Issue of Annual Report 2010

Financial Highlights (Years ended December 31)
Thousands of
Millions of yen
U.S. dollars
2010 2009 2008 2007 2006 2010
For the Year
Net sales
Including tax . . . . . . . . . . . . . . . . . . . . . . . ¥389,245 ¥387,534 ¥414,558 ¥449,011 ¥435,090 $4,779,528
Excluding tax . . . . . . . . . . . . . . . . . . . . . . 269,874 264,604 284,412 309,794 294,066 3,313,778
Operating income . . . . . . . . . . . . . . . . . . . . . 15,403 12,896 14,685 12,363 8,613 189,134
EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,080 36,475 37,158 37,759 30,543 479,865
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . 10,773 4,535 7,640 5,509 2,338 132,277
Capital expenditures . . . . . . . . . . . . . . . . . . 22,571 23,485 29,378 19,548 30,790 277,155
Depreciation and amortization . . . . . . . . . . 22,504 22,547 21,605 24,527 21,930 276,328
Cash flows from operating activities . . . . . 27,431 12,454 22,292 30,691 28,589 336,825
Cash flows from investing activities . . . . . . (2,595) (32,227) 16,856 (13,495) (54,415) (31,863)
Free cash flows . . . . . . . . . . . . . . . . . . . . . . . 24,836 (19,773) 39,148 17,196 (25,826) 304,962
Cash flows from financing activities. . . . . . (18,120) 3,746 (22,207) (19,569) 9,352 (222,489)
At Year End
Net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,645 118,591 116,862 125,189 113,496 1,555,077
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . 494,798 506,875 527,287 561,859 589,597 6,075,619
Financial liabilities . . . . . . . . . . . . . . . . . . . . 181,335 196,794 189,252 212,464 236,033 2,226,609
Other Indicators
Overseas sales ratio . . . . . . . . . . . . . . . . . . . 9.4% 8.5% 8.8% 9.0% 1.8%
Operating income to net sales (Incl. tax) . . 4.0% 3.3% 3.5% 2.8% 2.0%
(Excl. tax) . . 5.7% 4.9% 5.2% 4.0% 2.9%
Debt-to-equity ratio (times) . . . . . . . . . . . . . 1.4 1.7 1.6 1.7 2.1
Equity ratio . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3% 23.4% 22.1% 22.3% 19.2%
ROE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9% 3.9% 6.3% 4.6% 2.1%
Yen
U.S. dollars
Per share
Net income
Primary . . . . . . . . . . . . . . . . . . . . . . . . . . . . ¥27.50 ¥11.57 ¥19.49 ¥14.10 ¥6.38 $0.34
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.44 11.05 18.89 13.76 5.88 0.32
Cash dividends . . . . . . . . . . . . . . . . . . . . . . . 7.00 7.00 7.00 5.00 5.00 0.09
Note: U.S. dollar amounts translated from Japanese yen, for convenience only, at the rate of ¥81.44=US$1, the exchange rate prevailing on December 31, 2010.
Free cash flows are Cash flows from operating activities and Cash flows from investing activities.
EBITDA = Operating income + Depreciation and amortization + Amortization of goodwill
Financial liabilities include commercial paper but excludes the balance of lease obligations.
02
SAPPORO HOLDINGS LIMITED
Annual Report 2010