AEON MALL CO., LTD. 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.
Consolidated Financial Results for the Third Quarter of the Fiscal Year
Ending February 28, 2023 (Japanese GAAP)
January 12, 2023 | ||
Company name: | AEON MALL Co., Ltd. | Stock Exchange Listing: TSE |
Stock code: | 8905 | URLhttps://www.aeonmall.com/en/ir/index.html |
Representative: | Yasutsugu Iwamura, President and CEO | Starting date of dividend payment: － |
Scheduled date of filing of quarterly report: January 13, 2023 |
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results briefing: Yes (for institutional investors and analysts)
(Amounts in millions of yen rounded down to the nearest million yen)
1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending February 28, 2023 (March 1, 2022 - November 30, 2022)
(1) Consolidated Operating Results (cumulative)
Operating revenue | Operating income | Ordinary income | Net income attributable | |||||||||
to owners of parent | ||||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | |||||
Nine months ended November 30, 2022 | 294,600 | 26.3 | 32,499 | 14.6 | 26,624 | 12.1 | 10,428 | (36.6) | ||||
Nine months ended November 30, 2021 | 233,286 | 15.1 | 28,346 | 23.1 | 23,755 | 25.6 | 16,457 | － | ||||
(Note) Comprehensive income: Nine months ended November 30, 2022: ¥67,063 million (84.5%) | ||||||||||||
Nine months ended November 30, 2021: ¥36,344 million (-%) | ||||||||||||
Net income per share | Net income per share (diluted) | |||||||||||
Yen | Yen | |||||||||||
Nine months ended November 30, 2022 | 45.83 | 45.82 | ||||||||||
Nine months ended November 30, 2021 | 72.32 | 72.31 |
(Note) The Company adopted Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) as of the beginning of the first quarter of the current consolidated fiscal year. Figures for the third quarter of the fiscal year ending February 28, 2023 reflect the application of this accounting standard.
(2) Consolidated Financial Position
Total assets | Net assets | Equity ratio | |
Million yen | Million yen | % | |
November 30, 2022 | 1,620,383 | 481,413 | 29.0 |
February 28, 2022 | 1,463,256 | 426,931 | 28.5 |
(Reference) Equity: November 30, 2022: ¥469,125 million February 28, 2022: ¥416,455 million
(Note) The Company adopted Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) as of the beginning of the first quarter of the current consolidated fiscal year. Figures for the third quarter of the fiscal year ending February 28, 2023 reflect the application of this accounting standard.
2. Dividends
Annual Dividend | |||||
First quarter-end | First half-end | Third quarter-end | Fiscal year-end | Total | |
Yen | Yen | Yen | Yen | Yen | |
Year ended February 28, 2022 | － | 25.00 | － | 25.00 | 50.00 |
Year ending February 28, 2023 | － | 25.00 | － | ||
Year ending February 28, 2023 (projection) | 25.00 | 50.00 |
(Note) Revisions to dividend forecast announced recently: None
3. Consolidated Earnings Projections for the Year Ending February 28, 2023 (March 1, 2022 - February 28, 2023)
(Percentages represent year-on-year changes) | |||||||||||
Net income | Net income per | ||||||||||
Operating revenue | Operating income | Ordinary income | attributable to | ||||||||
share | |||||||||||
owners of parent | |||||||||||
Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen | |||
Full-year | 404,000 | － | 55,500 | 45.2 | 45,500 | 39.8 | 23,000 | 19.3 | 101.07 |
(Notes) 1. Revisions to earnings forecast announced recently: None
2. Beginning with the fiscal year ending February 28, 2023, the Company will adopt Accounting Standard for Revenue Recognition (ASBJ Statement No. 29), etc. The consolidated earnings forecast above is based on this standard. Since operating revenue has been affected by the adoption of this standard, we have not shown the percentage change compared with the previous period. Operating income, ordinary income, and net income attributable to owners of parent have not been affected by the application of the standard. Estimating results for the fiscal year ending February 28, 2023 before the adoption of this standard, we expect operating revenue to increase 13.3%.
- Notes
- Material changes in consolidated subsidiaries during the period (changes in specific subsidiaries resulting in a change in the scope of consolidation): None
- Application of special accounting methods in the preparation of quarterly consolidated financial statements: None
- Changes in accounting policies, changes of accounting-based estimates, revisions & restatements
- Changes in accounting policies due to changes in accounting standards, etc.: Yes
- Changes in accounting policies other than the above: None
- Changes in accounting estimates: None
- Revisions and restatements: None
(Note) For more information, see 2. Quarterly Consolidated Financial Statements and Notes (4) Notes to the Quarterly Consolidated Financial Statements (Changes in accounting policies) on P.22
(4) Number of shares issued and outstanding (common stock) | |||||
[1] | Number of shares outstanding at period- | Nine months ended | 227, 557,439 | Year ended | 227,548,939 |
end (including treasury stock) | November 30, 2022 | February 28, 2022 | |||
[2] | Treasury stock at period-end | Nine months ended | 4,132 | Year ended | 3,997 |
November 30, 2022 | February 28, 2022 | ||||
[3] | Average number of shares during the | Nine months ended | 227,549,925 | Nine months ended | 227,544,186 |
period (quarterly cumulative) | November 30, 2022 | November 30, 2021 | |||
* The summary of quarterly financial results is exempt from quarterly review procedures.
* Explanations and other special notes concerning the appropriate use of earnings projections (Cautionary statement regarding forward-looking statements, etc.)
The forward-looking statements, such as earnings projections, included in these materials are based on information currently available to the Company and certain assumptions it deems reasonable. They do not constitute a promise of future performance by the Company. Moreover, actual performance may vary considerably due to a variety of factors. See 1. Qualitative Information on Quarterly Financial Performance (3) Explanation of Consolidated Earnings Projections and Other Projections on P.16 of the accompanying materials for assumptions used in earnings projections and matters to note when using earnings projections.
(Procedures for obtaining supplementary information on financial results)
The Company is scheduled to hold a briefing for institutional investors and analysts on January 13, 2023. The materials handed out at this briefing will be posted on the Company's website on January 12, 2023, and an audio recording of the briefing will be made available on the Company's website soon after the briefing has ended.
Accompanying Materials ― Contents
1. Qualitative Information on Quarterly Financial Performance | 2 | |
(1) | Explanation of Operating Results | 2 |
(2) | Explanation of Financial Position | 16 |
(3) | Explanation of Consolidated Earnings Projections and Other Projections | 17 |
2. Quarterly Consolidated Financial Statements and Notes | 18 | |
(1) | Quarterly Consolidated Balance Sheets | 18 |
(2) | Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | 20 |
Quarterly Consolidated Statements of Income | ||
For the nine months ended November 30, 2021 and November 30, 2022 | 20 | |
Quarterly Consolidated Statements of Comprehensive Income | ||
For the nine months ended November 30, 2021 and November 30, 2022 | 21 | |
(3) | Quarterly Consolidated Statement of Cash Flows | 22 |
(4) | Notes to the Quarterly Consolidated Financial Statements | 23 |
Notes on the going concern assumption | 23 | |
Notes on significant changes in shareholders' equity | 23 | |
Changes in major consolidated subsidiaries during the period under review | 23 | |
Changes in accounting policies | 23 | |
Supplementary information | 23 | |
Segment and other information | 24 | |
Significant subsequent events | 25 |
- 1 -
1. Qualitative Information on Quarterly Financial Performance
- Explanation of Operating Results
1) Explanation of consolidated results of operations
AEON MALL Co., Ltd., creating the future of community living as we pursue our basic principle that the customer comes first. Under this management philosophy, is a Life Design Developer (Note) we defined our corporate activities as Heartful Sustainable.
In this way, we contribute to the development and revitalization of communities and society as a corporate citizen, striving to achieve sustainable societies through various initiatives.
We develop malls localized to the characteristics of each community we serve in Japan and around the world, contributing to better individual lifestyles and community growth. Through efforts in co-creation with customers, communities, partner companies, shareholders, and investors, we will continue to provide solutions to regional and social issues, establishing our position through social infrastructure functions to be central facilities for local communities.
(Note) Our definition of Life Design extends beyond the framework of the shopping mall. Life Design addresses functions associated with different customer life stages, including not only shopping, but also interaction with other people, cultural development, and other features contributing to future lifestyles.
We recorded higher revenue and profit for the nine months ended November 30, 2022 compared to the same period in the previous consolidated fiscal year. Operating revenue amounted to ¥294,600 million (+26.3% year on year), while operating income amounted to ¥32,499 million (+14.6%) and ordinary income amounted to ¥26,624 million (+12.1%). Extraordinary losses included losses of ¥2,040 million (¥3,663 million in the cumulative consolidated third quarter of the previous fiscal year) due to COVID-19, recorded as fixed costs during the temporary closure period. We also recorded an impairment loss of ¥1,731 million yen (¥613 million in the cumulative consolidated third quarter of the previous fiscal year) due to the decision to scrap and build certain aging facilities, as well as provision for loss on store closings of ¥2,017 million (no provision in the cumulative consolidated third quarter of the previous fiscal year) and loss on retirement of fixed assets in the amount of ¥2,468 million (¥496 million in the cumulative consolidated third quarter of the previous fiscal year) in connection with domestic mall revitalization work. As a result, income before income taxes and other adjustments amounted to ¥17,932 million (-11.0% year on year). In addition, total income taxes increased ¥3,755 million year on year, mainly due to the recording of deferred tax assets in the third quarter of the previous consolidated fiscal year in connection with the absorption-type merger of our subsidiary, OPA Co., Ltd. As a result, net income attributable to owners of parent decreased to ¥10,428 million (-36.6% year on year).
Operating revenue, operating income, ordinary income, and net income attributable to shareholders of the parent company were +22.5%, -23.1%,-27.6%, and -55.6% compared to the results recorded during the third quarter of the consolidated fiscal year ended February 28, 2020, which was not impacted by COVID-19 ("FY2019" below).
- 2 -
◆Consolidated Earnings | (Million yen) | ||
FY2021 Q3 | FY2022 Q3 | Change | |
[YoY] | |||
Operating revenue | 233,286 | 294,600 | +61,314 |
[26.3%] | |||
Operating income | 28,346 | 32,499 | +4,152 |
[14.6%] | |||
Ordinary income | 23,755 | 26,624 | +2,868 |
[12.1%] | |||
Net income attributable to owners of | 16,457 | 10,428 | (6,029) |
parent | [-36.6%] | ||
(Reference) Versus nine months ended November 30, 2019 | (Million yen) | ||
FY2019 Q3 | FY2022 Q3 | Change | |
[Vs. FY2019] | |||
Operating revenue | 240,573 | 294,600 | +54,027 |
[22.5%] | |||
Operating income | 42,265 | 32,499 | (9,766) |
[-23.1%] | |||
Ordinary income | 36,783 | 26,624 | (10,158) |
[-27.6%] | |||
Net income attributable to owners of | 23,503 | 10,428 | (13,075) |
parent | [-55.6%] |
- 3 -
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Aeon Mall Co. Ltd. published this content on 12 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2023 06:09:05 UTC.
