Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the First Quarter Ended March 31, 2012
April 26, 2012
Listed stock exchanges: Tokyo, Osaka and Fukuoka
URL: http://www.ccwest.co.jp/english
Name: Tamio Yoshimatsu
Name: Makoto Tsunomachi
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: Manager of Finance
Expected date of quarterly report submission: May 11, 2012
FY 2012 1Q supplementary information: YesFY 2012 1Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 1st quarter 2012 (from January 1, 2012 to March 31, 2012)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net revenues

Operating income

Net income

Recurring income

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

84,707(2.0)

23(98.3)(158)－(547)－

1st quarter 2011
86,465
11.4
Note: Comprehensive income
1Q 2012: 244 million yen (－%)

1,377－

1,340－(522)－

1st quarter 2012

1Q 2011: (979) million yen (－%)
Diluted earnings
per share

Earnings per shareyenyen

1st quarter 2012

(5.47)－

1st quarter 2011(5.22)－（2）Consolidated financial position
Total assets

Net assets (excl.
minority interests) tototal assets

Net assets

million yen

million yen％

336,673

225,976

67.0

Full year 2011
342,560
Reference: Net assets (excl. minority interests)
1Q 2012: 225,633 million yen

227,86466.4

1st quarter 2012

End of 2011: 227,491 million yen

２．Dividends
Dividends per share（Record date）

End of 1Q

End of 2Q
yen

End of 3Q
yenYear-end

Annualyenyenyen

Full year 2011
－
20.00
－
Full year 2012－
Full year 2012
20.00－（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 2012 (from January 1, 2012 to December 31, 2012)（Percentages indicate changes over the same period in the prior fiscal year）

Net revenues
6 months 2012
Full year 2012

Operating income

million yen％million yen

183,100
391,500

(3.6)
(2.1)

4,400
16,700Recurring income％ million yen(26.8)
1.4

4,300
16,800Earnings
per share

Net income％million yen％

Yen

(28.5)
4.7

2,100
9,100(11.1)
30.1

21.00
91.02

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

４．Other（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 2012: 111,125,714 shares
FY 2011: 111,125,714 shares
2) Number of treasury shares at the end of period:
1Q 2012: 11,154,126 shares
FY 2011: 11,153,881 shares
3) Average number of outstanding shares at end of period (three months)
1Q 2012: 99,971,669 shares
1Q 2011: 99,973,246 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 First-Quarter 2012
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)
April 26, 2012

1
12
3
5
6
7
1010101. Situation of Consolidated Profit and Loss
(January 1, 2012 to March 31, 2012)(million yen, %)1Q 2011
actual

1Q 2012
plan*

actualvs. planchangevs. last year

% changechange% change

Net revenues

86,46584,90084,707(192)(0.2)(1,758)(2.0)

Operating income

1,37770023(676)(96.7)(1,353)(98.3)

Recurring income (loss)

1,340

500

(158)

(658)

－(1,499)－

Net income (loss)

(522)

(100)

(547)

(447)

－(25)

－

* The above plan is based on performance forecast announced as of February 7, 2012.

2. Profits Change Factor (vs. plan)(January 1, 2012 to March 31, 2012)(million yen)

1Q 2012plan*changeactual

Main factors for increase/decrease

Net revenues

84,90084,707(192)

Cost of goods sold

42,10042,680580

Gross profit

42,80042,026

(773)

SG&A

42,10042,003

Impact on the soft drink business(1,172)

Impact on the health food business

399

Increase of sales promotion & ad expenses

399

Decrease of miscellaneous expenses(207)

Decrease in personnel cost

(159)(96) Decrease of transportation expenses(91)

Decrease of supplies expenses(77)

Decrease of depreciation(45)

Impact on the health food business

241

Operating income

700

23(676)

Non-operating income

200

177

(22)

Non-operating expenses

400

359

(40)

Rucurring income (loss)

500

(158)

(658)

Extraordinary income－－－

Extraordinary losses－－－

Income (loss) before income taxes
and minority interests

500

(158)

(658)

Income taxes

575

384

(190)

Income (loss) before
minority interests

(75)

(543)

(468)

Minority interests

25

3(21)

Net income (loss)

(100)

(547)

(447)

* The above plan is based on performance forecast announced as of February 7, 2012.

Appendix-1

3. Profits Change Factor (vs. last year)(January 1, 2012 to March 31, 2012)(million yen)

1Q 2011

1Q 2012Main factors for increase/decreasechangeNet revenues

86,46584,707(1,758)

Cost of goods sold

43,274

42,680(594)

Gross profit43,190

42,026(1,163)

SG&A

Operating income

41,81342,003775

Increase of business consignment expenses

278

Increase of sales commission

174

Decrease of sales equipment cost

(302)
(253)
(129)

Increase of sales promotion & ad expenses(81)

Impact on the health food business

499

Effect of applying assets retirement(1,137) obligation accounting standards(726)

Loss on disposal of inventories(393)(1,353)Non-operating income

278

177

(100)

Non-operating expenses

314

359

44

Recurring income (loss)

1,340

(158)

(1,499)Extraordinary income－－－－Impact on the health food business

Decrease in personnel cost

23

1,137

(1,792)

189 Decrease of depreciation

1,377

Extraordinary losses

Impact on the soft drink business

Income (loss) before income taxes
and minority interests

202

(158)

(361)

Income taxes

714

384

(330)

Income (loss) before
minority interests

(512)

(543)

(31)

Minority interests

10

3

(6)

Net income (loss)

(522)

(547)

(25)

Appendix-2

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2011

Mar.31
2012

119,197
25,208111,388
25,970(7,809)762

25,33522,619(2,716)

26,73816,744(9,994) Negotiable deposit redemption

21,954

24,414

2,460

464
1,450
18,550641
2,476
19,018

176
1,025
467

(504)

(497)

7

223,362

225,2851,922

130,218

132,036

1,818

33,52534,176651

20,497

20,213(284)

20,82052,774395
2,204
52,19847,474
4,723

21,69552,606
1,286
2,058
51,69446,705
4,988

874
(167)
891
(146)
(504)
(768)
264

40,946

41,554608

24,58325,893

1,310 Increase by growth in current prices of holding common stocks

5,827

5,529(298)11,10910,697(412)

(574)

(566)

8

342,560

336,673(5,887)

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
OtherAllowance for
doubtful accounts
Total assets

Main factors for increase/decreasechangeTotal assets
Totalassets

336,673342,560

Current
assets111,388
119,197

Property,plant andequipment

132,036130,218

Intangible
assets51,69452,198Investments
and otherassets

41,55440,946(million yen)0

50,000Mar.31
2012
Dec.31
2011

100,000

150,000

200,000

Appendix-3

250,000

300,000

350,000

400,000(million yen)Dec.31
2011
Current liabilities
Trade notes andaccounts payable
Current portion of longterm loans payable
Accrued income taxes
Other accounts payableProvision for sales
promotion expenses
Other
Long-term liabilities
Bonds payable
Long-term loans payable

Mar.312012changeMain factors for increase/decrease

46,57943,591(2,987)

18,657

17,416(1,240)

2,542

2,542

－

2,750
15,656264
16,008(2,485)
351

160

161

1

6,812
68,11650,00010,273

7,197
67,10550,0009,019

385(1,010)－(1,254)

Allowance for employees'
retirement benefits

1,018

951

(66)

Liabilities for directors'
and corporate auidtors'
retirement benefits

117

122

5

6,707
114,695
229,195
15,231109,072
130,655(25,764)

7,011
110,697
226,547
15,231109,072
128,008(25,764)(1,703)

(914)

788

(1,703)

(914)

788

373
227,864343
225,976(29)(1,888)342,560

336,673(5,887)

Other
Total liabilities
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Accumulated othercomprehensive income
Net unrealized gains (loss) onother marketable secrities

Minority interests
Net assets
Total liabilities andnet assets

304(3,998)(2,647)－－(2,647) Decrease by dividend payments(0)

Total liabilities and net assets

336,673342,560

Total liabilities
and net assets

110,697
114,695

Total
liabilities

Mar.31
2012

43,591
46,579Current
liabilities

Dec.31
2011

67,105
68,116Long-term
liabilities

225,976
227,864

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, 2012 to Mar 31, 2012)(1) Investment, Depreciation(million yen)

1Q 2011

Investment

Land
Buildings
Machinery & Equipment
Sales equipment
Other

Total
Depreciation1Q 2012
20
1,184
1,026
3,036
2,203
7,471
4,928－43
60
2,494964
3,563
5,149

(2) Cash Flow(million yen)

1Q 2011
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 1Q

1Q 2012

5,338

(26)

(4,106)

4,925(4,577)(3,524)34,08835,938

Appendix-5

6. Projections (consolidated)(January 1, 2012 to December 31, 2012)(1)Earnings(million yen, %)2011
actualNet revenues
Operating income
Recurring income
Net income

2012
plan

399,71716,469
16,044
6,997

391,500
16,70016,8009,100(2)Investment, Depreciation(million yen)2011
actualInvestment

Land
Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

－
1,811
5,571
9,518
4,299
21,201
21,371

Appendix-6

2012
plan－
2,643
10,281
10,8905,597
29,414
22,341change(8,217)230
755
2,102% change
(2.1)
1.4
4.7
30.1

7. Sales information(January 1, 2012 to Mar 31, 2012)<Sales volume by brand>(thousand cases, %)1Q 2011
2,680
1,237
1,423
9,879
2,270
2,840
1,1231,390
15,60738,449Core 8

Coca-Cola
Coca-Cola ZeroFanta
Georgia
Sokenbicha
Aquarius
Ayataka
I LOHAS
OtherTotal

1Q 2012% change

2,598
1,180
1,491
10,159
1,919
2,304
1,983
1,271
16,02038,925

(3.1)
(4.6)
4.8
2.8
(15.5)(18.9)
76.5
(8.6)
2.6
1.2

Notes: Changing quantity equivalent in some products, we adjust sales volume as far as 2011.

<Composition of brand>
100%

80%

60%

40.6%

41.2%

3.6%
2.9%

3.3%

I LOHAS

7.4%

40%

Other

5.9%

5.1%
5.9%

Ayataka
Aquarius

4.9%Sokenbicha

25.7%

26.1%

3.7%
3.2%

3.8%
3.0%

7.0%

6.7%

1Q 2011

1Q 2012

Georgia

20%0%Appendix-7

Fanta
Coca-Cola Zero
Coca-Cola

<Sales volume by channel>(thousand cases, %)1Q 2011
Vending
Supermarket
CVS
RetailFood service
Other

1Q 2012

12,166
8,816
4,822
2,545
4,052
6,047
38,449

*1*2
*3*4
*5

Total% change

11,594
8,819
4,988
2,507
4,290
6,727
38,925

(4.7)
0.0
3.4
(1.5)
5.9
11.3
1.2

Notes: Changing quantity equivalent in some products, we adjust sales volume as far as 2011.
*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%
15.9%

80%

17.3%

Other

Food service10.5%

11.0%
Retail

6.6%

6.4%
CVS

60%

12.5%

22.9%
40%

12.8%

Supermarket
22.7%

20%
31.6%

29.8%

1Q 2011

1Q 2012

0%

Appendix-8

Vending<Sales volume by package>(thousand cases, %)1Q 2011
Small-sized (less than 1,021ml)
Large-sized (more than 1,021ml)
Subtotal

PETCanOther
Syrup, powder
Total

1Q 2012

8,561
6,178
14,74012,3692,405
8,935
38,449% change

8,485
6,236
14,72012,783
2,431
8,991
38,925(0.9)
0.9(0.1)
3.3
1.1
0.6
1.2

Notes: Changing quantity equivalent in some products, we adjust sales volume as far as 2011.

<Composition of package>
100%

23.2%

23.1%

Syrup, powder

6.2%

6.3%

Other

32.2%

32.8%

16.1%

16.0%

22.3%

21.8%

1Q 2011

1Q 2012

80%

60%
Can

40%
Large PET

20%

0%

Appendix-9

Small PET

8. Number of Vending Machines, Market Share(1) Number of vending machines(Units)End of2011
Can vending machine
Cup vending machine
Total

End of
1Q 2012change244,710
24,060244,010
23,707

(700)
(353)

268,770

267,717(1,053)* Figures are the combined total of Coca-Cola West Co., Ltd. and Nishinihon Beverage Co., Ltd.

(2) Market share of vending machines(%)

Out market share

2011
32.2

2012
－(Source : Survey of vending machines (covering June to July), conducted by Intage Inc.)

9. Home Market Share
(January 1, 2012 to March 31, 2012)(%)

1Q 2011

1Q 2012

Total

22.1

22.9

Supermarkets
CVS
Retail stores
Drug stores

22.1
21.8
23.5
20.6

23.0
23.1
21.3
23.3

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(million yen)

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit (loss)

1Q 2011
Soft drink Health food
Other
77,765
8,294
404

Total
86,465

1Q 2012
Soft drink Health food75,558
9,148

Total
84,707

77,7658,294

404

86,46575,5589,148

84,707－－－－－－－

384

980

11

1,377(1,233)

1,257

23

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

Appendix-10