A member of Financial Accounting Standards Foundation

Consolidated Financial Summary Reportfor the First Quarter ended March 31 in Fiscal 2004
April 27, 2004(“CCWJ”)

Company name: Coca-Cola West Japan Company, Limited
Code number: 2579
(URL http://www.ccwj.co.jp/)
representative: title:
name:Inquiries:
manager in charge:
name:stock exchange listings: Tokyo, Osaka and Fukuoka
headquarters located inFukuoka Prefecture
Representative Director, President and CEO
Norio Sueyoshi
Manager, FinanceTadanori, Taguchi

phone: +81-92-641-8581

1. Principles for Preparation of Quarterly Statement of Income(1) Simple method included in accounting processing(2) Changes in accounting principles since the previous fiscal year
(3) Changes in the scope of consolidation and application of the equity method:none:none:none

2. Consolidated Financial Data for the First Quarter Ended March 31, 2004
(1) Consolidated operating results(rounded down to the nearest million yen)
Net sales
Q1 ended Mar 31, 2004
Q1 ended Mar 31, 2003
(N.B.) fiscal 2003

Operating income

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

55,12951.489240,825

7.1-4,484
1,660
19,638

170.1
-

4,549
1,815
19,895

150.7
-

2,626
900
9,380

191.6
-

Basic net income pershare
Q1 ended Mar 31, 2004
Q1 ended Mar 31, 2003
(N.B.) fiscal 2003
(Note)Net income

Recurring profit

Diluted net income pershare

yenyen33.18
10.99
116.25

32.83
10.91
-

Number in percentage stated as above represents change ratio of relevant item compared to the same period in the previous fiscal year.

[Qualitative Information on Operating Results]
In the beverage industry where tough competition is extended in the midst of market saturation, we the CCWJ
group are taking various initiatives in accordance with the three-year medium-term business policy “Kaikaku,”
meaning “reform from within” in English, which commenced fiscal 2003, and intend to change ourselves to be able tocontinue to create value and grow further under any business circumstances.
This year as the second year of theplan is defined as “a year when to secure achievement,” and its first quarter finished with the following results;<Net sales>
Net sales for the quarter mounted to 55,129 million yen, 7.1% up compared to the 1st quarter in fiscal 2003 mainly
due to increased sales volume of Georgia and other flagship brand items.
<Operating income>Variable costs such as cost of sales remained almost limited to an increase proportionate to net sales. The previous
year’s change in accounting for retirement benefits also worked to push down the retirement expenses considerably
this year. As result, operating income increased greatly to 4,484 million yen for the quarter, 170.1% higher than thesame period in the previous year.
<Recurring profit and net income>Upon the increased operating income, recurring profit and net income recorded 4,549 million yen, 150.7% higher,and 2,626 million yen, 191.6% higher, respectively.

-1-(2) Changes in consolidated financial position(rounded down to the nearest million yen)

Total assets

Shareholders’ equity

Shareholders’ equity ratio

Shareholders’ equity per
share

at end of period

Million yen

million yen%yen

Q1 ended March 31, 2004
Q1 ended March 31, 2003
(N.B.) fiscal 2003

204,953
198,035
204,180

166,818
164,099
165,454

81.4
82.9
81.0

2,107.61
2,003.09
2,089.94

Consolidated cash flows
Net cash provided byoperating activities

Net cash used in investingactivities

Net cash used infinancing activities

Cash and cash equivalents
at end of period

Million yen

million yen

million yen

million yen

5,702
2,020
18,423(2,336)(5,415)(20,852)(1,509)(1,504)(11,107)

23,72630,505
21,869Q1 ended March 31, 2004
Q1 ended March 31, 2003
(N.B.) fiscal 2003

[Qualitative information on changes in consolidated financial position]
Status changes in each cash flow category for the quarter under review are as follows;<Cash flows from operating activities>
Cash flows in this category were positive to 5,702 million yen, 182.2% higher than the first quarter in fiscal 2003.
Because cash flows had been pushed down to low mainly due to a 4,250 million yen payment for a transfer for that
period, this quarter saw a large increase in cash flows from operating activities.
<Cash flows used in investing activities>
Investing activities used net cash flow of 2,336 million yen for the quarter under review, 56.9% lower than thesame period in fiscal 2003. During the first quarter in this year, CCWJ reviewed investment portfolio, and soldsome bond investment trust for more effective fund investment. Mainly due to the proceeds from the disposal, cash
flows used in this category fell by 3,079 million yen, compared likewise.
<Cash flows used in financing activities>
Financing activities reported a negative net cash flow of 1,509 million yen, 0.3% higher than the first quarter infiscal 2003. The net cash flow consists mainly of cash dividends paid as distribution of earnings.
In total, cash and cash equivalents increased 1,856 million yen from December 31, 2003 to 23,726 million yen as ofMarch 31, 2004, though 22.2% lower than as of the same date of the previous year.
Reference 1. Non-consolidated financial data for the first quarter ended March 31, 2004
Net sales
Q1 ended March 31, 2004
Q1 ended March 31, 2003
(N.B.) fiscal 2003

Operating income%million yen%million yen%million yen%

42,17339,342
186,176

7.2
-

4,332
2,114
17,881

104.9
-

4,681
2,435
18,323

92.2
-

2,832
1,388
10,259104.0-

Total assetsShareholders’ equity

as ofmillion yen

million yen

Q1 ended March 31, 2004
Q1 ended March 31, 2003
(N.B.) fiscal 2003

184,314
177,987
183,881

163,706
160,419
162,152

3.

Consolidated earning projections for the fiscal year ending December 31, 2004
Net salesInterim ending Jun 30, 2004
full year 2004
(Note)Net income

Recurring profit

million yen

Operating income

Recurring profit

Net income

million yen

million yen

million yen

million yen

118,900
254,000

7,900
17,7007,900
18,0004,400
10,400Net income per share is projected 131.39 yen for the full year.

[Qualitative information on the earning projections]
The quarter finished saw the CCWJ group has run steadily along the plan, and therefore, there is no need to revise- 2 -the projections previously announced.
The projections are based upon information available on the announcement date of this report, and actual results
may differ significantly from the projections, for a wide range of possible reasons.
Reference 2. Non-consolidated earning projections for the fiscal year ending December 31, 2004
Net salesInterim ending Jun 30, 2004
full year 2004

Operating income

Net income

Recurring profit

million yenmillion yen

million yen

million yen

92,200
198,500

7,600
16,1007,700
16,400

4,300
9,100

Dividend per share to be paid for a year
Interim dividends
Year-end dividends
yenInterim ending Jun 30, 2004
full year 2004
(Note)

yen

18.00-18.00Net income per share is projected 114.97 yen for the full year.

- 3 -

yen

36.00