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

Consolidated Financial Summary for
the First Quarter Ended March 31, 2024 (IFRS)May 8, 2024
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, FinanceName: Tatsuhiro Ishikawa Phone: +81-800-919-0509
Expected date of quarterly report submission: May 9, 2024
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 to the nearest million)

1. Consolidated financial results for the First quarter of current fiscal year (from January 1, 2024 to March 31, 2024)(1) Consolidated financial results
Revenue
1st Quarter, 2024
1st Quarter, 2023

million yen
186,528
182,063(Percentages indicate changes over the same period in the previous fiscal year)
Net income attributable Total comprehensive
Operating income
Net income
to owners of the parent
incomeBusiness income
%
2.5
7.8

million yen(7,847)(9,437)%－－

million yen(3,070)(9,160)%－－

million yen(2,877)(6,454)%－－

million yen%(2,897) －(6,459) －million yen%(1,745) －(6,350) －Basic earnings per share Diluted earnings per shareyen(16.14)(36.02)

1st Quarter, 2024
1st Quarter, 2023

yen
－
－

※ “Business income” is measure of our recurring business performance. “Business income” deducts cost of sales and selling, generaland administrative expenses from revenue and includes other income and expenses which we believe are recurring in nature.
(2) Consolidated financial position
Total assets

Total equity

million yen
830,376
844,832

Jan. 31, 2024
Dec. 31, 2023

Equity attributable to parent owners

million yen
464,186
470,021

million yen
464,005
469,847

Ratio of equity attributable to parent
owners
%55.9
55.6

2. Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fiscal year

Total

yen

yen

yen

yen

yen

FY ended December, 2023

－

25.00

－

25.00

50.00

FY ending December, 2024

－
25.00

－

25.00

50.00

FY ending December 2024
(forecast)

Notes: Revisions to the cash dividends forecasts most recently announced: None
3. Forecast for consolidated financial results 2024 (From January 1, 2024 to December 31, 2024)(Percentages indicate changes over the same period in the previous fiscal year)
Revenue

FY
2024

Business income

Operating income

Income before tax

Net income

Net income for theyear attributable toowners of the parent

Basic earnings
per share

millionyen%

millionyen%

millionyen%

millionyen%

millionyen%

million
yen

%

yen

882,400

1.6

10,000393.8

11,900245.8

11,100

244.3

6,900

262.6

6,900

268.8

38.45

Notes: Revisions to the forecasts of consolidated financial results most recently announced: None

※Notes(1) Changes in significant subsidiaries during the current period(Changes in specified subsidiaries resulting in changes in scope of consolidation):

None(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:

None
None

3) Changes in accounting estimates:

None(3) Number of outstanding shares (common shares)
1) The number of outstanding shares (including treasury shares):
1st Quarter, March 2024:

FY Ended December 2023:

206,268,593 shares
206,268,593 shares

2) The number of treasury shares:
1st Quarter, March 2024:

26,725,467shares
26,834,199 shares

FY Ended December 2023:

3) The number of average shares outstanding:
1st Quarter, March 2024:
1st Quarter, March 2023:

179,515,498 shares
179,339,816 shares

Note: The Company has introduced Executive reward BIP Trust and Stock-granting ESOP Trust in the 2nd quarter of the previous fiscal
year. The Company shares held by these trusts are included in the number of treasury shares at the end of the period, as well as thenumber of treasury shares to be deducted from the average number of shares during the period in the previous fiscal year and 1st quarterof this fiscal year.
※ The consolidated financial summary is not subject to quarterly review procedures conducted by a 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 Quarterly Consolidated Financial Statements and Notes .................................................................................................... 5(1) Condensed Quarterly Consolidated Statement of Financial Position ....................................................................................... 5(2) Condensed Quarterly Consolidated Statements of Income and Comprehensive Income ......................................................... 7(3) Condensed Quarterly Consolidated Statements of Changes in Equity ...................................................................................... 9(4) Notes to Condensed Consolidated Financial Statements ........................................................................................................ 10(Notes Relating to Going Concern Assumption) .................................................................................................................. 10(Segment Information) ......................................................................................................................................................... 10(Subsequent events) ............................................................................................................................................................. 10

1

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, 2024 (January 1, 2024 to March 31, 2024).
In this first quarter (January 1, 2024 to March 31, 2024), the total domestic nonalcoholic ready-to-drink (NARTD) beverageindustry volume is estimated to have grown by about 3% versus the same period of the previous fiscal year. Despite the negative
impact on demand from price revisions implemented by beverage companies in the previous fiscal year, demand increased on
the back of a continued recovery in traffic. The business environment remained uncertain as rising commodity and utility prices,along with the yen's depreciation impacted business and consumer behavior.
Under these circumstances, as the first year of our strategic business plan “Vision 2028,” we have positioned 2024 as “The yearof strong profit build up.” We have been working to implement top-line growth initiatives focused on profit maximization, costsavings through implementing transformation across the entire organization, and further strengthening of our business foundation.
In commercial fields, in addition to striving to maintain product prices after the series of price revisions implemented to date, wehave worked to launch new products, expand our sales space, and conduct effective marketing activities. Furthermore, we havebeen negotiating with customers for smooth implementation of the price revisions of some of our products for shipments fromMay 1 2024. In the manufacturing and logistics fields, we have been promoting the "local production for local consumption
model" based on the concept of manufacturing products in plants close to the place of consumption. In addition to expanding
manufacturing capacity and building a flexible manufacturing framework, we have worked to improve our logistics network,
including the leveraging of Mega-DCs (Distribution Centers) to strengthen our supply chain foundation and reduce costs. In theareas of back-office and IT, we have worked to further promote standardization and automation of business processes. In addition,
on January 4 2024, we established NeoArc Inc., a joint venture with Accenture Japan Ltd, to further promote data-driven
management.
We are working continuously to realize ESG targets based on creating shared value with society. With regard to water
conservation and enhanced PET bottle recycling, we have expanded our efforts to collaborate with customers and government
agencies to reduce environmental impact through the formation of a recycling-based society and to expand business opportunities
through collaboration. As for external recognition, CDP, an international non-profit organization, selected CCBJH to the"Supplier Engagement Leaderboard," the highest rating in its 2023 Supplier Engagement Rating and have also been selected as
an A List rating, the highest rating in both the "Climate Change" and "Water Security" category in the Sustainability Survey. In
addition, in February 2024, we were selected as a component of the Morningstar Japan ex-REIT Gender Diversity Tilt Index inrecognition of our efforts to promote Diversity, Equity & Inclusion (DE&I).
Details for the fiscal quarter earnings are as follows. Please also refer to our earnings presentation material available on the
Company IR website (https://en.ccbj-holdings.com/ir/library/presentation.php) to be used in our earnings conference call on
Thursday, May 9, 2024 at 1:30 PM (JST). These will include details of the results and outlook. The earnings presentation audio
webcast will be available live and on demand through our company website.

2

Summary of Business Performance(Millions of yen except sales volume)

The First quarter (January 1 to March 31)2023
182,063103
78,74188,002186369
8(9,437)
1,123
846(9,160)(6,459)

Revenue
Sales volume (million cases)
Gross profit
Selling, General & Administrative Expenses
Other income (Recurring)
Other expenses (Recurring)
Investment income on equity method
Business loss
Other income (Non-recurring)
Other expenses (Non-recurring)Operating loss
Net loss attributable to owners of parent
Notes

1.
2.

2024
186,528
104
81,44189,288287
302
16(7,847)
5,412
635(3,070)(2,897)

Change
(%)
2.5
0
3.4
1.5
54.1
(18.0)
111.2
－
382.1
(25.0)－－“Business loss” is measure of our recurring business performance. “Business loss” deduct cost of sales and selling, general andadministrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.
Sales volume in 2023 is revised retroactively due to changes of counting segmentation and scope in some products.

Consolidated revenue was 186,528 million yen (an increase of 4,465 million yen or 2.5% from the same period in the previousyear). Despite the negative impact on volume from the price revisions implemented in the previous fiscal year and from theinclement weather in March, sales volume was flat from the same period of the previous year. This was the result of efforts tointroduce new products, expand sales space, and implement effective marketing activities to capture demand with increased
traffic. In addition, the series of price revisions resulted in an improved wholesale revenue per case, leading to higher revenues
compared to the same period of the previous year.
Consolidated business loss improved by 1,590 million yen (loss reduced) and was a loss of 7,847 million yen (9,437 million
yen loss in prior year period). In addition to the profit contribution from top-line growth, cost savings in the supply chain andback-office areas through transformation and controlling increased cost from higher commodity, utility prices and the weaker
yen to a level below the previous year contributed to improved profitability.
Consolidated operating loss improved by 6,090 million yen (loss reduced) and was a loss of 3,070 million yen (9,160 million
yen loss in previous year period). The primary reason is the business loss improving versus the same period of the previous year
(loss reduced) and the gains from sales and disposals of property, plant, and equipment that increased other income (nonrecurring). Other income (non-recurring) is 5,412 million yen in gain on sales and disposals of property, plant, and equipment,
which was realized in the process of optimizing the balance sheet. Other expenses (non-recurring) include 367 million yen inbusiness structure improvement expenses related to the implementation of fundamental transformation.
Net loss attributable to owners of the parent improved by 3,563 million yen (loss reduced). With operating loss improvingfrom the same period of the previous year, it was a loss of 2,897 million yen (6,459 million yen loss in previous year period).

3

Sales volume trends (% change from same period of previous year)
Sales volume in the first quarter was flat versus the same period of the previous year. Despite the negative impact on demand
from price revisions implemented in October of 2023 for large PET bottle products and from the inclement weather in March,
the continued traffic recovery and effective commercial initiatives contributed. In addition, wholesale revenue per case continued
to improve with the series of price revisions.
By channel, sales volume declined 11% in supermarkets, despite efforts to acquire sales space focusing on core products andexecuting campaigns, large PET bottle products were impacted by the price revisions implemented in the previous fiscal year
and from the inclement weather in March. Sales volume at drugstores and discounters was also impacted by the price revisions
and dropped by 6%. Vending sales volume grew by 1%, supported by the market share base built to date and by digital leveragesuch as campaigns implemented through the Coke ON smartphone app and QR payments to capture demand, despite the impact
from inclement weather in March. In CVS, although the competitive environment remained severe, efforts aimed at expanding
shelf space and marketing initiatives leveraging digital technology led to a sales volume increase of 8%. In retail & food service,
sales volume increased by 7% with the traffic returning to restaurants and entertainment facilities. In online, volume grew by
23% despite the intensifying competitive environment, strengthened product lineup tailored to the channel characteristics andpromotions implemented together with online customers contributed.
By beverage category performance, sparkling sales volume was flat versus the same period of the previous year, while volume
grew for Coca-Cola at restaurants and online, sales volume for large PET bottle products declined due to price revisions. Sales
volume of tea products increased by 2% driven by growth from Kocha Kaden and Ayataka. Coffee sales volume was flat versus
the same period of the previous year, supported by the renewal of core products for Georgia and Costa Coffee, and medium PET
bottle products targeted to capture at home demand contributed, despite volume being impacted from the price revisions
implemented to can products in May of 2023. In sports, sales volume decreased by 2% despite the volume growth in small andmedium PET bottle products, large PET bottle product volume declined due to price revision impact. Water sales volume also
dropped by 6% due to large PET bottle product volume declining from the price revision impact. Juice sales volume increasedby 11% with the recovery at restaurants and vending as well as contributions from the new product Minute Maid Qoo White
Grapes.
In the alcohol category, despite the renewal of Lemon-dou and initiatives to strengthen sales for the non-alcoholic beverages
such as Yowanai Lemon-dou, sales volume was impacted by the competitive environment and declined by 9%.
(2) Qualitative Information on Consolidated Financial Position
Assets at the end of the quarter were 830,376 million yen, a decrease of 14,456 million yen from the end of the previous
fiscal year. This is mainly due to a decrease in “Cash and cash equivalents”, and “Property, plant, and equipment.”
Liabilities at the end of the quarter were 366,190 million yen, a decrease of 8,621 million yen from the end of the previous
fiscal year. This is mainly due to the decrease in “Income taxes payables.”Equity at the end of the quarter was 464,186 million yen, a decrease of 5,835 million yen. This mainly due to 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 2024 (January 1 to December 31, 2024) earnings forecast, it is unchanged from the forecast announced
on February 14th, 2024.

42. Condensed Quarterly Consolidated Financial Statements and Notes(1) Condensed Quarterly Consolidated Statement of Financial Position(Millions of yen)Previous fiscal year
As of
December 31, 2023
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

The First quarter
As ofMarch 31,2024

113,660
120,069
71,651
888,288
313,756

104,408
113,206
75,926637
10,177304,353

401,687
23,89463,819390,778
28,28263,609310

326

11,89825,222
4,245

12,35025,7804,899

531,077
844,832

526,023
830,376(Millions of yen)Previous fiscal year
As of
December 31, 2023

The First quarter
As ofMarch 31,2024

Liabilities and equity
Liabilities
Current liabilities:
116,61240,979
5,267
1,111
4,176
29,297

114,946
40,986
6,138
949
665
21,071

Total current liabilities
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
Total non-current liabilities

197,443

184,756

114,802
20,34915
19,856
1,781
16,757
3,809
177,369

114,31423,501
6
20,548
1,757
16,6494,659
181,434

Total liabilities

374,812366,190

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

15,232
451,389
88,365(85,362)223

15,232
451,367
81,270(85,015)1,151

469,847174
470,021464,005
181
464,186

844,832

830,376

Trade and other payables
Bonds and debts
Lease liabilities
Other financial liabilities
Income taxes payables
Other current liabilities

Equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity6(2) Condensed Quarterly Consolidated Statements of Income and Comprehensive Income(Condensed Quarterly Consolidated Statements of Income)(Millions of yen)

The First quarter ofprevious fiscal year
(Three months ended
March 31, 2023)
182,063
103,32278,74188,002
1,309
1,214
8
(9,160)170
162(9,151)(2,697)(6,454)

The First quarter ofcurrent fiscal year
(Three months ended
March 31, 2024)
186,528
105,087
81,44189,2885,698
937
16(3,070)131
403(3,342)(466)(2,877)Net loss for the period attributable to
Owners of parent
Non-controlling interests(6,459)5(2,897)20

Basic loss per share (yen)(36.02)(16.14)

Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Investment income on equity method
Operating loss
Financial revenue
Financial expenses
Loss for the period before income taxes
Income tax benefit
Net loss for the period7

(Condensed Quarterly Consolidated Statements of Comprehensive Income)(Millions of yen)

The First quarter ofprevious fiscal year
(Three months ended
March 31, 2023)(6,454)

The First quarter ofcurrent fiscal year
(Three months ended
March 31, 2024)(2,877)

Net changes in financial assets measured at fair value
through other comprehensive income

36

827

Subtotal36

827

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

68
68
104
(6,350)

305
305
1,132
(1,745)Comprehensive income attributable to:
Owners of parent
Non-controlling interests(6,355)
5(1,765)20

Net loss for the period
Other comprehensive income:Items that will not be reclassified subsequently to income or
loss:

8

(3) Condensed Quarterly Consolidated Statements of Changes in Equity
The consolidated First quarter of previous fiscal year (Nine months ended March 31, 2023)(Millions of yen)
Equity attributable to owners of the parent

Balance as of January 1, 2023

Capitalshare

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
incomeNoncontrollinginterests

15,232451,264

94,209(85,667)

1,177

476,216142

476,358－－(6,459)－－(6,459)5(6,454)

－

－

－

－

104

104

－

104

－

－

(6,459)－104(6,355)

5(6,350)－－(4,484)－－(4,484)－(4,484)

－

－

－

(1)

－

(1)

－

(1)

－

121

－

－

－

121

－

121

－

－

(1)

－

1

－

－

－

－

－

－

－

(260)

(260)

－

(260)

－

121

(4,484)

(1)

(259)

(4,623)－(4,623)

15,232

451,386

83,266(85,668)

1,022

465,238147

465,385

Total

Total

Comprehensive income for the period
Net income (loss) for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners
Dividends of surplus
Purchase of treasury shares
Transactions of share-based payment
Reclassification from accumulated othercomprehensive income to retained earnings
Reclassification from accumulated othercomprehensive loss to non-financial assets
Total transactions with owners
Balance as of March 31, 2023

The consolidated First quarter of current fiscal year (Nine months ended March 31, 2024)(Millions of yen)
Equity attributable to owners of the parent

Balance as of January 1, 2024

Capitalshare

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
incomeNoncontrollinginterests

15,232

451,389

88,365(85,362)223

469,847174

470,021－－(2,897)－－(2,897)20(2,877)

－

－

－

－

1,132

1,132

－

1,132

－

－

(2,897)－

1,132(1,765)20(1,745)－－(4,486)－－(4,486)(17)(4,503)

－

－

－

(2)

－

(2)

－

(2)

－

(126)

－

349

－

223

－

223

－

105

－

－

－

105

－

105

－

－

288

－

(288)

－

－

－

－

－

－

－

84

84

－

84

－

－

－

－

－

－

4

4

－

(22)

(4,198)

347

(204)

(4,076)(13)(4,090)15,232

451,367

81,270(85,015)1,151

464,005

181

464,186

Total

Total

Comprehensive income for the period
Net income(loss) for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners
Dividends of surplus
Purchase of treasury shares
Disposal of treasury shares
Transactions of share-based payment
Reclassification from accumulated othercomprehensive income to retained earnings
Reclassification from accumulated othercomprehensive income to non-financial assets
Other change
Total transactions with owners
Balance as of March 31, 20249

(4) Notes to Condensed Consolidated Financial Statements(Notes Relating to Going Concern Assumption)
Not applicable.
(Segment Information)
As the Group operates a single segment of the beverage business, the reportable segment explanation is omitted.
(Subsequent events)
Not applicable.

10