Financial Results for the Fiscal Year Ending
March 31, 2022
April 28th, 2022

JALUX Inc（TSE #2729）

IndexConsolidated Financial Summary… 4

Performance per Operational Segment… 10

Accounting Standard for Revenue Recognition
When control of a promised good or service is transferred to the customer,
revenue will be recognized at the amount expected to be received in exchange
for the good or service.
(ASBJ Statement No. 29; March 31, 2020; hereinafter, “Accounting Standard for
Revenue Recognition”)

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-2-the Fiscal Year Ending March 31, 2022Presentation of Net Value of Revenue
As agent transactions are presented at net value, revenue under“Accounting Standard for Revenue Recognition” lower than net sales
under previous revenue recognition
Previous revenue recognition
Gross value of transactions
generally recorded

Agent transactions

Accounting Standard for Revenue
Recognition
Only commission included inrevenue for agent transactions※Approx. 50–60% lower thannet sales under previous revenue
recognition

Transaction
amountCommission
incomeCommission
incomePrincipaltransactions

Principaltransactions

Previous revenue recognition

New Revenue Recognition

Principal transactions

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the Fiscal Year Ending March 31, 2022

Consolidated Financial Summary

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the Fiscal Year Ending March 31, 2022

1.Consolidated P/L（Summary）（Million yen）
March 2021
Gross sales(under previous revenue recognition)

March 2022

YoY

YoY（%）

80,346

96,345

15,998119.9-45,644--Gross profit

12,51815,327

2,809

122.4

SG&A expenses

15,43316,026592

103.8

Operating profit/loss(△)△2,915△698

2,216-

Non-op. profit/expenses

488384△10378.8

Ordinary profit/loss(△)△2,426△3142,112-

Extraordinary profit/loss(△)△1,184△192991-

Profit/loss(△) attributable to owners of parent△2,366△3701,995-

15.6

16.00.4-----Net sales

Gross profit to net sales ratio

Ordinary profit to net sales ratio• Gross sales：Gradually recovering - Airport shops, Aircraft engine parts business.
Expand sales channels : Food & Bevarage segment.
• SG&A expenses：Increase in : Percentage rent, Sales commission, External service expenses.
• Non-op profit/expenses： Decrease in : subsidies. Loss of equity method investments.
• Extraordinary profit/losses ： COVID-19 related losses : fixed costs of airport shops during temporary closure reported as anextraordinary loss.・
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the Fiscal Year Ending March 31, 2022

2. Breakdown of SG&A expenses（Million yen）
March 2021

March 2022

YoY

YoY（%）

Gross profit

12,51815,327

2,809

122.4

Personnel expenses

6,090

5,935

△154

97.5

Rent expenses

2,051

2,474422

120.6

External service fee

1,452

1,615

162111.2555554△099.8

Packing and transportation expenses

1,456

1,301

△15489.3

Other expenses

3,827

4,145

318

108.3

SG&A expenses

15,43316,026592

103.8

Operating profit△2,915△698

2,216-Depreciation

COVID-19 related losses: fixed costs of airport shops during temporary closure reported as an extraordinary loss (△174),△726 in FY21. SG&A expenses decreased JPY 144 million compared to the previous year.

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-6-the Fiscal Year Ending March 31, 2022

3. Consolidated B/S（Summary）（Million yen）
March 2021

March 2022

YoY

YoY（%）

Current assets

40,78840,586△20199.5

Cash and deposits

8,466

6,730

△1,73679.5

Non-current assets

11,487

11,708220

101.9

Property plant and equipment

4,472

4,723

251

105.6

593

522

△7088.0

6,421

6,462

40

100.6

52,27652,29519

100.0

Current liabilities

23,15920,419△2,73988.2

Non-current liabilities

4,431

7,569

3,138

170.8

Net assets

24,68524,306△379

98.5

52,27652,29519100.0

Intangible assets
Investments and other assets
Total assets

Total liabilities and net assets• <Current assets>(＋) ：Inventory and account receivables (aircraft engine parts business ).
(−)： Cash and cash equivalents (payment for aircraft engine parts manufacturers),
Advance payment Real estates for sale.
• <Non-current assets>(＋)：Newly bought real states for rent and invested securities.
(−)：Stocks for affiliated company.
• <Current liabilities>(＋)：Import consumption tax (aircraft engine parts business). (−)：Repayment of short-term interest-bearing debt
• <Non-current liabilities> (＋)：Long-term debt.
• <Net assets> (−)：Retained earnings because of the loss attributable to owners of parent.
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the Fiscal Year Ending March 31, 2022

4. Financial Position（Million yen）
March 2021

March 2022

YoY

YoY（%）

Total assets

52,27652,29519

100.0

Shareholders’ equity

23,46523,293

△172

99.3

44.9

44.5

△0.3

-

13,904

13,838

△66

99.5

0.59

0.59

0.00

-

Shareholders’ equity ratio (%)

Interest bearing debt

Debt/Equity ratio (times)

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-8-the Fiscal Year Ending March 31, 2022

5. Consolidated Cash Flow（Summary）（Million yen）
March 2021

March 2022

YoY

Net Cash from Operating Activities

3,825

△972

△4,798Net Cash from Investing Activities

△592

△673

△81

Net Cash from financing Activities△917△169747

Free Cash Flow

3,223

△1,646△4,879C/F from Operating Activities： (-) Expanding aircraft engine parts business increased inventory and accounts receivable
C/F from Investing Activities ：(-) Purchase of assets, such as real estate for rent and system investments
C/F from Financing Activities: ：(+) Borrowing long-term debt(-) Repayment of short-term debt

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the Fiscal Year Ending March 31, 2022

Performance per Operational Segment

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the Fiscal Year Ending March 31, 2022

6. Aviation & Airport（Million yen）
March 2021

March 2022

YoY

YoY（%）

28,64039,95911,319

139.5

-

3,005

--

Operating profit/loss(△)

205

1,204

999

587.3

Ordinary profit/loss(△)△618330949-

Gross sales
Net sales※1 Net sales and Operating profit including inter-segment transaction※2 Operating profit before allocating common expense
Remark39,959

Ø Aircraft engine parts business

28,640

Maintenance:

Recovered because of increasing demand of shortdistance flights and international air cargo.
Manufacturing: Sluggish because of decreasing demand of longdistance (international) passenger flights.

Ø Overseas airport operation businessTravel restrictions remained.
Ø Aircrafts parts business330

Had a major impact of the rebound from write down of aircraft
engine parts in previous period.

△618
March 2021

March 2022

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-11-the Fiscal Year Ending March 31, 2022

7. Life Service（Million yen）
March 2021

March 2022

YoYYoY（%）

13,97913,270△708

94.9-9,727--Operating profit/loss(△)

1,307

1,141

△16587.2

Ordinary profit/loss(△)

902

778

△12486.2

Gross sales
Net sales※1 Net sales and Operating profit including inter-segment transaction※2 Operating profit before allocating common expense
Remark13,979902

Ø Real estate

13,270Day-care services for seniors went well thanks to the mitigation ofinfection risk.
Sub lease, rent, brokerage revenue decreased because of the weakreal-estate market conditions.

778

Ø Insurance

Insurance sales for individuals and BPO business remained steady.

Ø Machinery & Materials

March 2021

Paper sales increased thanks to temporary demand before price increase.
Decrease in AQUA PATCH, special vehicles and profit due to reboundfrom the extra dividend income in previous period.

March 2022

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the Fiscal Year Ending March 31, 2022

8. Retail（Million yen）
March 2021

March 2022

YoY

YoY（%）

20,29624,172

3,875

119.1

-

18,152--Operating profit/loss(△)△2,554△1,381

1,173-

Ordinary profit/loss(△)△2,289△1,591698-

Gross sales
Net sales※1 Net sales and Operating profit including inter-segment transaction※2 Operating profit before allocating common expense

20,296

Remark24,172

Ø Airport shops [BLUE SKY]

Increase sales because of recovery of domestic travel demand,decrease deficit by cost reduction effect.

Ø Duty-free shops [JAL DUTYFREE]

Increase sales because the almost shops have reopened since Q2. Decrease
deficit due to cost reduction effect.

Ø Duty-free wholesale
Most clients still closed.

Ø EC sales

EC sales is increased, especially JAL lounge curry and BISTRO de SKY.

△2,289March 2021

Ø Food gifts△1,591

Seasonal gift is steady, Increase the sales of JAL Furusato Nozei.” hometown taxservice”. Increase the cost to strengthen its sales system.

March 2022

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Ø COVID-19 related losses

Fixed costs of airport shops during temporary closure reported as an
extraordinary loss.

-13-the Fiscal Year Ending March 31, 2022

9. Food & Beverage（Million yen）March 2021

March 2022

YoY

YoY（%）

17,857

19,6371,779

110.0-

15,454--

Operating profit/loss(△)△125374499-

Ordinary profit/loss(△)△533△84449-Gross sales
Net sales※1 Net sales and Operating profit including inter-segment transaction※2 Operating profit before allocating common expense

17,857

Remark19,637

Ø Marine products

Wholesale sales increased because of a strong demand for mackerel.
Despite the rise of transportation cost.

Ø Agricultual products

Decrease in profit mainly because of a short supply in imported vegetables due to abad weather, and the rise of transportation costs.

Ø Wines

Wholesale sales for retail stores and EC stores increased, largely because of theChilean wine Errazuliz. Wholesale sales for restaurants also increased because of apartial recovery of eating-out demands.

△ 533

March 2021

Ø Processed foods & Food manufacturering△ 84

Sales increased by expanding sales channels, participating in events in supermarkets,and enjoying the partial recovery of transportation-related retail demands.

March 2022

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-14-the Fiscal Year Ending March 31, 2022

10. Performance trends（Million yen）
Gross sales

Ordinary profit

185,726
141,502
99,83785,937

1,247

1,766

143,217

153,404

112,717
3,937

5,166

4,222

144,688
5,094

4,738

96,34580,3462,684△314△2,426
March 2013 March 2014 March 2015 March 2016 March 2017 March 2018 March 2019 March 2020 March 2021

Futher previous medium-term management plan

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March 2022

Previous medium-term management plan-15-

the Fiscal Year Ending March 31, 2022

Caution Regarding Forward-Looking Statements
This document contains forward-looking statements based on information
available to the company at the time of disclosure and certain assumptions
that management believes to be reasonable. JALUX makes no assurances
as to the actual results and/or other outcomes, which may differ
substantially from those expressed or implied by such forward-looking
statements due to various factors including changes in economic
conditions in key markets, both in Japan and overseas, and foreignexchange rate fluctuation.
https://www.jalux.com/en/profile/www.jalux.com

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-16-the Fiscal Year Ending March 31, 2022