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    2587   JP3336560002

SUNTORY BEVERAGE & FOOD LIMITED

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Suntory Beverage & Food : Notification Concerning Content of Parent Company Financial as of June 30 2021

08/13/2021 | 04:21am EDT

Suntory Holdings Limited

August 13, 2021

SUMMARY OF CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX

MONTHS ENDED JUNE 30, 2021 [IFRS] (English Translation, UNAUDITED)

Company Name:

Suntory Holdings Limited

(URL: https://www.suntory.com/)

Representative:

Takeshi Niinami, President

Contact:

Hiroshi Kato, Head of Public Relations

Public Relations Office:

Tel:+81(0)3 5579-1150

Tel:+81(0)6 6346-0835

(Fractions of millions have been truncated)

1. Consolidated operating results and financial positions for the six months of the current fiscal year (January 1, 2021 - June 30, 2021)

(1) Operating results

(% figures represent change from the same period of the previous fiscal year)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit

Profit attributable to

owners of the

excise taxes)

excise taxes)

income

income taxes

for the period

Company

Six months ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

June 30, 2021

1,191,958

7.8

1,069,173

8.6

126,117

33.4

124,074

42.6

73,537

28.6

52,747

16.6

June 30, 2020

1,105,324

(10.2)

984,554

(10.7)

94,572

(19.7)

87,024

(19.8)

57,174

(27.1)

45,236

(24.7)

Reference: Adjusted operating income for the fiscal year ending June 30, 2021

127,401¥million

33.3%

Adjusted operating income for the fiscal year ending June 30, 2020

95,563¥million

(20.5)%

Adjusted operating income was calculated as operating income excluding non-recurring items.

Basic earnings per share

Diluted earnings per share

Six months ended

¥

¥

June 30, 2021

76 .92

June 30, 2020

65 .97

(2) Financial positions

Total assets

Total equity

Equity attributable to

Equity attributable to

owners of the Company

owners of the Company

ratio

As of

¥million

¥million

¥million

%

June 30, 2021

4,824,119

2,015,787

1,588,253

32.9

December 31, 2020

4,521,286

1,814,347

1,416,157

31.3

2. Consolidated earnings forecast for the fiscal year ending December 31, 2021 (January 1, 2021 - December 31, 2021)

Revenue (including

Revenue (excluding

Operating

Profit before

Profit attributable to

Basic earnings per

excise taxes)

excise taxes)

income

income taxes

owners of the

share

Company

Fiscal year ended

¥million

%

¥million

%

¥million

%

¥million

%

¥million

%

¥

December 31, 2021

2,538,000

7.2

2,258,000

7.1

221,000

1.8

206,000

2.5

104,000

3.6

151

.66

Reference: Adjusted operating income for the fiscal year ending December 31, 2021 224,000¥million

2.8%

(Note) Change in consolidated earnings forecast during the period: No

1

SUMMARY OF NON-CONSOLIDATED FINANCIAL STATEMENTS AS OF

JUNE 30, 2021 (English Translation, UNAUDITED)

(1) Operating results

(% figures represent change from the same period of the previous fiscal year)

Operating revenue

Operating income

Ordinary income

Six months ended

¥million

%

¥million

%

¥million

%

June 30, 2021

79,057

(24.5)

55,968

(31.5)

62,547

(24.3)

June 30, 2020

104,727

159.3

81,649

347.1

82,633

319.3

Net income

Basic net earnings per share

Six months ended

¥million

%

¥

June 30, 2021

60,382

(27.8)

88

.5

June 30, 2020

83,635

310.0

121

.96

(2) Financial positions

Total assets

Net assets

Ratio of equity

Total equity per share

to total assets

As of

¥million

¥million

%

¥

June 30, 2021

2,381,224

957,208

40.2

1,395.84

December 31, 2020

2,215,751

905,806

40.9

1,320.89

2

Operating Results

1. Overview of the Six-Month Period Ended June 30, 2021

The Suntory Group has actively expanded business in each of three segments, "Beverages and Foods," "Alcoholic Beverages," and "Others," both domestically and abroad. In the six-month period ended June 30, 2021, Revenue excluding excise taxes was 1.0692 trillion yen (up 8.6% year on year), Revenue including excise taxes was 1.192 trillion yen (up 7.8% year on year), Operating income was 126.1 billion yen (up 33.4% year on year), and Profit attributable to owners of the Company was 52.7 billion yen (up 16.6% year on year).

Suntory Beverage & Food Limited focused on strengthening brands and creating new demand with the aim of proposing unique, high-quality products that capture the customer's tastes and needs to further enrich customer lifestyles, as well as on improving product quality. The Company also took steps to enhance profitability in each area.

In Japan, the soft drink market (estimated by the Company) remained the same year on year due to the restriction of the movement of people caused by the intermittent state of emergency declarations. Sales volume increased year on year due to the Company engaging in strengthening core brands, mainly in the categories of water, coffee, and sugar-free tea, and market share expanded compared to the same period of the previous year. Sales volume of Suntory Tennensui (Mineral Water) exceeded the level of the previous year, when it grew significantly due to demand for large formats, and sales volume for the brand as a whole increased year on year. The Suntory Tennensui Sparkling series grew significantly due to the contribution made by THE STRONG launched in June. Sales volume of the BOSS brand as a whole exceeded the levels of the previous year. In addition to growth of the Craft BOSS coffee series renewed in March, new products in the black tea series contributed to the increase. In the sugar-free tea category, the effect of the renewal of Iyemon and the contribution made by Iyemon Kyoto Blend launched in April resulted in sales volume for the brand as a whole increasing considerably year on year.

The Asian soft drink business was affected by factors such as self-restraint in going out following the spread of novel coronavirus infectious disease (COVID-19), but concentration of activities on core brands contributed to an expansion of the Group's share in the soft drink markets of Vietnam and Thailand. By brand, while all brands

3

grew in Vietnam, Sting energy drink and TEA+ in particular grew significantly, and Pepsi including low-sugar products was strong in Thailand. The health food business also grew significantly. Due to focus on the mainstay BRAND'S Essence of Chicken and the effect of strengthening marketing activities, sales exceeded the previous year's level.

In Oceania, the flagship V brand of energy drink grew significantly as a result of strengthening marketing activities, driving the market in the energy drink category and expanding market share.

In Europe, movement of people returned due to relaxation of restrictions as vaccinations progressed in each country, and the soft drink market has been steadily recovering since March. Sales volumes of core brands Orangina, Oasis and Schweppes significantly exceeded previous-year levels in France. In the United Kingdom, sales volumes of the flagship Lucozade and Ribena brands significantly exceeded previous-year levels. In particular, Lucozade Sport grew substantially due to the resumption of sporting events and outdoor activities. In Spain, sales volume of the flagship Schweppes brand recorded a significant year-on-year increase.

In the Americas, in addition to further strengthening sales of core carbonated beverage brands, the Company also focused on the growing category of non-carbonated drinks, such as water and coffee beverages. The lifting of on-premise restrictions due to progress in vaccinations also contributed to sales significantly exceeding previous-year levels.

As a result of the above, revenue for the Beverages and Foods Segment increased 9.3% year on year to 601.5 billion yen, while operating income rose by 54.7% to 70.3 billion yen.

The revenue figures for the Alcoholic Beverages Segment exclude excise taxes. Comparable revenue for the spirits business, excluding the impact of currency,

increased at a low-double-digit rate compared to the previous year. Sales growth benefited from strong demand in home consumption as well as recovery of the on-premise channel in many markets. Consumers continued to inspire strong sales for premium brands such as Maker's Mark and Basil Hayden bourbon, Courvoisier cognac, Hibiki Japanese whisky, Laphroaig and Bowmore Scotch whisky, Japanese craft gin ROKU, and Hornitos tequila, which all grew case volumes at double-digit rates, while volumes for On the Rocks premium cocktails more than tripled. Half-year sales increased at a double-digit rate in markets including the United States, Canada, EMEA, Oceania, India, China, Emerging

4

Asia and Global Travel Retail.In Japan, the spirits business sales were the same level compared to the previous year. In the whiskies category, major brands Maker's Mark, Chita and Ao, along with canned highball products, grew. RTD beverage sales volume grew by 6% year on year, due to favorable performance of -196 and Kodawari Sakaba no Lemon Sour. Furthermore, Non-aru-banshakulemon sour non-alcoholic launched in March to create new demand was well received by consumers who enjoy the flavor of an authentic lemon sour without alcohol. The annual sales plan for the Japanese gin SUI, which the Company launched last year, was revised upward, as consumers continued to respond favorably to the new value offered by SUI Gin Soda, which goes well with meals.

Sales volume of the beer business*1 decreased 8% year on year to 27.71 million cases*2 as restraint from going out due to the spread of COVID-19 primarily impacted on-premise consumption. The Company's beer category drinks, excluding non-alcoholic beer, fell 11% year on year to 23.86 million cases.

Active promotion for The Premium Malt's brand was carried out by presenting it as "a little bit of luxury in everyday life." Sales volume of The Premium Malt's Kaoru Ale (cans)*3 increased by 5% year on year due to the fruity taste and refreshing fragrance being well received. Perfect Suntory Beer offering straight-up beer flavor with zero carbohydrate*4 has been well received since its launch in April, and sales volume exceeded 1 million cases in June.

With the Kin-Mugi brand, a promotion of Shiki no Kin-Mugi, which offers different flavors to match the season, was carried out, strengthening proposals to enjoy the beverage with seasonal ingredients and dishes. In particular, sales volume of Kin-Mugi75% Less Carbohydrate*5 grew 4% year on year due to heightened health awareness among consumers.

Sales volume for the All-Free brand rose 13% year on year. KARADA-WO-OMOU All-Free, a product with functional claims for visceral fat, performed well and sales volume increased 40% year on year.

*1. Beer, including alcohol-freebeer-type beverages, on a volume basis

*2. Converted to large bottles (1 case = 633ml × 20 bottles)

*3. Excluding gift products.

*4. Less than 0.5 g per 100 ml is stated as "zero carbohydrate" pursuant to food labeling standards.

*5. Compared to Kin-Mugi.

Wine business's revenue fell 1% year on year. Sales volume of Japanese wine grew by 5% year on year. Furthermore, in order to be able to respond to changes in consumer behaviors, the Company endeavored to create new demand. Suntory Wine

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Suntory Beverage & Food Limited published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 08:20:04 UTC.


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Sales 2021 1 263 B 11 057 M 11 057 M
Net income 2021 69 012 M 604 M 604 M
Net cash 2021 31 982 M 280 M 280 M
P/E ratio 2021 19,9x
Yield 2021 1,77%
Capitalization 1 374 B 12 082 M 12 021 M
EV / Sales 2021 1,06x
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Nbr of Employees 24 102
Free-Float 39,5%
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Last Close Price 4 445,00 JPY
Average target price 5 292,86 JPY
Spread / Average Target 19,1%
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Managers and Directors
Kazuhiro Saito President & Representative Director
Saburo Kogo Chairman
Yukari Inoue Independent Outside Director
Harumichi Uchida Independent Outside Director
Mika Masuyama Independent Outside Director
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