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ANNUAL REPORT 2012 Asahi Group Holdings, Ltd

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ANNUAL REPORT 2012 Asahi Group Holdings, Ltd Asahi Group Holdings, Ltd. Creating Value for Sustainable Growth ANNUAL REPORT 2012 CORPORATE CORPORATE PHILOSOPHY BRAND STATEMENT The Asahi Group aims to satisfy Share the “Kando”* its customers with the highest levels of Always creating new value moves people’s quality and integrity, hearts and forms a strong bond. Always imagining a fresh tomorrow moves while contributing to people’s hearts and helps them shine. the promotion of healthy living and Sharing these emotional experiences with as many people as possible — this is the enrichment of society worldwide. the mission of the Asahi Group. * Kando is an emotion experienced in various ways. It can be an extreme satisfaction, an extraordinary feeling beyond one’s expectations, and/or a sensitively touch- ing and moving sensation. CONTENTS 01 To Our Shareholders and Friends 40 Group Management 02 Financial Highlights 40 Corporate Governance 44 Risk Management and Compliance Opening Feature: 04 45 Board Of Directors, Corporate Auditors Toward long-term, stable growth and Corporate Officers 06 Interview with the President 46 Corporate Social Responsibility (CSR) 14 Special Feature: 51 Financial Section Enhancing our business base 99 Fact Sheets for stable, long-term growth 103 Corporate Data —Realizing a value cycle— 105 Investor Information 16 Review of Operations Forward-Looking Statements 16 Asahi Group at a Glance The current plans, forecasts, strategies and performance presented in this annual 18 Alcohol Beverages report include forward-looking statements based on assumptions and opinions arrived at from currently available information. The Asahi Group cautions readers 24 Soft Drinks that future actual results could differ materially from these forward-looking statements depending on the outcome of certain factors. All such forward-looking 30 Food statements are subject to certain risks and uncertainties including, but not limited to, economic conditions, trends in consumption and market competition, foreign 34 Overseas exchange rates, tax, and other systems influencing the company’s business areas. TO OUR SHAREHOLDERS AND FRIENDS On behalf of the Asahi Group, we would like to express our sincere appreciation for your enduring support. This year, the Asahi Group formulated its Long-Term Vision 2020, as a new corporate vision. It also established the Medium- Term Management Plan 2015 to serve as an action plan for realizing this vision. Under this framework, the Asahi Group is step- ping up measures designed to enhance its corporate value. Under the Medium-Term Management Plan 2012, which ended last year, the Group focused on improving profitability in existing businesses and developing a new foundation for growth. The Group executed profit structure reforms that surpassed the plan’s expectations. For example, we developed an optimal production structure by integrating breweries, among other actions. Core brands in each business, including Asahi Super Dry and Mitsuya Cider, were strengthened. Furthermore, measures to develop a new foundation for growth saw us acquire all shares of Calpis Co., Ltd., a leading lactic acid drinks company. In overseas business, we expanded our growth foundations worldwide through measures including the acquisition of five soft drink and alcohol beverage companies. Consequently, we finished 2012, the final year of the Medium-Term Management Plan 2012, with record net sales of ¥1,579.1 billion, an increase of 8.0% year on year. Net income was ¥57.2 billion, up 3.8% year on year, reaching an all-time high for a 12th consecutive year. Going forward, the outlook indicates a more challenging business environment. We expect to face a stagnant global econ- omy as a whole, and a planned consumption tax hike in Japan, among other issues. Under these conditions, we have redefined our vision for the Asahi Group as a whole. The newly established Long-Term Vision 2020 sets forth the following vision statement for the Asahi Group: “To be a trusted corporate group in the world through offering “Kando” experiences of food (deliciousness, happiness, innovation).” Under the Medium-Term Management Plan 2015, our policy is to enhance corporate value through Value and Network Management. Through this approach, we intend to increase capital efficiency through such means as improving shareholder returns, in addition to boosting profitability. Looking ahead, the Asahi Group will continue aspiring to be a corporate group that is trusted in Japan and the rest of the world by implementing management that places a stronger emphasis on enhancing corporate value. We kindly ask for your continued guidance and support as we endeavor to drive the Asahi Group’s growth into the future. Hitoshi Ogita Chairman of the Board (Left) Naoki Izumiya President and Representative Director (Right) Annual Report 2012 01 FINANCIAL HIGHLIGHTS Asahi Group Holdings, Ltd. and Consolidated Subsidiaries For years ended December 31, 2012, 2011 and 2010 Thousands of Millions of yen % U.S. dollars Change 2012 2011 2010 (2012/2011) 2012 For the year: Net sales ¥1,579,077 ¥1,462,736 ¥1,489,461 +8.0 $18,238,358 Alcohol beverages 922,250 921,657 966,331 +0.1 10,651,998 Soft drinks 370,836 324,782 306,719 +14.2 4,283,160 Food 101,627 98,033 95,440 +3.7 1,173,793 Overseas 157,932 94,220 97,674 +67.6 1,824,117 Others 26,432 24,044 23,297 +9.9 305,290 Operating income (loss) 108,437 107,190 95,350 +1.2 1,252,449 Alcohol beverages 113,306 101,025 87,249 +12.2 1,308,686 Soft drinks 7,379 11,389 8,330 –35.2 85,227 Food 3,669 4,158 3,594 –11.7 42,377 Overseas (3,873) (2,913) (5,138) +33.0 (44,733) Others 607 760 1,145 –20.2 7,011 Adjustment (corporate/elimination)* (12,651) (7,229) 168 +75.0 (146,119) Operating income ratio (%) 6.9 7.3 6.4 –0.4 points Net income 57,183 55,093 53,080 +3.8 660,464 Net cash provided by operating activities 109,292 108,513 125,609 +0.7 1,262,324 Capital investments 50,170 40,225 36,738 +24.7 579,464 At year-end: Total assets ¥1,732,188 ¥1,529,908 ¥1,405,358 +13.2 $20,006,791 Interest-bearing debt 456,235 390,092 311,423 +17.0 5,269,508 Total net assets 726,879 643,799 612,670 +12.9 8,395,460 Per share data (in yen and U.S. dollars): Net income ¥ 122.75 ¥ 118.36 ¥ 114.10 +3.7 $ 1.42 Diluted net income 122.67 118.28 114.00 +3.7 1.42 Cash dividends applicable to the year 28.00 25.00 23.00 +12.0 0.32 Total net assets 1,553.35 1,378.19 1,315.51 +12.7 17.94 Key ratios: ROE (%) 8.4 8.8 9.0 ROA (%) 7.0 7.6 7.1 Total assets turnover (times) 1.0 1.0 1.1 Equity ratio (%) 41.8 41.9 43.6 Interest coverage ratio (times) 32.7 32.4 30.7 Debt-to-equity ratio (times) 0.63 0.61 0.51 * Due to a reorganization of business segments in 2011, figures for 2010 have also been restated in line with the new business segments. 02 Asahi Group Holdings, Ltd. NET SALES OPERATING INCOME/NET INCOME (¥ billion) (¥ billion) 1,579.1 120 1,600 107.2 108.4 1,462.7 1,472.5 1,489.5 1,462.7 26.4 157.9 94.5 95.3 101.6 90 1,200 370.8 82.8 57.2 922.3 60 53.1 55.1 800 45.0 47.6 30 400 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 ■ Alcohol Beverages*1 ■ Soft Drinks*1 *1 Overseas business results are included in ■ Operating Income ■ Net Income ■ Food*2 ■ Overseas these segments prior to 2011. ■ Others *2 For years up to and including 2009 this segment was called “Food and pharmaceuticals” TOTAL ASSETS/ROA CAPITAL INVESTMENTS*/DEPRECIATION* (¥ billion) (%) (¥ billion) 1,800 1,732.2 12.0 80 1,529.9 1,500 1,433.7 1,405.4 10.0 62.4 59.7 1,299.1 60 58.4 58.1 59.4 1,200 8.0 50.2 47.4 7.4 7.1 7.6 7.0 40.2 900 6.6 6.0 40 36.1 36.7 600 4.0 20 300 2.0 0 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 ■ Total Assets (Left Scale) ■ ROA (Right Scale) ■ Capital Investments ■ Depreciation * Figures for 2009 and thereafter include effects accompanying changes in accounting standards for lease transactions and trademarks of an Australian subsidiary at time of acquisition. SHAREHOLDERS’ EQUITY/ROE INTEREST-BEARING DEBT/D/E RATIO (¥ billion) (%) (¥ billion) (Times) 800 10 500 1.0 9.0 8.7 8.7 8.8 723.8 456.2 641.7 8.4 612.2 8 400 391.9 390.1 0.8 600 573.5 521.6 302.3 311.4 6 300 0.6 0.61 0.58 0.68 0.63 400 0.51 4 200 0.4 200 2 100 0.2 0 0 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 ■ Shareholders’ Equity (Left Scale) ■ ROE (Right Scale) ■ Interest-Bearing Debt (Left Scale) ■ D/E Ratio (Right Scale) Annual Report 2012 03 OPENING FEATURE Toward long-term, stable growth ESTABLISHMENT OF LONG-TERM VISION 2020 AND MEDIUM-TERM MANAGEMENT PLAN 2015 In response to changes in the business environment and diversifying stakeholder needs, the Asahi Group established its Long- Term Vision 2020 and the Medium-Term Management Plan 2015, an action plan for realization of the long-term vision.
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