# Coca-Cola Bottlers Japan Holdings Inc.: business model and financials

> Latest period: FY ending Dec 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/01/01－2025/12/31) (S100XR1L), 有価証券報告書－第67期(2024/01/01－2024/12/31) (S100VGYK)
> Page: https://vizora.meequs.com/en/company/coca-cola-bottlers-japan-holdings
> Retrieved: 2026-09-30T20:40:39.921Z

## Company

Coca-Cola Bottlers Japan Holdings, founded in 1960, is a company in Beverages & Dairy listed on TSE Prime. It has 14,084 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Coca-Cola Bottlers Japan Holdings Inc. |
| Ticker | 2579 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2579.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂九丁目7番1号 |
| Representative (per filing) | 代表取締役社長 カリン・ドラガン |
| Founded | Dec 1960 |
| Share capital | ¥15.2B |
| Employees (consolidated) | 14,084 |
| Fiscal year end | December |
| Website | www.ccbj-holdings.com (https://www.ccbj-holdings.com/) |
| Corporate number | 4290001002946 |
| EDINET | E00417 |
| Industries (Vizora) | Beverages & Dairy |

> Profile source: annual securities report (S100XR1L, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2024-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.4 | 17 |
| Profitability | 7.5 | 20 |
| Cash conversion | 97.5 | 20 |
| Efficiency | 52.5 | 20 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 46% of Coca-Cola Bottlers Japan Holdings's sales come from Vending business, with OTC business and Food service business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +289.1%.

## Company structure

- Segment revenue mix: Vending business 46.0%、OTC business 46.0%、Food service business 4.7%、Other 3.2%
- Revenue → net income: ¥892681000000 → ¥7389000000
- Net income → operating cash flow: ¥7389000000 → ¥48883000000（difference ¥41494000000）
- Main uses of operating cash flow: CapEx ¥28158000000 / dividends ¥8975000000 / buybacks ¥4569000000
- Change in cash: ¥-25187000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥892.7B |  |
| Operating income | ¥13.4B | Margin 1.5% |
| Net income | ¥7.31B | Margin 0.8% |
| Free cash flow | ¥20.7B |  |
| Largest business | Vending business | of segment revenue 46.0% |
| Employees (consolidated) | 14,084 |  |
| EPS | ¥40.76 |  |
| Diluted EPS | ¥40.48 |  |
| Book value per share | ¥1833.21 |  |
| Equity ratio | 58.0% | Derived from disclosed figures |
| Shares outstanding | 183,269,000 |  |
| Treasury shares | 2,671,900 |  |
| Shareholders | 45,112 |  |
| Cash ratio | 11.0% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | -2.9 pp | Beverages & Dairy |
| ROE | 1.6% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2024, operating cash flow is 6.7× net income
- FY2024, one segment accounts for 80% of positive segment profit
- FY2024, segment profit share differs by -38 points

## What changed in 5 years

| Metric | FY ending Dec 2019 | FY ending Dec 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥890009000000 | ¥892681000000 | +0.3% |
| Operating income | ¥-58904000000 | ¥13390000000 | — |
| Operating margin | -6.6% | 1.5% | +8.1 pp |
| Employees | 16,959 people | 14,084 people | -17.0% |
| Cash and equivalents | ¥113825000000 | ¥88473000000 | -22.3% |

### Change in segment revenue mix

Span: FY ending Dec 2019 → FY ending Dec 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ベンディング事業 | 46.0% |
| 新設・再編 → OTC事業 | 46.0% |
| 新設・再編 → フードサービス事業 | 4.7% |
| 新設・再編 → その他 | 3.2% |

Segment revenue source references: 4 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vending business | — | — | ¥410954000000 | 1.3% | 2 |
| OTC business | — | — | ¥410852000000 | 12.1% | 2 |
| Food service business | — | — | ¥41867000000 | 16.4% | 2 |
| Other | — | — | ¥29008000000 | -171.2% | 2 |

## Income statement（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 892,681 | 100.0% | S100XR1L |
| Cost of revenue | 490,231 | 54.9% | S100XR1L |
| Gross profit | 402,450 | 45.1% | S100XR1L |
| SG&A | 389,534 | 43.6% | S100XR1L |
| Operating income | 13,390 | 1.5% | S100XR1L |
| Pretax income | 12,896 | 1.4% | S100XR1L |
| Income tax | 5,507 | 0.6% | S100XR1L |
| Net income | 7,389 | 0.8% | S100XR1L |
| Net income attributable to owners | 7,309 | 0.8% | S100XR1L |

## Per ¥100 of revenue（FY ending Dec 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 44 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 45.1% → Operating margin 1.5% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +289.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 104.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2023 → FY ending Dec 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 868,581 | 892,681 | 24,100 | +2.8% |
| Gross profit | 384,216 | 402,450 | 18,234 | +4.7% |
| Operating income | 3,441 | 13,390 | 9,949 | +289.1% |
| Net income attributable to owners | 1,871 | 7,309 | 5,438 | +290.6% |
| Operating cash flow | 59,102 | 48,883 | -10,219 | -17.3% |
| Free cash flow | 27,478 | 20,725 | -6,753 | -24.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2017 | 837,069 | — | — | 21,967 | 73,014 | — | S100NQCF |
| FY ending Dec 2018 | 927,307 | — | — | 10,117 | 51,244 | — | S100QHJG |
| FY ending Dec 2019 | 890,009 | -58,904 | -6.6% | -57,952 | 42,629 | -35,584 | S100L0YZ |
| FY ending Dec 2020 | 791,956 | -11,722 | -1.5% | -4,715 | 43,716 | -23,849 | S100NQCF |
| FY ending Dec 2021 | 785,837 | -20,971 | -2.7% | -2,503 | 35,982 | -3,281 | S100QHJG |
| FY ending Dec 2022 | 807,430 | -11,513 | -1.4% | -8,070 | 42,717 | 10,043 | S100T5HG |
| FY ending Dec 2023 | 868,581 | 3,441 | 0.4% | 1,871 | 59,102 | 27,478 | S100VGYK |
| FY ending Dec 2024 | 892,681 | 13,390 | 1.5% | 7,309 | 48,883 | 20,725 | S100XR1L |

## People and productivity（FY ending Dec 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.4M |
| Operating income per employee (consolidated) | ¥950.7K |
| Net income per employee (consolidated) | ¥519K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 16,274 | 15,083 | 14,484 | 14,010 | 14,084 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +2.8%

## Segments（FY ending Dec 2024, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vending business | 410,954 | 46.0% | 5,189 | 1.3% |
| OTC business | 410,852 | 46.0% | 49,625 | 12.1% |
| Food service business | 41,867 | 4.7% | 6,884 | 16.4% |
| Other | 29,008 | 3.2% | -49,652 | -171.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Vending business | 46.0% | 8.4% | -37.6 | 1.3% |
| OTC business | 46.0% | 80.4% | 34.4 | 12.1% |
| Food service business | 4.7% | 11.2% | 6.5 | 16.4% |
| Other | 3.2% | — | — | -171.2% |

Loss-making segment (excluded from profit shares): Other -49,652 JPY mn

Segment → industry: Food service business → Beverages & Dairy / OTC business → Beverages & Dairy / Vending business → Beverages & Dairy

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 48,883 | 5.5% | S100XR1L |
| Capital expenditure | 28,158 | 3.2% | S100XR1L |
| Free cash flow | 20,725 | 2.3% | 算出 |
| Investing cash flow | -16,128 | -1.8% | S100XR1L |
| Financing cash flow | -57,942 | -6.5% | S100XR1L |
| Dividends paid | 8,975 | 1.0% | S100XR1L |
| Share buyback | 4,569 | 0.5% | S100XR1L |
| Change in cash | -25,187 | -2.8% | S100XR1L |
| Cash and equivalents | 88,473 | 9.9% | S100XR1L |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 114,778 | 110,497 | 84,074 | 113,660 | 88,473 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Total assets | 939,603 | 867,111 | 826,737 | 844,832 | 804,153 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Net assets | 502,093 | 492,451 | 476,358 | 470,021 | 466,443 | S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Share capital | 15,232 | 15,232 | 15,232 | 15,232 | 15,232 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Property, plant and equipment | 460,502 | 434,994 | 425,009 | 401,687 | 382,794 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Current assets | 345,003 | 300,995 | 272,122 | 313,756 | 292,458 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Total liabilities | 437,510 | 374,660 | 350,378 | 374,812 | 337,710 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Equity attributable to owners of parent | 501,643 | 492,320 | 476,216 | 469,847 | 466,203 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Retained earnings | 120,473 | 109,273 | 94,209 | 88,365 | 87,317 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |
| Treasury stock | -85,654 | -85,661 | -85,667 | -85,362 | -16,297 | S100NQCF, S100QHJG, S100T5HG, S100VGYK, S100XR1L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XR1L |
| Property, plant and equipment | 48% | S100XR1L |
| Other assets | 41% | S100XR1L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XR1L |
| Equity | 58% | S100XR1L |

### Balance sheet history

| Metric | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 939,603 | 867,111 | 826,737 | 844,832 | 804,153 |
| Equity | 502,093 | 492,451 | 476,358 | 470,021 | 466,443 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 114,778 | 110,497 | 84,074 | 113,660 | 88,473 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 42.9% | S100XR1L |
| Fixed assets ÷ total assets | 47.6% | S100XR1L |
| Goodwill ÷ parent equity | — | —, S100XR1L |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 11.0% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 365.1% |
| Cash vs. profit gap | 41,574 JPY mn (of net income 568.8%) |
| Shareholder returns / net income | 185.3% |
| Shareholder returns / FCF | 65.4% |
| Shareholder payments — dividends / net income | 122.8% |
| Shareholder payments — dividends / FCF | 43.3% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 33.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | — | —× | -0.5% | —× | — | S100VGYK, S100NQCF |
| 2021 | — | —× | -0.3% | —× | — | S100XR1L, S100QHJG |
| 2022 | — | —× | -1.0% | —× | — | S100XR1L, S100T5HG |
| 2023 | 0.2% | 1.04× | 0.2% | 1.77× | 0.4% | S100XR1L, S100VGYK |
| 2024 | 0.8% | 1.08× | 0.9% | 1.76× | 1.6% | S100XR1L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本コカ・コーラ株式会社 | Major shareholder | 16.6% | 2025-12-31 |
| THE COCA－COLA EXPORT CORPORATION（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 10.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.7% | 2025-12-31 |
| 公益財団法人市村清新技術財団 | Major shareholder | 3.1% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社千秋社 | Major shareholder | 2.4% | 2025-12-31 |
| コカ・コーラホールディングズ・ウエストジャパン・インク（常任代理人 日本コカ・コーラ株式会社） | Major shareholder | 2.4% | 2025-12-31 |
| 薩摩酒造株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Vending (¥411B) and store sales (¥410.9B) are the same size, yet the OTC store business made ¥49.6B of operating income and vending only ¥5.19B.
- From each 100 yen of sales, 55 yen goes to cost of revenue and 44 yen to SG&A, so just 1 yen is left as operating income.
- In the FY ending Dec 2024, revenue rose +2.8% and operating income climbed from ¥3.44B to ¥13.4B.

Cited: Annual securities report, 68th term (Management's discussion and analysis)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/01/01－2025/12/31) | S100XR1L | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XR1L,, |
| 有価証券報告書－第67期(2024/01/01－2024/12/31) | S100VGYK | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGYK,, |
| 有価証券報告書－第66期(2023/01/01－2023/12/31) | S100T5HG | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5HG,, |
| 有価証券報告書－第65期(2022/01/01－2022/12/31) | S100QHJG | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHJG,, |
| 有価証券報告書－第64期(令和3年1月1日－令和3年12月31日) | S100NQCF | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQCF,, |
| 有価証券報告書－第63期(令和2年1月1日－令和2年12月31日) | S100L0YZ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0YZ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ザ コカ・コーラカンパニー | Co-development | コカ・コーラ等の製造・販売と商標使用のボトラー契約（1都2府35県が販売地域） | S100XR1L |
| 日本コカ・コーラ株式会社 | Co-development | コカ・コーラ等の製造・販売と商標使用のボトラー契約（1都2府35県が販売地域） | S100XR1L |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).