Financial Results
for the First Half of the Year Ending
February 29, 2012 (FY02/2012)
AEON DELIGHT CO., LTD.
Kazunori Umemoto, President & CEO
October 6, 2011

Contents§1 Overview of financial results for the first halfof the year ending February 29, 2012

§2 Progress of the medium-term business planand future developments§3 Full-year outlook for the year ending
February 29, 2012

§4 Reference materials
Copyright ©2011 ÆON delight Co., Ltd. All Rights Reserved.

§1 Overview of financial results
for the first half of the year
ending February 29, 2012

Business performance～A great start aimed at the achievement of the medium-term business plan～

Record high profit was achieved as net sales was up 59.6%
and both net sales and profits increased
Millions of yen

First six months ended August 31, 2011
Year-on-year
difference% Comparedwith forecast
announced

159.6 41,065

105.7

Results% to netsales

Net sales

109,950

100.0

Operatingincome

6,915

6.3

137.7

1,894

100.2

Ordinary income

6,974

6.3

138.0

1,921

101.1

Net income

3,716

3.4

134.1

945

100.4

Year-on-yearchange %4
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Net sales by business segment
Net sales were up 171.7% year-on-year in the construction work businessMillions of yen
First Half of FY02/2012

Results

Year-onyearchange %Note 1:Year-onyear same
scale
comparison
(%)

103.0

98.9

93.3

98.4

99.8

100.1

171.7

152.3

-

99.2

First Half of FY02/2011% to net
sales

Previous year
results% to net
sales

Facilities Managementbusiness

21,292

19.4

20,66930.0

Cleaning services
business

19,83518.0

21,26030.9

Security services
business

16,19914.7

16,225

23.6

Construction workbusiness

13,970

12.7

8,136

11.8

Materials/Supplies
sourcing services
business

18,416

16.7--

Vending machineservices business

16,572

15.1

-

-

-

95.0

Support businesses

3,639

3.3

2,562

3.7

142.0

107.9

* Following the merger in September 2010, the materials results that were posted as facilities, cleaning, security, and support were allocatedto the materials/supplies sourcing services business.

5

Note 1: The year-on-year same scale comparison is a comparison that excludes the results of A to Z Service Co., Ltd. and
KAJITAKU, Inc and includes the results for the first half of the year ended February 28, 2011 for CERTO Corp.

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Consolidated Balance Sheet (Summary)
Consolidated Balance Sheet

Millions of yen

As of Aug. 31, As of Feb. 28,
Difference
2011
2011

As of Aug. 31, As of Feb. 28,
Difference
2011
2011

Current assets

69,41064,524

4,886

Current liabilities

33,57030,724

2,845

Fixed assets

20,882

20,100781

Long-term
liabilities

985

1,012

(27)

Tangibles

3,832

3,756

75

Total liabilities

11,577

1,218

34,55531,7372,818

Intangibles

12,795Investments,
etc.

4,254

4,766

(511) Total net assets

55,73752,8872,849

Total assets

90,292

84,624

5,668

Total liabilities andnet assets

90,292

84,624

5,668

Impact of the merger and acquisition of the two companies (A to Z Service and KAJITAKU)
on the consolidated balance sheets

Liabilities
AssetsIncrease of 1,558 million yen

Increase of 2,122 million yen

Net assets Increase of 564 million yen*Total of the figures on the balance sheet as of February 28, 2011 for A to Z Service Co., Ltd. and as ofMarch 31, 2011 for KAJITAKU, Inc6

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Consolidated Statement of Cash Flows (Summary)
Consolidated Statement of Cash Flows

Millions of yen

Millions of yen

First Half of
FY02/2012

Cash flows from operating activities

2,883

First Half of
FY02/2011

2,076

Operating cash flows
Net income before taxes

6,570

Depreciation and amortization,
and amortization of goodwill

1,108

Notes and accounts
receivable

Cash flows from investing activities(1,680)(3,262)(2,479)Investing cash flows

Cash flows from financing activities(1,566)(637)

Net increase (decrease) in cash
and cash equivalents(361)(1,038)Cash and cash equivalents at
beginning of period

12,317

7,873

Cash and cash equivalents as ofthe end of the first half of the year

11,956

6,835

Deposits and repayments foraffiliate consumption entrusted
funds
Expenditures on acquisition ofsubsidiary stock(300)(1,116)

Financing cash flows
Cash dividends paid

7
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(1,156)

Impact of the earthquake and steps towards recovery
Making large contributions to the restarting of operations at commercial
facilities that serve as the foundation for living infrastructure

8
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§2 Progress of the medium-termbusiness plan and future
developments

Overview of the medium-term business plan
Focusing management resources on three markets

Major urban
area market

Environmentalload reduction
marketAsian market

10
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① Major urban area market《Overview》
Developing new services in response to the shift of population to urban areas
During 2010, new apartment sales in the Tokyo metropolitan area increased over theprevious year for the first time in six years, up 22.4% to 44,000 apartments.
*Source: National Apartment Market Trends (February 2011) from the Real Estate Economic
Institute Co., Ltd.

Accelerating the establishment of small-scale shops bymany companies focused on urban areas
The scale of the small chain store market isapproximately 20 trillion yen
There are over 200,000 stores*Source: JFA Franchise Chain Statistics Report (2009) fromthe Japan Franchise Association

The scale of the housework support services market is120 billion yen (annual growth rate of 8%)
If cleaning services are added, the scale is 570 billion yen*These figures are from 2010. The Company made these estimates based ondata from the Ministry of Economy, Trade and Industry and the Ministry of
Health, Labour and Welfare

11
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① Major urban area market - A to Z Service Co., Ltd. - 《Progress》
Accelerating the establishment of small-scale shops
by many companies focused on urban areas➤May 2011 A to Z Service Co., Ltd., whose strengths include
total management at small-scale facilities, wasmade a consolidated subsidiary.

+
Strengthening our system in response to the needs of small-scale facilities➤ Based on customer data gathered from callcenters in operation 24 hours a day, 365
days a year, we are actively expanding
services for small stores

12
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① Major urban area market - A to Z Service Co., Ltd. - 《Future initiatives》+
Establish total store management as a new business model➤ Create prediction know-how by combining event data and monitoringdata at call centers➤ Establish systems that can conduct remote sensing and remote control
through alliances with large-scale electric machinery companies

Call centersStoreequipment
development
and sales

Maintenanceservice

AZS
total
management

Planned closing &repair business

13
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Design andconstruction
management

① Major urban area market - KAJITAKU, Inc - 《Progress》
Changes in the lifestyles of people working and living➤April 2011 Strong in housework support services,
KAJITAKU, Inc was made a consolidated subsidiary+
Development of new services that bear in mind B-to-B-to-C customers➤ The number of 5 yen copy machines increased
to approximately 2,000 machines➤ KAJIcloud (Housework Professionals) products
sales increased to approximately 30,000 units at
approximately 2,000 stores
14
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① Major urban area market - KAJITAKU, Inc - 《Future initiatives》+
Penetration of the KAJITAKU brand➤ Making KAJIcloud (Housework Professionals) a staple product at the stores
where it has been introduced⇒ Aiming for 100,000 annual units sold by March 2012

➤ Construction of a my-page function allowing you to view items looked after
over the Internet⇒ Making a customer information database to achieve
CRM (Customer Relationship Management)

15
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② Environmental load reduction market 《Overview》
The Company‘s target （excluding industrial waste） is:

The environmental business market for energy-saving and new energy

Currently: 4 trillion yen
Factors:
・Increase in environmental needs
・Sudden increase in LED・Technical innovation

2020: 8 trillion yen*The Company made these estimates based on data from the Kansai New Environmental
Business Promotion Strategy (March 2008) from the Kansai Bureau of Economy, Trade andIndustry.

Using our performance within the AEON Group as aweapon, we aim to increase orders from outside the Group16
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② Environmental load reduction market 《Progress》
Energy-saving-related work has grown
in response to aggressive environmental investments by customers
Example: A proposal for a commercial facility

LED lighting
Before installation

Customer Proposal and installation

High-efficiency
reflective
lighting board

Demand controllers

After installation
Fluorescent lighting is changed fromtwo lights to one light

Approximately 50% reduction
in electricity consumption

17
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② Environmental load reduction market《Future initiatives》

Next
fiscalyear

Second half

Initiatives
・Expand business by forming alliances with energy-saving materials andequipment manufacturers

・Increase sales of LED lighting inside and outside the Group
Sales to hotels and stores with 24-hour lighting outside the Group・Propose switching to LED for basic store lighting and multi-story parking lots

Mediumto long-term

・Introduce an ESCO business model in which the Company bears the initialinvestment and receives compensation based on energy-saving results.

・Construct a business model based on the AEON DELIGHT smart building
concept

through total management

Shift from spot contracts⇒

to annual contracts

18
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③ Asian market 《Overview》
Targeted at the retail market

Comprehensive FMS market
in Asia (China and ASEAN)

Currently: 8 trillion yen
Factors: ・Expansion in retail market
due to population increase
・Modernization of commerce
and increase in store facilities

2020: 20 trillion yen*The scale of the comprehensive FMS market was estimated from the retail market scale basedon the ratio of the sales composition (actual results) of the comprehensive FMS business insales to large commercial facilities.

Focusing on the Asian market, we aim to become a top global company
by providing comprehensive FMS that increases the environmental value
for customers
19
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Status of developments
in Asia

Initiatives during
the first half

③ Asian market 《Progress》
・ Service started at the JUSCO One Mall Store and the JUSCO Sun City Store(April)・ A representative office was established in Ho Chi Minh City, Vietnam (May)・ Service started at the Beijing Xinhai Yuntong Commerce Dalou Fuxing Store,
a state-run supermarket (June)
・ To accelerate the comprehensive FMS business in China, the name AEON
DELIGHT (BEIJING) BUILDING MAINTENANCE CO., LTD. was changed to
AEON DELIGHT (BEIJING) CO.,LTD. to expand the scope of its business(August)Providing service
in China at 7 stores(3 in Beijing, 1 in Tianjin, and3 in Guangdong)

Beijing Xinhai Yuntong Commerce
Dalou Fuxing Store (in Beijing)*Reference: Number of existing AEON stores(China)
GMS: 24
SM: 3(Hong Kong) GMS: 5
SM: 5(Thailand)
GMS: 13(Malaysia) GMS: 23
SM: 4

Establishment of a representative
office in Ho Chi Minh City, Vietnam

20
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(As of end of February 2011)

③ Asian market 《Future initiatives》
September 2011: Establishment of a supervisory system by area to conduct our Asianstrategy (construction of a strategy and execution system)
Business management
supervision

Representative

Representative

for Chinese Businessfor ASEAN Business

Local

Local

Chinese subsidiary
1. Establishment of a Chinese
strategic base
2. Development of regional
partners
3. Conducting business activities
integrated with the region
21

ASEAN subsidiary
1. Establishment of an ASEAN
strategic base
2. Commencement of business
in Malaysia
3. Expand business to the
ASEAN countries*Representative for Chinese Business: stationed in Beijing*Representative for ASEAN Business: stationed in Kuala Lumpur
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Initiatives in comprehensive FMS 《New contract clients》
Provision of comprehensive FMS to a wide variety of customers

Shionogi Drug Discovery
Innovation Center

Tokyu Hands
22 (Shinsaibashi Store)

Japanese Red Cross
Otsu Hospital

Kumagaya Station
Building AZ

Smile Hotel

Japan Post Holdings
Head Office Building

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Initiatives in comprehensive FMS 《Progress》
Construction ofComprehensive FMS model➤ Build a Comprehensive FMS model for general merchandise stores・ Assembling and proposing a service menu with 40 types of service
Other

Example:Rental baskets

Information
Cart
arrangement

Planting
management

Garbageinventory
management

Rental mats

Foliageplants・Selected a model store at ten regional offices and ten stores
across the country and started providing service
Establishing a sales structure➤ Studying a salesman education plan to stimulate the consulting business23
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etc.

Initiatives in comprehensive FMS 《Future initiatives》
Construction ofComprehensive FMS model➤ Build a Comprehensive FMS model for general merchandise stores

・Develop and Expand the service menu
⇒from the current one with more than 40 items to one with more than 80
items (increased by more than two times)

・Roll-out of the results at model stores to centers throughout
the country starting from the second half of the year
Establishing a sales structure<Outline of consulting sales>
Businessflow

Conclusion
of NDA

Survey andanalysis ofcurrent
conditions

Proposal of
execution plan

Analysis ofvalue
engineering

24
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Estimateandinstallation

Initiatives aimed at controlling selling, general and administrative expenses《Progress》➤ Reduce travel expenses through the use of television meetingsystems; reduce office supply expenses by adopting paperlesssystems
0.2 point improvement year-on-year (same scale comparison)in selling, general and administrative expense ratio《Future initiatives》
Improving efficiency with IT➤ Promote BPR (Business Process Reengineering) aimed at
improving office efficiency from the second half of the year
Create a project team in September and aim for results within thefiscal year
25
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§3 Full-year outlook for the year
ending February 29, 2012

Forecast for full-year results outlook of FY02/2012
Millions of yen

Full-year forecast for
FY02/2012

FY02/2011

results

Reference

% to
net
sales

Note 2:Year-on-yearsame scale net
sales comparison(%)

Net Sales

213,000 100.0 124.6 170,905 100.0

100.0Operating
Income14,300

6.7 118.8 12,031

7.0

6.6

Ordinary
Income14,300

6.7 118.3 12,089

7.1

6.7

Net
Income7,600

3.6 117.0

3.8

3.5

AmountYoY% to
net change Amount
sales
（％）

6,495

Note 2: The year-on-year same scale net sales comparison figures include the results for the first half of the year ended
February 28, 2011 for CERTO Corp. in AEON DELIGHT's results for the year ended February 28, 2011.

27
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Returns to shareholders
Seven consecutive years
of increased dividends since FY02/2006

Dividend

FY02/2005

FY02/2006

FY02/2007

FY02/2008

FY02/2009

FY02/2010

FY021/2011

FY02/2012(forecast)

¥8.0

¥9.0

¥15.0

¥17.5

¥22.0

¥27.0

¥39.0

¥40.0

40
Dividend forecast

35

Dividend

Year-end

30

¥20.0
25
20
15

Interim

10

¥20.0

5
0

28

2004年 度
FY02/20052005年 度
FY02/2006

2006年
度
FY02/2007

2007年
度
FY02/2008

FY2008
FY02/2009

FY2009FY02/2010

FY2010FY02/2011

FY2011
FY02/2012*On December 1, 2007, the Company conducted a two-for-one stock split. The dividend amount assumes that the stock
split was conducted at the beginning of FY02/2005.
*A commemorative dividend of 5.00 yen is included in the year-end dividend for FY02/2011.

Copyright ©2011 ÆON delight Co., Ltd. All Rights Reserved.

§４ Reference materials

Income statement
Millions of yen
FY02/2003

Net sales
Operating
IncomeOrdinary
IncomeNet Income

FY02/2004

FY02/2005

FY02/2006

Results

YoYchange(%)

Results

YoY
Change(%)

56,15386.0

55,74999.3

54,665

98.1

2,116

54.1

1,686

79.7

2,504

2,110

53.6

1,697

80.5

1,132

－

148

13.1

YoY
change(%)

Results

YoYchange(%)

62,323114.0

111,170

178.4

148.5

2,949

117.8

5,576

189.0

2,511

147.9

2,953

117.6

5,485

185.7

860

580.6

1,324

153.8

2,998

226.4

Results

YoYchange(%)

FY02/2007

Results

Millions of yen
FY02/2008

Net sales
Operating
IncomeOrdinary
IncomeNet Income

FY02/2009

FY02/2010

FY02/2011

Results

YoY
Change(%)

Results

YoY
Change(%)

123.7

145,690105.9

140,299

8,330

149.4

9,946

119.4

8,186

149.2

9,812

4,379

146.1

4,876

Results

YoYchange(%)

137,519

FY02/2012

Results

YoY
Change(%)

Results

YoY
Change(%)

96.3

170,905

121.8

109,950

159.6

9,970

100.2

12,031

120.7

6,915

137.7

119.9

9,912

101.0

12,089

122.0

6,974

138.0

111.3

5,466

112.1

6,495

118.8

3,716

134.1

* Full-year results for FY02/2003 to FY02/2011, first-half results for FY02/2012

30
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Major Shareholders and Shareholders by type (%)
Major Shareholders

The ownership ratio corresponds to outstanding shares.

Rank

No. of shares owned(1,000 shares)

Shareholder%

１ÆON RETAIL Co., Ltd.

23,261

42.94

２

AEON CO., Ltd.

9,103

16.81

３

JPMorgan Chase Bank 385174

４Japan Trustee Services Bank, Ltd. (trust account)５

Japan Master Trust Bank, Ltd. (trust account)

６

AEON DELIGHT Employee Stock Ownership Association

７

Mellon Bank N.A. Treaty Client Omnibus

８

AEON DELIGHT Business Partner Stock Ownership Association

９

Northern Trust Company (AVFC) Sub-account American Clients

2,549
985
934
673
640
564
482
475

4.71
1.82
1.73
1.24
1.18
1.04
0.89
0.88

１０ BBH FOR FIDELITY LOW－PRICED STOCK FUND
Self-owned 3.2%

Shareholders
by typeFinancial
Institutions
8.1%

Individuals andothers9.2%

Foreign
Corporations
16.0%

Securities firms
0.6%

Other
corporations
62.9%

31
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The data is as of August 31, 2011.

Key Management Indicators
FY02/2009
EPS

FY02/2010 FY02/2011 1HFY02/2012*¥122.92¥137.79¥142.56 Half-year) ¥70.86

ROE

19.89%

18.91%

15.47% Half-year)

6.89%

ROA

10.11%

11.19%

9.75% Half-year)

4.25%

6.74%

7.06%

7.07%

6.34%

3.35%

3.90%

3.80%

3.38%

3.02

2.87

Shareholders’ equity ratio

54.15%

64.22%

62.32%

61.05%Net assets per share¥669.28*¥ 787.84¥1,005.62¥1051.07

PER

10.29

8.83

10.57 Half-year)

22.86

PBR

1.89

1.54

1.50

1.54

¥1,266¥1,216¥1,507¥ 1,620

Ratio of ordinary income
to net sales
Ratio of net income
to net sales
Total assets turnover(Reference)
Share price at end of period

2.56 Half-year)*The number is after a two-for-one stock split.

32

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1.26

Thank you very much for your kind attention.
Comments and inquiries should be directed to the following:■These materials contain statements about forecasts and estimates relating to
the future plans, strategies, and performance of AEON DELIGHT.
◇ These statements are based not only on past performance, but also on assumptions
based on information currently available to the Company.
For this reason, please understand that the actual performance may differ from our estimates.

■The information contained in these materials has been prepared by thefollowing methods if not specifically stated otherwise.
◇ All statements are based on consolidated results.
◇ All figures of less than one million yen have been rounded down.
◇ Percentages have been rounded off to one decimal place.

IR Contact
AEON DELIGHT CO., LTD.
(Stock code: 9787)

Susumu Takahashi
Corporate Communication Dept.
TEL +81-6-6260-5632
FAX +81-6-6260-5653
Or visit our website at:
http://www.aeondelight.co.jp* When sending a fax, please include your name and contact details.
This presentation has been prepared using the information available as of the date of the presentation (October 6, 2011).
The earnings forecasts contained herein may be revised due to unforeseen factors that may arise in the future.