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

Consolidated Financial Summary for
the First Quarter Ended March 31, 2021 (IFRS)
May 13, 2021
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 Finance Operations and Controllers Division, Finance, Name: Satoshi Kon Phone: +81-3-6896-1707
Expected date of quarterly report submission: May 14, 2021
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)

1. Consolidated financial results for the first quarter 2021 (from January 1, 2021 to March 31, 2021)(1) Consolidated financial results
Revenue

1st quarter, 2021
1st quarter, 2020

million yen
168,399
193,029(Percentages indicate changes over the same period in the prior fiscal year)
Net Income (loss)
Total comprehensive
Operating loss
Net Income (loss) attributable to owners of
Income (loss)
the parent
million yen％
million yen％
million yen％ million yen％(15,142)
1,306
1,316 －
5,013 －－－
(8,428)(5,689)(5,690) －(10,807) －－－Business income％(12.8)(2.9)

million yen(11,596)(7,081)％－－

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

yen
7.34
(31.73)

1st quarter, 2021
1st quarter, 2020

*1. “Business Income (loss)” is a measure of our recurring business performance that is calculated as costs of goods and selling, general andadministrative expenses are deducted from revenue, and other income and expenses are added and subtracted accordingly.
2. In the fiscal year ending 31 December 2020, the Healthcare and Skincare business has been classified as a discontinued operation as a result of
the decision to sell all shares in Q'sai held by the Company. As a result, revenue, business Income and operating loss for the previous financial
period have been reclassified to the amounts for continuing operations excluding discontinued operations.

(2) Consolidated financial position
Total assets

Total equity

million yen
930,972
939,603

Mar. 31, 2021
Dec. 31, 2020

Equity attributable to parent owners

million yen
502,375
502,093

million yen
502,232
501,643

Ratio of equity attributable toparent owners
％
53.9
53.4

2. Dividends
Dividends per share
1Q

2Q

3Q

Year-end

Annual

yen

yen

yen

yen

yen

FY ended December 2020

－

0.00

－

25.00

25.00

FY ending December 2021

－
－

25.00

50.00

FY ending December 2021
25.00
(forecast)
Note: Revisions to the cash dividends forecasts most recently announced: None

3. Forecast for consolidated financial results 2021 (from January 1, 2021 to December 31, 2021)
Revenue

Full-year 2021

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

millionyen％

million yen％

million yen％

million yen

％

yen

－

－

－

－

－

－

－

－

－

－

－

Note: Revisions to the forecasts of consolidated operating results most recently announced: None
The financial forecast for the fiscal year ending December 31, 2021 has not yet been determined because it is difficult to reasonably estimate at this time due tomany uncertain factors such as the impact of the spread of the COVID-19 on our business activities. We will provide an update when we are able to estimate theimpact to our outlook.

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):F
1st Quarter, March 2021:
206,268,593 shares
FY ended December 2020:

206,268,593 shares

2) The number of treasury shares:
1st Quarter, March 2021:

26,921,810 shares

FY ended December 2020:

26,920,298 shares

3) The number of average shares outstanding:
1st Quarter, March 2021:
179,347,655 shares
1st Quarter, March 2020:

179,350,772 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 due to a number of inherent uncertainties in the forecast. Actual results may differ materially from the forecast.
Furthermore, please refer to “1. Qualitative Information on the Financial Summary for this Quarter (3) Information on the Future
Outlook, such as Forecast of Consolidated 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 ........................................................................................................... 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 ............................................................................................................... 11(Notes Relating to Going Concern Assumption) ............................................................................................................................. 11(Changes in Accounting Policies).................................................................................................................................................... 11(Segment Information) .................................................................................................................................................................... 111

1. Qualitative Information on the Financial Summary for this Quarter(1) Qualitative Information on Consolidated Financial Results
Coca-Cola Bottlers Japan Holdings Inc. (“CCBJH” or the “Company”, or “we”) announced first-quarter results for the fiscal
year ending on December 31, 2021 (January 1, 2021 to March 31, 2021)
During the continued outbreak of the novel coronavirus (COVID-19), the safety and health of our consumers, our customers
and our employees— especially those working daily to produce and supply essential goods and services— is our number one
priority. Our mission is to deliver happy moments to everyone, even in challenging times, and we have been working withcomprehensive business continuity actions in place to ensure safe and secure product supply. In addition to implementing
comprehensive infection prevention measures in our commercial activities, we also implemented more flexible work styleinitiatives, such as working from home and online meetings.
During this quarter (January 1, 2021 to March 31, 2021), the total domestic nonalcoholic ready-to-drink (NARTD) beverageindustry volume performance is expected to have declined compared to the prior year, with a new state of emergency declarationfrom mid-January to late March. While the demand for at-home consumption increased as consumers stayed home during the
pandemic, the overall decline in consumer traffic in retail stores, restaurants and at vending machines drove down demand andencouraged the trend of more budget-minded consumer behavior.
We continue to drive fundamental business transformation initiatives as part of our mid-term strategic business plan announcedin August 2019, under the guiding principle that “business as usual is not an option”. This has not changed, despite the near-term
challenges of the COVID-19 pandemic. We are implementing initiatives to return the business to a sustainable growth trajectory,
including transformation in the important vending channel and back-office routines to drive cost efficiencies. We are also finding
opportunities during these turbulent times to accelerate the pace of ongoing transformation projects and to identify newopportunities. This helps to ensure that we protect the business during current challenges and are well-prepared for the evolutionof the business environment in the longer term.
As disclosed in the December 15, 2020, “Notice of Selling of Shares of Q'sai Co., Ltd. and Gain on The Sale of Shares as well
as Revision of Earnings Forecast”, the share transfer of the Company’s consolidated subsidiary, Q'sai Co., Ltd. (Head Office:Fukuoka City, Fukuoka Prefecture; "Q'sai") was completed on February 1, 2021. As a result of the share transfer, 12.8 billion yen
of gains from stock transactions and 45 billion yen of cash inflow was recognized in the first quarter of 2021. Accordingly, we haverevised our business segment reporting to reflect only the results of continuing operations, the beverage business, after the sale ofthe health and skincare segment and relevant sections of prior year financial statements and notes have been reclassified.
For the first quarter of the fiscal year, while sales volume decreased due to the ongoing impact of COVID-19, we continued ourtransformation and cost saving initiatives to offset the impact of the sales decrease. Q1 2021 is cycling relatively solid performancein January and February 2020, prior to the beginning of the COVID-19 impact being felt in Japan. Details are as follows.
In addition to the business update in this document, please also see our earnings presentation material posted on the Company
IR website (https://en.ccbj-holdings.com/ir/library/presentation.php) to be used in our earnings conference call on Friday, May 14
at 8:30 am (JST). The earnings presentation and audio will be available live and on demand as an audio webcast in the IR sectionof the CCBJH website.

Q1 2021 Highlights
・ First quarter 2021 reflects the ongoing impact of COVID-19 and a new State of Emergency declared in January, as we cycle
a period of limited impact in Q1 2020 as initial restrictions were announced starting in March.
・ Major transformation initiatives continue as we reset a solid foundation for recovery and future growth, while also navigating
volatility in the current environment.
・ Due to the continued impact of COVID-19, Q1 net revenue declined 24.6 billion yen (13%) and Business Income declined
4.5 billion yen versus prior year. Sales volume declines and mix deterioration due to COVID-19 impacted the business while
we accelerated transformation efforts and cost reduction initiatives, and started investing again in marketing programs andnew product innovation for growth in 2021 after pullback in 2020.
・ Market share in terms of both volume and value in the important vending channel continued to grow, with 24 consecutive
months of value share growth. In addition, retail channel value share continued to recover and was even versus prior year.
The promotional environment is becoming more competitive in some areas, but we are responding to changes in consumer
behavior as a business opportunity.
・ The Saitama Mega Distribution Center (DC), a key base for logistics in the Tokyo metropolitan area, started operations in2

February, showing good progress in establishing a flexible and resilient supply network.
・ Although the business environment remains uncertain due to the declaration of a third COVID-19 state of emergency, we
will continue to focus on areas that we can control and strive to secure profits while minimizing pressure on the top line andpromote initiatives that will lead to medium to long-term business growth.
・ Continued focus on ESG initiatives. Announced the use of 100% recycled PET resin for Brand Coca-Cola and other small
PET bottles.

Summary of Consolidated Financial Results(Millions of yen)

Year-to-date Q1 (January to March)
1st Quarter 2020
(January – March)

1st Quarter 2021
(January – March)

193,029

168,399(12.8％)

108

97(10.2％)

Gross Profit

88,88874,161(16.6％)

Selling, General & Administrative Expenses

95,66385,426(10.7％)

Other income (Recurring)

221

199

(10.1％)

Other expenses (Recurring)

468

391

(16.4％)

Investment loss on equity method

(59)

(139)

－

(7,081)(11,596)－

Other income (Non-recurring)

0

991

－

Other expenses (Non-recurring)

1,348

4,537

236.6％

Operating Loss

(8,428)(15,142)－(5,690)

1,316－

In million JPY

ChangeContinuing Operation (Beverage Business)
Revenue
Sales volume of beverage business (million cases)

Business Income

Net Income (Loss) Attributable to Owners of Parent

Note: 1. “Business Income (loss)” is a measure of our underlying or recurring business performance. Business Income (loss) deducts cost of goods andselling, 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 is a total of continuing operation and discontinued operation results.

Net revenue for first quarter 2021 declined to 168,399 million yen (decrease of 24,629 million yen from prior-year period,
down 12.8%) due to 10% year-on-year decrease in sales volume caused by the continued impact of COVID-19 and cycling
limited impact in the same period last year, mainly from March onward. Although we implemented extensive cost reduction
initiatives in all areas, including personnel expenses and other indirect costs, in order to offset the impact of the decline in sales
revenue, the deterioration of the channel mix due to the decline in sales volume in the highly profitable vending and convenience
store (CVS) channels had a negative impact, resulting in a consolidated business income loss of 11,596 million yen (7,081million
yen loss in the same period previous year)
Consolidated operating loss was 15,142 million yen (8,428 million yen loss in the same period of previous year). Other income(non-recurring) includes 990 million yen in government subsidies for employment adjustment to offset temporary leave expense(hereinafter referred to as temporary leave expenses). Other expenses (non-recurring) include 3,736 million yen in temporary
leave expenses and 257 million yen in business structure improvement expenses related to the implementation of transformation
based on the medium-term plan.
Net income attributable to owners of parent for the quarter, a total of continuing operations and discontinued operation, was
1,316 million yen (5,690 million yen loss in the prior year period) as a gain of 12,841 million yen was recorded in discontinued
operations as gains from stock transactions due to the transfer of shares in Q’sai.

3

Beverage volume performance
In the first quarter, volume declined 10%. Despite growth in at-home consumption occasions, expansion and market sharegains in online sales, and the initial contribution of new products launched in Q1, results were lower than the prior year period
due to the continued impact of COVID-19, including the second state of emergency declaration in January, and the fact that thecoronavirus impact was limited in Q1 2020, mainly from March onward.
In terms of channel performance, retail food, vending, and convenience stores saw a significant decrease in sales volume due
to a decline in customer traffic with people staying home during the pandemic and the impact of pandemic restrictions such as
shortened business hours and restaurant closures. In vending, although signs of recovery began to appear in outdoor locations
late last year, consumer traffic was soft due to the new state of emergency declaration, especially in train stations, schools,
entertainment facilities and other indoor locations in metropolitan areas. Vending channel sales volume decreased by 12%.
Despite this difficult operating environment, we continue to grow our market share in vending, with 24 consecutive months ofvalue share growth. In retail and food channels, sales decreased by 36% due to reduced customer traffic at restaurants and othercommercial venues. Convenience store sales decreased 9%, reflecting lower consumer traffic as well as increased competitiveand promotional activity. On the other hand, sales at supermarkets and drugstores & discounters increased by 1% and 7%,
respectively, reflecting our efforts to “win where the growth is” by responding to changes in the frequency of customer visits
and consumption patterns, such as rising home consumption demand and bulk purchases. Online sales are growing significantly,
with 65% growth in Q1, spurred by expansion of label-less products and various promotions in-line with changes in customers'
consumption behavior.
In terms of beverage category performance, sparkling beverages declined 7%, partly offset by the contribution from the fullrenewal of Coca-Cola Zero last year and the expansion of the Fanta Premiere series. Non-sugar tea (NST) volume decreased
10%, partly offset by contribution from Karada Odayakacha W tea and Ayataka Cafe Matcha Latte. Coffee volume declined 9%
mainly due to a decline in can products, partly offset by contribution from PET bottled coffee Georgia Latte Nista. The sports
drink category volume declined 11% as a result of a decline in the overall category as sports events remain restricted and withsofter performance in large PET packaging. Water volume increased 8%, as demand for home consumption drove the growthof large PET in supermarkets, drugstores & discounters and online.
The ready-to-drink alcohol brand, Lemon-dou declined 15% as we cycle the prior year period, which was immediately after
the nationwide launch. We continue to expand in-house alcohol production capacity given expectations for growth in this new
category for Coca-Cola in Japan.
(2) Qualitative Information on Consolidated Financial Position
Assets at the end of the quarter were 930,972 million yen, a decrease of 8,631 million yen from the end of the prior period.
This is mainly due to the completion of the Q’sai share transfer on February 1, 2021, resulting in a decrease in Assets held for
trading and an increase of Cash and cash equivalents. Due to the decrease in net revenue, Trade and other receivables decreased,
and there was a decrease in Property, plant and equipment reflecting consolidation of sales/distribution locations.
Liabilities at the end of the quarter were 428,597 million yen, a decrease of 8,913 million yen from the end of the prior year
period. This is mainly due to the completion of the Q’sai share transfer, decreasing the Liabilities directly associated with assets
held for sale.
Net Assets at the end of this quarter were 502,375 million yen, an increase of 282 million yen. This reflects a decrease in
Retained Earnings as a result of dividend payments, offset by an increase in Accumulated other comprehensive income driven
by increase in the market value of investment securities.
(3) Qualitative Information on the Future Outlook, such as Forecast of Consolidated Financial Results
The consolidated business forecast for the fiscal year ending December 31, 2021 has not yet been determined because it isdifficult to estimate at this time due to many uncertain factors such as the impact of the spread of COVID-19, including theissuance of the third state of emergency declaration, the expected decrease in the number of such infections, the time frame for
vaccination, and the impact on the market.

4

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

As ofDecember 31, 2020
AssetsCurrent assets:
Cash and cash equivalents
Trade and other receivables
Inventories
Other financial assets
Other current assets
Subtotal
Assets held for trading
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, 2021

114,778
96,00968,180702
17,195

165,055
81,23569,292
1,691
23,531

296,865
48,138340,803

345,003－
340,803

460,50229,81066,193454,419
27,472
66,403287

305

25,6404,986
7,183
594,601

26,1858,806
6,578
590,169

939,603

930,972(Millions of yen)

As ofDecember 31, 2020

As ofMarch 31, 2021

Liabilities and equity
Liabilities
Current liabilities:
102,480
51,072
5,547
408
3,238
9
15,923

105,228
51,046
5,942
1
1,493
9
16,008Subtotal
Liabilities directly associated with assets held
for sale
Total current liabilities
Non-current liabilities:
Bonds and debts
Lease liabilities
Other non-current liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

178,676

179,728

7,193－

185,869

179,728

187,51425,858605
14,876
2,119
17,296
3,375
251,641

187,038
23,077－
15,5502,121
17,5483,534
248,869

Total liabilities

437,510428,597

15,232450,605
120,473(85,654)
1,095

15,232450,699
117,216(85,657)
4,742

(107)

－

501,643450
502,093502,232143
502,375

939,603

930,972

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

Equity:Capital stock
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income (loss)
Accumulated other comprehensive income ofdisposal groups classified as for sale
Equity attributable to owners of parent
Non-controlling interests
Total equity
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
(Millions of yen)Three months ended
March 31, 2021

Three months ended
March 31, 2020
Continuing operations
Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Share of income (loss) of entities accounted for using
equity method
Operating income (loss)
Financial revenue
Finance costs
Income (loss) for the period before income taxes
Income tax expense
Net income(loss) for the period from continuing
operations
Discontinued operations
Net income(loss) for the period from discontinuing
operations
Net income (loss) for the period
Net income (loss) for the period attributable to
Owners of parent
Loss from continuing operations attributable to ownersof parent
Profit from discontinuing operations attributable toowners of parent
Non-controlling interests
Earnings per share (yen)Continuing operations
Discontinued operations
Earnings (Loss) per share7

193,029
104,141
88,88895,663
221
1,816

168,399
94,23974,16185,426
1,190
4,928

(59)

(139)

(8,428)94
273(8,607)(2,588)(15,142)68
340(15,414)(4,216)(6,018)(11,199)330

12,505(5,689)1,306(6,019)(11,189)329

12,5052(10)(33.56)
1.83(31.73)(62.39)69.72
7.34

(Condensed Consolidated Statements of Comprehensive Income)First Three-month period of a fiscal year
(Millions of yen)

Net Income (loss) for the period
Other comprehensive income (loss):
Items that will not be reclassified subsequently to income or
loss:
Remeasurements of defined benefit plans
Net change in financial assets measured at fair value
through other comprehensive Income (loss)
Subtotal
Items that may be reclassified subsequently to Income (loss):
Cash flow hedges
Subtotal
Total other comprehensive income (loss) for the period
Total comprehensive loss for the period
Comprehensive Income (loss) attributable to:
Owners of parent
Non-controlling interests

8

Three months ended
March 31, 2020
(5,689)Three months ended
March 31, 2021
1,306

－

(12)

(3,414)

2,016(3,414)

2,005(1,704)(1,704)(5,119)(10,807)

1,703
1,703
3,707
5,013

(10,809)
2

5,023
(10)

(3) Condensed Consolidated Statements of Changes in Equity
Three months ended March 31, 2020
(Millions of yen)
Equity attributable to owners of the parent company

Balance as of January 1, 2020
Comprehensive Income (loss) for theperiodNet loss for the period
Other comprehensive loss
Total comprehensive loss for theperiodTreasury
Shares

Accumulated othercomprehensive
incomeNoncontrollinginterests

Capital stockSharepremium

Retainedearnings

15,232450,526

121,372(85,649)4,517

505,999492

506,491－－(5,690)－－(5,690)2(5,689)

－

－

－

－

(5,119)(5,119)－(5,119)－－(5,690)－(5,119)(10,809)2(10,807)

－
－
－

－
－
(0)

(4,484)
－
－

－
(3)
0

－
－
－

(4,484)
(3)
0

(28)
－
－

(4,512)
(3)
0

－

66

－

－

－

66

－

66

－

－

0

－

(0)

－

－

－

－

－

－

－

170

170

－

170

－

66

(4,484)(3)

170(4,250)(28)(4,278)15,232450,592

111,198(85,652)(432)

490,939466

491,405

Total

Total

Transactions with owners.
Dividends of surplus
Purchase of treasury stock
Disposal of treasury stock
Transactions of share-based
payment
Reclassification fromaccumulated other comprehensive
income (loss) to retained earnings
Reclassification fromaccumulated other comprehensive
income to non-financial assets
Total transactions with owners.
Balance as of March 31, 20209

Three months ended March 31, 2021
(Millions of yen)

Capitalstock
Balance as of January 1, 2021
Comprehensive Income for theperiodNet income (loss) for the period
Other comprehensive Income(loss)
Total comprehensive income (loss)
for the period
Transactions with owners

15,232Equity attributable to owners of the parent company
Accumulated other
Other
comprehensive
Share
Retained
Treasurycomprehensive
income of disposal
premium
earnings
sharesincomegroups classified asaccumulated
for sale
450,605
120,473(85,654)
1,095
(107)

Total

Noncontrollinginterests

Total

501,643450

502,093

－
－

1,316

－

－

－

1,316

(10)

1,306

－

－

－

3,707

－

3,707

－

3,707

－

－

1,316

－

3,707

－

5,023

(10)

5,013

－

－

(4,484)－－－(4,484)－(4,484)Purchase of treasury stock

－

－

－

(3)

－

－

(3)

－

(3)

Disposal of treasury stock

－

－

－

－

－

－

－

－

－

Transactions of share-based
payment

－

94

－

－

－

－

94

－

94

－

－

18

－

(18)

－

－

－

－

－

－

－

－

(42)

－

(42)

－

(42)

Changes from loss of control

－

－

(107)

－

－

107

－

(297)

(297)

Total transactions with owners
Balance as of March 31, 2021－
15,232

94
450,699(4,573)
117,216(3)(85,657)

(60)
4,742

107
－

(4,434)502,232(297)
143(4,731)
502,375

Dividends of surplus

Reclassification fromaccumulated othercomprehensive income (loss) toretained earnings
Reclassification fromaccumulated othercomprehensive income to nonfinancial assets－

10(4) Notes to Condensed Consolidated Financial Statements(Notes Relating to Going Concern Assumption)
Not applicable.
(Changes in Accounting Policies)
Not applicable.
(Segment Information)
From the current fiscal year, the Group has changed to a single segment of "Beverages". As the Group operates a single segment
of beverage business, explanation by reportable segment is omitted. This is because the healthcare and skincare business wasclassified as a discontinued operation following the conclusion of an agreement to transfer all shares in Q'sai to Q-Partners Co.,Ltd on December 15, 2020. The transfer of all shares in Q’sai was completed on February 1, 2021.

11