Financial Results for the Third Quarterof the Fiscal Year Ending March 31, 2021
January 29, 2021

JALUX Inc.（TSE #2729）

IndexConsolidated Financial Summary… 3Results by Operational Segment… 8Forecasts for the Fiscal Year Ending March 31, 2021

… 15

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Third Quarter of the Fiscal Year Ending March 31, 2021

Consolidated Financial Summary

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Third Quarter of the Fiscal Year Ending March 31, 2021

1. Consolidated P/L (Summary)（Million yen）
Consolidated P/L (Summary)

Apr.-Dec. 2019

Apr.-Dec. 2020

Net sales

110,951

61,599▲49,352

55.5%

Gross profit

20,202

9,677▲10,525

47.9%

SG&A expenses

16,596

11,619▲4,97670.0%

Operating profit/loss

3,606▲1,942▲5,548－Non-op. profit/loss

681371

▲309

54.5%

Ordinary profit/loss

4,287▲1,570▲5,858－Extraordinary profit/loss▲58▲711▲652－

Profit/Loss attributable to owners of parent

2,781▲1,986▲4,767－Gross profit to net sales ratio

18.2

15.7

▲2.5－－

3.9

Ordinary profit to net sales ratio

YoYYoY（%）<Net Sales> Decrease in: sales of airport shops and duty-free shops, wholesale to duty-free shops, sales of souvenir sweets and lunch boxes,
wholesale of marine products, wholesale of agricultural products and wine, sales of aircraft-engine parts<SG&A expenses> Decrease in: percentage rent, labor cost, sales commission<Non-op. profit/losses> Non-operating income: dividend income, subsidies; Non-operating expense: loss of equity method investments<Extraordinary profit/losses> COVID-19 related losses: fixed costs of airport shops during temporary closure reported as an extraordinary loss
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Third Quarter of the Fiscal Year Ending March 31, 2021

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

Apr.-Dec. 2019

Apr.-Dec. 2020

20,202

9,677▲10,525

47.9%

Personnel expenses

5,896

4,640

▲1,255

78.7%

Rent expenses

3,541

1,508

▲2,03242.6%

External service fee

1,241

1,084

▲15787.4%

480394▲8682.1%

Packing and transportation expenses

1,353

1,121▲23282.8%

Other expenses

4,082

2,870

▲1,212

70.3%

SG&A expenses

16,596

11,619▲4,97670.0%

Operating profit

3,606▲1,942▲5,548－Gross profit

Depreciation

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YoY

YoY（%）

Third Quarter of the Fiscal Year Ending March 31, 2021

3. Consolidated B/S（Summary）（Million yen）
Consolidated B/S (Summary)March 31 2020

Dec. 31 2020

YoY

YoY（%）

Current assets

48,76543,560▲5,204

89.3%

Cash and deposits

6,175

8,123+1,947

131.5%

Non-current assets

12,07911,386▲692

94.3%

Property plant and equipment

5,266

4,878

▲388

92.6%

673646▲2795.9%

6,138

5,862

▲276

95.5%

60,84454,947▲5,896

90.3%

Current liabilities

31,70425,843▲5,86981.5%

Non-current liabilities

1,093

4,261

+3,168389.6%Net assets

28,04624,851▲3,195

88.6%

60,84454,947▲5,896

90.3%

Intangible assets
Investments and other assets
Total assets

Total liabilities and net assets<Assets> Increase: Cash and deposits / Decrease: Account receivables<Liabilities> Increase: Long-term loans for securing liquidity, Issuance of commercial paper
Decrease: Account payables, Short-term loans payable<Net assets> Loss attributable to owners of parent, Dividends payment
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Third Quarter of the Fiscal Year Ending March 31, 2021

4. Financial Position（Million yen）
Financial Position

March 31 2020

Dec. 31 2020

YoY

YoY（%）

Total assets

60,84454,947▲5,896

90.3%

Shareholders’ equity

26,337

23,579▲2,758

89.5%

43.3

42.9

▲0.4

14,32914,322▲70.54

0.61

+0.07

Shareholders’ equity ratio (%)

Interest bearing debt

Debt/Equity ratio (times)

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-7-99.9%

Third Quarter of the Fiscal Year Ending March 31, 2021

Results by Operational Segment

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Third Quarter of the Fiscal Year Ending March 31, 2021

6. Net Sales by Segment（Million yen）

Note: Sales including inter-segment transaction
Net Sales by Segment

Apr.-Dec. 2019

Apr.-Dec. 2020

Aviation & Airport

34,53722,299▲12,23764.6%

Life Service

9,691

10,116+424

104.4%

Retail47,048

16,011▲31,037

34.0%

Food & Beverage

20,87813,492▲7,385

64.6%

Eliminations▲1,203

▲320

Total

110,951

61,599▲49,352

55.5%

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YoY（%）

Third Quarter of the Fiscal Year Ending March 31, 2021

7. Sales Composition Ratio by Segment（Million yen）
*Sales including inter-segment transaction

110,951
34,537

31%

9,691

9%

47,04842%

20,87818%

61,59922,29936%

10,116
16,011

16%
26%
22%

13,492

Apr.-Dec. 2019

Apr.-Dec. 2020

■Aviation & Airport ■ Life Service ■ Retail■ Food & Beverage

・ Aviation & Airport : The maintenance demand partially recovered, while the manufacturing demand declined because of lowering engine's production
・ Life Service: Steady insurance business, growing demand for hygiene products

・ Retail: Domestic passenger traffic is recovering but partially offsets due to the re-spread of COVID-19 infection;
Significant reduction of international flights affected our duty-free business・ Food & Beverage: Decreasing demand for restaurants and travel affected businesses such as marine products, wines, souvenir snacks, and lunc boxesCopyright © JALUX Inc. All Rights Reserved.

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Third Quarter of the Fiscal Year Ending March 31, 2021

8. Aviation & Airport（Million yen）
Aviation & Airport

Apr.-Dec. 2019

Apr.-Dec. 2020

34,53722,299▲12,237

64.6%

Operating profit/loss*2941

264

▲676

28.1%

Ordinary profit/loss

1,036

▲380

▲1,417－*1 Net sales and Operating profit including inter-segment transaction*2 Operating profit/loss before allocating common expense

Remarks

Net sales*1

YoY（%）

 Aircraft engine parts business remained sluggish;

34,537
1,036

YoY- Maintenance demand decline has partially bottomed out;

22,299- Manufacturing sales decreased becasuse of lowering engine's
production

 Overseas airport operation business in Lao PDR and Myanmar:

Apr.-Sep. 2019

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decreased equity in net income of affiliated companies due to▲ 380

decline of flight

Apr.-Sep. 2020

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9. Life Service（Million yen）
Life Service

Apr.-Dec. 2019

Apr.-Dec. 2020

Net sales*1

9,691

10,116+424

104.4%

Operating profit/loss*2845

899+53106.3%

Ordinary profit/loss

481

596

+115

124.0%*1 Net sales and Operating profit including inter-segment transaction*2 Operating profit/loss before allocating common expense

9,691845

Apr.-Sep. 2019
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·Real Estate :Decreased facility management due to decline ofairport users
Decreased demand for elderly day-care services asa result of the COVID-19 respread·Insurance :Remaining steady; insurance sales to overseas
travelers decreased while group insurance
increased·Machinery& Materials :Import and sales of hygiene products on growing

899·-12-

YoY（%）

Remarks

10,116

Apr.-Sep. 2020

YoYdemand

Non-op. profit : Increase in dividend income (recorded in Q1)

Third Quarter of the Fiscal Year Ending March 31, 2021

10. Retail（Million yen）
Apr.-Dec. 2019

Apr.-Dec. 2020

Net sales*1

47,04816,011▲31,037

34.0%

Operating profit/loss*2

2,404▲1,695▲4,100－Ordinary profit/loss

2,100▲1,507▲3,608－*1 Net sales and Operating profit including inter-segment transaction*2 Operating profit/loss before allocating common expense

Remarks

Retail2,100

Apr.-Sep. 2019

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16,011

YoY（%）·Airport shops：「BLUE SKY｣

Domestic passenger traffic is recovering but partially offset
due to the re-spread of COVID-19 infection
Narita airport : Continued closure of all the 10 stores·Duty-free shops：「JAL DUTYFREE｣

Narita airport : Some stores reopened with shorter hours·

Duty-free wholesale：Almost all clients still closed·Mail Order：

47,0482,404

YoY▲ 1,507

Online sales, mainly in gourmet products andbeauty & health products going well due to the demand ofStay-at-home consumption▲ 1,695

Apr.-Sep. 2020

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Food gifts：

Increased demand for year-end gifts and new-year dishes·Non-op.profit：

Subsidies for temporary closure of airport shops·Extraordinary losses： Fixed costs of airport shops during temporary closure

Third Quarter of the Fiscal Year Ending March 31, 2021

11. Food & Beverage（Million yen）
Food & Beverage

Apr.-Dec. 2019

Apr.-Dec. 2020

20,87813,492▲7,385

64.6%

Operating profit/loss*2845▲67▲913－

Ordinary profit/loss

461▲382▲844－Net sales*1*1 Net sales and Operating profit including inter-segment transaction*2 Operating profit/loss before allocating common expense

Remarks·YoY（%）

Demand for eating out is recovering but partially offset

Marine ：because of the re-spread of COVID-19 infection

products

20,878YoY

The state of emergency in Thailand affected Thonglor Nihon
Ichiba in Thailand·13,492

Agricultural ：products

Decreasd demand for red peppers because of falling inprice of domestic vegetables
Decreased sales of okra and tomato due to hightransportation cost·461
Apr.-Sep. 2019
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Demand for eating out is recovering but partially offset

Wine ：

because of the re-spread of COVID-19 infection
Increased sales to new clients such as mass retailers▲ 382·Apr.-Sep. 2020
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Processed：

Demands for souvenir sweets and lunch boxes partiallyfoods/ Food

recoveredmanufacturer

Increased sales to new clients such as mass retailers

Third Quarter of the Fiscal Year Ending March 31, 2021

Forecasts for Fiscal YearEnding March 31, 2021

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Third Quarter of the Fiscal Year Ending March 31, 2021

12. Forecasts for the Fiscal Year Ending March 31, 2021
（Million yen）

（Published figures）
Previous announcement

Revised forecast

Increase/decrease

Rate of changeNet sales

110,000

85,000▲25,000▲22.7%

Operating profit/loss▲2,200▲3,000▲800－

Ordinary profit/loss▲1,900▲2,500▲600－Profit/loss
attributable to owners of parent▲1,200▲2,100▲900－

Earnings per share（yen）▲94.91▲166.09▲71.18－

Revised consolidated earnings forecast

JALUX has announced the revision of its forecasts for the fiscal year ending March 31, 2021 above. Global economic conditions
are still uncertain as COVID-19 pandemic has not restored and seems to be long-standing. It is assumed that negative impactsof COVID-19 on aviation and airport business domains will continue for full-year.

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Third Quarter of the Fiscal Year Ending March 31, 2021

13. Performance trends（Million yen）
Net Sales

Ordinary profit

185,726
141,50289,082

1,656

85,937

1,247

99,837

1,766

143,217

153,404

144,688

112,71785,000
2,684

4,222

3,937

5,166

5,094

4,738

▲ 2,500
March 2012 March 2013 March 2014 March 2015 March 2016 March 2017 March 2018 March 2019 March 2020
Current medium-term management planPrevious medium-term management plan

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March 2021(E)-17-Third Quarter of the Fiscal Year Ending March 31, 2021

Caution Regarding Forward-Looking Statements
This document contains forward-looking statements based on information available tothe 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 inJapan and overseas, and foreign exchange rate fluctuation.
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Third Quarter of the Fiscal Year Ending March 31, 2021