Member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for
The Second Quarter Ended June 30, 2009
July 29, 2009
Listed stock exchange listings: Tokyo(1st section),Osaka(1st section), Fukuoka
URL http://www.ccwest.co.jp/english
Name: Norio Sueyoshi
Name: Kiyotaka Yamada
Phone: +81-92-641-9199

Listed company name: Coca-Cola West Company, Limited
Code number: 2579
Delegate: Title: Representative Director, President & CEO
Contact:
Title: Corporate Officer, Manager of Finance
Expected date of quarterly report submission: August 13, 2009
Expected date of dividends payment: September 1, 2009

(Fractions of one million yen are round off)

１．Consolidated financial results for 2nd quarter 2009 (from January 1, 2009 to June 30, 2009)（Percentages indicate changes over the same period in the prior fiscal year）（1）Consolidated financial results
Net sales
2nd quarter 2009
2nd quarter 2008

Operating income

Net income

Ordinary income

Million yen%

Million yen%

Million yen%

Million yen%

177,188
188,570(2.2)(1,346)3,142(24.0)(1,114)
3,776(22.2)(1,708)433(83.9)

Diluted earnings
per share

Earnings per share
2nd quarter 2009
2nd quarter 2008

Yen

Yen

(17.08)4.13-（2）Consolidated financial position
Total assets

Net assets

Million yennd

2 quarter 2009
295,288
Full year 2008
277,696(Reference) Net assets (excl. minority interest)

Net assets (excl.
minority interests) tototal assets

Net assets (excl.
minority interests)
per share％

Yen

Million yen

231,031234,521
2Q 2009 230,963 million yen

78.2
2,310.17
84.4
2,345.03
End of 2008 234,450 million yen

２．Dividends（Record date）

Cash dividends per share
End of 2Q
End of 3Q

End of 1QYenYen

End of year

Yen

21.00
Full year 2008
21.00
Full year 2009
Full year 2009
（Forecast）(Note) Revision of dividend forecast during this quarter: ApplicableYearlyYenYen

-

22.00
-

43.00
--

21.00

42.00

３．Forecast of consolidated financial results 2009 (from January 1, 2009 to December 31, 2009)（percentages represent changes from previous year）

Net revenues
million yen

Full year 2009

387,200

Operating income％ million yen

(2.1)

6,500

Recurring income％ million yen(38.2)

6,900％ million yen(37.5)

1,900(Note) Revision of forecast of consolidated financial results during this quarter: None1Basic net incomeper share

Net income％-Yen

19.00

CCWEST consolidated financial summery for the second quarter ended June 30, 2009

４．Other（ 1 ） Changes to significant subsidiaries during the period (changes in certain specified
subsidiaries resulting in revised scope of consolidation)
Newly consolidated companies: Newly unconsolidated companies: （2）Adoption of simplified accounting method and special accounting method for consolidated
quarterly financial statements（3）Change in accounting policies, procedures, and methods of presentation, etc associated withpreparation of consolidated quarterly financial statements (Changes in important items
fundamental to the preparation of consolidated financial statements)
1) Changes due to amendment of accounting standards
2) Changes other than those in 1) above（4）Outstanding shares (common share)
1) Outstanding shares at the end of period (including treasury shares):
2Q 2009: 111,125,714 sharesFiscal Year 2008: 111,125,714 shares
2) Treasury shares at the end of period:
2Q 2009: 11,149,407 sharesFiscal Year 2008: 11,148,196 shares
3) Average number of outstanding shares at end of period (six months)
2Q 2009: 99,977,025 shares
2Q 2008: 104,966,447 shares: None: Applicable: Applicable: Applicable* Information about proper usage of forecast of business results, and other special instructions
1. The statements concerning future performance that are presented in this document are based on judgment using
information to Coca-Cola West as of release date of this material. Certain risks and uncertainties could cause theresults of Coca-Cola West to differ materially from any projections presented herein.
2. From the current fiscal year, the company has applied the “Accounting Standard for Quarterly Financial Reporting”(Accounting Standards Board of Japan (ASBJ) Statement No.12) and the “Guidance on Accounting Standard for
Quarterly Financial Reporting (ASBJ Guidance No.14). The company presents its quarterly consolidated financial
statements in accordance with the Regulations for Quarterly Consolidated Financial Statements.

2

Consolidated Results
For Second-Quarter 2009
Appendix

1 . Situation of Consolidated Profit and Loss…

2 . Profits Change Factor (vs. plan)…

3 . Profits Change Factor (vs. last year)…

4 . Consolidated Balance Sheet and Change Factor…

5 . Investment, Depreciation, Cash Flow (Consolidated)…

6 . Projections…

7 . Sales Information…

8 . Number of Vending Machines, Market Share…

9 . Home Market Share…

10 . Stock Information…

Coca-Cola West Company Limited (2579)
July 29, 2009

1
1
2
3
5
6
7
10
1011

1. Situation of Consolidated Profit and Loss
(January 1, 2009 to June 30, 2009)(million yen, %)2Q 2009
2Q 2008
actualvs plan
plan(*)

changeNet Salesvs last year

actual% changechange% change

188,570

178,200

177,188(1,011)(0.6)(11,382)(6.0)

Operating Income (loss)

3,142(2,200)(1,346)853-(4,489)-Recurring Income (loss)

3,776(2,100)(1,114)985-(4,891)-433(2,300)(1,708)591-(2,142)-Net Income (loss)* The above plan is based on the performance forecast announced as of May 1, 2009.

2. Profits Change Factor (vs. plan)(January 1, 2009 to June 30, 2009)(million yen)

2Q 2009plan(*)

changeMain factors for increase/decrease

actualNet Sales

178,200

177,188(1,011)

Cost of goods sold

98,80098,222(577)

Gross profit

79,40078,965(434)

Sales to other bottlers
Impact on decrease of sales volume(496)

Decrease in personnel cost(938)

(1,288) Decrease in advertising cost

(136)

SG&A

81,60080,311

Operating income (loss)(2,200)(1,346)853

Non-operating income

700

674

(25)

Non-operating expenses

600

441

(158)

Rucurring income (loss)(2,100)(1,114)

985

200

165

(34)

Other

Extraordinary income

Extraordinary losses

1,700

1,800

62

Head office relocation expenses

342

Expense for provision for sales equipment installation(129)

Group restructuring expenses

(121)

100
Other

Income (loss) before income taxes,
minority interests and otheradjustments(3,600)(2,748)852

Income taxes(1,303)(1,042)260

Minority interests

3

1(1)

Net income (loss)(2,300)(1,708)591* The above plan is the based on performance forecast announced as of May 1, 2009.

Appendix-1

(214)

8

3. Profits Change Factor (vs. last year)(January 1, 2009 to June 30, 2009)(million yen)

2Q 2008

2Q 2009

Main factors for increase/decreasechangeNet sales

188,570

177,188(11,382)

Cost of goods sold109,17198,222(10,949)

Gross profit

SG&A

79,39876,25578,96580,311

Impact from sales of subsidiary companies(516)

Other278

Impact on reform of SCM system

5,639

Increase of employee retirement benefit

1,138

Decrease in personnel cost

(842)

Impact from sales of consolidated companies

(591)

(231)

Decrease of sales equipment cost

(179)

Other

(168)

Subsidy income by investment

165(544) Gain on sales of investment securities

(469)

1,043

674

(369)

Non-operating expenses

409

441

32

Recurring income (loss)

3,776(1,114)(4,891)1,800

Gain on sales of property, plant, equipment(241)

Group restructuring expenses

418

Head office relocation expenses

354

Expense for provision for sales equipment installation

61(40) Loss on sales of a consolidated subsidiary

Income (loss) before income taxes,
minority interests and other adjustments

2,646(2,748)(5,395)

Income taxes

2,207(1,042)(3,249)Minority interests

51(3)Net income (loss)

433(1,708)(2,142)(390)

Loss on disposals of fixed assets(280)

Loss on sales of property, plant, equipment(201)Other

Appendix-2(413)

Decrease of fuel cost

Non-operating income

165(6,934)(297)(4,489)

1,840

1,100

Decrease in sales commission(1,346)Extraordinary losses

Sales to other bottlers

4,056 Decrease in advertising cost

3,142

710

5,639

(433) Impact on decrease of sales volume

Operating income (loss)

Extraordinary income

Impact on reform of SCM system(2)

4. Consolidated Balance Sheet and Change Factor(million yen)Dec.31
2008
Current assets

Jun.302009changeMain factors for increase/decrease

82,074

92,635

10,561

Cach and deposit

18,59215,146(3,446)

Trade notes andaccount receivable

21,52723,5432,015

Marketable securities

4,559

1,354

(3,204) Cancellation of investment trust fundMerchandise andfinished goods

11,97931,193

19,214 Increase by reform of the SCM system

Work in progress

0167

167

658

2,054

1,396

24,872

19,300(5,572) Decrease of down payment

(116)

(124)

(8)

195,622202,653

7,030

136,005

150,055

14,049Building and structures, net

33,271

37,0713,800 New head office building

Machinery, equipment,vehicle, net

17,553

20,962

3,409 New production line in Akashi factory

Sales equipment, net

26,09926,903

Land

56,082

57,1891,106 Acquisition of land

-5,861

5,861 Increase by introduction of lease accounting system

Raw material and supplies

Other
Allowance for
doubtful accounts
Fixed assets
Property, plant andequipment

Lease assets, net

804

Construction in progress

1,097

123

Other, net

1,900

1,942

41

Intangible fixed assets

4,449

4,062(387)SoftwareInvestment andother assets
Investment insecurities
Advanced payments
for retirement expenses

4,449

4,062(387)

55,166

48,536(6,630)32,13628,578(3,557)

13,307

12,454(853)

10,244

7,976(2,268)

(522)

(473)

49

277,696295,288

17,592

Other
Allowance for
doubtful accounts
Total assets(974) New head office building

Total assets
Total
assets295,288
277,696

Current
assets

92,63582,074

Property,plant andequipment

150,055
136,005

Intangible
assets

4,062
4,449

Investments
and otherassets(million yen)Jun.30,2009
Dec.31,
2008

48,53655,166050,000100,000

150,000

200,000

Appendix-3

250,000

300,000

350,000(million yen)Dec.31
2008
Current liabilities
Trade notes andaccount payable
Current portion of
long-term debt

Jun.302009changeMain factors for increase/decrease

25,767

46,263

20,496

3,854

14,168

10,313 Increase by reform of the SCM system-8,0008,000-

2,300

2,300 Increase by introduction of lease accounting system

Lease obligation
Accrued income taxes

2,769

459

Other account payable

13,977

16,389(2,310) Decrease by income taxes payment
2,411

Other

5,164

4,945

(219)

Long-term liabilities

17,407

17,993585

Lease obligations-3,647

Allowance for employee'retirement benefits

5,394

5,434

40

Liabilities for directors'
and corporate auidtors'
retirement benefits711

3

Goodwill

1,037

586

(450)

Other

10,9688,313(2,655)43,17464,25721,082

Total liabilities

3,647 Increase by introduction of lease accounting system

Common stock

15,231

15,231-

Capital surplus

109,073

109,072(0)Retained earnings

136,067

132,159(3,907)

Treasury stock(25,756)(25,758)

(1)

(165)

256

422

71

68

(2)

Total shareholders' equity

234,521231,031(3,490)Total liabilities andnet assets

277,696295,288

17,592

Valuation difference on
available-for-salesecurities
Minority interests

Decrease by dividents payment
Net loss

Total liabilities and net assets

295,288
277,696

Total liabilities
and net assets

64,25743,174

Total
liabilities

Jun.302009

46,26325,767

Current
liabilities

Dec.31
2008

17,993
17,407Long-term
liabilities
Total
shareholders'equity(million yen)

231,031234,521050,000100,000

150,000

Appendix-4

200,000

250,000

300,000

350,000

5. Investment, Depreciation, Cash Flow (consolidated)(January 1, 2009 to June 30, 2009)(1) Investment, Depreciation(million yen)

2Q 2008

2Q 200912918

Buildings

469

4,403

Machinery & Equipment

550

5,504

Sales equipment

6,831

6,139

Other

3,405

1,321

Total

11,26718,285

Depreciation

10,710

10,544

Investment

Land(2) Cash Flow(million yen)

2Q 2008
Cash flow fromoperating activities
Cash flow frominvesting activities
Cash flow fromfinancing activities
Cash and cash equivalents
at end of 2Q

2Q 2009

2,082

1,005

8,238

(12,176)(22,947)

4,427

22,937

15,881

Appendix-5

6. Projections (consolidated)(January 1, 2009 to December 31, 2009)(1)Earnings(million yen, %)2008
actualNet sales
Operating income
Recurring income
Net income

2009
planchange

395,556

387,200(8,356)(2.1)

10,521

6,500(4,021)(38.2)

11,0486,900(4,148)(37.5)

129

1,900

1,770

-

* The plan is based on the earning projection which released on May 1, 2009.

(2)Investment, Depreciation(million yen)2008
actual
15
1,015
1,433
10,3595,210
18,032
21,741

Investment

Land
Buildings
Machinery & Equipment
Sales equipment
Other
Total
Depreciation* The plan is based on the earning projection which released on May 1, 2009.

Appendix-6% change

2009
plan930
5,396
7,543
9,994
2,862
26,725
21,473

7. Sales information(January 1, 2009 to June 30, 2009)＜Sales Volume by brand＞(thousand cases, %)2Q 2008

2Q 2009% change

5,679

6,035

6.3

Coca-Cola Zero

1,649

2,568

55.7

Fanta

4,181

4,229

1.1

Georgia

21,14820,225(4.4)

Soukenbicha

6,276

6,063

(3.4)

Aquarius

7,753

7,581(2.2)

Other39,97638,096

(4.7)

Total

86,662

84,797(2.2)

BIG 6Coca-Cola* Changing quantity equivalent in some products, we adjust sales volume as far as 2008.

＜Composition of brand＞

100%

80%
46.1%

44.9%

Other

8.9%

Aquarius

7.2%

Soukenbicha

23.9%

Georgia

5.0%

Fanta

60%

9.0%

40%

7.2%

24.4%
20%

4.8% Limited (2579)
Coca-Cola West Company
1.9%

3.0%

6.6%

7.1%

2Q 2008

2Q 2009

0%

Appendix-7

Coca-Cola Zero
Coca-Cola

＜Sales volume by channel＞(thousand cases, %)2Q 2008% change

2Q 2009

Vending*1

31,62529,583(6.5)

Chain store*219,867

21,5008.2CVS*3

8,838

8,829(0.1)

Retail*4

6,8986,253(9.4)

Food service*58,476

8,476(0.0)

Other10,957

10,157(7.3)

Total

86,662

84,797(2.2)* Changing quantity equivalent in some products, we adjust sales volume as far as 2008.
*1 Vending : Retail sales business to distribute products through vending machine to consumers*2 Chain store : Wholesale business for supermarket chains*3 CVS : Wholesale business for convenience store chains*4 Retail : Wholesale business for grocery stores, liquor shops and other over-the-counter outlets*5 Food service : Syrup sale business for fast food restaurants, movie theaters, sports arena,'family restaurants,' and theme parks＜Composition of channel＞

100%
12.6%

12.0%

Other

9.8%

10.0%

Food service

8.0%

7.4%

Retail

10.2%

10.4%

CVS

22.9%

25.3%

Chain store

36.5%

34.9%

80%

60%

40%

20%

Coca-Cola West Company Limited (2579)
0%
2Q 2008

2Q 2009

Appendix-8

Vending＜Sales volume by package＞(thousand cases, %)2Q 2008

2Q 2009

Bottle
PET% change

944927(1.8)

Small-sized (less than 1001ml)

18,04917,699(1.9)

Large-sized (more than 1,001ml)

14,01915,0997.7

32,06832,7982.3

Subtotal
Can (include bottle can)30,36728,654

(5.6)

Other

3,038

2,865

(5.7)

Syrup, powder

20,245

19,552

(3.4)

Total

86,662

84,797(2.2)* Changing quantity equivalent in some products, we adjust sales volume as far as 2008.

＜Composition of package＞

100%

26.9%

26.4%

Other

35.0%

33.8%

Can

16.2%

17.8%

20.8%

20.9%

1.1%

1.1%

2Q 2008

2Q 2009

80%

60%

40%

Large PET

20%

0%

Appendix-9

Small PET

Bottle8. Number of vending machines, Market share(1) Number of vending machines(Units)End of2008

End of2Q 2009changeCan machine

234,127

234,441314

Cup machine

18,813

18,371

(442)

Total

252,940

252,812(128)(2) Market Share
(%)

2008

2009
-35.1

Out market share(Source : Intage Vending machine survey)

9. Home market share(January 1, 2009 to June 30, 2009)(%)
2Q 2008

2Q 2009

Total

21.9

22.2

Supermarkets

21.9

22.8

CVS

18.9

18.9

Retail stores

27.8

26.3

Drug stores

20.3

23.5

(Source : Intage Inc. of Store Audit)* Home market share is a manufacturer's share at supermarkets, convenience stores, other retail stores.

Appendix-10

10. Stock Information<Type and Number of shares held>(entities, thousand shares, %)31-Dec-08# ofshareholders

Financial institutions
Securities firms
Other corporations
Foreign corporations
Individuals, others
Treasury stockTotal

63
33
470
258
21,061
1
21,88630-Jun-09

Ratio# ofshares

Ratio

0.3
0.2
2.1
1.2
96.2
0.0
100.0

19,001
310
49,012
19,826
11,826
11,148111,125

17.1
0.3
44.1
17.8
10.6
10.0100.0

Appendix-11# ofshareholders

67
28
469
267
23,316
1
24,148Ratio# ofshares

Ratio

0.3
0.1
1.9
1.1
96.6
0.0
100.0

18,345245
49,382
19,796
12,207
11,149111,125

16.5
0.2
44.4
17.8
11.0
10.0
100.0