First quarter 2021
Earnings Presentation
May 14, 2021

Coca-Cola Bottlers Japan Holdings Inc.
Calin Dragan, President
Bjorn Ulgenes, Vice President & Chief Financial Officer(Posted to CCBJH website on May 13, 2021)

Forward-looking statements
The plans, performance forecasts, and strategies appearing in this material are based on the assumptions and judgment of the managementof Coca-Cola Bottlers Japan Holdings Inc. (CCBJH or Company) in view of data obtained as of the date this material was released. These
forecasts may differ materially from actual performance due to risks and uncertain factors such as those listed below.
Risks and uncertain factors are not limited to the items listed below. They are also included in our annual securities report, or “Yuka Shoken
Houkokusho”.
• Agreements with The Coca-Cola Company and Coca-Cola (Japan) Company Limited.
• The quality and safety of products• Market competition• Natural environment, such as climate, disaster, water resources, etc.
• Legal environment• Leakage or loss of information• Change of economic conditions, such as personal consumption, currency exchange rates, prices of raw materials, fair value of assets, etc.
• Business integration, streamlining and optimization of business processes, etc.

• Uncertain factors other than those above
The information in this presentation is provided for informational purposes and should not be construed as a solicitation of an investment inour securities.
CCBJH undertakes no duty to update any statement in light of new information or future events. You should rely on your own independent
examination of us before investing in any securities issued by our company.

2

Coca-Cola Bottlers Japan Holdings Inc. (CCBJH)
Q1 2021 earnings presentation

Overview and situational analysis
Q1 2021 results and 2021 outlook
Q&A

3

Overview and
Situational Analysis

Q1 2021– Focusing on what we can control amidst volatility
Mitigating COVID-19 impact

Recover & grow market share

Transforming for the long run•Delivering new recurring cost savings
for future and mitigating current risk
•Competitive environment
intensifying, but we stay focused on
appropriate market investments•Q1 cycling strong January & February,
small prior year COVID-19 impact•Continued momentum on vending
value share and OTC recovery•“Growing where the growth is”•New product launches, investing
again for future growth•Strong growth in online channel•Sale of Q’sai completed in Q1•Coke ON becoming digital platform•Saitama Mega DC starts operation•Solid progress toward ESG goals•Flexible working styles and digital
tools enable new ways of working

Consumer traffic
declines during SoE
Q1 Recurring
Cost savings about

2B Yen

New COVID State of Emergency

24

Consecutive
monthsOver

Vending value

share growth

10 New Products

Q1 Online
volume growth+65%

Winning in the market

45B Cash in
85M

Sale of Q’sai
Saitama Mega DC
Cases Shipping Capacity

Announced BtoB for
Brand Coca-Cola※

100%

Recycled Content

Foundation for future*excluding Large PET Products

5Key transformation initiatives underway and accelerating pace
Continued market uncertainty as successive States of Emergency andother countermeasures declared due to rising COVID-19 cases
SAFETY & SECURITY

AGILITY

RESILIENCE

The safety and security of
our consumers, customers,
partners, employees andcommunities are our priority

Agile and flexible businessplanning, ready for the
futureAccelerating transformation
to build a resilient
foundation“Business as usual is not an option”
6Navigating challenging environment, accelerating transformation
Initiatives

Progress

Vending /Commercial

Vending / retail (OTC) sales routetransformation
Optimized commercial organization

Completed initial vending / sales routetransformation ahead of plan in 2020
Continuing organizational structuretransformation, including supply chain

Production,
Supply Chain
Infrastructure

Production Capacity
Saitama Mega DC
Leveraging digital technology acrossvalue chain

Seven new manufacturing lines up and runningsince 2019. 20% additional aseptic capacity vs.
2018. Expanded alcohol capacity
Saitama Mega DC started operations Feb 2021
Digital technology for better demand forecast

PeopleDevelopment

Invest in people to drive transformation
End to End HR management
Diversity and Inclusion“End to End” capability development programs(Coca-Cola University, next leaders and female
leaders programs, remote & flexible work styles)
Raised female manager target to 20%

Corporate
Governance

Focus on core beverage business
Flat organization and simplified structure
Board of Directors / Governance

Q’sai divestment, selling of cross-held shares,
announced exit of rugby team ownership
Organization change for faster decision making
Diverse & experienced board; ASC structure7Capturing opportunities to drive growth in the “New Normal”
Accelerating initiatives to capture changes in consumer behavior
OnlineDigitalIncrease label less SKUs andnew package configurations,
growing revenue fromsubscription consumers

New Vending opportunity with
Coke ON Pass subscription
based model. Expanding
cashless payment

Food Delivery /Takeaway

Changing Sizes andPackaging

Capture the trend of people
eating at home with tailoredproducts and package sizes

Expand 350/700ml PET offerings insupermarket and drug & discounterchannel. Bundle and multi-packlaunch in CVS channels to capture
at-home demand.

8

Developing an agile and flexible supply infrastructure
Saitama Mega DC (East Japan) ramping up
operations in 2021 as planned. Automation,
digitalization, remote monitoring using IoT
Akashi Mega DC (West Japan) construction on plan
Shinsei logistic/distribution optimization project
ongoing; closed 2 sales/distribution centers in Q1“Next generation aseptic technology” (NAT) in
Hiroshima plant allows innovative new products
like Fanta Premier and COSTA COFFEE
New production line for ready-to-drink alcohol tostart production in Q2 2021, as planned

A total of 21 state of
the art robots installed

Saitama
Mega DC
Automated
Warehouse9Flatter org structures, new working styles, shift to digital make us more agile
Working in different ways provides opportunity for change
Rapid shift to digital in daily operations: 17,000 smartphones with work apps to all
employees
Expanding remote work, work from home leads to real change in work routines, teammanagement and customer interaction
Remote, flexible work routines and flatter org structures speed up decision-making,ensure speedy business continuity actions and help to minimize business disruption whenissues arise

Case
study

• External host issues cause CCBJI IT system outage on March 12• CCBJI mobilized virtual working teams to drive urgent shift to manual and remoteworkarounds until outage recovery• Minimal impact to service and supply thanks to speedy identification of remediation
measures. Some back-office data reconciliation work remains.

10ESG – At the core of our daily operations
Steady progress in creating shared value
RecycleAccelerate our move toward a “World Without Waste”
with the introduction of Brand Coca-Cola with 100%
recycled PET content

Certification / Recognition
Semi Nadeshiko 2021 for diversity management
2021 Health & Productivity Management Outstanding
Organization (White 500)

Food loss prevention initiatives

Food loss prevention vending machines introduced

Protecting our employees from COVID-19
Offering special paid leave for employees receiving COVID19 vaccine to promote vaccination
Supporting local communities
Donated 80,000 cases of Coca-Colabrand products to local foodbanks andmedical institutions amidst COVID-19

11

Progress against 2021 Outlook announced in February
Focusing on the controllable, building resilience and setting foundation for growthMarket share

TargetProgress

Recurring cost savings

TargetProgress

7-9 B yen

About
2 B yenAnnual dividends

Target50
yen/share

Progress
Target
Maintained

Value share growthcontinues

Recurring cost savings target
through transformation

Target maintained withsolid balance sheet

Capex

Depreciation

Content of recycled PET

TargetProgress

TargetProgress

45-50 B yen

20.1 B yen

55-60 B yen

14.6 B yen

Limited new capex during COVID
uncertainty. More savings possible.
Q1 Saitama Mega DC booked.

On plan, as we control our capex
spending

Target40%

Progress
Target
Maintained

Expand recycled PET usage, on
track to meet 50% 2022 goals*Not including IFRS16 non cash items12

Q1 2021 results

Q1 2021 results vs. Q1 2020

Continued COVID impact cycling good start to Q1 2020; Investing again in marketing andproduct launches after pause in 2020. Net income reflects profit from sales of Q’sai businessQ1 2021 Actual

Q1 2020 Actual
excl Q’sai

168,399

193,029-12.8%

Beverage Sales Volume (Million Cases)

97

108

-10%

NARTD (Non-alcoholic ready to drink) Beverage Volume (Million Cases)

96

106

-9%

COGS

94,239104,141-9.5%

Gross Profit

74,161

88,888-16.6%

SG&A

85,426

95,663-10.7%

Business Income (Loss)(11,596)(7,081)-(15,142)(8,428)-1,316(5,690)-

Revenue

Operating Income (Loss)
Net income (loss) attributable to owners of parent(Total of continuing and discontinued operations)YoY (%)

Unit: Million JPY

Some inconsistencies with the volume data provided in past presentations may
be expected as a result of standardization of volume and revenue calculation.

14

Q1 2021 Drivers of Business Income
Topline impact of consumer traffic shift during pandemic, offset by continued cost discipline
Volume, Price& Mix*

DME

Commodity

Manufacturing

Others(Direct Marketing
Expense, fixed only)-7.1
FY2020 Q1
Business
Income(Continuing
operations)-10.0• Investing again inmarketing drive
growth in 2021
• New productlaunches, Olympic
torch relay-0.3• Volume impact fromconsumer traffic
restrictions with
COVID (VM-12%, CVS9%, R&F -36%),
negative channel mix• Lower variable
expense (pricepromotions vending
commission, etc.),-11.6• New production line
depreciation increase,increase in cost percase due to lower
volume+0.4-0.5• Benign impact in
Q1 (Positive PET,
etc.)
• Monitor inflation
trend for the year

+5.9

FY2021 Q1Business
Income• Reflects
recurring savingsfromtransformation• Savings in labor,
sales equipment,
etc.

Unit: B JPY*Volume, Price & mix represent marginal profit of our commercial activities including variable costs and deduction from revenue in IFRS.

(Rounding off less than unit)

15

Q1 2021 NARTD beverage performance by channel
Growth in SM, D&D, Online channels capturing changing consumer behavior
Winning where the growth isOnline volume growth +65% vs. PY
Capturing bulk purchase demand in SM and D&D
Mix & wholesale revenue per case trend
At-home consumption increase
Competitor promotion intensity heating up
New configuration of bottles per case for 1.5L PET(From 8 to 6 bottles per case) in 2020 Q4 reduces
average revenue per case. No underlying change inin per-bottle wholesale revenue trend.
Impact of COVID-19
Retail & Food, vending, CVS volumes impacted due
to less consumer traffic.
Outdoor vending recovery trend in Q4 2020
slowed in Q1 with new COVID State of Emergency.

By channel
VolumeWholesalerevenue
per case

Supermarket (SM)+1%

-82YenDrug & Discounter (D&D)+7%-95YenConvenience Store (CVS)-9%-46YenVending (VM)

-12%

-31YenRetail & Food (R&F)-36%+35YenOnline

+65%

+7Yen

Vs. PY
3% 1%

14%

25%

25%

16%
16%

No change in underlying SM and DD averagewholesale revenue per case except for bottles
per case change (from 8 to 6 bottles per case)Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deduction
from revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

16

Q1 2021 NARTD beverage category volume performance
Continued impact of COVID-19; Introducing new products to set foundation for the year
Sparkling driven by decline in R&F, VM and CVS. Partly
By category

Vs. PY

9%
5%

27%
23%
21%
10%

5%

VolumeSparkling-7%

Non-sugar tea (NST)-10%Sports

-11%

Water

+8%

Coffee

-9%

Juice

-27%

offset by Coca-Cola Zero growth and new flavors of Fanta
Premier series
NST decline across most channels, partially offset by
growth in online channel and new products Ayataka
Matcha Latte and Karada Odayakacha W functional tea.
Sports impacted by category softness and weak small PET
volume as sporting events are restricted. Partly offset by
950ml PET growth and new Aquarius “Mamoru” brand.
Water growth driven by strong online performance andSM and D&D. Small PET for immediate consumption
channels such as CVS and VM declined.
Coffee can decline partially offset by contribution of PET
coffee Georgia Latte Nista
Juice declined due to continued weakness in R&F as
outlets remain under COVID restrictions

NARTD: Non-alcoholic ready-to-drink
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deduction
from revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

17

Building a foundation for value growth in 2021
Recovery in retail channel market share and continued vending share gains
OTC – Back to market share growth from December

Vending value share• Q1 OTC value share remained even YoY, supported by areturn to more normalized levels of marketinginvestments after 2020 pullback. Setting a foundation forrecovery and growth in 2021.

• Growing for 24 consecutive months• Market share gains across all sales regions in March 2021
Retail pricing trends• Observing continued price premium vs. market averagewith intensifying promotional activities in the market

OTC Market Share (YoY)
Market Share (vs. PY, PP)

Value

VolumeQ1(Jan. to March)

0.0

+0.3

NARTD OTC Retail Price
Vs. Market
AverageVs. PY

Small PET

+6.4

-2.1

Large PET

+21.9

-7.8

OTC Retail Price(Jan. to Mar. 2021, JPY per bottle)

Value

VolumeData source standards changed from 2021. SPET(351~650ml), LPET(1.251L~)
Retail price data source: Intage

Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021

18

Focusing on what we can control
Driving transformation for the future while mitigating current risks
Q1 2021 Situation• Challenging environment
continues as we cycle initial
COVID impact in March 2020
• Expect gradual improvement
over coming quarters• Consumer behavior andshopping patterns changing
amid COVID-19, with impact torevenue mix• Intensified competitive andpromotional environment

Focus on delivering results
as COVID impact continues✓ Transformation continues; Now morethan ever. Focus on cost management✓ Adapting to changing consumer
behavior in an agile way✓ Digital and online shift accelerating~2B yen recurring cost savings in Q1

19

Marketing and branding update

Update from Coca-Cola (Japan) Company, Limited

2021 Q1 Initiatives Review
2021 Q2 Initiatives Highlight21

2021 Plan:
Continue flexible and timely actions to adapt to changes
Ramping up marketing activities for solid growth

FEWER, BIGGERINNOVATIONS
選択と集中

PIVOT TO CORE
コアへの原点回帰

STAY@ HOME
家庭内需要の獲得

22

2021 Q1 Initiatives Review
Building consumer engagement and new users via core & innovation
Coca-Cola TM“Live the moment” Campaign“GEORGIA” x “GUNDAM”
Campaign

AYATAKA TM Traditional
Crafts Donation Bottle

Popular group “NiziU”,
High consumer engagementwith 1.1 mil applicantsHigh consumer engagementwith 2.6 mil applicants

830K promo applicants

AQUARIUS
Mamoru Lactobacillus Water

Karada Odayakacha W

Fanta PremierRenewalSuccessfully captured Family needs
amid COVID-19 pandemic

Japan’s first ever FFC w/double effect on“memory” & “blood pressure”

Further strengthen
the “Premium Sparkling positioning”(x2 times vs.LY)※1 記憶力と血圧にWではたらくGABAを含む無糖茶(機能性表示食品)として※2 以前に覚えた単語、図形、物語などを
思い出す力

23

2021 Q2 Initiatives Highlights (Apr-May)
Expand users and drinking occasions by enhancing the core
Coca-Cola TM,
Fanta, Sprite, Canada Dry
350mlPET/700mlPET
National expansion
optimized price/pack format

AYATAKA TM New Campaign“My Choice is AYATAKA”

Ouchi-de-Café GEORGIA“At Home GEORGIA”

User expansion

Captureat home consumption242021 Q2 Initiatives Highlights (Apr-May)
Offer new value through Big Bet innovations
COSTA COFFEE

Yakan barley tea
from Hajime

ICY SPARK
from Canada Dry

Premium PET Coffee
from COSTA COFFEE
with craftmanship loved
by Europeans for 50 years

Launch barley tea
with authentic“Yakan-brewed” taste

Launch strongest
sparking water ever in
Coca-Cola Japan*アイシー・スパーク プレーンについて、日本コカ・コーラPET製品の充填時ガスボリュームにおいて過去最高25

2021 Q2 Initiatives Highlights (Apr-May)
Leverage core assets and sustainability for further growth
Revitalize
vending businessCampaign“Unexpectedly,
it is the future.”

Maximize
Tokyo 2020 assets

Accelerate
100% recycled PET bottle

Team Coca-Cola
Tokyo 2020 Olympic Torch Relay
Promotion Participants 2 mil+Launch “Coca-Cola” and “Georgia Japan Craftsman*”made from 100% recycled plastic bottle from May 31st

(as of 6wks)

Subscription“Coke ON Pass”
Expanding # of subscribers
faster than expected

Reduction of CO2 emissions
60% per bottle,
approx. 35,000 tons in TTL SKU per year**

* メッセージボトルのみ対象となります。
** 一般的なPETボトルから100%リサイクルPET素材に切り替えた場合。対象製品合計、前年出荷実績に基づくCCJC試算。

26

2021 Direction / Outlook

Continued Market Uncertainty and Consumer Evolution driven by COVID-19
Macro economy

Uncertainty remains as infection cases fluctuate• 2021 annualized GDP estimated at +3.3%; cycling -4.8% in
2020. Variability across quarters.
• Consumer confidence index continues below pre COVID-19
levels despite government stimulus, though seeing
improving trends in April 2021
• Limited vaccine availability• Government considers further stimulus

Number of new coronavirus cases (per day)

Source: IMF World Economic Outlook Mar 2021, Consumer Confidence Survey (Cabinet office), reuters

Key consumer trends• Health and hygiene conscious consumers• Digital acceleration - change in shopping habits andworkstyle (Work from Home)• Affordability versus indulgence polarization• Increase in stay at home occasion (“Sugomori”) while on
the go occasion decreases

Low Q1 2021 traffic and uncertain outlook with SOE
Traffic at Major Railway Stations

200
SoE

Unit：% vs. LY

SoE

SoE

150

102 Hakata
101 Nagoya
87 Shibuya
84 Shinjuku
55 Sendai
24 Umeda

100
50
0
-50
-100

Sources: Ministry of Internal Affairs and Communication, Nikkei, Sankei biz

May

Jun

Jul

Aug

2020

Sep

Oct

Nov

Dec

Jan

2021

Feb

Mar

Apr

May (asof 5/11)

Source: NTT Docomo

28

3rd COVID-19 State of Emergency Introduced end-April, extended to May 31
Pre-pandemic

EasingRestrictions

1st SoE

Resurgence

SoE

2nd SoE

3rd
SoE

SoE

SoE

CCBJI NARTD volume YoY(Jan. 2020 to March. 2021)
1

2020
Q1 3
2

4

2020
Q2 6
5

7

82020 Q3 9

10

2020
11 Q4

12

1

2021 Q1
2

342021 Q2 5

Priorities in 2021
• Focusing on what we can control and driving forward transformation• Leveraging dynamic market changes as opportunity to capture new demand• Good stewardship of capital and creating shareholder value
29

Transformation dashboard

Continue to make progress as planned despite challenges of COVID-19
Fixed Cost Reduction

Supply Capacity

Revenue Mix / Portfolio
Management

Agile Operation
Structure

On track

On track

Work in progress

Ahead of plan•

Vending routes optimized.
Reduced annualized vending
fixed costs by 10%.
Closing sales / distribution
centers• 20% more new aseptic capacity since
2018, plus new Hiroshima Plant• Introduction of Next Generation
aseptic technology drives innovation• Growth in-house alcohol capacity• Mega Distribution Center construction• Maintain first wholesale price increase in
27 years for large PET packages in 2019
• Introduction of 350/700 ml PET bottles toreplace 500 ml in SM, D&D• Higher value products such as Fanta
Premier, COSTA COFFEE, Ayataka
Matcha Latte• Divestment of non-core health &skincare business Q’sai. Continue toevaluate non-core assets• Flatter, more simple org structure• Remote work
• Fully leverage shared services

Lowest-Cost Operation

ROI Focus

Growth Pillars

Shareholder Value Creation•

On track

On track

Work in progress

On track• Route sales model optimized(vending & OTC)
• Flat back-office functions• Leverage IT system• Leverage automated facilities• Optimizing vending capex to current
operating environment• Commercial planning andinvestments with focus on returns• Strict capital committee reviews• Large-scale removal of unprofitablevending machines 2017-2019• Big Bet brand launches• Focus on the core
• Value share growth in vending,recovery in OTC channels• Explore and expand in white space
like RTD alcohol, online, subscription• Stable annual dividend plan
reinstated at 50 yen/share• Cash in from asset sales, cross-heldshares and balance sheet “clean up”• Always consider ways to increase
shareholder value

Progress against key
transformation areas

30Adapting to change and making it an opportunity
Marketing innovation and investment for future growth
New Products

Coke ON App

Alcohol
12M cases sold sincemarket entry in 2018

New product launches
leveraging “Next Generation
Aseptic Technology”.
Promising start to the year.

Leveraging Coke ON as adigital platform to drive
consumer engagement andloyalty

Teiban Lemon #1 market
share in 350ml lemon sour
category. Expanding SKU
with the new Homerun size.
New launches coming!
31

Continued priority on good stewardship of capital
Focus on shareholder value creation and appropriate cash position given macro uncertainty

Shareholder value creation
Dividends- Return to stable dividend
2021 plan

50 Yen/share
InterimYear-end25
Yen/share25
Yen/share

Balance sheet andcash flow

Capex and depreciation- 45 billion cash-in with 12.8

- Q1 rise due to Saitama Mega DC

billion yen pre-tax profit
from Q’sai- Solid financial position: JCR
rating AA- with stable
outlook, 53.9% equity ratio
at end of Q1 2021
- Continue to sell down idle
assets and cross-held sharesas planned- Continued restraint inplacement of new sales
equipment helps to control
CAPEX investment(Billion JPY)

2020
actual2021 plan

2021 Q1
Actual

CAPEX

69.3

45 to 50

20.1

Depreciation

59.6

55 to 60

14.6

32

2021 Outlook
Focusing on the controllable, building resilience and setting foundation for growthMarket share

TargetProgress

Recurring cost savings

TargetProgress

7-9 B yen

About
2 B yenAnnual dividends

Target50
yen/share

Progress
Target
Maintained

Value share growthcontinues

Recurring cost savings target
through transformation

Target maintained withsolid balance sheet

Capex

Depreciation

Content of recycled PET

TargetProgress

TargetProgress

45-50 B yen

20.1 B yen

55-60 B yen

14.6 B yen

Limited new capex during COVID
uncertainty. More savings possible.
Q1 Saitama Mega DC booked.

On plan, as we control our capex
spending

Target40%

Progress
Target
Maintained

Expand recycled PET usage, on
track to meet 50% 2022 goals*Not including IFRS16 non cash items

33

Q&A

Appendix

Q1 2021 NARTD beverage package volume performancevs PY

By package
3%

4%

8%
6%
40%
13%
24%
2%

Volume

S-PET

-7%

M-PET

+71%

L-PET

+9%

Can

-14%

Bottle Can

-2%

Syrup

-39%

Powder-30%

S-PET: PET under 600ml/L-PET: PET above 1.5L

NARTD: Non-alcoholic ready-to-drink
NARTD: Non-alcoholic ready-to-drink
Note: Volume doesn’t include alcohol. Revenue per case doesn’t include DFR (deduction
from revenue). Some inconsistencies with the volume data provided in past presentations
may be expected as a result of standardization of volume and revenue calculation.

36

We are part of the global Coca-Cola system
An enduring and effective partnership

Coca-Cola (Japan) Company
•
•
•
•
•

BrandsInnovation
Global perspective
Consumer focus
Superior insight

•
•
•
•
•
•

Customer focus
Local expertise
Best-in-class execution
Finished goods production
Logistics and distribution
Cost optimization

37

Glossary of key terms
Business
IncomeA measure of our underlying or recurring business performance after the adoption of IFRS. Business Income deducts cost of goods and SG&A from revenue, andincludes other income and expenses which we believe are recurring in nature.

DME

Abbreviation of Direct Marketing Expenses. Sales promotion-related expenses, including advertisement, rebates, sales commissions, etc.

FC

Abbreviation of Future Consumption. Purchase or sell beverage for future consumption in home, etc. It also means the products / SKUs for FC (for example, single
packages 1L or more and multi-pack of IC packages) and channels that consumers purchase the beverages for FC. (for example, supermarket, drug & discounter channels,etc.).

HORECA

Abbreviation of Hotel, Restaurants and Cafeteria. Generally means sales channels of these kinds.

IC

Abbreviation of Immediate Consumption. Purchase or sell beverage for consuming it immediately. It also means the products / SKUs for IC (for example, single packages
less than 1L as well as fountain) and channels that consumers purchase the beverages for IC (for example, vending machines, convenience store channel, etc.).

PTC

Abbreviation of Price, Terms and Conditions, an internal guideline for setting appropriate transaction conditions with customers, frequently used in conjunction with
RGM.

RGM

Abbreviation of Revenue Growth Management, an overall strategy and process to achieve profitable revenue growth.

RTM

Abbreviation of Route-to-Market. A framework, a process, a philosophy, a proven approach for driving profitable growth.

Channel definitions

Vending

Retail sales to consumers through vending machineSupermarket

Wholesale to supermarket chains customers

Drugstore & Discounter

Wholesale to drugstore and discounter chains customers

Convenience Store

Wholesale to convenience store chains customers

Retail & Food

Wholesale to grocery store, liquor store, eating & drinking establishments (HORECA), etc.

OthersWholesale to customers other than above

38

THANK YOU
Investor Relations
Coca-Cola Bottlers Japan Holdings Inc.
ir@ccbji.co.jp
https://en.ccbj-holdings.com/ir/
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