May 14, 2013

Consolidated Financial Results
FY2013/03
for the year Ended March 31, 2013

0Disclaimer

This presentation contains current plans, expectations and strategies, which include
forward-looking statements on future operating performance that are not historical facts.
Forward-looking statements are based on judgements made by the management ofZENSHO HOLDINGS’ , based on information that is currently available to it. Since theseforward-looking statements are subject to various risks and uncertainties, and actual
business results may vary substantially from the forecasts in forward-looking statements,
investors are cautioned not to place undue reliance on forward-looking statements.
ZENSHO HOLDINGS disclaims any obligation to revise forward-looking statements inlight of new information, future events or other findings. The information contained in thispresentation does not constitute or form solicitation or invitation to buy or subscribe forany securities. All investment decisions should be made by the investors themselves.

1FY2013/03

Consolidated Statements of Income(Hundred millions of yen)
FY2013/03

FY2012/03

AmountAmount

FY2014/03

YOY
Amount

Plan
Share

YOY

AmountAmount

Share

Sales

4,0294,175＋146+3.6%

4,739＋563+13.5%

Cost of Sales

1,413

1,549＋136+9.6%

1,837

＋287

+18.6%

35.1%

37.1%

2,406

2,478

＋234

+9.5%

59.7%

59.4%

210

147＋41+28.0%

5.2%

3.5%

193

138

＋33

+24.2%

4.8%

3.3%

30

50＋12+23.8%

0.8%

1.2%

(Share)SGA(Share)

Operating Profit(Share)Ordinary Profit(Share)Net Profit(Share)38.8%＋72+3.0%

2,713
57.3%

▲62

▲29.8%

188
4.0%▲54▲28.1%

172
3.6%

＋19+64.8%

621.3%

2FY2013/03

Consolidated Financial for FY2013/03
417.5 billion yen (YOY ＋3.6%)
14.7 billion yen (YOY ▲29.8%)
5.0 billion yen (YOY ＋64.8%)

■

Sales
Operating ProfitNet Profit■

Same-store sales year-on-year were 96.9% (Sukiya 92.2%)■

240 stores were opened through FY2013/03.
Japan
213 stores
Overseas
27 stores■

Rising prices of ingredients was the main factor of thefall in profit.

■

78.65% of stocks in Maruya was acquired in November 12 andit became a consolidated subsidiary.
3

FY2013/03

Summary of FY2013/03 : By Category(Hundred millions of yen )YOY

+3.6%

4,029

4,175

Other265(6.6%)302 (7.2%)+13.9%

Fast Foodservice

468 (11.6%)

621 (14.9%)+32.7%

Family Dining

1,505 (37.4%)

1,469 (35.2%)▲2.4%■ Gyudon catrgory
Sales of Gyudon category remainedat the same level mainly due to
new store opening and decrease of
Same-store sales year-on-year.

■ Family Dining catrgory
Sales of Family Dining category decreased
due to the reaction of previous year 15
month settlement of accounts of an overseas
subsidiary.

Gyudon1,790 (44.4%)

1,781 (42.7%)▲0.5%■ Fast Food Service catrgory
FY2012/03

Sales of Fast Food Service category
increased mainly due to new store openingof Hamasushi.

FY2013/03

4FY2013/03

Balance Sheet(Hundred millions of yen , times)(Hundred millions of yen)Interest-bearing debt

Net D/E ratio

D/E ratio

4.1

FY2012/03

Interest-bearing debts

FY2013/03

3.8

Change1,334

1,452+118

Other liabilities

534580+45

Total liabilities

1,869

2,032+163

3.5

1,408

3.2

1,354

3.5

3.4

3.0

3.0

2.8

1,452

1,434

1,334

3.2

FY2010/03 FY2011/03 FY2012/03 FY2013/03

Shareholder's equity

434465+31

Accumulated profit

226258+31(Hundred millions of yen)
Net asset

Accumulated othercomprehensive income▲50

Minority interests

107

Total net assets
Liabilities & Net assets▲39126

Net asset ratio+11552+61

2,359

2,585+225

Equity capital ratio

19.4%

19.8%

20.8%

21.4%

22.7%

14.7%

15.6%

16.2%

16.5%

17.3%

+18490

552

449

458

595490FY2010/03 FY2011/03 FY2012/03 FY2013/03

5FY2014
PlanFY2014
PlanFY2013/03

Cash Flow(Hundred millions of yen)

FY2012/03 FY2013/03 Changes

Operating casah flow
Investing cash flow

Operating cash flow

240215▲25Net profit before tax

160125▲34

Depreciation expanses

160172+12Others▲79▲81▲2▲193▲243▲49▲209▲238▲29others

15▲4▲20Free cash flow

47▲28▲75▲6528+94

Increase & decrease of interest-bearing debt

▲2080+101

Dividend payment▲20▲21▲2Others▲25▲30▲5Investing cash flow
Cash out associated with new stores

Financial cash flow

6Free cash flow

238

264240280
215

1711275586▲13▲118▲290▲1305747▲28▲183 ▲178 ▲193▲243 ▲222

FY2008/03 FY2009/03 FY2010/03 FY2011/03 FY2012/03 FY2013/03 FY2014/03
Plan

FY2014/03 Forecast

Consolidated Statements of Income : Forecast of FY2014/03(Hundred millions of yen)
FY2013/03

FY2012/03

AmountAmount

FY2014/03

YOY
Amount

Plan
Share

YOY

AmountAmount

Share

Sales

4,029

4,175

＋146

+3.6%

4,739

＋563

+13.5%

Cost of Sales

1,413

1,549

＋136

+9.6%

1,837

＋287

+18.6%

35.1%

37.1%

2,406

2,478

＋234

+9.5%

59.7%

59.4%

210

147＋41+28.0%

5.2%

3.5%

193

138＋33+24.2%

4.8%3.3%3050＋12+23.8%

0.8%

1.2%(Share)

SGA(Share)

Operating Profit(Share)Ordinary Profit(Share)Net Profit(Share)38.8%＋72+3.0%

2,713
57.3%

▲62

▲29.8%

1884.0%▲54▲28.1%

172
3.6%＋19+64.8%

62
1.3%

7

FY2014/03

Consolidated Financial Forecast for FY2014/03■

Sales
Operating Profit
Net Profit■

Forecasted same-store sales year-on-year are 101.7%(Sukiya 100.4% , Coco’s 101.7%)■

326 stores will be opened through FY2014/03
Japan
249 stores
Overseas 77 stores

473.9 billion yen (YOY +13.5%)18.8 billion yen (YOY +28.0%)
6.2 billion yen (YOY +23.8%)

8

FY2014/03

Summary of FY2014/03 : By Category(Hundred millions of yen )YOY+13.5%

4,739
4,175
Other
Fast FoodServiceFamily Dining

302 (7.2%)

480 (10.1%)+59.1%

809 (17.1%)+30.2%

621 (14.9%)

1,469 (35.2%)

1,519 (32.1%)+3.4%■ Gyudon category
Sales of Gyudon category will increase
mainly due to 150 stores opening andthe same-store sales year-on-year by 100.6%.

■ Family Dining category
Sales of Family Dining category will increasedue to the same-store sales year-on-yearby 102.5%.

■ Fast Food Service category
Gyudon1,781 (42.7%)

1,927 (40.7%)+8.2%

Sales of Fast Food Service category willincrease mainly due to new store opening
and the same-store sales year-on-year by
101.2%.

■ Other category
FY2013/03

Sales of Other category will increase dueto the inclusion of Maruya as Zensho’s
subsidiary.

FY2014/03
Plan9Sales and Consolidated Store Counts(Stores,Hundred millions of yen)

SalesStore Counts

4,937

4,629
3,934

4,144

4,314
New stores

4,739

4,029

FY2013/03

4,175

FY2014/03 plan 326 stores

3,707

3,341

2500

1000

FY2010/03

FY2011/03

FY2012/03

240 stores

FY2013/03

10

FY2014/03
Plan11