Financial Results Presentationfor H1 2021
H1 2021 Overview
2021 Direction

August 2021

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Executive Summary
H1 Overview＜Results＞
・ Attained record high financial performance by the growth of Soft Drinks and Oceania Businessincluding CUB consolidation
・ Progress with innovation and diverse high-value-added strategies that are responsive tochanges in business environments of each region＜Challenges＞
・ Responding to continued negative impact of COVID-19 resurgence on the on-premise market

・ Bolstering the Group’s resilience with an eye to structural changes in markets, and advancing
value creation management with a medium to long-term view

Future Direction◆ Foster high-value-added category brands and create synergies in each region and global◆ Promote earnings structure reforms. Enhance cash-generating capabilities to enable further
investment in growth◆ Accelerate efforts to upgrade management resources (including through digitaltransformation) and bolster initiatives to integrate sustainability into management

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1

COVID-19 Impacts (by Region)◆ Monthly Beer Sales in the Key Businesses (January 2020 - June 2021)【Domestic Alcohol Business】
20%

H1 2021 Revenue: -8％ YoY*Beer-type Beverages value basis

10%
0%
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

-10%
-20%
-30%
-40%

【European Business】
20%

H1 2021 Volume: +2％ YoY*Volume basis

10%
0%
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

-10%
-20%
-30%

*Based on the integration with Asahi International Ltd from January 2021

-40%

【Australian Business】
50%*Volume basis

・On-premise market continued to recover from January

30%
20%
10%
0%
Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

-20%
-30%
-40%

・ YoY decline of on-premise channel at the beginning of
the year was a function of COVID-19 restrictions(which only started from March in 2020)
・ The situation improved in March and we saw gradualre-opening of on-premise since April/May
・ In June, despite some restrictions still in place, strong
YoY growth was achieved

H1 2021 Volume: approx. +10% YoY

40%

-10%

・ Rate of decline increased again from January 2021 onward
due to a further state of emergency declaration in Tokyo
・ Sales recovered with lifting of state of emergency in lateMarch as well as impact of launch of Super Dry Nama Jokki
Can in April
・ Bars and restaurants requested to stop serving alcohol
after another state of emergency was declared in someareas in late April, resulting in continued weak sales in the
on-premise market*Calculated including the former CUB business for reference

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

2021 onward, despite some COVID-19-related restrictions
on customer numbers in bars and restaurants.
・Australian state governments implemented snap lockdowns
in response to COVID-19 case numbers. Victoria went into
lockdown from late May through early June.
・Sydney has been in lockdown since late June.
*The whole state of Victoria went into lockdown again 7
days from August 5.

2

Overview and Direction for Alcohol Beverages Business

H1 Overview◆ Promoted revitalization of core brands as well as creation of new markets (launches ofNama Jokki Can and BEERY)◆ Challenges remain, such as strengthening response to the negative impact of the onpremise channel, including further recovery of momentum for beer cans

Future Direction◆ Enhance marketing investment in core brands and growing categories with eye on
medium to long-term structural changes◆ Advance channel/category mix improvements (including the on-premise businessreform) and fundamental earnings structure reforms

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3

Initiatives for Off-Premise Beer
◆ Year-On-Year Growth in Beer Cans and New Genre Cans
<Asahi Super Dry Can Results>(YoY in Volume)<Market>
25%
20%
15%
10%
5%
0%
-5%

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

2020

-10%

Dec

Jan

Feb

Mar

Apr

May

Jun

2021

-15%
-20%
-25%
Beer

New Genre◆ Asahi Super Dry Nama Jokki Can
・Sharp increase in number of Super Dry consumers(Thousand)Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Source: Intage SRI+ Beer Can and New Genre Can Market
Estimated Sales Volume YoY Jan 2020 - Jun 2021
Seven Channels (Supermarkets/ Convenience
Stores/Liquor Discount Stores/Hardware stores/Drug
Stores/General Liquor Stores/Commercial Liquor
Stores)◆ THE DRAFTERS,
Server for Home Use・ Target membership for 2021 is
30,000・ 25,000 preliminary members
registered as of end of July, aheadof target

Source: Our shipment results◆ New Beer Can Product・ To launch second beer brand(scheduled for September) withbrand values that differ fromSuper Dry

4

Initiatives for Minimal Alcohol Category
Estimated Market Value of Beer-taste
and Minimal Alcohol Beverages◆Initiatives for BEERY

Beer-taste Except BEERY・Can drink it while doing housework
・Great that it doesn’t affect me thefollowing day

Total of Two BEERY Items

Total of Beer-taste(inc. Two BEERY items)+20.2% YoY
People who
drink alcohol

Except BEERY・Can enjoy the taste without getting drunk
・I can feel like a beer!

+11.2% YoY
Source: Intage SRI+ Beer-taste Beverages
Market Estimated Sales Five Channels(Supermarkets/Convenience Stores/Liquor
Discount Stores/Hardware stores/Drug Stores)
Area: Tokyo area and Kanshinetsu
Unit: million yen
Duration: Mar 29 – Jul 4, 2021
Mar 30 – Jul 5, 2020

People who don’t
drink alcohol◆Future Initiatives
Alcohol Content

Beer-taste

RTD

Highball

3.5%
Light
1.0%
Minimal alc.

0.00%
Non alc.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Full-scale on-premise market launch(BEERY in small bottles on salenationwide from September 14, 2021)

5

Overview and Direction for Soft Drinks Business
H1 Overview◆ Product mix improvement especially for carbonated drinks and coffee; advanced earnings
structure reforms by streamlining costs◆ Challenges include strengthening new value proposals in the health domain and improving
channel mix including vending machine channel

Future Direction◆ Restore sales momentum of core brands, strengthen channel strategies and new value
proposition in a way that is responsive to market changes◆ Optimize production and logistics system and further promote cost streamlining, such as
removing unprofitable vending machines

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6

Soft Drinks Business◆ Initiatives for Carbonated Drinks
Continued to grow faster than market, driven by MITSUYA and
WILKINSON
YoY (market)

Responded to lifestyle changes by launching new MITSUYA
products and strengthening original recipe ideas for WILKINSON

Jan-Jun 2021
Volume YoY

YoY (Asahi)

MITSUYA＋2％

WILKINSON＋6％

2021 Sales Plan (YoY)
Carbonated Drinks: +5.5%*Source: Inryou-souken◆ Initiatives in the Pandemic (Responding to Staying-Home Demand)
Capture growing health-related demand amid COVID-19
pandemic mainly with JUROKUCHA and TODOKU TSUYOSA NO
NYUSANKIN W

Increased range of label-less products and began selling 32bottle cases (online only)＜Growth Rate of Label-less Products＞
Jan-Jun 2021
Volume YoY＋110％
Jan-Jun 2021
Volume YoY

Jan-Jun 2021
Volume YoY

+3％

+30％

＜Growth Rate of EC Channel＞
Jan-Jun 2021
Volume YoY＋24％
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7

Overview and Direction for Food Business
H1 Overview◆ Fixed costs streamlined. Product marketing responsive to changes in businessenvironment led, for example, to sharp sales growth of Ippon Manzoku Bar.
◆ Challenges include cultivating new markets, and a sales recovery for Mintia, which
continues to be impacted by COVID-19

Future Direction◆ Restructure category portfolio, and strengthen new value proposals in response tochanging consumer needs◆ Advance earnings structure reforms by prioritizing investment in growing categories,
optimizing inventory levels, etc.

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8

Food Business◆ Initiatives to Create New Value Consistent with the “New Normal”<Ippon Manzoku Bar>
Strengthened Protein series
product range<Dear Natura>
Enhanced basic supplements,
protein, and products
containing lactic acid bacteria<Amano Foods>
Reinforced sales promotion of
Zeitaku series and assortment
products

Jan-Jun2021 Sales
Value YoY

Jan-Jun2021 Sales
Value YoY

Jan-Jun2021 Sales
Value YoY

＋36％

＋19％

＋12％

◆ Initiatives for Mintia
As well as recovery of regular series, strengthened initiatives to cultivate new markets under the new normal
Diversified work styles(Working from home now
normalized)

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

Wearing masks
has become the norm

Heightened healthconsciousness

9Overview and Direction for Europe Business
H1 Overview◆ Premiumisation in the off-premise channel, development of innovative products,
with strengthening of cost control.
◆ Challenge: Improving the deteriorated channel mix caused by the on-premise sales
decrease under the Covid-19 restrictions mainly impacting Q1

Future Direction◆ Maximizing the recovery of demand in on-premise and continuing the premiumizationin the off-premise channel◆ Further optimization of cost management in response to changes in consumption demandand sales channel composition

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

10

(Reference) Recovery in Major Countries (Europe)◆ Monthly Beer Sales Volume in the Key Countries (January 2020 - June 2021)【Czech】30%

H1 2021：Sales Volume -7％
FY2019 ：On-premise Ratio approx.40％

20%【Poland】
20%
10%

10%

0%

0%
-10%

Jan Feb Mar Apr May Jun
Jan Feb Mar Apr May Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun-40%

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

-10%
-20%

-20%

-30%

H1 2021：Sales Volume -2％
FY2019 ：On-premise Ratio Mid-single Digit＜Status of On-premise Reopening＞
May 17：Outdoor open
May 31：Indoor open（limit people inside）

・On-premise: Demand partially affected by weather condition in May after
removal of restrictions, but improved significantly in June, and recovered tothe same level as the previous year in the April-June period.
・Off-premise: Below the last year's level due to the weather condition in May.

【Italy】

H1 2021：Sales volume ＋8％
FY2019 ：On-premise Ratio approx.40％

60%＜Status of On-premise Reopening＞
May 15：Outdoor open
May 28：Indoor open （limit people inside）

-30%
-40%

・On-premise: Although some restrictions remained, demand has improved
significantly since the removal of restrictions in May, and the April-June
period saw a significant increase over the last year.
・Off-premise: In April-June, slightly below the last year's level due in part toweather conditions.

【UK】
100%

H1 2021：Sales volume ＋14％
FY2019 ：On-premise Ratio approx.60％

80%

40%

60%

20%

40%
20%

0%
Jan Feb Mar Apr May Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

-20%
-40%
-60%

0%
-20%

Jan Feb Mar Apr May Jun

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun-40%＜Status of On-premise Reopening＞
April 26：Outdoor open
June 1：Status of indoor varies by region（Limit people inside）

・On-premise: Although some restrictions remained, such as capacity limits for
sanitation, demand has improved significantly since the removal ofrestrictions in April, and the April-June period saw a significant increase overthe last year.
・Off-premise: Strong trend thanks to overall market growth
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

-60%＜Status of On-premise Reopening＞
April 12：Outdoor open
May 17： Indoor open（July 19 completely lifting restrictions）

・On-premise: Our share increased compared to 2019 during the recovery
period after April. Aiming for further demand recovery with the full removalof restrictions on July 19.
・Off-premise: : Strong trend due total market growth as well as our share

11

Our Strategy for Global Brands◆ Our Five Global Brands

Asahi Super Dry & Peroni Nastro Azzurro
are our priority global brands and we aim toscale them everywhere.

Kozel, Pilsner Urquell & Grolsch
will be expanded selectively to strengthen
our premium portfolio.

◆ Marketing Activities for Top Priority Brands＜Asahi Super Dry＞
Signing the 2023 Rugby World Cup
Worldwide Partnership

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

＜Peroni Nastro Azzurro＞
Signing a global partnership with Aston Martin F1™

12

Overview and Direction for Oceania Business
H1 Overview◆ Continued competitive advantage by strengthening marketing of core
brands and creating integration synergies◆ Nurture new growing categories, such as non alcohol beer

Future Direction◆ Enhance the robust brand portfolio and promote premium strategy
through revenue management◆ Accelerating integration synergies and competitive advantage, andcreating new growth opportunities by multi-beverage strategy

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13

Oceania Business◆ Expansion of the Contemporary Beer Category (Jan-Jun 2021)<Australian Beer Market by Segment> (Jan-Jun 2021)

Market Growth+3％

Our Growth+9％

Premium Domestic

Market Share of Contemporary Beer

PremiumInternational
Contemporary

Asahi

Craft

Source: IRI, volume basis, year-on-year

72%
Classic

Great Northern
Super Crisp

Source: IRI, volume basis◆ Synergy by Integration
Top-line*Target for Synergy Creation by 2024 (Profit basis)

Approx. ¥5 billion

・Expanding our presence, especially in the premium market by
expanding sales channels
・Creating new growth opportunities, such as expanding sales channels
for alcohol beverages other than beer and non-alcohol beverages◆ Strengthening Super Dry and Peroni
On-premise Outlets(Total of two brands)+29%
End of 2020

Cost

More than ¥10 billion

・Establishing an optimal production and distribution system throughintegration and mutual utilization of distribution centers etc.
・Strengthening and optimizing procurement capabilities by leveraging
scale economies
・Improving efficiency and optimization for infrastructure, systems, andfunctions・Consolidation of shared services sites and revision of operating processes
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

End ofSales Volume Growth(Total of two brands,
Jan-June 2021 compared tothe same period of 2019)+24%

June 2021◆ Examples of Cost Synergies
・Efficiency effects and optimization of functions
through organizational integration
・Review of procurement contracts
・Optimization of manufacturing and distribution
network

14

Sustainability Strategy（Environment）

Asahi Group Environmental Vision 2050
Pass on nature’s gifts to the next generation
based on the “Neutral & Plus” concept

Zero Environmental Impact（“Neutral”）

Creating Environmental Value（“Plus”）

Respond to climatechange“Asahi Carbon Zero”

Make sustainable useof resources(Agricultural raw materials,
containers and packaging ,water)

Utilize microorganisms
and fermentation
technologies

Process innovation

Reduce CO2Emissions to zero

Reduce business risks

Create new environmental
value by leveraging Group
strengths

Create innovative newtechnologies and systems◆ Main Initiatives in the First Half
(Japan) Switched to renewable energy for electricity purchases at 19 plants
in the Kanto and Kansai regions
Approximately 40% of the electricity purchased at all domestic sites has beenswitched to renewable energy by purchasing electricity through the Digital Grid
Platform (DGP), Japan's first private power exchange.
(Europe) Renewed the Pilsner Urquell Package with 100% Recyclable Materials
It is expected to reduce waste by a total of about 106 tons a year by replacing
aluminum foil neck labels with paper and removing plastic seals from bottles.

(Oceania) Launched the Solar Exchange Program for Victoria BitterThis program allows participants to exchange credit on their electricity bill – obtained fromtheir home's solar power - for Victoria Bitter, which is brewed with 100% solar electricity.
We have launched this program to encourage consumers to generate solar power.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

15

Sustainability Strategy （Community）
Global activity slogan ”RE:CONNECTION”
Connections between people, people and communities, and communities and other ones

Key “Community” Issues
Food

Regional Environment

Disaster Relief

Resolve food
related issues torevisit the connection
between people and food andboost local sustainability

Connect nature and society tocreate the conditions forcoexistence, helping to resolve
regional environmental issues(nature, ecosystems）

Assist those whose daily lives
and businesses have beenheavily impacted by disaster,
reconnecting them with daily
lives◆ Main Initiatives in the First Half
(Japan) Producing malt whiskey from barley grown on the land damagedby the Great East Japan Earthquake
The "Barley of Hope" project, started in 2014, has expanded the barley cultivation
area to 19 hectare and the total harvest has exceeded 150 tons. We have started
initiatives to produce whiskey in addition to beer.
(Europe) Achieved traceability for Peroni at its 175th anniversary
To guarantee the traceability of 100% Italian malt, we have implemented a renewal
to allow consumers to track the production history of the malt by reading the QR
code on the neck label of the product, using blockchain technology.
(Oceania) CUB to procure Australian malt directly
New SCM scheme to procure more than 90% of malt directly from Australian farms.
Purchase approximately 70,000 tons of barley directly from Australian farmers,
and clearly monitor the cultivation process.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

16

Sustainability Strategy （Responsible Drinking）
Global Activity Slogan Responsible Drinking Ambassador
To eliminate inappropriate drinking and create new drinking opportunities,
we promote non alcohol beverage strategies across the entire GroupJapan

EuropeOceania

Aiming for a sales volume ratioof 20% for low alcohol and non
alcohol beverages by 2025

Aiming for a sales volume ratioof 20% for non alcohol
beverages by 2030

Aiming for a sales volume ratioof 25% for low alcohol and non
alcohol beverages by 2025

◆ Main Initiatives in the First Half

*Low alcohol beverages: alcohol content of 3.5% or less*Non alcohol beverages: Legal standards of each region(Japan) Nationwide Launch of Asahi BEERY
Asahi BEERY, a beer taste beverage with minimal alcohol, was launched
as a product that embodies "Smart Drinking."
The product lineup is currently being expanded.

(Europe) Strengthening the brand appeal of new product Nastro Azzurro Zero
In Italy, launched non alcohol beer Nastro Azzurro Zero in February,
and began commercials in June.
In the Netherlands, began commercials for Grolsch 0.0% in April.
(Oceania) Nationwide Launch of Great Northern Zero
Launched a brand of non alcohol beer that is expected to expand in the futurefrom Great Northern, a leading contemporary beer brand. From a regionallylimited release in Sep 2020 to a Australia's nationwide launch in June this year.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

17

(Reference) ESG Awards Received and Indices Inclusion

Included in FTSE4 Good IndexSeries 19 years running

Included in FTSE Blossom Japan Index five
years running

CDP surveys
・ On Climate Change A List three
years in a row
・ Included in Supplier Engagement
Leader Board

Included in MSCI Japan Empowering
Women Index (WIN) five years running・ Selected as a Digital
Transformation (DX) stock sevenyears in a row
・ Selected as Health & Productivity
stock for fourth time・ Selected as Nadeshiko Brand forseventh time

Included in MSCI Japan ESG Select Leaders
Index for the first time
Included in S&P/JPX Carbon Efficient Index
three years in a row<Environmental Progress Report>
In October, the Asahi Group will publish Environmental Progress Report to extend
and enhance disclosure from sustainability and ESG perspectives. The Reportwill provide extensive information on the Group’s environmental management,
and results of and data on initiatives aimed at reducing environmental impact.
* To be published on Asahi Group website: Investors > IR Library > Integrated Report/Annual Report<Community Section Created on Group Website>* The cover design may change.

Asahi Group has created a section on its website devoted to the Group’s
community-related activities, featuring case studies of activities in the areas offood, regional environments, and disaster relief.
https://www.asahigroup-holdings.com/en/csr/community/
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

18

REFERENCE
Overview of
Financial Results for H1 2021＆
Full Year Forecasts* The effects of change from 1 to 5 below resulting from business reorganization effective January 1, 2021 werereflected in figures from the beginning of 2021 and comparable previous year’s results in 2020.
1 We transferred Nadaman Co., Ltd. and Asahi Food Create, Ltd. which was previously in Alcohol Beverages Business to
Other Business.
2 Asahi Group Foods, Ltd. absorbed and merged Asahi Calpis Wellness Co., Ltd. which was previously in
Other/elimination in Food Business.
3 Asahi International Ltd. was merged into Europe Business.
4 Existing business and CUB business were merged into Oceania Business. In 2020, the effect of the consolidation of
the CUB business is included in sales revenue and Core Operating Profit only for June-December. Amortization of
intangible assets is also included only as an expense for the same period above. The impact of the completion of PPA(Purchase Price Allocation) related to the CUB business was reflected retrospectively in the previous year's figures.
5 We transferred Asahi Loi Hein Company Limited which was previously in Southeast Asia Business to Other/eliminationin Overseas Business.

Financial Results Highlights (Constant Currency Basis)◆ Core Operating Profit for H1 increased by 63.8%, exceeding the plan, due to overachievement in Soft Drinks,
Food and Overseas, despite underachievement in Alcohol Beverages.
・Alcohol Beverages: YoY decline in revenue and profit due to the sales decrease mainly in the on-premise channel, despite promoting
sales for the off-premise channel and cost efficiency.
・Soft Drinks:

YoY increase in revenue and profit due to the sales volume increase, higher unit sales price resulting from
improved mix, and various measures for cost efficiency.

・Food:

YoY increase in revenue and profit as a result of strengthening sales in growing categories and improving
efficiency of fixed costs, despite the sales decrease of Mintia.

・Overseas:

YoY increase in revenue and profit due to the strong performance in Oceania including the effect of CUB
consolidation, despite the impact of COVID-19 related restrictions in Europe.

◆ Full-year forecast revised downward by JPY 0.5 billion due to downward revision of Alcohol Beverages,
despite upward revision of Soft Drinks and Overseas.
<Revenue and Core Operating Profit>*Constant Currency Basis (Based on Previous Year's FX Rates)(JPY billion)

2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against Target

AgainstInitial Target

Alcohol Beverages Business

316.5- 24.0- 7.1%- 38.2

742.2

- 4.8

- 0.6%- 40.3

Soft Drinks Business

173.8

7.2

4.3%

- 1.0

366.0

12.6

3.6%

- 6.4

60.8

1.0

1.6%

- 0.8

128.7

5.2

4.2%

-

425.0

121.4

40.0%

- 20.4

948.3

155.3

19.6%

- 23.6- 5.9

Food Business
Overseas Business

49.4

0.0

0.1%

- 3.5

105.9

1.2

1.1%

- 44.7

1.1

-

0.4

- 94.9

- 1.2

-

0.0

980.9

106.6

12.2%

- 63.52,196.1

168.3

8.3%

- 76.1

Alcohol Beverages Business

26.8

- 7.1

- 20.9%

- 6.0

75.0

- 8.0

- 9.6%- 12.0Soft Drinks Business

16.4

6.5

65.3%

6.0

35.6

7.8

28.0%

6.0

5.8

0.4

6.6%

1.5

11.3

0.3

2.8%

-

60.2

35.5

143.9%

4.3

147.9

53.8

57.1%

3.1
0.5

Other Business
Adjustmenet (corporate and elimination)
Revenue

Food Business
Overseas Business

- 0.3

0.8

-

1.1

- 1.2

- 0.1

-

Adjustmenet (corporate and elimination)- 12.0

- 0.6

-

1.8

- 25.6

- 4.2

-

2.2

Amortization of acquisition-related intangible assets- 14.1

- 3.1

-

0.1

- 29.2

- 3.7

-

- 0.4

82.8

32.3

63.8%

8.8

213.8

45.9

27.4%

- 0.5

Other BusinessCore Operating Profit

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

19

Financial Results Highlights (Actual Currency Basis)＜Revenue and Core Operating Profit （Actual Currency Basis）＞(JPY billion)

2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against Target

AgainstInitial Target

Alcohol Beverages Business

316.5- 24.0- 7.1%- 38.2

742.2

- 4.8

- 0.6%- 40.3

Soft Drinks Business

173.8

7.2

4.3%

- 1.0

366.0

12.6

3.6%

- 6.4

60.8

1.0

1.6%

- 0.8

128.7

5.2

4.2%

-

477.7

174.1

57.3%

9.2

1,028.2

235.2

29.7%

32.5

Food Business
Overseas Business
Other Business
Adjustmenet (corporate and elimination)

49.4

0.0

0.1%

- 3.5

105.9

1.2

1.1%

- 5.9

- 44.7

1.1

-

0.4

- 94.9

- 1.2

-

0.0

1,033.6

159.3

18.2%

- 33.92,276.0

248.2

12.2%

- 20.0Alcohol Beverages Business

26.8

- 7.1

- 20.9%

- 6.0

75.0

- 8.0

- 9.6%- 12.0Soft Drinks Business

16.4

6.5

65.3%

6.0

35.6

7.8

28.0%

6.0

Revenue

5.8

0.4

6.6%

1.5

11.3

0.3

2.8%

-

Overseas Business

68.1

43.4

176.0%

9.2

160.8

66.6

70.8%

12.2

Other Business

- 0.3

0.8

-

1.1

- 1.2

- 0.1

-

0.5

Adjustmenet (corporate and elimination)- 12.0

- 0.6

-

1.8

- 25.6

- 4.2

-

2.2

Amortization of acquisition-related intangible assets- 15.5

- 4.6

-

- 0.8

- 31.3

- 5.8

-

- 1.9

89.3

38.7

76.6%

12.8

224.5

56.7

33.8%

7.0

109.4

66.1

152.8%

15.9

222.0

86.8

64.2%

6.0

79.3

50.5

175.7%

19.8

156.0

63.2

68.1%

4.0

Food BusinessCore Operating Profit
Operating profit
Profit attributable to owners of parent【Revenue】
・H1:+18.2% YoY increase, below the plan, due to lower sales in Alcohol Beverages, despite higher sales in Overseas,
including the effect of CUB consolidation and yen depreciation.

・2021 forecast: Revised downward by JPY 20.0 billion from the initial forecast due to the downward revisions in Alcohol Beverages
and Soft Drinks, despite the upward revision in Overseas from the effect of yen depreciation.
【Core Operating Profit】
・H1:+76.6% YoY increase, exceeding the plan, due to the effect of yen depreciation and higher profit in businesses otherthan Alcohol Beverages with lower profit.
・2021 forecast: Revised upward by JPY 7.0 billion from the initial forecast due to the upward revisions in Soft Drinks and Overseas
including the effect of yen depreciation, despite the downward revision in Alcohol Beverages.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

20

Alcohol Beverages Business(Revenue of Beer-typed/Sales Volume by Brands)<Sales Volume by Brands>(Millions of cases)

2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Super Dry

25.07

Style Free

5.78

Clear Asahi

7.38- 2.81

Against Target

AgainstInitial Target

H1 YoY

2021
Est. YoY-2～3％

Approx. +4％- 5.63

64.00

0.27

5.0%

- 0.07

12.50

0.86

7.3%

0.00

HapposhuApprox. +3％

Approx. +2%- 1.06- 12.5%- 1.0715.50- 2.18- 12.3%- 2.30

New Genre-11～12％-9～10％

Total

-6～7％

-2～3％

- 1.17- 1.8%＜Revenue of Beer-type Beverages＞- 7.002021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)- 19.5Beer(JPY billion)

2021 H1 (6 Months Ended June 30)

230.8(Volume basis)- 10.1%*Super Dry sales by container (Bottle-38％, Can+5％, Keg-34％)

Beer-type
Beverages
Total<Market Trend>- 7.8%

Against Target- 36.0

557.6

- 3.7

- 0.7%

AgainstInitial Target- 39.7【Market Total】
・H1: YoY contraction by -6 to -7% in the volume mainly due to the contraction of the on-premise market, despite thestronger consumption of Beer-can and Happoshu.
・2021 Est. : YoY contraction by -2 to -3% in the volume mainly due to the contraction of New Genre market, despite thecontinuous expansion of the Beer-can market.
【Revenue/Sales Volume by Brands】＜H1＞
・YoY decline with -7.8% due to the sales decrease in the on-premise channel and the scale reduction of traditional events with thecontraction of New Genre market.
＜Asahi Super Dry＞YoY decline with -10.1% due to the decrease in the on-premise channel, despite strengthening sales promotion in
the off-premise channel, including the launch of Nama Jokki Can.
＜Style Free＞YoY increase with +5.0% due to the effective promotion to meet the growing health consciousness.
＜Clear Asahi＞YoY decline with -12.5% due to the contraction of New Genre market, despite brand renewal and strengthening sales
promotion.
＜2021 Forecast＞
・Revised downward to YoY decrease with -0.7% due to the contraction of the on-premise market and New Genre market, despitemeasures to recover sales momentum.
＜Asahi Super Dry＞ Revised downward to YoY decrease with -1.8% due to the contraction of the on-premise market, despite
strengthening sales promotion in the off-premise channel.
＜Style Free＞ YoY increase with +7.3% as planned due to the enhanced promotion to meet the growing health consciousness, etc.
＜Clear Asahi＞ Revised downward to YoY increase with -12.3% due to the contraction of New Genre market, strengthening sales
promotion.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

21

Alcohol Beverages Business (Revenue)<Revenue>

Asahi Breweries Revenue
Other/elimination in Segment
Revenue total(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)315.8

- 24.0- 7.1%

0.8- 0.0- 2.6%

316.5- 24.0- 7.1%

Against Target- 38.0

AgainstInitial Target

740.6

- 4.6

- 0.6%

- 0.1

1.6

- 0.2

- 10.1%- 0.4- 38.2

742.2

- 4.8

- 0.6%- 40.3- 39.9<Reference: Revenue by Category (Before Rebate Deduction)>
Whiskey and spirits

22.5

- 2.3

- 9.4%

- 2.0

47.6

- 4.9

- 9.4%- 5.4

RTD low-alcohol beverages

17.3

- 5.6

- 24.4%

- 2.6

40.7

- 5.6

- 12.0%

- 5.8

Wine

19.4

1.8

10.5%

0.7

40.4

0.3

0.6%

0.4

Shochu9.8- 1.9- 16.5%

0.3

20.3

- 3.0

- 12.9%

1.3

16.8

2.8

20.3%

- 0.5

44.2

12.1

37.6%

4.7

Non-alcohol beverages【Revenue of Other Alcohol Beverages】<H1>• YoY decline in total due to the sales decrease in each category in the on-premise channel, despite thestrong performance of ENOTECA's mail-order business.
• +20.3% YoY increase in Non-alcohol beverages due to the sales decrease in the on-premise channel
despite the effect of the new launch of BEERY.
<2021 Forecast>• Revised downward for RTD and Whiskey and spirits, while revised upward for Wine and Shochu.
• Revised upward to +37.6% YoY increase in Non-alcohol beverages due to the strong promotion of Asahi
Dry Zero and the expansion of minimal alcohol market.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

22

Alcohol Beverages Business (Core OP)<Core Operating Profit>(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Change in sales, category and container mix

-

- 6.0

Cost reduction in manufacturing-

Cost increase in manufacturing

Against Target

AgainstInitial Target- 12.7-6.0- 11.6

1.7

- 0.0

-

3.4

- 1.4

-

- 1.0

0.1

-

- 2.6

- 0.6

Advertisement and Sales promotion expenses

-

- 1.9

2.6

-

- 12.8- 6.5

Other expenses

-

0.3

3.8

-

- 1.8

26.6

- 7.0

- 20.8%

- 6.2

74.9

- 7.9

- 9.5%- 12.10.2- 0.1- 31.0%

0.2

0.1

- 0.1

- 52.9%

0.1

26.8

- 7.1

- 20.9%

- 6.0

75.0

- 8.0

- 9.6%- 12.0Asahi Breweries
Other/elimination in segment
Core Operating Profit

8.0【H1: Factors Contributing to Increase/Decrease】（JPY billion）＜Breakdown of Main Factors＞• Change in sales and others: -6.0 (Sales decrease in beer-type -8.0, Sales decrease in other alcohol beverages -0.7, Change in
category and container mix, etc.)• Cost reduction in manufacturing: +1.7 (Raw materials +0.3, Other than beer-typed +0.4, Utilities +0.3, Disposal +0.3, etc.)• Cost increase in manufacturing: -1.0 (Raw materials -0.7, In other than beer -0.1, Transportation -0.2, etc.)• Decrease in sales promotion expenses：-1.9（Advertisement -2.1, Promotion ＋0.2）（Beer-type -0.9, Other -1.0）• Other expenses:＋0.3（HR +0.4, Depreciation ＋0.4, Equipment for selling +0.7, Others -1.2）【2021 Forecast: Factors Contributing to Increase/Decrease】（JPY billion）＜Breakdown of Main Factors＞• Change in sales and others:+6.0 (Sales volume decrease in beer-type -2.7, Sales increase in other alcohol beverages +3.9, Change in
category and container mix, etc.)• Cost reduction in manufacturing: +3.4 (Raw materials +0.7, Other than beer-type +0.8, Disposal +0.5, Transportation +0.4, etc.)• Cost increase in manufacturing: -2.6 (Raw materials -1.4, Other than beer-type -0.3, Transportation -0.7 and others, etc.)• Increase in sales promotion expenses: -12.8（Advertisement -12.9, Promotion expenses +0) (Beer-type -7.6, Other -5.2)• Other expenses: -1.8（HR +0.2, Depreciation +0.4, Equipment for selling +1.3, Others -3.7）

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

23

Soft Drinks Business (Sales Volume)<Sales Volume>(Millions of cases)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against target

AgainstInitial Target<Market Trend>
H1 YoY

2021
Est. YoY

Carbonated drinks

38.53

0.97

2.6%

0.30

82.50

4.30

5.5%

0.91

Approx. 1%-

Lactic acid drinks

20.59- 0.61- 2.9%- 1.61

44.30

0.51

1.2%

- 2.62

Approx. -5%-

Coffee

17.48

0.72

4.3%

- 0.24

36.70

1.24

3.5%

0.12

Approx. 1%

-

Tea

16.90

0.23

1.4%

- 0.04

36.80

1.75

5.0%

0.21

Approx. 1%-

Mineral water

7.18- 0.69- 8.7%- 1.2215.30- 1.17- 7.1%- 3.12

Approx. 3%-

Fruit juice

6.87- 0.10- 1.4%

0.09

13.80

- 0.53- 3.7%- 0.73

Approx. -1%-

Other drinks

12.31

0.58

5.0%

- 0.68

26.60

1.24

4.9%

- 0.78--

Sales Volume

119.86

1.11

0.9%- 3.40

256.00

7.33

2.9%- 6.00Approx. 1%

Approx. 2%<By Container Type><Sales Volume by Brands>
2021 H1 (6 Months Ended June 30)
YoY (Amount / %)Jan. - Jun.

YoY

<By Channel>
Jan. - Jun.

YoY

Can

4.0%

Vending machine

7.0%

1.0%

Convenience store- 1.8%

Grocery- 4.1%MITSUYA CIDER

20.36

0.34

1.7%

PET total

WILKINSON

14.54

0.82

6.0%

Large PET

- 8.9%
6.3%- 21.2%CALPIS

17.76- 0.41- 2.3%

Small PET

WONDA

16.49

0.70

4.4%

Glass bottle

JUROKUCHA

10.47

0.27

2.6%

OISHII MIZU

7.18

- 0.68- 8.7%【Market Total】
・H1: +1% YoY increase in total volume mainly due to the sales increase except convenience store where sales
were sluggish.
・2021 Forecast: +2% YoY increase in total volume mainly due to rebound effect of last year’s COVID-19 andlonger rainy season, while a certain amount of impact from voluntary restraint from going out will continue.
【Asahi Soft Drinks Sales Volume】
・H1: +0.9% YoY increase due to the strong sales in Carbonated drinks despite the sales decrease of Mineral
Water and Lactic acid drinks.
・2021 Forecast: Revised downward by -6 million cases due to the sales decrease of Mineral Water and Lactic
acid drinks, despite the strong sales in Carbonated drinks.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

24

Soft Drinks Business (Core OP)<Core Operating Profit>(Millions of Cases / JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against Target

AgainstInitial Target

119.86

1.11

0.9%- 3.40

256.00

7.33

2.9%- 6.00

173.8

7.2

4.3%

- 1.0

366.0

12.6

3.6%

- 6.4

Change in sales, category and container mix

-

6.4

4.1

-

9.9

3.9

Cost reduction in manufacturing

-

1.6

0.4

-

2.8

0.4

Cost increase in manufacturing

-

- 0.3

- 0.0

-

- 0.8

-

Advertisement and Sales promotion expenses

-

- 0.1

0.4

-

- 1.1

0.2

Other expenses

-

- 1.1

1.2

-

- 3.0

1.6

Asahi Soft Drinks

16.4

6.5

6.0

35.6

7.8

Sales Volume Total
Revenue Total

Other/elimination in segment
Core Operating Profit

65.3%

28.0%

6.0

-

-

-

-

-

-

-

-

16.4

6.5

65.3%

6.0

35.6

7.8

28.0%

6.0

【H1: Factors Contributing to Increase/Decrease】（JPY billion）＜Breakdown of Main Factors＞• Change in sales and others: +6.4 (Increase in sales volume +5.4, Change in category and container mix, etc.)• Cost reduction in manufacturing: +1.6 (Raw materials +0.1, Packages +1.0, operational efficiency / in-house production +0.5, etc.)• Cost increase in manufacturing: -0.3 (Raw materials -0.1, Packages -0.2, etc.)• Change in sales promotion expenses: -0.1（Promotion expense -0.1）【2021: Factors Contributing to Increase/Decrease】（JPY billion）＜Breakdown of Main Factors＞• Change in sales and others: +9.9 (Increase in sales volume +9.1, Change in category and container mix, etc.)• Cost reduction in manufacturing: +2.8 (Raw materials +0.3, Packages +1.5, operational efficiency / in-house production +1.0)• Cost increase in manufacturing: -0.8 (Raw materials -0.2, Packages -0.6)• Change in sales promotion expenses: -1.1（Advertisement -0.2, Promotion expenses -0.9）

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

25

Food Business (Revenue/Core OP)<Revenue>(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against Target

AgainstInitial Target

Asahi Group Foods

60.7

0.9

1.5%

- 0.9

128.4

5.2

4.2%

-

Other / elimination

0.2

0.1

55.9%

0.0

0.3

0.0

15.1%

-

60.8

1.0

1.6%

- 0.8

128.7

5.2

4.2%

-

Revenue<Core Operating Profit>(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Asahi Group Foods

5.8

0.4

Other / elimination- 0.0Core Operating Profit

5.8

Against Target

7.6%

1.5

- 0.0

-

0.4

6.6%

AgainstInitial Target

11.2

0.3

2.8%

-

- 0.0

0.1

- 0.0

- 4.9%

-

1.5

11.3

0.3

2.8%

-

【Revenue】
・H1: +1.6% YoY increase, below the plan, mainly due to the sales decrease of Mintia, despite the growthof Ippon Manzoku Bar and Dear-Natura.
・2021 Forecast: Aim at +4.2% YoY increase by the strong sales of core brands, despite the shrinking
demand for food ingredients in the BtoB business.
【Core Operating Profit】
・H1: +6.6% YoY increase, exceeding the plan, due to the sales increase and streamlining sales promotion
expenses.
・2021 Forecast: Aim at +2.8% YoY increase by the sales increase and streamlining fixed costs, despiteenhancing investment in advertisement and sales promotion.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

26

Overseas Business (Revenue ※Constant Currency Basis)<Revenue (including Liqour Tax) *Constant Currency Basis (Based on Previous Year's FX Rates)>

Europe Business
Oceania Business *Southeast Asia Business
Other / elimination
Revenue(JPY billion)

2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)

198.4
204.3
21.8
0.5

9.5
110.7
1.8
- 0.6

5.1%
118.2%
8.8%- 53.1%

425.0

121.4

40.0%

57.3%

Against Target

AgainstInitial Target

461.0
444.7
41.7
0.9

50.0
105.6
0.0
- 0.3

12.2%
31.1%
0.0%
- 21.4%- 20.2
- 3.0
- 0.7
0.4

- 20.4

948.3

155.3

19.6%

- 23.69.2

1,028.2

235.2

29.7%

32.5

<Perfomance Including Foreign Exchange Imapct>
Revenue

477.7

174.1

* CUB business has been consolidated since June 2020.

【Revenue (Constant Currency Basis)】＜H1＞・Europe:+5.1% YoY increase due to the recovery in the on-premise demand following the gradual removal of COVID-19
related restrictions from April.
・Oceania:+118.2% YoY increase due to the sales volume increase of core brands and the effect of CUB consolidation for
January-May.

・Southeast Asia: +8.8% YoY increase due to the sales increase in Philippines and Indonesia, despite the impact of COVID-19 related
restrictions on going outside.
＜2021 Forecast＞
・Europe:+12.2% YoY increase due to the recovery in the on-premise demand and continued premiumization in the offpremise channel.
・Oceania:+31.1% YoY increase due to the sales increase of core brands, the recovery in the on-premise demand, and theeffect of CUB consolidation.

・Southeast Asia: Expected the same level as the previous year due to continued restrictions associated with the reemergence of
infections and stagnant logistics caused by the shortage of containers.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

27

Overseas Business (Core OP ※Constant Currency Basis)<Core Operating Profit *Constant Currency Basis (Based on Previous Year's FX Rates)>

Europe Business
Oceania Business *Southeast Asia Business
Other / elimination
Revenue(JPY billion)

2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)

24.0
34.4
0.5
1.3

- 0.0
33.6
0.3
1.6

- 0.1%
137.2%
-

60.2

35.5

143.9%

176.0%

Against Target

AgainstInitial Target

71.6
74.1
0.7
1.5

11.3
41.2
- 0.7
2.0

18.7%
124.9%- 49.5%
-

3.8
- 1.4
0.6

4.3

147.9

53.8

57.1%

3.1

9.2

160.8

66.6

70.8%

12.2

<Perfomance Including Foreign Exchange Imapct>
Core Operating Profit

68.1

43.4

* CUB business has been consolidated since June 2020.

【Core OP (Constant Currency Basis)】＜H1＞・Europe:-0.1% YoY decline due to the on-premise sales decrease and deteriorated mix in January-March, despite increase inprofit in April-June.
・Oceania:

Increased by JPY 33.6 billion from the previous year due to the sales increase, the effect of CUB consolidation, andthe creation of integration synergies.

・Southeast Asia: +137.2% YoY increase due to streamlining advertisement and sales promotion expenses in Malaysia.
＜2021 Forecast＞
・Europe:+18.7% YoY increase due to recovery in sales volume mainly in the on-premise channel and improved mix, as wellas promoting overall cost efficiencies.
・Oceania:+124.9% YoY increase due to the creation of integration synergies and decrease in one-off cost, despite the impactof lockdowns in each state.

・Southeast Asia: -49.5% YoY decline due to soaring commodity prices and logistics costs.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

28

Overview of Europe Business Results◆ Results on Local Currency Basis*Excluding the impact of currency translation of local currencies into Eurokhl、million Euro

H1 2021 (6 months
ended June 30)

Sales Volume

FY2021
Revised Target

YoY*2

AgainstInitial Taget*3

YoY*2

19,6952%

42,549

5%

-2%

1,332

7%

3,024

12%

-4%

201

0%

587

19%

-

Net Sales (exc liquor tax)
Core OP*1*1 Core OP before deduction of one-off cost *2 Comparison in FX rate of the same period of the previous year
*3 Comparison in budget FX rate

◆ Overview by Channel
H1 YoY（volume basis）

Off-premise

On-premise

Total＋low single digit- high single digit＋ 2%＜Sales Trends for January-June ＞
・ As for off-premise channel, overall sales increased in the low single-digit range YoY due to strong sales ofPilsner Urquell and Gambrinus in Slovakia, PNA, Ursus and Ciucas in Romania, Peroni and recently launched
Kozel in Italy, PNA and Asahi Super Dry in the UK and Dreher in Hungary. *PNA: Peroni Nastro Azzurro
・As for on-premise channel, sales recovered in the range of 60-70% YoY in the April-June period due to thegradual removal of COVID-19 related restrictions at restaurants since April. However, mainly due to theimpact of the lockdown in 1Q, on-premise sales decreased by high single-digit percentage YoY for the entire
business in 1H.
＜Assumption for Sales Volume in the 2H＞
・ Off-premise sales are expected to be around the previous year's level, not growing just due to the fact that
we expect that demand will shift back to the on-premise channel. We do not expect any lockdown in onpremise in H2. Overall sales are expected to increase in the high single-digit range YoY.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

29

Overview of Oceania Business Results◆ Results on Local Currency Basismillion AUD

H1 (6 months
ended June 30)

Alcohol Beverages *1

Full-year forecast(as of Aug 10)

YoY *3

Againstinitial taget

YoY *3

1,420

201%

2,954

40%

10

Non-alcohol Beverages *1

557

10%

1,178

6%

- 35

Net Sales (exc liquor tax) *1

1,977

102%

4,131

29%

- 25

496

461%

1,036

73%

43

- 13

-

- 30

-

9

Core OP *2
One off Cost
*1 Based on net sales value excluding container deposite*2 Core OP before deduction of one-off cost

*3 Figures for the previous year of the former CUB business reflect from June to December 2020 results after the acquisition.

◆ Overview by Channel of Australian Alcohol Beverages Business
H1 YoY (volume basis)

Off-premise

On-premiseTotal+ low single digit+ approx. 80%+ approx. 10%* Calculated based on the previous year's results including the former CUB business.

＜Sales Trends for January-June ＞
・ Off-premise: Increased in the low single digit year on year due to sales expansion of the core brands Great
Northern and Asahi Super Dry.
・ On-premise: Increased by approximately 80% year on year due to a rebound from lockdowns from lateMarch to May of the previous year, despite snap lockdowns this year in some regions.
＜Assumption for Sales Volume in the 2H＞
・ Expected to fall in the mid-single digit year on year for H2 sales of the overall business, due to the impact oflockdowns in the several states and the contraction of the off-premise market, which had been at a high levelin the previous year due to COVID-19. (Expected to increase in the low single digit year on year)
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

30

Operating Profit/Profit Attributable to Owners of Parent(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)YoY (Amount / %)Against Target

AgainstInitial Target

1,033.6

159.3

18.2%

- 33.92,276.0

248.2

12.2%

- 20.0Core Operating Profit

89.3

38.7

76.6%

12.8

224.5

56.7

33.8%

7.0

Adjustment item

Revenue

20.1

27.4

-

3.1

- 2.5

30.2

-

- 1.0

Gain (loss) on sales and retirementof non current assets

33.7

30.3

893.2%

3.0

29.0

27.2

-

0.2

Business integration expenses

- 8.9

- 6.8

-

- 8.9

- 8.9

0.0

-

- 8.9

-

-

-

-

-

8.8

-

-

Others

- 4.7

3.9

-

9.0

- 22.6

- 5.9

-

7.7

Operating profit

109.4

66.1

152.8%

15.9

222.0

86.8

64.2%

6.0

- 5.1

- 3.4

-

1.0

- 10.6

- 3.0

-

2.3

0.1

- 0.1

- 32.7%

0.0

0.2

- 0.1

- 47.0%

- 0.1

-

2.3

-

-

-

2.3

-

-

Impairment loss

Finance income or loss
Share of profit (loss) of investments
accounted for using equity method
Gain (loss) on sales of investments
accounted for using equity method
OthersProfit before tax

- 0.5

- 0.1

-

- 0.4

- 2.5

- 2.4

-

- 2.2

104.0

64.9

165.9%

16.5

209.0

83.6

66.7%

6.0

- 24.5- 14.1-

3.6- 53.0- 20.2-- 2.0

Profit79.4

50.8

177.1%

20.0

156.0

63.4

68.5%

4.0

Profit attributable to owners of parent

79.3

50.5

175.7%

19.8

156.0

63.2

68.1%

4.0

0.1

0.2

-

0.2

-

0.2

-

-

Income tax expense

Profit attributable to non-controlling interests【Operating Profit】
・H1:+152.8% YoY increase, exceeding the plan, due to increased Core OP and gain on sales and retirement of non current
assets.
・2021 Forecast: Revised upward by JPY 6.0 billion from the initial forecast due to higher Core OP, despite the revision of others,
including resources to improve capital and asset efficiency.
【Profit Attributable to Owners of Parent】
・H1:+175.7% YoY increase, exceeding the plan, due to higher Core OP and lower income tax expense.
・2021 Forecast: Revised upward by JPY 4.0 billion from the initial forecast due to increased operating profit and improved financeincome or loss, despite the revision of others and income tax expense.
Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

31

Statement of Financial Position and Statement of Cash Flow
(JPY billion)
2021 H1 (6 Months Ended June 30)

2021 Forecast (Announced on August 10)

YoY (Amount / %)AgainstInitial Target

YoY (Amount / %)Total Assets

4,566.2

126.8

2.9%

4,474.0

34.6

0.8%

154.0

Total Equity

1,706.7

188.8

12.4%

1,676.0

158.2

10.4%

154.0

Interest-bearing debt

1,722.9- 100.7- 5.5%

1,670.0- 153.6- 8.4%-Net DE ratio ※1, 2

-

-

-

0.81

- 0.17-- 0.07

Net Debt / EBITDA ※2

-

-

-

4.34

- 1.69-- 0.14

Cash flows from (used in) operating activities

157.4

98.8

-

282.0

6.1

-

-

Cash flows from (used in) investing activities

4.7

1,203.5-- 43.5

1,199.9--

Cash flows from (used in) financing activities- 157.3- 1,349.4-- 237.0- 1,193.8

-

-

176.8

152.8

-

220.5

23.7

-

-

Dividend per share (yen)

54

1

-

109

3

-

-

Dividend payout ratio (%)

-

-

-

35.4%

- 18.5%-- 0.9%

Free cash flow(※1) Calculated by adding 50% of the outstanding subordinated bonds (300 billion yen) to the equity.
(※2) Calculated by deducting 50% of the outstanding subordinated bonds (300 billion yen) from Net Debt.

<H1>
BS:

Total assets increased by JPY 126.8 billion from the end of the previous fiscal year due to an increase in goodwill andintangible assets caused by yen depreciation.
Interest-bearing debt decreased by JPY 100.7 billion due to increase in Core OP and measures to expand cash flow.

CF, Div.: Generated cash by reducing working capital, selling non-operating assets, and continued to stably increase dividends.
<2021 Forecast>BS:
Aim to repay more than JPY 150 billion of interest-bearing debt by increasing cash-generating capabilities, and toachieve Net Debt/EBITDA of 4.5x.
CF, Div.: Plan to increase annual dividend by 3 yen to 109 yen per share by improving cash-generating capabilities through profit
recovery and asset reduction.

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

32

＜Reference＞FX Impact◆ FX Impact on P/L (Result and Forecast)◆ FX Sensitivity for 2021

(JPY billion)

Business

Currrency

H1(6 months
ended June 30)

2021 forecast(announced on
August 10)

Results

Forecast

Europe

Euro

17.6

28.8

Oceania

AUD

34.4

50.1

Southeast Asia

-

0.7

1.0

Others

-

0.0

0.0

52.7

79.9

Revenue<Impact of 1 Yen Change (Full Year)>(JPY billion)

Currency

Assumption

RevenueCore OP

Euro

129.5

±3.8

±0.6

AUD

82.0

±6.0

±1.0

* The above figures do not include the effect of
exchange rates on amortization of intangible assets.
* FX impact = The impact of converting local currency
results into yen (excluding trade impact)

Europe

Euro

2.1

4.5

Oceania

AUD

5.8

8.4

Southeast Asia

-

0.0

0.0

Others

-

-0.0

-0.0

Amortization of intangible assets

-

-1.4

-2.1

Currency

6.5

10.7

Euro

130.4

122.0

121.9

AUD

82.6

75.8

73.7

Core Operating Profit◆ Exchange Rate Trends(JPY)

Currency

Copyright © ASAHI GROUP HOLDINGS. All rights reserved.

20182020 Q2

2019

2020

2021 Q2

Euro

119.3

129.9

AUD

71.2

83.1

33

Information in this material is not intended to solicit sale or purchase of shares in Asahi Group Holdings.
The views, estimates and other information expressed in this document are based on the company's judgment at
the time of publication, and no guarantees are provided regarding the accuracy of such information. This
information is subject to change without notice.
The company and its officers and representatives accept no responsibility or liability for any damage orinconvenience that may be caused by or in conjunction with any part of these materials.