December 2004 December 2004 rd Quarter Financial Results Briefing 3 rd Quarter Financial Results Briefing 3 October 29, 2004 Coca-Cola West Japan Co., Ltd. (2579) Inquiries: PR Division TEL +81 (0)92-641-8591 FAX +81 (0)92-632-4304 Website: http://www.ccwj.co.jp/ E-mail: mtakase@ccwj.co.jp
Contents Contents Appendix Appendix I. Q1 to Q3, 2004 Overview and I. Q1 to Q3, 2004 Overview and 1. Consolidated Financial Statements Full Year Projections Page Full Year Projections 27 (1) Statement of income for Q3 1. Q1 to Q3, 2004 Results in Summary 3 28 (2) Projected statement of Income 29 (3) Balance sheets 2. Financial Summary and Analysis 4 31 (4) Statement of cash flows 3. Results Forecast for Fiscal 2004 11 2. Sales Volumes 4. Mikasa CCBC 13 32 (1) By brand II. Marketing Activities II. Marketing Activities 33 (2) By package 1. Market Conditions 15 34 (3) By channel 2. Flagship Brands 17 35 (4) New/renewal product sales 3. Distribution Channels 20 3. Vending Machine Installation 36 4. Action Plan 22 4. Home Market Share 38 (1) About Intage store audit 39 (2) Home market share by manufacturer 40 (3) Home market share by category 41 (4) Home market share by industry 43 5. Capital Investment and Depreciation 44 6. Coca-Cola Group Affiliates 48 ７． Japan’s Coca-Cola System 50 ８． Glossary ＣＣＷＪ 1
I. Q1 to Q3, 2004 Overview Q1 to Q3, 2004 Overview I. and and Full Year Projections Full Year Projections ＣＣＷＪ 2
1. Q1 to Q3, 2004 Results in Summary (1) Sales volume After a good run from January to July, bad weather (especially typhoons), hit demand in August and September. This resulted in a 1.4% shortfall against the plan, but a 2.8% rise over the previous year’s figures. (2) Consolidated results for Q1 to Q3 Net sales: -0.8% (–¥1.5bn) below management plan; +6.4% (+¥11.6bn) over previous year Operating income: -1.6% (–¥0.2bn) below management plan; -3.8% (–¥0.5bn) below previous year (3) Mikasa CCBC fared well Sales volume: +1.4% over management plan; +6.4% over previous year Operating income: +¥240mn over management plan; +¥900mn over previous year ＣＣＷＪ 3
2. Financial Summary and Analysis (1) Monthly sales volumes in the home area market vs plan (thousand cases, %) 500 5.0 +4.8 Change (amount) 0 -1.4 Change (%) +423 0 0.0 -754 -644 0 -973 -500 -5.0 -7.8 -8.1 -1,000 -10.0 -1,500 -15.0 Jan-Jun Jul Aug Sep Jan-Sep vs previous year (thousand cases, %) Change (amount) 2,000 20.0 Change (%) +15.9 1,500 15.0 +1,831 1,000 10.0 +1,301 +2.8 +1,270 500 5.0 -239 0 +3.2 0.0 -502 -500 -5.0 -2.7 -1,000 -10.0 -6.2 Jan-Jun Jul Aug Sep Jan-Sep ＣＣＷＪ 4
(2) Consolidated results for Q1 – Q3, 2004 (million yen, %) Q1-Q3 Q1-Q3, fiscal 2004 Fiscal Plan Results vs plan vs Q1-Q3, fiscal 03 2003 * Amount Ratio Amount Ratio 180,716 193,900 192,305 -1,594 -0.8 11,588 6.4 Net sales 14,929 14,600 14,364 -235 -1.6 -564 -3.8 Operating income 15,164 14,700 14,533 -166 -1.1 -630 -4.2 Recurring profit 8,283 8,200 8,094 -105 -1.3 -189 -2.3 Net income *Plan: Based on the full-year projections announced on August 2, 2004 (3) Non-consolidated results for Q1 – Q3, 2004 (million yen, %) Q1-Q3 Q1-Q3, fiscal 2004 Fiscal Plan Results vs. plan vs. Q1-Q3, fiscal 03 2003 * Amount Ratio Amount Ratio Net sales 139,242 150,400 147,923 -2,476 -1.6 8,681 6.2 13,568 13,200 12,508 -691 -5.2 -1,060 -7.8 Operating income 14,024 13,600 12,962 -637 -4.7 -1,062 -7.6 Recurring profit Net income 7,848 7,800 7,279 -520 -6.7 -569 -7.3 *Plan: Based on the full-year projections announced on August 2, 2004 (thousand cases, %) Sales results 70,525 75,451 74,709 -742 4,184 5.9 Incl. other bottlers -1.0 Home market 65,072 67,876 66,903 -973 1,831 2.8 -1.4 ＣＣＷＪ 5
(4) Major reasons for divergence from plan (consolidated) (million yen) ・ Sales volume decrease -1,800 ・ Sales mix, etc. -700 Net sales –1,600 ・ Transfer from Mikasa CCBC +600 ・ Transfer from affiliates +300 Cost of sales -900 ・ Sales volume decrease -1,000 ・ Sales mix, etc. -400 ・ Transfer from Mikasa CCBC +300 ・ Transfer from affiliates +200 Operating profit -200 Selling, general & administrative -500 ・ Personnel expenses -400 ・ Others -100 Non-operating income - Recurring profit -200 Non-operating expenses - Extraordinary income - Extraordinary losses +100 ・ Damage from typhoons +100 Net income -100 Income taxes -300 Minority shareholder profit +100 ＣＣＷＪ 6
(5) Major reasons for divergence from Q1-Q3, fiscal 2003 (consolidated) (million yen) ・ Sales volume increase +7,600 ・ Sales mix, etc. +1,600 Net sales + 11,600 ・ Income from consigned orders +100 ・ Transfer from Mikasa CCBC +2,000 ・ Transfer from affiliates +300 Cost of sales + 6,400 ・ Sales volume increase +5,400 ・ Sales mix, etc. -100 ・ Cost of consigned orders +200 ・ Transfer from Mikasa CCBC +1,100 Operating profit -500 ・ Transfer from affiliates -200 Selling, general & administrative +5,700 ・ Personnel expenses (increased by changes in retirement benefit scheme etc.) +2,900 ・ Sales commissions +1,400 ・ Advertising expenses +800 ・ Outsourcing expenses +600 Non-operating income - Recurring profit -600 Non-operating expenses +100 Extraordinary income -200 Extraordinary losses -400 ・ Loss on disposal of products -300 ・ Expenses to adjust to new bank bills +300 Net income -200 ・ Damage from typhoons +100 ・ Consolidation of subsidiaries, etc. -500 Income taxes -500 Minority shareholder profit +300 ＣＣＷＪ 7
Reference 1: Consolidated operating income (excluding effect of changes to retirement benefit scheme) January to September (million yen, %) 14,929 14,364 Effect of changes to 2,271 retirement benefit scheme 4,794 B 1,958 A 12,093 10,135 C Q1-Q3, fiscal 2003 Q1-Q3, fiscal 2004 Change Q1-Q3, Q1-Q3, fiscal 03 fiscal 04 Amount Ratio A ： Operating income 14,929 14,364 -564 -3.8 Effect of changes to B ： 4,794 2,271 -2,523 -52.6 retirement benefit scheme C ： A - B 10,135 12,093 1,958 19.3 ＣＣＷＪ 8
Reference 2: Coca-Cola National Beverage Company (CCNBC) contributions to CCWJ Cost Reduction Program breakdown and achievements (million yen) Results for Jan- Annual plan Sep Fall in supply cost of former toll 948 500 products 1 FC product 390 300 materials Joint Sales machine 2 91 200 procurement purchases 481 500 Sub-total Total 1,429 1,000 1 Cans, PET bottles, bottle caps, cardboard, etc. 2 All types of machine, including can vending machines, CVM equipment, and syrup dispensers. ＣＣＷＪ 9
Reference 3: Consolidated gross profit & operating income <Gross profit> (billion yen) Gross profit for Q1 － Q3, fiscal 03 81.3 +2.2 Sales volume increase +1.7 Sales mix -0.1 Income from consigned orders +0.9 Transfer from Mikasa CCBC +0.5 86.5 Transfer from affiliates Gross profit for Q1 － Q3, fiscal 04 78 79 80 81 82 83 84 85 86 87 <Operating profit> Operating profit for Q1-Q3, fiscal 03 14.9 +5.2 Gross profit increase Personnel expenses (increased -2.9 by changes to retirement benefit scheme etc.) -1.4 Sales commissions -0.8 Advertising expenses -0.6 Outsourcing expenses 14.4 Operating profit for Q1-Q3, fiscal 04 ＣＣＷＪ 10 0 5 10 15 20 25
3. Full-year Projections (1) Consolidated (million yen, %) Fiscal 2003 Fiscal 2004 Res ults Forecast vs fiscal 2003 A mount Ratio Net sales 240,825 255,000 14,174 5.9 Operating income 19,638 18,000 -1,638 -8.3 Recurring profit 19,895 18,300 -1,595 -8.0 Net income 9,380 10,000 619 6.6 (2) Non-consolidated (million yen, %) Fiscal 2003 Fiscal 2004 Results Forecast vs fiscal 2003 Amount ratio Net sales 186,176 199,000 12,823 6.9 O perating income 17,881 16,300 -1,581 -8.8 Recurring profit 18,323 16,700 -1,623 -8.9 Net income 10,259 9,200 -1,059 -10.3 Sales plan (thousand cases, %) Incl. other bottlers 94,219 99,117 4,898 5.2 Home area market 86,025 88,978 2,953 3.4 ＣＣＷＪ 11
Reference 1: Consolidated operating income (excluding effect of changes to retirement benefit scheme) January to December (million yen, %) 19,638 18,000 Effect of changes to retirement benefit scheme 2,271 B 6,631 2,722 A 15,729 13,007 C Fiscal 2003 Fiscal 2004 Change Fiscal 2003 Fiscal 2004 Results Forecast Amount ratio A ： Operating income 19,638 18,000 -1,638 -8.3 Effect of changes B ： 6,631 2,271 -4,360 -65.8 to retirement benefit scheme C ： A － B 13,007 15,729 2,722 20.9 ＣＣＷＪ 12
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