AEON Mall : Presentation Material FY2022 1st Three Quaters

Financial Results for Q3, FY2022 March 1, 2022 - November 30, 2022

January 12, 2023

Contents	1

2

Financial Results for Q3, FY2022

Financial Results for Q3, FY2022	3
Overview of Consolidated Results

■Consolidated Statements of Income

	FY2022	FY2021	YoY Change
	Q3 Actual	Q3 Actual	Change	％
Operating revenue	294,600	233,286	+61,314	126.3
Operating costs	239,825	183,459	+56,366	130.7
Gross profit	54,775	49,827	+4,948	109.9
Selling, general and	22,276	21,480	+795	103.7
administrative expenses
Operating income	32,499	28,346	+4,152	114.6
Ordinary income	26,624	23,755	+2,868	112.1
Income before income taxes	17,932	20,142	-2209	89.0
Net income attribute	10,428	16,457	-6029	63.4
to owners of parent
Net income per share (yen)	45.83	72.32	-26.49	－

FY2019	Vs. FY2019
Q3 Actual	Change		％
240,573	+54,027		122.5
177,137	+62,687		135.4
63,435	-8660		86.3
21,169	+1,106		105.2
42,265	-9766		76.9
36,783	-10158		72.4
36,164	-18232		49.6
23,503	-13075		44.4
103.31	-57.48		－

(Unit: ¥, Millions)

Full Year Plan

	Progress rate
	(%)
404,000	72.9
－	－
－	－
－	－
55,500	58.6
45,500	58.5
－	－
23,000	45.3
101.07	－

• We applied Accounting Standard for Revenue Recognition beginning this fiscal year. Before applying this standard, we estimate that operating revenue was +10.7% of the previous year.
• Fixed costs of ¥2.0 billion (¥3.6 billion in FY2021) transferred from operating costs to extraordinary losses due to COVID-19 as losses incurred during the temporary closure period.
• Due to the resolution to scrap and build some aging facilities, we recorded an impairment loss of ¥1.7 billion and a provision for loss on store closings of ¥2.0 billion as extraordinary losses.
• We recorded a loss on retirement of fixed assets of ¥2.4 billion as an extraordinary loss due to revitalization work and other initiatives related to domestic and overseas malls.
• Total income taxes increased ¥3.7 billion due to the recording of deferred tax assets in the previous fiscal year in connection with the absorption-type merger of certain OPA locations.

Financial Results for Q3, FY2022	4

Change in Profit (Loss) by Segment (Vs. FY2019)

Q3																		(Unit: ¥, Millions)
					Operating				Operating				Gross Profit				SG&A				Operating
					Revenue				Costs							Expenses				Income
						Q3 FY2019	Vs. FY2019			Q3 FY2019	Vs. FY2019			Q3 FY2019	Vs. FY2019			Q3 FY2019	Vs. FY2019			Q3 FY2019	Vs. FY2019
						(Actual)			(Actual)			(Actual)			(Actual)			(Actual)
		Domestic Mall	220,676	186,082	34,593		177,128	133,238	43,889		43,547	52,843	-9,295		17,460	15,966	1,494		26,087	36,877	-10,790
				Existing Mall	195,576	180,439	15,136		151,233	127,791	23,441		44,342	52,647	-8,304		－	－	－		－	－	－
				New Mall*	20,006	246	19,759		20,525	259	20,265		-519	-13	-505		－	－	－		－	－	－
				Other	5,094	5,397	-303		5,370	5,187	182		-276	209	-485		－	－	－		－	－	－
		Urban SC	16,183	18,456	-2,272		16,635	17,161	-525		-452	1,294	-1,747		1,314	2,050	-736		-1,767	-756	-1,010
	Domestic Total	236,859	204,538	32,320		193,764	150,400	43,363		43,094	54,137	-11,043		18,775	18,017	758		24,319	36,120	-11,801
			China	40,295	26,489	13,805		32,210	20,124	12,086		8,084	6,365	1,719		2,421	2,258	163		5,663	4,107	1,555
			ASEAN	17,706	9,545	8,160		13,868	6,631	7,236		3,837	2,913	924		1,339	894	445		2,497	2,019	478
				Vietnam	9,398	3,691	5,707		6,536	2,421	4,115		2,861	1,270	1,591		573	392	181		2,288	878	1,410
				Cambodia	3,968	2,995	973		2,838	1,941	896		1,130	1,053	77		155	123	31		975	929	46
				Indonesia	4,338	2,858	1,480		4,493	2,268	2,225		-155	589	-745		601	378	222		-756	211	-967
				Other	－	－	－		－	－	－		－	－	－		10	－	10		-10	－	-10
	Overseas Total	58,001	36,034	21,966		46,079	26,755	19,323		11,922	9,278	2,643		3,761	3,152	608		8,160	6,126	2,034
	Adjustment	-260	－	-260		-18	-18	－		-241	18	-260		-260	－	-260		18	18	－
	Domestic and	294,600	240,573	54,027		239,825	177,137	62,687		54,775	63,435	-8,660		22,276	21,169	1,106		32,499	42,265	-9,766
	Overseas Total

*New malls opened between FY2019 and FY 2022

[Comments Concerning Comparisons With FY2019 (Pre-COVID-19)]

• In Japan, operating income declined by -¥11.8 billion due to changes in consumer behavior and mindset during the protracted COVID-19 pandemic.
• While sales in China trended downward due to continued strict behavioral restrictions caused by the spread of COVID-19 infections, operating income increased +¥1.5 billion due to the shift of fixed costs in the amount of ¥1.9 billion during the temporary closure period to extraordinary losses.
• The government in Vietnam transitioned to a policy of returning economic growth during the with-COVID-19 period, and sales were strong. Operating income increased +¥1.4 billion.
• Cambodia and Indonesia saw a relaxation of operating restrictions as COVID-19 infections subsided. While Cambodia posted a profit compared with FY2019, profit in Indonesia declined due to the impact of empty floor space at malls opened under the pandemic in the previous fiscal year.