Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
The Second Quarter Ended June 30, 2011 (Japanese standard)
July 28, 2011
Listed company name: Coca-Cola West Company, Limited
Listed stock exchange listings: Tokyo, Osaka, Fukuoka
Code number: 2579
URL http://www.ccwest.co.jp/english
Delegate: Title: Representative Director, President
Name: Tamio Yoshimatsu
Name: Makoto Tsunomachi Phone: +81-92-641-8585
Contact:Title: Manager of Finance
Scheduled date for filing of quarterly financial report: August 10, 2011
Scheduled dividend payments: September 1, 2011FY 2011 2Q Supplementary information: Yes
FY 2011 2Q Financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for 2Q 2011 (from January 1, 2011 to June 30, 2011)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results (six months)
Net revenues
2Q 2011
2Q 2010

Operating income

Million yen%

Million yen

189,933
169,182

12.3
(4.5)

6,014 369.8
1,280-Earnings per share

Diluted earnings
per share%Yen

2Q 2011
2Q 2010Net income

Ordinary income
Million yen%Million yen

6,016 318.3
1,438-

2,363810%

191.5-

Yen

23.64
8.10-

（2）Consolidated financial position
Total assets

Net assets

Million yen

Net assets (excl.
minority interests) tototal assets

Net assets (excl.
minority interests)
per share％

Yen

Million yen

End of 2Q 2011
350,873
225,877
End of 2010
346,032
226,267(Ref.) Net assets (excl. minority interest) End of 2Q 2011 225,539 million yen

64.3
2,256.00
65.3
2,260.03
End of 2010 225,943 million yen

２．Dividends
Cash dividends per share
End of 2Q
End of 3Q

End of 1Qyen

Yen

End of yearyen

20.00
FY 201020.00
FY 2011
FY 2011（Forecast）(Note) Revision of dividend forecast during this quarter: NoneYearlyyen

Yen

-

20.00

40.00

-

20.00

40.00

３．Forecast of consolidated financial results 2011 (from January 1, 2011 to December 31, 2011)（percentages represent changes from previous year）

Net revenues
Full year 2011

Operating income

million yen％ million yen

408,000

8.6

16,000Recurring income％ million yen

33.3

15,600％ million yen

23.2

7,200

(Note) Revision of forecast of consolidated financial results during this quarter: None1

Basic net income
per share

Net income％(5.0)

Yen72.02

CCWEST consolidated financial summery for the second quarter ended June 30, 2011

４．Other（1）Changes in significant subsidiaries during the period (changes in specified subsidiaries : None
accompanying changes in scope of consolidation)（2）Adoption of simplified accounting policies and typical accounting procedures for preparation : Yesof the quarterly consolidated financial statements（3）Change in accounting principle, procedures, and presentation for preparation of the quarterly
consolidated financial statements
1) Changes due to amendment of accounting standard: Yes
2) Changes due to other than the above: None
（4）Number of outstanding shares (common share)
1) Number of outstanding shares at the end of period (including treasury shares):
2Q 2011: 111,125,714 shares
FY 2010: 111,125,714 shares
2) Number of treasury shares at the end of period:
2Q 2011: 11,152,744 shares
FY 2010: 11,152,136 shares
3) Average number of outstanding shares at end of period (six months)
2Q 2011: 99,973,100 shares
2Q 2010: 99,974,923 shares* 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 tonumber of inherent uncertainties in the forecast, actual results may differ materially from the forecast.

2Consolidated Results
For The Second-Quarter 2011
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

…

-Creating a happy tomorrow for everyone-Coca-Cola West Co., Ltd. (2579)
July 28, 2011

1
12
3
5
6
7
1010

1. Situation of Consolidated Profit and Loss
(January 1, 2011 to June 30, 2011)(million yen, %)2Q 2011
2Q 2010
actualplan(*)

vs. planactualchangeNet revenues

vs. last year

% changechange% change

169,182

192,800

189,933(2,866)(1.5)

20,75012.3

Operating income

1,280

4,900

6,014

1,114

22.7

4,734

369.8

Recurring income

1,438

4,600

6,016

1,416

30.8

4,578

318.3

810

900

2,363

1,463

162.6

1,552

191.5

Net income* The above plan is performance forecast announced as of February 4, 2011.

2. Profits Change Factor (vs. plan)(January 1, 2011 to June 30, 2011)(million yen)

2Q 2011plan(*)

Main factors for increase/decreasechangeactual

Net Revenues

192,800

189,933(2,866)

Cost of goods sold

97,00097,331331

Gross profit

95,80092,602(3,197)

SG&A

90,90086,587(4,312)

Impact on the soft drink business(2,157)

Impact on the health food business(1,048)Decrease of sales equipment cost

(760)

Decrease of sales promotion & ad expenses(552)

Decrease of sales commission(482)

Decrease of depreciation(229)

Decrease of maintenance cost

(181)

Decrease of transportation expenses(124)

Decrease of business consignment expenses(109)

Impact on the health food business
Operating income

4,900

6,014

Non-operating income

80085151

Non-operating expenses

1,100849(250)

Rucurring income

4,600

6,016

1,416(1,113)

1,114

Extraordinary income

100431

Extraordinary losses

800

1,228

Income before income taxes,
minority interests and other adjustments

3,900

5,219

1,319

Income taxes

2,950

2,835(114)

Income before minority interests

950

2,384

1,434

Minority interests

5020(29)

Net income

900

2,363

1,463

331 Gain on sales of property

382

428 Loss on disposal of inventories

483* The above plan is based on performance forecast announced as of February 4, 2011.

Appendix-1

3. Profits Change Factor (vs. last year)(January 1, 2011 to June 30, 2011)(million yen)

2Q 2010

2Q 2011Main factors for increase/decreasechangeNet Revenues

169,182

189,933

20,750

Cost of goods sold

92,856

97,331

4,474

Gross profit

76,326

92,602

16,276

SG&A

Operating income

75,046

86,587

11,54177

Non-operating expenses

615

849

234

1,438

6,016

4,578

249

431

182

1,669

5,219

3,549

Income taxes

854

2,835

1,981

Income before minority interests－2,384

2,384

Minority interests

520

15

810

2,363

1,552

Net income

Appendix-2

Increase of sales commission

332

Increase of sales equipment cost302Decrease in personnel cost

(1,788)Decrease of depreciation

(463)

483

851

Income before income taxes,
minority interests and other adjustments

2,080

Loss on disposal of inventories

773

1,228

Increase of sales promotion & ad expenses

726

Non-operating income

17

13,771

Effect of applying assets retirement
1,211 obligation accounting standards

4,734

Extraordinary losses

Impact on the health food business

11,7196,014

Extraordinary income

2,552

Impact on the health food business
1,280

Recurring income

Impact on the soft drink business4. Consolidated Balance Sheet and Change Factor(million yen)

Current assets

Dec.31
2010

Jun.302011

103,796

116,333

12,537

24,20830,807

6,599

23,50725,591

2,083

15,737

12,839(2,897)22,35528,8806,525 Increase in inventories for demand season

231

364

Cash and deposits
Trade notes andaccounts receivable
Marketable securities
Merchandise andfinished goods
Work in processchange132

Raw materials and supplies

1,396

2,364

968

Other

16,545

15,659

(886)

(186)

(174)

11

242,236

234,540(7,696)

133,943

134,662719

34,99235,00816

20,155

20,276120Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment
Buildings and structures, net
Machinery, equipment,
vehicles, net
Sales equipment, net

Main factors for increase/decrease

21,20922,393

1,183

Land

53,982

52,935(1,047)

Lease assets, net

2,066

1,635(430)

7894

887

Other, net

1,528

1,518(10)Intangible assets

54,45453,267(1,187)

Goodwill

50,172

48,823(1,348)Other
Investments andother assets

4,282

4,443

161

53,83846,610(7,228)

Investment securities

26,69025,568(1,122)

Advanced payments
for retirement expenses

10,934

6,395(4,538) Decrease by unification of retirement benefit scheme

Other16,773

15,222(1,550)

(560)

(576)

(16)

346,032

350,873

4,841

Construction in progress

Allowance for
doubtful accounts
Total assets

Total assets
Total
assets350,873
346,032

Current
assets116,333
103,796

Property,plant andequipment

134,662
133,943

Intangible
assets53,26754,454

Investments
and otherassets

46,61053,838(million yen)0

50,000Jun.302011
Dec.31
2010

100,000

150,000

200,000

Appendix-3

250,000

300,000

350,000

400,000(million yen)Dec.31
2010
Current liabilities
Trade notes andaccounts payable
Current portion of longterm loans payable

Jun.302011changeMain factors for increase/decrease

43,41554,322

10,907

14,61524,71910,103 Increase due to inventories growth

2,567

2,567

－

Lease obligations

1,031

877

(154)

Accrued income taxes

1,616

1,124(492)Other accounts payable

15,55818,543

2,985

Provision for sales
promotion expenses

169

186

16

7,854

6,302

(1,551)Long-term liabilities

76,34970,673(5,676)

Bonds payable

50,00050,000－Long-term loans payable

12,816

11,532(1,283)

Lease obligations

1,231

1,056

(174)

Allowance for employee'retirement benefits

5,622

1,127

Liabilities for directors'
and corporate auidtors'
retirement benefits

1021097(207)

Other(4,494) Decrease by unification of retirement benefit scheme

207

－

6,369

6,846

476

Total liabilities

119,765

124,996

5,231

Shareholders' equity

226,199

226,562

363－

Negative goodwill
Other

Common stock

15,231

15,231

Capital surplus

109,072

109,072－

Retained earnings

127,657

128,021

363

Treasury stock(25,761)(25,762)

(0)

(255)

(1,022)

(766)

(255)

(1,022)

(766)

324

337

13

Net assets

226,267

225,877(390)

Total liabilities andnet assets

346,032

350,873

4,841

Valuation and translation
adjustments
Net unrealized gains (loss) onother marketable secrities

Minority interests

Total liabilities and net assets

350,873
346,032

Total liabilities
and net assets

124,996
119,765

Totalliabilities

Jun.302011

54,322
43,415Current
liabilities

Dec.31
2010

70,673
76,349Long-term
liabilities

225,877
226,267

Net assets(million yen)

050,000

100,000

150,000

200,000

Appendix-4

250,000

300,000

350,000

400,000

5. Investment, Depreciation, Cash Flow (consolidated)(January 1, 2011 to June 30, 2011)(1) Investment, Depreciation(million yen)

2Q 2010

2Q 2011－－

Buildings

1,125

1,344

Machinery & Equipment

3,483

2,440

Sales equipment

4,474

5,816

Other

1,120

2,663

Total

10,203

12,265

Depreciation

10,882

10,377Land

Investment(2) Cash Flow(million yen)

2Q 2010
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 2Q

2Q 2011

11,957

16,017(5,516)(7,384)(2,877)(4,790)74,784

41,276

Appendix-5

6. Projections (consolidated)(January 1, 2011 to December 31, 2011)(1)Earnings(million yen, %)2010
actualNet Revenues
Operating Income
Recurring Income
Net Income

375,764
12,003
12,659
7,582

2011
plan
408,000
16,00015,6007,200(2)Investment, Depreciation(million yen)2010
actualInvestment

Land
Buildings
Machinery & Equipment
Sales equipment
Other
Total
Depreciation

16
1,632
4,704
7,604
2,56716,524
22,405

Appendix-6

2011
plan8753,902
9,755
10,887
4,911
30,33022,342change32,235
3,996
2,940(382)% change
8.6
33.3
23.2
(5.0)

7. Sales information(January 1, 2011 to June 30, 2011)＜Sales Volume by brand＞(thousand cases, %)2Q 2010

2Q 2011% change

6,154

6,423+4.4

Coca-Cola Zero

2,801

3,000+7.1

Fanta

3,716

3,746+0.8

Georgia

19,21819,373+0.8

Sokenbicha

5,445

5,485+0.7

Aquarius

7,432

8,281+11.4

I LOHAS

2,089

3,071+47.0

Ayataka

1,803

3,135+73.9

Other34,59233,262

(3.8)

Total

83,25085,776+3.0Core 8

Coca-Cola＜Composition of brand＞

100%

38.8%

Other

Ayataka

2.5%

3.7%
3.6%

8.9%

9.7%

6.5%

6.4%

Sokenbicha

23.1%

22.6%

Georgia

4.5%

4.4%

Fanta

3.4%

3.5%

7.4%

7.5%

80%

41.6%

60%

2.2%

40%

I LOHAS
Aquarius

20%

Coca-Cola Zero
Coca-Cola0%
2Q 2010

2Q 2011

Appendix-7

＜Sales volume by channel＞(thousand cases, %)2Q 2010% change

2Q 2011

Vending*1

27,50025,925(5.7)

Supermarket*220,842

21,445+2.9CVS

*3

8,898

9,362+5.2

Retail*4

5,880

6,015+2.3

Food service*58,5448,788+2.9

Other

11,585

14,242+22.9

Total

83,25085,776+3.0*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%
13.9%

80%

16.6%

Other

10.2%

Food service

7.0%

Retail

10.9%

CVS

25.0%

Supermarket

30.2%

Vending

10.3%
7.1%
10.7%

60%

25.0%
40%

20%
33.0%

0%
2Q 2010

2Q 2011

Appendix-8

＜Sales volume by package＞(thousand cases, %)2Q 2010PET

2Q 2011% change

Small-sized (less than 1021ml)

17,461

18,580+6.4

Large-sized (more than 1,021ml)

14,812

14,960+1.0

32,27333,541+3.926,614

26,997+1.4

SubtotalCan
Other

6,684

5,722

(14.4)

Syrup, powder

17,67919,517

+10.4

Total

83,25085,776+3.0＜Composition of package＞

100%

21.2%

22.8%

Syrup, powder

8.0%

6.7%

Other

32.0%

31.5%

Can

17.8%

17.4%

Large PET

21.0%

21.7%

Small PET

2Q 2010

2Q 2011

80%

60%

40%

20%

0%

Appendix-9

8. Number of Vending Machines, Market Share(1) Number of vending machines(Units)End of2010

End of
2Q 2011changeCan vending machine

243,838

245,030+1,192

Cup vending machine

25,902

25,170(732)

Total

269,740

270,200+460* Figures are the combined total of Coca-Cola West Co., Ltd. and Nishinihon Beverage Co., Ltd.
The number of chilled cup vending machines is included in above figures from this time.

(2) Market share
(%)

2010

2011
－33.6

Out market share(Source : Survey of vending machines (covering May to June), conducted by Intage Inc.)

9. Home Market Share
(January 1, 2011 to June 30, 2011)(%)
2Q 2010

2Q 2011

Total

21.6

21.5

Supermarkets

22.3

21.7

CVS

19.3

21.1

Retail stores

24.0

22.2

Drug stores

21.3

20.5

(Source : Store Audit conducted by Intage Inc.)

Appendix-10