Financial Results
for the six months ended June 30, 2022 — Consolidated(Based on IFRS)
August 10, 2022
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
Satoshi Funakoshi, Director of the Corporate Planning Department
Telephone+81-3-5423-7407
Scheduled dates:
Filing of quarterly financial reportAugust 12, 2022
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 six months ended June 30, 2022
(January 1 – June 30, 2022)(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%

Six months ended
June 30, 2022

million yen%

million yen

213,7887.1(2,155)

_

(241)

_

(375)

_

Six months ended
June 30, 2021

199,706(0.1)(3,461)_(19,102)_(12,279)_

Profit attributable toowners of parent

Total comprehensive
incomemillion yen

million yen

%

%

%

million yen%

Basic earnings
per share

Diluted earnings
per share

Yen

Yen

Six months ended
June 30, 2022

(386)

_

6,339

(59.4)(4.96)(4.96)

Six months ended
June 30, 2021

12,341_

15,600_(158.42)153.49Note: Profit before tax
Six months ended June 30, 2022
758 million yen
Six months ended June 30, 2021
19,052 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.

－ 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%

Six months ended
June 30, 2022

591,493

166,397

165,533

28.0

Year ended
December 31, 2021

594,551

163,327

162,570

27.3

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, 2021—

0.00

Year ending December
31, 2022—

0.00

Year ending December
31, 2022 (forecast)
Note: Changes to the latest dividend forecast announced: None

—

42.00

42.00

—

42.00

42.00

3. Forecast of Consolidated Earnings for the Year Ending December 31, 2022
(January 1 – December 31, 2022)(Percentage figures represent year-over-year changes)
Core

Revenue

operating profit

Operating profit

Profit attributable toProfitowners of parent

million yen%

million yen%

million yen%

million yen%

million yen%

478,700

9.5

10,000

22.8

7,300

(66.9)

5,000(59.3)

5,000(59.5)

Basic
earnings per
share
yen

Year
endingDecemberNote: Changes to the latest consolidated results forecast announced: None

－

2 －

64.19

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):June 30, 2022: 78,794,298 shares
December 31, 2021: 78,794,298 shares
2) Number of shares held in treasury at end of period:
June 30, 2022: 896,098 shares
December 31, 2021: 896,510 shares

3) Average number of outstanding shares during the period:
Six months ended June 30, 2022: 77,897,619 shares
Six months ended June 30, 2021: 77,897,957 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.
Seasonal factors
The Group’s operating results are affected by substantial seasonal variation in demand in the Alcoholic
Beverages and Food & Soft Drinks businesses. Revenues consequently tend to be lower in the first quarter
than in the other three quarters.

－ 3 －1. Analysis of Operating Results and Financial Condition(1) Operating Results
In the first six months of 2022 (January 1 to June 30, 2022), the Group had been affected by
the spread of the COVID-19 virus in Japan and overseas since the beginning of the year. However,with the rescinding of quasi-emergency measures in March, the relaxation of restrictions on
business hours and customer numbers enabled year-on-year increases in Group on-trade beersales and the sales of beer halls and other dining-out establishments. On the other hand, theoutlook remains uncertain, with concerns over rising prices due to factors such as the situation in
Ukraine, the rapid depreciation of the yen, and surging prices of raw materials will lead toconsumers becoming more cautious with their spending.
Despite this, core operating profit improved from the same period of the previous year.
Operating profit and quarterly profit attributable to owners of parent decreased compared to thesame period last year due to the sale of investment properties in the same period last year.
1) Summary in key figures (Q2)
Millions of yen, except percentages
RevenueCore operating profit

Profit attributable toowners of parent

Operating profit

Six months ended June 30, 2022

213,788(2,155)

(241)

(386)

Six months ended June 30, 2021

199,706(3,461)

19,102

12,341

7.1

－

－

－

Change (%)*Core operating profit is the Sapporo Group’s unique profit benchmark for measuring the performance of its regular businessand is calculated by deducting cost of sales, and selling, general and administrative expenses, from revenue.

Results by segment are outlined below.
2) Results by reportable segment (Q2)
Millions of yen, except percentages
RevenueSixmonthsended
June. 30,2021

Six
monthsended
June. 30,
2022

Alcoholic
Beverages

130,548

Food & Soft
DrinksCore operating profit

Change(%)

Sixmonthsended
June. 30,2021

Six
monthsended
June. 30,2022

146,149

12.0(2,940)57,95757,504(0.8)

Real Estate

11,116

10,069Others &Adjustment

85
199,706

Revenue

Total

Operating profit

Change(%)

Sixmonthsended
June. 30,2021

Six
monthsended
June. 30,
2022

Change
(%)

(487)

－

(2,777)

1,190－(1,122)

(779)

－

(964)

(292)

－

(9.4)

3,791

2,572

(32.2)

26,0272,253(91.3)

67(21.6)(3,191)(3,462)－(3,184)(3,392)－

213,788

7.1(3,461)(2,155)－

19,102(241)－

Seasonal factors
The Group’s operating results are affected by substantial seasonal variation in demand in the
Alcoholic Beverages and Food & Soft Drinks businesses. As such, revenues consequently tend tobe lower in the first fiscal quarter, which is included in the second quarter cumulatively period, thanin other quarters.

－

4 －Alcoholic Beverages
Japan
COVID-19 made for ongoing uncertainty in on-trade market demand. However, with therescinding of quasi-emergency measures, the relaxation of restrictions on business hours,
customer numbers, etc. in March enabled a gradual comeback in that market’s sales. The resulting
demand for domestic beer and beer-type beverages is estimated to be around 103% of that of theprevious year.
Given this situation, the Sapporo Group is continuously showing the appeal of beer andchallenge new markets, and push ahead to create enthusiastic fans. Ahead of its forty-fifth
anniversary, a renewed version of Sapporo Draft Beer Black Label was released, with a view to yet
further advancement in the taste of draft. This, combined with a recovery in on-tradebeer sales, led
to a favorable trend, with sales at 112% those of the previous year. Further, based on the Yebisu
brand concept “Color Your Time! More variegated fun with YEBISU Beer,” limited edition sales
began of Yebisu Premium White, with a taste and appeal suitable for spring/summer. In the new
genre, Sapporo Mugi to Hop faced a difficult struggle, coming in at 81% of its year-ago level, while
Sapporo Gold Star trended well, with a 105% comparison.
As a result of the above, total sales of beer and beer-type beverages stood at 103% of theprevious year’s level thanks to an increase in sales volume of on-trade products while the growthin sales of household use products due to increased demand for home-drinking slowed.
In low alcohol beer taste, Sapporo The Drafty was launched in September last year, and in the
expanding non-alcohol market Sapporo LEMON’S FREE, a functional food promising relief fromfatigue, came to market in March, challenging further new market development.
In the RTD*1 category, sales of Sapporo Koime no Lemon Sour were strong, driving revenue
higher year-on-year. In May, we launched two products under the Sapporo Mitsuboshi Grapefruit
Sour brand, a brand specializing in grapefruit sours that thoroughly pursues the great inherent
taste of grapefruit. These two products have been well received.
In the domestic wine category, Grande Polaire showed healthy growth. In the imported wine
category, Parra Jiménez rode the wave of expanding demand for organic products and saw steady
growth. Further, three Marius by Michel Chapoutier items from the world-renowned Frenchwinemaker M. Chapoutier were brought to market in February, rounding out our lineup of simply
pleasurable products.
In the imported spirits category, sales of Dewar’s Scotch whisky were strong thanks in part tothe expansion in the off-trade market.
Our Japanese liquor business also posted a year-on-year increase in sales volume withsustained solid sales of Kokuimo brand, Japan’s best-selling*2 blended imo shochu, as well as
Koime no Lemon Sour no Moto.
Overseas
Covid virus countermeasures promoted economic resumption and commercial market demand
was in recovery mode over the previous year, but in overall North American beer demand both the
U.S. and Canada posted year-on-year declines.
Despite the decrease in sales volume for overseas brand beers from the previous year due tostrategic product changes by Sleeman Breweries, sales volume increased over the same period in
the RTD category which we are focusing on. Sales of Sapporo brand beer remained strong thanks
to the recovery of the on-trade market with the removal of operating restrictions placed onrestaurants in the United States, in addition to the success of strengthening efforts in the off-trade
market.
Restaurants
The entire restaurant industry, including pub restaurants and izakaya, has been suffering
impacts from the COVID-19 pandemic. However, the Group’s dining-out/restaurant business has
started to recover, albeit gradually, with the rescinding of quasi-emergency measures in March andthe lifting of various restrictions.
Here restaurant menus and takeout/delivery products were reinforced and measures weretaken to shift to low-cost operation configurations, with the result that sales increased year-on-year.
－ 5 －As a result of the above factors, revenue in the Alcoholic Beverages segment in the second
quarter of 2022 came to ¥146.1 billion (up ¥15.6 billion, or 12% year on year), while the segment
posted a core operating loss of ¥0.5 billion (compared with a loss of ¥2.9 billion in the second
quarter of 2021) and an operating profit of ¥1.2 billion (compared with a loss of ¥2.8 billion a year
earlier).
*1: RTD, or ready-to-drink beverages, are pre-mixed, low-alcohol cocktail-like beverages thatcan be consumed as is immediately after opening.
*2: Based on lntage SRI market research on combined blended imo shochu sales in the
supermarket, convenience store, and direct sales channels from July 2020 through March 2022.
Food & Soft Drinks
Although the Covid virus continued to have an impact, on-trade market and vending machine
demand recovered on relaxation of restrictions, with total domestic beverage demand estimated to
be around 103% of the year-ago figure.
In domestic beverages, while lemon beverages trended well, backed by heightened healthconsciousness, the decreased selling volume due to the reduction of unprofitable vending machine
resulted in overall beverage selling volume being slight down year-on-year.
In processed foods, the mainstay “Jikkuri Kotokoto” series saw strong sales in the box type, as
growth in the canned “Yasai no Jikkuri Kotokoto,” reflecting sales volume at 108% year-over-year.
Among lemon-based products, overall lemon food selling volume was lower year-on-year due
to a backlash from previous demand driven by people staying at home because of the COVID-19
pandemic. We will focus on awareness-raising and nutrition education activities to better
communicate the health value of lemons to customers.
Mounting consciousness about health and the planetary environment delivered strong results ofsoy milk and almond milk, but product mix reform sent the plant milk category’s selling volume
lower year-on-year.
In April, we transferred all shares of Pokka Create Co., which operates the Cafe de Crie coffee
shop chain, to focus management resources on growth areas, particularly the growing lemon
business, for the “expansion of the food domain.”
As a result of the above factors, revenue in the Food & Soft Drinks segment in the second
quarter of 2022 came to ¥57.5 billion (down ¥0.5 billion, or 1% year on year), while the segment
posted a core operating loss of ¥0.8 billion (compared with a loss of ¥1.1 billion in the second
quarter of 2021) and an operating loss of ¥0.3 billion (compared with a loss of ¥1.0 billion a year
earlier).
Real Estate
The office leasing market in the Greater Tokyo area has seen occupancy rates and averagerents trending downwards since the beginning of the year.
In this market climate, the Real Estate business posted a year-on-year decline in revenue, core
operating profit, and operating profit due to the sale of Ebisu First Square in June 2021 and otherfactors. In the large composite complex that is Yebisu Garden Place, this autumn will see progressin renovation of Center Plaza, but it was preceded by the opening in April of the Foodies’ Garden,
a second basement floor for food and daily living sundries. The business performance has beenfavorable.
As a result of the above, revenue in the Real Estate segment in the current fiscal year totaled¥10.1 billion (down ¥1.0 billion, or 9% year on year), while the segment posted a core operating
profit of ¥2.6 billion (down ¥1.2 billion, or 32% year on year) and an operating profit of ¥2.3 billion(down ¥23.8 billion, or 91% year on year).

－

6 －(2) Consolidated Financial Condition
As of the end of this Q2 consolidated accounting period, the following were the change factors
in the condition of assets, liabilities and equity.
(Millions of yen)
Category
Current assets
Non-current assets
Total assets
Current Liabilities
Non-current liabilities
Total liabilities
Total equity
Total liabilities andequityAs of December 31, 2021

As of June 30, 2022

Change167,806

155,414(12,392)

426,745436,080

9,335

594,551

591,493(3,058)210,535

196,030(14,506)

220,688

229,0678,379

431,224

425,097(6,127)

163,327

166,397

3,069

594,551

591,493(3,058)In end-Q2, assets declined by ¥3.1 billion to ¥591.5 billion relative to the previous fiscal yearend despite an increase in assets related to retirement benefits, inventories, etc. due mainly to adecrease in trade and other receivables and assets held for sale, etc.
On the same comparative basis, consolidated liabilities declined by ¥6.1 billion to ¥425.1
despite factors such as an increase in current bonds and borrowings and trade and other payables
due mainly to a decrease in other current liabilities and liabilities directly associated with assets
held for sale.
On the same comparative basis, consolidated total equity increased by ¥3.1 billion to ¥166.4
billion despite a posting of quarterly losses attributable to owners of parent and the payment ofyear-end dividends due to an increase in other components of equity.

－ 7 －(3) Consolidated Cash FlowsAt end-Q2, cash and cash equivalents (hereinafter “cash”) increased by ¥9.0 billion (5%) to ¥18.2
billion, relative to the previous consolidated fiscal year-end.
The components of Q2’s cash flow categories were as follows.
(Millions of yen)
Category

As of June 30, 2021 As of June 30, 2022

Cash flows from operating activities
Cash flows from investing activities
Free cash flow
Cash flows from financing activities
Effect of exchange rate change 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 at end of period

Change12,834

5,499(7,334)

22,637(10,501)(33,137)

35,470(5,001)(40,471)(43,850)

3,462

47,312

1,282

2,393

1,111

(7,098)

854

7,952

19,734

17,368(2,366)

12,636

18,222

5,586(Cash flows from operating activities)
Operating activities provided net cash amounting to ¥5.5 billion (lower by ¥7.3 billion or 57% fromthe previous fiscal year). This was mainly due to the positive factors of a ¥16.5 billion decrease in tradeand other receivables and ¥10.4 billion in depreciation and amortization, which offset negative factorsof a ¥11.1 billion decrease in accrued alcohol tax, a ¥7.5 billion payment of Income tax expense, anda ¥5.3 billion increase or decrease in retirement benefit asset or liability.
(Cash flows from investing activities)
Cash used in investing activities was ¥10.5 billion (compared to ¥22.6 provided in the previous fiscal
year). Although there was proceeds from sale of property, plant and equipment of ¥2.7 billion, thedecline was due to purchase of investment property of ¥6.6 billion and purchase of property, plant andequipment of ¥4.5 billion.
(Cash flows from financing activities)
Cash provided by financial activities was ¥3.5 billion (compared to ¥43.8 used in the previous fiscal
year). The main outflows were ¥11 billion for repayment of long-term borrowings and ¥10 billion forredemption of bonds, which outweighed a ¥18 billion increase of commercial papers and ¥6.5 billion
in proceeds from long-term borrowings.

－

8 －(4) Consolidated Earnings Forecast[Consolidated Earnings Forecast]
The consolidated earnings forecast for the full fiscal year to December 31, 2022, is unchanged
from the forecast announced by the Company on February 10, 2022.
[Medium-Term Management Plan]
In our Group Management Plan 2024 (2020-2024), the Group has set forth four basic policies;“Concentration and strengthening of core business,” “Acceleration of global expansion,”“Establishment of a simple and compact corporate structure,” and “Promotion of sustainability
management.” As we promote business selection and concentration and advance our growthstrategy, we are working to sort out the issues of businesses including the domestic beveragebusiness and our cafe business. We have made a series of efforts aimed at the next stage of growth,
including the decision to acquire a U.S. craft brewery as a subsidiary announced in June.
However, changes to the business environment, including the spread of COVID-19, areintensifying. Although we have seen some results in the execution of our strategy, the speed andthoroughness of our efforts have not been sufficient. As such, we cannot be optimistic about theoutlook for the future.
Therefore, in order to adapt to this highly uncertain environment and to solidify our growthstrategy, which includes global expansion, while further emphasizing capital efficiency, we are now
developing a new four-year management plan for the period from 2023 to 2026. More details will beannounced later this year.

－ 9 －2. Consolidated Financial Statements(1) Consolidated Statement of Financial Position(Millions of yen)
December 31, 2021
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
methodOther financial assets
Retirement benefit asset
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets

－

10 －

June 30, 2022

17,36891,53039,178
3,985
5,627
157,687
10,119167,806

18,22277,35344,573
7,192
8,073
155,414－
155,414120,624
203,224
19,176
7,893

122,198
204,322
19,787
8,005

1,345

1,334

65,650
－
4,682
4,151
426,745594,551

66,213
6,293
4,123
3,805
436,080
591,493(Millions of yen)
December 31, 2021
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
Subtotal
Liabilities directly associated with assets
held for sale
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 －

June 30, 2022

33,22861,163
4,712
5,577
37,575
7,704
54,458204,418

37,594
68,373
4,310
1,086
37,853
7,223
39,591
196,030

6,118－

210,535

196,030

136,936
17,25744,376
318
2,078
139
19,585
220,688431,224

138,425
16,90847,336
4,248
1,886
117
20,147229,067
425,097

53,88740,596(1,785)44,791
25,080
162,570
757
163,327594,551

53,88740,603(1,783)40,28532,541
165,533
864
166,397
591,493

(2) Consolidated Statement of Profit or Loss
(Millions of yen)Six months ended
June 30, 2021

Six months ended
June 30, 2022

Revenue
Cost of sales
Gross profit

199,706
140,589
59,118

213,788
152,145
61,643

Selling, general and administrative expenses
Other operating income
Other operating expenses
Operating profit (loss)

62,57824,468
1,905
19,102

63,798
3,113
1,200
(241)

Finance income
Finance costs
Share of profit of investments accounted forusing equity method
Loss before tax

788
850

1,721
759

11

38

19,052

758

Income tax expense
Profit (loss)

6,773
12,279

1,133
(375)

Profit (loss) attributable to
Owners of parent
Non-controlling interests
Profit (loss)

12,341(62)
12,279

(386)
11
(375)

Basic profit (loss) per share
Diluted profit (loss) per share

158.42
153.49(4.96)(4.96)－

12 －

(3) Consolidated Statement of Comprehensive Income(Millions of yen)Six months ended
June 30, 2021
Profit (loss)

Six months ended
June 30, 2022

12,279

(375)

(966)

1,569

1,345

(1,117)

379

452

2,917

6,229

25

33

Other 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 of foreign
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

2,942

6,262

3,321
15,600

6,714
6,339

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income

15,633(33)
15,600

6,232
107
6,339

－ 13 －

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

Balance as of January 1,
2021

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

53,88740,853(1,787)33,459Profit(loss)

Exchange differenceson translation offoreign operations

Effective portion of
cash flow hedges(1,806)

(40)

2,888

25

2,888

25

12,341Other comprehensive
incomeComprehensive income-

Purchase of treasury
shares
Disposal of treasury
shares

-

(3)

0

8

Dividends(3,277)

Share-based
remunerationtransactions(24)

Transfer to retained
earnings

903

Other
Total transactions withownersBalance as of June 30, 2021

12,341

(182)

182

-

(207)

5

(2,192)--53,88740,647(1,782)43,607

1,082

(15)

Other components of equity

Balance as of January 1,
2021

Total equity
attributable toowners ofparentNoncontrollinginterests

Total equity

Financial assets
measured at fair value
through othercomprehensive income

Remeasurementsof defined benefit
plans

Total othercomponentsof equity

25,215-23,370149,781(231)

149,551-

12,341(62)

12,279Profit(loss)
Other comprehensive
income

(966)

1,345

3,292

3,292

29

3,321

Comprehensive income

(966)

1,345

3,292

15,633(33)

15,600

-

(3)

-

(3)

-

8

-

8

Dividends-(3,277)(1)(3,278)

Share-based
remunerationtransactions

-

(24)

-

(24)

(1,893)

(990)

990

-

-

-

-

-

Purchase of treasury
shares
Disposal of treasury
sharesTransfer to retained
earnings(548)(1,345)

Other
Total transactions withownersBalance as of June 30, 2021

(548)

(1,345)(1,893)(4,286)989(3,298)23,701-

24,769161,127726

161,853－

14 －(Millions of yen)
Other components of equity

Balance as of January 1,
2022

Share
capitalCapitalsurplusTreasurysharesRetainedearnings

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

Profit(loss)

Exchange differenceson translation offoreign operations

Effective portion of
cash flow hedges

1,782

(15)

6,133

33

6,133

33

(386)

Other comprehensive
incomeComprehensive income-

Purchase of treasury
shares
Disposal of treasury
shares

-

(2)

0

3

Dividends(3,277)

Share-based paymenttransactions
Transfer to retained
earnings
Total transactions withownersBalance as of June 30, 2022

(386)

7
(843)
-

7

1

(4,120)--53,88740,603(1,783)40,285

7,915

18

Other components of equity

Balance as of January 1, 2022

Total equity
attributable toowners of parent

Noncontrollinginterests

Total equity

Financial assets measured
at fair value through othercomprehensive income

Remeasurements ofdefined benefit plans

Total othercomponentsof equity

23,313-25,080

162,570

757

163,327

-

(386)

11

(375)

Profit(loss)
Other comprehensive income

1,569(1,117)

6,618

6,618

96

6,714

Comprehensive income

1,569(1,117)

6,618

6,232

107

6,339

Purchase of treasury shares

-

(2)

-

(2)

Disposal of treasury shares

-

3

-

3

Dividends-(3,277)(1)(3,278)

Share-based paymenttransactions

-

7

-

7

Transfer to retained earnings

(274)

1,117

843

-

-

-

Total transactions with owners

(274)

1,117

843

(3,269)(1)(3,270)

Balance as of June 30, 2022

24,608-32,541

165,533

864

166,397－ 15 －

(5) Consolidated Statement of Cash Flows(Millions of yen)Six months ended
June 30, 2021
Cash flows from operating activities
Profit before tax
Depreciation and amortization
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
Proceeds from sale of investment property
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Payments for acquisition of subsidiaries
Payments for investments in capital
Purchase of investments in associates
Payments for loans receivableCollection of loans receivable
Other
Net cash provided by (used in) investing activities

－

16 －

Six months ended
June 30, 2022

19,052
11,447
378
(482)
847

758
10,359
403
(600)
754

(11)

(38)

(23,027)(1,232)

15,637(4,096)543(11,098)

16,542(3,653)
2,946(11,099)(254)(5,265)

3,587
12,522
503
(783)
591
12,834

3,251
13,126636(731)(7,531)
5,499(5,339)1,366(4,142)33,908
(694)
(6)
2,074
(2,652)(1,300)
(900)
(30)
48
304
22,637(4,483)
2,738(6,591)－(673)(2,819)
576
－
－
－
(36)
46
742
(10,501)

(Millions of yen)Six months ended
June 30, 2021
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
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 at end of period－ 17 －

Six months ended
June 30, 2022

(958)
(6,000)4,000(4,483)(30,007)(3,271)(3,136)
5(43,850)

4,247
18,0006,500(11,041)(10,026)(3,272)(2,416)
1,470
3,462

1,282

2,393

(7,098)19,734
12,636854
17,36818,222

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