Asahi Group Holdings, Ltd.

FY2023
Consolidated Financial Results(IFRS)NOTE:
All information has been prepared in accordance with International Financial Reporting Standards (IFRS).
Amounts shown in this accounting report and in the attached materials have been rounded down to omit
fractions less than one million yen. This document is a partial English translation of the Japanese Financial
Statement which was filed at Stock Exchanges in Japan on February 13, 2024.
This translation was made for information only. The Company gives no warranty with respect to its
correctness.

Summary Report of Financial Results(Fiscal 2023)

February 13, 2024.

Asahi Group Holdings, Ltd.
Code number: 2502
Shares Listed: Prime Market of Tokyo Stock Exchange
Head Office:Tokyo
Contact:
Osamu Ishizaka, Head of Corporate Communications, Executive OfficerTel:+81 3 5608 5126 (https://www.asahigroup-holdings.com/en/)
US GAAP:Not applicable1. Overview of Performance (From January 1, 2023 to December 31, 2023)(figures are rounded down to the million)(1) Business Performance(percentage figures represent the change from the previous year)
RevenueCore Operating Profit(Millions of yen)(%)

(Millions of yen)

Operating profit(%)(Millions of yen)

Profit for the period(%)(Millions of yen)(%)

Fiscal 2023 ended December 31, 2023

2,769,091

10.3

263,680

8.1

244,99912.9

166,031

9.4

Fiscal 2022 ended December 31, 2022

2,511,108

12.3

243,81711.9

217,0482.4

151,717(1.4)

Profit attributable toTotal comprehensive

owners of parent(Millions of yen)income(%)(Millions of yen)(%)

Fiscal 2023 ended December 31, 2023

164,073

8.3

460,504

27.3

Fiscal 2022 ended December 31, 2022

151,555(1.3)

361,78122.4

Basic earnings

Diluted earnings

per shareper share

(yen)

(yen)

ROE

ROA

(%)

(%)

Operating profit
margin(%)

Fiscal 2023 ended December 31, 2023

323.82323.77

7.3

4.8

8.8

Fiscal 2022 ended December 31, 2022

299.10299.06

7.9

4.4

8.6

(Reference)
Share of proit (loss) of entities accounted for using equity method

FY2023875 millions of yen

FY2022667 millions of yen

Core Operating Profit margin:

FY20239.5%

FY2022

9.7%

Profit before tax:

FY2023

241,871 millions of yen (17.4%)

FY2022205,992 millions of yen (3.1%)

Adjusted profit attributable to owners of parent:

FY2023

165,632 millions of yen (0.1%)

FY2022

165,430 millions of yen (7.0%)

・Constant Currency Basis (Figures calculated by converting foreign currency amounts for the year to yen using the exchange rate of the previous year)
FY2023 Revenue 6.8% YoYCore Operating Profit 3.9% YoY*Core Operating Profit is the reference index for normalized business performance. Core Operating Profit = Revenue - (COGS + general administrative cost)*Core Operating Profit is not the index defined in IFRS. We think this index is useful for financial statements users so that we disclose it spontaneously.

(2) Financial Condition
Total assets

Total equity(Millions of yen)

Equity attributable toEquity ratio attributable toowners of parent

owners of parent(Millions of yen)(%)

(Millions of yen)

BPS

(%)

Fiscal 2023 ended December 31, 2023

5,285,913

2,465,781

2,460,548

46.5

4,856.22

Fiscal 2022 ended December 31, 2022

4,830,344

2,062,945

2,060,734

42.7

4,067.12(3) Cash Flows
Cash Flows from

Cash Flows from

Cash Flows from

Cash and Cash Equivalents

Operating Activities

Investing Activities

Financing Activities

at the end of the period(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

Fiscal 2023 ended December 31, 2023

347,547(117,713)(226,746)

59,945

Fiscal 2022 ended December 31, 2022

265,991(69,186)(219,556)

37,438

2. Dividends
Cash dividend per share
Q1

Q2

Q3

(yen)

(yen)

Year-end Total annual

Total dividends

Payout Ratio(annual)(Consolidated)(%)

Dividends on equity
attributable toowners of thecompany ratio(consolidated)

(yen)

(yen)

(Millions of yen)

Fiscal 2022 ended December 31, 2022

-

55.00

-

58.00

113.0057,27037.8

3.0

Fiscal 2023 ended December 31, 2023

-

56.00

-

65.00

121.0061,32437.4

2.7

Fiscal 2024 ending December 31, 2024 (forecast)

-

66.00

-

66.00

132.00

(yen)

-1-

(%)

35.1

3. Forecast for Fiscal 2024 (January 1, 2024 to December 31, 2024)
RevenueCore Operating Profit(Millions of yen)(%)

2,840,000

Fiscal 2024 ending December 31, 2024

(Millions of yen)

2.6

Proft attributable to(%)

271,000

Operating profit(Millions of yen)

2.8

273,000

Profit(%)(Millions of yen)

11.4

191,500

Basic earnings per shareowners of parent(Millions of yen)(%)

190,500

Fiscal 2024 ending December 31, 2024

(yen)

16.1

375.98(Reference)・Profit before tax:

FY2024 forecast

266,500 million yen (10.2%)

・Adjusted profit attributable to owners of parent:

FY2024 forecast

176,000 million yen (6.3%)

・Constant Currency Basis (Figures calculated by converting foreign currency amounts for the year to yen using the exchange rate of the previous year)
FY2024 (Forecast)

Revenue 3.6% YoYCore Operating Profit 4.2% YoY*Adjusted profit attributable to owners of parent= Profit attributable to owners of parent - One-off special factors including business portfolio restructuring and impairment loss

Notes
(1) Changes in status of material subsidiaries during the period (changes in specified subsidiaries due to changes in the scope of consolidation): No
New: - company ( - ), Excluded: - company ( - )(2) Changes in accounting policies, or changes in accounting estimates(1) Changes in accounting policies required by IFRS: Yes(2) Changes in accounting policies other than item (1) above: No(3) Changes in accounting estimates: No(3) Number of shares (common stock):(1) Issued share at period-end (including treasury shares):Year ended December 31, 2023

507,003,362 sharesYear ended December 31, 2022

507,003,362 shares(2) Treasury shares at period-end:
Year ended December 31, 2023

324,103 sharesYear ended December 31, 2022

322,338 shares(3) Average number of outstanding shares during the period:
Year ended December 31, 2023

506,680,848 sharesYear ended December 31, 2022

506,701,382 shares(Note) The treasury shares which are excluded from calculations of the number of treasury shares at the end of the fiscal period andthe average number of shares during the period under review include the Company's shares held by Custody Bank of Japan, Ltd.
as trust property of the performance-lined stock compensation system for the Directors.
(Year ended December 31, 2023: 132,505 shares, Year ended December 31, 2022: 135,468 shares)

-2-

(%)

15.3

4. Consolidated Financial Statements (Unaudited)(1) Consolidated Statement of Financial Position(Millions of yen)

As of

As of

December 31, 2022

December 31, 2023

(Assets)
Current assets
Cash and cash equivalents

37,43859,945Trade and other receivables

415,676465,633

Inventories

234,969

267,317

Income tax receivables

7,354

2,930

Other financial assets

10,028

10,469Other current assets

32,06240,655

Total current assets

737,529

846,953

Non-current assets
Property, plant and equipment

834,721888,070

Goodwill and intangible assets

3,027,929

3,283,948

6,722

11,081Other financial assets

125,780

151,168

Deferred tax assets

54,88848,544

Net defined benefit assets

24,00436,515

Other non-current assets

18,767

19,629Total non-current assets

4,092,815

4,438,960

4,830,344

5,285,913

Trade and other payables

591,869

714,781Bonds and borrowings

367,267

389,848

Income tax payables

30,906

26,263

Investments accounted for using equity method

Total assets(Liabilities and Equity)(Liabilities)
Current liabilities

Provisions

14,103

17,429Other financial liabilities

135,983

113,642

Other current liabilities

125,816

134,984

Total current liabilities

1,265,946

1,396,950

Non-current liabilities
Bonds and borrowings

1,130,042

1,020,950

Net defined benefit liabilities

20,34917,242

Deferred tax liabilities

213,494

233,190

Other financial liabilities

131,792

143,156

Other non-current liabilities

5,774

8,642

Total non-current liabilities

1,501,452

1,423,181

2,767,399

2,820,131

220,044

220,044

Total liabilities(Equity)
Issued capital
Share premium

161,793

161,867

Retained earnings

1,165,542

1,282,432

Treasury shares(1,178)(1,190)

Other components of equity
Total equity attributalble to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity-3-

514,532

797,3932,060,734

2,460,548

2,210

5,233

2,062,945

2,465,781

4,830,344

5,285,913

(2) Consolidated Statement of Profit or Loss and Comprehensive Income(From January 1 to December 31, 2022 and 2023)<Consolidated Income Statements>(Millions of yen)Previous year
(From January 1
to December 31)
Revenue
Cost of sales
Gross Profit
Selling, general and administrative expenses

Current year
(From January 1
to December 31)

2,511,108

2,769,091(1,589,272)(1,770,157)

921,835

998,933(678,018)(735,252)

Other operating income

16,8508,300

Other operating expense(43,619)(26,981)

217,048244,999

5,498

14,118(17,221)(18,121)

Operating Profit
Finance income
Finance costs
Share of profit (loss) of investments accounted for using equity method
Profit before tax
Income tax expense
Profit for the period

667

875

205,992

241,871(54,275)(75,840)

151,717

166,031

151,555

164,073

Attributable to:
Owners of parent
Non-controlling interests

162

1,957

151,717

166,031

Basic earnings per share (JPY)299.10323.82

Diluted earnings per share (JPY)299.06323.77

Total-4-

(Millions of yen)<Consolidated Statement of Comprehensive Income>Previous year
(From January 1
to December 31)
Profit for the period

Current year
(From January 1
to December 31)

151,717

166,031

Changes in fair value of financial instruments measured at fair value
through other comprehensive income(991)

13,370Remeasurements of defined benefit plans

3,776

10,599Cash flow hedges(2,865)(1,599)Costs of hedging

122

53

209,867

271,916155

133

210,063294,473

361,781460,504

361,604

458,266

177

2,238

Other comprehensive income
Items that will not be reclassified to profit or loss

Items that might be reclassified to profit or loss

Translation difference on foreign operations
Share of other comprehensive income of entities accounted for using
equity method
Total other comprehensive income
Total comprehensive income

Total comprehensive income attributable to:
Owners of parent
Non-controlling interests-5-(3) Condensed Consolidated Statement of Changes in Equity
Fiscal 2022 (from January 1 to December 31, 2022)(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Issued capital

Balance as of January 1, 2022

220,044

Share
premium

Retainedearnings

161,731

Changes in fairvalue of financial Remeasureme
instruments
nts of definedmeasured atfair value through benefit plans
OCI

Treasuryshares

1,064,644(923)

Cash flow
hedges37,975

－

7,486

(991)

3,765

(2,866)

(991)

3,765

(2,866)Comprehensive income
151,555

ProfitOther comprehensive income
Total comprehensive income－－

151,555－

Transfer to non-financial assets(2,042)

Transactions with owners(55,738)

Dividends(263)

Purchase of treasury shares
Disposal of treasury shares

0

Share-based payment transaction

61

8

Transfer from other components of equity toretained earnings

5,081(1,316)(3,765)(255)(1,316)(3,765)

Other increase (decrease)
Total contributions by owners and distribution
to owners
Total transactions with owners
Balance as of December 31, 2022－

62

(50,657)－62(50,657)(255)(1,316)(3,765)－220,044

161,793

1,165,542(1,178)35,667－2,577

Noncontrollinginterests

Total equity

Equity attributable to owners of parent
Other components of equity
Costs ofhedging
Balance as of January 1, 2022

Total equity
attributable toTranslation
Total otherowners ofdifference on
components ofparentforeignequityoperations(601)

266,746

311,607

1,757,104

2,043

1,759,148－

151,555

162

151,717122

210,019

210,048

210,04815

210,063122

210,019

210,048

361,604

177

361,781(2,042)(2,042)

Dividends－(55,738)

Purchase of treasury shares

－

(263)

(263)

Disposal of treasury shares

－

8

8

Share-based payment transaction

－

61

61

(5,081)－－

Comprehensive income
ProfitOther comprehensive income
Total comprehensive income
Transfer to non-financial assets(2,042)

Transactions with owners

Transfer from other components of equity toretained earnings
Other increase (decrease)
Total contributions by owners and distribution
to owners
Total transactions with owners
Balance as of December 31, 2022

－

－
－

－

(5,081)(55,931)(15)(55,753)

4

4

(10)

(55,941)－－(5,081)(55,931)(10)(55,941)(478)

476,765

514,532

2,060,734

2,210

2,062,945-6-

Current year (from January 1 to December 31, 2023)(Millions of yen)
Equity attributable to owners of parent
Other components of equity

Balance as of January 1, 2023

Changes in fairvalue of financial Remeasureme
instruments
nts of definedmeasured atfair value through benefit plans
OCI

Issued capital

Share
premium

Retainedearnings

Treasuryshares220,044

161,793

1,165,542(1,178)Cash flow
hedges35,667－

2,577

13,37010,626(1,600)13,37010,626(1,600)Comprehensive income

164,073

ProfitOther comprehensive income
Total comprehensive income－－

164,073－(752)

Transfer to non-financial assets
Transactions with owners(57,762)

Dividends(25)

Purchase of treasury shares

0

Disposal of treasury shares

13

Changes through business combinations

74

Share-based payment transaction
Transfer from other components of equity toretained earnings

10,57848(10,626)

48(10,626)

Other increase (decrease)
Total contributions by owners and distribution
to owners－(47,183)

(12)

－

74

(47,183)(12)

48(10,626)－

161,867

1,282,432(1,190)49,086－224

Noncontrollinginterests

Total equity

Equity attributable to owners of parent
Other components of equity

Total equity
attributable toTranslation
Total otherowners ofdifference on
components ofparentforeignequityoperations

Costs ofhedging(478)

476,765

514,532

2,060,734

2,210

2,062,945－

164,073

1,957

166,03153

271,742

294,192

294,192281

294,47353

271,742

294,192458,266

2,238

460,504

(752)

(752)

Dividends－(57,762)

Purchase of treasury shares

－

(25)

(25)

Disposal of treasury shares

－

13

13

Changes through business combinations－－

Share-based payment transaction

－

74

74

(10,578)

－

－

－

－

0

0

－

(10,578)(57,700)

784(56,916)－－(10,578)(57,700)

784(56,916)(425)

748,508

797,3932,460,548

5,233

2,465,781

Balance as of January 1, 2023
Comprehensive income
ProfitOther comprehensive income
Total comprehensive income
Transfer to non-financial assets(752)

Transactions with owners

Transfer from other components of equity toretained earnings
Other increase (decrease)
Total contributions by owners and distribution
to owners
Total transactions with owners
Balance as of December 31, 2023－

220,044

Total transactions with owners
Balance as of December 31, 2023

74

－

-7-

(16)

800

(57,779)800

(4) Consolidated Statement of Cash Flows(From Januay 1 to December 31, 2022 and 2023)(Millions of yen)Previous year
(From January 1
to December 31)

Current year
(From January 1
to December 31)

Cash flows from operating activities
Profit before tax

205,992

241,871

Depreciation and amortization

140,419

147,992

Impairment loss

18,4902,183Interest and dividends income(2,656)(7,450)Interest expenses

12,306

14,269

Share of profit (gain) of entities accounted for using equity method
Loss (gain) on sales and retirement of non-current assets

(667)

(875)

(9,540)

3,564

(826)

(23,608)(27,957)(24,447)

Decrease (decrease) in trade and other payables

25,73732,898Decrease (decrease) in accrued liquor tax payables(4,062)

2,984

1,441

1,073

Increase (increase) in trade and other receivables
Increase (increase) in inventories

Increase (decrease) in defined benefit assets and liabilities
Other

3,369

36,027

Subtotal

362,049

426,484

3,344

7,624

Inrerest paid

(10,839)(12,646)

Income tax paid

(88,562)(73,914)

Cash flows from operating activities

265,991

347,547

Interest and dividends received-8-

(Continued)(Millions of yen)Previous year
(From January 1
to December 31)

Current year
(From January 1
to December 31)

Cash flows from investing activities(83,049)(89,580)

25,10911,710(16,796)(20,248)

868－

Purchase of investment securities(552)(1,292)

Proceeds from sales of investment securities

8,483

3,387

676

－

Purchase of subsidiaries and others relating to the change of scope of
consolidation(2,661)(3,551)

Payments for contingent consideration(2,357)(18,574)

Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Proceeds from intangible assets

Gain from sales of investments accounted for using equity method

1,091

434

(69,186)(117,713)

Decrease (decrease) in short-term borrowings(8,527)(200,705)

Repayments of lease obligations

Other
Cash flows from investing activities

Cash flows from financing activities(23,307)(24,555)

Proceeds from long-term loans payables－

50,000

Repayment of long-term loans payables(51,460)(43,062)

Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Dividends paid
Other
Cash flows from financing activities
Effect of exchange rate changes on cash and cash equivalents
Decrease (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Increase (decrease) in cash and cash equivalents resulting
from change in scope of consolidation
Cash and cash equivalents at the end of period-9-60,000150,000(140,000)(100,000)

(263)

(25)

(55,738)(57,761)

(258)

(635)

(219,556)(226,746)

7,447

20,004(15,304)

23,09352,74337,438－(586)

37,43859,945(5) Notes to the Condensed Consolidated Financial Statements(Segment Information)
Fiscal 2022 (January 1 to December 31, 2022)(Millions of yen)Southeast
Asia

Other

Adjustments

Consolidated
total

2,511,108－

2,511,1088,110(8,110)－2,519,219(8,110)2,511,108

Total

Japan

EuropeOceania

1,297,197

572,662

580,845

51,639

8,764

4,534

1,213

2,321

40

－

1,301,731

573,875

583,167

51,6808,764

Revenue
To outside customers
Inter-segment revenue
Total
Segment profit (loss)

96,41755,16380,177633

1,257

233,647(16,599)

217,048

Segment assets

997,249

1,798,105

1,918,822

45,472

9,025

4,768,675

61,6694,830,344

Depreciation and amortization

54,17549,18432,5802,128

596

138,665

1,754

140,419

Impairment loss

18,304

－

－

185

－

18,490－18,490Equity in net income (loss) of affiliates

171

467

28

－

－

667

－

667

Investments accounted for using equity
method

2,217

3,455

1,051

－

－

6,724

(1)

6,722

Payments added to non-current assets (excluding
financial instruments and deferred tax assets)

55,42956,422

24,195931

204

137,183

1,281

138,465

OthersAdjustment of segment profit (loss) of -16,599 million yen includes corporate expenses of -17,505 million yen which is not allocated to reporting segment and the eliminationof inter-segment transactions, etc. of 905 million yen. The corporate expenses are mainly Group management expenses generated by the Company in its role as a pureholding company. The prices applied to the internal transactions among the segments are equivalent to those for the outside customers.
Adjustment of segment assets of 61,669 million yen includes corporate assets of 86,216 million yen which in not allocated to reporting segment and the elimination of intersegment transactions (receivables and payables), etc. of -24,547 million yen. The corporate assets are mainly the Company assets in its role as a pure holding company.

Fiscal 2023 (January 1 to December 31, 2023)(Millions of yen)Southeast
Asia

Other

Adjustments

Consolidated
total

2,769,091－

2,769,091

13,988(13,988)－2,783,080(13,988)2,769,091

Total

Japan

EuropeOceania

1,353,194

687,637

649,51357,204

21,542

9,656

1,088

2,641

602

－

1,362,850

688,725

652,154

57,806

21,542

Revenue
To outside customers
Inter-segment revenue
Total
Segment profit (loss)

111,266

59,43789,673

1,009

5,174

266,561(21,562)

244,999

1,025,461

2,006,197

2,084,718

54,872

15,226

5,186,476

99,436

5,285,913

Depreciation and amortization

52,27858,61632,9231,850

481

146,150

1,841

147,992

Impairment loss

1,492

－

－

691

－

2,183

－

2,183

Equity in net income (loss) of affiliates

427

446

1

－

－

875

－

875

Investments accounted for using equity
method

5,910

3,632

1,541

－

－

11,083(1)

11,081

Payments added to non-current assets (excluding
financial instruments and deferred tax assets)

61,401

65,166

19,501

510

895

147,475

1,814

149,290

Segment assets
OthersAdjustment of segment profit (loss) of -21,562 million yen includes corporate expenses of -21,732 million yen which is not allocated to reporting segment and the eliminationof inter-segment transactions, etc. of 169 million yen. The corporate expenses are mainly Group management expenses generated by the Company in its role as a pureholding company. The prices applied to the internal transactions among the segments are equivalent to those for the outside customers.
Adjustment of segment assets of 99,436 million yen includes corporate assets of 119,822 million yen which in not allocated to reporting segment and the elimination of intersegment transactions (receivables and payables), etc. of -20,385 million yen. The corporate assets are mainly the Company assets in its role as a pure holding company.

- 10 -