Sapporo Group Business Results for 2021
Management Plan for 2022

*In this document, the following company name abbreviations are used:
SH: Sapporo Holdings Limited

SB: Sapporo Breweries Ltd.

PS: Pokka Sapporo Food & Beverage Ltd.

SLN: Sapporo Lion, Inc.

February 10th 2022
URL https://www.sapporoholdings.jp/en/

SRE: Sapporo Real Estate Co., Ltd.
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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１. Executive Summary

・・・P3 ~P6

２. Management Plan for 2022

・・・P7~P19

３. Business Results for 2021

・・・P20~P38

４. Appendix

・・・P39~P52

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Executive Summary

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Business Results for 2021 and Management Plan for 2022
Business Results for 2021
Revenue: ¥437.2 billion (up ¥2.4 billion YoY), Core operating profit: ¥8.1 billion (up ¥3.9 billion YoY)
In Japan, revenue and profit rose on lower expenses from cost structure reforms and increased sales of
RTD and alcoholic beverages in North America, despite impacts from COVID-19 which were greater than the previous
year
Profit attributable to owners of parent: ¥12.3 billion (up ¥28.4 billion YoY)
Profit soared due to sale of investment property
Financial condition continues to improve on bolstered capital from the emergence of latent gains

Management Plan for 2022
Significantly boost revenue from the recovery in restaurant demand and growth of alcoholic beverages overseas
Rising costs due to higher raw materials costs from supply shortages and exchange rates as well as the restart ofeconomic activities
Despite uncertainty persisting, accelerate growth strategy and structural reforms to boost core operating profit＜2022 Management Plan＞（billions of yen）

RevenueCore operating profit

2021

2022

ResultPlan

YoY changes

437.2

478.7

+41.5

8.1

10.0

+1.9
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Results and Priorities for 2021
The management environment has been transformed due to COVID-19, but under the fundamental policy of the MediumTerm Management Plan, we steadily implemented growth strategy and structural reforms to address these changes with asense of urgency ➡ Work on priorities aimed at further strengthening earnings power◆ Basic policy of Sapporo Group Management Plan 2024
Focus on core business andbuild resilience

Accelerate global businessexpansion

Growth strategies

Initiatives and results➢➢➢

Grew the RTD business in addition to complement
the continuous growth of domestic canned beer
In Canada, acquired prominent brand aimed at strengthening
presence in RTD
In the United States, achieved record sales volume for
Sapporo brands on sales growth in home-use products andthe recovery in commercial-use productsContinued to increase sales of lemon-based products aimed
at growth of “food” domain
Formed a business alliance with Yakult

Establish a simple andcompact corporate structureｌPromotesustainability management

Priorities for the coming years
Following market changes in a with- and post-COVID-19
world➢ Increase beer sales ahead of alcohol tax revisions➢ Further expand business and enhance earnings power in the
North America market
Acquire manufacturing sites to accelerate growth

Structural reforms➢ Strategically reorganize portfolio of Food & Soft Drinks business➢➢➢

Implement structural reforms of restaurant business based on
weaker restaurant demand(Closed 57 unprofitable stores and opened low-cost format storesover the past two years)
Made latent gains and boosted capital through sale of owned
properties
Implemented an early retirement incentive program (SB, PS, SLN)

➢ Increase value of existing properties of the real estate businessand grow earnings in new business domains➢ Promote DX to create new value
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Policy for 2022 Initiatives
Accelerate initiatives for growth strategy and structural reforms aimed at resolving priorities◆ Key growth strategies and efforts to reform corporate structure
Growth strategies

Structural reforms

Japanese

・Continue to increase canned beer sales
・Achieve growth in RTD, non-alcoholic and lowalcoholic products

Japanese
・Institute in-house production of RTD at Sendai Brewery andincrease productivity at breweries

Overseas

・Canada: Promote premium beers andstrengthen RTD business・United States: Strengthen home-use products
and revitalize/increase sales of Anchor

Overseas
・Optimize SPB* manufacturing locations

・Grow sales of lemon-based products and plantFood &based milk
Soft Drinks

・Promote initiatives aimed at improving value of
YGP* properties
Real Estate・Grow profits of new businesses using equity
investments, etc.

Restaurants
・Expand and develop “small, small investment, suburban”
business model・Implement further structural reforms to achieve profitability

Food & Soft Drinks
・Undertake structural reforms for optimization of businessportfolio(Reorganization of vending machine operator subsidiaries, transfer of cafe
business, reorganization of Shinsyu-ichi Miso production sites)

Company-wide shared initiatives
・Promote DX in earnest*YGP:Yebisu garden place* SPB：SAPPORO PREMIUM BEER

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Management Plan for 2022

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Policy for 2022 Initiatives: Japan Alcoholic Beverages
Pursuit of Premium Value and Reasonable Value
2022 sales plan (cases)

Total demand
outlookSH estimate◆ Premium value: Various beer brands<Black Label>
Product renewal

Design evolution

FlavorInnovation

Plan

YoY

vs 2019

YoY

vs 2019

4,209

+10％

(3%)

+5%

(10%)

Beer

2,853

+17%

(5%)

+15%

(11%)

Happoshu

149

(10%)

(29%)

(4%)

(3%)

*Black Label alone

New genre

1,208

(0%)

+7%

(2%)

(10%)

➡ The 45th anniversaryof the launch

Bottles

-

+42%

(22%)

+53%

(32%)

Container

Cans

-

(2%)

+8%

(4%)

(4%)

*Sales volume
plan by container
is not disclosed

Kegs

-

+75%

(25%)

+71%

(25%)

RTD

1,497

+26%

+66%

+6%

-

Non-alcoholic beer and low
alcohol beer taste beverage

92

+28%

+30%

+2%

-

(10,000 cases)

Japanese beer and beertype beverages total

Genre

Sales volume

Growth in canned
products for sevenconsecutive years<YEBISU>[Various beers]
In Yebisu Garden Place
Scheduled to open in 2023
More contact withcustomers➡ Use uniquenessand story ofbrands as a strength➡ Further evolve [Color Your Time]

633ml x 20 bottles for beer, non-alcoholic beer and low alcohol beer taste beverage
250ml x 24 bottles for RTD

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Policy for 2022 Initiatives: Japan Alcoholic Beverages
Pursuit of Premium Value and Reasonable Value◆ Reasonable value: Segment concentration and core brand development【RTD】【New genre】(1) Pursue specialization by strengthening“Izakaya feeling at home”＜GOLD STAR＞
Product renewal

NEW(2) Transition Sendai Brewery to
manufacturing site for RTD(Scheduled to operate in October 2023)◆ CAPEX: ¥3.6 billion◆ Self-production for RTD: Approx. 2 times◆ Cost reduction:¥1 billion or more per year after 2023
(Using in-house production and increased production efficiency)
Cease beer production in 2022
▶ Effects of increased productivity: approx. ¥1 billion/year (from 2023)➡ Further growth of RTD

To
Breakthrough2021 Result
up 16% y-o-y※GOLD STAR

Operate RTD facilities in 2023
▶ Effects of in-house production: several hundred million yen/year (from 2024)【Expansion of new domains】
Non-alcoholic RTD
Low alcohol wine
「Low alcohol beer taste beverage」
Yellowtail Pure Bright＜LEMON’S FREE＞(To be released on April 5)＜The DRAFTY＞(To be released on March 15)
Functional Claims
ALC 0.00%
Just like lemon sour
Fatigue reduction
expectations◆ Alcohol
20-25% off*Comparison withconventional products◆ Gluten-free
Vegan-friendly

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Policy for 2022 Initiatives: International Alcoholic Beverages
In Canada, increase RTD sales and improve unit price/product mix of beers
In the United States, increase sales of home-use products and revitalize Anchor
2022 sales plan （cases）（10,000 cases）

Plan

YoY

International beer andbeer-type beverages
total

2,052

+8%

1,806

+6%

Overseas brands

1,380

+4%

Sapporo brand

426

+13%

North America◆ Canada◆ U.S.

＜Beer＞＜USA＞

NEW➡Increase share of mid- to highpriced products centered around
growth of Sleeman Clear and
SAPPORO＜RTD＞
Other regions
Sapporo brand

247

+29%

247

+29%

Aiming to achieve record sales
for second consecutive year
➡Accelerate growth by➡Expand RTD products in theincreasing sales of home-use
United States
products<Anchor>Calculated by 633ml×20 bottles➡ Make RTD a second pillar of
business
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Policy for 2022 Initiatives: Restaurants
Promote further structural enhancement aimed at disseminating the Group’s brands andachieving profitability◆ Expansion and development of“small, small investment, suburban” business model2022 sales plan（value)（billion yen）

Restaurants

Plan

YoY

vs 2019

15.5

+103%

(43%)

＜Core operating profit plan＞
Up 3.6 billion yen y-o-y➡Research new markets and accelerate
expansion/development of high margin business formats
FY2022: Scheduled to open about 10 stores

0.0
(1.0)

(0.６)

(2.0)
(3.0)
(4.0)
(5.0)
(6.0)

(5.0)
2020
Result(4.2)
2021
Result2022
Plan◆ Further structural reforms toachieve profitability
・Reduce store rents
・Control labor costs through more
efficient work styles and staffing
assignments◆ Cooperation with SB toboost brand communication

・Review and reduce sales promotion
costs of stores➡Consider and execute additional
closures of storeswith poor profit outlooks
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Policy for 2022 Initiatives: Food & Soft Drinks
Pursue structural reforms aimed at optimization of business portfolio, concentrating onplant-based ingredients centered on lemons*PS alone2022 sales plan（value)
Plan

YoY

Soft drinks

63.5

+1%

Food*

35.9

+８%

（billion yen）

*Lemon, soup, plant-based milk products◆ Structural reforms aimed at “shifting management
resources to growth areas” (to be implemented by 2022)
・Continuously implement
structural reforms of vending
machine business➡ Grow core products and expand➡Implement aggressive marketing strategy“plant-based ingredients
aimed at growing total demand for lemon+ fermentation” domain
based products“Appeal of health value” “Expand applications”

Reorganize vending machine
operator subsidiaries*

Share transfer of Pokka Create・Performance weakened due to COVID-19
・Concentrate management resources
・Streamline operations and reduce
Decision to liquidate vending machinecost of waste by optimizing SKUs
operator subsidiary Public Vendingon growth areas focused on theService**・Streamline and reduce using(Liquidation planned for June 30, 2022)
selection and concentration of sales
growing lemon business aimed at・Expecttoincrease
core
operatingprofitbycosts
approx. ¥700 million/year“expansion of food domain”(From 2023 onwards)

Reorganize business locationsof Shinsyu-ichi Miso・Sell the former sites of the Tokyo head officeand Higashikurume Factory (Scheduled)・Concentrate on “miso” and “instant misosoup” businesses➡ Create synergies with PS’ processed foods
business*PS Group currently has four companies (including Public Vending Service)**Public Vending Service has specialty channels deeply impacted by COVID-19,such as expressways and entertainment facilities

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Policy for 2022 Initiatives: Real Estate
Promote initiatives to improve the value of existing properties,
boosting profits of new businesses＜Core operating profit plan＞
2021

2022

Key initiatives for 2022
2023～

1. Approach to improving the value of Yebisu Garden Place
Seek to improve convenience tailored to changing needs
and provide new functions/added value tomaintain/improve profitability and aim to improve brandvalue of the entire community➡Restore earnings powerwith 2022 as the bottom
Core operating profit

Remodel commercial building and open
stores with new formats
・Prepare functions in demand, such as small-scale offices, etc.
Commercial building slated to open in autumn 2022

Existing business domains(Open food and lifestyle product floor first in April)・Blue Note Japan plans to open new format dining restaurant
and bar

EBITDA・＜Points＞▼ 2022年
・In addition to lower
revenue from the saleof properties
implemented in 2021,
there were increased
one-off costs involving
value enhancement andopening costs of thecommercial building

New businessdomains▲2023年・Profit after commercial
building remodel willcontribute throughout
the year・Increase revenue driven
by the investment effectof new businessdomains from equity
investments, etc.

Improve environmental performance withrenewable energy
・Reduce CO2 emissions by switching to renewable energy,
including electricity used by tenants

Approach to improving functionof office tower
Continue with investments to improvefunction to create comfortable spaces
for office workers
Installation of seismic damping
mechanism to be completed in 2022
Elevator upgrades scheduled to becompleted in 2024
HVAC updates will take approx.
10 years from 2022
*Keep 2 to 4 floors vacant every year to facilitate updates

2. Achieve earnings in new business domains
Turnover property portfolio and pursue profit growth in new business domains
aiming to disperse risk and increase profits
・Expand equity investments in private-placement funds
・Expand securitization business* value added properties*New property and capital gains acquisition assuming sale after adding value
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2022: Group Management Plan（billions of yen）

2021
Result2022
Plan

YoY changes(amount)

YoY changes
(%)

437.2

478.7

41.5

9.5%

Revenue（Excluding liquor tax）

331.2

357.9

26.7

8.1%

Overseas revenue

74.5

83.4

9.0

12.0%

EBITDA

28.6

31.6

2.9

10.3%

Core operating profit

8.1

10.0

1.9

23.2%

Core operating profit margin

1.9%

2.1%

0.2%

ー

Operating profit

22.0

7.3

(14.7)(66.9%)

12.3

5.0

(7.3)

(59.1%)

6.3

6.1

(0.2)

ー

1.1

1.2

0.1

ー

Revenue

Profit attributable to ownersof parent
EBITDA interest-bearing debt ratio(times) ※Net
D/E ratio (times) ※Net
The balance of debt excludes the balance of lease obligations.

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Revenue by Segment（billions of yen）

2021
Result2022
Plan

YoY changes(amount)

YoY changes(%)

Revenue by Segment

437.2

478.7

41.5

9.5%

Alcoholic Beverages

289.7

333.7

44.0

15.2%

Japanese

228.6

257.8

29.2

12.8%

Overseas

53.4

60.4

7.0

13.1%

Restaurants

7.6

15.5

7.9

103.2%

125.5

124.2

(1.2)

(1.0%)

21.9

20.7

(1.1)

(5.2%)

0.2

0.0

(0.2)

(100.0%)Food & Soft Drinks

Real Estate
Other

Factors are explained in the next slide
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Main Contributors to Changes in Revenue for 2022
Increased revenue mainly from recovery in beer/restaurant businesses and growth overseas
Alcoholic Beverages

Food & Soft Drinks

Real Estate= Increase= Decrease

Canada+4.4
USA+2.4

Beer +21.2
Happoshu (0.7)
New genre (0.2)

2022
plan

Japanese liquor +2.0
Wine, Spirits +1.1

Overseas: +1.4
Pokka Create (5.4)

sale of property(0.8)
YGP*(0.2)

2021
result（ billions of yen)
*YGP:Yebisu garden place

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Core Operating Profit by Segment（billions of yen）

2021
Result2022
Plan

YoY changes(amount)

YoY changes(%)

Core Operating Profit by Segment

8.1

10.0

1.9

23.2%

Alcoholic Beverages

5.4

9.5

4.1

74.4%

Japanese

7.9

7.5

(0.4)

(5.3%)

Overseas

1.7

2.6

0.9

50.5%

Restaurants

(4.2)

(0.6)

3.6

ー

Food & Soft Drinks

0.7

1.7

1.0

133.7%

Real Estate

8.2

6.3

(2.0)

(24.0%)

(6.2)

(7.4)

(1.1)

ー

Other・
General corporate andintercompany eliminations

Factors are explained in the next slide
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Main Contributors to Changes in Core Operating Profit for 2022
Real estate experienced a temporary downturn in profits, but this was offset by the increase inprofits of the Alcoholic Beverages/Food & Soft Drinks businesses
Each business is impacted by soaring raw materials prices*

Impacts of soaring raw materials prices:
approx. ¥(3.0) billion for Group

Alcoholic Beverages

Food & Soft Drinks Real Estate= Increase= Decrease

Japan alcoholic beverages

RTD+1.1
Beer-type beverages: +9.0
Variety mix and others: (1.0)
Variable manufacturing costs: (1.8)

Sales promotion costs: (4.5)
Personnel and facilities costs: (1.4)**Excludes impacts of Sendai Brewery

Pokka Create+0.6

Risk management
cost (0.7)

2022
plan
2021
resultSale ofproperty(0.5)
YGP(1.3)（ billions of yen)
Depreciation of book value of facilities planned for removal by reducing useful life

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Profit attributable to owners of parent（billions of yen）

Core operating Profit
Other operating income・
expenses

2021
Result(Details)

8.1

2022
Plan

(Details）

10.0
Gain on sales of fixed assets,

13.9 impairment, etc.

(2.7)

Operating Profit

22.0

7.3

Profit before tax

21.2

6.9

Income taxes

8.9

1.8

Profit12.3

5.0

Loss attributable tonon-controlling interest

(0.1)

0.0

Profit attributable toowners of parent

12.3

5.0
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Business Results

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Review of 2021: Results
Strong sales of canned beers, lemon-based products, and plant-based milk
Record high sales and shipment volume of RTDs and Sapporo brand in the United States
Black Label canned
product sales volume

Up

% YoY

YEBISU brand canned
product sales volume

Up

% YoY

RTD product sales
volumeUp% YoY

All-time high sales

North America Sapporo
Brand sales volume

Up

% YoY

Lemon-based products sales

Up

% YoY

Plant milk sales

Up

% YoY

All-time high sales
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Review of 2021: Results
Progress of structural reforms◆ Restaurant business progress in break-even point efforts◆ Sales of real estate in 2021

Carried out reshuffling of store portfolio by closing stores and opening
new stores in low-cost format at the same time

Due to sale of investment property(multiple properties)➡ Establish earnings structure profitable at around 70% of 2019 sales

Approx. ￥billion converted to cash

Approx. ￥billion of unrealized gains<Change in number of stores in restaurant business>
Of which, 11 are
low-cost formats

300
250

196

173

200

162 14◆ Effect of implementing early
retiement incentive programr

150

(32)

*The above amount includes the sale of real estate other than investment properties

(25)

100

(compared to 2020)

50
0
2019

2020
Exisiting

2021
New

Figures in parentheses show number of
unprofitable stores closed

Amount of
2021年
impact on （result）
core
operating
2022onward
profit(forecast)◆ Sale of investment securities(2021 results)(billions of yen)
SB社

PS社

SLN社

total

+0.9

+0.8

+0.6

+2.3

＋1.2

＋1.1

+0.7

+3.0

stocks soldApprox. ￥billionconverted to cash

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Review of 2021: Issues
Commercial-use beer sales and the restaurant business struggled due to reduced business hours andrestrictions on alcohol service
Office occupancy rates declined due to deteriorating market conditions
Beer (bottles・kegs）
sales volume

Down

Restaurants sales

% YoY

Down

% YoY

Yebisu Garden Place
office occupancy rate

Office occupancy rate%
(average occupancy during the fiscal year under review)

Reference: Beer sales volume (bottle and kegs) and sales amount for restaurant business: YoY change, October-December➡ Restaurant market trending toward recovery following the removal of Japan’s state of emergency in October

Up 40% YoY+80%

Up 20% YoY

+60%
+40%
+20%

(20%)
(40%)

Restaurant business sales amount
Beer (bottle / kegs) sales volume

(60%)
(80%)
Jan-Sep

Oct

Nov

Dec

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2021: Highlights（billions of yen）

2020
ResultYoY changes YoY changes(%)(amount)

2021
Result

434.7

437.2

2.4

0.6%

Revenue（Excluding liquor tax）

328.6

331.2

2.6

0.8%

Overseas revenue

65.5

74.5

9.0

13.7%

EBITDA

27.4

28.6

1.3

4.7%

Core operating profit

4.3

8.1

3.9

91.1%

Core operating profit margin

1.0%

1.9%

0.9%

ー

Operating profit(15.9)

22.0

38.0

ー

(16.1)

12.3

28.4

ー

8.1

6.3

(1.8)

ー

1.5

1.1

(0.4)

ー

Revenue

Profit attributable to ownersof parent
EBITDA interest-bearing debt ratio(times) ※Net
D/E ratio (times) ※Net
The balance of debt excludes the balance of lease obligations.

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Results Highlights
Greatly impacted by COVID-19, but revenue and profit both increased on the growth in home-use sales inJapan and the overseas business along with the effects of structural reforms
RevenueCore operating profit（ billions of yen)Up

Alcoholic Beverages +4.3
Food & Soft Drinks (0.4)
Real Estate (1.4)（ billions of yen)
Alcoholic Beverages+9.0
Food & Soft Drinks +0.2
Real Estate (0.4)

y-o-y

500

Up

Alcoholic Beverages +3.1
Food & Soft Drinks +3.3
Real Estate (2.6)

Alcoholic Beverages +3.3
Food & Soft Drinks +1.2
Real Estate (1.0)

10

y-o-y

+3.5

+8.7

437.2
315.3

309.1
119.4

128.1

8.1

4
2

Jan-Sep

2020

6.6

4.3

0
Full Year

Oct-Dec

2021➢ Alcoholic Beverages: Growth in home-use sales inJapan and overseas business
Meanwhile, commercial-use beer sales andrestaurant business recovered in 4Q Impacts fromCOVID-19 spread throughout the year
➢ Food & Soft Drinks: Sales of lemon-based food andplant-based milk products remained steady Overseas
soft drink sales also recovered from last year
Domestic soft drink sales struggled due to COVID-19
and bad weather➢ Real Estate: Office occupancy rate declined due todeteriorating market conditions and departure ofsome tenants in the previous fiscal year

+16.7

y-o-y

15.7

12.3

5

+11.7

3.1
1.2

1.5

0
Full Year

2020

Jan-Sep

2021

Oct-Dec➢ Increased profits on effect of higher
revenue and cost structure reforms
and cost controls underway

▲ 10

▲ 3.4

(0.9)

▲5

+0.4

100

20

0

6
434.7

Due to sale ofinvestment real estate

Up

10

(6.3)

300

（ billions of yen)

15

8
400

200

Profit attributable to owners of parent(15.1)(16.1)▲ 15▲ 20
Full Year

Jan-Sep
2020

Oct-Dec
2021➢ In addition to reversal of loss from
impairment in the previous year, profit
soared due to sale of investment realestate during the current fiscal year

【2020】
Impairment losses on PS (11.0),COVID-19 loss (3.5)
Lump-sum benefit for early retirement (4.9)
【2021】
Gain on sales of fixed assets+23.2
Impairment losses(7.5)(Of which alcoholic beverages (3.3), food and beverages (4.2)),

COVID-19 loss (1.6), Demolition of SB Sendai Brewery (1.4)
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Results Highlight: Impact on Restaurant-Related Companies
Struggles of restaurant related companies continue to dampen overall profits
Meanwhile, the restaurant business improved YoY on the effect of structural reforms, despite a sharp
drop in revenue(billions of yen)
Breakdown showing core operating profit forrestaurants-related business and other businesses
Consolidated: (1) + (2)Persistent difficulties in restaurant-related businessExcl. restaurant-relatedcompanies*: (1)

13.5

10.8

(billions of yen）

2020

8.1

Restaurant-relatedcompanies* only: (2)

2021
Up

(billions of yen)

y-o-y

4.3

2020

2021

Despite the effects of structure reform
and the recovery of the coffee shop
market, losses in the restaurant-related
business continue.

*Restaurant-related companies
Restaurant business (Sapporo Lion Group)
Shinseien, Pokka Create

(5.4)

(6.5)

2020

2021

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Results Highlight
Balance of net debt

Capital expenditure (cash basis)

Equity

2020
2021

2020

221.5 180.7

2021

2020

149.6 163.3

2021

16.1

21.2

（billions of yen）

D/E ratio (net)

Down 40% YoYMarket value info on
investment properties
Book value（billions of yen）

（billions of yen）

Reforms of Group management foundation and Group topics＜ October–December ＞➢ Established “Promote Responsible Drinking” as our global slogan for encouraging responsible drinking
https://www.sapporoholdings.jp/news/dit/?id=8874* Japanese

Unrealized gain

170.5

182.5

189.6

215.5

219.6

218.6

2018

2019

2020

* Market price information will be updated in
the 1Q materials for the next fiscal year.

➢ Jointly received the Green Logistics Partnership Conference Assistant Vice-Minister for Public Transportand Logistics Policy Award
https://www.sapporoholdings.jp/news/dit/?id=8875 * Japanese➢ Decided to develop and release official app version of recipe proposal app "Uchi-Repi" in 2022
https://www.sapporoholdings.jp/news/dit/?id=8850 * Japanese➢ Establishment of Sapporo Group Plastics Policy（billions of yen）

https://www.sapporoholdings.jp/news/dit/?id=8849* Japanese
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

27/53

Revenue by Segment（billions of yen）

2020
Result2021
ResultYoY changes(amount)

YoY changes
(%)

434.7

437.2

2.4

0.6%

285.4

289.7

4.3

1.5%

Japanese

227.9

228.6

0.7

0.3%

Overseas

46.2

53.4

7.2

15.7%

Restaurants

11.3

7.6

(3.7)

(32.5%)

125.9

125.5

(0.4)

(0.3%)

23.3

21.9

(1.4)

(6.0%)

0.2

0.2

(0.0)

(3.5%)

Revenue by Segment
Alcoholic Beverages

Food & Soft Drinks

Real Estate
Other

Factors are explained in the next slide
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

28/53

Main Contributors to Changes in Revenue
Commercial-use beer, restaurant business and domestic soft drinks struggled, but higher revenue
from RTD and overseas alcoholic beverages helped push overall revenue higher (up ¥billion)= Increase

Alcoholic Beverages

Food & Soft Drinks

Real Estate（billions of yen）

１Q

２Q

3Q

4Q

2.4
4.3

(9.9)
(6.7)

9.7
6.9

(6.0)
(4.9)

8.7

Alcoholic Beverages
Japanese

0.7

(3.9)

3.4

(4.9)

6.0

Beer and beer-type bevarages= Decrease

Total
Canada: +4.6
（Of which FX +3.9）

America: +2.6

Overseas: +1.4
2021

RTD+5.8

2020

YoY Changes
Total

9.0

(6.7)

(4.3)

1.0

(7.0)

3.6

Beer

(5.5)

(4.1)

1.4

(5.0)

2.3

Happoshu

(0.4)

(0.1)

(0.2)

(0.1)

(0.0)

New genre products

(0.9)

(0.1)

(0.2)

(1.9)

1.3

7.2

1.0

2.5

1.8

1.8

5.8

1.3

1.8

2.0

0.8

1.3

(0.2)

0.7

(0.2)

1.0

RTD,wine, spirits,
non-alcoholic beverages
RTD
wine, spirits,
non-alcoholic beverages（Alcohol tax
Revisions(0.7)）

Subsidiaries in Japan

0.2

(0.7)

(0.1)

0.4

0.6

Overseas

7.2

(0.1)

3.2

1.6

2.5

Restaurants

(3.7)

(2.7)

0.3

(1.7)

0.5

Food & Soft Drinks

(0.4)

(2.8)

2.7

(0.5)

0.2

(2.4)

(1.9)

0.9

(0.9)

(0.6)

2.0

(0.9)

1.7

0.5

0.7

(1.4)
(0.0)

(0.4)
0.0

0.1
(0.0)

(0.6)
(0.0)

(0.4)
(0.0)

Food & soft drinks in Japan
Overseas soft drinks+ Subsidiaries in Japan

Real Estate
Others(billions of yen)
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29/53

Core Operating Profit by Segment（billions of yen）

2020
Result2021
ResultYoY changes(amount)

YoY changes
(%)

4.3

8.1

3.9

91.1%

2.4

5.4

3.1

129.7%

Japanese

6.7

7.9

1.3

18.9%

Overseas

0.5

1.7

1.3

270.2%

Restaurants

(5.0)

(4.2)

0.8

ー

Food & Soft Drinks

(2.6)

0.7

3.3

ー

Real Estate

10.9

8.2

(2.6)

(24.2%)

(6.3)

(6.2)

0.1

ー

Core Operating Profit by Segment

Alcoholic Beverages

Other・
General corporate andintercompany eliminations

Factors are explained in the next slide
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

30/53

Main Contributors to Changes in Core Operating Profit
While profit declined in commercial-use beer, new-genre beer, and the Real Estate business, growthin RTD, recovery overseas, and cost control resulted in an increase of ￥➡ Covered reversal of ¥(1.7) billion COVID-19 loss transfer*= Increase

Alcoholic Beverages

billion.

Food & Soft Drinks Real Estate（billions of yen）

１Q

２Q

3Q

4Q

3.9
3.1

(0.7)
(0.4)

2.3
1.3

(1.2)
(1.1)

3.5
3.3

Japanese

1.3

(0.1)

0.7

(2.0)

2.7

Beer Marginal Profit

(1.9)

(1.8)

0.4

(2.2)

1.7

Sales of beer and beer-type beverages

(0.9)

(1.2)

0.9

(1.4)

0.8

Sales of happoshu

(0.2)

(0.0)

(0.1)

(0.1)

0.0

Sales of genre products

(2.1)

(0.6)

(0.6)

(1.5)

0.7

1.3

0.1

0.2

0.7

0.3

1.8

0.1

0.7

0.9

0.1

0.5

1.3

(0.6)

(0.4)

0.2

= Decrease

Total*Total (0.9) (Japan alcoholic beverages (0.7), overseas
alcoholic beverages (0.3), restaurants +0.1)

Japanese alcoholic
beverages

Sales promotion costs: (0.6)
Personnel and facilities costs:+1.1*Total (0.4)

Alcoholic Beverages*Total (0.3)

Sales promotion costs: +0.8
Personnel and facilities
costs: +3.4
(Of which, impacts from
impairment loss: +2.0)

Difference in beer sales composition by

Canada: +0.7
U.S.:+0.5

2021

container type + manufacturing costs
RTD,wine, western spirits,
non-alcoholic beverages

RTD+1.6

Fixed costs

2020

Overseas:
+0.3

（億円）
Fixed costs

YoY Changes
Total

Subsidiaries in Japan

0.9

0.2

0.3

(0.2)

0.6

Overseas

1.3

0.3

0.4

0.4

0.1

Restaurants

0.8

(0.5)

0.2

0.5

0.7

Food & Soft Drinks

3.3
(1.5)

0.3
(0.8)

1.2

0.6

1.2

0.3

(0.6)

(0.4)

Marginal Profit of food & soft drinks in Japan
Sales of food & soft drinks in Japan

0.2

(0.6)

0.6

0.0

0.1

Manufacturing costs

(1.7)

(0.2)

(0.4)

(0.6)

(0.6)

Fixed costs

4.2

1.2

0.5

1.0

1.4

Overseas soft drinks +Subsidiaries in Japan

0.7

(0.1)

0.4

0.2

0.3

(2.6)

(0.5)

(0.3)

(0.8)

(1.0)

0.1

(0.1)

0.2

0.1

(0.1)

Real Estate
Intercompany eliminations and othergroupwide expenses(billions of yen)
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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Profit attributable to owners of parent（billions of yen）

2020
Result(Details)

Core operating Profit

4.3

Other operating income

3.7

Gain on sales of non-current assets: +1.6

23.9

Impairment losses on PS: (11.0)
COVID-19 loss: (3.5)
Lump-sum benefit for early retirement: (4.9)

Other operating expenses

2021
Result8.1
on sales of non-current assets: +23.2
28.5 Gain
COVID-19 related subsidies: +4.5

14.6

Operating Profit(15.9)

22.0

Profit before tax(19.4)

21.2

Income taxes

(2.8)

8.9

(16.6)

12.3

(0.5)

(0.1)

(16.1)

12.3

ProfitLoss attributable tonon-controlling interest
Profit attributable toowners of parent(Details）

Impairment losses: (7.5)(Of which; alcoholic beverages: (3.3), food and beverages: (4.2))
COVID-19 loss: (1.6), Demolition of SB Sendai Brewery: (1.4)

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

32/53

Alcoholic Beverages
Commercial-use beer and the restaurant business, which both struggled due to COVID-19, are recovering
Increased revenue and profit on the effect of higher revenue from home-use beer, RTD and overseas
alcoholic beverages along with the effect of cost structure reforms<Revenue>(billions of yen)
100.0Japanese(3.9)
Overseas (0.1)
Restaurant (2.7)

Japanese+3.4
Overseas +3.2
Restaurant +0.3
+6.9

Japanese(4.9)
Overseas +1.6
Restaurant (1.7)

Japanese+6.0
Overseas +2.5
Restaurant +0.5

+9.0

(4.9)

50.0
63.4

56.6

67.0

73.9

➢ Domestic Alcoholic Beverages business expected to post higher revenue and profit➢ In the United States, in addition to strong sales of home-use products, there was arecovery in commercial-use sales (SPB* posted record high sales)(6.7)

76.4 71.5

Positive ➢ Home-use sales of canned beer, RTD and RTS, etc., were strong

78.6

87.6

➢ Sales of Sleeman Clear at Sleeman in Canada were strong (up 22% YoY) Acquired
prominent brand “SoCIAL LITE,” growing RTD (volume approx. 4 times previous year)➢ Restaurant business saw weaker revenue, but core operating profit improved on theeffects of cost structure reforms

0.0
Jan-MarApr-Jun 2020

2021Jul-Sep<Core operating profit>(billions of yen)
6

Japanese(0.1)
Overseas +0.3
Restaurant (0.5)

3Japanese+0.7
Overseas +0.4
Restaurant +0.2

Japanese+2.7
Overseas +0.1
Restaurant +0.7

+3.3

(1.1)

+1.3
4.1

(0.4)
0.8

0

(3)

Japanese(2.0)
Overseas +0.4
Restaurant +0.5

2.1

* SPB：SAPPORO PREMIUM BEER

Oct-Dec➢ Commercial-use beer and restaurants struggled due to the impacts of restrictions on
alcoholic beverage serving➡4Q saw recovery on the lifting of these restrictions➢ The new-genre beer market overall struggled despite strong sales of GOLD STAR(up 16% YoY)

5.4

3.0

2.1

➢ Higher marine shipping costs pressuring earnings in the United States➢ Anchor products saw strong sales of canned products, but weaker sales for bottled
products(4.6) (5.0)

Negative(6)
Jan-MarApr-Jun
2020

2021

Jul-Sep

Oct-Dec

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Food & Soft Drinks
Soft drink sales and certain vending machine locations struggled due to COVID-19 and bad weather,
despite strong sales of lemon-based products and a recovery overseas
Heading toward core operating profit buoyed by cost controls and a reduction in depreciation due tothe previous year’s impairment
Positive<Revenue>(billions of yen)
50.0
40.0

(0.5)

+2.7

(2.8)

+0.2

➢Sales of plant-based milk products also continue to grow

30.0

20.0
10.0

➢Record high shipments of Pokka Lemon 100 and Kireto Lemon for third
consecutive year

30.3 27.6

27.7 30.4

32.9 32.4

34.9 35.1

Jan-MarApr-Jun
2020

Jul-Sep
2021

Oct-Dec

0.0➢Concluded business tie-up agreement with Yakult, working toward joint
research and product development➢Overseas, revenue and profits were both up on the recovery incommercial-use markets, growth of the e-commerce channel and cost
reductions<Core operating profit>➢Soft drink sales struggled in the summer due to bad weather and theextension of Japan’s state of emergency(billions of yen)

＋0.6

1.0
+0.3

＋1.2

＋1.2

➢Sales of restaurants (Pokka Create and Blue Seal) were up YoY, but failed
to recover to the level before COVID-19

1.0

0.9
0.3

(0.5)

(0.3)

(0.0)
(1.4)

(1.1)

(1.2)

Negative(2.0)
Jan-MarApr-Jun
2020

Jul-Sep
2021

Oct-Dec
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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Real Estate
Revenue and profits were down on weaker office market conditions and impacts from thedeparture of some tenants
In addition to a YGP occupancy rate
at YGP, 2H was impacted by property
sales and lower rents charged tocommercial wing tenants
2020 rent reductions<Revenue>(billions of yen)/exemptions: +0.2

8.0

(0.4)

+0.1
(0.6)

(0.4)

6.0

Positive➢Ahead of the remodel of Yebisu Garden Place (commercial wing*),leasing progress at 70-80% of all lots was made (over 90% ofcommercial wing tenants finalized)➢Realized latent gains through sale of owned real estate

4.0
6.1

5.6

6.0

5.5

5.4

5.4

5.8

5.4

2.0

➢Promoted initiatives to enhance value of owned real estate*The remodeled commercial building will have an office zone

➢ Grow new business domains using equity investments, etc.

0.0
Jan-MarApr-Jun

2020

2021

Jul-Sep

Oct-Dec<Core operating profit>➢Declining occupancy rate of offices at Yebisu Garden Place Tower(average occupancy during the current fiscal year: 92%)(billions of yen)
6.0

➢Temporary drop in rental income from the department of commercial
wing tenants*COVID-19 loss transfer for 2020: (0.3)

(0.3)

4.0

(0.8)

(1.0)

2.0

(0.5)
1.2

3.4

3.4

3.1

2.6

2.9
1.8

Negative

0.7

0.0
Jan-MarApr-Jun

2020

Jul-Sep
2021

Oct-Dec
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Changes in Balance Sheets
Total assets decreased ¥21.8 billion from year end
Cash and cash equivalents

Total assets

Total assets(billions of yen)
Trade receivables➢ Impact of seasonal factors and bank holidays
Inventories

Other current assets

19.7
84.5
36.0
20.6
135.7

17.4
91.5
39.2
19.7

Current assets

YoY change

+7.0

128.5

Fixed assets
Non-current assets

Investment property

218.6

203.2

17.9
83.4

19.2
75.8

2020

2021

YoY change(28.8)➢ Sale of investment property
Goodwill

Other non-current assets

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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Changes in Balance Sheets
Total liabilities declined ¥35.6 billion from year end, total equity increased ¥13.8 billion
Trade payables

Total liabilities and equity

Total liabilities and equity(billions of yen)
Short-term financial liabilities➢ Redemption of bonds

31.9
83.2

33.2
61.2

101.1

116.1

158.1

136.9

4.0
88.5

0.3
83.4

Other current liabities

Current liabilities

YoY change(5.7)

Long-term financial liabilities➢ One-year transfer
Net defined benefit liabilities

Other non-current liabities

Non-current
liabilities

EquityEquity attributable to owners of parent

Non-controlling interests

149.8

162.6

(0.2)

0.8

2020

YoY change(29.9)

YoY change

+13.8

2021

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

37/53

Financial Status
Investment on a cash basis was ¥billion<Investment total (①+②+③)> ¥<Consolidated cash flow (CF) statement>（billions of yen）

2020
Results➀ Capital expenditure (cash basis) : ¥ChangeChange (%)

16.5

30.3

13.8

84.1%

CF from investing activities(16.0)

20.7

36.7

ー

0.5

51.0

50.6

10,851.6%

4.1(53.1)(57.2)

ーCF from financing activities

billion(Property, plant and equipment, intangible assets, investment property)

2021
Results

CF from operating activities

Free CFbillion<Major items>
・Alcoholic Beverages: ¥7.1 billion
SB: ¥4.0billion
Sleeman ¥2.1 billion

・Food & Soft Drinks: ¥5.1 billionPS：¥2.3 billion
POKKA PTE. LTD.：¥1.4 billion
Shinsyu-ichi Miso Co., Ltd. ¥0.6 billion<Changes in amount of investment (cash basis)>(billions of yen)

50.0

・Real Estate: ¥8.2 billion
Acquisition of investment property

40.0・Group-wide: ¥0.8 billion

30.0
20.0

31.0

36.5

32.7

41.8
24.7

10.0

33.0

2017

2018

2019

2020

billion(excluding lease fees for renting restaurant premises)

0.0
2016

② Lease fees: ¥2021③ Other investments: ¥billion(Acquisition of Aware Beverages Inc., Invest in property’s equity etc..)
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

38/53

Appendix

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

39/53

Appendix: Initiatives for Sustainability Management

Sapporo Group Environmental Vision 2050
Toward a “carbon-free society, recycling-oriented
society and society in harmony with nature”

Carbon-free society

Specific initiatives
・Reduce CO2 of our own business sites by 20% (by 2030 vs. 2013) SB PS-Reduce emissions mainly of production sites

・Toward zero CO2 emissions (carbon neutrality) by 2050

・Work toward reducing CO2 emissions in the value chain beyond our own business sites

Recycling-oriented society
・Strive toward 3Rs of all resources related to operations across the entire Group<Containers and packaging> Seek to use materials that meet the requirements of arecycling-oriented society for 100% of our containers & packaging<Water resources> Continue our efforts to reduce the amount of water used at ourfactories so as to use water resources sustainably-Introduce solar power generation systems at business sites (PPA)・Yebisu Garden Place to be 100% renewable energy (April 2022) SRE

Specific initiatives
・Reduce plastics usage, etc.
-Use 50% recycled materials for wine PET bottles made in Japan andeliminate waste of plastic advertising in Japan (2030) SB-Use 50% recycled materials for PET bottled products (2030) PS-Switch to paper straws SLN・Reduce water usage of production sites by 10% (by 2030 vs. 2013) SB PS
・Achieve 100% recycling rate of waste at main factories SB PS

Society in harmony with natureSpecific initiatives
・Contribute to sustainable procurement through R&D on barley and hops
(support TCFD recommendations and work toward resolving climate change issues)
・Community development with vibrant time and spaces in harmony
with nature

・Initiatives for breeding, environmental education, and protection of endangered species,-Commercialize barley and hops in Japan that are compatible with climate change (2035) SB・Community development using urban farming (YEBISU GARDEN FARM), etc. SRE
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

40/53

Appendix: Initiatives for Sustainability Management
Business Highlights for 2021
ReleaseDate

Related Priority Issues

Topic

Dec. 27

Formulation of a global slogan “Promote Responsible Drinking”
https://www.sapporoholdings.jp/csr/news/dit/?id=8874 * Japanese

Oct. 5

Formulation of Sapporo Group Plastics Policy
https://www.sapporoholdings.jp/csr/news/dit/?id=8849 * Japanese

Jul. 28

Tohoku Reconstruction Support through Shareholder Benefit Plan
https://www.sapporoholdings.jp/csr/news/dit/?id=8815 * JapaneseJun. 30

Selected as index component of SOMPO Sustainability Index for 10 years in a row
https://www.sapporoholdings.jp/csr/news/dit/?id=8807 * JapaneseMar. 23

Sapporo Holdings selected as Semi-Nadeshiko Brand stock
https://www.sapporoholdings.jp/csr/news/dit/?id=8758 * JapaneseMar. 4

Five Sapporo Group companies certified as Excellent Enterprises of
Health and Productivity Management 2021
https://www.sapporoholdings.jp/csr/news/dit/?id=8750 * JapaneseInitiatives for human rights(1) Disclosure of human rights policy(2) Promotion of human rights due diligence(raw materials procurement and labor of employees)(1) Formulation of Sapporo Group Human Rights Policy(https://www.sapporoholdings.jp/csr/employee/diversity/respect/) * JapaneseConcretemeasure (2) Survey of raw materials supply chain (palm oil and main raw materials, etc.)
Confirmation of labor situation of Group employees
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

41/53

Appendix： Major sales volume & sale
Sales Volume:Beer (Japan)(10,000 cases)※1

Sales:Beer (Japan) *including liquor tax(billions of yen)

YoY

Fiscal 2020 Fiscal 2021

Change(%)

Beer

YoY

Fiscal 2020

Fiscal 2021

137.2

131.8

(4.0%)

Change(%)

1,335

1,249

(6.5%)

Happoshu

6.8

6.4(5.9%)

705

685(2.8%)New genre

45.5

44.6

(1.9%)

2,473

2,441

(1.3%)

Subtotal

189.5

182.8

(3.5%)

Rebate subtracted from sales(11.0)(10.5)

ー

176

165

(5.8%)

Total

178.5

172.3

(3.5%)

3 New genre beer products (total)

1,346

1,214

(9.8%)

Beer, happoshu, and new genre （total 1+2+3）

3,995

3,820

(4.4%)

811

1,186

46.2%

Sapporo Draft Beer Black Label (total)
YEBISU (total)
1 Beer (total)
2 Happoshu (total)

RTD (※2)
Non-alcoholic beer and low alcohol beer taste beverage

57

72(billions of yen)

Sales:Alcoholic Beverage (Japan)
Fiscal 2020

25.4%
Domestic wines

Sales Volume:Beer (International)(10,000 cases)
Fiscal 2020

Overseas brand (SLEEMAN, Anchor, etc.)
Sapporo brandNorth America
Sapporo brand
Other areas
Total

Fiscal 2021

YoY
Change(%)

1,359

1,330

(2.1%)

296

378

27.7%

1,656

1,709

3.2%

168

190

13.6%

168

190

13.6%

1,823

1,899

4.2%

Imported wines

YoY
Change(%)

Fiscal 2021

3.6

3.3

(9.2%)

6.8

6.5(4.6%)

Wine (total)

10.4

9.8

(6.2%)

Spirits and Shochu (total)

22.8

24.2

6.1%

Subtotal

33.2

34.0

2.3%

Rebate subtracted from sales

(6.2)

(6.1)

ー

Total

27.0

27.9

3.2%

Sales:Food & Soft Drinks (Japan)※3(billions of yen)
Fiscal 2020 Fiscal 2021

YoY
Change(%)

Soft Drinks

62.5

62.7

0.2%

Food（Lemon・Soups・Plant milk）

32.8

33.1

1.1%

※1：Following the agreement of the Brewers Association of Japan, the sales volume for the first half and end of the fiscal year shall be disclosed.
※2：RTD 1 case = 250ml×24 bottles※3：Pokka Sapporo is only domestic sales.

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

42/53

Appendix：Alcoholic Beverages (Japan)<Domestic beer and beer-type beverages:
YoY change in sales volume by genre> (Jan – Dec)

[Beer and beer-type beverages total] down
✓ Beer：％ y-o-y<YoY changes in sales volume of beer and beer-type
beverages by genre>(cumulative for each month)（％）

down ％ y-o-y✓ Happoshu： down ％ y-o-y✓ New genre：down％ y-o-y<Major domestic brands: YoY change in sales volume>(Jan – Dec)

✓ Black Label✓ YEBISU branddown ％ y-o-y（ cans: up％ y-o-y ）down ％ y-o-y（ cans: up ％ y-o-y ）✓ Mugi to Hop brand✓ GOLD STARdown

％ y-o-yup<YoY changes in sales volume of main brands>（％）(cumulative of each month)％ y-o-yCopyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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Appendix：Alcoholic Beverages (Japan)＜Main brand Jan- Dec Sales volume change＞＜ Beer lineup sales volume (Jan- Dec break down) ＞(10,000 cases)

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Appendix：Alcoholic Beverages (Japan)＜ Jan- Dec sales revenue ＞(billions of yen)

＜ Jan- Dec sales breakdown by category ＞※Incl. liquor tax*before subsidiary companies sales, elimination ofinter- company transactions and rebate deduction*From 2021, Hyosai Sour and 99.99 keg
are reclassified from Spirits to RTD.

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Appendix：Alcoholic Beverages (Japan)＜ Jan- Dec sales revenue ＞ (billions of yen)

*From 2021, Hyosai Sour and 99.99 keg
are reclassified from Spirits to RTD.

1.3
8.2

8.5

2.0

8.5

8.2

1.6

8.4
6.8

1.8
6.5

19.8
1.6

5.3
2015

5.0
2016

5.1
2017

4.7

4.3

3.6

2018

2019

2020

Japanese Wine

4.5

2015

5.5

2016

6.1

2017

1.4

1.4

3.3

4.3

5.1

2021

2015

2016

6.9

2018

Spirit

8.0

2019

7.6

7.8

2020

2021

14.6

2015

15.8

2016

13.7

7.0
2017

RTD (can)Imported Wine

15.2
11.8

2018

2019

2020

2021

Hyosai Sour and 99.99 Taruzume

16.4

2017

14.7

2018

12.6

2019

15.2

2020

16.5

2021

Japanese Liquor
Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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Appendix：Alcoholic Beverages (Japan)＜Changes in the amount of liquor tax per 350 ml＞

（yen）

77
70
63.35

54.25
46.99
37.8

✓ Beer and Beer
type beverages
yen
✓ RTD
yen

35

28

2020

2023

2026

（year）

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Appendix：Alcoholic Beverages (Overseas)＜ Overseas sales volume by brand(Jan-Dec) ＞＜Overseas beer : YoY change in sales volume＞【North America Total】 up（10,000cases）(Jan – Dec)

％ y-o-y✓ Overseas brand%* YoYdown ％ y-o-y✓ Sapporo brandup％ y-o-y【 Other Areas Total 】up

2020

2021

In Canada, sales of Sleeman Clear
brand grew thanks to its high healthvalue (including extension products).

％ y-o-y（ Main area：Asia pacific , Europe , Oceania ）✓ Sapporo brand ： up
％ y-o-y(Jan – Dec)

＜ Overseas sales volume by Area(Jan-Dec) ＞（10,000cases）＜ Y-o-y change in domestic sales volume in Vietnam＞

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Appendix：Alcoholic Beverages (Restaurants)＜ Sales revenue and number of Sapporo Lion Outlets ＞(Billions of yen)

※before rebate deduction＜Sapporo Lion outlets As of Dec 31, 2021 ＞（Jan- Dec）

＜ Total number of outlets ＞＜Brands＞

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Appendix：Food & Soft Drinks＜ Japanese soft drinks＜ Japanese soft drinks POKKA SAPPORO Food & Beverage ＞
Sales composition by sales channel (Jan- Dec)

POKKA SAPPORO Food & Beverage ＞
Sales volume & Sales by genre(Jan- Dec)

【Lemon based-drinks】【Lemon-based food products】

✓

✓

up

％ y-o-yup％ y-o-y（Sales）（Sales）【Unsweetened tea drinks】【Soups】

✓

✓

down

％ y-o-ydown※Vending machines (end of Dec.)
own brand machines : about 63,000 + Multi-brand machines％ y-o-y（Sales）（Sales volume）＜ Japanese soft drinks POKKA SAPPORO Food & Beverage ＞
Sales composition by genre (Jan- Dec)

【Coffee drinks】【Soy milk, chilled products】

✓

✓

down

％ y-o-y（Sales volume）

up％ y-o-y（売上金額）（Sales）

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Appendix：Food & Soft Drinks【 Pokka Create Co., Ltd .】＜ Food & Soft Drinks segment Revenue break down by geographic area ＞※Except connection adjustment✓

Jan- Dec Sales revenue
upbillion％ y-o-y＜ Number of outlets as of December 31, 2021>＜Japanese soft drinks POKKA SAPPORO Food & Beverage＞
Sales composition (Jan- Dec)
＜ Overseas soft drinks POKKA Corporation (Singapore)＞
Sales composition (Jan- Dec)

Decreased 5 outlets compared with 2020 4Q＜ Number of outlets as of December 31, 2021>¥95.8
billions

Decreased 5 outlets compared with 2020 4Q
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Appendix：Real Estate＜ Information about Investment property ＞＜ Major rental properties & occupancy rates：（Averages for 2021)>
Site area（㎡）
Yebisu Garden Place（1）Ginza Place
Strata Ginza（2）Floor area（㎡）

(billions of yen)

※ Fair value information will be updated in 1Q 2022

400.0

Occupancy rate（%）

No. of floors

300.0

56,943

298,00792

40 floors above ground,
5 below

645

7,350

94

11 floors above ground,2 below

1,117

11,411100

13 floors above ground,
1 below

219.6

100.0

*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 922m 2 of the site (sectional ownership) and

0.0

89.72% of the building (joint management)

408.1

402.1

200.0

As of December 31, 2019218.6

As of December 31, 2020

Carrying value on the consolidated statement of financial position
Fair value＜Core Operating profit＞＜EBITDA＞

2020

2021

ChangeYebisu Garden Place, etc.

11.1

10.0

(1.1)

(0.4)

Other area &other operations

4.4

(3.7)

(0.7)

0.7

(0.3)

Hokkaido

1.5

(1.3)

(0.3)

(1.1)

(1.7)

(0.6)

General corporate

(0.9)

(1.2)

(0.3)

10.9

8.2

(2.6)

Total

16.0

13.7

(2.4)

2020

2021

ChangeYebisu Garden Place, etc.

8.1

6.9

(1.2)

Other area &other operations

2.9

2.4

Hokkaido

1.0

General corporate
Total(billions of yen)(billions of yen)

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

This document was prepared for the purpose of providing information to serve as a reference for investors in making investment decisions and not
for the solicitation of investment or any other similar such actions.
The earnings forecasts and forward-looking statements contained in this document were prepared based on the judgment of the Company as ofthe date of this document and include potential risks and uncertainties.
Actual published future results may therefore differ materially from the content of this document.
The Company shall not in any way be responsible or liable for any losses or damages resulting from the use of the information in this document.

Copyright, 2022 SAPPORO HOLDINGS LTD. All rights reserved.

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