Sapporo : Supplementary Information(998.2KB)

Three months ended March 31, 2023

Consolidated First Quarter Earnings Report - Supplementary Information

Consolidated Results (Three months ended March 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, 2023)

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

May 2023

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)

ended March 31,	ended March 31,	Change	Change(%)
2022	2023
93.2	108.8	15.5	16.6%
72.0	85.2	13.1	18.2%
3.7%	16.6%	ー	ー

 Revenue growth rate

Overseas revenue

（ref.）Excluding liquor tax

5.2%	18.2%	ー	ー
18.3	25.9	7.6	41.7%

  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$

22.5%	41.7%	ー	ー
(6.4)	(2.9)	3.5	ー
(6.9%)	(2.7%)	ー	ー
(4.5)	(3.3)	1.2	ー
(4.0)	(3.6)	0.4	ー
590.3	620.5	30.2	5.1%
160.1	163.0	2.9	1.8%
187.5	218.9	31.4	16.8%
1.2	1.3	ー	ー
5.0	5.0	(0.0)	(0.6%)
(1.4)	2.0	3.4	ー
116.34	132.40	ー	ー
91.84	97.93	ー	ー
86.01	99.37	ー	ー
Year ended	Year ending
December 31, 2023	Change	Change(%)
December 31, 2022
	(Forecast)

Revenue		478.4	490.0	11.6	2.4%
（ref.）Excluding liquor tax	364.2	374.2	9.9	2.7%
Revenue growth rate		9.4%	2.4%	ー	ー
（ref.）Excluding liquor tax	10.0%	2.7%	ー	ー
Overseas revenue		102.2	111.8	9.6	9.4%
Overseas revenue growth rate	37.2%	9.4%	ー	ー
Core operating profit（*1）		9.3	13.5	4.2	45.0%
Core operating margin		1.9%	2.8%	ー	ー
Operating profit		10.1	9.5	(0.6)	(6.0%)
Profit attributable to owners of parent	5.4	5.5	0.1	0.9%
Total assets		639.1
Total equity		167.2
Balance of debt :Net （*2）		226.5	246.2	19.6	8.7%
Debt-to-equity ratio (times) :Net（*3）	1.4	1.5	ー	ー
Depreciation and amortization		20.6	21.2	0.7	3.2%
EBITDA（*4）		29.9	34.7	4.8	16.2%
EBITDA interest-bearing debt ratio(times) （*5)	7.6	7.1	ー	ー
Capital expenditure	Cash basis	22.3	43.1	20.7	92.8%
ＲＯＥ（％） （*6)		3.3%	3.3%	ー	ー
ＥＰＳ（yen sen）（*7)		69.96	70.61	ー	ー
ＤＯＥ（％） （*8)		2.0%	2.0%	ー	ー
Payout ratio（％）		60.0%	59.5%	ー	ー
	US$	131.64	125.00	ー	ー
Exchange rates (Yen) （*9）	CAN$	101.02	95.00	ー	ー
	SG$	95.40	95.00	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)
		Jan. 1 -	Jan. 1 -	YoY	YoY
		Mar.31, 2022	Mar.31, 2023	Change	Change(%)
	Sapporo Draft Beer Black Label (total)	ー	ー	ー	25.2%
	YEBISU (total)	ー	ー	ー	2.5%
1	Beer (total)	ー	ー	ー	21.7%
2	Happoshu (total)	ー	ー	ー	(8.4%)
3	New genre beer products (total)	ー	ー	ー	(17.1%)
Beer, happoshu, and new genre （total 1+2+3）	ー	ー	ー	6.1%
RTD(*2)	295	305	10	3.4%
Non-alcoholic beer and low alcohol beer taste beverage	14	14	0	1.3%

*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

Sales Volume:Beer (International)

			(10,000 cases)
Jan. 1 -	Jan. 1 -	YoY	YoY
Mar.31, 2022	Mar.31, 2023	Change	Change(%)

Overseas brand (SLEEMAN, Anchor, Stone, etc.)	265	349	84	31.8%
Sapporo brand	91	100	9	10.5%
North America	355	449	94	26.4%
Sapporo brand	54	69	15	27.2%
Other areas	54	69	15	27.2%
Total	410	518	109	26.5%
Sales:Beer (Japan) *including liquor tax				(billions of yen)
	Jan. 1 -	Jan. 1 -	YoY	YoY
	Mar.31, 2022	Mar.31, 2023	Change	Change(%)
Beer	23.5	30.1	6.7	28.4%
Happoshu	1.3	1.2	(0.0)	(2.1%)
New genre	10.2	9.0	(1.2)	(11.4%)
Subtotal	34.9	40.4	5.5	15.7%
Rebate subtracted from sales(*2)	(1.9)	(2.2)	(0.3)	ー
Total	33.0	38.1	5.1	15.6%
Sales:Alcoholic Beverage (Japan)				(billions of yen)
	Jan. 1 -	Jan. 1 -	YoY	YoY
	Mar.31, 2022	Mar.31, 2023	Change	Change(%)
Domestic wines	0.8	0.8	0.1	7.5%
Imported wines	1.3	1.4	0.1	8.2%
Wine (total)	2.1	2.2	0.2	7.9%
Spirits and Shochu (total)	5.5	7.0	1.5	26.8%
RTD	5.2	5.8	0.6	12.3%
Subtotal	12.8	15.1	2.3	17.9%
Rebate subtracted from sales(*3)	(2.4)	(2.6)	(0.2)	ー
Total	10.5	12.5	2.1	19.7%
Sales:Food & Soft Drinks (Japan) *3				(billions of yen)
	Jan. 1 -	Jan. 1 -	YoY	YoY
	Mar.31, 2022	Mar.31, 2023	Change	Change(%)
Soft Drinks	12.4	12.1	(0.3)	(2.2%)
Food（Lemon・Soups・Plant milk）	7.4	7.4	(0.0)	(0.6%)

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

Sales:Food & Soft Drinks (Overseas) *4

	Jan. 1 -	Jan. 1 -	YoY	YoY
	Mar.31, 2022	Mar.31, 2023	Change	Change(%)
Singapore(billions of SGD)	3.7	3.8	0.1	2.7%
Malaysia(billions of MYR)	1.8	2.0	0.3	14.4%
International(billions of SGD)	1.3	1.4	0.1	7.0%
*4:, Before sales deduction, exclude OEM sales

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3. Consolidated Results (Three months ended March 31, 2023)

Consolidated Statements of Income				(billions of yen)
Three months ended Three months ended
March 31,		March 31,	Change	Change(%)
2022		2023
Alcoholic Beverages	60.6	76.6	16.0	26.5%
Japanese	46.1	54.0	7.9	17.2%
Overseas	12.1	18.3	6.2	51.1%
Restaurants	2.3	4.3	1.9	83.4%
Food & Soft Drinks	27.7	26.8	(0.9)	(3.1%)
Japanese	22.3	20.2	(2.1)	(9.4%)
Overseas	5.4	6.6	1.2	22.8%
Real Estate	5.0	5.3	0.4	7.1%
Other	0.0	0.0	0.0	7.0%
Revenue	93.2	108.8	15.5	16.6%
Alcoholic Beverages	(3.9)	(0.5)	3.4	ー
Japanese	(2.8)	(0.2)	2.6	ー
Overseas	(0.1)	(0.4)	(0.3)	ー
Restaurants	(1.0)	0.1	1.1	ー
Food & Soft Drinks	(1.0)	(0.3)	0.7	ー
Japanese	(1.3)	(0.7)	0.6	ー
Overseas	0.3	0.4	0.1	26.6%
Real Estate	0.1	(0.0)	(0.1)	ー
Other・General corporate and	(1.6)	(2.1)	(0.5)	ー
intercompany eliminations
Core operating profit（*1）	(6.4)	(2.9)	3.5	ー
Other operating income	2.5	0.2	(2.3)	(93.3%)
Other operating expense	0.6	0.5	(0.1)	(17.3%)
Operating profit	(4.5)	(3.3)	1.2	ー
Financial income (expense)
Equity in net income of affiliates	0.0	0.0	(0.0)	(38.7%)
Profit before tax	(4.3)	(3.8)	0.5	ー
Income taxes	(0.3)	(0.2)	0.1	ー
Profit	(4.0)	(3.6)	0.4	ー
Profit (loss) attributable to non-controlling interest	0.0	0.0	0.0	97.9%
Profit attributable to owners of parent	(4.0)	(3.6)	0.4	ー
（ref.）
ＥＢＩＴＤＡ （*2）	(1.4)	2.0	3.4	ー
*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)
	March 31,	March 31,	Change	Change(%)
	2022	2023
Increase (decrease) in cash and cash equivalents	8.7	(1.3)	(10.0)	ー
Cash flows from operating activities	(0.8)	13.5	14.3	ー
Profit before tax	(4.3)	(3.8)	0.5	ー
Depreciation and amortization	5.2	5.1	(0.1)	(1.6%)
Income tax payment (refundment)	(5.0)	(0.5)	4.5	ー
Cash flows from investing activities	(3.6)	(2.8)	0.8	ー
Purchase(Proceeds from sales ) of property,	1.3	(2.1)	(3.4)	ー
plant and equipment
Purchase(Proceeds from sales ) of	(3.5)	(2.7)	0.9	ー
Investment property
Free Cash flows	(4.4)	10.7	15.1	ー
Cash flows from financial activities	11.6	(13.3)	(24.9)	ー
Change in financial liabilities	16.2	(9.0)	(25.2)	ー
Dividend paid	(3.1)	(3.1)	(0.0)	ー
Repayments of lease liabilities	(1.5)	(1.2)	0.3	ー
(beginning of the period)	17.4	15.4	(2.0)	(11.4%)
Cash and cash equivalents	25.7	14.1	(11.6)	(45.1%)
(end of the period)

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4. Consolidated Results (Three months ended March 31, 2023)

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

（１）Alcoholic Beverages				(billions of yen)
Change factor	Jan. 1 -	Jan. 1 -	Change	Details
Mar.31, 2022	Mar.31, 2023
Beer increase (decrease) in volume			0.9
Product mix, Price revision, Manufacturing cost			0.5
RTD・Wine・Spirits・Shochu, other			0.5	Including Non-alcoholic
Advertising and promotion expenses（*1）			0.8
Personnel expenses, Facilities costs ,other			(0.1)
Domestic subsidiary,consolidation adjusting, other			(0.0)
Alcoholic Beverages in Japanese	(2.8)	(0.2)	2.6
Alcoholic Beverages in Overseas	(0.1)	(0.4)	(0.3)
Restaurants	(1.0)	0.1	1.1
Segment adjustment	0.0	(0.0)	0.0
Alcoholic Beverages(Core operating profit)	(3.9)	(0.5)	3.4
（*1）Advertising and promotion expenses(2023) 5.7billions of yen
（２）Food & Soft Drinks				(billions of yen)
Change factor	Jan. 1 -	Jan. 1 -	Change	Details
Mar.31, 2022	Mar.31, 2023
Increase (decrease) in volume			(0.1)
Product mix, Price revision, Manufacturing cost			0.1
Advertising and promotion expenses			0.3
Personnel expenses, Facilities costs ,other			0.1
Domestic subsidiary,consolidation adjusting, other			0.3	Including structural reforms
Japanese Food & Soft Drinks			0.6
Overseas Soft Drinks			0.1
Food & Soft Drinks(Core operating profit)	(1.0)	(0.3)	0.7

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