Consolidated Financial Results FY2015 · （東証1部：8905） April 13, 2016 AEON Mall Co., Ltd....

（東証１部：8905） April 13, 2016

AEON Mall Co., Ltd.(TSE: 8905)

Consolidated Financial Results FY2015(March 1, 2015 ‒ February 29, 2016)

1. Summary of Financial Results for the Fiscal Year Ended February 2016

● Overview of Consolidated Results ···································································································································································· P3

● Changes in results ························································································································································································ P4

● FY2015: New Mall Openings in Japan -Opening of Concept Malls- ························································································································· P5

● Revitalizing Existing Malls ·············································································································································································· P6

● Monthly Data (Existing 63 malls, on a year-on-year basis) ···································································································································· P7

● Year-on-Year Changes in Sales at Specialty Stores in Aeon Malls by Segment (Year-on-year changes in 63 existing malls) ·············································· P8

● Business in China: Year-on-Year Comparison of existing Malls ······························································································································ P9

● FY2015: Business in China: New malls ······················································································································································· P10-12

● FY2015: Business in the ASEAN Region : New malls ········································································································································ P13

● Details of Changes in Profit and Loss ···························································································································································· P14

● Summary of Income Statement ···································································································································································· P15

● Summary of Balance Sheets ········································································································································································· P16

● Summary of Cash Flows ·············································································································································································· P17

2. Future Project (In and after FY2016)

● Positioning of FY2016 ················································································································································································· P19

● FY2016 Initiatives ······················································································································································································· P20

● Business in Japan: FY2016 New Mall Openings in Japan ··································································································································· P21

● Business in Japan: List of new malls ······························································································································································ P22

● Business in Japan: Increasing the Earning Power of Existing Malls ·················································································································· P23-24

● Business in Japan: Development of the fashion building business ························································································································ P25

● Overseas Business ····················································································································································································· P26

● Business in China ··················································································································································································· P27-29

● Business in the ASEAN Region ································································································································································· P30-32

● Performance Plan (Consolidated) ······························································································································································ P33-34

Contents

1

1. Summary of Financial Results for the Fiscal Year Ended February 20161. Summary of Financial Results for the Fiscal Year Ended February 2016

2

<国内モール営業概要>Business overview of overseas malls

<国内モール営業概要>Business overview of malls in Japan

3

Overview of Consolidated Results

*1 The number of malls that opened during the period between March 1, 2015, and February 29,2016*2 The Company signed a contract to undertake the management and operation of large commercial

facilities of AEON Retail Co., Ltd. in 70 locations.(The Company signed another contract to undertake the management and operation of AEON MALL Tonami, which opened on July 14, 2015.)

FY2015 (March 1, 2015 – February 29, 2016) Review

（Million yen, ％）

Number of new malls opened Number of malls

(As of a February 29 2016)

Japan 5 144

China 6 12

Cambodia 0 1

Vietnam 1 3

Indonesia 1 1

Total 13 161

*1

*2

Total assetsNet assets

Equity ratio (%)Debt-to-equity ratio (times) 1.0

974,970339,849

34.2

（Million yen, ％）

63 existing mallsSales at specialty stores Down 1.7% year on yearYoY change in operating revenue Down ¥1,044 million (Down 0.6% year on year)YoY change in gross profit Up ¥1,196 million (Up 2.1% year on year)

11 new malls<FY2014: 7 malls, FY2015: 4 malls>YoY change in operating revenue Up ¥17,654 million (Up 121.0% year on year)YoY change in gross profit Up ¥2,131 million (Up 32.6% year on year)*Excludes AEON MALL Tonami which the Company opened under a property management contract.

Real vacancy rate(calculated based on vacant floor area less the area where the opening of new stores has been determined.)0.38% (Cumulative for FY2015)

Overseas mallsYoY change in operating revenue Up ¥8,495 million (Up 117.1% year on year)YoY change in gross profit Up ¥6 million (Result: -¥1,847 million)

5 existing overseas malls (Jan. – Dec.)China (4 malls)

Sales at specialty stores Up 24.9% year on year* Calculated based on three malls excluding AEON MALL Tianjin TEDA which suspended

business from August to November.

Vietnam (1 mall)Sales at specialty stores Up 12.6% year on year

The announced plan was cleared in terms of ordinary income and net income.Record highs in operating revenue, operating income,

ordinary income and net income were achieved.FY2015 FY2015 Actual FY2014 Year-

(Actual) (Plan) vs. Plan (Actual) on-year

Operating revenue 229,754 238,000 96.5 203,902 112.7Operating costs 163,436 - - 141,464 115.5

Gross profit 66,317 - - 62,437 106.2

Selling,general andadministrative expenses 22,446 - - 20,565 109.2

Operating income 43,870 44,500 98.6 41,872 104.8Ordinary income 42,412 42,000 101.0 41,160 103.0Net income 24,639 24,600 100.2 24,513 100.5Net income per share (yen) 108.43 107.96 100.4 107.58 －

Changes in results


4

(in ¥100 million) (in ¥100 million)

(1)(2)

Operating revenue and gross profit increased steadily.A mid-term 3-year plan commenced in FY2011 toward the achievement of new growth. Domestic

operational bases expanded. The business development of new growth markets (China and ASEAN)began. The functional integration of development businesses was promoted in the AEON group. Thegrowth rate of operating income slowed down due to prepaid costs in conjunction with growthmeasures (i).In FY2015, efforts for the growth of profits were accelerated as the reinforcement of operational

structures was attained in both Japan and abroad (ii).

Operating revenue (left axis)

Gross profit (right axis)

Operating income (right axis)

Ordinary income (right axis)

Net income (right axis)

FY2015: New Mall Openings in Japan ―Opening of Concept Malls―

AEON MALL Asahikawa Ekimae (Asahikawa, Hokkaido Pref.）

AEON MALL Okinawa Rycom(Kitanakagusuku-son, Nakagami-gun, Okinawa Pref.)

AEON MALL Tonami (Tonami, Toyama Pref.)

AEON MALL Shijonawate

Directly connected with JR Asahikawa Station; offers a full-range of services to promote tourism in the north of Hokkaido, including inbound services.

Fully-fledged resort mall that hosts cultural and entertainment events designed to give a feel for Okinawan culture, offers one of the largest selections of restaurants in Okinawa, and also provides tourist-oriented services.

Community mall meeting the daily needs of three-generation families

The mall has one of the largest food courts in the region, with 51 specialty food stores. The 2F and 3F are linked through a unified design theme, creating a sense of unity.

Opening: March 27, 2015Site area: 28,300 m2

Total leasing area: 29,000 m2

Parking: 900 carsSpecialty stores: 130 stores

Opening: April 25, 2015Site area: 175,000 m2


Parking: 4,000 carsSpecialty stores: 230 stores

Opening: July 14, 2015Site area: 65,000 m2



Opening: October 23, 2015Site area: 159,000 m2



(Shijonawate,Osaka Pref.)(Neyagawa,Osaka Pref.)

Development of concept zonesOne of the largest food courts in the region

Urban style shopping mall located on the city boundary between Shijonawate and Neyagawa in the suburbs of Osaka. The mall promotes services for an urban market with a population of 1 million. About 200 stores have opened, including 11 stores in new business categories, 16 stores opening in the Kinki area for the first time, and 12 stores opening in Osaka Prefecture for the first time.

Services to meet inbound demandAn outdoor experience-type recreational park-“WonderForest CURIO”

AEON MALL Tokoname (Tokoname, Aichi Pref.)Opening: December 4, 2015Site area: 202,000 m2

Total leasing area: 83,000 m2 (Including outside buildings)

Parking: 4,200 carsSpecialty stores: 180 stores (Excluding CURIO)

The mall makes use of a spacious site of more than 200,000 m2 to offer activities such as ice skating and field athletics in its outdoor zone. The mall promotes services targeted at inbound visitors, leveraging its close proximity to Chubu Centrair International Airport.

With an area of approximately 26,000 m2. WonderForest CURIO is a large leisure zone with 12 contents.

A full-range of services for foreign tourists visiting Japan.


Developing concept zones that target adult women in their 40s or older at the center part of the first floor. Concentration of stores dealing with fashion, cosmetics, undergarments, and interior goods, as well as cafe restaurants.

5

Revitalizing Existing Malls

Totally, including the first phase of renewal completed in April, 509 stores have been renewed.

More than 70% of the tenants of AEON LakeTown have undergone renewal. In the second phase of renewal, a bridge connecting Kaze and LakeTown Outlet was constructed, making it easier for shoppers to move around the mall.The mall was extensively revitalized in both tangible and intangible ways.

*1 Figures in parentheses indicate the first store openings in the relevant prefectures*2 The figures for AEON LakeTown are total figures including Kaze, which is managed and operated by the Company, and Mori and LakeTown Outlet, which are managed and operated by the Company

under a PM Agreement with AEON Retail Co., Ltd.*3 Renewal of AEON Mall Chikushino with expanded floor space.

AEON LakeTown November 20, 2015 2nd Phase Renewal Open

New Construction of Lakeside Bridge

New tenants Relocation & refurbishments Total

kaze 1st phase 96 59 155

(Total 230 stores) 2nd phase 28 14 42

Total 124 73 197

mori 1st phase 85 98 183


Total 112 148 260

Outlet 1st phase 12 2 14


Total 34 18 52

Total 1st phase 193 159 352


Total 270 239 5096


　　Shopping malls Location Date reopened Tenants 1. New tenants *12. Relocation &refurbishments

No. of tenants onreopening(1+2)

AEON MALL TakaokaTakaoka City,Toyama Prefecture March 6 130 17( 10 ) 32 49

AEON MALL ItamiItami City,Hyogo Prefecture March 20 150 14(　 6 ) 47 61

AEON MALL KusatsuKusatsu City,Shiga Prefecture March 20 190 43( 26 ) 88 131

AEON MALL Miyakonojo-EkimaeMiyakonojo City,Miyazaki Prefecture April 17 100 10( 2 ) 31 41

AEON MALL Hiroshima FuchuFuchu-cho, Aki-gun,Hiroshima Prefecture July 10 200 19( 13 ) 3 22

AEON MALL Hiroshima GionHiroshima City,Hiroshima Prefecture September 18 130 37( 14 ) 50 87

mozo wondercityNagoya City,Aichi Prefecture September 18 230 80( 30 ) 83 163

AEON MALL MoriokaMorioka City,Iwate Prefecture September 19 120 18( 14 ) 28 46

AEON MALL Chiba New TownInzai City,Chiba Prefecture October 9 180 26( 5 ) 43 69

April 24 193( 96 ) 159 352

November 20 77( 31 ) 80 157

AEON MALL KashiharaKashihara City,Nara Prefecture November 27 230 40( 34 ) 76 116

AEON MALL Chikushino *3Chikushino City,Fukuoka Prefecture December 8 210 77( 18 ) 105 182

AEON Lake Town *2Koshigaya City,Saitama Prefecture 710

Additional construction of the “Purple Mall” to expand floor space

Opening: December 8 , 2015Site area: 98,000 m2

Total leasing area: 80,000 m2(+11,000 m2)Parking: 3,800 cars (+200 cars)Specialty stores: 210 stores (+30 stores）

AEON MALL Chikushino December 8, 2015 Renewai Open with Increased Floor Area

The Company formulated a new zoning plan in response to changes in the trading area and renovated the whole mall (around 90%) through the introduction of new tenants and the relocation and refurbishment of existing tenants.

The 3F food court zone was expanded to include part of the increased floor area. With its area increased to around 1.5 times the original size and the number of seats also increased by around 100, the food court was completely renovated into one of the largest food courts in Kyushu.

Monthly March April May1st

quarterJune July August

2ndquarter

1st Half September October November3rd

quarterDecember January February

4thquarter

2nd half Total

Specialty Store Sales 112.8% 95.8% 100.0% 103.3% 95.4% 95.2% 99.0% 96.4% 100.0% 96.3% 94.5% 100.8% 97.3% 94.9% 94.4% 99.6% 95.8% 96.5% 98.2%

No. of customersthrough checkout

104.0% 97.7% 102.2% 101.4% 96.0% 94.0% 98.1% 96.1% 98.7% 94.1% 94.9% 100.5% 96.5% 95.2% 93.9% 99.5% 95.9% 96.2% 97.4%

Average customerTransaction

108.5% 98.1% 97.9% 101.9% 99.4% 101.3% 100.9% 100.5% 101.3% 102.3% 99.5% 100.3% 100.8% 99.6% 100.6% 100.1% 100.1% 100.4% 100.8%

No. of holidays ±0 ±0 +1 +1 -1 ±0 +1 ±0 1 -1 ±0 +2 +1 -1 ±0 ±0 -1 ±0 +1

After adjustment forweekends/holidays

112.8% 95.8% 98.6% 102.8% 97.0% 95.2% 97.0% 96.5% 99.6% 99.4% 94.5% 96.0% 96.6% 97.3% 94.4% 99.6% 96.8% 96.7% 98.1%

No. of cars parked 102.0% 97.6% 100.3% 100.1% 97.0% 95.7% 99.6% 97.5% 98.7% 95.9% 96.4% 99.8% 97.5% 96.4% 96.4% 102.5% 98.1% 97.8% 98.3%

No. of visitors 103.0% 97.2% 100.6% 100.3% 96.1% 95.8% 100.0% 97.4% 98.8% 95.1% 95.4% 101.1% 97.2% 95.0% 95.3% 102.0% 97.0% 97.1% 98.0%

(Reference) Monthly Data in FY2014 (Existing 58 malls, on a year-on-year basis)

* Sales of anchor tenants such as GMS are not included.

**

*

*


* Sales of anchor tenants such as GMS are not included. 7

Monthly Data (Existing 63 malls, on a year-on-year basis)

Monthly March April May1st

quarterJune July August

2ndquarter

1st Half September October November3rd

quarterDecember January February

4thquarter

2nd half Total

Specialty Store Sales 84.3% 101.1% 103.0% 95.1% 93.1% 100.0% 99.9% 97.8% 96.4% 101.0% 102.4% 96.2% 99.7% 100.6% 101.5% 99.4% 100.6% 100.2% 98.3%

No. of customersthrough checkout

88.9% 97.5% 99.8% 95.1% 91.6% 98.5% 98.0% 96.2% 95.7% 99.6% 100.2% 95.0% 98.1% 99.1% 100.9% 98.2% 99.5% 98.9% 97.2%

Average customerTransaction

94.8% 103.8% 103.2% 100.0% 101.7% 101.6% 101.9% 101.6% 100.8% 101.4% 102.2% 101.2% 101.5% 101.6% 100.6% 101.2% 101.2% 101.3% 101.1%

No. of holidays -2 ±0 +2 ±0 -1 ±0 ±0 -1 -1 +1 +1 -1 +1 ±0 ±0 ±0 ±0 +1 ±0

After adjustment forweekends/holidays

88.8% 101.1% 98.1% 95.3% 96.4% 100.0% 99.9% 98.8% 97.0% 98.6% 100.0% 98.6% 99.0% 100.6% 101.5% 96.8% 100.0% 99.5% 98.3%

No. of cars parked 94.4% 101.4% 101.9% 99.1% 97.5% 100.3% 100.6% 99.5% 99.3% 101.1% 100.5% 97.9% 99.8% 101.3% 102.2% 101.4% 101.6% 100.7% 100.0%

No. of visitors 91.7% 99.4% 102.5% 97.7% 94.3% 99.7% 98.0% 97.4% 97.5% 100.8% 97.4% 96.4% 98.2% 100.9% 101.9% 99.2% 100.7% 99.5% 98.5%


8

1st half 3rd quarter 4th quarter

All specialty stores 96.4% 99.7% 100.6%

Large specialty stores subtotal 93.6% 97.7% 103.1%

Apparel 94.9% 98.2% 97.5%

Accessories 95.9% 98.5% 100.6%

Miscellaneous goods 97.0% 102.0% 104.1%

Drinking and eating 97.8% 101.4% 103.7%

Amusement 98.4% 105.7% 101.3%

Services 99.0% 98.9% 99.5%

Specialty stores subtotal 96.8% 99.9% 100.3%

Increases of +1.0%or more

Decreases of -1.0%or more

Increases or decreases of -1.0% to +1.0%

Year-on-Year Changes in Sales at Specialty Stores in AEON MALLS by Segment (Year-on-year changes in 63 existing malls)

2008 2009 2010 2011 2012 2013 2014 2015

Opened for business

Invited ZARA,a global fast fashion

brand, to open a store

Completed the renovation of mall areas for children and athletic activities at the end of

October 2014

Annual average growth rate

24.3%

Total of Jan. – Dec., 2014 Total of Jan. – Dec., 2015

Retail sales in China 112.0% 110.7%Sales at AEON MALL specialty stores 117.9% 124.9%

No. of visitors to AEON MALLS 121.4% 110.8%

Business in China: Year-on-Year Comparison of Existing Malls

Initiatives at AEON MALL Beijing International Mall


9

<Retail sales in China and year-on-year comparison of existing malls>

*1

*2

*2

*1 Source: National Bureau of Statistics of People's Republic of China

*2 Calculated for 3 malls for January to December 2014, 4 malls for January to December 2015 (excluding AEON Mall Tianjin TEDA whose operation was suspended from August to December 2015).

*3 The fiscal year end of local subsidiaries in China is the end of December.

Since the mall’s opening in 2008, specialty store sales have grown at an average rate of 24.3% each year, owing to continuous renewal and management and operation by local staff, including the mall manager.

Changes in Specialty Store Sales

Initiatives in FY2015

- Specialty store sales: 30% more than the previous fiscal year (Jan.- Dec. 2015)- Number of visitors: 10% or more than the previous fiscal year (Jan.- Dec. 2015)- Operating revenues: 20% or more than the previous fiscal year (Jan.- Dec. 2015)- Number of specialty stores: 114 stores (end of Dec. 2014)

-> 121 stores (end of Dec. 2015)

Continuous replacement of tenants and revision of rents of existing tenants

Introduction of new tenants by reducing sales areas of tenants with large areas

FY2015 Business in China: New malls

AEON MALL Suzhou Yuanqu Hudong (Suzhou,Jiangsu)

AEONMALL Beijing Fengtai (Fengtai Qu, Beijing)

AEON MALL Hangzhou Liangzhu Xincheng (Hangzhou, Zhejiang)

Opening: May 29, 2015Site area: 99,300 m2



“A space with dreams, discoveries and excitement”

mall concept

Providing surprising, exciting, and pleasant experiences

mall concept

The mall incorporates facilities with modern urban avant-garde designs, hosts events linking musical performances with LED lights at the 35-meter high entrance dome, and has themed food zones on each floor.

“Discover Your Own Style at Our Parks”Our “Parks” are places where individuals and families can enjoy favorite

pastimes, sports, and nature. Our Parks are where communities are created.

mall concept

The mall is located in the “Liangzhu Xincheng Area”, an area which will see greater development in the future under the urban expansion plan promoted by Hangzhou. Its building design is based on the theme of “integrating nature” and conjures up the image of flowing water. The mall is composed of 180 specialty stores, including 46 first-ever stores in Hangzhou, and it also boasts the largest kids’ zone, cinema complex and food court in Hangzhou.

The mall is located in the Fengtai district of southern Beijing, about 1km south of the 4th

Ring Road, an area which can be expected to see remarkable development in the future, not least as a base for the headquarters of many large Chinese companies. The mall comprises 180 stores, including 80 specialty stores newly introduced to the Fengtai district. Each floor of the mall features a concept zone designed around a specific theme, offering new kinds of urban lifestyle.

Opening: September 19, 2015Site area: 63,800 m2



Opening: November 27, 2015Site area: 98,000 m2




** Fiscal years in which malls opened are shown based on the Japanese accounting year.

The fiscal year end of local subsidiaries in China is at the end of December.

10

“Amusement based on experience through the five senses and heart”Creating a base for “goods,” “things,” and “time” in a new town.

A hallway bridge over a public road connects the second and third floors of the two buildings located in town zones A and B, respectively. The mall is approximately 525 meters in the full width.

Mall zone in the connecting hallway bridge↓

The mall is located in the Economic and Technological Development Zone, an area which is being developed as a sub-city area. It provides excellent access from a wide range of areas as it faces major highways..

The facility is the AEON group’s largest scale mall in China and ASEAN, and serves as a model for malls to be built in the suburbs in future.

Features of the facility

mall concept

11

Amusement facilities are promoted on the largest scale in Wuhan.

Sixty restaurants in a 17,000 m2 space.

Each floor is offered as a concept zone featuring services for children, eating and drinking, entertainment, etc.


FY2015 Business in China: New malls ※

AEONMALL WUHAN JINGKAI (Wuhan Economic & Technological Development Zone, Wuhan)

* Fiscal years in which malls opened are shown based on the Japanese accounting year. The fiscal year end of local subsidiaries in China is at the end of December.

Opening:December 10, 2015Site area:130,000 m2 Total leasing area:105,000 m2

Parking:4,000 cars Specialty stores:300 stores

FY2015 Business in China: New malls

mall concept

mall concept

The mall provides excellent access, as it is located adjacent to the gateways to Suzhou Xinqu Station of the High Speed Railway, the starting station of Metro Line 3 (construction scheduled to be completed in 2019), and Middle Ring Expressway (ring freeway).

The mall comprises 280 stores including 11 stores opened in Suzhou for the first time.

An urban-style mall located in Panyu District (population: approx. 1.7 million), approximately 20 kilometers to the south of the city center.

A new city is being created in the area around Panyu Square Station of Metro Line 3.

※


12



Sunken Garden

The square was created to be one step lower than the surrounding roads. It provides direct access to the underground restaurant zone from the open parking lot and can be used for events.

Refined and powerful building designs such as this 6-storey wellhole-style space are adopted.

Restaurant facilities were enhanced. The mall comprises 57 specialty stores, which account for more than 35% of the total.

The mall offers restaurant services at 120 specialty stores, accounting for over 40% of the total.

* Fiscal years in which malls opened are shown based on the Japanese accounting year. The fiscal year end of local subsidiaries in China is at the end of December. AEON MALL Guangzhou Panyu Square (Guangzhou, Guangdong )

AEON MALL Suzhou Xinqu (Suzhou, Jiangsu)

Impressive experience that exceeds “over the top” expectations

“Urban Style Mall”Proposing an urbanized and sophisticated mall life

Opening: December 31, 2015Site area: 51,400 m2



Opening: January 15, 2016Site area: 139,000 m2



FY2015 Business in the ASEAN Region: New malls

AEON MALL BSD CITY (Tangerang District, Banten Province)

AEON MALL Long Bien (Long Bien District, Hanoi City)

The mall is located in the Long Bien district, which is designated as a new residential housing area. Besides entertainment, including one of the largest cinema complexes in Vietnam, an amusement center for teenagers, and indoor playgrounds for kids, the mall offers an open restaurant zone comprised of 18 stores, and a 2,000 seat food court, one of the largest in Hanoi.

mall concept

“Japanese Heart, Vietnamese Smile”Offering smiling service to Vietnamese residents with Japanese heart (warmth)

One of the largest suburban shopping malls in the BSD District boasting the BSD District’s largest food court, which occupies around 40% of the total mall area and includes a Ramen Village featuring popular ramen restaurants in Japan. The mall provides a one-stop forum for clothing, cuisine and lifestyle goods.

mall concept

“For Your Smart Living”--- AEON supports smart lifestyles for everyone in Indonesia through the provision

of wonderful shopping experiences ---

Opening: May 30, 2015Site area: 100,000 m2


Parking: 2,100 cars, 2,300 motorbikes

Specialty stores: 280 stores

Opening: October 28, 2015Site area: 96,000 m2


Parking: 1,000 cars, 10,000 motorbikes

Specialty stores: 180 stores


13

* Opening years are indicated on the Japanese fiscal year basis. The fiscal year end of ASEAN countries is the end of December.

FY2015 (March 1, 2015 – February 29, 2016) Details of Changes in Profit and Loss

Gross profit and operating income by segment

19,462

8,680

▲ 1,847

22

▲ 12,446

18,265

6,548

▲ 1,853 ▲ 522

▲ 10,565

55,855

32,248

15,748

5,902

56,900

14,593

7,252 5,156

国内既存63モール

国内新規モール


海外モール

その他

販売費及び⼀般管理費

+17,654

+8,495

+745

+545

+2,131

175,855 176,900 59,462 58,265

～～

▲22,446 ▲20,565

当期前期

当期前期

Operating revenue(+ 25,852 million yen) FY2015

FY2014

63 existing mallsin Japan

New mallsin Japan

Overseas malls Other

Operating income(+1,998 million yen) FY2015

FY2014


New mallsin Japan

Overseas malls

Other

SG&A expenses

24,322

▲ 4,448

▲ 1,002

21,346

▲ 3,529

▲ 944

28,164

▲ 2,043

196

24,291

▲ 1,832▲ 20

36,393

23,568

17,595

5,880

22,446

38,634

8,044 9,1065,679

20,565


国内新規モール

販売費及び⼀般管理費

海外モールその他国内アセアン中国国内アセアン中国

+1,881

+200

+8,488

+15,523

-2,240

-919

-210

+3,873116,393

118,634 68,164

64,291

49,322

46,346

～～～14

当期前期

当期前期

当期前期

Operating costs and SG&A(+23,853 million yen) FY2015

FY2014


New mallsin Japan

Overseas malls Other SG&A expenses

Japan ASEANChina Japan ASEANChina

Gross profit(+3,880 million yen)

Operating income(+1,998 million yen)

FY2015FY2014

FY2015

FY2014

-1,847 -1,853-522

-22,446 -20,565

-2,043 -1,832-20

-4,448 -3,529

-1,002 -994

(Down 0.6％ year on year)-1,044 (Up 2.1％ year on year)+1,196

+2,976

-58＋216

-1,881

+6

FY2015 (March 1, 2015 – February 29, 2016) Summary of Income Statement

15

* Eleven newly opened malls in Japan (FY2014 : Seven malls, FY2015 : Four malls)

(¥million)

Consolidated (¥ million) FY2015 Ratio FY2014 Ratio YoYGrowth Change Comments

Operating Revenue 229,754 100.0% 203,902 100.0% 112.7% 25,852

- 11 newly opened malls in Japan- 63 existing malls in Japan- Overseas malls- Other

+¥17,654 million-¥1,044 million+¥8,495 million

+¥745 million

Operating costs 163,436 71.1% 141,464 69.4% 115.5% 21,971


+¥15,523 million-¥2,240 million+¥8,488 million

+¥200 million

Gross profit 66,317 28.9% 62,437 30.6% 106.2% 3,880


+¥2,131 million+¥1,196 million

+¥6 million+¥545 million

SG&A expenses 22,446 9.8% 20,565 10.1% 109.2% 1,881 Operating income 43,870 19.1% 41,872 20.5% 104.8% 1,998

Non-operating profits 2,622 1.2% 2,135 1.1% 122.8% 486

- Interest income- Contract cancellation fee received from tenants

closing stores- Foreign exchange gains

+¥111 million+¥284 million-¥333 million

Non-operating expenses 4,080 1.8% 2,847 1.4% 143.3% 1,232

- Interest expenses- Loss on valuation of derivatives due to currency

hedging (Gains on valuation: ¥107 million, losses on valuation: ¥904 million)

+¥255 million+¥797 million

Ordinary income 42,412 18.5% 41,160 20.2% 103.0% 1,252 - Non-operating profits decreased ¥746 million year on year

Extraordinary gains 2,302 1.0% 1,812 0.9% 127.1% 490

- Gain on sales of fixed assets (¥1,862 million for the current term and ¥905 million for the previous term)

- [Current term] Gains on equity- [Previous term] Gains on sales of guarantee deposits- [Previous term] Gains on sales of investment

securities.

+¥956 million+¥438 million-¥186 million-¥707 million

Extraordinary losses 3,677 1.6% 611 0.3% 601.7% 3,066

- Loss on disposal of fixed assets- [Current term] Provisions for store closing

(Impairment loss: ¥686 million, Provisions for loss on store closings: ¥1,152 million)

+¥861 million+¥1,838 million

Income before income taxes 41,037 17.9% 42,361 20.8% 96.9% (1,323) - Extraordinary gains fell ¥2,576 million year on year.Income taxes 16,984 7.4% 18,013 8.9% 94.3% (1,028)Minority interests (586) (0.2%) (164) (0.1%) - (421)

Net income 24,639 10.7% 24,513 12.0% 100.5% 126

(¥million)

Consolidated(¥ million) FY2015 FY2014 Change Comments

Cash and deposits 55,375 67,340 (11,965)Deposits to associated companies - 5,000 (5,000) - AEON Group’s surplus fund managementOther current assets 36,753 31,231 5,522

Current assets 92,129 103,572 (11,442)

Property, plant and equipment 754,716 689,820 64,895

- Acquisition of property, plant and equipment +¥157,001 million- Depreciation -¥30,655 million- Sales of properties to lease companies -¥33,160 million- Sales of properties to Aeon REIT Investment Corp. -¥20,638 million, etc.

Intangible fixed assets 3,677 3,830 (153)

Investments and other assets 124,447 103,734 20,713 - Long-term prepaid expenses +¥17,137 million (rights to use overseas land, etc.)

Fixed assets 882,840 797,385 85,455 Total assets 974,970 900,957 74,012

Income taxes payable 10,556 9,436 1,119

Deposits from tenants 32,643 47,598 (14,954)- Delay in the return of deposits due to a bank holiday at the end of the previous term

(from Feb. 28 to Mar. 2) -¥18,718 million- Increases due to the opening of new malls +¥3,764 million

Accounts payable-construction 78,886 95,845 (16,958)

Other current liabilities 89,311 56,581 32,730 - Short-tem debts +¥8,339 million- Bonds due within one year +¥200 million- Current portion of long-term debt +¥13,876 million

Current liabilities 211,398 209,461 ,936

Long-term liabilities 423,722 358,959 64,763 - Bonds +¥29,800 million- Long-term debt +¥28,392 million- Lease deposits from lessees +¥4,497 million

Total liabilities 635,120 568,421 66,699 Total equity 339,849 332,536 7,313 Equity ratio 34.2% 36.4% (2.2%)

Interest-bearing debt 334,406 253,798 80,607 Ratio of interest-bearing debt to assets 34.3% 28.2% 6.1%Debt-to-equity ratio (times) 1.0 0.8 0.2

FY2015 (March 1, 2015 – February 29, 2016) Summary of Balance Sheets

16

[Change in interest-bearing debt] (¥million)FY2015 FY2014 Change

Short-term debt 8,339 - 8,339Bonds due within one year 200 - 200Current portion of long-term debt 38,585 24,709 13,876Straight bonds 95,000 65,200 29,800Long-term debt 192,281 163,889 28,392TOTAL 334,406 253,798 80,607

(¥million)

Consolidated(¥ million) Q2 of FY2015 Q2 of FY2014 Change Main items

Cash flows from operating activities 61,785 76,152 (14,366)

- Net income before taxes +¥41,037 million- Depreciation +¥32,088 million- Deposits received from specialty stores -¥14,876 million- Payment of corporate taxes -¥17,278 million- Other +¥20,814 million

Cash flows from investing activities (146,332) (127,505) (18,827)

- Purchase of property, plant and equipment -¥194,315 million- Purchase of long-term prepaid expenses -¥12,899 million

(Rights to use overseas land, etc.)

- Proceeds from sales of property, plant and equipment+¥55,442 million

(Utilization of REIT and leasing, etc.)- Increase in guarantee deposits (NET) +¥4,210 million, etc.

Cash flows from financing activities 73,446 54,994 18,451

- Net increase in short-term debt and CP +¥8,440 million- Proceeds from long-term debt +¥74,679 million- Loss on repayment of long-term debt -¥31,025 million- Proceeds from issuance of bonds +¥30,000 million

Cash and cash equivalents at year-end 53,652 67,222 (13,569)

FY2015 (March 1, 2015 – February 29, 2016) Summary of Cash Flows

17

● Main reason for the decrease of ¥14,366 million year on year→ Sales money deposit by specialty stores declined ¥37,435 million year on year.

Year-on-year change in amount

Total -¥37,435 million Reason for change in

current term

-¥18,718 millionDelay in the return of deposits (from Feb. 28 to Mar. 2) due to a bank holiday at end of the previous term (Feb. 28, 2015)

¥3,841 million Increase due to the opening of new malls and seasonal indexes

Total -¥14,876million

Reason for change in previous term

¥18,718 millionDelay in the return of deposits (from Feb. 28 to Mar. 2) due to a bank holiday at end of the previous term (Feb. 28, 2015)

¥3,840 million Increase due to the opening of new malls and seasonal indexes

Total ¥22,559 million

* Capital investment: ¥174,055 million

(Net of utilization of the leasing of ¥33,160 million)

2. Future Project (In and after FY2016)2. Future Project (In and after FY2016)

18

Positioning of FY2016

19

(China)

Stable opening of malls Promotion of the opening of malls based on a new concept

Opening of the first store/Acceleration of store openingsEstablishment of local subsidiaries

Promotion of development Acceleration of store openings

Improvement of capital efficiency by various means of financingEnhancement of returns to shareholders

Strengthening of growth and competitiveness Implementation of investments to help improve operational efficiency

Development of various types of human resources through measures for improved governance and more diversity

Business in Japan

2011 2012 2013 2014 2015 2016 2020

Finance

Organization & human

resources

2018 20192017FY：

Establishment of operational bases Acceleration of growth

Building bases for further growth Getting on track for growth

Improvement of operational bases

(ASEAN)

Enhancement of earning power

Integration of DV business of AEON group Strengthening of competitiveness by leveraging economies of scale and promotion of improved efficiency

Renewal and floor expansion of existing malls

Enhancement of services for inbound visitors and promotion of digitalization

Development of new business formats (urban-style fashion building business)

Operation of malls from the perspective of localization

Positioning of FY2016A year to put businesses on a growth path, building on operational bases that have been established based on growth strategies

Broad age groups

Overseas business

FY2016 Initiatives

20

One new mall will be opened in Vietnam. Promotion of initiatives toward the opening of new malls in Indonesia and Cambodia. Acceleration of development projects.

One new mall will be opened.(The number of new malls to decrease from five to one as construction schedules were extended due to stricter procedures.)

Promotion of initiatives toward early openings of 7 malls whose construction is ongoing.

Improvement of the management and operational expertise of existing malls.

Six new malls will be opened. Improvement of earning power.

(i) Renewals in19 existing malls and floor space expansions in 2 malls(ii) Utilization of mall assets, promotion of localization and promotion of digitalization

Establishment of operation to boost revenue in the urban fashion buildings business.

Japan

China

ASEAN

FY2016 New Mall Openings in Japan

Business in Japan

The mall is in a location bordering Osaka City, providing good access by public transportation as well as vehicles. The area offers enhanced community functions capitalizing on the strengths of Sakai City that has been developed as a place of exchange for humans, things and information. It also addresses the daily needs of the wealthy market, which features a population of approximately 1.10 million within the area of a 20-miniute commute by car.

21

Opening: December 2016Site area: about 46,000 m2

Total leasing area:about 59,000 m2

Parking: about 2,900 carsSpecialty stores: -

Opening: April 23, 2016Site area: 122,000 m2


Parking: about: 2,900 carsSpecialty stores: 120 stores

Opening: May 2, 2016Site area: about 45,000 m2

Total leasing area: about 32,000 m2

Parking: about 2,000 carsSpecialty stores: about 90 stores

Opening: March 19, 2016Site area: 102,000 m2


Parking: 2,600 carsSpecialty store: 160 stores

AEON MALL Izumo (Shimane Pref.)

Daiei Kobe Sannomiya (Hyogo Pref.)Opening: Spring 2017Site area: about 4,700 m2

Total leasing area: about 17,600 m2 (2nd to 9th floor)Parking: -Specialty stores : -The commercial facility with two floors below ground and nine floors above ground is managed and operated by the Daiei, Inc. It was reopened in August 2015 as the “Food Style Store,” a strategic urban-style store format created by Daiei, occupying spaces from the second basement floor to the first floor. The Company has leased spaces on the second to ninth floors and implemented renewals.

AEON Mall Imabari Shintoshi (Ehime Pref.)

AEON MALL Sakaiteppocho (Osaka Pref.)

AEON MALL Nagakute (Aichi Pref.)

Opening: Autumn 2016Site area: about 27,300 m2

Total leasing area: about 25,400 m2（B2 to 3rd floor）Parking: -Specialty stores: -AEON Hokkaido Co., Ltd., succeeding the business from the Daiei, Inc., undertakes management and operation. The Company will lease the building and take on management and operation, replacing tenants on a large scale.

AEON Qualite Prix Shin-Sapporo (Hokkaido)

List of new malls

We will continue to open approximately six malls each year from FY2017.

Changes in new mall openings

Business in Japan

*1

4

1

3 3

1

4

7

45

1 1

1 1

1

0

1

2

3

4

5

6

7

8

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

PM

New Malls

22

Shopping malls Location Scheduled opening date Site area Gross leasing area Parking

FY2016(Plan)

AEON MALL Sakai Teppocho Sakai, Osaka Pref. March 19, 2016 About 102,000 m² About 56,000 m² About 2,600 cars

AEON MALL Imabari Shintoshi Imabari, Ehime Pref. April 23, 2016 About 122,000 m² About 54,000 m² About 2,900 cars

AEON MALL Izumo *1 Izumo, Shimane Pref. May 2, 2016About 45,000 m²(incl. parking lots outside mall premises)

About 32,000 m²About 2,100 cars

(incl. parking lots outside mall premises)

Qualite Prix Shin-Sapporo *2 Sapporo, Hokkaido Pref. Autumn of 2016 About 27,300 m² About 25,400 m² Undisclosed

AEON MALL Nagakute Nagakute, Aichi Pref. December 2016 About 46,000 m² About 59,000 m² About 2,900 cars

Daiei Kobe Sannomiya *3 Kobe, Hyogo Pref. Spring of 2017 About 4,700 m² About 17,600 m² Undisclosed

FY2017

AEON MALL Tokushima(tentative) Tokushima, Tokushima Pref. Spring of 2017 About 49,900 m² About 50,000 m² About 2,800 cars

SENRITO Yomiuri Phase 2(tentative) Toyonaka, Osaka Pref. Spring of 2017 About 12,200 m² About 9,100 m² Undisclosed

AEON MALL Komatsuoki(tentative) Komatsu, Ishikawa Pref. Spring of 2017 About 128,000 m² About 60,000 m² About 3,200 cars

AEON MALL Ageo (tentative) Ageo, Saitama Pref. Spring of 2017 About 71,800 m² Undisclosed Undisclosed

AEON MALL Takasaki Ekimae (tentative) Takasaki, Gunma Pref. FY2017 About 7,400 m² Undisclosed Undisclosed

AEON MALL Higashimatsumoto (tentative) Matsumoto, Nagano Pref. FY2017 About 62,500 m² Undisclosed Undisclosed

FY2018 AEON MALL Hiratsuka(tentative) Hiratsuka, Kanagawa Pref. FY2018 About 126,000 m² Undisclosed Undisclosed

FY2019 AEON MALL Toki(tentative) Toki, Gifu Pref. FY2019 About 200,000 m² Undisclosed About 4,800 cars

The list includes only new properties that have been released.*1. Manages and operates newly opened malls of Aeon Retail Co., Ltd. based on a property management

contract.*2. Implements the management and operation of leased spaces from the second basement to the third

floor of the shopping center operated by AEON Hokkaido Co., Ltd.*3. Implements the management and operation of leased spaces from the second to ninth floors of the

shopping center operated by the Daiei, Inc.

23

Business in Japan: Increasing the Earning Power of Existing Malls

- Site area: 126,000 m2

- Total leasing area: 97,000 m2 (+17,000 m2)- Parking: 5,000 cars (+700 cars)- Specialty store: 280 stores (+80 stores)

Part of the second floor (6,000 m2) that has been used for multi-storey car parks will be renovated into an expanded sales floor where the “Galaxy Mall” comprising 23 stores will be operated. We will also renovate 33 stores in existing malls including the total renewal of AEON MALL Morioka, an anchor store.

- Site area: 97,000 m2

- Total leasing area: 52,000 m2 (+ 6,000 m2)- Parking: 2,600 cars- Specialty store: 135 stores

Area where floor space will be increased

The first and second renewals will be implemented in spring and summer of 2016. The third renewal will include an increase in floor space to introduce 80 new specialty stores.

FY2014(Actual)

FY2015(Actual)

FY2016（Plan）

8 malls 12 malls 21malls

Renewals to increase floor space in FY2016

Sixty seven stores will be renewed or relocated to enhance the lineup of high sensitivity fashion items and include large sports goods stores, and 36 new stores will be opened, of which 26 stores will be opened in Akita for the first time. By doing so, we will implement the large-scale renewals of 103 stores, which accounts for approximately 70% of the total.

FY2014(Actual)

FY2015(Actual)

FY2016(Plan)

17 malls 14 malls 10 malls

Revitalization: The average age of AEON MALL buildings is 10.3 years. Their value will be increased through revitalization.

~We are implementing large-scale revitalization (renewal) of existing shopping malls and increasing their appeal and freshness to improve their earning power.~

Revitalization without increasing floor

space

Revitalization by increasing floor space

Retail sales reach a peak in the 3rd year after opening, and growth slows down in the 4th and 5th years. When fixed-term building lease agreements concluded with specialty stores [term of agreement: 6 years] expire, renewal is implemented.

Formulate a new zoning plan to cope with the change in the trading zone, introduce new specialty stores and renew / relocate existing specialty stores. Renovate the entire mall with renewals of most of the specialty stores.

The investment amount ranges from 300 million to 500 million yen. The investment will be recovered by increased cash flow in several years.

Review the zoning of the entire mall, including the increased floor area, and activate it through the optimization of the tenant mix based on the same concept for new stores.

The investment amount varies depending on the scale, but the criterion for investment profitability is an increase in EBITDA of 13% per investment.

[Reference]AEON RETAILl Co., Ltd.’s 70 malls managed and operated by the Company

- Site area: 133,000 m2

- Total leasing area: 58,000 m2

- Parking: 3,200 cars- Specialty store: 50 stores

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

150.0%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Renewal ratio

20.0% 40.0% 60.0% 80.0% 100.0%

High

Low

Growth rate of specialty store sales

Correlation between renewal ratios and year-on-year changes in specialty store sales

Specialty store sales climb as renewal rates increase.

×: Malls revitalized in FY2014◆: Malls revitalized in FY2015

Renewal of existing malls in FY2016

AEON MALL AkitaApril22, 2016 Renewal Open

AEON MALL Hiroshima Fuchu Autumn 2016 Renewal Open with Increased Floor AreaAEON MALL Morioka March 4, 2016 Renewal Open with Increased Floor Area

Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb.

Events held in event spaces and AEON HALLS

Mall space used as advertising media

24

Industry(corporat

ions)

Academia(educational

establishments)

Government(administrati

on)

Culture(culture)

Public(groups)

Hold events that are characteristic of each mall by focusing on localization

Promoting localization Implementation of an exceptional localization plan

0

500

1,000

1,500

2,000免税売上免税店数（左軸）

The number of duty-free stores as of the end of February 2016 was 1,629.

Trends in duty-free sales and number of speciality stores offering duty-free services

Infrastructure

Just remember! There’s an AEON mall!!- Experience of disaster prevention steps at AEON MALL Niihama -

AEON MALL Sakudaira

AEON MALL Niihama

We will provide local inhabitants with opportunities to experience three types of problems - disaster, evacuation and life as a disaster victim - so that they understand the safety of malls when a disaster occurs.

Business in Japan: Increasing the Earning Power of Existing Malls

1,629 stores

97 malls

144 malls(All malls)

Number of malls alreadymeeting demand

78 malls

144 malls(All malls)

Item

Free WiFi

ATM(ATMs that allow Japanese yen Withdrawals with a foreign - issued card)

Specialty stores that offer duty-free services

Payment with UnionPay cards

Promotional materials("Touch & Talk" communication tool, made in Japan POP, etc.)

5 malls

2 malls

Duty-free agency counters

Foreign currency exchange machines

Number of malls alreadymeeting demand

8 malls

5 mallsPrayer rooms

Multilingual touch panels

Item

32 mallsTelephone interpreting services

Hospitality guides (trialexperiment)

5 malls

AEON Malls

Duty-free sales

Number of duty-free stores (left axis)

(i) Increase in ancillary revenue

(iv) Response to inbound demand

We will hold tasting parties in the central court, with the support of local cake shops, to promote the appeal of cakes made in Saku, one of three major cake towns in Japan, on a local basis.

Saku, a town of cakes

Convenience Community

Shopping Entertainment

Adoption of large-screen digital signage systems

Customer retention by leveraging digital technologies

Pepper, a concierge robot

(iii) Promotion of digitalization

25

OPA

AEON MALL

Renewal of existing

stores

New store

OPA Co., Ltd., a fashion building business promoter, consolidated operations that had been undertaken by VIVRE and FORUS, the business unit of the same type in Aeon Retail Co., Ltd. and made a fresh start as new OPA on March 1, 2016 (the Company acquired full ownership of it on the said date).

Business in Japan: Development of the fashion building business

Enhancement of the fashion building business promoted by OPA Co., Ltd, a company that became our subsidiary on March 1, 2016.

Complementary relationship

AEON Mall Co., Ltd: Operates shopping malls mainly in the suburbs.

OPA Co., Ltd.: Manages and operates fashion buildings in city centers.

Fusion of expertise between the urban fashion buildings and mall businesses

Location

City center

Suburbs

Center

Perimeter of city center

Government-designated city Regional city

＜Image of revenue increases ＞

Synergy effects(1) Development

The Company will acquire new growth opportunities through expansion in an urban format in addition to previous suburban locations.

(2) LeasingThe two companies will share non-overlapping business partners (around 300 companies in the Company’s case), increasing leasing variations.

Amount

Revenue

FY2016 FY2017 FY2018 FY2019

<List of stores>- OPA

Omiya OPA, Seisekisakuragaoka OPA, Shinyurigaoka OPA,Fujisawa OPA, Kawaramachi OPA, Umeda OPA, Shinsaibashi OPA,Sannomiya OPA, Canal City OPA

- VIVREVIVRE Yokohama, VIVRE World PortersVIVRE Nagoya Wonder City, VIVRE Kitaoji, VIVRE SannomiyaVIVRE Akashi, VIVRE Tenjin, VIVRE GENE Lake Town

- FORUSAkita FORUS, Sendai FORUS, Kanazawa FORUSOita FORUS

China

Overseas Business

Beijing, Tianjin

ASEAN

Indonesia

Malaysia

MyanmarVietnam

Cambodia

LaosThailand

ZhejiangJiangsuHubei

Guangdong

AEON MALL Phnom Penh (opened in Jun. 2014)

AEON MALL Wuhan Jinyintan(opened in Dec. 2014)

Shopping malls with large parking areas are built in many Asian countries. Sufficient visitors to fill the parking lots gather on weekends after the malls are opened, and future growth can be expected.

26

Changes in overseas store openings

Changes in base profits of overseas stores (gross profit*)* Profits from operation excluding headquarters costs (SG&A expenses)

We established operations with 17 malls by the end of 2015.We will continue to accelerate store openings in the respective areas.

▲ 10 ▲ 10

▲ 17▲ 20

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Unit：0.1 billion yen

-1 -4 -8

-18

-10

-18

2011

Moving on to a revenue-boosting stage

1 1 1 1 26

11 22

11 1 2 2 35

9

1719

0

5

10

15

20

25

30

35

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

アセアン出店数

中国出店数

海外出店数（累計）

Openings in ASEAN

Openings in China

Overseas openings (cumulative)

Of the 17 malls, we expect that 10 will be profitable in FY2016.

(Plan)

* Opening years are indicated on the Japanese fiscal year basis. The fiscal year end of overseas subsidiaries is the end of December.

1 1 1 1 26

11 1 2 2 3 4

6

1213

0

3

6

9

12

15

18

21

24

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

出店数（年度毎）モール数（累計）

New malls opened from FY2015

Trends in number of malls opened in ChinaMall openings

Beijing / Tianjin Area- AEON MALL Beijing International Mall- AEON MALL Tianjin TEDA- AEON MALL Tianjin Zhongbei- AEON MALL Tianjin Meijiang- AEON MALL Beijing Fengtai- AEON MALL Hebei Yanjiao- AEON MALL Tianjin Jinnan

Hubei Area- AEON MALL Wuhan Jinyintan- AEON MALL Wuhan Jingkai- AEON MALL Wuhan Shiqiao (tentative name)

Guangdong Area・AEON MALL Guangzhou Panyu Square・AEON MALL Guangzhou Jinshazhou (tentative name)・AEON MALL Foshan Dali

Jiangsu / Zhejiang Area- AEON MALL Suzhou Wuzhong- AEON MALL Suzhou Yuanqu Hudong- AEON MALL Hangzhou Liangzhu Xincheng- AEON MALL Suzhou Xinqu

* Malls written in red are scheduled to be opened

Business in China

27Suzhou Yuanqu Hudong Suzhou Wuzhong

Wuhan Jinyintan

Hangzhou LiangzhuXincheng

Guangzhou Panyu Square

Suzhou Xinqu

WUHAN JINGKAI

Beijing International Mall Tianjin ZhongbeiTianjin TEDA

Tianjin Meijiang Beijing Fengtai

No. of malls opened (in each FY) No. of malls (total)

Opening Name of Mall Location

FY2016 AEON MALL Hebei Yanjiao Sanhe, Hebei About 84,000 m² About 175,000 m²

AEON MALL Wuhan Shiqiao (tentative name)

Wuhan, Hubei About 46,200 m² About 120,900 m²

AEON MALL Foshan Dali Foshan, Guangdong About 83,200 m² About 181,600 m²

AEON MALL Tianjin Jinnan Jinnan Qu, Tianjin About 91,000 m² About 145,000 m²

FY2018 AEON MALL Guangzhou Jinshazhou (tentative name)

Guangzhou, Guangdong About 84,500 m² About 187,700 m²

Site area Floor area

FY2017

* Only new malls already announced are included above.* Mall opening plans are shown based on the Japanese accounting year. The fiscal year end of local subsidiaries in

China is at the end of December.

- We will reduce the number of new malls from five to one in FY2016, as the construction periods are extended due to stricter procedures required for the opening of large commercial facilities.

- With seven malls already under construction, we will continue to increase store openings.

* Fiscal years in which malls opened are shown based on the Japanese accounting year. The fiscal year end of local subsidiaries in China is at the end of December.

(Plan)

Opening Site area Total leasing area Parking Specialty

stores

AEON MALL Beijing International Mall

November 7, 2008 89,000 m2 53,000 m2 3,000 cars 120 stores

AEON MALL Beijing Fengtai

September 19, 2015 63,800 m2 58,000 m2 2,000 cars 180 stores

AEON MALL Hebei Yanjiao FY2016 About

84,000 m2As yet

undisclosedAbout

2,800 carsAs yet

undisclosed

Opening Site area Total leasing area Parking Specialty stores

AEON MALL Tianjin TEDA

October 29, 2010 98,000 m2 55,000 m2 2,500 cars 130 stores

AEON MALL Tianjin Zhongbei

April 28, 2012 89,000 m2 62,000 m2 3,700 cars 150 stores

AEON MALL Tianjin Meijiang January 3, 2014 75,300 m2 63,000 m2 2,400 cars 170 stores

AEON MALL Tianjin Jinnan FY2017 About 91,000 m2 About 77,000 m2 As yet

undisclosedAbout

230 stores

Beijing / Tianjin Area

Jiangsu and Zhejiang Provinces

52 km AEON MALL Hebei Yanjiao

(Scheduled to be opened)

51 km

31 km

AEON MALL Beijing International Mall

AEON MALL Beijing Fengtai

Downtown Tianjin

17 km

10.5 km 34 kmAEON MALL Tianjin Meijiang

AEON MALLTianjin Zhongbei

AEON MALL Tianjin TEDA

AEON MALL Tianjin Jinnan(Scheduled to

be opened)

Opening Site area Total leasing area Parking Specialty

stores

AEON MALL Suzhou Wuzhong

April 25, 2014 114,000 m2 75,000 m2 3,100

cars190

stores

AEON MALL Suzhou Yuanqu Hudong

May 29, 2015 99,300 m2 75,000 m2 3,000

cars220

stores

AEON MALL Suzhou Xinqu

January 15, 2016 139,000 m2 74,000 m2 3,200

cars280

stores

< Malls opened in Suzhou City, Jiangsu Province >

< Mall opened in Hangzhou City, Zhejiang Province >Opening Site area Total leasing

area Parking Specialty stores

AEON MALL Hangzhou Liangzhu Xincheng

November 27, 2015 98,000 m2 66,000 m2 2,500

cars180

stores

< Mall openings in Beijing Area >


Hangzhou

Suzhou


AEON MALL Suzhou Yuanqu Hudong


Shanghai

AEON MALL Hangzhou Liangzhu Xincheng

100 km

20 km

23 km

21 km

The Company is opening malls in the Suzhou National New & Hi-tech Industrial Development Zone, which is putting effort into attracting foreign companies and is already home to more than 500 Japanese companies.

Business in China

< Mall openings in Tianjin Area >

28

Hubei Province

Guangdong Province

Opening Site area Total leasing area Parking Specialty Stores

AEON MALL Wuhan Jinyintan December 19, 2014 88,000 m2 74,000 m2 2,900 cars 200 stores

AEON MALL Wuhan Jingkai December 10, 2015 130,000 m2 105,000 m2 4,000 cars 300 stores

AEON MALL Wuhan Shiqiao (tentative name) FY2016 About 46,200 m2 As yet undisclosed About 1,900 cars As yet undisclosed

AEON MALL Wuhan Jingkai AEON MALL Wuhan Shiqiao (tentative name)


AEON MALL Guangzhou Panyu Square December 31, 2015 51,400 m2 64,500 m2 1,700 cars 170 stores

AEON MALL Foshan Dali FY2017 About 83,200 m2 As yet undisclosed About 3,200 cars As yet undisclosed

AEON MALL Guangzhou Jinshazhou (tentative name) FY2018 About 84,500 m2 As yet undisclosed About 3,600 cars As yet

undisclosed

AEON MALL Wuhan Jinyintan

AEON MALLWuhan Shiqiao

(tentative name) (Scheduled to be opened)

AEON MALL Wuhan Jingkai

Wuhan

15.9 km

4.7 km

16.2 km

Aeon Mall Wuhan Jingkai is located in southwest Wuhan in the “Wuhan Economic & Technological Development Zone”, an area undergoing urban development. The mall is the Company’s flagship mall with a total leased area exceeding 100,000m2.

AEON MALL Wuhan Shiqiao is situated in the north of Hankou area, the business center of Wuhan City and is surrounded by many high-rise residential buildings which are currently under construction. As this area is expected to develop into a satellite town in the central area of Hankou, it is estimated that the population in this area will continue to increase.

The Company opened a mall in the Panyu District which is located around 20 km south of the center of Guandong City and which has a population around 1.7 million. It is an urban-type shopping mall bringing the latest trends to the area.

Business in China

30 km

32 km

AEON MALLGuangzhou Jinshazhou

(tentative name) (Scheduled to be opened)

AEON MALL Guangzhou Panyu Square

AEON MALLFoshan Dali

(Scheduled to be opened)

7 km

AEON MALL Guangzhou Panyu Square AEON MALL Guangzhou Jinshazhou(tentative name)AEON MALL Foshan Dali

29

<Planned mall opening in Cambodia>

Vietnam<Hanoi>- AEON MALL Long Bien

<Ho Chi Minh>- AEON MALL Tan Phu Celadon- AEON MALL Binh Duong Canary- AEON MALL Binh Tan

Cambodia- AEON MALL Phnompenh- AEON MALL Cambodia No. 2

Indonesia- AEON MALL BSD CITY- AEON MALL Jakarta Garden City- AEON MALL Sentul City- AEON MALL Delta Mas

* Malls written in red are scheduled to be opened

Trends in the number of malls opened in the ASEAN region

Cambodia


AEON MALL Phnompenh June 30, 2014 68,000 m2 66,000 m2 2,200 cars1,600 motorbikes 190 stores

AEON MALL Cambodia NO. 2 Summer 2018 About100,000 m2

About70,500 m2

About 2,500 carsAbout 2,000 motorbikes

As yet undisclosed

AEON MALL Phnompenh

Number of visitors in the first year since

opening breaks above 15 million.

Added a multistory parking garage with capacity of 800 cars.

AEON MALL Cambodia NO. 2

The planned site is located approximately 10km north of the central area of Phnom Penh and residential development is underway in the surrounding area. It is a very convenient place to reach from both the downtown of Phnom Penh and the surrounding areas.

AEON MALL Phnompenh

AEON MALL Cambodia NO. 2

30

Business in the ASEAN Region

1 2 2 11

3

56

0

2

4

6

8

10

12

2013 2014 2015 2016 2017 2018

出店数（年度毎）モール数（累計）

(Plan)

No. of malls opened (in each FY)

No. of malls (total)

We will accelerate store openings with a focus on Vietnam, Cambodia and Indonesia from FY2017.

Vietnam

AEON MALL Binh Tan (Binh Tan District, Ho Chi Minh City)

AEON MALL Long Bien(Long Bien District, Hanoi City)

AEON MALL Tan Phu Celadon

AEON MALL Binh Tan

AEON MALL Binh Duong Canary

AEON MALLLong Bien


AEON MALL Tan Phu Celadon January 11, 2014 35,120 m2 50,000 m2 500 cars

4,000 motorbikes 120 stores

AEON MALL Binh Duong Canary November 1, 2014 62,000 m2 46,000 m2 1,000 cars


AEON MALL Binh Tan Summer 2016 About 46,800 m2 About 59,000 m2 About 1,500 cars

About 4,000 motorbikesAbout 160

stores

Opening October 28, 2015

Site area 96,000 m2

Total leasing area 72,000 m2

Parking 1,000 cars10,000 motorbikes

Specialty stores 180 stores

< Ho Chi Minh Area >

< Hanoi Area >

The planned site is located in the Binh Tan district, approximately 10km southwest from central Ho Chi Minh, within the International Hi-Tech Healthcare Park developed by Hoa Lam-Shangri-La. The district’s transportation environment will also be well-developed,which can facilitate the drawing of customers from a wide area.


31

Indonesia


AEON MALLBSD CITY May 30, 2015 100,000 m2 77,000 m2 2,100 cars


AEON MALL Jakarta Garden City FY2017 About 85,000 m2 About 60,000 m2 As yet undisclosed As yet

undisclosed

AEON MALL Sentul City FY2018 About 78,000 m2 About 71,000 m2 3,000 cars 250 stores

AEON MALL Delta Mas FY2018 About 200,000 m2 As yet undisclosed As yet undisclosed As yet

undisclosed

AEON MALL Jakarta Garden City

AEON MALL Sentul CityAEON MALL BSD CITY

25 km

AEON MALL BSD CITY

AEON MALL Jakarta Garden City

AEON MALL Sentul City

AEON MALL Delta Mas


Central part of the city

32

Amount YoY

Operating revenue ¥280.0 billion 121.9%

Operating income ¥46.5 billion 106.0%

Ordinary income ¥45.0 billion 106.1%

Net income ¥27.0 billion 109.6%

Net income per share ¥119.94 -

Capital expenditure ¥150.0 billion

Depreciation ¥40.0 billion

Estimated Performance in FY2016 (Ending February 2017)

Performance Plan (Consolidated)

The information and forward-looking statements, including the earnings forecast, contained in this material are based on information presently available to the company and certain assumptions judged to be reasonable, and the company can give no assurance that its expectations will be achieved. Actual results may differ materially from these projections due to a range of factors.

33

Fiscal yearDividend per share

Payout ratioMid-term Year-end Full year

2014 ¥11.00 ¥11.00 ¥22.00 20.4%

2015 ¥11.00 ¥11.00 ¥22.00 20.3%

2016 ¥13.50 ¥13.50 ¥27.00 22.7%

The information and forward-looking statements discussed in this material, including results forecasts, are based on information currently available to the Company as well as certain assumptions that the Company considers to be reasonable. They are not prepared in order to give any assurance that the Company will achieve these expectations. Actual results may differ materially from such expectations due to various factors.

Profit sharing

<Basic policy>

- We consider that it is important to continue to pay dividends to shareholders in a stable manner.

- We spend retained earnings to invest in growth businesses that will bolster our operational bases, new businesses and efforts to

strengthen our management structure.

- We maintain a dividend payout ratio of 20% or more.

We plan to pay a dividend of ¥27, an increase of ¥5 per share, in FY2016.

34

Performance Plan (Consolidated)

Consolidated Financial Results FY2015 · （東証1部：8905） April 13, 2016 AEON Mall Co., Ltd....

Documents

Transcript of Consolidated Financial Results FY2015 · （東証1部：8905） April 13, 2016 AEON Mall Co., Ltd....