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

Consolidated Financial Summary for
the First Quarter Ended March 31, 2023 (IFRS)
May 12, 2023
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 15, 2023
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 2023 (from January 1, 2023 to March 31, 2023)(1) Consolidated financial results
Revenue

1st Quarter, 2023
1st Quarter, 2022

million yen
182,063
168,853(Percentages indicate changes over the same period in the prior fiscal year)
Net income (loss)
Total comprehensive
Business income (loss) Operating income (loss) Net income (loss) attributable to owners ofincome (loss)
the parent％
million yen％
million yen％
million yen％
million yen％ million yen％
7.8(9,437)(9,160)(6,454)(6,459) －(6,350) －－－－0.3(12,749)(9,670)(6,564)(6,568) －(5,325) －－－－Earnings (Loss) per share Diluted earnings per shareyen(36.02)(36.02)

1st Quarter, 2023
1st Quarter, 2022

million yen－－*“Business Income” is an indicator of our recurring business performance that is calculated with costs of goods and selling, general and administrative
expenses deducted from revenue, and other income and expenses which we believe are recurring in nature added and subtracted accordingly.

(2) Consolidated financial position
Total assets

Total equity

million yen
819,494
826,737

Mar. 31, 2023
Dec. 31, 2022

Equity attributable to parent owners

million yen
465,385
476,358

million yen
465,238
476,216

Ratio of equity attributable to parent
owners
％56.8
57.6

2. Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fiscal year

Total

yen

yen

yen

yen

yen

FY ended December, 2022

－

25.00

－

25.00

50.00

FY ending December, 2023

－
－

25.00

50.00

FY ending December 2023
25.00
(forecast)
Note: Revisions to the cash dividends forecasts most recently announced: None

3. Forecast for consolidated financial results 2023 (From January 1, 2023 to December 31, 2023)
Revenue

Full year of 2023

Business income (loss)(Percentages indicate changes over the same period in the prior fiscal year)
Net income (loss)
Earnings(Loss))
Operating income (loss)
Net income (loss) attributable to owners of theper share
parentmillion yen％

millionyen％

million yen％

million yen％

million yen％

yen

847,100

4.9(5,000)－(5,300)－(4,300)－(4,300)－(23.98)

Note: Revisions to the forecasts of consolidated operating results most recently announced: None

Notes(1) Changes in significant subsidiaries during the current period:(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:3) Changes in accounting estimates:

None

None
None
None

(3) Number of outstanding shares (common shares)
1) The number of outstanding shares (including treasury shares):
1st Quarter, March 2023:
206,268,593 shares
FY Ended December 2022:

206,268,593 shares

2) The number of treasury shares:
1st Quarter, March 2023:

26,929,137 shares

FY Ended December 2022:

26,928,478 shares

3) The number of average shares outstanding:
1st Quarter, March 2023:
179,339,816 shares
1st Quarter, March 2022:

179,343,803 shares※ The consolidated financial summary is not subject to quarterly review 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 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 Consolidated Financial Statements and Notes .................................................................................................................... 5(1) Condensed Consolidated Statement of Financial Position ............................................................................................................... 5(2) Condensed Consolidated Statements of Income and Comprehensive Income ................................................................................. 7(3) Condensed 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, 2023 (January 1, 2023 to March 31, 2023).
In this first quarter (January 1, 2023 to March 31, 2023), the total domestic nonalcoholic ready-to-drink (NARTD) beverageindustry volume is estimated to have grown slightly versus the same period of the previous fiscal year. Despite the negative
impact on demand from the price revisions by beverage companies in the previous fiscal year, demand increased on the back ofa recovery in traffic and resumption of economic activity, as well as a recovery from the impact of the restrictions due tocoronavirus infection ("COVID-19") in the same period of the previous fiscal year. On the other hand, the businessenvironment remained uncertain and challenging as the rising commodity and utility prices and yen's depreciation impacted
business and consumer behavior.
Under these circumstances, we have positioned 2023 as the “Year of profit focus”, and we have given top priority to
improving profitability. In commercial activities, we have focused on implementing and maintaining the prices of our products
after the price revisions implemented in the previous fiscal year and worked to improve wholesale revenue per case. In
addition, we have worked to grow sales revenue by introducing new products, expanding sales space at key customer
storefronts, and implementing effective marketing activities in order to capture increased demand from the traffic recovery.
Furthermore, we have been conducting negotiations with customers for the price revisions of can products and large PET bottle
products from shipments on May 1, which is an important initiative to further improve profitability. In the manufacturing andsupply chain fields, while faced with rising commodity and utility prices, and yen's depreciation, we have been working to
reduce manufacturing and distribution costs by further improving our Sales and Operations Planning (S&OP) process andsupply network. These activities include the use of the Saitama Mega DC (Distribution Center) and Akashi Mega DC,
automated distribution centers with the largest storage and shipping capacity in Japan. We have also prepared for achieving
stable operations for the summer, the season with the highest demand.
We are working to realize Environmental, Social, and Governance (ESG) targets based on creating shared value with society.
Specifically, we have launched several collaborative initiatives with customers and government agencies to promote
Sustainable Development Goals (SDGs) and enhance PET bottle recycling. We have been working to reduce ourenvironmental impact through fostering a recycling-based society and expanding business opportunities through collaboration.
In other efforts to contribute to local communities through our business, we have implemented water source conservation
activities and donated products to food banks. Such ESG initiatives have been positively appraised, and we have been certified
as an "Eco-First Company" by the Ministry of the Environment, as well as selected as a "Supplier Engagement Leader," thehighest rating in the "2022 Supplier Engagement Assessment" by CDP, an international non-profit organization.
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
Monday, May 15, 2023 at 2:00 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 Consolidated Financial Results(Millions of yen except sales volume)

Year-to-date Q1 (January to March)2022

In million JPY
Revenue
Sales volume (million cases)
Gross Profit
Selling, General & Administrative Expenses
Other income (Recurring)
Other expenses (Recurring)
Investment loss on equity method
Business Loss
Other income (Non-recurring)
Other expenses (Non-recurring)Operating Loss
Net Loss Attributable to Owners of Parent

168,853100
72,011
84,892298
189
22(12,749)
5,690
2.611
(9,670)(6,568)2023
182,063
104
78,74188,002186369
8(9,437)
1,123
846(9,160)(6,459)Change
(%)
7.8
4
9.3
3.7
(37.6)
95.5(66.3)－(80.3)(67.6)－－* 1. “Business Loss” is a measure of our underlying or recurring business performance. Business Loss deducts cost of goods and selling, generaland administrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.
2. Sales volume in 2022 is revised retroactively due to changes of counting segmentation and scope in some products.

Consolidated revenue was 182,063 million yen (7.8% increase of 13,210 million from the same period in the prior year).
Despite the initial negative impact on volume following the price revisions, sales volume increased by 4% versus the same
period in the previous year. This was due to the introduction of new products and expansion of sales space among key customers.
We have also implemented effective marketing activities which helped capture the demand opportunity from traffic recovery.
The price revisions implemented in the previous fiscal year are delivering benefits as planned with wholesale revenue per caseincreasing and contributing to revenue growth.
Consolidated business loss improved by 3,312 million yen (loss reduced) and was a loss of 9,437 million yen (12,749 million
yen loss in prior year period). Profitability improved by approximately 5 billion yen in the areas under our control, including
profit contributions from top-line growth, sales volume growth, wholesale revenue per case improvement, and logistics cost
reductions through supply chain improvements. Profitability improvement was achieved despite the impact of cost increases due
to external factors such as higher commodity and utility prices and yen depreciation, as well as the cycling of temporary costsavings implemented in the same period of the previous year.
Consolidated operating loss improved by 510 million yen (loss reduced) and was a loss of 9,160 million yen (9,670 million
yen loss in prior year period). In addition to business loss improving versus the previous year (loss reduced) being the primaryreason, there was a cycling impact of gains from sales and disposals of property, plant, and equipment that was recorded in thesame period of the previous year which decreased other income (non-recurring). Other income (non-recurring) in the first quarter
includes 1,116 million yen in gain on sales and disposals of property, plant, and equipment, which was realized in the processof improving the balance sheet. Other expenses (non-recurring) include 787 million yen in business structure improvement
expenses related to the implementation of fundamental transformation.
Net loss attributable to owners of the parent improved by 109 million yen (loss reduced). With operating loss improving fromthe previous period, it was a loss of 6,459 million yen (6,568 million yen loss in prior year period).

3

Sales volume trends (% change from same period of previous year)
Sales volume grew by 4% in the first quarter. This was the result of efforts to minimize the impact of volume decline resulting
from price revisions implemented in the previous fiscal year, such as implementing commercial activities to capture
opportunities for increased demand with the recovery in traffic. As a result of the price revisions, wholesale revenue per caseimproved by more than double-digits versus the same period previous year in all channels. By channel, supermarkets, drugstores,
and discounters were impacted by the price revisions, despite the introduction of new products and activities to expand the sales
space. As a result, sales volume at supermarkets declined by 3%, while sales volume at drugstores and discounters increased by
3%, partly due to the volume of large PET bottle products which had been sluggish after the price revisions turning positive
versus the same period in the previous year. Vending volume increased by 1%, despite the impact of the price revisions. The
market share base we have built to date and the implementation of campaigns through the Coke ON smartphone app contributed
to capturing the traffic recovery demand. As for the price revisions in vending machines, the market execution division's agileand quick response resulted in the early completion of price reflections which led to a significant improvement in the sale revenue
per case. CVS sales decreased by 1%, despite efforts to strengthen activities to expand sales space, new product launches, efforts
to implement campaigns in collaboration with customers, the continued severe competitive environment and volume impact by
the price revisions all had an impact. In retail & food, volume increased by 23% with the recovery in customer traffic returning
to dine at restaurants. In online, volume grew by 3%, despite the competitive environment becoming increasingly challenging
and even in the phase of recovering traffic. We strengthened our product lineup including the label-less products andimplemented tie-up promotions with major online customers.
By beverage category performance, sparkling sales volume grew by 6%, due to volume growth centered around Coca-Cola
at vending and restaurants with the recovery in traffic, and contributions from new products such as Fanta Premier Torokeru
Momo. Sales volume of tea products decreased by 5% due to impact from the price revisions, despite the contributions from
Yakan no Mugicha from Hajime which continues to enjoy sales growth since its launch and new products such as Ayataka Koi
Ryokucha which was renewed with an official Food with Nutrient Function Claims labelling. Coffee sales volume increased by
2%, supported by the launch of Georgia THE Black and Georgia THE Latte, launched together with the Georgia rebranding,and the strengthening of the Costa Coffee lineup contributed to the sales increase. In Sports, volume decreased by 8% due to theprice revision impact and intensified competition within the category. Water sales volume grew by 20% by capturing at-homeconsumption demand which led to both small PET and large PET growth, and contributions from the new I LOHAS Natural
Water with the renewed bottle design for the first time in 13 years.
In the alcohol category, Lemon-dou, despite campaigns to support Samurai Japan, Japan’s national baseball team, volume
declined by 33% due to cycling of new product launches in the same period of the previous year and of the at-home drinking
demand that increased during COVID-19. On April 10, we launched Jack Daniel's & Coca-Cola, an alcohol beverage that mixes
Coca-Cola and the Tennessee whiskey brand Jack Daniel's, we will strengthen sales to revitalize the alcohol category.

(2) Qualitative Information on Consolidated Financial Position
Assets at the end of the quarter were 819,494 million yen, a decrease of 7,243 million yen from the end of the prior year period.
This is mainly due to a decrease in “Cash and cash equivalents”, “Trade and other receivables”, and an increase in “Inventories.”
Liabilities at the end of the quarter were 354,108 million yen, an increase of 3,730 million yen from the end of the prior year
period. This is mainly due to the decrease in “Lease liabilities”, and an increase in “Trade and other payables.”Equity at the end of the quarter was 465,385 million yen, a decrease of 10,973 million yen. This mainly reflects 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 2023 (January 1 to December 31, 2023) earnings forecast, it is unchanged from the forecast announced
on February 9th, 2023.

42. Condensed Consolidated Financial Statements and Notes(1) Condensed Consolidated Statement of Financial Position(Millions of yen)

As ofDecember 31, 2022
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

As of
March 31, 2023

84,074
103,346
71,051
542
13,10877,77997,921
76,830131
14,035272,122

266,696

425,009
21,841
65,865

420,829
20,69965,285322

324

15,88820,581
5,110
554,615

16,50324,398
4,760
552,798

826,737

819,494(Millions of yen)

As ofDecember 31, 2022

As ofMarch 31, 2023

Liabilities and equity
Liabilities
Current liabilities:
108,254
1,000
5,122
654
1,272
20,339136,641

115,212
1,000
4,960
457
1,048
18,784141,462

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

155,701
18,146
8
17,817
1,761
17,157
3,147

155,221
17,128－18,286
1,761
17,082
3,167

Total non-current liabilities
Total liabilities

213,737
350,378

212,646
354,108

Equity:Capital stock
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income
Equity attributable to owners of parent
Non-controlling interests
Total equity

15,232451,264
94,209(85,667)
1,177
476,216142
476,358

15,232
451,386
83,266(85,668)
1,022
465,238147
465,385826,737

819,494

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

Total liabilities and equity6(2) Condensed Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)First Three-month period of a fiscal year

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

Three months ended
March 31, 2022
168,853
96,84272,011
84,892
5,988
2,800
22
(9,670)20
381(10,031)(3,467)(6,564)

Net loss for the period attributable to
Owners of parent
Non-controlling interests
Loss per share

7(Millions of yen)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)(6,568)5(6,459)5(36.62)(36.02)

(Condensed Consolidated Statements of Comprehensive Income)First Three-month period of a fiscal year
(Millions of yen)Three months ended
March 31, 2022
(6,564)Three months ended
March 31, 2023
(6,454)

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

7636

Subtotal76

36

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

1,162
1.162
1,239
(5,325)68
68
104(6,350)Comprehensive income (loss) attributable to:
Owners of parent
Non-controlling interests(5,330)5(6,355)
5

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

8

(3) Condensed Consolidated Statements of Changes in Equity
Three months ended March 31, 2022
(Millions of yen)
Equity attributable to owners of the parent

Balance as of January 1, 2022

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
income (loss)

Noncontrollinginterests

15,232450,832

109,273(85,661)2,644

492,320131

492,451－－(6,568)－－(6,568)

5(6,564)

－

－

－

－

1,239

1,239

－

1,239

－

－

(6,568)－

1,239(5,330)5(5,325)－－(4,484)－－(4,484)－(4,484)

－

－

－

(1)

－

(1)

－

(1)

－

125

－

－

－

125

－

125

－

－

3

－

(3)

－

－

－

－

－

－

－

(252)

(252)

－

(252)

－

125

(4,480)

(1)

(256)

(4,611)－(4,611)

15,232450,958

98,224(85,662)3,627

482,379136

482,515

Total

Total

Comprehensive income (loss) for the period
Net loss for the period
Other comprehensive income
Total comprehensive income (loss) for the period
Transactions with owners
Dividends of surplus
Purchase of treasury stock
Transactions of share-based payment
Reclassification from accumulated othercomprehensive income to retained earnings
Reclassification from accumulated othercomprehensive income (loss) to non-financial
assetsTotal transactions with owners
Balance as of March 31, 2022

Three months ended March 31, 2023
(Millions of yen)
Equity attributable to owners of the parent

Balance as of January 1, 2023

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
income (loss)

Noncontrollinginterests

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

9

(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