OUTCOME: Main achievement of economic value
Value Creation Model
- Note:Began applying the International Financial Reporting Standards (IFRS) in December 2017.
![ROE/Profit margin*1](/en/investors/library/integrated/2018/philosophy/images/img_philofinan_001.jpg)
- Note: Until fiscal 2016, ROE before amortization of goodwill, etc., net profit margin before amortization of goodwill
![Normalized EPS*2/Normalized profit*3](/en/investors/library/integrated/2018/philosophy/images/img_philofinan_002.jpg)
- Note:Until fiscal 2016, normalized net income
![Consolidated normalized operating profit*4/ Consolidated normalized operating profit margin](/en/investors/library/integrated/2018/philosophy/images/img_philofinan_003.jpg)
- Note:Operating income (margin) until fiscal 2016
- Note:Revenue excluding liquor tax (sales)
- *1 Margin of profit attributable to owners of the parent
- *2Normalized EPS = Adjusted profit / Average number of shares outstanding during period
- *3Adjusted profit = Profit ± Other operating income and expenses and other items after income taxes
- *4Normalized operating profit = revenue – cost of sales – (selling, general and
administrative expenses)
Used as a profit indicator to measure ordinary business performance
- * Those without are the entire domestic and overseas Group