Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
The Third Quarter Ended September 30, 2008
October 29, 2008
Company name: Coca-Cola West Holdings Company, Limited
Stock exchange listings: Tokyo(1 section),Osaka(1st section), Fukuoka
Code number: 2579
URL http://www.ccwh.co.jp/eng
Representative: Norio Sueyoshi, Representative Director and CEO
Contact: Makoto Tsunomachi, Finance Group Manager
Phone: +81-92-283-5714
st(Round down to the nearest million yen)

１．Consolidated financial data for the third quarter ended September 30, 2008
（1）Operating results(Percentage compares current results with those of the third quarter of the previous year )Net income
Net revenues
Operating income
Recurring income
Nine months ended

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

September 30, 2008
September 30, 2007

303,202
310,520

-2.4
36.1

9,705
11,498

-15.6
-30.2

10,58012,610

-16.1
-34.5

3,455
7,293

-52.6
-40.7

Year ended Dec 31, 2007

409,521－

16,056－

17,493

－

9,375

－

Basic net income
per share

Diluted net income
per share

Nine months endedyenyen

September 30, 2008September 30, 2007

33.20
68.68

－－Year ended Dec 31, 2007

88.29－（2）Financial condition
Total liabilities andnet assets
As ofTotal net assets

million yen

Equity ratio

Net assets per share％

million yenyen

September 30, 2008
September 30, 2007

283,526
319,396

238,770
252,02284.2
78.9

2,356.87
2,372.93

Year ended Dec 31, 2007

315,672

254,02580.5

2,391.83

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

million yen

million yen

million yen（3）Cash flows

Nine months ended

Cash and cash
equivalents at endof quarter
million yen

September 30, 2008
September 30, 2007

12,22724,306

4,772-23,367-28,849
4,587

23,71527,810Year ended Dec 31, 2007

33,000-23,306

3,586

35,5641

CCWH consolidated financial summery for the third quarter ended September 30, 2008

２．Earning projections for the fiscal year ending December 31, 2008
(Percentage compares current results with those of the previous year )Recurring income
Net income
Earnings per share
Net revenues
Operating income
million yen

Full year%

401,000 -2.1million yen%million yen

12,200 -24.0%

13,500 -22.8

million yen%

1,000 -89.3

yen

9.68

３．Other（1）Changes in significant subsidiaries during the period： no(Resulting in a change in scope of consolidation)（2）Change in accounting principles： no（3）Change in accounting method since the last fiscal year
： no*Actual results may differ from substantially from the projection due to a variety of factors that may occur in the restof the year. There are changes from earning projections which released on August 4, 2008

2Consolidated Results
For Third Quarter 2008
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 Major Change Factor…

5 . Investment, Depreciation, Cash Flows…

6 . Projections…

7 . Sales Information…

8 . Number of Vending Machines, Market Share…

9 . Home Market Share by industry…

Coca-Cola West Holdings Co., Ltd (2579)
October 29, 2008

12346
7
81111

1. Situation of Consolidated Profit and Loss
(January 1, 2008 to September 30, 2008)(million yen, %)3Q 2008
3Q 2007
actualvs. last year

vs. planplan(*)

actualchange% changechange% change

Net Sales

310,520

310,500

303,202-7,297-2.4-7,317-2.4

Operating Income

11,498

11,6009,705-1,894-16.3-1,792-15.6

Recurring Income

12,61012,700

10,580-2,119-16.7-2,029-16.1

Net Income

7,293

4,900

3,455-1,444-29.5-3,837-52.6* The above plan is based on performance forecast announced as of August 4, 2008.

＜Reference＞ Operating income comparison with impact of advanced payment depreciation method of Kinki in 2007 removed(million yen, %)3Q
2007
actualOperating income after considering items impacting comparability

Net Sales

3Q
2008
actual

10,940change9,705% change-1,234-11.3

Recurring Income＜million yen＞

＜million yen＞

2007

500,000

2007

15,00013,50010,0007,500

88,29689,903

4,851

5,000
2,500

0

12,610
10,58012,500188,570
192,866

200,000(projection)
17,493

17,500303,202
310,520300,000

2008

20,000409,521401,000

400,000

100,000(projection)

2008

0

1,255

3,776

376

3 months

6 months

9 months

12 months

3 months

6 months

9 months

12 months

2007

89,903

192,866

310,520

409,521

2007

1,255

4,851

12,61017,493

2008

88,296

188,570

303,202

401,000

2008

376

3,776

10,58013,500change-1,607-4,295-7,317-8,521change-879-1,075-2,029-3,993% change

-1.8%

-2.2%

-2.4%

-2.1%

% change-70.0%-22.2%-16.1%-22.8%

Operating Income

Net Income＜million yen＞

2007

17,5002008(projection)＜million yen＞

15,00012,50011,4982,500
0(projection)
9,375

6,000

7,500

3,455

4,000
4,137
3,142

5,000

2008
7,293

8,000

12,2009,705

10,0002007

10,00016,0562,000

1,030 242

0

2,690
780

188

433

1,000

3 months

6 months

9 months

12 months

3 months

6 months

9 months

12 months

2007

1,030

4,137

11,49816,056

2007

780

2,690

7,293

9,375

2008

242

3,142

9,705

12,200

2008

188

433

3,455

1,000

change-787-994-1,792-3,856change-592-2,257-3,837-8,375% change-76.5%-24.0%-15.6%-24.0%% change-75.9%-83.9%-52.6%-89.3%* Projections for the fiscal year ending December 31, 2008 are based on performance forecast announced as of October 29, 2008.

Appendix-1

2. Profits Change Factor (vs. plan)(January 1, 2008 to September 30, 2008)(million yen)

3Q 2008
plan(*1)changeMajor factors for increase/decrease

actualNet Sales

310,500

303,202-7,297

Cost of goods sold179,500

176,286-3,213
Impact from sales companies(*2)

Gross profit

SG&A

131,000

119,400

126,916

117,210-4,083

Sales volume decrease-1,779Decrease by sales mix(*3)-2,052

Increase in profit from toll fee372

Other-624

Decrease in sales commission-827

Decrease in advertising cost-733

-2,189 Decrease in service fee
Decrease in personnel cost

Operating income

11,6009,705-1,894Non-operating income

1,600

1,541

-58

Non-operating expenses

500

666

166

12,700

10,580-2,119Extraordinary income

700

700

0

Extraordinary losses

3,200

3,417

217

Rucurring income

Income before income taxes, minority
interests and other adjustments

10,2007,863-2,336

Income taxes

5,290

4,396-893

10

100

4,900

3,455

-1,444

Minority interests
Net income

Other51

Write-down of investment securities

334

Other-117*1 The above plan is based on performance forecast announced as of August 4, 2008.
*2 Sales companies are CCWJ, KINKI CCBC, and MIKASA CCBC.
*3 Sales mix : Composite of products by brand, channel, package, etc. The difference between budget and actual sales or cost of sales
might be affected by a chage in product sales mix as well as a change in unit price.

Appendix-2-344-336

3. Profits Change Factor (vs. last year)(January 1, 2008 to September 30, 2008)(million yen)

3Q 2007

3Q 2008

Major factors for increase/decreasechangeNet sales

310,520303,202-7,317

Cost of goods sold178,194

176,286-1,908Impact from sales companies(*1)
Sales volume increase

Gross profit

SG&A

132,325

120,827

126,916

117,210-5,409-3,616

Operating income

11,498

9,705-1,792Non-operating income

1,852

1,541

-310

Non-operating expenses

741

666

-74

12,610

10,580-2,029Recurring income

Extraordinary income

Extraordinary losses

277

727

700

3,417

Impact from sale of consolidated companies' stock-924

Decrease in profit from toll fee-376

Other-434

Review of advanced payment depreciation method of Kinki

558

Increase of fuel cost due to rapid increase in crude oil price

195

Decrease in advertising cost-987

Decrease in depreciation cost-983

Impact from sale of consolidated companies' stock-862

Decrease of personnel cost

-832

Decrease in sales commission-435

Other-270

Gain on sales of investment securities

262
196

Gain on sale of property, plant, equipment-36

Expense for repair of sales equipment

780

Loss on disposals of property, plant and equipment

658

Expense related to the group restruction

618

Loss on sales of consolidated subsidiary's stock

304

Write-down of investment securites

270

Other60

2,690

12,1597,863-4,296

Income taxes

4,857

4,396-460

8

10

1

7,293

3,455-3,837

Net income*1 Sales companies are CCWJ, KINKI CCBC, and MIKASA CCBC.
*2 Sales mix : Composite of products by brand, channel, package, etc. The difference between budget and actual sales or cost of sales
might be affected by a chage in product sales mix as well as a change in unit price.

Appendix-3-4,248

422 Gain on sale of consolidated subsidary and joint company's stock

Income before income taxes, minority
interests and other adjustments

Minority interests

Decrease by sales mix(*2)

573

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2007
Current assets

Sep.302008

Major factors for increase/decreasechange91,22083,103-8,117

Cach and deposits

19,567

18,899-667

Trade notes andaccounts receivable

23,06423,802

737

Marketable securities

19,407

5,996-13,411 Sell-off of securities and redeem bonds

Inventories

11,721

10,168-1,552

Deferred tax assets

2,143

1,423-719

Other

15,42022,9337,512 Increase of down payment

-103

-120

-16

224,452

200,423-24,028

142,033

139,018-3,015

Buildings and structures

35,192

33,715-1,477

Machinery, equipment,
vehicles

20,181

18,235-1,945

Sales equipment

27,28528,031745

Land56,70956,088

-621

672

1,094

422
-138

Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment

Construction in progress

1,992

1,853

Intangible assets

Other

4,719

4,185-534

Software, etc
Investments andother assets
Investment
securities

4,719

4,185-534

77,69857,219-20,479

55,79434,030-21,764

Advanced payments
for retirement expenses

12,732

13,161

428

Deferred tax assets

3,596

3,487

-108

Other

6,147

7,065

918

Allowance for
doubtful accounts

-572

-526

45

315,672

283,526-32,145

Total assets

Sell-off of securities, Decline in market value,
Increase by purchasing Chugoku Piano's stock

AssetsTotalassets

283,526
315,672

Current
assets

83,10391,220Property,plant andequipment

139,018
142,033

Investments
and otherassets(million yen)

Sep.30,
2008

4,185
4,719

Intangible
assetsDec.31,
2007

57,21977,6980

50,000100,000

150,000

Appendix-4

200,000

250,000

300,000

350,000(million yen)Dec.31
2007
Current liabilities

Sep.302008

Major factors for increase/decreasechange42,09926,533-15,566

Trade notes andaccounts payable

5,222

4,168

-1,054

Short-term debt

10,500--10,500 Decrease by paying the company debt

Current portion of
long-term debt

2,000--2,000 Decrease by paying Kinki's debt

Other accounts payable

13,63812,483-1,154

Notes payable for equipment

8764

-23

Accrued income taxes

3,270

2,059

-1,210

Other7,380

7,757

377

Long-term liabilities

19,54818,222-1,325

Allowance for employee'retirement benefits

5,180

5,298

117

Liabilities for directors'
and corporate auidtors'
retirement benefits

65

7-58

1,452

1,141-311

Negative goodwill
Deferred tax liabilities

9,040

8,197

-842

Other

3,809

3,577

-231

61,64744,755-16,891

Common stock

15,231

15,231-

Additional paid-in capital

109,074

109,074Retained earnings

140,432

139,394-1,038 Decrease by dividents payment

Treasury stock-11,271-23,121-11,849 Share buy back488-1,835-2,324 Decline in market value

Gain on deferred hedges

4-42-46

Minority interests

6469

4

Total net assets

254,025

238,770-15,254

Total liabilities andnet assets

315,672

283,526-32,145

Total liabilities

Net unrealized gains onother marketablesecurities

0Liabilities and net assets

283,526

Total liabilities
and net assets

44,75561,647

Totalliabilities

26,53342,099Current
liabilities

Sep.302008

18,222
19,548Long-term
liabilities

Dec.31
2007
238,770
254,025

Totalnet assets(million yen)

315,672050,000100,000

150,000

Appendix-5

200,000

250,000

300,000

350,000

5. Investment, Depreciation, Cash Flows(consolidated)(January 1, 2008 to September 30, 2008)(1)Investment, Depreciation(million yen)

3Q
2007
Land

3Q
2008
13

Buildings

1,397

629

Machinery & Equipment

3,064

832

Sales equipment

8,697

8,997

Other

2,781

4,031

Total

16,04814,502

Depreciation

16,798

16,209Investment

109(2)Cash Flows(million yen)

3Q
2007
Cash flows fromoperating activities
Cash flows frominvesting activities

24,306

12,227-23,367

4,772

4,587

-28,84927,810

23,715

Cash flows fromfinancing activities
Cash and cash equivalents
at end of nine months

3Q2008

Appendix-6

6. Projections(consolidated)(January 1, 2008 to December 31, 2008)(1)Earnings
2007
actual (1)2008 plan

last time *this time (2)changeNet sales
409,521412,300
401,000-11,300
Operating income
16,056
16,00012,200-3,800Recurring income
17,493
17,50013,500-4,000Net income
9,375
7,200
1,000-6,200* There are changes from earning projections which released on August 4, 2008.
'Last time' is based on performance projections announced as of August 4, 2008.

% change
-2.7
-23.8
-22.9
-86.1

change(2) - (1)(million yen, %)% change(2) / (1)-8,521-3,856-3,993-8,375

-2.1
-24.0
-22.8
-89.3

(2)Investment, Depreciation2007
actualInvestment

Land
Buildings
Machinery & Equipment
Sales equipment
Other
Total
Depreciation(million yen)
2008
plan

109
2,750
3,703
10,012
3,377
19,951
22,533

12
1,203
1,497
11,556
4,732
19,00022,100(3)Cash Flows(million yen, %)2007
actualCash flows fromoperating activities
Cash flows frominvesting activities
Cash flows fromfinancing activities
Cash and cash equivalents
at end of year

2008 plan
last time

this timechange% change

33,00019,30017,500-1,800-9.3-23,306

300

1,100

800

266.7

3,586

-30,100-32,100-2,0006.6

35,56425,00022,000-3,000-12.0

Appendix-7

7. Sales information(January 1, 2008 to September 30, 2008)＜Sales Volume by brand＞(thousand cases, %)3Q 2007

3Q 2008% change

13,20014,154+7.2

Georgia

30,74130,806+0.2

Soukenbicha

12,231

11,159-8.8

Aquarius

16,085

16,179+0.6Hajime/Ayataka

5,497

5,191-5.6

Fanta

6,030

7,358+22.0

Water

6,472

7,363+13.8

Minute Maid

1,699

2,135+25.7

Other49,994

48,290-3.4

Total

141,950

142,635+0.5

CoreCoca-Cola

Priority* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.

＜Composition of brand＞
100%

80%
49.1%

49.4%

Priority+ other

11.3%

11.3%

Aquerius

8.6%

7.8%

Soukenbicha

21.7%

21.6%

9.3%

9.9%

3Q 2007

3Q 2008

60%

40%

20%0%

Appendix-8

Georgia

Coca-Cola

＜Sales volume by package＞(thousand cases, %)3Q 2007
Bottle3Q 2008% change

1,518

1,544+1.7

Small-sized (less than 1,001ml)

32,73130,904-5.6

Large-sized (more than 1,001ml)

23,886

25,684+7.5

56,61656,588-0.0

Can (include bottle can)46,78347,839

+2.3

Other

4,876

4,840-0.7

Syrup, powder, food

32,157

31,824-1.0

Total

141,950

142,635+0.5

PET

Subtotal* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.

＜Composition of package＞
100%

26.0%

25.7%

Other

33.0%

33.5%

Can

16.8%

18.0%

Large PET

23.1%

21.7%

Small PET

1.1%

1.1%

Bottle3Q 2007

3Q 2008

80%

60%

40%

20%

0%

Appendix-9

＜Sales volume by channel＞(thousand cases, %)3Q 2007% change

3Q 2008

Vending*1

44,75044,121-1.4

Chain store*2

31,05733,254

+7.1

CVS

*3

13,967

14,337+2.7

Retail*4

19,741

18,782-4.9

Food service*513,660

13,762

+0.7

Other

18,774

18,379-2.1

Total

141,950

142,635+0.5* Actuals are the sum of CCWJ, KINKI CCBC and MIKASA CCBC.
Changing quartity equivalent in some products, we adjust sales volume as far as 2007.
*1 Vending : Retail sales business to distribute products through vending machine to consumers*2 Chain store : Wholesale business for supermarket 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%

80%

60%

40%

13.3%

12.9%

Other

9.6%

9.6%

Food service

13.9%

13.2%

Retail

9.8%

10.1%

CVS

21.9%

23.3%

Chain store

31.5%

30.9%

3Q 2007

3Q 2008

20%

0%

Appendix-10

Vending

8. Number of vending machines, Market Share(1)Number of vending machines (actual)(Units)End of2007

End of
3Q 2008

changeOwned

Regular (cans)

54,19450,015-4,179Full service (cans)

178,407

184,602+6,195

Cup machine

19,797

18,977-820

Subtotal

252,398

253,594+1,196

955

780

-175

253,353

254,374+1,021

Number of machines sold (cans)
Number of vending machines* The abole numbers are the sum of total machines of CCWJ, KINKI CCBC and MIKASA CCBC
Changing classification (regular and full service), we adjust the number of machines as far as end of 2007.

(2)Market Share
(%)

2007

2008
-Out market share

35.1(Source : Intage Vending machine survey)* Changing research company from this year, we document only this year's market share.

9. Home market share by industry(January 1, 2008 to September 30, 2008)
(%)
3Q
2007

3Q
2008

Total

21.7

22.1

Supermarkets

21.6

22.5

CVS

18.7

18.6

Liquor shops

22.7

23.1

Grocery stores

37.6

39.3

Drug stores

19.6

21.0

(Source : Intage Inc. of Store Audit)* The home market share is a manufacturer's share at supermarkets, convenience stores, liquor shops and grocery stores.

Appendix-11