This flash report is unaudited and the translation of the Japanese language version.

Consolidated Financial Summary for
the First Quarter Ended March 31, 2022 (IFRS)
May 12, 2022
Listed company name: Coca-Cola Bottlers Japan Holdings Inc.
Listed stock exchanges: Tokyo
Code number: 2579
URL: https://en.ccbj-holdings.com/
Delegate: Title: Representative Director & President
Name: Calin Dragan
Contact: Title: Head of Controllers Senior Group Division, Finance, Name: Ishikawa Tatsuhiro Phone: +81-3-6896-1707
Expected date of quarterly report submission: May 13, 2022
Schedule for dividends payment: Preparation of supplementary materials on quarterly financial results: Yes
Holding of quarterly financial results conference: Yes(Fractions of one million yen are rounded)

1. Consolidated financial results for the first quarter 2022 (from January 1, 2022 to March 31, 2022)(1) Consolidated financial results

1st Quarter, 2022
1st Quarter, 2021

(Percentages indicate changes over the same period in the prior fiscal year)
Net income (loss)
Total comprehensive
Revenue
Business income (loss) Operating income (loss) Net income (loss) attributable to owners ofincome (loss)
the parent
million yen％
million yen％
million yen％
million yen％
million yen％ million yen％
168,8530.3(12,749)(9,670)(6,564)(6,568) －(5,325) －－－－168,399 (12.8)(11,596)(15,142)
1,306
1,316 －
5,013 －－－－
Earnings (Loss) per share Diluted earnings per share
yen
－
－

yen
(36.62)
7.34

1st Quarter, 2022
1st Quarter, 2021*“Business Income” is a measure of our recurring business performance that is calculated as costs of goods and selling, general and administrative
expenses are deducted from revenue, and other income and expenses which we believe are recurring in nature are added and subtracted accordingly.

(2) Consolidated financial position
Total assets

Total equity

million yen
865,012867,111Mar. 31, 2022
Dec. 31, 2021

Equity attributable to parent owners

million yen
482,515
492,451

million yen
482,379
492,320

Ratio of equity attributable toparent owners
％
55.8
56.8

2. Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fiscal year

Total

yen

yen

yen

yen

yen

FY ended December, 2021

－

25.00

－

25.00

50.00

FY ending December, 2022

－
－

25.00

50.00

FY ending December, 2022
25.00
(forecast)
Note: Revisions to the cash dividends forecasts most recently announced: None

3. Forecast for consolidated financial results 2022 (With January 1, 2022 to December 31, 2022)
Revenue

Full-year of 2022

Business income (loss)(Percentages indicate changes over the same period in the prior fiscal year)
Net income (loss)
Earnings per
Operating income (loss)
Net income (loss) attributable to owners of theshareparentmillion yen％

millionyen％

million yen％

million yen％

million yen％

yen819,700

4.3(14,600)－(11,100)－(7,900)－(7,900)－(44.05)

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

Notes(1) Changes in significant subsidiaries during the current period:(2) Changes in accounting policies and changes in accounting estimates:
1) Changes in accounting policies as required by IFRS:
2) Changes other than those in 1) above:3) Changes in accounting estimates:

None

None
None
Yes

* For details, please refer to "2. Condensed Consolidated Financial Statements and Notes (4) Notes to Condensed Consolidated
Financial Statements (Changes in Accounting Estimates)" on page 11 of the attached materials.
(3) Number of outstanding shares (common shares)
1) The number of outstanding shares (including treasury shares):
1st Quarter, March 2022:
206,268,593 shares
FY Ended December 2021:

206,268,593 shares

2) The number of treasury shares:
1st Quarter, March 2022:

26,925,013shares

FY Ended December 2021:

26,924,631 shares

3) The number of average shares outstanding:
1st Quarter, March 2022:
179,343,803 shares
1st Quarter, March 2021:

179,347,655 shares※ The consolidated financial summary is not subject to quarterly review procedures conducted by certified public accountant or audit

firm.
※ Explanation regarding appropriate use of the forecast, other special instructions

Figures in the above forecast are based on information available at the time of issuance of this report, and the actual results may bechanged materially due to a number of inherent uncertainties in the forecast. Furthermore, please refer to “1. Qualitative Informationon the Financial Summary for this Quarter (3) Information on the Future Outlook, such as Forecast of Consolidated Financial Results”
on page 4 for matters relating to performance forecasts.

Table of Contents
1. Qualitative Information on the Financial Summary for this Quarter .................................................. 2(1) Qualitative Information on Consolidated Financial Results............................................................................................................. 2(2) Qualitative Information on Consolidated Financial Position ........................................................................................................... 4(3) Qualitative Information on the Future Outlook, such as Forecast of Consolidated Financial Results ............................................. 4
2. Condensed Consolidated Financial Statements and Notes ......................................................... 5(1) Condensed Consolidated Statement of Financial Position ............................................................................................................... 5(2) Condensed Consolidated Statements of Income and Comprehensive Income ................................................................................. 7(3) Condensed Consolidated Statements of Changes in Equity ............................................................................................................. 9(4) Notes to Condensed Consolidated Financial Statements ............................................................................................................... 11(Notes Relating to Going Concern Assumption) ............................................................................................................................. 11(Changes in accounting estimates) ................................................................................................................................................... 11(Segment Information) .................................................................................................................................................................... 111

1. Qualitative Information on the Financial Summary for this Quarter(1) Qualitative Information on Consolidated Financial Results
Coca-Cola Bottlers Japan Holdings Inc. (“CCBJH”, the “Company”, or “we”) announced first quarter results for the fiscal year
ending December 31, 2022 (January 1, 2022 to March 31, 2022)
In this first quarter (January 1, 2022 to March 31, 2022), although there were expectations of increased demand with thenumber of people returning to the streets of Japan recovering, the total domestic nonalcoholic ready-to-drink (NARTD) beverageindustry is estimated to have only increased by about 2% compared to the previous year due to restrictions on people's activities
by government measures to prevent the spread of COVID. In addition, the business environment remains uncertain andchallenging due to factors including changes in consumer purchasing behaviors, continued intense competition against a
backdrop of delayed recovery in overall demand, and a sharp rise in raw materials, materials, crude oil and other global
commodity prices.
Under these circumstances, we have positioned 2022 as the "year of building a foundation for sustainable growth" and have beenworking to build a foundation for steady and sustainable growth and to promote further transformation. For commercial activities,
we have worked to grow sales volume and sales revenue by introducing new products and responding to diversifying consumer
needs. As a part of our profitability focused pricing strategy, we have announced price revisions for large PET and have been
negotiating with our customers. In the manufacturing and supply chain fields, despite being affected by rising prices of raw materials,
crude oil and other commodities, we have been transforming our supply chain network, which will be the foundation for sustainablegrowth. In addition, the stable operation of the "Saitama Mega DC" began operations in 2021 and we are preparing for the smoothlaunch of the "Akashi Mega DC" scheduled to start operations in July, we have been consolidating and closing sales and distribution
centers to reduce and optimally allocate product inventories in synchronization with the operation of the Mega DCs. In addition,
we have announced the full-year 2022 earnings forecast, which had not been determined as of February 10. Furthermore,considering our current business performance, we are now developing a new mid-term business plan to achieve sustainable growthover the medium to long term in the post-corona environment.
Activities to realize ESG targets based on creating shared value with society includes, the increased use of sustainable materials
in PET bottles and expanding label-less products. In addition, we endorse the recommendations of the Task Force on Climaterelated Financial Disclosure (TCFD) and are a member of the TCFD Consortium. Based on the recommendations, we will analyze
the financial impact of climate change-related risks and opportunities, consider measures to address them, and work towards
enhanced information disclosure. Our ESG initiatives have received a certain level of recognition, and in March 2022, we wereselected as a constituent of the FTSE Blossom Japan Sector Relative Index, an ESG investment index.
Details for the first quarter are as follows. In addition to the business update in this document, please also see our earnings
presentation material posted on the Company IR website (https://en.ccbjholdings.com/ir/library/presentation.php) to be used in ourearnings conference call on Friday, May 13, 2022 at 11:00 AM (JST). Which will include details of the first quarter results and2022 full year earnings forecast. The earnings presentation and audio will be available live and on demand as an audio webcast in
the IR section of the CCBJH website.

2

Summary of Consolidated Financial Results(Millions of yen)

Year-to-date Q1 (January to March)
2021

In million JPY

2022

Change168,399

168,853

0.3％

97

101

4%

Gross Profit

74,16172,011(2.9％)

Selling, General & Administrative Expenses

85,42684,892(0.6％)

Other income (Recurring)

199

298

49.6％

Other expenses (Recurring)

391

189

(51.8％)

Investment loss on equity method

(139)

22

－

(11,596)(12,749)－

Other income (Non-recurring)

991

5,690

474.4％

Other expenses (Non-recurring)

4,537

2,611

(42.4％)(15,142)(9,670)－1,316(6,568)－

Revenue
Sales volume (million cases)

Business Income (Loss)

Operating Income (Loss)Net Income (Loss) Attributable to Owners of Parent

Note: 1. “Business Income (Loss)” is a measure of our underlying or recurring business performance. Business Income (loss) deducts cost of sales and selling,
general and administrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.
2. Net Income (Loss) Attributable to Owners of Parent in 2021 first quarter is a total of continuing operation and discontinued operation results.

Consolidated net revenue was 168,853 million yen (0.3% increase of 454 million yen from the same period prior year). Despite
the continued impact from COVID, sales volume increased by 4% versus the previous year due to a certain recovery in customer
traffic, as well as the launch of new products and channel-specific efforts to capture the diversifying needs of consumers.
However, sales revenue remained at a similar level as the prior year due to the impact of changes in consumer purchasing
behavior on channel and packaging, and a decline in revenue per case due to intensified competition.
Consolidated business loss was 12,749 million yen (11,596 million loss in prior year period). Despite cost reduction efforts
in all areas including transformation efforts, we were impacted by a deteriorating channel and package mix, lower revenue percase, and rising raw materials, materials, crude oil and other commodities prices, as well as the cycling of the one-time costsavings achieved in the same period of the previous fiscal year.
Consolidated operating loss was 9,670 million yen (15,142 million loss in prior year period). This is mainly due to gains onsales of fixed assets, an increase in the government subsidies for employment adjustment ("temporary leave"), and a decrease intemporary leave expenses. Other income (non-recurring) for the first quarter includes, gain on sales of fixed assets of 3,680
million yen and 2,011 million yen in government subsidies for employment adjustment. Other expenses (non-recurring) include
2,146 million yen in temporary leave expenses and 431 million yen in special retirement allowances due to the voluntary
employee retirement programs.
Net income attributable to owners of parent for the quarter was a loss of 6,568 million yen (1,316 million income in prior year
period). This was due to a gain on transfer of shares of subsidiary Q'sai Co., Ltd. in the same period of the previous year, being
recorded in discontinued operations.
Sales volume trends (% change from same period of previous year)
Sales volume grew by 4% in the first quarter. Sales at supermarkets, drugstores and discounters increased by 3% and 5%
respectively, driven by the introduction of new products fitted to the sales space and by capturing continued at-homeconsumption demand. Vending recorded 3% volume growth, with customer traffic recovering, we were able to increase the sales
volume per vending machine by strengthening the product line-up including new products, and by implementing campaigns
through the "Coke ON" smartphone app, as well as strengthening efforts to install vending machines in prime locations whileaccounting for cost-effectiveness. The value share of vending continued to grow for 36 consecutive months. CVS volume
decreased by 5% despite contributions from new products, due to factors including intense competition continuing as competitors
stepped up promotions. In retail food, despite the impact of the government strengthening measures to prevent the spread of
COVID in restaurants and other facilities, customer traffic increased compared to the same period last year when it was under a3state of emergency, resulting in a 10% increase in sales volume. Online grew 39%, with growth in all categories, driven by an
expanded lineup of label-less products and tie-up promotions with major customers.
By beverage category performance, sparkling was flat due to weakness in large PET bottles, despite contributions from CocaCola’s fortune bottle campaign, new products from Fanta, and the expansion of the 350ml PET and 700ml PET product lineups
sold at supermarkets and other retailers. Sales volume of tea products increased by 4%, mainly due to contributions from Yakan
Barly Tea from Hajime and Ayataka Cafe Matcha Latte that are steadily increasing sales since their launch in the previous year.
Coffee sales increased 4% due to contributions from COSTA Coffee and Georgia Shots & Break, as well as a new campaign for
Georgia with the message "a cup that makes you shine". Sports grew by 13%, with both small and large PET growing due toeasing of restrictions on events and other activities. Water sales volume increased 8%, with the increase in large PET capturing
demand from at-home consumption and the contribution of Ilohas Shine Muscat, launched in the previous year.
In the alcohol category, sales volume grew by 7% with the contribution from non-alcoholic beverage "Yowanai Lemon-dou,"launched in February 2022. In addition, the alcoholic beverage "Lemon-dou" launched the new "Lemon-dou Muto Lemon" and"Lemon-dou Umashio Lemon" at the end of March, as well as the renewal of the packaging of existing products to revitalize thebrand.
(2) Qualitative Information on Consolidated Financial Position
Assets at the end of the quarter were 865,012 million yen, a decrease of 2,099 million yen from the end of the prior year period.
This is mainly due to a decrease in Trade and other receivables, and additionally due to an increase in deferred tax assets andinventories.
Liabilities at the end of the quarter were 382,497 million yen, an increase of 7,837 million yen from the end of the prior year
period. This is mainly due to the increase in "Trade and other payables" and “Other current liabilities”.
Equity at the end of the quarter were 482,515 million yen, a decrease of 9,937 million yen. This mainly reflects a decrease in
Retained earnings as a result of dividend payments.
(3) Qualitative Information on the Future Outlook, such as Forecast of Consolidated Financial Results
As for the full-year 2022 (January 1 to December 31, 2022) earnings forecast, which was undecided in light of the impact of
the rapid spread of the Omicron strain, and other factors, please refer to the "Announcement of Full-Year 2022 Earnings
Forecast" announced today.

42. Condensed Consolidated Financial Statements and Notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)

As ofDecember 31, 2021
AssetsCurrent assets:
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets
Total current assets
Non-current assets:
Property, plant and Equipment
Right-of-use assets
Intangible assets
Investments accounted for using the equity
methodOther financial assets
Deferred tax assets
Other non-current assets
Total non-current assets
Total assets

5

As of
March 31, 2022

110,497
105,320
67,583
1,320
16,275111,21090,40071,4882,790
17,846300,995

293,734

434,994
25,144
66,219434,663
26,80066,192281

304

19,511
13,960
6,006
566,116

19,482
18,117
5,719
571,277

867,111865,012(Millions of yen)

As ofDecember 31, 2021

As ofMarch 31, 2022

Liabilities and equity
Liabilities
Current liabilities:
Trade and other payables
Bonds and debts
Lease liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities

103,260
30,990
4,050
1,139
9
16,085
155,535

106,042
30,995
5,547
1,249
9
19,036
162,878

Non-current liabilities:
Bonds and debts
Lease liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

156,622
22,462
17,605
2,137
17,3792,920
219,125

156,142
22,991
18,093
2,143
17,3102,940
219,618

Total liabilities

374,660

382,497

Equity:Capital stock
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income (loss)

15,232450,832
109,273(85,661)
2,644

15,232450,958
98,224(85,662)3,627

Equity attributable to owners of parent
Non-controlling interests

492,320131

482,379136

492,451
867,111482,515865,012

Total equity
Total liabilities and equity6(2) Condensed Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)First Three-month period of a fiscal year
Three months ended
March 31, 2021
Continuing operations
Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Investment income (loss) on equity method
Operating income (loss)
Financial revenue
Finance costs
Income (Loss) for the period before income taxes
Loss tax expense
Net income (loss) for the period from continuing
operations
Discontinued operations
Net income (loss) for the period from discontinuing
operations
Net income (loss) for the period
Net income (loss) for the period attributable to
Owners of parent
Profit (loss) from continuing operations attributable toowners of parent
Profit from discontinued operations attributable toowners of parent
Non-controlling interests
Earnings (Loss) per share (yen)Continuing operations
Discontinued operations
Earnings (Loss) per share

7(Millions of yen)Three months ended
March 31, 2022

168,399
94,23974,16185,426
1,190
4,928
(139)
(15,142)68
340(15,414)(4,216)

168,853
96,84272,011
84,892
5,988
2,800
22
(9,670)20
381(10,031)(3,467)(11,199)(6,564)

12,505－

1,306(6,564)(11,189)(6,568)12,505－(10)

5(62.39)69.72
7.34(36.62)－(36.62)

(Condensed Consolidated Statements of Comprehensive Income)First Three-month period of a fiscal year
(Millions of yen)Three months ended
March 31, 2021
1,306

Three months ended
March 31, 2022
(6,564)

(12)

－

2,016

76

Subtotal

2,005

76

Items that may be reclassified subsequently to income (loss):
Cash flow hedges
Subtotal
Total other comprehensive income (loss) for the period
Total comprehensive income (loss) for the period

1,703
1,703
3,707
5,013

1,162
1,162
1,239
(5,325)Comprehensive income (loss) attributable to:
Owners of parent
Non-controlling interests

5,023
(10)

(5,330)5

Net income (loss) for the period
Other comprehensive income (loss):
Items that will not be reclassified subsequently to income orloss:
Share of other comprehensive income of investments
accounted for using equity method
Net change in financial assets measured at fair value
through other comprehensive Income (loss)8

(3) Condensed Consolidated Statements of Changes in Equity
Three months ended March 31, 2021
(Millions of yen)
Equity attributable to owners of the parent company
Accumulated otherAccumulatedcomprehensive
Retained
Treasuryotherincome of disposal
earnings
Sharescomprehensive
groups classified asincome (loss)
for sale

Total

Noncontrollinginterests

Total

(107)

501,643450

502,093

－

－

1,316

(10)

1,306

－

3,707

－

3,707

－

3,707

1,316

－

3,707

－

5,023

(10)

5,013

－
－

(4,484)
－

－
(3)

－
－

－
－

(4,484)(3)－－(4,484)
(3)

－

94

－

－

－

－

94

－

94

－

－

18

－

(18)

－

－

－

－

－

－

－

－

(42)

－

(42)

－

(42)

－

－

(107)

－

－

107

－

(297)

(297)

－

94

(4,573)

(3)

(60)

107

(4,434)(297)(4,731)

15,232450,699

117,216(85,657)

4,742－

502,232143

502,375

Capitalstock

Capitalsurplus15,232450,605

120,473(85,654)

1,095

－

－

1,316

－

Other comprehensive income(loss)－－－

Total comprehensive income (loss)
for the period

－

－

－
－

Balance as of January 1, 2021
Comprehensive Income (loss) forthe period
Net income (loss) for the period

Transactions with owners.
Dividends of surplus
Purchase of treasury stock
Transactions of share-based
payment
Reclassification fromaccumulated othercomprehensive income (loss) toretained earnings
Reclassification fromaccumulated othercomprehensive income (loss) to
non-financial assets
Changes from loss of control
Total transactions with owners.
Balance as of March 31, 20219

Three months ended March 31, 2022
(Millions of yen)
Equity attributable to owners of the parent company(85,661)

Accumulated
othercomprehensive
income (loss)
2,644

Total

Noncontrollinginterests

Total

492,320131

492,451(6,568)－－(6,568)

5(6,564)

－

－

1,239

1,239

－

1,239

－

(6,568)－

1,239(5,330)5(5,325)－－(4,484)－－(4,484)－(4,484)Purchase of treasury stock
Transactions of share-based
payment

－

－

－

(1)

－

(1)

－

(1)

－

125

－

－

－

125

－

125

－

－

3

－

(3)

－

－

－

－

－

－

－

(252)

(252)

－

(252)

－
15,232125
450,958(4,480)98,224(1)(85,662)

(256)
3,627

(4,611)
482,379－
136(4,611)
482,515

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

15,232450,832

109,273－－－－

Dividends of surplus

Balance as of January 1, 2022
Comprehensive income (loss) forthe period
Net income (loss) for the period
Other comprehensive income(loss)
Total comprehensive income (loss)
for the period
Transactions with owners

Reclassification fromaccumulated othercomprehensive income (loss) toretained earnings
Reclassification fromaccumulated othercomprehensive income (loss) to
non-financial assets
Total transactions with owners
Balance as of March 31, 2022－10

(4) Notes to Condensed Consolidated Financial Statements(Notes Relating to Going Concern Assumption)
Not applicable.
(Changes in Accounting Estimates)(The Change in useful life of Property, Plant and Equipment)
The group depreciated its sales equipment mainly over the useful life with 9 years. However, as consumer spending pattern has
been impacted by pandemic, we have decided to further strengthen the margin & ROI-focus commercial strategy from 2022 anddetermined the policy to utilize our sales equipment on a longer-term basis and more efficiently than in the past. Also, these are to
be reflected into our new mid-term business plan which is under development. As a result, the main useful life of sales equipment
has been revised to 11 years and it will be applied prospectively from this first quarter.
As a result of this change, operating loss and loss before tax for the first quarter decreased by 2,331 million yen, respectively,
compared with those based on the previous useful life.
(Segment Information)
As the Group operates a single segment of the beverage business, the reportable segment explanation will be omitted.

11