Sapporo : Supplementary Information(766.5KB)

Year ended December 31, 2021

Consolidated Earnings Report - Supplementary Information

Consolidated Results (Year ended December 31, 2021)

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, 2022)

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

February 2022

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)
		Year ended	Year ended
		December 31,	December 31,	Change	Change(%)
		2020	2021
Revenue		434.7	437.2	2.4	0.6%
（ref.）Excluding liquor tax	328.6	331.2	2.6	0.8%
Revenue growth rate		(11.6%)	0.6%	ー	ー
（ref.）Excluding liquor tax	(11.5%)	0.8%	ー	ー
Overseas revenue		65.5	74.5	9.0	13.7%
Overseas revenue growth rate	(8.0%)	13.7%	ー	ー
Core operating profit（*1）		4.3	8.1	3.9	91.1%
Core operating margin		1.0%	1.9%	ー	ー
Operating profit		(15.9)	22.0	38.0	ー
Profit attributable to owners of parent	(16.1)	12.3	28.4	ー
Total assets		616.3	594.6	(21.8)	(3.5%)
Total equity		149.6	163.3	13.8	9.2%
Balance of debt :Net （*2）		221.5	180.7	(40.8)	(18.4%)
Debt-to-equity ratio (times) :Net（*3）	1.5	1.1	ー	ー
Depreciation and amortization		23.1	20.5	(2.6)	(11.2%)
EBITDA（*4）		27.4	28.6	1.3	4.7%
EBITDA interest-bearing debt ratio(times) （*5)	8.1	6.3	ー	ー
Capital expenditure	Cash basis	16.1	21.2	5.1	131.9%
ＲＯＥ（％） （*6)		(9.9%)	7.9%	ー	ー
ＥＰＳ（yen sen）（*7)		(206.31)	158.30	ー	ー
ＤＯＥ（％） （*8)		2.0%	2.1%	ー	ー
Payout ratio（％）		ー	26.5%	ー	ー
	US$	106.77	109.90	ー	ー
Exchange rates (Yen) （*9）
CAN$	79.66	87.69	ー	ー
	SG$	77.43	81.77	ー	ー
		Year ended	Year ending
		December 31, 2022	Change	Change(%)
		December 31, 2021
		(Forecast)
Revenue		437.2	478.7	41.5	9.5%
	（ref.）Excluding liquor tax	331.2	357.9	26.7	8.1%
Revenue growth rate		0.6%	9.5%	ー	ー
（ref.）Excluding liquor tax	0.8%	8.1%	ー	ー
Overseas revenue		74.5	83.4	9.0	12.0%
Overseas revenue growth rate	13.7%	12.0%	ー	ー
Core operating profit（*1）		8.1	10.0	1.9	23.2%
Core operating margin		1.9%	2.1%	ー	ー
Operating profit		22.0	7.3	(14.7)	(66.9%)
Profit attributable to owners of parent	12.3	5.0	(7.3)	(59.1%)
Total assets		594.6
Total equity		163.3
Balance of debt :Net （*2）		180.7	194.1	13.4	7.4%
Debt-to-equity ratio (times) :Net（*3）	1.1	1.2	ー	ー
Depreciation and amortization		20.5	21.6	1.1	5.2%
EBITDA（*4）		28.6	31.6	2.9	10.3%
EBITDA interest-bearing debt ratio(times) （*5)	6.3	6.1	ー	ー
Capital expenditure	Cash basis	21.2	36.3	15.1	71.0%
ＲＯＥ（％） （*6)		7.9%	3.1%	ー	ー
ＥＰＳ（yen sen）（*7)		158.30	64.19	ー	ー
ＤＯＥ（％） （*8)		2.1%	2.0%	ー	ー
Payout ratio（％）		26.5%	65.4%	ー	ー
	US$	109.90	111.00	ー	ー
Exchange rates (Yen) （*9）
CAN$	87.69	91.00	ー	ー
	SG$	81.77	82.00	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)							(10,000 cases)
					YoY	YoY	Full-year	YoY	YoY
			Fiscal 2020	Fiscal 2021	estimate for
			Change	Change(%)	Change	Change(%)
					fiscal 2022
		Sapporo Draft Beer Black Label (total)	1,335	1,249	(86)	(6.5%)	1,590	341	27.3%
		YEBISU (total)	705	685	(20)	(2.8%)	787	102	14.8%
	1 Beer (total)	2,473	2,441	(32)	(1.3%)	2,853	412	16.9%
	2 Happoshu (total)	176	165	(10)	(5.8%)	149	(17)	(10.3%)
	3 New genre beer products (total)	1,346	1,214	(132)	(9.8%)	1,208	(6)	(0.5%)
	Beer, happoshu, and new genre （total 1+2+3）	3,995	3,820	(174)	(4.4%)	4,209	389	10.2%
	RTD(*1)	811	1,186	375	46.2%	1,497	311	26.2%
	Non-alcoholic beer and low alcohol beer taste beverage	57	72	15	25.4%	92	20	27.6%
*1: RTD 1 case = 250 ml x 24 bottles
Sales Volume:Beer (International)							(10,000 cases)
					YoY	YoY	Full-year	YoY	YoY
			Fiscal 2020	Fiscal 2021	estimate for
			Change	Change(%)	Change	Change(%)
					fiscal 2022
		Overseas brand (SLEEMAN, Anchor, etc.)	1,359	1,330	(29)	(2.1%)	1,380	49	3.7%
		Sapporo brand	296	378	82	27.7%	426	48	12.6%
	North America	1,656	1,709	53	3.2%	1,806	97	5.7%
		Sapporo brand	168	190	23	13.6%	247	56	29.4%
	Other areas	168	190	23	13.6%	247	56	29.4%
	Total	1,823	1,899	76	4.2%	2,052	153	8.1%
Sales:Beer (Japan) *including liquor tax						(billions of yen)
					YoY	YoY	Full-year	YoY	YoY
			Fiscal 2020	Fiscal 2021	estimate for
			Change	Change(%)	Change	Change(%)
					fiscal 2022
		Beer	137.2	131.8	(5.5)	(4.0%)	152.9	21.2	16.1%
		Happoshu	6.8	6.4	(0.4)	(5.9%)	5.7	(0.7)	(10.2%)
		New genre	45.5	44.6	(0.9)	(1.9%)	44.4	(0.2)	(0.4%)
		Subtotal	189.5	182.8	(6.7)	(3.5%)	203.1	20.3	11.1%
		Rebate subtracted from sales(*2)	(11.0)	(10.5)	0.5	ー	ー	ー	ー
		Total	178.5	172.3	(6.2)	(3.5%)	ー	ー	ー
*2:Full year estimate for rebate subtracted from sales in not disclosed.

Sales:Alcoholic Beverage (Japan)

(billions of yen)

								Full-year	YoY	YoY
				Fiscal 2020	Fiscal 2021	YoY	YoY	estimate for
				Change	Change(%)	Change	Change(%)
						fiscal 2022
			Domestic wines	3.6	3.3	(0.3)	(9.2%)	3.6	0.4	11.2%
			Imported wines	6.8	6.5	(0.3)	(4.6%)	7.3	0.8	11.8%
		Wine (total)	10.4	9.8	(0.6)	(6.2%)	10.9	1.1	11.6%
		Spirits and Shochu (total)	22.8	24.2	1.4	6.1%	26.2	2.0	8.4%
		Subtotal	33.2	34.0	0.8	2.3%	37.1	3.2	9.3%
		Rebate subtracted from sales(*3)	(6.2)	(6.1)	0.1	ー	ー	ー	ー
		Total	27.0	27.9	0.9	3.2%	ー	ー	ー

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

Sales:Food & Soft Drinks (Japan) *4						(billions of yen)
			YoY	YoY	Full-year	YoY	YoY
	Fiscal 2020	Fiscal 2021	estimate for
	Change	Change(%)	Change	Change(%)
			fiscal 2022
Soft Drinks	62.5	62.7	0.2	0.2%	63.5	0.8	1.2%
Food（Lemon・Soups・Plant milk）	32.8	33.1	0.4	1.1%	35.9	2.7	8.2%

*4:Only domestic sales(Before Rebate subtracted from sales)

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3. Consolidated Results (Year ended December 31, 2021)

Consolidated Statements of Income

(billions of yen)

			Year ended	Year ended
			December 31,	December 31,	Change	Change(%)
			2020	2021
	Alcoholic Beverages（*1）（*2）	285.4	289.7	4.3	1.5%
	Japanese		227.9	228.6	0.7	0.3%
	Overseas		46.2	53.4	7.2	15.7%
	Restaurants	11.3	7.6	(3.7)	(32.5%)
	Food & Soft Drinks	125.9	125.5	(0.4)	(0.3%)
	Real Estate		23.3	21.9	(1.4)	(6.0%)
	Other（*1）	0.2	0.2	(0.0)	(3.5%)
Revenue		434.7	437.2	2.4	0.6%
	Alcoholic Beverages（*1）（*2）	2.4	5.4	3.1	129.7%
	Japanese		6.7	7.9	1.3	18.9%
	Overseas		0.5	1.7	1.3	270.2%
	Restaurants	(5.0)	(4.2)	0.8	ー
	Food & Soft Drinks	(2.6)	0.7	3.3	ー
	Real Estate		10.9	8.2	(2.6)	(24.2%)
	Other・General corporate and	(6.3)	(6.2)	0.1	ー
	intercompany eliminations（*1）
Core operating profit（*3）	4.3	8.1	3.9	91.1%
	Other operating income	3.7	28.5	24.8	678.2%
	Other operating expense	23.9	14.6	(9.3)	(38.9%)
Operating profit	(15.9)	22.0	38.0	ー
	Financial income (expense)	(3.4)	(0.9)	2.6	ー
	Equity in net income (loss) of affiliates	0.0	0.0	0.0	168.8%
Profit before tax	(19.4)	21.2	40.5	ー
	Income taxes	(2.8)	8.9	11.7	ー
Profit (loss)		(16.6)	12.3	28.9	ー
	Profit (loss) attributable to non-controlling interest	(0.5)	(0.1)	0.5	ー
Profit (loss) attributable to owners of parent	(16.1)	12.3	28.4	ー
（ref.）
ＥＢＩＴＤＡ	（*4）	27.4	28.6	1.3	4.7%

*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)
			Year ended	Year ended
			December 31,	December 31,	Change	Change(%)
			2020	2021
Increase (decrease) in cash and cash equivalents		4.5	(1.3)	(5.8)	ー
Cash flows from operating activities		16.5	30.3	13.8	84.1%
	Profit before tax		(19.4)	21.2	40.5	ー
	Depreciation and amortization		26.2	22.7	(3.5)	(13.5%)
	Income tax payment (refundment)		(5.8)	0.1	5.9	ー
Cash flows from investing activities		(16.0)	20.7	36.7	ー
	Purchase(Proceeds from sales ) of property,		(9.8)	(10.5)	(0.7)	ー
	plant and equipment
	Purchase(Proceeds from sales ) of		(2.0)	32.3	34.3	ー
	Investment property
Free Cash flows		0.5	51.0	50.6	10,851.6%
Cash flows from financial activities		4.1	(53.1)	(57.2)	ー
	Change in financial liabilities		13.9	(43.7)	(57.6)	ー
	Dividend paid		(3.3)	(3.3)	0.0	ー
	Repayments of lease liabilities		(6.5)	(6.1)	0.4	ー
Cash and cash equivalents		15.2	19.7	4.5	29.7%
(beginning of the period)
Cash and cash equivalents		19.7	17.4	(2.4)	(12.0%)
(end of the period)

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4. Consolidated Results (Year ended December 31, 2021)

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

（１）Alcoholic Beverages

(billions of yen)

		Change factor	Fiscal 2020	Fiscal 2021	Change		Details
		Beer increase (decrease) in volume			(3.2)	Beer (0.9)
						Happoshu	(0.2)
						New genre	(2.1)
		Beer product mix			0.4	Including composition difference between container
		Manufacturing cost ,other			0.9
		RTD・Wine・Spirits・Shochu, other			1.8	Including Non-alcoholic
		Advertising and promotion expenses（*1）			(0.6)
		Personnel expenses, Facilities costs ,other			1.1
		Domestic subsidiary,consolidation adjusting, other			0.9
	Alcoholic Beverages in Japanese	6.7	7.9	1.3
	Alcoholic Beverages in Overseas	0.5	1.7	1.3
	Restaurants	(5.0)	(4.2)	0.8
	Segment adjustment	0.3	-	(0.3)
Alcoholic Beverages(Core operating profit)	2.4	5.4	3.1
（*1）Advertising and promotion expenses(2021) 19.9billions of yen

（２）Food & Soft Drinks				(billions of yen)
		Change factor	Fiscal 2020	Fiscal 2021	Change	Details
		Increase (decrease) in volume			0.2	Including product mix
		Manufacturing cost ,other			(1.3)
		Logistics costs			(0.4)
		Advertising and promotion expenses			0.8
		Personnel expenses, Facilities costs ,other			3.4
		Domestic subsidiary,consolidation adjusting, other			0.1
	Japanese Food & Soft Drinks			2.8
	Overseas Soft Drinks/ Domestic coffee shop chain			0.6	Overseas+0.3・Domestic others+0.3
Food & Soft Drinks(Core operating profit)	(2.6)	0.7	3.3

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