Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
The First Quarter Ended March 31, 2008
April 24, 2008
Company name: Coca-Cola West Holdings Company, Limited
Stock exchange listings: Tokyo(1 section),Osaka(1st section), Fukuoka
Code number: 2579
URL http://www.ccwh.co.jp/eng
Representative: Norio Sueyoshi, Representative Director and CEO
Contact: Makoto Tsunomachi, Finance Group Manager
Phone: +81-92-283-5714
st(Round down to the nearest million yen)

１．Consolidated financial data for the first quarter ended March 31, 2008
（1）Operating results(Percentage compares current results with those of the interim period of the previous year )Net income
Net revenues
Operating income
Recurring income
Three months ended

Million yen％

Million yen％

Million yen％

Million yen％March 31, 2008
March 31, 2007

88,29689,903

-1.8
73.8

242
1,030

-76.5
-28.6

376
1,255

-70.0
-20.7

188780

-75.9
-12.6

Year ended Dec 31, 2007

409,521－

16,056－

17,493

－

9,375

－

Basic net income
per share

Diluted net income
per share

Three months ended

YenYenMarch 31, 2008
March 31, 2007

1.78
7.35

－－Year ended Dec 31, 2007

88.29－（2）Financial condition
Total liabilities andnet assets
As ofTotal net assets

Million yen

Equity ratio

Net assets per share％

Million yen

Yen

March 31, 2008
March 31, 2007

291,014
312,871

246,656
249,557

84.7
79.7

2,355.70
2,349.61

Year ended Dec 31, 2007

315,672

254,02580.5

2,391.83

Cash flow fromoperating activities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Million yen

Million yen

Million yen（3）Cash flows

Three months ended

Cash and cash
equivalents at endof quarter
Million yen

March 31, 2008
March 31, 2007

3,929
6,843

6,457
-4,267-18,159
8,144

27,79233,004

Year ended Dec 31, 2007

33,000-23,306

3,586

35,5641

CCWH consolidated financial summery for the first quarter ended March 31, 2008

２．Earning projections for the Fiscal Year Ending December 31, 2008
There is no change from earning projections which released on February 7, 2008
３．Other（1）Changes in significant subsidiaries during the period： no(Resulting in a change in scope of consolidation)（2）Change in accounting principles： no（3）Change in accounting method since the last fiscal year
： no*Actual results may differ from substantially from the projection due to a variety of factors that may occur in the rest ofthe year.

2Consolidated Results
For First-Quarter 2008
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
6. Projections
7. Sales Information
8. Number of Vending Machines, Share
9. Home Market Share by industry

Coca-Cola West Holdings Co., Ltd(2579)
April 24, 2008

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1
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3
4
6781111

1. Situation of Consolidated Profit and Loss
(January 1, 2008 to March 31, 2008)(million yen, %)1Q 2008
1Q 2007
actualvs last yearvs planplan(*)

actualchange% changechange% change

Net Sales

89,90391,40088,296-3,103-3.4-1,607-1.8

Operating Income

1,030

300

242-57

-19.1

-787

-76.5

Recurring Income

1,255

500

376-123

-24.7

-879

-70.0

780

100

188

88

88.4

-592-75.9

Net Income* The above plan is based on performance forecast announced as of February 7, 2008.

＜Reference＞

Operating income comparison with impact of accounting method removed(million yen, %)1Q
2007
actual1Q
2008
actualOperating income

(A)

1,030

Review sales equipment depreciation method

(B)

711

Change advanced payment depreciation method of Kinki in 2007
(In order to unify accounting method in Coca-Cola West Group, Kinki
CCBC changed it from one time depreciation to time depreciation.)

(C)

333

Operating income after considering items impacting comparability

-15

1,030

B

711

C333

242

1Q 2007

1Q 2008

AAppendix-1change% change242-787

-76.5

242

257－2. Profits Change Factor (vs plan)(January 1, 2008 to March 31, 2008)(million yen)

1Q 2008
plan(*1)changeMajor factors for increase/decrease

actualNet Sales

91,40088,296-3,103

Cost of goods sold51,90050,643-1,256
Impact from sales companies(*2)
Sales volume increase

Gross profit

SG&A

39,50039,20037,65237,409-1,847300

242-57

Non-operating income

500

379-120

Non-operating expenses

300

245-54

Rucurring income

500

376-123

Extraordinary income

100329229

Extraordinary losses

20021818

Income before income taxes, minorityinterests and other adjustments

400

487

87

Income taxes

300294-5044100

18888

Minority interests
Net income-1,171

Increase in profit from toll fee-60

Other-126

Decrease in advertising cost-600

Decrease in personnel cost

-227

Decrease in sales commission-225-1,790 Decrease in service fee

Operating income-201

Decrease in sales equipment cost

-154

Decrease in depreciation cost

-137

Other-246

Gain on sales of investment securities

259

Gain on sales of property, plant, equipment-30

Expense related to the group restruction

39

Expense for anti-earthquake procautions cost-21*1 The above plan is based on performance forecast announced as of February 7, 2008.
*2 Sales companies are CCWJ, KINKI CCBC, and MIKASA CCBC.
*3 Sales mix : Composite of products by brand, channel, package, etc. The difference between budget and actual sales or cost of sales
might be affected by a chage in product sales mix as well as a change in unit price.

Appendix-2-490

Decrease by sales mix(*3)

3. Profits Change Factor (vs last year)(January 1, 2008 to March 31, 2008)(million yen)

1Q 2007

1Q 2008

Major factors for increase/decreasechangeNet sales

89,90388,296-1,607

Cost of goods sold

50,80450,643-161
Impact from sales companies(*1)
Sales volume increase

Gross profit

39,09837,652-1,445331

Decrease by sales mix(*2)-1,829

Increase in profit from toll fee

163

Other-110

Impact of accounting method review
Review of sales equipment depreciation method

711

Review of advanced payment depreciation method of Kinki

333

Increase in maintenance and repair
SG&A

Operating income

38,06737,409-658 Decrease in depreciation cost-797

Decrease in advertising cost

-617

Decrease of personnel cost (salary)-262

Decrease in sales commission

-163

1,030

242-787

Non-operating income

465

379

-85

Non-operating expenses

240

245

5

1,255

376-879

217

329

111

Recurring income
Extraordinary income

Extraordinary losses
Income before income taxes, minority
interests and other adjustments

Income taxes
Minority interests
Net income

35

218

183

1,438

487

-950

655

294-361142780

188-592

Other35

Gain on sales of investment securities

259

Gain on sales of property, plant, equipment-147

Expense for anti-earthquake procautions cost

126

Expense related to the group restruction

56*1 Sales companies are CCWJ, KINKI CCBC, and MIKASA CCBC.
*2 Sales mix : Composite of products by brand, channel, package, etc. The difference between budget and actual sales or cost of sales
might be affected by a chage in product sales mix as well as a change in unit price.

Appendix-3102

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2007
Current assets

Mar.31
2008

Major factors for increase/decreasechange91,22078,460-12,759

Cach and deposit

19,567

17,290-2,276

Trade notes andaccount receivable

23,064

20,514-2,550-7,112 Sell-off of securities and redeem bonds

Marketable securities

19,407

12,295Inventories

11,721

11,022-698

Deferred tax asset

2,143

2,121

-21

Other

15,42015,317

-103

-103

-101

2

224,452

212,553-11,898

142,033

141,983-49

Building and structures

35,19235,108-84

Machinery, equipment,
vehicle20,181

19,802-378

Sales equipment

27,28528,199914

Land56,70956,695

-14

672

207

-464

Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment

Construction in progress

1,992

1,970

-21

Intangible fixed assets

Other

4,719

4,476

-243

SoftwareInvestment andother assets
Investment insecurities

4,719

4,476

-243

77,69866,093-11,605

55,79443,606-12,188

Advanced payments
for retirement expenses

12,732

12,876

144

Deferred tax asset

3,596

3,991

395

Other

6,147

6,237

90

Allowance for
doubtful accounts

-572

-618

-46

315,672

291,014-24,658

Total assets

Sell-off of securities
Decline in market value

Total assets
Totalassets

291,014315,672Current
assets

78,46091,220Property,plant andequipment

141,983
142,033
4,476
4,719

Intangible
assetsDec.31,
2007

Investments
and otherassets(million yen)

Mar.31,
2008

66,093
77,698050,000100,000

150,000

200,000

Appendix-4

250,000

300,000

350,000(million yen)Dec.31
2007

Mar.31
2008

changeMajor factors for increase/decrease

Current liabilities

42,09926,087-16,011

Trade notes andaccount payable

5,222

4,086

-1,136

Short-term debt

10,500--10,500 Decrease by paying the company debt

Current portion of
long-term debt

2,000--2,000 Decrease by paying Kinki's debt

Other account payable

13,63813,229

-409

87

161

74

Note payable for equipment

Accrued income taxes

3,270

461

Other

7,380

8,148

768

Long-term liabilities-2,808 Decrease by income taxes payment

19,54818,269-1,278

Allowance for employee'retirement benefits

5,180

5,182

1

Liabilities for directors'
and corporate auidtors'
retirement benefits

65

13-52

1,452

1,348

-103

Goodwill
Deferred tax liabilities

9,040

7,973

-1,066

Other

3,809

3,751

-57

61,64744,357-17,289

Common stock

15,231

15,231-

Additional paid-in capital

109,074

109,074Retained earnings

140,432

138,285-2,147 Decrease by dividents payment

Treasury stock-11,271-14,589-3,317 Share buy back488

-1,226-1,715 Decline in market value

Gain on deferred hedges

4

-182

-186

Minority interests

64

63

-1

Total shareholders' equity

254,025

246,656-7,368

Total liabilities andnet assets

315,672

291,014-24,658

Total liabilities

Net unrealized gains onother marketablesecurities

0

Total liabilities and net assets

291,014315,672Total liabilities
and net assets

44,35761,647

Totalliabilities

26,08742,099Current
liabilities

Mar.31
2008

18,26919,548Long-term
liabilities

Dec.31
2007
246,656
254,025

Total
shareholders'equity(million yen)0

50,000100,000

150,000

200,000

Appendix-5

250,000

300,000

350,000

5. Investment, Depreciation, Cash Flow(consolidated)(January 1, 2008 to March 31, 2008)(1)Investment, Depreciation(million yen)

1Q
2007

1Q
2008
19-Buildings

244

176

Machinery & Equipment

56

180

4,188

3,675

Other669

1,170

Total

5,176

5,201Depreciation

5,237

5,277

Investment

Land

Sales equipment(2)Cash Flow(million yen)

1Q
2007
Cash flow from

6,843

3,929-4,267

6,457

8,144

-18,159

33,004

27,792operating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of quarter

1Q
2008

Appendix-6

6. Projections(consolidated)(January 1, 2008 to March 31, 2008)(1)Earnings(million yen, %)2007
actual

2008
planchange%

Net sales

409,521425,000

15,4783.8Operating income

16,05617,000943

5.9

Recurring income

17,49318,500

1,006

5.8

Net income

9,375

10,1007247.7(2)Investment, Depreciation(million yen)
2008
plan

2007
actualLand
Investment

109-Buildings

2,750

3,240

Machinery & Equipment

3,703

2,834

Sales equipment

10,012

11,800

Other

3,377

2,126

Total

19,951

20,00022,53322,400Depreciation(3)Cash Flow2007
actualCash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of year

Appendix-7(million yen)
2008
plan

33,00028,400-23,306-26,800

3,586-17,100

35,56420,0007. Sales information(January 1, 2008 to March 31, 2008)＜Sales Volume by brand＞(thousand cases, %)1Q 2007

1Q 2008% change

2,857

3,278+14.8

Georgia

10,776

10,826+0.5

Soukenbicha

2,893

2,766-4.4

Aquarius

2,876

2,818-2.0

Hajime/Ayataka

1,520

1,502-1.2

Fanta

1,498

1,410-5.9

Water

1,224

1,747+42.7

394

440+11.5

Other

15,07014,700-2.5

Total

39,10839,487+1.0

Core

Coca-Cola

Priority

Minute Maid

* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.

＜Composition of brand＞
100%

80%
50.3%

50.2%

Priority+ other

7.4%

7.1%

Aquerius

7.4%

7.0%

27.6%

27.4%

7.3%

8.3%

1Q 2007

1Q 2008

60%

40%

20%

0%

Appendix-8

Soukenbicha

Georgia

Coca-Cola

＜Sales volume by package＞(thousand cases, %)1Q 2007
BottleSmall-sized (less than 1001ml)
PET

Large-sized (more than 1,001ml)

1Q 2008% change416

427+2.8

7,996

8,196

+2.5

5,326

5,764

+8.2

13,322

13,960+4.8Can (include bottle can)14,386

14,198

-1.3

Other

1,211

1,210-0.1

Syrup, powder, food

9,773

9,692-0.8

Total

39,10839,487+1.0

Subtotal* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.

＜Composition of package＞
100%

28.1%

27.5%

Other

36.8%

36.0%

Can

13.6%

14.6%

Large PET

20.4%

20.8%

1.1%

1.1%

1Q 2007

1Q 2008

80%

60%

40%

20%

0%

Appendix-9

Small PET
Bottle＜Sales volume by channel＞(thousand cases, %)1Q 2007% change

1Q 2008

Vending*113,239

13,158-0.6

Chain store*27,114

7,518+5.7

CVS

*3

4,414

4,245-3.8

Retail*44,936

4,966+0.6

Food service

*5

3,801

3,894+2.5

Other

5,604

5,706+1.8

Total

39,10839,487+1.0* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.
*1 Vending : Retail sales business to distribute products through vending machine to consumers*2 Chain store : Wholesale business for supermarket 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*6 Distributor : Middleman who works for Coca-Cola to hundle our products in remote areas and islands＜Composition of channel＞

100%

80%

60%

40%

20%

14.3%

14.5%

Other

9.7%

9.9%

Food service

12.6%

12.6%

Retail11.3%

10.7%CVS

18.2%

19.0%

Chain store

33.9%

33.3%

Vending

1Q 2007

1Q 2008

0%

Appendix-10

8. Number of vending machines, Share(1)Number of vending machines (actual)(Units)End of2007

End of1Q 2008changeOwned

Regular (cans)

54,19452,886-1,308Full service (cans)

178,407179,153+756

Cup machine

19,797

19,408-389

Subtotal

252,398

251,457

-941

955

927

-28

253,353

252,384-969

Number of machines sold (cans)
Number of vending machines* The abole numbers are the sum of total number of CCWJ, KINKI CCBC and MIKASA CCBCChanging classification (regular and full service), we adjust the number of machines as far as end of 2007.

(2)Market Share
(%)

2007

2008
-36.0

Out market share(Source : AC Nielsen Corporation Japan Store Audit)

9. Home market share by industry(January 1, 2008 to March 31, 2008)
(%)
1Q
2007

1Q
2008

Total

22.6

22.3

Supermarkets

22.2

22.3

CVS

20.4

19.6

Liquor stores

22.9

23.4

Grocery stores

38.0

38.9

Drug stores

20.9

20.3

(Source : Intage Inc. of Store Audit)* The home market share is a manufacturer's share at supermarkets, convenience stores, liquor shops and grocery stores.

Appendix-11