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COCA-COLA BOTTLERS JAPAN HOLDINGS INC.

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Consolidated Financial Summary for the Third Quarter Ended September 30, 2021 (IFRS)

11/11/2021 | 03:28am EST

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

Consolidated Financial Summary for

the Third Quarter Ended September 30, 2021 (IFRS)

November 11, 2021

Listed company name: Coca-Cola Bottlers Japan Holdings Inc.

Listed stock exchanges: Tokyo

Code number: 2579

URL: https://en.ccbj-holdings.com/

Delegate:

Title: Representative Director & President

Name: Calin Dragan

Contact:

Title: Head of Controllers Senior Group Division, Finance, Name: Tatsuhiro Ishikawa Phone: +81-3-6896-1707

Expected date of quarterly report submission: November 12, 2021

Schedule for dividends payment:

Preparation of supplementary materials on quarterly financial results: Yes

Holding of quarterly financial results conference: Yes

(Fractions of one million yen are rounded)

1. Consolidated financial results for the third quarter 2021 (from January 1, 2021 to September 30, 2021)

  1. Consolidated financial results

(Percentages indicate changes over the same period in the prior fiscal year)

Revenue

Business income

Operating income

Net income

Net income attributable Total comprehensive

to owners of the parent

Income

million yen

million yen

million yen

million yen

million yen

million yen

3rd quarter, 2021

589,531

(1.5)

(14,023)

(19,978)

(1,552)

(1,535)

2,428

3rd quarter, 2020

598,547

(13.8)

4,336

(74.6)

(8,953)

(4,670)

(4,644)

(11,446)

Earnings per share

Diluted earnings per share

yen

yen

3rd quarter, 2021

(8.56)

3rd quarter, 2020

(25.90)

*1. "Business Income" is a measure of our recurring business performance that is calculated as costs of goods and selling, general and administrative expenses are deducted from revenue, and other income and expenses are added and subtracted accordingly.

2. In the fiscal year ending 31 December 2020, the Healthcare and Skincare business has been classified as a discontinued operation as a result of the decision to sell all shares in Q'sai held by the Company. As a result, revenue, business income and operating loss for the previous financial period have been reclassified to the amounts for continuing operations excluding discontinued operations.

(2) Consolidated financial position

Total assets

Total equity

Equity attributable to parent owners

Ratio of equity attributable to

parent owners

million yen

million yen

million yen

Sep. 30, 2021

866,711

494,638

494,503

57.1

Dec. 31, 2020

939,603

502,093

501,643

53.4

2. Dividends

Dividends per share

1Q

2Q

3Q

Year-end

Annual

yen

yen

yen

yen

yen

FY ended December 2020

0.00

25.00

25.00

FY ending December 2021

25.00

FY ending December 2021

25.00

50.00

(forecast)

Note: Revisions to the cash dividends forecasts most recently announced: None

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

(Percentages indicate changes over the same period in the prior fiscal year)

Net income (loss) for the

Earnings per

Revenue

Business income

Operating income

Net income

year attributable to owners

of the parent

share

million yen

million yen

million yen

million yen

million yen

yen

Full-year 2021

782,600

(1.2)

(15,900)

(24,200)

(4,600)

(4,600)

(25.65)

Note: Revisions to the forecasts of consolidated operating results most recently announced: Yes

Notes

(1) Changes in significant subsidiaries during the current period:

None

(2) Changes in accounting policies and changes in accounting estimates:

1)

Changes in accounting policies as required by IFRS:

None

2)

Changes other than those in 1) above:

None

3)

Changes in accounting estimates:

None

(3) Number of outstanding shares (common shares)

1) The number of outstanding shares (including treasury shares):

3rd Quarter, September 2021:

206,268,593 shares

FY ended December 2020:

206,268,593 shares

2)

The number of treasury shares:

3rd Quarter, September 2021:

26,923,688 shares

FY ended December 2020:

26,920,298 shares

3)

The number of average shares outstanding:

3rd Quarter, September 2021:

179,346,486 shares

3rd Quarter, September 2020:

179,350,270 shares

  • The consolidated financial summary is not subject to quarterly review procedures conducted by certified public accountant or audit firm.
  • Explanation regarding appropriate use of the forecast, other special instructions

Figures in the above forecast are based on information available at the time of issuance of this report, and the actual results may be changed due to a number of inherent uncertainties in the forecast. Actual results may differ materially from the forecast. Furthermore, please refer to "1. Qualitative Information on the Financial Summary for this Quarter (3) Information on the Future Outlook, such as Forecast of Consolidated Financial Results" on page 5 for matters relating to performance forecasts.

Table of Contents

1. Qualitative Financial Summary for year-to-date third quarter 2021......................................................................................................

2

(1)

Qualitative Information on year-to-date third quarter Consolidated Financial Results....................................................................

2

(2) Analysis of Financial Position..........................................................................................................................................................

5

(3)

Qualitative Information on the Future Outlook, such as Forecast of Consolidated Financial Results .............................................

5

2. Condensed Quarterly Consolidated Financial Statements and Notes ....................................................................................................

6

(1)

Condensed Quarterly Consolidated Statement of Financial Position...............................................................................................

6

(2)

Condensed Quarterly Consolidated Statements of Income and Comprehensive Income.................................................................

8

(3)

Condensed Quarterly Consolidated Statements of Changes in Equity...........................................................................................

10

(4)

Notes to Condensed Consolidated Financial Statements ...............................................................................................................

12

(Notes Relating to Going Concern Assumption) .............................................................................................................................

12

(Changes in Accounting Policies)....................................................................................................................................................

12

(Segment Information) ....................................................................................................................................................................

12

1

1. Qualitative Financial Summary for year-to-date third quarter 2021

  1. Qualitative Information on year-to-date third quarter Consolidated Financial Results

Coca-Cola Bottlers Japan Holdings Inc. ("CCBJH" or the "Company", or "we") announced third-quarter results for the fiscal year ending on December 31, 2021 (January 1, 2021 to September 30, 2021)

As the effect of the coronavirus (COVID-19) continues and the business environment remains to be challenging, the continuing supply of our goods and services which are essential for our customers and consumers, and the safety and health of our employees and communities are our top priorities. In accordance with our mission to deliver happy moments to everyone, we have been operating our business to ensure safe and secure product supply while taking comprehensive measures.

In the year-to-date third quarter period (January 1, 2021 to September 30, 2021), despite last year's COVID-19 impact and rebound from the initial impact, the multiple state of emergency declaration and heavy rain fall in August this year, the total domestic nonalcoholic ready-to-drink (NARTD) beverage industry volume performed at similar levels to the same period of the previous fiscal year.

Under these circumstances, we have been working on measures to minimize the impact on sales by introducing new products and responding to changing consumer and channel trends. Under the guiding principle that "business as usual is not an option", announced as part of our mid-term strategic business plan in August 2019, we continue to drive fundamental business transformation initiatives. We have been pushing forward our transformation efforts in the further evolution of the vending channel operation model, the relocation of product inventories, and the consolidation of distribution bases centered around the Saitama Mega DC to optimize the distribution network in the Kanto area, the streamlining of the supply chain system to realize low-cost operations, and the promotion of new work styles. While the business environment continues to be challenging, we are focused on identifying the issues and implementing short-term mitigation plans, as well as seeking new opportunities for growth and efficiency as we work to respond to changes in the business environment over the medium and long term.

We also continue our activities to realize our ESG goals based on creation of shared value with society. As part of our efforts to achieve the 2030 Packaging Vision, towards a "World Without Waste", we continue to increase the use of 100% recycled PET bottles. In October, the Coca-Cola system in Japan has formulated targets to reduce greenhouse gas emissions across the entire value chain in Japan by 2030. The system aims to reduce Scope 1 and 2 emissions by 50% and Scope 3 emissions by 30% against the level in 2015.

As announced on December 15, 2020, "Notice of Selling of Shares of Q'sai Co., Ltd. and Gain on The Sale of Shares as well as Revision of Earnings Forecast", the share transfer of Q'sai Co., Ltd. ("Q'sai") was completed on February 1, 2021. We have revised our business segment reporting to reflect only the results of continuing operations, the beverage business, after the sale of the health and skincare segment. Relevant sections of prior year financial statements and notes have been reclassified.

Details for the year-to-datethird-quarter period are as follows.

In addition to the business update in this document, please also see our earnings presentation material posted on the Company IR website (https://en.ccbjholdings.com/ir/library/presentation.php) to be used in our earnings conference call on Friday, November 12 at 13:30 PM (JST). The earnings presentation and audio will be available live and on demand as an audio webcast in the IR section of the CCBJH website.

Highlights for the year-to-date third quarter

  • Continued COVID-19 impact and repeated emergency declarations resulted in a slow consumer traffic recovery. Record- breaking rainfall in August significantly impacted the peak summer month.
  • Sales volume increased by +2% YoY in Q3 and +2% year-to-date Q3. New products contributed to the volume growth but was not able to offset the negative business environment impact. Year-to-date Q3 revenue declined -2% YoY due to changing consumer preference on channel and package mix, and a decrease in wholesale revenue per case. Value share continued to grow in the vending channel, and Supermarkets, drugstores and discounters channel market share started to recover
  • Business income for year-to-date Q3 decreased by -18.4B yen YoY. In addition to the prolonged COVID-19 impact, performance was impacted by heavy rains in August, a peak summer month, and the cycling of one-time cost savings in the same period last year. Despite challenges, we continue to invest in our marketing and human resources at appropriate levels to achieve sustainable future growth.
  • In a challenging operating environment, we are focused on what we can control, and implement short-term and mid-to-long term plans. Transformation is progressing on track; about 8B yen of recurring cost savings achieved to date.
  • FY2021 guidance was announced. For the full year, 2% volume growth YoY, revenue of 789.6B yen (1.2%,9.4B yen decrease), business income loss of 15.9B yen (16.1B yen decrease). Q4 reflects a subsiding of the COVID-19 impact. However, expect

2

the impact from competitive environment, cycling of the cost savings achieved last year, and the recent surge in raw material prices.

Summary of Consolidated Financial Results

(Millions of yen)

Year-to-date Q3 (January to September)

2020

2021

Change

Continuing Operation

Revenue

598,547

589,531

(1.5)

Sales volume of beverage business (million cases)

343

351

2%

Gross Profit

275,493

260,823

(5.3)

Selling, General & Administrative Expenses

269,971

273,868

1.4

Other income (Recurring)

563

650

15.5

Other expenses (Recurring)

1,438

1,507

4.8

Investment loss on equity method

(310)

(121)

Business Income (Loss)

4,336

(14,023)

Other income (Non-recurring)

1,782

5,584

213.3

Other expenses (Non-recurring)

15,072

11,539

(23.4)

Operating Loss

(8,953)

(19,978)

Net Loss Attributable to Owners of Parent

(4,644)

(1,535)

(Millions of yen)

Q3 (July to September)

Continuing Operation

2020

2021

Change

Revenue

223,949

220,222

(1.7)

Sales volume of beverage business (million cases)

131

134

2%

Gross Profit

105,949

97,554

(7.9)

Selling, General & Administrative Expenses

93,955

96,574

2.8

Other income (Recurring)

190

235

23.7

Other expenses (Recurring)

399

452

13.1

Investment income (loss) on equity method

(80)

12

Business Income

11,704

776

(93.4)

Other income (Non-recurring)

1,782

982

(44.9)

Other expenses (Non-recurring)

7,503

3,486

(53.5)

Operating Income (Loss)

5,983

(1,728)

Net Income (Loss) Attributable to Owners of Parent

1,807

(1,181)

Note: 1. "Business Loss" is a measure of our underlying or recurring business performance. Business Income (loss) deducts cost of goods and selling, general and administrative expenses from revenue, and includes other income and expenses which we believe are recurring in nature.

  1. Net Loss Attributable to Owners of Parent is a total of continuing operation and discontinued operation results.
  2. Sales volume in 2020 is revised retroactively due to changes of counting segmentation and scope in some products.

Consolidated net revenue decreased to 589,531 million yen (1.5% decrease of 9,016 million yen from the same period prior year) due to a slower than expected sales volume of 2% YoY due to continued COVID-19 impact and the multiple state of emergency delaying the recovery of traffic, and a decrease in demand in the peak month of August affected by unseasonably wet weather. This is despite favorable contributions from new products and our responses to changes and trends in channels, the

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Coca-Cola Bottlers Japan Inc. published this content on 11 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2021 08:06:06 UTC.


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Sales 2021 793 B 6 882 M 6 882 M
Net income 2021 -4 519 M -39,2 M -39,2 M
Net Debt 2021 106 B 917 M 917 M
P/E ratio 2021 -53,4x
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Nbr of Employees 16 274
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Managers and Directors
Calin Dragan President & Representative Director
Bjorn Ivar Ulgenes Senior Executive Officer & GM-Finance
Hiroshi Yoshioka Independent Outside Director
Hiroko Wada Independent Outside Director
Celso Guiotoko Independent Outside Director