November 10, 2022

Summary of Consolidated Financial Statements for FY2023-2Q(the Fiscal Year Ending March 31, 2023)＜under Japanese GAAP＞

Company Name:

Mitsubishi Estate Co., Ltd.

Listed Stock Exchanges: Tokyo

Securities Code:
Representative:

8802
Junichi Yoshida, President & CEO
Motohiro Sato, General Manager of the
Corporate Communications Department

URL: https://www.mec.co.jp/index_e.html

Inquiries:

TEL: +81-3-3287-5200

Filing of Quarterly
November 14, 2022
Report (Planned):
Supplementary documents on quarterly financial results: Yes ( FACT BOOK )Quarterly investors meeting: Yes ( for institutional investors and analysts, in Japanese )Date for Payment of Dividends (Planned): December 6, 2022

*Figures are rounded down to the nearest million.
1. Consolidated Results for FY2023-2Q (April 1, 2022 – September 30, 2022)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from thecorresponding period of the previous fiscal year.
(1) Consolidated Results
Profit Attributable
Operating Revenue
Operating Profit
Ordinary Profit
to Owners of Parent
Millions of yen

2Q FY2023
594,565
2Q FY2022
579,023
Note: Comprehensive Income:2Q FY2023%

Millions of yen%

Millions of yen%

Millions of yen

%

2.7
9.8

142,078
111,658

27.2
13.9

130,534
94,63137.9
3.3

76,34255,28738.1
8.5¥199,582 million (78.9%)

EPS

Yen
57.71
41.35

Consolidated Financial Position
Total Assets

Net Assets

Millions of yen

Sep. 30, 2022
Mar. 31, 2022
(Reference) Total Equity

2. Dividends(Date of Record)¥111,543 million (135.6%)

Diluted EPS
Yen
57.71
41.36

2Q FY2023
2Q FY2022(2)

2Q FY2022

6,903,947
6,493,917
Sep. 30, 2022

1Q

Total Equity to Total Assets

Millions of yen¥2,151,056 million

2Q

Yen
—
—

%

2,402,869
2,236,432
Mar. 31, 2022

3Q

Yen
16.00
19.00

FY2022
FY2023
FY2023 (Planned)
Note: Revisions to dividend forecast of the fiscal year ending March 31, 2023: No

31.2
30.8
¥2,003,225 million

Annual

4Q

Yen
—

Yen
20.00

Yen
36.00

—

19.00

38.00

3. Forecast of Consolidated Financial Results for FY2023 (April 1, 2022 — March 31, 2023)* Percent figures for operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent express the percentage changes from theprevious fiscal year.
Profit Attributable
EPS
Operating Revenue
Operating Profit
Ordinary Profit
to Owners of Parent
Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

Full Fiscal Year
1,416,000
4.9
291,000
4.3
271,000
6.8
165,000
6.3
124.75
Note: Revisions to forecast of consolidated financial results for FY2023 during this quarter: No
Note: The Company resolved to repurchase its own shares at the board of directors meeting held on November 10, 2022. However, the impact of repurchaseof own shares is not taken into account in regards to“EPS”in the forecast of consolidated financial results for FY2023.

-1-

4. Others(1) Changes in Important Subsidiaries during the Period (Changes in Specified Subsidiaries in accordance with Changes in the Scope of Consolidation): No(2) Adoption of the Simplified Accounting Method and Special Accounting Practices in the Preparation of Quarterly Consolidated Financial Statements: No(3) Changes in Accounting Principles, Procedures, Presentation Methods, etc., Concerning the Preparation of Consolidated Financial Statements (Recorded under“Changes in Significant Matters in the Preparation of Consolidated Financial Statements”)
1) Changes of accompanying revisions in accounting standards: Yes
2) Changes of accompanying revisions other than 1. above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Number of Outstanding Shares (Common Stock)1) Number of outstanding shares at the fiscal period-end (including treasury stock)
Sep. 30, 2022
2)

Sep. 30, 2022
3)

1,391,478,706 sharesMar. 31, 2022

1,391,478,706 sharesMar. 31, 2022

68,852,376 shares

Number of shares of treasury stock at the fiscal period-end
68,563,301 shares

Average number of shares for the period (quarterly consolidated cumulative basis)
Sep. 30, 2022

1,322,765,652 sharesSep. 30, 2021

1,336,838,869 shares

Implementation status of review processes
This Summary of Consolidated Financial Results is not subject to the review processes under the Financial Products and Exchange Law.
Cautionary Statement with respect to Forecast of Consolidated Financial Results
The forecasts and projected operating results contained in this report are based on information and data available to the Company at the time of disclosure as well as
certain assumptions deemed rational. Therefore, actual performance may differ significantly from such forecasts due to various factors.
Details can be found on our website. (https://www.mec.co.jp/e/investor/irlibrary/materials/index.html)
Please refer to FACT BOOK for the details of revisions to the forecast of consolidated financial results announced today.
5. Notes to Quarterly Consolidated Financial Statements(Significant Subsequent Events)(The Repurchase of Own Shares)
The Company resolved to repurchase its own shares under Article 156 which is applicable in accordance with Article 165, Paragraph 3 of the Companies Act, at theboard of directors meeting held on November 10, 2022.
(1) Reasons for the repurchase of own shares
To improve capital efficiency and return to shareholders as part of the capital policy in the long-term management plan
(2) Details of Matters Concerning Repurchase1) Class of shares to be repurchased
Common shares2) Total number of shares to be repurchased
70,000,000 shares (Maximum) (5.29 % of outstanding shares (excluding treasury stock))3) Total amount of repurchase price
100 billion yen (Maximum)
4) Period of repurchase
From November 11, 2022 to November 10, 2023
5) Method of repurchase
Open market purchase on the Tokyo Stock Exchange※The repurchase will not be implemented from April 20, 2023 to May 19, 2023 and from July 12, 2023 to August 4, 2023 within the period of repurchase, as theCompany may consider granting restricted stock compensation (fixed and variable portions) under the remuneration system for corporate executive officers.
(The Cancellation of Treasury Stocks)
The Company announces that, pursuant to the delegation of authority approved by resolutions of the Board of Directors of the Company, the President and Chief
Executive Officer of the Company decided to cancel the treasury shares in accordance with Article 178 of the Companies Act on November 10, 2022.
(1) Details of Matters Concerning Cancellation
1) Class of shares to be cancelled
Common shares of the Company
2) Total number of shares to be cancelled
67,190,400 shares (4.83 % of the total number of issued shares before cancellation)3) Scheduled date of the cancellation
November 30, 2022-2-

(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Trade notes accounts receivable, andcontract assets
Securities
Real estate for sale
Real estate for sale in process
Real estate for development
Costs on construction contracts inprogress
Other inventories
Equity investments
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation andimpairment
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation andimpairment
Machinery,equipment
andvehicles, net
LandLand in trust
Construction in progress
Other
Accumulated depreciation andimpairment
Other, net
Total
property,plant
andequipment
Intangible assets
Leasehold interests in land
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Leasehold and guarantee deposits
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-3-

As of September 30, 2022

233,117

275,478

60,64549,063

4,280
41,239299,532
724

4,979
44,214
456,715
719

4,316

6,399

1,575
624,521
87,260(422)
1,356,789

1,679
705,455
84,204(480)
1,628,428

2,919,944

2,982,829(1,689,430)(1,740,218)

1,230,513
99,855

1,242,611
100,890(68,647)(71,023)

31,20829,8662,310,551
585,470
169,700
61,3982,372,832
582,514221,324
63,387(42,852)(44,692)

18,545

18,695

4,345,989

4,467,844

82,541
25,550108,092

82,86325,312
108,175

299,6172,324
140,230
45,99825,887
169,535(548)
683,045
5,137,127
6,493,917

287,316
2,534
138,450
49,47526,600195,690(568)
699,498
5,275,518
6,903,947

(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Trade notes and accounts payable
Short-term borrowings
Current
portionof
long-term
borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Leasehold and guarantee deposits
received
Deferred tax liabilities
Deferred tax liabilities for land
revaluation
Retirement benefit liability
Provision for retirement benefits for
directors (and other officers)
Provision for environmental measures
Negative goodwill
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated
othercomprehensive
incomeValuationdifferenceonavailable-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreigncurrencytranslation
adjustment
Remeasurements of defined benefit
plans
Total
accumulated
othercomprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-4-

As of September 30, 2022

60,516
182,052

44,662
166,940

79,928234,663－
90,00029,445
189,099
631,043

200,000
40,00021,356
216,740
924,362786,335
1,598,562

827,418
1,516,073

451,749445,393274,176

276,130

264,082

264,082

27,402

28,124

464

466

888
85,526137,252
3,626,441
4,257,484

885
86,332
131,8073,576,714
4,501,077

142,414
159,749
1,165,344(132,483)
1,335,024

142,414
159,714
1,213,142(131,927)
1,383,344

130,841

127,613103
526,4172,420
526,4172,162

104,163

8,675

7,097

668,200

767,712201
233,005
2,236,432
6,493,917

193
251,620
2,402,869
6,903,947

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income(Quarterly Consolidated Statements of Income)(Millions of yen)Six months ended
September 30, 2021
Operating revenue
Operating costs
Operating gross profit
Selling,
generalandadministrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted forusing equity method
Contribution for construction
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Gain on sale of investment securities
Gain on sale of shares of subsidiaries andassociates
Total extraordinary income
Extraordinary losses
Loss related to retirement of non-current
assetsLoss on valuation of investment
securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controllinginterests
Profit attributable to owners of parent-5-

Six months ended
September 30, 2022

579,023
422,963
156,059594,565404,952
189,61244,40147,533

111,658

142,078

355
3,702

294
4,113

277

289

1,280
2,168
7,784

－
3,065
7,762

10,281
7,920
6,609
24,811
94,631

11,2982,366
5,642
19,307130,534

－
6,208

6,269
－

1,878

－

8,087

6,269

11,56910,796－

2,821

11,56991,14927,926611
28,53862,611

13,617
123,186
31,550(22)
31,52891,657

7,323

15,31455,28776,342

(Quarterly Consolidated Statements of Comprehensive Income)(Millions of yen)Six months ended
September 30, 2021
ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit
plans, net of tax
Share of other comprehensive income ofentities accounted for using equity
methodTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests-6-

Six months ended
September 30, 2022

62,611

91,657

7,838(3,229)329
40,6991,101
109,301(753)(1,564)

819

2,316

48,932
111,543

107,925
199,582

102,418

175,854

9,124

23,727

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)Six months ended
September 30, 2021
Cash flows from operating activities
Profit before income taxes
Depreciation
Loss (gain) on sale and retirement ofproperty, plant and equipment
Loss (gain) on sale of securities
Loss (gain) on valuation of securities
Loss (gain) on sale of shares ofsubsidiaries and associates
Bond issuance costs
Amortization of goodwill
Proceeds
fromcontribution
forconstruction
Share of loss (profit) of entities accounted
for using equity method
Increase (decrease) in provisions
Increase (decrease) in retirement benefit
liability
Interest and dividend income
Interest expenses
Decrease (increase) in notes andaccounts receivable - trade and contract
assetsDecrease (increase) in inventories
Decrease(increase)inequityinvestments
Decrease (increase) in advance payments
to suppliers
Decrease (increase) in leasehold andguarantee deposits
Increase (decrease) in trade payables
Increase(decrease)inaccruedconsumption taxes
Increase (decrease) in leasehold andguarantee deposits received
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Proceeds from withdrawal of time
deposits
Payments into time deposits
Proceeds from sale and redemption of
securities
Purchase of securities
Proceeds from sale of property, plant andequipment
Purchase of property, plant andequipment-7-

Six months ended
September 30, 2022

91,14944,965

123,186
46,084

15,138363(6,208)－－2,821(1,878)

－

281
1,260

253
1,489

(1,280)

－

(277)

(289)

280

63

(1,817)(4,859)(4,058)
10,281(4,407)
11,29810,502

12,91631,924(133,010)(7,649)24,9282,619(1,418)(5,568)

1,790(26,620)(14,815)

4,020

532

(7,240)(6,356)(49,415)
100,408
3,917(10,234)(32,156)(7,428)53,142
4,996(10,857)(35,288)

61,935

11,993

2

67

(1)

(1)

431

1,370

(505)

(1,246)5

7,561(170,379)(146,612)

Proceeds from sale and redemption of
investment securities
Purchase of investment securities
Purchase of leasehold interests in land
Proceeds from collection of short-termloans receivable
Short-term loan advances
Proceeds from collection of long-termloans receivable
Long-term loan advances
Proceeds from sale of shares ofsubsidiaries resulting in change in scopeof consolidation
Proceeds from contribution received forconstruction
Other, net
Net cash provided by (used in) investing
activities

6,119

845

(5,398)(523)(1,808)－50－(3,960)

(282)

282

7

－

(180)

1,883

－

1,280

－

(3,751)(4,595)(174,465)(144,875)(Millions of yen)Six months ended
September 30, 2021
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Net increase (decrease) in commercial
papersRepayments of finance lease liabilities
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of shares of subsidiaries not
resulting in change in scope of
consolidation
Net decrease (increase) in treasury
sharesDividends paid
Dividends paid to non-controllinginterests
Proceeds from share issuance tonon-controlling shareholders
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
periodIncrease in cash and cash equivalents
resulting from inclusion of subsidiaries in
consolidation
Cash and cash equivalents at end of period-8-

Six months ended
September 30, 2022

45,628(36,369)

63,000200,000(149)
140,583(74,646)
69,718(35,000)(151)
82,380(37,308)
59,746(70,000)(7,920)－(11,154)(9)(25,224)(26,445)(5,945)(8,959)

552

1,995

(6)

(182)

159,435

164,697

4,872

10,326

51,77742,141

172,307234,244－740

224,084

277,126