This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Quarterly Report（Report Pursuant to Article 24, Paragraph 1 of the Financial Instruments
and Exchange Act）
Fiscal Year
From July 1, 2022
（The 3rd Quarter of the 65th Term）
To September 30, 2022

Coca-Cola Bottlers Japan Holdings Inc.

（E00417)

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Table of Contents[Cover Page]
Part I Corporate information ..................................................................................................................................................................... 1
Section 1. Corporate overview .............................................................................................................................................................. 1
1. Summary of business results ......................................................................................................................................................... 1
2. Business content ............................................................................................................................................................................ 1
Section 2. Business situations................................................................................................................................................................ 2
1. Risk of business ............................................................................................................................................................................. 2
2. Management's analysis of financial condition, results of operations and cash flows ..................................................................... 2
3. Significant management contracts ................................................................................................................................................. 7
Section 3. Status of the filing company ................................................................................................................................................. 8
1. Status of Shares ............................................................................................................................................................................. 8
2. Status of Officers ........................................................................................................................................................................... 9
Section 4 Accounting status................................................................................................................................................................. 10
1. Condensed Quarterly Consolidated Financial Statements and Notes .......................................................................................... 11
2. Others .......................................................................................................................................................................................... 30
Part II Information of guarantor companies of the filing company ......................................................................................................... 31

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

【Cover Page】[Documents to be submitted]

Quarterly Report[Underlying article]

Financial Instruments and Exchange Act Article 24-4-7 Paragraph 1[Recipient]

Director-General of the Kanto Local Finance Bureau[Submission date]November 11, 2022

[Fiscal year]

65th fiscal term (from July 1, 2022, to September 30, 2022)[Company name]Coca-Cola Bottlers Japan Holdings Inc.

[Name and position of representative]

Calin Dragan, Representative Director & President[Address of head office]9-7-1 Akasaka, Minato-ku, Tokyo[Telephone number]+81-800-919-0509[Name of administrative contact]

Ishikawa Tatsuhiro, Head of Controllers Senior Group Division, Finance[Closest contact point]

9-7-1 Akasaka, Minato-ku, Tokyo[Telephone number]+81-800-919-0509[Name of administrative contact]

Ishikawa Tatsuhiro, Head of Controllers Senior Group Division, Finance[Location provided for viewing]

Tokyo Stock Exchange, Inc.
（2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo）

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) filed with the Director-General of the Kanto
Local Finance Bureau via Electronic Disclosure for Investors` NETwork (“EDINET”) pursuant to the Financial Instruments andExchange Act of Japan. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki
Hokokusho shall prevail.
For the purpose of this Quarterly Report, unless context indicates otherwise, the “Company,” “we,” and “CCBJH” refer to Coca-Cola
Bottlers Japan Holdings Inc., and the “Group” refers to the Company and its subsidiaries.

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Part I Corporate information
Section 1. Corporate overview
1. Summary of business results
The 64th Term
The 65th Term
Consolidated Cumulative Consolidated Cumulative
Third Quarter
Third Quarter

Issuance

From
January 1, 2021
toSeptember 30, 2021

Accounting period

From
January 1, 2022
toSeptember 30, 2022

The 64th Term
From
January 1, 2021
toDecember 31, 2021

Revenue[Current Third quarter](Millions of yen)

589,531[220,222]

612,321[236,373]

785,837

Income (Loss) before income tax(Millions of yen)

(20,395)(7,947)(21,683)

Net income (loss) for the period attributable(Millions of yen)
to owners of the parent(1,535)[(1,181)](5,194)[4,705](2,503)Comprehensive income (loss) attributable to(Millions of yen)owners of the parent

2,445(3,150)780

Equity attributable to owners of the parent(Millions of yen)

494,503

478,559492,320

Total Assets(Millions of yen)

866,711

831,736

867,111

Basic earnings (loss) per share(Yen)(8.56)[(6.58)](28.96)[26.24](13.96)

Diluted earnings per share

(Yen)

－

－

－

Ratio of equity attributable to owners of theparent to total assets

(%)

57.1

57.5

56.8

Cash flows from operating activities(Millions of yen)

23,19932,651

35,982

Cash flows from investing activities(Millions of yen)

11,346(18,514)

15,271

Cash flows from financing activities(Millions of yen)

(65,386)(44,642)(67,134)

Cash and cash equivalents at the end of the(Millions of yen)period95,53879,991

110,497

Notes: 1. Because the Company prepares quarterly consolidated financial statements, the summary of standalone business results for the Company is not described.
2. Diluted earnings per share is not presented, as the effects of dilutive stock on earnings per share are anti-dilutive.
3. The consolidated financial statements are disclosed in accordance with International Financial Reporting Standards ("IFRS") as issued by theInternational Accounting Standards Board.
4. Fractions of one million yen are rounded off.

2. Business content
There were no significant changes in the business that the Group (the Company and its subsidiaries) was engaged in during
the nine months ended September 30, 2022.

－1－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Section 2. Business situations
1. Risk of business
During the third quarter of the current fiscal year (July 1, 2022, to September 30, 2022, hereinafter referred to as the "third
quarter"), coronavirus infections in Japan reached record numbers. However, the government did not impose any restrictions on
activities and a certain level of people’s activities were maintained which assisted in mitigating the impact.
During the third quarter the various global events reported in the second quarter, such as inflation trends and commodity
availability have caused commodity prices to rise and has seen Japan experience a significant depreciation of the yen. These changes
in the macro risk environment have contributed to a rise in costs which is impacting consumer sentiment.
Our ongoing reviews of our risk environment indicates that there were no significant changes to our other business risks as
described in the Annual Securities Report for the 2021 fiscal year.
The Company is actively monitoring our risks and is responding to the changes in the business environment. We have continued
with our business transformation, responded to changes in customer and consumer behavior and continued to identify areas of cost
reduction.
In the fourth quarter (October 1, 2022, to December 31, 2022), we will continue to actively monitor our overall risk environment.

2. Management's analysis of financial conditions, operation results, and cash flows
Note that matters related to future developments that are mentioned in this section are judgments of the Group that were madeas of the date of quarterly securities report submission.
(1) Qualitative Information on year-to-date third quarter Consolidated Financial Results
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.
－2－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

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)

220,222

236,373

Change
(%)
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 (Loss)

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

－

2021
Revenue
Sales volume (million cases)

2022

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－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Consolidated net revenue was 612,321 million yen (3.9% increase of 22,790 million yen from the same period in the 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 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－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(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) Cash flows
The cash flow conditions for Year-to-date third quarter period of the current year are as follows:<Cash Flows from Operating Activities>
Net cash generated from operating activities was 32,651 million yen (23,199 million net cash generated from operationsin the prior year period). This results mainly from the 7,947 million yen net loss before tax, “Depreciation and amortization”,“Increase in trade and other payables”, etc., alongside “Increase in inventories” etc.
<Cash Flows from Investing Activities>
Net cash used for investing activities was 18,514 million yen (11,346 million yen outflow in the prior year period). This
results mainly from “Acquisitions of property, plant and equipment and intangible assets” etc., as a result of strategic
investments that will serve as a foundation for growth, alongside “Proceeds from sales of property, plant and equipment andintangible assets” as part of the Company's efforts to optimize its balance sheet.
<Cash Flows from Financing Activities>
Net cash used for financing activities was 44,642 million yen (65,386 million yen net cash used for financing activities
in the prior year period), driven by “Payments for bond redemption” and “Dividends paid”.
As a result of these activities, cash and cash equivalents at the end of the fiscal year were 79,991 million yen, a decreaseof 30,506 million yen from the end of the prior fiscal year period.

－5－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(4) Business and financial challenges to be addressed
1. Issues to be addressed
There are no material changes regarding the issues that the Group needs to address during Year-to-date third quarter period.
2. Basic Policies on the Control of the Joint-stock Company
a. Descriptions of basic policies
The Company believes that the persons and/or entities (hereinafter referred as “Persons”) who control decisions on the
Company’s financial and business policies need to understand the source of the Company’s corporate value and will make itpossible to continually and persistently ensure and enhance the Company’s corporate value and, in turn, the common interestsof its shareholders. The Company believes that a decision on any proposed acquisition that would involve a change of corporate
control of the Company should ultimately be made based on the intent of its shareholders as a whole. Also, the Company
would not reject a large-scale acquisition of the shares in the Company if it would contribute to the corporate value of theCompany and, in turn, the common interests of its shareholders.
However, there are some forms of large-scale acquisition of shares that benefit neither the corporate value of the target
company nor the common interests of its shareholders: those with a purpose that would obviously harm the corporate value ofthe target company and, in turn, the common interests of its shareholders; those with the potential to substantially coerce
shareholders into selling their shares; those that do not provide sufficient time or information for the target company’s boardof directors and shareholders to consider the terms of the large-scale acquisition of shares, or for the target company’s boardof directors to present a business plan or an alternative proposal; and those that require the target company to discuss ornegotiate with the acquirer in order to procure more favorable terms for shareholders than those presented by the acquirer.
The Company believes that the Persons who control decisions on the Company’s financial and business policies need to be
Persons who (A) fully understand the importance of (i) providing freshness and refreshment to people around the world andembedding the “Coca-Cola” brand, which is now a part of our life style, in local communities; (ii) striving aggressively to win
in the market as the customers’ preferred partner with a deep understanding of the Company’s corporate philosophy; (iii)appreciating employees who have a strong sense of responsibility to thoroughly pursue customer satisfaction, and proactively
working on building a workplace environment that can make each and every employee feel rewarded, motivated and proud of
being a member of the “Coca-Cola” family; and (iv) contributing to local communities and proactively dealing withenvironmental issues with a strong sense of responsibility as a corporate citizen that continues to strive to assist in therealization of an affluent society, (B) preserve relationships of mutual trust with customers, business partners, shareholders
and employees and perform to their expectations, and (C) make it possible to continually and persistently ensure and enhance
the Company’s corporate value and, in turn, the common interests of its shareholders from a mid- to long-term perspective.
Therefore, the Company believes that Persons who would make a large-scale acquisition of the shares in the Company in amanner that does not contribute to the corporate value of the Company and, in turn, the common interests of its shareholders
would be inappropriate to become Persons who would control decisions on the Company’s financial and business policies.
b. Initiatives to realize the basic policies(a) Summary of special initiatives that contribute to realizing the basic policies
The Group not only assumes a leading role in transforming the Coca-Cola business in Japan by deploying various joint
initiatives such as product development and test marketing with The Coca-Cola Company and Coca-Cola (Japan) Company,
Limited (100% subsidiary of The Coca-Cola Company) as a strategic partner, but also strives to become a company trusted
by the stakeholders of consumers, customers, shareholders, and employees.
Soft drink industry volume growth in Japan is expected to be muted, given the developed nature of the market as a whole,and the business environment surrounding the Company is projected to stay competitive as multiple players compete in themarket.
Under such circumstances, the Group aims at becoming the preferred partner of our customers and consumers in all
drinking occasions by establishing a robust and sustainable operating model, pursuing success in high-priority areas, anddrastically transforming the business to ensure growth.
－6－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

The Company also made a transition to a company with an Audit and Supervisory Committee in order to further reinforce
the governance system. The Audit and Supervisory Committee serves as the auditing body of the Company that is comprised
exclusively of external directors, including multiple independent external directors. To strengthen the management oversightfunction, these external directors that serve as members of the Audit and Supervisory Committee have each been grantedwith a voting right in the Board of Directors meetings, in addition to the right to state their opinions in shareholders’ meetings
on matters pertaining to the designation of board members and their remuneration, among others. In order to separate thedecision-making, business management and business execution functions, the Company is implementing a corporate
executive officer system. In addition to the foregoing, for more fruitful deliberations of highly important matters in the
Board of Directors meetings, the Company is delegating the authority to make decisions on certain important matters that
require prompt business executions to specific directors as well as facilitating speedy decision making of other matters.
(b) Outline of measures to prevent inappropriate persons from controlling the finance and business policy decisions of theCompany in light of the basic policy
Upon any substantial acquisition of the Company shares, the Company strives to proactively collect and timely disclose
information in order to ensure and improve the corporate value of the Company and the common interest of shareholders
as well as make appropriate measures as needed under the scope permitted by laws and regulations and the Articles ofIncorporation.
When Board Meeting determines it necessary to apply anti-takeover measures in order to ensure and improve thecorporate value of the Company and the common interest of shareholders, taking into consideration of the future trend of
the society, the Company consults with shareholders at the Meeting of Shareholders as stipulated in the Articles ofIncorporation for decision of the implementation.
c. Decisions of the Board of Directors of the Company on the specific measures and the reasons
The measure described in the previous b. (a) was introduced as a specific measure to continuously and sustainably
improve the corporate value of the Company and the common interest of shareholders and is consistent with the Company’s
basic policy.
In addition, the measure described in the previous b. (b) was introduced as a specific measure to ensure and improve thecorporate value of the Company and the common interest of shareholders as needed under the scope permitted by laws andregulations and the Articles of Incorporation focusing on the intention of shareholders, and it is not intended to undermine
the shareholders’ common interests or preserve the positions of the Company officers.
(5) Research and development activities
Not applicable.
(6) Major facilities
The new installation of the important facilities that had been planned as of the end of the prior year and completed during thenine months ended September 30,2022. are as listed below.

Name of company

Name of office / site (location) Name of business segment

Coca-Cola Bottlers Japan Inc.

Branches / (-)

Beverage businessCoca-Cola Bottlers Japan Inc.

Akashi Mega DC/ (Akashi-shi,
Hyogo Prefecture)

Beverage business

3. Significant management contracts
Not applicable.

－7－

Facility description
Vending machines/coolers
Logistics
equipment

Amount(millions of yen)Completed in

9,352

September 2022

13,703June 2022

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Section 3. Status of the filing company
1. Status of Shares(1) Total number of shares① Total number of shares
Class

Total Number of Authorized Shares

Common shares

500,000,000

Total

500,000,000② Issued shares
No. of issued shares as of endof 3rd Quarter(September 30,2022）

Class

No. of issued shares as offiling date（November 11, 2022）

Name of listed stock
exchange or registeredauthorized financial
instruments firms`
association

Details

Commonshares206,268,593

206,268,593

Tokyo Stock Exchange（Prime Market）

100-unit shares

Total

206,268,593

206,268,593－－(2) Status of stock acquisition rights① Status of share options
Not applicable.
② Other stock acquisition rights
Not applicable(3) Status of exercised moving strike convertible bonds
Not applicable.
(4) Total number of issued shares, transition of capital
Increase/decrease in total no.
of issued shares(thousand share)

Date

July 1, 2022 –September 30,2022－

Balance of total no. of Increase/ decrease ofissued shares
capital(thousand share）(Millions of yen)

206,269－(5) Major shareholder status
Not applicable as this is the third quarter of the current year.

－8－

Capital balance(Millions of yen）

Increase/decrease ofcapital reserve(Millions of yen)

Capital reservebalance(Millions of yen)

15,232－

108,167

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(6) Status of voting rights① Issued shares
As of September 30,2022
Class

Number of shares

Number of votes

Details

Non-voting shares

－

－

－

Shares with restricted voting rights (Treasury Shares)

－

－

－

Shares with restricted voting rights (Others)

－

－

－

－

－

Shares with full voting rights (Treasury Shares)

Common shares

26,927,400

Shares with full voting rights (Others)

Common shares

178,555,200

Odd lot shares

Common shares

785,993－－

206,268,593－-

Total number of issued shares

1,785,552－

Voting rights of all shareholders

1,785,552－-(Note): “Shares with full voting rights (Others)” includes 2,300 shares in JASDEC’s name (23 voting rights).

② Treasury Shares
As of September 30,2022

Name of owner

Coca-Cola Bottlers
Japan Holdings Inc.

Address of owner

No. of shares
owned under own
nameNo. of shares
owned underothers’ name

Total number ofshares owned

Ratio of shares owned
against total no. of issued
shares (%)

9-7-1 Akasaka, Minato-ku, Tokyo

26,927,400－

26,927,400

13.05

－

26,927,400－

26,927,400

13.05

Total

2. Status of Officers
Not applicable.

－9－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Section 4 Accounting status
1. Preparation methods for the quarterly consolidated financial statements
The Company’s condensed quarterly consolidated financial statements have been prepared in accordance with International
Accounting Standards Article 34 "Interim Financial Reporting" based on the Ordinance on the Terminology, Forms, and Preparation
Methods of Quarterly Consolidated Financial Statements (Cabinet Office Ordinance No. 64 of 2007).

2. Audit certification
The Company’s quarterly consolidated financial statements for the third quarter of the current year (July 1, 2022 to September
30, 2022) and the Nine-months ended September 30, 2022 (January 1, 2022, to September 30, 2022) have been reviewed by Ernst& Young ShinNihon LLC based on the provisions of Article 193-2 Paragraph 1 of the Financial Instruments and Exchange Act.

－10－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

1. Condensed Quarterly Consolidated Financial Statements and Notes(1) Condensed Quarterly Consolidated Balance Sheets
Notes

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

11

11

Total non-current assets
Total assets－11－(Millions of yen)
As of
September 30,2022

As ofDecember 31, 2021

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This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

As ofDecember 31, 2021

(Millions of yen)
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
Total current liabilities
Non-current liabilities:
Bonds and debts
Lease liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

6,11
11

11

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

8

Total equity
Total liabilities and equity－12－

103,260
30,990
4,050
－
1,139
9
16,085
155,535

110,794
1,000
4,861
658
203
－
20,405
137,921

156,622
22,462
17,605
2,137
17,3792,920
219,125

155,681
17,693
19,495
1,679
17,532
3,041
215,121374,660

353,042

15,232450,832
109,273(85,661)

15,232451,203
95,107(85,665)

2,644

2,683

492,320131

478,559134

492,451
867,111478,694
831,736This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(2) Condensed Quarterly Consolidated Statements of Income【The nine-months ended September 30,2022】(Millions of yen)
Notes

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 discontinued
operations
Net income (loss) for the period

9

10
10

7

Net income (loss) for the period attributable to
Owners of parent
Income (Loss) from continuing operations
attributable to owners 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

12

－13－

Nine months ended

Nine months ended

September 30, 2021

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)

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

【Third quarter of this fiscal year】(Millions of yen)
Notes

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 expenses (benefit)
Net income (loss) for the period
Discontinued operations
Net income for the period from discontinued
operations
Net income (loss) for the period

Three months ended
September 30, 2022

220,222
122,668
97,55496,574
1,218
3,938
12
(1,728)38
230(1,920)(735)(1,185)236,373
132,194
104,179
97,047
953
702
(4)
7,379
17
221
7,174
2,468
4,706

－

－

(1,185)

4,706(1,181)

4,705

－

－

(5)

0

12

(6.58)－(6.58)

26.24
－
26.24

12

－
－
－

26.13
－
26.13

Net income (loss) for the period attributable to
Owners 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
Diluted earnings per share (yen)Continuing operations
Discontinued operations
Diluted earnings per share (yen)Three months ended
September 30, 2021

－14－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(3) Condensed Quarterly Consolidated Statements of Comprehensive Income【The nine-months ended September 30,2022】(Millions of yen)
Notes

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

Nine months ended

Nine months ended

September 30, 2021

September 30,2022(1,552)(5,191)

Share of other comprehensive income (loss) of investments
accounted for using equity method

(12)

－

Net changes in financial assets measured at fair value throughother comprehensive income

1,794

329

1,782

329

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

Subtotal
Items that may be reclassified subsequently to income:Cash flow hedges－15－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

【Third quarter of this fiscal year】
Notes

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

Three months ended(Millions of yen)Three months ended

September 30, 2021

September 30,2022(1,185)

4,706

366

108

366

108

Subtotal
Total other comprehensive income (loss) for the period
Total comprehensive income (loss) for the period

111
111
477
(708)

217
217
325
5,030

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

(703)
(5)

5,030
0

Net changes in financial assets measured at fair value throughother comprehensive income (loss)
Subtotal
Items that may be reclassified subsequently to income:Cash flow hedges－16－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(4) Condensed Quarterly Consolidated Statements of Changes in Equity
The nine months ended September 30, 2021
(Millions of yen)

Capitalstock

Capitalsurplus

Equity attributable to owners of the parent
Accumulated Accumulated otherothercomprehensive
comprehensiv income of disposal
Retained
Treasurye incomegroups classified as
earnings
shares(loss)
for sale

15,232450,605

120,473(85,654)

1,095

(107)

501,643450

502,093

Net income (loss) for theperiod－－(1,535)－－－(1,535)(17)(1,552)Other comprehensive income(loss)

－

－

－

－

3,980

－

3,980

－

3,980

－

－

(1,535)

－

3,980

－

2,445

(17)

2,428

Notes
Balance as of January 1, 2021

Total

Noncontrollinginterests

Total

Comprehensive income (loss)
for the period

Total comprehensive income(loss) for the year
Transactions with owners－
Dividends of surplus－－(8,967)－－－(8,967)－(8,967)Purchase of treasury stock

－

－

－

(6)

－

－

(6)

－

(6)

Disposal of treasury stock

－

(0)

－

0

－

－

0

－

0

Transactions of share-based
payment

－

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

Reclassification fromaccumulated othercomprehensive income (loss)
to retained 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

8

－17－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

The nine months ended September 30,2022(Millions of yen)
Equity attributable to owners of the parent

Notes
Balance as of January 1, 2022

Accumulated
othercomprehensive
Treasury shares income (loss)

Total

Noncontrollinginterests

Total

Capital stock

Capital surplus

Retainedearnings

15,232450,832

109,273(85,661)2,644

492,320131

492,451

Comprehensive income (loss) forthe period
Net income (loss) for the period－－(5,194)－－(5,194)

3(5,191)Other comprehensive income(loss)

－

－

－

－

2,044

2,044

－

2,044

Total comprehensive income (loss)
for the period－－(5,194)－

2,044(3,150)3(3,147)

Transactions with owners
Dividends of surplus－－(8,967)－－(8,967)－(8,967)Purchase of treasury stock

－

－

－

(4)

－

(4)

－

(4)

Disposal of treasury stock

－

(0)

－

0

－

0

－

0

Transactions of share-based
payment

－

371

－

－

－

371

－

371

－

－

(5)

－

5

－

－

－

－

－

－

－

(2,010)(2,010)－(2,010)－371(8,972)(4)(2,005)(10,611)－(10,611)

15,232451,203

95,107(85,665)2,683

478,559134

478,694

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

8

－18－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(5) Condensed Quarterly Consolidated Statements of Cash Flows(Millions of yen)
Notes

Nine months ended

Nine months ended

September 30, 2021

September 30,2022

Cash flows from operating activities
Income (Loss) for the period before income tax benefit(20,395)(7,947)

12,841－

43,08334,250

10

427

－

7

(12,841)

－

10

(708)

－

989

(168)

(172)

(159)

702

591

121

(57)

(247)

(4,075)923

665

from continuing operations
Income for the period before income tax benefit fromdiscontinued operations
Adjustments for:
Depreciation and amortization
Impairment losses
Gain on sales of subsidiaries' stock
Gain on sales of stocks of subsidiaries and affiliates
Change in allowance for doubtful accounts(decrease)
Interest and dividends income
Interest expenses
Share of (income) loss of entities accounted for using
equity method
Gain on sale of property, plant and equipment
Loss on disposal and sale of property, plant andequipment(Increase) decrease in trade and other receivables(Increase) decrease in inventories

849

1,509

(8,369)(5,881)(Increase) decrease in other assets

1,697

(335)

(Decrease) Increase in trade and other payables

10,182

7,287(Decrease) Increase in net defined benefit liabilities

1,678

1,890

(Decrease) Increase in other liabilities

235

5,072

Other

(127)

1,062

SubtotalInterest received

30,86833,704

Dividends received
Interest paid
Income taxes paid

1

0

171

158

(686)

(593)

(10,108)(4,806)

Income taxes refund

2,953

4,187

Net cash generated from operating activities

23,19932,651(35,707)(23,745)

506

5,183

7,400

－

Cash flows from investing activities
Acquisitions of property, plant and equipment andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Proceeds from collection of loans receivable resulting
from sales of stock in subsidiaries

7

Purchases of other financial assets

(36)

(17)

Proceeds from sale of other financial assets

4,473

38

Proceeds from sale of stock of subsidiaries

34,490－7

Other
Net cash (used in) generated from investing activities

－19－

219

27

11,346(18,514)

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(Millions of yen)
Notes

Nine months ended

Nine months ended

September 30, 2021

September 30,2022

Cash flows from financing activities(Decrease) Increase in short-term loans payable
Repayments of long-term loans payable(50,000)(38)(1,072)(1,065)

Payments for bond redemption

6－(30,000)

Dividends paid

8

(8,967)(8,967)0

0

Proceeds from disposal of treasury stock
Purchases of treasury stock

(6)

(4)

Repayments of lease liabilities(5,341)(4,567)

Net cash used in financing activities(65,386)(44,642)

Net change in cash and cash equivalents(30,840)(30,506)

Cash and cash equivalents at the beginning of the year

126,378

110,497

Cash and cash equivalents at the end of the period

95,53879,991－20－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Notes to consolidated financial statements
1. Introduction
The Company is a holding company domiciled in Japan and is listed on the Prime Market of the Tokyo Stock Exchange. Under
the “Coca-Cola” brand, the Company and its subsidiaries (collectively, the “Group”) engage in purchases, sales, bottling,
packaging, distribution and marketing of carbonated beverages, coffee beverages, tea-based beverages, mineral water, alcohol,
and other beverages in Japan.
The Group’s consolidated financial statements consist of the Company, subsidiaries, and associates. The consolidated financial
statements were approved by our Representative Director & President, Calin Dragan and our Representative Director, Vice
President, and Chief Financial Officer (Head of finance), Bjorn Ivar Ulgenes on November 11, 2022, and takes into account
events after the reporting period to that date (see notes 13, “Subsequent events”).
2. Basis of preparation
The Company’s condensed quarterly consolidated financial statements have been prepared in accordance with International
Accounting Standards Article 34 "Interim Financial Reporting" based on the Ordinance on the Terminology, Forms, andPreparation Methods of Quarterly Consolidated Financial Statements (Cabinet Office Ordinance No. 64 of 2007).
Condensed quarterly consolidated financial statements should be used in conjunction with consolidated financial statements
for the prior year as they do not include all the information required in the annual consolidated financial statements.
Condensed quarterly consolidated financial statements have been prepared on the basis of cost except financial instruments
measured at fair value
Condensed quarterly consolidated financial statements are stated in Japanese yen. All condensed quarterly consolidated
financial information is rounded to the nearest million yen unless otherwise stated.
3. Significant accounting policies
The significant accounting policies applied by the Group in the condensed quarterly consolidated financial statements are thesame as the accounting policies applied in the consolidated financial statements for the prior year.
Income tax benefit for the nine months ended September 30,2022, has been calculated on the basis of the annual estimatedeffective tax rate.
4. Critical accounting judgments, estimates and assumptions
In preparing the condensed quarterly consolidated financial statements in accordance with IFRS, management is required tomake judgments, estimates and assumptions that affect the application of the Group’s accounting policies and the reported
amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. The estimates and theassumptions underlying the estimates are continually reviewed and are based on historical experience and other factors,
including future events, which are believed to be reasonable under the circumstances. Accounting estimates are based on themost appropriate information at the time the condensed quarterly consolidated financial statements are filed. The future of thedomestic soft drink market and business environment is expected to remain uncertain due to the spread of COVID-19 strains
and other factors. Accordingly, accounting estimates have been made based on the assumption that the impact will continue fora certain period of time from the fiscal year ending December 31, 2022.
If there are changes to any future estimates, the impact of the revision is recognized in the condensed quarterly consolidated
statements of income and condensed quarterly consolidated statements of comprehensive income subsequent to the reporting
period in which they are revised.
Accounting judgments, estimates and assumptions that have a significant impact on the condensed quarterly consolidated
financial statements will be revised based on the same concept as in the consolidated financial statements for the previous
consolidated fiscal year.
(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－21－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

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 ofsales 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 the nine months ended September 30, 2022 decreased by
6,478 million yen, respectively, compared with those based on the previous useful life.
5. Segment Information
The Group has a single segment as “Beverage Business.” The Products and services of the reportable segments are referred toin Note 9 "Revenue".
6. Bonds
The bonds were redeemed as follows.
(Millions of yen)
Name

Name of bondThe

Coca-Cola West 3rdCompany

Unsecured bonds

Date of issue

Issue amountInterest rate(%)

30,0000.52

Jun 17, 2015

Collateral

The due date
for redemption

None

Jun 17, 2022

7. Disposal groups classified as held for sale and discontinued operations
On December 15, 2020, the Company’s Board of Directors resolved to sell all of the shares of the Company’s consolidated
subsidiary, Q’sai Co., Ltd. (“Q’sai”) to Q-Partners Co., Ltd., a company formed for this purchase led by investment funds inwhich Advantage Partners Inc. provides services (“Advantage Partners”), euglena Co., Ltd., and Tokyo Century Corporation.
As a result of executing the share transfer agreement, Q’sai was classified as discontinued operations from the fiscal year
ended December 31, 2020. The transfer of all shares in Q’sai was completed on February 1, 2021.
(1) Gain (Loss) from discontinued operations
The results of discontinued operations are as follows:
In the first quarter of the previous fiscal year, the gain on the sale of all shares of Q’sai was 12,841 million yen, andthe income tax expense related to this was 337 million yen. Due to immateriality, no gains or losses other than thosefrom sales transactions related to discontinued operations were recognized in the previous fiscal year.
(Millions of yen)
Nine months ended
September 30, 2021
Discontinued operations
Revenue
Cost of sales－－

Gross profit－

Selling and general administrative expenses
Other income
Other expenses－
12,841

Operating income

12,841

Financial revenue
Financial expenses－－－

Income for the period before income taxes
Income tax expense
Net income for the period from discontinued
operations

12,841337
12,505－22－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(2) Cash flows of discontinued operations
The results of discontinued operations are as follows:(Millions of yen)
Nine months ended
September 30, 2021
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities－
34,490－(Note) Cash flows from investing activities in the nine months ended September 30, 2021 was due to the proceeds from thesale of all shares of Q’sai.
(3) The component of assets and liabilities as of the time of loss of control(Millions of yen)Time of loss of control
February 1,2021
AssetsCurrent assets

6,501

Non-current assets

33,137

Total assets

39,638

Liabilities
Current liabilities

12,991

Non-current liabilities

1,602

Total liabilities

14,593Note 1. Current assets include cash and cash equivalents.
2. Current liabilities include short-term loans payable of 7,400 million yen from the Company. This loan was repaid infull during the first quarter of the previous fiscal year.
(4) Change in cash and cash equivalents relation to loss of control(Millions of yen)
Nine months ended
September 30, 2021
Proceeds received for sales

37,590Cash and cash equivalents received for sales

37,590Cash and cash equivalents held at the time of loss of control

3,099

Increase from loss of control over subsidiaries

34,490－23－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

8. Dividends
Dividend payments were as follows:
The nine -months ended September 30, 2021 (January 1, 2021 – September 30, 2021)
Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per
share
(Yen)

Dividend record date

Effective dateOrdinary share

4,484

25

December 31, 2020

March 26, 2021

Ordinary share

4,484

25

June 30, 2021

September 1, 2021

Resolution
March 25, 2021
Ordinary General Meetingof Shareholders
August 11, 2021
Board of directors

The nine-months ended September 30, 2022 (January 1, 2022 – September 30,2022)
Resolution

Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per share(Yen)

Dividend record date

Effective dateOrdinary share

4,484

25

December 31, 2021

March 25, 2022

Ordinary share

4,484

25

June 30, 2022

September 1, 2022

March 24, 2022
Ordinary General Meetingof Shareholders
August 10, 2022
Board of directors

9. Revenue
The Group's organizational structure is based on the one business segment of the Beverage business. The business iscomponents for which discrete financial information is available, and whose operating results are regularly reviewed by theentity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its
performance. Therefore, the revenue in beverage business is presented as “Revenue” in the Consolidated financial statementof income. In the Beverage business, the Group purchases, manufactures, and sells carbonated beverages such as CocaCola, coffee beverages, black tea beverages, mineral water, alcohol, and other beverages in Japan.
Revenue for sales of these products is recognized primarily at the time of delivery as customer has obtained control overthe products and the performance obligation is satisfied.
Payments relating to such performance obligation are received generally within two months of delivery. The contracts
with customers do not include any material financial elements.
The contract liabilities, refund liabilities, amount of assets recognized from the costs of obtaining a contract or to fulfil acontract and amount of revenue recognized from performance obligation satisfied in prior periods were immaterial. In
addition, information regarding the remaining performance obligation is omitted as there are no significant transactions inwhich the estimated individual contract periods exceed one year in the Group.
(Millions of yen)
Nine months ended
September 30, 2021

Nine months ended
September 30, 2022

589,221612,301

Beverage
Other
Total

－24－

310

20

589,531612,321

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

10. Other income and other expenses
The breakdown of other income and other expenses are as follows:(Millions of yen)
Nine months ended
September 30, 2021
Other income
Gains on sales of property, plant, and equipment(Note 1)
Rent income

Nine months ended
September 30,2022

247

4,075

230

213

Government subsidies (Note 2)
Gain on sales of stocks of subsidiaries andaffiliates (Note 3)
Other

4,634

3,329

708

－

415

514

Total

6,234

8,132

Impairment losses
Losses on sales and disposal of property, plant,
and equipment
Transformation related expenses (Note 4)

427

－

1,126

1,004

1,445

401

Special retirement allowance (Note 5)

1,572

517

Temporary paid leave expenses (Note 6)

6,901

2,168

System failure-related costs (Note 7)

1,188

－

387

148

13,046

4,237

Other expense

Other
Total

(Note) 1. Gains on sales of property, plant and equipment represents gains on sales of land and other assets.
2. Government subsidies are grants to cover employees’ temporary leave cost due to the spread of COVID-19.
3. Gain on sales of stocks of subsidiaries and affiliates represents the gain on sales of all stocks of Apex Nishi-Nihon
Corporation, an equity-method affiliate of the Company.
4. Transformation related expenses are consulting expenses related to measures aimed at building an efficient new systemwith the aim of creating more value and further improving productivity for the sustainable growth of the Group.
5. Special retirement allowances are allowances and outplacement support expenses incurred in the implementation of thevoluntary retirement program.
6. Temporary paid leave expenses are the allowance associated with employee’s temporary leave to respond to the impact toour business by the economic contraction and to secure the safety and health of our employee due to the spread of COVID19. The expenses are reclassified 532 million yen and 92 million yen from cost of sales and 6,369 million yen and 2,076
million yen from selling and general administrative expenses to other expenses, respectively.
7. System failure-related costs are expenses incurred to recover the system failures that occurred in the core system used by
the Group.

－25－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

11. Fair value of financial instruments(1) Classification by level of the fair value hierarchy
Financial instruments measured at fair value on a recurring basis after initial recognition are classified into three levelsof the fair value hierarchy, depending on the observability and significance of the inputs used in the measurement.
The fair value hierarchy is defined as follows:
Level 1: fair value (unadjusted) in the active market of the same asset or liability
Level 2: fair value based on inputs other than quoted prices included in Level 1, either directly observable inputs orindirectly, of observable inputs for asset or liability
Level 3: fair value based on unobservable inputs for asset or liability
When more than one input is used to measure the fair value, the level of the fair value hierarchy is determined basedon the lowest level of input that is significant to the fair value measurement as a whole. Transfers between levels of thefair value hierarchy are recognized as having occurred at the beginning of each quarter.
There were no transfers between Level 1 and Level 2 during the prior fiscal year and the nine months ended September
30, 2022.
(2) Fair value measurement
Securities are classified as Level 1 of the fair value hierarchy by the measurement of share prices, if any, in an active
market for the same asset or liability. If there is no active market stock price for the same asset or liability, the Group uses
valuation techniques such as stock prices in non-active markets, quoted market prices of similar companies anddiscounted future cash flow models. If significant inputs, such as quoted market prices and discount rates used inmeasurement, are observable, such financial instruments are classified as Level 2, but are classified as Level 3 if inputs
used in its measurement include significant unobservable inputs.
Unlisted securities are classified into Level 3 of the fair value hierarchy using valuation techniques based on discounted
future cash flows, valuation techniques based on quoted market prices of similar companies, valuation techniques basedon net asset value, and other valuation techniques. In the fair value measurement of unlisted securities, the Group uses
unobservable inputs such as discount rates and valuation multiples and considers certain illiquidity discounts and noncontrolling interest discounts as needed. The measurement methods for such fair value are determined by the Financedivision in accordance with the Group’s accounting policies.
The valuation techniques and significant unobservable inputs used in Level 3 fair value measurement are as follows:
As of December 31, 2021
Type
Financial instrument measured atfair value through othercomprehensive income(Securities)

Valuation technique

Comparison ofsimilar companies

Significant unobservable inputs

Interactions between significant unobservable
inputs and fair value measurement

EBIT Multiple: 5.2-51.0 times

Estimated fair value increases (decreases)

EBITDA Multiple: 5.9 times

when equity indices of comparable listed

PBR: 0.9-2.6 times

companies of the target are high (low)Significant unobservable inputs

Interactions between significant unobservable
inputs and fair value measurement

EBIT Multiple: 4.6 - 6.2 times

Estimated fair value increases (decreases)

EBITDA Multiple: 8.6 times

when equity indices of comparable listed

PER: .6.6 - 35.0 times

companies of the target are high (low)As of September 30,2022
Type
Financial instrument measured atfair value through othercomprehensive income(Securities)

Valuation technique

Comparison ofsimilar companies

EBIT Multiple: Corporate Value/EBIT
EBITDA Multiple: Corporate Value/EBITDA
PER: Price Earnings Ratio
PBR: Price Book Value Ratio－26－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

(3) Financial instrument measured fair value on a recurring basis
The breakdown of financial instrument measured at fair value on a recurring basis is as follows:
As of December 31, 2021
(Millions of yen)
Level 1

Level 2

Level 3

Total

Financial assets
Financial instrument measured at fair value
through profit or loss:
Derivative assets

－

1,863

－

1,863

－

1,863

－

1,863

9,443
－

－
－

4,283

13,726140140

Subtotal

9,443

－

4,423

13,866

Total

9,443

1,863

4,423

15,729

－

－

－

－

－

－

－

－

Subtotal
Financial instrument measured at fair value
through other comprehensive income:Securities
Other

Financial liabilities
Financial instrument measured at fair value
through profit or loss:
Derivative liabilities
Total
As of September 30,2022(Millions of yen)
Level 1

Level 2

Level 3

Total

Financial assets
Financial instrument measured at fair value
through profit or loss:
－

2,113

－

2,113

－

2,113

－

2,113

10,304
－

－
－

3,904
86

14,20886

Subtotal

10,304－

3,990

14,295

Total

10,304

2,113

3,990

16,408

－

658

－

658

－

658

－

658

Derivative assets
Subtotal
Financial instrument measured at fair value
through other comprehensive income:Securities
Other

Financial liabilities
Financial instrument measured at fair value
through profit or loss:
Derivative liabilities
Total

－27－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

A reconciliation of the beginning and ending balances of financial instrument classified as Level 3 is as follows:(Millions of yen)
Financial assets measured at fair value through othercomprehensive income
Balance on January 1, 2021

4,694

Disposals(25)

Gains recognized in other comprehensive income

53

Balance on September 30, 2021

4,722

Balance on January 1, 2022
Disposals

4,423
(86)

Losses recognized in other comprehensive income
Other

(349)
2

Balance on September 30,2022

3,990

Gains or losses recognized in other comprehensive income are recognized in "Net changes in financial asset
measured at fair value through other comprehensive income" in the consolidated statements of comprehensive income.
(4) Financial instrument measured at amortized cost
The components of carrying amount and fair value of financial instruments measured at amortized cost are as follows:
As of December 31, 2021
(Millions of yen)
Carrying amountLong-term loans payable and bonds

187,612Fair value

Difference

187,982(370)

As of September 30,2022(Millions of yen)
Carrying amountLong-term loans payable and bonds

156,681

Fair value
155,654

Difference
1,027

Long-term loans payable and bonds include current portion. Cash and cash equivalents, trade and other receivables,
trade and other payables are not included in the above table because their fair value approximates their carrying amountbecause they are collected and settled in a brief amount of time.
The main valuation techniques used to measure fair value of the financial instruments in the table above are as follows:a. Loans payable
Loans payable with variable interest rates are calculated using the carrying amount as its fair value because interest
rates are considered to reflect market interest rates in the short term. Loans payable with fixed interest rates are calculated
based on the present value of future cash flows discounted using interest rates adjusted for the remaining term and credit
risk. Loans payable with fixed interest rates are classified into level 2 of the fair value hierarchy.
b. Bonds
For bonds with quoted market prices, the fair value is estimated based on quoted market prices. For bonds without
quoted market prices, the fair value is calculated based on the present value of future cash flows discounted using interest
rates adjusted for the remaining term and credit risk. Bonds with quoted market prices are classified into level 1 of thefair value hierarchy and bonds without quoted market prices are classified into level 2.

－28－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

12. Earnings per share
The calculation of basic earnings (loss) per share attributable to owners of the parent is based on the quarterly net income(loss) attributable to owners of the parent and the weighted average number of common shares issued.
The basis for calculating the basic earnings (loss) per share and diluted earnings per share for the Cumulative third quarterof the current year and prior year is as follows:

Nine months ended
September 30, 2021

Nine months ended
September 30,2022

Income (Loss) from continuing operations attributable toowners of parent (millions of yen)

(14,040)(5,194)

Income from discontinued operations attributable toowners of parent (millions of yen)

12,505－Weighted-average shares of ordinary share outstanding (inthousands)

179,346

179,343(78.28)(28.96)－

Earnings (Loss) per share (yen)Continuing operations
Discontinued operations
Earnings (Loss) per share (yen)69.72(8.56)

Three months ended
September 30, 2021
Income (Loss) attributable to owners of parent
Weighted-average shares of ordinary share outstanding (inthousands)
Increase in common stock
Shares of stock-based compensation (in thousands)
Diluted weighted average number of shares (in thousands)
Earnings (Loss) per share (yen)Diluted earnings per share (yen)(28.96)

Three months ended
September 30, 2022

(1,181)

4,705

179,345

179,342－－725
180,067(6.58)
－

26.24
26.13

Note 1. In the nine months ended September 30, 2021 and the third quarter of the previous fiscal year, as 411 thousand shares of stockbased compensation were accounted for antidilutive, "Diluted earnings per share" is not shown.
2. In the nine months ended September 30, 2022, as 725 thousand shares of stock-based compensation were accounted for
antidilutive, "Diluted earnings per share" is not shown.
3. For more information on the quarterly income from discontinued operations attributable to owners of the parent company, seeNote 7, " Discontinued operations.
13. Subsequent events
Not applicable－29－This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

2. Others
At the Board of Directors held on August 10, 2022, it was resolved to provide the following interim dividend
to shareholders or registered pledges recorded in the final shareholders’ register on June 30, 2022

a. Total dividends through interim dividends: 4,484 million yen
b. Amount per share: 25 yenc. Effective date of payment claims, and payment start date: September 1, 2022

－30－

This is an English translation of the original Quarterly Report (“Shihanki Hokokusho”) ended September 30,2022, pursuant to the Japanese Financial Instrumentand Exchange Law. In the event of any discrepancy between Shihanki Hokokusho and this English translation, Shihanki Hokokusho shall prevail.

Part II Information of guarantor companies of the filing company
Not applicable－31－