FY2023 H1 Consolidated Financial Results Highlight | ||||||
◆Financial Results Highlight | (Billions of yen) | |||||
FY2023 H1 | FY2022 H1 | YoY | Remarks | |||
Revenue | 1,253.0 | 1,151.3 | 101.7 | 8.8% | +5.8% YoY at | |
Constant Currency Basis | ||||||
Revenue excluding liquor tax | 988.6 | 896.7 | 92.0 | 10.3% | +7.0% YoY at | |
Constant Currency Basis | ||||||
Core Operating Profit *1 | 102.9 | 91.0 | 12.0 | 13.2% | +9.0% YoY at | |
Constant Currency Basis | ||||||
Operating profit | 96.1 | 81.4 | 14.7 | 18.0% | ||
EBITDA *2 | 164.4 | 149.6 | 14.8 | 9.9% | ||
Profit before tax | 92.5 | 78.7 | 13.8 | 17.6% | ||
Profit for the period | 66.0 | 57.1 | 8.9 | 15.5% | ||
Profit attributable to owners of parent | 65.8 | 57.0 | 8.8 | 15.4% | ||
Adjusted profit attributable to owners of parent *3 | 66.4 | 66.3 | 0.1 | 0.1% | ||
*1 Core Operating Profit is the reference index for normalized business performance. Core Operating Profit = Revenue - (COGS + general administrative cost)
*2 EBITDA = Core Operating Profit + amortization of intangible assets + depreciation *3 Adjusted profit attributable to owners of parent
- Profit attributable to owners of parent - one off special factors including business portfolio restructuring and impairment loss Figures are adjusted on after-tax basis for the loss from the reorganization of production and logistics bases in the FY2022 forecast.
FY2023 H1 | FY2022 H1 | YoY | ||
EPS (yen) | 129.9 | 112.5 | 17.4 | |
Adjusted EPS (yen) *4 | 131.0 | 130.8 | 0.2 | |
*4 Calculated based on Adjusted profit attributable to owners of parent.
◆Reference Data | Including liquor tax | Excluding liquor tax | |||||||||
FY2023 H1 | FY2022 H1 | YoY | FY2023 H1 | FY2022 H1 | YoY | ||||||
Alcohol Beverages Business | 11.1% | 8.4% | 2.7% | 17.7% | 13.7% | 4.0% | |||||
Non-Alcohol Beverages Business | 7.9% | 7.6% | 0.3% | 7.9% | 7.6% | 0.3% | |||||
Food Business | 9.2% | 9.7% | -0.5% | 9.2% | 9.7% | -0.5% | |||||
Japan | 8.5% | 7.1% | 1.4% | 10.9% | 9.3% | 1.6% | |||||
Europe | 10.9% | 10.9% | 0.0% | 13.2% | 13.4% | -0.2% | |||||
Oceania | 14.7% | 16.0% | -1.3% | 19.9% | 21.4% | -1.5% | |||||
Southeast Asia | 1.7% | - | - | 1.7% | - | - | |||||
Core Operating Profit margin | 8.2% | 7.9% | 0.3% | 10.4% | 10.1% | 0.3% | |||||
EBITDA margin | 13.1% | 13.0% | 0.1% | 16.6% | 16.7% | -0.1% | |||||
- Supplement 1 -
Summary of Statement of Profit or Loss
(Billions of yen) | ||||||
FY2023 H1 | FY2022 H1 | Inc./Dec. | YoY | Remarks | ||
Alcohol Beverages Business | 363.3 | 356.0 | 7.3 | 2.1% | ||
Non-Alcohol Beverages Business | 177.5 | 174.6 | 2.9 | 1.7% | ||
Food Business | 63.3 | 61.4 | 1.8 | 3.0% | ||
Other/elimination in segment | 17.9 | 7.8 | 10.1 | 129.8% | ||
Japan | 622.0 | 599.9 | 22.1 | 3.7% | ||
Europe | 315.3 | 265.2 | 50.1 | 18.9% | +9.5% YoY at | |
Constant Currency Basis | ||||||
Oceania | 286.5 | 261.1 | 25.4 | 9.7% | +6.5% YoY at | |
Constant Currency Basis | ||||||
Southeast Asia | 27.9 | 25.1 | 2.8 | 11.2% | +5.4% YoY at | |
Constant Currency Basis | ||||||
Other Business | 6.3 | 3.8 | 2.5 | 64.9% | +63.3% YoY at | |
Constant Currency Basis | ||||||
Adjustments (corporate and elimination) | - 5.1 | - 3.9 | - 1.2 | - | ||
Revenue | 1,253.0 | 1,151.3 | 101.7 | 8.8% | +5.8% YoY at | |
Constant Currency Basis | ||||||
Alcohol Beverages Business | 40.3 | 29.9 | 10.4 | 34.8% | ||
Non-Alcohol Beverages Business | 14.0 | 13.3 | 0.7 | 5.1% | ||
Food Business | 5.8 | 6.0 | - 0.2 | - 2.9% | ||
Other/elimination in segment | - 7.1 | - 6.3 | - 0.8 | - | Including administrative | |
expenses in Japan | ||||||
Japan | 52.9 | 42.8 | 10.1 | 23.7% | ||
Europe | 34.5 | 28.9 | 5.6 | 19.5% | +7.0% YoY at | |
Constant Currency Basis | ||||||
Oceania | 42.2 | 41.8 | 0.4 | 1.1% | -1.9% YoY at | |
Constant Currency Basis | ||||||
Southeast Asia | 0.5 | - 0.2 | 0.7 | - | ||
Other Business | 0.8 | 0.7 | 0.1 | 11.3% | +7.8% YoY at | |
Constant Currency Basis | ||||||
Adjustments (corporate and elimination) | - 10.1 | - 6.6 | - 3.6 | - | ||
Amortization of acquisition-related intangible assets | - 17.9 | - 16.4 | - 1.5 | - | ||
Core Operating Profit | 102.9 | 91.0 | 12.0 | 13.2% | +9.0% YoY at | |
Constant Currency Basis | ||||||
Adjustment item | - 6.9 | - 9.6 | 2.7 | - | ||
Loss (gain) on sales and retirement of | - 0.4 | 8.1 | - 8.5 | - | ||
non current assets | ||||||
Business integration expenses | - 4.3 | - 2.3 | - 2.0 | - | ||
Impairment loss | - 0.7 | - 12.8 | 12.0 | - | ||
Others | - 1.5 | - 2.6 | 1.1 | - | ||
Operating profit | 96.1 | 81.4 | 14.7 | 18.0% | ||
Finance income or loss | - 3.9 | - 4.2 | 0.3 | - | ||
Profit (loss) from sales of investments accounted | 0.3 | 0.2 | 0.0 | 21.3% | ||
for using equity method | ||||||
Others | 0.0 | 1.2 | - 1.2 | - 97.1% | ||
Profit before tax | 92.5 | 78.7 | 13.8 | 17.6% | ||
Income tax expense | - 26.5 | - 21.6 | - 4.9 | - | ||
Profit | 66.0 | 57.1 | 8.9 | 15.5% | ||
Profit attributable to owners of parent | 65.8 | 57.0 | 8.8 | 15.4% | ||
Profit attributable to non-controlling interests | 0.2 | 0.1 | 0.1 | 98.8% | ||
Adjusted profit attributable to owners of parent | 66.4 | 66.3 | 0.1 | 0.1% | ||
- Supplement 2 -
Summary of Statement of Financial Position | ||||||
(Billions of yen) | ||||||
End of | End of | Comparison | Remarks | |||
with end of | ||||||
FY2023 H1 | FY2022 | |||||
FY2022 | ||||||
Total assets | 5,265.5 | 4,830.3 | 435.1 | |||
Total equity | 2,378.8 | 2,062.9 | 315.9 | |||
Total equity attributable to owners of parent | 2,375.4 | 2,060.7 | 314.7 | |||
Interest-bearing debt *1 | 1,571.1 | 1,497.3 | 73.8 | |||
*1 | Regarding the interest-bearing debt, difference between the amount stated above as comparison with end of FY2022 and the 15.4 billion | |||||
yen in financial obligations - borrowings and repayments stated on page 5 was mainly due to the effect of foreign exchange rates on | ||||||
foreign-currency-denominated financial obligations. | ||||||
Others | ||||||
◆Capital expenditures/Depreciation | (Billions of yen) | |||||
FY2023 H1 | FY2022 H1 | YoY | Remarks | |||
Capital expenditures *2 | 34.5 | 36.3 | - 1.7 | |||
Depreciation *2 | 43.6 | 42.2 | 1.3 | |||
*2 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
◆Details of amortization of intangible assets | (Billions of yen) | ||||
FY2023 H1 | FY2022 H1 | YoY | Remarks | ||
Japan | - 0.9 | - 0.9 | - | ||
Europe | - 11.0 | - 9.6 | - 1.4 | ||
Oceania | - 5.9 | - 5.8 | - 0.2 | ||
Southeast Asia | - 0.1 | - 0.0 | - 0.0 | ||
Other Business | - | - 0.1 | 0.1 | ||
Total | - 17.9 | - 16.4 | - 1.5 | ||
◆Details of amortization of intangible assets | (Yen) | ||||
FY2023 H1 | FY2022 H1 | ||||
(Average) | (Average) | ||||
Euro | 145.9 | 134.4 | |||
Australian dollar | 91.2 | 88.5 | |||
Malaysia Ringgit | 30.3 | 28.8 | |||
US dollar | 135.0 | 123.1 | |||
- Supplement 3 -
Consolidated Statement of Financial Position
(Billions of yen) | ||||
End of | End of | Inc./Dec. | Remarks | |
FY2023 H1 | FY2022 | |||
Current assets | 832.6 | 737.5 | 95.1 | |
Cash and cash equivalents | 58.8 | 37.4 | 21.3 | |
Trade and other receivables | 425.7 | 415.7 | 10.0 | |
Inventories | 285.0 | 235.0 | 50.1 | |
Income tax receivables | 11.6 | 7.4 | 4.2 | |
Other financial assets | 10.6 | 10.0 | 0.6 | |
Other current assets | 40.9 | 32.1 | 8.9 | |
Non-current assets | 4,432.8 | 4,092.8 | 340.0 | |
Property, plant and equipment | 873.0 | 834.7 | 38.3 | |
Goodwill and intangible assets | 3,302.7 | 3,027.9 | 274.8 | |
Investments accounted for using equity method | 10.4 | 6.7 | 3.7 | |
Other financial assets | 141.3 | 125.8 | 15.5 | |
Deferred tax assets | 63.0 | 54.9 | 8.1 | |
Net defined benefit assets | 23.2 | 24.0 | - 0.8 | |
Other non-current assets | 19.2 | 18.8 | 0.4 | |
Total assets | 5,265.5 | 4,830.3 | 435.1 | |
Current liabilities | 1,410.1 | 1,265.9 | 144.2 | |
Trade and other payables | 620.2 | 591.9 | 28.3 | |
Bonds and borrowings (current) | 498.0 | 367.3 | 130.7 | |
Income tax payables | 28.5 | 30.9 | - 2.4 | |
Allowance | 20.8 | 14.1 | 6.7 | |
Other financial liabilities | 105.5 | 136.0 | - 30.4 | |
Other current liabilities | 137.2 | 125.8 | 11.4 | |
Non-current liabilities | 1,476.5 | 1,501.5 | - 25.0 | |
Bonds and borrowings (non-current) | 1,073.1 | 1,130.0 | - 56.9 | |
Net defined benefit liabilities | 19.2 | 20.3 | - 1.1 | |
Deferred tax liabilities | 234.4 | 213.5 | 20.9 | |
Other financial liabilities | 143.1 | 131.8 | 11.3 | |
Other non-current liabilities | 6.6 | 5.8 | 0.8 | |
Total liabilities | 2,886.6 | 2,767.4 | 119.2 | |
Issued capital | 220.0 | 220.0 | - | |
Share premium | 161.8 | 161.8 | 0.0 | |
Retained earnings | 1,202.1 | 1,165.5 | 36.6 | |
Treasury shares | - 1.2 | - 1.2 | 0.0 | |
Other components of equity | 792.6 | 514.5 | 278.1 | |
Non-controlling interests | 3.4 | 2.2 | 1.2 | |
Total equity | 2,378.8 | 2,062.9 | 315.9 | |
Total liabilities and equity | 5,265.5 | 4,830.3 | 435.1 | |
Main points of Consolidated Statement of Financial Position
Total assets: Assets increased by 435.1 billion yen compared to the end of the previous fiscal year
mainly due to increases in goodwill and intangible assets resulting from yen depreciation compared to the end of the previous fiscal year.
Total equity: We increased retained earnings due to the recording of profit attributable to owners of parent, and foreign currency translation adjustments due to fluctuations in the foreign exchange market. Therefore, total equity increased by 315.9 billion yen compared to the end of the previous fiscal year.
- Supplement 4 -
Summary of Statement of Cash Flows
(Billions of yen) | ||||||
FY2023 H1 | FY2022 | H1 | Inc./Dec. | Remarks | ||
Cash flows from (used in) operating activities | 94.9 | 89.4 | 5.5 | |||
(Profit before tax) | 92.5 | 78.7 | 13.8 | |||
(Depreciation) *1 | 43.6 | 42.2 | 1.3 | |||
(Amortization of acquisition-related intangible assets) | 17.9 | 16.4 | 1.5 | |||
(Income tax paid) | - 33.3 | - 40.8 | 7.5 | |||
Cash flows from (used in) investing activities | - 61.4 | - 20.9 | - 40.5 | |||
(Income from sales of tangible and intangible fixed assets) | 5.5 | 19.3 | - 13.7 | |||
(Acquisition of stock of subsidiaries) | - 3.6 | - | - 3.6 | |||
(Capital expenditure) *1 | - 34.5 | - 36.3 | 1.7 | |||
(Payments for contingent consideration) | - 18.6 | - | - 18.6 | |||
Cash flows from (used in) financing activities | - 26.4 | - 81.7 | 55.3 | |||
(Financial obligations - borrowings and repayment)*2 | 15.4 | - 41.5 | 56.9 | |||
(Dividends paid) | - 29.4 | - 27.9 | - 1.5 | |||
Translation difference | 14.7 | 11.2 | 3.5 | |||
Increase (decrease) of cash and cash equivalents | 21.9 | - 1.9 | 23.9 | |||
*1 Capital expenditures and depreciation do not include lease assets or trademarks at the time of acquisition of subsidiaries.
*2 "Financial obligations - borrowings and repayment" refers to borrowing proceeds and repayment expenditure as well as proceeds due to bond issuance and expenditure due to redemption.
The difference compared with the amount stated on page 3 as comparison of interest-bearing debt with end of FY2022 was mainly due to the effect of foreign exchange rates on foreign-currency-denominated financial obligations.
- Supplement 5 -
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Asahi Group Holdings Ltd. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 06:18:08 UTC.