Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the Second Quarter Ended June 30, 2014 (Japanese Standard)August 1, 2014
Listed stock exchanges: Tokyo and Fukuoka
URL: http://www.ccwest.co.jp/english
Name: Tamio Yoshimatsu
Name: Masakiyo Uike
Phone: +81-92-641-8585

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: August 8, 2014
Expected date of the dividend payments: September 1, 2014
FY 2014 2Q supplementary information: Yes
FY 2014 2Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 2nd quarter 2014 (from January 1, 2014 to June 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%

2,855
4,783

(40.3)
51.5

2,878
5,672

(49.3)
83.8

859
11,056(92.2)

2nd quarter 2014
203,145
3.5
2nd quarter 2013
196,2256.5
Note: Comprehensive income
2Q 2014: 2,552 million yen <(80.6)%>－

2Q 2013: 13,127 million yen <－%>
Diluted earnings
per share

Earnings per share
2nd quarter 2014
2nd quarter 2013

Net income

Recurring income

yenyen7.87
106.41－－（2）Consolidated financial position
Total assets

Net assets (excl.
minority interests) tototal assets

Net assets

million yen

million yen%

2nd quarter 2014
366,989
Full year 2013
374,418
Reference: Net assets (excl. minority interests)
2Q 2014: 251,602 million yen

251,955
257,93668.6
68.8End of 2013: 257,558 million yen

２．Dividends（Record date）

End of 1Q

Dividends per share
End of 3Q

End of 2Q
yenyenYear-end

Annualyenyen

yen

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 2014

Operating income

Recurring incomeEarnings
per share

Net income

million yen%million yen%million yen%million yen%yen454,300

5.2

16,7004.8

15,300

(7.9)

7,600

(44.2)

69.63

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 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):
2Q 2014: 111,125,714 shares
FY 2013: 111,125,714 shares
2) Number of treasury shares at the end of period:
2Q 2014: 1,983,188 shares
FY 2013: 1,982,355 shares
3) Average number of outstanding shares at end of period (six months):
2Q 2014: 109,142,914 shares
2Q 2013: 103,902,443 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 Second-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)
August 1, 2014

11235
6
7
1010101. Situation of Consolidated Profit and Loss
(January 1, 2014 to June 30, 2014)(million yen, %)2Q 2014
2Q 2013
actualvs. planvs. last year

plan*

actual196,225

209,300

203,145(6,154)

(2.9)

6,919

3.5

Operating income

4,783

3,200

2,855(344)(10.8)(1,927)(40.3)

Recurring income

5,672

2,000

2,878878

43.9(2,793)(49.3)Net income

11,056300

859559186.6(10,196)(92.2)Net revenues

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

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

2Q 2014changeMain factors for increase/decrease

plan*

actualNet revenues

209,300

203,145(6,154)

Cost of goods sold

103,000

100,884(2,115)Gross profit

106,300

102,260(4,039)

SG&A

Operating income

103,100

99,404(3,695)

Impact on the soft drink business(4,502)

Impact on the healthcare and skincare business(1,652)

Impact on the soft drink business(2,709)Impact on the healthcare and skincare business(1,330)Decrease in personnel cost

(607)

Decrease of sales equipment cost(491)

Decrease of depreciation cost(405)

Decrease of business consignment expenses(286)

Decrease of repair expenses(224)

Decrease of transportation expenses(211)

Decrease of maintenance cost

(168)

Increase of sales commission

496

Increase of sales promotion & ad expenses

126

Impact on the healthcare and skincare business(947)

3,200

2,855(344)Non-operating income

400

748

348

Non-operating expenses

1,600

725(874) Loss on retirement of fixed assets

Rucurring income

2,000

2,878

878

Extraordinary income－6767

Extraordinary losses

700

950

250 Impact on the healthcare and skincare business

1,300

1,995695

Income taxes

950

1,124

174

Income before minority interests

350

871

521

Income before income taxes
and minority interests

Minority interests

5011(38)Net Income

300

859

559

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

Appendix-1(1,032)190

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

2Q 2013
Net revenues

196,225

2Q 2014change203,145

6,919

Cost of goods sold97,997

100,884

2,887

Gross profit

98,227102,260

4,032

SG&A

93,444

99,404

5,960

Main factors for increase/decrease
Impact on the soft drink business

8,572

Impact on the healthcare and skincare business(1,652)

Impact on the soft drink business

5,338

Impact on the healthcare and skincare business(1,306)

Increase of transportation expenses

2,024

Increase of business consignment expenses

1,447

Increase of sales promotion & ad expenses

1,318

Increase of sales commission

1,256

Increase of depreciation cost390

Increase in personnel cost

276

Decrease of sales equipment cost

(391)

Impact on the healthcare and skincare business(499)

Operating income

4,783

2,855

Non-operating income

1,499

748

(751) Investment gain on equity method

Non-operating expenses

610

725

114

Recurring income

5,672

2,878

(2,793)Extraordinary income

14,43867

Extraordinary losses

Income before income taxes
and minority interestsIncome taxes
Income before minority interests
Minority interests
Net income

6,769

950

(1,927)(14,371) Gain from negative goodwill(5,819)13,340

1,995(11,345)

2,263

1,124(1,139)

11,076871(10,205)

20

11(8)

11,056859(10,196)

Appendix-2(950)(14,438)

Loss on step acquisitions(5,567)

Impairment loss

(1,008)

Restructuring cost741

Impact on the healthcare and skincare business190

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

Jun.302014

146,178

143,423(2,755)45,63237,883(7,748)26,87629,3102,433

25,132

20,627(4,505) Decrease by maturity of marketable securities

26,621

31,136

4,514 Increase in inventories for demand season

566
2,071
19,630543
3,680
20,571

(22)
1,608
941

(352)

(329)

22

228,239

223,565(4,673)

147,613

145,746(1,866)35,82634,522(1,304)

24,81822,979(1,838)25,39059,90814
1,654
49,30742,1897,118

26,51659,702459
1,565
49,18940,864
8,325

1,125
(206)
445
(88)
(117)
(1,324)
1,207

31,31728,629(2,688)17,30618,222

916

4,479－

9,950

10,816865(418)(410)

8374,418

366,989(7,428)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

Decrease in accrued expense by payments for restructuring cost（lump-sum allowance for employee transfer, etc.） and dividend

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

Total assets
366,989374,418

Total
assetsCurrent
assets

143,423
146,178

Property,plant andequipment

145,746
147,61349,18949,307

Intangible
assetsInvestments
and otherassets(million yen)Jun.302014
Dec.31
2013

28,62931,317050,000

100,000

150,000200,000

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
Provision for sales
promotion expenses

Jun.302014changeMain factors for increase/decrease

81,88981,574(314)

16,27821,203

4,925

30,00030,000

－

2,517

2,517

－

3,165
17,624820
19,189(2,345)
1,565

203

233

30

12,098

7,608(4,490) cost （lump-sum allowance for employee transfer, etc.）

Long-term liabilities
Bonds payable
Long-term loans payable

34,59220,0005,237

33,45920,0003,978(1,132)－(1,258)

Allowance for employees'
retirement benefits

2,048

－

(2,048) for retirement benefits

Net defined benefit liability

－

4,426

4,426 for retirement benefits

149

144

(4)

Other
Total liabilities
Shareholders' equity
Common stock
Capital surplus

7,156
116,481
255,346
15,231109,072

4,909
115,033
249,640
15,231109,072(2,247)(1,447)(5,705)－－Retained earnings

135,619

129,916(5,703) for retirement benefits and decrease by dividend payments

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

(1)

2,212

1,961

(251)

2,214

2,695

480

Deferred gains or losses onhedges

(1)

(73)

(71)

Remeasurements of defined
benefit plans－(660)(660)

377
257,936353
251,955(23)(5,980)374,418

366,989(7,428)

Other

Liabilities for directors'
and corporate auidtors'
retirement benefits

Net unrealized gains (loss) onother marketable secrities

Minority interests
Net assets
Total liabilities andnet assetsDecrease 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

Total liabilities and net assets

366,989374,418

Total liabilities
and net assets

115,033
116,481

Totalliabilities

Jun.302014

81,57481,889Current
liabilities
Long-term
liabilities

Dec.31
2013

33,45934,592251,955
257,936

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, 2014 to June 30, 2014)(1) Investment, Depreciation(million yen)

2Q 2013

Investment

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

2Q 2014

394
4,993
5,962
2,413
(2,206)
11,55811,304

431
1,416
6,077
2,927
445
11,297
11,238(2) Cash Flow(million yen)

2Q 2013
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 2Q

2Q 2014

11,904

2,029(11,782)(2,980)(4,469)(3,795)40,62555,529Appendix-5

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

2014
plan

431,71115,927
16,606
13,625454,300
16,70015,3007,600(2)Investment, Depreciation(million yen)2013
actualInvestment

Buildings
Machinery & Equipment
Sales equipment
Other
Total
Depreciation

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

Appendix-6

2014
plan
1,675
6,14313,658
5,163
26,641
23,427change22,588772(1,306)(6,025)% change
5.2
4.8
(7.9)
(44.2)

7. Sales information(January 1, 2014 to June 30, 2014)<Sales volume by brand>(thousand cases, %)2Q 2013
6,639
3,121
3,771
20,858
5,045
8,773
5,800
4,250
37,144
95,400Core 8

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

2Q 2014% change

7,268
3,324
4,184
22,622
5,168
8,853
7,081
5,123
38,319101,942

9.5
6.5
11.0
8.5
2.4
0.9
22.1
20.63.2
6.9Notes : Sales volume in 2013 is revised retroactively due to standardization of counting method in the affiliated company.

<Composition of brand>
100%

80%

38.9%

37.6%

60%

4.4%

5.0%

I LOHAS

6.1%

6.9%

Ayataka

9.2%

8.7%

5.3%

5.1%

21.9%

22.2%

Georgia

3.9%
3.3%

4.1%
3.3%

Fanta
Coca-Cola Zero

7.0%

7.1%

Coca-Cola

2Q 2013

2Q 2014

40%

OtherAquarius
Sokenbicha

20%

0%

Appendix-7

<Sales volume by channel>(thousand cases, %)2Q 2013
Vending
Supermarket
CVS
RetailFood service
OtherTotal

2Q 2014

26,724
26,377
10,743
6,329
9,681
15,546
95,400*1*2*3*4*5% change

28,80530,173
11,626
5,746
10,657
14,935
101,942

7.8
14.4
8.2
(9.2)
10.1
(3.9)
6.9

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%
16.3%

80%

10.1%
6.6%

60%

40%

11.3%

14.6%

Other

10.5%

Food service

5.6%

Retail

11.4%

CVS

27.7%

29.6%

28.0%

28.3%

2Q 2013

2Q 2014Supermarket

20%

0%

Appendix-8Vending<Sales volume by package>(thousand cases, %)2Q 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

2Q 201424,707714
17,54742,96926,0806,937
19,414
95,400% change

27,726751
19,863
48,34027,635
6,644
19,324
101,942

12.2
5.2
13.2
12.5
6.0
(4.2)
(0.5)
6.9

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

<Composition of package>
100%

20.4%

19.0%

Syrup, powder

6.5%

Other

80%
7.3%

60%

27.1%27.3%

Can40%
19.5%

18.4%

Large PET

0.7%
0.7%
Medium PET

20%
25.9%

27.2%

2Q 2013

2Q 20140%Appendix-9

Small PET

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

End of2013

End of2Q 2014

309
25333

Can vending machine
Cup vending machine
Totalchange

307
24331

(2)
(1)
(3)

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 share2013
30.82014－(Source : Survey of vending machines conducted by McNET Inc., June to July in 2013.)

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

2Q 2013

2Q 2014

Total
Supermarkets
CVS
Retail stores

21.6
22.0
22.0
19.9

22.9
23.1
22.1
20.6

Drug stores

22.9

23.0

Discount stores

20.0

23.9

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(million yen)

2Q 2013

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit (loss)

Soft drink

Healthcare andskincare

177,424

2Q 2014
Total

Soft drink

Healthcare andskincare

18,800196,225

185,997

17,147203,145

177,424

18,800196,225

185,997

17,147203,145－－－－－－

2,559

2,223

4,783

1,438

1,417

2,855

Total

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

Appendix-10