Investor Presentaiton
Currency Hedging Policy for Investment Capital
(Overseas SPC Shares) and Dividends
Currency hedging for investment capital (when acquiring the
Overseas SPC shares) (illustrative drawing)
/EON
イオンリート
Announcement of acquisition
price denominated in yen and
Malaysian ringgit
Conclusion of purchase
agreement on shares
issued by overseas real
estate holding
corporation
Day A
Payment based on capital
increase underwriting
agreement
Day B
Acquisition of shares issued by
overseas real estate holding
corporation
EON
イオンリート
Currency hedging for dividends received from the
Overseas SPC (illustrative drawing)
End of Xth fiscal period
Overseas
SPC
Conduct
audits of the
Overseas SPC
for the Xth
fiscal period
Fixing of
dividends
for the Xth
fiscal period
End of the fiscal period
following the Xth fiscal
period
Payment
of
dividends
for the Xth
fiscal
period
Receipt of rental income for the
Xth fiscal period as dividends
denominated in yen
Overseas
SPC
Currency hedging period
/EON
Currency hedging
period
Property acquisition
Currency hedging policy for investment capital (when
acquiring the Overseas SPC shares)
Plan to hedge the investment capital (the Overseas SPC
shares) by concluding an exchange contract upon acquiring
the shares.
✓
Conduct currency hedging for acquiring the shares at the exchange rate of the date
when the acquisition is announced, so that there will be no difference between the yen-
denominated acquisition price announced upon acquisition and the actual yen-
denominated acquisition price
When the acquisition is conducted in the fiscal period following the fiscal period in which
the announcement is made, currency hedging shall be arranged by the end of the fiscal
period in which the announcement is made, not extended into the following fiscal
period, as a rule.
⚫ For the investment capital (the Overseas SPC shares), fix the
acquisition price at the exchange rate of the day when the
agreement is concluded
Because the Overseas SPC shares that AEON REIT acquires are recognized as
subsidiary shares, revaluation due to exchange rates after fixing the acquisition price
shall not be conducted
イオンリート
Receipt of
dividends from
the Overseas!
SPC for the Xth
fiscal period
Currency hedging policy for dividends received from
the Overseas SPC
For dividends received from the Overseas SPC, plan to
conduct hedging by concluding an exchange contract as of
the end of the fiscal period in order to fix the dividend
amount denominated in yen
✓ For share dividends paid by the Overseas SPC, conduct hedging by concluding an
exchange contract for the period from the finalization of the dividend amount
denominated in ringgit by the Overseas SPC to the receipt of the dividends by AEON
REIT
Exchange rate assumed for budgeting
Assume conservative exchange rates at the time of drawing up budgets in
consideration of exchange rate trends
✓
The exchange rate assumed for forecasts for the 10th period (ending January 31,
2018) and the 11th period (ending July 31, 2018) is ¥24.0 (on July 31, 2017:
¥25.837).
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