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    2587   JP3336560002

SUNTORY BEVERAGE & FOOD LIMITED

(2587)
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Suntory Beverage & Food : Summary of Consolidated Financial Results for Q1 2021

05/12/2021 | 09:04am EDT

English Translation

May 12, 2021

Summary of Consolidated Financial Results

for the First Three Months of the Year Ending December 31, 2021

(UNAUDITED)

Company name:

Suntory Beverage & Food Limited

Shares listed:

First Section, Tokyo Stock Exchange

Securities code:

2587

URL:

https://www.suntory.com/sbf/

Representative:

Kazuhiro Saito, Chief Executive Officer

Inquiries:

Takayuki Sanno, Chief Financial Officer, Corporate Strategy Division

TEL: +81-3-5579-1837 (from overseas)

Scheduled date to file quarterly securities report:

May 13, 2021

Scheduled date to commence dividend payments:

-

Attachment of supplementary material on quarterly financial results:

Yes

Holding of quarterly financial results briefing meeting (for institutional investors and analysts):

Yes

(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated financial results for the first three months of the year ending December 31, 2021 (from January 1, 2021 to March 31, 2021)

(1) Consolidated operating results

(Percentages indicate year-on-year changes)

Revenue

Operating income

Profit before tax for the

Profit for the period

period

Three months ended

(Millions of yen)

(%)

(Millions of yen)

(%)

(Millions of yen)

(%)

(Millions of yen)

(%)

March 31, 2021

269,791

(2.7)

19,804

(0.2)

19,532

(1.1)

14,546

(7.0)

March 31, 2020

277,244

(3.0)

19,843

11.6

19,757

13.0

15,642

17.8

Profit for the period

Comprehensive income

Basic earnings

Diluted earnings

attributable to owners of

for the period

per share

per share

the Company

Three months ended

(Millions of yen)

(%)

(Millions of yen)

(%)

(Yen)

(Yen)

March 31, 2021

10,668

(16.2)

44,415

-

34.53

-

March 31, 2020

12,726

18.8

(14,255)

-

41.18

-

(2) Consolidated financial position

Ratio of equity attributable

Total assets

Total equity

Equity attributable to

to owners of

owners of the Company

the Company

to total assets

As at

(Millions of yen)

(Millions of yen)

(Millions of yen)

(%)

March 31, 2021

1,628,175

891,906

806,237

49.5

December 31, 2020

1,574,251

859,556

781,755

49.7

(3) Consolidated cash flows

Net cash inflow (outflow)

Net cash inflow (outflow)

Net cash inflow (outflow)

Cash and cash equivalents

from operating activities

from investing activities

from financing activities

at the end of the period

Three months ended

(Millions of yen)

(Millions of yen)

(Millions of yen)

(Millions of yen)

March 31, 2021

34,636

(13,570)

(15,111)

176,387

March 31, 2020

14,240

(16,583)

(6,743)

130,004

2. Dividends

Annual cash dividends

First quarter-end

Second quarter-end

Third quarter-end

Year-end

Total

(Yen)

(Yen)

(Yen)

(Yen)

(Yen)

Year ended

-

39.00

-

39.00

78.00

December 31, 2020

Year ending

-

December 31, 2021

Year ending

December 31, 2021

39.00

-

39.00

78.00

(Forecast)

Note:

Revisions to the forecast of dividends most recently announced: None

3. Consolidated earnings forecast for the year ending December 31, 2021 (from January 1, 2021 to December 31, 2021)

(Percentages indicate year-on-year changes)

Profit for the year

Revenue

Operating income

Profit before tax

Profit for the year

attributable to

Basic earnings

owners of

per share

the Company

(Millions of

(%)

(Millions of

(%)

(Millions of

(%)

(Millions of

(%)

(Millions of

(%)

(Yen)

yen)

yen)

yen)

yen)

yen)

Year ending

1,260,000

6.9

105,000

9.2

103,500

9.9

73,500

14.3

60,500

15.9

195.79

December 31, 2021

Note:

Revisions to the earnings forecast most recently announced: None

* Notes

  1. Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
  2. Changes in accounting policies and changes in accounting estimates

a.

Changes in accounting policies required by IFRS:

None

b.

Changes in accounting policies due to other reasons:

None

c.

Changes in accounting estimates:

None

  1. Number of issued shares (ordinary shares)
    a. Total number of issued shares at the end of the period (including treasury shares)

As at March 31, 2021

309,000,000 shares

As at December 31, 2020

309,000,000 shares

  1. Number of treasury shares at the end of the period

As at March 31, 2021

3 shares

As at December 31, 2020

3 shares

  1. Average number of outstanding shares during the period (cumulative from the beginning of the year)

Three months ended March 31, 2021

308,999,997 shares

Three months ended March 31, 2020

308,999,997 shares

  • Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation.
  • Proper use of earnings forecast, and other special matters

The earnings forecast contained in these materials are based on our judgment attributable to information available to the Company and the Group as of the date of announcement of these materials, and include certain risks and uncertainties. These statements are not intended as a promise by the Company to achieve such results. Actual business results may differ substantially due to various factors such as economic situation surrounding the Company and the Group, market trend, exchange rates and other factors.

Attached Materials

Index

1.

Qualitative Information Regarding Settlement of Accounts for the First Three Months.................

2

(1)

Operating results ..............................................................................................................................

2

(2)

Financial position.............................................................................................................................

3

(3)

Analysis of cash flows .....................................................................................................................

4

(4)

Consolidated earnings forecast and other forward-looking statements ...........................................

4

2. Condensed Quarterly Consolidated Financial Statements and Significant Notes Thereto

(Unaudited)..................................................................................................................................................

5

(1)

Condensed quarterly consolidated statement of financial position..................................................

5

(2)

Condensed quarterly consolidated statement of profit or loss .........................................................

7

(3)

Condensed quarterly consolidated statement of comprehensive income.........................................

8

(4)

Condensed quarterly consolidated statement of changes in equity..................................................

9

(5)

Condensed quarterly consolidated statement of cash flows...........................................................

10

(6)

Notes to condensed quarterly consolidated financial statements ...................................................

11

(Going concern) .............................................................................................................................

11

- 1 -

1. Qualitative Information Regarding Settlement of Accounts for the First Three Months

  1. Operating results
    Suntory Beverage & Food Limited Group (the Group), based on the philosophy of enriching consumers' lives by proposing premium and unique products that match the tastes and needs of consumers, put effort into brand reinforcement and new demand creation, and worked to improve the quality of products. In addition, the Group worked to strengthen profitability in each area.
    Whereas the novel coronavirus disease (COVID-19) pandemic has continued to affect respective countries since the end of last year, there has been a marked return in human activity since March as authorities ease restrictions particularly with respect to lockdowns and requests for voluntary business shutdowns mainly in Japan and Europe. As such, we achieved progress beyond our expectations in the first quarter amid a situation where the Company's business has been on a steady recovery trend underpinned by this external environment.
    As a result of the above, for the operating results of the first three months of the year ending December 31, 2021, the Group reported consolidated revenue of ¥269.8 billion, down 2.7% year on year. Consolidated operating income was ¥19.8 billion, down 0.2% year on year. Furthermore, profit for the period attributable to owners of the Company was ¥10.7 billion, down 16.2% year on year.
    Results by segment are described below.
    The Company implemented changes to its organization on January 1, 2021, to achieve dramatic growth in key markets in the Asia and Oceania regions. As a result of this restructuring, the reportable segments, which until now comprised "Japan business," "Europe business," "Asia business," "Oceania business," and "Americas business," effective from the first three months of the year ending December 31, 2021, comprise "Japan business," "Asia Pacific business," "Europe business," and "Americas business." To present comparisons with the previous corresponding periods, the figures for the first three months of the year ended December 31, 2020, have been reclassified into the reportable segments after the change.

< Japan business >

Performance of the overall beverage market presumably underperformed that of the same period of the previous fiscal year largely due to effects of restrictions imposed on human activity as a result of the government having prolonged its state of emergency declaration. Although the Company's sales volume also dropped year on year, its market share increased amid initiatives to strengthen its core brands with a focus on the water, coffee, and sugar-free tea categories.

Sales volume for the Suntory Tennensui brand as a whole decreased slightly year on year as a result of sales of large PET bottle format product lapping higher stock piling demand for such products in March 2020, but sales of the Suntory Tennensui Sparkling series increased substantially as a result of our having tapped in-home demand. For the BOSS brand, although sales of the brand as a whole were lower year on year, there was a substantial increase in sales of the Craft BOSS series, which was renewed in March. In the sugar-free tea category, overall sales volume of the Iyemon brand greatly exceeded that of the same period of the previous year due to renewal of the Iyemon brand and contribution of Iyemon Koi Aji, which was newly released in February.

In terms of profit, we carried out cost reduction activities, and also worked to improve efficiency in the use of sales promotion and advertising costs, but the decline in sales volume and the change of channel mix continued to have a negative impact.

As a result, the Japan business reported revenue of ¥134.2 billion, down 8.6% year on year, and segment profit of ¥4.0 billion, down 44.0% year on year.

- 2 -

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 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 13:03:09 UTC.


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Sales 2021 1 267 B 11 509 M 11 509 M
Net income 2021 69 652 M 633 M 633 M
Net cash 2021 36 868 M 335 M 335 M
P/E ratio 2021 22,1x
Yield 2021 1,63%
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Suntory Beverage & Food Limited Technical Analysis Chart | 2587 | JP3336560002 | MarketScreener
Technical analysis trends SUNTORY BEVERAGE & FOOD LIMITED
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 4 825,00 JPY
Average target price 5 347,25 JPY
Spread / Average Target 10,8%
EPS Revisions
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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