Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the Third Quarter Ended September 30, 2014 (Japanese Standard)
October 31, 2014
Listed company name: Coca-Cola West Company, Limited
Listed stock exchanges: Tokyo and Fukuoka
Code number: 2579
URL: http://www.ccwest.co.jp/english
Delegate: Title: Representative Director, President
Name: Tamio YoshimatsuContact: Title: Department Manager, Finance Department Name: Masakiyo Uike
Phone: +81-92-641-8585
Expected date of quarterly report submission: November 7, 2014
Expected date of the dividend payments: －FY 2014 3Q supplementary information: Yes
FY 2014 3Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 3nd quarter 2014 (from January 1, 2014 to September 30, 2014)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net revenues
million yen

Operating income%million yen%million yen%million yen%

7,995
13,302(39.9)
27.2

8,015
14,017(42.8)
34.0

3,663
15,832(76.9)
251.2

3rd quarter 2014
323,815 (1.0)
3rd quarter 2013
327,218 10.4
Note: Comprehensive income
3Q 2014: 5,581 million yen <(68.9)%>

3Q 2013: 17,941 million yen <276.8%>
Diluted earnings
per share

Earnings per share
3rd quarter 2014
3rd quarter 2013

Net income

Recurring income

yenyen33.56
150.10－－（2）Consolidated financial position
Total assets

Net assets (excl.
minority interests) tototal assets

Net assets

million yen

million yen%

3rd quarter 2014
367,462
Full year 2013
374,418
Reference: Net assets (excl. minority interests)
3Q 2014: 252,435 million yen

252,801
257,93668.7
68.8

End of 2013: 257,558 million yen

２．Dividends（Record date）

End of 1Q

Dividends per share
End of 3Q

End of 2Q
yenyenYear-end

Annualyenyenyen

Full year 2013
－20.00－
Full year 2014
－
20.00
－
Full year 2014
（Forecast）
Note: Revisions to the cash dividends forecasts most recently announced: None

21.00

41.00

21.00

41.00

３．Forecast of consolidated financial results 2014 (from January 1, 2014 to December 31, 2014)（Percentages indicate changes over the same period in the prior fiscal year）

Net revenues

Full year 2014Operating income

Recurring income

Earningsper share

Net income

million yen%million yen%million yen%million yen%yen

425,700(1.4)

10,700(32.8)

10,600(36.2)

5,000(63.3)

45.81

Note: Revisions to the forecasts of consolidated financial results most recently announced: Yes

Notes（1）Changes in significant subsidiaries during the current period(changes in specified subsidiaries resulting in change in scope of consolidation)（2）Application of special accounting for preparing the quarterly consolidated financial
statement: None: None

（3）Changes in accounting policies, changes in accounting estimates, and restatement of priorperiod financial statements after error corrections
1) Changes in accounting policies due to revisions to accounting standards and otherregulations
2) Changes other than those in 1) above
3) Changes in accounting estimates
4) Restatement of prior period financial statements after error corrections: None: Yes: None
: None（4）Number of outstanding shares (common share)
1) Number of outstanding shares at the end of period (including treasury shares):
3Q 2014: 111,125,714 shares
FY 2013: 111,125,714 shares
2) Number of treasury shares at the end of period:
3Q 2014: 1,983,519 shares
FY 2013: 1,982,355 shares
3) Average number of outstanding shares at end of period (nine months):
3Q 2014: 109,142,731 shares
3Q 2013: 105,475,094 shares* Indication regarding execution of quarterly review procedures
At the time of disclosure of this quarterly financial summary, the review procedures for quarterly financial statementsin accordance with the Financial Instruments and Exchange Act are in progress.
* Explanation regarding appropriate use of the forecast, other special instructions
Figures in the above forecast are based on information available to management at the time of announcement.
Due to number of inherent uncertainties in the forecast, actual results may differ materially from the forecast.

Consolidated Results
For The Third-Quarter 2014
Appendix

1 . Situation of Consolidated Profit and Loss…

2 . Profits Change Factor (vs. plan)…

3 . Profits Change Factor (vs. last year)…

4 . Consolidated Balance Sheet and Change Factor…

5 . Investment, Depreciation, Cash Flow (consolidated)…

6 . Projections (consolidated)…

7 . Sales Information…

8 . Number of Vending Machines, Market Share…

9 . Home Market Share…

10 . Segment Information…

-Creating a happy tomorrow for everyone-Coca-Cola West Co., Ltd. (2579)
October 31, 2014

112
3
5
6
7
10
1010

1. Situation of Consolidated Profit and Loss
(January 1, 2014 to September 30, 2014)(million yen, %)3Q 2014
3Q 2013
actualplan*

actualvs. planchangevs. last year

% changechange% change

Net revenues

327,218

345,800

323,815(21,984)(6.4)(3,403)(1.0)

Operating income13,302

13,100

7,995(5,104)(39.0)(5,306)(39.9)

Recurring income

14,017

11,7008,015(3,684)(31.5)(6,001)(42.8)Net income

15,832

5,600

3,663

(1,936)(34.6)(12,168)(76.9)* The above plan is based on performance forecast announced as of April 30, 2014.

2. Profits Change Factor (vs. plan)(January 1, 2014 to September 30, 2014)(million yen)

3Q 2014changeplan*

actualNet revenues

345,800

323,815(21,984)

Cost of goods sold

170,000

161,770(8,229)Gross profit

175,800

162,044(13,755)

SG&A

Operating income

162,700

154,048

Main factors for increase/decrease
Impact on the soft drink business(18,938)

Impact on the healthcare and skincare business(3,046)

Impact on the soft drink business(11,286)

Impact on the healthcare and skincare business(2,468)Decrease in personnel cost

(2,775)Decrease of sales equipment cost(812)

Decrease of depreciation cost(789)

Decrease of business consignment expenses(655)

Decrease of repair expenses(236)(8,651) Decrease of rent expenses(210)

Decrease of fuel expenses(209)Decrease of maintenance cost

(186)

Decrease of transportation expenses(118)

Increase of sales promotion & ad expenses

526

Impact on the healthcare and skincare business(1,661)

13,100

7,995(5,104)Non-operating income

500983483

Non-operating expenses

1,900

964(935) Loss on retirement of fixed assets

Rucurring income

11,7008,015(3,684)

Extraordinary income－261

Extraordinary losses

700

2,129

1,429 Impact on the business restructuring

Income before income taxes
and minority interests

11,0006,146(4,853)

Income taxes

5,325

2,459

(2,865)

Income before minority interests

5,675

3,686

(1,988)7523(51)

5,600

3,663

(1,936)

Minority interests
Net Income(1,117)

261* The above plan is based on performance forecast announced as of April 30, 2014.

Appendix-1

1,156

3. Profits Change Factor (vs. last year)(January 1, 2014 to September 30, 2014)(million yen)

3Q 2013
Net revenues

327,218

3Q 2014323,815Main factors for increase/decreasechange(3,403)

Impact on the soft drink business
Impact on the healthcare and skincare business

Cost of goods sold163,763

161,770(1,992)

Gross profit

163,455

162,044(1,410)

SG&A

150,152

154,048

3,896

Operating income

13,302

7,995

Non-operating income

1,625

983

Non-operating expenses

91196452

Recurring income

14,017

8,015(6,001)

Extraordinary income

14,438261

Extraordinary losses

6,791

2,129

Impact on the soft drink business

Income before minority interests
Minority interests
Net income(2,539)554

Impact on the healthcare and skincare business(1,965)

Increase of transportation expenses

2,788

Increase of business consignment expenses

2,282

Increase of sales promotion & ad expenses

2,001

Increase of sales commission

361

Increase of depreciation cost

222

Decrease in personnel cost

(2,164)

Decrease of sales equipment cost(875)

Impact on the healthcare and skincare business(315)(5,306)(642) Investment gain on equity method(14,177) Gain from negative goodwill(4,661)

21,664

6,146(15,517)

5,795

2,459(3,336)

15,8683,686(12,181)

3623

(12)

15,832

3,663(12,168)

Appendix-2(923)(14,438)

Loss on step acquisitions(5,567)

Impairment loss

(1,008)Impact on the business restructuring

1,156

Restructuring cost
Income before income taxes
and minority interests
Income taxes

(863)

741

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2013

Sep.302014

146,178
45,632

142,899
42,672(3,279)(2,959)26,876

29,6282,751

25,132

23,612(1,520) Decrease by maturity of marketable securities

26,621

23,912(2,708)566
2,071
19,630616
3,748
19,070

50
1,676
(559)

(352)

(362)

(10)

228,239

224,562(3,676)

147,613

145,767(1,846)35,82633,992(1,834)

24,81822,750(2,067)25,39059,90814
1,654
49,30742,1897,118

27,30459,566487
1,666
48,57340,201
8,372

1,913(342)473
12(733)(1,987)
1,253

31,31730,221(1,095)17,306

18,505

1,198

4,479

－

9,950

12,117

2,166(418)

(400)

18

374,418

367,462(6,955)Current assets
Cash and deposits
Trade notes andaccounts receivable
Marketable securities
Merchandise andfinished goods
Work in process
Raw materials and supplies
Other
Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment
Buildings and structures, net
Machinery, equipment,
vehicles, net
Sales equipment, net
LandConstruction in progress
Other, net
Intangible assets
Goodwill
Other
Investments andother assets
Investment securities
Advanced payments
for retirement expenses
Other
Allowance for
doubtful accounts
Total assetschangeMain factors for increase/decrease

Impact from the early application of revised accounting standard(4,479) for retirement benefits

Total assets
Totalassets

367,462
374,418

Current
assets142,899
146,178

Property,plant andequipment

145,767
147,613

Intangible
assets48,57349,307

Investments
and otherassets(million yen)

Sep.302014
Dec.31
2013

30,22131,317050,000100,000

150,000

200,000

Appendix-3

250,000

300,000

350,000

400,000(million yen)Dec.312013
Current liabilities
Trade notes andaccounts payable
Current portion of bonds
Current portion of longterm loans payable
Accrued income taxes
Other accounts payable

Sep.302014changeMain factors for increase/decrease

81,88981,546(342)

16,278

17,772

1,493

30,00030,000－2,517

2,517－

3,165
17,624

1,143
19,306(2,022)
1,681

Provision for sales promotionexpenses

203

242

39

Provision for loss on liquidationof subsidiaries and affiliates

－404

404

12,098

10,159(1,938) cost （lump-sum allowance for employee transfer, etc.）

Long-term liabilities
Bonds payable
Long-term loans payable

34,59220,0005,237

33,11420,0002,724(1,478)－(2,513)

Allowance for employees'
retirement benefits

2,048－(2,048) for retirement benefits

Net defined benefit liability

－

4,193

4,193 for retirement benefits

149

148

(0)

Other
Total liabilities
Shareholders' equity
Common stock
Capital surplus7,156
116,481
255,346
15,231109,072

6,047
114,660
250,260
15,231109,072(1,109)(1,820)(5,085)－－Retained earnings

135,619

130,536(5,083) for retirement benefits and decrease by dividend payments

Treasury stock
Accumulated othercomprehensive income(4,577)(4,579)

(1)

2,212

2,174

(38)

2,214

3,003

788

(1)

76

78

－

3

3

－

(908)

377
257,936366
252,801(11)(5,134)374,418

367,462(6,955)

Other

Liabilities for directors'
and corporate auidtors'
retirement benefits

Net unrealized gains (loss) onother marketable secrities
Deferred gains or losses onhedgesForeign currency translation
adjustment
Remeasurements of defined
benefit plans

Minority interests
Net assets
Total liabilities andnet assets

Decrease in accrued expense by payments for restructuring

Impact from the early application of revised accounting standard
Impact from the early application of revised accounting standard

Impact from the early application of revised accounting standard

Impact from the early application of revised accounting standard(908) for retirement benefits

Total liabilities and net assets

367,462
374,418

Total liabilities
and net assets

114,660
116,481

Totalliabilities

Sep.302014

81,54681,889Current
liabilities
Long-term
liabilities

Dec.31
2013

33,114
34,592
252,801
257,936

Net assets(million yen)0

50,000100,000

150,000

200,000

Appendix-4

250,000

300,000

350,000

400,000

5. Investment, Depreciation, Cash Flow (consolidated)(January 1, 2014 to September 30, 2014)(1) Investment, Depreciation(million yen)

3Q 2013

Investment

Buildings
Machinery & Equipment
Sales equipment
Other
Construction in progress
Total
Depreciation

3Q 2014

492
5,637
7,875
3,967
(2,205)
15,767
17,553

715
2,757
9,371
4,028
473
17,345
17,035(2) Cash Flow(million yen)

3Q 2013
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 3Q

3Q 2014

34,10018,965(25,436)(10,437)(8,077)(7,336)45,55861,469Appendix-5

6. Projections (consolidated)(January 1, 2014 to December 31, 2014)(1)Earnings(million yen, %)2013
actualNet revenues
Operating income
Recurring income
Net income2014
plan

431,71115,927
16,606
13,625425,700
10,70010,6005,000(2)Investment, Depreciation(million yen)2013
actualInvestment

Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

770
6,368
9,501
3,602
20,242
23,758

Appendix-6

2014
plan
789
4,927
13,221
4,565
23,50423,193change(6,011)(5,227)(6,006)(8,625)% change(1.4)(32.8)(36.2)(63.3)

7. Sales information(January 1, 2014 to September 30, 2014)<Sales volume by brand>(thousand cases, %)3Q 2013
11,7405,443
6,88831,980
9,157
19,785
10,781
7,544
61,328
164,647

Core 8

Coca-Cola
Coca-Cola Zero
Fanta
Georgia
Sokenbicha
Aquarius
Ayataka
I LOHAS
OtherTotal

3Q 2014% change

11,851
5,377
6,835
33,501
8,624
17,467
12,274
9,185
60,953
166,068

0.9
(1.2)
(0.8)
4.8
(5.8)
(11.7)
13.9
21.7
(0.6)
0.9

Notes : Sales volume in 2013 is revised retroactively due to standardization of counting method in the affiliated company.

<Composition of brand>
100%

80%

60%

37.3%

36.7%

4.6%

5.5%

I LOHAS

6.5%

7.4%Ayataka

12.0%

10.5%

5.6%

5.2%

Sokenbicha

19.4%

20.2%

Georgia

4.2%

4.1%

Fanta

3.3%

3.3%

Coca-Cola Zero

7.1%

7.1%

Coca-Cola

3Q 2013

3Q 2014

40%

Other

Aquarius

20%0%

Appendix-7

<Sales volume by channel>(thousand cases, %)3Q 2013
Vending
Supermarket
CVS
RetailFood service
OtherTotal

3Q 201444,64350,664
17,618
11,175
15,827
24,720164,647

*1
*2
*3
*4
*5% change

44,77052,775
18,7789,494
17,23023,021
166,068

0.3
4.2
6.6(15.0)
8.9(6.9)
0.9

Notes : Sales volume in 2013 is revised retroactively due to standardization of counting method in the affiliated company.
*1 Vending : Retail sales business to distribute products through vending machine to consumers*2 Supermarket : Wholesale business for supermarket, drug store, discount store, home center chains*3 CVS : Wholesale business for convenience store chains*4 Retail : Wholesale business for grocery stores, liquor shops and other over-the-counter outlets*5 Food service : Syrup sale business for fast food restaurants, movie theaters, sports arena,'family restaurants,' and theme parks<Composition of channel>
100%

80%

15.0%

13.9%

Other

9.6%

10.4%

Food service

6.8%

5.7%

Retail

10.7%

11.3%

CVS

30.8%

31.8%

27.1%

26.9%

3Q 2013

3Q 201460%

40%

Supermarket

20%

0%

Appendix-8

Vending<Sales volume by package>(thousand cases, %)3Q 2013

PET

Small-sized (less than 1,000ml)
Medium-sized (less than 1,500ml)
Large-sized (1,500ml or more)
SubtotalCan
Other
Syrup, powder
Total

3Q 201444,851
1,425
34,43780,713
41,252
11,79730,884
164,647% change

46,115
1,35635,870
83,341
41,813
10,68630,228166,068

2.8(4.8)
4.2
3.3
1.4(9.4)(2.1)
0.9

Notes : Sales volume in 2013 is revised retroactively due to standardization of counting method in the affiliated company.

<Composition of package>
100%

18.8%

18.2%

Syrup, powder

7.2%

6.4%

Other

25.0%

25.2%

Can

20.9%

21.6%

Large PET

80%

60%

40%

0.8%

0.9%

Medium PET

20%
27.2%

27.8%

3Q 2013

3Q 2014

0%

Appendix-9

Small PET

8. Number of Vending Machines, Market Share(1) Number of vending machines(thousands units)

End of2013

End of3Q 2014
30925333

Can vending machine
Cup vending machine
Totalchange309
233320(1)(1)

Notes: Figures are the combined total of Coca-Cola West Co., Ltd. and its affiliated company Nishinihon Beverage Co., Ltd.

(2) Market share of vending machines
(%)

2013
30.8

Out market share

2014
31.7

(Source : Survey of vending machines conducted by McNET Inc. from June to July in 2013, from May to June in 2014.)

9. Home Market Share
(January 1, 2014 to September 30, 2014)(%)

3Q 2013

3Q 2014

TotalSupermarkets
CVS
Retail stores

22.523.2
21.4
20.3

22.8
22.8
22.0
20.3

Drug stores

23.3

23.2

Discount stores

22.0

24.2

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(January 1, 2014 to September 30, 2014)(million yen)

3Q 2013

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit

Soft drink

Healthcare andskincare

299,324

3Q 2014
Total

Soft drink

Healthcare andskincare

27,893327,218

298,461

25,353323,815

299,324

27,893327,218

298,461

25,353323,815－－－－－－

9,360

3,942

13,3025,703

2,292

7,995

Total

Notes: Net revenues and segment profit are based on net revenues and operating income reported in the consolidated statements of income.

Appendix-10