Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
The First Quarter Ended March 31, 2009
May 1, 2009
Listed stock exchange listings: Tokyo(1st section),Osaka(1st section), Fukuoka
URL http://www.ccwest.co.jp/english
Name: Norio Sueyoshi
Name: Kiyotaka Yamada
Phone: +81-92-641-9199

Listed company name: Coca-Cola West Company, Limited
Code number: 2579
Delegate: Title: Representative Director, President & CEO
Contact:
Title: Corporate Officer, Manager of Finance
Expected date of quarterly report submission: May 15, 2009
Expected date of dividends payment: －(Fractions of one million yen are round off)

１．Consolidated financial results for 1st quarter 2009 (from January 1, 2009 to March 31, 2009)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net sales
1st quarter 2009
1st quarter 2008

Operating income

Net income

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen%

79,952
88,296(1.8)(3,742)242(76.5)(3,784)376(70.0)(2,953)188(75.9)

Diluted earnings
per share

Earnings per share

1st quarter 2009
1st quarter 2008Yen

Yen(29.54)
1.78-（2）Consolidated financial position
Total assets

Net assets

Million yen

1st quarter 2009
286,933
Full year 2008
277,696(Reference) Net assets (excl. minority interest)

Net assets (excl.
minority interests) tototal assets

Net assets (excl.
minority interests)
per share％

Yen

Million yen

229,191
234,521
1Q 2009 229,123 million yen

79.9
2,291.75
84.4
2,345.03
End of 2008 234,450 million yen

２．Dividends（Record date）

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

End of 1Qyen

Yen

End of yearyen21.00
Full year 2008
Full year 2009
Full year 2009
21.00
（Forecast）(Note) Revision of dividend forecast during this quarter: None

Yearlyyen

Yen

-

22.00
-

43.00
--

22.00

43.00

３．Forecast of consolidated financial results 2009 (from January 1, 2009 to December 31, 2009)（percentages represent changes from previous year）

Net revenues
million yen

1st half 2009
Full year 2009

178,200
387,200

Operating income％ million yen(2.1)(2,200)6,500

Recurring income％ million yen(38.2)(2,100)6,900％ million yen％

(2,300)1,900-(37.5)(Note) Revision of forecast of consolidated financial results during this quarter: Applicable1

Basic net income
per share

Net income

Yen(23.00)
19.00

CCWEST consolidated financial summery for the first quarter ended March 31, 2009

４．Other（ 1 ） Changes to significant subsidiaries during the period (changes in certain specified
subsidiaries resulting in revised scope of consolidation)
Newly consolidated companies: Newly unconsolidated companies: （2）Adoption of simplified accounting method and special accounting method for consolidated
quarterly financial statements（3）Change in accounting policies, procedures, and methods of presentation, etc associated withpreparation of consolidated quarterly financial statements (Changes in important items
fundamental to the preparation of consolidated financial statements)
1) Changes due to amendment of accounting standards
2) Changes other than those in 1) above（4）Outstanding shares (common share)
1) Outstanding shares at the end of period (including treasury shares):
1Q 2009: 111,125,714 sharesFiscal Year 2008: 111,125,714 shares
2) Treasury shares at the end of period:
1Q 2009: 11,148,623 sharesFiscal Year 2008: 11,148,196 shares
3) Average number of outstanding shares at end of period (three months)
1Q 2009: 99,977,236 shares
1Q 2008: 105,819,536 shares: None: Applicable: Applicable: Applicable* 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. In terms offorecast for the fiscal year ending December 31, 2009, there are changes from forecast which released on February 6,2009.
Note:
1. The format for the consolidated financial summary has been changed from May 1, 2009.
2. All information has been prepared in accordance with accounting principles and practices generally accepted inJapan.

2Consolidated Results
For First-Quarter 2009
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…

7 . Sales Information…

8 . Number of Vending Machines, Market Share…

9 . Home Market Share…

Coca-Cola West Co., Ltd (2579)
May 1, 2009

112
3
56
71010

1. Situation of Consolidated Profit and Loss
(January 1, 2009 to March 31, 2009)(million yen, %)1Q 2009
1Q 2008
actualvs planplan(*)

changeNet Sales
Operating Income (loss)vs last year

actual% changechange% change

88,29685,90079,952-5,947(6.9)(8,343)

(9.4)

242

(1,100)(3,742)(2,642)-(3,985)-Recurring Income (loss)

376(1,100)(3,784)(2,684)-(4,160)-

Net Income (loss)

188(1,400)(2,953)(1,553)-(3,142)-* The above plan is based on performance forecast announced as of February 6, 2009.

2. Profits Change Factor (vs. plan)(January 1, 2009 to March 31, 2009)(million yen)

1Q 2009plan(*)

changeMain factors for increase/decrease

actualNet Sales

85,90079,952(5,947)

Cost of goods sold

47,00044,576(2,423)
Impact on decrease of sales volume

Gross profit

SG&A

38,90040,00035,376

39,119(3,523) Sales to other bottlers

(880)

(91)

Decrease in sales commission(369)

Decrease by cost-cutting, such as supplies expenses, etc(511)(1,100)(3,742)(2,642)Non-operating income

300

211

(88)

Non-operating expenses

300

252

(47)

Rucurring income (loss)(1,100)(3,784)(2,684)Extraordinary income-165

165 Subsidy income by investment

Extraordinary losses

1,200

985

(214) Expense for provision for sales equipment installation

Group restructuring expenses

Other(2,300)(4,603)(2,303)(900)(1,651)(751)

Minority interests

01

1

Net income (loss)(1,400)(2,953)(1,553)

Income taxes* The above plan is based on performance forecast announced as of February 6, 2009.

Appendix-1

(175)

Other

Operating income (loss)

Income (loss) before income taxes,
minority interests and otheradjustments(3,257)

165
(165)
(132)
83

3. Profits Change Factor (vs. last year)(January 1, 2009 to March 31, 2009)(million yen)

1Q 2008

1Q 2009

Main factors for increase/decreasechangeNet sales

88,296

79,952(8,343)

Cost of goods sold

50,64344,576(6,067)
Impact on reform of SCM systemSales to other bottlers

Gross profit

SG&A

37,65237,40935,376(2,275) Impact on decrease of sales volume39,119(204)

Impact on reform of SCM system

2,373(323)

Decrease of sales equipment cost(319)

Other(111)

Subsidy income by investment

165(163) Gain on sales of investment securities(259)

Gain on sales of property, plant, equipment(70)

Group restructuring expenses

416

Expense for provision for sales equipment installation

162

Impairment loss

96

Other93

Non-operating income

379

211

(168)

Non-operating expenses

245

252

6Recurring income (loss)

376(3,784)(4,160)

985

Other

Decrease in sales commission(3,985)

218

(474)

(496)

(3,742)Extraordinary losses

Impact from sales of subsidiary companies

Impact from sales of consolidated companies

1,709

165

767

Income (loss) before income taxes,minority interests and other adjustments

487(4,603)(5,091)

Income taxes

294(1,651)(1,946)

Minority interests

41(2)Net income (loss)

188(2,953)(3,142)

Appendix-2(4,202)

585

242

329

232

Increase of employee retirement benefit

Operating income (loss)

Extraordinary income2,373

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2008
Current assets

Mar.312009changeMain factors for increase/decrease

82,07484,523

2,449

Cach and deposit

18,592

15,682(2,910)Trade notes andaccount receivable

21,527

19,464(2,062)Marketable securities

4,559

2,559

(1,999) Cancellation of investment trust fundMerchandise andfinished goods

11,97924,884

12,905 Increase by reform of the SCM system

Work in progress

0189

189

658

1,889

1,230

24,872

19,963(4,908) Decrease of down payment

(116)

(110)

5

195,622202,410

6,787

136,005

146,765

10,759Building and structures, net

33,271

32,776(494)Machinery, equipment,
vehicle, net

17,553

17,434(119)

Sales equipment, net

26,09927,100

1,000

Land

56,08256,271－

6,633

6,633 Increase by introduction of lease accounting system

Construction in progress

1,097

4,760

3,662

New production line in Akashi factory

Other, net

1,900

1,788(111)

New head office building

Intangible fixed assets

4,449

4,305(144)

SoftwareInvestment andother assets
Investment insecurities
Advanced payments
for retirement expenses

4,449

4,305

(144)

55,166

51,339(3,826)32,13630,663(1,473)

13,307

12,879(428)

10,244

8,325(1,919)

(522)

(528)

(5)

277,696286,933

9,236

Raw material and supplies

Other
Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment

Lease assets, net

Other
Allowance for
doubtful accounts
Total assets

188

Total assets
Totalassets

286,933
277,696

Current
assets84,52382,074

Property,plant andequipment

146,765
136,005

Intangible
assets

4,305
4,449

Investments
and otherassets(million yen)

Mar.31,
2009
Dec.31,
2008

51,33955,166050,000100,000

150,000

Appendix-3

200,000

250,000

300,000(million yen)Dec.31
2008
Current liabilities
Trade notes andaccount payable
Current portion of
long-term debt

Mar.312009changeMain factors for increase/decrease

25,76739,41913,652

3,854

17,051

13,196 Increase by reform of the SCM system

Lease obligation

-88-

2,445

88 Increase by newly consolidation of Chugoku-Piano co.,ltd
2,445 Increase by introduction of lease accounting system

Accrued income taxes

2,769

156

Other account payable

13,977

13,096

(881)

Other

5,164

6,581

1,416

17,40718,323915

Long-term liabilities
Lease obligations

-

4,266

(2,613) Decrease by income taxes payment

4,266 Increase by introduction of lease accounting system

Allowance for employee'retirement benefits

5,394

5,365

(29)

Liabilities for directors'
and corporate auidtors'
retirement benefits

792Goodwill

1,037

677

(360)

Other

10,968

8,004(2,963)43,17457,742

14,567

Total liabilities
Common stock

15,231

15,231-

Capital surplus

109,073

109,072(0)Retained earnings

136,067

130,914(5,153)

Treasury stock(25,756)(25,757)

(0)

(165)

(339)

(173)

71

68

(3)

Total shareholders' equity

234,521229,191(5,330)Total liabilities andnet assets

277,696286,933

9,236

Valuation difference on
available-for-salesecurities
Minority interests

Decrease by dividents payment
Net loss

Total liabilities and net assets

286,933
277,696

Total liabilities
and net assets

57,742
43,174

Total
liabilities

Mar.31
2009

39,41925,767

Current
liabilities

Dec.31
2008

18,323
17,407Long-term
liabilities
Total
shareholders'equity(million yen)

229,191
234,521050,000100,000

150,000

Appendix-4

200,000

250,000

300,000

5. Investment, Depreciation, Cash Flow (consolidated)(January 1, 2009 to March 31, 2009)(1) Investment, Depreciation(million yen)

1Q 2008Land

1Q 2009-Buildings

176

119

Machinery & Equipment

180839

Sales equipment

3,675

3,674

Other

1,170

4,181

Total

5,201

8,813

Depreciation

5,277

5,175

Investment-* Investment and depreciation of lease assets are as follow.
(million yen)

1Q 2008
Lease assets

1Q 2009

Investment－

5,773

Depreciation－587(2) Cash Flow(million yen)

1Q 2008
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 1Q

1Q 2009

3,929

5,666

6,457

(7,936)(18,159)(2,925)

27,792

17,428

Appendix-5

6. Projections(consolidated)(January 1, 2009 to December 31, 2009)(1)Earnings
2008
actual (1)Net sales
Operating income
Recurring income
Net income

2009 plan
initialrevise (2)change% changechange(2) - (1)395,556

416,400

387,200(29,200)(7.0)(8,356)

10,521

13,0006,500(6,500)(50.0)(4,021)

11,04813,7006,900(6,800)(49.6)(4,148)

129

5,800

1,900(3,900)(67.2)

1,770* There are changes from earning projections which released on February 6, 2009.
Initial numbers are performance projections announced as of February 6, 2009.

(2)Investment, Depreciation(million yen)2008
actual
15
1,015
1,433
10,3595,210
18,032
21,741

Investment

Land
Buildings
Machinery & Equipment
Sales equipment
OtherTotal
Depreciation

Appendix-6

2009
plan (1)
930
5,396
7,543
9,994
2,862
26,725
21,4732009 initialplan (2)
930
5,984
7,094
10,832
3,837
28,677
21,896change(1) - (2)－△ 588
449
△ 838
△ 975
△ 1,952△ 423

7. Sales information(January 1, 2009 to March 31, 2009)＜Sales Volume by brand＞(thousand cases, %)1Q 2008
Coca-Cola％ change

1Q 2009

2,357

2,526

7.2

650

991

52.6

Fanta

1,409

1,625

15.4

Georgia

10,825

10,468(3.3)

Soukenbicha

2,764

2,411(12.8)

Aquarius

2,816

2,593(7.9)

Other18,54917,390(6.3)

Total

39,37038,005(3.5)

Coca-Cola Zero
BIG 6

* Sales volume of food is excluded.

＜Composition of brand＞

100%

80%
47.1%

45.8%

Other

6.8%

Aquerius

6.3%

Soukenbicha

60%

7.2%
7.0%
40%

27.5%
27.5%

Georgia

20%

3.6%
1.6%

4.3%
2.6%

6.0%

6.6%

1Q 2008

1Q 2009

Fanta
Coca-Cola
Coca-Cola0%

Appendix-7

＜Sales volume by channel＞(thousand cases, %)1Q 2008％ change

1Q 2009

Vending*1

14,946

13,917(6.9)

Chain store

*2

8,080

8,518

5.4

CVS

*3

4,226

4,301

1.8

Retail*43,074

2,653(13.7)

Food service

*5

3,874

3,929

1.4

Other5,170

4,687

(9.3)

Total

39,37038,005(3.5)* Sales volume of food is excluded.
*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%

13.1%

12.3%

Other

9.8%

10.3%

Food service

7.8%

7.0%

Retail

10.7%

11.3%

CVS

20.5%

22.4%

Chain store

38.0%

36.6%

Vending

1Q 2008

1Q 2009

60%

40%

20%

0%

Appendix-8

＜Sales volume by package＞(thousand cases, %)1Q 2008
BottleSmall-sized (less than 1001ml)
PET

Large-sized (more than 1,001ml)％ change

1Q 2009426

408-4.1

8,184

7,525

-8.0

5,757

5,998

+4.2

13,941

13,523-3.0

Can (include bottle can)14,163

13,583

-4.1

Other

1,308

1,198

-8.4

Syrup, powder

9,533

9,293

-2.5

Total

39,37038,005-3.5

Subtotal* Sales volume of food is excluded.

＜Composition of package＞
100%

27.5%

27.6%

Other

36.0%

35.7%

Can

14.6%

15.8%

Large PET

20.8%

19.8%

Small PET

1.1%

1.1%

Bottle1Q 2008

1Q 2009

80%

60%

40%

20%

0%

Appendix-9

8. Number of vending machines, Share(1) Number of vending machines(Units)End of2008

End of
1Q 2009changeCan machine

234,127

232,207(1,920)

Cup machine

18,813

18,417(396)Total

252,940

250,624(2,316)(2) Market Share
(%)

2008

2009
-35.1

Out market share(Source : Intage Vending machine survey)

9. Home market share(January 1, 2009 to March 31, 2009)(%)
1Q 2008

1Q 2009

Total

22.3

23.1

Supermarkets

22.3

23.7

CVS

19.6

20.0

Retail stores

27.9

27.6

Drug stores

20.3

24.6

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

Appendix-10