Issue of Annual Report 2010

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Consolidated Statements of Income (Three years ended December 31) Millions of yen Thousands of U.S. dollars (Note 1) 2010 2009 2008 2010 Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥389,245 ¥387,534 ¥414,558 $4,779,528 Operating cost and expenses: Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261,212 267,690 288,146 3,207,415 Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . 112,630 106,948 111,726 1,382,978 Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,403 12,896 14,685 189,134 Other income (expenses): Interest and dividend income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,058 936 969 12,992 Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,647) (3,623) (3,717) (44,779) Other, net (Notes 5 and 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,948 (1,334) 6,033 60,755 2,359 (4,022) 3,285 28,968 Income before income taxes and minority interests . . . . . . . . . . . . . . . 17,762 8,874 17,970 218,102 Income taxes (Note 15): Current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,171 913 519 38,935 Deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,823 3,437 9,835 46,938 6,994 4,350 10,354 85,873 Minority interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 11 25 48 Net income (Note 18) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 10,773 ¥ 4,535 ¥ 7,640 $ 132,277 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. SAPPORO HOLDINGS LIMITED 34 Annual Report 2010
Consolidated Statements of Shareholders’ Equity (Three years ended December 31) Millions of yen Thousands of U.S. dollars (Note 1) 2010 2009 2008 2010 Common stock: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥53,887 ¥53,887 ¥53,887 $661,673 Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥53,887 ¥53,887 ¥53,887 $661,673 Capital surplus: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥46,318 ¥46,326 ¥46,310 $568,742 Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – – – – Disposition of treasury stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3) (7) 15 (35) Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥46,316 ¥46,318 ¥46,326 $568,707 Retained earnings (Note 6): Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥20,287 ¥19,972 ¥14,293 $249,103 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,773 4,535 7,640 132,277 Cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2,742) (2,743) (1,961) (33,672) Changes due to change in accounting policies applied to foreign subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . – (1,477) – – Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥28,317 ¥20,287 ¥19,972 $347,708 Treasury stock, at cost: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(1,132) ¥(1,058) ¥ (849) $(13,895) Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (59) (73) (209) (722) Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(1,190) ¥(1,132) ¥(1,058) $(14,617) Unrealized holding gain on securities: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 2,638 ¥ 3,046 ¥ 9,641 $ 32,390 Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348 (408) (6,595) 4,269 Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 2,985 ¥ 2,638 ¥ 3,046 $ 36,659 Deferred hedge gains: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 1 – – $ 12 Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) 1 – (110) Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ (8) ¥ 1 – $ (98) Foreign currency translation adjustments (Note 2 (n)): Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(3,627) ¥(5,536) ¥ 1,853 $(44,541) Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,631) 1,909 (7,390) (20,030) Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥(5,259) ¥(3,627) ¥(5,536) $(64,571) Minority Interests: Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 219 ¥ 226 ¥ 54 $ 2,687 Net change during the year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,379 (7) 172 16,929 Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥ 1,598 ¥ 219 ¥ 226 $ 19,616 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. SAPPORO HOLDINGS LIMITED Annual Report 2010 35
Page 1 and 2: Our Growth Sapporo Holdings Limited
Page 3 and 4: Sapporo Group Management Plan 2011-
Page 5 and 6: Overseas deployment Vietnam SAPPORO
Page 7 and 8: Net Sales (¥ Million) Operating In
Page 9 and 10: I’d like to take this opportunity
Page 11 and 12: Summary of Management Plan 2010-201
Page 13 and 14: Business Expansion in Soft Drinks a
Page 15 and 16: Question 6 Please describe some of
Page 17 and 18: With growth continuing at around 10
Page 19 and 20: In March 2011 Sapporo Holdings acqu
Page 21 and 22: Management Plan 2011-2012 Managemen
Page 23 and 24: Management Plan 2011-2012 Managemen
Page 25 and 26: Performance Review and Plan Restaur
Page 27 and 28: Corporate Governance Basic Governan
Page 29 and 30: Compliance The Group has set out th
Page 31 and 32: 6 7 8 9 10 Board of Corporate Audit
Page 33 and 34: Management’s Discussion and Analy
Page 35 and 36: Return on equity (ROE) increased fr
Page 37: Millions of yen Thousands of U.S. d
Page 41 and 42: Notes to Consolidated Financial Sta
Page 43 and 44: (n) Foreign currency translation Al
Page 45 and 46: 4. Inventories Inventories at Decem
Page 47 and 48: 6. Shareholders’ Equity Retained
Page 49 and 50: (b) Operating leases Future minimum
Page 51 and 52: a) Methods for Determining Market V
Page 53 and 54: (d) The realized gain and loss on s
Page 55 and 56: The assets pledged as collateral fo
Page 57 and 58: The significant components of defer
Page 59 and 60: Year ended or as of December 31, 20
Page 61 and 62: Corporate Data (As of December 31,

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