Sapporo : Supplementary Information(2.1MB)

Year ended December 31, 2023

Consolidated Earnings Report - Supplementary Information

Consolidated Results (Year ended December 31, 2023)

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, 2024)

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

February 2024

Securities Code: 2501

URL https://www.sapporoholdings.jp/en/

1. Financial Highlights

Consolidated Financial Highlights

Revenue

（ref.）Excluding liquor tax

(billions of yen, except percentages, ratios, per-share data, and exchange rates)

December 31,	December 31,	Change	Change(%)
2022	2023
478.4	518.6	40.2	8.4%
364.2	400.8	36.5	10.0%
9.4%	8.4%	ー	ー

 Revenue growth rate

Overseas revenue

（ref.）Excluding liquor tax

10.0%	10.0%	ー	ー
102.2	119.6	17.4	17.0%

  Overseas revenue growth rate Core operating profit（*1） Core operating margin Operating profit

Profit attributable to owners of parent Total assets

Total equity

Balance of debt :Net （*2） Debt-to-equity ratio (times) :Net（*3） Depreciation and amortization EBITDA（*4）

US$

Exchange rates (Yen) （*9） CAN$ SG$

37.2%	17.0%	ー	ー
9.3	15.6	6.3	67.9%
1.9%	3.0%	ー	ー
10.1	11.8	1.7	17.0%
5.4	8.7	3.3	60.1%
639.1	663.6	24.5	3.8%
167.2	183.2	16.0	9.6%
226.5	205.4	(21.1)	(9.3%)
1.4	1.1	ー	ー
20.6	20.4	(0.2)	(0.8%)
29.9	36.0	6.1	20.6%
131.64	140.66	ー	ー
101.02	104.25	ー	ー
95.40	104.70	ー	ー
Year ended	Year ending
December 31, 2024	Change	Change(%)
December 31, 2023
	(Forecast)

Revenue		518.6	523.5	4.9	0.9%
（ref.）Excluding liquor tax	400.8	407.6	6.8	1.7%
Revenue growth rate		8.4%	0.9%	ー	ー
（ref.）Excluding liquor tax	10.0%	1.7%	ー	ー
Overseas revenue		119.6	124.4	4.8	4.0%
Overseas revenue growth rate	17.0%	4.0%	ー	ー
Core operating profit（*1）		15.6	19.0	3.4	21.5%
Core operating margin		3.0%	3.6%	ー	ー
Operating profit		11.8	17.6	5.8	48.9%
Profit attributable to owners of parent	8.7	10.0	1.3	14.6%
Total assets		663.6
Total equity		183.2
Balance of debt :Net （*2）		205.4	211.6	6.2	3.0%
Debt-to-equity ratio (times) :Net（*3）	1.1	1.1	ー	ー
Depreciation and amortization		20.4	21.7	1.3	6.3%
EBITDA（*4）		36.0	40.7	4.7	13.0%
EBITDA interest-bearing debt ratio(times) （*5)	5.7	5.2	ー	ー
Capital expenditure	Cash basis	28.9	38.0	9.1	31.4%
ＲＯＥ（％） （*6)		5.0%	5.5%	ー	ー
ＥＰＳ（yen sen）（*7)		111.99	128.37	ー	ー
ＤＯＥ（％） （*8)		2.1%	2.2%	ー	ー
Payout ratio（％）		42.0%	40.4%	ー	ー
	US$	140.66	145.00	ー	ー
Exchange rates (Yen) （*9）	CAN$	104.25	110.00	ー	ー
	SG$	104.70	110.00	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.

1

2. Major Sales and Sales Volume

Sales Volume:Beer (Japan) *1				(10,000 cases)
			YoY	YoY	Full-year	YoY	YoY
	Fiscal 2022	Fiscal 2023	estimate for
	Change	Change(%)	Change	Change(%)
			fiscal 2024
Sapporo Draft Beer Black Label (total)	1,399	1,556	157	11.2%	1,752	196	12.6%
YEBISU (total)	666	634	(32)	(4.8%)	672	38	6.1%
1 Beer (total)	2,677	2,917	240	9.0%	3,144	227	7.8%
Happoshu(exclude New genre)	151	144	(8)	(5.0%)	ー	ー	ー
New genre	1,114	944	(169)	(15.2%)	ー	ー	ー
2 Happoshu (total)	1,265	1,088	(177)	(14.0%)	825	(263)	(24.2%)
Beer, happoshu, and new genre （total 1+2+3）	3,942	4,005	63	1.6%	3,969	▲ 36	(0.9%)
RTD(*2)	1,219	1,411	193	15.8%	1,564	153	10.8%
Non-alcoholic beer and low alcohol beer taste beverage	69	63	(6)	(8.5%)	53	▲ 10	(16.0%)

*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:Only canned products, RTD 1 case = 250ml x 24 bottles

Sales Volume:Beer (International)

Overseas brand (SLEEMAN, Anchor, Stone, etc.) Sapporo brand

North America Sapporo brand

Other areas Sapporo brand Total Total

Sales:Beer (Japan) *including liquor tax *3

Beer

Happoshu(exclude New genre)

New genre

Happoshu (total)

Subtotal

Rebate subtracted from sales(*3)

Total

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

Sales:Alcoholic Beverage (Japan) *4

			(10,000 cases)
		YoY	YoY	Full-year	YoY	YoY
Fiscal 2022	Fiscal 2023	estimate for
Change	Change(%)	Change	Change(%)
		fiscal 2024
1,457	1,585	128	8.8%	1,577	▲ 9	(0.5%)
418	433	15	3.6%	462	28	6.5%
1,876	2,019	143	7.6%	2,038	19	1.0%
243	282	40	16.4%	348	65	23.0%
243	282	40	16.4%	348	65	23.0%
661	716	55	8.3%	809	93	13.0%
2,118	2,301	183	8.6%	2,386	85	3.7%
			(billions of yen)
		YoY	YoY	Full-year	YoY	YoY
Fiscal 2022	Fiscal 2023	estimate for
Change	Change(%)	Change	Change(%)
		fiscal 2024
145.2	162.7	17.4	12.0%	172.8	10.1	6.2%
5.9	5.9	0.1	1.2%	ー	ー	ー
41.5	37.7	(3.8)	(9.2%)	ー	ー	ー
47.4	43.6	(3.8)	(7.9%)	35.2	(8.4)	(19.2%)
192.6	206.3	13.7	7.1%	208.1	1.7	0.8%
(10.1)	(10.2)	(0.1)	ー	ー	ー	ー
182.5	196.1	13.6	7.5%	ー	ー	ー
			(billions of yen)
		YoY	YoY	Full-year	YoY	YoY
Fiscal 2022	Fiscal 2023	estimate for
Change	Change(%)	Change	Change(%)
		fiscal 2024

Domestic wines	3.4	3.1	(0.3)	(8.2%)	2.3	(0.8)	(25.4%)
Imported wines	7.1	6.7	(0.4)	(5.6%)	6.0	▲ 0.7	(10.5%)
Wine (total)	10.5	9.8	(0.7)	(6.4%)	8.3	▲ 1.5	(15.2%)
Spirits and Shochu (total)	27.2	30.5	3.3	12.1%	28.8	▲ 1.7	(5.5%)
RTD	22.3	26.7	4.4	19.8%	29.4	2.7	10.0%
Subtotal	59.9	67.0	7.0	11.8%	66.5	▲ 0.5	(0.7%)
Rebate subtracted from sales(*4)	(10.2)	(10.7)	(0.5)	4.8%	ー	ー	ー
Total	49.7	56.3	6.6	13.2%	ー	ー	ー

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

Sales:Food & Soft Drinks (Japan) *5				(billions of yen)
			YoY	YoY	Full-year	YoY	YoY
	Fiscal 2022	Fiscal 2023	estimate for
	Change	Change(%)	Change	Change(%)
			fiscal 2024
Soft Drinks	61.0	56.9	(4.2)	(6.9%)	58.1	1.2	2.2%
Food（Lemon・Soups・Plant milk）	32.9	30.3	(2.6)	(7.9%)	28.9	(1.4)	(4.6%)
*5:Only domestic sales(Before Rebate subtracted from sales)
Sales:Food & Soft Drinks (Overseas) *6
	Fiscal 2022	Fiscal 2023	YoY	YoY	estimate for	YoY	YoY
	Change	Change(%)	Change	Change(%)
			fiscal 2024
Singapore(billions of SGD)	14.6	15.4	0.8	5.7%	15.7	0.3	2.0%
Malaysia(billions of SGD)	2.3	2.4	0.1	6.5%	2.9	0.4	17.2%
International(billions of SGD)	5.2	4.9	(0.4)	(7.0%)	5.2	0.3	6.8%
*6:Before sales deduction, exclude OEM sales

2

3. Consolidated Results (Year ended December 31, 2023)

Consolidated Statements of Income

			(billions of yen)
Year ended	Year ended
December 31,	December 31,	Change	Change(%)
2022	2023

Alcoholic Beverages	334.6	376.9	42.2	12.6%
Japanese	245.4	268.3	22.9	9.3%
Overseas	74.0	88.6	14.6	19.8%
Restaurants	15.3	20.0	4.7	30.4%
Food & Soft Drinks	122.9	119.9	(3.0)	(2.4%)
Japanese	98.3	93.5	(4.8)	(4.9%)
Overseas	24.6	26.4	1.9	7.5%
Real Estate	20.7	21.7	1.0	4.7%
Other	0.1	0.1	0.0	4.3%
Revenue	478.4	518.6	40.2	8.4%
Alcoholic Beverages	7.7	16.0	8.3	107.2%
Japanese	8.5	14.2	5.7	67.5%
Overseas	(0.3)	(0.3)	(0.0)	ー
Restaurants	(0.5)	2.1	2.6	ー
Food & Soft Drinks	1.8	1.6	(0.1)	(7.5%)
Japanese	0.8	2.2	1.4	174.3%
Overseas	0.9	(0.6)	(1.5)	ー
Real Estate	6.5	5.8	(0.7)	(10.5%)
Other・General corporate and	(6.6)	(7.8)	(1.2)	ー
intercompany eliminations
Core operating profit（*1）	9.3	15.6	6.3	67.9%
Other operating expense	3.2	10.2	7.0	219.5%
Operating profit	10.1	11.8	1.7	17.0%
Financial income (expense)	1.2	0.3	(0.9)	(77.9%)
Equity in net income of affiliates	0.1	0.1	(0.0)	(36.5%)
Profit before tax	11.4	12.1	0.8	6.8%
Income taxes	5.9	3.4	(2.5)	(42.1%)
Profit	5.5	8.8	3.2	58.8%
Profit (loss) attributable to non-controlling interest	0.1	0.0	(0.0)	(48.8%)
Profit attributable to owners of parent	5.4	8.7	3.3	60.1%
（ref.）
ＥＢＩＴＤＡ （*2）	29.9	36.0	6.1	20.6%
*1: Core operating profit is calculated as Revenue - Cost of sales - SG&A expenses.
*2: 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)
	December 31,	December 31,	Change	Change(%)
	2022	2023
Increase (decrease) in cash and cash equivalents	(2.0)	1.8	3.8	ー
Cash flows from operating activities	7.8	45.4	37.6	481.6%
Profit before tax	11.4	12.1	0.8	6.8%
Depreciation and amortization	21.2	21.0	(0.3)	(1.2%)
Impairment losses	1.3	7.3	6.0	453.1%
Income tax payment (refundment)	(10.0)	(0.1)	9.8	ー
Other	(16.2)	5.1	21.3	ー
Cash flows from investing activities	(46.1)	(16.4)	29.7	ー
Purchase(Proceeds from sales ) of property,	(6.1)	(13.4)	(7.3)	ー
plant and equipment
Purchase(Proceeds from sales ) of	(12.7)	(3.2)	9.5	ー
Investment property
Purchase(Proceeds from sales ) of	(3.0)	2.0	5.1	ー
Investment securities
Other	(24.3)	(1.9)	22.4	ー
Free Cash flows	(38.3)	29.0	67.3	ー
Cash flows from financial activities	36.5	(27.1)	(63.6)	ー
Change in financial liabilities	44.4	(19.4)	(63.8)	ー
Other	(8.0)	(7.7)	0.2	ー

3

4. Consolidated Results (Year ended December 31, 2023)

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

（１）Alcoholic Beverages				(billions of yen)
Change factor	Fiscal 2022	Fiscal 2023	Change	Details
Beer increase (decrease) in volume			1.3
Product mix, Price revision, Manufacturing cost			5.2
RTD・Wine・Spirits・Shochu, other			2.1	Including Non-alcoholic
Advertising and promotion expenses（*1）			(1.6)
Personnel expenses, Facilities costs ,other			(1.8)
Domestic subsidiary,consolidation adjusting, other			0.4
Alcoholic Beverages in Japanese	8.5	14.2	5.7
Alcoholic Beverages in Overseas	(0.3)	(0.3)	(0.0)
Restaurants	(0.5)	2.1	2.6
Segment adjustment	0.0	0.0	0.0
Alcoholic Beverages(Core operating profit)	7.7	16.0	8.3
（*1）Advertising and promotion expenses(2023) 23.2billions of yen
（２）Food & Soft Drinks				(billions of yen)
Change factor	Fiscal 2022	Fiscal 2023	Change	Details
Increase (decrease) in volume			(3.4)
Product mix, Price revision, Manufacturing cost			3.1
Advertising and promotion expenses			0.9
Personnel expenses, Facilities costs ,other			(0.0)
Domestic subsidiary,consolidation adjusting, other			0.9
Japanese Food & Soft Drinks			1.4
Overseas Soft Drinks			(1.5)
Food & Soft Drinks(Core operating profit)	1.8	1.6	(0.1)
（３）Real Estate				(billions of yen)
Change factor	Fiscal 2022	Fiscal 2023	Change	Details
Yebisu Garden Place, etc.			(0.2)
Other area & other operations			(0.1)
Sapporo			(0.2)
Others			(0.1)
Real Estate(Core operating profit)	6.5	5.8	(0.7)

4

5. Consolidated Results (Year ended December 31, 2023)

Segment Information							(billions of yen)
		Alcoholic	Food & Soft			Corporate	Consolidated
		Real Estate	Other	and
		Beverages	Drinks			eliminations	total
Revenue	Jan. 1 - Dec.31, 2023	376.9	119.9	21.7	0.1	ー	518.6
	Jan. 1 - Dec.31, 2022	334.6	122.9	20.7	0.1	ー	478.4
	Change	42.2	(3.0)	1.0	0.0	ー	40.2
Core operating profit (*1)	Jan. 1 - Dec.31, 2023	16.0	1.6	5.8	0.0	(7.8)	15.6
	Jan. 1 - Dec.31, 2022	7.7	1.8	6.5	0.0	(6.7)	9.3
	Change	8.3	(0.1)	(0.7)	(0.0)	(1.2)	6.3
Operating profit	Jan. 1 - Dec.31, 2023	9.0	1.7	8.9	0.0	(7.7)	11.8
	Jan. 1 - Dec.31, 2022	8.9	2.3	5.4	0.0	(6.5)	10.1
	Change	0.1	(0.6)	3.4	(0.0)	(1.2)	1.7
Depreciation and amortization	Jan. 1 - Dec.31, 2023	10.6	2.8	5.5	ー	1.5	20.4
	Jan. 1 - Dec.31, 2022	11.2	2.6	5.0	ー	1.7	20.6
	Change	(0.6)	0.2	0.4	ー	(0.2)	(0.2)
ＥＢＩＴＤＡ（*2）	Jan. 1 - Dec.31, 2023	26.6	4.4	11.3	0.0	(6.3)	36.0
	Jan. 1 - Dec.31, 2022	18.9	4.4	11.5	0.0	(4.9)	29.9
	Change	7.7	0.0	(0.2)	(0.0)	(1.4)	6.1
Capital expenditures (cash basis)	Jan. 1 - Dec.31, 2023	12.2	3.4	11.9	ー	1.4	28.9
	Jan. 1 - Dec.31, 2022	6.4	2.1	12.8	ー	1.0	22.3
	Change	5.8	1.3	(0.9)	ー	0.4	6.6

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

*2: 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 (Year ended December 31, 2023)

Condensed Consolidated Balance Sheets			(billions of yen)
	December 31,	December 31,	Change	Details
	2022	2023
Current assets	179.4	176.4	(3.1)
Cash and cash equivalents	15.4	17.2	1.8
Trade and other receivables	96.6	98.0	1.4
Inventories	47.5	47.6	0.1
Other	19.9	13.6	(6.4)
Property, plant and equipment ,	138.4	152.7	14.2
Intangible assets
Investment property	209.6	211.2	1.5
Goodwill	33.8	35.1	1.3
Other	77.8	88.3	10.4
Total assets	639.1	663.6	24.5
Current liabilities	219.5	191.2	(28.3)
Trade and other payables	35.7	38.7	3.0
Short-term financial liabilities	86.5	39.7	(46.9)
Other	97.3	112.8	15.6
Long-term financial liabilities	155.4	182.9	27.6
Net defined benefit liability	3.5	3.4	(0.1)
Other	93.6	102.8	9.2
Total liabilities	471.9	480.3	8.4
Equity attributable to owners of parent	166.3	182.3	16.0
Equity attributable to non-controlling interests	0.9	0.9	0.0
Total equity	167.2	183.2	16.0
Total liabilities and equity	639.1	663.6	24.5

6

7. Consolidated Forecasts (Year ending December 31, 2024)

Condensed Consolidated Statements of Income			(billions of yen)
	Year ended	Year ending
	December 31,	December 31,	Change	Change(%)
	2023	2024 (Forecast)
Alcoholic Beverages	376.9	380.0	3.1	0.8%
Japanese	268.3	270.0	1.7	0.6%
Overseas	88.6	90.0	1.4	1.6%
Restaurants	20.0	20.0	0.0	0.2%
Food & Soft Drinks	119.9	120.0	0.1	0.1%
Japanese	93.5	92.0	(1.5)	(1.6%)
Overseas	26.4	28.0	1.6	5.9%
Real Estate	21.7	23.5	1.8	8.3%
Other	0.1	0.0	(0.1)	(86.3%)
Revenue	518.6	523.5	4.9	0.9%
Alcoholic Beverages	16.0	18.3	2.3	14.3%
Japanese	14.2	15.5	1.3	9.3%
Overseas	(0.3)	1.0	1.3	ー
Restaurants	2.1	1.8	(0.3)	(16.6%)
Food & Soft Drinks	1.6	3.5	1.9	114.2%
Japanese	2.2	2.2	0.0	1.7%
Overseas	(0.6)	1.3	1.9	ー
Real Estate	5.8	5.8	0.0	0.3%
Other ・General corporate and	(7.8)	(8.5)	(0.7)	ー
intercompany eliminations
Core operating profit (*1)	15.6	19.0	3.4	21.5%
Other operating income (expense)	(3.8)	(1.4)	2.4	ー
Operating profit	11.8	17.6	5.8	48.9%
Financial income (expense)	0.3	(1.9)	(2.1)	ー
Equity in net income (loss) of affiliates	0.1	0.1	0.0	0.0%
Profit before tax	12.1	15.8	3.7	30.5%
Profit (loss)	8.8	10.0	1.3	14.5%
Profit (loss) attributable to owners of parent	8.7	10.0	1.3	14.6%
（ref.）
ＥＢＩＴＤＡ （*2）	36.0	40.7	4.7	13.0%

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

*2: EBITDA=Core operating profit + 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	Change(%)
	2023	2024 (Forecast)
Cash flows from operating activities	45.4	35.4	(10.1)	(22.2%)
Cash flows from investing activities	(16.4)	(20.4)	(4.0)	ー
Free Cash flows	29.0	14.9	(14.1)	(48.5%)

7

8. Consolidated Forecasts ( Year ending December 31, 2024)

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

（１）Alcoholic Beverages

	Year ended
Change factor	December 31,
	2023
Beer increase (decrease) in volume
Product mix, Price revision, Manufacturing cost
RTD・Wine・Spirits・Shochu, other
Advertising and promotion expenses
Personnel expenses, Facilities costs ,other
Domestic subsidiary,consolidation adjusting, other
Alcoholic Beverages in Japanese	14.2
Alcoholic Beverages in Overseas	(0.3)
Restaurants	2.1
Segment adjustment	0.0
Alcoholic Beverages(Core operating profit)	16.0

（２）Food & Soft Drinks

	Year ended
Change factor	December 31,
	2023
Increase (decrease) in volume
Product mix, Price revision, Manufacturing cost
Advertising and promotion expenses
Personnel expenses, Facilities costs ,other
Domestic subsidiary,consolidation adjusting, other
Japanese Food & Soft Drinks	2.2
Overseas Soft Drinks	(0.6)
Food & Soft Drinks(Core operating profit)	1.6

（３）Real Estate

	Year ended
Change factor	December 31,
	2023
Yebisu Garden Place, etc.
Other area & other operations
Hokkaido
Others
Real Estate(Core operating profit)	5.8

(billions of yen)

Year ending
December 31,	Change	Details
2024
(Forecast)
	(0.8)
	3.1
	1.8	Including Non-alcoholic
	(3.3)
	0.3
	0.2
15.5	1.3
1.0	1.3
1.8	(0.3)

1. 0.0

1. 2.3

(billions of yen)

December 31,	Change	Details
2024
(Forecast)

(0.3)

1.1

(0.2)

(0.2)

(0.4)

1. 0.0
2. 1.9

1. 1.9

(billions of yen)

Year ending
December 31,	Change	Details
2024
(Forecast)

0.0

(0.0)

(0.2)

0.2

5.80.0

8

9. Consolidated Forecasts (Year ending December 31, 2024)

Segment Information							(billions of yen)
		Alcoholic	Food & Soft			Corporate	Consolidated
		Real Estate	Other	and
		Beverages	Drinks			eliminations	total
Revenue	Year ending December 31, 2024(Forecast)	380.0	120.0	23.5	0.0	ー	523.5
	Year ended December 31, 2023	376.9	119.9	21.7	0.1	ー	518.6
	Change	3.1	0.1	1.8	(0.1)	ー	4.9
Core operating profit (*1)	Year ending December 31, 2024(Forecast)	18.3	3.5	5.8	0.0	(8.5)	19.0
	Year ended December 31, 2023	16.0	1.6	5.8	0.0	(7.8)	15.6
	Change	2.3	1.9	0.0	(0.0)	(0.7)	3.4
Operating profit	Year ending December 31, 2024(Forecast)	17.0	5.8	5.4	0.0	(10.6)	17.6
	Year ended December 31, 2023	9.0	1.7	8.9	0.0	(7.7)	11.8
	Change	8.1	4.1	(3.5)	(0.0)	(2.8)	5.8
Depreciation and amortization	Year ending December 31, 2024(Forecast)	10.3	3.0	6.1	ー	2.4	21.7
	Year ended December 31, 2023	10.6	2.8	5.5	ー	1.5	20.4
	Change	(0.3)	0.2	0.6	ー	0.8	1.3
ＥＢＩＴＤＡ（*2）	Year ending December 31, 2024(Forecast)	28.5	6.5	11.9	0.0	(6.2)	40.7
	Year ended December 31, 2023	26.6	4.4	11.3	0.0	(6.3)	36.0
	Change	1.9	2.0	0.6	(0.0)	0.1	4.7
Capital expenditures (cash basis)	Year ending December 31, 2024(Forecast)	14.0	3.9	19.1	ー	1.0	38.0
	Year ended December 31, 2023	12.2	3.4	11.9	ー	1.4	28.9
	Change	1.8	0.5	7.3	ー	(0.4)	9.1

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

*2: EBITDA (IFRS)=Core operating profit + Depreciation and amortization

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

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