A member of the Financial Accounting Standards Foundation

Consolidated Financial Summary for the 1st Quarter of Fiscal 2005

April 25, 2005

Company name: Coca-Cola West Japan Company, Limited(CCWJ)
Code number: 2579
(URL http://www.ccwj.co.jp/)
Representative: title: Representative Director, President and CEO
name: Norio Sueyoshi
Inquiries:
manager in charge:
Executive Officer and General Manager, Finance
name:
Tadanori Taguchi

1.

Stock exchange listings: Tokyo, Osaka andFukuoka
Headquarters located inFukuoka Prefecture

Phone: +81-(0)92-641-8581

Principles for Preparation of Quarterly Financial Report(1) Simple methods applied in accounting processing(2) Changes in accounting principles since the previous fiscal year

None
Yes, in accordance with partial amendment of“Accounting Standards Relating to Retirement
Benefits”
None(3) Changes in the scope of consolidation and application of the equity method

2. Consolidated Financial Data for the First Quarter Ended March 31, 2005
(1) Consolidated operating results(rounded down to the nearest million yen)
Net sales
Q1 ended Mar 31, 2005
Q1 ended Mar 31, 2004
(N.B.) fiscal 2004

Operating income

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

54,16555,129253,248-1.7
7.1

1,789
4,484
16,860-60.1
170.1

1,914
4,549
17,065

-57.9
150.7

827
2,626
8,564-68.5
191.6

Basic net income pershare
Q1 ended Mar 31, 2005
Q1 ended Mar 31, 2004
(N.B.) fiscal 2004

Net income

Recurring profit

Diluted net income pershare

yenyen10.65
33.18
108.8010.64
32.83
108.62

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 quarter of this fiscal year are as follows:
Net salesNet sales for the quarter amounted to 54,165 million yen, a fall of 1.7% compared with the first quarter in fiscal
2004. The fall was due mainly to lower sales volumes.
Operating income-1-Lower sales volumes were also behind a fall in operating income, which declined by 2,695 million yen, or60.1%, year on year to 1,789 million yen for the first quarter in fiscal 2005. Another factor behind this fall was theabsence of the 2,270 million yen profit associated with amortization of prior service liability benefiting from thechange of retirement benefit program, which had been included in operating income for the first quarter in fiscal
2004.
Recurring profit and net income
Recurring profit fell 57.9% to 1,914 million yen, and net income fell 68.5% to 827 million yen. Lower operating
income had pushed both figures below those for the first quarter of fiscal 2004.
(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, 2005
Q1 ended March 31, 2004
(N.B.) fiscal 2004

197,556
204,953
207,216

166,396
166,818
167,036

84.2
81.4
80.6

2,142.29
2,107.61
2,149.99

Consolidated cash flows
Net cash provided byoperating activities

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

1,083
5,702
21,502-3,626-2,336-14,592-1,775-1,509-6,991

17,47023,726
21,788

Q1 ended March 31, 2005
Q1 ended March 31, 2004
(N.B.) fiscal 2004

Qualitative information on changes in consolidated financial position
Status changes in each cash flow category for the first quarter of fiscal 2005 are as follows:
Cash flows from operating activities
Cash flows in this category were 1,083 million yen, 81.0% less than in the first quarter of fiscal 2004.
Coca-Cola National Beverage Co., Ltd., which is managed by all bottlers throughout Japan, started full-scale
operation on April 1, 2005 and now supplies all the products to these bottlers. Simultaneously, the grace period oncredit was shortened, which resulted in a decrease in the balance of account payable. Mainly due to this, cash flowfrom operating activities decreased for the period under review compared to the first quarter in fiscal 2004.
Cash flows used in investing activities
Cash flows used in investing activities reached minus 3,626 million yen, a negative balance 55.2% bigger thanthat for the first quarter in fiscal 2004.
During the first quarter of fiscal 2004, CCWJ reviewed its monetary assets with the aim of deploying money
more effectively, and sold some bond investments. This action increased cash flows in this category by 1,289
million yen compared with the same period in fiscal 2004.
Cash flows used in financing activities
Cash flows used in financing activities reached minus 1,775 million yen, a negative balance 17.6% higher thanthat for the first quarter of fiscal 2004. The negative net cash flow increased 266 million yen during the quarter
under review through repayment of long-term borrowings. Our group has now repaid all its long-term borrowings.
As a result, cash and cash equivalents outstanding as of the end of the period under review fell by 4,317 million
yen, or 26.4%, to 17,470 million yen when compared to the end of the first quarter in 2004.
Reference 1.

Non-consolidated financial data for the first quarter ended March 31, 2005
Net sales

Q1 ended March 31, 2005
Q1 ended March 31, 2004
(N.B.) fiscal 2004

Operating income

Net income

Recurring profit

million yen%million yen%

Million yen%million yen%

40,94442,173
195,066

-2.9
7.2

2,366
4,332
15,024

-45.4
104.9

2,672
4,681
15,546

-42.9
92.2

1,495
2,832
8,353

-47.2104.0- 2 -Total assets

Shareholders’ equity

as ofmillion yen

million yen

Q1 ended March 31, 2005
Q1 ended March 31, 2004
(N.B.) fiscal 2004

180,280
184,314
187,181

163,530
163,706
163,5013.

Consolidated earning projections for the year ending December 31, 2005
Net salesInterim ending Jun 30, 2005
Full year

Operating income

Net income

Recurring profit

million yen

million yen

million yen

million yen

120,600
254,800

6,100
15,6006,200
15,900

3,000
8,600

Note: Net income per share is projected at 110.72 yen for the full year.

Qualitative information on earnings projections
The projections for the interim and the full year have not changed from those announced on February 4, 2005.
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.
Reference 2.

Non-consolidated earning projections for the year ending December 31, 2005
Net salesInterim ending Jun 30, 2005
Full year

Operating income

million yen

million yen

million yen

million yen

93,400198,300

6,200
14,3006,500
14,800

3,600
8,300

Dividend per share for 2005
Year-end dividendInterim dividendyen

Interim ending Jun 30, 2005
Full year(Note)

Net income

Recurring profit

yen

20.00
-20.00Net income per share is projected at 106.86 yen for the full year.

- 3 -

yen

40.00