A member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for the 3rd Quarter of Fiscal 2005
October 26, 2005

Company name: Coca-Cola West Japan Company, Limited (CCWJ)
Code number: 2579

Stock exchange listings: Tokyo, Osaka and Fukuoka
Headquarters located in Fukuoka Prefecture
Representative: Norio Sueyoshi, Representative Director, President and CEO
Inquiries: Tadanori Taguchi, Executive Officer and General Manager, FinancePhone: +81-(0)92-641-8581

1.

(URL http://www.ccwj.co.jp/)

Principles for Preparation of Quarterly Financial Report(1) Simple methods applied in accounting processing: None
(2) Changes in accounting principles since the previous fiscal year:
Yes, in accordance with partial amendment of “Accounting Standards Relating to Retirement Benefits”(3) Changes in the scope of consolidation and application of the equity method: None

2. Consolidated Financial Data for the Three Quarters Ended September 30, 2005
(1) Consolidated operating results(rounded down to the nearest million yen)
Net salesfrom Q1 toQ3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

Operating income

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

187,317
192,305
253,248-2.6
6.4

10,03314,364
16,860-30.1
3.8

10,256
14,533
17,065

-29.4
-4.2

5,137
8,094
8,564

-36.5
-2.3

Basic net income persharefrom Q1 to

Q3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

Net income

Recurring profit

Diluted net income pershare

yenyen66.13
103.02108.8066.04
102.84108.62

Note: The percentage figures stated above represent the ratio of change compared with the same period in the previous fiscal year.

<<Qualitative Information on Operating Results>>
The price wars taking place in the supermarkets indicate the severity of competition in the soft drinks industry,where almost all companies continue to face challenging conditions.
The CCWJ group has been taking a range of initiatives in accordance with the three-year, medium-term businessplan known as “Reform from Within,” which was announced in fiscal 2003. We are working to transform ourselves
into a vigorously expanding unit, using the final year of the plan as a springboard for another leap forward.
Earning results for the first three quarters of this fiscal year are as follows:<Net sales>
Net sales for the period amounted to 187,317 million yen, a fall of 2.6% compared with the same period in fiscal
2004. Although sales volume increased within the territory of the Group, Coca-Cola National Beverages Co.,
Ltd. (CCNBC), which is managed by all Coca-Cola bottlers throughout Japan, took over our sale to these bottlers
upon its full-scale operation started on January 1, 2005.
<Operating income>Operating income declined by 4,330 million yen, or 30.1%, year on year to 10,033 million yen for the period infiscal 2005. Lower sales volumes were behind a fall in gross profit. Another factor behind this fall was theabsence of the 2,270 million yen profit associated with amortization of prior service liability benefiting from the-1-

change of retirement benefit program, which had been included in operating income for the same period in fiscal
2004.
<Recurring profit and net income>Recurring profit and net income fell 29.4% to 10,256 million yen, and 36.5% to 5,137 million yen, respectively.
Lower operating income had pushed both figures below those for the same period of fiscal 2004.
(2) Changes in consolidated financial position
Total assets
at end of period

Q3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

(rounded down to the nearest million yen)
Shareholders’ equity

Shareholders’ equity ratio

Shareholders’ equity persharemillion yen

million yen%

yen

203,728
207,117
207,216

169,541
166,768
167,036

83.2
80.5
80.6

2,182.83
2,146.96
2,149.99

Consolidated cash flows
Net cash provided byoperating activities
from Q1 toQ3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

Net cash used in investing
activities

Net cash used infinancing activities

Cash and cash equivalents
at end of period

million yen

million yen

Million yen

million yen

11,884
16,50921,502-10,643-10,944-14,592-3,333-6,984-6,991

19,694
20,45021,788<<Qualitative information on changes in consolidated financial position>>
Status changes in each cash flow category for the first three quarters of fiscal 2005 are as follows:<Cash flows from operating activities>
Cash flows provided from this category were 11,884 million yen, 28.0% less than in the same period of fiscal
2004.
As CCNBC started full-scale operation and now supplies all the products to the Coca-cola bottlers, the payment
term on credit was shortened, which resulted in a decrease in the balance of account payable. Mainly due to this,cash flow from operating activities decreased 4,525 million yen for the period under review compared to the sameperiod in fiscal 2004.
<Cash flows used in investing activities>
Cash flows used in investing activities reached 10,643 million yen, 2.7% less than that for the same period infiscal 2004.
During the same period of fiscal 2004, CCWJ reviewed its monetary assets with the aim of deploying money
more effectively, and sold some bond investment trusts. This increase eventuated cash flows in investing activities
down to a lower level. The period under review found cash flows fell about 0.3 billion yen in this category,following the trend.
<Cash flows used in financing activities>
Cash flows used in financing activities reached 3,333 million yen, 52.3% less than that for the same period offiscal 2004.
Cash flows used in this category had remained on a high level for the same period of fiscal 2004 due to buybacksof our own shares implemented as part of the capitalization policy. Due to the absence of such transactions, cash
flows used in financing activities decreased 365 million yen during the period under review.
As a result, cash and cash equivalents outstanding as of the end of the period under review fell by 2,093 million
yen, or 3.7%, to 19,694 million yen when compared to the end of the same period in 2004.

- 2 -<Reference 1>

Non-consolidated financial data for the first three quarters ended September 30, 2005
Net salesfrom Q1 to

Q3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

Operating income%

million yen%

Million yen%million yen%

143,022
147,923
195,066

-3.3
6.2

9,155
12,50815,024

-26.8
-7.8

9,568
12,962
15,546

-26.2

5,152
7,279
8,353

-29.2
-7.3

Total assets
at end of period

Q3 ended Sep 30, 2005
Q3 ended Sep 30, 2004
(N.B.) fiscal 2004

3.

Net income

Recurring profit

million yen-7.6

Shareholders’ equity

million yen

million yen

186,339
185,709
187,181

166,022
162,639
163,501

Consolidated earning projections for the year ending December 31, 2005
Net sales

Full year

Operating income

Recurring profit

Net income

million yen

million yen

million yen

million yen

249,500

13,40013,6007,100Note: Net income per share is projected at 91.41 yen for the full year.

<Reference 2>

Non-consolidated earning projections for the year ending December 31, 2005
Net sales

Full year

Operating income

Recurring profit

Net income

million yen

million yen

million yen

million yen

190,000

12,70013,1007,300Dividend per share for 2005
Year-end dividend
yenFull year(Note)

yen

20.00

40.00

Net income per share is projected at 93.98 yen for the full year.

<<Qualitative information on earnings projections>>
Summarized comparison between actual performance and projection for the first three quarters ended September 30,2005(rounded down to the nearest million yen)
Projection
ActualVariance
Variance ratio (%)(Note)Net sales
190,800
187,317-3,482-1.8

Operating income
11,00010,033-966-8.8

Recurring profit
11,300
10,256-1,043-9.2

Net income
5,800
5,137-662-11.4The projection figures stated above is based on the projection for the full year announced on August 4, 2005.

Affected by decrease in sales volumes, the actual performance for the period under review are lower in all of net
sales, operation income, recurring profit, compared with the projection. We have come to a conclusion that it isimpossible to make up the shortfall only for the rest of year, the fourth quarter, and revised the previous full-year
projection announced on August 4, 2005 as stated above.
Additionally, the original and revised full year projections on consolidated and non-consolidated bases are statedrespectively as follows:<Consolidated>(rounded down to the nearest million yen)
Net sales
Previous
projectionasannounced Aug 4, 2005: (A)Revision: (B)
Variance: (B) - (A)Revision ratio (%)

Operating income

Recurring profit

Net income

253,300

15,20015,5008,200

249,500- 3,800-1.5

13,400- 1,800-11.8

13,600- 1,900
-12.3

7,100
- 1,100-13.4- 3 -<Non-consolidated>(rounded down to the nearest million yen)
Net sales

Previous
projectionasannounced Aug 4, 2005: (A)Revision: (B)
Variance: (B) - (A)Revision ratio (%)

Operating income

Recurring profit

Net income

195,300

14,60015,1008,500

190,000- 5,300-2.7

12,700- 1,900-13.0

13,100- 2,000-13.2

7,300- 1,200-14.1*The projections are based upon information available on the date this report was announced, and actual results
may differ substantially from the projections, for various reasons.

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