Coca-Cola Bottlers Japan Holdings Inc
TSE:2579

Watchlist Manager
Coca-Cola Bottlers Japan Holdings Inc Logo
Coca-Cola Bottlers Japan Holdings Inc
TSE:2579
Watchlist
Price: 2 839 JPY -0.39% Market Closed
Market Cap: 486.2B JPY
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+11%
5Y
-40%
10Y
+109%
Operating Income
+
3Y
-650%
5Y
-
10Y
-
Net Income
+
3Y
-735%
5Y
+18%
10Y
-

Earnings Waterfall
Coca-Cola Bottlers Japan Holdings Inc

Revenue
899.6B JPY
Cost of Revenue
-494.7B JPY
Gross Profit
404.9B JPY
Operating Expenses
-479.2B JPY
Operating Income
-74.3B JPY
Other Expenses
22.9B JPY
Net Income
-51.4B JPY

Income Statement
Coca-Cola Bottlers Japan Holdings Inc

Rotate your device to view
Income Statement
Currency: JPY
Sep-2004 Mar-2005 Jun-2005 Sep-2005 Mar-2006 Jun-2006 Sep-2006 Mar-2007 Jun-2007 Sep-2007 Mar-2008 Jun-2008 Sep-2008 Mar-2009 Jun-2009 Sep-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Revenue
Interest Expense
0
0
0
0
0
0
0
12
0
0
33
0
0
51
0
0
174
0
342
708
537
709
712
685
669
654
640
626
616
614
608
602
594
579
568
550
492
442
425
416
451
477
472
468
463
491
517
611
0
0
0
612
0
0
0
1 162
0
0
0
1 084
0
0
0
928
0
0
0
750
0
0
0
660
0
0
0
769
0
0
0
Revenue
192 305
N/A
191 341
-1%
189 814
-1%
187 317
-1%
184 872
-1%
181 651
-2%
228 190
+26%
266 373
+17%
309 363
+16%
310 520
+0%
308 913
-1%
306 224
-1%
303 202
-1%
294 858
-3%
291 820
-1%
284 221
-3%
281 902
-1%
276 215
-2%
281 278
+2%
375 764
+34%
384 596
+2%
396 515
+3%
400 388
+1%
399 717
0%
397 959
0%
394 084
-1%
390 215
-1%
386 637
-1%
384 587
-1%
398 562
+4%
417 455
+5%
431 711
+3%
443 957
+3%
438 631
-1%
428 308
-2%
424 406
-1%
420 619
-1%
422 255
+0%
430 252
+2%
440 476
+2%
449 905
+2%
458 788
+2%
464 525
+1%
460 455
-1%
459 051
0%
598 986
+30%
751 833
+26%
837 069
+11%
943 542
+13%
927 335
-2%
902 298
-3%
927 307
+3%
920 426
-1%
912 914
-1%
911 753
0%
890 009
-2%
1 579 068
+77%
1 525 660
-3%
1 488 556
-2%
791 956
-47%
767 326
-3%
786 666
+3%
782 939
0%
785 837
+0%
786 290
+0%
792 476
+1%
808 627
+2%
807 430
0%
820 640
+2%
835 591
+2%
858 933
+3%
868 581
+1%
873 045
+1%
875 925
+0%
881 367
+1%
892 681
+1%
895 912
+0%
899 168
+0%
899 592
+0%
Gross Profit
Cost of Revenue
(105 829)
(105 644)
(105 350)
(105 266)
(103 673)
(102 193)
(129 756)
(152 107)
(177 354)
(178 194)
(178 033)
(177 283)
(176 286)
(170 219)
(165 337)
(159 029)
(156 578)
(153 663)
(154 233)
(203 307)
(204 849)
(208 263)
(206 754)
(204 962)
(203 975)
(200 730)
(197 370)
(195 842)
(194 913)
(200 259)
(209 517)
(216 423)
(222 353)
(219 310)
(214 430)
(211 525)
(208 782)
(210 383)
(211 900)
(216 524)
(220 055)
(222 603)
(224 592)
(221 844)
(220 554)
(288 682)
(362 468)
(424 287)
(481 794)
(479 206)
(474 381)
(475 156)
(474 601)
(471 043)
(471 724)
(468 785)
(826 294)
(807 873)
(791 839)
(429 040)
(419 138)
(430 026)
(434 694)
(435 332)
(437 935)
(442 102)
(451 628)
(455 675)
(462 155)
(470 177)
(479 899)
(484 364)
(486 128)
(487 302)
(488 225)
(490 231)
(491 809)
(494 509)
(494 708)
Gross Profit
86 476
N/A
85 697
-1%
84 464
-1%
82 051
-3%
81 199
-1%
79 458
-2%
98 434
+24%
114 266
+16%
132 009
+16%
132 326
+0%
130 880
-1%
128 941
-1%
126 916
-2%
124 639
-2%
126 483
+1%
125 192
-1%
125 324
+0%
122 552
-2%
127 045
+4%
172 457
+36%
179 747
+4%
188 252
+5%
193 634
+3%
194 755
+1%
193 984
0%
193 354
0%
192 845
0%
190 795
-1%
189 674
-1%
198 303
+5%
207 938
+5%
215 288
+4%
221 604
+3%
219 321
-1%
213 878
-2%
212 881
0%
211 837
0%
211 872
+0%
218 352
+3%
223 952
+3%
229 850
+3%
236 185
+3%
239 933
+2%
238 611
-1%
238 497
0%
310 304
+30%
389 365
+25%
412 782
+6%
461 748
+12%
448 129
-3%
427 917
-5%
452 151
+6%
445 825
-1%
441 871
-1%
440 029
0%
421 224
-4%
752 774
+79%
717 787
-5%
696 717
-3%
362 916
-48%
348 188
-4%
356 640
+2%
348 245
-2%
350 505
+1%
348 355
-1%
350 374
+1%
356 999
+2%
351 755
-1%
358 485
+2%
365 414
+2%
379 034
+4%
384 217
+1%
386 917
+1%
388 623
+0%
393 142
+1%
402 450
+2%
404 103
+0%
404 659
+0%
404 884
+0%
Operating Income
Operating Expenses
(72 111)
(74 027)
(73 081)
(72 016)
(71 511)
(71 606)
(89 492)
(105 632)
(121 852)
(120 516)
(119 858)
(118 125)
(116 899)
(118 622)
(120 982)
(123 353)
(120 620)
(118 061)
(117 473)
(160 038)
(165 452)
(171 580)
(177 835)
(178 568)
(178 861)
(179 749)
(179 152)
(177 332)
(176 602)
(183 214)
(191 630)
(199 361)
(206 681)
(205 322)
(203 258)
(201 873)
(200 703)
(201 289)
(203 832)
(209 690)
(212 133)
(215 470)
(218 153)
(217 468)
(217 396)
(280 946)
(348 641)
(372 285)
(425 842)
(414 728)
(405 770)
(434 187)
(443 758)
(442 844)
(435 516)
(405 808)
(734 335)
(708 570)
(689 169)
(359 590)
(349 378)
(360 617)
(363 088)
(362 782)
(362 125)
(366 504)
(366 912)
(364 476)
(367 699)
(366 493)
(374 387)
(380 538)
(381 791)
(381 178)
(378 261)
(388 798)
(397 759)
(484 721)
(479 222)
Selling, General & Administrative
(72 111)
(74 027)
(73 081)
(72 016)
(71 511)
(67 239)
(89 599)
(105 842)
(118 694)
(120 827)
(120 169)
(119 377)
(117 210)
(115 159)
(120 596)
(112 159)
(109 781)
(107 656)
(107 493)
(146 678)
(152 278)
(158 556)
(164 904)
(165 796)
(169 219)
(173 240)
(175 931)
(164 850)
(176 601)
(183 213)
(191 629)
(185 628)
(206 681)
(205 319)
(203 255)
(188 244)
(200 702)
(201 290)
(203 833)
(195 165)
(212 131)
(215 470)
(218 152)
(208 610)
(217 395)
(280 944)
(348 640)
(341 395)
(392 622)
(381 529)
(365 695)
(391 040)
(423 315)
(423 185)
(425 062)
(364 059)
(724 589)
(697 880)
(678 227)
(315 711)
(349 408)
(360 924)
(363 543)
(322 108)
(363 217)
(367 731)
(368 204)
(334 152)
(368 405)
(367 233)
(374 934)
(348 847)
(382 308)
(381 780)
(381 597)
(357 891)
(389 614)
(387 162)
(382 213)
Research & Development
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(313)
0
0
0
(400)
0
0
0
0
0
0
0
(446)
0
0
0
(612)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation & Amortization
0
0
0
0
0
0
4 474
4 577
(3 158)
311
311
1 252
311
(3 463)
(386)
(11 194)
(10 839)
(10 405)
(9 980)
(13 360)
(13 174)
(13 024)
(12 931)
(12 772)
(9 642)
(6 509)
(3 221)
(12 168)
0
0
0
(13 331)
0
0
0
(13 058)
0
0
0
(14 078)
0
0
0
(8 245)
0
0
0
(29 612)
0
0
0
(35 155)
0
0
0
(43 451)
0
0
0
(43 934)
0
0
0
(41 642)
0
0
0
(31 143)
0
0
0
(32 175)
0
0
0
(31 643)
0
0
0
Other Operating Expenses
0
0
0
0
0
(4 367)
(4 367)
(4 367)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
0
(1)
(2)
0
(3)
(3)
(571)
(1)
1
1
(1)
(2)
0
(1)
(1)
(1)
(2)
0
(1 278)
(33 220)
(33 199)
(40 075)
(7 992)
(20 443)
(19 659)
(10 454)
1 702
(9 746)
(10 690)
(10 942)
55
30
307
455
968
1 092
1 227
1 292
819
706
740
547
484
517
602
3 336
736
(8 145)
(97 559)
(97 009)
Operating Income
14 365
N/A
11 670
-19%
11 383
-2%
10 035
-12%
9 688
-3%
7 852
-19%
8 942
+14%
8 634
-3%
10 157
+18%
11 810
+16%
11 022
-7%
10 816
-2%
10 017
-7%
6 017
-40%
5 501
-9%
1 839
-67%
4 704
+156%
4 491
-5%
9 572
+113%
12 419
+30%
14 295
+15%
16 672
+17%
15 799
-5%
16 187
+2%
15 123
-7%
13 605
-10%
13 693
+1%
13 463
-2%
13 072
-3%
15 089
+15%
16 308
+8%
15 927
-2%
14 923
-6%
13 999
-6%
10 620
-24%
11 008
+4%
11 134
+1%
10 583
-5%
14 520
+37%
14 262
-2%
17 717
+24%
20 715
+17%
21 780
+5%
21 143
-3%
21 101
0%
29 358
+39%
40 724
+39%
40 497
-1%
35 906
-11%
33 401
-7%
22 147
-34%
17 964
-19%
2 067
-88%
(973)
N/A
4 513
N/A
15 416
+242%
18 439
+20%
9 217
-50%
7 548
-18%
3 326
-56%
(1 190)
N/A
(3 977)
-234%
(14 843)
-273%
(12 277)
+17%
(13 770)
-12%
(16 130)
-17%
(9 913)
+39%
(12 721)
-28%
(9 214)
+28%
(1 079)
+88%
4 647
N/A
3 679
-21%
5 126
+39%
7 445
+45%
14 881
+100%
13 652
-8%
6 344
-54%
(80 062)
N/A
(74 338)
+7%
Pre-Tax Income
Interest Income Expense
181
242
375
370
400
402
368
369
593
861
1 039
929
857
497
369
(125)
(226)
(259)
530
483
488
549
28
(143)
(230)
(482)
(473)
425
1 523
1 499
1 354
894
(76)
45
270
376
292
411
269
173
185
74
69
398
436
422
302
332
104
357
405
80
421
(89)
66
(73)
(367)
(313)
(489)
(659)
(761)
(586)
(612)
(941)
(802)
(1 145)
(1 173)
(934)
(577)
(355)
(269)
(167)
(498)
(493)
(367)
(662)
(226)
(175)
(204)
Non-Reccuring Items
(785)
(1 293)
(1 823)
(1 780)
(1 313)
(700)
(861)
(949)
(1 392)
(1 188)
(1 324)
(1 800)
(3 110)
(3 656)
(3 425)
(8 538)
(7 561)
(6 806)
(183)
(301)
(1 174)
(1 287)
(1 646)
(2 512)
(1 861)
(1 709)
(2 047)
(2 026)
(2 132)
(8 759)
(7 996)
1 622
(12 882)
(7 024)
(8 200)
(2 877)
(3 154)
5 561
6 401
701
680
(8 073)
(9 007)
(9 770)
(10 345)
(9 571)
(8 717)
(2 915)
0
0
(1 626)
(3 277)
0
(61 859)
(61 859)
(74 363)
(124 734)
(69 227)
(75 139)
(14 803)
(16 922)
(10 910)
(7 847)
(8 532)
(1 727)
(1 054)
1 852
1 162
(1 820)
(2 516)
(2 976)
(231)
4 404
3 725
0
(278)
0
0
0
Gain/Loss on Disposition of Assets
0
75
75
9
(66)
(66)
(94)
123
183
277
130
(59)
(105)
(175)
(46)
0
34
129
208
252
218
505
426
297
0
0
0
0
0
0
0
248
0
0
0
0
0
0
0
120
0
0
744
948
963
984
546
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
292
285
210
226
261
308
388
419
441
401
345
338
206
90
70
57
98
93
136
128
144
94
33
187
623
437
561
324
372
14 643
14 545
39
14 753
365
522
(98)
368
199
137
(28)
5
48
(190)
(12)
(47)
(5)
350
0
(1)
(26)
(542)
0
0
0
(1)
98
0
(1)
1
71
0
0
0
67
0
0
(1)
2
0
0
0
(57)
0
0
1
184
(1)
1
0
Pre-Tax Income
14 053
N/A
10 979
-22%
10 220
-7%
8 860
-13%
8 970
+1%
7 796
-13%
8 743
+12%
8 596
-2%
9 982
+16%
12 161
+22%
11 212
-8%
10 224
-9%
7 865
-23%
2 773
-65%
2 469
-11%
(6 767)
N/A
(2 951)
+56%
(2 352)
+20%
10 263
N/A
12 981
+26%
13 971
+8%
16 533
+18%
14 640
-11%
14 016
-4%
13 655
-3%
11 851
-13%
11 734
-1%
12 186
+4%
12 835
+5%
22 472
+75%
24 211
+8%
18 730
-23%
16 718
-11%
7 385
-56%
3 212
-57%
8 409
+162%
8 640
+3%
16 754
+94%
21 327
+27%
15 228
-29%
18 587
+22%
12 764
-31%
13 396
+5%
12 707
-5%
12 108
-5%
21 188
+75%
33 205
+57%
37 914
+14%
36 009
-5%
33 732
-6%
20 384
-40%
14 767
-28%
2 487
-83%
(62 922)
N/A
(57 282)
+9%
(58 922)
-3%
(106 663)
-81%
(60 324)
+43%
(68 079)
-13%
(12 065)
+82%
(18 872)
-56%
(15 472)
+18%
(23 302)
-51%
(21 683)
+7%
(16 299)
+25%
(18 329)
-12%
(9 235)
+50%
(12 491)
-35%
(11 611)
+7%
(3 950)
+66%
1 403
N/A
3 224
+130%
9 033
+180%
10 677
+18%
14 515
+36%
12 896
-11%
6 117
-53%
(80 236)
N/A
(74 542)
+7%
Net Income
Tax Provision
(5 747)
(4 481)
(4 124)
(3 628)
(3 653)
(3 459)
(3 645)
(3 545)
(3 828)
(4 857)
(4 497)
(5 172)
(4 396)
(2 450)
(1 147)
861
(756)
(1 035)
(4 051)
(5 369)
(6 117)
(7 349)
(7 133)
(6 960)
(6 630)
(6 165)
(6 253)
(6 113)
(5 888)
(6 337)
(6 800)
(5 060)
(4 448)
(3 921)
(1 724)
(3 894)
(4 302)
(4 239)
(6 150)
(5 239)
(6 378)
(6 980)
(7 083)
(7 404)
(6 823)
(10 873)
(14 794)
(16 031)
(15 360)
(13 763)
(9 401)
(4 605)
(33)
782
(1 088)
(1 357)
(7 301)
1 276
1 361
4 918
6 546
3 110
8 538
6 653
5 904
6 275
3 071
4 432
3 662
1 855
(381)
(1 321)
(3 552)
(5 109)
(6 425)
(5 507)
(2 301)
22 048
23 196
Income from Continuing Operations
8 306
6 498
6 096
5 232
5 317
4 337
5 098
5 051
6 154
7 304
6 715
5 052
3 469
323
1 322
(5 906)
(3 707)
(3 387)
6 212
7 612
7 854
9 184
7 507
7 056
7 025
5 686
5 481
6 073
6 947
16 135
17 411
13 670
12 270
3 464
1 488
4 515
4 338
12 515
15 177
9 989
12 209
5 784
6 313
5 303
5 285
10 315
18 411
21 883
20 649
19 969
10 983
10 162
2 454
(62 140)
(58 370)
(60 279)
(113 964)
(59 048)
(66 718)
(7 147)
(12 326)
(12 362)
(14 764)
(15 030)
(10 395)
(12 054)
(6 164)
(8 059)
(7 949)
(2 095)
1 022
1 903
5 481
5 568
8 090
7 389
3 816
(58 188)
(51 346)
Income to Minority Interest
(207)
(196)
(185)
(90)
(109)
(5)
89
23
(8)
(8)
(11)
(10)
(10)
(7)
(6)
(5)
(6)
(9)
(10)
(30)
(38)
(45)
(54)
(55)
(48)
(46)
(43)
(41)
(47)
(50)
(55)
(44)
(41)
(35)
(31)
(32)
(33)
(34)
(11)
(18)
(32)
(36)
(61)
(58)
(51)
(13)
3
83
84
44
39
(45)
(49)
(48)
(60)
(56)
(84)
(61)
(30)
14
26
17
6
21
7
6
1
(11)
(11)
(22)
(37)
(32)
(48)
(48)
(64)
(79)
(65)
(98)
(94)
Net Income (Common)
8 094
N/A
6 295
-22%
5 911
-6%
5 137
-13%
5 202
+1%
4 323
-17%
5 187
+20%
5 075
-2%
6 148
+21%
7 293
+19%
6 701
-8%
5 036
-25%
3 455
-31%
314
-91%
1 314
+318%
(5 912)
N/A
(3 711)
+37%
(3 394)
+9%
6 202
N/A
7 582
+22%
7 812
+3%
9 135
+17%
7 446
-18%
6 997
-6%
6 972
0%
5 637
-19%
5 438
-4%
6 031
+11%
6 899
+14%
16 084
+133%
17 356
+8%
13 625
-21%
12 230
-10%
3 428
-72%
1 456
-58%
4 482
+208%
4 304
-4%
12 480
+190%
15 166
+22%
9 970
-34%
12 175
+22%
5 746
-53%
6 250
+9%
5 245
-16%
5 234
0%
10 304
+97%
18 415
+79%
21 967
+19%
20 735
-6%
20 014
-3%
11 024
-45%
10 117
-8%
2 405
-76%
(62 187)
N/A
(58 430)
+6%
(57 952)
+1%
(111 333)
-92%
(55 533)
+50%
(62 596)
-13%
(4 715)
+92%
2 290
N/A
1 383
-40%
(1 608)
N/A
(2 503)
-56%
(10 389)
-315%
(12 049)
-16%
(6 162)
+49%
(8 070)
-31%
(7 960)
+1%
(2 117)
+73%
985
N/A
1 871
+90%
5 432
+190%
5 519
+2%
8 026
+45%
7 309
-9%
3 752
-49%
(58 286)
N/A
(51 442)
+12%
EPS (Diluted)
103.76
N/A
80.7
-22%
74.82
-7%
65.85
-12%
66.69
+1%
54.72
-18%
50.35
-8%
47.87
-5%
57.45
+20%
68.8
+20%
63.21
-8%
47.96
-24%
33.87
-29%
3.14
-91%
13
+314%
-59.12
N/A
-37.12
+37%
-33.6
+9%
62.03
N/A
75.81
+22%
78.13
+3%
91.35
+17%
74.45
-19%
69.99
-6%
69.72
0%
56.38
-19%
54.39
-4%
60.33
+11%
69
+14%
148.92
+116%
159.22
+7%
128.53
-19%
112.2
-13%
31.44
-72%
13.35
-58%
41.07
+208%
39.48
-4%
114.49
+190%
139.13
+22%
91.35
-34%
111.69
+22%
52.71
-53%
57.33
+9%
48.06
-16%
48.01
0%
53.94
+12%
92.53
+72%
125.53
+36%
101.64
-19%
104.78
+3%
58.59
-44%
52.68
-10%
13.28
-75%
-346.72
N/A
-325.61
+6%
-322.22
+1%
-620.75
-93%
-309.63
+50%
-349.01
-13%
-26.28
+92%
12.76
N/A
7.71
-40%
-8.96
N/A
-13.95
-56%
-57.93
-315%
-67.18
-16%
-34.22
+49%
-45
-32%
-44.38
+1%
-11.72
+74%
5.45
N/A
10.36
+90%
30.25
+192%
30.52
+1%
43.79
+43%
40.75
-7%
21.31
-48%
-337.63
N/A
-304.05
+10%

See Also

Summary
Intrinsic value, competitors valuation, and company profile.
DCF Valuation
Stock valuation using Discount Cash Flow valuation method.
Relative Valuation
Stock valuation using valuation multiples.
Wall Street Estimates
Price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
Stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 301,800+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2025 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.