Financial Results Presentation for H1 2016 · 2016-08-16 · Financial Results Presentation for H1...

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Financial Results Presentation for H1 2016

August 2016

Long Term Vision＆

Medium-Term Management Policy

Chairman and Representative Director, CEONaoki Izumiya

◆ Business vision of the future ten years out

Overview of Long Term Vision


1

As a comprehensive beverage and food business groupwhose core business is alcohol beverages, aim to be an industry leader in Japan with high value addition as a key area of focusand establish a unique position as a global player that leverages strengths originating in Japan.

＜Sales by Business and Growth＞

Industry leader in high added value

Alcohol Beverages

Soft Drinks

FoodOverseas

Efforts to become a global player

(JPY billion)

Aiming at Further Development of Managementfor Corporate Value Enhancement

Overview of Medium-Term Management Policy


2

◆ Strengthening of earnings power by positioning the domestic profit base as the cornerstone of earnings and the overseas business as a growth engine

・ Promote innovation and demonstration of leadership in the industry with high added value and differentiation as key areas of focus

・ Reform the earnings structure reforms and business model evolution through business integration and value chain sophistication

・ Acquire foundations for growth, mainly in overseas markets, leveraging strengths originating in Japan

◆ Asset and capital efficiency improvement that takes into consideration capital cost・ Capital efficiency improvement with an emphasis on equity spread (ROE - cost of shareholders' equity)・ Business administration and business portfolio restructuring utilizing ROIC (rate of return on invested

capital) as a performance indicator

◆ Reinforcement of ESG (environmental, social, and governance) initiativesto increase sustainability

・ Upgrade intangible assets such as nature, social and relationship capital, and personnel and its development toward a CSV (creating shared value) strategy

・ Implement “active corporate governance” that contributes to the practice of management to enhance corporate value

⇒ Promote constructive dialogue by positioning the above key priorities as an engagement agenda

Financial Results for H1 2016Supplementary Information

Managing Director and Managing Corporate Officer (CFO)

Yoshihide Okuda

Financial Results Highlights for H1 2016


3

【Sales】・H1: Finished above target with JPY6.9 billion year-on-year increase due to strong performance from the domestic businesses,despite lower sales from Overseas business due to foreign exchange impact (negative JPY17.7 billion)

・Annual forecast: Revised downward by JPY10.0 billion to JPY1,860.0 billion, mainly due to a review of foreign exchange impact(negative JPY17.8 billion)

【Operating income】・H1: Finished above target with JPY5.2 billion year-on-year increase driven by revenue growth, mainly of core brands in the domesticbusinesses, and lower production costs

・Annual forecast: Revised upward by JPY3.7 billion in total operating income to JPY40.7 billion on upward revisions centered onSoft Drinks and Food Businesses

【Profit attributable to owners of the parent】・H1: Achievement of JPY28.5 billion, JPY8.7 billion above the target, driven by improving asset efficiencies, despite deterioration ofnon-operating income / loss because of special factors

・Annual forecast: Original target of JPY80.0 billion left unchanged in light of factors including risk of deterioration in non-operatingincome / loss and extraordinary income / loss

(Unit: JPY billion)H1 (ended June 30) 2016 revised forecast (announced on August 3)YoY (Amount/%) Against Target YoY (Amount/%) Against Initial Target

Alcohol Beverages Business 458.8 11.9 2.7% 1.3 1,018.9 13.0 1.3% -0.6 Soft Drinks Business 232.8 5.4 2.4% 2.4 488.6 11.3 2.4% 8.0 Food Business 59.2 3.7 6.6% 5.7 122.1 4.9 4.2% 9.6 Overseas Business 109.8 -14.0 -11.3% -6.8 224.4 -26.1 -10.4% -24.6 Other Business 48.6 2.3 4.9% 0.4 101.5 4.2 4.4% 0.0 Adjustment (corporate / elimination) -45.6 -2.3 - 0.6 -95.5 -4.8 - -2.4

Sales 863.7 6.9 0.8% 3.7 1,860.0 2.6 0.1% -10.0 Alcohol Beverages Business 46.2 1.9 4.2% 1.3 120.7 1.0 0.8% 0.4 Soft Drinks Business 12.3 2.3 22.8% 1.9 29.1 3.8 15.2% 2.1 Food Business 4.8 1.7 54.9% 1.5 10.0 1.6 18.4% 1.5 Overseas Business 5.5 -0.1 -1.8% 1.9 14.2 0.2 1.8% -0.6 Other Business 0.3 -0.5 -61.2% 0.4 2.0 -0.4 -18.3% 0.1 Adjustment (corporate / elimination) -9.4 -0.9 - 0.9 -21.1 -2.6 - -0.5 Amortization of goodwill and others -7.3 0.7 - 0.2 -14.2 2.0 - 0.7

Operating Income 52.5 5.2 10.9% 8.2 140.7 5.6 4.1% 3.7 Ordinary Income 45.1 -6.6 -12.8% 6.0 138.5 -7.4 -5.1% 0.5 Profit attributable to owners of the parent 28.5 -10.9 -27.7% 8.7 80.0 3.6 4.7% 0.0

Summary of Statements of Income


4

Ordinary IncomeProfit attributable to owners of the parent

【Ordinary income】・H1: A year-on-year decrease of JPY6.6 billion attributable to a deterioration of equity in net income of affiliates resulting fromspecial factors in the previous year

[The principal increase / decrease factors were non-recurrence of income accompanying a change in the form of equity ownership inCFI (negative JPY9.5 billion), Tingyi-Asahi Beverages Holding (negative JPY2.5 billion), Tsingtao Brewery (JPY0.6 billion), andIndonesia (approx. JPY0.5 billion)]

・Annual forecast: Revised upward by JPY0.5 billion to JPY138.5 billion, taking into account the upward revision to operating income andsecond-half foreign exchange impact

【Profit attributable to owners of the parent】・H1: Target exceeded by JPY8.7 billion driven by sales of real estate and investment securities, despite the non-recurrence of a gainrelated to subsidiaries and affiliates

・Annual forecast: Original target left unchanged, taking into account factors including the risk of a decrease in equity in net income ofaffiliates and securing funds for improvement in asset efficiency


Sales 863.7 6.9 0.8% 3.7 1,860.0 2.6 0.1% -10.0 Operating Income 52.5 5.2 10.9% 8.2 140.7 5.6 4.1% 3.7

Non-operating income or loss -7.4 -11.8 -2.2 -2.2 -13.0 -3.2 Income / expenses on financing activities 0.3 0.4 0.7 -0.8 0.1 0.6 Other income / expenses -7.7 -12.2 -2.9 -1.4 -13.1 -3.8 Equity in net income of affiliates -5.7 -11.1 -1.9 2.4 -11.8 -2.4 Others -2.0 -1.1 -1.0 -3.8 -1.3 -1.4

Ordinary Income 45.1 -6.6 -12.8% 6.0 138.5 -7.4 -5.1% 0.5 Extraordinary income or loss 0.3 0.1 5.3 -12.1 21.1 -0.1

Gain on sales and valuation of investment securities 1.5 0.9 1.5 1.5 3.2 1.5 Gain on sales and retirement of non-current assets 0.6 2.1 3.1 -3.5 0.6 1.5 Business integration expenses -1.4 0.4 0.4 -1.4 6.7 -1.4 Gain related to subsidiaries and affiliates - -4.5 - - -4.5 - Impairment Loss - - - - 19.9 - Other extraordinary items -0.4 1.2 0.3 -8.7 -4.8 -1.7

Income before taxes 45.4 -6.5 -12.6% 11.3 126.4 13.6 12.1% 0.4 Income taxes, etc. -17.3 -4.3 -3.0 -46.7 -9.1 -0.7 Non-controlling interest in income or loss 0.5 -0.1 0.4 0.3 -1.0 0.3

Profit attributable to owners of the parent 28.5 -10.9 -27.7% 8.7 80.0 3.6 4.7% 0.0

Summary of Statements of Income

Impact of introduction of IFRS


5

Note : Operating Income was calculated by adding depreciation and amortization on the figurebased on JGAAP, excluding Non-operating income / loss and extraordinary income / loss.

【Difference from the previous announcement on Feb. 9】 (JPY billion)・Adjustment of defined benefit cost : -3.0 (adjustment of the difference between JGAAP and IFRS)・Amortization of goodwill : -0.5 (adjustment by reviewing assumed foreign exchange rates)

（①）（②）（①＋②） (Unit: JPY billion)2016 est. IFRS IFRS adjustment 2015

JGAAP impact estimate JGAAP

Sales 1,860.0 - 160.0～ - 180.01,680.0～ 1,700.0 1,857.4

- 157.4～ - 177.4

- 14.2 9.0 - 5.2 - 16.3 11.0

Alcohol Beverages Business - 1.3 1.1 - 0.2 - 0.9 0.7

Soft Drinks Business - 3.0 1.3 - 1.7 - 3.0 1.3

Food Business - 0.4 0.4 0.0 - 0.4 0.4

Overseas Business - 9.4 6.2 - 3.2 - 11.8 8.6

Oceania business - 6.6 4.3 - 2.3 - 8.2 5.9

Southeast business - 2.8 1.9 - 0.8 - 3.6 2.7

Other Business - 0.2 0.0 - 0.2 - 0.2 0.0

Adjustment of depreciation - 50.0 - 1.0 - 51.0 - 46.6 - 4.4 Difference between JGAAP and IFRS

Adjustment of defined benefit cost - 3.0 - 3.0 Difference between JGAAP and IFRS

Operating Income * 140.7 5.0 145.7 135.1 10.6

- 3.5 3.5 0.0 - 3.5 3.5

Profit attributable to owners of the parent 80.0 8.5 88.5 76.4 12.1

Including sales deductions ofpromotion expenses

Amortization of goodwill total (equity method affiliates)

Non-amortization of goodwill (Tsingtao : 2.6, Tingyi : 0.9)

Amortization of goodwill total (consolidated subsidiaries)

Inc./Dec. Remarks

Non-amortization of goodwill

Overview of the Results for H1 2016&

Future Business Strategy

President and Representative Director, COOAkiyoshi Koji

Executive Summary


6

◆ Sales and profit increases above targets achieved due to factors including expansion of a strong brand foundation・Nurtured and strengthened strong brands in the Alcohol beverages, Soft Drinks, and Food Businesses; implemented structural reforms in Oceania

・Strengthened the beer business and new value proposals; issues remain concerning the strategies for growth for China and Southeast Asia

◆ Expansion of the overseas foundations for growth through M&As・Expanded options in overseas strategies for growth through an agreement to acquire a European beer business

◆ Creation of strong brands centering on high value addition・Nurturing of strong brands and top-share categories in each business; practice of selection andconcentration

◆ Demonstration of leadership to lead the way in value competition・Promotion of added-value competition in products and sales activities; promotion of an industry-wide structure for cooperation and collaboration

◆ Endeavor to be a global player that leverages strengths originating in Japan・European beer business PMI, restructuring of the business portfolio, and expansion of the foundationsfor growth

Future Management Key Issues

Overview of the Results for H1 2016

Alcohol Beverages Business (Sales Volume of Beer-type)


7

【Market Total】・H1: Volume decrease in the Happoshu and New Genre categories, despite reinforcement by brewers of marketing activities centered on beer, and year-on-year contraction of 1% to 2% in total volume. Similar trend expected forfull-year sales volume

【Sales Volume of Asahi Breweries】・H1: A 1.1% year-on-year increase and results above target achieved due to strong performance from New Genreproducts, despite a year-on-year volume decrease for Beer and HapposhuBeer: 1.7% decrease in total volume due to lower volumes of Extra Sharp, Dry Premium, and other productsHapposhu: 3.7% decrease in total volume, despite a year-on-year increase for the Style Free brand (+2.3%)New genre: 10.2% increase in total volume, with strong performance from the Clear Asahi brand (+11.3%) due to

factors including the impact of brand renewal・Annual forecast: Forecast unchanged, with Beer revised downward and Happoshu and New Genre revised upward

(Millions of cases) ＜Market Total＞H1 (ended June 30) 2016 revised forecast (announced on August 3) Jan. - June 2016 forecastYoY (Amount/%) Against Target YoY (Amount/%) Against Initial Target YoY YoY

Beer 45.62 -0.79 -1.7% -1.88 105.50 -0.56 -0.5% -3.00 ±0％ 0~-1%Happoshu 7.15 -0.27 -3.7% 0.85 14.00 -1.80 -11.4% 0.50 -8~-9% -6~-7%New Genre 20.18 1.87 10.2% 1.38 42.00 3.01 7.7% 2.50 -1% 0~-1%

Beer-type beverages Total 72.96 0.81 1.1% 0.36 161.50 0.65 0.4% - -1~2% -1~-2%

(Millions of cases) H1 (ended June 30) Jan. - June YoY

Super Dry Total 43.76 △ 1.66 -3.7% Bottle -6.3% Style Free Total 6.20 0.14 2.3% Can 1.0% Clear Asahi Total 16.68 1.69 11.3% Keg -2.7%

YoY (Amount/%)

Alcohol Beverages Business (Sales)


8

【Sales of Other than Beer-type beverages】・H1: A substantial increase in sales of wine due to factors including the impact of consolidation of ENOTECA, but a decrease in sales in the whiskey, brandy, spirits category from a high level the previous yearFurthermore, a JPY7.4 billion year-on-year increase in total sales of other alcohol beverages on substantial growth insales of RTD, mainly Mogitate A JPY0.9 billion increase in sales of alcohol taste beverages due to factors such as renewal of Dry Zero andthe launch of Healthy Style, a food for specified health uses (FOSHU)

・Annual forecast: Total sales of other alcohol beverages revised downward by JPY0.5 billion year on year, with whiskey,brandy, spirits and shochu revised downward, despite an upward revision of the strong-performing RTD category

・Alcohol taste beverages revised upward by JPY0.5 billion against the initial target, mainly because of strongperformance by Dry Zero in the non-alcohol beer-taste beverage category


Beer 246.8 -3.0 -1.2% -8.8 571.2 -3.1 -0.5% -16.0 Happoshu 27.7 -1.0 -3.4% 3.5 54.0 -7.1 -11.6% 1.9 New Genre 66.9 6.2 10.2% 4.7 138.8 9.7 7.5% 8.3

Beer-type beverages Total 341.4 2.2 0.7% -0.7 764.0 -0.5 -0.1% -5.8 Whiskey, Brandy, Spirits 25.9 -1.8 -6.5% -2.1 52.1 -5.8 -10.0% -5.8 Wine 18.6 6.2 49.9% 0.0 41.7 7.8 23.1% - RTD 16.0 3.5 27.7% 2.6 36.6 8.3 29.5% 6.1 Shochu 13.1 -0.5 -3.8% -0.3 28.0 -0.8 -2.7% -0.8 Other alcohol, etc. 0.0 -0.0 -24.7% -0.0 0.1 - 0.0% -

Other alocohol beverages Total 73.7 7.4 11.1% 0.2 158.5 9.6 6.4% -0.5 Alcohol taste beverages 13.6 0.9 6.7% 0.4 30.5 1.3 4.5% 0.5 Other, contracted manufacture, etc. 11.8 0.2 2.1% 2.0 25.8 2.5 10.6% 5.8 Total Sales 440.5 10.7 2.5% 1.9 978.7 12.9 1.3% -

Alcohol Beverages Business (Operating Income)


9

【H1 : Factors of Increase / Decrease】 (JPY billion)・＜Main Increase Factors＞

Beer-type - Increase in sales volume:+0.9 (Beer -1.4, Happoshu -0.3, New Genre +2.6)Other alcohol beverages – increase in sales volume:+2.9Cost reduction in manufacturing:+3.3 (Raw materials +1.1, Utilities +1.1,

Mix improvement of other than beer-type +0.8)・＜Main Decrease Factors＞

Cost increase in manufacturing:-0.5 (Raw materials -0.3)Increase in sales promotion expenses:-2.2 (Promotion -2.3, Advertisement +0.1 / Beer-type -1.5, Others -0.7)Increase in other expenses:-3.0

【Full Year : Factors of Increase / Decrease】 (JPY billion)・＜Main Increase Factors＞

Beer-type – Increase in sales volume:+1.1 (Beer -1.0, Happoshu -2.2, New Genre +4.3)Other alcohol beverages – increase in sales volume:+3.8Cost reduction in manufacturing:+4.5 (Raw materials +1.7, Utilities +1.4,

Mix improvement of other than beer-type +1.1)・＜Main Decrease Factors＞

Cost increase in manufacturing:-1.1 (Raw materials -0.5)Increase in sales promotion expenses:-3.9 (Promotion -3.6, Advertisement -0.3 / Beer-type -2.4, Others -1.5)Increase in other expenses:-4.1Note : +1.9 in Other alcohol beverages – increase in sales volume and -1.7 in Increase in other expenses are due to new consolidated effect of ENOTECA (Jan. – Mar.).

(Unit: JPY billion)H1 (ended June 30) 2016 revised forecast (announced on August 3)

Against Target Against Initial Target

Beer-type - Increase in sales volume - 0.9 -0.2 - 1.1 -0.8 Change in Beer-type - 0.3 -0.1 - 0.7 -0.4 Other alcohol beverages - increase in sales volume - 2.9 0.4 - 3.8 -0.0 Cost reduction in manufacturing - 3.3 1.1 - 4.5 2.2 Cost increase in manufacturing - -0.5 0.4 - -1.1 0.7 Increase in sales promotion expense 51.6 -2.2 -1.0 107.3 -3.9 -2.2 Increase in other expenses - -3.0 0.9 - -4.1 1.5

Asahi Breweries 45.7 1.7 3.9% 1.6 119.5 1.1 0.9% 1.0 Other / elimination in segment 0.5 0.1 48.4% -0.3 1.2 -0.1 -7.7% -0.6

Operating Income 46.2 1.9 4.2% 1.3 120.7 1.0 0.8% 0.4

YoY (Amount/%) YoY (Amount/%)

Overview of the efforts of Beer-type


10Note: Each share is calculated based on the taxation shipment volume.

◆ Clear Asahi brand sales performance

◆ Proposal of new value of Super DryProposal for “Koto” consumption utilizing brand power

(Millions of cases)

SpecialPackage

Limited Packagefor Olympics and

Paralympics

24.0% 24.5%25.6%

26.7%

29.3%

8.0%

13.0%

18.0%

23.0%

28.0%

0

10

20

30

40

2012 2013 2014 2015 2016(E)

Clear Asahi Prime RichSugar 0 OthersCompositon of Asahi

PrimeRich

Sugar0

Super Dry

Composition YoY

Can 46.7% 3.6%

Keg 32.0% - 2.5%

Bottle 21.3% - 6.4%

Total 100.0% - 0.8%

Container

Overview of the efforts of Other than Beer-type

◆ RTD category sales share performance ◆ Dry Zero sales share performance


11

◆ Sales and OP Margin Performance in other than Beer-type Beverages

Mogitate Launch on Apr. 5, 2016Full Year Target : 5.6 million cases

Shochu

RTD

Whiskey

Wine

Non-alcohol

(JPY billion)

Note: Wine figure in 2016 includes ENOTECA business

2015 2016 2015 2016

Soft Drinks Business (Sales Volume)


12

(Millions of cases) H1 (6months ended June 30) 2016 forecast (announced on August 3) Jan. - June

YoY (Amount/%) Against Target YoY (Amount/%) Against Initial Target YoYCarbonated drinks 27.54 1.04 3.9% 0.34 56.20 2.11 3.9% 1.00 UnchagedFruit juice 7.21 -0.58 -7.4% -0.59 15.00 -0.56 -3.6% -0.60 UnchagedCoffee 21.62 1.96 10.0% 1.82 44.70 2.27 5.3% 1.80 +2~3%Tea 19.64 0.64 3.4% 0.64 41.00 0.82 2.0% 0.90 +3~4%Functional 3.88 -0.87 -18.3% -1.02 9.00 -0.70 -7.2% -1.00 -Mineral water 12.08 -0.44 -3.5% -0.62 26.60 0.03 0.1% -0.40 +10~11%Other drinks * 8.66 -0.37 -4.1% -0.24 18.00 -0.51 -2.8% -0.30 -Calpis * 15.93 -0.15 -1.0% -0.47 33.90 0.18 0.5% -0.30 -Sales of other company's products 3.00 0.67 28.7% 0.80 6.60 0.90 15.7% 1.20 -

Sales Volume Total 119.57 1.91 1.6% 0.67 251.00 4.52 1.8% 2.30 +2~3%* Calpis includes the figures of Calpis brand (Calpis and Calpis water) and Other drinks includes the figures of other brands in the previous Calpis segment.

(Millions of cases)H1 (6months ended June 30) 2016 forecast (announced on August 3)

YoY (Amount/%) Against Initial Target

Mitsuya 19.36 -0.02 -0.1% 40.60 2.34 6.1% 0.60 Wilkinson 6.88 1.14 19.9% 13.20 0.58 4.6% 0.20 WONDA 20.76 1.65 8.6% 43.16 2.28 5.6% 1.66 Jurokucha 11.57 0.97 9.1% 24.50 2.28 10.3% 1.90 Oishii Mizu 12.08 -0.44 -3.5% 26.60 0.03 0.1% -0.40

YoY (Amount/%)

【Market Total】・H1: Volume increases in the tea and mineral water categories and a year-on-year increase of approx. 3% in total salesvolume due to factors including good weather and active new product introductions by beverage companies

【Sales Volume of Asahi Soft Drinks】・H1: 1.6% year-on-year increase in total sales volume and results above target achieved due to strong performance frombrands such as Wilkinson, Wonda, and Juroku-cha

・Annual forecast: Total volume revised upward to 251 million cases, with mineral water revised downward and coffee and tea revised upward

【H1 : Factors of Increase / Decrease】 (JPY billion)・＜Main Increase Factors＞

Increase in sales volume:+1.3, Change in production composition, etc.:+0.7, Cost reduction +1.9(Raw materials +0.5, Packages +0.7, Increase of rate of operation / in-house production +0.7)

・＜Main Decrease Factors＞Cost increase:-0.3 (Raw materials -0.2, other materials -0.1)Increase in sales promotion expenses:-1.8 (Promotion -2.1, Advertisement +0.3)

【Full Year : Factors of Increase / Decrease】 (JPY billion)・＜Main Increase Factors＞

Increase in sales volume:+2.5, Change in production composition, etc.:+1.0, Cost reducntion:+3.0(Raw materials +0.6, Packages +1.1, Increase of rate of operation / in-house production +1.3)

・＜Main Decrease Factors＞Cost increase:-0.8 (Raw materials -0.5, other materials -0.3)Increase in sales promotion expenses:-2.0, (Promotion -1.2, Advertisement -0.8)

Soft Drinks Business (Operating Income)


13

【LB】・H1: Operating income above target achieved due to factors including product mix improvement and production cost reductions, despite a sales decrease

・Annual forecast: Initial target achieved due to factors such as sales expansion of Calpis and long-shelf-life products, which are high-profit products, and expansion of group procurement

(Unit: JPY billion)H1 (ended June 30) 2016 revised forecast (announced on August 3)

Against Target Against Initial Target

Sales Volume Total 1,195.7 19.1 1.6% 6.7 2,510.0 45.2 1.8% 23.0 Sales Total 223.5 5.4 2.5% 2.6 468.0 10.8 2.4% 8.0

Increase in sales volume - 1.3 0.6 - 2.5 1.5 Change in production composition, etc. - 0.7 0.7 - 1.0 0.9 Cost reduction - 1.9 1.1 - 3.0 1.2 Cost increase - -0.3 0.1 - -0.8 0.1 Increase in sales promotion expenses - -1.8 -0.7 - -2.0 -1.5 Other expenses - 0.2 0.1 - 0.2 -0.2

Asahi Soft Drinks 11.9 2.0 20.4% 1.9 28.0 3.9 16.0% 2.0 LB 0.3 0.0 12.9% 0.0 0.8 0.1 0.0 Other / elimination in segment 0.2 0.2 - 0.0 0.3 -0.1 0.1

Operating Income 12.3 2.3 22.8% 1.9 29.1 3.8 2.1

YoY (Amount/%) YoY (Amount/%)

Overview of the efforts of Soft Drinks Business


14

◆ Main 6 brands composition trend

◆ Sales and OP margin performance ◆ YoY of containers and sales channels(Jan. – Jun. 2016)

Note : The figures in 2012 and 2013 include the sales before transition to Asahi

Container tyep Channel typeYoY YoY

Glass Bottle - 0.1% Vending machines 1.1%

PET Bottle Total 2.7% Over-the-countertotal 1.8%

PET large size - 0.5% Supermarket - 0.4%

PET small size 5.5% Convenience Store 5.5%

Can 2.8% Others 2.1%

Others - 24.1%

Note : The figures include the impact of business transition from Calpisin Sep. 2013 and that of business integration since Jan. 2016

(Millions of cases)

Food Business (Sales / Operating Income)


15

【Sales】・H1: A year-on-year increase of JPY3.7 billion and results above target achieved on strong performance from Mintiaand other products, despite a revision of the overseas freeze-dried business (down JPY2.7 billion) (Strong growth from the foods with function claims Dear-Natura Gold and Schwabe Ginkgo Biloba Leaf Extract, a new product)

・Annual forecast: Revised upward by JPY9.6 billion from the initial target to JPY122.1 billion through initiatives includingsales expansion for core brands and foods with function claims

*Includes revenue growth accompanying unification of sales recognition methods (first half: JPY2.4 billion / annual forecast: JPY4.9 billion)

【Operating income】・H1: A year-on-year increase of JPY1.7 billion and results above target achieved due to strong performance from core brands and production cost reductions, despite higher advertising and sales promotion expenses

・Annual forecast: Revised upward by JPY1.5 billion from the target to JPY10.0 billion driven by revenue growth andfurther promotion of product mix improvement


Asahi Group Foods 59.2 3.7 6.6% 5.9 122.1 5.1 4.4% 10.0 Other / elimination 0.0 -0.0 -38.3% -0.2 -0.0 -0.2 - -0.4

Sales Total 59.2 3.7 6.6% 5.7 122.1 4.9 4.2% 9.6


Asahi Group Foods 4.8 1.6 48.8% 1.5 9.8 1.3 14.6% 1.3 Other / elimination -0.0 0.1 - 0.0 0.2 0.3 - 0.2


Overview of the efforts of Food Business

◆ Main brands sales composition trend

◆ Sales and OP margin performance

◆ Mintia brand market share trend


16

(Billions of yen) (Billions of yen)

Overseas Business (Sales)


17

【Sales】・H1: Finished behind target with JPY14.0 billion year-on-year decrease mainly due to foreign exchange impact (JPY17.4 billion) ・Annual forecast: Total sales revised downward by JPY24.6 billion, mainly due to an exchange rate revision (JPY16.1 billion) anddownward revision for Indonesia business

*Malaysia: Includes negative impact from alignment of accounting treatment for sales recognition (first half: JPY0.9 billion /annual forecast: JPY1.5 billion)

【Sales (excluding foreign exchange impacts associated with conversion of local currencies into JPY)】H1・In Oceania, a year-on-year increase of 2.9% (Non-Alcohol business: -1% / Australian Alcohol business: +12% / New Zealand

Alcohol business: +5%)・In Southeast Asia, an increase of 2.7% driven by increase in Malaysia and Myanmar offsetting a decrease in Indonesia・In China, an increase of 8.3% through increased sales and exports of Super Dry and an increase in contract packaging of the Tsingtao brandAnnual forecast・In Oceania, aim for 3.6% increase by growing ahead of the market average in core categories and growing categories・In Southeast Asia, aim for 7.3% year-on-year increase through initiatives including strengthening investment in core brands and own brands・In China, aim for 6.2% increase from initiatives including new customer development and sales enhancement with Super Dry inon-premise and mass retailer channels.


Oceania business 68.8 -8.0 -10.4% -2.1 145.7 -17.5 -10.7% -8.4 Southeast Asia business 28.8 -4.6 -13.8% -4.0 56.6 -4.9 -7.9% -11.2 China business 10.1 -0.5 -4.5% 0.4 17.7 -2.3 -11.7% -2.2 Other / elimination in segment 2.1 -0.9 -30.7% -1.2 4.4 -1.3 -22.9% -2.8

Sales Total 109.8 -14.0 -11.3% -6.8 224.4 -26.1 -10.4% -24.6


Oceania business 79.0 2.2 2.9% -1.1 169.0 5.8 3.6% 0.0 Southeast Asia business 34.3 0.9 2.7% -2.7 66.0 4.5 7.3% -6.6 China business 11.4 0.9 8.3% 1.0 21.3 1.2 6.2% 0.0 Other / elimination in segment 2.5 -0.6 -16.6% -0.9 5.6 -0.2 -3.4% -1.9

Sales Total 127.2 3.4 2.7% -3.7 261.8 11.4 4.5% -8.5

Overseas Business (Operating Income)


18

【Operating income】・H1: Year-on-year decrease of JPY0.1 billion due to higher import costs in Oceania, despite profit increased in Southeast Asia and China

(including negative foreign exchange impact of JPY0.9 billion)・Annual forecast: Revised downward by JPY0.6 billion in total operating income, mainly due to a exchange rate review (negative JPY0.9 billion)

【Operating income (excluding foreign exchange impacts associated with conversion of local currencies into JPY)】H1・In Oceania, a year-on-year decrease of 16.8%, mainly due to increase in imported raw material cost driven by weak Australian dollar(negative JPY1.5 billion)

・In Southeast Asia, a year-on-year increase of 37.0% after achieving higher profit in Malaysia and successfully minimizing the deficit throughimproving plant capacity utilization in Indonesia

・In China, a year-on-year increase of 121.6% driven by revenue growth of Super Dry and improvement in product mix resulting fromexpansion of contract packaging of Tsingtao brands

Annual forecast・In Oceania, continue to aim for delivery of the initial target by strengthening core brands and driving further synergies despite the riskssurrounding the competitive environment

・In Southeast Asia, deliver initial target by achieving profit growth in all business through revenue increase and driving efficiency・In China, aim for delivery of the target (revised upward) through Asahi brand expansion and improving overall cost efficiencies


Oceania business 3.0 -1.1 -27.5% 1.4 10.3 -1.2 -10.3% -0.6 Southeast Asia business 1.7 0.2 11.7% -0.0 3.0 0.3 10.8% -0.2 China business 0.9 0.5 95.5% 0.4 1.1 0.2 30.2% 0.1 Other / elimination in segment -0.1 0.4 - 0.1 -0.2 0.9 - 0.1

Operating Income 5.5 -0.1 -1.8% 1.9 14.2 0.2 1.8% -0.6


Oceania business 3.4 -0.7 -16.8% 1.6 12.0 0.5 4.0% 0.0 Southeast Asia business 2.0 0.6 37.0% 0.0 3.6 0.8 30.7% 0.0 China business 1.1 0.6 121.6% 0.5 1.3 0.5 56.4% 0.2 Other / elimination in segment -0.1 0.4 - 0.1 -0.3 0.8 - 0.1


Asahi15%

Private Label50％

Company A 17%

Others18%

Overseas Business (Oceania Business)


19

2016

H1 Result Full Year Target

Cost Reduction 0.8 1.6 Over 5.0

(Billions of yen)2016-18

3year Target

◆ Cost Reduction (incl. Integration Synergy Benefit): Result & Target

◆ Initiatives in Growing Category

+14%

+16%+9%

+16%

201520142013

2% 15%29% 36%

2015201420132012

Share of Asahi

(Volume basis, Source : AZTEC)

Note : MAT

+61%

+28%

+47%

July 2014 July 2015 July 2016

◆ Sales and OP margin Performance (based on local currency: AUD)

（＋19％）

*Brackets: Jan-June growth rate

Asahi accounts for approx. 80% of

Private Labels share

中計進捗

◆ 重要業績評価指標（KPIｓ）ジュウヨウギョウセキヒョウカシヒョウ

2012年実績ネンジッセキ2013年実績ネンジッセキ中計　　進捗チュウケイシンチョク2014年実績ネンジッセキ中計　　進捗チュウケイシンチョク2015年実績ネンジッセキ3ヵ年平均成長率ネンヘイキンセイチョウリツ中計　　進捗チュウケイシンチョク中期計画目標　　　　　　　　　　　　　（2015年）チュウキケイカクモクヒョウネン

　ＲＯＥ8.4%8.0%×8.1%×8.6%-×10%を目処メド

　補正ROE　（※）　ホセイ8.6%8.7%△9.4%△10.3%-○

　補正ROE（のれん等償却前）ホセイトウショウキャクマエ11.2%11.9%○12.6%◎12.9%-◎12％を目処メド

　ＥＰＳ（成長率）セイチョウリツ123円エン10.6%○9.7%△9.5%10.0%○年平均10％以上ネンヘイキンイジョウ

　※補正ＲＯＥ＝自己資本から「為替換算調整勘定」、「その他有価証券評価差額」を除いたベースホセイジコシホン

＜KPIｓの前提ガイドライン＞ゼンテイ

2012年実績ネンジッセキ2013年実績ネンジッセキ中計　　進捗チュウケイシンチョク2014年実績ネンジッセキ中計　　進捗チュウケイシンチョク2015年実績ネンジッセキ3ヵ年平均成長率ネンヘイキンセイチョウリツ中計　　進捗チュウケイシンチョク中期計画ガイドライン　　　　　　　　　　　　　（2015年）チュウキケイカクネン

売上高ウリアゲダカ15,791億円オクエン8.6%◎4.2%○4.2%5.6%◎年平均成長率　3％以上ネンヘイキンセイチョウリツイジョウ

EBITDA　（※）1,710億円オクエン7.4%◎4.7%×3.0%5.0%×年平均成長率　6％以上ネンヘイキンセイチョウリツイジョウ

当期純利益トウキジュンリエキ572億円オクエン8.0%○11.9%◎8.5%9.5%◎年平均成長率　7％以上ネンヘイキンセイチョウリツイジョウ

営業利益率エイギョウリエキリツ6.9%6.9%×7.2%△7.3%-△8％以上イジョウ

配当性向ハイトウセイコウ22.8%31.7%○30.2%○29.4%30.5%○30％を目処メド

総還元性向ソウカンゲンセイコウ22.8%80.5%◎102.8%◎56.0%79.0%◎50％以上イジョウ

　※ＥＢＩＴＤＡ＝営業利益（のれん等償却前）＋減価償却費エイギョウリエキトウショウキャクマエゲンカショウキャクヒ

業績グラフ

計画ケイカク計画ケイカク

20122013201420152012201320142015

売上高ウリアゲダカ15,79117,14217,85518,600EPS金額キンガク122.8135.7148.9163.1

営業利益エイギョウリエキ1,0841,1751,2831,350ROE8.4%8.0%8.1%8.6%

当期純利益トウキジュンリエキ572617691750補正ROE ホセイ8.6%8.7%9.4%10.3%

業績グラフ

売上高

営業利益

当期純利益

業績推移

EPS金額

ROE

補正ROE

業績推移 (2)

計画ケイカク

2001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025

酒類事業シュルイジギョウ112191093811070111641054210310103071019698559633942494409486964610015

飲料事業インリョウジギョウ197017761894204022522499268329662969315232983754466247664949

食品事業ショクヒンジギョウ151148220223268557692817963100510011035108211201148

国際事業コクサイジギョウ1481421323345395715544337859789421580192923472597

その他タ845749687681699527405215153127(38)(18)(16)(24)(109)

業績推移 (2)

酒類事業

飲料事業

食品事業

国際事業

その他

エクストラコールド

計画ケイカク

200520062007200820092010201120122013201420152016201720182019202020212022202320242025

酒類事業シュルイジギョウ10542103101030710196985596339424944094869646100151011510216103181042210526106311073710845109531106341.1%

飲料事業インリョウジギョウ22522499268329662969315232983754466247664949509752505408557057375909608662696457665124.7%

食品事業ショクヒンジギョウ26855769281796310051001103510821120114812401339144715621687182219682126229624799.2%

国際事業コクサイジギョウ5395715544337859789421580192923472597285731433457380241834601506155676124673625.0%

その他タ699527405215153127(38)(18)(16)(24)(109)

26929

103.0%

108.0%

110.0%

0.0%


酒類事業

飲料事業

食品事業

国際事業

その他

CA

201020112012201320142015201６(E)

エクストラコールド6331,6562,8146,51610,00012,00014000

ドライプレミアム樽生タルナマ5,800

CA


機能性

2010201120122013201420152016(E)

　ビール11,60811,07811,09610,88810,82610,61010,850

　発泡酒1,8631,6481,5451,5571,6101,5801,350

　新ジャンルシン3,6443,8863,6753,8753,8853,9003,950

　売上数量合計バイジョウカズリョウゴウケイ17,11516,61116,31516,32016,32116,08016,150

スタイルフリー計ケイ1,1451,2031,1901,2391,2041,3301,280

クリアアサヒ計ケイ2,1432,4202,3772,8212,8643,1753,230

当社新ジャンル内構成比トウシャシンナイコウセイヒ58.8%62.3%64.7%72.8%73.7%81.4%81.8%

オフ717747747725650605630

機能性

クリアアサヒ計

当社新ジャンル内構成比

総合酒類

201120122013201420152016(E)

ビール41441

発泡酒ハッポウシュ3,5173,3403,2893,7914,0033,800

新ジャンルシン1,6231,9582,3062,1512,4892,586

アサヒ合計ゴウケイ2,5222,3702,3152,3622,5592,800

構成比コウセイヒ49.1%44.7%41.4%39.8%39.2%41.0%

機能性市場キノウセイシジョウ5,1405,2975,5955,9416,5336,827

ビール類内構成比ルイナイコウセイヒ11.8%12.2%13.0%14.1%15.6%16.5%

ビール類合計ルイゴウケイ43,64843,28942,95542,26041,90841,469

総合酒類

新ジャンル

発泡酒

ビール

ビール類内構成比

ノンアル

2007200820092010201120122013201420152016(E)

洋酒ヨウシュ273275259304308298378447579579

ワイン153148124115106115120144339417

低アルテイ357314306312282288274277283305

焼酎ショウチュウ549527503483403327316307288288

ノンアル他タ3232397048211224254293301

営業利益率エイギョウリエキリツ4%5%6%7%6%10%10%12%13%13%

合計ゴウケイ1364129712311284114712401312143017811890

その他タ111111

ノンアルコール46210223253292300

ノンアル

洋酒

ワイン

低アル

焼酎

ノンアル他

営業利益率

オセアニアコストダウン

2010201120122013201420152016(E)

ノンアル市場8411,1391,0851,0831,0121,0041,005

ドライゼロ13526503543631734750

当社構成比トウシャコウセイヒ13.9%2.2%31.7%33.4%38.4%42.2%42.7%

ノンアル市場シジョウ9761,1651,5881,6261,6431,7381,755

オセアニアコストダウン

ドライゼロ

ノンアル市場

当社構成比

(Billions of yen)20162016-183year Target

H1 ResultFull Year Target

Cost Reduction0.81.6Over 5.0

◆ Performance of Tsingtao Brewery

◆ Performance of Tingyi (Cayman Islands) Holding Corporation

Performance of Equity Method Affiliates in China


20

2014 Q4 2015 Q1 2015 Q2 2015 Q3 TotalResult YoY Result YoY Result YoY Result YoY Result YoY

Net Sales 3,313 - 19.2% 7,178 - 3.1% 8,888 - 6.9% 8,248 - 6.0% 27,628 - 7.4%Operating Income -403 - 675 3.1% 770 - 24.8% 649 - 35.7% 1,691 - 30.7%Net Income -189 - 521 - 11.0% 678 - 17.2% 547 - 29.5% 1,556 - 21.7%

(Millions of Yuan)

2014 Q4 2015 Q1 2015 Q2 2015 Q3 TotalResult YoY Result YoY Result YoY Result YoY Result YoY

Net Sales 739 - 13.9% 1,260 - 18.9% 1,702 - 4.3% 1,638 - 5.3% 5,339 - 9.8%Operating Income -133 - 64 - 44.0% 124 - 8.9% 103 0.5% 158 - 30.3%Net Income -126 - 47 - 44.3% 91 - 20.2% 79 - 4.6% 90 - 48.5%

(Millions of USD)

2015 Q4 2016 Q1 TotalResult YoY Result YoY Result YoY

Net Sales 3,320 0.2% 6,862 - 4.4% 10,181 - 3.0%Operating Income -239 - 748 10.9% 510 87.4%Net Income -32 - 534 2.5% 502 51.3%

(Millions of Yuan)

2015 Q4 2016 Q1 TotalResult YoY Result YoY Result YoY

Net Sales 644 - 12.9% 1,192 - 5.4% 1,836 - 8.2%Operating Income -198 - 41 - 36.4% -157 -Net Income -175 - 28 - 40.2% -147 -

(Millions of USD)

◆ Rationale for the acquisition・Expansion of the global foundation for growth by acquiring the established premium brands in Europe and manufacturing and sales infrastructure

・Creation of the synergy by utilizing their sales network and marketing know-howe.g. Make “Super Dry” a global brand

Acquisition of Beer Business in Europe

Target Assets Operations in Italy, the Netherlands and the UK relating to the Peroni, Grolsch, and Meantime brands, together with intellectual property rights associated with Peroni, Grolsch and Meantime brands

Total Sales Approx. 670 million EURO (Approx. 90 billion yen) CAGR: 5-6% (past 3 years)EBITDA Approx. 145 million EURO (Approx. 19 billion yen) CAGR: 12-13% (past 3 years)

＜Sales Volume by Country in 2015＞

Note: the figures are FY2015 (ended 31 March 2015) results


21Note: The market share is on a volume basis, CAGR: 2011-2014

PeroniMarket Share No.1(13%）CAGR +2％

GrolschMarket Share 3rd(18%）

CAGR +2％

Peroni Nastro AzzurroMarket Share 10th(2%）CAGR +10％

MeantimeThe pioneer of craft beerCAGR +50％(Including export)

◆ Overview of the acquisition

Asahi Brands Global Development

＜Asahi Brand Overseas Sales Performance＞


22

（Millions of cases)

The International Brewing Awards 2011 in UKChampion Keg Lager

World Beer Cup 2014 in USAInternational-Style Lager

Gold medal

Brussels Beer Challenge 2015 in BelgiumLager : International Style PilsnerGold medal

＜Award-Winning Record of Super Dry＞

Reform of earnings structure andSales promotion expenses in Alcohol Beverages Business


23

◆ Trend of Sales Promotion Expenses in Alcohol Beverages Business

◆ Progress of Reform of Earnings Structure

2011 2012 2013 2014 2015 YoY H1 2016 YoY 2016 Target YoY

Promotion 62.5 59.9 62.2 69.4 74.1 4.7 34.8 2.2 77.8 3.6 Advertisement 26.0 27.2 29.0 28.9 29.2 0.3 16.8 - 0.1 29.5 0.3

Total 88.5 87.1 91.2 98.3 103.3 5.0 51.6 2.2 107.3 3.9

Beer 47.6 48.9 51.9 57.8 58.8 1.0 28.9 1.2 60.6 1.8 Happoshu 3.0 2.5 2.4 3.2 3.1 - 0.1 1.4 - 0.4 2.6 - 0.6 New Genre 16.2 13.9 15.0 15.5 15.7 0.2 8.5 0.7 16.9 1.2

Beer-type Total 66.8 65.3 69.3 76.4 77.6 1.2 38.7 1.5 80.0 2.4 Other than Beer-type Total 21.7 21.8 21.9 21.9 25.7 3.8 12.9 0.7 27.3 1.5

(JPY billion)

Reduction of manufacturing cost by reducing utilities costReduction of raw materials cost by light weighting of can and promotion of groupprocurementReduction of manufacturing cost by reviewing the material procurement and manufacturingprocessIncrease of rate of operation through business integration

Reduction of manufacturing cost by reducing raw materials cost

Promotion of joint procurement and logistic cost efficiency through business integrationReduction of manufacturing cost by promoting in-house production of PET bottle and verticalintegrationReduciton of overhead cost by expanding overseas shared service center

Total 11.1 20.0~30.0

1.0

Overseas 2.5 6.0~

(JPY billion) 2016Target

Initiatives 2016-20183 year Target

Alcohol Beverages 4.5

14.0~Soft Drinks 3.1

Food

Tingyii

◆持分利益モチブンリエキ

単位：億円タンイオクエン

12年上期ネンカミキ7-9月ガツ12年間ネンカン13年計画ネンケイカク

　売上高バイジョウコウ4億円（▲34億円)54億円（＋37億円)58億円（＋13億円）48億円（▲10億円）オクエンオクエン

　事業利益コトギョウリエキ48億円（＋48億円）-48億円（＋48億円）0億円（▲48億円）オクエンオクエン

　当期純利益トウキジュンリエキ52億円（＋15億円）54億円（＋37億円)106億円（＋51億円）オクエンオクエン48億円（▲58億円）オクエン

上期カミキ下期シモキ年間ネンカン

12年ネン5,2135,40310,617

(4,839)0(4,839)

3745,4035,778

11年ネン3,7281,7525479.717

前年比ゼンネンヒ1,4853,652

持分利益

◆持分利益モチブンリエキ


12年上期ネンカミキ12年下期ネンシモキ12年間ネンカン13年計画ネンケイカク

　持分利益モチブンリエキ4億円（▲34億円)54億円（＋37億円)58億円（＋13億円）48億円（▲10億円）オクエンオクエン

　負ののれんフ48億円（＋48億円）-48億円（＋48億円）0億円（▲48億円）オクエンオクエン

　前年比マエトシヒ52億円（＋15億円）54億円（＋37億円)106億円（＋51億円）オクエンオクエン48億円（▲58億円）オクエン

上期カミキ下期シモキ年間ネンカン

12年ネン5,2135,40310,617

(4,839)0(4,839)

3745,4035,778

11年ネン3,7281,7525479.717

前年比ゼンネンヒ1,4853,652

国内個社別実績と計画

◆アサヒ飲料インリョウ単位：億円タンイオクエン

2012年実績2013年計画

対前年増減額／率タイゼンネンゾウゲンガクリツ計画比ケイカクヒ対前年増減額／率タイゼンネンゾウゲンガクリツ

　売上高3,3362277.3%101.1%3,4401043.1%

　営業利益88△ 46△ 34.4%62.7%1203236.7%

（のれん償却）ショウキャク（▲20）（▲20）

◆カルピス




　売上高265265--1,200935352.9%

　営業利益1010--7262629.3%


（ブランド償却）ショウキャク（▲5）（▲21）

◆エルビー単位：億円タンイオクエン



　売上高204△ 8△ 3.9%92.9%215115.2%

　営業利益2△ 4△ 65.0%32.9%4273.7%

（のれん償却）（▲9）※2012年末　のれん減損処理

◆AFH




　売上高513234.8%98.6%540275.4%

　営業利益23314.1%101.1%2413.2%

◆和光堂ワコウドウ




　売上高364△ 7△ 1.9%95.7%380164.4%

　営業利益10△ 7△ 43.4%55.8%15554.2%


◆天野実業アマノジツギョウ




　売上高1971910.9%99.7%213168.0%

　営業利益703.7%95.0%8120.4%

（のれん償却）ショウキャク(▲1)→逆のれん(▲1)→逆のれん

酒限界利益

12年実績よりジッセキ

売　上限界利益額酒税抜き限界利益率限界利益率

ビール5,3101,733(△ 6)68.7%(△ 0.3% )32.6%2524.8

発泡酒3,8381,293(△ 8)60.5%(△ 0.4% )33.7%2138.395

新ジャンル3,3101,437(+ 1)62.5%(+ 0.1%)43.4%2297.2

（参考）ドライゼロサンコウ3,4492,358-68.35%※非開示ヒカイジ3,449

11年実績よりジッセキ


ビール5,3101,740(+ 36)68.9%(+1.4%)32.8%1739.91,704

発泡酒3,8381,301(+ 27)60.8%(+1.3%)33.9%1301.21,274

新ジャンル3,3101,436(+ 25)62.5%(+1.1%)43.4%1435.61,411

（参考）ドライゼロサンコウ3,4002,40070.60%※非開示ヒカイジ

100000063320

2200000.22139.262785.2

1342500.1342584.980251699.605

800000.0850.641012.8

5,3102,7852,5251739.90.6891238910.0142189481.4218948035

3,8381,7002,1381301.20.60849375350.01271982021.2719820239

3,3101,0132,2971435.60.62493470310.01070868881.0708688839

１０年実績よりジッセキ


ビール5,3101,704（+41）67.4%（＋1.6％）32.1%5,3102,7852,5251,7040.674904943

発泡酒3,8381,274（+25）59.7%（＋1.0％）33.2%3,8381,7002,1381,2740.5957739333

新ジャンル3,3101,411（+18）61.4%（▲0.9％）42.6%3,3101,0132,2971,4110.6142260143

ダブルゼロ3,4002,40070.60%※非開示ヒカイジ

32.1%

33.2%

42.6%

新ジャンル価格推移

ＳＭ

H23.1.31-2.7-2.14-2.21-2.28-3.7-3.14-3.21-3.28-4.4-4.11-4.18-4.25-5.2-5.9-5.16-5.23-5.30-6.6-6.13-6.20-6.27-7.4-7.11-7.18-7.25-8.1-8.8-8.15-8.22-8.29-9.5-9.12-9.19-9.26-10.3-10.10-10.17-10.24-10.31-11.7-11.14-11.21-11.28-12.5-12.12-12.19-12.26-H24.1.2-1.9-1.16-1.23-1.30-2.6-2.13-2.20-2.27-3.5-3.12-3.19-3.26-4.2-4.9-4.16-4.23-4.30-5.7-5.14-5.21-5.28-6.4-6.11-6.18-6.25-7.2-7.9-7.16-7.23-7.30-8.6-8.13-8.20-8.27-9.3-9.10-9.17-9.24-10.1-10.8-10.15-10.22-10.29-11.5-11.12-11.19-11.26-12.3-12.10-12.17-12.24-12.31-1.7-1.14-1.21-

クリアアサヒ622620618623622624626625627625625623623624626622624620621620622618617617614616615614614616616619620622622618618620622620621617620616611610611612618617616618618618615617617618616616615617616616610612616614614614616615613609603604602599599600598602601607607605606604605604599602601598598598597597595595598600601597

のどごし生ナマ624624625620626626626627631636634633628626626624623623620619619619619616614612613611617620616621620617621622622622618619618621617614614613611604615619619620620618618618617620620614617619617614610608615613612609609606605604602602601599600598599605604607605606607607608605606606605608603602600600598593597607607606

麦とホップムギ614616615616618617621620622623617622624622618618619616613615613610612612610610610610609611611608611610611613612613611609608608608606607605603602604605606598600602601602604606608606603606604604604603604602602602601598598597599598599599598597597599597597597599597599596598600599600600600598592590589589590595596597

金麦キンムギ610613613612614612614614618622621620619619617618613615614615613609607607607607607607610610611611609606605608608607607607607607604602606606603603606605605603603605606606604604604604604601604603603602602605602603602602601603601600598599595597597599597597598597597600600597597597598599594595593591592592594594594593

＜業態別価格推移(350缶)＞ギョウタイベツカカクスイイ

SM(6本) ホンH23.1.31-2.7-2.14-2.21-2.28-3.7-3.14-3.21-3.28-4.4-4.11-4.18-4.25-5.2-5.9-5.16-5.23-5.30-6.6-6.13-6.20-6.27-7.4-7.11-7.18-7.25-8.1-8.8-8.15-8.22-8.29-9.5-9.12-9.19-9.26-10.3-10.10-10.17-10.24-10.31-11.7-11.14-11.21-11.28-12.5-12.12-12.19-12.26-H24.1.2-1.9-1.16-1.23-1.30-2.6-2.13-2.20-2.27-3.5-3.12-3.19-3.26-4.2-4.9-4.16-4.23-4.30-5.7-5.14-5.21-5.28-6.4-6.11-6.18-6.25-7.2-7.9-7.16-7.23-7.30-8.6-8.13-8.20-8.27-9.3-9.10-9.17-9.24-10.1-10.8-10.15-10.22-10.29-11.5-11.12-11.19-11.26-12.3-12.10-12.17-12.24-12.31-1.7-1.14-1.21-

クリアアサヒ622.07620.14617.77623.31621.96624.26626.01625.18627.28624.94624.8623.23623.22623.8625.69622.46624.4619.98620.85620.24621.93618.41617.46616.63613.89615.56615.08614.24613.94615.74615.55619.28620.29621.6621.88618.25618.25619.8621.72619.61620.64617.03620616.44610.89609.91611.37612.17617.75617.22616.06618.13618.04617.54614.53617.24617.16617.73615.94615.71614.66616.91615.51615.87610.32612.43615.72614.17613.56613.81615.7614.74612.64608.62603.42603.9602.15598.53599.49600.32598.32602.28601.1606.53607.12604.81606.06604.35604.95603.52598.54601.76600.76598.21597.79597.68596.69596.78594.84594.53597.8599.71600.63597.17

オフ638.94638.04636.17640.54638.65639.2639.86636.5640.21641.47643.76642.27640.53642.98642.42641.74641.51633.58638.65636.6638.1635.88635.56631.61632.71633.2633.63633.89633.1634.09636.47634.92634.7636.22637.66633.4631.04633.53634.04633.32635.68634.61635.16631.26630.55627.97630.64632.44636.02630.32634.43636.15634.8634.76634.63634.25635.02634.98635631632.6633.42630630.8629.3630.39630.49629.04628.08628.19627.23628.91627.06622.69623.57622622.52619.88618.38621.41618.83619.84620.69622.97622.82618.23618.87618.49619.33617.67613.27614.77614.43613.01613.75613.4609.64611611.25612.71614.3613.37615.9614.99

のどごし生624.38624.39624.87620.11626.35625.58625.84627.25631.06635.74634.35632.86628.47625.75626.16623.81623.02623.37620.22619.34619.43618.74619.02616.14614.47612.4613.42610.92617.29619.89616.07620.78620.28616.93620.52621.63621.51622.23617.79619.45618.35620.75616.54613.67613.85613.3611.25603.54615.18618.8619.12619.99620.35617.92618.23617.54616.92619.92620.19614.25616.8619.29617.17614.37610.41608.28615.24612.92611.92608.87609.27605.98604.66603.65602.3602.17601.01599.39599.65598.13599.38604.72603.74606.65605.14606.39606.98607.06607.57605.07606.28605.86605.42607.54603.25601.56599.63599.51598.45593.11596.88607.07606.8605.78

金麦609.72612.86612.86612.22614.13611.73613.5614.25618.11622.32620.87619.89619.21618.78616.85617.71612.52614.9614.42615.33613.05608.69606.98606.6607.14607.3607.03606.53609.54610.37610.96611.42609.08606.49605.32607.9608.26607.49607.3606.98606.88606.89604.25602.24606605.86603.05603.31605.77604.92604.76602.67603.04605.23606.08605.83603.54603.54604.38603.72603.76601.44604.36602.79603.22602.31601.58604.5601.93603.01601.5602.28601.3602.71601.1599.73597.58598.86595.48596.66596.66599.3597.41597.28598.2596.55596.54599.95599.67596.64596.79596.74598.17598.56594.07594.56593.45590.65592.18591.52594.08594.31593.96593.01

麦とホップ614.16615.94615.4616.15617.9616.56620.88620.02622622.79617.4621.87624.44621.92618.15617.97619.12615.7613.29614.53613.07610.31611.72611.97610.14609.77609.54610.05608.81610.75610.78607.97610.82609.68611.35613.36612.08612.91611.31608.7608.02607.81608.14606.08606.7604.7602.92602603.64604.79606.09598.23599.84601.93600.84602.07604.13605.58607.62605.67603.17606.47603.86603.72604.32602.71603.92602.13601.66602.17600.83598.2598.39596.86599.07597.63598.59599.08598.01597.12597.36598.6596.77596.67596.57598.57597.46598.87595.87598.39599.69598.74599.84600.09599.87597.71592.18590.11589.26588.93590.37594.73596.48597.16

濃い味＜糖質ゼロ＞00644.21614.51620.54621.13624.77626.2632.64641.77641.04645.02640.1660.01650.57676.5667.31665.47646.53642.34620.43624.77626.64623.92626.3626.3626.92628.8627.71627.09628.16631.45632.05628.55630.25633.03633.92632.73631.25632.81633.82631.43630.08627.4630.19626.99628.15629.08628.91628.94629.61633.44633.63632.64633.77629.77626.67627.49631.96630.29629.45632.38629.95626.63626.66627.25628.89625.97629.87625.31617.47621.64622.13622.49624.66624.27622.98623.38620.62621.12620.41621.91622.55625.03623.26622.71616.55619.54621.29619.49621.46616.45617.59619.47618.51617.5615.25614.19611.32615.16615.35616.62615.49618.82

一番麦000617.95610.16615.31616.85620.24621.95624.15627.87628.33623.79625.87624.7627.63627.96625.93623.82624.12629.32630.43626.97627.96630.23630.05629.57628.32628.42629.7630.31626.25629.48631.62631.32630.89633.42633.52632.63633.01633.26629.61631.84630.19630.7627.57629.3629.8631.14637.75638638.42637.54639.51638.81635.43638.58637.64640.11637.96640.05637.07635.67634.34630.51636.07637.61637.97637.23638.84630.62638.72639.35640.47637.87640.74632.8636.51633.84636.83642.11617.36636.18638.79637.67638.05635.08628.02628.32606.45614.96591.33642.71638.73623.37618.91636.9645.82633.13610.19642.47608.25593.51602.68

ブルーラベル000000000000000000000631.37613.03618.82622.27622.79626.3626.1624.49623.87624.37623.41626.19630.12632.35633.17632.64634.31636.38634.35633.57629.6632.37630.79630.21629.26629.74629.26631.99630.19630631.92630.47628.33628.68628.94629.44629.06628.57627.63623.92622.61623.28623.34619.66621.88623.3624.46629.78624.54626.45627.98628.75627.33628.7629.07629.91627.98629.01629.11631631.28631.74632.65633.49631.05632.26632.06630.75631.24627.08628.28628.84628.46630.02628.49627.77627.29628.6629.29631.58621.97620.54623.04

冬の贈り物0000000000000000000000000000000000617.54615.25619.03621.29624.01625.32626.64623.85624.77627.2624.44628.2648.61631.62583.88588.56600.87602.58591.91640612.5599568.75539.2672.33623.38542.28670.25591.43602.09579.44592.31608607.5608.2500000000000000000607.27603.12606.4608.84608.43612.41613.72614.61611.46615.07616.05614.22603.96621.89632.39630.82623.87623.24

金麦糖質70%オフ000000000000000000000000000000000000000000000000000000000000607.81602.55607.8607.46609.3608.45606.5609.07606.53611.38609.28610.63607.94609.26609.66606.64604.12604.37602.52601.26601.43602.94603.66600.42604.01605.01604.97606.66605.49605.47604.47604.91602.55602.21598.08601.89602.92598.37597.26598.91601.78601.16598.13597.95

ﾀﾞｲﾚｸﾄｼｮｯﾄ00000000000000000000000000000000000000000000000000000000000000000000612.07605.08611.36613.22615.12612.21615.47613.96614.04612.07611.4610.04610.5607.89613.09608.97617.12622.55624.54620.51616.5615.86613.54604.73616.24576.75598.54577.29571.8608.78588.24605.83617.93582.15611.99614.5

北海道PREMIUM00000000000000000000000000000000000000000000000000000000000000000000000000615.14593.84594.9597.71596.6597.9596.13597.66597.16597.37597.6601.45602.3601.9599.25601.73600.07599.97602.15601600.9601.53601.29599.75601.02601.01602.21603.92604.29604.51

DS(24本) ホン1.31-2.7-2.14-2.21-2.28-3.7-3.14-3.21-3.28-4.4-4.11-4.18-4.25-5.2-5.9-5.16-5.23-5.30-6.6-6.13-6.20-6.27-7.4-7.11-7.18-7.25-8.1-8.8-8.15-8.22-8.29-9.5-H23.9.12-9.19-9.26-10.3-10.10-10.17-10.24-10.31-11.7-11.14-11.21-11.28-12.5-12.12-12.19-12.26-H24.1.2-1.9-1.16-1.23-1.30-2.6-2.13-2.20-2.27-3.5-3.12-3.19-3.26-4.2-4.9-4.16-4.23-4.30-5.7-5.14-5.21-5.28-6.4-6.11-6.18-6.25-7.2-7.9-7.16-7.23-7.30-8.6-8.13-8.20-8.27-9.3-9.10-9.17-9.24-10.1-10.8-10.15-10.22-10.29-11.5-11.12-11.19-11.26-12.3-12.10-12.17-12.24-12.31-1.7-1.14-1.21-

クリアアサヒ2364.882364.812355.762318.382353.052361.322360.572323.552375.32376.62373.312348.542336.92366.272386.942378.732327.232375.542373.332355.162324.632369.122357.032341.452350.152323.482361.492336.772363.432332.592371.922366.262346.452321.422350.872347.642343.92340.192309.132345.922346.592318.282323.452333.112307.812326.042304.032305.092338.42345.352342.412304.942337.582336.622340.22301.182337.552340.52337.972310.362318.832337.112336.432335.692292.022323.312336.462359.612289.52335.442332.072316.082328.982301.872311.832309.652316.112284.82318.782292.712315.172302.42333.42352.172325.922326.472290.812332.632331.812330.922289.312329.162328.052291.282300.42304.852290.762305.542292.572294.492316.92335.532331.042295.99

オフ2411.192407.622404.782343.632396.922414.22407.272357.822419.152421.732419.012383.22361.5323942417.182405.862343.992405.832402.862373.462338.082401.352375.552366.512378.62342.022390.9623552394.152368.242402.462396.712365.982336.082399.522394.492392.142386.652331.232392.392389.332342.062349.222370.452328.922362.722330.12334.72382.172386.482386.762325.862382.072386.542381.152331.832376.422377.272375.542328.092359.552388.332383.362368.632312.612345.572374.682370.492310.792366.762371.782343.072360.552328.82348.142345.272356.182306.282356.892325.192347.62328.112366.622371.852360.372355.762309.532360.152357.382359.892307.122352.912361.182317.542327.062333.912318.682327.572301.6223022342.522348.852341.42307.16

のどごし生2383.882384.312380.322326.812372.642379.692376.472337.762387.712398.862393.842362.962341.742367.672388.592382.932330.262383.232381.962357.182335.192377.632361.212344.72358.252328.042355.672330.712361.762331.142377.172376.42349.252325.522370.92366.492361.132357.312316.762362.992358.442318.882323.952345.622313.732338.272310.392313.362358.192369.442361.732314.992360.92364.622361.532306.92347.142350.512342.962310.932326.342352.822355.462350.192304.022325.242345.112336.412292.032336.762339.172317.972327.692299.82318.762314.342323.22287.362325.252300.112314.272304.722331.362337.922331.442329.392289.612333.622332.62333.512289.632332.222334.682300.492307.022311.942300.762307.32297.252288.092310.382333.92330.132296.62

金麦2344.782337.782332.642304.682335.052336.882335.422314.562353.252358.72354.922336.532330.792354.332362.962352.792319.652357.992353.632336.472317.842350.442323.462317.92319.642306.32327.112311.132323.912311.022332.292334.382324.912304.832335.162334.222328.632322.382305.622338.172333.752306.832309.642329.082306.972321.362304.872305.752335.882337.962340.612300.582328.552322.012324.322300.12325.212322.992324.032305.192306.282321.742326.322320.952289.572314.332325.112319.892289.142318.562324.652302.382313.022300.152301.052302.982303.632285.342313.052290.982307.672296.882314.912321.522317.22318.992284.532309.252308.812308.572281.432311.362311.752288.332299.542299.252293.912295.152291.032291.892305.382318.322322.692289.69

麦とホップ2341.852340.042330.392309.722334.062338.142335.362324.992376.692374.722369.092355.262353.32378.562378.122368.672325.762365.322361.472347.232323.592357.562349.822333.352345.442324.672332.152311.652353.382329.052359.82345.452335.272313.322345.272345.092344.162338.822312.772342.682344.482311.512318.022329.052309.392329.592306.862304.672326.382324.612322.272297.772327.632327.092322.832288.732312.662302.942313.462298.722300.922324.762324.682318.772288.322308.992333.752325.542286.252323.432325.432313.22315.172303.012311.982305.82314.852289.272319.882298.172313.152297.972324.342324.982320.622318.552284.762324.772318.152324.512285.622321.622324.862293.472291.912311.82294.12303.482287.342291.882318.482323.152319.022294.09

濃い味＜糖質ゼロ＞002433.132319.92382.872387.542387.272341.372393.982414.492405.552385.792396.232389.422394.0223992447.932448.452457.132323.882330.312410.612387.342359.192377.22335.412382.312342.612392.712345.342401.532397.722368.642330.952400.72395.012392.532387.872325.772393.782393.712337.42338.352370.892326.182360.282324.212335.822386.732396.262388.942326.332384.132388.412383.872328.222392.232394.952385.172339.662341.392373.082373.642364.142312.832340.862373.642367.642307.512358.672361.762333.442356.362318.272337.722335.252347.62298.972353.542314.332337.642315.552357.262363.892347.242354.442305.412363.622372.562370.692312.622374.262385.32310.662323.632336.442307.412326.452312.972309.582340.922387.482384.692326.57

一番麦0002275.572390.842386.422390.422333.72389.642392.752387.652364.652335.962384.022414.352400.012335.242412.272401.412380.032360.012398.892370.512377.562369.542352.272391.932349.192384.262365.462399.942393.92357.962353.082399.992387.392386.32378.672346.372390.622391.932356.012355.982378.132355.952357.142349.082363.192398.122394.42391.262340.832383.432385.222387.272346.212388.332396.072390.672332.982360.592371.972381.642368.142326.322346.492371.142381.382340.922386.652386.52358.922377.532374.782355.462390.692385.32334.272386.092358.412379.472366.262394.42395.392384.452378.162352.682394.382394.962392.022350.612395.132394.652364.962390.642371.632395.82357.422368.182376.692404.422399.052394.982365.55

ブルーラベル0000000000000000000002382.432356.642335.472358.832326.232374.362362.252373.572342.862387.992378.742361.142333.442383.892381.362376.12372.582352.112382.782374.862350.872353.112371.372322.452352.492347.832359.912379.082379.292374.282325.382375.212374.762372.632353.592381.022375.62378.972332.912351.72370.392364.712361.412307.522344.832362.282374.772318.842377.162380.312350.742373.492340.532354.042382.562376.072304.792374.852331.022358.562337.852375.022383.022377.392370.612324.192383.92380.962379.942359.622380.992383.622360.912373.162357.632376.22348.982360.922355.342385.532381.72376.962355.78

冬の贈り物000000000000000000000000000000000025532373.532378.862380.842327.22384.922382.572352.572372.792399.842392.212368.942350.032348.072321.432317.8322942300.412380.112392.2245824582457.5001886.670000023400000000000000000000023622361.282357.382359.682296.312370.372381.592285.142317.272332.662267.782374.472364.432358.292340.462340.32337.752371.42

金麦糖質70%オフ0000000000000000000000000000000000000000000000000000000000002228.52327.052330.632325.342297.912318.672328.152324.222295.922328.842331.442315.422323.292311.892311.262313.072323.652291.022322.862297.912321.542297.782324.272330.452323.962318.22291.442318.922317.452317.962286.812327.262338.642301.732320.822320.022310.762318.072312.972309.542336.662344.162328.042288.43

ﾀﾞｲﾚｸﾄｼｮｯﾄ000000000000000000000000000000000000000000000000000000000000000000002293.132363.082367.932346.182361.882337.872348.322358.712355.242342.472364.142341.992348.372343.162344.842363.552349.222345.492336.112377.022359.242351.432342.572380.772380.452354.612351.142344.392363.852362.912440.932301.972307.642337.152365.612357.58

北海道PREMIUM0000000000000000000000000000000000000000000000000000000000000000000000000022862297.282318.042298.322332.572304.052316.742288.362332.662334.452329.462327.132290.62333.052322.982327.122286.352321.22328.952298.62298.332314.292299.652308.252289.532289.32319.852323.82325.472294.31

新ジャンル価格推移

クリアアサヒ

のどごし生

麦とホップ

金麦

総合酒類利益

売上高ウリアゲダカ利益増減要因リエキゾウゲンヨウイン損益の言い方ソンエキイカタ

増減ゾウゲン売上効果ウリアゲコウカコスト販促費ハンソクヒその他タ

10年実績ネンジッセキ1,284521920△71100億程度の利益貢献利益率7％程度(7.8%)

11年実績ネンジッセキ1,147△137△49△1435△765億程度の利益貢献利益率6%程度(5.7%)

12年実績ネンジッセキ1,239926017△1△16120億程度の利益貢献利益率10％程度(10.1%)

13年計画ネンケイカク1,45021191△6△54△8145億程度の利益貢献利益率10％程度(10.2%)

売上高ウリアゲダカ利益増減要因リエキゾウゲンヨウイン損益の言い方ソンエキイカタ営業利益率エイギョウリエキリツ利益貢献リエキコウケン

増減ゾウゲン売上効果ウリアゲコウカコスト販促費ハンソクヒ子会社コガイシャ

2009年実績ネンジッセキ1,232▲ 65▲ 1961705.7%70

10実績ジッセキ1,284521920▲ 71100億程度の利益貢献利益率7％程度(7.8%)7.8%100

11実績ジッセキ1,147▲ 137▲ 49▲ 1435▲ 765億程度の利益貢献利益率6%程度(5.7%)←　修正計画時点　▲４シュウセイケイカクジテン5.7%65

12年初計画ネンショケイカク1,3091626410▲ 9▲ 5120億程度の利益貢献利益率9％程度(9.6%)9.6%125

○修正シュウセイ12修正計画シュウセイケイカク1,2409353162▲ 1120億程度の利益貢献利益率10％程度(10.9%)10.9%135下駄ゲタ

12実績ジッセキ1,239926017▲ 1▲ 16120億程度の利益貢献利益率10％程度(10.9%)117.810.1%125

010.1%

■上期カミキ

2011年当初ネントウショ1,309251435▲ 98.4%110

2011年修正ネンシュウセイ1,153▲ 131▲ 48▲ 537▲ 45.7%66

125

13年初計画ネンショケイカク1,45021191▲ 6▲ 54▲ 8150億程度の利益貢献利益率10％程度(9.6%)10.2%148

飲料増減

単位：億円タンイオクエン12年実績ネンジッセキ内容ナイヨウ修正計画比シュウセイケイカクヒ

数量増効果スウリョウゾウコウカ74数量11.6％増スウリョウゾウ△2

品種容器構成差ヒンシュヨウキコウセイサ△27ミネラルウォーター、大型ペット構成比悪化オオガタコウセイヒアッカ△16

コストアップ△17原材料（異性化糖、スチール缶）△12億円他ゲンザイリョウイセイカトウカンオクエンタ1

コストダウン10原料4億円、ペット内製化4億円他ゲンリョウオクエンナイセイカオクエンタ0

広告・販促費増コウコクハンソクヒゾウ△66広告費20億円、販促費△86億円コウコクヒオクエンハンソクヒオクエン△27

その他経費増タケイヒゾウ△20人件費△7億円、減価償却費他△7億円他ジンケンヒオクエンゲンカショウキャクヒタオクエンタ△8

　利益増減リエキゾウゲン△46△52

単位：億円タンイオクエン13年計画ネンケイカク内容ナイヨウ

数量増効果スウリョウゾウコウカ26数量2.6％増スウリョウゾウ

品種容器構成差ヒンシュヨウキコウセイサ6カテゴリー、容器ミックス改善ヨウキカイゼン

コストアップ△5原材料（異性化糖）△3億円他ゲンザイリョウイセイカトウオクエンタ

コストダウン28資材11億円、原料9億円、ペット内製化7億円シザイオクエンゲンリョウオクエンナイセイカオクエン

広告・販促費増コウコクハンソクヒゾウ△14広告費△26億円、販促費12億円コウコクヒオクエンハンソクヒオクエン

その他経費増タケイヒゾウ△9人件費△4億円、製造固定費△2億円他ジンケンヒオクエンセイゾウコテイヒオクエンタ

　利益増減リエキゾウゲン32

CSR

活動領域社会的課題重点テーマ目指すべき姿

『食と健康』すべての人々の心身の健康•健康を害する食生活の広がり •食生活における不安・不信感の広がり •固有の食文化の軽視・アルコール関連問題への対応・「食の安全・安心」への貢献・健全な食文化・酒文化の伝承世界的に販売規制が強化される中、アルコール事業者としての責任を果たす　　

『環境』自然の恵みを明日へ•気候変動／地球温暖化 •資源の枯渇（資源調達困難の懸念） •生態系サービスの喪失・低炭素社会の構築への貢献・循環型社会の構築への貢献・生物多様性の保全への貢献環境保全においては、国内にとどまらず、国際的な先進企業を目指す

『人と社会』笑顔と感動をすべての人々に•多様な価値観への受容・対応 •生活基盤の劣化・人間性の尊重・安全で豊かな社会への貢献・持続可能な水資源への貢献人々の健康で豊かな社会の実現に貢献することで社会からの信頼を獲得する

Sheet1

■広告販促費内訳　推移コウコクハンソクヒウチワケスイイ（億円）オクエン（単位：億円）オクエン（億円）オクエン

(JPY billion)02年ネン03年ネン05年ネン2006年ネン2007年ネン2008年ネン2009年ネン2010年ネン20112012201320142015YoY2014年上期ネンカミキH1 2016YoY年初計画比ネンショケイカクヒ2016 TargetYoY

Promotion67977977880877964964166562.559.962.269.474.14.734.82.277.83.6

Advertisement38131232232734932333230726.027.229.028.929.20.316.8- 0.129.50.3

Total1,0601,0911,1001,1351,12897297397288.587.191.298.3103.35.051.62.2107.33.9

Beer66060354958659550151051147.648.951.957.858.81.028.91.260.61.8

Happoshu1962051229913010181343.02.52.43.23.1- 0.11.4- 0.42.6- 0.6

New Genre--9213010010913717516.213.915.015.515.70.28.50.716.91.2

Beer-type Total85680876381582571072872066.865.369.376.477.61.238.71.580.02.4

Other than Beer-type Total20428333732030326224525221.721.821.921.925.73.812.90.727.31.5

中計

2012年実績2015年目標

のれん等償却前

ＲＯＥ　（株主資本利益率）8.4%10％を目処12％を目処

ＥＰＳ　（1株当たり当期純利益）123円年平均成長率 10％以上－

2012年実績2015年目標

のれん等償却前

売上高15,791億円年平均成長率 3％以上－

EBITDA（※）1,710億円年平均成長率 6％以上－

当期純利益572億円年平均成長率 7％以上－

営業利益率6.9%8％以上9％以上

配当性向22.8%30％を目処－

総還元性向22.8%50％以上40％以上

Impact of Foreign Exchange Rates


24

◆ Key Currencies and the Company’s Average Exchange Rates

◆ Impact of Foreign Exchange Rates on Income Statement

(Yen)

Note: Impact of foreign exchange rates means the impact of conversion ofbusiness results in local currencies into the results in yen

(JPY billion)

H1 2016 2016YoY Against Target YoY Against Target

Oceania AUD - 10.2 - 0.9 - 23.3 - 8.4

Southeast Asia - - 5.5 - 1.3 - 9.4 - 4.7

China RMB - 1.3 - 0.6 - 3.6 - 2.2

Others - - 0.6 - 0.6 - 3.7 - 2.5

Net Sales - 17.7 - 3.5 - 40.0 - 17.8

Oceania AUD - 0.4 - 0.0 - 1.7 - 0.6 Before amortization of goodwill, etc.

Southeast Asia - - 0.4 - 0.0 - 0.5 - 0.2 Before amortization of goodwill, etc.

China RMB - 0.1 - 0.1 - 0.2 - 0.1 Before amortization of goodwill, etc.

Others - 0.0 - 0.0 - 0.1 - 0.1

Amortization of goodwill AUD 0.4 0.0 0.9 0.3 Oceania

Amortization of goodwill - 0.3 0.1 0.5 0.2 Southeast Asia

Amortization of goodwill - 0.0 0.0 0.1 0.0 Others

Operating Income - 0.2 - 0.0 - 1.1 - 0.4

Equity in net income ofunconsolidated subsidiries USD - 0.1 0.1 - 0.0 - 0.0 Tingyi-Asahi Beverages Holding

Equity in net income ofunconsolidated subsidiries RMB - 0.1 0.0 - 0.8 - 0.4 Principally Tsingtao Brewery

Equity in net income ofunconsolidated subsidiries Others 0.1 0.1 0.2 0.2

Non-Operating Income or Expenses - 0.1 0.2 - 0.7 - 0.3

Ordinary Income - 0.3 0.1 - 1.8 - 0.7

Business Currency Remarks

Information in this material is not intended to solicit sale or purchase of shares in Asahi Group Holdings. The views, estimates and other information expressed in this document are based on the company's judgment at the time of publication, and no guarantees are provided regarding the accuracy of such information. This information is subject to changewithout notice. The company and its officers and representatives accept no responsibility or liability for any damage or inconvenience that may be caused by or in conjunction with any part of these materials.

スライド番号 1スライド番号 2スライド番号 3スライド番号 4スライド番号 5スライド番号 6スライド番号 7スライド番号 8スライド番号 9スライド番号 10スライド番号 11スライド番号 12スライド番号 13スライド番号 14スライド番号 15スライド番号 16スライド番号 17スライド番号 18スライド番号 19スライド番号 20スライド番号 21スライド番号 22スライド番号 23スライド番号 24スライド番号 25スライド番号 26スライド番号 27スライド番号 28スライド番号 29

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