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Seven & i : Brief Summary for the Third Quarter of FY2022

01/13/2022 | 01:21am EDT

Brief Summary

for the Third Quarter of FY2022

Contents

Consolidated Results

Ⅰ. Financial Results

P1

Ⅱ. Major Factors for the Change

P2

Ⅲ. Segment Information

P3

Ⅳ. Interest-Bearing Debt & Ratings

P4

Ⅴ. Consolidated Balance Sheets

P6

Ⅵ. Consolidated Statements of Income

P7

Ⅶ. Consolidated Statements of Cash Flows

P8

Financial Results and Business Performance of Major Companies

Ⅰ. Domestic Convenience Store Operations

P9

Ⅱ. Overseas Convenience Store Operations

P10

Ⅲ. Superstore Operations

P11

Ⅳ. Department and Specialty Store Operations

P13

Ⅴ. Financial Services

P14

Ⅵ. Group Strategy

P15

Ⅶ. Capital Expenditures, Depreciation and Amortization of Major Companies

P16

Store Information

Ⅰ. Number of Stores and Store Openings / Closures of Major Companies

P17

Ⅱ. Store Information in Domestic / Overseas Convenience Store Operations

P18

Ⅲ. Store Information in Superstore Operations

P19

Ⅳ. Number of Stores by Type

P20

Ⅴ. Sales Floor Space

P20

January 13, 2022

Seven & i Holdings Co., Ltd.

Consolidated Results

Ⅰ.Financial Results

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Fiscal Year Ending

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

Feb. 28, 2022 (Forecast)

YOY(%)

YOY(%)

YOY(%)

YOY(%)

Group's total sales

8,266,218

91.7

10,278,237

124.3

11,044,874

92.1

14,226,000

128.8

Revenues from operations

4,276,808

86.0

6,149,472

143.8

5,766,718

86.8

8,722,000

151.2

Domestic convenience store operations

648,241

-

661,906

102.1

858,776

95.6

877,000

102.1

Overseas convenience store operations

1,686,425

-

3,520,763

208.8

2,253,355

80.1

5,160,000

229.0

Superstore operations

1,330,291

-

1,337,038

100.5

1,810,884

97.9

1,814,000

100.2

Department and specialty store operations

491,572

-

510,288

103.8

684,660

75.1

714,000

104.3

Financial services

150,744

-

145,940

96.8

198,927

91.5

194,000

97.5

Others

12,781

-

14,210

111.2

17,323

87.9

19,000

109.7

Eliminations / Corporate

(43,247)

-

(40,674)

-

(57,209)

-

(56,000)

-

Operating income (loss)

285,632

89.5

302,927

106.1

366,329

86.3

400,000

109.2

Domestic convenience store operations

182,287

-

177,274

97.2

233,700

91.6

229,100

98.0

Overseas convenience store operations

79,878

-

124,785

156.2

98,664

95.5

160,000

162.2

Superstore operations

19,905

-

10,123

50.9

29,681

139.3

22,400

75.5

Department and specialty store operations

(14,771)

-

(10,217)

-

(17,444)

-

(8,800)

-

Financial services

37,486

-

30,289

80.8

48,077

89.7

39,400

82.0

Others

(469)

-

(8)

-

(570)

-

(500)

-

Eliminations / Corporate

(18,685)

-

(29,319)

-

(25,779)

-

(41,600)

-

Ordinary income

276,266

87.7

282,145

102.1

357,364

85.5

368,500

103.1

Special gains

5,969

155.9

16,981

284.5

10,433

122.0

Special losses

74,721

152.6

39,671

53.1

109,022

136.3

Income before income taxes

207,514

76.9

259,454

125.0

258,776

74.7

Net income attributable to owners of parent

130,987

77.1

174,877

133.5

179,262

82.2

215,000

119.9

EBITDA

479,844

95.0

558,540

116.4

626,874

93.0

759,600

121.2

ROA (%)

2.8

ROE (%)

6.8

Net income per share (EPS) (yen)

148.36

77.1

198.04

133.5

203.03

82.2

243.47

119.9

EPS before amortization of goodwill (yen)

169.59

79.9

251.12

148.1

231.39

84.6

323.42

139.8

Number of shares outstanding

Average

882,915,831

883,049,281

882,927,577

End of period

882,962,984

883,117,401

882,966,279

Exchange rates

(yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Fiscal Year Ending

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

Feb. 28, 2022 (Forecast)

Income statements

U.S.$1=

107.55

108.58

106.76

109.90

1yuan=

15.37

16.79

15.48

17.00

Balance sheets

U.S.$1=

105.80

111.92

103.50

-

1yuan=

15.54

17.30

15.88

-

EBITDA

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Fiscal Year Ending

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

Feb. 28, 2022 (Forecast)

YOY(%)

YOY(%)

YOY(%)

YOY(%)

Total

479,844

95.0

558,540

116.4

626,874

93.0

759,600

121.2

Domestic convenience store operations

240,544

-

237,050

98.5

312,131

94.5

Overseas convenience store operations

157,735

-

256,206

162.4

202,509

100.4

Superstore operations

42,197

-

33,634

79.7

59,710

118.3

Department and specialty store operations

(3,584)

-

805

-

(2,383)

-

Financial services

59,133

-

53,848

91.1

77,202

93.0

Others

329

-

628

190.6

445

-

Eliminations / Corporate

(16,512)

-

(23,633)

-

(22,741)

-

Notes: 1. Group's total sales include the sales of Seven-Eleven Japan, Seven-Eleven Okinawa and 7-Eleven, Inc. franchisees.

2. In accordance with our Medium-Term Management Plan announced on July 1, 2021, we reclassified our business segments, effective from the second quarter for FY2022. Figures in the tables have been restated to reflect this change.

3."Eliminations / Corporate" in operating income mainly reflects the Company's operating expenses relating to the Group strategy.

4.

EBITDA: Operating income + Depreciation and amortization + Amortization of goodwill* *Amortization of goodwill: Only figure included in SG&A expenses

5.

ROA: Net income attributable to owners of parent / Average of total assets at the beginning and the end of each fiscal year

6.

ROE: Net income attributable to owners of parent / Average of owners' equity* *Owners' equity: Net assets - Subscription rights to shares - Non-controlling interests

at the beginning and the end of each fiscal year

  1. EPS: Net income attributable to owners of parent / Weighted average shares outstanding during the period
  2. EPS before amortization of goodwill: (Net income attributable to owners of parent + Amortization of goodwill) / Weighted average shares outstanding during the period
  3. Number of shares outstanding at each fiscal year-end and of weighted average shares over each fiscal period do not include treasury stock. Seven & i Holdings introduced the BIP Trust and ESOP Trust and its shares held by these Trusts are included in the number of treasury stock.

- 1 -

Consolidated Results-

Ⅱ.Major Factors for the Change

(Millions of yen)

(Billions of yen)

Nine Months Ended

Nov. 30, 2021

Major Factors for the Change

Change

Group's total sales*1

10,278,237 +2,012,019

Total store sales at Seven-Eleven Japan: +65.5

Total store sales at 7-Eleven, Inc.: +1,896.7

[Effect of exchange rate: +50.0]

Revenues from operations

Operating income (loss)

Domestic convenience store operations

Overseas convenience store operations

Superstore operations

Department and specialty store operations

Financial services

Others

Eliminations / Corporate*3

Ordinary income

Income before income taxes

Net income attributable to owners of parent

6,149,472

+1,872,664

Domestic CVS: +13.6, Overseas CVS: +1,834.3, Superstore: +6.7,

Department and specialty store: +18.7, Financial services: (4.8)

[Effect of exchange rate: +40.2]

302,927

+17,295

[Effect of exchange rate: +1.2]

177,274

(5,013)

Seven-Eleven Japan: (4.9)

Sales: +10.9, Gross profit margin: (5.4), SG&A expenses: (10.4)

Others: (0.06)

124,785

+44,907

7-Eleven, Inc.: +71.5 [of which, effect of exchange rate: +1.5]

Sales: +259.7, Gross profit margin: +12.7, SG&A expenses: (200.9)

Others: +1.4

Amortization of goodwill: (28.1) [of which, effect of exchange rate: (0.41)]

10,123

(9,781)

Ito-Yokado: (4.3)

Sales: (1.8), Gross profit margin: (7.0), SG&A expenses: +4.5

York-Benimaru: (3.2)

Sales: (0.33), Gross profit margin: (2.2), SG&A expenses: (0.61)

Life Foods*2: +0.51

Others: (2.7)

(10,217)

+4,553

Sogo & Seibu: +0.71

Sales: +2.1, Gross profit margin: +0.28, SG&A expenses: (1.7)

Seven & i Food Systems: +2.2

Nissen Holdings [Consolidated]: +0.10

Others: +1.4

30,289

(7,197)

  1. +460
    (29,319) (10,633)

282,145

+5,878

Increase in operating income, increase in non-operating expenses

259,454

+51,940

Decrease in special losses

174,877

+43,890

*1. Group's total sales include the sales of Seven-Eleven Japan, Seven-Eleven Okinawa and 7-Eleven, Inc. franchisees.

*2. Life Foods is a wholly owned subsidiary which produces and sells delicatessen in York-Benimaru stores.

*3. Eliminations / Corporate in operating income mainly reflect the Company's operating expenses relating to the Group strategy.

- 2 -

Consolidated Results-

Ⅲ.Segment Information

Business segment information

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Fiscal Year Ending

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

Feb. 28, 2022 (Forecast)

YOY(%)

YOY(%)

Composition(%)

YOY(%)

YOY(%)

Capital expenditures

258,580

100.7

316,847

122.5

100.0

377,299

104.5

426,000

112.9

Domestic convenience store operations

97,035

-

69,103

71.2

21.8

128,131

125.7

93,300

72.8

Overseas convenience store operations

97,597

-

122,881

125.9

38.8

146,067

106.6

175,200

119.9

Superstore operations

33,057

-

50,170

151.8

15.8

48,411

102.3

61,400

126.8

Department and specialty store operations

20,392

-

9,818

48.1

3.1

26,160

116.8

14,000

53.5

Financial services

29,252

-

26,799

91.6

8.5

39,328

108.9

38,300

97.4

Others

879

-

2,217

252.0

0.7

972

47.1

3,000

308.6

Eliminations / Corporate

(19,635)

-

35,856

-

11.3

(11,771)

-

40,800

-

Depreciation and amortization

175,468

104.2

208,738

119.0

100.0

235,504

104.0

289,000

122.7

Domestic convenience store operations

58,256

-

59,776

102.6

28.6

78,430

104.6

79,900

101.9

Overseas convenience store operations

62,052

-

87,485

141.0

41.9

82,725

105.1

129,000

155.9

Superstore operations

19,968

-

21,186

106.1

10.1

26,929

103.3

27,300

101.4

Department and specialty store operations

10,839

-

10,676

98.5

5.1

14,598

101.8

13,500

92.5

Financial services

21,377

-

23,290

108.9

11.2

28,766

99.1

30,000

104.3

Others

799

-

637

79.7

0.3

1,016

94.6

1,000

98.4

Eliminations / Corporate

2,173

-

5,685

261.6

2.7

3,038

135.7

8,300

273.2

Amortization of goodwill

18,744

106.5

46,874

250.1

100.0

25,040

106.2

70,600

281.9

Domestic convenience store operations

-

-

-

-

-

-

-

Overseas convenience store operations

15,803

-

43,934

278.0

93.7

21,119

107.5

Superstore operations

2,324

-

2,324

100.0

5.0

3,098

100.0

462

Department and specialty store operations

347

-

347

100.0

0.7

100.0

Financial services

269

-

269

100.0

0.6

359

100.0

Others

-

-

-

-

-

-

-

Corporate

-

-

-

-

-

-

-

Impairment loss

18,148

86.7

12,493

68.8

100.0

35,484

100.0

Domestic convenience store operations

7,569

-

7,242

95.7

58.0

8,859

75.1

Overseas convenience store operations

4,161

-

1,611

38.7

12.9

5,911

165.8

Superstore operations

1,748

-

1,646

94.2

13.2

11,589

114.7

Department and specialty store operations

3,169

-

1,988

62.7

15.9

7,585

143.0

Financial services

0

-

-

-

-

1

0.0

Others

1,492

-

4

0.3

0.0

1,529

-

Eliminations / Corporate

6

-

-

-

-

7

49.7

Notes: 1. Capital expenditures include long-term leasehold deposits, advances for store construction, and investments related to store openings for each fiscal year and beyond, and do not include the increase of future amortization of assets under the Accounting Standard for Asset Retirement Obligations.

Figures for actual results do not include goodwill and others related to the acquisition of stores, etc.

"Eliminations / Corporate" in capital expenditures mainly reflects inter-segment transactions of non-current assets within the Group and capital expenditures relating to the Group strategy.

  1. Depreciation and amortization respectively include 2,350 million yen, 946 million yen and 2,596 million yen recorded as "Loss related to norvel coronavirus (COVID-19)" in the consolidated income statements for the nine months ended November 30, 2020 and 2021, and the fiscal year ended February 28, 2021. "Eliminations / Corporate" in depreciation and amortization mainly reflects the Company's depreciation and amortization relating to the Group strategy.
  2. Amortization of goodwill include only the amount recorded on SG&A expenses.
  3. Impairment losses respectively include 1,789 million yen, 348 million yen, and 3,879 million yen recorded as "Restructuring expenses"
    in the consolidated income statements for the nine months ended November 30, 2020 and 2021, and the fiscal year ended February 28, 2021.

- 3 -

Consolidated Results-

Geographic area segment information

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

YOY(%)

YOY(%)

Composition(%)

YOY(%)

Revenues from operations

4,276,808

86.0

6,149,472

143.8

-

5,766,718

86.8

Japan

2,534,816

91.1

2,565,252

101.2

41.7

3,435,146

91.7

North America

1,671,024

79.3

3,502,342

209.6

57.0

2,232,234

80.2

Others

72,028

82.6

83,150

115.4

1.4

100,707

85.3

Eliminations

(1,061)

-

(1,273)

-

-

(1,371)

-

Operating income

285,632

89.5

302,927

106.1

-

366,329

86.3

Japan

204,161

84.3

177,248

86.8

58.5

266,096

82.8

North America

80,877

105.8

124,824

154.3

41.2

99,582

97.8

Others

751

134.4

1,016

135.3

0.3

805

67.2

Eliminations

(158)

-

(162)

-

-

(154)

-

Note: "Others" consists of the business results in the P.R.C., etc.

Ⅳ.Interest-Bearing Debt & Ratings

Interest-bearing debt

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

YOY(%)/change

YOY(%)/change

YOY(%)/change

Short-term loans

140,845

110.7

626,166

444.6

619,953

478.9

Current portion of long-term loans

91,556

72.8

133,653

146.0

146,747

165.9

Current portion of bonds

66,916

83.6

143,736

214.8

66,917

83.6

Subtotal

299,319

89.9

903,556

301.9

833,618

279.8

Long-term loans

438,115

107.2

500,027

114.1

362,592

89.9

Bonds

215,000

76.3

1,553,445

722.5

565,000

200.4

Subtotal

653,115

94.6

2,053,472

314.4

927,592

135.4

Total

952,435

93.0

2,957,029

310.5

1,761,210

179.2

Ratio to total assets (%)

15.9

(1.3)

34.2

+18.3

25.4

+9.0

Ratio to owners' equity (%)

36.3

(4.0)

102.1

+65.8

66.0

+28.2

Debt / EBITDA multiple (X)

-

-

-

-

2.81

+1.35

Interest-bearing debt by business segment

(Millions of yen)

Nine Months Ended

Nine Months Ended

Fiscal Year Ended

Nov. 30, 2020

Nov. 30, 2021

Feb. 28, 2021

YOY(%)

YOY(%)

YOY(%)

Domestic convenience store

-

-

-

-

-

-

operations

Overseas convenience store

288,236

-

1,543,194

535.4

281,974

128.7

operations

Superstore operations

-

-

-

-

-

-

Department and

193,401

-

178,307

92.2

187,191

104.7

specialty store operations

Others

-

-

-

-

-

-

Corporate

176,916

-

942,000

532.5

1,008,917

425.9

Subtotal

658,554

97.2

2,663,501

404.4

1,478,083

232.9

Financial services

293,880

84.8

293,528

99.9

283,127

81.3

Total

952,435

93.0

2,957,029

310.5

1,761,210

179.2

- 4 -

Consolidated Results-Ⅲ・Ⅳ

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Disclaimer

Seven & I Holdings Co. Ltd. published this content on 13 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2022 06:20:16 UTC.


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Sales 2022 8 536 B 65 995 M 65 995 M
Net income 2022 214 B 1 655 M 1 655 M
Net Debt 2022 1 245 B 9 623 M 9 623 M
P/E ratio 2022 22,8x
Yield 2022 1,83%
Capitalization 4 877 B 37 707 M 37 707 M
EV / Sales 2022 0,72x
EV / Sales 2023 0,59x
Nbr of Employees 58 975
Free-Float 83,9%
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Number of Analysts 13
Last Close Price 5 523,00 JPY
Average target price 6 300,00 JPY
Spread / Average Target 14,1%
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Ryuichi Isaka President & Representative Director
Yoshimichi Maruyama General Manager-Finance & Accounting
Toshiro Yonemura Independent Outside Director
Kunio Ito Independent Outside Director
Yoshio Tsukio Independent Outside Director
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