Note 1: We introduce Business Income (loss) as a measure of our underlying or recurring business performance after the adoption of IFRS. Business Income (loss) deducts cost of goods and SG&A from revenue and includes other income and expenses which we believe are recurring in nature.Note 2: Net loss attributable to owners of the parent is presented including non-continuing businesses.RevenueBusiness Income (Loss)Net loss Attributable to Owners of the Parent■Full-year 2021 Highlights●In the fourth quarter (October 1 to December 31), although there were signs of growth in sales volume with the lifting of the state of emergency declaration, the business was affected by concerns about the resurgence of the infection caused by the Omicron strain into the year-end. For the full-year, COVID-19 impact continued. Recovery of consumer traffic impacted by repeated emergency declarations and record-breaking rainfall in August.●Full-year sales volume increased by +2% YoY. Multiple new products contributed to volume growth, but the challenging business environment continued. Full-year revenue declined by -1% YoY with the changing consumer spending patterns impacting channel and package mix and lower revenue per case. Value share continued to grow for vending, and on a recovery trend for supermarkets, drugstores and discounters.●Business income exceeded the earnings guidance by 1.2 billion yen, supported by the slightly higher than expected volume and the effect of additional cost saving measures. Compared to the previous fiscal year, a decreased of 14.8 billion yen. Impacted by challenging business environment, cycling of significant temporary cost reduction achieved in the previous fiscal year, and rising raw material prices.●In a challenging operating environment, with the focus on what we can control, transformation initiatives are progressing as planned, achieving approximately 9 billion yen of recurring cost savings for the full-year. Consolidated net revenue was 785,837 million yen (0.8% decrease of 6,119 million yen from the same period prior year). New products and initiatives responding to trend changes in channels contributed to the volume growth, but the prolonged period of state of emergency delayed the recovery of traffic, and the record rain in August leading to a volume growth of only 2% versus the previous year. In addition, the business environment has seen an increase of at-home consumption demand with people refraining from going out or working from home resulting in consumer behavior changes impacting channel and package mix, and continued severe competitive environment leading to decrease in revenue per case, impacting revenue. Although the state of emergency declaration was lifted in October, there were hopes for a recovery in people traffic that would lead to an improvement in the consumption environment. However, the business environment remained uncertain and challenging as the Omicron strain toward the end of the year raised concerns about the resurgence of infections.Consolidated business loss was 14,662 million yen (decrease of 14,831 million yen from the same period of prior year). To minimize the impact of the decrease in revenue on profits, cost saving efforts were made in all areas, including recurring cost reductions through transformation. Factors including adverse channel and package mix, decline in revenue per case, rise in commodity prices and logistics costs, and our decision to invest at appropriate levels in marketing and human resources that would contribute to our future growth had an impact. However, with the volume slightly ahead of expansion, and additional cost saving measures being implemented, we exceed the full-year forecast announced in November 2021 by 1.2 billion yen.Consolidated operating loss was 20,971 million yen (decrease of 9,248 million yen from the same period of prior year). In addition to the decrease in business income from the prior year, there was an increase in cost due to the accounting timing of the temporary leave expenses and the timing of when the government subsidies for employment adjustment were received. Other income (non-recurring) of this fiscal year includes 6,447 million yen in government subsidies for employment adjustment to offset temporary leave expenses. Other expenses (non-recurring) include 9,001 million yen in temporary leave expenses and 1,600 million yen in business transformation-related expenses related to the implementation of transformation based on the mid-term plan, 2,437 million yen in special retirement allowances due to the voluntary employee retirement program and expenses incurred to recover the system failures that occurred in the core system used by the Group of 1,322 million yen.Net income attributable to owners of parent for the year a total of continuing operations and discontinued operation was a loss of 2,503 million yen (2,212 million increase from the same period prior year) as a gain of 12,841 million yen was recorded in discontinued operations in the first quarter as gains from stock sales due to the transfer of shares in Qʼsai.(Unit : millions of yen)YoY-0.8％ー ー 2020791,956169-4,715412021785,837-14,662-2,503Commentary and Analysis of Operating Results in 2021Analysis of Operating ResultsCoca-Cola Bottlers Japan Holdings Inc. (CCBJH or the Company, or we) announced full-year results for the fiscal year ended on December 31, 2021 (January 1, 2021 to December 31, 2021). As the effect of the coronavirus (COVID-19) continues and the business environment remains to be challenging, the continued supply of our goods and services 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 provide happy moments for all, we have been operating our business to ensure safe and secure product supply while taking comprehensive measures.In this fiscal year (January 1, 2021 to December 31, 2021), despite last yearʼs COVID-19 impact, rebound from the initial impact, and the lifting of the state of emergency, the multiple state of emergency declarations have limited people traffic with heavy rain fall in August. As a result, the total domestic nonalcoholic ready-to-drink (NARTD) beverage industry volume growth performance was limited to about 1% versus the previous fiscal year.Under these circumstances, we have been working on measures to minimize the impact to 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, 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, improving operational efficiency through company-wide digital transformation (DX), and the promotion of new work styles. While the business environment continues to be challenging, we are focusing 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 to long term.We 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, we continue to increase the use of sustainable materials PET bottle. As part of strengthening our efforts, the Coca-Cola system in Japan has formulated targets to reduce greenhouse gas (GHG) emissions across the entire value chain in Japan by 2030. This has led to our selection as a constituent of the DJSI Asia Pacific, a leading ESG investment index for four consecutive years, and an A- score in a survey on water security conducted by CDP, an international environmental non-profit organization. Details for the full-year are as follows.Financial Information
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