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

Consolidated Financial Summary for
the Third Quarter Ended September 30, 2022 (IFRS)
November 10, 2022
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, Finance, Name: Ishikawa Tatsuhiro Phone: +81-800-919-0509
Expected date of quarterly report submission: November 11, 2022
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 off)

1. Consolidated financial results for the third quarter 2022 (from January 1, 2022 to September 30, 2022)(1) Consolidated financial results (year-to-date)
Revenue

3rd Quarter, 2022
3rd Quarter, 2021

million yen
612,321589,531(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％
3.9(11,196)(7,053)(5,191)(5,194) －(3,147) －
－
－
－
(1.5)
(14,023)(19,978)(1,552)(1,535) －2,428 －－－－

Earnings (Loss) per share Diluted earnings per share
yen
－
－

yen
(28.96)(8.56)

3rd Quarter, 2022
3rd Quarter, 2021

*1. “Business Income” is a measure of our recurring business performance that is calculated as costs of goods and selling, general and administrative
expenses are deducted from revenue, and other income and expenses which we believe are recurring in nature are added and subtracted accordingly.
2. Net income and Net income attributable to owners of parent for third quarter 2021 results is a total of continuing operation and discontinued
operation results.

(2) Consolidated financial position
Total assets

Total equity

million yen
831,736
867,111

Sep. 30, 2022
Dec. 31, 2021

Equity attributable to parent owners

million yen
478,694
492,451

million yen
478,559492,320

Ratio of equity attributable toparent owners
％
57.5
56.8

2. Dividends
Dividends per shareFirst quarter

Second quarter

Third quarter

Fiscal year

Total

yen

yen

yen

yen

yen

FY ended December 2021

－

25.00

－

25.00

50.00

FY ending December 2022

－

25.00

－
25.00

50.00

FY ending December 2022
(forecast)
Note: Revisions to the cash dividends forecasts most recently announced: None

3. Forecast for consolidated financial results 2022 (With January 1, 2022 to December 31, 2022)
Revenue

Full year of 2022

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

millionyen％

million yen％

million yen％

million yen％

yen819,700

4.3(14,600)－(11,100)－(7,900)－(7,900)－(44.05)

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 the accounting policies in 1) above:3) Changes in accounting estimates:

None

None
None
Yes

* For details, please refer to "2. Condensed Consolidated Financial Statements and Notes (4) Notes to Condensed Consolidated
Financial Statements (Changes in Accounting Estimates)" on page 12 of the attached materials.
(3) Number of outstanding shares (common shares)
1) The number of outstanding shares (including treasury shares):
3rd Quarter, September 2022:
206,268,593 shares
FY Ended December 2021:

206,268,593 shares

2) The number of treasury shares:
3rd Quarter, September 2022:

26,927,411 shares

FY Ended December 2021:

26,924,631 shares

3) The number of average shares outstanding:
3rd Quarter, September 2022:
179,342,725 shares
3rd Quarter, September 2021:

179,346,486 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

The figures in the above forecast are based on information available at the time of issuance of this report, and the actual results may
be changed materially due to a number of inherent uncertainties in the forecast. Furthermore, please refer to “1. Qualitative
Information on the Financial Summary for this Quarter (3) Qualitative Information on the Future Outlook, such as Forecast ofConsolidated Financial Results” on page 5 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 ........................................................................................................... 5(3) Qualitative Information on the Future Outlook, such as Forecast of Consolidated Financial Results ............................................. 5
2. Condensed Consolidated Financial Statements and Notes .................................................................................................................... 6(1) Condensed Consolidated Statement of Financial Position ............................................................................................................... 6(2) Condensed Consolidated Statements of Income and Comprehensive Income ................................................................................. 8(3) Condensed Consolidated Statements of Changes in Equity ........................................................................................................... 10(4) Notes to Condensed Consolidated Financial Statements ............................................................................................................... 12(Notes Relating to Going Concern Assumption) ............................................................................................................................. 12(Changes in Accounting Estimates) ................................................................................................................................................. 12(Segment Information) .................................................................................................................................................................... 121

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 third quarter results for the fiscal year
ending December 31, 2022 (January 1, 2022, to September 30, 2022).
In this year-to-date third quarter period (January 1, 2022 to September 30, 2022), the total domestic nonalcoholic ready-to-drink(NARTD) beverage industry volume is estimated to have grown by 5% to the same period of the previous fiscal year. This was due
to continued recovery in the number of people returning to the streets of Japan since the lifting of restrictions on activities due to
COVID and the heat wave contributing to volume growth. On the other hand, the business environment remained uncertain andchallenging as the severe competitive environment continued and rising commodity prices as well as the rapid acceleration of the
yen's depreciation impacted businesses and consumer behavior.
Under these circumstances, we have positioned 2022 as the "year of building a foundation for sustainable growth" and have beenworking to build a foundation for steady and sustainable growth and to promote further transformation. In commercial activities,
we worked to grow sales volume and sales revenue by introducing new products, responding to diversifying consumer needs, andexecuting effective campaigns to capture opportunities for the recovery in traffic. In addition, as part of our profitability focusedpricing strategy, we implemented price revisions for large PET in May and engaged in negotiations with customers on pricerevisions for small packages to be implemented from October 1. In manufacturing and supply chain fields, while faced with risingcommodity prices, we have been building a supply chain that can flexibly respond to sudden changes in demand by revamping ourSales and Operations Planning process and leveraging our Saitama and Akashi Mega Distribution Centers, two of the largest
automated distribution centers in Japan by storage and shipping capacities. Despite the sharp increases in demand with the recovery
in traffic and the heat wave, these efforts have resulted in a stable supply of our products.
We are realizing ESG targets that are based on creating shared value with society. In the third quarter, we were awarded a Silver
rating by the globally recognized EcoVadis sustainability survey for the second consecutive year. Moreover, aiming for greater
sustainable materials used in PET bottles to realize a World Without Waste, we have been working on the design aspects of productpackaging,and establishing a solid bottle collection and recycling scheme in collaboration with local governments and partnercompanies. In other areas, we are conserving water sources, donating our products to food banks and placing vending machines tosupport local communities.
Details for the year-to-date third quarter earnings are as follows. Please also refer to our earnings presentation material postedon the Company IR website (https://en.ccbj-holdings.com/ir/library/presentation.php) to be used in our earnings conference call on
Friday, November 11, 2022 at 1:30 PM (JST). These will include details of the results and full-year outlook. The earnings
presentation audio will be available live and on demand as an audio webcast on our company website.

2

Summary of Consolidated Financial Results(Millions of yen, excluding sales volume)

Year-to-date Q3 (January 1 to September 30)
2021

Change(%)

2022

589,531612,321

3.9

351

367

5

Gross Profit

260,823

267,317

2.5

Selling, General & Administrative Expenses

273,868

278,322

1.6

Other income (Recurring)

650

694

6.7

Other expenses (Recurring)

1,507

942

(37.5)

Investment income (loss) on equity method

(121)

57

－

(14,023)(11,196)－

Other income (Non-recurring)

5,584

7,438

33.2

Other expenses (Non-recurring)

11,5393,295(71.4)

Operating Income (Loss)(19,978)(7,053)－Net Income (Loss) Attributable to Owners of the Parent(1,535)(5,194)－

Revenue
Sales volume (million cases)

Business Income (Loss)(Millions of yen, excluding sales volume)(For reference) Q3 (July 1 to September 30)
2021

Change(%)

2022

220,222

236,373

7.3

134

143

7

Gross Profit

97,554104,179

6.8

Selling, General & Administrative Expenses

96,574

97,047

0.5

Other income (Recurring)

235

173

(26.4)

Other expenses (Recurring)

452

276

(38.9)

Investment income on equity method

12

(4)

－

Business Income

776

7,025

805.6

Other income (Non-recurring)

982

780

(20.6)

Other expenses (Non-recurring)

3,486

426

(87.8)

Operating Income (Loss)(1,728)

7,379－

Net Income (Loss) Attributable to Owners of the Parent(1,181)

4,705－

Revenue
Sales volume (million cases)

Note: 1. “Business Income (Loss)” is a measure of our underlying or recurring business performance. Business Income (loss) deducts cost of sales and selling,
general and administrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.
2. Net Income (Loss) Attributable to Owners of Parent in 2021 is a total of continuing operation and discontinued operation results.

3Consolidated net revenue was 612,321 million yen (3.9% increase of 22,790 million yen from the same in the period prioryear). Although the negative impact on sales volume immediately after the price revisions of large PET in May was significant,sales volume increased by 5% versus the same period of the previous year. This was due to the introduction of new products andchannel-specific efforts to meet diversifying consumer needs, which were supported by a recovery in traffic and increased
demand due to the heat wave. Volume growth in the profitable immediate consumption channels and an improving trend inwholesale revenue per case through price revisions, channel-specific efforts to improve profitability contributed to the increase
in revenue. In the third quarter (July 1, 2022 to September 30, 2022), revenue growth outpaced volume growth.
Consolidated business loss was 11,196 million yen (14,023 million yen loss in prior year period). Despite higher commodity
prices and the yen depreciation, and the cycling of temporary cost savings implemented in the same period of the previous year,
business income increased (loss decreased). This was achieved through volume growth, improved package mix, profit
contribution from improving wholesale revenue per case since the second quarter, and cost savings through improved
manufacturing, logistics efficiency, and transformation.
Consolidated operating loss was 7,053 million yen (19,978 million yen loss in prior year period). Addition to business income
increasing versus the same period of the previous year, operating income increased versus the same period of the previous year
due to gains on sales of fixed assets and a decrease in the temporary paid leave expenses. Other income (non-recurring) for the
year-to-date third quarter includes, gain on sales of fixed assets of 4,060 million yen and 3,329 million yen in government
subsidies for employment adjustment. Other expenses (non-recurring) include 2,168 million yen in temporary paid leave
expenses and 517 million yen in special retirement allowances related to the voluntary employee retirement programs.
Net income attributable to owners of the parent for the year-to-date third quarter was a loss of 5,194 million yen (1,535 million
yen loss in prior year period). This was due to a gain on transfer of shares of subsidiary Q'sai Co., Ltd. in the same period of theprevious year, being recorded in discontinued operations.
Sales volume trends (% change from same period of previous year)
Year-to-date third quarter period sales volume increased by 5%. The third quarter period sales volume increased by 7%,
despite the continued negative volume impact from the large PET price revisions, demand increased with the continued recovery
trends in consumer traffic and the heat wave. By channel, supermarkets, drugstores and discounters were impacted by the decline
in large PET volume due to price revisions and from the severe competition, despite the small PET showing growth trends withthe execution of campaigns to capture traffic recovery and effective introduction of new products. As a result, sales volume atsupermarkets declined by 4% for the year-to-date third quarter, while sales volume at drugstores and discounters increased by
2%, partly due to an easing trend in the impact of volume declines of large PET. Vending continued to grow steadily, leveraging
the market share base built to date, capturing the traffic recovery and demand from favorable weather. Strengthened productlineups, stepped-up vending machine placement activities, and campaigns through the Coke ON smartphone app, which hasreached 40 million downloads, contributed to an 8% increase in volume in the third quarter and a 5% increase for the year-todate period. Especially, the volume of vending machines located indoors, such as offices, schools, and leisure facilities, has beenat the heart of volume recovery. In addition, wholesale revenue per case improved from the same period of the previous yearwith the appropriate pricing strategies. In CVS, volume increased by 2%, despite being impacted by the challenging competitiveenvironment, mainly through campaigns and activities in collaboration with customers. In retail & food, volume increased by
25% with the recovery in customer traffic returning to dine at restaurants. In online, volume grew by 33%, supported by growthin all categories, achieved even during the period of traffic recovery by capturing demand for at-home consumption with thehigh convenience it offers. Offerings of label-less products, tie-up promotions with major online customers, and the acquisitionof subscription type consumers also supported growth.
By beverage category performance, sparkling sales volume grew by 2%, despite the negative volume impact from the large
PET price revisions, contributions from volume growth at vending and restaurants with traffic recovery, and new products suchas Fanta Premier Lemon contributed. Sales volume of tea products increased by 1%, while there were contributions from Yakanno Mugicha from Hajime which continues to enjoy steady sales growth since its launch in the previous year and new productsuch as Ayataka Cafe Hojicha Latte, large PET declined due to the impact of price revisions. Coffee sales volume increased by
4%, supported by strengthening of the Costa Coffee lineup and new products such as Georgia Black. Sports grew by 10%, both
small and large PETs grew with restrictions being lifted on events and other activities, also benefiting from the heat wave. Water
sales volume grew by 10% with the increase in small PET mainly in immediate consumption channels as traffic recovered andwith the heat wave, as well as an increase in large PET by capturing at-home consumption demand.
In the alcohol category, sales volume decreased by 17%. Despite the contributions from new products such as Lemon-dou
Uchiwari Lemon, offerings of 350ml can multi-packs, and renewals for the Lemon-dou brand, the cycling impact of new
products launches in the previous year and of the at home-drinking demand that grew with the COVID-19 had an impact. The
non-alcoholic beverage Yowanai Lemon-dou, launched this year continued to do well.

4(2) Qualitative Information on Consolidated Financial Position
Assets at the end of the quarter were 831,736 million yen, a decrease of 35,375 million yen from the end of the prior year
period. This is mainly due to a decrease in “Cash and cash equivalents” upon the redemption of bonds, alongside an increase in“Inventories”.
Liabilities at the end of the quarter were 353,042 million yen, a decrease of 21,618 million yen from the end of the prior year
period. This is mainly due to a decrease in “Bonds and debts” under current liabilities upon the redemption of bonds, alongside
an increase in "Trade and other payables".
Equity at the end of the quarter was 478,694 million yen, a decrease of 13,758 million yen from the end of the prior year
period. This is 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 Forecast of Consolidated Financial Results, the Company has no change with the full-year forecast for the fiscal year
ending December 31, 2022, which was announced on May 12, 2022.

5

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

As ofDecember 31, 2021
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

6

As of
September 30, 2022

110,497
105,320
67,583
1,320
16,27579,991
103,825
73,481
1,641
15,824300,995

274,762434,994
25,144
66,219427,177
21,05565,826281

333

19,511
13,960
6,006
566,116

19,21018,226
5,147
556,973

867,111

831,736(Millions of yen)

As ofDecember 31, 2021

As of
September 30, 2022

Liabilities and equity
Liabilities
Current liabilities:
Trade and other payables
Bonds and debts
Lease liabilities
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities

103,260
30,990
4,050
－
1,139
9
16,085

110,794
1,000
4,861
658
203
－
20,405

Total current liabilities
Non-current liabilities:
Bonds and debts
Lease liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities

155,535

137,921

156,622
22,462
17,605
2,137
17,3792,920

155,681
17,693
19,495
1,679
17,532
3,041

Total non-current liabilities
Total liabilities

219,125
374,660

215,121353,042

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

15,232450,832
109,273(85,661)2,644
492,320131
492,451

15,232451,203
95,107(85,665)2,683
478,559134
478,694

Total liabilities and equity

867,111

831,7367

(2) Condensed Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)The Nine-months ended September 30, 2022
Nine months ended
September 30, 2021
Continuing operations
Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Investment income (loss) on equity method
Operating income (loss)
Financial revenue
Financial expenses
Income (Loss) for the period before income taxes
Income tax benefit
Net income (loss) for the period from continuing
operations
Discontinued operations
Net income for the period from discontinuing operations
Net income (loss) for the period
Net income (loss) for the period attributable to
Owners of parent
Income (Loss) from continuing operations attributable toowners of parent
Income from discontinued operations attributable toowners of parent
Non-controlling interests
Earnings (Loss) per share (yen)Continuing operations
Discontinued operations
Earnings (Loss) per share

8(Millions of yen)
Nine months ended
September 30, 2022

589,531
328,708
260,823
273,868
6,234
13,046(121)(19,978)309
726(20,395)(6,338)612,321345,004
267,317
278,322
8,132
4,237
57
(7,053)
179
1,073(7,947)(2,756)(14,057)(5,191)

12,505(1,552)－(5,191)(14,040)(5,194)

12,505－(17)3(78.28)69.72(8.56)(28.96)－(28.96)

(Condensed Consolidated Statements of Comprehensive Income)The Nine-months ended September 30, 2022
(Millions of yen)

Nine months ended
September 30, 2021
(1,552)Nine months ended
September 30, 2022
(5,191)

(12)

－

1,794

329

Subtotal

1,782

329

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

2,198
2,198
3,980
2,428

1,715
1,715
2,044
(3,147)

Comprehensive income (loss) attributable to:
Owners of parent
Non-controlling interests

2,445
(17)

(3,150)3

Net income (loss) for the period
Other comprehensive income (loss):
Items that will not be reclassified subsequently to income orloss:
Share of other comprehensive income (loss) ofinvestments accounted for using equity method
Net change in financial assets measured at fair value
through other comprehensive income9(3) Condensed Consolidated Statements of Changes in Equity
The Nine months ended September 30, 2021
(Millions of yen)

Capitalstock
Balance as of January 1, 2021
Comprehensive income (loss) forthe period
Net income (loss) for the period
Other comprehensive income
Total comprehensive income (loss)
for the period

Equity attributable to owners of the parent company
Accumulated otherAccumulatedcomprehensive
CapitalRetained
Treasuryotherincome of disposal
surplusearnings
Sharescomprehensive
groups classified asincome (loss)
for sale

Total

Noncontrollinginterests

Total

15,232450,605

120,473(85,654)

1,095

(107)

501,643450

502,093－－(1,535)－－－(1,535)(17)(1,552)

－

－

－

－

3,980

－

3,980

－

3,980

－

－

(1,535)

－

3,980

－

2,445

(17)

2,428

－
－
－

－
－
(0)

(8,967)
－
－

－
(6)
0

－
－
－

－
－
－

(8,967)
(6)
0

－
－
－

(8,967)
(6)
0

－

283

－

－

－

－

283

－

283

－

－

17

－

(17)

－

－

－

－

－

－

－

－

(895)

－

(895)

－

(895)

－

－

(107)

－

－

107

－

(297)

(297)

－

283

(9,058)

(6)

(912)

107

(9,586)(297)(9,883)

15,232450,888

109,880(85,660)

4,163－

494,503136

494,638

Transactions with owners.
Dividends of surplus
Purchase of treasury stock
Disposal of treasury stock
Transactions of share-based
payment
Reclassification fromaccumulated othercomprehensive income (loss) toretained earnings
Reclassification fromaccumulated othercomprehensive income (loss) to
non-financial assets
Changes from loss of control
Total transactions with owners.
Balance as of September 30, 2021

10

The Nine months ended September 30, 2022
(Millions of yen)

Equity attributable to owners of the parent company
Total

Noncontrollinginterests

492,320131

492,451(5,194)

3(5,191)

2,044

－

2,044

2,044

(3,150)3(3,147)－－(8,967)－(8,967)

－

(4)

－

(4)

－

(4)

(0)

－

0

－

0

－

0

－

371

－

－

－

371

－

371

－

－

(5)

－

5

－

－

－

－

－

－

－

(2,010)(2,010)－(2,010)－15,232371
451,203(8,972)
95,107(4)(85,665)(2,005)
2,683(10,611)478,559－
134(10,611)478,694

Capitalstock

CapitalsurplusRetainedearnings

15,232450,832

109,273－－－(5,194)

－

－

－

－

－

2,044

－

－

(5,194)－－－(8,967)Purchase of treasury stock－－

Disposal of treasury stock－

Transactions of share-based
payment

Balance as of January 1, 2022
Comprehensive income (loss) forthe period
Net income (loss) for the period
Other comprehensive income(loss)
Total comprehensive income (loss)
for the period
Transactions with owners
Dividends of surplus

Reclassification fromaccumulated othercomprehensive income (loss) toretained earnings
Reclassification fromaccumulated othercomprehensive income (loss) to
non-financial assets
Total transactions with owners
Balance as of September 30, 2022

Treasuryshares

Accumulated othercomprehensive
income (loss)(85,661)
2,644

11

Total

(4) Notes to Condensed Consolidated Financial Statements(Notes Relating to Going Concern Assumption)
Not applicable.
(Changes in Accounting Estimates)(The Change in useful life of Property, Plant and Equipment)
The group depreciated its sales equipment mainly over a useful life period of 9 years. However, as consumer spending patterns
have been impacted by the pandemic, we have decided to further strengthen the margin & ROI-focus commercial strategy from2022 and determined the policy to utilize our sales equipment on a longer-term basis and more efficiently than in the past. Also,these are to be reflected in our new mid-term business plan, which is under development. As a result, the main useful life of sales
equipment has been revised to 11 years and it was applied prospectively from this first quarter.
As a result of this change, operating loss and loss before tax for nine months ended September 30, 2022 by 6,478 million yen,respectively, compared with those based on the previous useful life.
(Segment Information)
As the Group operates a single segment of the beverage business, the reportable segment explanation will be omitted.

12