Second Quarter of FY19

Earnings Presentation Material(November 19, 2019)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original, the original
shall prevail.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

Contents
Second Quarter of FY19
Earnings Presentation Material
1 ．Review of Consolidated Financial Results for FY19 2Q（１）Business Environment

P ２（２）Consolidated Financial ResultsP３（１）Business EnvironmentP４（２）Initiatives for Management Issues for the Current Term

P５（３）Consolidated Financial Forecast for FY19P ６（４）Forecast of Operating Revenues by Segment

P ８

2 ．Consolidated Financial Forecast for FY19

３．Outlook for FY20（１）Progress of Investment Plan

P ９（２）Factors that may affect financial results

P １０（３）Preconditions for and current status of Medium-Term Business plan

P １１

４．Progress under the Medium-Term Business Plan
（１）Progress of Business Strategies

P １２（２）Pursue ‘Vision’ for Haneda Airport

P １３（３）Expand Business Domains that Leverage Strengths and Diversify Earnings

P １５

5 ．ESG Initiatives

P １７

6 ．Safety Management Initiative at Haneda Airport

P １８

Contents
Supplementary Material
1. Details of Consolidated Financial Results for FY19 2Q(1) Changes in Passenger Volume(Haneda, Narita, Kansai and Chubu Centrair)

P ２０(2) Consolidated Financial Results for FY19 2Q

P ２１

Reference Material
1. Outline of Japan Airport Terminal Group(1) The company’s position at Haneda Airport(comparison with other major airports in Japan)

P ４２(2) Business Details

P ４３

P ２２

(3) Basic Philosophy and Management Policy

P ４４(ii) Merchandise sales

P ２３(4) ESG Initiatives

P ４５(iii) Food and beverage

P ２４(5) Company History

P ４６(4) Breakdown of Selling, General and
Administrative Expenses

P ２５(6) Group Companies

P ４７(7) Revenue Composition/Details by Segment,
Composition of sales

P ４８(8) Changes in Capital Investment

P ４９(9) Summary of Tokyo International Air
Terminal Corporation

P ５０(3) Financial Results by Segment(i) Facilities management(5) Changes in Non-Operating Income/Expenses
and Extraordinary Income/Loss

P ２６(6) Consolidated Balance Sheets

P ２７(7) Consolidated Statements of Cash FlowsP ２８(8) Capital Expenditure and Depreciation Expenses

P ２９[Reference] Purchasing Trends of Non-Japanese
Passengers by Nationality

P ３０

2. Details of Consolidated Financial Forecast for FY19(1) Consolidated Financial Forecast for FY19P ３３(2) Financial Forecast by Segment(i) Facilities management

P ３４(ii) Merchandise sales

P ３５(iii) Food and beverage

P ３６

3. Other Information(1) Capital Expenditure and Depreciation Expenses

P ３７(2) Initiatives for Terminal Building ReadinessP ３８(3) Changes in Operating Revenues/Ordinary
Income/Cash FlowsP ３９

2. Summary of Tokyo International Airport (Haneda)(1) Location Map

P ５１(2) Comparison of Passenger Volume

P ５２(3) Domestic Destinations and Flights

P ５３(4) International Destinations and Flights

P ５４(5) International Rating of the Haneda Airport
Passenger Terminal

P ５５

Earnings Presentation Material

Second Quarter of FY19 (FY19 2Q)

1. Review of Consolidated Financial Results for FY19 2Q
2. Consolidated Financial Forecast for FY19
3. Outlook for FY20
4. Progress under the Medium-Term Business Plan

(1) Progress of Business Strategies(2) Pursue ‘Vision’ for Haneda Airport(3) Expand Business Domains that Leverage Strengths
and Diversify Earnings

5. ESG Initiatives
6. Safety Management Initiatives at Haneda Airport

1. Review of Consolidated Financial Results for FY19 2Q(1) Business Environment
The upward trend in non-Japanese visitors to Japan continues, with up 3.2% for the first half,
only below the YoY figure in August➢ Despite the decline in Korean visitors to Japan, increasing visitors to Japan from Europe, US,
and Australia, as well as from China and South East Asia
➢ In the exchange rate market, the uptrend in the yen continues, especially the yuan continues
to trend downward➢

Business
Environment

Effects of Japan‐Korea relationship, natural disasters, etc.
Decline in international flight passenger volume from Korea at Haneda after August,continuing the decline after September➢ Increase in the total passenger volume despite the effects of Typhoons Nos. 15 and17 in September, reflecting the recovery from effects of the earthquakes andtyphoons last year and from the canceled Haneda domestic flights due to engine
inspections at some airlines➢

First-half passenger volumes (YoY comparison)First-half passenger volume
AirportInitial forecasts

FY19

FY18

Rate of change

Rate of change

Difference(10 thousands)(10 thousands)

(%)

(%)

(P)

Haneda – Domestic

3,374

3,361

0.4

3.1

-2.7

Haneda – International

934

906

3.1

2.9

0.2

Total Haneda

4,308

4,267

1.0

3.1

-2.1

Narita

1,862

1,811

2.8

4.2

-1.4

Kansai

1,275

1,075

18.6

15.9

2.7

Chubu Centrair

352

304

15.8

5.4

10.4

Japan Airport Terminal Co., Ltd.

02

1. Review of Consolidated Financial Results for FY19 2Q(2) Consolidated Financial Results

Main Factors
BehindChanges○Differences from previous fiscal year results➢ Growth in facility user charges revenue, reflecting the increase in passenger volume,and merchandise sales decrease due to the temporary closure of stores for renovation,etc. and the declining consumption trend among Chinese visitors to Japan➢ Income decrease due to increases in depreciation and operating expenses following
the launch of Terminal 2 satellite facilities○Differences from initial forecasts➢ Merchandise sales fell below forecasts due partly to the continued slow-down in
consumption by Chinese passengers and restrictions in the operation of airport-typeurban duty-free stores due to the effects of Typhoon No. 15➢ Income beat initial forecasts, reflecting repair expenses, advertising expenses, andcommissioned management fees falling short of the plan

Consolidated financial results for FY19 1H
1H
Items

Operating revenues

Results

Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

LY Results

ChangeAmount affected

Amount affected

due to TIAT

due to TIAT

consolidation

consolidation

amountInitialRate ofchangeforecasts(*1)

Amount affected

Difference

due to TIAT(%)

consolidation

135.2

16.3

137.4

17.1

-2.1

-1.6

137.3

16.5

-2.0

(Facilities management)( 42.6 )( 11.1 )( 40.6 )( 11.6 )1.9

4.9( 41.6 )( 11.0 )1.0(Merchandise sales)( 82.2 )(5.0 )( 86.5 )

(

5.4 )

-4.3

-5.0

( 85.5 )

(

5.4 )

-3.2

(Food and beverage)( 10.3 )(0.1 )( 10.2 )

(

0.1 )

0.1

1.8

( 10.2 )

(

0.1 )

0.1

Operating income

11.1

5.4

12.9

5.0

-1.8

-13.9

9.9

4.5

1.2

Ordinary income

10.7

4.2

11.7

2.2

-1.0

-8.8

9.2

3.3

1.5

Net income

5.9

1.5

28.2

21.2

-22.2

-78.9

4.9

1.1

1.0

*1: Financial forecast announced in May 2019Japan Airport Terminal Co., Ltd.

03

2. Consolidated Financial Forecast for FY19
(1) Business Environment➢

Business
Environment

➢

➢

➢

Number of
Passengers(YoY
comparison)➢

Though a gradual recovery in the economy is expected, attention is being paid to the effects of theChinese economy and rises in oil prices
Trends in consumption by Chinese and Korean passengers, as well as the Hong Kong situation, willcontinue to be unpredictable
Starting March 29, 2020, the number of Haneda international flights will increase by 50, or byapproximately 1.4 times, per day

Projected growth of 1.2% for the year for Haneda domestic flights, with the expected growth in thesecond half as initially forecast
Projected growth of 3.9% for the year for Haneda international flights by taking into account anincrease in late-night flights and other increases in flight from March, despite the expected decline inpassenger volume for flights from Korea and Hong Kong

The number of passengers forecast for FY19 (YoY comparison)
Full-year

Airport

RevisedFY19 1H

FY19 2H

FY19

initialDifference

forecasts

(%)

(%)

(%)

forecasts

(P)

(10

(%)

thousands)

Haneda – Domestic

0.4

2.0

1.2

2.5

-1.3

6,833

Haneda – International

3.1

4.7

3.9

3.3

0.6

1,886

Total Haneda

1.0

2.6

1.8

2.7

-0.9

8,720

Narita

2.8

4.4

3.6

5.5

-1.9

3,716

Kansai

18.6

9.2

13.6

9.5

4.1

2,600

Chubu Centrair

15.8

13.6

14.7

6.9

7.8

699

Japan Airport Terminal Co., Ltd.

04

2. Consolidated Financial Forecast for FY19(2) Initiatives for Management Issues for the Current Term
Management Issues for theCurrent Term

Promote preparation for theoperation of Haneda
Internationalized facilities after
starting operation

Initiatives for the First Half of
the Year••••

Steadily meet the change in thetrend of consumption by
Chinese visitors to Japan

•

•

•

Implement the profit plan withan eye toward ensuring theachievement of the Guidelines
for FY20

Japan Airport Terminal Co., Ltd.

•

Completion of Terminal 2 office spacearea increase
Completion of construction for renovationof Passenger Terminal 1
Reviewing of how the security inspection
area at the international terminal shouldbe passed throughOpening after the renovation of JAPANDUTY FREE Main Building Shop at Narita
Airport
Opening after renovation of the duty-freebrand boutiques at Haneda internationalterminal
Holding Essence of Japan, a test
marketing event, at Haneda internationalterminal departure area

Reducing costs through the integration of
resource planning systems andreorganization of the management
system as specific benefits fromconsolidation
Establishment of an efficient operation
system for the operation of Terminal 2 forboth domestic and international flights

05

Direction in Second Half of
the Year

•

•
•

•
•

•
•

Establish a 24-hour operation system
for the section for international
travelers at Terminal 2
Advance the support for FASTTRAVEL at the international terminal
Launch construction of waste disposal
and recycling facilities

Renovate urban duty-free stores,
replace brands
Carry out construction for therenovation of eight duty-free brandboutiques at Haneda internationalterminal

Pursue further cost reductions
through consolidation
Start efficient operation system forthe operation of Terminal 2 for both
domestic and international flights

2. Consolidated Financial Forecast for FY19(3) Consolidated Financial Forecast for FY19
Projected operating revenues fall below initial forecasts due partly to a slowdown in
consumption by Chinese passengers, despite increasing trends in rent revenues,
parking revenues, and sales from food and beverages➢ On the income side, operating income exceeds the initial forecast reflecting some
expenditures falling below the plan and cost reduction effects, despite incurring a
one-time cost from acquiring a new training facility➢

Main Factors
BehindChanges

Consolidated financial forecast for FY19

Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

FY19 1H
Items

Results

Initialforecasts

135.2

Operating revenues( 137.4)

(*1)

11.1

Operating income( 12.9)8.2%(Operating income ratio)

10.7

Ordinary income( 11.7)
5.9

Net income( 28.2)

FY19 2H
Change

137.3

-2.0

9.9

1.2

7.2%

1.0P

9.2

1.5

4.9

1.0

RevisedInitialforecasts

forecasts

140.4( 136.1)
5.5( 9.5)
3.9%
4.3( 8.6)
2.3( 4.8)

FY19
RevisedChangeforecasts(*2)

Initialforecasts

Previous
fiscal year

Changeresults

Change(FY18)

140.2

0.2

275.7

277.5

-1.8

273.6

2.0

6.1

-0.5

16.7

16.0

0.7

22.4

-5.7

4.4%

-0.5P

6.1%

5.8%

0.3P

8.2%

-2.1P

5.0

-0.6

15.1

14.2

0.9

20.3

-5.2

3.1

-0.7

8.3

8.0

0.3

33.0

-24.7

*1 Figures in ( ) are results for the previous fiscal year

Dividend
Payout ratio

¥

22.0
30.1%

¥

20.0

¥

20.0

¥

20.0

33.2%

¥

42.0

¥

40.0

41.1%

40.6%

Capital expenditures

82.0

77.0

Depreciation expenses

27.8

26.7

EBITDA

44.5

42.7*2 Revised forecasts are the financial forecasts announced in November
2019*3 The calculation excludes the amount that was recognized concerning theconsolidation of TIAT after considering the deferred tax effect of the onetime extraordinary gain on negative goodwill.

Japan Airport Terminal Co., Ltd.

06

¥

45.0
31.2% (*3)

2. Consolidated Financial Forecast for FY19(3) Consolidated Financial Forecast for FY19
(Amount affected due to consolidation of TIAT)

Consolidated financial forecast for FY19
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

FY19
Items

Revised forecasts

Previous

Initial forecasts

Amount affected

Amount affected

due to TIAT

due to TIAT

consolidation

consolidation

ChangeRate offiscal yearchangeresults(%)(FY18)

Rate of
ChangeAmount affectedchange(%)

due to TIAT
consolidation

Operating revenues

275.7

29.2

277.5

30.7

-1.8

-0.6

273.6

31.9

2.0

0.8

Operating income

16.7

7.5

16.0

6.8

0.7

4.4

22.4

9.3

-5.7

-25.7

0.3P

-

8.2%

-2.1P

-

(Operating income ratio)

6.1%

5.8%

Ordinary income

15.1

4.9

14.2

4.4

0.9

6.3

20.3

4.3

-5.2

-25.9

Net income

8.3

1.5

8.0

1.6

0.3

3.8

33.0

21.3

-24.7

-74.9

Japan Airport Terminal Co., Ltd.

07

2. Consolidated Financial Forecast for FY19(4) Forecast of Operating Revenues by Segment
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)
FY19

Items

Revised forecasts

Previous

Initial forecasts

Amount affected due

Amount affected due

to TIAT

to TIAT

consolidation

consolidation

Rate of

Changechange (%)

Rate offiscal year
results(FY18)

Changechange(%)

Amount affected due
to TIAT
consolidation

86.1

21.2

84.1

20.0

2.0

2.4

82.0

20.8

4.0

4.9

Rent revenue

18.7

4.2

18.1

4.0

0.6

3.3

17.4

3.9

1.2

7.1

Facility user charges revenue

44.7

25.3

44.8

25.2

-0.1

-0.2

43.5

24.4

1.1

2.7

Other revenues *1

22.7

-8.3

21.2

-9.2

1.5

7.1

21.0

-7.4

1.6

7.6

Merchandise sales

169.1

7.8

173.2

10.5

-4.1

-2.4

171.4

10.8

-2.3

-1.4

35.7

-

35.7

-

-

-

36.2

-

-0.5

-1.4

98.7

62.2

101.3

63.2

-2.6

-2.6

98.5

59.3

0.1

0.2

34.7

-54.4

36.2

-52.7

-1.5

-4.1

36.7

-48.4

-2.0

-5.6

Food and beverage

20.5

0.2

20.2

0.2

0.3

1.5

20.0

0.1

0.4

2.0

Sales from restaurants

12.7

3.1

12.5

3.0

0.2

1.6

12.5

2.9

0.1

1.5

Sales from in-flight meals

7.0

-

6.9

-

0.1

1.4

6.7

-

0.2

3.5

Other sales *1

0.8

-2.9

0.8

-2.8

-

-

0.8

-2.7

-0.0

-2.0

Facilities management

Sales at domestic terminal
storesSales at internationalterminal stores
Other sales *1*1 Main item for “Other Revenues”/“Other Sales” in each segment• Facilities management: Subcontracted work revenues, income from parking lots, income from hotel business, income from advertising andlounges, etc.
• Merchandise sales:
Income from wholesaling (Duty-free goods, others to Narita Airport and other airports)• Food and beverage:
Income from catering airline lounges, etc.

Japan Airport Terminal Co., Ltd.

08

3. Outlook for FY20
(1) Progress of Investment Plan
Strategic PillaruCapital expenditure
Pursue 'Vision' for Haneda Airport(including Haneda internationalization related
items)

Redevelop Earnings Base and Establish
Competitive Position
Realignment and Enhancement ofOrganization, Human Capital and Governanceu Other investment
Expand Business Domains that Leverage
Strengths and Diversify Earnings
Realignment and Enhancement ofOrganization, Human Capital and Governance

Subtotal(Billions of yen)➢Japan Airport Terminal Co., Ltd.

Medium-Term

Plan

2016-2020

2019(Initial forecasts)(Revised forecasts)

77.0

82.0

5.0

5.0

179.0

70.0

75.0

5.0

4.0

157.0

( 46.0)( 46.0)

5.0

5.0

0.0

1.0

18.0

2.0

2.0

0.0

0.0

4.0

4.0

6.0

2.0

0.0

10.0

4.0

6.0

2.0

0.0

9.0

0.0

0.0

0.0

0.0

1.0

81.0

88.0

7.0

5.0

189.0

Change(0.0)

Main Factors behind Changes
➢

2020

2019

Installation of security inspection equipment at
the international terminal (Subsidies will be
granted by the government in FY20)
Acquisition of shares of AGP Corporation

09

Business Plan

( 100.0)3. Outlook for FY20(2) Factors that may affect financial results
Positive factors➢

Negative factors

Full contribution of effects of increased Haneda international flights➢

・Ministry of Land, Infrastructure, Transport and Tourism officiallyannounced an increase of flight slots of international flights at
Haneda and their allocation starting March 29, 2020

• Decline in per-unit purchasing at duty-free stores at Haneda

Airport since October 2018 due to a slow-down in the
Chinese economy, the weaker yuan, etc.
(-4.5% from the first half of the previous year, -2.5% fromthe first half of FY17)・Effects of increased passenger volume as a result of increased flights
are expected to be enjoyed throughout FY20
—Allocation of (the increased) flight slots of international flights at
Haneda Airport (as forecast)—
Country

U.S.A.

City or airport to be linked

Allocated
slots

24

(Airline companies in and outside Japan)(14 cities, 14 routes)

Seattle, Chicago, Dallas/Fort
Dallas, Fort Worth,

Delta Air Lines has suspended a

Detroit, Newark, Houston,flight service to Narita

Portland, Boston, Honolulu

American Airlines continues to

Los Angeles, Dulles Washington

serve flights to Narita

Beijing Capital, Beijing Daxing

China

8

Russia4

Moscow (Russian side to be determined)

Australia

4

Sydney, Brisbane, Melbourne

India

2

Delhi (Indian side to be determined)

Shanghai Pudong, Dalian, Qingdao, Shenzhen• Although an increase in demand from Chinese visitors toJapan can continue to be expected, their consumption trends
require attention

Remarks

Atlanta, San Jose, San Francisco,➢

Reduction of Korean visitors to Japan and visitors from Japan
to Hong Kong
• Significant decline in Korean visitors to Japan since August

2019, and declining number of users of flights to Hong Kong

(5 cities, 6 routes)• Although the degree of the effects on Haneda Airport isrelatively low, there is a concern about a reduction in thenumber of users and its effects on wholesale business atregional airports(3 cities, 3 routes)
Actually a total of 4 flights,
including one in the late-night➢Frequently occurring large-scale natural disasters

slot, will be served(2 cities, 2 flights)•

Recently, large-scale natural disasters such as typhoons andheavy rainfall are occurring frequently
The cancellation of flights and disruption of groundtransportation due to the occurrence of disasters affectbusiness operation at airports negatively•

Effects of Typhoon No. 19 during October 12-13(Flight cancellation: approx. 1,600 flights; Merchandise sales:
down approx. 0.3 billion yen)

Italy

2

Milan, Rome

Turky

2

Istanbul

Finland2

Helsinki

Finnair reduced flights to Narita

Scandinavia

2

Copenhagen, Stockholm(2 cities, 2 flights)

Total

50

Alitalia suspended a flight service
to Narita
Turkish Airlines has reduced flights
to Narita(round services per day)Japan Airport Terminal Co., Ltd.

Slow-down in consumption by Chinese visitors to Japan10

3. Outlook for FY20
(3) Preconditions for and current status of Medium-Term Business Plan
<Preconditions for MediumTerm Business Plan>
Business
Environment

Investment Plan

Increase in demand for air transportation
mainly from non-Japanese visitors toJapan

Increase in demand for air transportation from nonJapanese visitors to Japan and (departing)Japanese passengers

Active trend of consumption by Chinese
passengers

Slow-down in trend of consumption by Chinese
passengers

175.0 billion yen for FY20 (announced in
May 2018)

Expected effects of allocation of increased
flight slots:
Increase of 7.80 million passengers
per year, with merchandise sales
estimated conservatively

Internationalization
construction atHaneda Airport

189.0 billion yen for FY20
(announced recently)↑ Additional work related to internationalization
construction at Haneda Airport; construction to
support “FAST TRAVEL,” additional work for safetymeasure construction, etc.

High expectations for start of long-distance flights(large aircraft) from March 29
Increasingly diversified services including flights toTurkey and India

As for operating hours of Terminal 2international section, it is closed during
night as is the case with its domestic
sectionChanged to 24-hour operation
Additional work is required

Recovery of investment without
increasing the Passenger Service Facility
Charge (PSFC) value for the reason ofinternationalization construction

Japan Airport Terminal Co., Ltd.

<Current Status>

11

PSFC for international flights: Requires
additional investment
PSFC for domestic flights: Decline in operating
revenues due to construction for additional safetymeasures and maintaining the usage unit charge

4. Progress under the Medium-Term Business Plan
(1) Progress of Business Strategies“To Be a World Best Airport 2020”“Create business and earnings opportunities in pursuit of our‘Vision’ for Haneda Airport and redevelop earnings base bystaking out a competitive position”

Three Core Strategies
Expand Business Domains that
Leverage Strengths andDiversify Earnings• Improving financial results ofUrban Duty-Free Stores• Participation in domestic andoverseas airport operations• Steady promotion of business inZone 1 at former Haneda site
• Opening of new Air Bic Camera
stores• Improvement of advertising value

Pursue ‘Vision’ for Haneda Airport• Promotion of domestic/international
shared use terminal plan (T2internationalization)• Store renovation at Haneda andNarita Airports• Promotion of FAST TRAVEL• Promotion of vacant space
utilization measures• Investment in safety measures• Launch of construction of waste
disposal and recycling building• Improvement of environment inside theT1 building through renovation• Borderless EC business initiative• Airport lounge renovation• Promotion of support for Tokyo
Olympics/Paralympics• Renovation of inflight meal plants
at Haneda Airport• Promotion of regional revitalization
projects• Procurement cost reduction project• Earning of SKYTRAX's 5 Star Airports
rating for a sixth consecutive year
Japan Airport Terminal Co., Ltd.

Redevelop Earnings Baseand Establish Competitive
Position124. Progress under the Medium-Term Business Plan
(2) Pursue ‘Vision’ for Haneda Airport―Development Plan for International Flight Facilities—
Terminal 2 international flight facility

International flight terminal extension

4Ｆ◆ Facility overview

3Ｆ・Start of operation:

End of March 2020

End of March 2020

・Total investment:

78.0 billion yen

22.0 billion yen

2Ｆ“Terminal 2 international
flight facility”“International flightterminal extension”◆ Commercial facility overview (Merchandise stores and restaurants that will be newly opened
or whose store will be renovated at Terminal 2 international flight facility)

1Ｆ

BＦ

Japan Airport Terminal Co., Ltd.

・Number ofstores/restaurants:

Approx. 15 stores/restaurants

・Total floor area ofstores/restaurants:

Approx. 2,900 ㎡

・Business type (plan):

Duty-free stores (including those in the arrival lobby),
souvenir shops, bookstores, convenience stores, food court,
cafés, etc.

13

4. Progress under the Medium-Term Business Plan
(2) Pursue ‘Vision’ for Haneda Airport—Support for FAST TRAVEL—
To become an advanced tourism country as per the goal of the Government with an eye to the 2020 Tokyo
Olympics and Paralympics, we aim to facilitate various boarding procedures by introducing check-in related systems
using advanced technology for customers departing from Haneda Airport.
➢

➢

➢
➢

Construction content: Installation of automatic face recognition check-in system, automatic face recognition baggage
check-in system, automatic face recognition security inspection area gate, automatic face recognition boarding gate
Area of installation: Entire Terminal 2 international flight area
Part of Terminal 3 (currently, international flight terminal)
Construction period: August 2019-End of March 2020
Investment amount: 4.0 billion yen (for the FY19 plan)some work*Subsidies will be granted by the Government for<Flow of Procedure (image)>
Usage
scenario

At home, etc.

Boarding
procedure

Baggage check-in

Security
inspection

Boarding

Perform check-in
via website, etc.
in advance

Associate boarding
ticket and face
information with CUSS

After letting SBD
recognize your face,check-in your baggage

Confirm eligibility forentry at the entrance of
security inspection areawith PRS

Confirm boarding
eligibility with BGR

Facerecognition(One ID)

Face
recognition(One ID)

Face
recognition(One ID)

One ID(image)(Installationofautomatic
face
recognition
check-insystem)Associate boarding
ticket, passport, andfacial information(handled by airline
company)

Passport + Boarding
ticket +Generated
One ID (facial
information)

・CUSS: Common Use Self-Service (automatic check-in system)

・PRS: Passenger Reconciliation System (passenger passage confirmation)

・SBD: Self Baggage Drop (automatic baggage check-in system)

・BGR: Boarding Gate Reader (automatic boarding gate)

Japan Airport Terminal Co., Ltd.

14

4. Progress under the Medium-Term Business Plan
(3) Expand Business Domains that Leverage Strengths and Diversify Earnings
Duty-free businessenvironment for
the first half

Slowdown in trend of consumption
by Chinese passengers➢ Rate of change YoY in duty-free sales toChinese and Japanese passengers (Haneda Airport)

Reduction of Korean
visitors to Japan

Increase in Japanesepassengers going abroad➢ Urban duty-free stores: FY19 first-half results and revised full-year forecasts(Billions of yen)
Items
OperatingStrengthening of regulations on
duty-free goods brought into
China (around October 2018)

revenues
Yuan depreciation
bottomed-out(August 2019)

OperatingincomeRate of

1H

LY

ChangeResults

Results

amount

4.0

5.2

-1.1

-21.9

9.2

9.7

-0.4

0.0

0.4

-0.3

-78.1

0.3

0.4

-0.0

change（％）

Full-year

InitialForecast forecast

Difference—Shopping space developed in collaboration with Shiseido Group—
Brands handled
Clé de Peau Beauté
THE GINZA
FY17

FY18
ChineseFY19

SHISEIDO

Japanese

SERGE LUTENSTHE COTTON (New)Shiseido Parlour (New)Main initiatives
in the second
halfJapan Airport Terminal Co., Ltd.

Renovation of urban dutyfree brand boutiquestores at Haneda andNarita airports

Reviewing productmix according to
the change inenvironment15

Development of shopping spacein urban duty-free stores incollaboration with Shiseido
Group(from October 2, 2019)4. Progress under the Medium-Term Business Plan
(3) Expand Business Domains that Leverage Strengths and Diversify Earnings—Airport operations in and outside Japan——Business in Zone 1 at former Haneda site—• Participated in the business operating the
New Ulaanbaatar International Airport in Mongolia in July
2019

• Participated in HANEDA INNOVATION CITY (HI City)
Zone 1 facility project

Conceptual drawing (complete view)

New airport terminal building<Profile of AGP Corporation>—Acquisition of shares of AGP Corporation—• Business content:• AGP Corporation has been growing and developing businesses as acompany responsible for the infrastructure functions of airports in
Japan• JAT and AGP share common or related main businesses and a highlevel of synergy can be expected in our future business development• Acquisition cost: 2,255 million yen (Acquisition price of each share: 603
yen)• AGP shares were acquired from Mitsubishi Corporation and AGP
became an equity method affiliate of JAT(*Subject to a completion of Review of Business Combination by the Fair
Trade Commission)
Japan Airport Terminal Co., Ltd.

16

Power supply business to provide electricity power,
heating/cooling, etc. to parked aircraft; maintenancebusiness to carry out maintenance and managementof buildings and other facilities as well as of mainly
airport related facilities in and outside airports• Capital:

2,038 million yen• Established:

December 16, 1965

• Major shareholders:Japan Airlines Co., Ltd. (33.4%)
Mitsubishi Corporation (26.8%)⇒Japan Airport Terminal Co., Ltd. (26.8%)
ANA Holdings Inc. (20.0%)

5. ESG Initiatives○ Environmental Initiatives—Contribution to resolving ocean plastic waste issue—◆ Discontinuing use of plastic straws• Completely discontinued the use of plastic straws at directly managed restaurants(42 stores) and lounges (6 stores) at Haneda and Narita airports as of the end of
September 2019
• Paper straws are provided to customers who request straws

Reduction goal: Approx. 1
million straws per year

To protect the marine environment,
we have discontinued the use ofplastic straws.
Paper straws are available forcustomers who wish to use straws.

…In terms of unit cost, paper straws are more
expensive. However, as a result of reviewing
stores providing straws and methods of providing
them, the cost increase is reduced to one fifth
in total.

―Reduction of GHG (CO2) Emissions―◆ Construction of new recycling building• As a result of the allocation of increased flight slots for Haneda international flights, the total amountof waste in the airport will increase = The amount of incineration may increase⇒ To be environmentally-conscious and achieve more efficient waste disposal, a "new recycling building"has been constructed as a separate facility<New Recycling Building>

We have beenworking to reduce
CO2 emissions byintroducing a solar
system, hybrid
vehicles, etc.

Japan Airport Terminal Co., Ltd.

• Facility scale: 600㎡ (main building)• Capacity: up to 4.8 tons per day• Start of operation: December 2020 (plan)• Investment amount: 0.78 billion yen

17

6. Safety Management Initiative at Haneda Airport―Response we took for the approaching
Typhoon No. 19―
➢

➢

➢

➢

➢

↓ The departure lobby at theinternational terminal on
October 12

Typhoon No. 19 passed through the Kanto area during
October 12-13, 2019
At Haneda Airport, approximately 1,600 flights werecancelled during these two days (Almost all flights werecanceled, especially on October 12)
As a result of taking optimal preservation measures for↑As Typhoon No. 19
the terminals in advance, the passenger terminals
approaches, most aircraft at
suffered no physical damage
Maintained passenger services while ensuring the safety of Haneda Airport evacuated toother airports.
airport employees by minimizing the operation of storesin the airport in accordance with passenger trends
On the business side, revenue from merchandise fell approximately 0.3 billion yen for the two days

Ensuring the convenience and comfort of customers and safety of the facilities
by the united efforts of domestic and international terminal staff

Established an emergency operations headquarters
headed by President Yokota in the airport at 3 p.m. on
Oct. 12. Shared information with related organizations
including Ministry of Land, Infrastructure, Transport andTourism and implemented an initial emergency response.

Japan Airport Terminal Co., Ltd.

About 1,000 passengers waiting for the resumption offlights next day or later stayed at domestic andinternational terminals during the night. JAT opened
the terminals for them and distributed sleeping bags
and drink.

18

Opened a Twitter account and communicated more
information to a wide range of customers. Provided
information to non-Japanese passengers in multiple
languages, including English, Chinese(Simplified/Traditional), and Korean.

Earnings Explanatory Meeting
Second Quarter of FY19

Supplementary Material
1. Details of Consolidated Financial Results for FY19 2Q
2. Details of Consolidated Financial Forecast for FY19
3. Other Information* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original,
the original shall prevail.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

1. Details of Consolidated Financial Results for FY19 2Q(1) Changes in Passenger Volume (Haneda, Narita, Kansai and Chubu Centrair)(Thousand passengers)(Thousand passengers)
72,000

20 ,000

Haneda Airport – domestic flights

70,00068,332

FY19 forecast +1.2%

18 ,000(Initial forecast +3.3%)

16 ,000

66,412(＋1.2％ ）(＋1.7％ ）66,00064,242

11,558
12 ,000

64,00062,00062,65658,000Initial forecasts + up 3.1％
Initial forecasts + up 2.0％

2013

2014

2015

2016

2017

2018

← Results(Thousand passengers)

38,00036,00030,00028,0002013

25,00019,151
17,275
13,52315,00010,000

2016

2017

2018
← Results

21,905(＋13.6％ ）22,896（＋4.5％ ）Chubu Centrair Airport– international flights

FY19 forecast +14.7% (Initial forecast +6.9%)

4,503

Initial forecasts + up 4.2％
Initial forecasts + up 6.8％

4,900

5,234

6,100

5,564

1H results ＋ up 15.8％ Initial forecasts + up 5.4％
2H forecast ＋ up 13.6％ Initial forecasts + up 8.5％

FY

0

2019
Forecast →

20

2013

2014

2015

6,998

（＋14.7％ ）（＋9.6％ ）

5,000
FY

2015

Forecast →26,007

1H results ＋ up 18.6％ Initial forecasts + up 15.9％
2H forecast ＋ up 9.2％ Initial forecasts + up 3.9％

20,00029,302

2014

20 19

Kansai Airport – international flights(＋7.1％ ）26,00020 18

FY19 forecast +13.6% (Initial forecast +9.5%)

31,055

1H results ＋ up 2.8％
2H forecast ＋ up 4.4％

20 17

← Results

30,00032,41032,000

20 16

20 15

(Thousand passengers)(Initial forecast +5.5%)

34,00020 14

Forecast →(＋3.6％ ）33,479Initial forecasts + up 2.9％
Initial forecasts + up 3.7％
FY

20 13

35,870FY19 forecast +3.6%

1H results ＋ up 3.1％
2H forecast ＋ up 4.7％

4, 0002019

37,164

Narita Airport – international flights

Oct. 2016
Flights to and from the U.S.
up from 8 to 12 flights/day

6, 000FY

56,000(＋3.9％ ）Mar. 2014
Increase in the number of landing slots(30,000/year)

8, 00060,000(＋6.1％ ）Oct. 2015
Flights to and from China up
from 8 to 20 flights/day

10 ,000

62,553

1H results ＋ up 0.4％
2H forecast ＋ up 2.0％

15,642

13,434

14 ,000

18,86817,120FY19 forecast +3.9%

67,528(Initial forecast +2.5%)

68,00018,164

Haneda Airport – international flights

2016

2017

2018

← Results

2019

Forecast →Passenger volume
Results: Figures published by Minister of Land, Infrastructure, Transport and Tourism, Narita
International Airport Corporation, Kansai Airports Co., Ltd. and Central Japan International
Airport Co., Ltd.
Forecast: Created by the Company

1. Details of Consolidated Financial Results for FY19 2Q(2) Consolidated Financial Results for FY19 2Q
FY19 2Q (Results)
Items
Ratio
Millions of yen

Operating revenues

FY18 2Q (Results)

Amount affected due

Ratio

to TIAT consolidation
Millions of yen

Millions of yen

Amount affected due toChangeInitial forecast（※１）

Rate of
ChangeRatio

TIAT consolidation
Millions of yen Millions of yen％

Millions of yen

Amount affected due toDifference

TIAT consolidation
Millions of yen Millions of yen

135,270

100.0

16,316

137,423100.0

17,195-2,153-1.6

137,300

100.0

16,500-2,029

Facilities management

42,64531.5

11,15040,661

29.6

11,601

1,984

4.9

41,60030.3

11,000

1,045

Merchandise sales

82,234

60.8

5,063

86,560

63.0

5,484

-4,325-5.0

85,500

62.3

5,400

-3,265

Food and beverage

10,3897.7

102

10,201

7.4

109

188

1.8

10,2007.4

100

63,222

46.7

66,72948.6-3,507-5.3

65,90048.0-2,677

57,68942.6

61,11244.5-3,423-5.6

60,30043.9-2,610

Cost of sales
Cost of sales of merchandise(Ratio)(5,532

Cost of sales of food and beverage(Ratio)Gross profit
Selling, general andadministrative expenses

Operating invome
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income attributable toowners of parent

70.2％)((

70.6％)

5,616

4.1

53.3％)(( -0.4P)-83

4.1

55.1％)

(

5,600

-1.5

( -1.8P)

70.5％)(

189( -0.3P)-67

4.1

54.9％)( -1.6P)

72,04853.3

70,694

51.4

1,354

1.9

71,40052.0

648

60,89145.1

57,732

42.0

3,159

5.5

61,50044.8-608-1,805

-13.9

9,900

7.2

772

-64.4

-700

-0.5

11,156

8.2

-427

-0.3

10,728

7.9

137

0.1

5,945

4.4

5,409
4,219

1,522

12,961

9.4-1,200-0.8

11,761

8.6

23,162

16.9

28,202

20.5

5,015
2,223

21,231-1,032

-8.8

9,200

6.7

-23,024

0.0

0

0.0

-22,256

-78.9

4,900

3.6

4,500

1,256
272

3,300

1,528
137

1,100

1,045

*1 Financial forecast announced in May 2019
* Ratio: Cost of sales of merchandise / Operating revenues of merchandise sales
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage
Note: Figures shown are rounded down to the nearest million yen.

21

1. Details of Consolidated Financial Results for FY19 2Q(3) Financial Results by Segment(i) Facilities management
FY19 2Q (Results)
Items
Ratio

FY18 2Q (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

Initial forecast (May 2019)

Rate of

ChangeChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

9,024

19.9

2,048

8,693

20.0

1,974

331

3.8

8,700

19.7

1,900

324

Facility user charges revenues

22,26949.2

12,46821,66350.0

12,179605

2.8

22,30050.3

12,500-30

Other revenues

11,35125.0-3,365

10,30323.8-2,551

1,047

10.2

10,60023.9-3,400751

Subtotal

42,645

94.1

11,15040,661

93.8

11,601

1,984

4.9

41,60093.9

11,000

1,045

2,653

5.9

1,780

2,682

6.2

1,767

-29

-1.1

2,700

6.1

1,800

-46

45,298 100.0

12,931

43,343100.0

13,3681,954

4.5

44,300100.012,800998

Operating expenses

37,836

83.5

8,319

34,897

80.5

8,821

2,939

8.4

38,000

85.8

8,900

-163

Operating income

7,462

16.5

4,612

8,446

19.5

4,546

-984

-11.7

6,300

14.2

3,900

1,162

-

( -3.0P)-( 2.3P)

Sales to external customers

Rent revenues

Intersegment sales
Total(Ratio)(16.5％)

・Rent revenues:
・Facility user charges revenues:
・Other revenues:-(

19.5％)(

14.2％)

Increase in space leased to airline companies, etc. in domestic terminal
Increase in space leased to airline companies, etc. in international terminal
Increase in fees for use of passenger facilities for international flights
Increase in fees for use of passenger facilities for domestic flights
Increase in revenues from parking fees, paid airport lounges, etc. for domestic
terminal
Increase in subcontracted work revenues, etc.
Increase in commissioned security management revenues22＋ 0.2 billion＋ 0.1 billion＋ 0.3 billion＋ 0.3 billion＋ 0.5 billion＋ 0.3 billion＋ 0.2 billion

Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(3) Financial Results by Segment(ii) Merchandise sales
FY19 2Q (Results)
Items
Ratio

FY18 2Q (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

Rate of

ChangeInitial forecast (May 2019)

ChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Domestic terminal stores

17,946

21.7-

17,956

20.6

-

-9

-0.1

18,000

20.9

-

-53

International terminal stores

47,48957.4

30,00650,20057.7

29,779-2,710-5.4

49,90057.9

31,300-2,410

Other sales

16,79820.3-24,943

18,40421.2-24,294-1,605-8.7

17,60020.4-25,900-801

82,234

99.4

5,063

86,560

99.5

5,484

-4,325-5.0

85,500

99.2

5,400

-3,265

488

0.6

47

473

0.5

28

15

3.2

700

0.8

200

-211

82,723

100.0

5,110

87,034

100.0

5,512

-4,310-5.0

86,200

100.0

5,600

-3,476

Operating expenses

75,292

91.0

3,290

78,931

90.7

3,888

-3,638-4.6

78,600

91.2

4,000

-3,307

Operating income

7,430

9.0

1,819

8,102

9.3

1,624

-672

-8.3

7,600

8.8

1,600

-169

-

( 9.3％)-( -0.3P)-( 0.2P)

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)(9.0％)

・International terminal stores:

・Other sales:( 8.8％)

Increase in sales of directly managed stores, etc. at Haneda international terminal
Decrease in sales of directly managed stores at Narita Airport
Decrease in sales of urban duty-free stores
Decrease in wholesale sales to Narita Airport
Increase in wholesale sales to Kansai Airport
Decrease in wholesale sales to other regional airports

23＋ 0.1 billion－ 1.8 billion－ 1.1 billion－ 1.7 billion＋ 0.1 billion－ 0.1 billion

Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(3) Financial Results by Segment(iii) Food and beverage
FY19 2Q (Results)
Items
Ratio

FY18 2Q (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

Rate of

ChangeInitial forecast (May 2019)

ChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Sales from restaurants

6,448

55.2

1,599

6,423

55.7

1,500

25

0.4

6,300

54.8

1,500

148

Sales from in-flight meals

3,498

29.9

-

3,405

29.6

-

93

2.7

3,500

30.4

-

-1

442

3.8

-1,496372

3.2-1,391

69

18.6

400

3.5

-1,40042

10,38988.9102

10,201

88.5

109

188

1.8

10,200

88.7

100

189

1,293

11.1

-

1,322

11.5

-

-28

-2.2

1,300

11.3

-

-6

11,683 100.0

102

11,523

100.0

109

159

1.4

11,500

100.0

100

183

11,152

95.5

108

11,031

95.7

130

120

1.1

11,100

96.5

100

52

531

4.5

-5

492

4.3

-20

38

7.9

400

3.5

-

131

-

( 4.3％)-( 0.2P)

Sales to external customers

Other sales
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)(4.5％)

・Sales from in-flight meals:( 3.5％)

Increase in sales from increased passenger volume of client airline, etc.

24-

( 1.0P)＋ 0.1 billion

Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(4) Breakdown of Selling, General and Administrative Expenses
Items

FY19 2Q

FY18 2Q(Results)(Results)
Ratio

Rate of

ChangechangeRatio

Millions of yen％

Millions of yen％

Millions of yen％

135,270

100.0

137,423100.0-2,153-1.6

60,891

45.0

57,732

42.0

3,159

5.5

Salaries and wages

5,746

4.2

5,202

3.8

544

10.5

Provision for employees' bonuses

1,692

1.3

1,627

1.2

65

4.0

Provision for directors' bonuses

121

0.1

118

0.1

3

2.9

8

0.0

8

0.0

0

8.9

449

0.3

481

0.3

-32

-6.8

8,386

6.2

8,530

6.2

-143

-1.7

Business consignment expenses

13,51810.0

14,701

10.7-1,182-8.0

Depreciation expenses

12,8279.5

11,998

8.7

828

6.9

Other costs and expenses

18,13913.4

15,063

11.0

3,075

20.4

Operating revenues
Selling, general and administrative
expenses

Provision for directors'
retirement benefits
Expenses for retirement benefits

Rent expenses

Note: Figures shown are rounded down to the nearest million yen.

25

1. Details of Consolidated Financial Results for FY19 2Q(5) Changes in Non-Operating Income/Expenses and Extraordinary Income/Loss
Items

FY19 2Q

FY18 2Q(Results)(Results)
Ratio

ChangeRate of Change

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

Operating revenues

135,270

100.0

137,423100.0-2,153-1.6

Operating income

11,156

8.2

12,9619.4-1,805

-13.9

1,223

0.9

948

0.7

275

29.0

267

0.2

239

0.2

27

11.4

162

0.1

169

0.1

-6

-4.1

794

0.6

539

0.4

254

47.2

Non-operationg expenses

1,651

1.2

2,148

1.5

-497

-23.1

Interest expenses

1,462

1.1

1,517

1.1

-55

-3.6

188

0.1

630

0.4

-442

-70.1

Ordinary income/loss

10,728

7.9

11,7618.6-1,032-8.8

Extraordinary income

181

0.1

25,96018.9-25,778

-99.3

44

0.0

2,798

2.0

-2,754

-98.4

3,346

2.5

5,279

3.8

-1,932

-36.6

5,945

4.4

28,202

20.5-22,256-78.9

Non-operationg income
Interest income anddividend
Return on investment by
the equity method

OthersMiscellaneous expenses

Extraordinary loss
Income taxes
Net income attributable toowner's of parent

26

Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(6) Consolidated Balance Sheets

Cash and deposit
Others(Millions of yen)Account payable
Short-term borrowings
Others－ 9.1 billion＋ 2.6 billion

67,894
117,068

Current
assets－6,74958,365

123,817Long-term loans payable － 6.0 billion
Lease obligations＋ 0.3 billion
Deferred tax liabilities－ 0.4 billion
Others－ 0.2 billion

Tangible fixed assets (depreciable assets)
Buildings, etc.
＋ 5.9 billion
Accumulated depreciation － 9.5 billion
Construction in progress－ 2.9 billion
Others＋ 1.5 billion
Intangible fixed assets

Current
liabilities－9,528－ 1.1 billion－ 0.4 billion－ 7.7 billion

215,370

Fixedliabilities－6,514

208,855－ 1.0 billion

Investments and other assets
Investment securities＋ 2.3 billion
Fixedassets－3,680357,156

Retained earnings
Valuation difference
Non-controlling interest

360,837＋ 4.1 billion－ 0.3 billion＋ 1.6 billion

Equity ratio
207,002201,390

Total assets 474,224
FY19 2Q

Net
assets+5,612

Total assets 484,654
FY18

FY18

27

FY2019 2Q

35.3％

FY201833.7％（ ＋ 1.6Ｐ）

FY19 2Q
Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(7) Consolidated Statements of Cash Flows
Items

FY19 2Q

FY18 2Q(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

13,188

16,671-3,483

Income before income taxes and minority interests

10,86634,923-24,057

Depreciation and amortization

12,874

12,047826

Gain on negative goodwill--20,126

20,126

Offsetting gains of assets and liabilities--5,626

5,626

Loss on step acquisitions

-

2,725

-2,725

Other current assets-2,508-2,591

82

Other current liabilities-2,766924-3,690

-15

45

-60

Cash flows from operating activites

Other fixed liabilities
Others-1,358-871-486

Income and other taxes paid

-3,902-4,777874

Cash flows from investing activites-13,978

18,130-32,109-11,180-27,670

16,489

-362

-302

-60

-

46,211-46,211-2,435-108-2,326-8,326

21,352-29,679

-

100

-100

Long-term loans payable-6,41023,322-29,732

Dividends payment-1,787-1,949

162

-129

-120

-9

Effect of exchange rate change on cash and cash equivalents

-16

-5

-10

Increase (decrease) in cash and cash equivalents-9,13356,149-65,283

Cash and cash equivalents at beginning of period

87,27342,32944,943

Cash and cash equivalents at end of period

78,13998,479-20,339

Purchase of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from purchase of investments in
subsidiaries resulting in change in scope of
consolidation

OthersCash flows from financing activites
Short-term borrowings

Others28

Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY19 2Q(8) Capital Expenditure and Depreciation Expenses
FY14 2Q

FY15 2Q

FY16 2Q

FY17 2Q

FY18 2Q

FY19 2Q(Results)(Results)(Results)(Results)(Results)(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

1,489

1,591

3,548

5,284

24,706

6,243

Depreciation expenses

5,847

5,525

5,714

5,233

11,99812,827

Items

Note: Figures shown are rounded down to the nearest million yen.

• Breakdown of major capital expenditures
FY19 2Q (Results)
Building 1 renovation¥1.4 billion

Building 2 PBB upgrade¥1.0 billion

Building 1 lavatory renewal¥0.9 billion(TIAT investments¥1.6 billion)• Breakdown of main depreciation expenses

FY14 2Q

FY15 2Q

FY16 2Q

FY17 2Q

FY18 2Q

FY19 2Q(Results)(Results)(Results)(Results)(Results)(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Terminal 1

1,900

1,900

2,100

2,100

1,800

2,000

Terminal 2

2,400

2,200

2,000

1,900

1,900

2,200

P4 Parking

200

200

100

100

100

300

Note: Figures shown are rounded down to the nearest hundred million yen.

29

1. Details of Consolidated Financial Results for FY19 2Q[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (1)(1) The number of departing non-Japanese visitors by airport (monthly average)Japan

HanedaNaritaKansaiOther

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

FY18

2,536,970

100.0

341,050

13.4

728,41328.7

642,66925.3

824,838

32.5

FY19 2Q

2,749,637

100.0

364,539

13.3

784,195

28.5

754,777

27.5

846,12530.8

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice.
FY18: Average for April 2018 to March 2019, FY19 2Q: Average for April 2019 to August 2019(2) The number of departing non-Japanese visitors by airport and nationality (monthly average)○ Volume ranking and change in departing passengers by nationality for FY19 1H≪ Haneda Airport ≫≪ Narita Airport ≫No. of passenger

Composition

volume (person)

ratio (％)

124,113China (incl. Hong Kong)

34.0%

South Korea

39,143

10.7%

U.S.A.

38,753

10.6%

Taiwan26,8287.4%

No. of passenger

Composition

volume (person)

ratio (％)

Change (%)

Composition

volume (person)

ratio (％)

11.9% China (incl. Hong Kong)

230,136△ 9.9% Taiwan

Change (%)

29.3%

8.2% China (incl. Hong Kong)

No. of passenger

Composition

volume (person)

ratio (％)

358,00747.4%

Change (%)

45.5%

97,141

12.4%△ 9.3% South Korea

143,193

19.0% △ 11.6%

86,85511.1%△ 0.7% Taiwan

95,900

12.7%

7.6%

84,451

10.8%

13.6% Thailand

25,088

3.3%

49.7%

No. of passenger

Composition

No. of passenger

Composition

volume (person)

ratio (％)

volume (person)

ratio (％)

12.5% South Korea△ 1.2% U.S.A.
Change (%)≪ Kansai Airport ≫No. of passenger

Change (%)

Change (%)

Non-Japanese

364,53947.0%

6.4% Non-Japanese

784,195

56.3%

5.7% Non-Japanese

754,777

69.6%

22.5%

Japanese

410,961

53.0%

1.9% Japanese

607,855

43.7%

2.1% Japanese

330,128

30.4%

21.2%

Total

775,500

100.0%

4.0% Total

1,392,050

100.0%

4.1% Total

1,084,905

100.0%

22.1%○ Number of departing non-Japanese passengers
140
120
100
80

China (incl. Hong Kong)（＋11.9%)South Korea
Taiwan(＋9.8％)South-East Asia
Europe/U.S.A.

(＋4.8%)（－9.9%)（－1.2%)

40
20（＋10.5%)
2H
FY17

400

280

200

1H

2H
FY18

1H
FY19

（＋8.2%)

350(＋13.7%)300（＋45.5%)250

160

Others1H

Figures in ( ) denote percent change compared to FY18 1H

240

60

0

(No. of travelers: thousands)

200

120

(＋6.2%)（－9.3%)

15080（－0.7%)

100

40（＋8.8%)

50（－11.6%)

0

0
1H

2H

1H

FY17

2H
FY18

1H
FY19

1H

2H
FY17

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice. Transit passengers are not included in passenger number.
Passenger numbers utilize April to August data from the first half of FY19.

30

1H

2H
FY18

（＋7.6％)(＋33.8%)(＋31.7%)（＋32.5%)

1H

FY19

1. Details of Consolidated Financial Results for FY19 2Q[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (2)(3) Company duty-free store sales and number of departing passengers by airport and nationality (monthly average)

Haneda (Net sales: millions of yen)
Others 5,500

420

410（＋1.9%）

Taiwan5,000

S. Korea
Japan
China

4,500

Narita (No. of travelers: thousands)
Figures in ( ) are percent change

403Japanesetravelers(Change)

309

736
160

213

742

1,050

380

（＋13.5%） 364（＋6.4%）

1,456

171

400

1,200

1,652

3,500
3,000

800

784（＋5.7%）

1,350

708
175

4,000

1,500

44
50

219

Japanesetravelers(Change)

1,500
1,000

2,310

340

2,241

（－3.0%）

450

-

650

607（＋2.1%）

595

600

927

300

678

（－26.8%）

320

550

150

500

-

300

FY18 1H

200（－8.9%）

600

Foreigntravelers(Change)

342

700

27
30

2,500

2,000

166

900

750

360

750

Foreigntravelers(Change)

500

FY18 1H

FY19 1H

FY19 1H

Notes: “Net sales” denote all store sales (excluding taxable stores). Haneda: all duty-free stores; Narita: directly managed stores and boutiques. Sales by nationality include estimates.

(4) Main factors in the fluctuation of sales of duty free shops and purchasing trends«Both Haneda and Narita»➢ Gradual slowdown in the Chinese economy since January this year and changes in the environment such as legislation, as well as
the strengthened regulations on duty-free goods brought into China and fluctuations in exchanges rates such as yuan depreciation
since the second half of the previous year have affected consumer sentiment, and thus caused a declining consumption trend
among Chinese passengers.
«Haneda»➢ Per-unit purchases slightly increased, purchasing passenger volume slightly decreased, and operating revenues only slightly
exceeded those of the previous year.
➢ Per-unit purchases by Chinese passengers decreased, causing revenue from Chinese passengers to decrease.
➢ Revenue from Korean passengers decreased by approximately 30%, but the composition ratio of sales was 4% and unaffected.
➢ Increases in purchasing passenger volume and per-unit purchased by Japanese passengers substantially contributed to theincrease in operating revenues.
«Narita»➢ Per-unit purchases are the same levels as the previous year, and the decrease in operating revenues was largely affected by adecrease in purchasing passenger volume due to temporary store closures, etc.
➢ In terms of purchasing passenger volume, there was a significant decrease among Korean and Taiwanese passengers.

31<Duty-free Store Per-unit Purchasing>(Rounded down to the nearest hundred yen)
FY19 1H
Amount per
customer

Y on Y comparison
Rate of

ChangechangeHaneda

9,000

100

1.1%

Narita12,7000

0.0%

1. Details of Consolidated Financial Results for FY19 2Q[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (3)(5) Changes in per-unit purchases and operating revenues from merchandise sales to Chinese passengers by airport（per-unit：yen）（sales：millions of yen）

Haneda（per-unit：yen）（sales：millions of yen）

Narita25,0008,000

25,000

3,000

7,000
20,000

2,000

5,000

15,0002,500

20,0006,000

15,0004,000

10,0001,500
10,000

3,000

1,000

2,000

5,000

5,000

500

1,000
0

0

0
1Q

2Q

3Q

FY16

4Q

1Q

2Q

3Q

4Q

1Q

FY17
merchandise sales

2Q

3Q

FY18

4Q

1Q

0
1Q

2Q

2Q

3Q

FY16

FY19

4Q

1Q

2Q

3Q

4Q

1Q

FY17
merchandise sales

per-unit purchases

Notes: “merchandise sales” denote all store sales (excluding taxable stores). Haneda: all duty-free stores; Narita: directly managed stores and boutiques.

32

2Q

3Q

4Q

1Q

FY18
per-unit purchases

2Q

FY19

2. Details of Consolidated Financial Forecast for FY19(1) Consolidated Financial Forecast for FY19
FY19 (Forecast)
Items
Ratio

FY18 (Results)

Amount affected due

Amount affected due toRatio

to TIAT consolidation

ChangeInitial forecast (May 2019)

Rate of
ChangeAmount affected due to

Ratio

TIAT consolidation

Difference

TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

275,700

100.0

29,200273,618100.0

31,9022,081

0.8

277,500

100.0

30,700

Facilities management

86,10031.2

21,20082,05030.0

20,877

4,049

4.9

84,10030.3

20,0002,000

Merchandise sales

169,100

61.3

7,800

171,472

62.7

10,832-2,372-1.4

173,200

62.4

10,500-4,100

200

191

200

Operating revenues

Food and beverage

Millions of yen Millions of yen-1,80020,5007.5

20,095

7.3

404

2.0

20,200

7.3

Cost of sales

129,800

47.1

132,12948.3-2,329-1.8

132,800

47.9-3,000

Cost of sales of merchandise

118,500

43.0

121,195

44.3-2,695-2.2

121,700

43.9-3,200(Ratio)(70.1％)

11,300(70.7％)

4.1

10,934145,900

52.9

129,200

46.8

16,7006.1

Non-operating income/loss-1,600-0.6

Ordinary income

15,100

5.5

-400

-0.2

8,300

3.0

Cost of sales of food and beverage(Ratio)Gross profit
Selling, general andadministrative expenses

Operating invome

Extraordinary income/loss
Net income attributable toowners of parent(( -0.6P)

4.0

365

141,48951.7

119,007

43.5

7,500

22,481

8.2-2,102

-0.8

4,900

20,3797.4

22,6488.3

33,00412.1

55.1％)(

1,500* Preconditions: Forecast of number of passengers
Haneda domestic (full-year)+ 1.2% YoY

Haneda international (full-year)+ 3.9% YoY

Narita international (full-year)+ 3.6% YoY

Kansai international (full-year)+13.6% YoY

Central Japan international (full-year)+14.7% YoY(

70.3％)

3.3

11,1004,410

3.1

10,192
9,388-5,781502

4,300-5,279-23,048-24,704

54.4％)( -0.2P)

4.0

200

144,700

52.1

1,200

8.6

128,700

46.3

500

-25.7

16,0005.8--1,800

-0.7

-25.9

14,200

5.1

-

-100

0.0

-74.9

8,000

2.9

( 0.7P)

21,342300(

55.0％)( 0.1P)

6,800

700
200

4,400

900
-300

1,600

300

* Ratio: Cost of sales of merchandise / Operating revenues of merchandise sales
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

33

Note: Figures shown are rounded down to the nearest million yen.

2. Details of Consolidated Financial Forecast for FY19(2) Financial Forecast by Segment(i) Facilities management
FY19 (Forecast)
Items
Ratio

FY18 (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

Initial forecast (May 2019)

Rate of

ChangeChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Rent revenues

18,700

20.4

4,200

17,454

19.9

3,933

1,245

7.1

18,100

20.1

4,000

600

Facility user charges revenues

44,70048.8

25,30043,50549.7

24,4301,194

2.7

44,80049.7

25,200-100

Other revenues

22,70024.8-8,30021,09024.1-7,485

1,609

7.6

21,20023.5-9,2001,500

Subtotal

86,10094.0

21,20082,05093.7

20,877

4,049

4.9

84,10093.3

20,000

2,000

5,500

6.0

3,800

5,533

6.3

3,742

-33

-0.6

6,000

6.7

4,200

-500

91,600100.0

25,00087,584100.0

24,6204,015

4.6

90,100100.0

24,2001,500

Operating expenses

81,50089.0

17,50073,245

83.6

16,067

8,254

11.3

81,80090.8

18,000-300

Operating income

10,100

11.0

7,500

14,339

16.4

8,552

-4,239

-29.6

8,300

9.2

6,200

1,800

-

( -5.4P)-( 1.8P)

Sales to external customers

Intersegment sales
Total(Ratio)( 11.0％)-(16.4％)

・Rent revenues:

(

9.2％)

Increase in space leased to airline companies, etc. in domestic terminal
Increase in space leased to airline companies, etc. in international terminal
・Facility user charges revenues: Increase in fees for use of passenger facilities for international flights
Increase in fees for use of passenger facilities for domestic flights
・Other revenues:
Increase in revenues from parking fees, paid airport lounges, advertising fees, etc.
for domestic terminal
Increase in subcontracted work revenues, etc.
Increase in commissioned security management revenues

34＋ 0.9 billion＋ 0.3 billion＋ 0.7 billion＋ 0.3 billion＋ 0.8 billion＋ 0.4 billion＋ 0.2 billion

Note: Figures shown are rounded down to the nearest million yen.

2. Details of Consolidated Financial Forecast for FY19(2) Financial Forecast by Segment(ii) Merchandise sales
FY19 (Forecast)
Items
Ratio

FY18 (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

ChangeInitial forecast (May 2019)

Rate of
ChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Domestic terminal stores

35,70021.0-

36,212

20.9

-

-512

-1.4

35,70020.4-

0International terminal stores

98,70058.062,20098,51557.0

59,316

184

0.2

101,300

58.0

63,200-2,600

Other sales

34,70020.4-54,400

36,745

21.2-48,484-2,045-5.6

36,20020.7-52,700-1,500169,100

99.4

7,800

171,472

99.1

10,832-2,372-1.4

173,200

99.1

10,500-4,100

1,100

0.6

100

1,523

0.9

607

-423

-27.8

1,500

0.9

600

-400

170,200 100.0

7,900

172,996

100.0

11,440-2,796-1.6

174,700

100.0

11,100-4,500Operating expenses

154,600

90.8

5,400

157,235

90.9

8,377

-2,635-1.7

158,700

90.8

8,200

-4,100Operating income

15,6009.2

2,500

15,760

9.1

3,062

-160

-1.0

16,000

9.2

2,900

-400

-

( 0.1P)--

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)(9.2％)

・Domestic terminal stores:
・International terminal stores:

・Other sales:

-

(

9.1％)

( 9.2％)

Decrease in sales of directly managed stores at Haneda domestic terminal
Increase in sales of directly managed stores at Haneda international terminal
Decrease in sales of directly managed stores at Narita Airport
Decrease in sales of urban duty-free stores
Decrease in wholesale sales to Narita Airport
Increase in wholesale sales to Kansai Airport and Chubu Centrair Airport
Decrease in wholesale sales to other regional airports

35－ 0.5 billion＋ 3.0 billion－ 2.6 billion－ 0.4 billion－ 2.4 billion＋ 0.8 billion－ 0.8 billion

Note: Figures shown are rounded down to the nearest million yen.

2. Details of Consolidated Financial Forecast for FY19(2) Financial Forecast by Segment(iii) Food and beverage
FY19 (Forecast)
Items
Ratio

FY18 (Results)

Amount affected due

Ratio

to TIAT consolidation

Amount affected due

ChangeInitial forecast (May 2019)

Rate of
ChangeRatio

to TIAT consolidation

Amount affected due

Difference

to TIAT consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Sales from restaurants

12,700

55.4

3,100

12,514

55.4

2,977

185

1.5

12,500

54.8

3,000

200

Sales from in-flight meals

7,000

30.6

-

6,764

29.9

-

235

3.5

6,900

30.3

-

100

800

3.5

-2,900816

3.6-2,786

-16

-2.0

800

3.5

-2,800020,50089.5

200

20,095

88.9

191

404

2.0

20,200

88.6

200

300

2,400

10.5

-

2,518

11.1

-

-118

-4.7

2,600

11.4

-

-200

22,900 100.0

200

22,613

100.0

192

286

1.3

22,800

100.0

200

100

22,20096.9

300

21,733

96.1

224

466

2.1

22,000

96.5

300

200

700

3.1

-100

880

3.9

-32

-180

-20.5

800

3.5

-100

-100

-

( -0.8P)-( -0.4P)

Sales to external customers

Other sales
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)(3.1％)

・Sales from restaurants:
・Sales from in-flight meals:

-

(

3.9％)

(

3.5％)

Increase in sales from increased passenger volume, etc.
at Haneda international terminal
Increase in sales from increased passenger volume of client airline, etc.

36

＋ 0.1 billion＋ 0.2 billion

Note: Figures shown are rounded down to the nearest million yen.

3. Other Information(1) Capital Expenditure and Depreciation Expenses
FY14

FY15

FY16

FY17

FY18

FY19

(Results)(Results)(Results)(Results)(Results)(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

4,830

8,379

6,853

27,88557,55982,000Depreciation expenses

11,872

11,232

11,60910,806

24,63427,800Items

Note: Figures shown are rounded down to the nearest million yen.

• Breakdown of Major Capital Expenditures

FY19 (Forecast)

FY18 (Results)
Building 2 internationalization construction

Building 2 internationalization construction¥27.8 billion

Building 1 renovation¥3.3 billion

PBB upgrade and bridge repair

Building 2 PBB upgrade¥31.0 billion¥3.0 billion¥2.5 billion

Repair and upgrade of various equipment and facilities¥3.0 billion

Repair and upgrade of various equipment and facilities¥2.4 billion

Purchase of lots for construction of dormitory for single
employees¥2.0 billion

Upgrade of crime prevention/disaster-readiness equipment

Upgrade of crime prevention/disaster-readiness equipment¥2.2 billion¥2.0 billion

Parking Lot 4 expansion¥2.0 billion

Building 1 renovation¥1.4 billion(TIAT investments¥13.2 billion)(TIAT investment plan

¥34.0 billion)

・Breakdown of main depreciation expenses
FY14(Results)

FY15(Results)

FY16(Results)

FY17(Results)

FY18(Results)

FY19(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Terminal 1

3,900

4,000

4,400

4,300

4,100

4,500

Terminal 2

5,000

4,400

4,100

3,800

3,800

5,100

P4 Parking

400

400

300

300

300

700

Note: Figures shown are rounded down to the nearest hundred million yen.

（Reference）

T

I

A

T

FY14
(Results)

FY15(Results)

FY16(Results)

FY17(Results)

FY18(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

10,060

10,202

9,748

9,492

9,597

37

Note: Figures shown are rounded down to the nearest million yen.

3. Other Information(2) Initiatives for terminal Building Readiness
Completed in Dec. 2018

Terminal 2 satellite

To be completed in Feb. 2020

Completed in May 2018

Terminal 2 North-side boarding station

Terminal 2 international
flight facility

Domestic flight area

Exterior view (image)Completed in Oct. 2019

Completed in Mar. 2019

Terminal 2 office space
expansion

Expansion of P4 parking
structure
Terminal

1

International flight area
To be completed in Jan. 2020

International flight terminal
extension

Completed in Sep. 2019
International flightterminal(Terminal 3)

Exterior view (image)38

Terminal 1 renovation

3. Other Information(3) Changes in Operating Revenues/Ordinary Income/Cash Flows

1,600

Increase in U.S. flights (Haneda)

Great East Japan Earthquake

Increase in China flights (Haneda)

2,000

The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1
started operation (Sep. 1993)

Billionsof yenSubsidiary consolidationof TIAT (Apr. 2018)

H1N1 influenza outbreak

2,400

Chubu International
Airport opened

2,800

Y2K task

Kansai International
Airport opened

3,200

Hikes in the price of
crude oilFinancial crisis being
triggered by the US(right) Ordinary income (forecast)

Iraq war(right) Ordinary income (results)
SARS outbreak(right) Cash flows (forecast)

9-11 Terrorist Attack in the US(right) Cash flows (results)

Financial realignment(left) Operating revenues (forecast)

Voluntary closure of
Yamaichi Securities(left) Operating revenues (results)

Narita Airport Terminal 2
started operation

Billionsof yen450
400
350
325 325 300
250

196
200

181 157
1,200

171
151

800

139

133

118

107
49

400

36

31

166 203

146

150
151

136 128

100
50

57

1
0
90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

39

05

06

07

08

09

10

11

12

13

14

15

16

17

←

→

18

19

0

Results Forecast(Cash flows = Net income + Depreciation expenses – Dividends)

Second Quarter of FY19

Reference Material
1. Outline of Japan Airport Terminal Group
2. Summary of Tokyo International Airport (Haneda)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original, the original
shall prevail.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

1. Outline of Japan Airport Terminal Group(1) The company’s position at Haneda Airport(comparison with other major airports in Japan)
AirportHanada Airport(Tokyo International Airport)

Category

Responsible and managedby national government

Control

Chubu Centrair
International Airport

KansaiInternational
AirportItami Airport(OsakaInternational
Airport)Responsible and managed by each airport comparnyNational government(Minister of Land, Infrastructure, Transport and Tourism)

facilities

Airportfacilities(Basic facilities)
Runways
Taxiways

NaritaInternational
AirportNational government(Minister of Land, Infrastructure,
Transport and Tourism)

Aprons
Passenger handlingfacilities(Passenger terminalbuildings)

Domestic terminal：Japan Airport
Terminal Co., Ltd. (JAT)International terminal：Tokyo
International Air Terminal Corp. (TIAT)

Shareholder
composition

Private corporations, etc. : 100％

[Owner]
New Kansai International Airport
Company, Ltd.
Narita International
Airport
Corporation

Central Japan
International Airport
Co., Ltd.

Outsourced[Operator]
Kansai Airports Co., Ltd.

National government : 100％

Private corporations, etc. : 50％
National government : 40％
Local government : 10％[Owner]National government : 100％
[Operator]
Private corporations, etc. : 100％

Source: Prepared by the company based on information on the websites of Ministry of Land, Infrastrucure, Transport and Tourism and the respective companies.

(Reference) Basic position of passenger terminal building companies⚫ Operators of the airport facilities
Runways, taxiways and aprons:
Installed and managed by national government, local governments, and Narita, New Kansai and Central
Japan airport companies.
Passenger and cargo handling facilities:
Constructed, owned, managed and operated by private corporations, third sector bodies, and airport
companies, etc.
Maintenance facilities:
Constructed, owned, and managed by private corporations and airline companies
Both JAT and TIAT have been designated as Airport Facilities Operators* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to Article 15,
Paragraph 1 of the Airport Act.
* Airport Facilities Operator is an enterprise that constructs or manages airport facilities (passenger or cargo handling facilities or aircraft refueling facilities necessary foran airport to perform its functions).
⚫ Relationship with airline companies
JAT and TIAT lease facilities such as check-in counters and offices.
⚫ Relationship with merchandise stores, restaurants, and service stores
JAT and TIAT operate their own stores, or lease store/office space to the tenants such as airline-related companies. Those companies need filings to operate sales at
the airports.
42

1. Outline of Japan Airport Terminal Group(2) Business Details
A company responsible for construction, maintenance and operation of Haneda Airport passenger terminals
Terminal 2■ Terminal 1■ Terminal 2International
Passenger
Terminal

Terminal 1・ Construction, management, and operation ofterminal buildings
・ Real estate leasing (offices, stores and otherspaces for airline companies and airport-based
businesses)
・ Merchandise sales (direct management)
・ Food and beverage services (direct
management)
・ Passenger services
・ Preparation/sales of in-flight meals
・ Management of parking lots

■ International Passenger
Terminal
Built and managed by Tokyo International Air
Terminal Corporation (TIAT), establishedthrough investment with airline companies
and other entities and centered on Japan
Airport Terminal Co., Ltd.
・ International passenger terminal building
management and operation
・ Real estate leasing (office space, stores, etc.
for airline companies and airport-based
businesses)
・ Operation of duty-free stores, others
・ Food and beverage services
・ Passenger services
・ Management of parking lots

Offering high-quality services at domestic airports Narita, Kansai and Chubu, and at airports outside of Japan, leveraging
expertise honed at Haneda Airport.
Narita International
Airport• Merchandise sales (duty-free stores, etc.)• Wholesale, commissioned management of
duty-free stores• Food and beverage service• Travel accident insurance agency business• Preparation/sales of in-flight meals

Kansai and Chubu Centrair
International Airport

Domestic Airports
throughout Japan• Merchandise sales (duty-free stores)• Wholesale• Commissioned management of
duty-free stores (Kansai)• Merchandise sales (Naha)• Wholesale• Operation of Kumamoto Airport

43

At overseas Airport• Merchandise sales at Chengdu Shuangliu
International Airport• Operation of Palau International Airport

1. Outline of Japan Airport Terminal Group(3) Basic Philosophy and Management Policy
Basic philosophy“Balancing Public Good and Business Success”
Passenger terminal buildings serve as public infrastructure of enormous importance.
Utilizing private-sector business approaches to properly achieve this highly public mission is
our basic management philosophy.

Management policy● Establish absolute safety in passenger terminals● Operate passenger terminals for the benefit of customers(convenience, comfort and functionality)● Operate passenger terminals stably and efficiently● Reinforce corporate structure and improve the combined competence of the Group companies
Our Business Model Since Establishment
・Since its establishment, Japan Airport Terminal has optimally leveraged private-sector knowledge and financing to build, manageand operate passenger terminal buildings, which have enormously important public value, as a purely private enterprise spanningnearly 60 years.
・Based on the Japanese government’s policies governing airports and airlines, Japan Airport Terminal is engaged in facilities
installation, including expansion, the provision of appropriate services, and measures to insure the safety and stability of passenger
terminal buildings.
・Japan Airline Terminal contributes to the development of the airline industry, guided by a consistent dedication to sharedprosperity with airline companies.

44

1. Outline of Japan Airport Terminal Group(4) ESG Initiatives
Point:- Continuing to work on initiatives started at the time of founding based on the corporate philosophy,"Balancing Public Good and Business Success"- Pursuing to become the most highly rated airport in the world, or the world's best airport, based on
the long-term vision established in the present medium-term management plan

Category

Main initiatives

Most recent initiatives

Environment• Energy saving measures (Use of LEDs forlighting equipment, introduction of hybrid
vehicles)• Use of natural energy (Green power, solar
power generation)• Consideration of measures for reducing
incinerated waste upon expanding awaste treatment plant• Dealing with the marine plastic debris
problemSocial• Improvement of labor productivity throughenhanced working environment• Spread of diversity (female executives,
hiring of foreign national employees, etc.)• Donation of money for school lunch todeveloping countries (TABLE FOR TWO)
• Investment in disaster prevention and safetymeasures• Effort for transmitting art and cultureof Japan and for regional revitalization(Business of Haneda Future ResearchInstitute)• Increasing interaction with local
residents (Haneda area)• Installing “water stop boards”• Installing “Scattering prevention films”

Governance• Verification of effectiveness evaluation of theboard of directors• Establishment of thenominating/remuneration committee• Strong governance, strengthening of
the board of directors• Cybersecurity measures45

1. Outline of Japan Airport Terminal Group(5) Company History
Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial resources after the war,
only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided to build the terminal with private funds (cabinet
approved), and in 1953 the Company was founded with the cooperation of major institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953(July)

Established with private sector capital of 150 million yen.

1955

(May)

The terminal building opened and launched operation.

1964(April)Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games.

(October)Duty-free sales operations commenced.
Commenced merchandise sales including duty-free articles, hotel reservation services and other

1978

(May)

1990

(February)

Listed on second section of the Tokyo Stock Exchange.

1991(September)

Listed on first section of the Tokyo Stock Exchange.

1993(September)

Haneda Airport Terminal 1 (Big Bird) started operation.

1994(September)

1998(March)The temporary international terminal at Haneda Airport started operation.

2001(February)

International charter flights commenced at Haneda Airport.

2002(April)2003(November)International charter flights between Haneda and Seoul (Gimpo) commenced.

2004(December)

Terminal 2 at Haneda Airport started operation.

2005(February)

Wholesale of duty-free goods commenced with the opening of Central Japan International Airport.

2006(April)operations with the opening of Narita International Airport.

Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.

Terminated periodic international flights from Haneda Airport (transfer of China Airlines and theHaneda Airport Terminal when opened

EVA Airways to Narita).

Participated in the project of the maintenance and operation of terminal at international flightarea of the Tokyo International Airport.

(June)

Invested in the special purpose company (SPC) “Tokyo International Air Terminal Corporation.”(February)South Pier in Terminal 2 at Haneda Airport started operation.

(September)International charter flights between Haneda and Shanghai (Hongqiao Airport) commenced.

2008(April)International charter flights between Haneda and Hong Kong commenced (during specific hours).

2009(April)Designated as an Airport Facilities Operator under the revised Airport Act.

(October)International charter flights between Haneda and Beijing commenced.

(August)P4 multi-story parking main building started operation (full-scale operation in October).

2007

2010

(October)
2011

Haneda Airport Terminal 1

The extended part of Terminal 2, Haneda Airport started operation.
The new International Passenger Terminal (TIAT) started operation.

(January)

Established Japan Airport Terminal Trading (Chengdu) Co., Ltd.

(November)

Renewal of Terminal 1 building, Haneda Airport completed.

2013(April)The extended part of South Pier in Terminal 2 at Haneda Airport started operation.

2014(March)Start of usage of international passenger terminal building expansion.

2018(April)Subsidiary consolidation of Tokyo International Air Terminal Corporation.

46

Haneda Airport Terminal 2

1. Outline of Japan Airport Terminal Group
Facilities management operations(6) Group Companies◼ Tokyo International Air Terminal Co., Ltd.
Management and operation of international passenger
terminal building.
◼ BIG WING Co., Ltd.
Advertising agency business, event planning andmanagement◼ Japan Airport Techno Co., Ltd.
Installation, upkeep and management of passenger terminal
facilities and environmental and sanitation management offacilities◼ Haneda Airport Security Co., Ltd.
Security services and parking lot service management◼ Haneda Passenger Service Co., Ltd.
Passenger services operations◼ Japan Airport Ground Handling Co., Ltd.
Passenger handling services◼ Haneda Future Research Institute Inc.
Further improvement of value in existing airport operation,
development of new business model, etc.
◼ Sakura Shokai Co., Ltd.
Airport cleaning center management and waste treatment

Facilities
management
operations

Food andbeverage
operations

Merchandise
sales
Total:
operations
20 companies

Food and beverage operations

8 companies

5 companies

Merchandise sales operations◼ Tokyo Airport Restaurant Co., Ltd.
Restaurant business, light meal production and sales,
paid waiting room management◼ Cosmo Enterprise Co., Ltd.
Preparation and loading of in-flight meals, production
and sale of frozen food
◼ CTT Co., Ltd.
Cleaning of in-flight goods and eating utensils◼ LANI KE AKUA PACIFIC, INC.
Restaurant business◼ KAIKAN KAIHATSU Co., Ltd.
Restaurant business, management and operation of
lodging, halls and meeting rooms

47

7 companies◼ Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd.
Development of airport duty-free stores (bonded stores) inurban areas◼ International Trade Inc.
Wholesale business and merchandise sales to Japanese airport
retail stores and other clients◼ Japan Airport Logitem Co., Ltd.
Merchandise transport, delivery and inspection◼ Air BIC INC. Retail sales of home appliances◼ Haneda Airport Enterprise Co., Ltd.
Store operation business◼ Japan Airport Terminal Trading (Chengdu) Co., Ltd.
Merchandise sales and wholesale business at Chengdu
Shuangliu International Airport◼ Hamashin Co., Ltd.
Wholesale and retail sales of marine products

1. Outline of Japan Airport Terminal Group(7) Revenue Composition/Details by Segment, Composition of Sales
Category

Revenue details
Office lease (fixed rent); store lease

Rent revenue(fixed rent + percentage commission) at
Haneda domestic and international terminals

Facility user

Fees for use of passenger facilities (Haneda

Facilities

chargesdomestic and international flights: PSFC),

management

revenueinternational terminal PBB user charges, others

operations

Expenses details
Depreciation; water, heating, energy
expenses; repairs expenses; lease fee(such as national property usage fee);taxes and public charges; cleaning
expenses; outsourcing fees

Parking fee revenue, advertising revenue andOtherssales from paid airport lounge at Haneda

Lease fee (such as national property

domestic and international terminals, Hotelusage fee); taxes and public charges

business income, Revenue from subcontracted(fixed asset tax); outsourcing fees

work
Stores atdomestic
terminal

Merchandise sales for stores at Haneda domestic
terminal stores

Cost of sales; supply expenses

Merchandise sales for stores at Haneda
Stores at
Merchandiseinternationalsales

terminal

operations

international terminal stores; Merchandise sales
from airport duty-free stores, etc. at Narita
International Airport, Kansai International
Airport and Chubu Centrair International Airport,

Cost of sales; supply expenses;
percentage of business; agent service
fee

urban duty-free store sales
Wholesale sales to Narita International Airport,
Kansai International Airport, and Chubu Centrair
OthersInternational Airport; Commissioned

Cost of sales; agent service fee

management revenues at Narita International
Airport and Kansai International Airport.
Restaurants
Food andbeverage

Restraurant sales at Haneda Airport domestic

Food expenses (cost of sales for foodand international terminal and Narita

and beverage); percentage ofInternational Airport

business; outsourcing costs

In-flight meals Production and sales of in-flight meals

operations
OthersFood expenses (cost of sales for foodand beverage)

Income from catering airline lounges, Wholesale Food expenses (cost of sales for foodof products such as frozen foods, box meals, etc. and beverage); outsourcing costs48

1. Outline of Japan Airport Terminal Group(8) Changes in Capital Investment
Fisical Year

Investment (at timeof construction)

Details

1955

Construction of former terminal building\1.0 billion

1963

Major expansion and renovation (Measures for jet aircraft and the Olympics)\3.5 billion

1970

Construction for accommodating jumbo jets (domestic and international terminal buildings)\3.2 billion

1977

Construction for disaster safety measures\8.0 billion

1978～1981

Construction to repurpose domestic terminal accompanying shift to international flights at Narita
Airport\11.5 billion

1984

Construction for domestic terminal redeployment\15.0 billion

1993

Construction to build Terminal 1 building
Construction to remove old terminal building\130.0 billion\6.0 billion

1997

Expansion construction to build South/North Bus Lounge in Terminal 1 building
New construction of boarding station\1.0 billion\1.0 billion

1998

Construction to build international terminal building\1.5 billion

1999～2002

Renovation of Terminal 1 building (barrier-free measures)\3.4 billion

2002

Expansion and renovation of international terminal building\1.0 billion

2004

Construction to build Terminal 2 building\67.0 billion

2004～2005

Renovation of Terminal 1 building (including marketplace revitalization)
International terminal building expansion and renovation\15.0 billion\0.6 billion

2006

Construction for expansion of Terminal 2 building (Second Stage of the Plan)\11.5 billion

2007

International terminal building expansion and renovation\2.1 billion

2007

Construction to build P4 simplified parking structure\2.0 billion

2008

International terminal building expansion and renovation\1.5 billion

2008～2010

Terminal 2 building expansion (Third Stage of the Plan)
Construction to convert P4 parking lot to multi-story parking lot\19.0 billion\6.0 billion

2011

Terminal 1 building renovation (departure lobby, departure lounge, observation deck, etc.)\7.0 billion

2013

Terminal 2 building expansion (Fourth Stage of the Plan) Expansion in 3 spots\7.6 billion

2017～2019

Construction of international flight facility for Terminal 2 building (expansion, renovation of existingbuilding)\78.0 billion

2018～2019

Terminal 1 building renovation (basement, 1st floor arrival lobby interior modification, etc.)\4.7 billion
Total \408.1 billion49

1. Outline of Japan Airport Terminal Group(9) Summary of Tokyo International Air Terminal Corporation

8. Composition of Shareholders

1. Company Name Tokyo International Air Terminal Corporation
2. Date Founded

June 20, 2006

3. Headquarters Location
Haneda Airport, Ota-ku, TokyoJapan Airport Terminal Co., Ltd.

(51.00%)Japan Airlines Corporation(16.87%)

ANA HOLDINGS INC.

(16.87%)

4. Capital

13,265 million yen

Narita International Airport Corporation(3.05%)

5. Businesses

Maintenance and management of the terminalbuilding in the international section of Tokyo
International Airport

TEPCO Energy Partner, Incorporated(2.37%)

SECOM Co., Ltd.

(2.04%)

Katsuji Doi, President (Former Vice Presidentof Japan Airport Terminal Co., Ltd.)Tokyo Gas Co., Ltd.

(2.04%)

Keihin Electric Express Railway Co., Ltd.

(1.36%)

Tokyo Monorail Co., Ltd.

(1.36%)NTT Data Corporation(1.02%)Development Bank of Japan Inc.

(0.68%)

Mizuho Bank, Ltd.

(0.68%)The Bank of Tokyo-Mitsubishi UFJ, Ltd.

(0.68%)

6. Representative

7. Corporate Philosophy
As the gateway to the nation’s capital, Tokyo,
we will endeavor to continue providing
cutting-edge terminal facilities and services tocustomers from across the world and thus
contribute to the development of theinternational aviation network.

50

２. Summary of Tokyo International Airport (Haneda)(1) Location Map■ Total area of airport■ Apron1,516 haTotal area/268 ha

Spots/232■ Runway
・Runway A

3,000 m×60 m

１・Runway B

2,500 m×60 m

2・Runway C

3,360 m×60 m

3・Runway D

2,500 m×60 m

43

Runway capacity Approx. 447,000
flights/year

６

4■ Terminal building
・Terminal building 1

５

Floor space/292,400 ㎡
Spots (stationary boarding bridge
present)/24 locations
・Terminal building 2

６

2

10

11

９

８

Floor space/265,290 ㎡
Spots (stationary boarding bridge
present)/26 locations
・International terminal building

５
７１

Floor space/approx. 236,000 ㎡
Spots (stationary boarding bridge
present)/18 locations■ Parking lot

７

・P1

Capacity/2,350 vehicles

８・P2

Capacity/2,343 vehicles

９・P3

Capacity/2,450 vehicles

10

・P4

Capacity/3,100 vehicles(includes 2 microbus spaces)

11

12

1３

・Parking lot for international flights
Capacity/approx. 3,000 vehicles
12■ Haneda airport wharf

1３51

２. Summary of Tokyo International Airport (Haneda)(2) Comparison of Passenger Volume
Japan Airport Passenger Volume Ranking(FY18)

Global Airport Passenger Volume Ranking(2018 calendar year)

Code

Annual (thousandpeople)Daily average(thousand people)

Share (%)

HND

85,692 (67,528)

234

26.5

2 Narita
International
3 KansaiInternational

NRT

41,238 (7,305)

112

12.7

KIX

29,312 (6,512)

80

9.1

4 Fukuoka

FUK

24,845 (17,926)

68

7.7

Airport1

Haneda(Tokyo International)

City/Airport

Code

Annual(thousand people)

1

AtlantaATL

107,3942

Beijing Capital International

PEK

100,983

3

Dubai

DXB

89,1494

Los Angeles

LAX

87,534

5

Tokyo (Haneda)

HND

86,942

6

Chicago (O’Hare)

ORD

83,245

7

London (Heathrow)

LHR

80,126

5 New Chitose

CTS

23,634 (19,776)

64

7.3

6 NahaOKA

21,547 (17,633)

59

6.7

7 Osaka
International
8 Chubu Centrair
International

ITM

16,299 (16,299)

44

5.0

NGO

12,344 (6,256)

33

3.8

9 Kagoshima

KOJ

6,066 (5,662)

16

1.9

8

Hong Kong

HKG

74,515

10 SendaiInternational

SDJ

3,612 (3,301)

9

1.1

9

Shanghai (Pudong)

PVG

74,00610 Paris (Charles De Gaulle)

CDG

72,22979 other airports

58,911 (55,103)

18.2

Figures in parentheses are airport passenger volume for domestic flights.
Material: Airport ranking chart for FY18, Japan Civil Aviation Bureau (MLIT)

52

Source: ACI (Airports Council International) publication“Annual World Airport Traffic Report 2019 Edition”

２. Summary of Tokyo International Airport (Haneda)(3) Domestic Destinations and Flights

Okinawa

Flights/day

Okayama

OKJ

10

Hiroshima

HIJ

18

Yamaguchi Ube

UBJ

10

Tottori

TTJ

5

Yonago

YGJ

Izumo

City
Toyama

TOY

4

Noto

NTQ

2

Komatsu

KMQ

10

6

Nagoya (Chubu)

NGO

3

IZO

5

Osaka (Itami)

ITM

30

Iwakuni

IWK

5

Osaka
(Kansai Airport)

KIX

13

Hagi Iwami

IWJ

2

Kobe

UKB

9

Takamatsu

TAK

13

Nanki Shirahama

SHM

3

Tokushima

TKS

11

Matsuyama

MYJ

12

Kochi

KCZ

10

Fukuoka

FUK

54

Kitakyushu

KKJ

16

Saga

HSG

5

Oita

OIT

14

Kumamoto

KMJ

18

NagasakiNGS

14

Miyazaki

KMI

18

Kagoshima

KOJ

23

Amami Oshima

ASJ

1

Okinawa (Naha)

OKA

30

MiyakoMMY

2Ishigaki

ISG

4TohokuFlights/day

Kinki

Chubu

Code

Hokkaido

Code

Kanto

KyushuShikoku

ChugokuCity

Domestic flights 48 routes
Approx. 499 flights (departures)/day(excluding code share flights)

53

City

Code

Flights/day

Sapporo (Chitose)

CTS

54

Wakkanai

WKJ

1Asahikawa

AKJ

7

Obihiro

OBO

7

Kushiro

KUH

6

Mombetsu

MBE

1

Memanbetsu

MMB

5

Nakashibetsu

SHB

1

Hakodate

HKD

8

Aomori

AOJ

6Misawa Hachinohe

MSJ

3Odate-Noshiro

ONJ

2

Akita

AXT

9

Yamagata

GAJ

2

Shonai

SYO

4

City

Code

Flights/day

Hachijojima

HAC

3(As of November 2019)２. Summary of Tokyo International Airport (Haneda)(4) International Destinations and Flights

Country

International flights to 32 cities, 35 routes
Approx. 121 flights departing per day
USACanadaLondonFrankfurt

Code

Slots/day

Honolulu

HNL

2
1

Kona

KOA

1

San Francisco

SFO

2

Los Angeles

LAX

2
1

New York

JFK

2Minneapolis

MSP

1

ChicagoORD

1

Vancouver

YVR

1TorontoYYZ

1Vancouver

Vienna

Paris

City

MunichBeijing

TianjinSeoul (Inchon)
Shanghai (Pudong)

Doha

ChicagoLos Angeles

Taipei (Songshan)

Guangzhou
Hanoi

New York

San Francisco

HanedaShanghai(Hongqiao)
Dubai

TorontoMinneapolis

Seoul(Gimpo)Taipei (Taoyuan)
Hong Kong
Honolulu

ManilaBangkokKona

Ho Chi Minh City
Kuala Lumpur

Country/Region

City

Code

Beijing

PEK

Hong Kong

HKG

Shanghai（Honggjao）

PVG

Shanghai（Pudong）

SHA

Guangzhou

CAN

4

2

Tianjin

TSN

2

1

Seoul
（Gimpo ）GMP

12Singapore
JakartaCountry

City

Code

UK

London

LHR

FranceGermany
Austria

Paris

CDG

Frankfurt

FRA

MunichMUC

ViennaVIE

Slots/day

3
1
3
1
2
1

China
SydneyKorea

Country

City

Code

Slots/day

UAE

Dubai

DXB

1

Qatar

Doha

DOH

1

6:00–23:00
23:00–6:00

TaiwanSlots/day

8
1
5
2
4

Country

City

Code

Slots/day

Philippines

Manila

MNL

2
2

Hanoi

HAN

2

Vietnam

Da Nang City

DAD

1

Ho Chi Minh City

SGN

1Thailand

Bangkok

BKK

3
4

5
4

Seoul
（Incheon ）INC

Taipei（Songshan）

TSA

8

Taipei（Taoyuan）

TPE

2

Malaysia

Kuala Lumpur

KUL

2

Singapore

Singapore

SIN

5
3

Indonesia

Jakarta

CGK

3Country

City

Code

Slots/day

Australia

Sydney

SYD

2

1
2

Both daytime flight and late night/early morning flight hours

54(As of November 2019)２. Summary of Tokyo International Airport (Haneda)(6) International Rating of the Haneda Airport Passenger Terminal (evaluated by SKYTRAX)Awarded “5 Star Airports” status in the “Global Airport Rating” for the 6th consecutive year
Haneda airport terminals have been awarded 5 stars for the sixth consecutive year in the Global Airport Ratings conductedby the British organization, Skytrax.
Recognizing the diverse needs of domestic and international customers, over the past year, we have pursued greater
comfort and convenience. This has resulted in continued assessments at a high level for various factors such as customer
service standards and terminal facility. Above all, the terminal was highly appreciated for creating an easy-to-understandflow line for the departure and arrival customers and the cleanliness.
The airport will enhance its functional capacity in the lead up to March next year and, in preparation for the Tokyo 2020
Olympic and Paralympic Games, is committed to ensuring that all airport staff retain a strong awareness of the airport’s roleas the main portal for air travel in the national capital region at all times, and to providing facilities and services with acustomer perspective. It will continue bring together a united “All Haneda” approach to the pursuit of the perfect airport andstrive to ensure that customers from around the world continue to trust Haneda as the ideal airport.

Ranked 1st in the “World’s Cleanest Airports” for the 4th consecutive year (domestic and international)
Ranked 1st in the “World’s Best Domestic Airports” for the 7th consecutive year (domestic terminals)
Ranked 1st in the “World’s Best PRM/Accessible Facilities” : New Category(domestic and international)

In the World’s Cleanest Airports category, once again, the cleanliness and comfort of Haneda’s terminals was recognized,

and the airport took first place for the fourth consecutive year and the sixth time in total.
In the World’s Best Domestic Airports category, Haneda Airport’s domestic terminals were commended in general for theirease of use, comfort, and other factors, leading to Haneda’s seventh straight win in this category.
In the newly established category of PRM and Accessible Facilities, Haneda Airport was named as the World’s Best Airport
for the excellence of its approaches to passengers requiring mobility support, such as the elderly and people with disabilities.
In the World’s Best Airports category, which ranks airports on an overall assessment, Haneda Airport was awarded second

place.

55

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts,
future figures and monetary amounts in this presentation that is not historical
data are projections of the future. These are based on management’s
projections, assumptions, evaluations, judgments, and conditions on
information obtainable at the present time. Realizing these items entail
uncertainty and various risks.

This presentation material is not intended to solicit investments. We request you
to make own decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Investor Relations Division
TEL: 03 (5757) 8409
FAX: 03 (5757) 8029
Email: ir@jat-co.com