AEON Mall : Presentation Material FY2023 1st Quarter

Financial Results for Q1, FY2023 March 1, 2023 - May 31, 2023

July 11, 2023

Contents	1

Financial Results for Q1, FY2023 March 1, 2023 - May 31, 2023

Financial Results for Q1, FY2023

Overview of Consolidated Results・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Existing Mall Specialty Store Sales by Country, Year-on-Year・・・・・・・・・・・・・・・・・・

Q1 Topics・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Change in Profit (Loss) by Segment, Year-on-Year・・・・・・・・・・・・・・・・・・・・・・

Overseas: Specialty Store Sales at Existing Malls, Year-on-Year (by Business Model)・・・・・・・

Japan Specialty Store Sales, Year-on-Year (91 Existing Malls)・・・・・・・・・・・・・・・・・

Income Statement Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Balance Sheet Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Cash Flow Statement Summary・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Three-YearMedium-Term Management Plan (FY2023-FY2025) Update

Three-YearMedium-Term Management Plan Growth Policy・・・・・・・・・・・・・・・・・・

ChinaAccelerated Mall Openings in High-Growth Inland Regions・・・・・・・・・・・・・・・・

Cambodia Proposing Logistics Solutions・・・・・・・・・・・・・・・・・・・・・・・・・・

Providing Comfortable Spaces That Engage the Five Senses・・・・・・・・・・・・・・・・・

Improve Profitability Through the Effective Use of Existing Assets・・・・・・・・・・・・・・・・

Mall Opening Models Tailored to Each Market・・・・・・・・・・・・・・・・・・・・・・・・

Progress in Fundamental Business Structure Reforms・・・・・・・・・・・・・・・・・・・・・

Building a Sustainable Logistics Network・・・・・・・・・・・・・・・・・・・・・・・・・・

Initiatives to Create Circular Economies・・・・・・・・・・・・・・・・・・・・・・・・・・・

Achieve a Decarbonization in Local Communities・・・・・・・・・・・・・・・・・・・・・・・

Pursuing Diversity ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Initiatives to Enhance Corporate Value

Target Performance Indicators and Share Prices・・・・・・・・・・・・・・・・・・・・・・・

Cost of Capital Analysis・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Challenges in Improving ROE・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

ROE Improvement Measures・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Business Portfolio・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Performance and ROIC (by Business)・・・・・・・・・・・・・・・・・・・・・・・・・・・・

ROIC Improvement in Overseas Businesses・・・・・・・・・・・・・・・・・・・・・・・・・

Cash Allocation・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Expanded Shareholder Returns・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Pursue Sustainability Initiatives to Enhance Corporate Value・・・・・・・・・・・・・・・・・・

1. 3 P 4 P 5 P 6 P 7 P 8 P 9 P 10 P 11

1. 13 P 14 P 15 P 16 P 17 P 18 P 19 P 20 P 21 P 22 P 23

1. 25 P 26 P 27 P 28 P 29 P 30 P 31 P 32 P 33 P 34

Three-YearMedium-Term Management Plan (FY2023-FY2025) Growth Policy

Three-YearMedium-Term Management Plan Growth Policy・・・・・・・・・・・・・・・・・・

Pursue a Regional Shift in Japan and Overseas・・・・・・・・・・・・・・・・・・・・・・・

Create a Platform for Health and Wellness・・・・・・・・・・・・・・・・・・・・・・・・・・

Discover and Commercialize Business Opportunities in Overseas Growth Markets・・・・・・・・・

Pursue Business Model Innovation in Japan・・・・・・・・・・・・・・・・・・・・・・・・・

Diversify Value Offerings Tailored to the Market ・・・・・・・・・・・・・・・・・・・・・・

Improve Profitability Through the Effective Use of Existing Assets ・・・・・・・・・・・・・・・

Implement Fundamental Business Structure Reforms・・・・・・・・・・・・・・・・・・・・

Create New Business Models that Break From Existing Business Frameworks・・・・・・・・・・

Expand Complex Development Functions・・・・・・・・・・・・・・・・・・・・・・・・・

Pursue Initiatives Toward Creating New Businesses ・・・・・・・・・・・・・・・・・・・・

Build Strong Financial Foundations and Resilient Organizations From the Perspective of Sustainability Strengthen Management Supervision Function and Establish a Nimble Business Execution System

Three-YearMedium-Term Management Plan (FY2023-FY2025) Numerical Plans

Long-TermVision・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Medium- and Long-Term Numerical Targets・・・・・・・・・・・・・・・・・・・・・・・・・

Consolidated Plan for FY2023 (Fiscal Year Ending February 29, 2024)・・・・・・・・・・・・・・

Sales Assumptions Under the FY2023 Earnings Plan・・・・・・・・・・・・・・・・・・・・・

Three-Year New Mall Opening Plan・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Three-Year Capital Investment and Funds Acquisition Plan・・・・・・・・・・・・・・・・・・・

Target Performance Indicators・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Shareholder Returns・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Attachments (Mall Data)

Property List・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1. 36 P 37 P 38 P 39 P 40 P 41-42 P 43-44 P 45 P 46 P 47 P 48-49 P 50-52 P 53

1. 55 P 56 P 57 P 58 P 59 P 60 P 61 P 62

P 64-69

2

Financial Results for Q1, FY2023

Financial Results for Q1, FY2023	3
Overview of Consolidated Results

■Consolidated Statements of Income

	FY2023	FY2022	YoY Change
	Q1 Actual	Q1 Actual	Change	％
Operating revenue	105,529	96,167	+9,362	109.7
Operating costs	83,592	75,979	+7,613	110.0
Gross profit	21,937	20,188	+1,749	108.7
Selling, general and	8,054	7,096	+957	113.5
administrative expenses
Operating income	13,883	13,092	+791	106.0
Ordinary income	11,471	10,845	+625	105.8
Net income attribute	6,372	6,226	+146	102.3
to owners of parent
Net income per share (yen)	28.00	27.36	+0.64	－

(Unit: ¥, Millions)

１H Plan	Progress rate
	(%)
220,000	48.0

－	－
－	－
－	－
27,500	50.5
22,500	51.0
15,000	42.5

65.91－

・Operating revenue reached a record high, while operating income, ordinary income, and net income attributable to owners of parent all increased. ・Malls in Japan and overseas mall sales are improving; Q1 results are in line with plans for all profit levels.

Financial Results for Q1, FY2023	4
Existing Mall Specialty Store Sales by Country, Year-on-Year

Japan China Vietnam

Sales

Assumptions for the Current Year

China

130% YoY

Japan, Vietnam

110% YoY

January

February

March

April

May

Japan

Q1	・The downgrade of COVID-19 to a Class 5 disease on May 8, 2023 improved customer willingness to leave the home; consumption
+8.0%	・During Golden Week, we held more than 1,000 events for kids to attract more families.
	trends are on the road to recovery.

China

Q1

+21.8%

・Domestic economic activity and consumption in China have increased since the easing of Zero-COVID policies in December last year.

・For the first time in four years, there were no restrictions on Chinese New Year activities, leading to increased purchasing demand for trips to ancestral homes, leisure trips, and other activities.

・We saw a positive reactionary rebound beginning in April compared with temporary closures last year associated with the spread of COVID-19; results for April and May exceeded plan.

Vietnam

Q1

+25.4%

・In addition to purchasing demand during Tet (Chinese New Year), we conducted aggressive promotions for International Women's Day, Earth Hour, etc., which attracted more customers.

・Despite the impact of slowing economic growth in April and May, the market continues to be strong, growing at about +50%

compared to FY2019.

*December fiscal year-end for overseas businesses.