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Annual Review 2001 English Putting new fizz into... Annual Review 2001 Year ended December 31, 2001 Coca-Cola West Japan Company, Limited Profile On July 1, 1999, Sanyo Coca-Cola Bottling Co., Ltd. and Kita Kyushu Coca-Cola Bottling Co., Ltd. merged to form Coca-Cola West Japan Company, Limited (CCWJ). At the inception of the new company, The Coca-Cola Company took an equity interest in CCWJ and the company started business as the first Coca-Cola Anchor Bottler in Japan. As an Anchor Bottler and strategic partner of The Coca-Cola Company, CCWJ plays a central role in promoting Coca-Cola’s business in Japan. January 1999: Merger announced July 1999: Coca-Cola West Japan Company, Limited established August 2000: Joint project launched with Kinki Coca-Cola Bottling Co., Ltd. April 2001: Mikasa Coca-Cola Bottling Co., Ltd. becomes a subsidiary of CCWJ, the sole Anchor Bottler in Japan January 1999 July 1999 August 2000 April 2001 What is an Anchor Bottler? An Anchor Bottler has an important strategic relationship with The Coca-Cola Company, including an equity relationship and shared goals. The Anchor Bottler deploys sophisticated financial and management capabilities in franchises that cover a large territory through its position as a strategic partner of The Coca-Cola Company. As an important strategic partner in Asia, CCWJ will play a role in The Coca-Cola Company’s global strategy by investing in other Coca-Cola bottlers located in the Asia-Pacific region when chances arise. Only 10 Anchor Bottlers in the world Coca-Cola West Japan Company, Limited (CCWJ) Coca-Cola Enterprises (CCE) Coca-Cola Amatil (CCA) Coca-Cola HBC (CCHBC) Coca-Cola EAG (CCEAG) Coca-Cola Femsa (Femsa) Panamerican Beverages (Panamco) Coca-Cola Sabco (Sabco) Swire Beverages (Swire) Coca-Cola Nordic Beverages (CCNB) Consolidated Financial Highlights Years ended December 31 (Millions of Yen) 1997 1998 1999 2000 2001 Net sales . 115,408 117,991 164,731 207,827 226,111 Operating income . 10,737 12,533 15,160 17,449 16,634 Recurring profit . 11,054 12,510 15,889 18,516 16,021 Recurring profit margin (%) . 9.6 10.6 9.6 8.9 7.1 Net income . 5,428 5,872 6,823 5,700 1,420 Earnings per share (¥) . 124.27 122.20 113.67 77.82 17.62 Return on sales (%) . 4.7 5.0 4.1 2.7 0.6 Total assets . 98,445 102,278 182,316 181,637 202,713 Total shareholders’ equity . 82,807 87,298 154,395 157,604 157,129 Shareholders’ equity ratio (%) . 84.1 85.4 84.7 86.8 77.5 Shareholders’ equity per share (¥) . 1,895.49 1,816.64 2,107.74 2,151.52 1,950.06 Return on equity (%). 6.7 6.9 5.6 3.7 0.9 Cash flows . 11,686 12,552 17,319 20,175 15,067 Capital expenditures . 7,186 6,670 14,937 14,634 11,355 Depreciation . 6,258 6,680 10,496 14,475 13,647 Notes: 1. Earnings per share in 1997: The Company announced a 1 to 1.1 stock split effective February 20, 1997. However, earnings per share is computed assuming the stock split to have been effected at the beginning of the term. 2. Earnings per share in 1998: The Company announced a 1 to 1.1 stock split effective February 20, 1998. However, earnings per share is computed assuming the stock split to have been effected at the beginning of the term. 3. Earnings per share in 2001: The Company announced a 1 to 1.1 stock split effective February 20, 2001. However, earnings per share is computed assuming the stock split to have been effected at the beginning of the term. 4. Figures before and including 1998 are those of the former Kita Kyushu Coca-Cola Bottling Co., Ltd. 5. Cash flows = Net income + Depreciation Contents 2 To Our Shareholders 4 Marketing 6 Brands 8 Operations 10 Human Resources 12 Contribution to Regional Society and Environmental Activities 14 Management 15 Financial Section Coca-Cola West Japan Company, Limited Annual Review 2001.....1 To Our Shareholders Operating Results In fiscal 2001, ended December 31, 2001, we entered the second year of our Medium- term Management Plan that we launched in fiscal 2000. Coca-Cola West Japan (CCWJ) faced a challenging operating environment due to the protracted downturn in the Japa- nese economy, rising bankruptcies of large firms in the distribution and retail industry and lower prices in the beverage industry resulting from increasingly fierce competi- tion. During the year we moved steadily toward realizing our mission to become “A Strong Anchor Bottler and a Strong Company.” This included the creation of bottling subsidiary, Mikasa Coca-Cola Bottling Co., Ltd. In fiscal 2001, consolidated net sales increased 8.8% year on year to ¥226.1 billion, while operating income declined 4.7% to ¥16.6 billion. Recurring profit declined 13.5% to ¥16.0 billion compared to the previous fiscal year. Net income declined 75.1% to ¥1.4 billion mainly as a result of an extraordinary loss from the amortization of net transitional Representative Director obligation arising from adoption of new accounting standards for retirement benefits. President & CEO Norio Sueyoshi Medium-term Management Aiming to create corporate value, CCWJ has established its goal to be “A Strong Anchor Bottler and a Strong Company,” as a key stance in the Company’s Medium- term Management Plan. To realize this goal, it has also established the following basic strategies: 1. Transform into an Anchor Bottler 2. Create a competitive advantage 3. Build a solid management infrastructure. Transformation Into an Anchor Bottler As a part of the first basic strategy, we made Mikasa Coca-Cola Bottling Co., Ltd. a wholly owned subsidiary in April 2001. This brought us significant advantages as an Anchor Bottler, including the franchising of non-tea product. CCWJ is also involved in joint projects with Kinki Coca-Cola Bottling Co., Ltd., in which we have built an exten- sive cooperative bottling system, through the acquisition of Mikasa Coca-Cola Bottling, that spans from Shiga Prefecture in the east to Nagasaki Prefecture in the west, to include Osaka and Kyoto and a total of 12 prefectures. In December 2001, we established a joint procurement and purchasing system for Western Japan, as a part of our efforts to promote collaboration with other bottlers, and began building a supply chain management system covering all of Western Japan. Creating a Competitive Advantage Through a more selective and focused marketing strategy, we have further increased our presence as a market leader, and achieved growth in both sales volume and market share for our four main brands—Coca-Cola, Georgia, Aquarius and Sokenbicha. At CCWJ, we recognize the need to create a new organizational system by which we can deliver cost competitiveness and greater excellence through a diverse range of new products and packaging, and transformed marketing channels. This is also aimed at ensuring that we conquer the challenging conditions in the beverage market such as falling prices resulting from the protracted slump. Coca-Cola West Japan Company, Limited Annual Review 2001.....2 Building a Solid Management Infrastructure In January 2001, we installed a SAP system, an integrated business management software package, as our core management system. With this system, we have taken a practical step toward value-based management centered on Active Based Costing. Already, other bottlers are promoting the introduction of basic systems such as the one installed by CCWJ. Based on our system, we are promoting the standardization of the information systems of Coca-Cola throughout Japan. Restructuring the Group to Expand and Enhance Efficiency Based on our goal to be “A Strong Anchor Bottler and a Strong Company,” we are striving to become a company capable of overcoming adversity, increasing earnings and sustaining growth under any economic conditions. In April 2002, we merged two wholly owned regional marketing subsidiaries into CCWJ and promoted the strength- ening of marketing and management efficiency to create a solid foundation for growth and expansion. In our manufacturing operations we aim to be a low-cost producer; second to none in quality. Accordingly, on April 1, 2002, we established Coca-Cola West Japan Products Co., Ltd. as a manufacturing company, transferring all our manu- facturing operations to the new entity. In addition, to monitor efficiency in a single unified system, we will bring together areas such as our logistics and vending ma- chine sales and services subsidiaries, which operate in the same fields of business, on July 1, 2002. Through these business reforms, we can inspire a new vitality in marketing, which is our greatest strength. CCWJ’s management philosophy under our corporate creed, “Our Total Happiness,” promotes the concept that we can build a better company by making our product at lower cost, even if only for one yen less, and by selling one bottle more, earning an extra yen. On March 1, 2002, I became Representative Director, and President and CEO of the Company. Also, we began operating under a new management system. Although the operating environment remains challenging, we are firmly committed to establish- ing an unshakable management foundation. We are grateful to all our shareholders for their cooperation and understanding, and look forward to their continued support in the future. June 2002 Representative Director President & CEO Norio Sueyoshi Coca-Cola West Japan Company, Limited Annual Review 2001.....3 Putting new fizz into... MARKETING Diversifying and continually changing to deliver new products that meet customers’ emerging needs. Coca-Cola’s marketing power gives rise to new products by closely following customer lifestyles. Coca-Cola West Japan Company, Limited Annual Review 2001.....4 Renewed Vigor: —— MarketingMARKETING —— CCWJ’s greatest strength is its regional marketing and sales capabilities.
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