# HOKKAIDO COCA-COLA BOTTLING CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2025/01/01－2025/12/31) (S100XRTE)
> Page: https://vizora.meequs.com/en/company/hokkaido-coca-cola-bottling
> Retrieved: 2026-09-30T22:26:27.452Z

## Company

Hokkaido Coca-Cola Bottling, founded in 1963, is a company in Beverages & Dairy listed on TSE Standard. It has 1,173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKAIDO COCA-COLA BOTTLING CO.,LTD. |
| Ticker | 2573 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2573.T) |
| Listing | TSE Standard |
| Head office | 札幌市清田区清田一条一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 酒寄正太 |
| Founded | Jan 1963 |
| Share capital | ¥2.94B |
| Employees (consolidated) | 1,173 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | December |
| Website | www.hokkaido.ccbc.co.jp (https://www.hokkaido.ccbc.co.jp/) |
| Corporate number | 9430001021794 |
| EDINET | E00408 |
| Industries (Vizora) | Beverages & Dairy |

> Profile source: annual securities report (S100XRTE, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Beverages & Dairy (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.8 | 17 |
| Profitability | 57.5 | 20 |
| Cash conversion | 62.5 | 20 |
| Efficiency | 57.5 | 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)

- Hokkaido Coca-Cola Bottling brought in ¥59.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +19.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥59086000000 → ¥1670000000
- Net income → operating cash flow: ¥1670000000 → ¥3228000000（difference ¥1558000000）
- Main uses of operating cash flow: CapEx ¥3217000000 / dividends ¥409000000 / buybacks ¥0
- Change in cash: ¥-675000000
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 | ¥59.1B |  |
| Operating income | ¥2.63B | Margin 4.4% |
| Net income | ¥1.67B | Margin 2.8% |
| Free cash flow | ¥11M |  |
| Employees (consolidated) | 1,173 |  |
| EPS | ¥138.07 |  |
| Book value per share | ¥2983.15 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 13,607,000 |  |
| Treasury shares | 900 |  |
| Shareholders | 21,329 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +0.1 pp | Beverages & Dairy |
| ROE | 3.9% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -1% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51443000000 | ¥59086000000 | +14.9% |
| Operating income | ¥848000000 | ¥2626000000 | +209.7% |
| Operating margin | 1.6% | 4.4% | +2.8 pp |
| Employees | 1,268 people | 1,173 people | -7.5% |
| Cash and equivalents | ¥11175000000 | ¥9566000000 | -14.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,086 | 100.0% | S100XRTE |
| Cost of revenue | 40,309 | 68.2% | S100XRTE |
| Gross profit | 18,776 | 31.8% | S100XRTE |
| SG&A | 16,150 | 27.3% | S100XRTE |
| Operating income | 2,626 | 4.4% | S100XRTE |
| Ordinary income | 2,580 | 4.4% | S100XRTE |
| Pretax income | 2,564 | 4.3% | S100XRTE |
| Income tax | 893 | 1.5% | S100XRTE |
| Net income | 1,670 | 2.8% | S100XRTE |
| Net income attributable to owners | 1,670 | 2.8% | S100XRTE |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.8% → Operating margin 4.4% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +19.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.89×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 56,860 | 59,086 | 2,226 | +3.9% |
| Gross profit | 18,118 | 18,776 | 658 | +3.6% |
| Operating income | 2,204 | 2,626 | 422 | +19.1% |
| Net income attributable to owners | 1,545 | 1,670 | 125 | +8.1% |
| Operating cash flow | 3,597 | 3,228 | -369 | -10.3% |
| Free cash flow | 1,261 | 11 | -1,250 | -99.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 55,292 | 2,057 | 3.7% | 1,420 | 4,346 | 2,318 | S100L3DT |
| FY ending Dec 2020 | 51,443 | 848 | 1.6% | 839 | 3,321 | 1,357 | S100NSCG |
| FY ending Dec 2021 | 51,998 | 698 | 1.3% | 632 | 3,127 | 1,415 | S100QI87 |
| FY ending Dec 2022 | 51,605 | 608 | 1.2% | 556 | 1,995 | -53 | S100T3ZC |
| FY ending Dec 2023 | 56,371 | 1,725 | 3.1% | 1,312 | 3,253 | 820 | S100VHY9 |
| FY ending Dec 2024 | 56,860 | 2,204 | 3.9% | 1,545 | 3,597 | 1,261 | S100XRTE |
| FY ending Dec 2025 | 59,086 | 2,626 | 4.4% | 1,670 | 3,228 | 11 | S100XRTE |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.4M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,255 | 1,235 | 1,203 | 1,185 | 1,173 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.5M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 40.9 years | 40.1 years | 38.6 years | 40.0 years | 40.2 years |
| Average tenure (parent company) | 18.5 years | 17.7 years | 14.8 years | 16.1 years | 16.3 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +3.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,228 | 5.5% | S100XRTE |
| Capital expenditure | 3,217 | 5.4% | S100XRTE |
| Free cash flow | 11 | 0.0% | 算出 |
| Investing cash flow | -3,206 | -5.4% | S100XRTE |
| Financing cash flow | -698 | -1.2% | S100XRTE |
| Dividends paid | 409 | 0.7% | S100XRTE |
| Share buyback | 0 | 0.0% | S100XRTE |
| Change in cash | -675 | -1.1% | S100XRTE |
| Cash and equivalents | 9,566 | 16.2% | S100XRTE |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,463 | 8,750 | 9,372 | 10,242 | 9,566 | S100T3ZC, S100VHY9, S100XRTE |
| Total assets | 48,908 | 48,014 | 51,073 | 51,913 | 54,250 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Net assets | 40,433 | 39,834 | 40,853 | 42,116 | 43,368 | S100T3ZC, S100VHY9, S100XRTE |
| Share capital | 2,935 | 2,935 | 2,935 | 2,935 | 2,935 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Trade receivables | 5,479 | — | — | — | — | S100QI87 |
| Property, plant and equipment | 22,219 | 22,207 | 22,855 | 23,296 | 24,834 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Intangible assets excluding goodwill | 863 | 979 | 1,231 | 1,200 | 1,219 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Goodwill | 18 | 3 | — | — | — | S100QI87, S100T3ZC |
| Investment securities | 1,379 | 1,310 | 759 | 693 | 693 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Current assets | 22,089 | 21,782 | 23,635 | 23,653 | 24,066 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Current liabilities | 7,122 | 6,972 | 8,901 | 8,354 | 9,289 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Total liabilities | 8,474 | 8,180 | 10,220 | 9,797 | 10,881 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Equity attributable to owners of parent | 39,568 | 39,715 | 40,619 | 41,756 | 43,018 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Retained earnings | 31,709 | 31,857 | 32,761 | 33,899 | 35,161 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |
| Treasury stock | 0 | 0 | -1 | -1 | -2 | S100QI87, S100T3ZC, S100VHY9, S100XRTE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XRTE |
| Property, plant and equipment | 46% | S100XRTE |
| Intangibles and goodwill | 2% | S100XRTE |
| Investment securities | 1% | S100XRTE |
| Other assets | 33% | S100XRTE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100XRTE |
| Equity | 80% | S100XRTE |
| Other liabilities | 0% | S100XRTE |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 48,908 | 48,014 | 51,073 | 51,913 | 54,250 |
| Equity | 40,433 | 39,834 | 40,853 | 42,116 | 43,368 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,463 | 8,750 | 9,372 | 10,242 | 9,566 |

## 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) | 42.0% | S100XRTE |
| Fixed assets ÷ total assets | 45.8% | S100XRTE |
| Goodwill ÷ parent equity | — | —, S100XRTE |

### 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) | 17.6% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.9% |
| Cash vs. profit gap | 1,558 JPY mn (of net income 93.3%) |
| Shareholder returns / net income | 24.5% |
| Shareholder returns / FCF | 3718.2% |
| Shareholder payments — dividends / net income | 24.5% |
| Shareholder payments — dividends / FCF | 3718.2% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 99.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.2% | 1.06× | 1.3% | 1.24× | 1.6% | S100QI87 |
| 2022 | 1.1% | 1.06× | 1.1% | 1.22× | 1.4% | S100T3ZC |
| 2023 | 2.3% | 1.14× | 2.6% | 1.23× | 3.3% | S100VHY9 |
| 2024 | 2.7% | 1.10× | 3.0% | 1.25× | 3.8% | S100XRTE |
| 2025 | 2.8% | 1.11× | 3.1% | 1.25× | 3.9% | S100XRTE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大日本印刷株式会社 | Major shareholder | 57.0% | 2025-12-31 |
| 株式会社栗林商会 | Major shareholder | 9.5% | 2025-12-31 |
| 北島喜代子 | Major shareholder | 1.7% | 2025-12-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ (常任代理人) シティバンク、エヌ・エイ東京支店 | Major shareholder | 0.9% | 2025-12-31 |
| 関谷幸平 | Major shareholder | 0.5% | 2025-12-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ (常任代理人） モルガン・スタンレーＭＵＦＧ証 券株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| 第一生命保険株式会社 (常任代理人) 株式会社日本カストディ銀行 | Major shareholder | 0.4% | 2025-12-31 |
| 三菱UFJ信託銀行株式会社 (常任代理人) 日本マスタートラスト信託銀行株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| 明治安田生命保険相互会社 (常任代理人） 株式会社日本カストディ銀行 | Major shareholder | 0.4% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/01/01－2025/12/31) | S100XRTE | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRTE,, |
| 有価証券報告書－第63期(2024/01/01－2024/12/31) | S100VHY9 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHY9,, |
| 有価証券報告書－第62期(2023/01/01－2023/12/31) | S100T3ZC | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3ZC,, |
| 訂正有価証券報告書－第61期(2022/01/01－2022/12/31) | S100QI87 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI87,, |
| 有価証券報告書－第60期(令和3年1月1日－令和3年12月31日) | S100NSCG | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSCG,, |
| 有価証券報告書－第59期(令和2年1月1日－令和2年12月31日) | S100L3DT | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3DT,, |

## 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).