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 Second Quarter of the Fiscal Year
Ending February 29, 2024 (Japanese GAAP)
October 10, 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 | |
Scheduled date of filing of quarterly report: October 13, 2023 | Starting date of dividend payment: October 20, 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 Second Quarter of the Fiscal Year Ending February 2024 (March 1, 2023 - August 31, 2023)
(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 | % | ||
Six months ended August 31, 2023 | 210,807 | 8.6 | 24,428 | 7.0 | 19,674 | 6.2 | 10,505 | 47.5 | |
Six months ended August 31, 2022 | 194,104 | 26.0 | 22,826 | 16.0 | 18,533 | 14.5 | 7,122 | (44.5) | |
(Note) Comprehensive income: Six months ended August 31, 2023: ¥42,254 million (-20.9%) | |||||||||
Six months ended August 31, 2022: ¥53,449 million (90.0%) | |||||||||
Net income per share | Net income per share (diluted) | ||||||||
Yen | Yen | ||||||||
Six months ended August 31, 2023 | 46.16 | 46.15 | |||||||
Six months ended August 31, 2022 | 31.30 | 31.29 |
(2) Consolidated Financial Position | ||
Total assets | Net assets | |
Million yen | Million yen | |
August 31, 2023 | 1,627,150 | 488,141 |
February 28, 2023 | 1,559,592 | 451,711 |
(Reference) Equity: August 31, 2023: ¥475,729 million February 28, 2023: ¥440,495 million
2. Dividends
Equity ratio
%
29.2
28.2
Annual Dividend | ||||||
First quarter-end | First half-end | Third quarter-end | Fiscal year-end | Total | ||
Yen | Yen | Yen | Yen | Yen | ||
Year ended February 28, 2023 | － | 25.00 | － | 25.00 | 50.00 | |
Year ending February 29, 2024 | － | 25.00 | ||||
Year ending February 29, 2024 (projection) | － | 25.00 | 50.00 |
(Note) Revisions to dividend forecast announced recently: None
3. Consolidated Earnings Projections for the Year Ending February 29, 2024 (March 1, 2023 - February 29, 2024)
(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 | 447,000 | 12.2 | 58,500 | 33.0 | 49,000 | 34.6 | 27,000 | 107.8 | 118.65 |
(Notes) 1. Revisions to earnings forecast announced recently: None
- 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.: None
- Changes in accounting policies other than the above: None
- Changes in accounting estimates: None
- Revisions and restatements: None
(4) Number of shares issued and outstanding (common stock) | |||
[1] | Number of shares outstanding at period- | Six months ended | 227,560,939 |
end (including treasury stock) | August 31, 2023 | ||
[2] | Treasury stock at period-end | Six months ended | 4,570 |
August 31, 2023 | |||
[3] | Average number of shares during the | Six months ended | 227,555,338 |
period (quarterly cumulative) | August 31, 2023 | ||
Year ended | 227,559,339 |
February 28, 2023 | |
Year ended | |
4,270 | |
February 28, 2023 | |
Six months ended | |
227,548,242 | |
August 31, 2022 | |
- 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.12 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 October 11, 2023. The materials handed out at this briefing will be posted on the Company's website on October 10, 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 | 11 |
(3) | Explanation of Consolidated Earnings Projections and Other Projections | 12 |
2. Quarterly Consolidated Financial Statements and Notes | 13 | |
(1) | Quarterly Consolidated Balance Sheets | 13 |
(2) | Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | 15 |
Quarterly Consolidated Statements of Income | ||
For the six months ended August 31, 2022 and August 31, 2023 | 15 | |
Quarterly Consolidated Statements of Comprehensive Income | ||
For the six months ended August 31, 2022 and August 31, 2023 | 16 | |
(3) | Quarterly Consolidated Statement of Cash Flows | 17 |
(4) | Notes to the Quarterly Consolidated Financial Statements | 18 |
Notes on the going concern assumption | 18 | |
Notes on significant changes in shareholders' equity | 18 | |
Changes in major consolidated subsidiaries during the period under review | 18 | |
Segment and other information | 19 | |
Significant subsequent events | 19 |
- 1 -
1. Qualitative Information on Quarterly Financial Performance
- Explanation of Operating Results
1) Explanation of consolidated results of operations
AEON MALL Co., Ltd. is creating the future of community living as we pursue our basic principle that the customer comes first. Under this management philosophy, we operate as a Life Design Developer (Note), defining our corporate activities as Heartful Sustainable. Under this management philosophy, 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. By continuing to provide solutions to local community and social issues, we aim to establish a position as a core facility offering social infrastructure functions in local communities. In May of this year, we formulated a new vision for 2030, AEON MALL, Co-CreatingWith Our Communities. Our goal here is to create sustainable societies and build a resilient organization in an era of increasing uncertainty. Together with our customers, local communities, partners, shareholders, investors, and other like-minded stakeholders, we strive to create, expand, and foster deeper connections, co-creating through activities that lead to sustainable futures for our 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.
The Company recorded record-high revenue for the six months ended August 31, 2023. Operating revenue amounted to ¥210,807 million (+8.6% year on year), while operating income amounted to ¥24,428 million (+7.0%) and ordinary income amounted to ¥19,674 million (+6.2%). The Company recorded ¥1,187 million in extraordinary losses, including ¥650 million in provision for loss on store closings in connection with our decision to end management and operations of QUALITE PRIX (Hokkaido). During the six months ended August 31, 2022, we also recorded extraordinary losses of ¥6,451 million, including ¥1,782 million in loss of impact of COVID-19, impairment losses of ¥1,731 million, and ¥2,017 million in provision for loss on store closings. Reflecting a ¥4,970 million improvement in extraordinary gains and losses, income before income taxes and other adjustments amounted to ¥18,487 million, a 49.4% increase year on year. As a result, net income attributable to owners of parent increased to ¥10,505 million (+47.5%).
◆Consolidated Earnings | (Million yen) | |||
FY2022 Q2 | FY2023 Q2 | Change | ||
[YoY] | ||||
Operating revenue | 194,104 | 210,807 | +16,703 | |
[+8.6％] | ||||
Operating income | 22,826 | 24,428 | +1,602 | |
[+7.0％] | ||||
Ordinary income | 18,533 | 19,674 | +1,141 | |
[+6.2％] | ||||
Net income attributable to owners of parent | 7,122 | 10,505 | +3,382 | |
[+47.5％] |
- 2 -
2) Explanation of business performance by segment | ||||||||||
◆Earnings by Segment | (Million yen) | |||||||||
Operating Revenue | Segment Income (Loss) | |||||||||
FY2022 Q2 | FY2023 Q2 | Change | FY2022 Q2 | FY2023 Q2 | Change | |||||
[YoY] | [YoY] | |||||||||
China | 25,765 | 28,672 | +2,907 | 4,453 | 4,192 | (261) | ||||
[+11.3％] | [-5.9％] | |||||||||
Vietnam | 5,926 | 7,155 | +1,228 | 1,459 | 1,992 | +533 | ||||
[+20.7％] | [+36.6％] | |||||||||
Cambodia | 2,489 | 3,999 | +1,509 | 617 | 181 | (435) | ||||
[+60.6％] | [-70.6％] | |||||||||
Indonesia | 2,739 | 3,434 | +694 | (542) | (142) | +399 | ||||
[+25.4％] | [－] | |||||||||
Other | － | － | － | (7) | (6) | +0 | ||||
[－] | [－] | |||||||||
Overseas | 36,921 | 43,261 | +6,340 | 5,980 | 6,217 | +237 | ||||
[+17.2％] | [+4.0％] | |||||||||
Japan | 157,443 | 167,684 | +10,241 | 16,832 | 18,198 | +1,365 | ||||
[+6.5％] | [+8.1％] | |||||||||
Adjustment | (259) | (138) | +121 | 12 | 12 | － | ||||
[－] | [+0.0％] | |||||||||
Total | 194,104 | 210,807 | +16,703 | 22,826 | 24,428 | +1,602 | ||||
[+8.6％] | [+7.0％] |
a. Overseas
[Six months ended June 30, 2023 (January to June)]
The Company recorded higher revenue and profit overseas. Operating revenue amounted to ¥43,261 million (+17.2% year on year) and operating income amounted to ¥6,217 million (+4.0%). The following describes the status of sales in each country. Accordingly, figures presented herein for the cumulative consolidated second quarter reflect overseas results for January through June.
(China)
In China, the Company recorded operating revenue of ¥28,672 million (+11.3% year on year) and operating income of ¥4,192 million (-5.9%). During the first half of the previous consolidated fiscal year, we incurred ¥1,659 million in fixed costs related to temporary mall closures due to COVID-19. We recorded this amount as loss of impact of COVID-19, transferring the amount from operating costs to extraordinary losses, and posted a ¥261 million decrease in operating income.
During the first half of the current consolidated fiscal year, the Chinese government relaxed its Zero-COVID policy in December 2022, while in January, 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. Customer traffic at malls continued to recover, with strong sales mainly in the food and beverage and amusement industries. As a result, specialty store sales at existing malls (22 malls) during the six months ended August 31, 2023, were +29.0% compared with the year-ago period.
(Vietnam)
The Company recorded higher revenue and profit in Vietnam. Operating revenue amounted to ¥7,155 million (+20.7% year on year) and operating income in the amount of ¥1,992 million (+36.6%).
During the first half of the current consolidated fiscal year, specialty store sales at existing malls were +9.7% compared to the year-ago period (6 malls), impacted in part by sluggish external demand and slowing economic growth due to power shortages. The Company recorded strong results in the previous year stemming from pent-up demand in response to the government's shift to a With-COVID policy. The negative rebound during the second quarter of the current consolidated fiscal year (April through June) resulted in specialty store sales at existing malls of -2.9% compared to the year-ago period. However, sales were +44.2% when compared with FY2019 (4 malls), demonstrating continued strong growth.
- 3 -
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Aeon Mall Co. Ltd. published this content on 10 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 October 2023 06:15:22 UTC.
