Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
the First Quarter Ended March 31, 2014 (Japanese Standard)
April 30, 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
Expected date of the dividend payments: －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: May 9, 2014
FY 2014 1Q supplementary information: Yes
FY 2014 1Q financial presentation: Yes(Fractions of one million yen are round off)

１．Consolidated financial results for the 1st quarter 2014 (from January 1, 2014 to March 31, 2014)（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%

94,90314.8(1,372)－(1,402)－(1,074)－

1st quarter 2013
82,657 (2.4)
Note: Comprehensive income
1Q 2014: (1,227) million yen <－%>

(368)

－613－

321

－

1st quarter 2014

1Q 2013: 1,827 million yen <646.4%>
Diluted earnings
per share

Earnings per shareyenyen

1st quarter 2014(9.84)－

1st quarter 2013

3.21

－

（2）Consolidated financial position
Total assets

Net assets (excl.
minority interests) tototal assets

Net assets

million yen

million yen％

363,079

248,176

68.3

Full year 2013
374,418
Reference: Net assets (excl. minority interests)
1Q 2014: 247,827 million yen

257,93668.8

1st quarter 2014

End of 2013: 257,558 million yen

２．Dividends
Dividends per share（Record date）

End of 1Q

End of 2Q
yen

End of 3Q
yenYear-end

Annualyenyenyen

Full year 2013
－20.00－
Full year 2014－
Full year 2014
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 2014 (from January 1, 2014 to December 31, 2014)（Percentages indicate changes over the same period in the prior fiscal year）

Net revenues
6 months 2014
Full year 2014

Operating income

million yen％million yen

209,300
454,300

6.7
5.2

3,200
16,700Recurring income％ million yen(33.1)
4.8

2,000
15,300Earnings
per share

Net income％million yen％

yen

(64.7)
(7.9)

300
7,600

(97.3)(44.2)

2.74
69.63

Note: 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)（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):1Q 2014: 111,125,714 shares
FY 2013: 111,125,714 shares
2) Number of treasury shares at the end of period:
1Q 2014: 1,982,809 shares
FY 2013: 1,982,355 shares
3) Average number of outstanding shares at end of period (three months):
1Q 2014: 109,143,167 shares
1Q 2013: 99,970,356 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 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)
April 30, 2014

11
2
3
5
6
7
1010101. Situation of Consolidated Profit and Loss
(January 1, 2014 to March 31, 2014)(million yen, %)1Q 2013
actual

1Q 2014
plan*

actualvs. planchangevs. last year

% changechange% change

Net revenues

82,657

95,70094,903

(796)

(0.8)

12,246

14.8

Operating loss(368)(1,600)(1,372)227－(1,004)－

Recurring income (loss)

613(1,900)(1,402)497－(2,016)－

Net income (loss)

321(1,500)(1,074)425－(1,396)－* The above plan is based on performance forecast announced as of February 5, 2014.

2. Profits Change Factor (vs. plan)(January 1, 2014 to March 31, 2014)(million yen)

1Q 2014plan*changeactualMain factors for increase/decrease

Net revenues

95,70094,903(796)

Cost of goods sold46,90047,681

781

Gross profit

48,80047,222(1,577)

SG&AOperating loss

50,40048,595(1,804)

Impact on the soft drink business(373)

Impact on the healthcare and skincare business(422)

Impact on the soft drink business
Impact on the healthcare and skincare business(392)

Decrease of transportation expenses(374)

Decrease of sales equipment cost(145)

Decrease of repair expenses(107)

Decrease of business consignment expenses(102)

Decrease of maintenance cost(101)

Decrease of depreciation cost(78)

Increase of sales promotion & ad expenses

170

Impact on the healthcare and skincare business

(545)

186

(1,600)(1,372)227

Non-operating income

100

224

124

Non-operating expenses

400

254

(145)

(1,900)(1,402)497

Extraordinary income

－67

67

Extraordinary losses－186

186 Impact on the healthcare and skincare business(1,900)(1,521)

378

(425)

(453)

(28)

(1,475)(1,068)

406

25

6(18)

(1,500)(1,074)425

Rucurring loss

Loss before income taxes
and minority interests
Income taxes
Loss before minority interests
Minority interests
Net loss* The above plan is based on performance forecast announced as of February 5, 2014.

Appendix-1(1,185)

3. Profits Change Factor (vs. last year)(January 1, 2014 to March 31, 2014)(million yen)

1Q 2013

1Q 2014Main factors for increase/decreasechangeNet revenues

82,657

94,903

12,246

Cost of goods sold41,75147,681

5,930

Gross profit

40,90547,222

6,316

SG&A

41,273

48,595

Impact on the soft drink business

12,699Impact on the healthcare and skincare business(452)

Impact on the soft drink business

6,682

Impact on the healthcare and skincare business(365)

Increase in personnel cost

2,156

Increase of sales commission

1,461

Increase of transportation expenses

1,128

7,321 Increase of sales promotion & ad expenses

1,071

Increase of business consignment expenses

829

Increase of depreciation cost

563

Impact on the healthcare and skincare business(211)

Operating loss

(368)

(1,372)(1,004)Non-operating income

1,198

224

Non-operating expenses

216

254

38

Recurring income (loss)

613(1,402)(2,016)Extraordinary income－67

67

Extraordinary losses

122

186

64

Income (loss) before income taxes
and minority interests491(1,521)(2,013)

Income taxes

159

(453)

(613)

Income (loss) before
minority interests

331(1,068)(1,399)Minority interests96(3)Net income (loss)

321(1,074)(1,396)(973) Investment gain on equity method

Appendix-2(1,049)Loss on retirement of fixed assets(122)

Impact on the healthcare and skincare business186

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

Mar.31
2014

146,178
45,632

139,349
43,414(6,829)(2,217)

26,87625,019(1,857)

25,132

23,529(1,602) Decrease by maturity of marketable securities

26,621

24,024(2,597) Decrease of inventory

566
2,071
19,630536
3,206
19,952

(29)
1,134
322

(352)

(334)

17

228,239

223,729(4,509)147,613

146,455(1,158)35,82635,081(745)

24,81823,514(1,303)25,39059,90814
1,654
49,30742,1897,118

26,15859,908160
1,632
49,402
41,526
7,875

767
－
145
(21)
94(662)757

31,317

27,872(3,445)17,306

16,894

(412)

4,479

－

(4,479)9,950

11,386

1,436

(418)

(409)

9

374,418

363,079(11,338)

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

Impact from the early application of revised accounting standard
for retirement benefitsTotal assets
363,079
374,418

Total
assetsCurrent
assets139,349
146,178

Property,plant andequipment

146,455
147,61349,40249,307

Intangible
assetsDec.31
2013

27,87231,317

Investments
and otherassets(million yen)

Mar.312014

0

50,000100,000

150,000

200,000

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

Mar.31
2014changeMain factors for increase/decrease

81,88979,269(2,620)16,278

19,6953,416

30,00030,000－2,517

2,517－

3,165
17,624291
18,681(2,874)
1,056

203

220

17

12,098

7,862(4,236)Long-term liabilities
Bonds payable
Long-term loans payable

34,59220,0005,237

35,63320,000
3,983

1,041
－
(1,254)

Allowance for employees'
retirement benefits

2,048

－

(2,048)Impact from the early application of revised accounting standard
for retirement benefits－6,801

6,801

Impact from the early application of revised accounting standard
for retirement benefits

149

153

4

Other
Total liabilities
Shareholders' equity
Common stock
Capital surplus

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

4,695
114,902247,707
15,231109,072(2,461)(1,578)(7,638)－－Retained earnings

135,619

127,982(7,637)

Treasury stock
Accumulated othercomprehensive income(4,577)(4,578)

(0)

2,212

120

(2,092)

2,214

1,957

(257)

Deferred gains or losses onhedges

(1)

(2)

(0)

Remeasurements of defined
benefit plans－(1,834)(1,834)377
257,936348
248,176(28)(9,760)374,418

363,079(11,338)

OtherNet defined benefit liability
Liabilities for directors'
and corporate auidtors'
retirement benefits

Net unrealized gains (loss) onother marketable secrities

Minority interests
Net assets
Total liabilities andnet assets

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

Impact from the early application of revised accounting standard
for retirement benefits and decrease by dividend payments

Total liabilities and net assets

363,079
374,418

Total liabilities
and net assets

114,902
116,481

Totalliabilities

Mar.31
2014

79,26981,889Currentliabilities

Dec.31
2013

35,63334,592Long-term
liabilities

248,176
257,936

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, 2014 to March 31, 2014)(1) Investment, Depreciation(million yen)

1Q 2013

Investment

Buildings
Machinery & Equipment
Sales equipment
Other
Construction in progress

Total
Depreciation

1Q 2014

81
4,086
2,529
916
(2,211)
5,402
5,151

48
258
3,275
1,568
145
5,296
5,617

(2) Cash Flow(million yen)

1Q 2013
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 1Q

1Q 2014

9,459

5,272

(4,726)

1,207(3,503)(3,696)

40,724

63,059Appendix-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

431,71115,92716,606
13,625454,300
16,70015,3007,600(2)Investment, Depreciation(million yen)2013
actualInvestment

Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

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

Appendix-6

2014
plan
1,645
6,908
14,507
4,209
27,27024,653change22,588772(1,306)(6,025)% change
5.2
4.8
(7.9)
(44.2)

7. Sales information(January 1, 2014 to March 31, 2014)<Sales volume by brand>(thousand cases, %)1Q 2013
2,535
1,172
1,446
9,444
1,801
2,351
2,163
1,486
15,89338,292

Core 8

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

1Q 2014% change

3,204
1,484
1,903
11,666
2,432
3,224
3,358
1,785
18,45047,505

26.4
26.6
31.6
23.5
35.0
37.1
55.2
20.1
16.1
24.1

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

<Composition of brand>
100%

80%

38.8%

Other

3.8%

I LOHAS

7.1%

Ayataka

6.1%

6.8%

Aquarius

4.7%

5.1%

Sokenbicha

24.7%

24.6%

Georgia

3.8%
3.1%

4.0%
3.1%

Coca-Cola Zero

6.6%

6.7%

Coca-Cola

1Q 2013

1Q 2014

41.5%

60%
3.9%
5.6%

40%

20%

0%

Appendix-7

Fanta

<Sales volume by channel>(thousand cases, %)1Q 2013
Vending
Supermarket
CVS
RetailFood service
Other

1Q 2014

11,030
9,106
4,790
2,248
4,227
6,891
38,292

*1
*2
*3
*4
*5

Total% change

13,903
13,230
5,347
2,631
5,202
7,193
47,505

26.0
45.3
11.6
17.0
23.1
4.4
24.1

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%
15.1%

Other

11.0%

Food service

5.5%

Retail

11.3%

CVS

27.8%

Supermarket

28.8%

29.3%

Vending

1Q 2013

1Q 2014

18.0%

80%
11.0%
5.9%
60%

12.5%

40%

23.8%

20%

0%

Appendix-8

<Sales volume by package>(thousand cases, %)1Q 2013
Small-sized(less than 1,000ml)
Medium-sized (less than 1,500ml)
Large-sized(1,500ml or more)
Subtotal

PETCanOther
Syrup, powder
Total

1Q 2014

9,342
263
6,010
15,616
11,2242,870
8,582
38,292% change

12,292
298
8,938
21,527
13,4943,327
9,156
47,505

31.6
13.1
48.7
37.920.2
15.9
6.7
24.1

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

<Composition of package>
100%

22.4%
80%

19.3%

Syrup, powder

7.0%

Other

28.4%

Can

18.8%

Large PET

7.5%

60%
29.3%

40%
15.7%
0.6%
0.7%

Medium PET

20%
24.4%

25.9%

1Q 2013

1Q 2014

0%

Appendix-9

Small PET

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

End of2013
Can vending machine
Cup vending machine
Total

End of1Q 2014change3092530624(3)
(1)

333

330

(4)

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

2013
30.8

2014
－

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

9. Home Market Share
(January 1, 2014 to March 31, 2014)(%)

1Q 2013

1Q 2014

Total

21.5

23.4

Supermarkets
CVS
Retail stores

21.8
22.2
20.0

24.5
21.7
21.7

Drug stores

23.5

23.0

Discount stores

19.3

23.6

(Source : Store Audit conducted by Intage Inc.)

10. Segment Information(million yen)

1Q 2013

Net revenues
To outside customers
and consumers
Intersegment sales ortransfers

Segment profit (loss)

1Q 2014
Total

Soft drink

Healthcare andskincare

9,230

82,657

86,126

8,777

94,90373,426

9,230

82,657

86,126

8,777

94,903－－－－－－(1,175)

806

(368)

(2,026)653(1,372)

Soft drink

Healthcare andskincare

73,426

Total

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

Appendix-10