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    8905   JP3131430005

AEON MALL CO., LTD.

(8905)
  Report
End-of-day quote. End-of-day quote Japan Exchange - 12/01
1626 JPY   +1.18%
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AEON Mall : Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending February 28, 2022 (Japanese GAAP)

10/05/2021 | 02:05am EST

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 28, 2022 (Japanese GAAP)

October 5, 2021

Company name:

AEON MALL Co., Ltd.

Stock Exchange Listing: TSE

Stock code:

8905

URL https://www.aeonmall.com/en/ir/index.html

Representative:

Yasutsugu Iwamura, President and CEO

Scheduled date of filing of quarterly report: October 11, 2021

Starting date of dividend payment: October 22, 2021

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 2022 (March 1, 2021 - August 31, 2021)

(1) Consolidated Operating Results (cumulative)

(Percentages represent year-on-year changes)

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, 2021

154,101

22.3

19,684

67.4

16,189

80.2

12,835

Six months ended August 31, 2020

126,050

(21.7)

11,760

(59.7)

8,983

(64.3)

(10,865)

(Note) Comprehensive income: Six months ended August 31, 2021: ¥28,130 million (-%) Six months ended August 31, 2020: (¥16,557) million (-%)

Net income per share

Net income per share (diluted)

Yen

Yen

Six months ended August 31, 2021

56.40

56.40

Six months ended August 31, 2020

(47.75)

(Note) Diluted net income per share for the Six months ended August 31, 2020, is not provides, as the company recorded a net loss per share for shares with dilutive effect.

(2) Consolidated Financial Position

Total assets

Net assets

Equity ratio

Million yen

Million yen

%

August 31, 2021

1,431,508

410,995

28.0

February 28, 2021

1,394,199

387,486

27.1

(Reference) Equity: August 31, 2021: ¥400,989 million

February 28, 2021: ¥377,318 million

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, 2021

20.00

20.00

40.00

Year ending February 28, 2022

25.00

Year ending February 28, 2022 (projection)

25.00

50.00

(Note) Revisions to dividend forecast announced recently: None

3. Consolidated Earnings Projections for the Year Ending February 28, 2022 (March 1, 2021 - February 28, 2022)

(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

344,000

22.6

59,000

71.5

50,500

77.6

31,000

136.23

(Notes) 1. Revisions to earnings forecast announced recently: None

* Notes

(1) Material changes in consolidated subsidiaries during the period (changes in specific subsidiaries resulting in a change

in the scope of consolidation): Yes

(2) Application of special accounting methods in the preparation of quarterly consolidated financial statements: None

(3) Changes in accounting policies, changes of accounting-based estimates, revisions & restatements

[1]

Changes in accounting policies due to changes in accounting standards, etc.: None

[2]

Changes in accounting policies other than the above: None

[3]

Changes in accounting estimates: None

[4]

Revisions and restatements: None

(4) Number of shares issued and outstanding (common stock)

[1]

Number of shares outstanding at period-

Six months ended

227,548,939

Year ended

227,545,839

end (including treasury stock)

August 31, 2021

February 28, 2021

[2]

Treasury stock at period-end

Six months ended

3,769

Year ended

3,265

August 31, 2021

February 28, 2021

[3]

Average number of shares during the

Six months ended

227,543,726

Six months ended

227,529,209

period (quarterly cumulative)

August 31, 2021

August 31, 2020

* 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 6, 2021. The materials handed out at this briefing will be posted on the Company's website on October 5, 2021, 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, 2020 and August 31, 2021

15

Quarterly Consolidated Statements of Comprehensive Income

For the six months ended August 31, 2020 and August 31, 2021

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

Supplementary information

18

Segment and other information

19

Significant subsequent events

20

- 1 -

1. Qualitative Information on Quarterly Financial Performance

  1. Explanation of Operating Results

a. Explanation of consolidated results of operations

The Company has defined a long-term vision through the fiscal year ending February 2026 (FY2025) by which we will pursue our management philosophy and achieve further business growth. We are working together with local communities to achieve sustainable growth by creating social, environmental, and economic value.

Our current medium-term management plan (FY2020-FY2022), which we launched in fiscal 2020, outlines four growth policies:

  1. Achieve high profit growth overseas; (2) Achieve stable growth in Japan; (3) Pursue a financing mix and strengthen governance structures to support growth; and (4) Pursue ESG-based management.

In pursuing growth initiatives, we have established certain management issues and a vision for our future: (1) Achieve profit growth in overseas businesses and accelerate new mall openings; (2) Maximize the attractiveness of brick-and-mortar malls through customer experience (CX); (3) Build next-generation malls and pursue the urban shopping center business; (4) Pursue digital transformation (DX); and (5) Plan and pursue medium-term strategies, while accelerating reform based on ESG perspectives. Through these efforts, we will continue to provide solutions to regional and social issues, establishing our position through social infrastructure functions to be a central facility for the local community.

Based on the AEON COVID-19 Prevention Protocol, a standard for quarantine measures established by the AEON Group to protect the health and livelihoods of customers and employees, we will continue to establish improved mall environments and operating systems that offer thorough infection prevention measures. We view this as an opportunity to reinvent our business models and create malls that offer new concepts and service functions in the era of the new normal. We will strive to create malls that respond to social change in Japan and overseas.

During the second quarter of the current cumulative consolidated fiscal year, COVID-19 infections remained uncontained, although differences were evident among various countries and regions. Certain of our malls in Japan and overseas were forced to shorten operating hours or close temporarily.

We recorded higher revenue and profit for the six months ended August 31, 2021 compared to the same period in the previous fiscal year. Operating revenue amounted to ¥154,101 million (+22.3% year on year), while operating income amounted to ¥19,684 million (+67.4%), ordinary income amounted to ¥16,189 million (+80.2%), and quarterly net income attributable to owners of parent amounted to ¥12,835 million (compared to net loss of ¥10,865 million in the year-ago period). Operating revenue, operating income, ordinary income, and net income attributable to shareholders of the parent company were -4.3%, - 32.6%, -35.6%, and -24.7% compared to the results recorded in the year-ago period, which was not impacted by COVID-19.

Fixed costs for the six months ended August 31, 2021, amounted to ¥2,405 million, stemming from temporary closures and other factors. We posted these costs as extraordinary losses due to COVID-19.

Consolidated Earnings

(Million yen)

FY2020 Q2

FY2021 Q2

Change [YoY]

Operating revenue

126,050

154,101

+28,050

[+22.3%]

Operating income

11,760

19,684

+7,924

[+67.4%]

Ordinary income

8,983

16,189

+7,206

[+80.2%]

Net income (loss) attributable to owners

(10,865)

12,835

+23,700

of parent

[]

- 2 -

(Reference) Versus six months ended August 31, 2020

(Million yen)

FY2020 Q2

FY2021 Q2

Change [YoY]

Operating revenue

161,070

154,101

(6,969)

[-4.3%]

Operating income

29,212

19,684

(9,527)

[-32.6%]

Ordinary income

25,157

16,189

(8,968)

[-35.6%]

Net income attribute to owners of parent

17,043

12,835

(4,207)

[-24.7%]

b. Explanation of business performance by segment

Earnings by Segment

(Million yen)

Operating Revenue

Segment Income (Loss)

FY2020 Q2

FY2021 Q2

Change

FY2020 Q2

FY2021 Q2

Change

[YoY]

[YoY]

Japan

107,414

125,771

+18,357

11,115

14,886

+3,770

[+17.1%]

[+33.9%]

China

12,721

20,964

+8,243

(491)

4,192

+4,683

[+64.8%]

[]

ASEAN

5,914

7,364

+1,450

1,123

594

(529)

[+24.5%]

[-47.1%]

Overseas

18,635

28,329

+9,693

632

4,786

+4,154

[+52.0%]

[+657.3%]

Adjustment

12

12

[]

[+0.0%]

Total

126,050

154,101

+28,050

11,760

19,684

+7,924

[+22.3%]

[+67.4%]

(Reference) Versus six months ended August 31, 2020

(Million yen)

Operating Revenue

Segment Income

FY2020 Q2

FY2021 Q2

Change

FY2020 Q2

FY2021 Q2

Change

[YoY]

[YoY]

Japan

136,911

125,771

(11,139)

24,847

14,886

(9,961)

[-8.1%]

[-40.1%]

China

17,801

20,964

+3,162

3,006

4,192

+1,185

[+17.8%]

[+39.4%]

ASEAN

6,357

7,364

+1,006

1,346

594

(752)

[+15.8%]

[-55.9%]

Overseas

24,159

28,329

+4,169

4,352

4,786

+433

[+17.3%]

[+10.0%]

Adjustment

12

12

[]

[+0.0%]

Total

161,070

154,101

(6,969)

29,212

19,684

(9,527)

[-4.3%]

[-32.6%]

Overseas

The Company recorded higher revenue and profits overseas. Operating revenue amounted to ¥28,329 million (+52.0% year on year). Operating income amounted to ¥4,786 million (+657.3%) Operating revenue and operating income for the six months ended June 30, 2021, were +17.3% and +10.0%, respectively, compared to the results recorded in the year-ago period, which was not impacted by COVID-19("year-ago period") .

- 3 -

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Aeon Mall Co. Ltd. published this content on 05 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 October 2021 06:02:58 UTC.


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Financials
Sales 2022 323 B 2 858 M 2 858 M
Net income 2022 26 893 M 238 M 238 M
Net Debt 2022 544 B 4 810 M 4 810 M
P/E ratio 2022 13,8x
Yield 2022 3,08%
Capitalization 370 B 3 276 M 3 273 M
EV / Sales 2022 2,83x
EV / Sales 2023 2,38x
Nbr of Employees 3 656
Free-Float 40,5%
Chart AEON MALL CO., LTD.
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AEON Mall Co., Ltd. Technical Analysis Chart | 8905 | JP3131430005 | MarketScreener
Technical analysis trends AEON MALL CO., LTD.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 6
Last Close Price 1 626,00 JPY
Average target price 1 963,33 JPY
Spread / Average Target 20,7%
EPS Revisions
Managers and Directors
Yasutsugu Iwamura President & Representative Director
Hiroshi Yokoyama MD, General Manager-Finance & Accounting
Masahiko Okamoto MD & General Manager-Administration
Masao Kawabata Independent Outside Director
Kunihiro Koshizuka Independent Outside Director
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