) of | (2.7) | (3.1) | (0.4) | ー | |
Investment property | |||||
Free Cash flows | 4.2 | (3.3) | (7.5) | ー | |
Cash flows from financial activities | 10.2 | 1.3 | (8.8) | (86.8%) | |
Change in financial liabilities | 14.9 | 6.0 | (8.9) | (59.7%) | |
Dividend paid | (3.1) | (3.1) | (0.0) | ー | |
Repayments of lease liabilities | (1.7) | (1.5) | 0.1 | ー | |
Cash and cash equivalents | 15.2 | 19.7 | 4.5 | 29.7% | |
(beginning of the period) | |||||
Cash and cash equivalents | 29.4 | 19.1 | (10.3) | (34.9%) | |
(end of the period) | |||||
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4. Consolidated Results (Three months ended March 31, 2021)
Breakdown of key income Changes(Year-on-year)
（１）Alcoholic Beverages | (billions of yen) | ||||||||
Change factor | Jan. 1 - | Jan. 1 - | Change | Details | |||||
Mar.31, 2020 | Mar.31, 2021 | ||||||||
Beer increase (decrease) in volume | (1.9) | Beer (1.2) | |||||||
Happoshu | (0.0) | ||||||||
New genre | (0.6) | ||||||||
Beer product mix | 0.2 | Including composition difference between container | |||||||
Manufacturing cost ,other | 0.1 | ||||||||
Wine・Spirits・Shochu | (0.1) | ||||||||
Others | 0.1 | Including Non-alcoholic & RTD | |||||||
Marginal profit | (1.7) | ||||||||
Advertising and promotion expenses（*1） | 0.6 | ||||||||
Personnel expenses, Facilities costs ,other | 0.8 | ||||||||
Fixed costs and other | 1.3 | ||||||||
Domestic subsidiary,consolidation adjusting, other | 0.2 | ||||||||
Alcoholic Beverages in Japanese | (2.9) | (3.0) | (0.1) | ||||||
Alcoholic Beverages in Overseas | (0.6) | (0.3) | 0.3 | ||||||
Restaurants | (1.2) | (1.7) | (0.5) | ||||||
Segment adjustment | 0.1 | - | (0.1) | ||||||
Alcoholic Beverages(Core operating profit) | (4.6) | (5.0) | (0.4) | ||||||
（*1）Advertising and promotion expenses(2021) 6.1billions of yen | |||||||||
（２）Food & Soft Drinks | (billions of yen) | ||||||||
Change factor | Jan. 1 - | Jan. 1 - | Change | Details | |||||
Mar.31, 2020 | Mar.31, 2021 | ||||||||
Increase (decrease) in volume | (0.4) | ||||||||
Manufacturing cost ,other | (0.1) | ||||||||
Logistics costs | (0.0) | ||||||||
Marginal profit | (0.6) | ||||||||
Advertising and promotion expenses | 0.3 | ||||||||
Personnel expenses, Facilities costs ,other | 0.8 | ||||||||
Fixed costs and other | 1.1 | ||||||||
Domestic subsidiary,consolidation adjusting, other | (0.1) | ||||||||
Japanese Food & Soft Drinks | 0.4 | ||||||||
Overseas Soft Drinks/ Domestic coffee shop chain | (0.1) | Overseas+0.1・Domestic others(0.2) | |||||||
Food & Soft Drinks(Core operating profit) | (1.4) | (1.1) | 0.3 |
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Sapporo Holdings Limited published this content on 07 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 09:37:32 UTC.
