Sapporo Holdings Limited · TSE:2501

Sapporo — FY2017 Earnings Presentation

69 slides from Sapporo's earnings presentation, Feb 16, 2018

1. Slide 1: Sapporo Group Business Results for 2017 - Management Plan for 2018

   Sapporo Group Business Results for 2017 - Management Plan for 2018 February 16, 2018 URL http://www.sapporoholdings.jp/english Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 1/47

2. Slide 2: 2017 Results: Operating income, profit and dividend

    Operating income for 2017 was ¥ billion (down ¥4.3 billion v/s plan; down ¥3.2 billion YoY) 2017  Achieved ¥ billion level in profit  Dividend increased from ¥37 per share to ¥40 per share, while D/E ratio improved to times *Net Breakdown by factors related to the decline in Operating income ope

3. Slide 3: 2017 Continued Strengthening of Core Brands

   2017  Continued Strengthening of Core Brands (YoY for all categories) ＋13% Black Label (can) Lemon-based drinks YEBISU BAR Sales volume Sales volume Net sales (Japan) SAPPORO Sapporo/Yebisu/Ginza, Soups PREMIUM Real Estate Sales volume EBITDA Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserve

4. Slide 4: Position of 2018 in the Medium-Term Management Plan

   中期経営計画における2018年の位置づけ  Year to get overseas businesses of each company 2018to 2018 catch up, while continuing with brand strengthening and growth strategies SPEED150 First Medium-Term Second Medium-Term Third Medium-Term Management Plan Management Plan Management Plan (2017-2020) (2021-2023) (2024-2

5. Slide 5: Agenda

   1. Sapporo Group Business Results for 2017 P6〜P30 2. Management Plan for 2018 P31〜P46 Appendix: Reference Materials(FY2017) Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 5/47

6. Slide 6: Highlight

   (billions of yen) 2016 2017 YoY changes (amount, %) Net sales (incl. liquor tax) 541.8 551.5 9.7 1.8% Net sales (excl. liquor tax) 424.0 433.2 9.2 2.2% Overseas net sales to total (excl. liquor tax) 20.5% 21.2% 0.7% - EBITDA 46.5 44.5 (1.9) (4.2)% Operating income 17.0 (3.2) (16.0)% 2017 20.2 Operat

7. Slide 7: 2017 Results Highlight

   Sales increased for the 8th consecutive term, and while operating income fell, final profits rose as assets were streamlined (billions of yen) Sales YoY Change  Topline continued to grow 2017 Results Operating income YoY Change Highlight  Tough challenges faced by overseas soft drinks division was

8. Slide 8: Net Sales by Segment

   (billions of yen) YoY changes 2016 2017 (amount, %) Consolidated Net sales 541.8 1.8％ Japanese Alcoholic Beverages 279.4 (0.3)％ International 65.4 6.8% Net Sales by Segment Food & Soft Drinks 137.9 (0.0)% Restaurants 28.1 3.6% Real Estate 22.9 5.4% Other 8.0 47.5% Copyright, 2018 SAPPORO HOLDINGS LT

9. Slide 9: Changes in Net Sales: Main Factors

   Driven by sales increase in beer in Japan, diversification and North American alcoholic beverages Net increase in Ginza Place and new consolidated business* Japanese Alcoholic Food & Soft Beverages International Drinks Restaurants Real Estate (billions of yen) 2017 Main Factors SSC -1.0 CPF＋0.9 Exch

10. Slide 10: Operating Income by Segment

    (billions of yen) 2016 2017 YoY changes Consolidated operating income 20.2 Japanese Alcoholic Beverages 11.7 International 0.9 Food & Soft Drinks 1.3 Restaurants 0.6 Operating Income Real Estate 10.3 by Segment Other (0.0) General corporate and intercompany (4.5) eliminations Amortization of goodwil

11. Slide 11: Main Factors Contributing to Changes in Operating Income

    Performance of overseas soft drinks worsened Operating income declined due to investments in core brands and management platform in addition to M&A expenses Japanese Alcoholic Food & Soft Real Beverages International Drinks Restaurants Estate (billions of yen) Product mix, COGS , etc. -1.2 2016 *Nor

12. Slide 12: Japanese Alcoholic Beverages: Black Label and diversification

    Black Label achieved double-digit growth for 2 continuous years in “Cans,” which is a test of brand power Increased sales in all categories for diversification Black Label brand cans Shipping volume trend 113% Wine 117% 108% Diversification total Western Japanese -representative image- Shipping volu

13. Slide 13: Japanese Alcoholic Beverages: Medium-Term progress

    Expand sales of fine wine Strengthening of core beer brands Diversification progress Fresh initiatives for growth (wine, RTD, western spirits, Japanese liquor) ・Total demand -2%(YoY) environment Japanese Alcoholic ・Holding off on buying External ・Wine market growing Beverages due to Liquor Tax Act s

14. Slide 14: International: North American alcoholic and soft drinks

    North American alcoholic beverages grew, but North American soft drinks (SSC) declined even as measures to improve profits progressed in Vietnam Net Sales in Local Currency for the two North American Companies SSC: Net Sales in Local Currency (before elimination of inter-company transactions) (befor

15. Slide 15: International: Medium-Term progress

    North American North American Other Asian countries Vietnam alcoholic beverages soft drinks (South Korea, Singapore, Taiwan, etc.) environment ・Orange juice External consumption ・Beer market grew ・North American International beer market declined declined in the U.S. ・On the other hand, ・Imported be

16. Slide 16: Food & Soft Drinks results

    While Japanese mainstay brands grew, challenge is to restore the performance of overseas soft drinks business [Lemon-based drinks] [Overseas soft drinks] (Sales volume) Up ％ YoY POKKA Corporation Singapore net sales [Lemon-based food] Up ％ YoY Food & Soft Drinks [Tea drinks] 21.8 20.9 Up ％ YoY 2016

17. Slide 17: Food & Soft Drinks: Medium-Term progress

    Japanese Japanese New business Overseas Lemon Soup restaurant soft drinks (Soy beans) soft drinks (café) ・Total ・Total ・Total demand ・Total environment demand demand Food & Soft Drinks External demand ・Decline in Unchanged ・Market is demand in +3%(YoY) +4%(YoY) +3%(YoY) Singapore (billions of yen) (

18. Slide 18: Restaurants business results

    Sales expanded but personnel cost and overseas restaurants weighed on earnings Restaurants business Restaurants business Ratio of personnel cost to Sales sales Worsen % Restaurants 28.1 29.1 YoY Sales at Singapore restaurant 2016 2017 Down % YoY Up % YoY Copyright, 2018 SAPPORO HOLDINGS LTD. All rig

19. Slide 19: Restaurants: Medium-Term progress

    Sapporo Lion New Sanko, Marushinkawamura Lion Singapore environment Restaurants ・Price rise of vegetables External and other raw materials ・Demand fell in ・Same as left (billions of yen) ・Rise in personnel cost Singapore YoY Sales change ・Unseasonal weather, etc. Plan progress Medium-Term ・To work o

20. Slide 20: Real Estate: Contribute to Group Brand, Generate Stable Earnings

    Contribute to Group Brand, Generate Stable Earnings Real Estate Yebisu Garden Place Sapporo Factory Ginza Place Other properties, projects Yebisu Garden Place-related Hokkaido-related including Ginza Place EBITDA EBITDA EBITDA ¥ billion ¥ billion ¥ billion Up % YoY Up % YoY Up % YoY *Excluding compa

21. Slide 21: Real Estate: Medium-Term progress

    Yebisu Garden Place Hokkaido (Sapporo), etc. Ginza Place ・Market conditions strong Real Estate ・Market conditions strong environment in Sapporo region too External in city center ・Market conditions (billions of yen) *Redevelopment is expected to strong in city center YoY *Supply is expected to incre

22. Slide 22: Special Factors in Business Results and Exchange Rates

    ・Difference in consolidated period of 3 group companies Impact of exchange rates negligible <Special factors in business results> (YoY) Impact on Business segment Details sales Anchor Brewing Company, LLC.: Approx. International consolidation began in October 2017 ¥0.8 billion Marushinkawamura Inc.:

23. Slide 23: Changes in Income: Ordinary to Net Income

    Improvement in asset efficiency, asset reduction Impairment loss on Vietnam (billions of yen) 2016 2017 Change Factors contributing to changes Operating income 20.2 17.0 (3.2) - Financial account balance (0.8) (0.6) 0.2 - Other non-operating income/expenses (0.3) (0.0) 0.2 - Changes in Ordinary inco

24. Slide 24: Changes in Balance Sheets: Assets

    4.2 billion yen y-o-y increase in total assets <Key factors contributing to changes from the end of FY2016> Cash and cash Total assets equivalents (billions of yen) 10.5 13.0 12.7 10.5 Trade receivables 12.1 12.4 13.2 9.4 96.8 81.7 98.6 Current 64.3 74.8 68.4 78.9 assets 71.2 37.9 42.8 38.3 41.2 41.

25. Slide 25: Changes in Balance Sheets: Liabilities and Net Assets

    Total liabilities down by 7.0 billion yen from 2016-end Total net assets up by 11.2 billion yen <Key factors contributing to changes from the end of FY2016> Total liabilities, Accounts payable total net assets (billions of yen) Short-term bank liabilities 38.5 37.3 36.5 →Increase in short-term borro

26. Slide 26: Financial Status: Cash Flow and Investment

    Cash basis investment totaled about 36.5 billion yen (billions of yen) <Consolidated cash flow (CF) statement> 2016 2017 Change Change ①<Capital expenditure>about ¥ billion in (%) consolidated total (tangibles, intangibles) Cash flow from （2.5) 32.5 30.0 (7.9)% operating activities <Major items> Cas

27. Slide 27: Transformation of the Group Management Platform

    Promote initiatives for transformation of the Group management platform - Established Delicious Taste Technology Research Center in the first quarter R&D - Pursue measures for creating values in food - Started health survey research related to lemon in Osakikamijima-cho in Hiroshima Prefecture - Sta

28. Slide 28: R&D Successes in Product Development

    R&D successes reflected in product development, social contribution Research on Research on SBL88 lactic acid lemon bacteria Transformation  Promoted research on citric acid and lemon polyphenol  Digitized sensations such as taste of lemon-based drinks of the Group  Utilized research results of b

29. Slide 29: Nurture Bold Human Resources with Sound Body and Mind

    Personnel, human Nurture bold human resources resources with sound body and mind Work style improvement, Human resource child-rearing development support  Newly established management layer nurturing program  Sapporo Breweries Work Style Improvement 2020  Expanded cross-border global meetings ・Re

30. Slide 30: Initiatives for Improving Quality of Balance Sheet

    Finance Promotion of Initiatives for Improving Quality of Balance Sheet Financial strategy Improvement of Taxation strategy (procurement) asset efficiency Global cash management Consider diverse Liabilities procurement methods Tax planning such as Liabilities Liabilities Assets utilization of deferr

31. Slide 31: Management Plan for FY2018

    2. Management Plan for FY2018 Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 31/47

32. Slide 32: Voluntary IFRS Application and Replaced Management Goals

    Following Voluntary IFRS Application, Management Goal Figures of First Medium-Term Management Plan 2020 Have Been Replaced 2020  Start of voluntary IFRS application ・As we promote global business expansion in Japan, North America and Asia, we start voluntarily application of IFRS with the aim of fa

33. Slide 33: Group Management Plan 2017-2020

    Group Management Plan 2017-2020 J GAAP J GAAP IFRS IFRS 2016 2017 2018 2020 results results plan plan (billions of yen) Sales Sales Revenue Revenue EBITDA EBITDA EBITDA EBITDA Earnings before interest, taxes, Earnings before interest, taxes, Earnings before interest, taxes, Earnings before interest,

34. Slide 34: Group Management Plan: Cash Flows and D/E Ratio

    Group Management Plan 2017-2020 2016 2017 2018 4 years From 2017 to results results plan From 2019 to 2020 2020 (billions of yen) Cash flows from Cash flows from Cash flows from Cash flows from operating activities operating activities operating activities operating activities Cash flows from Cash f

35. Slide 35: Management Plan 2018

    Management Plan 2018 (billions of yen) 2017 2018 YoY changes （J GAAP） （IFRS） (amount, %) Net sales: Revenue （incl. liquor tax) 551.5 555.8 4.2 0.8% Net sales: Revenue(excl. liquor tax) 433.2 425.2 7.9 (1.8)% Overseas net sales: revenue to total (excl. liquor tax) 21.2％ 21.6％ 0.4% - EBITDA 44.5 45.6

36. Slide 36: Impact of Voluntary IFRS Application on Income Statement

    Impact of Voluntary IFRS Application on Income Statement 2018 <J GAAP> <IFRS> Net sales Revenue ◎Impact on revenue (billions of yen) Cost of sales - Rebates SG&A Cost of sales  Change of liquor tax indication (Sleeman: net → gross) ：＋ 11.9 Rebates Other SG&A Other SG&A IFRS Profit from operations b

37. Slide 37: Sales by Segment After Application of IFRS

    Sales by Segment After Application of IFRS 2018 ① 2017 ② 2018 plan ③ 2018 plan YoY change (billions of yen) Change Change *Amount, rate (J GAAP) (J GAAP) (②-①) (IFRS) (③-②) (③-①) Consolidated net sales (Revenue) 551.5 19.8 (15.6) 0.8％ Japanese Alcoholic Beverages* 281.3 12.6 (21.5) (3.2)% Internatio

38. Slide 38: Impact of IFRS Application on Sales by Segment

    Impact of Voluntary IFRS Application on Sales by Segment 2018 Japanese Alcoholic = Increase Beverages International Food & Drinks Restaurants Real Estate = Decrease (billions of yen) 2017 J GAAP 2018 IFRS Anchor: ＋3.1 (consolidation started in October 2017) Diversified products＋ Nonalcoholic beer: 6

39. Slide 39: Operating Income by Segment After Application of IFRS

    Operating income by Segment After Application of IFRS 2018 ① 2017 ② 2018 plan ③ 2018 plan YoY change Change Change *Amount, rate (billions of yen) (J GAAP) (J GAAP) (②-①) (IFRS) (③-②) (③-①) Operating income: (Operating profit) 17.0 2.6 (0.9) Japanese Alcoholic Beverages 12.2 0.2 (2.0) International

40. Slide 40: Impact of IFRS Application on Operating Income by Segment

    Impact of Voluntary IFRS Application on Operating Income by Segment 2018 Japanese Alcoholic = Increase Beverages International Food & Drinks Restaurants Real Estate = Decrease (billions of yen) Marketing -3.3 Facilities cost -0.5 Other fixed costs -2.1 Product mix ＋0.9 Nonalcoholic beer, RTD ＋2.9 Co

41. Slide 41: Japanese Alcoholic Beverages: Strengthening beer business

    Japanese Alcoholic Beverages Revenue YoY change IFRS operating profit YoY change 2018 *The Japanese standards were used in the previous term Happoshu, new genre, Continuation of strengthening beer business non-alcoholic beer <Black Label>  Shore up primarily core brands  Creation of brand experien

42. Slide 42: Growth in wine, spirits and new initiatives

    Japanese Alcoholic Beverages 2018 Growth in wine, spirits → profitability up New initiatives for growth  Take on diversification of consumption as an opportunity <Wine> To become the second pillar following beer and build a product growth model that is different from  Strengthen the Grande Polaire

43. Slide 43: International: Growth in North American alcoholic beverages

    International Revenue YoY change IFRS operating profit YoY change 2018 *The Japanese standards were used in the previous term Further growth in Integration of North American soft North American alcoholic beverages, drinks, performance recovery <SLEEMAN> leveraging synergies <Country Pure Foods & Sil

44. Slide 44: Food & Soft Drinks: Earnings improvement

    Food & Soft Drinks Revenue YoY change IFRS operating profit YoY change 2018 *The Japanese standards were used in the previous term Earnings improvement of soft drinks Flexible strategy implementation Boost the presence of for overseas soft drinks lemon and soup products  Maintain the position of to

45. Slide 45: Restaurants: Value promotion of beer halls

    Restaurants Revenue YoY change IFRS operating profit YoY change 2018 *The Japanese standards were used in the previous term Value promotion of beer halls, Growth of New Sanko, contribution to Group brand Marushinkawamura < Comparable-store sales increase>  Improve spending per customer by introduci

46. Slide 46: Real Estate: Continued growth and urban renewal

    Real Estate Revenue YoY change IFRS operating profit YoY change 2018 *The Japanese standards were used in the previous term Continued growth of Promote urban renewal, value, profitability of existing projects new business development <Yebisu Garden Place> Development of  Implement measures to maint

47. Slide 47: Sapporo will contribute to the evolution of lifestyles

    As an intrinsic part of people's lives, Sapporo will contribute to the evolution of creative, enriching and rewarding lifestyles. The earnings forecasts and forward‐looking statements appearing in this document were prepared by the SAPPORO Group based on currently available information and its best

48. Slide 48: Appendix: Reference Materials (FY2017)

    Appendix: Reference Materials (FY2017) Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 1/22

49. Slide 49: Major sales & sales volume

    Major sales & sales volume Appendix Japanese Alcoholic - Beverages Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 2/22

50. Slide 50: Beer, Happoshu and wine sales volume

    【Beer】 （sales volume） ＜Y-o-y change in sales volume of 3 core brands> 115 Jan-Dec up ％ y-o-y （total demand down ３％） 110  Black Label Brand total up ％ y-o-y 105 （Sales of the canned version：up ％ y-o-y） 100  Yebisu Brand total down ％ y-o-y 95 【Happoshu+new genre】 Jan Feb Mar Apr May Jun Jul Aug Sep

51. Slide 51: Beer, Happoshu and New genre sales volume change

    ＜ Beer, Happoshu and New genre beer Jan- Dec Sales volume change＞*Shipment base (10,000 cases) 6,000 5,000 4,000 3,000 ＜Beer lineup (Jan – Dec breakdown＞ 2,000 1,000 14% Appendix 0 Japanese Alcoholic 2011 2012 2013 2014 2015 2016 2017 Beverages Total (Beer, Happoshu and New genre) Beer Happoshu and

52. Slide 52: Net sales by category

    15.0 (billions of yen) ＜Jan- Dec Net Sales＞ (billions of yen) ※incl. liquor tax 10.0 8.3 8.2 8.5 8.5 250.0 6.6 7.1 7.7 5.0 200.0 72.5 75.6 75.3 79.3 65.0 59.5 4.8 4.8 5.1 5.6 5.3 5.0 5.1 70.6 0.0 2011 2012 2013 2014 2015 2016 2017 150.0 Japanese wine Imported wine 10 100.0 161.6 158.0 159.7 157.6 15

53. Slide 53: 2017 Major new products: Beer, Happoshu, RTD

    ＜2017 Major new products＞ Beer, Happoshu, New genre beer and RTD *incl. improved products Appendix Japanese Alcoholic Beverages Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 6/22

54. Slide 54: 2017 Major new products: Wine, Spirits, Japanese liquor

    ＜2017 Major new products> Wine, Spirits and Japanese liquor *incl. improved products Appendix Japanese Alcoholic Beverages Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 7/22

55. Slide 55: Sapporo Draft Beer Black Label sales growth

    Sales of Sapporo Draft Beer Black Label grew for the 3rd consecutive year! <Strong trend led by cans> Million YoY changes in Black Label brand total YoY changes in Black Label brand cans cases (cans, bottles, kegs) since 2014 in shipment volume Shipment volume (image) Appendix Japanese Alcoholic Bev

56. Slide 56: Brand sales increases from beer strengthening

    Each brand saw sales increase thanks to strengthening of beer Premium White Sapporo Lager Beer Edelpils Shirohonoka ・The oldest existing beer brand in Japan ・Nickname of Red Star ・Website Akaboshi★Tanteidan Retro-inspired store sales promotion consecutive years Since launch, consecutive tools of sal

57. Slide 57: International: Sleeman, U.S., Vietnam

    【SLEEMAN】 【U.S. soft drinks business】  Jan- Dec down ％ y-o-y  Jan-Dec down ％ y-o-y *sales volume *sales revenue （total demand estimate down 2%) ＜Ｕ.S. soft drinks business Net Sales in Local Currency (Jan-Dec)＞ * before elimination of inter- company transactions 【Sapporo U.S.A.】 300 262 260  Jan-

58. Slide 58: International: Net sales and Sapporo brand volume

    ＜SLEEMAN：Net Sales in Local Currency (Jan-Dec) Sapporo brand sales volume *before elimination of inter- company transactions breakdown by geographic area 400 8% 350 300 7% 38% 250 3.82 6.43 21% 200 million 345 359 363 million 325 328 150 262 279 309 cases cases 100 222 242 2012 72% 54% 50 0 2017 200

59. Slide 59: Anchor Public Taps opened

    Anchor Public Taps, tap room directly operated by Anchor, opened  In October, Anchor Public Taps, tap room directly operated by Anchor, opened in the plot adjacent to the head office plant on Mariposa St., San Francisco  A tap room is a pub restaurant operated directly by a beer manufacturer and i

60. Slide 60: Food & Soft Drinks: Product sales trends

    【Lemon-based drinks】 【Lemon-based food products】  Jan- Dec up ％ y-o-y  Jan-Dec up ％ y-o-y 【Unsweetened tea drinks】 【Soups】  Jan- Dec up ％ y-o-y  Jan- Dec up ％ y-o-y 【Soy milk, chilled products】 【Coffee drinks】  Jan –Dec Net Sales approx. billion  Jan- Dec down ％ y-o-y Appendix ＜Japanese soft d

61. Slide 61: Food & Soft Drinks segment net sales

    ＜Food & Soft Drinks segment Net sales> ＜Food & Soft Drinks segment (billions of yen) (Jan- Dec) Net sales break down by geographic area＞ 160.0 ※April 2011 Consolidation of 140.0 POKKA CORPORATION 120.0 85% 100.0 80.0 129.0 130.6 133.4 135.6 137.9 137.8 60.0 108.0 15% 40.0 Appendix 52.2 20.0 36.8 30.

62. Slide 62: Pokka Create outlets

    【Pokka Create CO., Ltd.】  Jan- Dec Net sales billion up ％ y-o-y ＜New & refurbish outlets ＞ <Number of outlets as of December 31, 2017 : 196> 107 Appendix 53 East Japan Food & Soft Drinks 196 Central Japan West Japan 36 104 196 Directory operated 92 FC Copyright, 2018 SAPPORO HOLDINGS LTD. All right

63. Slide 63: 2017 Major new products: Food & Soft Drinks

    ＜2017 Major new products> *incl. improved products Appendix Food & Soft Drinks Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 16/22

64. Slide 64: 2017 Major new products: Food & Soft Drinks

    ＜2017 Major new products> *incl. improved products Appendix Food & Soft Drinks Copyright, 2018 SAPPORO HOLDINGS LTD. All rights reserved. 17/22

65. Slide 65: Unsweetened tea wins Food Action Nippon MIP Award

    Unsweetened tea series with ingredients grown in Japan won the Food Action Nippon MIP Award  Currently, we use the Food Action Nippon logo with messages such as “This product uses ingredients grown in Japan by Kaga bou Hojicha (name of the respective product)“ on the back side of the package for 16

66. Slide 66: Restaurants: net sales and outlets

    (billions of yen) Trends of net sales and number of ＜Sapporo Lion outlets ＞ Sapporo Lion Outlets As of Dec 31, 2017 30.0 220 25.0 200 8 8 191 193 190 14 Tokyo Metroporitan 20.0 185 180 4 170 175 170 Kanto (excl.Tokyo) 15.0 160 Hokkaido 10.0 24.1 25.6 25.8 25.1 24.8 24.8 25.1 140 170 Tohoku Nagoya 5.

67. Slide 67: Major rental properties and occupancy rates

    ＜Major rental properties & occupancy rates：（Averages for 2017) ＜Information about Real Estate for lease＞ Occupancy (billions of yen) Site area Floor area 400.0 rate No. of floors （㎡） （㎡） （%） 350.0 40 floors above 300.0 Yebisu Garden Place（1） 56,943 298,007 98 ground, 5 below 250.0 12 floors above Eb

68. Slide 68: Various Initiatives by the Sapporo Group (2017)

    Various Initiatives by the Sapporo Group (2017) Photo 1 <Alliances>  Comprehensive partnership agreement signed between Kokugakuin University and Sapporo Holdings -To implement collaborative projects including community-linked cooperation starting at Shibuya, next-generation human resources develop

69. Slide 69: Various Initiatives: Aid and Contributions

    Various Initiatives by the Sapporo Group (2017) <Aid/Contributions, etc. (excerpts)>  Donated the “Bell of Hope” the symbol of recovery in front of  Spending part of sales at Yebisu Beer Festival for kids’ baseball Onagawa Station teams in Kesennuma City -Using a portion of the draft beer sales at

Sapporo Holdings — FY2017 Earnings Presentation on 6ix