FamilyMart. Summary of selected data for the 1st half of FYE February 2007
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1 FamilyMart Summary of selected data for the 1st half of FYE February 2007 November 2006
2 Contents Section Page 1. Financial summary 2 2. Consolidated subsidiaries 4 3. Forecast for the Fiscal Year Ending February Consolidated statements of income 6 5. Major fluctuations in consolidated statements of income 7 6. Consolidated balance sheets 8 7. Major fluctuations in consolidated balance sheets Non-consolidated statements of income Breakdown of sales by merchandise category (Non-consolidated) Gross profit ratio (Non-consolidated) Other operating data Store network Capital expenditure Principal shareholders in August Major convenience store chains 20 1
3 1. Financial summary (consolidated) Financial summary ( mn) FYE 2/2004 FYE 2/2005 FYE 2/2006 FYE 8/2005 FYE 8/2006 Total operating revenues 228, , , , ,586 Operating income 29,093 30,869 32,662 18,030 18,038 Net income 13,788 12,623 14,195 9,393 9,420 Basic net income per share ( ) Net assets 147, , , , ,368 Total assets 309, , , , ,175 Book value per share ( ) 1, , , , ,736.2 ROA (%) ROE (%) Note: Net assets as of August 31, 2006 includes minority interests 6,945 million, as a result of change in accounting principle. 2
4 1. Financial summary (non-consolidated) Financial summary ( mn) FYE 2/2004 FYE 2/2005 FYE 2/2006 FYE 8/2005 FYE 8/2006 Total net sales of FamilyMart stores 954, ,491 1,031, , ,819 Operating revenues 162, , ,065 94, ,152 Operating income 27,266 28,646 29,781 16,977 17,235 Net income 13,710 12,961 10,365 9,124 9,662 Basic net income per share ( ) ( mn) FYE 2/2004 FYE 2/2005 FYE 2/2006 FYE 8/2005 FYE 8/2006 Common stock 16,659 16,659 16,659 16,659 16,659 Number of shares issued (thousands of shares) 97,683 97,683 97,683 97,683 97,683 Net assets 153, , , , ,028 Total assets 291, , , , ,757 Book value per share ( ) 1, , , , ,753.5 ROA (%) ROE (%) Share price performance ( ) FYE 2/2004 FYE 2/2005 FYE 2/2006 FYE 8/2005 FYE 8/2006 Highest price during the term 3,020 3,730 4,210 3,640 3,920 Lowest price during the term 1,775 2,695 3,050 3,050 3,010 3
5 2. Consolidated subsidiaries Consolidated Subsidiaries Non-consolidated Subsidiaries and Associated companies, accounted for by the equity method Total Number of consolidated subsidiaries FYE 2/2006 FYE 8/2006 Increase Domestic Overseas Total Domestic Overseas Total Increase Decrease Total Main consolidated subsidiaries Company's name Operating revenues Operating income Net income ( mn) FYE 8/2005 FYE 8/2006 FYE 8/2005 FYE 8/2006 FYE 8/2005 FYE 8/2006 Taiwan FamilyMart Co., Ltd. 12,084 14,148 1,120 1, Siam FamilyMart Co., Ltd. 7,818 9,147 (462) (372) (563) (610) famima.com Co., Ltd. 27,409 33, FAMIMA CORPORATION (83) (277) (83) (280) Main equity-accounted affiliates Company's name Net income Notes ( mn) FYE 8/2005 FYE 8/2006 Minami Kyushu FamilyMart Co., Ltd Okinawa FamilyMart Co., Ltd Hokkaido FamilyMart Co., Ltd (51) Established in February 2006 BOKWANG FAMILYMART CO., LTD. 1,315 1,483 Famima Credit Corp. (482) (192) 4
6 3. Forecast for the Fiscal Year Ending February 2007 Consolidated Operating Operating Basic net income ( mn) revenues income Net income per share ( ) Full Year 307,500 33,400 16, Non-consolidated Total net sales of Operating Operating Basic net income ( mn) FamilyMart stores revenues income Net income per share ( ) Full Year 1,094, ,900 30,400 15,
7 4. Consolidated statements of income ( mn) Six months ended August 31, 2006 and August 31, 2005 FYE 8/2005 FYE 8/2006 Increase Operating revenues: Commission from franchised stores 70,666 73,112 2,446 Net sales 59,007 70,021 11,014 Other operating revenues 9,525 10, Total operating revenues 139, ,586 14,388 Operating expenses: Cost of sales 48,350 57,002 8,652 Selling, general and administrative expenses 72,818 78,546 5,728 Total operating expenses 121, ,548 14,380 Operating income 18,030 18,038 8 Other income (expenses): Interest and dividend income Equity in earnings of unconsolidated subsidiaries and associated companies Gain on sales of marketable and investment securities-net Loss on devaluation of marketable and investment securities (103) Loss on disposals/sales of property and store facilities-net (1,054) (1,042) 12 Loss on cancellations of lease contracts (378) (513) (135) Loss on impairment long-lived assets (587) (573) 14 Other-net (113) Other expenses-net (1,625) (1,192) 433 Income before income taxes and minority interests 16,405 16, Income taxes: Current 6,800 7, Deferred (131) (430) (299) Total income taxes 6,669 7, Minority interests in net income Net income 9,393 9,
8 5. Major fluctuations in consolidated statements of income Operating revenues ( mn) FYE 8/2005 FYE 8/2006 Increase Notes Commission from franchised stores 70,666 73,112 2,446 (Parent company)increase in sales of franchised stores Net sales 59,007 70,021 11,014 (famima.com) Increase in sales related to Famiport (Multimedia Kiosk) (Parent company) Increase in operating days at Company-owned stores Other operating revenues 9,525 10, Total operating revenues 139, ,586 14,388 (Parent company)increase in revenue from logistics operations Selling, general and administrative expenses ( mn) FYE 8/2005 FYE 8/2006 Increase Notes Rental costs 23,687 26,820 3,133 Personnel expenses 15,238 16,902 1,664 (Parent company)increase in store leasing contracts (Parent company)increase in part-time employees' salaries owing to increase in operating days at Company-owned stores Maintenance and lease 8,346 8,032 (314) Advertising and promotional expenditure 5,423 5, Depreciation and amortization expense 5,803 5,631 (173) Others 14,321 15,606 1,284 Total 72,818 78,546 5,727 Net income ( mn) FYE 8/2005 FYE 8/2006 Increase Notes Consolidated 9,393 9, (Non-consolidated) 9,124 9, (Consolidated/Non-consolidated ratios) 1.03x 0.97x (0.06x) 7
9 6. Consolidated balance sheets August 31, 2006 and February 28, 2006 ( mn) FYE 2/2006 FYE 8/2006 Increase Assets Current assets: Cash and cash equivalents 86,189 82,770 (3,419) Time deposits Marketable securities 9,853 10, Receivables: Due from franchised stores 8,359 7,513 (846) Short-term loans (47) Other 18,430 18,129 (301) Allowance for doubtful receivables (1,094) (1,141) (47) Merchandise and supplies 6,906 7, Deferred tax assets 3,548 3, Prepaid expenses and other current assets 15,123 16,427 1,304 Total current assets 147, ,690 (1,888) Property and store facilities: Land 13,004 12,882 (122) Buildings and structures 51,700 52,826 1,126 Machinery and equipment 3,690 3, Furniture and fixtures 41,615 43,094 1,479 Construction in progress Total 110, ,867 2,676 Accumulated depreciation (56,080) (57,372) (1,292) Net property and store facilities 54,111 55,495 1,384 Investments and other assets: Investment securities 6,735 11,792 5,057 Investments in and advances to unconsolidated subsidiaries and associated companies 10,943 12,507 1,564 Software 5,588 7,646 2,058 Goodwill 1, (85) Leasehold deposits 80,644 83,479 2,835 Deferred tax assets 2,750 3, Other assets 4,743 6,314 1,571 Total investments and other assets 112, ,990 13,558 Total 314, ,175 13,054 8
10 6. Consolidated balance sheets (continued) August 31, 2006 and February 28, 2006 ( mn) FYE 2/2006 FYE 8/2006 Increase Liabilities and shareholders' equity / Net assets Current liabilities: Short-term bank loans Payables: Trade notes (54) Trade for franchised and Company-owned stores 59,622 72,313 12,691 Due to franchised stores 2,835 4,322 1,487 Other 15,409 16,552 1,143 Income taxes payable 5,870 8,013 2,143 Utility payments received 31,003 34,474 3,471 Accrued expenses 3,596 3,390 (206) Allowance for impairment loss on leased property Other current liabilities 1,804 2, Total current liabilities 121, ,655 21,098 Long-term liabilities: Liability for retirement benefits 5,369 5, Leasehold deposits from franchised stores 10,449 10,402 (47) Other long-term liabilities 988 1, Total long-term liabilities 16,806 17, Minority Interests 7,525 - (7,525) Shareholders' equity: Common stock-authorized, 250,000,000 shares; issued, 97,683,133 shares 16,659 - (16,659) Capital surplus 17,057 - (17,057) Retained earnings 135,576 - (135,576) Unrealized gain (loss) on available-for-sale securities (878) Foreign currency translation adjustments (168) Total 170,002 - (170,002) Treasury stock-at cost (834,204shares) (1,769) - 1,769 Total shareholders' equity 168,233 - (168,233) Total 314,121 - (314,121) Net assets Shareholders' equity: Common stock-authorized, 250,000,000 shares; issued, 97,683,133 shares - 16,659 16,659 Capital surplus - 17,869 17,869 Retained earnings - 142, ,849 Treasury stock-at cost (837,373shares) - (17,029) (17,029) Total shareholders' equity - 160, ,348 Valuable difference: Unrealized gain or loss on available-for-sale securities Foreign currency translation adjustments - (358) (358) Total Valuable difference Minority interests - 6,945 6,945 Total net assets - 167, ,368 Total - 327, ,175 9
11 7. Major fluctuations in consolidated balance sheets Current assets ( mn) FYE 2/2006 FYE 8/2006 Increase Notes Cash and cash equivalents 86,189 82,770 (3,419) Marketable securities 9,853 10, Receivables: Due from franchised stores 8,359 7,513 (846) Other 18,430 18,129 (301) Merchandise and supplies 6,906 7, Prepaid expenses and other current assets 15,123 16,427 1,304 Fixed assets ( mn) FYE 2/2006 FYE 8/2006 Increase Notes Net property and store facilities 54,111 55,495 1,384 Investment securities 6,735 11,792 5,057 (Parent company) Increase in investment in securities Current liabilities ( mn) FYE 2/2006 FYE 8/2006 Increase Notes Payables: Trade for franchised and Companyowned stores 59,622 72,313 12,691 Other 15,409 16,552 1,143 Utility payments received 31,003 34,474 3,471 Accrued expenses 3,596 3,390 (206) (Parent company) Increase in trade accounts payable for franchised stores (Parent company) Increase in public utility charges-received Long-term liabilities ( mn) FYE 2/2006 FYE 8/2006 Increase Notes Liability for retirement benefits 5,369 5, Leasehold deposits from franchised stores 10,449 10,402 (47) 10
12 8. Non-consolidated statements of income Six months ended August 31, 2006 and August 31, 2005 ( mn) FYE 8/2005 FYE 8/2006 Increase Net sales of Company-owned stores 22,452 25,465 3,013 Net sales of franchised stores 505, ,354 13,171 Total net sales of FamilyMart stores 527, ,819 16,184 Commission from franchised stores 65,469 67,372 1,903 Net sales of Company-owned stores 22,452 25,465 3,013 Other operating revenues 6,554 7, Total operating revenues 94, ,152 5,677 Cost of sales of Company-owned stores 16,054 18,113 2,059 Selling, general and administrative expenses 61,445 64,804 3,359 Total operating cost and expenses 77,499 82,917 5,418 Operating income 16,977 17, Net income 9,124 9, Basic net income per share ( )
13 9. Breakdown of sales by merchandise category (Non-consolidated) ( mn) FYE 8/2004 FYE 8/2005 FYE 8/2006 YoY Share YoY Share YoY Share Fast food 9, % 1.8% 13, % 2.5% 15, % 2.8% Daily food 170, % 33.5% 175, % 33.3% 180, % 33.2% Processed food 165, % 32.7% 166, % 31.5% 168, % 31.0% Liquor (License goods) 31, % 6.1% 31, % 5.9% 31, % 5.8% Food sub-total 345, % 68.0% 355, % 67.3% 364, % 67.0% Non-food items 127, % 25.2% 132, % 25.0% 139, % 25.7% Cigarette (License goods) 70, % 13.8% 75, % 14.3% 82, % 15.2% Services 19, % 3.8% 18, % 3.5% 12, % 2.3% Electronic Commerce 15, % 3.0% 21, % 4.1% 27, % 5.0% Total net sales of FamilyMart stores 507, % 100.0% 527, % 100.0% 543, % 100.0% Note Fast food: Daily food: Processed food: Non-food items: Services: EC: The main description of each merchandise category as follows: Fried chickens, steamed meat buns, oden, french fries and croquettes etc. made and sold over the counter. Lunch boxes, noodles, sandwiches, delicatessen, desserts etc. Beverages, alcoholic beverages, instant noodles, confectionery, seasonings etc. Magazines, CDs, daily goods, cigarette etc. Highwayl cards(fye8/2004,fye8/2005), copy service, express service etc. Sales by Famiport(Multimedia Kiosk) and internet shopping. 12
14 10. Gross profit ratio (Non-consolidated) FYE 2/2007 FYE 8/2004 FYE 8/2005 FYE 8/2006 (Forecast) YoY YoY YoY YoY Fast food 51.97% 15.29% 51.52% (0.45%) 51.98% 0.46% Daily food 33.80% 0.12% 34.12% 0.32% 34.71% 0.59% Processed food 33.27% 0.64% 33.94% 0.67% 34.34% 0.40% Liquor (License goods) 21.77% 1.67% 22.62% 0.85% 22.77% 0.15% Food sub-total 34.02% 0.77% 34.68% 0.66% 35.27% 0.59% Non-food items 19.89% (0.95%) 19.63% (0.26%) 19.27% (0.36%) Cigarette (License goods) 10.44% (0.25%) 10.48% 0.04% 10.75% 0.27% Services 9.71% (1.35%) 9.90% 0.19% 13.84% 3.94% Electronic Commerce 3.78% 0.37% 3.66% (0.12%) 3.34% (0.32%) Total 28.61% 0.08% 28.76% 0.15% 29.08% 0.32% 29.35% 0.58% 13
15 11. Other operating data Business performance FYE 2/2007 FYE 8/2004 FYE 8/2005 FYE 8/2006 (Forecast) YoY YoY YoY YoY Avg. daily sales ( 1,000) Total stores (10) Existing stores (8) New stores (36) 427 (23) Number of customers Total stores (12) Existing stores (8) Spend per customer ( ) Total stores 565 (5) 563 (2) 559 (4) Existing stores 565 (6) 564 (1) 560 (4) Growth rate of avg. daily sales of existing stores (%) (2.4) 97.4 (1.4) Average inventory ( 1,000) 5,432 (338) 5,397 (35) 5, ,351 (23) Turnover of goods (0.3) Business hours FYE 8/2004 FYE 8/2005 FYE 8/2006 No. of stores Share from 2/2004 No. of stores Share from 2/2005 No. of stores Share from 2/ hours 5, % 86 5, % 143 6, % 123 Others % (12) % (15) % 5 Total 5, % 74 6, % 128 6, %
16 11. Other operating data (continued) Liquor-licensed and cigarette-licensed stores No. of stores FYE 8/2004 FYE 8/2005 FYE 8/2006 Share from 2/2004 No. of stores Share from 2/2005 No. of stores Share from 2/2006 Liquor 4, % 448 5, % 123 5, % - Cigarette 4, % 129 4, % 155 4, % 47 Details : Only liquor 1, % 91 1, % (18) 1, % 32 Only cigarette % (228) % % 79 Both 3, % 357 4, % 141 4, % (32) Total 5, % 220 5, % 137 6, % 79 Note : In Japan, sales of alcoholic beverages and cigarettes are strictly controlled by the government and require a license. Number of employees (non-consolidated) FYE 8/2004 FYE 8/2005 FYE 8/2006 from 2/2004 from 2/2005 from 2/2006 Number of full-time employees 2, , , Store developers 142 (4) Store supervisors Number of part-time employees 1, , , Note : Number of store developers and store supervisors doesn't include administrators. Number of employees (consolidated) FYE 8/2004 FYE 8/2005 FYE 8/2006 from 2/2004 from 2/2005 from 2/2006 Number of full-time employees 4, , ,
17 12. Store network Domestic stores (6,870) Hokkaido 10 Akita 13 Aomori 8 Iwate 86 Yamagata 88 Niigata 15 Fukushima Toyama Gunma 135 Ishikawa Tochigi Fukui Nagano Saitama Ibaraki Kyoto Gifu 133 Yamanashi Tottori Tokyo 62 Shimane 15 Hyogo 1,021 Chiba 16 Shiga Aichi Kanagawa Okayama Yamaguchi Hiroshima Osaka Shizuoka Nagasaki Kagawa Nara Fukuoka Mie Ehime Tokushima Saga Oita Kochi 28 Wakayama Kumamoto 93 Miyazaki 74 Kagoshima 192 Miyagi 186 Overseas stores (6,011) Total : 12,881 August 31, 2006 Okinawa 182 Taiwan 1,972 South Korea 3,394 Thailand 535 China 104 USA 6 Black : FamilyMart stores Red : Area franchising stores 16
18 12. Store network (continued) Number of stores FYE 2/2007 FYE 8/2004 FYE 8/2005 FYE 8/2006 (Forecast) Stores from 2/2004 Stores from 2/2005 Stores from 2/2006 Stores YoY FamilyMart Co., Ltd. Company-owned stores (2) Type one 2, , , Type two 2,688 (2) 2,618 (29) 2,598 (1) Franchised stores 5, , , , FamilyMart stores 5, , , , Domestic area franchising Minami Kyushu FamilyMart Co., Ltd. 266 (2) (3) Okinawa FamilyMart Co., Ltd Hokkaido FamilyMart Co.,Ltd Domestic area franchising stores 428 (1) Domestic chain stores 6, , , , Overseas area franchising Taiwan FamilyMart Co., Ltd. (Taiwan) 1, , , , BOKWANG FAMILYMART CO., LTD. (S. Korea) 2, , , , Siam FamilyMart Co., Ltd. (Thailand) (1) Shanghai FamilyMart Co., Ltd. (China) FAMIMA CORPORATION (USA) Overseas area franchising stores 4, , , , Total area franchising stores 5, , , , Total chain stores 11, , , ,475 1,023 Number of store opening and closure FYE 2/2007 FYE 8/2004 FYE 8/2005 FYE 8/2006 (Forecast) Open Close Net increase Open Close Net increase Open Close Net increase Open Close Net increase
19 13. Capital expenditure Capital expenditure (non-consolidated) ( mn) FYE 8/2005 FYE 8/2006 FYE 2/2007 (Forecast) YoY YoY YoY Leasehold deposits 7, % 7, % 14, % New stores 1, % 2, % 4, % Existing stores % % 1, % For stores 2, % 2, % 5, % Head office investment % % - - System investment 1, % 3, % 6, % For head office 1, % 3, % 6, % Total capital expenditure 11, % 14, % 27, % Depreciation and amortization expense 4, % 3, % 8, % Note: The details of system investment in each fiscal year as follows : ( mn) FYE 8/2005 FYE 8/2006 FYE 2/2007 (Forecast) POS system System improvement and software 832 2,861 5,113 Hardware and software for the head office and others Total 1,749 3,861 6,959 Capital expenditure (consolidated) ( mn) FYE 8/2005 FYE 8/2006 FYE 2/2007 (Forecast) YoY YoY YoY Total capital expenditure 13, % 16, % 33, % Depreciation and amortization expense 5, % 5, % 12, %. 18
20 14. Principal shareholders in August 2006 Ten largest shareholders Number of shares held % of total Shareholder (thousands) issued shares Family Corporation Inc. 29, % The Master Trust Bank of Japan, Ltd. 4, % Nomura Securities Co., Ltd. 3, % Japan Trustee Services Bank Ltd. 2, % Mizuho Bank, Ltd. 2, % Japan Trustee Services Bank Ltd. 2, % State Street Bank and Trust Company 1, % Dresdner Kleinwort Wasserstein (Japan) Limited 1, % Mellon Bank, N.A. as Agent for its Client Mellon Omnibus US Pension 1, % MORGAN STANLEY & CO. INTERNATIONAL LIMITED 1, % Total 49, % Note: In addition to the above, the Company also holds 5,281,000 shares in treasury. Distribution of shares FYE 2/2006 FYE 8/2006 No. of shareholders No. of shares (hundreds) % of shares No. of shareholders No. of shares (hundreds) % of shares Japanese financial institutions and securities companies , % , % Other Japanese corporations , % , % Foreign institutions and individuals , % , % Japanese individuals and others 15,407 78, % 17, , % Total 16, , % 18, , % Note: 100 shares per unit. 19
21 15. Major convenience store chains Major convenience store chains Chain Group FYE 8/2004 FYE 8/2005 FYE 8/2006 No. of stores from 2/2004 No. of stores from 2/2005 No. of stores from 2/2006 FamilyMart ITOCHU Corp. 11, , , Seven-Eleven Seven & I Holdings 10, , , LAWSON Mitsubishi Corp. 8, , , Sunkus Circle K Sunkus 3, , ,276 (61) Circle K Circle K Sunkus 2, , ,035 - MINISTOP AEON 2, , , Daily Yamazaki Yamazaki Baking 1,975 (39) 1,881 (27) 1,737 (87) am/pm REX HOLDINGS 1,387 (21) 1,333 (14) 1,304 (18) HOT SPAR MICS Group 446 (12) 444 (3) 431 (2) CocoStore MICS Group 326 (33) (9) every one MICS Group (93) RIC SUPPORT SYSTEMS MICS Group Seicomart Maruyo Nishio 988 (27) 986 (8) 1,016 5 SHOP99 KYODEN COMPANY Poplar POPLAR Group 840 (24) (16) Hiromaru Chain POPLAR Group 189 (39) Three F Supermarket SAVE ON Beisia Group (12) JR-EAST JR-EAST Community Store KOKUBU & CO., LTD. 597 (5) 459 (128) 354 (25) Total 47,659 1,119 49, , Source Convenience Store News Flash 20
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