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Kirin Report 2018 KIRIN REPORT 2018 KIRIN REPORT Kirin Holdings Company, Limited 2018 Kirin Holdings Company, Limited Printed in Japan Published May 31, 2018 CONTENTS CHAPTER Philosophy and Strategy KIRIN REPORT 03 History of the Kirin Group 2018 05 The Kirin Group Today 07 The Kirin Group’s Value Creation Model 09 Discussion with Management, Part 1 Yoshinori Isozaki Toshio Arima President & CEO Outside Director and Chairman of the Board 11 Message from Top Management Yoshinori Isozaki CHAPTER 17 Discussion with Management, Part 2 Noriya Yokota Chieko Matsuda Director of the Board, Outside Audit & Supervisory Senior Executive Ocer Board Member & CFO 21 Financial and Non-Financial Highlights Philosophy and Strategy CHAPTER Kirin’s Value Creation 25 : Kirin Ichiban Shibori Relaunch and Craft Beer Market Development Corporate Philosophy 27 : Pharmaceuticals for Worldwide Markets 29 : Lactococcus lactis strain Plasma Stars in New Products The Kirin Group — Focused on people, nature and 31 : Advanced High-Eciency Facilities at Myanmar Brewery craftsmanship to redefine the joy of food and well-being 33 CSV Commitment Results and Goals Editorial Policy 35 System to Promote CSV We pride ourselves on oering products based on what people want. This integrated report compre- We pride ourselves on our ability to harness the goodness of nature through innovative technology. 37 Human Resources—Valuable Resources Supporting Sustained Growth hensively explains the Kirin We pride ourselves on delivering tangible satisfaction and quality in everything we make. Group’s corporate value in both All of which ensures that we exceed customers’ expectations. financial and non-financial terms. KIRIN REPORT 2018 summa- And naturally, we do not stop there. rizes the strengths of the As we look forward with vision and dreams, we aim to continue oering food CHAPTER Group based on Kirin’s DNA Corporate Governance and health products that bring new joy to people’s lives everywhere. and its medium- and long-term Always a step ahead, the Kirin Group supports health, vision in an easy-to-understand 44 Fiscal 2017 Initiatives pleasure and comfort in your life. manner using the “Value Creation 47 Model Diagram” (pages 7–8) Directors, Audit & Supervisory Board as a guide. Members, and Executive Ocers 49 Interview with an Outside Director Precautionary Note regarding Forward-Looking Statements Kimie Iwata In this report, statements that are not historical facts are forward-look- 51 Risk Management ing statements based on future prospects and plans. These forward- looking statements include such factors as risk and uncertainty, and as a result, actual results and performance could dier from these 53 Business Overview statements. In addition, the forecasts for the fiscal year ending December 61 Financial Status 2018 are as of the announcement made on February 14, 2018. 65 Investor Information/Company Information 1 KIRIN REPORT 2018 CONTENTS CHAPTER Philosophy and Strategy KIRIN REPORT 03 History of the Kirin Group 2018 05 The Kirin Group Today 07 The Kirin Group’s Value Creation Model 09 Discussion with Management, Part 1 Yoshinori Isozaki Toshio Arima President & CEO Outside Director and Chairman of the Board 11 Message from Top Management Yoshinori Isozaki CHAPTER 17 Discussion with Management, Part 2 Noriya Yokota Chieko Matsuda Director of the Board, Outside Audit & Supervisory Senior Executive Ocer Board Member & CFO 21 Financial and Non-Financial Highlights Philosophy and Strategy CHAPTER Kirin’s Value Creation 25 : Kirin Ichiban Shibori Relaunch and Craft Beer Market Development Corporate Philosophy 27 : Pharmaceuticals for Worldwide Markets 29 : Lactococcus lactis strain Plasma Stars in New Products The Kirin Group — Focused on people, nature and 31 : Advanced High-Eciency Facilities at Myanmar Brewery craftsmanship to redefine the joy of food and well-being 33 CSV Commitment Results and Goals Editorial Policy 35 System to Promote CSV We pride ourselves on oering products based on what people want. This integrated report compre- We pride ourselves on our ability to harness the goodness of nature through innovative technology. 37 Human Resources—Valuable Resources Supporting Sustained Growth hensively explains the Kirin We pride ourselves on delivering tangible satisfaction and quality in everything we make. Group’s corporate value in both All of which ensures that we exceed customers’ expectations. financial and non-financial terms. KIRIN REPORT 2018 summa- And naturally, we do not stop there. rizes the strengths of the As we look forward with vision and dreams, we aim to continue oering food CHAPTER Group based on Kirin’s DNA Corporate Governance and health products that bring new joy to people’s lives everywhere. and its medium- and long-term Always a step ahead, the Kirin Group supports health, vision in an easy-to-understand 44 Fiscal 2017 Initiatives pleasure and comfort in your life. manner using the “Value Creation 47 Model Diagram” (pages 7–8) Directors, Audit & Supervisory Board as a guide. Members, and Executive Ocers 49 Interview with an Outside Director Precautionary Note regarding Forward-Looking Statements Kimie Iwata In this report, statements that are not historical facts are forward-look- 51 Risk Management ing statements based on future prospects and plans. These forward- looking statements include such factors as risk and uncertainty, and as a result, actual results and performance could dier from these 53 Business Overview statements. In addition, the forecasts for the fiscal year ending December 61 Financial Status 2018 are as of the announcement made on February 14, 2018. 65 Investor Information/Company Information KIRIN REPORT 2018 2 Philosophy and Strategy History of the Kirin Group Applying innovations to respond flexibly to changes in the operating environment Kirin’s market share reaches 60% during the Diversifying operations beyond beer production boom years when beer becomes popular in Japan to offer a wider lineup of life-enrichening products During Japan’s period of rapid economic growth from In the 1980s, the Kirin Group expanded into the life sci- the 1950s to 1970s, Kirin Brewery Co., Ltd., greatly ences industry and established a full-fledged pharma- expanded its production, sales, and deliveries of beer. ceuticals business. In order to diversify its operations It also expanded operations to include a soft drink further, Kirin took steps toward creating a new com- business in 1963 and a whiskey business in 1972. By pany image while improving its corporate structure. the 1970s, the company had secured a market share of about 60% for its Kirin-brand beer, produced by its network of 12 breweries across the country. Percent of normalized Beer shipments and Beverages, Percent of revenue domestic market share in food and operating profit the 1970s other products Japan Integrated Japan Integrated 7.7% Beverages segment Beverages segment 56.4% 37.3% 2,810 Overseas Integrated 2017 Overseas Integrated (Millions of liters) 2,750 Beverages segment Beverages segment 2,550 Consolidated revenue 2,320 2,380 2,250 2,320 24.1% 34.0% 2,050 Pharmaceuticals and ¥1,863.7billion Pharmaceuticals and 1,790 1980 1,640 Sales Bio-chemicals segment Consolidated normalized operating profit Bio-chemicals segment ¥855.8 Beer 18.6% 32.0% Market ¥194.3billion share billion 92.3% Others segment Others segment Note: The Kirin Group adopted International Financial Reporting Standards (IFRS) from the fiscal year ended December 31, 2017. Over60% 0.9% 0.5% Intercompany eliminations 70 71 72 73 74 75 76 77 78 79 -3.8% (Year) EARLY HISTORY Founding of Japan Brewery Co., Ltd. Establishment of Kirin Brewery Company in 1907 amid intensifying competition among beer makers Japan Brewery Co., Ltd., was set up in 1885 by Japan’s beer industry entered a time of intense competition Japan Integrated Beverages segment Overseas Integrated Pharmaceuticals and Others segment a number of foreign residents in Yokohama’s after the turn of the century. In that context, a group repre- Beverages segment Bio-chemicals segment 10.4%* Yamate district, who envisioned great promise senting the Iwasaki family and the companies Mitsubishi for a beer industry in Japan. To produce a gen- and Meidi-Ya took over Japan Brewery and, while leaving uine German-style beer that suited the tastes the brewery’s operations intact, established Kirin Brewery Operating profit margin (based on Japanese accounting standards) 6.7% of Japanese consumers, they imported ingre- Company in 1907. The 6.3% dients and brewing equipment from Germany new company’s Arti- 5.0% 4.8% 2015 and hired a qualified German brewmaster. Kirin cles of Incorporation 4.3% 2008 Acquired a capital stake beer was sold in 1888 with a label featuring a declared an ambition 2001–2005 Establishment of in Myanmar Brewery Ltd. 1990 Release of Chu-hi Hyoketsu to do business over Kyowa Hakko Kirin Co., Ltd. 2013 kirin, a legendary creature from ancient Chinese Launch of unprecedentedly RTD Release of Nodogoshi Establishment of Kirin Co., Ltd. myths that is said to be a harbinger of good luck. the next 100 years. popular beer, new genre 2007 Ichiban Shibori 1998 Establishment of Kirin Holdings Co., Ltd. Establishment of Acquired a capital stake in Lion 2006 * Normalized operating Kirin Beverage Co., Ltd. Nathan Limited (currently Lion Pty Ltd.) Acquired a capital stake in Mercian Corporation profit margin (2017) 3 KIRIN REPORT 2018 The launch of Kirin Holdings Expanding operations globally Kirin Holdings Co., Ltd., was established in 2007, the Aiming to be a leading company in Asia and Oceania, year of the company’s 100th anniversary of its found- Kirin Holdings set up subsidiaries in various countries ing. A pure holding company framework was adopted including Australia, China, the Philippines, and Myan- as a means for strengthening the Kirin Group’s man- mar. It also launched Kyowa Hakko Kirin Co., Ltd., in agement. Then in 2013, Kirin Co., Ltd., was established 2008 as a pharmaceutical and biochemical business, for the purpose of leading the Group’s Japan Integrated which is applying biotechnology in an effort to develop Beverage business segment.
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