Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the Second Quarter Ended June 30, 2015 (Japanese Standard)
July 29, 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: Sep 1, 2015

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: Aug 12, 2015
FY 2015 2Q supplementary information: Yes
FY 2015 2Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 2nd quarter 2015 (from January 1, 2015 to June 30, 2015)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net revenues

Operating income

Recurring income

Net income

Year ended

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

2nd quarter 2015
2nd quarter 2014

200,994
203,145

(1.1)
3.5

2,430
2,855

(14.9)(40.3)

2,295
2,878

(20.2)(49.3)

8,857
859

930.1
(92.2)

Note: Comprehensive income
2Q 2015: 10,128 million yen <296.8% >2Q 2014: 2,552 million yen < (80.6) % >Diluted earnings
per shareEarnings
per share
Year ended

yenyen

2nd quarter 2015
2nd quarter 2014

81.15
7.87

－－（2）Consolidated financial position
Total assets

Net assets (excl. minorityinterests) to total assets

Net assets

As ofmillion yen

million yen%

2nd quarter 2015
Full year 2014

382,893337,260

262,003
254,15068.3
75.2

Reference: Net assets (excl. minority interests)
2Q 2015: 261,595 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
20.00

－

21.00

41.00

－

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

Earningsper share

Net income

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

450,600

6.2

12,50013.6

12,10014.1

14,200216.8

130.10Note: Revisions to the forecasts of consolidated financial results most recently announced: Yes

Notes（1）Changes in significant subsidiaries during the current period(changes in specified subsidiaries resulting in change in scope of consolidation)
New consolidated company: 1
Name of the company: Shikoku Coca-Cola Bottling Co., Ltd.
（2）Application of special accounting for preparing the quarterly consolidated financial
statement: Yes: None

（3）Changes in accounting policies, changes in accounting estimates, and restatement ofprior period 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):
2Q 2015: 111,125,714 shares
FY 2014: 111,125,714 shares
2) Number of treasury shares at the end of period:
2Q 2015: 1,985,881 shares
FY 2014: 1,984,123 shares
3) Average number of outstanding shares at end of period (six months):
2Q 2015: 109,140,853 shares
2Q 2014: 109,142,914 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 Second-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, Cash Flow Statement (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)
July 29, 2015

112
3
56
7
10
1010

1. Situation of Consolidated Profit and Loss
(January 1, 2015 to June 30, 2015)(million yen, %)2Q 2015
2Q 2014actualvs. planvs. last year

plan*

actual203,145

198,000

200,9942,9941.5(2,150)(1.1)

Operating income (loss)

2,855(1,100)2,430

3,530－(425)(14.9)

Recurring income (loss)

2,878(1,300)2,295

3,595－(582)(20.2)

859(1,600)8,857

10,457－

7,997

930.1

Net revenues

Net income (loss)change% changechange% change* The above plan is based on performance forecast announced as of February 4, 2015.

2. Profits Change Factor (vs. plan)(January 1, 2015 to June 30, 2015)(million yen)

2Q 2015changeMain factors for increase/decrease

plan*

actualNet revenues

198,000

200,9942,994

Cost of goods sold

97,40099,742

2,342

Gross profit

100,600

101,252

652

SG&A

101,700

98,821(2,878)Impact on the soft drink business

3,303

Impact on the healthcare and skincare business(309)

Impact on the soft drink business

922

Impact on the healthcare and skincare business(270)

Decrease of sales promotion & ad expenses(762)

Decrease in personnel cost(476)

Decrease of sales equipment cost

(467)

Decrease of repair expenses(165)

Decrease of depreciation cost(135)

Decrease of supplies expenses(121)

Decrease of rent expenses(116)

Impact on the healthcare and skincare business(332)

Operating income (loss)(1,100)

2,430

3,530

Non-operating income

500

572

72

Non-operating expenses

700

707

7

Rucurring income (loss)(1,300)

2,295

3,595

Extraordinary income

－

8,520

8,520 Gain from negative goodwill

Extraordinary losses－

475(1,300)10,34011,640

Income (loss) before income taxes
and minority interests

475 Loss on retirement of fixed assets

Income taxes
Income (loss) before minorityinterests
Minority interests

250

1,469

1,219(1,550)

8,871

10,4215013(36)Net income (loss)(1,600)8,857

10,457* The above plan is based on performance forecast announced as of February 4, 2015.

Appendix-1

8,445396

3. Profits Change Factor (vs. last year)(January 1, 2015 to June 30, 2015)(million yen)

2Q2014

2Q2015Main factors for increase/decreasechangeNet revenues

203,145

200,994(2,150)

Cost of goods sold

100,884

99,742(1,142)Gross profit

102,260

101,252(1,007)

SG&A

Operating income

99,404

98,821

Impact on the soft drink business
Impact on the healthcare and skincare business(856)

Impact on the soft drink business(467)

Impact on the healthcare and skincare business(539)

Decrease in personnel cost

(2,225)Decrease of sales commission(398)

Decrease of sales equipment cost(350)

Decrease of fuel expenses(218)(582) Increase of business consignment expenses

1,087

Increase of sales promotion & ad expenses

888

Increase of transportation expenses

862

Increase of depreciation cost

226

Impact on the healthcare and skincare business

(384)

2,855

2,430

Non-operating income

748

572

(175) Investment gain on equity method

Non-operating expenses

725

707

(18)

2,878

2,295(582)

67

8,520

8,452 Gain from negative goodwill

Recurring income
Extraordinary income(425)

Restructuring cost
Extraordinary losses

950

475(1,293)(475) Loss on retirement of fixed assets
Impact on the healthcare and skincare business

Income before income taxes andminority interests

1,995

10,3408,344

Income taxes

1,124

1,469

344

Income before minority interests

871

8,871

8,000

Minority interests

1113

2

Net income

859

8,857

7,997

Appendix-2(62)8,445(741)396(190)

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

June.302015

116,050
41,996148,231
61,30332,18019,306

27,79731,747

3,949

100

－

(100)

25,65930,7595,099 Increase in inventory for demand season

547
2,166
18,098682
3,992
20,123

135
1,825
2,025

(316)

(376)

(60)

221,210
144,124
33,132

234,662
155,431
34,516

13,451
11,307
1,383

23,252

23,382

129

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

31,66963,377
192
2,292
46,83838,214
8,624

4,556
4,222
180
835
(861)
(1,324)463

29,38632,3913,005

19,162－
10,622

22,211
151
10,615

3,048 Increase by rise in current prices of retained stocks
151
(7)

(398)

(586)

(187)

337,260

382,893

45,632Current 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
Net defined benefit asset
Other
Allowance for
doubtful accounts
Total assetschangeMain factors for increase/decrease

Total assets
382,893

Total
assets337,260
148,231

Current
assets116,050

Property,plant andequipment

155,431
144,124
46,83847,699Intangible
assetsInvestments
and otherassets(million yen)June.30
2015
Dec.31
2014

32,391
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 payable
Accrued income taxes
Other accounts payable
Provision for sales
promotion expenses
Other
Long-term liabilities
Bonds payable
Long-term loans payable
Net defined benefit liability
Liabilities for directors'
and corporate auidtors'
retirement benefits

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

Deferred gains or losses
on hedges
Foreign currencytranslation adjustment
Remeasurements ofdefined benefit plansMinority interests
Net assets
Total liabilities andnet assets

June 302015changeMain factors for increase/decrease

51,37559,1607,784

17,75026,681

8,930

2,517

2,517

－

2,024
20,649986
21,361(1,038)
712

260

332

71

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

7,281
61,72950,000
1,460
3,608

149

153

4,993
83,109251,079
15,231109,072
131,355(4,580)6,506
120,889
257,641
15,231109,072
137,921(4,584)

2,696

3,953

1,257

3,389

5,015

1,625

317

151

(165)

16

15

(1)

(1,026)(1,228)(202)

374
254,150408
262,003

33
7,852

337,260

382,893

45,632(891)
29,99530,000 Increase by issuance of bonds(1,258)
(262)
3
1,512
37,7806,562－－
6,565 Increase by current net income(3)

Total liabilities and net assets

382,893

Total liabilities
and net assets

337,260
120,889

Totalliabilities

83,109Current
liabilities

59,16051,375Long-term
liabilities

61,729June 302015
Dec.31
2014

31,734
262,003
254,150

Net assets(million yen)0

50,000100,000

150,000

200,000

Appendix-4

250,000

300,000

350,000400,000

5. Investment, Depreciation, Cash Flow Statement (consolidated)(January 1, 2015 to June 30, 2015)(1) Investment, Depreciation(million yen)

2Q 2014
Investment

Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

2Q 2015

431
1,416
6,077
3,372
11,297
11,238

301
1,621
6,226
1,112
9,261
11,323(2) Cash Flow Statement(million yen)

2Q 2014
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 2Q

2Q 2015

2,029

12,009(2,980)(18,940)(3,795)26,03855,52961,089Appendix-5

6. Projections (consolidated)(January 1, 2015 to December 31, 2015)(1)Earnings(million yen, %)2014
actualNet revenues
Operating income
Recurring income
Net income

424,406
11,008
10,609
4,482

2015
plan
450,600
12,50012,10014,200(2)Investment, Depreciation(million yen)2014
actualInvestment

Land
Buildings
Machinery & Equipment
Sales equipment
Other
Total
Depreciation

－
826
4,985
12,204
4,766
22,783
22,943

2015
plan
15
1,178
3,481
12,334
2,568
19,57824,725

Appendix-6change
26,193
1,491
1,490
9,717

% change
6.2
13.6
14.1
216.8

7. Sales Information(January 1, 2015 to June 30, 2015)<Sales volume by brand>(thousand cases, %)2Q 2014
7,268
3,324
4,184
22,622
5,168
8,853
7,081
5,123
38,319101,942Core 8

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

2Q 2015% change

6,759
2,972
3,617
22,101
4,605
8,515
7,642
6,209
36,574
98,993<Composition of brand>
100%

80%

37.6%

36.9%

Other60%

5.0%

6.3%

I LOHAS

6.9%

7.7%

Ayataka

8.6%

Aquarius

5.1%

4.7%

Sokenbicha

22.2%

22.3%

4.1%
3.3%

3.7%
3.0%

Coca-Cola Zero

7.1%

6.8%

Coca-Cola

2Q 2014

2Q 2015

8.7%
40%

Georgia

20%0%Appendix-7

Fanta

(7.0)
(10.6)(13.6)(2.3)(10.9)
(3.8)
7.9
21.2
(4.6)
(2.9)

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

2Q 2015

34,90030,173
11,626
5,736
10,657
8,851
101,942% change

32,76529,778
12,604
5,285
11,444
7,117
98,993

(6.1)
(1.3)
8.4
(7.9)
7.4
(19.6)(2.9)

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%

80%

8.7%

7.2%

Other

10.5%

11.6%

Food service

5.6%

5.3%

Retail

11.4%

12.7%

CVS

29.6%

30.1%

Supermarket, etc.

34.2%

33.1%

Vending

2Q 2014

2Q 2015

60%

40%

20%

0%

Appendix-8

<Sales volume by package>(thousand cases, %)2Q 2014PET

Small-sized (less than 1,000ml)
Medium-sized (less than 1,500ml)
Large-sized (1,500ml or more)
SubtotalCan
OtherSyrup, powderTotal

2Q 2015

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

28,120662
19,58548,367
26,167
6,311
18,14898,993

1.4(11.9)
(1.4)
0.1
(5.3)
(5.0)
(6.1)
(2.9)

<Composition of package>
100%

19.0%

18.3%

Syrup, powder

6.5%

6.4%

Other

27.1%

26.4%

Can

19.8%

Large PET

80%

60%

40%
19.5%

0.7%

0.7%

Medium PET

20%
27.2%

28.4%

2Q 2014

2Q 2015

0%

Appendix-9

Small PET

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

End of2014

End of2Q 2015

309
23332

Can vending machine
Cup vending machine
Totalchange

302
23325

(7)
(0)
(7)

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 June 30, 2015)(%)

2Q 2014

2Q 2015

TotalSupermarkets
CVS
Retail stores

22.9
23.1
22.1
20.6

22.2
21.823.2
19.3

Drug stores

23.0

23.2

Discount stores

23.9

22.4

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(million yen)

2Q 2014

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit

Soft drink

Healthcare andskincare

185,997

2Q 2015
Total

Soft drink

Healthcare andskincare

17,147203,145

184,703

16,290200,994

185,997

17,147203,145

184,703

16,290200,994－－－－－－

1,438

1,417

2,855

1,168

1,262

2,430

Total

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

Appendix-10