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Asahi Group Holdings FY2023 Financial Results

13 Feb. 2024
Asahi Group Holdings, Ltd.

(Tokyo, Japan - February 13, 2024) – Asahi Group Holdings, Ltd. announced the financial results of 2023, for the period of January 1 to December 31.

Key Highlights

  • Revenue grew +6.8% YoY as revenue increased in all regions, mainly attributed to unit sales price increases driven by price revisions and premiumization. Also, revenue on actual currency basis grew +10.3% YoY.
  • Core operating profit grew +3.9% YoY. The growth was due mainly to increased revenues and enhanced cost management despite cost pressures. Core operating profit on actual currency basis also grew +8.1% YoY.
  • Unit sales price for beer-type and non-alcohol category in each region improved +8.1% YoY in Japan, +14.9% YoY in Europe, and +4.2% YoY in Oceania.
  • Total sales volume* of all five global brands grew +4% YoY. Particularly, Asahi Super Dry, a top priority of our global brand portfolio, grew +35% YoY driven mainly by sales expansion in major markets in Asia, Europe, and Oceania.
  • Net Debt to EBITDA Ratio declined to 3.08x at the end of 2023. Interest-bearing debt decreased steadily, and financial health improved.
  • FY2024 forecast for revenue is projected to grow +3.6% YoY (+2.6% on actual currency basis), and core operating profit is also projected to grow +4.2% (+2.8% on actual currency basis).

*Based on sales volumes excluding the home market

Performance Overview

Atsushi Katsuki, President & CEO, at Asahi Group Holdings, Ltd., commented:

“In 2023, we exceeded our financial targets, yielding a robust performance. This is mainly due to increase in sales and improved cost management strategies, despite operating within a challenging business environment marked by significant cost increases. The year saw a rise in unit sales prices, driven by prudent pricing strategies and progressive premiumization. Going forward, we will continue to expand our competitive advantages in each region and boost the sustainability of our premium strategy by maintaining our active investment in key brands.
Asahi Super Dry, which is a top priority in our global brand portfolio, saw a sales volume growth of +35% YoY excluding the home market of Japan, owing to sales expansion in the major markets of Asia, Europe, and Oceania. We will continue to bolster global brands as the driving force of our premium strategy through global partnerships.
In 2024, we will begin a transition towards our new phase of growth, with a focus on further globalization. Driven by the strengthening of group governance, including the initiation of Asahi Global Procurement and the transformation of our management structure, we aim to maximize corporate value beyond the sum of our regional businesses.”

(Note)
Asahi Global Procurement: A newly established company which integrates the Asahi Group’s global, regional, and local procurement functions.

Quick Link

FY2023 Financial Results
FY2023 Supplementary Information
FY2023 Financial Results Presentation
Financial Results Briefing