Sapporo Holdings Limited
Group Business Results 2016 & 2017 Business Strategy

February 14, 2017

Sapporo Holdings Ltd.
URL http://www.sapporoholdings.jp/english

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

1Section 1

Sapporo Group Business Results Presentation for 2016

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

2

Contents

１．Overview of 2016

Appendix：Collection of Data by business

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

3１. Overview of 2016

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

4

2016 Group Results Overview
Earnings: operating income improves ¥6.3 billion y-o-y(billions of yen)

2015

2016

changeNet sales

533.7

541.8

8.0

13.9

20.2

6.3

6.1

9.4

3.3

OperatingincomeProfitattributableto owners of
the parent

Net sales significantly increased. International Businessalso grew on a local currency basis.
Operating income of all businesses also rose, partly
reflecting cost reduction impact.
Compared with the revised earnings forecast, operating
income achieved the target while net income was ¥9.4
billion slightly falling short of the target of ¥10.0 billion.

The year for carrying out our word
As we have declared, it became the “first year of a new period of growth in the beer business.”
Beer led by Black Label and Yebisu grew and contributed to earnings
The alcoholic beverages business in North America recorded highest ever sales on a local
currency basis. The business in Southeast Asia is also growing steadily.
Sales at the domestic food and soft drinks rose strongly. Both sales and profit increased as
improvement in management efficiency boosted earning capacity.
Ginza Place opened and the real estate business is contributing to the group with stable revenue
and urban renewal.

⇒Important year that put the group at the start line for the Medium-Term
Management Plan 2020 Phase 1 from the next fiscal year
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

5

2016 Group Results Overview
Various Initiatives by the Sapporo Group in 2016
 Mar 15: The Hokkaido Brewery received the Agriculture, Forestry and Fisheries②
Minister’s Award for promotion of environmental measures such as energy ①
saving in the environment division of the 37th Food Industry ExcellenceAward (photos 1 and 2)
 Apr 21: As part of the partnership agreement regarding lemon with Hiroshima
Prefecture, we signed a business tie-up with Hiroshima Yutaka Agricultural Cooperative and acomprehensive agreement with the town of Osakikamijima, Toyota District, Hiroshima Prefecture May 18: We developed a predictive model for appropriate tofu production③
volume utilizing big data.
-Working on food waste issue using open innovation- (photo 3)
 Oct 19: Shibuya Ward, Tokyo, and Sapporo Holdings Limited signed
Shibuya Social Action Partner Agreement (a comprehensive collaboration④
agreement) (photo 4)
Data Science Award
Encouragement
 Dec 5: Child-care facility within a company
Prize
To support female employees who aim to return to workplace in a timely manner–to open at Yebisu Garden Place in April 2017  Dec 17: We jointly held Ebisu Networking Meeting, a seminar for active female participation-The first such initiative by companies headquartered in Ebisu going beyond industry boundaries!(photo 5)⑤ We also supported reconstruction in and made donations to areas affected by earthquakes
and typhoons such as Tohoku and Kumamoto and assisted efforts for nurturing the next
generation*See website below for news releases with details
http://www.sapporoholdings.jp/csr/news/index.html
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

6

Overview of 2016 Japanese Alcoholic Beverages
 We carried out our word of making it the “first year of a new period of growth in the beerbusiness.” The three mainstay brands registered growth amid declining total demand
Japanese Beer Business<Beer>(sales volume) Jan-Dec up 4% y-o-y (total demand down 2%)
 Black Label Brand total up 3% y-o-y Yebisu Bland total up 2% y-o-ySales of Sapporo Classicrose for 16 straightyears

Y-o-y change in sales volume of 3 core
brands%Beer’s component ratio:
59% in 2015→increased to 62％ in 2016
⇒ revenues increased as focus on beer rose

<Happoshu + new genre> Jan-Dec down 8% (total demand down 7%)
 Mugi to Hop Brand total up 4% y-o-yGoku Zero Brand total Down 15% ⇒ partly due to thesettling down of the purine bodies market, leaving behind some challenges

Wine

Fine wineʼs component ratio
in imported wine Implementing reform for making it the second
pillar of the business: focusing on fine wine
 Proposing international brands in the fine wine
market*1
 Fine wine’s share in imported wine
→31% in 2015→38% in 2016

 Sales amounts increased
significantly across the board
 RTD business: up 21% y-o-y Spirits business:

up 16% y-o-y Japanese liquor business:
up 8% y-o-y*1 Medium to premium wines costing 1,500 yen or more
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

Spirits, other7

Overview of 2016 International
SLEEMAN has grown into a pillar of the International Business in 10 years
from acquisition. Sales in Vietnam also increased steadily
Y-o-y change in North American Beer sales volume

North American beer business

Value Both SLEEMAN and USA posted record profits in North America(on a local currency basis)*<SLEEMAN>
 Jan-Dec up 2% y-o-y (sales volume) Net sales have been increasing for the 10 consecutive years<Sapporo USA> Jan-Dec up 1% y-o-y (sales volume)* Maintaining the position of No. 1 Asian beer in the U.S.

for 30 continuous years

Vietnamese beer business Jan-Dec up 4% y-o-y*Sapporoestimate*Sapporoestimate

Y-o-y change in domestic sales
volume in Vietnam
Ｊａｎ－
Ｄｅｃ
ｕｐ
４％

Drove forward initiatives for improving
brand value⇒ Improved the quality of bottled
products in April
Accumulated knowledge of the growing
mainstream price range⇒Introduced BLUE CAP in July

Improved earnings byimplementing structurereform including efficientsales promotion investment

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8

U.S. soft drinks business<Country Pure Foods> <Silver Springs Citrus>
 Drove forward transfer of functions
Jan-Dec net sales
at the two companies（US$ millions）
 Revenues increased at CPF
as cost improved SideKicks (fruit juice sorbet)
continued with strong sales⇒to secure production
increase structureOverview of 2016 Food & Soft Drinks
Brand enhancement, primarily of soups and lemon-based products, andgrowth of tea drinks; earning capacity improved thanks to cost reduction
Domestic food and soft drinks

Y-o-y change in Jan- Dec
soft drinks sales volume<Domestic soft drinks>
 Jan-Dec up 3% y-o-y (sales volume)

Y-o-y change in Jan-Dec
foods sales value Lemon-based drinks: Up 8% y-o-y Coffee drinks: Unchanged y-o-y Unsweetened tea drinks: Up 4%
 Gabunomi brand also grew

<Domestic foods>*Total demand is estimate

 Driving forward improvement ofmanagement efficiency and cost reduction

 Jan-Dec down 1% (sales volume) Cost-cut measures such as gauge reduction

 Lemon-based food products: Up 2% y-o-y(sales value up 5%) → the increased price took root
 Instant soup: Down 5% (sales value down 5%)
 Jikkuri Kotokoto brand is marking its 20th anniversary this fiscal year

Overseas soft drinks

million Enhancement of earning capacity of vending
machines contributed about ¥500 million

Soymilk, chilled products
 The soy milk and chilled product business had
Jan-Dec net sales of about ¥2.1 billion

 Maintained No. 1 share in the tea drinks market in Singapore
At the Influential Brands Awards 2016, POKKA brand wasselected Top 1 brand in the non-carbonated soft drinks
category Developed production system in Indonesia and
Myanmar, and plan to start commercial production in
next year
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

contribute about ¥100 million

 Aseptic bottling line contributes about ¥100

9

Overview of 2016 Restaurants
Amid the sluggish food service market, enhancing earnings capability
through structure reforms<Change in the number of Sapporo Lion and net sales>

Restaurants business in Japan<Sapporo Lion> Comparable-store sales: down 1% y-o-y; operating income up
42% y-o-youtlets(billions of yen)

Carrying out structure reforms to transform into a highly profitable structureclosed 20 outlets in 2015 and 8 in 2016; 12 new restaurants opened in 2016
with 2 restaurants refurbished Flagship restaurants resumed operation (Shimbashi, GINZA PLACE outlets) tocontribute to revenues in 2017
 GRANDE POLAIRE WINEBAR TOKYO marked 1st anniversary, had about
40,000 customers
 Taking on challenges of opening new format restaurants such as CRAFT
BEER KOYOEN and opening restaurants in new areas<Marushinkawamura> Newly consolidated from June Primarily in Sapporo, operates 14 outlets in Kushiro and Sapporo

Ginrin restaurants in Sapporo and 2 in Kanto region

 Strength in Japanese restaurant format with relatively high unit priceand high business entertainment demand Net sales of approximately ¥1.3 billion (Jun-Dec,
including Ginrin Suisan)

Ginza Lion, GINZA PLACE<Singapore> Disseminating Ginza Lion brand around theworld
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

Kushiro,KITTE Marunouchi
10

CRAFT BEER KOYOEN,
KITTE Nagoya

Overview of 2016 Real EstateSteadily improve asset holdings value andcontribute to brand enhancement as well as revenues of the group<Other properties>

Real estates

Ebisu First Square has been maintaining 100% occupancy
rate since its inauguration
 We are continuing with value enhancement of Sapporo
Factory and started working on redevelopment of the former
Parking Lot 3 site in the adjacent plot for renting the entire
building as a showroom and offices. (Completion scheduledin May 2017)
 In December, we acquired the trust beneficiary right of acommercial building in Sakae, Naka-ku, which is the central
commercial area, in Nagoya, where the former POKKACORPORATION was founded<Yebisu Garden Place> Value enhancement of the property have been implemented;
continues to maintain high occupancy rate The restaurant floor of the 38th floor of the tower opened after
overall renovation on October. Under the concept of Grand &Casual –Luxury to enjoy authenticity lightheartedly-, viewing deck
SKY LOUNGE was newly created, and it houses modern
Japanese restaurants
 The 39th floor is scheduled to open in Summer 2017
 BRICK END, a unique restaurant district where diverse
customers can enjoy drinks and conversations, opened along the
Yamanote Line on October
Change in average occupancy rate of Yebisu
Garden Place office space (contract basis)

2015
1Q

2015
2Q

2015
3Q

2015
4Q

2016
1Q

2016
2Q

2016
3Q

2016
4Q

87%

91%

93%

99%

99％

99％

99％

99％

BRICK END

<GINZA PLACE> Aspires to become the landmark that creates tomorrow’s Ginza
 The concept is the “base for information dissemination andexchange”
 Above the ground 11, below 2. Total floor space of about
7,350㎡
 Inaugurated in September. Total number of visitors alreadyexceeded 1 million people in December
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

Tower’s 38th floor
11

GINZA PLACE

2016 Results Highlight(billions of yen)

Consolidated
financial results

2015

2016

YoY changes(amount, %)Net sales(incl. liquor tax)

533.7

541.8

8.0

1.5%

Net sales(excl. liquor tax)

418.3

424.0

5.7

1.4%

Overseas net sales tototal (excl. liquor tax)

22.6％

20.5％

(2.1)

2016:US$=¥108.81― CAN$=¥82.07

Operating income

13.9

20.2

6.3

45.3%

Operating income
before goodwill
amortization

18.1

24.1

6.0

33.6%

Ordinary income

13.2

19.2

5.9

45.3%

Profit attributable toowners of the parent

6.1

9.4

3.3

55.0%

EBITDA

42.3

46.5

4.2

9.9%

Balance of Net debt

224.3

227.5

3.2

1.4%

―

―

Ｄ／Ｅratio
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

1.4 times

1.4 times
12※Exchange rate
2015:
US$=¥121.11
CAN$=¥94.82

Overview 2016 Results (1) Net Sales by Segment
YoY change（amount,%）（billions of yen）

2015

2016

Consolidated
net sales

533.7

541.8

8.0

1.5%

Japanese
Alcoholic
Beverages

273.6

279.4

5.8

2.1%

International
Business

70.5

65.4

(5.1)

(7.2)

Negative impact of foreignexchange rates ¥-8.0billion
Negative impact of foreignexchange rates ¥-2.6billion

Food &
Soft Drinks

135.6

137.9

2.2

1.7%

Restaurants

27.0

28.1

1.1

4.1%

Real Estate

20.8

22.9

2.0

9.7%

Other

6.0

8.0

1.9

32.8%

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13

Notes

Overview of 2016 Results (2):Factors Contributing to Change in Net Sales＜ Ｍain Factors Contributing to Changes in Net Sales＞

増加
減少
Increase
Decrease(billions of yen)
Jan-Dec 2015
Consolidated
net sales¥533.7 billion
Happoshu,
new genre
sales
volumedeclineJan-Dec 2016
Consolidated
net sales¥541.8 billion(up ¥8.0 billion)

Sales
volumeincrease,etc. inNorth
America

New
Consolidationof Miyasaka
Jozo

2.6
SSC

New
Beer
account
3.4
sales
period consolidationof CPF: 2change:volumeRTD,
reduction months
increase (5.5) wine,
Japanese of 3
monthsliquor
7.9
2.9
sales
(2.6)
volumeincrease

Overseas,
Café deCRIE

Foreignexchange

Soymilk,
chilledproducts,
Nihon
Beans

(8.0)

0.4

1.9
YGP, etc.
sales
increase

Foreignexchange

2.0

(2.6)
1.1

1.7

New
Consolidationof Marushin
Kawamura

Food &
soft
drinkssales
increase

2.8

5.8Japanese Alcoholic
Beverages

(5.1)

2.2

1.1

International

Food & Soft Drinks

RestaurantsReal

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14

2.0
Estate1.9
Other

Overview of 2016 Results (3) Operating Income by Segment（billion of yen）

2015

2016

ChangeConsolidated Operating income

13.9

20.2

6.3

Japanese Alcoholic Beverages

8.6

11.7

3.1

Beer and related products
Wine and spirits
Other

5.6
2.2
0.8

8.3
2.4
1.1

2.7
0.2
0.2

0.1

0.9

0.7

2.4
（2.2）

2.5
（1.6）

0.1
0.6

0.4

1.3

0.8

(1.0)

(0.0)

0.9

1.4

1.3

(0.1)

Restaurants

0.5

0.6

0.1

Comparable stores-0.2, Closed outlets+0.3

Real Estates

8.2

10.3

2.0

Rent+1.8, Other factors-0.2

Other

0.0

(0.0)

(0.0)

General corporate andintercompany eliminations

(4.0)

(4.5)

(0.5)

Amortization of goodwill

4.1

3.9

(0.2)

International

1.8

1.6

(0.1)

Food & Soft Drinks
Operating income before
goodwill amortization

2.2

2.1

(0.1)

18.1

24.1

6.0

International
North America, etc.
VietnamFood & Soft Drinks
Japanese Food & Soft Drinks
Overseas Soft Drinks/
Domestic coffee shop chain

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

15

Notes

Marginal profit+2.5 Fixed cost and other +0.3

Marginal profit+1.1, Fixed cost and other-1.0
Marginal profit+0.1, Fixed cost and other+0.5
Marginal profit+1.7, Fixed cost and other-0.7

Expense for management platform transforming

Overview of 2016 Results (4)Factors Contributing to Change in Operating income<Main Factors Contributing to Changes in Operating income> Increase(billions of yen)

Jan-Dec 2015
Consolidated
Operating income¥13.9 billion

North
America, etc.
sales volume
increase,
Product mix,
Raw material
costs
improvement

Diversified
product
offerings,
volumeProduction increase
Sales
cost
1.1
promotion
Beer decrease,sales
1.1 expenses Personnel
etc.
increasevolumecost,
increase,
depreciation(2.3) decline, etc.
product
(2.3)
1.3
1.3
mix
1.8

Vending
Machinecost
declineVietnamimprovement

(0.7)

Sales
increase,production
costdecline60.5

Decrease

Jan-Dec 2016
Consolidated
Operating income¥20.2 billion(up ¥6.3billion)

Sales
promotion
cost,
personnel
cost,
Logistics
cost etc.
increase

Expense forManagement
platform▲4

3 etc. (0.5)
YGP,
sales
increase

(1.1)

2.0

(0.3)

0.1
Foreign
Structural
exchange
reforms
effect1.7

0.4 (0.2)
Sales
promotion
Foreign
expensesexchange
increase

1.2

1.2

3.1
Japanese Alcoholic
Beverages
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

0.7

0.8

International
160.1

2.0 (0.5)

Food & Soft Drinks Restaurants RealCorpoEstate rate

Overview of 2016 (5) Special factors<Special factors in the business results (year-on-year)>（ ―：minor）

Business segment

Details

Sales impact

International

2015: Silver Spring Citrus account period change(changed from Oct 2015 to Sep 2016 -> Jan 2016 to Dec 2016)⇒2015: consolidating the results for 15 months from Oct 2014 to Dec 20152016: Jan to Dec 2016

Approx.
-2.6bn yen

2015: Country Pure Foods new consolidation(Consolidation started from Feb 24, 2015, when the stake was acquired)

Approx.
+2.9bn yen

International

Operatingincomeimpact―2016: Sales increase for two months of Jan, Feb
Entered soy milk business in Oct 2015

Approx.
+1.6bn yen

―

Other

Acquired a 51% stake in Miyasaka Jozo Co., Ltd., in Sep 2016

Approx.
+1.7bn yen―

 ＜Impact of foreignexchange rates>

Average rate during the period (Jan – Dec)

Food & Soft Drinks

Operatingincome

2015

2016

US＄

¥121.11¥108.81

Japanese Alcoholic
Beverages

―

―

CAN＄

¥94.82¥82.07

International-8.0bn yen-0.2bn yen

SG$¥88.14¥78.76

Food & Soft Drinks-2.6bn yen-0.3bn yen<Change in depreciation
method>Declining balance method in some
portions → straight line method for all
assets
Impact :1.7 bn yen

Net sales

Decline indepreciation(Jan-Dec)

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

Japanese
Alcoholic
Beverages

Food & Soft
DrinksRestaurants

Real Estate

957million
yen

374 million
yen

194 million
yen

105 million
yen

17

Other

4 millionyenOverview of 2016 Results(6) Changes in Extra Ordinary Gains and Losses
Consolidated Statements of income（billions of yen）

2015

2016

ChangeNet sales

533.7

541.8

8.0

Operating income

13.9

20.2

6.3

Financial account balance

(0.9)

(0.8)

0.1

Other non-operating expenses

0.2

(0.3)

(0.4)

Ordinary income

13.2

19.2

5.9

Gain on sales of property, plantand equipment

7.5

0.0

(7.4)

2015：Sale of Shibuya Sakuragaoka Square7.3

Other extraordinary gains

0.4

0.0

(0.4)

2015：Subsidy income 0.3

Loss on sales/disposal of property,
plant and equipment

(1.6)

(1.4)

0.1

Impairment loss

(6.0)

(1.0)

4.9

2015: Welfare facilities-1.4, Idle real estate-1.7

Other extraordinary losses

(1.9)

(0.4)

1.5

2015: Loss on devaluation of investment securities-1.8

Profit before income taxes

11.6

16.4

4.7

Corporate tax, non-controllinginterests

(5.5)

(7.0)

(1.4)

Profit attributable to owners of
the parent

6.1

9.4

3.3

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

18

Primary Reasons

Overview of 2016 Results (7)Financial Status 1
Breakdown of Strategic Investments(including ordinary capex, on a cash bases)

Financing Status(1) <Capital expenditure and lease fees>
Consolidated total: Approx. ¥24.7 billion

 In Mar. 2016 issued five-year straight bonds worth ¥10.0 billion at
annual interest rate of 0.25%
 Credit ratings Property, plant and equipment, intangible assets, lease fees, etc.
Major items:
 Chiba brewery bottling line upgrade (Japanese Alcoholic Beverages):
approx. ¥0.9 billion
Indonesian soft drinks factory construction work (Food & Soft Drinks):
approx. ¥0.9 billion
 Gunma plant aseptic bottling line (Food & Soft Drinks)
approx. ¥0.8 billion
Lease fees (Foods & Soft Drinks, etc.): approx. ¥2.9 billion

JCR: A- (Jan 30, 2017)
R&I: BBB+ (Feb 29, 2016)

Direction of Long-Term Strategic Investment
 Changes in investment from 2012 to 2016
– Including ordinary capex (approx. a half of strategic
investments)(2) <Other investments>
Consolidated total: Approx. ¥6.3 billion– 2012 investment total: Approx. ¥65.7 bn

 Long-term prepaid expenses, subsidiaries’ shares, investment securities, etc.

– 2013 investment total: Approx. ¥23.5 bn

Major items:
 Purchase of subsidiaries’ shares, Payment for transfer of business(International, Restaurants):approx. ¥2.3 billion
Long-term prepaid expenses (Japanese Alcoholic Beverages,
Food & Soft Drinks): approx. ¥4.0 billion– 2014 investment total: Approx. ¥29.5 bn– 2015 investment total: Approx. ¥40.2 bn– 2016 investment total:Approx. ¥31.0 billion(Initial plan: ¥27.6 billion)
Initial plan breakdown:
capital expenditure worth ¥19.5 bn,other investments worth ¥8.1 bn(1) + (2) <Jan-Dec 2016 strategic investment total>(incl. ordinary capex, on a cash basis)
 Approx. ¥31.0 billion

The scale of strategic investment from 2012 to 2016 was anticipatedto be ¥150 billion to ¥200 billion(in principle, funded from accumulated operating cash flow).
Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

19

Overview of 2016 (7): Financial Status 2
Dividends from retained earnings
 We position providing appropriate returns to shareholders as a key management policy of the Company.
As for dividend payment from retained earnings in 2016, we plan to increase dividends as described below taking into
consideration the business performance for the year and the management environment.
2016 Plan

Most recent dividend forecast(announced on
November 2, 2016)2015 results(fiscal year ended
December 2015)

Record date

December 31, 2016

Same as left

December 31, 2015

Dividend per share¥37.00¥35.00¥7.00*

Total amount of dividends¥2,887 million-¥2,726 million

Effective date

March 31, 2017-

March 31, 2016

Source of dividends

Retained earnings-

Retained earnings*In accordance with the resolution by the 92nd Ordinary General Meeting of Shareholders held on March 30, 2016, reverse split that combines 5
shares of common stock into 1 share was carried out as of July 1, 2016.
*The result for 2015 is the actual amount of dividend before the above reverse split was carried out.
*The year-end dividend for 2016 is equivalent to ¥7.40 per share when converted into the value before the reverse split.

Cash flows

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20

Overview of 2016 Results (8) Balance sheets

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

21

Appendix：

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

Collection of Data by Business22

2016 :Major Sales and Sales Volume (YoY)

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

23

Reference Material (1) Japanese Alcoholic Beverages
Beer and Beer-Type Beverages Data
(10,000 cases)<Beer and beer-type beverages category
Jan-Dec sales volume YoY change (Shipment base)><Beer lineup (Jan-Dec breakdown)>

30.48
millionCases(10,000 cases)(1) Sapporo Lager Beer: Japan’s oldest heat treated beer. It
has been available only in bottles, but the canned version ismade available this year for a limited volume.
(2) Edelpils: available only in kegs. It uses 3 times the finearoma Saaz hops from Czech (compared with thecompany’s existing products) and boasts an uniquegorgeous aroma.
(3) Shirohonoka: Non-filtered beer available only at strictly
selected outlets(4) Sapporo Classic: Beer using 100% malt, sold only in
Hokkaido. Sales have been increasing continuously for the
past 15 years
and so on<3 core brand Jan-Dec sales volume change>

(1)

total

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

total

24

(2)

(3)

(4)

Reference Material(2)Japanese Alcoholic Beverages～Beer Category Data～＜Jan〜Dec Net sales> （billions of yen)Wine
Beer + Beer type beverages (incl. liquor tax)

Spirits

Japanese
LiquorPromotion of diversification of product offering＜Japanese Alcoholic Beverage Business
Jan-Dec sales breakdown by category>Jan-Dec net sales
279.4billion yen

ＲＴＤ

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

25

Reference Material(3) Japanese Alcoholic Beverages～Liquor Tax Reform ～Proposed revision

Liquor tax reform in the outline of fiscal year 2017 tax reform

Category

Present<Review of tax rate structure>
Carbonated alcoholic beverages

 To unify the tax rate of beer-type beverages to ¥155,000 per
kl (¥54.25 per 350 ml) in October 2026 (implemented over 3
steps)
 The tax rate of brewed alcoholic beverages (sake, fruit
liquors, etc.) will be unified to ¥100,000 per kl in October
2023 (implemented over 2 steps)
 The tax rate of other carbonated alcoholic beverages (chuhai,
or shochu-based beverage, etc.) will be raised to ¥100,000
per kl (¥35 per 350 ml) in October 2026.
<Extension of beer’s definition>
 Easing of malt ratio requirement and expansion of auxiliary
ingredients<System reform that contributes to regional revitalization>
 Tax free on sake brewery tourism targeting foreigners visiting
Japan and establishment of shochu special zones*The right table

Phase 1: October 1, 2020
Phase 2: October 1, 2023
Phase 3: October 1, 2026

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

¥220,000

Phase 1

Phase 2Phase 3¥200,000¥181,000¥155,000

Carbonated alcoholic beverages(alcohol content)(below 10%) (below 10%) (below 10%)(-)

(Malt content of 25% or more andbelow 50%)

¥178,125¥167,125¥155,000-(Malt content of below 25%)

¥134,250¥134,250¥134,250---¥134,250-(So-called new genre)

Other carbonated alcoholic beverages(below 10%) (below 10%) (below 10%) (below 11%)(alcohol content)(So-called new genre)¥80,000¥108,000--(Alcoholic beverages that do notcontain hop or certain ingredients thatadd bitter flavor)¥80,000¥80,000¥80,000¥100,000¥140,000¥120,000¥100,000¥100,000

Sake¥120,000¥110,000--

Fruit liquors¥80,000¥90,000--

Mixed liquors¥220,000¥200,000¥200,000¥200,000[Addition per alcohol content][¥11,000][¥10,000][¥10,000][¥10,000]

Brewed alcoholic beverages

Source: The Ministry of Finance website http://www.mof.go.jp/english/
26

Reference Material(4) International Business ～Data ～SLEEMAN Net Sales in Local Currency (Jan-Dec)(before elimination of inter-company transactions)＜Trend of overseas sales volume of SAPPORO brand products (Jan-Dec>（10,000 cases)

Sapporo USA Net Sales in Local Currency (Jan-Dec)

Net sales Breakdown by Geographic Area
(Jan-Dec)(before elimination of inter-company transactions)

3.24
millioncases

5.80
millioncases

2011North America: Canada, U.S.
Asia: Vietnam, Singapore, South Korea, etc.
Oceania, etc.: Australia, Europe, etc.
Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

27

2016

Reference Material(5) Food & Soft Drinks ～ Data ～<Soft Drinks (Japan): POKKA SAPPORO Food & Beverage Ltd.>POKKA SAPPORO Food &Beverage sales composition(Jan-Dec)

Japanese soft drinks sales
volume composition by genre(Jan-Dec)¥ 89.8billion＜Lemon-based
drinks＞

Japanese soft drinks sales
composition by sales channel(Jan–Dec)

46.88
millioncases*Vending machines (end of Dec)
Own brand machines : about
90,000 ＋ Multi-brand Machines<Soft Drinks (overseas): POKKA Corporation (Singapore) Pte. Ltd.>POKKA Corporation (Singapore)
Sales composition (Jan-Dec)

Jan- Dec overseas sales(SG$ million)＜Restaurants (Domestic): POKKA CREATE Co., Ltd.> CAFÉ de CRIÉ has been actively pursuing opening new outlets
in new areas and proposal of new menu items. Net sales havebeen up 6% on year and strong

Outlets: 190(as of Dec 31, 2016)

Exporting products to
60 countries(Directly operated 110
outlets; FC:80outlets)
East Japan 105,
Central Japan 38,
West Japan 47

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

28

Reference Material(6) Restaurants ～ Data ～＜New Sanko Outlets＞＜Sapporo Lion outlets＞

 1954 Established in Oar
 9 Outlets located in Hokkaido

Outlets(as of Dec 31, 2016)
 Reopening of
Sapporo Lion flagship outlets※2

・Ginza Lion Shimbashi
3 floor, Approx. 401㎡
・Ginza Lion GINZA PLACE
２ floor, Approx. 480㎡

＜Marushinkawamura Outlets＞
 Kushiro:4 outlets located in Sapporo
1 outlet in Tokyo
 Sapporo Ginrin:1 outlets in Sapporo
1 outlet in Kawasaki Aburiya: 5 outlets in Sapporo
 Kakureya:2 outlets in Sapporo
 Manekiya:2 outlets in Sapporo＜Outlet expansion in Singapore＞※1

14 outlets※1：Tochigi, Gunma, Saitama, Chiba, Kanagawa, Yamanashi※2：Osaka, Kyoto, Hyogo

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

・ Ginza Lion (beer hall): 2 outlets
・ Tonkichi (pork cutlet): 4 outlets
・ Rive Gauche (patisserie): ８ outlets

29

Reference Material(7) Real Estate ～ Data ～Major rental properties & occupancy rates *Information about real estate for lease(*Averages for 2016 4Q (contract basis)
Major rental properties inTokyo’s 23 wards

Site area (m2)

Floor area (m2)Occupancy rate(%)

Yebisu Garden Place *1

56,943

298,00799%

Ebisu First Square*

2,596

16,012

100%

Ebisu Square

1,561

8,644

95%

Ginza Place

645

7,350

－

1,117

11,411100%

Strata Ginza *2

No. of floors
40 floors above
ground, 5 below
12 floors above
ground, 1 below
7 floors above
ground, 1 below
11 floors above
ground, 2 below
13 floors above
ground, 1 below

Balance sheet value at December 31, 2016 : approx. ¥201.8 billion
Fair value at December 31, 2016 : approx. ¥ 389.1 billion
Balance sheet value at December 31, 2015 : approx. ¥197.7 billion
Fair value at December 31, 2015 : approx. ¥ 357.4 billion

Site areas are taken from the land registry. Floor areas are as per building certification.

*1: The number of floors is for the office block only. Occupancy rates are for office areas only.

*2: Figures are for entire property. Sapporo owns 922m2 of the site (sectional ownership) and 89.72% of the building(joint management)

EBITDA =operating income + depreciation and amortization

EBITDA

Operating income(billions of yen)(billions of yen)

2015

2016

Yebisu Garden
Place etc.
Hokkaido
Other areas &Other operations

6.6

7.9

1.3

0.9

1.1

0.1

1.4

2.0

0.5

General Corporate

(0.7)
8.2

(0.7)
10.3

2.0

Total

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

2015

ChangeChangeYebisu Garden
Place etc.

9.4

10.8

1.3

Hokkaido
Other areas &Other operations

1.5

1.6

0.1

2.2

2.7

0.5

General Corporate

(0.7)
12.4

(0.7)
14.4

2.1

Total

30

2016

Reference Material(8) Miyasaka Jozo Co., Ltd.
 Aim to expand the food domain with the Shinsyu Ichi brand at the core
September 5, 2016: Purchased a 51% stake in Miyasaka Jozo Co., Ltd.,
which manufactures and markets miso, instant miso soup and freezedried products.
Company profile Trade name: Miyasaka Jozo Co., Ltd.
 Address: 3-15-8, Maesawa, Higashikurume-shi, Tokyo

 Manufacturing bases:
Kofu Factory (Kofu, Yamanashi; manufacturing of miso)
Uenohara Factory (Uenohara, Yamanashi; setup of instant miso soup) Capital stock: ¥86 million

Higashikurume Factory (Higashikurume, Tokyo; manufacturing of Net sales: approx. ¥7.0 billion

freeze-dried products)

Marutakagura Factory (Suwa, Nagano; manufacturing of miso)(Sep-Dec 2016 : approx.¥1.7 billion)
 Shareholders:<Outside the scope>

 Main products

Miyasaka Holdings Co., Ltd.

Miko-chan

Oishiine!! Tonjiru

Omisoshiru de
Nyusankin

Ju-yonwari<Subject to the capital and business tie-up>
Miyasaka Jozo Co., Ltd. (miso,
Shinsyu Ichi)<Outside the scope>
Miyasaka Jozo Co., Ltd. (sake,
Masumi)

Copyright, 2016 SAPPORO HOLDINGS LTD. All rights reserved.

31Section 22017 Business strategy

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

32

2026 Group
VisionThe Sapporo Group will be a company with highly uniquebrands in the fields of"Alcoholic Beverages", "Food", and "Soft Drinks"
around the world.

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

33

First Medium‐Term Management Plan
Transform with unprecedented speed

Long-term VisionRoadmap

First Medium-Term
Management Plan
(2017-2020)
Transform with
unprecedented speed totransition to a growth stage

・Transformation of the Groupmanagement platform
・continuous growth in existing
businesses
・Producing results in the investment
・Capturing growth opportunities

SPEED150
Second Medium-Term
Management Plan
(2021-2023)
Proactively invest andproduce results

・Proactively invest in growth・Achieve continuous growth
・Produce results torealize the vision

Third Medium-Term
Management Plan
(2024-2026)
Tackle the challengeof creating・Achieve the vision
・Proactive initiatives to reachthe next stage

Strengthen brands

Strengthen brands

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

34

40

35

30

Year 2017 inMedium-Term
Management
Plan

The year to transform the Group management
platform by expanding sales and profits at all
businesses, with the performance level of 2016 as
the base

25

More thanbillion yen
every term

20

15More thanbillion yen
every term

10

5

0
2007

2008

2009

2010

2011

2012

2013

2014

Operating income

2015

2016

2017

2018

2019

2020

ProfitCopyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

35

Management Plan for 2017,
First Year of SPEED150

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

36

Steady growth toward FY2020(billions of yen)

FY2017
Management
Plan

2016

2017

2020

Net Sales

Net Sales

Net Sales

Operating income(before goodwill
amortization)Op income

Operating income(before goodwill
amortization)

Operating income(before goodwill
amortization)

Profit attributableto owners of parent

Profit attributableto owners of parent

Op incomeCopyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

37

Enhance cash flow generation capabilities(billions of yen)

2016

FY2017
Management
Plan

2017

Cash flows
from operating
activities

Cash flows
from investing
activities

Debt-to-equity (D/E) ※Net
ratio

2018〜2020

4 years
Total(2017~2020)

Cash flows
from operating
activities

Cash flows
from operating
activities

Cash flows
from investing
activities

Cash flows
From investing
activities

Debt-to-equity (D/E) ※Net
ratio

Debt-to-equity (D/E)
ratio
AroundCopyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

38

Continuous growth in existing businesses
Japanese
Alcoholic
Beverages

FY2017
ManagementPlan(billions of yen)

Net Sales

Operatingincome(before goodwill
amortization)

Y-O-YInternational

Food &
Soft Drinks

Restaurants

Real Estate

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Operating income Y-O-Y
margin(before goodwill
amortization)

Y-O-Y

Y-O-Y

Y-O-Y

Y-O-Y

Allocate resources tostrengthen core beer brands

39

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

FY2017 Specific Initiatives by Each Business

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

40

(billions of yen)
YoY
ChangeNet Sales#1 <Strengthen core beer brands>- Continue strengthening Black Label and Yebisu- Strengthen Lager, Shirohonoka and other beers- Promote a new genre with Mugi to Hop at the core
Operating income(before goodwill amortization)

Japanese
Alcoholic
Beverages#2 <Expand fine wine sales>- Strengthen brand leveraging wineries- Strengthen dedicated sales structure for wine
- Promote luxury marketing

Operating income margin(before goodwill amortization)

YoY
ChangeYoY
Change= Increase= Decrease

Main Factors Contributing to Changes in
Operating Income (before goodwill amortization)#3 <New measures for growth>- Establish small lot multi-product production
structure, promote product development- Carry out activities to expand presence in EC
market- Promote Photo, Beer & Smiles and similar uniqueinitiatives

Beer genre

Product mix,

beverages sales

Production

volumecosts

Wine, Spirits

Fixed costs andother

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

41

(billions of yen)

#1 <North America (beer)>
SLEEMAN- Actively invest in premium brand- Focus on the 4 states that account for 90% of beer
consumption- Value brand pricing and packaging strategy
Sapporo USA- Focus on California and Texas- Bolster sales staff and promote the products to
Asian restaurants

Sales

Operating income(before goodwill amortization)

YoY
ChangeYoY
Change#2 <North America (soft drinks)>

International◇Preparations for SSC/CPF integration, improvefoundation
SSC (Silver Springs Citrus)- Expand sales channels through differentiated products- Strengthen West Coast, promote sales of small capacity
plastic containers
CPF (Country Pure Foods)- Ensure enhanced production capacity following expanded
Sidekicks (fruit sorbet) sales- Develop differentiated products, reduce cost and appeal the
price

Operating income margin(before goodwill amortization)

YoY
Change= Increase= Decrease

Main Factors Contributing to Changes in
Operating Income (before goodwill amortization)#3 <Vietnam>- Promote Sapporo Premium brand consistently- Foray into medium-priced product market with BLUE CAP- Propose new products for export to Southeast Asia
North America
Sales volume,
Product mix, etc.

#4 <Other Asian countries>- Strengthen measures targeting South Korea,
Singapore and Taiwan
42

North America
Sales promotion
cost, etc.

VietnamSales volume
Product mix, etc.

VietnamSales promotion
cost, etc.

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

#1 <Soft drinks>(billions of yen)

- Bolster profits by sorting out unprofitable products,
channels- Strengthen food texture-type, ingredient-type andGabunomi brands

YoY
ChangeSales#2 <Lemon>- Focus on function research, pursue feasibility of
unexplored fields- Carry out procurement corresponding to the application
features and expand business to B-to-B- Implement strategic public relations activities incollaboration with the regions

Operating income(before goodwill amortization)

YoY
Change#3 <Soup>

Food & Soft
Drinks- Increase soup consumption scenarios- Break into the staple food field such as risotto
produced using new method

Operating income margin(before goodwill amortization)

YoY
Change#4 <New businesses (soy beans)>- Grow soymilk yogurt- Consider streamlining business structure, building
own production facility#5 <Domestic restaurants>= Increase

Main Factors Contributing to Changes in = Decrease
Operating Income (before goodwill amortization)- Expand Café de Crié new format restaurants- Increase Maison de VERRE brand penetration#6 <Overseas soft drinks>- Ensure smooth launch in Indonesia and Myanmar- Strengthen existing market based on demand
information in the Middle East, etc.
- Maintain position in Singapore market

43

Sales volume
difference
Product mix,etc

Production
cost, etc.

Sales promotion
cost

Fixed costs,
etc.

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

(billions of yen)

Sales

YoY
Change#1 <Sapporo Lion>- Secure customers through apps, point cards- Open new restaurants of Ginza Lion and Yebisu Bar- Drive forward restaurant refurbishment, facility
repairs

Operating income(before goodwill amortization)

YoY
Change#2 <New Sanko>

Restaurants- Strengthen sales to corporate customers, strengthen
efforts to win catering orders- Enhance internal control, personnel structure

Operating income margin(before goodwill amortization)

YoY
Change#3 <Marushinkawamura>- Implement PDCA cycle with various introduced
systems- Review various menus and sales strategy= Increase

Main Factors Contributing to Changes in = Decrease
Operating Income (before goodwill amortization)#4 <Overseas (Singapore)>- Disseminate the brand of Tonkichi format, refurbish
restaurants- Implement location- and customer-layer-based
strategies for Ginza Lion format- Transfer the head office and cake factory andimprove operational efficiency

Existing stores, Closed stores,
New stores,
Refurbished stores

Marushinkawamura

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

44

(billions of yen)Sales

#1 <Yebisu Garden Place>- Upward revision of office rent per unit
- Initiate needs for expanding floors and review tenantcomposition- Quantitative target: average annual occupancy rateof 99% and above

Operating income(before goodwill amortization)

YoY
ChangeYoY
Change#2 <Ginza Place>Real Estate- Maximize investment impact- Disseminate information strategically (SNS, digital
signage, etc.)- Quantitative target: annual visitors of 4 million people

Operating income margin(before goodwill amortization)#3 <Hokkaido (Sapporo)>- Formulate and drive forward refurbishment plan of
Sapporo Factory- Redevelopment of the former parking lot siteneighboring Sapporo Factory- Quantitative target: annual visitors of 7 million
peopleYoY
Change= Increase

Main Factors Contributing to Changes in = Decrease
Operating Income (before goodwill amortization)#4 <New businesses, other>- Consider new business development- Contribute to the brand through promotion of urban
renewal- Review, increase liquidity of businesses, property
portfolios

Yebisu Garden Place

Ginza Place, Other

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

45

Main Factors Contributing to Changes
in Operating income(before goodwill amortization)= Increase= Decrease(billions of yen)

0.1

0.6

FY2017
Management
Plan

0.8

0.7
0.5

2.7
0.1
0.5

2.0

1.0

0.1
0.2

0.8
0.3
0.4
0.6

0.5

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

46

FY2017 Transforing Group Management Platform

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

47

Transforming Group Management Platform
Transforming the system to accelerate creation of new values

R&D

FY2017
Management
Plan

Personnel
affairs andhumanresources

Financial- Establish a strategic research organization for expanding the food field- Establish an organization for improving success rate of commercialization(incubation)- Promote reorganization of the Group’s research organizations and bases

Expansion of opportunities for nurturing global human resources- Newly set up a program for nurturing management layer- Increase young human resources’ global contacts- Expand implementation of cross-border global meetings

Building a strong financial base able to promptly address changes
in the environment and invest opportunities- Transforming monitoring structure that can rapidly produce results in
the investment- Review assets and improve business structure for improving asset
efficiency
Transforming to a communication system that expands contacts
with stakeholders

Communications - Set up an organization for implementing multi-layered communications- Establish a strategic organization that leads to new customer creation by
generating synergies
Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

48

Appendix：Collection of Data

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

49

2016

（billions of yen）

541.8

563.8

21.9

4.1%

Net sales（excluding liquor tax)

424.0

443.0

19.0

4.5%

0.7

-

20.5 ％

Operating income

Full-Year Consolidated
Business Results estimate
Highlights

ChangeNet sales(including liquor tax)

Overseas net sales to total(excluding liquor tax)

Appendix

2017

21.2 ％

20.2

21.3

1.0

5.1%

24.1

25.1

0.9

3.8%

Ordinary income

19.2

20.3

1.0

5.7%

Profit attributable to ownersof the parent

9.4

10.7

1.2

13.0%

EBITDA

46.5

48.3

1.7

3.8%

227.5

225.9

(1.6)

-

Operating income(before goodwill amortization)

Balance of debt

※Net

Ｄ／Ｅratio
ＲＯＥ※Net（before goodwill amortization）

ＲＯＥ

1.4 times

1.3 times

(0.1)

-

8.4 ％

8.8 ％

0.4

-

5.9 ％

6.5 ％

0.6

-

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

50

Appendix
Major Sales and Sales
VolumeFull-Year estimate

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

51

（billions of yen）

2016

2017

Net sales

541.8

563.8

21.9

4.1％

279.4

286.0

6.5

2.3％

Japanese
Alcoholic
Beverages

Appendix
Full-Year Consolidated
Business Results estimate
Net sales by segment

Change

Notes

International

65.4

70.3

4.8

7.5%

Food &
Soft Drinks

137.9

142.2

4.2

3.1%

Restaurants

28.1

29.6

1.4

5.3%

Real Estate

22.9

23.8

0.8

3.9%

Other

8.0

11.9

3.8

48.2%

Exchange rates（2017）
US$1=¥110
CA$1＝¥84

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

52

2016

2017

Change

20.2

21.3

1.0

11.7

11.8

0.0

Beer and related products

8.3

8.6

0.3

Wine and spirits

International

2.4
1.1
0.9

2.5
0.6
1.4

0.1
(0.4)
0.4

North America, etc.

2.5

2.7

0.2

Vietnam

(1.6)

(1.4)

0.2

Food & Soft Drinks

1.3

1.8

0.4

Japanese Food & Soft
Drinks

(0.0)

0.3

0.3

1.3

1.4

0.1

Other

0.6
10.3
(0.0)

1.0
11.0
(0.1)

0.3
0.6
(0.0)

General corporate andintercompany eliminations

(4.5)

(5.6)

(1.0)

Operating income before
goodwill amortization

24.1

25.1

0.9

（billions of yen)
Operating income
Japanese Alcoholic
Beverages

Other

Appendix
Full-Year Consolidated
Business Results estimate
Operating income bysegment

Overseas Soft Drinks/
Domestic coffee shop chain

Restaurants
Real Estate

Notes

Marginal profit+2.6,
Fixed cost and other -2.3

Marginal profit+0.6,
Fixed cost and other -0.4
Marginal profit+0.5,
Fixed cost and other -0.3
Marginal profit+1.6,
Fixed cost and other -1.3

Comparable stores, New stores
Rent, Other factors
Expense for management
platform transforming

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

53

（billions of yen）
Net sales

Appendix
Full-Year Consolidated
Business Results estimate
 Extra Ordinary Gainsand Losses
 Cash Flows

2016

2017

ChangePrimary
Reasons

541.8

563.8

21.9

-

Operating income

20.2

21.3

1.0

-

Ordinary income

19.2

20.3

1.0

-

Profit before income
tax

16.4

17.8

1.3

-

Corporate tax,
non-controlling interests

(7.0)

(7.1)

(0.1)

-

Profit attributable toowners of the parent

9.4

10.7

1.2

-

2016

2017

Change%Cash flows by
operating activities

32.5

39.7

7.1

21.9%

Cash flows by
investing activities(27.5)(35.1)

(7.5)

-

4.9

4.6

(0.3)

(7.7%)

Free Cash flows

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

54

As an intrinsic part of people's lives, Sapporo will contribute to
the evolution of creative, enriching and rewarding lifestyles.

The earnings forecasts and forward‐looking statements appearing in this document were prepared by the
SAPPORO Group based on currently available information and its best assessment of potential risks anduncertainties. Actual outcomes may differ materially from forecasts due to changes in various underlying
factors.

Copyright, 2017 SAPPORO HOLDINGS LTD. All rights reserved.

55