Q4 2022 Financial Results

Business Overview for 2022
and Business Strategy for 2023

February 15, 2023

ⒸASAHI GROUP HOLDINGS. All rights reserved.

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Executive Summary
Overview for 2022
➢ Achieved 8.0% revenue growth and 5.9% core operating profit growth(constant currency basis)• Executed flexible pricing strategies and cost management in response tounprecedented cost increases• Continued with premiumization centered on core brands, including price realizationand new value proposition• Promoted Core Strategies of the Medium- to Long-term Management Policy andstrengthened group governance.
Direction for 2023
➢ Aim to achieve 7.5% revenue growth and 1.3% core operating profit growth(constant currency basis)• Stay the course on premiumization for sustainable growth despite continuation ofsignificant cost increases• Continue investments in Core Strategies and Human Capital based on the Mediumto Long-Term Management Policy• Aim to achieve a dividend payout ratio of 40% by 2025, staying on track for fiscal
soundness and other financial measures.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

Image
under
review1

Progress of Medium- to Long-Term Management Policy(Business Portfolio)

Expansionof Existing
Businesses

Expansionof AdjacentCategory/
New Area➢ Improved product mix mainly by sales volume increase ofpremium category and recovery of on-premise channel witheasing of COVID restrictions. (Results of major regions: P6)➢ Significant Growth in the 5 Global Brands
2022 Growth Rate *Based on sales volumes excluding the home markets
Asahi Super Dry: +15%
Peroni Nastro Azzurro: +13%
Total of 5 brands: +8%➢ Expanded sales volume of non-alcohol category in mainly
Europe➢ Created new markets in BAC* with greater investments※ BAC（Beer Adjacent Categories） include low-alcohol beverages, non alcohol beer,

adult soft drinks, and other adjacent categories.

➢ Established US based startup investment fund to search for
new growth driversⒸASAHI GROUP HOLDINGS. All rights reserved.

2

Progress of Medium- to Long-Term Management Policy(Core Strategy: Sustainability)
Integrating
Sustainability
intoManagement➢ Updated sustainability policy and strategy structure➢ Established Sustainable Product Guidelines➢ Initiated to visualize business and social impact of Key
Initiatives

Key Initiatives
Respond to
ClimateChange➢ CO2 emissions (Scope 1 and 2) target for 2030 revised upward
to 70% reduction➢ Updated Environmental Vision 2050

Sustainable
Packaging➢ Global target set to 100% environment-friendly materials for
PET bottles➢ Launched recycled PET joint venture (Oceania)

Realize
Sustainable
Communities➢ Set “sustainable agricultural industry” as key activity➢ Implemented the global measure "RE:CONNECTION for the
EARTH

Responsible Drinking(Reduce inappropriate
drinking/create new
drinking opportunities)➢ Expanded sales volume of non- and low-alcohol products in eachregion➢ Promoted communication of diverse ways of drinking, including“SUMADORI-BAR”ⒸASAHI GROUP HOLDINGS. All rights reserved.

3

Progress of Medium- to Long-Term Management Policy(Core Strategy: DX and R&DX)

DX➢ Business Innovation:
Digital tool hypothesis validation in the field of personalization
using consumer data and in the field of sustainability➢ Process Innovation:
Established a global data platform consisting of integrated SCM
data and sustainability data system platform, and rolled out inother functions➢ Organization Innovation:
Implemented educational programs (e.g. Microsoft Azure) todevelop tech talents and set up business incubation function in
Japan and Oceania.
➢ Promoted development of various technology and rolling out offunctional materials for commercialization and practicalapplication in four key domains

R&D※ 4 domains : Alcohol, Health & Wellness, Sustainability, New
Businesses➢ Expanded investment in mid- to long-term research for futuregroup growth and contribution to society in accordance with
updated future scenarios➢ Acquired and developed highly skilled personnel in the key
domainsⒸASAHI GROUP HOLDINGS. All rights reserved.

4

Progress of Medium- to Long-Term Management Policy(Strategic Foundation Strengthening)➢ Identify challenges and implement action plans throughan engagement survey, and accelerate DE&I initiatives

Advance
Human
Capital➢ Strengthened the development of executives by
expanding layers of GLDP**GLDP：Global Leadership Development Program➢ Introduced new compensation scheme to the global
headquarters to strengthen competitiveness in talent
recruitment

Group
Governance➢ Established Asahi Group Japan and built global
governance structure with four regional headquarters
lining up evenly➢ Advanced globalization and functional reinforcementof the group headquarters➢ Reviewed optimal business management indicators for
future growthⒸASAHI GROUP HOLDINGS. All rights reserved.

5

Price Realization

(YoY)

Japan

(Alcohol Beverages)

Beer-Type Beverages
Unit Price（Excluding Liquor Tax）

＋3.8％

EuropeAustralia(Alcohol Beverages)+11.7％+4.7％*Including Non-alcohol Category*Including Non-alcohol Category+14.3%+6.8％

Ref: all type of alcohol business

Revenue（Excluding Liquor Tax）

Main
Drivers＋8.7％➢ Canned Beer: +13%

➢ On-premise: approx. +20-30%➢ On-premise: +20-30%➢ On-premise: +Mid 30% range(Keg: approx. +40%)➢ Premium Category: approx. +10%

➢ Craft Beer Category: +13%

➢ Non-alcohol Beer: approx. +14%

➢ Price increase effect*Numbers show YoY(Volume Basis)ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Price increase effect6

Cost Increases and Outlook
2023
Forecast

2022 Results
Cost Increase(Group Total)

Approx. JPY 85.0 billion

Approx. JPY 100.0 billion＜By Region＞
Japan
２０２２

Main Factors

EuropeOceania

２０２３

２０２２

２０２３

２０２２

２０２３

➢ Aluminum➢ Aluminum➢ Malt / Barley➢ Malt / Barley➢ Aluminum➢ Aluminum➢ Fuel➢ Malt / Barley➢ Glass bottle➢ Cans➢ Ocean freight➢ Ocean freight➢ PET resin➢ Sugar, HFCS*➢ Electricity, gas➢ Glass bottle➢ Fuel➢ Fuel➢ Sugar➢ PET resin➢ Logistics costs➢ Logistic costs➢ Logistic costs➢ Electricity, gas*High Fructose Corn SyrupⒸASAHI GROUP HOLDINGS. All rights reserved.

7

Japan: Overview and Direction(JPY billion)

2022
Results

Revenue

1,301.7

82.3

Core OP

108.9

5.5

Changevs Forecast

2023
Forecast

6.8%- 15.7

1,351.0

49.3

3.8%

5.3%

- 2.5

112.0

3.1

2.8%

YoY

ChangeYoY＜Overview for 2022＞⚫ Asahi Group Japan, Ltd. Launched, commenced on efficiency improvement through supply
chain restructuring, and sustainability strategy enhanced⚫ Price realization, mainly in Alcohol Beverages Business through growth in canned beer category,
new value propositions, and price revision effects, etc.

＜Direction for 2023＞⚫ Maximize effects of price revisions in each business and execute marketing strategyemphasizing product mix improvements⚫ Generate integration synergies as “One Asahi”, continue with strategic investments targetingsustainable growthⒸASAHI GROUP HOLDINGS. All rights reserved.

8

Japan (Alcohol Beverages Business): Main Initiatives⚫ Growth in Excess of the Market in the Expanding Canned Beer Market
・Beer Can Composition in Off-premise market

・Number of Asahi Super Dry consumers

FY2022(YoY, volume basis)

As of Dec 31, 2022
20.67 million
peopleMarket:+Mid single digit
Asahi:+13%* Source: Asahi Group Holdings* 12-month moving average・Source: Intage SRI+ data for composition of canned beer, happoshu and new genre product markets
Estimated YoY sales volume for Jan 2019–Dec 2022
Seven channels: supermarkets, convenience stores, discount liquor stores, home improvement stores,
drugstores, general liquor stores, and wholesale liquor stores⚫ Initiatives to Strengthen Brands<Asahi Super Dry>
・Leveraging Rugby World Cup 2023 ・Strengthen advertising and sales
promotion of Nama Jokki Can
PartnershipsⒸASAHI GROUP HOLDINGS. All rights reserved.

<Asahi Nama Beer “Maru F”>
・Proposition of various ways to drink ・Expansion of drinking
occasions by adding SKUs

9

Japan (Non-Alcohol Beverages Business): Main Initiatives⚫ Responding to Changing Consumer Needs
・Unsweetened carbonated Wilkinson grew faster than the market

・Expanded label-less products mainly through EC channel

Label-lessE-commercechannel

+49%

+25%

FY2022(YoY, volume basis)⚫ Strengthening New Value Propositions
・ Reinforcing the growth of #sober series・ Launch a new green tea Sou

Scheduled to launch on Apr 4.

Sales plan for 2023

5 million casesⒸASAHI GROUP HOLDINGS. All rights reserved.

10Europe: Overview and Direction* Constant Currency Basis. Calculated by excluding the foreign exchange effects of local currencies to Euro.

(JPY billion)

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

ChangeYoY

Revenue

573.9

64.0

13.5%

- 14.4

657.0

91.9

16.0%

Core OP

76.0

- 4.7

- 6.3%

- 2.0

74.4

0.6

0.8%

* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.

＜Overview for 2022＞⚫ Price realization by volume growth focused on premium brands, and mix improvement⚫ Cost increases were higher than expectations and required strengthening of our ability todeal with accelerating inflation through pricing and responding cost

＜Direction for 2023＞⚫ Continuation of pricing strategy to deal with continuous cost increases and enhancementof cost management⚫ Acceleration of sustainable top line growth and continuation of investment towards ourbrands and core strategies for the futureⒸASAHI GROUP HOLDINGS. All rights reserved.

11

Europe: Premiumization Progress and Performance⚫ 2022: Growth Rate by Category⚫ 2022: Profit Increase/Decrease Factors＜2022: Premium Ratio in Business＞＜Non-Alcohol Beverages＞* volume basis* () Indicates the 2021 composition ratio

YoY in 2022
(volume basis)

the Compositionin our portfolioⒸASAHI GROUP HOLDINGS. All rights reserved.

＋14％
Approx. 7％

12

Oceania: Overview and Direction* Constant Currency Basis.

(JPY billion)

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

ChangeYoY

Revenue

583.2

27.9

5.6%

5.2

628.4

46.4

8.0%

Core OP

107.1

13.9

16.7%

- 0.0

108.8

1.9

1.7%

* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs forecast for Constant Currency Basis are calculated by converting foreign currency amounts for therevised forecast to yen using the exchange rate of the initial forecast.
* Figures for 2023 and comparable previous year’s results are calculated by excluding the foreign exchange effectsof local currencies to AUD.

＜Overview for 2022＞⚫ Sales volume grew, mainly for core brands; implemented multi-beverage strategy
leveraging strengths of Alcohol Beverages Business and Non-Alcohol Beverages Business⚫ Responded to larger-than-anticipated cost increases, reinforced profit base throughfurther supply chain efficiency improvements＜Direction for 2023＞⚫ Achieve sustained topline growth by reinforcing revenue management and multi-beverage
strategy⚫ Reinforce profit base through additional efficiency-improvement measures, promote
initiatives emphasizing sustainabilityⒸASAHI GROUP HOLDINGS. All rights reserved.

13

Oceania: Overview and Main Initiatives⚫ Sustained above-market growthGreat Northern
Annual sales
volume*(YoY)

Craft beer category+8%

Annual sales
volume(YoY)+13%“Balter”* Total of Great Northern Super Crisp and Great Northern Original⚫ Integration Synergy Progress
Cost synergies:
Exceeded the target originally planned to beachieved by 2024 (more than 10 billion JPY)
• Improving administration efficiency•

Review of packaging contracts•

Bolster/review manufacturing sites and supply chains•

Expand use of shared business servicesⒸASAHI GROUP HOLDINGS. All rights reserved.

Top line synergies:
Promote a multi-beverage strategy utilizing
extensive sales network
Strengthen sales ofAsahi Super Dry and Peroni
Annual sales
volume
(YoY)

+9%
14

Global Brands⚫ Expansion of 5 Global Brands
2022 Results 8,854KHL （YoY＋8%）※Results are based on sales volume excluding the home markets• Asahi Super Dry: YoY＋15%
Partnership with City Football Group, the official beer of Rugby World Cup 23, Launched Asahi Super Dry 0.0%

• Peroni Nastro Azzurro: YoY＋13% Partnership with Aston Martin F1 team, Expansion of NAB with launch of
Peroni Nastro Azzurro 0.0%
ⒸASAHI GROUP HOLDINGS. All rights reserved.

15

ReferenceSustainability: Visualizing impact of key initiatives on
business and society
Objective

Assess overall quantitative impact of our sustainability initiatives on business and society➢ Visualize impact of the five key initiatives* through analysis and verification, and use the findings in prioritization,
investment decisions, and progress management to achieve sustainable business growth and positive social
impact. *Environment (respond to climate change and sustainable packaging), realize sustainable communities, responsible drinking, and human capital

Analytical
Method➢ Value Relevance Analysis: A method to develop a hypothetical map of value chain paths from various initiatives toincrease in corporate value and verifying correlations between the initiatives and corporate value by using
multiplied single regression analyses➢ Overview Analysis: A method using the Yanagi Model to validate a direct relationship between ESG initiatives and
PBR using multiple regression analysis➢ Impact-Weighted Accounting: A method of quantifying “company's impact on society, including its employees,
customers, and the environment.”

Value Relevance Analysis Map (partial excerpt)•

Identify key indicators to measure value and verify
correlation

Analysis performed by: ABeam Consulting, Digital ESG PlatformⒸASAHI GROUP HOLDINGS. All rights reserved.

Valid paths of connection
Paths without valid connection

16

Sustainability：Updates of Environment Vision 2050
Asahi Group Environmental Vision 2050
We, the Asahi Group, have been enjoying the gifts of nature to create its products and services for over 100 years. We are concerned thatthe worsening global environmental issues threaten not only the sustainability of our business but also the survival of the human beings if
we do not act accordingly.
As we would be unable to continue our business without these gifts of nature, we are determined to achieve Planet Positive, which will
reduce the burden on the environment from our business to zero, and maximize value to the global environment through circularity.

What we would like the world to be like in 2050

Planet Positive
Climate Change
BeyondCarbon Neutral

Packaging
A Society Free of
Packaging Waste

Agricultural Raw Materials
Sustainable Agricultural
Raw Materials

Water Resources
Healthy Watersheds for
People and Nature

A world towards a carbon-freesociety, where carbon emissions are
reduced in society as a whole,beyond the boundaries of business,and biodiversity is preserved

A world where the use of resources
to make packaging is minimized,
used packaging is recycled, andespecially, marine biodiversity ispreserved

A world where farming is carriedout while considering theenvironment, respecting humanrights and realizing regional
revitalization, and there is abalance between stable production
and preservation of the ecosystem

A world where the appropriatequality and quantity of water and thefunction of the soil are preserved formaintaining health, living
environment and biodiversity, andresilience against natural disasters isenhancedⒸASAHI GROUP HOLDINGS. All rights reserved.

17

Sustainability：Updates of Environment Vision 2050
Asahi Group's Efforts to Realize its Vision
At the Asahi Group, we carry efforts to minimize the resources used and maximize circularity through the value chain, and generate synergy
by creating strategic partnerships with stakeholders, with the aim of realizing what we would like the world to be like in 2050.

ClimateChangeComplete an earlytransition to
renewable energy

Promotedecarbonization offuel

Realize both the
reduction of CO2
emissions across thevalue chain andpreservation of theecosystem

Develop and deploy
technologies for
reduction,
absorption, andcollection

Packaging

Minimize use ofresources

Use of eco-friendly
materials

Develop productsthat do not
generate waste

Preserve marine
ecosystem throughthe build-out of aclosed loop

Agricultural
Raw
Materials

Procure farm
products withconsideration for
the environmentand human rights

Use ofmicroorganisms
and use of recycled
by-products

Preserve ecosystemthrough soil
improvement

Revitalize farming
communities
through support forfarmers/growers

Water
Resources

Promote water
recycling throughoptimizing water
usage

Build the system ofcollaboration
through river basin
cooperation

Preserve ecosystem
by maintaining
appropriate water
quality andquantity

Improve water
access in waterstressed regionsⒸASAHI GROUP HOLDINGS. All rights reserved.

18

Sustainability: Global Targets
Environment

Communities

Respond to Climate Change

Sustainable Packaging

Realize Sustainable Communities
through the Creation of Peopleto-People Connections

Reduce our C CO2 emissions in Scope
1, 2, and 3 to zero, thereby becoming
carbon neutral by 2050

Realize 100% utilization of materials
for plastic containers that can be usedeffectively by 2025

【AGJ】 Create opportunities for
employees to participate in community
support activities by launching a common
platform for operating companies inJapanAchieve a 100% conversion to ecofriendly materials for PET bottles by
2030【AEI】 Implement support project forbarley farmers, Campus Peroni (Italy),and hops farmers, “FOR HOPS” (Czech
Republic)

Examine the development of ecofriendly materials and sales methods
that do not make use of plastic
containers【AHA】 Launch the Environmental Think
Tank, an organization that enables
employees to participate in resolving
regional environmental issues, andimplement proposed projects

Reduce CO2 emissions by 70% in
Scope 1 and 2 by 2030 (comparedwith 2019)

Reduce CO2 emissions by 40% in
Scope 1 and 2 by 2025 (comparedwith 2019)
Reduce CO2 emissions by 30% in
Scope 3 by 2030 (compared with2019)

【AHSEA】 Conduct community programs
at each business unit twice a year

Responsible
Drinking
Reduction in Inappropriate
Drinking
Solution of Alcohol-Related
Issues through Creation of
New Drinking Opportunities
Achieve a 15% sales composition ratio
of non-alcohol and low-alcohol
beverages by 2025
Achieve 100% compliance with Digital
Guiding Principles by 2024
Display age restrictions on alcohol
consumption on all products underalcoholic beverage brands (including
non-alcoholic beverages sold underthat brand) by 2024
Achieve a 100% participation rate of
employees in at least one training
program by 2023

* Global targets will be considered in the future.

Respect for Human Rights

We comply with our human rights policy, promoting the reduction of human rights risks and achieving a sustainable society.
ⒸASAHI GROUP HOLDINGS. All rights reserved.

19

Sustainability: Initiatives in Key Areas of Focus
Respond to climate change, Respond to plastic issue

Japan• In 2022, a total of eight Alcohol
Beverages/Non-Alcohol Beverages/Foodplants switched to purchasing
renewable electricity, reducing annual
CO2 emissions by approx. 110,000 tons
• 28 of our 31 domestic plants have now
switched to renewable energy. Aiming
to have all bases switch to purchasing
renewable electricity by end of 2025
ⒸASAHI GROUP HOLDINGS. All rights reserved.

Europe (Italy)

Oceania• Birra Peroni contracted solar technology
R&D specialist company Absolicon to
install 660m2 solar thermal field at
brewery in Bari, Italy• As a joint venture with three othercompanies including a competitor, Asahi
Beverages Pty Ltd. launched a PET
recycling plant (the largest in Australia)
in western Melbourne• By utilizing solar heat in its production
processes, Birra Peroni aims to achieve
zero net Scope 1 and 2 CO2 emissions
by 2030• Asahi Beverages Pty Ltd. will switch tousing only PET bottles made fromenvironment-friendly materials by 2030

20

Sustainability: Initiatives in Key Areas of Focus
Realize sustainable communities throughthe creation of people-to-people connections

Japan

Reduction in inappropriate drinking/ Solution of social issues
through creation of new drinking opportunities

Europe (Czechia)

Oceania• Asahi You.Us, Ltd. produces and sells
reusable environment-friendly tumblers
and drink bottles• The For Hops project* provides support tohop farmers and also involves measuring theimpact of climate change on hop harvests• We’re supporting the “It’s okay to saynay” campaign of DrinkWise, an NPO wework with on promoting responsible
drinking• The company received a merit award
from the Japan Organics Recycling
Association in recognition of its
contribution to local production andconsumption of biomass products andreduction of plastic waste• The measurement data has been used tocreate an app that provides hop farmers withinformation about irrigation timing andvolume in response to changes in climate
conditions• We’re working to discourage parents
from providing children with alcohol, as
part of efforts to prevent underagedrinkingⒸASAHI GROUP HOLDINGS. All rights reserved.

* A project implemented in collaboration with companies like
Microsoft and Agritecture, aimed at utilizing cutting-edge
technologies to facilitate sustainable hop production21Summary of 2022 resultsand 2023 forecasts

Revenue / Core Operating Profit(Constant Currency Basis)(Constant Currency Basis)

vs Forecast

2023
Forecast

6.8%- 15.7

1,351.0

49.3

3.8%

64.0

13.5%

- 14.4

657.0

91.9

16.0%

583.2

27.9

5.6%

5.2

628.4

46.4

8.0%

51.7

2.9

6.8%

- 0.6

54.7

2.8

5.4%

8.8

2.6

44.0%

0.8

9.9

1.2

14.1%

(JPY billion)

2022
ResultsJapan

1,301.7

82.3

Europe573.9

OceaniaSoutheast Asia
Other
Adjustment(corporate and elimination)

ChangeYoY

ChangeYoY

2022 Result➢ Revenue: +8.0% YoY in total mainly
due to increase in sales volume in eachregion, as well as the positive effect ofpremiumization and price realization.
➢ Core Operating Profit: +5.9% YoY
mainly due to the increased revenue
and various cost efficiencies despite
more-than-expected variable costs.

- 8.1

- 1.5

-

38.3

- 11.0

- 2.9

-

178.4
5.5

8.0%
5.3%

13.6
- 2.5

2,690.0
112.0

188.7
3.1

7.5%

Japan

2,511.1
108.9

Europe

76.0

- 4.7

- 6.3%

- 2.0

74.4

0.6

0.8%

2023 Forecast

Oceania

107.1

13.9

16.7%

- 0.0

108.8

1.9

1.7%

Southeast Asia

0.6

0.1

27.6%

0.6

1.2

0.6

103.4%

Other

1.4

0.1

11.7%

0.2

1.1

- 0.3

- 23.6%- 16.6

- 2.0

-

1.6

- 19.3- 2.7-➢ Revenue: +7.5% YoY in total mainly
due to the improvement in unit costs
following expansion of the premiumcategory and price revisions.

- 33.6

- 0.0

-

- 0.0

- 33.2

0.0

-

243.8

12.9

5.9%

- 2.0

245.0

3.2

1.3%

Revenue

Adjustment(corporate and elimination)
Amortization of acquisitionrelated intangible assets

Core Operating Profit

2.8%* Figures of the YoY change for Constant Currency Basis are calculated by converting foreign currency amounts for thecurrent year to yen using the exchange rate of the previous year.
* Figures of the vs forecast for Constant Currency Basis are calculated by converting foreign currency amounts for theforecast to yen using the exchange rate of the forecast.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Core Operating Profit: +1.3% YoY
mainly due to the the increased
revenue and strengthened costmanagement despite higher variable
costs and labor costs, e.g.

22Operating Profit / Profit Attributable to Owners of Parent(Actual Currency Basis)(JPY billion)

2022
Results

Change(Actual Currency Basis)

vs Forecast

YoY

2023
Forecast

Change2022 Result

YoY

2,511.1

275.0

12.3%

61.1

2,690.0

178.9

7.1%

Core Operating Profit

243.8

25.9

11.9%

3.8

245.0

1.2

0.5%

Adjustment item

Revenue- 26.8- 20.7-- 4.3- 18.08.8-

Gain (loss) on sales and retirementof non current assets

9.5- 21.5- 69.3%

- 0.4

- 3.2

- 12.7-

Business integration expenses- 15.4- 0.6-- 13.2-

15.4-

Impairment loss

- 18.5

- 5.0

-

- 5.7

-

18.5

-

Others

- 2.4

6.5

-

15.0

- 14.8- 12.4-

Operating profit

217.0

5.1

2.4%

- 0.5

227.0

10.0

4.6%

- 9.7

0.2

-

- 0.2

- 7.0

2.6

-

0.7

- 0.0

- 3.0%

0.3

0.5

- 0.2

- 28.0%

Others

- 2.1

0.9

-

0.9

- 0.5

1.6

-

Profit before tax

206.0

6.2

3.1%

0.5

220.0

14.0

6.8%

Finance income or loss
Share of profit (loss) of investments
accounted for using equity method- 54.3

- 8.3

-

4.7

- 62.5- 8.2-

Profit

151.7

- 2.1

- 1.4%

5.2

157.5

5.8

3.8%

Profit attributable to owners of parent

151.6

- 1.9

- 1.3%

5.1

157.5

5.9

3.9%

0.2

- 0.2

- 49.8%

0.2

-

- 0.2

-

165.4

10.8

7.0%

8.9

157.5

- 7.9

- 4.8%

Income tax expense

Profit attributable to non-controlling interests
Adjusted profit attributable toowners of parent** Calculated from profit attributable to owners of parent excluding one-off special factors including business portfolio restructuring
and impairment loss. 2022 is adjusted on after-tax basis for the loss of SCM restructuring in Japan.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Operating profit: +2.4% YoY in total mainly
due to the increase in Core Operating Profit,
despite of the reversal of gain on sale ofproperty, plant and equipment in theprevious year
➢ Profit: -1.3% YoY mainly due to the increasein corporate income tax, etc.
➢ Adjusted profit excluding the loss of SCM
restructuring was +7.0% YoY.

2023 Forecast➢ Operating profit: +4.6% YoY in total mainly
due to the reversal of impairment losses
from the previous year's SCM restructuring
in Japan, etc.
➢ Profit: +3.9% YoY mainly due to theincrease in operating profit, etc.
➢ Adjusted profit is expected to be-4.8 YoY mainly due to the rebound fromgains on the sale of fixed assets in theprevious year, etc.

23

Statement of Financial Position / Statement of Cash Flow
(JPY billion)

2022
Results

vs Forecast

2023
Forecast

Total assets

4,830.3

282.6

6.2%

130.3

4,880.0

49.7

1.0%

Total equity

2,062.9

303.8

17.3%

92.9

2,160.0

97.1

4.7%

Interest-bearing debt *1

ChangeYoY

ChangeYoY

2022 Result

1,497.3- 98.9- 6.2%

14.3

1,427.0- 70.3- 4.7%Net DE ratio *2

0.59- 0.14-- 0.020.54- 0.05-

Net Debt / EBITDA *2

3.61- 0.63

-

0.01

3.38

- 0.23-（Reference） EBITDA

362.4

33.9

10.3%

6.2

366.2

3.8

1.0%

*1 Breakdown of change from the end of previous year: Repayment of interest-bearing debt -41.1 billion yen, foreign
currency translation of foreign currency-denominated interest-bearing debt due to yen depreciation +45.2 billion yen*2 Calculated after deducting 50% of outstanding subordinated debt (JPY 300 billion) from net debt➢

B/S: Total assets increased by JPY 282.6 billion
from the end of the previous year mainly due toan increase in goodwill and intangible assets
resulting from yen depreciation.

➢

B/S: Interest-bearing debt decreased by JPY
98.9 billion YoY as a result of repayments as aresult of increased Core Operating Profit and CF
expansion measures, despite foreign currency
debt temporarily increased as a result of theweaker JPY.

➢

C/F and Dividend: Generated FCF of JPY 201.1
billion by the profit generation and the sale ofnon-business assets, with increasing in annual
dividend by JPY 4 per share.

Operating cash flow

266.0

- 71.8-- 32.0

295.0

29.0

-

Investing cash flow

- 69.2- 54.8-13.8- 137.0- 67.8-Financing cash flow

- 219.6

100.8

-

- 4.6

- 158.0

61.6-2023 Forecast

201.1- 117.9-- 13.9177.0- 24.1-➢Dividend per share (JPY)

11.3

0.4

-

0.2

11.5

0.2

-

B/S: Interest-bearing debt is forecast to be
reduced by 70.3 billion compared to the end of
the previous year, with Net Debt/EBITDA
declining to 3.38x.

Dividend payout ratio (%)

37.8%

1.8%

-

- 0.6%

37.0%- 0.8%-➢

Adj. Dividend payout ratio (%) *3

34.6%- 1.1%-- 1.3%

37.0%

2.4%

-

C/F and Dividend: 177.0 billion FCF will be
generated by Core Operating Profit withincreasing the annual dividend by 2 yen per
share.

Free cash flow

*3 Calculated based on adjusted profit attributable to owners of parentⒸASAHI GROUP HOLDINGS. All rights reserved.

24

Japan(JPY billion)

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

Change2022 Result

YoY

Alcohol Beverages Business

786.2

64.1

8.9%

- 8.9

789.8

3.6

0.5%

Non-Alcohol Beverages Business

367.3

9.5

2.7%

- 6.6

390.6

23.3

6.3%

Food Business

127.8

1.9

1.5%

0.1

129.3

1.5

1.2%

20.4

6.8

50.4%

- 0.3

41.3

20.9

102.7%

1,301.7

82.3

6.8%

- 15.7

1,351.0

49.3

3.8%

Alcohol Beverages Business

79.2

8.4

11.9%

1.2

86.0

6.8

8.6%

Non-Alcohol Beverages Business

30.1

- 3.0

- 9.2%

- 3.1

28.0

- 2.1

- 7.0%

Food Business

11.9

0.4

3.5%

- 0.4

12.3

0.4

3.8%

- 12.2

- 0.4

-

- 0.1

- 14.3

- 2.1

-

108.9

5.5

5.3%

- 2.5

112.0

3.1

2.8%

Other/elimination in segment
Revenue

Other/elimination in segment
Core Operating ProfitⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Revenue: +6.8% YoY mainly due to thestrong sales of canned beer in Alcohol
Beverages Business, as well as growth ofcore brands in each business.
➢ Core Operating Profit: +5.3% YoY due to theincrease in canned beer in Alcohol Beverages
Business and the effect of price revisions ineach business, despite of cost increases invariable costs.

2023 Forecast➢ Revenue: +3.8% YoY mainly due to thestrengthening of core brands in eachbusiness and the effect of price revisions.
➢ Core Operating Profit: +2.8% YoY mainly
due to the profit growth in Alcohol
Beverages Business and Food Business,despite the profit decrease in Non-Alcohol
Beverages Business caused by higher
variable costs and other factors.

25

Japan (Alcohol Beverages: Revenue/Sales Volume)(JPY billion)*Before rebate deduction

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

ChangeYoY

Beer-type beverages

593.3

54.6

10.1%

- 16.2

611.9

18.5

3.1%

Whiskey and spirits

55.3

5.9

12.0%

3.1

55.5

0.2

0.3%

RTD

35.7

- 1.1

- 3.1%

2.1

36.0

0.3

0.8%

Wine

44.2

1.6

3.7%

1.8

45.4

1.3

2.8%

Shochu

20.9

0.4

1.7%

0.8

18.0

- 2.9

- 14.0%Non-alcohol beer/Non-alcohol RTD

40.0

- 0.3

- 0.8%

0.9

43.2

3.2

7.9%

(Million of cases)

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

ChangeYoY

Super Dry

68.88

8.06

13.2%

- 2.72

69.70

0.82

1.2%

Style Free

12.48

0.02

0.2%

0.08

12.50

0.02

0.1%

Clear Asahi

14.34- 1.13- 7.3%

0.14

13.50

- 0.84- 5.9%

Bottle

Can

Keg

(YoY)
*Volume
basis

2022

2023

Beer-type beverages

＋24％

＋1％

＋40％

Beer-type+2～3%- 3～4%

Beer

＋24％

＋13％

＋40％

Beer

+14～15%+0～1%Happoshu- 4～5%

Approx. -3%

New Genre

Approx. -7%- 7～8%(YoY)*Volume basis2022 ResultsⒸASAHI GROUP HOLDINGS. All rights reserved.

(Ref.) Beer-type market

2022 Result➢ Revenue from beer-type beverages sales
increased +10.1% YoY due to the strong
sales of canned beer, despite a decrease insales of new genre.
➢ Sales of whiskey and spirits, wine, and Nonalcohol beer/RTD: RTD sales were lower
than the previous year, mainly due to thesluggish market, but whiskey and spirits andwine sales were higher than the previous
year.

2023 Forecast➢ Revenue from beer-type beverages sales+3.1% YoY due to growth in beer, as well as
the effect of price revisions in all categories,
despite the decrease in Happoshu wine andnew genres in YoY.

➢ Sales of whiskey and spirits, wine, and nonalcohol beer/non-alcohol RTD: shochu will bedown YoY, but non-alcohol beverages will be
up YoY, mainly due to increased sales of
non-alcohol beer and minimal alcohol
beverages.

26

Japan (Alcohol Beverages: Breakdown of Changes in Profit)(JPY billion)

2022
Results

ChangeChange in sales, category and container mix-

Cost reduction in manufacturing
Cost increase in manufacturing

YoY

vs Forecast

2023
Forecast

Change

29.4

- 3.6

-

-

1.0

0.0

-

1.8

-

- 14.10.8-- 21.0Advertisement and Sales promotion expenses

-

- 6.7

2.5

-

3.6

Other expenses

-

- 1.1

1.4

-

- 4.1

79.2

8.4

1.2

86.0

6.8

Core Operating Profit

11.9%

YoY

26.5

8.6%

* “Other expenses” includes “Other and eliminations.”＜2022 Results: Factors Contributing to Increase/Decrease＞• Change in sales and others: +29.4 (Sales volume in beer-type +24.2, Sales in other alcohol beverages ＋4.4,
Change in category and container mix and etc.)• Cost reduction in manufacturing:＋1.0 （Raw materials ＋0.2, Transportation +0.4, etc.）

2022 Result➢ +11.9% YoY due to the effects of increased
revenues, including price revisions, etc.,
despite the variable cost increases andhigher advertising and promotional costs,
particularly for mainstay brands• Cost increase in manufacturing: -14.1 (Raw materials -8.4, Utilities -2.6, Transportation -0.5, etc.)• Change in sales promotion expenses: -6.7 (Advertisement -5.4, Promotion -1.2) (Beer-type -5.4,
Other -1.3)＜2023 Forecast: Factors Contributing to Increase/Decrease＞• Change in sales and others: +26.5 (Sales volume in beer-type +24.2, Sales in other alcohol beverages +3.4,
Change in category and container mix and etc.)

2023 Forecast➢ +8.6% due to the effect of price revisions
and the efficiency of advertising andpromotional costs, despite variable cost
increases• Cost reduction in manufacturing: +1.8 (Other than beer-type +0.6, Transportation +0.2, etc.)• Cost increase in manufacturing: -21.0 (Raw materials -17.7, In other than beer -0.8 , Transportation -1.8,
and etc.)• Change in sales promotion expenses: +3.6 （Advertisement +4.3, Promotion expenses -0.7) (Beer-type +1.9,
Other +1.7)ⒸASAHI GROUP HOLDINGS. All rights reserved.

27

Japan (Non-Alcohol Beverages: Sales Volume)
2022
Results(Millions of cases)

ChangeYoY

vs Forecast

2023
Forecast

ChangeYoY

Carbonated drinks

82.50

2.18

2.7%

- 1.30

87.70

5.21

6.3%

Lactic acid drinks

44.48

2.30

5.5%

0.48

44.10

- 0.38- 0.9%

Coffee32.78- 2.60- 7.4%- 1.2231.70- 1.07- 3.3%

Tea

39.17

2.01

5.4%

- 0.83

46.00

6.83

17.4%

Mineral Water

16.94

1.36

8.7%

0.24

17.50

0.56

3.3%

Fruit juice

15.88

1.32

9.1%

0.88

14.20

- 1.68- 10.6%

Other drinks

26.27

0.74

2.9%

0.77

26.00

- 0.27- 1.0%

Sales Volume258.007.31

2.9%- 1.00267.209.20

3.6%(JPY billion)

2022
Results

Change367.3

Revenue

9.5

YoY

vs Forecast

2.7%

- 6.6

2023
Forecast

Change

390.6

23.3

※2023 Forecast includes the impact of the business alliance with DyDo (sales volume: no impact, revenue: -17.0 billion yen).

(YoY)

By channel*Volume basis

2022
Results

Vending machine- 1.4%

CVS
SM

(YoY)

By container*Volume basis

2022
ResultsCan- 1.4%+ 6.2%

PET total+ 3.8%± 0.0%

Large PET

- 1.3%

Small PET

+ 6.2%ⒸASAHI GROUP HOLDINGS. All rights reserved.

(YoY)*Volume basis
Total(Ref) Market
2022

2023

Approx. +2% Approx. ±0 ％

YoY

6.3%

2022 Result➢ Sales volume: +2.9% YoY due to growth incarbonated drinks and lactic acid drinks by
the renewal of main brands and the effect of
new products, despite the decrease in sales
volume of coffee.
➢ Revenue: +2.7% YoY, mainly due to higher
sales volume and price revisions, despite adeterioration in unit price caused by adecrease in coffee.

2023 Forecast➢ Sales volume: +3.6% YoY due mainly to thegrowth of carbonated drinks and tea by therenewal of main brands and the effect of
new products, despite the decrease in sales
volume of coffee and fruit juice.

➢ Revenue: +6.3% YoY due to the increase insales volumes and effects of price revisions.

28

Japan (Non-Alcohol Beverages: Breakdown of Changes in Profit)(JPY billion)

2022
Results

ChangeYoY

vs Forecast

2023
Forecast

ChangeChange in sales, category and container mix

-

5.9

- 4.4

-

Cost reduction in manufacturing

-

1.2

- 0.5

-

1.3

Cost increase in manufacturing-- 11.2- 0.5-- 22.9Advertisement and Sales promotion expenses

-

0.7

1.1

-

- 2.3

Other expenses

-

0.4

1.2

-

7.0

30.1

- 3.0

- 3.1

28.0

- 2.1

Core Operating Profit- 9.2%

YoY

14.8- 7.0%※“Change in sales, category and container mix” and “Other expenses” of 2023 Forecast include the impact of the business alliance with DyDo.

＜2022 Results: Factors Contributing to Increase/Decrease＞• Change in sales and others: +5.9 (Sales volume +5.8, Change in category and container mix, etc.)• Cost reduction in manufacturing: +1.2 (Raw materials ±0.0, Packages +0.7, Operational efficiency /in-house production +0.5 and etc.)• Cost increase in manufacturing: -11.2 (Raw materials -4.4, Packages -4.7, etc.)• Change in sales promotion expenses: +0.7 （Advertisement +0.3, Promotion expense +0.4）＜2023 Forecast: Factors Contributing to Increase/Decrease＞

2022 Results➢ -9.2% YoY due to the significant increase invariable costs, despite the increased revenue
and various cost efficiencies, etc.

2023 Forecast➢ -7.0% YoY mainly due to the significant
increases in variable costs and strengthened
brand investment, particularly for new
products.

• Change in sales and others: +14.8 (Sales volume +14.2, Change in category and container mix, etc.)• Cost reduction in manufacturing: +1.3 (Raw materials +0.3, Packages +1.0, Operational efficiency /in-house production ±0.0 and etc.)• Cost increase in manufacturing: -22.9 (Raw materials -10.8, Packages -9.5 and etc.)• Change in sales promotion expenses: -2.3 （Advertisement -2.2, Promotion -0.1）ⒸASAHI GROUP HOLDINGS. All rights reserved.

29

Europe（Khl／million Euro）

Revenue(Incl. liquor tax)

2022
Results

Net Sales(excl. liquor tax)

YoY *1

AgainstTarget*22023
Forecast

Change *1

YoY *1

4,154

493

13.5%

- 108

4,693

665

16.0%

2022 Results

550

- 36

-6.3%

- 15

532

5

0.8%

➢ Sales volume: +2.3% YoY due to therecovery in the on-premise sales and thegrowth of premium categories.

42,205

943

2.3%

- 981

41,392

- 813

-1.9%

➢ Revenue: +13.5% YoY due to theimprovement of channel mix and unit priceprogress including the price revision.

3,370

419

14.3%

- 87

3,831

565

16.8%

Core OP*1

Sales Volume

Change *1*Excluding the impact of currency translation of local currencies into Euro
*1 Comparison in FX rate of the same period of the previous year
*2 Comparison in budget FX rate

➢ Core Operating Profit: -6.3% YoY due to cost
increases in raw materials and utilities,
despite the effect of increased revenues andcost efficiencies.

2023 Forecast➢ Sales volume: -1.9% YoY due to the forecast
shrinkage of Romanian market.

＜Overview by Channel （volume basis）＞*YoY

Jan-Sep

Oct-Dec

Jan-Dec

On-premise+ 20-30%+ 15-20%+ 20-30%

Off-premise- low single digit- low single digit- low single digit

Total

2.7%

0.9%

2.3%

ⒸASAHI GROUP HOLDINGS. All rights reserved.

➢ Revenue: ＋16.0％ YoY due to the pricerevision and on-going premiumization
growth in non-alcohol.
➢ Core Operating Profit: ＋0.8％ YoY due to theincrease in unit price and the contribution of
the cost reduction, but on the other hand,the cost increase in ingredients, labor costs
etc.

30

Oceania
2022
Results(million AUD)

ChangeYoY

2023
Forecast

YoY

ChangeYoY

Revenue

6,399

339

5.6%

59

6,905

509

8.0%

Core Operating Proifit

1,175

169

16.7%

-1

1,196

20

1.7%

4,428

277

6.7%

51

4,673

248

5.6%

*1
*1
(Alcohol(Alcohol)Beverages)

3,064

146

5.0%

-81

3,261

199

6.5%

(Non-Alcohol Beverages) *1, 2

1,364

132

10.7%

132

1,412

49

3.6%

Net Core OP *3

1,175

138

13.3%

-1

1,196

20

1.7%

Net Sales (exc liquor tax) *1*Excluding the impact of currency translation of local currencies into Euro
*1 Based on net sales value excluding container deposite *2 Including the impact of newly consolidated Allpress*3 Core OP before deduction of one-off cost

<Overview by Channel (Australian Alcohol Beverages)＞*YoY

Jan-Sep

Oct-Dec

Jan-Dec

On-premise+mid 20%+10-20%.

+20-30%Off-premise-low single digit+low single digit-low single digit

Total

approx. +2%

approx. +4%

approx. +3%ⒸASAHI GROUP HOLDINGS. All rights reserved.

2022 Result➢ Revenue: +5.6% YoY due to the higher sales
volumes, especially of major brands, as wellas an improved channel mix and pricerealization as a result of price revision.
➢ Core Operating Profit: +16.7% YoY due tothe increased revenue as well as efficiencies
in fixed costs, including the accelerated
creation of cost synergies, despite higher
costs of raw materials and logistics.

2023 Forecast➢ Revenue: +8.0% YoY mainly due to therebound increase from the impact of COVID
in Q1, as well as increased sales in thepremium category and non-alcohol beer.
➢ Core Operating Profit: +1.7% YoY mainly
due to the increased revenues with improved
mix and cost efficiencies in production andlogistics, despite higher costs, including raw
materials and labour costs.

31

FX Impact (2022 Results)(Actual Currency Basis)(Constant Currency Basis)<Exchange Rate Trends>(JPY billion)

2022
Results

Prev. YearJapan

1,301.7

1,219.4

82.3

6.8%

-

82.3

6.8%

(Yen)

Europe

573.9

474.4

99.5

21.0%

35.5

64.0

13.5%

Euro

138.1

129.9

Oceania

583.2

500.0

83.2

16.6%

55.2

27.9

5.6%

AUD

91.1

82.5

51.7

42.7

9.0

21.1%

6.1

2.9

6.8%

8.8

6.0

2.8

47.0%

0.2

2.6

44.0%

- 8.1

- 6.3

- 1.8

-

- 0.3

- 1.5

-

Revenue

2,511.1

2,236.1

275.0

12.3%

96.7

178.4

8.0%

Japan

108.9

103.5

5.5

5.3%

-

5.5

5.3%

Europe

76.0

75.5

0.5

0.7%

5.2

- 4.7

- 6.3%

Oceania

107.1

83.1

24.0

29.0%

10.1

13.9

16.7%

Southeast Asia

0.6

0.4

0.2

39.9%

0.1

0.1

27.6%

Other

1.4

1.2

0.2

13.4%

0.0

0.1

11.7%

- 16.6- 14.6

- 2.0

-

0.0

- 2.0

-

- 33.6- 31.1

- 2.5

-

- 2.5

- 0.0

-

243.8

217.9

25.9

11.9%

13.0

12.9

5.9%

Southeast Asia
Other
Adjustmenet(corporate and elimination)

Adjustmenet(corporate and elimination)
Amortization of acquisitionrelated intangible assets

Core Operating Profit

ChangeYoY

FX Impact

ChangeYoY

2022
Results

2021
Results*Figures for Constant Currency Basis are calculated by converting foreign currency amounts for the current year to yen using theexchange rate of the previous year.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

32

FX Impact (2023 Forecast)(Actual Currency Basis)(Constant Currency Basis)<Exchange Rate Trends>(JPY billion)

2023
Forecast

Prev. YearJapan

1,351.0

1,301.7

49.3

3.8%

-

49.3

3.8%

(Yen)

Europe

657.0

573.9

83.1

14.5%

- 8.7

91.9

16.0%

Euro

Oceania

628.4

583.2

45.2

7.8%

- 1.2

46.4

8.0%

AUD

54.7

51.7

3.0

5.8%

0.2

2.8

5.4%

9.9

8.8

1.2

13.2%

- 0.1

1.2

14.1%

- 11.0

- 8.1

- 2.9

-

- 0.0

- 2.9

-

Revenue

2,690.0

2,511.1

178.9

7.1%

- 9.8

188.7

7.5%

Japan

112.0

108.9

3.1

2.8%

-

3.1

2.8%

Europe

74.4

76.0

- 1.6

- 2.1%

- 2.2

0.6

0.8%

OceaniaSoutheast Asia
Other
Adjustmenet(corporate and elimination)

ChangeYoY

FX Impact

Change

YoY

108.8

107.1

1.7

1.6%

- 0.2

1.9

1.7%

Southeast Asia

1.2

0.6

0.6

104.3%

0.0

0.6

103.4%

Other

1.1

1.4

- 0.3

- 23.9%

- 0.0

- 0.3

- 23.6%- 19.3- 16.6

- 2.7

-

0.0

- 2.7

-

- 33.2- 33.6

0.4

-

0.4

0.0

-

245.0

243.8

1.2

0.5%

- 2.0

3.2

1.3%

Adjustmenet(corporate and elimination)
Amortization of acquisitionrelated intangible assets

Core Operating Profit

2023
Forecast

140.0
91.0

2022
Results

138.1
91.1

<Exchange Rate Sensitivity for 2023>(JPY billion)

RevenueCore OP

Euro

± 4.7

± 0.5

AUD

± 6.9

± 1.2

* Impact of 1 yen change (full year)* Figures do not include the effect of exchange
rates on amortization of intangible assets.
* FX impact shows the impact of converting local
currency results into yen excluding trade impact.

*Figures for Constant Currency Basis are calculated by converting foreign currency amounts for the current year to yen using theexchange rate of the previous year.

ⒸASAHI GROUP HOLDINGS. All rights reserved.

33

<Reference> Sales Trend by Region
Japan (Alcohol Beverages)*Value basis (Beer-type Beverages total)

YoY

Vs 2019⚫ 2022 Results
・Revenue +10.1% YoY (-11% vs 2019)
On-premise: +Mid 30% range YoY (Just under -40% vs 2019)
Off-premise: + Slight increase YoY (- Slight decrease vs 2019)*Figures by channel are based on sales volume (beer-type total)

Europe *Volume basis

YoY

Vs 2019

・Sales Volume +2.3% YoY (-3% vs 2019)
On-premise: +20 to +30% YoY (-Low tweens vs 2019)
Off-premise: -Low single digit YoY (-Low single digit vs 2019)

Australia (Alcohol Beverages)

YoY

Vs 2019*Volume basis (Alcohol Beverages total)

・Sales Volume +3% YoY (+mid single digit vs 2019)
On-premise: +20 to 30% YoY (-Low single digit vs 2019)
Off-premise: - Low single digit YoY (+High single digit vs 2019）ⒸASAHI GROUP HOLDINGS. All rights reserved.

34

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 thetime 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.

ⒸASAHI GROUP HOLDINGS. All rights reserved.