English Translation
August 9, 2022
Summary of Consolidated Financial Results | |
for the First Six Months of the Year Ending December 31, 2022 | |
(UNAUDITED) | |
Company name: | Suntory Beverage & Food Limited |
Shares listed: | Tokyo Stock Exchange |
Securities code: | 2587 |
URL: | https://www.suntory.com/sbf/ |
Representative: | Kazuhiro Saito, Chief Executive Officer |
Inquiries: | Kazushi Ishikawa, Chief Financial Officer, Corporate Strategy Division |
TEL: +81-3-5579-1837 (from overseas) |
Scheduled date to file quarterly securities report: | August 10, 2022 |
Scheduled date to commence dividend payments: | September 6, 2022 |
Preparation of supplementary material on quarterly financial results: | Yes |
Holding of quarterly financial results presentation meeting (for institutional investors and analysts): | Yes |
(Millions of yen with fractional amounts discarded, unless otherwise noted)
1. Consolidated financial results for the first six months of the year ending December 31, 2022 (from January 1, 2022 to June 30, 2022)
(1) | Consolidated operating results | |||||||||
(Percentages indicate year-on-year changes) | ||||||||||
Revenue | Operating income | Profit before tax for the | Profit for the period | |||||||
period | ||||||||||
Six months ended | (Millions of yen) | (%) | (Millions of yen) | (%) | (Millions of yen) | (%) | (Millions of yen) | (%) | ||
June 30, 2022 | 679,009 | 12.4 | 80,370 | 33.1 | 80,206 | 35.2 | 58,108 | 43.4 | ||
June 30, 2021 | 603,835 | 9.3 | 60,401 | 69.1 | 59,343 | 69.0 | 40,508 | 52.5 | ||
Profit for the period | Comprehensive income | Basic earnings | Diluted earnings | |||||||
attributable to owners of | ||||||||||
for the period | per share | per share | ||||||||
the Company | ||||||||||
Six months ended | (Millions of yen) | (%) | (Millions of yen) | (%) | (Yen) | (Yen) | ||||
June 30, 2022 | 48,734 | 51.5 | 129,486 | 80.0 | 157.72 | - | ||||
June 30, 2021 | 32,159 | 53.7 | 71,927 | - | 104.07 | - | ||||
(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) | (%) | ||||||
June 30, 2022 | 1,848,875 | 1,056,633 | 956,528 | 51.7 | ||||||
December 31, 2021 | 1,676,926 | 943,952 | 860,593 | 51.3 | ||||||
(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 | |
Six months ended | (Millions of yen) | (Millions of yen) | (Millions of yen) | (Millions of yen) |
June 30, 2022 | 80,562 | (8,170) | (32,837) | 224,426 |
June 30, 2021 | 88,976 | (24,168) | (72,559) | 162,280 |
2. Dividends
Annual cash dividends | ||||||
First quarter-end | Second quarter-end | Third quarter-end | Fiscal year-end | Total | ||
(Yen) | (Yen) | (Yen) | (Yen) | (Yen) | ||
Fiscal year ended | - | 39.00 | - | 39.00 | 78.00 | |
December 31, 2021 | ||||||
Fiscal year ending | - | 39.00 | ||||
December 31, 2022 | ||||||
Fiscal year ending | ||||||
December 31, 2022 | - | 39.00 | 78.00 | |||
(Forecast) | ||||||
Note: | Revisions to the forecast of dividends most recently announced: None |
3. Consolidated earnings forecast for the fiscal year ending December 31, 2022 (from January 1, 2022 to December 31, 2022)
(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) | ||||||||
Fiscal year ending | 1,369,000 | 7.9 | 125,500 | 5.8 | 124,000 | 5.9 | 88,500 | 6.6 | 73,500 | 7.0 | 237.86 | |
December 31, 2022 | ||||||||||||
Note: | Revisions to the earnings forecast most recently announced: None |
* Notes
- Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None
- 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 |
- Number of issued shares (ordinary shares)
a. Total number of issued shares at the end of the period (including treasury shares)
As at June 30, 2022 | 309,000,000 shares |
As at December 31, 2021 | 309,000,000 shares |
- Number of treasury shares at the end of the period
As at June 30, 2022 | 57 shares |
As at December 31, 2021 | 31 shares |
- Average number of outstanding shares during the period (cumulative from the beginning of the year)
Six months ended June 30, 2022 | 308,999,960 shares |
Six months ended June 30, 2021 | 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 Six Months..................... | 2 |
(1) | Operating results .............................................................................................................................. | 2 |
(2) | Financial position............................................................................................................................. | 4 |
(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 |
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1. Qualitative Information Regarding Settlement of Accounts for the First Six Months
-
Operating results
Suntory Beverage & Food Limited Group (the Group), based on the philosophy of always starting from consumers, pursuing to create new taste, well-being and joy, and aiming to be the most locally beloved company by proposing premium and unique products that match the tastes and needs of consumers, worked to 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.
The Group continued strong growth, with the strong demand of the first quarter continuing in the second quarter in Europe and the Americas together with contribution from a relaxation of rules regarding COVID-19 in Japan and the Asia Pacific from the second quarter due to fewer infections. As a result of continuing initiatives that were started at the beginning of the year to concentrate efforts on core brands in all segments, the Group continued to expand market share in the major countries.
The Group posted overall revenue that was above expectations.
Operating income was also higher than expected, because although there was an increasing effect from soaring raw material prices and energy prices in the second quarter, the Group was able to continue cost cutting activities in all segments while benefiting from the growth in revenue.
For the operating results of the first six months of the year ending December 31, 2022, the Group reported consolidated revenue of ¥679.0 billion, up 12.4% year on year. Consolidated operating income was ¥80.4 billion, up 33.1% year on year. Furthermore, profit for the period attributable to owners of the Company was ¥48.7 billion, up 51.5% year on year.
Results by segment are described below.
< Japan business >
In the second quarter, the beverage market performed stronger year on year (based on the Company's own estimation), which was due to the beginning of the recovery in demand accompanying the lifting of priority preventative measures in addition to favorable weather conditions. The Company carried out initiatives to strengthen its core brands with a focus on the water, coffee, and sugar-free tea categories, and received contributions from sales of new products and marketing activities. This led the Company to significantly increase its sales volume year on year to the highest on record for the first six-month period and further increase market share. For the Suntory Tennensui brand, record- high sales volume was achieved for the first six-month period for the overall brand, with large year- on-year increases being seen for both the large bottles and the small bottles (500 ml PET, etc.). For the BOSS brand, the overall sales volume of the brand increased year on year. In the Craft BOSS series, growth of the coffee and tea series, which were renewed in February, continued. In the sugar- free tea category, a record-high sales volume for the overall Iyemon brand was achieved for the first six-month period. Sales volume grew for the Iyemon Kyoto Blend as well as the Iyemon Koi Aji, which was newly released in February as a food with functional claims. In addition, the sales trend for Tokucha, which was renewed in April, recovered greatly, achieving a year-on-year increase for the first six months.
With the contribution of considerably increased sales volumes, revenue for the first six months recovered to on par with expectations.
In terms of segment profit, although concerted efforts in cost management are continuing, including supply chain cost cutting, the greater-than-expected impact from exchange rates and the soaring price of raw materials hit especially hard from the second quarter.
The Japan business reported revenue of ¥305.9 billion, up 2.6% year on year, and segment profit of ¥14.1 billion, down 19.6% year on year.
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Suntory Beverage & Food Limited published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 07:15:05 UTC.