This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Semi-Annual Report（Article 24-5-1, Paragraph 1 of the Financial Instruments andExchange Act）
Fiscal Year
From January 1, 2024
（The first half of the 67th Term）
To June 30, 2024

Coca-Cola Bottlers Japan Holdings Inc.

（E00417)

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Table of Contents[Cover Page]
Part I Corporate information ..................................................................................................................................................................... 1
Section 1. Corporate overview .............................................................................................................................................................. 1
1. Changes in key management indicators ......................................................................................................................................... 1
2. Business content ............................................................................................................................................................................ 1
Section 2. Business situations................................................................................................................................................................ 1
1. Risk of business ............................................................................................................................................................................. 1
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 ......................................................................................................................................................................... 10
Section 4 Accounting status................................................................................................................................................................. 11
1. Condensed Semi-Annual Consolidated Financial Statements and Notes .................................................................................... 12
2. Others .......................................................................................................................................................................................... 27
Part II Information of guarantor companies of the filing company ......................................................................................................... 28

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

【Cover Page】[Documents to be submitted]

Semi-Annual Report[Underlying article]

Article 24-5-1, Paragraph 1 of the Financial Instruments and Exchange Act[Recipient]

Director-General of the Kanto Local Finance Bureau[Submission date]August 7, 2024

[Semi-Annual accounting period]

67th fiscal term (from January 1, 2024 to June 30, 2024)[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]

Tatsuhiro Ishikawa, 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]

Tatsuhiro Ishikawa, 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 Semi-Annual Report (“Hanki 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 Hanki Hokokusho and this English translation, Hanki Hokokusho
shall prevail.
For the purpose of this Semi-Annual Report, unless context indicates otherwise, the “Company,” “we,” and “CCBJH” refer to CocaCola Bottlers Japan Holdings Inc., and the “Group” refers to the Company and its subsidiaries.

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Part I Corporate information
Section 1. Corporate overview
1. Changes in key management indicators
The 66th Term
The 67th Term
Semi-Annual Consolidated Semi-Annual Consolidated
Accounting Period
Accounting Period

Issuance

From
January 1, 2023
toJune 30, 2023

Accounting period

From
January 1, 2024
toJune 30,2024

The 66th Term

From
January 1, 2023
toDecember 31, 2023

404,109[222,046]

411,455[224,926]

868,581Net income (loss) for the period the period(Millions of yen)
before income taxes
Net income (loss) for the period attributableto owners of the parent(Millions of yen)
[The second quarter]
Comprehensive income for the period(Millions of yen)
attributable to owners of the parent(6,580)

873

3,224

(3,947)[2,513](297)[2,600]1,871(2,868)

1,099

2,209

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

468,920

467,138

469,847

Total assets(Millions of yen)

829,829

839,226

844,832

Basic income (loss) per share[The second quarter](Yen)(22.01)[14.01](1.65)[14.48]

10.43

Diluted earnings per share

(Yen)

－

－

10.36

Ratio of equity attributable to owners of theparent to total assets

(%)

56.5

55.7

55.6

Cash flows from operating activities(Millions of yen)

(2,185)(10,380)

59,102

Cash flows from investing activities(Millions of yen)

(15,038)(4,103)(14,287)

Cash flows from financing activities(Millions of yen)

(7,576)(5,141)(15,229)

Cash and cash equivalents at the end of the(Millions of yen)period59,276

94,036113,660

Revenue[The second quarter]

Notes

1.
2.
3.
4.
5.

(Millions of yen)

Because the Company prepares Semi-Annual Consolidated Financial Statements, changes in the key management indicators for the filingcompany are not described.
Diluted earnings per share is not presented, as the effects of dilutive share on earnings per share are anti-dilutive for first half of previous fiscal
year and current fiscal year.
The above indicators are based on the Semi-Annual Consolidated Financial Statements and consolidated financial statements prepared inaccordance with International Financial Reporting Standards (“IFRS”).
Fractions of one million yen are rounded to the nearest million.
The Company has introduced Executive reward BIP Trust and Stock-granting ESOP Trust, and the Company shares held by these trusts arerecorded as treasury shares in the Semi-Annual Consolidated Financial Statements. Accordingly, the Company shares held by these trusts areincluded in the number of treasury shares to be deducted from the average number of shares during the period for the calculation of basic income(loss) per share and diluted earnings per share.

2. Business content
There were no significant changes in the businesses that the Group (the Company and its subsidiaries) is engaged in this SemiAnnual accounting period (January 1, to June 30, 2024, hereinafter referred as “first half”).

Section 2. Business situations
1. Risk of business
During the first half of the current fiscal year, there were no significant changes to the risk environment or to the business risks
that were described in the Annual Securities Report for the previous fiscal year.
The company continues to monitor our operational environment for new risks and opportunities and will proactively work to
mitigate risks and leverage opportunities.

－1－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

2. Management's analysis of financial condition, results of operations 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 Semi-Annual report submission.
(1) Status of Business Performance
In the first half, the total domestic nonalcoholic ready-to-drink (NARTD) beverage industry volume is estimated to havegrown by about 2% versus the same period of the previous fiscal year. Despite the negative impact on demand from the pricerevisions implemented by beverage companies, demand increased on the back of a continued recovery in traffic. The businessenvironment remained uncertain as rising commodity, utility prices, and the yen's accelerated depreciation impacted businessand consumer behavior.
Under these circumstances, as the first year of our strategic business plan “Vision 2028,” we have positioned 2024 as the “yearof strong profit build up.” We have implemented top-line growth initiatives to maximize profits, achieve cost savings throughimplementing transformation across the entire organization, and further strengthening of our business foundation. In commercial
areas, we have worked to maintain product prices following a series of price revisions implemented to date, as planned we
implemented price revisions for certain products in May and engaged in commercial activities focused on profitability. We arealso preparing to capture demand during the peak summer sales period by launching new products, expanding sales space, andenhancing marketing activities tailored to each channel. Additionally, to improve profitability for next year and onwards, wehave previously announced price revisions for some products starting with October 1 shipments and are preparing for thesechanges, including customer negotiations. In manufacturing and logistics fields, we have been promoting the "local production
for local consumption” model, focusing on manufacturing products in plants near to their place of consumption. We have
expanded manufacturing capacity, built a flexible manufacturing framework, and enhanced our logistics network, to strengthen
the supply chain foundation and reduce costs. In logistics, we have improved efficiency and addressed social issues throughcollaboration with customers and others. We have also refined the accuracy of our Sales and Operations Planning (S&OP)
process to better handle increased shipment volumes ahead of the summer months. In back-office and IT, we have advanced thestandardization and automation of business processes through NeoArc Inc., our joint venture with Accenture Japan Ltd.
We are working continuously to realize ESG targets by creating shared value with society. We are enhancing water resource
conservation and PET bottle recycling, we have expanded our efforts by collaborating with customers and government agencies
to foster a recycling-based society, reduce environmental impact, and expand business opportunities. In April, we launched can
products with a higher percentage of recycled materials than before in our “CAN to CAN” horizontal aluminum recycling
program. In June, we strengthened our human capital by introducing a diversity, equity, and inclusion (DE&I) statement andlogo to communicate our message regarding our approach and stance on DE&I. In addition, for external evaluation, we havebeen selected as a constituent recognized in global ESG investment indices, including FTSE4Good Index Series, FTSE Blossom
Japan Index, and FTSE Blossom Japan Sector Relative Index.
Details for the first half are as follows.

－2－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Summary of Business Performance(Millions of yen except sales volume)First half (January 1 to June 30)
2023

2024

404,109230
176,797
183,212364711(0)(6,763)
1,658
1,424(6,529)(3,947)

Revenue
Sales volume (million cases)
Gross profit
Selling, General & Administrative Expenses
Other income (Recurring)
Other expenses (Recurring)
Investment income (loss) on equity method
Business loss
Other income (Non-recurring)
Other expenses (Non-recurring)Operating income (loss)
Net loss attributable to owners of parent

411,455232
181,204
183,971561
599
14(2,791)
5,429
1,432
1,207
(297)

Change
(%)
1.8
1
2.5
0.4
54.0
(15.8)
－
－
227.4
0.5
－
－

(Millions of yen except sales volume)(For reference) Q2 (April 1 to June 30)
2023
222,046
126
98,056
95,211
178
342
(8)
2,674
535
579
2,631
2,513

Revenue
Sales volume (million cases)
Gross profit
Selling, General & Administrative Expenses
Other income (Recurring)
Other expenses (Recurring)
Investment loss on equity method
Business income
Other income (Non-recurring)
Other expenses (Non-recurring)Operating income
Net income attributable to owners of parent
Note

2024
224,926
128
99,763
94,683
275
297
(2)
5,056
17
797
4,277
2,600

Change
(%)
1.3
2
1.7
(0.6)
53.9
(13.3)－
89.1(96.7)
37.7
62.6
3.5

“Business income (loss)” is measure of our recurring business performance. “Business income (loss)” deduct cost of sales and selling,
general and administrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.

Consolidated revenue was 411,455 million yen (an increase of 7,345million yen or 1.8% from the same period in the prioryear). Despite the negative impact on volume following the price revisions, sales volume increased by 1% compared to the same
period in the previous year. This was the result of efforts to introduce new products, expand sales space, and implement effective
marketing activities to capture demand with increased traffic. In addition, the price revisions implemented last year, and May ofthis year resulted in an improved wholesale revenue per case, leading to higher revenue growth rate compared to the volume
growth rate.
Consolidated business loss improved by 3,972 million yen (loss reduced) and was a loss of 2,791 million yen (6,763 million
yen loss in prior year period). In addition to the profit contribution from top-line growth, cost savings in the supply chain andback-office areas through transformation and controlling increased cost due to higher commodity, utility prices and the weaker
yen to a level below the previous year contributed to improved profitability. The amount of profit improvement for the quarterto date second quarter (April 1, 2024 to June 30, 2024, hereafter "the second quarter"), exceeded the amount of improvement in
the first quarter (January 1, 2024 to March 31, 2024) with the acceleration of initiatives.
Consolidated operating income improved by 7,736 million yen and was 1,207 million yen (6,529 million yen loss in prioryear period). The primary reason is the business loss improving versus the same period of the previous year (loss reduced) andthe gains from sales and disposals of property, plant, and equipment that increased other income (non-recurring).
－3－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Other income (non-recurring) includes 5,429 million yen in gain on sales and disposals of property, plant, and equipment,
which was realized in the process of improving the balance sheet. Other expenses (non-recurring) include 1,067 million yen inbusiness structure improvement expenses related to the implementation of fundamental transformation.
Net loss attributable to owners of the parent improved by 3,650 million yen (loss reduced). With operating loss improvingfrom the same period of the previous year, it was a loss of 297 million yen (3,947 million yen loss in prior year period).
Sales volume trends (% change from same period of previous year)
Sales volume grew by 1% in the first half of the year driven by the continued increase in traffic and the contribution ofeffective commercial initiatives, despite the negative impact on demand from the price revisions implemented in October 2023
for large PET bottle products. In the second quarter, volume increased by 2% due to the contribution of Ayataka, which was
fully renewed in April. In addition, wholesale revenue per case continued to improve as a result of the series of price revisions.
By channel, supermarkets sales volume declined by 6%, primarily due to price revisions affecting large PET bottle products.
This occurred despite efforts to maximize the benefits of new products in acquiring sales space and implementing campaigns.
In drugstores and discounters, sales volume grew in the second quarter due to initiatives addressing budget-minded consumers,
despite the impact of price revisions. This led to flat sales volume in the first half of the year compared to the previous year. In
vending, while sales volume remained flat, wholesale revenue per case improved. This was supported by our established market
share and digital strategies to capture demand despite the effects of price revisions, such as campaigns through the Coke ON
smartphone app and QR payment methods. In CVS, despite a challenging competitive environment, sales volume grew by 6%with the strong rollout of new and customer-exclusive products and effective marketing initiatives tailored to the sales space. In
retail & food service, sales volume increased by 5%, driven by traffic returning to restaurants and tourists spots, efforts to expand
product offerings per customer, and acquiring new accounts. Online, volume grew by 18% despite intensified competition,
supported by a strengthened product lineup tailored to the channel and joint promotions with online customers.
By beverage category performance, sparkling sales volume increased by 2% due to the growth of Coca-Cola in restaurants
and online, as well as the introduction of limited-time products such as Coca-Cola Zero Peach. In the tea category, sales volume
increased 4%, driven by the growth of Ayataka of over 10%, which was fully renewed for the first time in seven years and drove
the overall category growth. Coffee sales volume decreased by 1% due to the impact of price revisions, despite the effect of theintroduction of new Georgia products. Water sales volume declined by 4%, although the negative impact narrowed in the second
quarter, the decline in the volume of large PET bottle products due to price revisions had an impact. Sports sales volume
decreased by 1% due to a decline in large PET bottle products resulting from price revisions, despite growth in small and medium
PET bottle products. Juice sales volume increased by 8% due to growth in Minute Maid Orange in restaurants and theintroduction of the new Minute Maid Orange Blend Multi Vitamin.
In the alcohol category, despite efforts to strengthen sales with the renewal of Lemon-dou and introduction of Jack Daniel’s& Coca-Cola Zero Sugar, sales volume was impacted by the competitive environment and declined by 16%.

－4－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(2) Qualitative Information on Consolidated Financial Position
Assets at the end of first half were 839,226 million yen, a decrease of 5,606 million yen from the end of the previous fiscal
year. This is mainly due to a decrease in “Cash and cash equivalents,” while "Inventories" increased ahead of peak demand
period.
Liabilities at the end of first half were 371,898 million yen, a decrease of 2,913 million yen from the end of the previous fiscal
year. This is mainly due to the decrease in “Income tax payables.”Equity at the end of first half was 467,328 million yen, a decrease of 2,693 million yen. This is mainly due to a decrease in“Retained earnings” as a result of dividend payments.
(3) Qualitative Information on Consolidated Statements of Cash Flow
The cash flow conditions for first half of the current fiscal year are as follows:
Net cash used for operating activities was 10,380 million yen (2,185 million yen used for operating activities in the previous
fiscal year). This is mainly due to “Increase in inventories” and “Decrease in other liabilities,” while “Depreciation andamortization” and income for the period before income taxes of 873 million yen were recorded.
Net cash used for investing activities was 4,103 million yen (15,038 million yen used for investing activities in the previous
fiscal year). This is mainly due to “Payments for acquisitions of property, plant and equipment and intangible assets,” while“Proceeds from sales of property, plant and equipment and intangible assets” was recorded.
Net cash used for financing activities was 5,141 million yen (7,576 million yen used for financing activities in the previous
fiscal year). This is mainly due to “Dividends paid,” and “Repayments of lease liabilities,” while “Proceeds from sale andleaseback,” was recorded.
As a result of these activities, cash, and cash equivalents at the end of first half were 94,036 million yen, a decrease of 19,624
million yen compared to the end of the previous fiscal year.
(4) Business and financial challenges to be addressed
1. Issues to be addressed
There were no significant changes in the issues to be addressed by the Group during the first half of the current fiscal year.

－5－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

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 makeit possible to ensure and enhance the Company’s corporate value and, in turn, the common interests of its shareholders
continually and persistently. The Company believes that a decision on any proposed acquisition that would involve achange 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 shares in the Company if it would contribute to thecorporate value of the Company 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 valueof the 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’sboard of directors and shareholders to consider the terms of the large-scale acquisition of shares, or for the target company’sboard of directors to present a business plan or an alternative proposal; and those that require the target company to discussor negotiate 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 (i) fully understand the importance of 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) strive aggressively to win
in the market as the customers’ preferred partner with a deep understanding of the Company’s corporate philosophy; (iii)appreciate employees who have a strong sense of responsibility to thoroughly pursue customer satisfaction, and proactively
work on building a workplace environment that can make each and every employee feel rewarded, motivated and proudof being a member of the Coca-Cola family; and (iv) contribute to local communities and proactively addressenvironmental issues with a strong sense of responsibility as a corporate citizen that continues to strive to assist in therealization of an affluent society, preserve relationships of mutual trust with customers, business partners, shareholders andemployees and perform to their expectations, and make it possible to continually and persistently ensure and enhance theCompany’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 a manner 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 andbusiness policies. We must secure the Company’s corporate value and, in turn, the common interests of its shareholders bytaking necessary and reasonable countermeasures against a large-scale acquisition of the Company’s shares by such
Persons.
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 acompany trusted by the stakeholder groups 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 awhole. The business environment surrounding the Company is projected to become even more intense with further
acceleration of the industry’s restructuring for survival, such as the expansion of business tie-ups between beverage
manufacturers.
Under such circumstances, the Group aims to become 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,and drastically transforming the business to ensure growth.
－6－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki 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 oversight function, these external directors that serve as members of the Audit and Supervisory Committee
have each been granted voting rights in Board of Director meetings, in addition to the right to state their opinions inshareholders’ meetings on matters pertaining to the designation of board members and their remuneration, among others.
In order to separate the decision-making, business management and business execution functions, the Company isimplementing a corporate executive officer system. In addition to the foregoing, for more productive discussions onhighly 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
the Company in light of the basic policy
Upon any substantial acquisition of the Company shares, the Company strives to proactively collect and promptly
disclose information in order to ensure and improve the corporate value of the Company and the common interest ofshareholders as well as make appropriate measures as needed under the scope permitted by laws and regulations and the
Articles of Incorporation.
When a Board Meeting determines it necessary to reapply 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 trendof 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 measures described in b. (a) were introduced as specific measures to continuously and sustainably improve thecorporate value of the Company and the common interest of shareholders and is consistent with the Company’s basic
policy.
In addition, the measures described in b. (b) were introduced as specific measures to ensure and improve the corporate
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 and 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 thefirst half of the current fiscal year are as listed below.
Name of company

Name of office / site

Name of business(location)

segment

Facility description

Coca-Cola Bottlers

Branches / (-)
Beverage businessJapan Inc.
Note
Consumption tax is not included in the above amounts.

Vending
machines/coolers

Amount(millions of yen)
7,991

Completed inJune 2024

3. Significant management contracts
There were no decisions or conclusions for significant management contracts in the first half of the current fiscal year.

－7－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki 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 sharesClass

No. of issued shares
as of end of first half
（June 30,2024）

No. of issued shares
as of filing date（August 7, 2024）

Name of listed stock exchangeor registered authorized
financial instruments firms`
association

Details

Commonshares206,268,593

206,268,593

Tokyo Stock Exchange（Prime Market）

100 per 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

Date

January 1, 2024 –June 30, 2024

Increase/decr
ease in total
no. of issued
shares(Thousandshare)－

Balance of total
Increase/no. of issued
decrease ofsharescapital stock(Thousand(Millions ofshare)
yen)
206,269－－8－

Capital stockbalance(Millions ofyen)

Increase/decr
ease of capitalreserve(Millions ofyen)

Capitalreservebalance(Millions ofyen)

15,232－

108,167

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(5) Major shareholder status
As of June 30, 2024

Number ofshares held(Thousands ofshares)Percentage ofthe number ofshares held tothe total number
of issued shares(excluding
treasury stock)(%)

4-6-3, Shibuya, Shibuya-ku, Tokyo

27,95615.32

1-8-1, Akasaka, Minato-ku, Tokyo

22,648

12.41

Peterborough Court 133 Fleet Street
London EC4A 2BB, U.K.
(2-7-1Marunouchi, Chiyoda ku, Tokyo)

7,745

4.24

Custody Bank of Japan, Ltd. (Trust
Account)

1-8-12, Harumi, Chuo-ku, Tokyo

7,206

3.95

Ichimura Foundation of New Technology

1-26-10, Kitamagome, Ota-ku, Tokyo

5,295

2.90

Senshusha Co., Ltd.

339, Noda, Noda-shi, Chiba

4,088

2.24

Coca-Cola Holdings West Japan Inc.
(Standing proxy: Coca-Cola (Japan)
Company, Limited)

4,075

2.23

4,023

2.20

3,985

2.18

Mitsubishi Heavy Industries Machinery
Systems, Ltd.

1013 Wilmington Center Road, U.S.A.
Delaware
(4-6-3, Shibuya, Shibuya-ku, Tokyo)
Plumtree Court, 25 Shoe Lane, London
EC4A 4AU, U.K.
(2-6-1 Toranomon, Minato-ku, Tokyo),
Minato-ku, Tokyo)
26, Kamamotos, Makurazaki-shi,
Kagoshima
1-1-1, Wadazakicho, Hyogo-ku, Kobe-shi,
Hyogo

3,912

2.14

Total

-

90,933

49.83

Name

Coca-Cola (Japan) Company, Limited
The Master Trust Bank of Japan, Ltd.
(Trust Account)
BNY GCM CLIENT ACCOUNT JPRD
AC ISG(FE-AC)(Standing proxy: MUFG Bank, Ltd.)GOLDMAN SACHS INTERNATIONAL(Standing proxy: Goldman Sachs Japan)
Satsuma Shuzo Co., Ltd.

Note

Address

23,786 thousand treasury shares are not included in the status of major shareholders above because they do not have voting rights. Also, thetreasury shares do not include the Company's shares held by Executive reward BIP Trust and Stock-granting ESOP Trust.

－9－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(6) Status of voting rights① Issued shares
As of June 30,2024
Class

Number of shares

Number of votes

Details

Non-voting shares

－

－

－

Shares with restricted voting
right (Treasury Shares)

－

－

－

Shares with restricted voting
right (Others)

－

－

－

Common shares 23,785,900－－

Shares with full voting rights(Treasury Shares)
Shares with full voting rights(Others)
Odd lot shares

Common shares 181,750,200
Common shares

Total number of issued shares
Voting rights of allshareholders
Notes

1.
2.

1,817,502－

732,493－－

206,268,593

－

－

－

1,817,502－“Shares with full voting rights (Others)” include 2,300 shares under in JASDEC’s name (23 voting rights).
“Shares with full voting rights (Others)” include 1,260,900 shares (number of voting rights: 12,609) held by Executive reward
BIP Trust and 1,641,200 shares (number of voting rights: 16,412) held by Stock-granting ESOP Trust.

② Treasury Shares

Name of owner

Address of owner

Coca-Cola
Bottlers Japan

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

Holdings Inc.

Tokyo

Total
Note

－

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

Total number ofshares owned

As of June 30,2024
Ratio of shares
owned against
total no. of issued
shares (%)

23,785,900－

23,785,900

11.53

23,785,900－

23,785,900

11.53

The Company shares held by Executive reward BIP Trust, and Stock-granting ESOP Trust are not included in the above number ofshares owned.

2. Status of Officers
Not applicable.

－10－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Section 4 Accounting status
1. Preparation of Accounting methods for the Semi-Annual Consolidated Financial Statements
The Company’s condensed Semi-Annual 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 Semi-Annual Consolidated Financial Statements Article 312 (Cabinet Office Ordinance No. 28 of 1976).

2. Audit certification
The Company’s condensed Semi-Annual Consolidated Financial Statements for Semi-Annual consolidated accounting period of
the current fiscal year (January 1, 2024 to June 30, 2024) have been reviewed by Ernst & Young ShinNihon LLC based on theprovisions of Article 193-2 Paragraph 1 of the Financial Instruments and Exchange Act.

－11－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

1. Condensed Semi-Annual Consolidated Financial Statements and Notes(1) Condensed Semi-Annual Consolidated Statement of Financial Position(Millions of yen)

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

10

10

Total non-current assets
Total assets－12－Previous fiscal year
As of
December 31, 2023

Semi-Annual Consolidated
accounting period
As ofJune 30,2024

113,660
120,069
71,651
888,288
313,756

94,036
127,238
84,5101,106
13,468320,358

401,687
23,89463,819386,605
26,59463,013310

324

11,89825,222
4,245

12,37824,476
5,478

531,077
844,832

518,868
839,226

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.
(Millions of yen)Previous fiscal year
As of
December 31, 2023

Semi-Annual Consolidated
accounting period
As ofJune 30,2024

Liabilities and equity
Liabilities
Current liabilities:
116,61240,979
5,267
1,111
4,176
29,297125,910
40,994
5,803
839
1,189
17,121

197,443

191,855

114,802
20,34915
19,856
1,781
16,757
3,809
177,369

114,327
22,07999
21,1101,574
16,616
4,238
180,043

Total liabilities

374,812

371,898

Equity:Capital stock
Capital surplus
Retained earnings
Treasury shares
Accumulated other comprehensive income

15,232
451,389
88,365(85,362)223

15,232
451,375
83,875(84,895)
1,551

469,847174
470,021467,138190
467,328

844,832

839,226

Trade and other payables
Bonds and debts
Lease liabilities
Other financial liabilities
Income taxes payables
Other current liabilities
Total current liabilities
Non-current liabilities:
Bonds and debts
Lease liabilities
Other financial liabilities
Net defined benefit liabilities
Provisions
Deferred tax liabilities
Other non-current liabilities
Total non-current liabilities

10
10

10
10

7

Equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity－13－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(2) Condensed Semi-Annual Consolidated Statements of Income【Semi-Annual consolidated accounting period】

Notes

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 income
Financial expenses
Income (Loss) for the period before income taxes
Income tax expense (benefit)
Net loss for the period

Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

89
9Net loss for the period attributable to
Owners of parent
Non-controlling interests
Basic loss per share (yen)11(Millions of yen)Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)

404,109
227,313
176,797
183,212
2,022
2,135
(0)
(6,529)277
328(6,580)(2,648)(3,932)

411,455
230,251
181,204
183,971
5,990
2,031
14
1,207
287
621
873
1,140
(267)

(3,947)
15

(297)
29

(22.01)(1.65)【The Second quarter】

Notes

Revenue
Cost of sales
Gross profit
Selling and general administrative expenses
Other income
Other expenses
Investment loss on equity method
Operating income
Financial income
Financial expenses
Income for the period before income taxes
Income tax expense
Net income for the period
Net income for the period attributable to
Owners of parent
Non-controlling interests
Basic income per share (yen)Diluted earnings per share (yen)

11
11

－14－

The second quarterof previous fiscal year
(Three months ended
June 30, 2023)(Millions of yen)
The second quarterof current fiscal year
(Three months ended
June 30, 2024)

222,046
123,990
98,056
95,211
714
921
(8)
2,631
107
167
2,571
49
2,522

224,926
125,164
99,763
94,683
292
1,094
(2)
4,277
157
218
4,215
1,606
2,609

2,513
9

2,600
9

14.01
13.91

14.48
14.38

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(3) Condensed Semi-Annual Consolidated Statements of Comprehensive Income【Semi-Annual consolidated accounting period】(Millions of yen)
Notes

Net loss for the period
Other comprehensive income
Items that will not be reclassified subsequently to income orloss:
Net changes in financial assets measured at fair value throughother comprehensive income

Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)(3,932)

(267)

920

890

920

890

Subtotal
Total other comprehensive income for the period
Total comprehensive income for the period

159
159
1,079
(2,853)

506
506
1,396
1,128

Comprehensive income attributable to:
Owners of parent
Non-controlling interests(2,868)
15

1,099
29

Subtotal
Items that may be reclassified subsequently to income:Cash flow hedges【The Second quarter】(Millions of yen)
Notes

The second quarterof previous fiscal year
(Three months ended
June 30, 2023)

The second quarterof current fiscal year
(Three months ended
June 30, 2024)

Net income for the period
Other comprehensive income
Items that will not be reclassified subsequently to income orloss:
Net changes in financial assets measured at fair value throughother comprehensive income

2,522

2,609

884

63

Subtotal

884

63

Subtotal
Total other comprehensive income for the period
Total comprehensive income for the period

91
91
975
3,497

201
201
264
2,873

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

3,488
9

2,864
9

Items that may be reclassified subsequently to income:Cash flow hedges－15－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(4) Condensed Semi-Annual Consolidated Statements of Changes in Equity
Semi-Annual consolidated accounting period of previous fiscal year (Six months ended June 30, 2023)(Millions of yen)
Equity attributable to owners of the parent

Notes
Balance as of January 1, 2023

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
income (loss)

Noncontrollinginterests

15,232451,264

94,209(85,667)

1,177

476,216142

476,358－－(3,947)－－(3,947)15(3,932)

－

－

－

－

1,079

1,079

－

1,079

－

－

(3,947)－

1,079(2,868)15(2,853)－－(4,484)－－(4,484)－(4,484)

－

－

－

(3)

－

(3)

－

(3)

－

294

－

－

－

294

－

294

－

－

(1)

－

1

－

－

－

－

－

－

－

(237)

(237)

－

(237)

－

294

(4,484)

(3)

(236)

(4,429)－(4,429)15,232

451,558

85,778(85,669)2,020

468,920157

469,076

Total

Total

Comprehensive income for the period
Net income(loss) for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners
Dividends of surplus

7

Purchase of treasury stock
Transactions of share-based payment
Reclassification from accumulated othercomprehensive income to retained earnings
Reclassification from accumulated othercomprehensive income to non-financial assets
Total transactions with owners
Balance as of June 30, 2023

Semi-Annual consolidated accounting period of current fiscal year (Six months ended June 30, 2024)(Millions of yen)
Equity attributable to owners of the parent

Notes
Balance as of January 1, 2024

Capitalstock

CapitalsurplusRetainedearnings

Treasuryshares

Accumulated othercomprehensive
income (loss)

Noncontrollinginterests

15,232

451,389

88,365(85,362)223

469,847174

470,021

－

－

(297)

－

－

(297)

29

(267)

－

－

－

－

1,396

1,396

－

1,396

－

－

(297)

－

1,396

1,099

29

1,128

－

－

(4,486)－－(4,486)(17)(4,503)

－

－

－

(4)

－

(4)

－

(4)

－

(183)

－

471

－

289

－

289

－

168

－

－

－

168

－

168

－

－

293

－

(293)

－

－

－

－

－

－

－

225

225

－

225

－

－

－

－

－

－

4

4

－

(14)

(4,193)467(68)(3,808)(13)(3,822)

15,232

451,375

83,875(84,895)

1,551

467,138190

467,328

Total

Total

Comprehensive income for the period
Net income (loss) for the period
Other comprehensive income
Total comprehensive income for the period
Transactions with owners
Dividends of surplus
Purchase of treasury stock
Disposal of treasury stock
Transactions of share-based payment
Reclassification from accumulated othercomprehensive income to retained earnings
Reclassification from accumulated othercomprehensive income to non-financial assets
Other
Total transactions with owners
Balance as of June 30, 2024

7

－16－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(5) Condensed Semi-Annual Consolidated Statements of Cash Flows(Millions of yen)
Notes

Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)

Cash flows from operating activities
Income (Loss) for the period before income tax(6,580)873

23,061

22,866

94

304

(28)

43

(126)

(79)

323

390

0

(14)

(1,646)(5,501)

benefit
Adjustments for:
Depreciation and amortization
Impairment loss
Change in allowance for doubtful accounts(decrease)
Interest and dividends income
Interest expenses
Share of loss(income) of entities accounted for using
equity method
Gain on sale of property, plant, and equipment
Loss on disposal and sale of property, plant, andequipment, and intangible assets
Increase in trade and other receivables

528

405

(13,405)(7,236)

Increase in inventories(15,293)(12,859)

Increase in other assets(3,465)(6,441)

Increase in trade and other payables

17,108

11,860

Increase in net defined benefit liabilities

1,136

1,254

Decrease in other liabilities(3,723)(11,441)

OthersSubtotal

357

(266)

(1,659)(5,841)

Interest received

0

1

Dividends received

125

78

Interest paid

(282)

(349)

Income taxes paid

(2,333)(4,270)

Income taxes refund

1,963

1

Net cash used for operating activities(2,185)(10,380)(17,976)(14,312)

2,921

9,583

Cash flows from investing activities
Payments for acquisitions of property, plant andequipment and intangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Payments for purchases of other financial assets

(11)

(2)

Proceeds from sale of other financial assets

23

671

OthersNet cash used for investing activities

－17－

5

(42)

(15,038)(4,103)

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(Millions of yen)Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)

(500)

(500)

(2,590)(3,174)

Proceeds from disposal of treasury shares－

289

Payments for purchases of treasury shares

(3)

(4)

(4,484)(4,486)

Cash flows from financing activities
Repayments of long-term loans payable
Repayments of lease liabilities

Dividends paid

7

Dividends paid to non-controlling interests

－

(17)

Proceeds from sale and leaseback

－

2,747

Others－4

Net cash used for financing activities(7,576)(5,141)

Decrease in cash and cash equivalents(24,799)(19,624)

Cash and cash equivalents at the beginning of the year

84,074

113,660

Cash and cash equivalents at the end of the period

59,276

94,036－18－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Notes to condensed Semi-Annual Consolidated Financial Statements
1. Introduction
Coca-Cola Bottlers Japan Holdings Inc. (hereinafter referred to as “the Company”) is a holding company located in Japan and listedon the Prime Market of the Tokyo Stock Exchange. Under the Coca-Cola brand, the Company and its subsidiaries (collectively the“Group”) engage in the purchasing, sales, production, bottling, packaging, distribution and marketing of carbonated beverages, coffee
beverages, tea-based beverages, mineral water, alcohol, and other soft drinks in Japan.
The Group’s condensed Semi-Annual Consolidated Financial Statements consist of equities of the Company, subsidiaries, andassociates. The condensed Semi-Annual 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 August 7, 2024 and take into account events after the reporting period to that date (see Note 12, “Subsequent events”).
2. Basis of preparation
The Company’s condensed Semi-Annual 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 Semi-Annual Consolidated Financial Statements Article 312 (Cabinet Office Ordinance No. 28 of 1976), upon meeting
the requirements of a “designated international accounting standard specified company” as set forth in Article 1-2-2 of theaforementioned Ordinance.
Condensed Semi-Annual Consolidated Financial Statements should be used in conjunction with consolidated financial statements
for the previous fiscal year as they do not include all the information required in the Annual consolidated financial statements.
Condensed Semi-Annual Consolidated Financial Statements are stated in Japanese yen. All condensed Semi-Annual Consolidated
Financial Statements are rounded to the nearest million yen unless otherwise stated.
3. Material accounting policies
The material accounting policies applied by the Group in the condensed Semi-Annual Consolidated Financial Statements are thesame as the accounting policies applied in the consolidated financial statements for the previous fiscal year.
Income tax benefit for first half of current fiscal year has been calculated on the basis of the Annual estimated effective tax rate.
4. Critical accounting judgments, estimates and assumptions
In preparing the condensed Semi-Annual 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 amountsof assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. The estimates and the assumptions
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 environment.
Accounting estimates are based on the most appropriate information at the time the consolidated financial statements are filed, but
if any estimates in further into the future changes, the impact of the revises is recognized in the consolidated statements of profit orloss and 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 Semi-Annual Consolidated
Financial Statements will be revised based on the same concept as in the consolidated financial statements for the previous
consolidated fiscal year.

－19－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

5. New accounting standard not yet adopted
As of the approval date of the Semi-Annual Consolidated Financial Statements, the following standard was newly issued but theGroup has decided not to early adopt it. The Group is currently evaluating the impact of the adoption of this standard.
Standard

Mandatory adoption(From fiscal years
beginning on or after)

Standard name

Scheduled adoption
by the Group

Presentation and
IFRS 18

disclosure in financial

Overview
New standard to replace IAS 1, the current accounting

Fiscal year ending

January 1, 2027

standard for the presentation and disclosure of financial

December 31, 2027

statements

statements.

6. Segment Information
The Group has a single segment as Beverage Business. Refer to Note 8 Revenue for the products and services of the reported
segment.
7. Dividends
Dividend payments for the Semi-Annual consolidated accounting period of previous fiscal year and current fiscal year are as
follows:
Semi-Annual consolidated accounting period of previous fiscal year (January 1, 2023 – June 30, 2023)(1)

Dividend payment amountResolution

Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per
share
(Yen)

Dividend record date

Effective date

March 28, 2023
Ordinary General Meetingof Shareholders

Ordinary share

4,484

25

December 31, 2022

Mach 29, 2023

(2)

Dividends with the cut-off date in the first half of FY 2023 and the effective date following the first half of FY 2023
Resolution

Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per
share
(Yen)

August 9, 2023
Board of directors

Ordinary share

4,562

25

Note

Dividend record date

Effective dateJune 30, 2023

September 1, 2023

The total amount of dividends includes 79 million yen for the Company shares held by Executive reward BIP Trust and Stock-granting ESOP Trust.

Semi-Annual consolidated accounting period of current fiscal year (January 1, 2024 – June 30, 2024)(1)

Dividend payment amountResolution

Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per share(Yen)

Dividend record date

Effective date

March 26, 2024
Ordinary General Meetingof Shareholders

Ordinary share

4,562

25

December 31, 2023

March 28, 2024

Note

(2)

The total amount of dividends includes 76 million yen for the Company shares held by Executive reward BIP Trust and Stock-granting ESOP Trust.

Dividends with the cut-off date in the first half of FY 2024 and the effective date following the first half of FY 2024
Resolution

Type of shares

Total amount ofdividends paid
(Millions of yen)

Dividends per share(Yen)

August 2, 2024
Board of directors

Ordinary share

4,562

25

Note

Dividend record date

Effective dateJune 30, 2024

September 2, 2024

The total amount of dividends includes 73 million yen for the Company shares held by Executive reward BIP Trust and Stock-granting ESOP Trust.

－20－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

8. Revenue
The Group's organizational structure is based on the single beverage business segment. Discrete financial information is available
for the components of the Group, and operating results are regularly reviewed by the Board of Directors (chief operating decision
makers) to make decisions about the allocation of business resources. As such, the earnings recorded under the beverage business arepresented as Revenue.
In the beverage business, the Group purchases, manufactures, and sells carbonated beverages such as Coca-Cola, coffee beverages,
tea-based beverages, mineral water, alcohol, and other beverages in Japan. Revenue for sales of these products is recognized primarily
at the time of delivery as the customer has obtained control over the products and the performance obligation is satisfied.
Payments relating to such performance obligations are received generally within two months of delivery. The contracts withcustomers do not include any material financial elements.
(Millions of yen)Semi-Annual
consolidated accounting
period of previous fiscal
year(Six months ended
June 30, 2023)

Semi-Annual
consolidated accounting
period of current
fiscal year
(Six months ended
June 30, 2024)

404,09911

411,4478404,109411,455

Revenue
Revenue from contracts with customers
Beverage
Other
Total

－21－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

9. Other income and other expenses
The breakdown of other income and other expenses are as follows:(Millions of yen)Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

Other income
Gains on sales of property, plant, andequipment (Note 1)
Rent income

Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)

1,646

5,501

109

89

267

401

Total

2,022

5,990

Impairment loss
Losses on sales and disposals of property,
plant, and equipment
Transformation related expenses (Note 2)

94

304

642

577

1,287

1,067

Special retirement allowance (Note 3)

44

18

Other

69

64

2,135

2,031

Other

Other expenses

Total
Notes

1.
2.
3.

Gains on sales of property, plant, and equipment represent gains on sales of land and other assets for first half of previous fiscal
year and current fiscal year.
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 for first half ofprevious fiscal year and current fiscal year.
Special retirement allowances are allowances and outplacement support expenses incurred in the implementation of thevoluntary retirement program for first half of previous fiscal year and current fiscal year.

－22－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

10. Fair value of financial instruments(a) 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 levels of thefair 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 or indirectly,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 based on thelowest level of input that is significant to the fair value measurement as a whole. Transfers between levels of the fair value hierarchy
are recognized as having occurred at the beginning of each period.
There was no transfer between Level 1, Level 2, and Level 3 during the previous fiscal year and first half of current fiscal year.
(b) 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 forthe same asset or liability. If there is no active market share price for the same asset or liability, the Group uses valuation techniquessuch as share prices in non-active markets, and quoted market prices of similar companies. If significant inputs, such as quoted
market prices and discount rates used in measurement are observable, such financial instruments are classified as Level 2, but areclassified 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 quoted market prices
of similar companies, valuation techniques based on net asset value, and other valuation techniques. In the fair value measurementof unlisted securities, the Group uses unobservable inputs such as valuation multiples and considers certain illiquidity discounts
and non-controlling 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, 2023
Type
Financial instrument measured atfair value through othercomprehensive income(Securities)

Significant unobservable inputs

Interactions between significant unobservable
inputs and fair value measurement

EBIT Multiple: 26.8 times

Estimated fair value increases (decreases)

PER: 5.8- 6.5 times

when equity indices of comparable listed

PBR: 1.1-2.4 times

companies of the target are high (low)Valuation techniqueSignificant unobservable inputs

Interactions between significant unobservable
inputs and fair value measurement

Comparison of

EBIT Multiple: 9.8 times

similar companies

PBR: 1.1 – 2.2 times

Valuation technique

Comparison ofsimilar companies

As of June 30,2024
Type
Financial instrument measured atfair value through othercomprehensive income(Securities)
EBIT Multiple: Corporate Value/EBIT
PER: Price Earnings Ratio
PBR: Price Book Value Ratio－23－

Estimated fair value increases (decreases)
when equity indices of comparable listedcompanies of the target are high (low)This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

(c) 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, 2023
(Millions of yen)
Level 1

Level 2

Level 3

Total

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

－

80

－

80

－

80

－

80

4,542
－

－

2,921

7,463

－

92

92

Subtotal

4,542

－

3,013

7,555

Total

4,542

80

3,013

7,635

－

1,127

－

1,127

－

1,127

－

1,127

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 June 30,2024(Millions of yen)
Level 1

Level 2

Level 3

Total

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

－

1,065

－

1,065

－

1,065

－

1,065

5,051
－

－
－

2,967

8,018

94

94

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

5,051

－

3,061

8,112

Total

5,051

1,065

3,061

9,177

－

939

－

939

－

939

－

939

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

－24－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki 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 as of January 1, 2023

3,135

Disposals
Gains (Losses) recognized in other comprehensive income

(24)
452

Balance as of June 30, 2023

3,562

Balance as of January 1, 2024

3,013

Disposals
Gains (Losses) recognized in other comprehensive income

(29)
77

Balance as of June 30, 2024
3,061
Gains or losses recognized in other comprehensive income are recognized in “Net changes in financial asset measured at fairvalue through other comprehensive income” in the consolidated statements of comprehensive income.
(d) 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, 2023
(Millions of yen)
Carrying amountLong-term loans payable and bonds

155,781

Fair value

Difference

154,547

1,234

As of June 30,2024(Millions of yen)
Carrying amountLong-term loans payable and bonds

155,321

Fair value

Difference

152,868

2,452

Long-term loans payable and bonds include current portion. Cash and cash equivalents, trade and other receivables, trade andother payables are not included in the above table as their fair value approximates their carrying amount due to the short collection
and settlement period.
The main valuation techniques used to measure fair value of the financial instrument 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 thepresent 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 the fair value hierarchy andbonds without quoted market prices are classified into Level 2.

－25－This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

11. Earnings per share
The calculation of basic earnings (loss) per share attributable to owners of the parent is based on the net income (loss) attributableto owners of the parent and the weighted-average number of common shares issued for Semi-Annual (second quarter) accounting
period.
The basis for calculating the basic earnings (loss) per share for Semi-Annual consolidated accounting period and the second quarteris as follows:
Semi-Annual consolidated accounting
period of previous fiscal year
(Six months ended
June 30, 2023)

Semi-Annual consolidated accounting
period of current fiscal year
(Six months ended
June 30, 2024)

Loss attributable to owners of parent (millions of yen)

(3,947)(297)

Weighted-average number of common shares issued (inthousands)

179,339

179,540

Basic loss per share (yen)(22.01)(1.65)

Notes

1.
2.

“Diluted earnings per share” is not shown in first half of the previous fiscal year and current fiscal year, as 1,278 thousand shares and 1,244
thousand shares of share-based compensation have an antidilutive effect.
We have introduced Executive reward BIP Trust and Stock-granting ESOP Trust in first half of the previous fiscal year. The Company shares
held by these trusts are included in the treasury shares to be deducted from the weighted-average number of common shares during the period
for calculating the amount of basic loss per share. The weighted-average number of common shares deducted was 26,753 thousand shares and26,728 thousand shares for first half of the previous fiscal year and current fiscal year.
The second quarterof previous fiscal year
(Three months ended
June 30, 2023)

The second quarterof current fiscal year
(Three months ended
June 30, 2024)

Income attributable to owners of parent (millions of yen)

2,513

2,600

Weighted-average number of common shares issued (inthousands)

179,339

179,566

1,278

1,266

180,616
14.01

180,832
14.48

13.91

14.38

Increase in common shares
Share of stock-based compensation (in thousands)
Diluted weighted-average number of shares (in thousands)
Basic income per share (yen)Diluted earnings per share (yen)Notes

We have introduced Executive reward BIP Trust and Stock-granting ESOP Trust in the second quarter of the previous fiscal year. The Company
shares held by these trusts are included in the treasury shares to be deducted from the weighted-average number of common shares during theperiod for calculating the amount of basic income per share and diluted earnings per share.

12. Subsequent events
Not applicable.

－26－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

2. Others
At the Board of Directors held on August 2, 2024, it was resolved to provide the following interim dividend to shareholders or
registered pledges recorded in the final shareholders’ register on June 30, 2024
a. Total dividends through interim dividends: 4,562 million yen
b. Amount per share: 25 yenc. Effective date of payment claims, and payment start date: September 2, 2024
Note

The total amount of dividends includes 73 million yen of dividends for the Company's shares held by Executive reward BIP Trust and Stock-granting
ESOP Trust.

－27－

This is an English translation of the original Semi-Annual Report (“Hanki Hokokusho”) ended June 30, 2024 pursuant to the Japanese Financial Instrument andExchange Law. In the event of any discrepancy between Hanki Hokokusho and this English translation, Hanki Hokokusho shall prevail.

Part II Information of guarantor companies of the filing company
Not applicable.

－28－