Sapporo Holdings Ltd. announced consolidated earnings results for the year ended December 31, 2014. For the period, the company reported net sales of JPY 518,740 million, operating income of JPY 14,728 million, ordinary income of JPY 14,565 million, net income of JPY 340 million or net income per share of JPY 0.87 compared to net sales of JPY 509,834 million, operating income of JPY 15,344 million, ordinary income of JPY 15,130 million, net income of JPY 9,451 million or net income per share of JPY 24.20 for the same period last year. Income before income taxes and minority interests was JPY 2,694 million against JPY 16,562 million a year ago. Return on equity was 0.2% against 6.7% a year ago. Cash flows from operating activities was JPY 22,284 million against JPY 32,861 million a year ago. Purchases of property, plant and equipment was JPY 17,312 million against JPY 12,243 million a year ago. Purchases of intangibles was JPY 1,820 million against JPY 1,525 million a year ago. EBITDA was JPY 42.9 billion against JPY 44.3 billion a year ago. ROE before goodwill amortization was 2.7% against 9.5% a year ago. Free Cash flows were JPY 5.0 billion.

The consolidated company expects net sales of JPY 545,700 million, operating income of JPY 16,300 million, ordinary income of JPY 15,200 million, net income of JPY 8,000 million or net income per share of JPY 20.53 for the fiscal year ending December 31, 2015. EBITDA was expected to be JPY 43.2 million. ROE before goodwill amortization is expected to be 43.2%. Income before income taxes and minority interests is expected to be JPY 13.3 billion. Cash flows from operating activities are expected to be JPY 42.5 billion. Free Cash flows are expected to be JPY 29.8 billion.