Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the First Quarter Ended March 31, 2015 (Japanese Standard)
April 30, 2015
Listed stock exchanges: Tokyo and Fukuoka
URL: http://www.ccwest.co.jp/english
Name: Tamio Yoshimatsu
Name: Masakiyo Uike Phone: +81-92-641-8585
Expected date of the dividend payments: －Listed company name: Coca-Cola West Company, Limited
Code number: 2579
Delegate: Title: Representative Director, President
Contact: Title: Department Manager, Finance Department
Expected date of quarterly report submission: May 8, 2015
FY 2015 1Q supplementary information: Yes
FY 2015 1Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 1st quarter 2015 (from January 1, 2015 to March 31, 2015)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net revenues
Year ended

1st quarter 2015
1st quarter 2014

Operating income

Recurring income

Net income

million yen%

million yen%million yen%million yen%

91,116
94,903(4.0)
14.8(1,246)(1,372)－－(1,290)(1,402)－－(1,252)(1,074)－－

Note: Comprehensive income
1Q 2015: (496) million yen <－% >Diluted earnings
per share

Earnings pershare
Year ended

1st quarter 2015
1st quarter 2014

1Q 2014: (1,227) million yen <－% >yenyen(11.47)(9.84)－－（2）Consolidated financial position
Total assets

Net assets (excl. minorityinterests) to total assets

Net assets

As ofmillion yen

million yen%

1st quarter 2015
Full year 2014

328,000
337,260

251,326
254,15076.5
75.2

Reference: Net assets (excl. minority interests)
1Q 2015: 250,978 million yen
End of 2014: 253,775 million yen

２．Dividends(Record date)

End of 1Q

Dividends per share
End of 2Q
End of 3Q
Year-end

AnnualYear endedyenyenyenyenyen

Full year 2014
Full year 2015
Full year 2015
(forecast)

－－

20.00

－

21.00

41.00

20.00

－

21.00

41.00

Note: Revisions to the cash dividends forecasts most recently announced: None

３．Forecast of consolidated financial results 2015 (from January 1, 2015 to December 31, 2015)（Percentages indicate changes over the same period in the prior fiscal year）

Net revenues
Full year 2015

Operating income

Recurring income

Earnings
per share

Net income

million yen%

million yen%million yen%million yen%yen

427,100

0.6

10,000(9.2)

9,600(9.5)

4,700

4.8

43.06

Note: Revisions to the forecasts of consolidated financial results most recently announced: None

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 financialstatement: 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: None: None: None（4）Number of outstanding shares (common share)
1) Number of outstanding shares at the end of period (including treasury shares):
1Q 2015: 111,125,714 shares
FY 2014: 111,125,714 shares
2) Number of treasury shares at the end of period:
1Q 2015: 1,984,842 shares
FY 2014: 1,984,123 shares
3) Average number of outstanding shares at end of period (three months):
1Q 2015: 109,141,335 shares
1Q 2014: 109,143,167 shares* Indication regarding execution of quarterly review procedures
At the time of disclosure of this quarterly financial summary, the review procedures for quarterly financial statements inaccordance 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 First-Quarter 2015
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…

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)
April 30, 2015

11235569991. Situation of Consolidated Profit and Loss
(January 1, 2015 to March 31, 2015)(million yen, %)1Q 2015
1Q 2014actualplan*vs. planactualchange

vs. last year

% changechange% change

Net revenues

94,90389,60091,116

1,516

1.7(3,787)(4.0)

Operating loss

(1,372)(2,900)(1,246)

1,653－

125－

Recurring loss(1,402)(3,000)(1,290)

1,709

－

111

－

Net loss(1,074)(2,300)(1,252)

1,047－(178)－* The above plan is based on performance forecast announced as of February 4, 2015.

2. Profits Change Factor (vs. plan)(January 1, 2015 to March 31, 2015)(million yen)

1Q 2015
plan*change

actualMain factors for increase/decrease

Net revenues

89,60091,116

1,516

Cost of goods sold

44,00044,938938

Gross profit

45,60046,177577

SG&A

48,50047,424(1,075)

Impact on the soft drink business(54)

Impact on the soft drink business

638

Impact on the healthcare and skincare business(60)

Decrease of sales promotion & ad expenses(415)

Decrease in personnel cost

(172)

Decrease of sales equipment cost(108)

Decrease of transportation expenses(76)

Decrease of repair expenses(63)

Decrease of depreciation cost(59)

Increase of sales commission

97

Impact on the healthcare and skincare business

Operating loss

(2,900)(1,246)

1,653

Non-operating income

200

202

2

Non-operating expenses

300

246

(53)

(3,000)(1,290)

1,709

Extraordinary income－－－

Extraordinary losses－－－(3,000)(1,290)

1,709

(725)

(45)

679

(2,275)(1,244)

1,030

25

7(17)

(2,300)(1,252)

1,047

Rucurring loss

Loss before income taxes
and minority interests
Income taxes
Loss before minority interests
Minority interests
Net loss* The above plan is based on performance forecast announced as of February 4, 2015.

Appendix-1

1,570

Impact on the healthcare and skincare business(269)

3. Profits Change Factor (vs. last year)(January 1, 2015 to March 31, 2015)(million yen)

1Q2014

1Q2015Main factors for increase/decreasechange

Net revenues

94,903

91,116(3,787)

Cost of goods sold47,681

44,938(2,743)Gross profit

47,222

46,177(1,044)

SG&A

Operating loss

48,59547,424

Impact on the soft drink business
Impact on the healthcare and skincare business(632)

Impact on the soft drink business(676)

Impact on the healthcare and skincare business(368)

Decrease in personnel cost

(1,892)

Decrease of sales commission(188)

Decrease of sales equipment cost(170)

(1,170) Decrease of fuel expenses

708

Increase of business consignment expenses

596

Impact on the healthcare and skincare business

(323)

(186)

(1,246)125

Non-operating income

224

202

(22)

Non-operating expenses

254

246

(7)

(1,402)(1,290)111

Extraordinary income

67

－

(67)

Extraordinary losses

186－(186) Impact on the healthcare and skincare business(1,521)(1,290)

230

(453)

(45)

407

(1,068)(1,244)(176)

67

1(1,074)(1,252)(178)

Loss before income taxes andminority interests
Income taxes
Loss before minority interests
Minority interests
Net loss

Appendix-2(117)

Increase of transportation expenses(1,372)

Recurring loss(3,155)

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2014

Mar.31
2015

116,050
41,996

107,168
39,827(8,881)(2,169)27,79724,083(3,714)

100

100

－

25,65922,703(2,956) Decrease of inventory

547
2,166
18,098792
2,989
17,030245
822(1,067)

(316)

(357)

(41)

221,210
144,124
33,132

220,832
143,40332,507

(378)
(720)
(625)

23,252

22,245(1,007)

27,11359,15511
1,457
47,69939,5398,160

27,305
59,13115
2,199
47,13538,876
8,258

191
(24)
3741
(564)(662)98

29,38630,292906

19,162
10,622

20,266
10,437

(398)

(411)

(12)

337,260

328,000(9,259)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 and equipment
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
Other
Allowance for
doubtful accounts
Total assetschangeMain factors for increase/decrease

1,104 Increase by rise in current prices of retained stocks(185)

Total assets
328,000
337,260

Total
assets107,168
116,050

Current
assetsProperty,plant andequipment

143,403
144,124
47,13547,699Intangible
assetsInvestments
and otherassets(million yen)

Mar.31
2015
Dec.31
2014

30,292
29,386050,000100,000

150,000

200,000

Appendix-3

250,000

300,000

350,000

400,000(million yen)Dec.31
2014
Current liabilities
Trade notes andaccounts payable
Current portion of longterm loans payableAccrued income taxes
Other accounts payable
Provision for sales
promotion expenses
Other
Long-term liabilities
Bonds payable
Long-term loans payable
Net defined benefit liability

Net unrealized gains (loss)
on other marketable secrities

Deferred gains or losses
on hedges
Foreign currencytranslation adjustment
Remeasurements ofdefined benefit plans
Minority interests
Net assets
Total liabilities andnet assetschangeMain factors for increase/decrease

51,37546,287(5,088)17,75015,735(2,015)2,517

2,517－2,024
20,649208
19,438(1,815)(1,210)

260

307

46

8,173
31,73420,000
2,719
3,871

8,079
30,38620,000
1,465
3,757

(93)
(1,347)－(1,254)
(113)

149

148

(1)

4,993
83,109251,079
15,231109,072
131,355(4,580)5,015
76,674
247,533
15,231109,072
127,811(4,582)

21(6,435)(3,545)－－(3,544)
(1)

2,696

3,445

748

3,389

4,579

1,189

317

192

(124)

16

15

(0)

(1,026)(1,342)(316)

374
254,150347
251,326(27)(2,824)337,260

328,000(9,259)Liabilities for directors'
and corporate auidtors'
retirement benefits

Other
Total liabilities
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Accumulated othercomprehensive income

Mar.31
2015

Total liabilities and net assets

328,000
337,260

Total liabilities
and net assets

76,674
83,109Totalliabilities

Mar.31
2015

46,28751,375Current
liabilities
Long-term
liabilities

Dec.31
2014

30,386
31,734
251,326
254,150

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(January 1, 2015 to March 31, 2015)(million yen)

1Q 2014
Investment

Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

1Q 2015

48258
3,275
1,714
5,296
5,617

85
513
2,765
701
4,066
5,595

2014
actual424,406
11,008
10,609
4,482

2015
plan
427,100
10,0009,600
4,700

6. Projections (consolidated)(January 1, 2015 to December 31, 2015)(1)Earnings(million yen, %)Net revenues
Operating income
Recurring income
Net income(2)Investment, Depreciation(million yen)

Investment

Buildings
Machinery & Equipment
Sales equipment
OtherTotalDepreciation2014
actual826
4,985
12,204
4,766
22,783
22,943

2015
plan
1,373
3,807
11,9662,507
19,65423,728

Appendix-5

change2,693(1,008)(1,009)217% change
0.6
(9.2)
(9.5)
4.8

7. Sales Information(January 1, 2015 to March 31, 2015)<Sales volume by brand>(thousand cases, %)1Q 2014
3,203
1,484
1,902
11,666
2,432
3,223
3,358
1,785
18,45047,503

Core 8

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

1Q 2015% change

2,942
1,295
1,576
10,945
1,927
2,820
3,375
2,310
17,03644,226

Notes : Sales volume in 2014 is revised retroactively due to changing counting segmentation in some products.

<Composition of brand>
100%

80%

38.8%

38.5%

Other

60%

3.8%

5.2%

I LOHAS

7.6%

Ayataka

6.4%

Aquarius

5.1%

4.4%

Sokenbicha

24.6%

24.7%

Georgia

4.0%
3.1%

3.6%
2.9%

Fanta

6.7%

6.7%

1Q 2014

1Q 2015

7.1%
6.8%
40%

20%

0%

Appendix-6

Coca-Cola Zero
Coca-Cola(8.2)(12.7)(17.2)(6.2)(20.7)(12.5)
0.529.4(7.7)(6.9)

<Sales volume by channel>(thousand cases, %)1Q 2014
Vending*1
Supermarket, etc. *2CVS*3Retail*4
Food service*5
OtherTotal

1Q 2015

16,801
13,230
5,347
2,626
5,202
4,297
47,503% change

15,18012,169
5,804
2,267
5,202
3,604
44,226

(9.7)
(8.0)
8.5
(13.7)
0.0(16.1)(6.9)

Notes : Sales volume in 2014 is revised retroactively due to reconsideration of channel segmentations.
*1 Vending : Retail sales business to distribute products through vending machine to consumers*2 Supermarket, etc. : Wholesale business for supermarket, drug store, discount store, etc.
*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 : Wholesale business in the food-service market such as fast food restaurants, 'family restaurants', etc.

<Composition of channel>
100%
9.0%

8.2%

Other

10.9%

11.8%

Food service

5.5%

5.1%

Retail

11.3%

13.1%

CVS

27.9%

27.5%

Supermarket, etc.

35.4%

34.3%

Vending

1Q 20141Q 2015

80%

60%

40%

20%

0%

Appendix-7

<Sales volume by package>(thousand cases, %)1Q 2014PET

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

1Q 2015

12,291
298
8,938
21,527
13,493
2,976
9,506
47,503% change

12,310260
7,926
20,497
12,281
2,762
8,685
44,2260.2(12.5)(11.3)
(4.8)
(9.0)
(7.2)
(8.6)
(6.9)

Notes : Sales volume in 2014 is revised retroactively due to changing counting segmentation in some products.

<Composition of package>
100%

20.0%

19.6%

Syrup, powder

6.3%

6.3%

Other

28.4%

27.8%

Can

17.9%

Large PET

80%

60%

40%
18.8%

0.6%

0.6%

Medium PET

20%
25.9%

27.8%

1Q 2014

1Q 2015

0%

Appendix-8

Small PET

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

End of2014

End of
1Q 2015309
23332

Can vending machine
Cup vending machine
Totalchange

303
23326

(6)
(0)
(6)

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(%)

Out market share

2014
31.7

2015
－(Source : Survey of vending machines conducted by McNET Inc., May to June in 2014.)

9. Home Market Share
(January 1, 2015 to March 31, 2015)(%)

1Q 2014

1Q 2015

Total
Supermarkets
CVS
Retail stores

23.4
24.5
21.7
21.7

22.8
22.5
23.4
20.4

Drug stores

23.0

24.0

Discount stores

23.6

22.8

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(million yen)

1Q 2014

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit (loss)

Soft drink

Healthcare andskincare

86,126

1Q 2015
Total

Soft drink

Healthcare andskincare

8,777

94,903

82,9708,145

91,116

86,126

8,777

94,903

82,9708,145

91,116－－－－－－(2,026)653(1,372)(1,855)608(1,246)

Total

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

Appendix-9