Financial Results Overview
FY2022 Results
For the fiscal year ended February 28, 2023 (March 1, 2022 - February 28, 2023), AEON CO., LTD. posted increased revenue and profit compared to the previous fiscal year, with record-high consolidated operating revenue of 9,116,823 million yen (up 4.6% YoY). Operating profit was 209,783 million yen (up 20.3% YoY), ordinary profit was 203,665 million yen (up 21.9% YoY).
Profit attributable to owners of the parent increased significantly due to the increase in profit lines up to the ordinary profit, as well as the gain on sales of shares of subsidiaries and affiliates and non-current assets to 21,381 million yen (up 228.7% YoY).
- Operating Results(new window.)
- Consolidated Statement of Income and Comprehensive Income(new window.)
By business segment, the Shopping Center Development Business, Services and Specialty Store Business, and International Business which all had to temporarily suspend business at many locations in the two previous fiscal years in Japan and overseas in response to the COVID-19 pandemic, and the Health and Wellness Business which pursued M&A and increased the number of stores dispensing prescription drugs, each posted increased revenue and profit. The GMS (General Merchandising Store) Business returned to the black with a significant profitability improvement due to a number of initiatives, including expanding and enhancing the online supermarket business and the private brand TOPVALU, and improving the gross profit margin by utilizing AI tools and reducing inventories. The Supermarket Business posted increased revenue following the conversion of FUJI CO., LTD. and its consolidated subsidiaries into consolidated subsidiaries of AEON. The Discount Store Business posted increased profit as a result of the management integrations implemented in the previous fiscal year. Meanwhile, the Financial Services Business posted decreased revenue and profit due to slowed receivable balance growth and rising interest rates.
Consolidated assets as of February 28, 2023 were 12,341,523 million yen, an increase of 708,439 million yen, or 6.1%, from the end of the previous fiscal year (February 28, 2022). The increase is mainly attributable to increases of 137,461 million yen in cash and deposits, 222,689 million yen in notes and accounts receivable-trade, 41,571 million yen in inventories, 73,916 million yen in operating loans receivable, 55,505 million yen in loans and bills discounted for banking business, and 170,555 million yen in property, plant and equipment, which offset a 104,423 million yen decline in securities, among other factors.
Consolidated liabilities as of February 28, 2023, were 10,371,290 million yen, an increase of 550,630 million yen, or 5.6%, from February 28, 2022. The increase is mainly attributable to increases of 64,430 million yen in notes and accounts payable-trade, 218,758 million yen in deposits for banking business, 80,059 million yen in short-term loans payable, and 190,804 million yen in long-term loans payable (including the current portion of long-term loans payable), which offset a decline of 69,828 million yen in commercial papers, among other factors.
Consolidated net assets as of February 28, 2023 were 1,970,232 million yen, an increase of 157,809 million yen, or 8.7%, from February 28, 2022.
The balance of cash and cash equivalents as of February 28, 2023 was 1,214,462 million yen, an increase of 123,538 million yen, or 11.3%, from February 28, 2022.
Net cash provided by operating activities was 433,710 million yen, an increase in cash provided of 229,257 million yen, or 112.1% year-on-year. The increase in cash provided is mainly attributable to a 157,585 million yen increase in notes and accounts payable-trade, and an 89,670 million yen increase in other assets/liabilities, which offset a decrease in cash provided due to a 143,919 million yen increase in notes and accounts receivable-trade.
Net cash used in investing activities was 335,123 million yen, a decrease in net cash used of 8,730 million yen, or 2.5% year-on-year. This decrease in cash used mainly reflects a 128,983 million yen increase in proceeds from sales and redemption of securities in banking business, which was offset by a 99,171 million yen increase in acquisition of securities in banking business, and an 18,326 million yen increase in purchase of non-current assets.
Net cash provided by financing activities was 1,853 million yen, an increase in cash provided of 4,060 million yen year-on-year. The increase in cash provided is mainly due to an increase of 209,043 million yen in proceeds from long-term loans payable, which offset a decrease in cash provided due to an increase of 65,645 million yen in repayments of long-term loans payable, and a decrease of 58,014 million yen in short-term bank loans and commercial papers.
FY2023 Forecast
FY2023 (Forecast) |
FY2022 (Results) |
|
---|---|---|
Operating Revenue (Million yen) |
9,400,000 | 9,116,823 |
Operating Profit (Million yen) |
220,000 | 209,783 |
Ordinary Profit (Million yen) |
210,000 | 203,665 |
Profit Attributable to Owners of the Parent (Million yen) |
25,000 | 21,381 |
Dividend per share(yen) |
18 at Q2 end 18 at Q4 end 36 for full year |
18 at Q2 end 18 at Q4 end 36 for full year |
For operating results in the fiscal year ending February 29, 2024, AEON will work to improve profitability by soundly executing the five growth strategies set forth in the AEON Group Medium-term Management Plan (FY2021 – FY2025) (accelerate and evolve the shift to digital, create unique value with a supply chain-focused outlook, evolve health and wellness in response to the new era, create the “AEON Living Zone”, and further accelerate the shift to Asian markets), and is aiming to achieve record-high operating revenue and operating profit equaling or exceeding the results for the fiscal year ended February 29, 2020, prior to the COVID-19 pandemic. Although forecasts by segment will not be disclosed, AEON is targeting profit growth in all segments.