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    2587   JP3336560002

SUNTORY BEVERAGE & FOOD LIMITED

(2587)
  Report
Delayed Japan Exchange  -  02:00 2022-09-28 am EDT
5080.00 JPY   -1.55%
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Suntory Beverage & Food : Notification Concerning Content of Parent Company Financial as of June 30 2022

08/10/2022 | 04:27am EDT

Suntory Holdings Limited

August 10, 2022

SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX

MONTHS ENDED JUNE 30, 2022 [IFRS] (English Translation, UNAUDITED)

Company Name:

Suntory Holdings Limited

(URL: https://www.suntory.com/)

Representative:

Takeshi Niinami, Representative Director, President & Chief Executive Officer

Contact:

Hiroshi Kato, Division COO, Public Relations, Executive Officer

Public Relations Office:

Tel:+81(0)3 5579-1150

Tel:+81(0)6 6346-0835

(Fractions of millions have been truncated)

1. Consolidated operating results and financial positions for the six months of the current fiscal year (January 1, 2022 - June 30, 2022)

(1) Operating results

(% figures represent change from the same period of the previous fiscal year)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit

Profit attributable to

owners of the

excise taxes)

excise taxes)

income

income taxes

for the period

Company

Six months ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

June 30, 2022

1,373,031

15.2

1,230,226

15.1

150,641

19.4

144,768

16.7

103,107

40.2

73,977

40.2

June 30, 2021

1,191,958

7.8

1,069,173

8.6

126,117

33.4

124,074

42.6

73,537

28.6

52,747

16.6

Reference: Adjusted operating income for the fiscal year ending June 30, 2022

136,218¥million

6.9%

Adjusted operating income for the fiscal year ending June 30, 2021

127,401¥million

33.3%

Adjusted operating income was calculated as operating income excluding non-recurring items.

Basic earnings per share

Diluted earnings per share

Six months ended

¥

¥

June 30, 2022

107 .88

June 30, 2021

76 .92

(2) Financial positions

Total assets

Total equity

Equity attributable to

Equity attributable to

owners of the Company

owners of the Company

ratio

As of

¥million

¥million

¥million

%

June 30, 2022

5,606,273

2,628,378

2,135,281

38.1

December 31, 2021

4,934,010

2,147,392

1,710,005

34.7

2. Consolidated earnings forecast for the fiscal year ending December 31, 2021 (January 1, 2022 - December 31, 2022)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit attributable to

Basic earnings per

excise taxes)

excise taxes)

income

income taxes

owners of the

share

Company

Fiscal year ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥

December 31, 2022

2,778,000

8.5

2,480,000

8.5

248,000

0.2

235,000

(1.0)

115,000

0.9

167

.70

Reference: Adjusted operating income for the fiscal year ending December 31, 2022 252,000¥million

0.0%

(Note) Change in consolidated earnings forecast during the period: No

1

2

Operating Results

1. Overview of the Six-Month Period Ended June 30, 2022

The Suntory Group has actively expanded business in each of three segments, "Beverages and Foods," "Alcoholic Beverages," and "Others," both domestically and abroad. In the six-month period ended June 30, 2022, revenue including excise taxes was 1.3730 trillion yen (up 15.2% year on year), revenue excluding excise taxes was 1.2302 trillion yen (up 15.1% year on year), operating income was 150.6 billion yen (up 19.4% year on year), and profit attributable to owners of the Company was 74.0 billion yen (up 40.2% year on year), marking an increase in both revenue and income.

Suntory Beverage & Food Limited focused on strengthening brands and creating new demand with the aim of proposing unique, high-quality products that capture the customer's tastes and needs based on the vision to "always start from consumers, pursue to create new taste, well-being and joy, and aim to be the most locally beloved company," as well as on improving product quality. The Company also took steps to enhance profitability in each area.

In Japan, the Company engaged in strengthening core brands, mainly in the categories of water, coffee, and sugar-free tea, and greatly exceeded the same period of the previous year as a result of new product launches and marketing activities. The Suntory Tennensui brand as a whole reported record-high sales volume in the six-month period ended June 30. Sales volume of the BOSS brand as a whole exceeded the levels of the previous year. The renewed Craft BOSS coffee and black tea series continued to grow. In the sugar-free tea category, Iyemon reported record-high sales volume for the brand as a whole in the six-month period ended June 30. In addition to the Iyemon Kyoto Blend, Iyemon Koi Aji launched in February as a product with functional claims also grew. Furthermore, Tokucha, which was renewed in April, had a significant recovery in sales trends, exceeding the same period of the previous year.

In the Asia-Pacific region, the Company continued activities concentrated on core brands. In Vietnam, Sting energy drink and TEA+ in particular grew, and Pepsi was strong in Thailand. In the health and wellness products business, sales volume of the mainstay BRAND'S Essence of Chicken exceeded that of the previous year as a result of reinforced marketing activities. In Oceania, the flagship V brand of energy drink exceeded the same period of the previous year.

In Europe, the core brand of Oasis continued to grow in France, where sales volumes of Orangina and Schweppes significantly exceeded previous-year levels. In the United Kingdom, sales volume of the flagship Lucozade brands significantly exceeded previous-year levels, with Lucozade Sport performing particularly well. In Spain, sales volume of the flagship Schweppes brand recorded a significant year-on-year increase.

3

In the Americas, in addition to efforts to further boost sales of its flagship carbonated beverage brands, the Company also focused on non-carbonated drinks and revenue exceeded that of the previous year.

As a result of the above, revenue for the Beverages and Foods Segment increased by 12.5% year on year to 676.5 billion yen, while operating income rose by 29.1% to 90.8 billion yen.

Comparable revenue for the spirits business, excluding the impact of currency, increased year on year at a low double-digit rate both including and excluding excise taxes. Sales growth benefited from success of the company's premiumization strategy and stronger-than-expected shipments. Growing consumer preference for premium brands helped drive strong volume growth for brands such as Maker's Mark, Basil Hayden and Knob Creek bourbon, Toki Japanese whisky, Laphroaig Scotch whisky, Japanese craft gin ROKU, and Hornitos tequila, while volumes for On The Rocks premium cocktails nearly doubled. Sales increased at healthy rates in key markets including the United States, Japan, Canada, Mexico, EMEA, Oceania, India, Emerging Asia and Global Travel Retail.

In Japan, the spirits business's revenue including excise taxes rose by 8% year on year, and revenue excluding excise taxes rose by 9% year on year. In the whiskies category, major brands Kakubin and Ao, along with canned highball products such as Kaku Highball Can, performed well. RTD beverage sales volume grew by 2% year on year due to active marketing activities such as the launch of CRAFT -196°C.SUI Suntory gin presented the new value of SUI Gin Soda that pairs well with everyday meals to address the challenge of creating a new market as a "third type of soda mix". In particular, SUI Gin Soda Can, which was launched in March, reached its initial annual sales target in May and is performing well.

Sales volume of the beer business*1 increased by 2% year on year driven by the beer category, and beer excluding alcohol-freebeer-type beverages grew by 3% year on year.

In The Premium Malt's brand products, in line with changing customer awareness, the Company engaged in activities to highlight the brand's value as a classic brand of premium beer, and sales increased by 31% year on year. The sales volume of The Premium Malt's MASTER'S DREAM Unfiltered, launched in April, reached 50% of the annual sales target and is performing well.

Perfect Suntory Beer gained popularity for maintaining the delicious taste of authentic beer while containing zero Toshitsu*2, and sales increased by 42% year on year.

The Kin-Mugi brand is aimed at creating a new genre of beer that is most suited to drinking regularly at home, and the Company conducted promotions on the theme of having an evening drink, reinforcing its ability to propose products to enjoy with seasonal ingredients and dishes.

4

*1.Including alcohol-freebeer-type beverages

*2.Based on the Food Labeling Standards, less than 0.5 g of sugar per 100 ml is considered zero Toshitsu.

The wine business's revenue including excise taxes rose by 19% year on year, and revenue excluding excise taxes rose by 22% year on year.

Domestic wine sales volume grew significantly. The mainstay Sankaboshizai Mutenka series grew year on year, and Suntory Wine Café Wine Soda launched in February also performed well. For Japanese wine, sales of the Tomi no Oka Winery, Shiojiri Winery and Japan Premium series saw significant growth thanks to their highly acclaimed flavors, a result of the Company's thorough quality management processes.

In imported wine, the Santa by Santa Carolina series performed well thanks to contributions by Santa Gold launched in March. The Italian organic wine Tavernello Organico also grew significantly.

In the non-alcoholic beverage category, the Company engaged in realization of compelling flavor, expansion of the lineup and proposals communicating appeal with the aim of creating a culture that can be enjoyed by people who drink alcohol and those who do not, which can be achieved with an alcohol content of 0.00%.

Expansion of the lineup involved the All Free brand of beer-type beverages, in addition to the launch of Non-Aru-BanshakuLemon Sour Non-Alcoholic offering the flavor of an authentic lemon sour without alcohol, and Non-AlcoholicWine Holiday providing flavor like real wine. Furthermore, the Company presented the appeal of non-alcoholic beverages such as opening Non-aruSakaba for a limited time in April as a place that can be enjoyed by people who drink alcohol and those who do not.

As a result of the above, revenue including excise taxes for the Alcoholic Beverages Segment was 564.3 billion yen, up 18.5% year on year, while revenue excluding excise taxes was 422.0 billion yen, up 19.2% year on year, and operating income was 68.9 billion yen, up 9.5% year on year.

For the health and wellness products business, products such as Locomore and Omega A.D.E. posted strong revenue, growing by 8% year on year. Revenue for the restaurant business increased significantly.

Revenue including excise taxes for the Others Segment was 132.2 billion yen, up 15.8% year on year, revenue excluding excise taxes was 131.7 billion yen, up 15.9% year on year, and operating income was 15.9 billion yen, up 5.2% year on year.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Suntory Beverage & Food Limited published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 08:25:45 UTC.


© Publicnow 2022
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Financials
Sales 2022 1 410 B 9 735 M 9 735 M
Net income 2022 80 977 M 559 M 559 M
Net cash 2022 75 185 M 519 M 519 M
P/E ratio 2022 19,8x
Yield 2022 1,52%
Capitalization 1 594 B 11 009 M 11 009 M
EV / Sales 2022 1,08x
EV / Sales 2023 0,99x
Nbr of Employees 23 866
Free-Float 40,3%
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Number of Analysts 13
Last Close Price 5 160,00 JPY
Average target price 5 700,00 JPY
Spread / Average Target 10,5%
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Kazuhiro Saito President & Representative Director
Saburo Kogo Chairman
Yukari Inoue Independent Outside Director
Harumichi Uchida Independent Outside Director
Mika Masuyama Independent Outside Director
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