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7-Eleven, Inc. Presentation on the Medium-Term Management Plan and Acquisition of Part of the Business from Sunoco LP

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7-Eleven, Inc. Presentation on the Medium-Term Management Plan and Acquisition of Part of the Business from Sunoco LP 7-Eleven, Inc. Presentation on the Medium-Term Management Plan and Acquisition of Part of the Business from Sunoco LP February 19, 2018 Seven & i Holdings Co., Ltd. Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 1 7-Eleven, Inc.(SEI) Growth and Profit Contribution ◆SEI’s operating income and its composition ratio* to consolidated operating income Composition SEI’s OP 19.9% ratio 1,000,000 20.0% (thousands (%) of dollars) SEI Operating profit (left) Composition ratio (right) 800,000 15.0% 11.1% 600,000 10.0% 809,091 400,000 5.0% 372,590 200,000 0.0% FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 (Forecast) (1) Enhanced product lineups based on fresh foods (2) Conduct effective M&A (3) Promote conversion to franchised stores (4) Stabilize gasoline business earnings Has grown into a growth driver for the Group *Ratios are calculated on a yen basis, after amortization of goodwill Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 2 Growth Strategy: 6 Point Plan To achieve further growth, the following 6 actions are considered as priority measures, and these initiatives are promoted Expand the Assortment Grow Food and Beverage Regional and Local Products Build Private Brands Become a Digitally Enabled Improve the Store Base Organization Simplify Store Operations Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 3 Grow Food and Beverage ◆Manufacture high-quality and high-value-added products following introduction of Japanese Group merchandising approach ・Initiative with Warabeya Nichiyo Holdings Co., Ltd. and strengthen team merchandising ・Plans call for starting development of categories (pasta, delicatessen, rice products, etc.) besides sandwiches ・After test sales these products are recommended to each store ⇒ After verifying the impact, develop horizontally throughout the US factories ◆Schedule FY2018 Q1 Q2 Q3 Previous MD Sandwiches New MD Market Recipe Recommen- (Warabeya Nichiyo) research development dation Other categories Market Recipe Recommen- (pasta, delicatessen) research development dation 4 Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. Build Private Brands ◆Sales of PB products “7-Select” *Taking 2014 value as 100 250 211.5 FY2017 Forecast Average yearly growth rate for 200 PB Products sales growth: +24% the past 4 years : +28.4% GPM difference YOY:+0.7% 150 Boost total GPM by approx.0.1% 100.0 100 50 2014 2015 2016 2017 Forecast ◆Example of contribution to gross profit from private brand products Top five selling beverages (over 20 oz (591 ml)) 2015 2017 GPM improvement １ Lipton Brisk Strawberry Melon 1L 7-Select Mango Juice vs. 2015 2 Simply Orange Juice 59oz 7-Select Fruit Punch Juice +2.72％ 3 Tropicana Orange Juice 32oz Lipton Brisk Strawberry Lemon 1L 4 Lipton Brisk Fruit Punch 1L 7-Select Watermelon Juice Contributed to overall gross profit margin for soft drinks (+0.45%) 5 AriZona Mucho Mango 23oz Simply Orange Juice 59oz Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 5 Become a Digitally Enabled Organization-1 Create a digital organization to strengthen the Digital technology Changes in strategy promotion structure innovation convenience required Create and provide a shopping never experienced ◆Approach to development: Introduce MVP* approach = Transition to Agile Development Previous Future ・Conventional development involves large initial investment = flexibility issues Waterfall method Agile method ・Agile development involves multiple tests with small Invest Value Invest Value investment After ←2 weeks→ ⇒Short-term results are not a factor in the initial stage xx months→ ⇒Priority on verifying customer convenience and functionality Investment Investment amount Investment amount ⇒High speed rotation through the PDCA cycle to Value, Period Value, Period refine products and services *MVP：Minimum Viable Product ◆Micro-service architecture Service to be realized ・Systems are built on the cloud separately from the Agiile PDC core system A ・ External Functions are finely delineated into blocks Waterfall Cloud for Internet + micro-service service API ・Systems can be combined as needed to create diverse products ・Systems can link effectively with external services Backbone core system (Store computer, POS system, MD, Store, members, etc.） Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 6 Become a Digitally Enabled Organization-2 ◆Key trials Details Area Stores Period Bonus point program Canada 647 From Sep. 2017 Delivery, Pick up at 7-Eleven stores Dallas 10 From Dec. 2017 Test with 100 items Self-checkout - - Scheduled for test within FY2018 ◆Example: 7REWARDS App – Introduced point program Previous loyalty program Add point program Results for Dec. 2017 Rewards basket size (vs. non-rewards basket size) +9% Scan % 11.9% ・Get points on purchase ・ App required when purchasing ・Bonus offers counter served beverages (Compare with prior to ・Trade your points for merchandise execution) +6.4% ・Use to scan at cahier (the 7-Eleven original items or ・Buy six proprietary beverages get manufacture sponsorship) ・Buy six proprietary beverages get one New members 8.2 one free free (continue at the current) (Compare with prior to execution) times Plan to expand throughout the U.S. within FY2018 and CRM strategy to start Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 7 Improve the Store Base ◆Number of stores and operating income Operating Number of store Store opened through M&A Organic store openings Total store count income openings (MM $) Conduct M&As on FY2019 targets high-quality targets 10,000 1,500 No. of stores: 10,000 Build a supply chain APSD: $5,000 8,707 9,000 1,200 8,000 900 662 950 600 7,000 5,829 352 121 36 6,000 300 71 181 159 213 43 416 291 341 197 267 238 163 197 200 200 0 72 89 106 129 5,000 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 Forecast Forecast Forecast ◆M&A successful example (Exxon Mobil Florida) Acquisition date April 2011 At closing 2017 Results Difference for Q1-Q3 No. of stores acquired 131 MDSE APSD ($) 3,250 4,900 +1,650 Current store count 81 MDSE GPM (%) 28.0 35.2 +7.2 Remodel Complete in second year Franchised ratio 80.2％ Gas APSD (gallon) 5,370 6,340 +970 *Store count and franchised ratio: As of the end of September 2017 Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 8 Merchandise APSD for Acquired Stores 6,000 ($) 5,000 4,000 3,000 2,000 1,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 Previously acquired stores have all seen sales growth with renovation and improved product lineups 9 Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. CVS Market in the North America A major transformative period = Opportunity ◆Top ranking U.S. convenience store chains by store numbers 2013 Approx. 149,000 stores 2017 Approx.155,000 stores Compo- Compo- Rank Company sition Company sition 1 7-Eleven, Inc. 5.2% 7-Eleven, Inc. 5.4% 2 Shell 3.3% Couche-Tard 4.7% 3 BP 3.0% Marathon (Speedway) 1.8% 4 Chevron 2.7% Casey’s 1.2% 5 Couche-Tard 2.5% Murphy 0.9% 6 Exxon Mobil 2.3% Sunoco LP 0.9% 7 Energy Transfer Partners 1.3% GPM 0.7% 8 Casey’s 1.2% BP 0.6% 9 CITGO Petroleum 1.1% Chevron 0.5% 10 The Pantry 1.1% Kroger 0.5% ■Withdrawal from retailing by gasoline majors ⇒ Change of the competitive environment ■Despite the ongoing shakeup in the sector, the market is still highly fragmented (Top ten companies have a 17% share) The North American CVS business offers significant growth potential Sources: 2013: CSNews; 2015: CSPnet, National Association of Convenience Stores (NACS) Figure for Couche-Tard for 2017 includes stores of CST Brands. Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 10 Contribution from Gasoline Earnings ◆Gasoline sales volume index, consumption index, WTI crude oil price index and retail fuel CPG *taking 2008 value as 100 150 26.00 (CPG) ー SEI APSD gallons index (left) 100 22.00 ー US motor gasoline consumption index (left) 50 18.00 SEI fuel retail CPG (right) 0 14.00 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Three-year average Three-year average 3,320 gallons/day/store 2,620 gallons/day/store （+700） 17.8 CPG 21.8 CPG （+4.0） Steady growth in the gasoline business through effective M&As, etc. Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. 11 Future Potential of Gasoline-1 ◆Gasoline retail price and consumption Gasoline retail price per gallon Consumption 6.00 30 ($) Historical gasoline retail price Projected gasoline retail price (Quad/btu) 3.00 20 0.00 10 Historical gasoline consumption Projected gasoline consumption (3.00) 0 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 Gasoline consumption is not expected to fall sharply over the next few decades 12 Source: Energy Information Administration, Bureau of Labor Statistics Copyright (C) Seven & i Holdings Co., Ltd. All Rights Reserved. Future Potential of Gasoline-2 ◆Projected annual automobile sales volume in the main five areas in 2030 EV EV 8% 4% PHEV 9% Five main PHEV HEV European 19% U.S.A 9% countries*1 Total sales Total sales HEV volume Gasoline volume 5% 18.6 mn. vehicle 13.9 mn. Gasoline 68% vehicle 78% EV PHEV EV PHEV 5% 2% 6% 5% HEV EV 11% 29% Three Asian Japan China *2 countries Total sales HEV Total sales Total sales 27% Gasoline volume Gasoline volume PHEV volume vehicle 4.4 mn.
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