Financial Results
for the three months ended March 31, 2019 — Consolidated(Based on IFRS)May 9, 2019

Company name

Sapporo Holdings Limited

Security code
Listed on
URL

2501
Tokyo Stock Exchange (First Section); Sapporo Securities Exchange
http://www.sapporoholdings.jp/english/

Representative
Contact

Masaki Oga, President and Representative Director
Yuru Kobayashi, Director of the Corporate Communications Department

Telephone
Scheduled dates:+81-3-5423-7407

Filing of quarterly financial report

May 14, 2019

Commencement of dividend payments-

Supplementary information to the quarterly earnings results

Available

Quarterly earnings results briefing heldYes(mainly targeted at institutional
investors and analysts)

1. Consolidated Financial Results for three months ended March 31, 2019
(January 1 – March 31, 2019)(Amounts in million yen rounded to the nearest million yen)

(1) Operating Results(Percentage figures represent year-over-year changes)
Revenue

Operating profit

Profit before tax%

million yen

million yen%

million yen

Three months ended
March 31, 2019108,806(2.3)(4,244)_(4,684)_(3,782)_Three months ended
March 31, 2018

111,342(2.8)(5,505)_(6,053)_(4,449)_Profit attribute to

Total comprehensive

owners of parent

incomemillion yen%%

ProfitBasic earnings
per share

million yen

Diluted earnings
per share

million yen%

Yen

Three months ended
March 31, 2019

(3,590)

_

5,167

_

(46.09)(46.09)Three months ended
March 31, 2018

(4,286)_(12,877)_(55.03)(55.01)1Yen%

(2) Financial Position
Total assets

Total equity

Equity attributableto owners ofparentmillion yen

million yen

million yen%

Three months ended
March 31, 2019625,530

166,303

163,484

26.1

December 31, 2018639,692

164,735

161,501

25.2

Ratio ofequity attributable toowners of parent tototal assets

2. Dividends
Dividend per share
Record date or

End Q1End Q2End Q3Year-end

Full year

yen

yen

yen

yen

yen

periodYear ended
December 31, 2018—Year ended
December 31, 2019—Year ending
December 31, 2019
(forecast)

0.00

—

42.00

42.00

0.00

—

42.00

42.00

Note: Changes were made to dividends forecasts in the three months ended March 31, 2019: None

3. Forecast of Consolidated Earnings for the Year Ending December 31, 2019
(January 1 – December 31, 2019)(Percentage figures represent year-over-year changes)
Revenuemillion yen

Operating profit%

million yen%

Profit before tax

million yen%

Profit attribute to

Basic earnings

owners of parent

per share

million yen%

548,800
5.2
12,60016.4
11,300
19.0
8,700
2.1
Year ending
December 31,
2019
Note: Changes were made to earnings forecasts in the three months ended March 31, 2019: None

Earnings forecasts for the six months ending June 30, 2019 are omitted because the company
manages performance targets on a yearly basis.

2

Yen
111.704. Other(1) Changes to scope of consolidation: Yes*Changes affecting the status of significant subsidiaries (scope of consolidation)
Newly consolidated: -Newly excluded: Sapporo International Inc.

(Note)
Sapporo International Inc. was dissolved in an absorption-type merger with Sapporo Breweries LTD. on January 1, 2019.

(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):
March 31, 2019: 78,794,298 shares
December 31, 2018: 78,794,298 shares
2) Number of shares held in treasury at end of period:
March 31, 2019: 908,507 shares
December 31, 2018: 907,931 shares
3) Average number of outstanding share during the period:
Three months ended March 31, 2019: 77,885,982 shares
Three months ended March 31, 2018: 77,891,842 shares*Quarterly review status
The quarterly financial results are not subject to quarterly reviews pursuant to 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 thoseexpressed or implied by forward-looking statements due to various factors.

3

1. Analysis of Operating Results and Financial Condition(1) Operating Results
In the first quarter of 2019 (January 1 – March 31, 2019), the Japanese economy lacked vigor due to the pause in
the ongoing recovery trend as well as weakness in overseas economies.
In this environment, the Sapporo Group recorded a year-on-year decline in first-quarter consolidated sales, asfavorable sales performances by the Alcoholic Beverages segment’s Sapporo Draft Beer Black Label, RTD offerings,
and the Sapporo brand in North America were offset by a year-on-year decline in shipments of happoshu and newgenre beers, as well as weak sales in Japan in the Food & Soft Drinks segment.
The Group’s operating loss contracted in the first quarter, due to expense controls in alcoholic beverages inJapan and Asia, the posting of gains on the sale of real estate, and other factors.
As a result, in the first quarter of 2019, consolidated revenues totaled ¥108.8 billion (down ¥2.5 billion, or 2%
year on year), the operating loss was ¥4.2 billion (compared with an operating loss of ¥5.5 billion in the first quarterof the previous fiscal year), and the net loss attributable to owners of the parent came to ¥3.6 billion (compared witha net loss of ¥4.3 billion a year earlier).
Results by segment are outlined below. From this year, in order to further strengthen management oversight ofeach business, the five reportable segments used up until now have been reorganized into three reportablesegments. To enable year-on-year comparisons, figures for the previous fiscal year have been adjusted to reflect
the new reportable segments.
Seasonal Factors
The Group’s operating results are affected by substantial seasonal variation in demand for the Alcoholic Beverages
and the Food & Soft Drinks businesses. Revenues consequently tend to be lower in the first quarter than in theother three quarters.
Alcoholic Beverages(Japan & Asia)
We estimate that total domestic demand for beer and beer-type beverages in the first quarter of 2019 was slightly
lower than the level seen in the first quarter of 2018.
In this environment, Sapporo Breweries continued its efforts to realize our corporate vision—“Seek to be No.1 byaccumulating one-of-a-kind products”—as it strived to achieve further growth by constantly providing customers witha unique value proposal.
Among beer products, based on the of the “beer revival declaration” business policy, Sapporo Draft Beer Black
Label canned products continued to enjoy strong sales, while for the Yebisu brand, the new Yebisu Premium Ale waswell received, and shipments of canned beer products increased. However, due to the impact of last April’s pricerevisions for products in returnable containers in the commercial market, as well as the increasingly intensecompetition in the new-genre market and other factors, overall shipments of our beer and beer-type beverages were
9% lower than in the first quarter of 2018.
In the RTD*1 category, revenue increased significantly over the previous year’s level, as Sapporo Chuhai 99.99(Four Nines) has continued to be well received since its launch in August 2018, and has become a core RTD productalong the likes of Otoko Ume Sour, Ai no Skal White Sour, and Kireto Lemon Sour.
In the wine category, we continued to strengthen marketing of our fine wines*2, including the imported wine Penfolds,
Tattinger champagne, and our domestic Grande Polaire wines. However, weak sales of our everyday wines*2 led toa year-on-year decline in revenue for the wine category as a whole.
Our spirits business achieved year-on-year growth in revenue, led by strong sales of products from major overseas
brands, such as Bacardi and Dewar’s.
Our Japanese liquor business posted a year-on-year decline in revenue, despite the strong performance by Imo
Shochu Kokuimo, Japan’s best-selling*3 blended imo shochu.
In Asia, in the Vietnam market we continued our efforts to establish sales channels that will enable us to sustain
profit growth.
4

(North America)
We estimate that total demand in the North American beer market in the first quarter of 2019 was below the previousyear levels in both the U.S. and Canada, partially due to the impact of the record cold snap. In this environment, ourNorth American business worked to strengthen the mainstay brands, primarily the premium beer brands, andenhance the portfolio for each brand.
In Canada, our subsidiary SLEEMAN BREWERIES continued to invest in the marketing of its core premium
brands, but the dip in total demand due to the inclement weather resulted in overall beer sales volume (excluding
Sapporo brand beer) falling slightly on a year-over-year basis.
In the U.S. beer market, Sapporo USA’s shipments of Sapporo brand beers increased significantly year on year
due to the company’s sales promotion activities for Sapporo brands targeting the general population as well as Asian
Americans. Meanwhile, Anchor Brewing Company worked to bolster sales synergies with Sapporo USA amid thechallenging business environment created by the continued decline in demand for craft beer in its home market in
the San Francisco area.
(Restaurants)
Japan’s restaurant industry continued to see year-on-year growth in revenue as a whole in the first quarter of 2019,supported by relatively calm weather conditions. However, the operating environment remained challenging,highlighted by rising labor costs due to the shortage of labor and increasing food material procurement prices.
In this environment, based on the philosophy of “Enhancing the Joy of Living,” Sapporo Lion worked to deliver safe
and sound food and service to customers while also striving to create restaurants that “deliver 100% satisfaction tocustomers.”
In Japan, existing stores performed well, posting a year-on-year increase in revenue for the third consecutive
month. We opened the third Sobaemon format restaurant in March in Kawasaki, and it has won rave reviews fromlocal customers and is performing well. In terms of renovating restaurants, we changed the format of the Shinjuku
outlet in January and reopened it as Kakoiya. Meanwhile, we closed eight restaurants during the first quarter due tothe expiration of contracts, unprofitability, and other factors. As a result, our domestic restaurant business had 188
outlets open for business at the end of March. Going forward, we will continue to aggressively expand our restaurant
chains, opening new stores, remodeling existing stores, and changing formats when and where desirable.
In Singapore, we continue to promote the spread of beer hall culture.
As a result, revenues in the Alcoholic Beverages segment in the first quarter of 2019 were ¥65.0 billion, down ¥2.7
billion, or 4% year on year, while the segment posted an operating loss of ¥3.1 billion, compared with a loss of ¥3.9
billion a year earlier.
*1) RTD, or ready-to-drink beverages, are already-mixed, low-alcohol content cocktail-like beverages that can be

consumed as is immediately after opening.
*2) Fine wines are wines priced in the mid-to-high price range of ¥1,500 or more per bottle, while everyday wines arethose priced at less than ¥1,500 per bottle.
*3) Based on Intage SRI market research on combined blended imo shochu sales in the supermarket, convenience

store, and direct sales channels from July 2017 to February 2019.
Food & Soft Drinks（Japan & Asia）
We estimate that overall demand for soft drinks in Japan declined by 1% year on year in the first quarter of 2019.
In this market environment, POKKA SAPPORO leveraged the strengths of each brand lineup and continued toprovide customers with value unique to the Sapporo Group.
In the domestic soft drinks business, we worked to develop unique products, including unifying the strongperforming series of sugar-free teas made from domestic tea leaves into the new concept of “TOCHI & CRAFT,” andlaunching the new product Date Oishii Mugicha. However, overall shipments of soft drinks fell year on year, reflecting
a decline in sales of our coffee drinks in a weak market for canned coffees.
In the domestic food business, sales of unique products, including the Karao soup series which use Sichuan pepper,
increased, but sales overall were lackluster due to the impact of the mild winter. During spring and summer seasons,an advertisement image character was used for Risorante as well as the core brand Jikkuri Kotokoto soups, and we
5otherwise proactively engaged in activities to increase product recognition. Shipments of lemon-based food products
increased 19% year on year, with growth driven by product development using our lemon value, which is our strength,
centered on our core Pokka Lemon 100, as well as the Lemon kajū o hakkō sasete tsukutta lemon no su series, alemon vinegar made from fermented lemon juice, and Lemon no Okage Ureshio, which received Karushioh (low saltcontent) certification as a product that is delicious with reduced salt content. In the soy beans and chilled products
category, in March we completed construction of a soymilk yogurt manufacturing facility to further expand thebusiness.
In the domestic restaurants business, Pokka Create, the POKKA SAPPORO subsidiary that operates the Café deCrié coffee shop chain, sustained its efforts to boost sales by updating its menu with seasonal and trendy dishes, but
sales fell slightly year on year.
In our overseas soft drinks business, although the export business from Singapore was a little weak, sales
remained strong in Singapore where we maintained our top share* in the country’s tea drinks market, including a 70%
share of the green tea market.
（North America）
In the U.S. soft drinks market, the business environment remained challenging due to the decline in demand forjuices in conjunction with rising health-consciousness among consumers. Amid this environment, a management
integration of Country Pure Foods and Silver Springs Citrus was carried out in the previous fiscal year, and efforts
were made to improve profitability. As a result, total revenue of the two companies increased year on year.
Overall, the Food & Soft Drinks segment’s revenues came to ¥36.3 billion (the same as one year earlier), while thesegment posted an operating loss of ¥2.4 billion (compared with a loss of ¥1.2 billion in the same period of theprevious fiscal year).
*Based on data from Nielsen Singapore MarketTrack October 2018 (Copyright 2018, The Nielsen Company)
Real Estate
Japan’s real estate industry remains concerned about a sharp increase in supply of new office space negatively
affecting conditions in the Greater Tokyo office leasing market, but for now vacancy rates remain low as strong
corporate earnings support demand for office space. As a result, rents remain on a moderate upward trend.
In this environment, our real estate leasing business is maintaining high occupancy rates at its properties in the
Greater Tokyo Area, including Yebisu Garden Place Tower, the business’s core source of earnings. In addition, thehigh occupancy rates provide a solid platform for more assertive efforts to increase rents of existing tenants.
Meanwhile, we continue to enhance the asset value of our Yebisu Garden Place commercial complex―alandmark in the stylish and sophisticated Ebisu district of Tokyo―through constant efforts to provide tenants andvisitors with enjoyable experiences in comfortable and pleasant surroundings that raise convenience levels andstrengthen the property’s brand appeal.
At the GINZA PLACE commercial complex, we continue to enhance the facility’s information dissemination
capability in line with its original concept as a “base for information dissemination and exchange.” In addition toenhancing the property’s brand value, this effort is increasing the property’s drawing power and making the Ginza
district an even more dynamic and bustling urban center.
The real estate development business is proceeding with the renovation of the Sapporo Factory commercial
complex as part of the Sapporo City’s urban redevelopment program focused on the area on the east side of the
Sosei River.
To further enhance the value of our real estate business as a whole, we will continue to carry out a strategic
restructuring of our property portfolio and pursue urban redevelopment based on a long-term perspective.
As a result of the efforts outlined above, our Real Estate business revenues in the first quarter of 2019 totaled¥6.1 billion, up ¥0.1 billion, or 1% year on year, while operating profit was ¥3.0 billion, up ¥1.9 billion, or 174% year
on year.

6

(2) Consolidated Financial Condition
Consolidated assets as of March 31, 2019, totaled ¥625.5 billion, ¥14.2 billion less than at the end of theprevious fiscal year (December 31, 2018). The decline was mainly due to the decrease in trade and otherreceivables, which more than offset an increase in other financial assets (non-current).
Consolidated total liabilities totaled ¥459.2 billion, which was ¥15.7 billion less than on December 31,
2018, primarily owing to the decrease in other current liabilities, which helped to offset the increase inbonds and borrowings (current).
Consolidated total equity totaled ¥166.3billion, up ¥1.6 billion from December 31, 2018. This increase wasdue to the rise in other components of equity, despite the posting of a net loss attributable to owners ofparent, the payment of year-end dividends, and other factors.
(3) Consolidated Earnings Forecast
The consolidated earnings forecast for the full fiscal year ending December 31, 2019, is unchanged from theforecast announced by Sapporo Holdings on February 13, 2019.

7

3. Consolidated Financial Statements(1) Consolidated Statement of Financial Position(millions of yen)
December 31, 2018

March 31, 2019

AmountAmountAssetsI Current assets
1 Cash and cash equivalents
2 Trade and other receivables
3 Inventories
4 Other financial assets
5 Other current assets
Total current assets

9,989
93,34037,1094,790
8,316
153,544

12,277
72,16542,4983,877
10,555
141,372

II Non-current assets
1 Property, plant and equipment
2 Investment property
3 Goodwill
4 Intangible assets
5 Investments accounted for using equity method
6 Other financial assets
7 Other non-current assets
8 Deferred tax assets
Total non-current assets
Total assets

152,676
215,522
21,22912,056410
70,2058,526
5,523
486,148
639,692

153,486
209,451
21,246
11,919413
77,115
7,648
2,881
484,158
625,530

December 31, 2018

March 31, 2019

AmountAmountLiabilities and equity
Liabilities
I Current liabilities
1 Trade and other payables
2 Bonds and borrowings
3 Lease liabilities
4 Income tax payable
5 Other financial liabilities
6 Other current liabilities
Total current liabilities

35,29273,863
6,743
1,527
33,90563,260214,591

34,536
83,7776,165
591
36,25051,763
213,082

II Non-current liabilities
1 Bonds and borrowings
2 Lease liabilities
3 Other financial liabilities
4 Net defined benefit liabilities
5 Other non-current liabilities
6 Deferred tax liabilities
Total non-current liabilities
Total liabilities

154,483
24,49545,733
11,715
2,991
20,950260,367
474,957

146,013
24,15345,958
6,175
2,936
20,910246,145459,227

Equity1 Share capital
2 Capital surplus
3 Treasury shares
4 Retained earnings
5 Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

53,88740,998(1,822)
46,06522,373
161,501
3,234
164,735
639,692

53,88740,998(1,823)43,29327,129163,484
2,819
166,303625,5308

(2) Consolidated Statement of Profit or Loss and Comprehensive Income
Consolidated Statement of Profit or Loss(millions of yen)Three months ended
Three months ended
March 31, 2018
March 31, 2019
AmountAmount111,342
108,806
80,496
79,32630,84629,480

Revenue
Cost of sales
Gross profit

Selling, general and administrative expenses
Other operating income

35,882
307

35,348
2,731

Other operating expenses
Operating profit (loss)

777(5,505)

1,105(4,244)

Financial income
Financial costs
Share of profit of investments accounted for using equity method
Profit (loss) before tax

201
752
3
(6,053)194637
3(4,684)

Income tax expense
Profit (loss)(1,604)(4,449)(902)(3,782)

Owners of parent
Non-controlling interests
Total(4,286)(162)(4,449)(3,590)(193)(3,782)

Basic earnings per share (JPY)
Diluted earnings per share(JPY)(55.03)(55.01)(46.09)(46.09)Profit (loss) attributable toConsolidated Statement of Comprehensive Income
Three months ended
Three months ended
March 31, 2018
March 31, 2019
AmountAmount(4,449)(3,782)

Profit (loss)
Other comprehensive income
Items that will not be reclassified to profit
Financial assets measured at fair value through other comprehensive income
Remeasurements of defined benefit plans
Total of items that will not be reclassified to profit
Items that might be reclassified to profit
Exchange differences on translation of foreign operations
Effective portion of gains and losses on fair value of cash flow hedges
Total of items that might be reclassified to profit
Other comprehensive income, net of taxes
Comprehensive income(4,263)(1,083)(5,346)

4,216
4,087
8,304

(3,171)88(3,083)(8,429)(12,877)

641
5
645
8,949
5,167

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income(12,472)(405)(12,877)

5,262
(95)
5,167

9

(3) Consolidated Statements of Changes in Equity(millions of yen)

Other components of equity

Share capital

Balance as of January 1, 2018
ProfitOther comprehensive income,net of taxes
Total comprehensive income

Capital surplus

53,887Retainedearnings

Treasury shares

40,825(1,807)

Effective portion ofgains and losses
on fair value ofcash flow hedges

Exchange differenceson translation offoreign operations
44,491

1,137

(191)

(4,286)---

Purchase of treasury shares-(2,916)76(4,286)(2,916)76(3)

Disposal of treasury shares
Dividends(3,122)

Transfer from other components ofequity to retained earnings(1,071)

Total transactions with owners

-

-

(3)

(4,193)--

Balance as of March 31, 2018

53,88740,825(1,809)36,012(1,778)(115)

Other components of equity
Financial assets measured at
Remeasurements of defined
fair value through otherbenefit planscomprehensive income

Balance as of January 1, 2018
ProfitOther comprehensive income,net of taxes
Total comprehensive income

Total equity attributable toowners of parent

Total other components ofequityNon-controllinginterests

172,055

Total equity

33,712-

34,6593,655

175,710-(4,286)(162)(4,449)(4,263)(1,083)(8,185)(8,185)(243)(8,429)(4,263)(1,083)(8,185)(12,472)(405)(12,877)

Purchase of treasury shares

-

(3)

-

(3)

Disposal of treasury shares

-

-

-

-

Dividends-(3,122)-(3,122)

Transfer from other components ofequity to retained earnings

(12)

1,083

1,071

-

-

-

Total transactions with owners

(12)

1,083

1,071

(3,125)-(3,125)

Balance as of March 31, 2018

29,437-27,545

156,458

3,250

159,70910

(millions of yen)
Other components of equity

Share capital

Balance as of January 1, 2019
ProfitOther comprehensive income,net of taxes
Total comprehensive income
Purchase of treasury shares

Capital surplus

Retainedearnings

Treasury shares

Effective portion ofgains and losses
on fair value ofcash flow hedges

Exchange differenceson translation offoreign operations

53,88740,998(1,822)

46,065(1,485)

(188)

-

-

-

-

545

3

-

-

(2)

(3,590)

545

3

0

0

(3,590)

Disposal of treasury shares
Dividends(3,277)

Disposal of subsidiaries
Transfer from other components ofequity to retained earnings

4,095

-

-

Total transactions with owners

-

0

(1)

818

-

-

Balance as of March 31, 2019

53,88740,998(1,823)43,293

(940)

(185)

Other components of equity
Financial assets measured at
Remeasurements of defined
fair value through otherbenefit planscomprehensive income
Balance as of January 1, 2019
ProfitOther comprehensive income,net of taxes
Total comprehensive income
Purchase of treasury shares

24,046

Total equity attributable toowners of parent

Total other components ofequity-Non-controllinginterests

Total equity

22,373

161,501

3,234

164,735-(3,590)(193)(3,782)

4,216

4,087

8,851

8,851

98

8,949

4,216

4,087

8,851
-

5,262
(2)

(95)
-

5,167
(2)

Disposal of treasury shares

-

0

-

0

Dividends-(3,277)-(3,277)

(320)

(320)

-

-

Disposal of subsidiaries
Transfer from other components ofequity to retained earnings(8)(4,087)(4,095)

Total transactions with owners(8)(4,087)(4,095)(3,279)(320)(3,599)Balance as of March 31, 201928,254-

27,129163,484

2,819

166,30311-

(4)Notes on the Going-concern
Assumption Not applicable(5)Segment Information
1. Overview of reportable segments
The Company’s reportable segments are components of the Sapporo Group about which separate
financial information is available. These segments are subject to periodic examinations to enable theCompany’s board of directors to decide how to allocate resources and assess performance.
Under the Company, which is a pure holding company, Group companies carry out business activities andformulate strategies for the products and services they offer and for the sales markets they cover.
The Group’s businesses are segmented mainly based on the products, services and sales markets ofGroup companies and their affiliate companies. The Company’s three reportable segments are Alcoholic
Beverages, Food & Soft Drinks, and Real Estate.
The Alcoholic Beverages segment produces and sells alcoholic beverages and operates restaurants ofvarious styles.
The Food & Soft Drinks segment produces and sells foods and soft drinks.
The Real Estate segment’s activities include leasing and development of real estate.
Changes to Reportable Segments
Based on the revised management structure launched in January 2017 and in line with The First MediumTerm Management Plan of the Long-Term Management Vision SPEED150 announced in November 2016,
the Company has determined to strategically reallocate managerial resources to promote continuous
group growth, and to implement structural reforms and promote segment management in an effort tostrengthen platform functions.
In the Company’s efforts to maintain steady growth by growing and strengthening its brands, the fiveprevious business segments have recently been reorganized into three new segments to better developinternational operations as a core business by enhancing Company management. From the first quarter of
2019, the five previous business segments of Japanese Alcoholic Beverages, International, Food & Soft
Drinks, Restaurants, and Real Estate have been reorganized into the three new segments of Alcoholic
Beverages, Food & Soft Drinks, and Real Estate.
In conjunction with these changes, the former International segment was split and incorporated into the
Alcoholic Beverages and Food & Soft Drinks segments, respectively. In addition, the former Restaurants
segment has been incorporated into the Alcoholic Beverages segment, and the food business which waspart of the former Other segment has been incorporated into the Food & Soft Drinks segment.
Segment information for the first quarter of 2019 has been prepared based on the new reportablesegments following the changes.

122. Revenue, profit (or loss)(millions of yen)Three months ended March 31, 2018 (January 1, 2018 – March 31, 2018)
Alcoholic
Beverages

Food &
Soft Drinks

Real Estate

Other *1

Total

Consolidated
total

Adjustment

Revenue
To outside customers

67,67336,319

6,021

1,329

111,342-Inter-segment revenue

102

27

663

4,522

5,315

(5,315)-67,77636,346

6,683

5,852

116,657(5,315)111,342(3,863)(1,194)

1,101

(81)

(4,037)(1,468)(5,505)

Total
Operating profit (loss)

111,342(millions of yen)Three months ended March 31, 2019 (January 1, 2019 – March 31, 2019)
Alcoholic
Beverages

Food &
Soft Drinks

Real Estate

Other *1

Total

Consolidated
total

Adjustment

Revenue
To outside customers

65,021

36,346

6,086

1,354

108,806-

Inter-segment revenue

104

28

664

4,527

5,323

(5,323)-65,12436,374

6,750

5,880

114,129(5,323)

108,806(3,139)(2,408)

3,011

(133)

(2,670)(1,574)(4,244)

Total
Operating profit (loss)(1) "Other" comprises businesses, such as logistics businesses, that are not included in reportable segments.

13

108,806

Subsequent Events(Borrowings)
On April 2, 2019, the Company borrowed long-term operating funds through a syndicated loan with thefollowing terms.
(1) Contract Date

March 29, 2019(2) Disbursement Date

April 2, 2019(3) Arranger

Mizuho Bank, Ltd.

(4) AgentMizuho Bank, Ltd.

(5) Repayment Method

Lump-sum repayment at maturity(6) Amount Borrowed

5 billion yen

5 billion yen(7) Repayment Date

March 31, 2026

March 30, 2029

(8) Applied Interest Rate

0.275％

0.35％(9) Collateral

None

None

14