This flash report is unaudited and the translation of the Japanese language version. In the event of any discrepancy, errors and/or
omissions, the Japanese language version shall prevail.

Consolidated Financial Summary for
Fiscal Year Ended December 31, 2021 (IFRS)
February 10, 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: Tatsuhiro Ishikawa Phone: +81-3-6896-1707
Expected date of general shareholders meeting: March 24, 2022
Expected date of the dividend payment: March 25, 2022
Expected date of submission of annual securities report: March 25, 2022
FY 2021 supplementary information: Yes
FY 2021 financial presentation: Yes(Fractions of one million yen are rounded)

1. Consolidated financial results for the fiscal year ended December 31, 2021 (from January 1, 2021 to December 31, 2021)(1) Consolidated financial results
Revenuemillionyen

Dec. 31, 2021 785,837
Dec. 31, 2020 791,956(Percentages indicate changes over the same period in the prior fiscal year)

Business Income
millionyen％(0.8) (14,662)(11.0)
169

Loss per share

Operating loss

Net loss for the year
Total comprehensive
attributable to owners
lossof the parent

Net loss％millionyen％

millionyen％

millionyen％

millionyen％－(98.5)(20,971)(11,722)－－(2,525)(4,729)－－(2,503)(4,715)－－759(2,228)－－

Diluted earnings per share

yen

yen

Ratio of income to equity
Ratio of income before tax Ratio of Operating income
attributable to owners of
to total assets
to net sales
the parent％％％－
Dec. 31, 2021
(13.96)
(0.5)
(2.4)
(2.7)
(26.29)
－
(0.9)
(1.3)
(1.5)
Dec. 31, 2020
Reference: Share of income (loss) of entities accounted for using equity method
Fiscal Year 2021: (162) million yen
Fiscal Year 2020: (245) million yen*1. “Business Income” is a measure of our recurring business performance that is calculated as costs of goods and selling, generaland administrative expenses are deducted from revenue, and other income and expenses which we believe are recurring in nature
are added and subtracted accordingly.
2. Net loss and Net loss for the year attributable to owners of parent is a total of continuing operation and discontinued operation
results.

(2) Consolidated financial position
Total assets

Dec. 31, 2021
Dec. 31, 2020

Equity attributable toEquity attributable to parent Ratio of equity attributableowners of the parent per
ownersto parent owners
share

Total equity

million yen

million yen

million yen％

yen

867,111
939,603492,451
502,093492,320
501,64356.8
53.4

2,745.12
2,797.03(3) Consolidated cash flows
Net cash from (used in)Investing activities

Operating activities

Financing activities

Cash and cash equivalents
at end of year

Year ended

million yen

million yen

million yen

million yen

Dec. 31, 2021
Dec. 31, 2020

35,982
43,716

15,271(52,076)(67,134)
20,912

110,497
126,378

2. Dividends
Dividends per share(Record date)

1Q

2Q

3Q

Year-end

AnnualYear ended

yen
－
－

yen
0.00
25.00

yen
－
－

yen
25.00
25.00

yen
25.00
50.00

－

25.00

－

25.00

50.00

Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2022
(forecast)

Total dividend
Dividend
Ratio of dividends
payments
payout ratio
to net assets（annual）(consolidated)(consolidated)%%
million yen
－
4,484
0.9
8,967
1.8
－
－

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

Business Income(Percentages indicate changes over the same period in the prior fiscal year)
Net income for the year
Earnings
Operating income
Net income
attributable to owners ofper share
the parent

million yen％

millionyen％

million
yen

－

－

－

－

－

Full year
2022

％
－

millionyen％

million yen

％

yen

－

－

－

－

－

*The financial forecast for the fiscal year ending December 31, 2022 has not yet been determined because it is difficult to reasonably
estimate at this time due to many uncertain factors such as the impact of the spread of the COVID-19 on our business activities. We will
provide an update when we are able to estimate the impact to our outlook.

Notes(1) Changes in significant subsidiaries during the current period:: None(2) Changes in accounting policies, 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(3) Number of outstanding shares (common shares)
1) Number of outstanding shares at the end of period (including treasury shares):
FY 2021: 206,268,593 shares
FY 2020: 206,268,593 shares
2) Number of treasury shares:
FY 2021: 26,924,631 shares
FY 2020: 26,920,298 shares
3) The number of average shares outstanding:
FY 2021: 179,345,969 shares
FY 2020: 179,349,902 shares(Reference) Summary of the Non-consolidated Financial Results
1. Non-consolidated financial results for the fiscal year ended December 31, 2021 (from January 1, 2021 to December 31, 2021)(1) Non-consolidated financial results(Percentages indicate changes over the same period in the prior fiscal year)

Operating revenue
Year ended

Dec. 31, 2021
Dec. 31, 2020

Operating income

Net income

million yen%

million yen%

million yen%

million yen

5,797(69.8)

1,540(89.6)

1,201(91.6)

18,395

16.9

19,202(27.6)

14,831(31.8)

14,345(29.2)

15,742(24.0)

Earnings per
share

Diluted earnings per
share
yen

Dec. 31, 2021
Dec. 31, 2020

Recurring incomeyen102.57

－

87.77

－

%

(2) Non-consolidated financial position
Total assets

Net assets

Net assets (excl. minority
interests) to total assets

Net assets(excl. minority
interests) per share

As ofmillion yen

million yen%

yen

Dec. 31, 2021
Dec. 31, 2020

543,410

351,81264.7

1,961.66

587,306
Reference: Net assets (excl. minority interests)
Fiscal Year 2021: 351,812 million yen

342,39158.3

1,909.09

Fiscal Year 2020: 342,391 million yen* The consolidated financial summary is not subject to audit 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 to management at the time of issuance of thisreport, and the actual results may be changed due to a member of inherent uncertainties in the forecast.
Furthermore, please refer to “1. Overview of Operating Results, etc. (1) Analysis of Operating Results(Outlook for next fiscal year)” on page 5 for matters relating to performance forecasts.

Table of contentsPage

1. Overview of Operating Results, etc. …………………………………………………………………………………………

2(1) Analysis of Operating Results ……………………………………………………………………………………………

2(2) Analysis of Financial Position ……………………………………………………………………………………………

6(3) Basic Policies for Income Distribution and Dividends for FY2021 and FY2022……………………………………….

6

2. Basic Concept Concerning the Selection of Accounting Standards………………………………………………………….

7

3. Consolidated Financial Statements and Notes ……………………………………………………………………………….

8(1) Consolidated Statement of Financial Position…………………………………………………………………………….

8(2) Consolidated Statements of Income and Comprehensive Income ……………………………………………………….

10(Consolidated Statements of Income) ……………………………………………………………………………………

10(Consolidated Statements of Comprehensive Income) ………………………………………………………………….

11(3) Consolidated Statements of Changes in Equity …………………………………………………………………………

12(4) Consolidated Statements of Cash Flows …………………………………………………………………………………

14(5) Notes to Consolidated Financial Statements ……………………………………………………………………………

16(Notes Relating to Going Concern Assumption) ………………………………………………………………………

16(Changes in Accounting Policies) ………………………………………………………………………………………

16(Segment Information, etc.) ……………………………………………………………………………………………

16(Stock Per Share Information) ……………………………………………………………………………………….…

16(Significant Subsequent Events) …………………………………………………………………………………………

17

4. Others …………………………………………………………………………………………………………………………

18

Changes in Key Consolidated Management Indicators …………………………………………………………………

18

1

1. Overview of Operating Results, etc.
(1) Analysis of Operating Results(Qualitative information on the Consolidated Operating Results)(Overview of Full-year 2021 Results)
Coca-Cola Bottlers Japan Holdings Inc. (“CCBJH” or the “Company”, or “we”) announced full-year results for the fiscal year
ending on December 31, 2021 (January 1, 2021 to December 31, 2021).
As the effect of the coronavirus (COVID-19) continues and the business environment remains to be challenging, the continued
supply of our goods and services are essential for our customers and consumers, and the safety and health of our employees andcommunities are our top priorities. In accordance with our mission to provide happy moments for all, we have been operating
our business to ensure safe and secure product supply while taking comprehensive measures.
In this fiscal year (January 1, 2021 to December 31, 2021), despite last year's COVID-19 impact, rebound from the initial
impact, and the lifting of the state of emergency, the multiple state of emergency declarations have limited people traffic withheavy rain fall in August. As a result, the total domestic nonalcoholic ready-to-drink (NARTD) beverage industry volume growth
performance was limited to about 1% versus the previous fiscal year.
Under these circumstances, we have been working on measures to minimize the impact to sales by introducing new products
by responding to changing consumer and channel trends. Under the guiding principle that “business as usual is not an option”,
announced as part of our mid-term strategic business plan in August 2019, we continue to drive fundamental business
transformation initiatives. We have been pushing forward our transformation efforts in the further evolution of the vending
channel operation model, the relocation of product inventories, the consolidation of distribution bases centered around theSaitama Mega DC to optimize the distribution network in the Kanto area, the streamlining of the supply chain system to realize
low-cost operations, improving operational efficiency through company-wide digital transformation (DX), and the promotion of
new work styles. While the business environment continues to be challenging, we are focused on identifying the issues andimplementing short-term mitigation plans, as well as seeking new opportunities for growth and efficiency as we work to respondto changes in the business environment over the medium and long term.
We continue our activities to realize our ESG goals based on creation of shared value with society. As part of our efforts toachieve the 2030 Packaging Vision, we continue to increase the use of sustainable materials PET bottles. As part of strengthening
our efforts, the Coca-Cola system in Japan has formulated targets to reduce greenhouse gas (GHG) emissions across the entire
value chain in Japan by 2030. This has led to our selection as a constituent of the DJSI Asia Pacific, a leading ESG investment
index for four consecutive years, and an A- score in a survey on water security conducted by CDP, an international environmental
non-profit organization.
Details for the full-year 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 our earnings conference call on Monday,
February 14, 2022 at 1:30 PM (JST). The earnings presentation and audio will be available live and on demand as an audio
webcast in the IR section of the CCBJH website.
Full-year 2021 Highlights
・ In the fourth quarter (Oct. 1 - Dec. 31), although there were signs of growth in sales volume with the lifting of the stateof emergency declaration, the business was affected by concerns about the resurgence of the infection caused by the
Omicron strain into the year-end. For the full-year, COVID-19 impact continued. Recovery of consumer traffic
impacted by repeated emergency declarations and record-breaking rainfall in August.
・ Full-year sales volume increased by +2% YoY. Multiple new products contributed to volume growth, but the challenging
business environment continued. Full-year revenue declined by -1% YoY with the changing consumer spending patterns
impacting channel and package mix and lower revenue per case. Value share continued to grow for vending, and on arecovery trend for supermarkets, drugstores and discounters.
・ Business income exceeded the earnings guidance by 1.2 billion yen, supported by the slightly higher than expectedvolume and the effect of additional cost saving measures. Compared to the previous fiscal year, a decreased of 14.8
billion yen. Impacted by challenging business environment, cycling of significant temporary cost reduction achieved in
the previous fiscal year, and rising raw material prices.
・ In a challenging operating environment, with the focus on what we can control, transformation initiatives areprogressing as planned, achieving approximately 9B yen of recurring cost savings for the full-year.
2

・ Due to the increased uncertainty in the market returning with the resurgence of infection cases caused by the Omicronstrain, we have not provided the earnings forecast for 2022 at this time.
Summary of Consolidated Financial Results(In million JPY except sales volume)
Full-year (January to December)

Change
(%)

2020

2021

791,956

785,837

(0.8)

458

468

2

Gross Profit

362,916

350,505(3.4)

Selling, General & Administrative Expenses

359,645

363,750

1.1

Other income (Recurring)

772

887

15.0

Other expenses (Recurring)

3,628

2,142

(41.0)

Investment loss on equity method

(245)

(162)

－

Business Income (Loss)

169(14,662)－

Other income (Non-recurring)

7,714

9,251

19.9

Other expenses (Non-recurring)

19,606

15,560(20.6)

Operating Loss

(11,722)(20,971)－

Net Loss Attributable to Owners of Parent(4,715)(2,503)－Q4 (October to December)

2020

2021

193,409

196,306

1.5

114

117

2

Gross Profit

87,42389,682

2.6

Selling, General & Administrative Expenses

89,67389,882

0.2

Other income (Recurring)

209

237

13.6

Other expenses (Recurring)

2,190

635

(71.0)

65

(41)

－

Business Loss

(4,167)(639)－

Other income (Non-recurring)

5,932

3,667

(38.2)

Other expenses (Non-recurring)

4,534

4,021

(11.3)

Operating Loss

(2,769)

(993)

－

(71)

(968)

－

Continuing Operation (Beverage Business)
Revenue
Sales volume of beverage business (million cases)

Change(%)

Continuing Operation (Beverage Business)
Revenue
Sales volume of beverage business (million cases)

Investment gain (loss) on equity method

Net Loss Attributable to Owners of Parent* 1. “Business Income (loss)” is a measure of our underlying or recurring business performance. Business Income (loss) deducts cost of goods
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 is a total of continuing operation and discontinued operation results.

Consolidated net revenue was 785,837 million yen (0.8% decrease of 6,119 million yen from the same period prior year).
New products and initiatives responding to trend changes in channels contributed to the volume growth, but the prolonged periodof state of emergency delayed the recovery of traffic, and the record rain in August lead to a volume growth of only 2% versus
the previous year. In addition, the business environment has seen an increase of at-home consumption demand with people
refraining from going out or working from home resulting in consumer behavior changes impacting channel and mix, and3

continued severe competitive environment leading to decrease in revenue per case, impacting revenue. Although the state of
emergency declaration was lifted in October, there were hopes for a recovery in people traffic that would lead to an improvementin the consumption environment. However, the business environment remained uncertain and challenging as the Omicron strain
toward the end of the year raised concerns about the resurgence of infections.
Consolidated business loss was 14,662 million yen (decrease of 14,831 million yen from the same period of prior year). To
minimize the impact of the decrease in revenue on profits, cost saving efforts were made in all areas, including recurring cost
reductions through transformation. Factors including adverse channel and package mix, decline in revenue per case, rise incommodity prices and logistics costs, and our decision to invest at appropriate levels in marketing and human resources thatwould contribute to our future growth had an impact. However, with the volume slightly ahead of expansion, and additional costsaving measures being implemented, we exceed the full-year forecast announced in November 2021 by 1.2 billion yen.
Consolidated operating loss was 20,971 million yen (decrease of 9,248 million yen from the same period of prior year). In
addition to the decrease in Business Income from the prior year, there was an increase in cost due to the accounting timing of
the temporary leave expenses and the timing of when the government subsidies for employment adjustment were received. Other
income (non-recurring) of this fiscal year includes 6,447 million yen in government subsidies for employment adjustment tooffset temporary leave expenses. Other expenses (non-recurring) include 9,001 million yen in temporary leave expenses and1,600 million yen in business transformation-related expenses related to the implementation of transformation based on themedium-term plan, 2,437 million yen in special retirement allowances due to the voluntary employee retirement program andexpenses incurred to recover the system failures that occurred in the core system used by the Group of 1,322 million yen.
Net income attributable to owners of parent for the year a total of continuing operations and discontinued operation was a lossof 2,503 million yen (2,212 million increase from the same period prior year) as a gain of 12,841 million yen was recorded indiscontinued operations as gains from stock sales due to the transfer of shares in Q’sai.

Beverage volume performance
Full-year 2021 sales volume is hereinafter represented as the percentage change from the same period of the previous year.
Although there were contributions from the introduction of new products and responses to changing trends in all channels, theincrease was 2% compared to the same period of the previous year due to the delay in the recovery of people traffic driven byrepeated emergency declarations and impacted by heavy rains in August, a peak summer month.
In terms of channel performance, although vending saw a recovery when the state of emergency was lifted, the increase waslimited to 1% due to delayed recovery of people traffic and unfavorable weather in August. Although the market environment
continues to be challenging, the value share of vending continued to grow for 33 consecutive months, mainly due to new products
in non-sugar teas and water, contributions from new package in sport, and campaigns through the Coca-Cola official smartphone
app Coke ON, which has reached 33 million downloads. In addition, we are working to strengthen the installation of vending
machines in prime locations while assessing the market environment and cost-effectiveness, resulting in a net increase in thenumber of vending machines compared to the end of the previous fiscal year. Supermarkets, drugstores and discounters increased
5% and 8% respectively for the full-year. This is partially due to capturing demand for at home consumption and bulk purchases,
as well as responding to changes in customers' purchasing patterns, and promotional activities at the point of sales. Value sharethat has been an issue is now on a recovery trajectory. In the CVS channel, despite contributions from new products in non-sugarteas and strategically rolled out 950ml PET, volume recovery has been delayed due to increased competition in promotions,
resulting in a 2% decrease for the full-year. In retail food, sales for commercial use continued to decline due to factors such as
shortened restaurant opening hours and decreased by 10%. For periods following the state of emergency being lifted, there wereperiods of temporary recovery. Online sales continued to grow strongly in all categories and increased by 62% for the full-year
supported by the successful rollout of label-less products well received by consumers' changing purchasing behavior andenvironmental awareness during COVID-19.
In terms of beverage category performance, sparkling was flat for the full-year despite contributions from the premium-priced
Fanta Premier series and other products as well as growth in supermarkets and other channels, it was not able to off-set theadverse weather in summer and drop in 500ml PET. New products such as Yakan Barley Tea from Hajime and Ayataka Cafe
Matcha Latte respectively contributed to 10% increase in non-sugar tea sales for Q4 and increased 7% for the full-year. Coffee
sales decreased 3% for the full-year due to a decline in sales of canned coffee in CVS and vending, despite growth in PET bottle
coffee through the introduction of new products such as Costa Coffee and Georgia Shot & Break. In sports, despite the liftingof some restrictions on events, contribution of channel specific packaging products, and the improved sentiment with theOlympic Games, the category growth was 3% for the full year, as the Olympics Games were held without any spectators andthe record-breaking heavy rains during the summer. Water volume increased 23% for the full year, growing in every channel, by
capturing the growth of large PET with the increased demand of at-home consumption, as well as contributions from new ICY
SPARK and Ilohas small PET.
4

The ready-to-drink alcohol category, despite the contribution from promotions of Lemon-dou and new products such as
Nomel’s Hard lemonade, it was not able to offset the cycling effect of the new products launched in the same period of the prioryear and decreased by 2%. We are working to capture the growing non-alcohol category and created a new brand and will launch“Yowanai Lemon-dou” on February 21st, 2022.
(Outlook for next fiscal year)
Regarding the outlook for the overall Japan NARTD beverage market, although it is expected that a certain amount of consumer
traffic will recover from 2021 that was under state of emergency for an extended period of time, the infection cases are increasing
by the spread of Omicron variant. Due to such concerns, it is expected that the uncertain situation will continue. In addition to
the continued impact of changes in consumer purchasing behavior, such as the shift from immediate consumption to at homeconsumption and the shift in purchasing channels, and the continued intense competitive environment due to a delayed recoveryof the overall demand. The difficult environment is expected to continue from the perspective of profitability, as global raw
materials and oil prices are expected to rise.
Under these circumstances, we will continue to take actions to mitigate the short-term impact of the COVID-19 and position
2022 as a “year of building a foundation for sustainable growth”, we will strive to build a solid base that leads to steadysustainable growth and to promote further transformation. As important measures, we will work to 1) focus on core categories
and high-quality innovations, 2) continue ROI focused, customer-oriented marketing investment and execute appropriate pricing
strategies to strengthen the earnings base, and 3) strengthen collaboration between commercial and the supply chain for low-cost
logistics, 4) continue transformation to establish a business model that can achieve sustainable growth, and 5) increase the rateof sustainable materials used in PET bottles.
In the commercial area, despite the difficult environment, we will strive to achieved steady sales recovery and establish a profit
structure to deliver sustainable growth for the future by strengthening measures focusing on core categories, launching new
products based on innovations that utilize new technologies and new knowledge to expand the product portfolio, entering into
white space (new area), and executing strategic marketing investments with ROI consideration. Regarding our important vending
channel, while considering the current and medium-term business environment, we are working to increase the number ofvending machine placements focusing on profitability and ROI. We will work to increase sales from vending machines that
contribute significantly to profits through a digital strategy such as the smartphone app "Coke ON". In addition, in thetransformation of the operation model of the vending channel implemented in 2021, we have achieved a significant reduction in
fixed costs by improving how we operate. In the future, we will strive for stable operation while deepening collaboration with
supply chain, and will continue to improve operations by further utilizing digital technology. In the over the counter channel,changes in consumer purchasing pattern and intensified competition are expected to continue, and although there are signs ofrecovery in our value share, we still recognize it as an area of improvement. Regarding this, we will work to solve our issue by
development of new products, expanding space to sell, ROI-conscious customer-oriented marketing investment, and appropriate
pricing strategies based on the profitability. Furthermore, by expanding the area of collaboration with Coca-Cola Japan Co., Ltd.,we will build a system in which the Coca-Cola system in Japan that can leverage our strength.
In supply chain, as part of a "Shinsei project" aimed at building a supply chain network that realizes high quality, low cost, andstable supply, we promote stable operation of "Saitama Mega DC" which started operation in 2021 smooth launch of "Akashi
Mega DC" scheduled to start operation ahead of schedule before the 2022 peak demand season, and consolidation of sales centersand reduction and optimal distribution of product inventory by synchronizing with these mega DCs. In terms of manufacturing,
we will strive to provide a stable supply of products, improve manufacturing efficiency, and reduce costs by improving
manufacturing capacity and building flexible manufacturing systems. Furthermore, it is expected that demand will continue tofluctuate, but taking the learnings from FY 2021, we will strengthen the collaboration between the commercial (planning / sales)
and the supply chain to work timely and low-cost supply of products adjusting to the changes in the environment. In 2022,
procurement costs are expected to rise due to rising prices of raw materials and crude oil, which is expected to have a significant
impact on the entire business. In the supply chain, we will strive to mitigate the impact of increased costs in the entire value
chain by implementing meticulous improvement activities centered on stable and low-cost operations.
As the foundation of the entire business, we aim to further accelerate the standardization of business processes and the efficiency
improvement by DX (digital transformation), and to establish a robust cost structure that can adapt to the changing environment
with agility. Additionally, we will continue to promote activities to achieve ESG targets based on creating shared value withsociety, such as implement people development initiatives in accordance with our company “Mission, Vision and Values”, "2030
Packaging Vision" aiming for a world-without-waste, and greenhouse gas (GHG) reduction target formulated and announced in
2021 as Coca-Cola system in Japan.
We will continue to execute the above initiatives, but there are many uncertainties due to the rapid spread of the Omicron strain,
the expected timing of the reduction in infection rates and the impact on the market. Therefore, it is difficult to estimate and5announce our full-year forecast for 2022 at this time. We will disclose our guidance at the appropriate time assuming a certain
level of COVID-19 impact subsiding. In the meantime, we will focus on what we can control in these following areas:
・Value share growth in vending, balanced approach in OTC with sustainable pricing
・Transformation that delivers recurring cost savings
・Continue to control capex and monitor market environment for expanding investments
・Stable shareholder return. Full-year dividend of 50 yen per share is planned
・Increase use of PET bottle with sustainable materials(2) Analysis of Financial Position
As of December 31,2021, total assets were 867,111million yen, a decrease of 72,492 million yen to compared with the end of
the prior fiscal year-end period. Primarily due to the sales of the Q’sai shares on February 1, 2021, resulting in a decrease of theassets held for sale and decrease on Property, plant and equipment as a result of restrained investment in sales equipment andselling idle assets.
Total liabilities at the end of the year were 374,660 million yen which decreased by 62,851 million yen from the end of theprior year period. This is mainly due to decrease in bonds and borrowings with the repayment of short-term loans, and the salesof the Q’sai shares which could decreasing the Liabilities directly associated with assets held for sale.
Total shareholder’s equity at the end of the quarter were 492,451 million yen, a decrease of 9,642 million yen from the end of
the prior year period. This mainly reflects a decrease in Retained earnings as a result of dividend payments.
The statement of cash flow conditions for the current fiscal year is as follows:<The Cash Flows from Operations>
Net cash generated from operating activities was 35,982 million yen (43,716 million net cash generated from operations in
the previous year period). This results mainly from the 21,683 million yen net loss before tax from continuing operation,
depreciation, increase in trade and other payables and decrease in other assets etc., offset by gain on sale of property, plant andequipment, increase in trade and other receivables and payment of income taxes, etc.
<The Cash Flows from Investment Activities>
Net cash generated from investing activities was 15,271 million yen (52,076 million yen outflow from investing activities theprevious year period), as cash used for acquisition of fixed assets was controlled, accounting for the current operating
environment and sales of Q’sai share resulted in proceeds from sales of shares of subsidiaries.
<The Cash Flows from Financing Activities>
Net cash used for financing activities was 67,134 million yen (20,912 million yen net cash generated from financing activities
in the previous year period), driven by decrease of short-term loans for operating capital, payment of dividends and repaymentsof lease liabilities.
As a result of these activities, cash and cash equivalents at the end of the year was 110,497 million yen, a decrease of 15,881
million yen from the end of the prior fiscal year-end.
(3) Basic Policies for Income Distribution and Dividends for FY2021 and FY2022
The Company periodically reviews its capital structure and dividend payout ratio to maximize shareholder returns while
maintaining flexibility to pursue growth opportunities. The Company seeks to use retained earnings to fund investment forsustainable growth for our business and further enhancement of corporate value.
CCBJH sets its basic policy regarding dividends, which includes active redistribution of profits while placing the highest
priority on paying dividends in a stable manner, by comprehensively reviewing the Company’s business performance and levelof retained earnings. In addition, the Company has set a payout ratio target of 30% or more for net profit attributable to ownersof the parent. The company pays interim and year-end dividends.
With regards to the dividends for the fiscal year ending December 2021, the Company plans to pay 25 yen per share as theyear-end dividend, which as a result, will make the total amount of dividends in FY2021 reach 50 yen per share when combinedwith 25 yen per share already paid as the interim dividend. Despite of the slow recovery of consumer traffic due to the ongoingrisks of COVID-19 and the adverse impact of unseasonable weather in August on business activities during the peak season, theCompany has been able to maintain a robust financial foundation through various approaches including consistent cost reduction
efforts continuing from last year, carefully planned capital expenditures considering the uncertainties of the business environment

6and selling of assets. While the tough business environment remains unchanged from the previous fiscal year (ending December2020), the Company intends to follow through its basic policy of paying dividends stably by putting the aforesaid dividend
scheme into action as a plan.
As per the forecast of the dividends for the fiscal year ending December 2022, the Company seeks to maintain its basic policy
on stable dividend payment by setting the same amount as in FY 2021 (annual total of 50 yen per share consisting of 25 yen per
share paid as interim dividend and another 25 yen per share as year-end dividend).
On future shareholder returns, the Company stays committed to maximizing the value by comprehensively reviewing its
business performance trends and financial conditions, and examining the best approaches that could be taken by including theshare repurchase program.

2. Basic Concept Concerning the Selection of Accounting Standards
Coca-Cola Bottlers Japan Holdings Group (The Group) discloses consolidated Financial Statements based on International
Financial Reporting Standards (IFRS) starting from the fiscal year ending December 2018, with a view to enhancing theinternational comparability of financial statements and contributing to the improved convenience for shareholders and investorsof the Company.

73. Consolidated Financial Statements and Notes(1) Consolidated Statement of Financial Position
As ofDecember 31, 2020
AssetsCurrent assets:
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets
Subtotal
Assets of disposal groups classified as held
for sale
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

8(Millions of yen)
As ofDecember 31, 2021

114,778
96,00968,180702
17,195

110,497
105,320
67,583
1,320
16,275

296,865
48,138300,995

345,003

300,995

460,50229,81066,193434,994
25,144
66,219287

281

25,6404,986
7,183
594,601

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

939,603

867,111－

As ofDecember 31, 2020

(Millions of yen)
As ofDecember 31, 2021

Liabilities and Equity
Liabilities
Current liabilities:
Trade and other payables
Bonds and debts
Lease liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Subtotal
Liabilities directly associated with assets held
for sale
Total current liabilities

102,480
51,072
5,547
408
3,238
9
15,923
178,676

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

7,193－

185,869

155,535

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

187,51425,858605
14,876
2,119
17,296
3,375

156,622
22,462－
17,605
2,137
17,3792,920

Total non-current liabilities
Total liabilities

251,641
437,510219,125
374,660

15,232450,605
120,473(85,654)
1,095

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

(107)

－

501,643450

492,320131

502,093492,451

939,603

867,111Equity:Capital stock
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income
Accumulated other comprehensive income ofdisposal groups classified as held for sale
Equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity9(2) Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)For the year ended
December 31, 2020
Continuing operations
Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Investment loss on equity method
Operating loss
Financial revenue
Finance costs
Loss for the year before income taxes
Income tax expense
Net loss for the year from continuing operations
Discontinued operations
Net income for the year from discontinued operations(Millions of yen)
For the year ended
December 31, 2021

791,956
429,040
362,916
359,6458,486
23,235(245)(11,722)767
1,110(12,065)(4,918)(7,148)785,837
435,332
350,505
363,750
10,13817,702(162)(20,971)377
1,089(21,683)(6,653)(15,029)

2,418

12,505(4,729)(2,525)

Loss from continuing operations attributable to ownersof parent(7,130)(15,008)

Profit from discontinued operations attributable toowners of parent

2,415

12,505

Non-controlling interests

(14)

(21)

Earnings (loss) per share (yen)Continuing operations
Discontinued operations
Loss per share(39.76)13.47(26.29)(83.68)69.72(13.96)Net loss for the year
Net income (loss) for the year attributable to
Owners of the parent

10

(Consolidated Statements of Comprehensive Income)Net loss for the year
Other comprehensive income.
Items that will not be reclassified subsequently toincome/(loss):
Remeasurements of defined benefit plans
Share of other comprehensive income of equity
method investees
Net change in financial assets measured at fair value
through other comprehensive income
Subtotal
Items that may be reclassified subsequently to income orloss:
Cash flow hedges
Subtotal
Total other comprehensive income (loss) for the year
Total comprehensive income (loss) for the year

For the year ended
December 31, 2020
(4,729)(Millions of yen)
For the year ended
December 31, 2021
(2,525)

7,662

(395)

－

(12)

(3,003)

854

4,659

448

(2,157)(2,157)

2,836
2,836

2,502
(2,228)3,283
759(2,214)
(14)

780
(21)

Comprehensive income (loss) attributable to:
Owners of parent
Non-controlling interests11(3) Consolidated Statements of Changes in Equity
For the year ended at December 31, 2020
(Millions of yen)
Equity attributable to owners of the parent company
Noncontrollinginterests

CapitalsurplusRetainedearnings

15,232450,526

121,372(85,649)4,517

505,999492

506,491－－(4,715)－－(4,715)(14)(4,729)

－

－

－

－

2,502

2,502

－

2,502

－

－

(4,715)－2,502(2,214)(14)(2,228)Dividends of surplus－－(4,484)－－(4,484)(28)(4,512)

Purchase of treasury stock

－

－

－

(8)

－

(8)

－

(8)

Disposal of treasury stock

－

(1)

－

3

－

2

－

2

Transactions of sharebased payment

－

80

－

－

－

80

－

80

Reclassification fromaccumulated othercomprehensive income toretained earnings

－

－

8,300

－

(8,300)

－

－

－

－

－

－

－

2,268

2,268

－

2,268

－

－

－

－

107

－

－

－

－

79

3,816

(5)

(5,924)(2,142)(28)(2,170)15,232450,605

120,473(85,654)1,095

501,643450

502,093

Capital stock
Balance as of January 1, 2020

Treasuryshares

Accumulated
othercomprehensive
income

Total

Total

Comprehensive income forthe year
Net loss for the year
Other comprehensive
income (loss)
Total comprehensive income(loss) for the year
Transactions with owners,
etc.

Reclassification fromaccumulated othercomprehensive income tonon-financial assets
Transfer to accumulated
other comprehensive
income of disposal groups
classified as for sale
Total transactions withowners, etc.
Balance as of December 31,
2020

12

For the year ended at December 31, 2021
(Millions of yen)
Equity attributable to owners of the parent company
Accumulated otherAccumulatedcomprehensive
otherincome of disposal
comprehensive groups classified asincomeheld for saleNoncontrollinginterests

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

15,232450,605

120,473(85,654)

1,095

(107)

501,643450

502,093－－(2,503)－－－(2,503)(21)(2,525)

－

－

－

－

3,283

－

3,283

－

3,283

－

－

(2,503)

－

3,283

－

780

(21)

759

Dividends of surplus－－(8,967)－－－(8,967)－(8,967)Purchase of treasury stock

－

－

－

(8)

－

－

(8)

－

(8)

Disposal of treasury stock

－

(0)

－

1

－

－

0

－

0

Transactions of sharebased payment

－

227

－

－

－

－

227

－

227

Reclassification fromaccumulated othercomprehensive income toretained earnings

－

－

378

－

(378)

－

－

－

－

Reclassification fromaccumulated othercomprehensive income tonon-financial assets

－

－

－

－

(1,356)－(1,356)－(1,356)

Changes from loss ofcontrol

－

－

(107)

－

－

107

－

(297)

(297)

－

227

(8,697)(7)(1,734)

107(10,103)(297)(10,400)

15,232450,832

109,273(85,661)2,644－

492,320131

492,451

Balance as of January 1, 2021
Comprehensive income forthe year
Net income (loss) for theyear
Other comprehensive
income (loss)
Total comprehensive income(loss) for the year
Transactions with owners,
etc.

Total transactions withowners, etc.
Balance as of December 31,
2021

13

Total

Total

(4) Consolidated Statements of Cash Flows(Millions of yen)
For the year ended
December 31, 2020

For the year ended
December 31, 2021

Cash flows from operating activities
Income (loss) before income taxes from continuing
operations
Income for the year before income taxes from discontinued
operations
Adjustments for:
Depreciation and amortization
Impairment loss
Gain on sales of subsidiaries' stock
Gain on sales of stocks of subsidiaries and affiliates
Change in allowance for doubtful accounts
Interest and dividends income
Interest expenses
Investment loss on equity method
Gain on sale of property, plant and equipment
Loss on disposal and sale of property, plant and equipment
and intangible assets
Decrease (increase) in trade and other receivables
Decrease (increase) in inventories
Decrease (increase) in other assets
Increase (decrease) in trade and other payables
Increase (decrease) in net defined benefit liabilities
Increase (decrease) in other liabilities
Other operating activities
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by operating activities
Cash flows from investing activities
Acquisitions of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Proceeds from collection of loans receivable resulting fromsales of stock in subsidiaries
Purchases of other financial assets
Proceeds from sale of other financial assets
Proceeds from sale of stock of subsidiaries
Other investing activities
Net cash used in investing activities

14(12,065)(21,683)

3,545

12,841

59,583
1,057
－
－
88
(432)
1,095
245
(5,201)

57,160744(12,841)
(708)
235
(261)
928
162
(1,519)

3,728

1,604

1,043
3,909
(5,196)(9,277)2,038(1,904)318(9,320)
597
3,568
9,426
2,126
749
(74)

42,5730431(945)(6,022)
7,678
43,71643,7351
259(844)(10,122)
2,953(67,565)(39,263)

12,325

4,377

－

7,400

(55)
3,237
－
(17)
(52,076)

(53)
7,614
34,490705
15,271

35,982

For the year ended
December 31, 2020
Cash flows from financing activities
Increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Bond redemption
Dividends paid
Dividends paid to non-controlling interests
Proceeds from disposal of treasury stock
Purchases of treasury stock
Repayments of lease liabilities

For the year ended
December 31, 2021

50,000(1,274)－(16,000)(4,484)(28)
2(8)(7,296)(50,000)(1,072)－－(8,967)－0(8)(7,088)Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the year

20,912
12,553
113,825(67,134)(15,881)
126,378

Cash and cash equivalents at the end of the year

126,378

110,49715

(5) Notes to Consolidated Financial Statements(Notes Relating to Going Concern Assumption)
Not applicable.
(Changes in Accounting Policies)
Not applicable.
(Segment Information, etc.)(1) Reportable segments
Operating segments are defined as the components of the Group for which separate financial information is available thatis evaluated regularly by the Board of Directors which the (chief operating) decision maker in making resource allocation
decisions and in assessing performance.
The Group has established an organizational management structure by product and each service, and is organized in asingle segment, "beverage business," based on the type and nature of products and the markets in which they are sold.
Reportable segments

Principal Products and Services

Beverage Business

Purchase, manufacture and sale of carbonated beverages such as Coca-Cola, coffee
and black tea beverages, mineral water, etc., bottling, packaging, distribution andmarketing, vending machine-related business in JapanThe Board of Directors evaluates the performance of each segment compared to other companies in the same industry byusing operating income as reported in accordance with generally accepted accounting principles (IFRS).
(2) Information for each product and service
This information is omitted which could be find the same information disclosed in "(1) Reportable Segments."(3) Information for each region
Sales revenue by geographic region is omitted because the revenue of domestic sales to external customer accounts forthe majority of sales revenue in the consolidated statements of income.
Since the carrying amount of non-current assets in Japan accounts for the majority of non-current assets in the consolidated
statement of financial position, the description of non-current assets by region is omitted.
(4) Major customer
There is no customer to which sales exceeds 10% of the Group’s total revenue. Therefore, the major customer does notexist.
(Stock per share information)
The calculation of basic earnings per share is based on the net income for the year attributable to owners of the Company andthe weighted-average number of ordinary shares outstanding during the years.
The basis for calculating basic and diluted earnings per share is as follows.
For the year ended
December 31, 2020
Loss from continuing operations attributable toowners of parent
Profit from discontinued operations attributable toowners of parent
Weighted-average shares
outstanding (in thousands)ofordinary

share

Earnings (Loss) per share (yen)Continuing operations
Discontinued operations
Loss per share (yen)For the year ended
December 31, 2021

(7,130)(15,008)

2,415

12,505

179,350

179,346(39.76)13.47(26.29)(83.68)69.72(13.96)*Note: In the current fiscal year, 415 thousand shares of stock-based compensation were accounted for antidilutive, "Diluted
earnings per share" is not shown.

16

(Significant Subsequent Events)
Not applicable174. Others
Changes in Key Consolidated Management Indicators
JapaneseStandard

Net revenues / Net sales
Net revenues growth rate /Net sales growth rate
Operating income
Operating margin
Recurring income
Recurring income margin
Income before income taxes
and minority interests / Income
for the year before income tax
Ratio of income before income
taxes to sales / Ratio of income
for the year before income tax
to net sales
Net income attributable toowners of the company(millionyen)(%)(millionyen)(%)(millionyen)(%)(millionyen)(%)(million
yen)

IFRS

FY2017FY2017FY2018FY2019FY2020

FY2021

872,623

837,069

927,307890,009791,956

785,837

89.5

－

10.8

(4.0)

(11.0)(0.8)

40,57937,594

14,682(58,904)(11,722)(20,971)

4.7

4.5

1.6

(6.6)

(1.5)

(2.7)

39,859

－

－

－

－

－

4.6

－

－

－

－

－

39,24037,914

14,767(58,922)(12,065)(21,683)

4.5

4.5

1.6

(6.6)

(1.5)

(2.8)

25,244

21,967

10,117(57,952)(4,715)(2,503)

2.9

2.6

1.1

(6.5)

(0.6)

(0.3)

31,97630,065

3,197(52,108)(2,228)759

Net income attributable toowners of the company/Net
revenues attributable to owners(%)

of the company
Comprehensive income / Total(millioncomprehensive income

yen)Earnings per share(yen)

144.26125.5352.68(322.22)(26.29)(13.96)

Diluted earnings per share

(yen)

－

－

－

－

－

－

ROE

(%)

5.7

4.6

1.6

(10.7)

(0.9)

(0.5)

ROA

(%)

6.3

5.6

1.6

(6.4)

(1.3)

(2.4)

883,918

929,304

877,472

952,444939,603

867,111627,485

655,038

580,906

506,491

502,093492,451

(%)

70.9

70.4

66.2

53.1

53.4

56.8

(yen)

3,070.01

3,204.90

3,163.63

2821.27

2,797.03

2,745.12(times)

28.5

32.8

62.4

(8.7)

(61.2)(94.6)

Total assets
Net assets / Total equity(millionyen)(millionyen)

Net assets (excl. minority
interests) to total assets / Ratioof equity attributable to parent
ownersNet assets (excl. minority
interests) per share / Equity
attributable to owners of theparent per share
Price earnings ratio / Ratio of
equity attributable to parent
owners
*1. Items with "/" will be named "Japanese Standard / IFRS".
*2. As for the amount, Japanese Standards are rounded down, and IFRS is rounded off. In addition, the ratio is rounded off.

18

*3. In the fiscal year ending 31 December 2020, the Healthcare and Skincare business has been classified as a discontinued
operation as a result of the decision to sell all shares in Q'sai held by the Company. As a result, revenue, Business Income andoperating loss for the previous financial year have been reclassified to the amounts for continuing operations excluding discontinued
operations
End of document19