February 10, 2022

Summary of Consolidated Financial Statements for FY2022-3Q(the Fiscal Year Ending March 31, 2022)＜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
February 14, 2022
Report (Planned):
Supplementary documents on quarterly financial results: Yes ( FACT BOOK )Quarterly investors meeting: Yes ( for institutional investors and analysts, in Japanese )*Figures are rounded down to the nearest million.
1. Consolidated Results for FY2022-3Q (April 1, 2021 – December 31, 2021)* 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

3Q FY2022
904,570
3Q FY2021
777,883
Note: Comprehensive Income:
3Q FY2022%

Millions of yen%

Millions of yen%

Millions of yen

%

16.3
(6.0)

172,340
139,477

23.6
(6.7)

150,760
139,465

8.1
3.9

87,142
88,782(1.8)
2.5¥142,525 million (44.9%)

3Q FY2021¥98,347 million (22.1%)

EPS

Diluted EPSYenYen
3Q FY2022
65.28
65.28
3Q FY2021
66.33
66.32
* The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the first quarterof the current consolidated fiscal year. Figures for the third quarter of the fiscal year ending March 31, 2022 are stated after the application of the said accounting
standard, etc.
(2)Consolidated Financial Position
Total Assets

Net Assets

Millions of yen

Total Equity to Total Assets

Millions of yen%

Dec. 31, 2021
6,370,776
2,126,523
29.9
Mar. 31, 2021
6,072,519
2,061,447
30.5(Reference) Total Equity
Dec. 31, 2021
¥1,907,235 million
Mar. 31, 2021
¥1,851,899 million* The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since the beginning of the first quarterof the current consolidated fiscal year. Figures for the third quarter of the fiscal year ending March 31, 2022 are stated after the application of the said accounting
standard, etc.

2. Dividends(Date of Record)

1Q

2Q

Yen
—
—

3Q

Yen
12.00
16.00

FY2021
FY2022
FY2022 (Planned)
Note: Revisions to dividend forecast of the fiscal year ending March 31, 2021: Yes-1-

Annual

4Q

Yen
—
―

Yen
19.00

Yen
31.00

20.00

36.00

3. Forecast of Consolidated Financial Results for FY2022 (April 1, 2021 — March 31, 2022)* 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
1,361,000
12.7
280,000
24.8
254,000
20.4
155,000
14.3
116.32
Note: Revisions to forecast of consolidated financial results for FY2021 during this quarter: Yes
The Company resolved to repurchase its own shares at the board of directors meeting held on April 8, 2021. The impact of repurchase of own shares is taken
into account in regards to EPS in the forecast of consolidated financial results for FY2022.
The EPS is calculated using the number of shares after the Company issued the restricted shares (150,390 shares) on May 21, 2021.

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: No

4)

Retrospective restatement: No(4) Number of Outstanding Shares (Common Stock)1)

Number of outstanding shares at the fiscal period-end (including treasury stock)2)

Number of shares of treasury stock at the fiscal period-end

3)

Average number of shares for the period (quarterly consolidated cumulative basis)

Dec. 31, 2021
Dec. 31, 2021
Dec. 31, 2021

1,391,478,706 shares
62,942,433 shares
1,334,857,968 sharesMar. 31, 2021

1,391,328,316 sharesMar. 31, 2021

52,733,879 sharesDec. 31, 2020

1,338,587,908 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.

-2-(1) Quarterly Consolidated Balance Sheets(Millions of yen)
As of March 31, 2021
AssetsCurrent assets
Cash and deposits
Trade notes and accounts receivable
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 December 31, 2021

170,040
52,031

243,036－－

43,682

4,626
88,116
267,563
975

5,926
54,504
302,534
724

7,144

6,935

1,034
496,182
76,875△553
1,164,037

1,732
569,290
94,541△533
1,322,377

2,815,474

2,888,028△1,636,709△1,670,979

1,178,764
103,387

1,217,048
99,207△72,927△67,525

30,46031,682

2,237,934
578,446
136,273
57,2212,286,800
591,785
132,306
60,212△39,207△41,343

18,013

18,8694,179,893

4,278,491

76,19324,901
101,095

85,51924,728110,247

281,996
11,661
136,478
34,37016,536
146,455△6
627,493
4,908,481
6,072,519

280,812
11,607142,286
35,861
23,597
166,069△577
659,659
5,048,398
6,370,776

(Millions of yen)
As of March 31, 2021
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 December 31, 2021

60,507
141,785

38,815174,079

127,643

106,471

50,00065,00024,457
193,043
662,437

64,000100,000
7,590
216,384
707,341

745,759
1,393,858

736,180
1,564,389

466,891

457,219

243,818

255,979

264,082

264,082

27,123

27,636

662

483

4,537
83,604
118,294
3,348,634
4,011,071

4,482
85,199141,256
3,536,910
4,244,252

142,279
164,367
1,058,457△105,216
1,259,887

142,414
159,5211,097,355△122,511
1,276,778

118,088

118,070△1,916526,417△1,282526,417△53,740△14,865

3,163

2,117

592,011

630,456231
209,316
2,061,447
6,072,519

231
219,056
2,126,523
6,370,776

(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements ofComprehensive Income(Quarterly Consolidated Statements of Income)(Millions of yen)
Nine months ended
December 31, 2020

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
Impairment losses
Loss on liquidation of subsidiaries
Loss on infectious disease
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-

Nine months ended
December 31, 2021

777,883
573,250
204,632

904,570
664,140
240,429

65,15468,088

139,477

172,340669
15,702

555
6,495

274

354

－
7,134
23,782

1,455
4,055
12,917

16,444
4,586
2,762
23,794
139,465

15,487
10,063
8,945
34,496
150,760

13,576
2,034

－
7,756

－

1,853

15,6109,609－

14,060

2,283

－

2,646
13,856
5,698
24,485130,591
25,616
8,774
34,391
96,199－－－14,060146,30939,254
5,199
44,454
101,855

7,417

14,712

88,78287,142

(Quarterly Consolidated Statements of Comprehensive Income)(Millions of yen)

Nine months ended
December 31, 2020
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-

Nine months ended
December 31, 2021

96,199101,855

22,427△17△123△20,081493
41,39297△1,032

△173

△165

2,147
98,34740,670142,525

91,896

125,588

6,450

16,936

(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)
Nine months ended
December 31, 2020
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
Loss (gain) on liquidation of subsidiaries
Impairment losses
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 trade receivables
Decrease (increase) in trade receivables
and contract assets
Decrease (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 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-7-

Nine months ended
December 31, 2021

130,591
66,372

146,309
67,933△10,974

16,722△2,0342,283△7,756－－△1,853

13,856
2,646
272
2,082

－
－
282
1,901

－

△1,455

△274

△354

162

213

△1,725△2,372△16,372
16,4394,342△7,051
15,487－－

7,068

23,63071,40913,574△15,858

△489

2,900

△7,925△5,793△30,300△17,211△9,691

5,759

3,397

△9,554△44,340
155,523
16,107△16,443△57,138△28,074
238,653
6,759△15,309△55,254

98,049174,848

656

2

△11

△407

2,292

833

△2,620△887

29,7887

Purchase of property, plant andequipment
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△227,341△217,310

12,813

8,398△15,731△3,942△6,802
△523

4,502

50

△250

△3,960

44

285

△587

△66

－

1,883

－

1,455

△7,182△6,368△207,570△223,410(Millions of yen)
Nine months ended
December 31, 2020
Cash flows from financing activities
Net increase (decrease) in short-termborrowings
Net increase (decrease) in commercial
papersRepayments of finance lease obligations
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
periodCash and cash equivalents at end of period-8-

Nine months ended
December 31, 2021

41,01523,973150,000

14,000△249
206,334△105,838
64,727△36,550△228
222,190△87,699
69,717△45,000△65△7,958△18△19,858△39,432△46,815△8,622△8,791

2,237

4,547

90

27

273,629

118,105△3,168

4,025

160,939

73,568213,008

172,307373,948245,875