Financial Results
for the nine months ended September 30, 2023：Consolidated(Based on IFRS)
November 10, 2023
Company name

Sapporo Holdings Limited

Security code
2501
Listed on
Tokyo Stock Exchange (Prime Market); Sapporo Securities Exchange
URL
https://www.sapporoholdings.jp/en/
Representative
Masaki Oga, President and Representative Director
Contact
Yosuke Nakamura, Director of the Corporate Planning Department
Telephone+81-3-5423-7407
Scheduled dates:
Filing of quarterly financial report
November 13, 2023
Commencement of dividend payments
Supplementary information to the quarterly earnings results
Available
Yes
Quarterly earnings results briefing held
(mainly targeted at institutional
investors and analysts)
1. Consolidated Financial Results for the nine months ended September 30, 2023
(January 1 – September 30, 2023)(Amounts in million yen rounded to the nearest million yen)
(1) Operating Results(Percentage figures represent year-over-year changes)
Core Operating
Operating profit
ProfitprofitRevenuemillion yen%

Nine months ended
September 30, 2023

million yen%

million yen

377,749

9.2

14,368

149.8

9,573

27.1

3,054

(42.6)

Nine months ended
September 30, 2022

345,812

11.9

5,751

272.4

7,535

(68.5)

5,320(66.0)

Profit attributable toowners of parent

Total comprehensive
incomemillion yen

million yen

%

%

%

million yen%

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

Nine months ended
September 30, 2023

3,058

(42.2)

17,128

21.7

39.26

39.25

Nine months ended
September 30, 2022

5,292

(66.4)

14,068(34.9)

67.93

67.92

Note: Profit before tax
Nine months ended September 30, 2023
8,600 million yen
Nine months ended September 30, 2022
8,978 million yen*Core operating profit is a proprietary profit indicator that measures the performance consistency of ourbusiness. Core operating profit is calculated as Revenue – Cost of sales – SG&A expenses.
*The Company finalized the provisional accounting treatment for the business combination in the fourth
quarter of the fiscal year ending December 31, 2022, and each figure for the nine months ended December
31, 2022, reflects the details of the finalization of the provisional accounting treatment.

－ 1 －(2) Financial Position

Total assets

Total equity

Equityattributable toowners of parent

million yen

million yen

million yen

Ratio ofequity attributableto owners of parent
to total assets%

Nine months ended
September 30, 2023

657,237

181,034

180,109

27.4

Year ended
December 31, 2022

639,118

167,201

166,31026.0

2. Dividends
Dividend per share
Record date or period

End Q1End Q2End Q3Year-end

Full-year

yen

yen

yen

yen

yen

Year ended December
31, 2022

—

0.00

—

Year ending December
31, 2023

—

0.00

—

Year ending December
31, 2023 (forecast)
Note: Changes to the latest dividend forecast announced: None

42.00

42.00

45.00

45.00

3. Forecast of Consolidated Earnings for the Year Ending December 31, 2023
(January 1 – December 31, 2023)(Percentage figures represent year-over-year changes)
Core

Revenue

operating profit

million yen%

million yen%

510,000

6.6

16,50077.2

Operating profit
million%yen

Profit attributable

Basic

to

earnings perowners of parent

share

Profitmillionyen%

million
yen

%

yen

Year
ending12,00018.7

DecemberNote: Changes to the latest consolidated results forecast announced: Yes

－

2 －

7,000

26.9

7,000

28.4

89.86

4. Other(1) Changes to scope of consolidation: None
(2) Changes in accounting policy, changes in accounting estimates, and retrospective restatement
1) Changes in accounting policies required by IFRS: None
2) Changes other than 1) above: None
3) Changes in accounting estimates: None
(3) Number of shares issued and outstanding (common stock)1) Number of shares issued at end of period (treasury stock included):
September 30, 2023: 78,794,298 shares
December 31, 2022: 78,794,298 shares
2) Number of shares held in treasury at end of period:
September 30, 2023: 895,128 shares
December 31, 2022: 896,678 shares

3) Average number of outstanding shares during the period:
Nine months ended September 30, 2023: 77,898,916 shares
Nine months ended September 30, 2022: 77,897,741 shares
Audit Status
The quarterly financial results are outside the scope of audit procedures based on the Financial Instruments
and Exchange Act.
Appropriate Use of Earnings Forecasts and Other Important Information
This document contains projections and other forward-looking statements based on information available to
the Company as of the date of this document. Actual results may differ from those expressed or implied byforward-looking statements due to various factors. For the assumptions underlying the forecasts herein andother information on the use of earnings forecasts, refer to “1. Analysis of Operating Results and Financial
Condition (4) Consolidated Earnings Forecast” on page 9.

－ 3 －1. Analysis of Operating Results and Financial Condition(1) Operating Results
In the first nine months of 2023 (January 1 - September 30, 2023), lifestyle patterns of living with COVID-19
penetrated society and economic activity continued to normalize as the impact of COVID-19 lessened. On the other hand,the uncertain outlook continues, with concerns over rising prices due to factors such as the situation in Ukraine, thedepreciation of the yen, and inflation from surging prices of raw materials and energy, which will lead to consumers
becoming more cautious with their spending.
Under these circumstances, the Sapporo Group will decisively implement structural reforms,to realize our growthstrategy in the first year of our “Medium-Term Management Plan (2023-2026).”
Consolidated revenue overall increased compared to the same period last year. This was because of the recovery ofon-trade beer sales and dining-out demand for beer halls in Alcoholic Beverages, along with the inclusion of STONEBREWING CO., LLC (Stone) as a consolidated subsidiary at the end of August 2022, which both counteracted decreased
revenue following the transfer of the cafe business in April 2022 and the liquidation of a vending machine operator
subsidiary in November 2022 intended to shift management resources of Food & Soft Drinks to growth areas.
Consolidated core operating profit increased year-on-year amid the effects of increased revenue in the Japan
Alcoholic Beverages business and structural reforms in the Restaurants business and Japan Food & Soft Drinks business.
Summary in key figures
RevenueCore operating profit

Millions of yen, except percentages
Profit attributable toOperating profit
owners of parent

Nine months ended
September 30, 2023

377,749

14,368

9,573

3,058

Nine months ended
September 30, 2022

345,812

5,751

7,535

5,292

9.2

149.8

27.1

(42.2)

Change (%)*Core operating profit is the Sapporo Group’s unique profit benchmark for measuring the performance of its regularbusiness and is calculated by deducting the cost of sales, and selling, general and administrative expenses, from revenue.
Results by segment are outlined below.
Alcoholic Beverages
Revenue increased year-on-year thanks to a steady recovery in the on-trade products market, price revisions, strong
sales in North America, and the addition of Stone Brewing Co., LLC to the Group at the end of August 2022.
Core operating profit increased year-on-year, despite increased variable costs due to factors such as increased raw
material prices. This was thanks to the effects of increased revenue from the recovery in the on-trade market as well as
the effects of structural reforms in the Restaurants business.
While there were impairment losses associated with the resolution to dissolve an overseas subsidiary, which had been
under consideration as a part of our business review, operating profit increased year-on-year due to the year-on-yearincrease in core operating profit, among other factors.
■Revenue: ¥274.3 billion (up ¥33.3 billion, or 13.8% year on year)■Core operating profit: ¥12.8 billion ( up ¥7.8 billion, or 159.9% year on year)■Operating profit: ¥7.7 billion (up ¥0.8 billion, or 12.2% year on year )Details of Alcoholic Beverages (Japan and Overseas) and Restaurants in the Alcoholic Beverages business were as
follows.
Japan
While the on-trade products market is in a recovery trend as economic activity continues to normalize as a result of
the lessened impact of COVID-19, the off-trade products market remained weak. In addition, due in part to thedownturn following rush demand before price revisions last year, total domestic demand for beer and beer-type－

4 －beverages was estimated to have been about 98% year-on-year. RTD (*) has similarly been impacted by the downturn
following last year’s rush demand.
In this fiscal year, we are focusing more on strengthening beer and RTD in anticipation of the liquor tax revision in
October 2023.
In this context, the Group’s total domestic sales volumes of beer and beer-type beverages were 98% of theprevious year’s level. While on-trade products performed at 124% year-on-year, for off-trade products the sales
volume of canned Black Label fell short at 97% year-on-year, showing the impact of the downturn following rush
demand. Despite being impacted by the downturn following rush demand, the sales volume of canned RTD continued
to be strong, performing at 113% year-on-year as a result of strengthening existing brands and launching new products.
Overseas
In Canada, COVID-19 countermeasures have spurred an economic restart, and the on-trade products market wasin a year-on-year recovery trend, but the total demand for Beer-type beverages is expected to have been lower yearon-year primarily due to the impact of rising inflation. This is also expected to have been lower year-on-year in the
United States due to the impact of rising inflation.
In this context, the sales volume of overseas beer brands exceeded that of the previous year thanks to a recoveryof the on-trade market in Canada and after including the sales of Stone in the United States. Additionally, the sales
volume of Sapporo brand beer in the focus market of North America was strong at 102% of the previous first quarter’slevel.
Also, a resolution to liquidate ANCHOR BREWING COMPANY, LLC (“Anchor”) was made in July 2023. Anchor
was positioned as subject to liquidation in the Medium-Term Management Plan due to its continued poor businessperformance. In the United States, which will become a growth driver, we are shifting resources by enacting decisive
structural reforms, and aim to achieve further growth centered on Sapporo brand beer by creating synergies with
Stone.
Restaurants
The recovery trend for the restaurant market is continuing as economic activity continues to normalize as a resultof the lessened impact of COVID-19.
Amid this, due to price revisions, a recovery in the number of customers, and attracting inbound tourist and senior
customers, the Sapporo Group’s Restaurants business recorded existing store sales at 103% of 2019 levels,
recovering to roughly the same level as before the outbreak of the COVID-19 pandemic.
*: RTD, or ready-to-drink beverages, are pre-mixed, low-alcohol cocktail-like beverages that can be consumed as isimmediately after opening.
Food & Soft Drinks
Revenue declined year-on-year due to the impacts of reduced units in operations following the liquidation of a vending
machine operator subsidiary and divestment of the cafe business in April 2022.
Core operating profit and operating profit both increased compared to the same period of the previous fiscal year,
despite increased raw material costs. The effect of price revisions and structural reforms contributed to this year-on-year
improvement.
■Revenue: ¥87.4 billion (down ¥2.1 billion, or 2.4% year on year)■Core operating profit: ¥3.0 billion (up ¥2.2 billion, or 263.1% year on year )■Operating profit: ¥3.4 billion (up ¥2.0 billion, or 152.3% year on year)
Food & Soft Drinks (Japan)
Although demand in the on-trade market and vending machines has been impacted by the "life of coping with
COVID-19" becoming more prevalent, overall domestic beverage demand is estimated to be around 99% that of theprevious year because of the recovery following the easing of pandemic restrictions.
Meanwhile, while sales value for Kireto Lemon, the main brand in our priority Lemon business, was 111% year-on－ 5 －year, and 167% year-on-year for no-sugar-added tea made with selected domestic ingredients, which performed welland was primarily centered on corn tea, marking performance that was similar to last year due in part to price revisions
It was 87% year-on-year for soft drinks overall due to factors such as the reduction in operating units after the liquidationof a vending machine operator subsidiary.
Overseas Beverage
Domestic sales value in Singapore was 105% year-on-year amid robust sales primarily in the off-trade channel, due
in part to the impact of price revisions.
In addition, while demand slumped in Malaysia, a focus area, sales value was 109% year-on-year because we madeprogress with strengthening our sales structure.
Real Estate
The office leasing market in the Greater Tokyo area has yet to see a recovery in occupancy rates and average rent
levels—which declined during the COVID-19 pandemic—since the beginning of the year.
Revenue increased year-on-year mainly due to the effect of increased revenue from the opening of the remodeled
Center Plaza at Yebisu Garden Place, a large multi-purpose complex, in November 2022.
Meanwhile, core operating profit and operating profit declined year-on-year, despite the effects of increased revenue.
This was because of a declining office occupancy rate of Yebisu Garden Place caused by a downturn in market
conditions and work to update the HVAC facilities of the office tower started in 2022.
■Revenue: ¥16.0 billion (up ¥0.7 billion, or 4.9% year on year)■Core operating profit: ¥4.2 billion (down ¥0.7 billion, or 13.7% year on year)■Operating profit: ¥4.0 billion (down ¥0.1 billion, or 3.5% year on year)－

6 －(2) Consolidated Financial Condition
As of the end of this Q3 consolidated accounting period, the following were the change factors in the condition of assets,
liabilities, and equity.
(Millions of yen)
Category

As of December 31, 2022

As of September 30, 2023

ChangeCurrent assets

179,431

171,796(7,635)

Non-current assets

459,687

485,441

25,754

Total assets

639,118

657,237

18,119Current Liabilities

219,515

191,473(28,042)

Non-current liabilities

252,402284,730

32,328

Total liabilities

471,917476,203

4,286

Total equity

167,201

181,034

13,833

Total liabilities andequity639,118

657,237

18,119At the end-Q3, assets increased by ¥18.1 billion to ¥657.2 billion relative to the previous fiscal year end, due toincreases in fixed assets, the increase in other financial assets (non-current) from investments, and other factors which
offset the decline in current assets due to the corporate income tax refund.
Consolidated total liabilities came to ¥476.2 billion, which was an increase of ¥4.3 billion as compared to the end of
the previous fiscal year, because of the increase in corporate bonds and borrowings (non-current) resulting from a bondissuance, and an increase in other financial liabilities associated with capital expenditures, which offset the decline incorporate bonds and borrowings (current).
On the same comparative basis, capital increased by ¥13.8 billion to ¥181.0 billion. Although there was a decrease inretained earnings stemming from the payment of end-period dividends, there were increases in foreign currencytranslation adjustments on foreign operating entities and other capital components measured in fair value through othercomprehensive income, as well as the posting of quarterly losses attributable to parent company owners.

－ 7 －(3) Consolidated Cash FlowsAt the end-Q3, cash and cash equivalents (hereinafter “cash”) increased by ¥3.2 billion (21%) to ¥18.6 billion,
relative to the previous consolidated fiscal year-end.
The components of Q3’s cash flow categories were as follows.
(Millions of yen)
As of September 30, As of September 30,
Category
Change2022
2023
Cash flows from operating activities

13,95638,173

24,578Cash flows from investing activities(42,041)(15,221)

26,820Free cash flow

(28,446)

22,952

51,398Cash flows from financing activities

30,711(19,944)(50,656)

Effect of exchange rate change on cash and cash
equivalents

(167)

198

365

Net increase (decrease) in cash and cash equivalents

2,099

3,205

1,107

Cash and cash equivalents at beginning of period

17,36815,380(1,988)Cash and cash equivalents at end of period

19,467

18,585(881)(Cash flows from operating activities)
Operating activities provided net cash amounting to ¥38.2 billion (higher by ¥24.6 billion or 181% from the previous
fiscal year). This was mainly attributable to a ¥1.9 billion increase in inventories, and payment of ¥1.7 billion in interest,
which were decreasing factors, offset by depreciation and amortization of ¥15.4 billion, ¥8.6 billion in loss before
income taxes, and a ¥7.3 billion decrease in trade and other receivables, which were increasing factors.
(Cash flows from investing activities)
Cash used in investing activities was ¥15.2 billion (lower by ¥26.8 billion year-on-year). Although there was incomeof ¥7.4 billion from the redemption of investment securities, the decline was due to outlays of ¥10.5 billion for acquisitionof tangible fixed assets, outlays of ¥9.2 billion for the acquisition of investment securities, and ¥7.5 billion for acquisitionof investment real estate.
(Cash flows from financing activities)
Cash used for financing activities was ¥19.9 billion (year-ago income of ¥30.7 billion). The main outflows were ¥21.5
billion in expenditures for repayment of long-term borrowings, ¥10.0 billion in expenditures for the redemption of
corporate bonds, and a ¥8.7 billion decrease in short-term borrowings, which offset income of ¥20.0 billion from
corporate bond issuance and ¥13.0 billion in proceeds from long-term borrowings.

－

8 －(4) Consolidated Earnings Forecast
The consolidated earnings forecast for the full fiscal year to December 31, 2023, is revised as follows from theforecast announced by the Company on February 15, 2023, based on performance through the Q3 consolidated
accounting period.
The following forecasts are based on judgments made in accordance with information available as of the date of
publication of these materials and include potential risks and uncertainties. Actual results may differ from these forecasted
figures due to a variety of factors.
Revision of consolidated performance forecast for the full fiscal year (Jan. 1, 2023 to Dec. 31, 2023)
Core
Operating
Profit attributable to Basic earnings per
ProfitRevenue
operatingprofitowners of parent
share (yen)profitPrevious forecast (A)490,000

13,500

9,500

5,570

5,500

70.61

Current forecast (B)510,000

16,50012,000

7,000

7,000

89.86

Change (B-A)

20,000

3,000

2,500

1,430

1,500

－

Change (%)

4.1％

22.2％

26.3％

25.7％

27.3％

－

478,422

9,312

10,106

5,515

5,450

69.96

For reference:
Results for the fiscal year
ended December 31, 2022

Additionally, we established the Group Strategy Review Committee in September of this year, to discuss theformulation of Group strategy scenarios aimed at enhancing corporate value over the medium- to long-term, which is theaim of the Medium-Term Management Plan. This Committee is composed of outside experts in addition to company
directors.

－ 9 －2. Consolidated Financial Statements(1) Consolidated Statement of Financial Position(Millions of yen)
As of December 31, 2022
AssetsCurrent assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Investment property
Goodwill
Intangible assets
Investments accounted for using equity method
Other financial assets
Retirement benefit asset
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets

－

10 －

As of September 30, 2023

15,38096,59347,5258,454
11,479179,431－
179,431

18,58590,95751,031
4,289
5,365
170,228
1,568
171,796

129,102
209,628
33,7839,328
1,370
68,616
1,353
3,938
2,569
459,687
639,118

142,194
210,130
36,0957,130
1,363
78,253
4,488
3,372
2,416
485,441
657,237(Millions of yen)
As of December 31, 2022
Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings
Lease liabilities
Income taxes payable
Other financial liabilities
Provisions
Other current liabilities
Total current liabilities
Non-current liabilities
Bonds and borrowings
Lease liabilities
Other financial liabilities
Retirement benefit liability
Provisions
Other non-current liabilities
Deferred tax liabilities
Total non-current liabilities
Total liabilities
EquityShare capital
Capital surplus
Treasury shares
Retained earnings
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity－ 11 －

As of September 30, 2023

35,73086,524
3,825
890
32,9997,485
52,060219,515

37,13453,3633,793
97830,67010,55054,985
191,473

155,369
17,47851,859
3,471
1,941
278
22,007
252,402471,917

175,940
19,01058,774
3,354
1,922
301
25,429284,730
476,20353,88740,645(1,785)43,39230,171
166,310891
167,201
639,118

53,887
40,639(1,782)
46,38840,977
180,109925
181,034
657,237

(2) Consolidated Statement of Profit or Loss
(Millions of yen)
Nine months ended
September 30, 2022

Nine months ended
September 30, 2023

Revenue
Cost of sales
Gross profit

345,812244,946
100,866

377,749
262,812
114,937

Selling, general and administrative expenses
Other operating income
Other operating expenses
Operating profit

95,115
3,674
1,891
7,535

100,569
2,710
7,506
9,573

Finance income
Finance costs
Share of profit of investments accounted for using
equity method
Profit before tax

2,611
1,222

1,344
2,368

54

51

8,978

8,600

Income tax expense
Profit

3,658
5,320

5,545
3,054

Profit attributable to
Owners of parent
Non-controlling interests
Profit

5,292
28
5,320

3,058
(4)
3,054

Basic earnings per share
Diluted earnings per share

67.93
67.92

39.26
39.25

－

12 －

(3) Consolidated Statement of Comprehensive Income(Millions of yen)
Nine months ended
September 30, 2022
ProfitOther comprehensive income
Items that will not be reclassified to profit
or loss
Net change in fair value of equity instruments
designated as measured at fair value throughother comprehensive income
Remeasurements of defined benefit plans
Total of items that will not be reclassified
to profit or loss
Items that may be reclassified to profit or loss
Exchange differences on translation offoreign operations
Effective portion of cash flow hedges
Total of items that may be reclassified to
profit or loss
Total other comprehensive income, net of tax
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income－ 13 －

Nine months ended
September 30, 2023
5,320

3,054

2,271

4,886

(1,405)

2,211

866

7,097

7,857

6,965

26

11

7,883

6,976

8,748
14,06814,073
17,12813,938130
14,06817,07949
17,128

(4) Consolidated Statement of Changes in Equity(Millions of yen)
Other components of equity

Balance as of January 1,
2022

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,596(1,785)44,791

ProfitComprehensive incomeoftreasuryoftreasury

-

-

-

0

5,292

(15)

23,313Remeasurem
entsofdefinedbenefit
plans

-

7,755

26

2,271

(1,405)

8,646

7,755

26

2,271

(1,405)

8,646
-

3

-

(1,132)(4,409)

-

-

(274)

1,405

1,132

53,88740,603(1,784)45,6749,537

1125,311-

34,858

Noncontrollinginterests

Total

Profit

5,292

28

5,320

Other comprehensive income

8,646

102

8,748

Comprehensive income

13,938130

14,068

(3)

-

(3)

3

-

3

(3,277)(1)(3,278)

7

-

7

-

-

-

(3,270)(1)(3,271)

173,238887

174,125

treasuryDividends
Share-based
paymenttransactions
Transfertoretainedearnings
Totaltransactions
withownersBalance as of September 30,
2022

1,132

0

163,327

of

1,405

7

757

treasury(274)-

162,570

of

-

7

Total

Balance as of January 1,
2022

25,080-(3,277)

Share-based
paymenttransactions
Transfertoretainedearnings
Totaltransactions
withownersBalance as of September 30,
2022

Total

(3)

Dividends

Purchaseshares
Disposal
shares1,782

Financialassetsmeasured
Effectiveatfair
portion ofvalue
cash flow
throughhedgesothercomprehens
ive income

5,292

Other comprehensive income

Purchaseshares
Disposal
sharesExchangedifferencesontranslatio
nofforeign
operations

－

14 －

(Millions of yen)
Other components of equity

Balance as of January 1,
2023

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,645(1,785)43,392

ProfitComprehensive incomeoftreasuryoftreasury

-

-

-

0

3,058

10

25,446

Remeasurem
entsofdefinedbenefit
plans

-

6,912

11

4,886

2,211

14,021

6,912

11

4,886

2,211

14,021
-

8

-

3,215
(62)

-

-

(1,003)(2,211)(3,215)53,887

40,639(1,782

46,388

11,62721

29,328-40,977

Noncontrollinginterests

Total

Profit

3,058

(4)

3,054

Other comprehensive income

14,021

52

14,073Comprehensive income

17,07949

17,128

(5)

-

(5)

8

-

8

(3,277)(15)(3,292)

(6)

-

(6)

-

-

-

(3,280)(15)(3,294)

180,109925

181,034

treasuryDividends
Share-based
paymenttransactions
Transfertoretainedearnings
Totaltransactions
withownersBalance as of September 30,
2023(3,215)

3

167,201of(2,211)(6)891

treasury(1,003)-

166,310

of

-

(6)

Total

Balance as of January 1,
2023

30,171-(3,277)

Share-based
paymenttransactions
Transfertoretainedearnings
Totaltransactions
withownersBalance as of September 30,
2023

Total

(5)

Dividends

Purchaseshares
Disposal
shares

4,714

Financialassetsmeasured
Effectiveatfair
portion ofvalue
cash flow
throughhedgesothercomprehens
ive income

3,058

Other comprehensive income

Purchaseshares
Disposal
sharesExchangedifferencesontranslatio
nofforeign
operations－ 15 －

(5) Consolidated Statement of Cash Flows(Millions of yen)
Nine months ended
September 30, 2022
Cash flows from operating activities
Profit before tax
Depreciation and amortization
Impairment losses (reversal of impairment losses)
Interest and dividend income
Interest expenses
Share of loss (profit) of investments accounted forusing equity method
Loss (gain) on sale and retirement of property, plantand equipment, and intangible assets
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Increase (decrease) in trade and other payables
Increase (decrease) in accrued alcohol tax
Increase or decrease in retirement benefit asset or
liability
Other
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of investment property
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from redemption of investment securities
Payments for acquisition of subsidiaries
Payments for loans receivableCollection of loans receivable
Other
Net cash provided by (used in) investing activities

－

16 －

Nine months ended
September 30, 2023

8,978
15,635
662
(675)
1,222

8,600
15,374
5,346
(677)
1,732

(54)

(51)

(989)

(599)

11,671(3,849)(757)(9,781)

7,343(1,881)658
1,693(5,542)

(880)

7,888
24,408701(1,261)(10,252)
13,596

3,243
39,899744(1,709)(760)
38,173(6,293)
2,796(11,575)(1,064)(4,183)
579－(22,558)
(47)
67
236
(42,041)(10,530)
3,005(7,468)(1,561)(9,217)
2,827
7,420
－
(39)
17
324
(15,221)

(Millions of yen)
Nine months ended
September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Repayments of lease liabilities
Other
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents－ 17 －

Nine months ended
September 30, 2023

10,202
10,00040,000(14,044)－(10,026)(3,275)(3,535)
1,388
30,711(8,724)(6,000)13,000(21,522)
20,000(10,000)(3,275)(3,390)(34)(19,944)

(167)

198

2,099
17,36819,4673,205
15,38018,585

(6) Notes on the Going-concern Assumption
Not applicable－18 －