Financial Results for the Fiscal Year ended February 28, 2011

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1 This is an abridged translation of the original Japanese document and is provided for informational purposes only. If there are any discrepancies between this and the original, the original Japanese document prevails. Financial Results for the Fiscal Year ended February 28, 2011 Aeon Co., Ltd. Company name Listings The First Section of Tokyo Stock Exchange Security code 8267 URL Representative Motoya Okada, President Contact Hidehiro Hirabayashi Vice President, Office of the President Telephone Scheduled dates: Ordinary general meeting of shareholders May 19, 2011 Commencement of dividend payments April 27, 2011 Submission of statutory financial report May 20, 2011 April 14, 2011 Supplementary materials to the financial results Fiscal year-end earnings results briefing held Available Yes (targeted at institutional investors and analysts) (Amounts rounded down to the nearest million) 1. Consolidated Financial Results for Fiscal Year ended February 28, 2011 (March 1, 2010 to February 28, 2011) (1) Operating Results (Percentage figures represent year-on-year changes) Operating revenue Operating income Ordinary income Net income Year ended February 28, 2011 Year ended February 28, 2010 million yen % million yen % million yen % million yen % 5,096, , , , ,054,394 (3.4) 130, , ,123 - Net income Net income per share Ordinary income to per share Return on equity fully diluted total assets yen yen % % Year ended February 28, Year ended February 28, Note: Equity-method investment gains (losses): Year ended February 28, 2011: (1,985) million yen Year ended February 28, 2010: (10,257) million yen 1

2 (2) Financial Position Shareholders Net assets per Total assets Net assets equity ratio share million yen million yen % yen February 28, ,774,628 1,219, , February 28, ,785,288 1,144, , Note: Shareholders equity: February 28, 2011: February 28, 2010: (3) Cash Flow Position Year ended February 28, 2011 Year ended February 28, 2010 Cash flow from operating activities 887,371 million yen 840,533 million yen Cash flow from investing activities Cash flow from financing activities Cash and cash equivalents at end of period million yen million yen million yen million yen 261,132 (105,517) (121,847) 306, ,096 (324,573) 11, , Dividends Dividend per share End- Total dividends Dividends to Record date or period End-first quarter second quarter End-third quarter Fiscal year-end Annual total paid (full year) Payout ratio (consolidated) net assets (consolidated) yen yen yen yen yen million yen % % Year ended Feb. 28, , Year ended Feb. 28, , Year ending Feb. 29, (forecast) Note: Year-end dividend for the fiscal year ended February 28, 2011: Ordinary dividend of yen Special dividend of 3.00 yen *Year-end dividend for the fiscal year ended February 28, 2010: Ordinary dividend of yen Commemorative dividend of 3.00 yen 2

3 3. Forecast of Consolidated Earnings for the Fiscal Year ending February 29, 2012 (March 1, 2011 to February 29, 2012) (Percentage figures represent year-on-year changes) Operating revenue Operating income Ordinary income million yen % million yen % million yen % Six months ending August 31, Full year 5,100, , , Six months ending August 31, 2011 Net income Net income per share million yen % yen Full year 40,000 (33.0) Note: Aeon does not disclose earnings forecasts for the first six months for the fiscal year. 4. Other Information (1) Changes affecting the consolidation status of significant subsidiaries during the period: Yes Excluded: one (The Talbots, Inc.) (2) Changes in accounting principles, procedures, and method of presentation, etc. 1) Changes in accordance with amendments to accounting standards: Yes 2) Changes other than the above: None Note: For details, see Material Changes to the Basis of Preparation of Consolidated Financial Statements on page 31. (3) Number of shares issued (common stock) 1) Number of shares issued at end of period (treasury stock included): February 28, 2011: 800,446,214 shares February 28, 2010: 800,446,214 shares 2) Number of shares held in treasury at end of period: February 28, 2011: 35,290,230 shares February 28, 2010: 35,319,696 shares 3) Average number of shares outstanding during the period: Year ended February 28, 2011: 765,144,983 shares Year ended February 28, 2010: 765,123,399 shares 3

4 For Reference 1. Non-consolidated Financial Results for the Fiscal Year ended February 28, 2011 (March 1, 2010 to February 28, 2011) (Percentage figures represent year-on-year changes) Operating revenue Operating income Ordinary income Net income Year ended February 28, 2011 Year ended February 28, 2010 Year ended February 28, 2011 Year ended February 28, 2010 million yen % million yen % million yen % million yen % 47, , , ,544 (83.0) 35,913 (96.6) 23, ,269 (24.6) 26, Net income Net income per share per share fully diluted yen yen (2) Financial Position Total assets Net assets Shareholders equity ratio Net assets per share million yen million yen % yen February 28, ,005, , February 28, ,099, , Note: Shareholders equity: February 28, 2011: February 28, 2010: 546,829 million yen 555,098 million yen *Audit status This report is exempt from the audit requirements of Japan s Financial Instruments and Exchange Act. As of this report s publication, the audit of the fiscal year-end financial results had not been completed. Appropriate Use of Earnings Forecasts and Other Important Information The above forecasts are based on information available to the company as of the date of the release of this document. Actual results may differ materially from the above forecasts due to a range of factors. For a review of the results of operations and earnings forecasts, see page 5 onwards. 4

5 Review of Operating Results and Financial Statements 1. Analysis of Operating Results Consolidated Results (millions of yen) Fiscal year to end-february, Operating revenue 5,096,569 5,054,394 5,230,786 5,167,366 Operating income 172, , , ,040 Ordinary income 182, , , ,326 Net income (loss) 59,688 31,123 (2,760) 43, Summary of Consolidated Operating Results In the fiscal year ended February 28, 2011, corporate earnings, primarily in export industries, looked to be recovering against a backdrop of national economic stimulus measures and high growth in Asia s emerging economies. Consumer spending, however, continued to reflect a murky economic outlook marked by a confluence of factors including an ongoing deflationary climate and sluggish employment situation in Japan, a persistently strong yen, resource price inflation, and the financial crisis in Europe. To build an earnings foundation geared toward generating further growth, Aeon Co., Ltd. and Aeon Group companies have been restructuring Group business while also developing and expanding business in new growth areas. The Aeon Group s strengths lie in its unique product development capabilities, supply chains, supermarkets, and e-money and other infrastructure and its presence in a diverse range of businesses and operating formats, primarily its GMS (general merchandise stores) and Other Retail Store Operations. Aeon has focused on enhancing its sales capabilities by utilizing such strengths to reform products and sales floors and expand sales promotion opportunities. Aeon and its 155 consolidated subsidiaries achieved year-over-year growth in consolidated revenue and earnings in the fiscal year ended February 28, Aeon booked consolidated operating revenue of 5,096,569 million yen (up 0.8% year over year) and consolidated operating income of 172,360 million yen (up 32.4%). With the inclusion of its 24 equity-method affiliates, Aeon earned consolidated ordinary income of 182,080 million yen (up 39.8%) and net income of 59,688 million yen (up 91.8%). Group Business Restructuring Aeon has worked to generate further growth and enhance profitability in its GMS operations, the reform of these operations being one of the Group s priorities. To expedite these reforms and drive the evolution of Aeon s GMS operations, Aeon Retail Co., Ltd. and Aeon Marche Co., Ltd. merged on December 1, 2010, with Aeon Retail as the surviving entity. Aeon Retail then merged with MyCal Corporation on March 1, The newly formed post-merger Aeon Retail Co., Ltd. will have annual sales exceeding 2 trillion yen. While maximizing its advantages of scale, the company will rebrand its existing Jusco and Saty stores under the Aeon banner and work to enhance recognition of the Aeon brand. Aeon Retail will also deepen its ties with local communities by shifting from a four-area to an eight-area company structure, and 5

6 pursue greater efficiency by consolidating organizational units and functions to eliminate overlap, primarily in its back-office operations. By doing so, it hopes to become a new GMS entity that strikes a balance between growth potential and profitability. To enhance the competitiveness of our Drugstore and Pharmacy Operations and our Supermarket Operations, we acquired a majority of equity-method affiliate CFS Corporation s shares, making it a consolidated subsidiary. We have begun working to consolidate our two companies accumulated enterprise resources, enhance competitiveness, and maximize synergies. As part of these efforts, we intend to develop and roll out a new store format that combines drugstore specialization with convenience-store amenity. These stores will function as local healthcare stations while also catering to everyday living needs. To undertake this task, Ministop Co., Ltd., CFS Corporation, and Takiya Co., Ltd. jointly established a new company named Recods Co., Ltd. on August 20, In the aim of building locally focused supermarket operations, on August 21, 2010, Aeon Co., Ltd. acquired all shares of Aeon Kimisawa Co., Ltd., which had run CFS Corporation s supermarket operations as its wholly owned subsidiary. Cox Co., Ltd. and Blue Grass Co., Ltd., both consolidated subsidiaries in the apparel specialty store business, merged on August 21, 2010, with Cox Co., Ltd. as the surviving entity. In the Group s apparel operations, Cox Co., Ltd. will institute SPA (Specialty store retailer of Private-label Apparel) strategies spanning product planning through to production and sales and build a platform that can be utilized right across the Group s apparel operations in its GMS and specialty store operations. The company will also pursue business restructuring and review existing brands in the aim of realizing highly specialized and profitable products and sales floors. Consolidated subsidiary Aeon Delight Co., Ltd., Japan s largest comprehensive building maintenance company, and Certo Corporation, which provides back-office support services, merged on September 1, 2010, with Aeon Delight Co., Ltd. as the surviving entity. Upon merging, the company began pursuing service contracts from companies and other organizations within and outside of the Aeon Group as a comprehensive facilities management services (FMS) company. The company aims to provide environments that enable customers to focus on their core strategic businesses. Former consolidated subsidiary and US-firm The Talbots, Inc. ceased to be a consolidated subsidiary from the beginning of the fiscal year because all remaining Talbots shares held by Aeon (U.S.A.), Inc., Aeon s consolidated subsidiary, were sold back to Talbots in April Going ahead, we intend to concentrate our resources on Asia, including Japan. Group Cost Structure Reforms Aiming to build a robust earnings foundation to support our new growth strategy, we set up an organizational unit to focus specifically on implementing cross-group and structural cost reforms, through which we have been implementing cost structure reforms across the entire Aeon Group. We consequently achieved reductions in selling, general and administrative expenses that greatly exceeded our initial targets set at the beginning of the fiscal year. 6

7 Product Reforms During the fiscal year ended February 2011, we reorganized Group product operations in the aim of enhancing Group profitability and stepped up efforts to boost efficiency through utilization of the Group s functional companies, such as Aeon TOPVALU Co., Ltd., Aeon Global Merchandising Co., Ltd., and Aeon Global SCM Co., Ltd. Aeon TOPVALU actively developed new and reviewed existing products in the TOPVALU range, Aeon s private brand, to make it even more attractive to customers in terms of quality, functionality, and pricing. The company stepped up the brand s development efforts, reduced product costs, and boosted supply chain efficiency. TOPVALU Barreal, a new-genre beer that we launched in June 2010 had sold the equivalent of 100 million 350 ml cans as of April 3, 2011, greatly outstripping our initial annual sales target of 72 million cans. We have continued to improve our highly successful range of TOPVALU school backpacks since launching them in During the fiscal year, we launched a new type of backpack within the TOPVALU range. Named Karuspo, the new backpacks are lighter and designed to easily accommodate standard-size classroom materials. Unit sales of TOPVALU school backpacks consequently increased by around 40% versus the previous fiscal year. Amid the health boom and rising eco-consciousness, unit sales of TOPVALU bicycles also grew, rising a hefty 64% year over year, reflecting positive customer reaction to the range s affordable pricing. As a result of these efforts, sales of TOPVALU products across the entire Aeon Group came to billion yen (up 1.5% year over year). Making even greater use of the information technology and logistics infrastructure that we have built so far, we have boosted efficiency across the entire supply chain, enabling us to reduce product inventory levels and realize other benefits. Through these and other initiatives, we have improved profit margins and cash flow at the Aeon Group s retail companies. In our GMS operations, we strived to cater to individual customer preferences and satisfy increasingly diverse needs. We have worked to make our bicycle and liquor sales floors more like specialty stores by increasing the sophistication of product lineups, product displays, and customer service. We also developed and opened new specialty stores, such as TOPVALU COLLECTION, which retails casual apparel aimed at families, and R.O.U. (Rock Our Utopia), which sells a wide variety of household, beauty care, stationery, and other goods aimed primarily at women in their 30s. Expanding Business in Growth Regions We have actively expanded business overseas, focusing on emerging economies in Asia, which are exhibiting dynamic economic growth, as our priority area. In China, Aeon Mall Co., Ltd. and Beijing Aeon Co., Ltd. opened Aeon s first mall-type shopping center in the Tianjin area. And in the GMS opened by Beijing Aeon within Beijing city, G Foot Co., Ltd., Pet City Co., Ltd., Mega Sports Co., Ltd., Aeon Fantasy Co., Ltd., and Aeon Delight Co., Ltd. have opened specialty stores and are 7

8 providing services. Through such efforts, the entire Aeon Group has worked to expand business overseas. Aeon Credit Service Co., Ltd. has accelerated the rollout of its credit card business and other diverse financial services in China and the ASEAN region, where income levels continue to rise. In response to increasingly prevalent customer belt-tightening, our discount stores employ a low-cost operating model to offer low prices on foods and everyday items. We have appointed personnel to focus specifically on developing our discount store business, which we have designated as a growth area. During the fiscal year, these personnel supervised the accelerated nationwide rollout of Aeon s discount store The Big. As of February 28, 2011, a total of 54 The Big stores are operated by Aeon Group companies. We continued to pursue greater customer convenience with our WAON e-money service, which we launched in April 2007, increasing the number of locations at which WAON can be used and advancing the service s role as a local currency. Aeon has launched a wide range of WAON-branded cards designed to contribute to and deepen ties with local communities. Aeon donates 0.1% of these cards transaction amounts to specific foundations, funds and the like designated on a card-by-card basis. During the fiscal year ended February 2011, we launched 13 new types of WAON cards, bringing the total to 16 types. We added 57 new stores to our network of online supermarkets, which we launched in April 2008, bringing the Group-wide total to 128 stores. 2) Segment Information Operating Revenue and Operating Income by Business Segment (millions of yen, except percentages) Operating revenue Year-over-year change (%) Operating income Year-over-year change (%) GMS and Other Retail Store Operations 4,135, , Specialty Store Operations 532,884 (2.0) 5,746 Shopping Center Development 171, , Operations Services and Other Operations 1,111, ,187 (3.7) Total 5,950, , Eliminations/corporate (854,420) 5.2 5, Consolidated 5,096, , *See page 32 for detailed information by business segment. 8

9 GMS and Other Retail Store Operations Aeon s GMS and Other Retail Store Operations generated operating revenue of 4,135,886 million yen (up 1.2% year over year) in the fiscal year ended February 28, 2011, and operating income of 80,467 million yen (up 82.1%). During the fiscal year, in Japan the Aeon Group (including equity-method affiliates) opened 4 new general merchandise stores (GMS) and 49 supermarkets, and closed 15 GMSs and 28 supermarkets. Overseas, the Aeon Group opened 8 GMSs (6 in China and 2 in the ASEAN region) and 7 supermarkets (3 in China and 4 in the ASEAN region), and closed 2 GMSs (China) and 1 supermarket (ASEAN region). *Excluding equity-method affiliates, in Japan the Group opened 4 GMSs and 27 supermarkets, and closed 6 GMSs and 17 supermarkets. GMS Operations In Japan, our GMS operations translated the Aeon Group s strength into increased customer traffic and sales, staging nationwide bargain sales in cooperation with the Group s shopping centers and tenants throughout Japan, along with sales promotions involving WAON and Aeon cards, such as customer appreciation days (discounts for cardholders) and Super Tuesdays. We also tailored product selections even more closely to seasonal changes in temperature and cultural events, and acted quickly to capture increases in demand resulting from changes made to the government s Eco-points program and the legislated tax hike on tobacco products. Total comparable store sales in our domestic GMS operations were consequently up year over year in the fiscal second half. Further, we made solid progress in implementing our earnings structure reforms, which have yielded positive results at Aeon Retail Co., Ltd., across the entire Group. As it did in the previous fiscal year, Aeon Retail continued to translate product and sales floor reforms and cost structure reforms into enhanced operating performance. These reforms are part of our reforms to GMS operations. Additionally, annual comparable store sales increased slightly over the previous fiscal year, even amid languishing consumer spending, as Aeon Retail implemented product and sales floor reforms tailored to changes in customer needs. Specifically, it adopted the SPA model for TOPVALU COLLECTION stores and also revamped bicycle, liquor and other sales floors to make them more like specialty stores. The company achieved a 0.4-point year-over-year increase in gross margin at directly operated stores, representing the combined effect of factors such as inventory controls, reductions in the cost of national brand products facilitated by expanded joint procurement efforts capitalizing on the Group s scale advantages, and wider TOPVALU profit margins stemming from supply-chain efficiency gains. Additionally, selling, general and administrative expenses at comparable stores were down 3.7% versus the previous fiscal year as the company reduced expenses, mainly personnel and facilities expenses, by more than planned. These efforts resulted in substantial growth in Aeon Retail s operating income. Aeon Kyushu Co., Ltd. tailored its store opening efforts to diversifying customer needs and the competitive environment while working to enhance price competitiveness. It also utilized group infrastructure to reduce procurement costs and 9

10 reduced store operating costs, particularly equipment expenses. These efforts greatly improved the company s profitability, resulting in record-high operating income. MyCal Corporation staged bargain sales and sales promotions in collaboration with Group companies while also working to make greater use of Group infrastructure and reduce inventory levels. Its gross margin continued to improve as a result. And by pushing firmly ahead with cost structure reforms, it substantially improved operating income. Supermarket Operations Our domestic supermarket operations, which encompass the six Maxvalu companies that went into operation at fiscal year outset and Aeon Kimisawa Co., Ltd., which was split off from CFS Corporation, worked to establish deeper roots in local communities while also bolstering strategic pricing policies and sales of key products in the aim of boosting earnings. We continued to open new stores and refurbish and enliven existing stores, while also transitioning toward a discount store format so as to respond to changes in customer needs and the competitive environment. Additionally, we worked to enhance customer convenience by expanding the number of stores at which WAON is accepted, further bolster our price competitiveness, and increase profitability through the expanded rollout of TOPVALU products and joint procurement of national brand products. As a result, our supermarket operations as a whole booked higher revenue and operating income. Strategic Small-size Store Operations In Japan, Ministop Co., Ltd. responded adroitly to changes in temperature and customer needs, bolstering sales of cold deserts from its in-store-prepared fast-food range, for example, in response to the intense summer heat. Its efforts to capture last-minute demand ahead of the legislated tax hike on tobacco products and its initiatives to help franchisees strengthen their product lineups also paid off. Daily net sales per comparable store were consequently up by 0.5% year over year. With regard to selling, general and administrative expenses, Ministop endeavored to reduce comparable store rents, reduce expenses related to directly operated stores by reducing the number of such stores, and effectively use sales promotion expenses. Overseas, the company continued to actively open new stores, mainly in South Korea. As a result, Ministop booked growth in both consolidated revenue and earnings. Origin Toshu Co., Ltd. continued to lay solid groundwork for growth by revitalizing existing stores, chiefly through store refurbishments, and reinitiating store opening efforts in the Greater Tokyo area. The company s Smile Series packaged lunches, which it launched in the fiscal second half, sold well, and combined with sales promotions such as customer appreciation days, resulted in sales growth. The Group s joint procurement efforts also helped Origin Toshu to reduce cost of sales, resulting in higher profits. 10

11 During the fiscal year, we expanded the target geographic area within Greater Tokyo for our My Basket stores, a small-scale supermarket, and also reviewed staffing arrangements at the stores. We opened 60 My Basket stores during the fiscal year, bringing the total to 173 My Basket stores in operation at fiscal year-end. We have been finely tuning the stores offerings to local customer needs, and the format s comparable store sales outstripped the previous fiscal year s. China Operations Sales continued to grow steadily in China amid ongoing strength in the domestic economy against a backdrop of exuberant consumer spending and corporate investment. We continued to enhance competitiveness, differentiating ourselves from competitors by tailoring sales floors and product lineups to changes in customers lifestyle preferences and social occasions and festivals, and also by rolling out TOPVALU products. As a result, our China operations had a positive impact on both consolidated revenue and earnings. ASEAN Operations Aeon Malaysia (Aeon Co. (M) Bhd.) achieved solid growth at both comparable and new stores amid ongoing solid economic growth. It also achieved sales growth at directly operated stores as it staged events to coincide with the seasons and social occasions and stepped-up sales promotions aimed at Aeon Card holders. The company had a negative impact on Aeon s consolidated revenues due to an accounting change that means that concessionary sales are now recorded on a net basis (comparing last fiscal year s results based on this year s accounting treatment, however, results in revenue growth). The company worked to increase earnings by stepping up product development efforts in apparel and other areas while also controlling expenses, and thereby made a positive contribution to Aeon s consolidated earnings. Aeon Thailand (Aeon (Thailand) Co., Ltd.) worked to create product lineups and sales floors tailored to local events and social occasions and responded to customers preference for low prices through discount price sales and other measures. Customers responded positively to these efforts. The company secured gross profit by expanding sales of key products and pushed ahead with cost structure reforms. It consequently made a positive contribution to Aeon s consolidated revenues and earnings. As a result, our ASEAN GMS and Other Retail Store Operations had a positive impact on consolidated earnings. Specialty Store Operations Aeon s Specialty Store Operations generated operating revenue of 532,884 million yen in the fiscal year ended February 28, 2011 (down 2.0% year over year) and operating 11

12 income of 5,746 million yen, an improvement of 6,388 million yen from the fiscal year ended February 28, Specialty Store Operations Our specialty store operations revised product lineups and sales floors, finely tuning them to match changes in customer needs, and also worked to expand sales of Aeon original products and to improve gross margin through inventory control. They also further stepped up cost structure reforms. Specialty store operations consequently achieved revenue and earnings growth versus the previous fiscal year. Cox Co., Ltd., which merged with Blue Grass Co., Ltd. during the fiscal year, has been refocusing and restructuring brands by consolidating existing brands and launching new brands. The company pushed ahead with its merchandising reforms and worked on rebuilding its SPA (Specialty store retailer of Private-label Apparel) operations while also working to generate cost reductions from the business integration. The company s revenue grew and profits improved year over year. G Foot Co., Ltd. worked to bolster its merchandising and in-store sales capabilities in the aim of fulfilling its role as the core of the Aeon Group s footwear business. G Foot achieved growth in both revenues and operating income. Other companies in our specialty store operations swiftly adapted product lineups to customer needs and bolstered their sales capabilities, made improvements in gross margins through product reforms, and reduced to selling, general and administrative expenses with a focus on head-office expenses. These efforts helped Pet City Co., Ltd., Miraiya Shoten Co., Ltd., and Mega Petro Co., Ltd. achieve both revenue and earnings growth, while Laura Ashley Japan and MegaSports Co., Ltd. booked growth in earnings. Drugstore and Pharmacy Operations We made CFS Corporation a consolidated subsidiary during the fiscal year, and took over its supermarket operations in August to enable it to focus solely on our drugstore and pharmacy operations. This puts us in a solid position to rollout drugstores in the Greater Tokyo region and the Chubu region. We also worked to create a network of local healthcare stations by, for example, opening Recods stores, a new format that combines drugstore specialization with convenience-store amenity. Health consciousness is rising rapidly in the face of demographic changes, such as Japan s declining birth rate and aging population. In this environment, HAPYCOM, Aeon s drugstore business alliance, bolstered its exclusive HapYcom product range and rolled out stores equipped with dispensing pharmacy functions. Shopping Center Development Operations Aeon s Shopping Center Development Operations generated operating revenue of 171,008 million yen (up 3.3% year over year) and operating income of 38,451 million yen (up 1.1%). Aeon Mall Co., Ltd. opened 3 new shopping centers in Japan (including 1 location at which it has been contracted to perform property management), while overseas it added 1 location, the Aeon Mall Tianjin TEDA Shopping Center, its second location in China. Aeon Mall carried out renovations at 12 of its shopping centers and worked proactively to attract tenants, thereby improving vacancy rates substantially. It also staged 12

13 nationwide bargain sales that drew on the Aeon Group s combined capabilities, and these efforts helped to push specialty store sales, customer traffic, and vehicle visits beyond their year-ago levels. While Aeon Mall expanded the scale of its business, it also pushed further ahead with cost structure reforms focusing on its existing shopping centers, and booked growth in both revenues and earnings as a result. Equity-method affiliate Loc Development Co., Ltd. opened one new shopping center during the fiscal year. Services and Other Operations Aeon s Services and Other Operations generated operating revenue of 1,111,211 million yen (up 3.8% year over year) and operating income of 42,187 million yen (down 3.7%). Service Operations Aeon Delight Co., Ltd. merged with Certo Corporation during the fiscal year in the aim of becoming a comprehensive facilities management services (FMS) company. The company began pursuing service contracts from companies and other organizations within and outside of the Aeon Group, presenting proposals for the creation of environments designed to enable such customers to focus on their core strategic businesses. In Japan, the company won new contracts from non-aeon Group customers including an international airport and a redeveloped commercial complex. Overseas, after launching services in Beijing in May, the company also began offering services in Guangdong and Tianjin. Building on the success it has achieved in its cleaning business so far, the company also revised work processes in its facilities management business. It also reduced inventory levels and streamlined logistics in its office supplies sourcing business. The company achieved revenue and earnings growth as a result. Aeon Fantasy Co., Ltd. opened 2 new stores in China, while in Japan it accelerated efforts to open Fantasy Skids Garden facilities, which enable children to develop essential motor skills through play. The company also began opening its newly developed Fantasy kidzooona facilities in December This new format was created in response to increasing desire for safe and secure children s play areas. The facilities are designed to function as indoor parks where parents can spend time with their children with peace of mind. Aeon Fantasy s operating revenue declined year over year, but improvements in its gross margin and cost structure reforms saw it achieve year-over-year earnings growth. Comprehensive Financial Services Aeon Credit Service Co., Ltd. increased the number of valid domestic cardholders in its credit card business by 950,000 (net) from the beginning of the fiscal year (March 1, 2010) to 20,000,000, while card shopping transaction volume in Japan increased by 14.4% year over year. These outcomes are the result of the company s ongoing efforts to boost membership online and through in-store branches, issuance of co-branded cards in cooperation with non-aeon Group partners, collaborative initiatives carried out with its partners, and promotional campaigns aimed at boosting card use. In its banking agency business, which it is developing as a new earnings source, Aeon Credit Service worked on expanding its network of in-store branches, which act 13

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