Earnings Explanatory Meeting
April 1, 2013 to September 30, 2013

Earnings Presentation Material(N(Novemberb 15
15, 2013)* 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.,
Co Ltd.
Ltd
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting

Earnings Explanatory Meeting

April 1, 2013 to September 30, 2013 (FY13 1H)

April 1, 2013 to September 30, 2013 (FY13 1H)
Supplementary Material

1. Review of Consolidated Financial Results for FY13 1H(1) Consolidated financial results

P2(2) Consolidated financial results

P3(3) Consolidated balance sheets

P4

2. Consolidated Financial Forecast for FY13
(1) Summary of consolidated financial forecast for FY13P5(2) Consolidated financial forecast for FY13P6(3) Forecast of operating revenues by segment

P7

１. Details of Consolidated Financial Results for FY13 1H(1) Changes in passenger volume (Haneda, Narita and Kansai) P13(2) Consolidated financial results for FY13 1HP14(3) Financial results by segment
1) Facilities management

P152) Merchandise sales

P163) Food and beverage

P17(4) Breakdown of selling, general and administrative expenses

P18(5) Non-operating income/expenses and extraordinary income/loss
P19

3. New Business Opportunities and Progress under the Mid-term
B iBusiness
PlPlan(6) Consolidated balance sheets

P20(1) The metropolitan airport operating environment and new business
opportunities
P8(7) Consolidated statements of cash flows

P21(2) Progress under the Mid-term Business Plan

P9(8) Capital expenditure and depreciation expenses

P22(3) Progress of Numerical Goal

P10

4. Reference (Expanding the Capacity of Metropolitan Airport)

P11

2. Details of Forecast of Consolidated Financial Results for FY13(1) Forecast of consolidated financial results for FY13P23(2) Financial results by segment
1) Facilities management

P242) Merchandise sales

P253) Food and beverage

P26

３. Others(1) Capital expenditure and depreciation expenses

P27(2) Operating revenues/ordinary income/cash flows

P28

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting
April 1, 2013 to September 30, 2013 (FY13 1H)
Reference Material

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s position at each airport

P30(2) Company history

P31(3) The Group’s business expansion at each airport

P32(4) Group companies (15 companies)(5) Composition of the Group businesses(consolidated, by segment / results for the first half of FY13)(6) R
Revenue compositioniti ((consolidated,
lid t d b
by segment)t)(7) Sales by region and segment (non-consolidated)(8) Facilities of Tokyo International Airport (investment plan)

P33
P34
P35
P36
P37

2. Efforts Related to the Tokyo International Airport Re-expansion Project(1) Re-expansion project of Tokyo International Airport

P38(2) Founding and present state of the Tokyo International Air Terminal Corporation

P39(3) Summary of the international terminal building

P40

(4) O
Overallll llayoutt off th
the new IInternationalttil areaP41

3. Changes in Passenger Volume on Domestic and International Flights (Haneda and Narita) P42

Earnings Explanatory Meeting
April 1, 2013 to September 30, 2013 (FY13 1H)

1. Review of Consolidated Financial Results for FY13 1H
2. Consolidated Financial Forecast for FY13
3. New Business Opportunities and Progress under the Mid-term
Business Plan
4. Reference (Expanding the Capacity of Metropolitan Airport)

JAPAN AIR TERMINAL

1. Review of Consolidated Financial Results for FY13 1H((1)) Consolidated Financial Results
Japan’s economy experienced a modest recovery supported by an improvement in corporate-sector earnings,
Businessa pickup in consumer spending, and other factors.
Increase in the number of foreign visitors to Japan largely reflecting movements in foreign currency exchange
EnvironmentPassenger Volume

rates and a decline in the value of the yen prompting feelings that travel to Japan was relatively inexpensive.
Increase in the number of Haneda domestic flight landing slots (20,000 per year).

Rate of change (with respect to previous period)
Passenger volumes on domestic flights increased year on year due in part to the expansion of landing slots
for domestic flights.
Passengerg volumes on international flightsginto Narita and Kansai airportspggrew yyear on yyear owing
g to theincrease in in-coming non-Japanese visitors enticed by the weak yen.
International flights at Haneda Airport declined year on year. This was largely attributable to the drop in thenumber of Japanese passengers, which was greater than the increase in non-Japanese passengers.







AirportInitial forecast (%)

Difference (P)Haneda – Domestic

5.2

1.6

3.6

Haneda – International

-2.1

0.6

-2.7

Total Haneda

4.3

1.5

2.8

Narita

2.3

-1.3

3.6

K
i
Kansai

15
1.5

68
-6.8

83
8.3



Principal Measures

FY13 1H (%)







Commenced use of 3 slots at terminal 2 of Haneda Airport from April 2013
Implemented measures aimed at address the issue of vacant building space (introduced new commercial
facilities, conducted campaigns to attract medical facilities, and expanded First Cabin)
Introd ced measures
Introduced
meas res designed to ffurther
rther adadvanceance the food and bebeverageerage bbusinesssiness (e(expanded
panded ne
new directl
directlymanaged stores, reduced costs through business collaboration with LSG)
Improved the profitability of our business (upgraded and promoted PB products while reducing the cost of
goods through negotiations to cut costs)
2

JAPAN AIR TERMINAL(2) Consolidated Financial Results
1) Difference from FY12 1H
 Achieved higher net sales and earnings. In addition to the increase in passenger volume, this improvement was largely attributable to growth infacility user charges revenue supported by the use of 3 spots at Terminal 2 as well as robust trends in international terminal store sales including
duty-free brand stores underpinned by the weak yen2) Difference from initial forecast
 Operating revenues were higher than expected due mainly to growth in passenger volumes which contributed to an increase in internationalterminal store sales
 Operating income was higher than the forecast owing largely to the growth in operating revenues
 Ordinary income was better than anticipated reflecting a drop in non-operating expenses(Billions of yen)

It
Items

FY13 1H(Results)

FY12 1H(Results)

Rate ofhchange(%)

Ch
ChangeInitialforecast *1

Diff
Difference

Operatingrevenues

72.5

69.6

2.8

4.1

68.4

4.1

Operatingincome / loss

3.0

2.5

0.4

18.1

1.8

1.2

Ordinary
income / loss

3.2

2.5

0.7

27.6

1.1

2.1

Net income /
loss

1.8

1.2

0.6

51.2

0.3

1.5

*1 Financial forecast announced in May 20133

JAPAN AIR TERMINAL(3) Consolidated Balance Sheets(Billions of yen)

Items
Items

FY13 1H
End-FY11
E
d FY11(Results)（Results）

FY12
End-FY10
E
d FY10(Results)（Results）

ChangeChangeTotal assets
Total assets

185.5
189.2

186.4
199.0

-0.8
-9.8

Total liabilities
Total liabilities

82.3
89.8

85.7
96.4

-3.4
-6.6

Net assets
Net assets
Total liabilities and net
Total
liabilities and net
assetsassets[Reference][[Reference]]

103.1
99.3

100.6
1,02.5

2.5
-3.1

185.5
189.2

186.4
199.0

-0.8
-9.8

EquityEquity ratio
ratio

54.8%
51.7%

53.1%
50.6%

1.1P

4

JAPAN AIR TERMINAL

2. Consolidated Financial Forecast for FY13
(1) Summary of Consolidated Financial Forecast for FY13
Business Environment

Passenger Volume
Forecast

Expectations that the modest recovery in Japan’s economy will become definitive. However, the downside risks
associated with overseas economies continue to place downward pressure on the domestic economy.
 Calls for efforts to strengthen the functions of metropolitan airports on the back of the decision to award the 2020
Olympics to the city of Tokyo.
 Increase in the number of Haneda domestic flight landing slots from March 31, 2014 (increase of 30,000 daytime
flights per year)Rate of change (with respect to same period of previous year)
The number of passengers using Haneda domestic as well as Narita and Kansai international flights is expected to
exceed initial full fiscal year forecasts. This is largely attributable to expansion in the number of domestic flightlanding spots and the increase in in-coming non-Japanese visitors enticed by the weak yen.
 International
I ttil flights
fli ht att Haneda
Hd Airport
Ait are projected
j t d tot fallf ll below
b linitiali iti l fforecastst d
due mainly
i l tto th
the ddrop iin JJapanesepassengers


Airport

FY13 1H(%)

FY13 2H
(%)

FY13
(%)

Initialforecasts(%)

Difference(P)

Adjusted forecast(thousands)

Haneda –Domestic

5.2

4.3 (3.0)

4.7

2.3

2.4

61,530

Haneda –International-2.1

4.1 (6.7)

0.9

3.6

-2.7

8,020

Total Haneda

4.3

4.3 (3.4)

4.3

2.5

1.8

69,550

Narita2.3

11.3 (6.8)

6.7

2.7

4.0

31,690Kansai1.5

9.4 (1.4)

5.4

-2.8

8.2

12,040i parenthesesthi iti l fforecasts.
t*1 Fi
Figures inare initial

Principal Issues andEfforts which JAT
Needs to Address

Further promote measures aimed at addressing the issue of vacant buildings space and advancing the food andbeverage business Implement measures that are designed to advance international operations at Haneda Airport (improve domestic
and international passenger transit facilities , introduce new stores that market brands that are new to Japan in
expanded facilities for international flights,
flights and take preparatory steps to open hotels that service the domestic
terminal.
 Create new airport value (attract merchandise stores as well as medical and other facilities, and establish new
attractive commercial facilities)
 Improve the profitability of our business (refurbish existing stores and improve MD)5

JAPAN AIR TERMINAL(2) Consolidated Financial Forecast for FY13
1) Difference from prior-year results
 Net sales and earnings are expected to increase. This largely reflects growth in facility user charges revenue supported by the use of 3 spots at
Terminal 2 and expectations that robust trends in duty-free and other business will continue throughout the second half2) Difference from initial forecasts
 In the second half, operating revenues are anticipated to exceed initial forecasts due to strong contributions from the duty-free business. In contrast,
profits are projected to fall below initial forecasts owing to such factors as the postponement of a portion of capital investments from the first half
which is anticipated to push up expenses
 Operating revenues and profits are predicted to exceed initial forecasts for the full fiscal year supported by the higher net sales and earnings in thefirst half

(Billions of yen)
１H
Items

Results

Initialforecast

Operatingrevenues

72.5

Operatingincome/loss

2H
ChangeRevisedforecast

Initialforecast

68.4

4.1

70.4

3.0

1.8

1.2

Ordinary
income/
loss

3.2

1.1

Net income/
loss

1.8

0.3

Annualdividends

¥6

¥5

FY
ChangeFY12
Results

Change

135.9

7.1

136.1

6.8

5.5

4.3

1.2

4.1

1.3

-0.8

4.5

3.2

1.3

3.6

0.8

-0.6

2.2

1.3

0.9

1.6

0.5

¥11

¥10

ChangeRevisedforecast

Initialforecast

67.5

2.9

143.0

2.4

2.5

-0.0

2.1

1.2

2.1

1.5

0.3

1.0

¥5

¥5

*1 IInitial
iti l fforecastt iis fi
financiali l fforecastt announcedd iin M
May 2013.
2013

6

¥10

JAPAN AIR TERMINAL(3) Forecast of Operating Revenues by Segment(Billions of yen)
FY13
Items

Revised
Forecast

Initialforecast

FY12
Results

Rate ofchange(%)

ChangeChangeRate ofchange(%)

Facilities management

43.6

43.6

-

-

42.7

0.8

2.0

Rent revenue

13.4

13.4

-

-

13.2

0.1

0.9

Facility user charges revenue

16 4
16.4

16 3
16.3

01
0.1

06
0.6

15 7
15.7

06
0.6

40
4.0

Other revenues

13.8

13.9

-0.1

-0.7

13.6

0.1

0.8

Merchandise sales

84.3

77.1

7.2

9.3

78.5

5.7

7.3

Sales at domestic terminal
stores

31.7

31.7

-

-

30.6

1.0

3.3

Sales at international terminal
stores

20.6

17.7

2.9

16.4

16.9

3.6

21.6

Other sales

32.0

27.7

4.3

15.5

30.9

1.0

3.4

Food and beverage

15.1

15.2

-0.1

-0.7

14.8

0.2

1.8

Sales from restaurants

8.8

8.8

-

-

8.4

0.3

4.4

Sales from in-flight meals

4.6

4.6

-

-

4.6

-0.0

-0.8

Other sales

1.7

1.8

-0.1

-5.6

1.7

-0.0

-3.6

7

JAPAN AIR TERMINAL

3. New Business Opportunities and Progress under the Mid-term Business Plan
(1) The metropolitan airport operating environment and new business opportunities≪ Addressing aviation policy issues ≫≪ Helping revitalize the Japanese economy ≫Strengthen the international competitiveness of industry and cities,
create an environment that is conducive to attracting investments into
Japan, and further expand human and commodity interaction andexchangegFurther increase both the number of in-coming non-Japanese visitors
and traveler spendingEnsure that effects of economic expansion extend across the nation asa whole and help revitalize nationwide regional economies

Implement measures aimed at expanding the capacity ofmetropolitan airport landing slots to 750,000 or higher
Diversify airport functions (address such issues as LCCs andbusiness jets)
Increase the convenience of in-coming non-Japanese visitors withan eye also to the Tokyo Olympics
Note: Source: Excerpt from materials prepared by Japan’s Ministry of Land, Infrastructure, Transport and Tourism

Work toward further strengtheninggg the functions and international competitivenesspof metropolitanpairportsp
Mid-term Business Plan
Conceptual image of the number of passengers coming into
Japan and trends in the Company’s growth

A. Measures for Haneda’s new international
operations

30 00030,000thousandOl
Olympics
iStrengthen the functions of each airport as a hub that connects
51 domestic cities with the rest of the world・Bolster guidance functions and multilingual capabilities whiledeveloping attractive commercial facilities

Utilize potential to promote globalization
・Coordinate and support strategic special districts

Hospitality

B. Establish the future potential of new airport
management

Number of passengers
coming into Japan ⇒Enhance /Accelerate

Strategic
specialdistrictbusiness

Improvements ofprofitability

Further development of the Japanese economy
8

Olympics

10,000thousandC. Improve our business profitability
Expand outsourced operations as well as operation in the hoteland other businesses

Image of growth

Attracting overseas
companies

Revitalizing
regional
economies

JAPAN AIR TERMINAL(2) Progress under the Mid-term Business Plan
Initiatives

A. Measures for Haneda’s new international operations (strengthening the
integrated operation framework for domestic and international flights)•Enhance the collaboration between domestic and international terminal

operations•

Improve the quality of services as a hub of connecting domesticroutes/domestic & international routes•

Increase the overall value of Haneda Airport and seek opportunities tomaximize profits



Improve domestic and international passenger transit facilities (commence
work in November with use scheduled to begin in March 2014)
Attract new boutique duty-free stores that market brands that are new toJapan (planned for March 2014)
Establish new hotels that link closely with international flights (workcommenced in May with operations scheduled to commence in March2014)
Expand First Cabin ( August; from approx. 130 rooms ⇒ approx. 160
rooms)

B. Establishing the future potential of new airport management•

Review facility user charges and rent schemes (continuous returns)•

Shift to a revenue structure that enables us to create new demands•

Build a business structure with strong resilience to event risks•

Acquire know-how to realize the new airport management







Make arrangements to entice attractive commercial as well as medical
facilities
Create new airport value through UHHA and initiatives that include theuse of the robot special district
Participate in overseas airport projects (including feasibility studies for a
new airport in India)

C. Improving our business profitability•

Undertake investments that will contribute to continuous creation of thevalue of Haneda Airport

•

•



Enhance efficiency by improving operation processes, and determine the

Improve the profitability of stores (enhance the efficiency of store operations,improve cost of sales ratios by expanding PB brands and other measures,
other)
Make the necessary arrangements to entice popular and highly attractive
tenants

direction of unprofitable businessesTake steps to implement a system to assess and monitor operations

Rebuild our income base by improving organizational productivity



Rebuild the head office structure to improve organizational productivity

9

JAPAN AIR TERMINAL(3) Progress of Numerical Goal
Business goal for FY2015


Stable securement of targeted earnings: operating income 8.0 billion yen, EBITDA 20.5 billion yen,pg income margin
g more than 5%and operating

Shareholder return: dividends 13 yen or moreFinancial strength: maintenance of equity ratio 50% or more
(Billions of yen)

FY13

FY13

FY14

Revisedf
forecastt

Initial plan

FY15

Operating revenues

135.9

143.0

150.0

154.0

Operating income

4.3

5.5

6.0

8.0

Ordinary income

3.2

4.5

5.0

7.0

EBITDA

17.7

18.7

19.0

20.5

Operating income margin (%)

3.1

3.8

4

5.2

10

JAPAN AIR TERMINAL

4. Reference (Expanding the Capacity of Metropolitan Airport)(Expansion of landing slots at Haneda and Narita Airport)(Thousands)

747

80
800

680

640

Int’l flights: 90
Daytime: 60
Nighttime: 30

523

60
600
40
400

Int’l flights: 60
Daytime: 30
Nighttime: 30

303

20 thousand
domestic
flights increase

390

410

447
■ Haneda■ Narita

20
200

300

220

250

270

平成22年10月まで
To Oct. 2010平成25年3月30日まで
To Mar. 30, 2013

平成25年3月31日以降
On and after

0 0

最終形
Final
form

Mar. 31, 2013((Daytime
y
g
p
g y)
: 32 flights
departing/day)
Destination
countries

Korea

Destination
citiesSeoul(Gimpo)BeijingShanghaiHong Kong

Taipei

No of flights
No.

12

4

4

4

8

China

TaiwanDestination countries for international flightsfrom Haneda(As of November 1, 2013)(Nighttime : 23 flights departing/day)
Destination
Korea
countries 就航国

Destination
New
Seoul
ソウ
ル
就航都市
(Incheon)citiesYork（仁川）
No. offlights

便数

2

USA

韓国

21

Singapore

アメリカ

Seattleニューヨーク1 1

シンガポール

Sanサ ン フ ラ ンLosロ ス ア ン
Honolulu
Singapore
シ アFrancisco
トル
ホノルル シンガポール
Angels
シスコ

1

1

1

ゼルス

2

2

3

3

44

Thailandタイ

Malaysia

マレーシア

Indonesia
Franceフランス イギリス

インドネシア

Kuala
Bangkok ク ア ラ ル ン デ ン パ サ Denpasar
ール
バンコク
パリ
Lumpur
プール

33

1 1

1

1

1

UK

ドイツ

Paris
Londonロンドン フランクフルト
1 1

1 1

Germany

UAE

Frankfurt

ドバイ

Dubai

1
1

1

ＵＡＥ

• Haneda handles international flights to 12 destination countries (18 cities) (as of November 1,
1 2013)• The following countries have established a scheme to set up routes to Haneda in the daytime slot, in which Haneda plans to increase the international landing
slots from 30,000 to 60, 000 (by the end of March 2014 at earliest)
1. UK, 2. France, 3. China, 4. Singapore, 5. Thailand, 6. Germany, 7. Viet Nam, 8. Indonesia, 9. Philippines, and 10. Canada

11Earnings Explanatory Meeting
April 1, 2013 to September, 2013 (FY13 1H)

Supplementary Material
1. Details of Consolidated Financial Results for FY13 1H
2 Details of Forecast of Consolidated Financial Results for FY13
2.
3. Others* This document has been translated from the Japaneseporiginal,g, for reference p
purposesp
only.
yIn the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

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

JAPAN AIR TERMINAL

1.1.
Detailsof Consolidated
Financial
Resultsfor FY13
Detailsof Consolidated
Financial
Results
for1H
FY13 1HJAPA AIR TERMINAL(1) Changes in passenger volume (Haneda,(Haneda Narita and Kansai)(Thousand passengers)(Thousand passengers)
1 0 ,000

7 0 ,0 00

Haneda Airport – international passengers

Haneda Airport – domestic passengers
6 8 ,0 00

9 ,0 00

FY13 forecast +4.7％ (initial forecast +2.3%)

6 6 ,0 00

Sep. 2008
Financial crisis being
triggered by the US

6 4 ,0 00
6 2 ,0 00

8 ,0 00

Oct. 2010
Expanded Terminal 2 atHaneda Airport

May 2009
H1N1 influenza
outbreak

63,191

61,533

(＋9.4
9 4％)

56,42558,808Sep. 2007
Chartered flights between Haneda
and Shanghai (Hongqiao)
commenced (4 RT/day)

4 ,0 00

5 6 ,0 00

Mar. 2011
the Great East Japan
Earthquake

5 4 ,0 00

Mar. 2011
Great East Japan
Earthquake

6 ,0 00

5 ,0 00

2,438

3 ,0 00

1H result +5.2% (initial forecast +1.6%)
2H forecast +4.3% (initial forecast +3.6%)

5 2 ,0 00

7,267(＋0.9%)(+4.7%)(+4.1%)

59,344

1H result -2.1% (initial forecast +0.6%)
2H forecast +4+4.1%
1% (initial forecast +5+5.8%)
8%)

8,021

7,950

7 ,0 00

58,752

6 0 ,0 00
5 8 ,0 00

FY13 forecast +0.9％ (initial forecast +3.6%)

Oct. 2010
New International
Terminal started
operation

Oct. 2009
Flights between Haneda and Beijing
Apr., Jul. 2008
Chartered flights commenced (4 RT/day)
between Haneda andHong Kong commenced(4 RT/day)

2 ,0 00

1 ,0 00

5 0 ,0 00

2,756

4,817

0

4 8 ,0
0 00
2007

2008

2009

2010

2011

2012

← Results

20 1 3

FY

2007

2009

2010

2011

2012

← Results(Thousand passengers)

2013
FY

Forecast →(Thousand passengers)

Narita Airport – international passengers

1 3 ,000

Kansai Airport – international passengers

3 7 ,000

1 2 ,000

2009年5月
May2009
新型インフルエンザ流行
H1N1
influenza outbreak

3 5 ,000

11,42831,698Aug. 2007
Runway 2 started operation

1 1 ,000

31,51829,71030,829(-2.8%)

May 2009
2009年5月
H1N1 influenza
outbreak
新型インフルエンザ流行(+6.7%)

31,514

12,041FY13 forecast +5.4％ (initial forecast -2.8%)

FY13 forecast +6.7％ ((initial forecast +2.7%))

3 3 ,000

2008

Forecast →10,408(+10.3%)(+12.2%)

10,114

3 1 ,000

2 9 ,000

Sep. 20082008年9月
Financialcrisis beingg
米国発金融危機triggeredby the US

1 0 ,000

10 111
10,111

26,926
9 ,0 00

2 7 ,000

2 5 ,000

1H result +2.3% (initial forecast -1.3%)
2H forecast +11.3% (initial forecast +6.8%)

Mar. 2011
the Great East Japan
Earthquake

2 3 ,000
2007← Results
2008

2009

2010

2011

2012

Sep. 2008 2008年9月 9,571
Financial crisis
being
米国発金融危機triggered by the US

1H result +1.5% (initial forecast -6.8%)
2H forecast +9.4% (initial forecast +1.3%)

8 ,0 00

Forecast →2013

7 ,0 00
FY

13

2007

2008

2 00 92010

2011← Results

Forecast →20 1 2

2013※Passenger volume
Results: figures published by Minister of Land, Infrastructure, Transport and Tourism,
Narita International Airport Corporation and Kansai International Airport Co., Ltd.
Forecast: Created by the Company

FY

JAPAN AIR TERMINAL(2) Consolidated financial results for FY13 1H
FY13 1H(Results)

Items

FY12 1H(Results)
Ratio

Initial forecast(May 2013)

Rate ofchangeChangeRatio

Difference
Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

72,522
2 22

100 0
100.0

69 69469,694

100 0
100.0

2 828
2,828

41
4.1

68 40068,400

100 0
100.0

4 122
4,122

Facilities management

21,88230.2

21,563

31.0

318

1.5

21,70031.7

182

Merchandise sales

42,73658.9

40,590

58.2

2,145

5.3

38,900

56.9

3,836

Food and beverage

7,904

10.9

7,540

10.8

363

4.8

7,800

11.4

104

36,24450.0

34,576

49.6

1,668

4.8

33,400

48.8

2,844

31,60043.6

30,165

43.3

1,435

4.8

28,800

42.1

2,800

Operating revenues

Cost of sales
Cost of sales ofmerchandise(Ratio)Cost of sales of food andbeverage(Ratio)(74.3%)(73.9%)

4,643

6.4

4,411

(-0.4P)

232

6.3(58.5%)(58.7%)(74.0%)

5.3(0.2P)

4,600(-0.1P)

6.7(59.0%)

43(-0.3P)

Gross profit

36,27850.0

35,117

50.4

1,160

3.3

35,000

51.2

1,278

Selling, general andadministrative expenses

33,23445.8

32,540

46.7

694

2.1

33,20048.6

34Operating income/loss

3,043

4.2

2,577

3.7

466

18.1

1,800

2.6

1,243

210

0.3

-26

-

237

-

-700

-1.0

910

3,253

4.5

2,550

3.7

703

-

1,100

1.6

2,153

-37

-0.1

-119

-0.2

82

-68.7

-

-

-37

1,881

2.6

1,244

1.8

636

-

300

0.4

1,581

Non-operating income/loss
Ordinary income/loss
Extraordinary income/loss
Net income/loss*Ratio：Cost of sales of merchandise／Operating revenues of merchandise
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.

14

JAPAN AIR TERMINAL(3) Financial results by segment
1) Facilities management
FY13 1H(Results)

Items

FY12 1H(Results)
Ratio

Rate ofchangeChangeRatio

Initial forecast(May 2013)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenue

6,671

29.1

6,906

30.5

-234

-3.4

6,600

29.0

71

Facility user charges
revenue

8,248

36.0

7,885

34.9

362

4.6

8,100

35.5

148

Other revenues

6,962

30.4

6,771

30.0

190

2.8

7,000

30.7

-37

Subtotal

21,882

95.5

21,563

95.4

318

1.5

21,700

95.2

182

I t
Intersegmentt salesl andd transfers
t
f

1 021
1,021

45
4.5

1 041
1,041

46
4.6

-19
19

-1.9
19

1 100
1,100

48
4.8

-78
78

Total

22,903100.0

22,604

100.0

299

1.3

22,800100.0103Operating expenses

21,00991.7

20,595

91.1

413

2.0

21,700

95.2

-690

O
Operatingti income
i

1 894
1,894

83
8.3

2 008
2,008

89
8.9

-113
113

-5.7
57

1 100
1,100

48
4.8

794

Sales to external customers(Ratio)(8.3%)(8.9%)(-0.6P)(4.8%)(3.5P)

・Rent revenue: Review of domestic terminal building airline company office space rental fees-¥0.2 billion

・Facility user charges revenue: Increase in PFCs as well as user charges for common facilities owing to higher domestic passenger volumes+¥0.3 billion

・Other revenues: Increase in revenue on the back of an increase in the number of compact hotel beds and growth in commissioned facility management revenue
from TIAT+¥0.1 billion
Increase in lounge revenue and parking fee revenue from higher domestic passenger volume+¥0.1 billion
・Operating expenses: Higher maintenance expenses following the commencement of operations at 3 spots of Terminal 2+¥0.5 billion

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

15

JAPAN AIR TERMINAL(3) Financial results by segment
2) Merchandise sales
FY13 1H(Results)

Items

FY12 1H(Results)
Ratio

Rate ofchangeChangeRatio

Initial forecast(May 2013)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

15,91437.0

15,554

38.0

359

2.3

16,10041.2-185International terminal stores

10 517
10,517

24 4
24.4

9 205
9,205

22 5
22.5

1 312
1,312

14 3
14.3

9 000
9,000

23 0
23.0

1 517
1,517

Other sales

16,30337.9

15,830

38.7

473

3.0

13,800

35.3

2,503

42,73699.3

40,590

99.2

2,145

5.3

38,900

99.5

3,836

322

07
0.7

322

08
0.8

-0
0

-0.1
01

200

05
0.5

122

Total

43,058100.0

40,913

100.0

2,145

5.2

39,100

100.0

3,958

Operating expenses

40,02493.0

38,399

93.9

1,624

4.2

36,400

93.1

3,624

O
Operatingti income
i

3033

70
7.0

2 513
2,513

61
6.1

520

20 7
20.7

2 700
2,700

69
6.9

333

Sales to external customers

Subtotal
I tIntersegmentt salesl andd transferstf(Ratio)(7.0%)(6.1%)(0.9P)(6.9%)(0.1P)

・Sales at domestic terminal stores: Sales increase and other developments from higher domestic passenger volume+¥0 4 billion+¥0.4

・Sales at international terminal stores: Sales increase and other developments from higher international passenger volume+¥1.3 billion

・Other sales: Increase in wholesale to Haneda international routes and regional airports driven by higher passenger volume
Decreases in wholesale revenues, etc., at Kansai Airport and Narita Airport+¥2.6 billion-¥2.2 billion

・Operating expenses: Increase in cost of sales resulting from increase in merchandise sales+¥1.4 billion
Note: Figures shown are rounded down to the nearest million yen.

16

JAPAN AIR TERMINAL(3) Financial results by segment
3) Food and beverage
FY13 1H(Results)

Items

FY12 1H(Results)
Ratio

Initial forecast(May 2013)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

4,600

51.3

4,305

50.1

295

6.9

4,500

51.1

100

Sales from in
in-flight
flight meals

2 432
2,432

27 2
27.2

2 345
2,345

27 3
27.3

87

37
3.7

2 400
2,400

27 3
27.3

32

871

9.7

889

10.4

-18

-2.1

900

10.2

-28

Subtotal

7,904

88.2

7,540

87.8

363

4.8

7,800

88.6

104

Intersegment sales and transfers

1,059

11.8

1,052

12.2

7

0.7

1,000

11.4

59

Total

8,963

100.0

8,592

100.0

371

4.3

8,800

100.0

163

Operating expenses

8,787

98.0

8,482

98.7

305

3.6

8,700

98.9

87

Operating income/loss

175

2.0

109

1.3

65

-

100

1.1

75

Sales to external customers

Other sales(Ratio)(2.0%)(1.3%)(0.7P)(1.1%)(0.9P)

・SalesSales from restaurants: Sales increase from higher domestic passenger volume+¥0 3 billion+¥0.3

・Sales from in-flight meals: Sales increase from higher passenger volume of foreign carriers (customers)+¥0.1 billion

・Operating expenses: Increase in cost of sales resulting from increase in food and beverage sales+¥0.2 billion

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

17

JAPAN AIR TERMINAL(4) Breakdown of selling, general and administrative expenses

Items

FY13 1H(Results)

FY12 1H(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

72,522100.0

69,694

100.0

2,828

4.1

Selling, general and administrative expenses

33,23445.8

32,540

46.7

694

2.1

3,592

5.0

3,643

5.2

-50

-1.4

Provision for employees’ bonuses

862

1.2

909

1.3

-46

-5.1

Provision for directors’ bonuses

89

0.1

65

0.1

24

-

Expenses for retirement benefits

485

0.7

436

0.6

48

11.0

Rent expenses
p

4,528
,

6.2

4,324
,

6.2

203

4.7

Business consignment expenses

6,822

9.4

6,924

10.0

-102

-1.5

Depreciation expenses

6,258

8.6

6,341

9.1

-83

-1.3

Other costs and expenses

10,593

14.6

9,894

14.2

699

7.1

Salaries and wages

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

18

JAPAN AIR TERMINAL(5) Non-operating income/expenses and extraordinary income/loss
Items

FY13 1H(Results)

FY12 1H(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

72,522100.0

69,694

100.0

2,828

4.1

Operating income/loss

3,043

4.2

2,577

3.7

466

18.1

Non-operating income

750

1.0

948

1.4

-198

-20.9

Interest and dividends received

333

04
0.4

232

04
0.4

101

43 8
43.8

Miscellaneous income

416

0.6

716

1.0

-299

-41.8

Non-operating expenses

540

0.7

975

1.4

-435

-44.6

Interest expenses

450

0.6

510

0.7

-60

-11.8

Equity in losses of affiliates

15

0.0

398

0.6

-382

-96.0

Miscellaneous expenses

74

0.1

66

0.1

7

11.2

Ordinary income/loss

3,253

4.5

2,550

3.7

703

27.6

E t
Extraordinarydiiincome

89

01
0.1

-

-

89

-

Extraordinary loss

126

0.2

119

0.2

7

6.2

Income taxes

1,335

1.8

1,186

1.7

148

12.5

Net income/loss

1,881

2.6

1,244

1.8

636

51.2

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

19

JAPAN AIR TERMINAL(6) Consolidated balance sheets

Cash and time deposits-¥2¥2.2
2 billion
Accounts receivable+¥0.4 billion
Others+¥1.5 billion

32,21830,06932,584Current
liabilities

28,828-1,240-366

Tangible fixed assets(depreciable assets)
Buildings and structures+¥4.9 billion
Accumulated depreciation-¥5.8 billion
Construction in progress-¥4.4 billion
Others+¥1.1 billion
Investments and other assets
Investment securities+¥4.2 billion
Deferred tax liabilities-¥0.3 billion

Current
assets(Millions of yen)

55,728Fixedliabilities-2,20053,528Fixed
assets-519+2,555
153,846,

100,633

Total assets

Total assets

185,545

186,431

103,188
Equity ratio-885
2013.9月期
FY13 1HLong-term
Longterm loans payable-¥1.5 billion
Provision for retirement
benefits-¥0.2 billion
Others-¥0.3 billion
Retained earnings+¥1.3 billion
Valuation difference on
available-for-salesecurities+¥0.6 billion
Deferred losses on hedges+¥0.4 billion

Net assets
153,327

Accounts payable+¥0.1 billion
Short-term loans payable¥0.3
3 billion-¥0
Income taxes payable-¥0.4 billion
Others-¥0.5 billion

FY13 1H

54.8％

FY12

53.1％
(+1.7P)

2013.3月期
FY122013.3月期
FY122013.9月期
FY13 1H
Note: Figures shown are rounded down to the nearest million yen.

20

JAPAN AIR TERMINAL(7) Consolidated statements of cash flows
FY13 1H(Results)

Items

FY12 1H(Results)

Millions of yen

ChangeMillions of yen

Millions of yen

5,264

6,428

-1,163Q t l income
Quarterlyibeforeb fiincome ttaxes andd minority
i it iinterests
t
t

3 216
3,216

2 431
2,431

785

Depreciation and amortization

6,299

6,385

-85

Other current assets-1,425-1,301-124

Other current liabilities

-125

349

-475

Other fixed liabilities

-272

-221

-51

Others

-647

-889

241

-1,779-326-1,453-4,690-9,227

4,536

Purchase of tangible fixed assets-1,750-4,225

2,475

Purchase of intangible fixed assets

-330

-143

-187

-2,609-4,8582,249-2 831-2,831496-3 328-3,328Proceeds from long-term loans payable

4,300

5,000

-700

Repayment of long-term loans payable-6,218-3,864-2,354

Dividends payment

-527

-284

-243

Others

-385

-354

-30

9

2

6

Increase (decrease) in cash and cash equivalents-2,247-2,29851

Cash and cash equivalents at the beginning of term

16,151

20,816-4,664

Cash and cash equivalents at the end of term

13,904

18,517-4,612

Cash flows from operating activities

Income and other taxes paid
Cash flows from investing activities

OthersCash flows from financing activities

Effect of exchange rate change on cash and cash equivalents

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

21

JAPAN AIR TERMINAL(8) Capital expenditure and depreciation expenses
FY09 1H(Results)

FY10 1H(Results)

FY11 1H(Results)

FY12 1H(Results)

FY13 1H(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

5,722

5,940

5,183

4,270

1,845

Depreciation expenses

6,748

5,858

6,685

6,341

6,258

Items

･MajorMajor capital expenditure
FY13 1H (Result)
Construction of the fourth stage of the plan of Terminal 2 building¥1.4 billion･Major depreciation expenses
FY09 1H(Results)

FY10 1H(Results)

FY11 1H(Results)

FY12 1H(Results)

FY13 1H(Results)

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

2.3

2.0

2.0

2.0

1.9

Terminal 2

2.5

2.1

3.0

2.6

2.6

International

0.7

0.3

-

-

-

P4 Parking

0.1

0.2

0.3

0.2

0.2

Items

22

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

JAPAN AIR TERMINAL

2. Details of Forecast of Consolidated Financial Results for FY13(1) Forecast of consolidated financial results for FY13
FY13
(Forecasts)

Items

FY12
(Results)
Ratio

ChangeRatio

Rate ofchangeInitial forecast(May 2013)

Difference

Ratio

Milli
Millions
off yen%

Milli
Millions
off yen%Millions of
yen

%

Milli
Millions
off yen%Millions ofyen

143,000

100.0

136,149

100.0

6,850

5.0

135,900

100.0

7,100

Facilities management

43,60030.5

42,731

31.4

868

2.0

43,60032.1-

Merchandise sales

84,30059.078,586

57.7

5,713

7.3

77,100

56.7

7,200

Food and beverage

15,100

10.6

14,830

10.9

269

1.8

15,20011.2-100

71,20049.8

67,333

49.5

3,866

5.7

66,000

48.6

5,200

62,20043.5

58,635

43.1

3,564

6.1

57,000

41.9

5,200

Operating revenues

Cost of sales
Cost of sales of merchandise((Ratioat o*1)
Cost of sales of food andbeverage(Ratio*2)((74.6%))((73.8%))

9,000

6.3

((-0.8P))

8,698

6.4

(58.7%)(59.6%)

301((73.9%))3.5(0.9P)

9,000((-0.1P))

6.6(59.2%)(0.4P)

Gross profit

71,80050.2

68,815

50.5

2,984

4.3

69,900

51.4

1,900

Selling, general and administrative
expenses

66,30046.4

64,635

47.5

1,664

2.6

65,60048.3

700Operating income

5,500

3.8

4,179

3.1

1,320

31.6

4,300

3.2

1,200

Non-operating income/expenses-1,000

-0.7

-513

-0.4

-486

94.7

-1,100-0.8

100Ordinary income

4,500

3.1

3,666

2.7

833

22.7

3,200

2.4

1,300

40

-

-27

-

67

-

100

-

-

2,200

1.5

1,624

1.2

575

35.4

1,300

1.0

900

extraordinary income/loss
Net income/loss※ Preconditions: Forecast of number of passengers
Haneda domestic (full-year)+4.7% YoY
Haneda international (full-year) +0.9% YoY
Narita international (full-year) +6.7% YoY
Kansai international (full-year) 5.4% YoY*RRatio:
ti CostC t off sales
l off merchandise/Operating
h di /Oti revenues off merchandiseh diRatio: Cost of sales of food and beverage／Operating revenues of food and beverage
Note: Figures shown are rounded down to the nearest million yen.

23

JAPAN AIR TERMINAL(2) Financial results by segment
1) Facilities management
FY13(Forecasts)

Items

FY12
(Results)
Ratio

Rate ofchangeChangeRatio

Initial forecast(May 2013)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenue

13,40029.4

13,274

29.6

125

0.9

13,40029.3-

Facility user charges
revenue

16,40036.0

15,764

35.2

635

4.0

16,30035.7

100

Other revenues

13,80030.2

13,692

30.6

107

0.8

13,90030.4-100Subtotal

43,60095.6

42,731

95.4

868

2.0

43,600

95.4

-

I t
Intersegmentt salesl andd transfers
t
f

2 000
2,000

44
4.4

2 038
2,038

46
4.6

-38
38

-1.9
19

2 100
2,100

46
4.6

-100
100

Total

45,600100.044,770

100.0

829

1.9

45,700

100.0

-100

Operating expenses

42,00092.1

41,416

92.5

583

1.4

42,700

93.4

-700

O
Operatingti income
i

3 600
3,600

79
7.9

3 353
3,353

75
7.5

246

73
7.3

3 000
3,000

66
6.6

600

Sales to external customers(Ratio)(7.9%)(7.5%)(0.4P)(6.6%)(1.3P)

・Rent revenue: Increase in office leases, etc.

+¥0.1 billion

・Facility user charges revenue: Increase in PFC from higher domestic passenger volume
Increase in usage fee of facilities by airline companies+¥0.4 billion+¥0.2 billion

・Other revenues: Revenue increase from commissioned management of facilities in the International Passenger Terminal and increase in lounge revenue, etc.
+¥0.5 billion
Decrease in revenue from contract construction, etc.
-¥0.3 billion

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

24

JAPAN AIR TERMINAL(2) Financial results by segment
2) Merchandise sales
FY13(Forecasts)

Items

FY12
(Results)
Ratio

Initial forecast(May 2013)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

31,70037.3

30,692

38.7

1,007

3.3

31,70040.9-International terminal stores

20 60020,60024 3
24.3

16 94016,940

21 4
21.4

3 659
3,659

21 6
21.6

17 70017,700

22 8
22.8

2 900
2,900

Other sales

32,00037.7

30,953

39.1

1,046

3.4

27,700

35.7

4,300

84,30099.3

78,586

99.2

5,713

7.3

77,100

99.4

7,200

600

07
0.7

614

08
0.8

-14

-2 3
-2.3

500

06
0.6

100

Total

84,900100.079,201

100.0

5,698

7.2

77,600

100.0

7,300

Operating expenses

78,90092.9

74,570

94.2

4,329

5.8

72,500

93.4

6,400

Operatingpg income

6,000
,

7.1

4,630
,

5.8

1,369
,

29.6

5,100
,

6.6

900

Sales to external customers

SubtotalIntersegment sales and transfers(Ratio)(7.1%)(5.8%)(1.3P)(6.6%)

・Sales at domestic terminal stores: Sales increase and other developments from higher domestic passenger volume(0.5P)+¥0.9 billion

Sales at international terminal stores: Sales increase from a rise in passenger volume at Narita Airport+¥2 1 billion+¥2.1
・SalesSales increase and other developments from conversion of Kansai Airport boutiques to direct management+¥1.5 billion
・Other sales: Decrease in wholesale revenues at Kansai Airport
Increase in wholesale revenues from a rise in international passenger volume at Haneda Airport and Narita Airport
Increase in wholesale revenues to regionalg
airportsp-¥3.7 billion+¥2.6 billion+¥1.7 billion

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

25

JAPAN AIR TERMINAL(2) Financial results by segment
3) Food and beverage
FY13(Forecasts)

Items

FY12
(Results)
Ratio

Rate ofchangeChangeRatio

Initial forecast(May 2013)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

8,800

51.5

8,429

50.0

370

4.4

8,800

51.2

-

Sales from in
in-flight
flight meals

4 600
4,600

26 9
26.9

4 638
4,638

27 5
27.5

-38
38

-0.8
08

4 600
4,600

26 7
26.7

-

Other sales

1,700

9.9

1,762

10.4

-62

-3.6

1,800

10.5

-100

Subtotal

15,10088.3

14,830

87.9

269

1.8

15,20088.4-100Intersegment sales and transfers

2 000
2,000

11 7
11.7

2 039
2,039

12 1
12.1

-39

-1 9
-1.9

2 000
2,000

11 6
11.6

-

Total

17,100100.0

16,870

100.0

229

1.4

17,200

100.0

-100

Operating expenses

16,90098.8

16,763

99.4

136

0.8

17,000

98.8

-100

200

1.2

106

0.6

93

87.8

200

1.2

-

Sales to external customers

Operatingpg income(Ratio)(1.2%)(0.6%)(0.6P)

・SalesSales from restaurants: Sales increase from higher domestic passenger volume(1.2%)-+¥0 3 billion+¥0.3

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

26

JAPAN AIR TERMINAL

3. Others(1) Capital expenditure and depreciation expenses
FY08(Results)

FY09(Results)

FY10(Results)

FY11(Results)

FY12(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

14,78912,567

13,413

8,140

7,215

7,368

Depreciation expenses

15,106

13,59813,217

13,954

12,865

12,670Items

FY13(Forecasts)･Major capital expenditure
FY12 (results)

FY13 (forecasts)

Construction of the fourth stage of the plan of Terminal 2 building

Construction of the fourth stage of the plan of Terminal 2 building¥3.2 billion¥1.4 billion

Renewal construction of ACC calcinator

Maintenance work on transit facilities in Terminals 1 & 2¥0.7 billion

Renewal construction of security equipment at Terminal 1¥1.4 billion
C
Construction
t ti workk tot upgraded theth auto-controlledtt ll d central-monitoringt l
it i ddevicei¥0.7 billion
Plan of diversion of Sakura House¥1.3 billion
Improvement work on rental office at Terminal 1¥0.4 billion
New construction of “First Cabin”¥0.3 billion¥0.3 billion
Construction work to reinforce fixed bridges in Terminal 1 as a disastercountermeasuret¥0.3 billion(Total ¥5.3 billion)(Total ¥4.7 billion)･Major depreciation expenses
FY08(Results)

FY09(Results)

FY10(Results)

FY11(Results)

FY12(Results)

FY13(Forecasts)

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

5.1

4.6

4.1

4.4

4.2

4.0

Terminal 2

55
5.5

49
4.9

56
5.6

61
6.1

52
5.2

54
5.4

International

1.6

1.4

0.3

-

-

-

P4 Parking

0.3

0.3

0.6

0.6

0.5

0.5

Items

27

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

JAPAN AIR TERMINAL(2) Operating revenues/ordinary income/cash flows(left)
Operating revenues (results)《左軸》営業収益(実績)
Billions ofyen《右軸》キャッシュフロー(right)Cash flows(right) Ordinary income(right)《右軸》キャッシュフロー（予想）Cash flows (forecast)《右軸》経常利益(実績)(results)

Billions ofyen《右軸》経常利益（中計）(right)Ordinary income (plan)

Great East Japan
Earthquake
H1N1 influenza
outbreakFinancial crisis being
Financial realignment
triggered by the US
Y2K task
Hikes in the priceof crude oil
Voluntary closure of
Chubu International Airport opened
Yamaichi Securities

1160
1,600
600
1,400
140
120
1,200

《左軸》営業収益（中計）(left)
Operating revenues (plan)

Kansai International Airport opened

450
45
40
400

350
35

SARS outbreak

Narita Airport Terminal 2 started operation

30
300

Iraq war

100
1,000

9-11 Terrorist Attack in the US
The extended part ofHanedaH
d Ai
Airportt T
Terminal
i l2
and TIAT Haneda Airport
started operation (Oct. 2010)

80
800

60
600

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1 started
operation (Sep.
(Sep 1993)

20
200
14.0
140

18.0
180 17.7

177
15.1
151

40
400

9.0
90

20
200

8.0
80

5.0
50

0

25
250

133
13.3

13.9
139
10.7
107

3.1
31
6677
6.7

10.1

-20
‐200

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

505

3.6
36

←

'88

10
100

4.5
45

4.9
49

1.0
10

15
150

'12

Results

0
→

-5
‐50

'13

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

28

Earnings Explanatory MeetingApril
p 1, 2013 to September,p
2013

Reference Material
1.

Overview and Characteristics of Japan Air Terminal (JAT)’s Business

2.

Efforts Related to the Tokyo International Airport Re-expansion Project3.

Changes in Passenger Volume on Domestic and International Flights(Haneda and Narita)* 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.,
Co Ltd.
Ltd
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINAL

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s
JAT s position at each airport
AirportResponsible
partyManagement
party
Airport facilities(basic facilities)
Runways
Taxiways
ApronsHaneda Airport(Tokyo International Airport)

Narita Airport(Narita International
Airport)Kansai Airport(Kansai International
Airport)Central Japan Airport(Central Japan International
Airport)Itami Airport(Osaka International
Airport)National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure, Transport and Tourism)

Control facilities
Domestic: JAT
Terminal buildings International: Tokyo International Air
Terminal Corporation (TIAT)
Shareholder
composition

Private corporations, etc.:

100%

Narita International Airport
Corporation

National government:

New Kansai International
Airport Company, Ltd.

100% National government:

Central Japan International
Airport Co., Ltd.

Private corporations, etc.:
100% National government:
Local governments:

Osaka International Airport
Terminal Co., Ltd.

50%
Local governments:
50%
40%
Private corporations, etc.: 50%
10%

Source: Created based on the Suji De Miru Koku 2012 (Air Travel 2012 in Figures) andsecurities reports and the websites of the various companies(Reference) Basic position of terminal building companies

Operators of the airport facilities
Runways, taxiways and aprons:
Installed and managed by national government, local governments, and Narita/New Kansai/Central Japan
airport companies
T
Terminal
i lbbuildings
ildi
andd cargo tterminals:
i l Constructed,
Ct t d owned,d andd manageddbby private
i t corporations,
ti
thi
third
d sectort bbodies,diandd airportit companies,i
etc.
t
Maintenance area:
Constructed, owned, and managed by private corporations and airline companies
JAT has been designated as an Airport Facilities Operator* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to
Article 15, Paragraph 1 of the Airport Act.
*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 leases facilities such as check-in counters and offices.

Relationship with merchandise stores, restaurants, and service stores
JAT leases store/office space to the passenger terminal building companies which open their own stores, or to the tenants of airlinerelated companies. Those companies need filings to operate sales at the airports.
30

JAPAN AIR TERMINAL(2) 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
war, only the costs for paving the taxiway and apron were included in the national budget
budget. Therefore
Therefore, it was decided tobuild the terminal with private funds (cabinet approved), and in 1953 the Company was founded with the cooperation of major
financial institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953 (July)
1955 (May)1964 (April)
1978
1990
1991
1993
1994
1998
2001
2002
2003
2004
2005
2006

2007
2008
2009
2010

2011
2013

Established with private sector capital of 150 million yen.
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic
Games.
(October)Duty-free sales operations commenced.
(May)
Commenced merchandise sales including duty-free articles, hotel reservation services
and other operations with the opening of Narita International Airport.
(February)
Listed on second section of the Tokyo Stock Exchange.
(September) Listed on first section of the Tokyo Stock Exchange.
(S(September)) Haneda Airport Terminal 1 (Big(
Bird)) started operation.
(September) Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
(March)The temporary international terminal at Haneda Airport started operation.
(February)
International charter flights commenced at Haneda Airport.
(April)Terminated periodic international flights from Haneda Airport (transfer of China Airlines
and the EVA Airways to Narita).
(November) International charter flights between Haneda and Seoul (Gimpo) commenced.
(December) Terminal 2 at Haneda Airport started operation.
(February)
Wholesale of duty-free goods commenced with the opening of Central Japan International
Airport.
(April)Participated in the project of the maintenance and operation of terminal at international
flight area of the Tokyo International Airport.
(J)
It d ini thi l purpose company (SPC) “Tokyo“T k International
I t
ti
l Air
Ai TerminalTi l(June)
Invested
the special
Corporation.”(February)South Pier in Terminal 2 at Haneda Airport started operation.
(September) International charter flights between Haneda and Shanghai (Hongqiao Airport)commenced.
(April)International charter flights between Haneda and Hong Kong commenced (during specific)hours).
(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 scheduled in
October).
(October)
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
Co., Ltd.
Ltd(November) Renewal of Terminal 1 building, Haneda Airport completed.
(April)The extended part of south Pier in Terminal 2 at Haneda Airport started operation.

31

Haneda Airport Terminal when opened

H
Hanedad Ai
Airportt T
Terminal
i l1

Haneda Airport Terminal 2

JAPAN AIR TERMINAL(3) The Group’s business expansion at each airport
Haneda Airportp ((Tokyo
y International Airport)p )Terminal 1(area under management: 292,400m2)

Terminal 2• Construction, management,
and operation of terminalbuildings• Real estate leasing• Merchandise sales(direct management)• Food and beverage services(direct management)• Passenger services• Preparation/sales of in-flightmeals

Started operation on September 27, 1993

International Passenger Terminal (constructed and managed by
Tokyo International Air Terminal Corporation)
Business under contract• Facilities
maintenance/management• duty-free store operation, etc.
• Passenger services

Started operation on October 21, 2010

Narita International Airport• Wholesale and merchandise
sales• Food and beverage services

Kansai International Airport• Merchandise sales (duty-free stores, etc.)• Commissioned management of• Wholesale (duty-free items, general items),
duty-free storescommissioned management of duty-free stores • Merchandise sales• Food and beverage service• Wholesale• Passenger services• Preparation/sales of in-flight meals
32(area under management: 255,600m2)

Started operation on December 1, 2004
South Pier started operation on February 15, 2007
The extended part of Terminal 2 started operation on October 13, 2010
The extended part of south Pier in Terminal 2 at Haneda Airport started
operation on April 8, 2013.

Parking lots
Management of parking lots
(total of 4,776 spots)• P1 parking lot
2,351 spots• P4 parking lot
2,425 spots
1994.9.4 開港

Central Japan International
Airport• Wholesale

2005.2.17 開港

Chengdu Int’l Airport andChengdu city (China)• Merchandise sales• Wholesale• Food and beverage service

JAPAN AIR TERMINAL(4) Group companies (15 companies)
Facilities management operations (6 companies)

Ja
apan Airp
port Term
minal Coo., Ltd.

[Maintenance and management]• Japan Airport Techno Co., Ltd.
• Haneda Airport Security Co., Ltd.
• Sakura Clean Corporation[Service]• BIG WING Co., Ltd.
• Haneda Passenger Service Co., Ltd.
• Japan Airport Ground Handling Co., Ltd.

Maintenance management of facilities such as airport terminals
Security service and management of parking area
Operation of airport cleaning center and waste deposal
Advertising and event planning
Passenger service operations
Ground handling operation at Haneda Airport

Merchandise sales operations (5 companies)• International Trade Inc.
• Japan Airport Logitem Co., Ltd.
• Japan Airport Terminal Trading(Chengdu) Co., Ltd.
• Haneda Airport Enterprise Co., Ltd.
• Hamashin Co., Ltd.

Retail and wholesale of general merchandise and bonded goods to stores at domestic airports
Logistics, including transportation and inspection
Merchandise sales and wholesale operations at Chengdu Shuangliu International Airport(Sichuan Province, China)
Operation of stores at Haneda Airport and Narita International Airport
Retail and wholesale of marine products

Food and beverage operations (4 companies)• Tokyo Airport Restaurant Co., Ltd.
• Cosmo Enterprise Co., Ltd.

• CTT Inc.
• Kaikan Kaihatsu Co., Ltd.

Restaurant business and production/sales of snacks at Haneda Airport and Narita International
Airport and operation of paid waiting rooms and conference rooms at Haneda Airport
In-fight catering for foreign airlines such as American Airlines, British Airways, Singapore Airlines,
Cathay Pacific Airways, China Airlines, Virgin Atlantic Airways, Emirates Airline, Qatar Airways
leaving Haneda Airport and Narita International Airport, and production of frozen foods, etc.
Cleaning of airline cabin items and dishware, etc.
Operation of restaurants and the management of lodgings, halls, and conference rooms, etc.

•

In January 2011, the Company established Japan Airport Terminal Trading (Chengdu) Co., Ltd., (capital 85 million yen, investment ratio 100.0%) as a subsidiary specializing
in merchandise sales and wholesale operations at Chengdu Shuangliu International Airport (Sichuan province, China).

•

In July 2011, BIG WING Co., Ltd. merged with its consolidated subsidiary Hiro International Co., Ltd.

33JAPAN AIR TERMINAL(5) Composition of the group businesses(consolidated, by segment / results for the first half of FY13)
Composition of sales

Other 1% (1%)
In-flight meals 3% (3%)

Rent revenue

9% (10%)
Restaurants 6% (7%)
Food andbeverage
operations
Other

23% (23%)

11%
(11%)

Facility user
chargesrevenue

Facilities
management
operations

12% (11%)

30%
(31%)

Merchandise sales
operations

Other 10% (10%)

59%
(58%)
Stores atinternationalterminal

Stores atdomestic terminal

14% (13%)22% (22%)*Figures in parenthesis are results for the first half of FY12.

34

JAPAN AIR TERMINAL(6) Revenue composition (consolidated, by segment)
Category
Rent revenue
Facilities
management
operations

Facility user
charges revenue
Others

Revenue details
Office lease (fixed rent); store lease (fixed rent + percentage
commission)

Depreciation; water, heating, energy
expenses; repairs expenses; lease fee (suchas national property usage fee); taxes andUser charges for common facilities of domestic flights frompublic charges; cleaning expenses;
airline companies; Fees for use of passenger facilities (domestic
outsourcing fees
flights: PFC)
Lease fee (such as national property usage
Parking fee revenue, advertising revenue; sales from paidfee); taxes and public charges (fixed asset
waiting room (Airport Lounge); revenue from subcontracted worktax); outsourcing fees

Stores at domestic
Merchandise sales for stores at Haneda Airport
terminal
Merchandise
sales
operations

Stores atinternationalterminal
OthersFood andbeverage
operations

Expenses details

Merchandise sales for lobby stores at Haneda Airport
Merchandise sales for stores such as duty-free stores at Narita
International Airport

Cost of sales; supply expenses
Cost of sales; supply expenses; percentage
of business

Wholesale to Haneda Airport, Narita International Airport, KansaiInternational Airport, and Central Japan International Airport
Cost of sales and agent service fee
Commissioned management fee of Haneda Airport, Narita
International Airport, and Kansai International Airport

Restaurants

Restaurant sales at Haneda Airport and Narita International
AirportFood expenses (cost of sales for food andbeverage) percentage of businessbeverage),

In-flight meals

Production and sales of in-flight meals

Food expenses (cost of sales for food andbeverage)

Wholesale of products such as frozen foods and box meals

Food expenses (cost of sales for food andbeverage)

Others

Factors behind changes in earnings: Environment the airline industry operates in (such as changes in the number of passengers on bothinternational and domestic flights)
Government measures, etc. (such as the government’s and regulating authority’s airport management
policy and revisions to and changes to the system of usage fees for national assets)
Changes in facility user charges (domestic flights)
35

JAPAN AIR TERMINAL(7) Sales by region and segment (non-consolidated)

B segmentt
By

By region(Haneda Airport)
KansaiInternational
AirportNaritaInternational
AirportSale ofmerchandise
55%

4%
(6%)

15%

( ): actual results for the first half of FY12

Rent
revenue
15%(14%)
HanedaAirport

77%(76%)

Central Japan
International Airportand others

2%
(2%)

Development ofCompany-owned
land(Effective(Effti use off llanddpreviously used for dorms
and company housing)Otherrevenues
12%

2%
(2%)

36

Facility user
chargesrevenue
18%

JAPAN AIR TERMINAL(8) Facilities of Tokyo International Airport (investment plan)

Terminal 2
ANA ADO
ANA,
ADO, SNA
SNA, SFJ
Fixed Spots : 20

[Fourth Stage of the Plan]･Expansion and Renovation of 3 spots
Investment amount: ¥7.6
¥7 6 billion
Started operation in April 2013

[International Terminal Dismantling Works]･ Dismantling works
Investment amount: ¥0.4 billion
Scheduled in FY11Ｐ４[[Constructionof P4 Multi-storyy Parkingg Lot]]･ Full-scale multi-story parking lot
Started operation in August 2010

[Third Stage of the Plan]･ Main building
Started operation in October 2010

[Terminal 1 Renovation Project]environment, storesstores,･ Arrangements for environment
other facilities
Investment amount: ¥7.0 billion
Scheduled to complete in FY10-11

Terminal
Ti l1
JAL Group, SKY, SFJ
Fixed Spots: 24
37[Installation Upgrading Works]･ Upgrading of the passenger boarding
bridge at Terminal 1, upgrading of
installations at Terminals 1 & 2Completed in FY10-12

JAPAN AIR TERMINAL

2. Efforts Related to the Tokyo International Airport Re-expansion ProjectJAPAN AIR TERMINAL(1) Re-expansion
Re expansion project of Tokyo International Airport
Runway Construction
Project
Construction started: FY06
2006
Operationopening:
started:
Expected
October 21, 2010

New Runway D
RunwayyC

Terminal 2

Runway B

With the additional expansion, landing slots will
increase by 1.3 times

Terminal 1
Runway A
Newly opened
stations of Keihin
Express Tokyo
MonorailFor
Hamamatsu-choKeihinExpress[Before the re-expansion]
303 thousand slots a year (on daytime)(equivalent to 830 slots a day)Tokyo
MonorailInternational
Terminal

Increase of 104 thousand slots a year (or 284 slots a day)
Of which, around 60 thousand slots arefor international flights (on daytime)

International Section
Development Project(by PFI)

Ebitori River
Tama River

Operation started:
October 21, 2010

[After the re-expansion] (from FY13-end)
407 thousand slots a year

Mt. Fuji
Kawasaki City(on daytime)((equivalenti l t tot 1,114
1 114 slots
l t adday))

For
Keikyu Kamata*

38

Estimated based on the materials from the Study Group meeting for slot
allocation standards at Haneda Airport (July 2009) and the Growth Strategy
Council of MLIT (April 2010) from the Ministry of Land, Infrastructure, Transport
and Tourism

JAPAN AIR TERMINAL(2) Founding and present state of the Tokyo International Air Terminal Corporation
April
p 21,, 2006

“HKT Group”,
p , representedp
the Company,
p y, was selected
as the candidate for the project
June 1, 2006
HKT Group concluded basic agreement with theJapanese government
June 20, 2006
The special purpose company, Tokyo International Air
Terminal Corporation was foundedJulyJuy 7,, 2006006
Business
us ess ag
agreementee e t was
as coconcluded
c uded bet
betweenee tthee Tokyoo yoInternational Air Terminal Corporation and theJapanese government
October 21, 2010 Placed in operation

June 2011

April 2012

Revised agreement on the maintenance and management of theterminal building in the international section of the Tokyo
International Airport was concluded between Tokyo International Air
Terminal Corporation and the Japanese government
・ Partial renovation and expansion of the main terminal building
・ Expansion of satellite and multi-story parking
・ Newly-built hotel
Publicly invited bids to perform passenger terminal building andother expansion work••

July 2012

Terminal Building (4 sections)
1 Main building
1.
2. Main building, satellite
3. Satellite
4. Satellite
Expansion of multi-story parking (1 section)

Conclusion of subcontract agreement for expansion of passenger
terminal building and other areas••

Terminal Building
1. main building and 2. satellite: Taisei Corporation
3. and 4. satellite: Takenaka Corporation
Expansion of multi-story parking : Taisei Corporation

November 2012 Expansion work started
March 2013
Concluded a construction contract for expansion work of passengertterminal
i lbbuildings
ildi(h(hotelt l construction
t ti area):) T
Taiseii iC
Corporationti
May 2013
Hotel construction area work started
March 2014 (plan) Start provisional use
October 2014 (plan) Started full-scale use
39

1. Company
p y
Name

Tokyo
y International Air Terminal Corporationp

2. Date Founded

June 20, 2006

3. Headquarters
Location

Haneda Airport, Ota-ku, Tokyo

4. Capital

9.0 billion yen

5. Businesses

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

6. Representative Masashi Sakurai, President (previously Vice
President of Japan Airport Terminal Co., Ltd.)
7. Composition of Japan Airport Terminal Co., Ltd.
(38.78%)
Shareholders
Japan Airlines Corporation(19.36%)
ANA HOLDINGS INC
INC.
(19 36%)(19.36%)
Narita International Airport Corporation(4.5%)
Tokyo Electric Power Company, Inc.
(3.5%)
SECOM Co., Ltd.
(3.0%)
Tokyo Gas Co., Ltd.
(3.0%)
Keihin Electric Expressp
Railwayy Co.,, Ltd. ((2.0%))
Tokyo Monorail Co., Ltd.
(2.0%)NTT Data Corporation(1.5%)Development Bank of Japan Inc.
(1.0%)
Mizuho Corporate Bank Ltd.
(1.0%)
Bank of Tokyo-Mitsubishi UFJ Ltd.
(1.0%)

8. Corporate
Philosophy

As the gateway to the nation’s capital, Tokyo, wewill endeavor to continue providing cutting-edge
terminal facilities and services to customers fromacross theth world
ld andd ththus contributet ib t tot thethdevelopment of the international aviation network.

Note:

Created by the Company based on material from the Tokyo
International Air Terminal Corporation

JAPAN AIR TERMINAL(3) Summary of the International Terminal Building
Summary of facilities• Site area:

approx.
pp
130,000m2(after expansion: approx. 143,000m2)• Terminal building
Floor space:approx 159
approx.
159,000m
000m2(including water supply and waste disposal facilities)(after expansion: approx. 235,500m2)
Floors:

5 floors

Fixed spots:

10 spots(after expansion: 18 spots)

Image picture of International passenger building, etc., after expansion• Parking lot
Total floor space:approx. 67,000m2(after expansion: approx. 86,000m2)

Floors:6 levels, 7 floors(after expansion: 8 levels, 9 floors)

Capacity:

approx. 2,250 vehicles(after expansion: approx. 3,000 vehicles)

40

Note:

Created by the Company based on material from the Tokyo
International Air Terminal Corporation

JAPAN AIR TERMINAL(4) Overall layout of the new International area

Apron area
Haneda Airport International Apron PFI Co., Ltd.
(Representative company: Taisei Corporation)

Cargo area
Tokyo International Air Cargo Terminal Ltd.
(Representative company: Mitsui & Co
Co., LtdLtd.))

Terminal building area
Land fordevelopment

Tokyo International Air Terminal Corporation(Representative company: Japan Airport Terminal Co., Ltd.)

Kan-pachi RoadTokyo Monorail
Actual area for the construction and operation of TB

Airport access
a
ro
oad

*Including the land for the CIQ facilities directly managed by the national
government (around 115m  50m)

Terminal building construction/operation business (within
leased air space)

Actual area for the construction and operation of the cargogterminal

Keihin Express

Including the land for the CIQ facilities directly managed by the national
government (around 100m  80m)

Actual area for construction of the
apron
Other major businesses (Keihin Express andTokyo Monorail)

41

Created by the Company based on material from the Ministryof Land, Infrastructure, Transport and Tourism

JAPAN AIR TERMINAL

3. Changes in Passenger Volume on Domestic and International Flights (Haneda andNarita)JAPAN AIRTERMINAL(Ten thousand
passengers)

6,526 6,495
6,180 6,196 6,163 6,229

6,315

5,416

9-11 Terrorist Attack in the US

5,141

Financial crisis being
triggered by the US

4,863

5 000
5,000
4,302

4,446

800
5,642

SARS outbreakTerminal 2 opened at Haneda

5,568

4,630

700

H1N1 influenza
outbreak

4,000
Narita International Airport – international
flight passengers (left axis)
3,207
2,470

6,153
5,875

726

The extended partof Terminal 2
started operation

The Great East
Japan Earthquake

3,000

802

5 933 5,880
5,933

5,854

6,000

900

2,675 2,631 2,587 2,768
2,577

2,945

500

481

3,397 3,356 3,418 3,416

3,151 3,151
2,886

3,082

3,169
2,971

400

2,692

2,677

600

Haneda international flight pa
assengers

Passengers
s using Haneda do
omestic flights andd Narita internation
nal flights

7,000
Haneda Airport – domestic
passengers (left axis)(Ten thousand
passengers)

New International
Terminal started
operation
Expanded Terminal 2 atHaneda Airport 795

300
2,000
Haneda Airport – international
flight passengers (right axis)

195

84
81

87

84

85

85

243

International charter
flights moved to Narita

1,000
72

275

Launch of Gimpo flights

97

95

14

200

Launch of Hong Kong flights

161
130

35

Launch of Beijing flights

Increase in flights to Hong Kong

100

Launch of Shanghai flights

Increase in flights to Gimpo

00

Fiscal year

'95.3 '96.3 '97.3 '98.3 '99.3 '00.3 '01.3 02.3 '03.3 '04.3 '05.3 '06.3 '07.3 '08.3 '09.3 '10.3 '11.3 '12.3 '13.3 '14.3(Forecast)

42

Source: Created by the Company based on material from the Ministry of Land, Infrastructure,
Transport and Tourism and the Narita International Airport Corporation

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future figures and monetaryamounts 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 atthe present time. Realizing these items entail uncertainty and various risks and uncertainty.
This presentation material is not intended to solicit investments. We requests you to make own decision
regarding investments.

Contact
Co
tact

Japan Airport Terminal Co., Ltd., Corporate Planning Division, PR/IR Office
TEL: 03 (5757) 8030
FAX: 03 (5757) 8099
Email: ir@jat-co.com