Earnings Explanatory Meeting
April 1, 2012 to March 31, 2013

Earnings Presentation Material(May 16, 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., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting

Earnings Explanatory Meeting
April 1, 2012 to March 31, 2013 (FY12)April 1, 2012 to March 31, 2013 (FY12)

Supplementary Material
1. Review of Consolidated Financial Results for FY12

１. Details of Consolidated Financial Results for FY12(1) Consolidated financial results

P 2(2) Consolidated financial results

P 3(3) Consolidated balance sheets

P 4

2. Consolidated Financial Forecast for FY13

(1) Summary of consolidated financial forecast for FY13P 5(2) Consolidated financial forecast for FY13P 6(3) Forecast of operating revenues by segment

P 7

P 9

(2) Recognition of business environment

1) Business environment

P22(3) Financial results by segment
1) Facilities management

P232) Merchandise sales

P243) Food and beverage

P25(4) Breakdown of selling, general and administrative expenses

P26(6) Consolidated balance sheets

P28(7) Consolidated statements of cash flows

P29

P11

2) Expansion of landing slots and projected passenger volumes at
Haneda Airport(2) Consolidated financial results for FY12(5) Non-operating income/expenses and extraordinary income/loss
P27

3. Mid-term Business Plan (FY13-15)(1) Review of the former mid-term business plan

(1) Changes in passenger volume (Haneda, Narita and Kansai) P21

P12(3) Theme and strategies under the new Mid-term business plan

2. Details of Forecast of Consolidated Financial Results for FY13(1) Forecast of consolidated financial results for FY13P30(2) Financial results by segment
1) Facilities management

P312) Merchandise sales

P323) Food and beverage

P331) Focused issues and responsive measures

P132) Focused issues and concrete measures and policies (A)P142) Focused issues and concrete measures and policies (B)P152) Focused issues and concrete measures and policies (C)P16(4) Organizational strategies

P17(5) Fulfilling our social responsibilities

P17

３. Others(6) Investment plan

P18(1) Capital expenditure and depreciation expenses

P34(7) Numerical goal

P19(2) Operating revenues/ordinary income/cash flows

P35

JAPAN AIR TERMINALJAPAN AIR TERMINAL

Contents
Earnings Explanatory Meeting
April 1, 2012 to March 31, 2013 (FY12)
Reference Material

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

P37(2) Company history

P38(3) The Group’s business expansion at each airport

P39(4) Group companies (15 companies)(5) Composition of the Group businesses(consolidated, by segment / results for the first half of FY12)(6) Revenue composition (consolidated, by segment)(7) Sales by region and segment (non-consolidated)(8) Facilities of Tokyo International Airport (investment plan)

P40
P41
P42
P43
P44

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

P45(2) Founding and present state of the Tokyo International Air Terminal Corporation

P46(3) Summary of the international terminal building

P47(4) Overall layout of the new International area

P48

3. Changes in Passenger Volume on Domestic and International Flights (Haneda and Narita) P49

Earnings Explanatory Meeting

April 1, 2012 to March 31, 2013

1. Review of Consolidated Financial Results for FY12
2. Consolidated Financial Forecast for FY13

JAPAN AIR TERMINAL

1. Review of Consolidated Financial Results for FY12(1) Consolidated financial results
Business
Environment

Japan’s economy showed modest signs of recovery supported by reconstruction demand
relating to the Great East Japan Earthquake, despite the impact of the global economic
slowdown and other negative factors.
Passenger volumes on both domestic and international flights increased year on year,
backed by a rebound from the significant decline after the Great East Japan Earthquake,
although there remained some concerns such as the Senkaku Islands dispute.

Passenger Volume Rate of change (with respect to previous period)
Adjusted
forecast(thousands)

4.4

58,92058,870

0.1

0.6

9.0

7,910

7,910

0.1

18.4

3.0

10.3

29,71029,640

0.2

22.1

4.7

12.9

11,420

11,230

1.7

FY12
2H
(%)

FY12

Haneda –Domestic

7.4

1.6

Haneda –International

18.1

NaritaKansai

AirportPrincipal
MeasuresNo. ofpassenger
volume(thousands)

FY12
1H
(%)

(%)

Rate ofchange(%)• Expansion in 3 spots of Terminal 2 of Haneda Airport• Measures for addressing vacant building space (Revised tenancy agreements of Isetan Haneda
Store, First Cabin)• Measures for food and beverage business (Review of food procurement and implementing costcutting measures through business collaboration with LSG)
• Efforts to improve cost management for terminal operations, etc. (Review of Group subcontracting
agreements and outsourcing costs, PB products, negotiations to cut costs)• Development of new revenue sources (Startup of “Japan Airport Delica” and development of new
merchandise stores and restaurants in China)
2

JAPAN AIR TERMINAL(2) Consolidated financial results
1) Difference from FY11
• Achieved higher net sales and earnings resulting from our successful efforts on major issues as well as
the recovery from the impact of the Great East Japan Earthquake2) Difference from adjusted forecast•Operating revenues were slightly lower than the forecast due mainly to a decline in product sales, while
operating income was higher than expected due to improved capital investments and cost of goods (review
of cost and expansion of sales of PB products)
Ordinary income was higher than the forecast due mainly to better-than-expected non-operating income(Billions of yen)

１H

2H

FY

FY12

FY11

ChangeFY12

FY11ChangeFY12

FY11ChangeAdjusted
forecast*1

Operatingrevenues

69.6

62.5

7.1

66.4

66.8

-0.3

136.1

129.3

6.7

136.8

-0.6

Operatingincome/
loss

2.5

-0.2

2.8

1.6

1.1

0.4

4.1

0.8

3.3

3.8

0.3

Ordinary
income/
loss

2.5

-0.7

3.3

1.1

0.9

0.1

3.6

0.1

3.4

3.2

0.4

Net
income/
loss

1.2

-0.9

2.1

0.4

-1.7

2.1

1.6

-2.6

4.2

1.4

0.2

Annualdividend

¥3.5

¥3.5

¥6.5

¥3.5

¥10.0

¥7.0

Items

*1 Adjusted financial forecast announced in October 2012

3

¥7.0

Difference

JAPAN AIR TERMINAL(3) Consolidated balance sheets(Billions of yen)

Items

FY12

FY11

ChangeTotal assets

186.4

189.1

-2.7

Total liabilities

85.7

89.7

-3.9

Net assets

100.6

99.4

1.1

Total liabilities and net
assets

186.4

189.1

-2.7

53.1%

51.7%

[Reference]
Equity ratio

4

JAPAN AIR TERMINAL

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

Passenger
Volume Forecast

Principal
Measures

Japan’s economy is expected to see a gradual recovery bolstered by improvements in export
conditions as well as the government’s economic stimulus packages and monetary easing policies,
although a slowing down of overseas economies remains as a risk factor
With such prospects, passenger volume is expected to increase year on year backed by anincreased number of landing slots at both Haneda and Narita Airports, except international flights at
Kansai Airport.

Rate of change (with respect to previous period)
Airport

FY13 1H(%)

No. ofpassenger
volume(thousands)

FY13

FY13 2H(%)(%)

Haneda –Domestic

1.6

3.0

2.3

60,300

Haneda –International

0.6

6.7

3.6

8,200

Narita

-1.3

6.8

2.7

30,500Kansai

-6.8

1.4

-2.8

11,100• Put further efforts to address measures for vacant building space and the food and beveragebusiness• Implement measures for Haneda’s international operations (e.g., improving transit facilities,
expanding First Cabin, and introducing more brand-name stores in expanded facilities forinternational flights)• Create new airport values (by implementing campaigns to attract medical facilities andintroducing new attractive commercial facilities)• Improve profitability of our business (by refurbishing existing stores and improving MD)
5

JAPAN AIR TERMINAL(2) Consolidated financial forecast for FY13
○ Difference from Prior-Year Results• Operating revenues are expected to decrease due to a projected significant decline in wholesale of products
to stores at Narita and Kansai Airports, despite an increase in passenger volumes due to increased landing
slots as well as an increase in revenues due to a range of improvement measures.
Operating income is expected to increase slightly resulting from a range of improvement measures such as
adopting a diminishing balance method of depreciation and reducing the cost of goods.
Ordinary income is expected to decrease due to a projected increase in equity in losses of TIAT Corp.
(Billions of yen)

Items

FY13
(Forecast)

FY12(Results)

Rate of change(%)

ChangeOperating revenues

135.9

136.1

-0.2

-0.2

Operating income

4.3

4.1

0.1

2.9

Ordinary income

3.2

3.6

-0.4

-12.7

Net income

1.3

1.6

-0.3

-20.0

Capital expenditures

9.2

7.2

2.0

Depreciation
expenses

12.8

12.8

-

Annual dividend

¥10

¥10
6

JAPAN AIR TERMINAL(3) Forecast of operating revenues by segment(Billions of yen)

Items

FY13
(Forecast)

FY12(Results)

Rate of change(%)

ChangeFacilities management

43.6

42.7

0.8

2.0

Rent revenue

13.4

13.2

0.1

0.9

Facility user charges revenue

16.3

15.7

0.5

3.4

Other revenues

13.9

13.6

0.2

1.5

Merchandise sales

77.1

78.5

-1.4

-1.9

Sales at domestic terminal stores

31.7

30.6

1.0

3.3

Sales at international terminal
stores

17.7

16.9

0.7

4.5

Other sales

27.7

30.9

-3.2

-10.5

Food and beverage

15.2

14.8

0.3

2.5

Sales from restaurants

8.8

8.4

0.3

4.4

Sales from in-flight meals

4.6

4.6

-0.0

-0.8

Other sales

1.8

1.7

0.0

2.1

7

Earnings Explanatory Meeting

April 1, 2012 to March 31, 2013

3. Mid-term Business Plan (FY13-15)＜ Theme ＞
Efforts to accelerate the evolution of Haneda Airport and strengthen
a business base for the future of new airport management

JAPAN AIR TERMINAL

3. Mid-term Business Plan (FY13-15)(1) Review of the former mid-term business plan
Formertheme

Definitive steps to expand capacity, address the trend toward increased international capability, and meet newenvironmental changes at Haneda Airport<Basic policy and plan outline >(1) Steadily undertake the opening and operations of a new international terminal building(2) Implement and promote projects such as improvement plans for Terminals 1 and 2(3) Secure new income sources and strictly focus on cost-cutting and streamlining<Positioning of 2012>
To develop the “new future of airport operations,” re-examine existing operations, strengthen the operational base, and develop
concrete vision of future operations(1) Business development and the creation of attractive, appealing terminal facilities at Haneda + Maximization of Haneda’s potential(2) Challenges outside of Haneda (Opening new stores in China and Tokyo metropolitan areas)

Review
We have completed company-wide projects as planned, such as strategic measures for new international flights and improvement
plans for Terminals 1 and 2.
→ Further efforts are required in response to ongoing internationalization such as the expansion of international terminal bu ildings
We have started to seek opportunities for new businesses outside Haneda (including overseas), focusing on new demand creationsuch as UHHA.
→ A new framework will be required to achieve effective functioning of each project
Initial numerical targets remain unattained due to the impact of the Great East Japan Earthquake, a reduction in office space leased
by airlines as a result of streamlining AL operations, and the downsizing of Narita and Kansai operations.
→ A more resilient and flexible business base is required, which will help us to survive various kinds of event risks such as a sharp
decline in passenger volumes

The debate on airport management reforms has been ongoing, calling for more effective airport operations, capacity to attract
customers, and strength to earn higher profits, thus creating a truly attractive airport.
→ We aim to establish ourselves as a primary operator of Haneda Airport under any schemes
9JAPAN AIR TERMINAL

Winning of Skytrax World’s Best Airport Awards●Haneda domestic terminal received the “World’s Best Domestic
Airport:” World No.1
●Haneda domestic and international terminals received the “BestAirport Terminal Cleanliness:” World No.1●“World’s Best Domestic Airport:” World No.1
Haneda Airport (domestic terminals 1 and 2) is ranked World No.1, for its superior
functions and accessibility, in the category of “World’s Best Domestic Airport” whichassesses the comprehensive capabilities of domestic airports.
●“Best Airport Terminal Cleanliness:” World No.1
Haneda Airport (domestic terminals 1 and 2, and international terminal) is ranked World
No.1 in the category of “Best Airport Terminal Cleanliness” which assesses thecleanliness and comfort of airports.
● “World’s Best Domestic Airport”: Total domestic airport ranking

Ranking
順位Award ceremony in Geneva, Switzerland(Left: Isao Takashiro, President of JAT)
April 10, 2013

空港/国Airport,Country

1
1位

Domestic terminal 1&2, Haneda Airport, Japan
羽田空港国内線ターミナル（第１・第２）/日本

2位
2

上海虹橋国際空港/中国
Shanghai Hongqiao International Airport, China

3
3位

DurbanShaka
International Airport, South Africa
ダーバン King
キング
シャカ国際空港/南アフリカ● “Best Airport Terminal Cleanliness”: Ranking by category

Ranking
順位

Airport,Country
空港/国1
1位

Domestic terminal 1&2, and International terminal, Haneda Airport, Japan
羽田空港国内線ターミナル（第1・第2）・国際線ターミナル/日本

2位
2

仁川国際空港/韓国
Incheon International Airport, ROK

3
3位

チャンギ国際空港/シンガポール
Singapore Changi Airport International Airport, Singapore
10

JAPAN AIR TERMINAL(2) Recognition of business environment1)Business environment•

Economic trend

Japan’s economy has been positively affected by hikes in stock prices and aweakening Japanese yen; however, there remain risks such as Europe’s
economic woes

A harsh business environment due to intensifying competition among ALs
Planned expansion of international flights at Haneda Airport by 2014
• Advancement of airport management reforms• New LCC participations and expansion of domestic LCC flights centering on
Narita Airport•

National policies on theairline industry•

Measures to respond to strong demands for international airlines in metropolitan
areas reflecting the global economic growth• Improvements in land transport systems such as bullet trains• Political uncertainty emanating from international discord such as the Senkaku
Islands dispute• Occurrence of event risks such as a new influenza pandemic• Drastic tax reform calling for a higher consumption tax, etc.
•

Others(risks, etc.)

11

JAPAN AIR TERMINAL

2) Expansion of landing slots and projected passenger volumes at Haneda Airport(Expansion of landing slots at Haneda Airport)（Thousand）

50

447

45

40

390

35

(60)

30
25

410
on daytime:
30 thousandon nighttime:
30 thousand

(90)

(60)

30 thousand international flights
increase(on daytime)■ International

20 thousand
domestic flights
increase20
15
10■ Domestic

5
0

2012
(on and after March 25)

2013(on and after the end of March)(Projected passenger volumes at Haneda Airport)

Final form
During FY13

Thousand (Percentage figures show year-on-year change.)

FY12 (results)

FY13

FY14

FY15

Domestic

58,93060,300 (2.3%)

60,900 (1.0%)

61,500 (1.0%)

International

7,920

8,200 (3.5%)

12,700 (54.9%)

12,800 (0.8%)

Total

66,85068,500 (2.5%)

73,600 (7.5%)

74,300 (1.0%)

Narita Airport (including domestic)

29,71030,500 (2.7%)

30,700 (0.7%)

32,200 (4.9%)

Kansai Airport (international)

11,420

11,100 (-2.8%)

11,500 (3.6%)

11,500 (-)

Haneda Airport*Passenger volumes at each airport are based on our projection• Haneda handles international flights to 11 destination countries (17 cities) (as of April 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 atearliest)
1. UK, 2. France, 3. China, 4. Singapore, 5. Thailand, and 6. Germany
12

JAPAN AIR TERMINAL(3) Theme and strategies under the new mid-term business plan
1) Focused issues and responsive measures
Goal: Constantly striving to create values of Haneda Airport, thus contributing to the development of airtransportation

Theme: Efforts to accelerate the evolution of Haneda Airport and strengthen a business base for the
future of new airport management
A. Measures for Haneda’s new international operations(strengthening the integrated operation framework fordomestic and international flights)

B. Establishing the future potential of new
airport management• Enhance the collaboration between domestic and internationalterminal 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 to maximize profits― Aiming to establish a new airport management scheme thatenables us to capture stable earnings as a company whileachieving effective investments and fair returns of profits ―• Review facility user charges and rent schemes (continuous
returns)• Reduce the weight on AL revenues and 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

C. Improving our business profitability• Undertake investments that will contribute to continuous creation of
the value of Haneda Airport• Enhance efficiency by improving operation processes, anddetermine the direction of unprofitable businesses• Rebuild our income base by improving organizational productivity

Business goal

Operating income: 8.0 billion yen, EBITDA: 20.5 billion yen, operating margin
ratio more than 5% (Goal for FY2015)13

JAPAN AIR TERMINAL

2) Focused issues and concrete measures and policies (A)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 to maximize profits

Concrete measures and policies
 Enhance new services such as transit facilities for connecting domestic/international routes aswell as hotel facilities
 Revive commercial facilities that attract transit demands
 Undertake outsourced operations for international flights
 Enhance the capacity to attract customers by increasing attractive commercial facilities
such as famous brand-name and popular stores
 Revive existing stores and improve their efficiency, thus strengthening outsourcing
operations and profitability

14

JAPAN AIR TERMINAL

2) Focused issues and concrete measures and policies (B)B. Establishing the future potential of new airport management― Aiming to establish a new airport management scheme that enables us to capture stableearnings as a company while achieving effective investments and fair returns of profits ― Review facility user charges and rent schemes (continuous returns)
 Reduce the weight on AL revenues and shift to a revenue structure that enables us tocreate new demands
 Build a business structure with strong resilience to event risks
 Acquire know-how to realize the new airport management

Concrete measures and policies
Improve the convenience of  Enhance facility values by refurbishing Passenger Terminal 1
Haneda Airport and  Renew facilities such as PBB, security systems, flight information systems, etc. andenhance services for
implement disaster countermeasures
airline companies and  Reduce operation costs for terminals, etc. (in order to offer lower facility charges)
passengers
 Reduce the financial burden of airline companies by reviewing rent schemes

Create a new airport
value and expand
the non-airline
income base

 Develop businesses by making use of the strength as a hub of airline network (UHHA
project)
 Enhance the functions of global business base and promote medical tourism
 Showcase latest technologies (utilizing the special district of robot testing) Revive commercial facilities through store lot re-allocation, etc.

Acquire know-how to  Utilize our business know-how by participating in overseas airport projects, etc.
establish the future  Increase the value of the entire Haneda area by developing the vacant lots ofHaneda Airport
potential of new  Accumulate know-how of airport ground handling operations and expand the scope
airport management of security
15

JAPAN AIR TERMINAL

2) Focused issues and concrete measures and policies (C)C. Improving our business profitability― Rebuilding the business platform to generate profits (the source of investment) that arecapable of continuously enhancing value― Undertake investments that will contribute to continuous creation of the value of Haneda
Airport Enhance efficiency by improving operation processes, and determine the direction of
unprofitable businesses
 Rebuild our income base by improving organizational productivity

Concrete measures and policies
 Improve the profitability of stores (by refurbishing stores, reviewing MD, etc.)
 Build a wholesale business structure focusing on higher margins
 Comprehensively manage procurement operations, and establish a system under which
each consolidated division assumes responsibility for income and expenditures
 Establish a system to assess and monitor operations
 Improve organizational productivity

16

JAPAN AIR TERMINAL(4) Organizational strategies
A. Organizational restructuring:1) Leverage the comprehensive strength of the Group and strengthen existing businesses centering on
Haneda Airport
2) Further enhance a system to promote new businesses, aiming to build a solid business foundation for the
futureB. Direction of organizational restructuring:1) Streamline our organization structure from 5 divisions 16 departments to 3 divisions 13 departments, inorder to achieve efficient management and prompt decision-making
2) Clarify the roles and responsibilities of each of administrative, planning, and operation divisions
3) Restructuring human resources and organizations reflecting the conditions of our business environment
C. Improving the Group’s productivity:
1) Integrate the processes of the Group’s personnel and accounting operations
2) Comprehensively manage procurement operations
3) Introduce a Group-wide training system(5) Fulfilling our social responsibilities
 Strengthen functions as metropolitan airports, thus contributing to not only the development of airtransportation but also the growth of Japanese economy as a whole Further focus on initiatives as a base to promote a tourism-oriented country
 Actively implement measures to protect the environment• Actively undertake initiatives to reduce environmental burdens such as energy-saving measures forterminal buildings
 Further enhance a crisis management system• Build a collaborative system among staff working in terminals to implement disaster countermeasures• Strengthen a cooperative system with the central and local governments, by serving as a disasterprevention/evacuation base
 Undertake universal initiatives (by creating an environment friendly to the elderly, etc. and encouraging
various types of people to develop an interest in travel)
17

JAPAN AIR TERMINAL(6) Investment plan
(Investment concerning development and upgrading of passenger terminal building, etc.)

Items

Investment details

Response tointernationalization• Transit facilities for connecting domestic and internationalroutes• Hotels and other new service facilities• Expansion of attractive commercial facilities

Improvement of theconvenience ofHaneda Airport andenhancement ofsefety and security

Period(FY)

Investment
amount(billions of
yen)

2013

1.5

• Maintenance and renewal of terminal functions on acontinuous basis• Enhancement and maintenance of terminal security

2013-2015

10.0

Creation of a new
airport value• Improvement of Terminal 1’s environment and facility
value• Re-allocation of commercial facilities and campaigns to
attract new stores2013-2015

9.0

Fourth stage of theplan of Terminal 2building

Total investment amount: 7.6 billion yen

2013

2.7

Other businesses

Outside of airport, etc.

2013-2015

2.8

Total

26.0
18

JAPAN AIR TERMINAL(7) Numerical goalStable securement of targeted earnings: operating income 8.0 billion yen, EBITDA 20.5 billion
yen, and operating income margin more than 5%Shareholder return: dividends 13 yen or moreFinancial strength: maintenance of equity ratio 50% or more

(Consolidated revenue and expenditure plan
FY12

FY13

FY14

FY15

Domestic

58,93060,30060,90061,500International

7,920

8,200

12,70012,800

Facilities management

42.7

43.6

47.4

48.6

Merchandise sales

78.5

77.1

86.9

89.1

Food and beverage

14.8

15.2

15.7

16.3

Total

136.1

135.9

150.0

154.0

Operating income (billions of yen)

4.1

4.3

6.0

8.0

Ordinary income (billions of yen)

3.6

3.2

5.0

7.0

EBITDA (billions of yen)

17.4

17.7

19.0

20.5

Operating income margin (%)

3.1

3.2

4.0

5.2

Haneda passenger volume(thousand)Operating revenues(billions of yen)

19

Earnings Explanatory Meeting
April 1, 2012 to March 31, 2013 (FY12)

Supplementary Material
1. Details of Consolidated Financial Results for FY12
2. Details of Forecast of Consolidated Financial Results for FY13
3. Others* 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.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINAL

1. Details of Consolidated Financial Results for FY12

JAPA AIR TERMINAL(1) Changes in passenger volume (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

FY12 result +4.4％ (adjusted forecast Nov. 2012 +4.3%)
6 6 ,0 00

Sep. 2008
Financial crisis being
triggered by the US

6 4 ,0 00
6 2 ,0 00

Oct. 2010
Expanded Terminal 2 atHaneda Airport

May 2009
H1N1 influenza
outbreak

63,191

58,92759,3445 8 ,0 00

58,8085 6 ,0 00

1H result
2H result

5 2 ,0 00

8 ,0 00

7 ,0 00(+2.3%)

6 ,0 00

+7.4%
+1.6%

2,438

1 ,0 00

4 8 ,0 00

2008

2009

2010

2011

← Results

Forecast →

2012

2013

30,50031,51829,71130,8292012

Forecast →2013
FY+11.0%)

11,424

1 1 ,000

11,100(-2.8%)(+12.2%)

10,408
2009年5月
May 2009
H1N1 influenza
outbreak
新型インフルエンザ流行(+2.7%)(+0.3%)

10,114

1 0 ,000

10,111
9 ,0 00

Sep. 20082008年9月
Financial crisis being
triggered米国発金融危機
by the US

8 ,0 00

1H result +22.1%
2H result +4.7%

2 7 ,000
Mar. 2011
the Great East Japan
Earthquake

1H result +18.4%
2H result +3.0%

2 3 ,000← Results
2009

2011

Aug. 2007
Runway 2 started operation

26,9262008

2010

1 2 ,000

Sep. 20082008年9月
Financial crisis being
米国発金融危機triggeredby the US

2007

2009

FY12 result+12.2％ (adjusted forecast Nov. 20122009年5月
May2009
新型インフルエンザ流行
H1N1
influenza outbreak

2 9 ,000

2 5 ,000

2008

Kansai Airport – international passengers

FY12 result +10.3％ (adjusted forecast Nov. 2012 +10.1%)

3 1 ,000

Oct. 2010
New International
Terminal started
operation(Thousand passengers)

1 3 ,000

3 7 ,000

31,514(＋9.0％)← Results
2007

Narita Airport – international passengers

3 3 ,000(＋3.6%)

Mar. 2011
Great East Japan
Earthquake

4,817

0

FY

(Thousand passengers)

3 5 ,000

2,756

8,200

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

5 0 ,0 00

2007

7,267

4 ,0 00

3 ,0 00+8.8%)
7,919

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

5 ,0 00

56,425Mar. 2011
the Great East Japan
Earthquake

5 4 ,0 00

FY12 result +9.0％ (adjusted forecast Nov. 2012
1H result +18.1%
2H result +0.6%

60,300(+4.4%)

6 0 ,0 00

9 ,0 00

2010

2011

2012

Forecast →
2013

9,571

7 ,0 00
FY

2007

2008

2009

2010

2011

← Results

Forecast →

2012

2013
FY

21

※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

JAPAN AIR TERMINAL(2) Consolidated financial results for FY12FY12(Results)

Items

FY11
(Results)
Ratio

ChangeRatio

Initial forecast(October 2012)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

136,149100.0

129,391

100.0

6,757

5.2

136,800

100.0

-650

Facilities management

42,731

31.4

42,575

32.9

155

0.4

42,70031.2

31Merchandise sales

78,586

57.7

72,941

56.4

5,645

7.7

79,00057.7-413

Food and beverage

14,83010.9

13,874

10.7

956

6.9

15,10011.0-269

67,333

49.5

63,673

49.2

3,660

5.7

68,00049.7-666

58,63543.1

55,228

42.7

3,406

6.2

59,10043.2-464Operating revenues

Cost of sales
Cost of sales ofmerchandise(Ratio)Cost of sales of food andbeverage(Ratio)(75.7%)(74.6%)

8,698

6.4

8,444

(-1.1P)(60.9%)(58.7%)

254

6.5(74.8%)

3.0(-2.2P)

8,900(-0.2P)

6.5(58.9%)-201(-0.2P)

Gross profit

68,81550.5

65,718

50.8

3,096

4.7

68,80050.3

15Selling, general andadministrative expenses

64,63547.4

64,841

50.1

-205

-0.3

65,00047.6-364Operating income/loss

4,179

3.1

877

0.7

3,302

376.4

3,800

2.7

379

Non-operating income/loss

-513

-0.4

-700

-0.6

186

-26.7

-600

-0.4

86

Ordinary income/loss

3,666

2.7

176

0.1

3,489

-

3,200

2.3

466

-27

-0.0

-534

-0.4

506

-94.8

-100

-0.1

72

1,624

1.2

-2,614

-2.0

4,239

-

1,400

1.0

224

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.
22

JAPAN AIR TERMINAL(3) Financial results by segment
1) Facilities management
FY12(Results)

Items

FY11
(Results)
Ratio

Initial forecast(October 2012)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenue

13,27429.6

14,169

31.8

-894

-6.3

13,30029.8-25Facility user charges
revenue

15,76435.2

15,416

34.6

347

2.3

15,70035.1

64

Other revenues

13,692

30.6

12,988

29.0

703

5.4

13,70030.6-7Subtotal

42,731

95.4

42,575

95.4

155

0.4

42,70095.5

31Intersegment sales and transfers

2,038

4.6

2,038

4.6

0

0.0

2,000

4.5

38

Total

44,770100.044,613

100.0

156

0.4

44,700100.070Operating expenses

41,41692.5

43,30397.1-1,887-4.4

41,50092.8-83

Operating income

3,353

7.5

1,310

2.9

2,043

-

3,200

7.2

153

Sales to external customers(Ratio)(7.5%)(2.9%)(4.6P)(7.2%)(0.3P)

・Rent revenue: Return of office space in the domestic terminal building by airline companies, etc.

-¥0.9 billion

・Facility user charges revenue: Increase in PFC from higher domestic passenger volume+¥0.3 billion

・Other revenues: Revenue increase from opening of “First Cabin,” a compact hotel in domestic Terminal 1 building
Revenue increase from commissioned management of facilities in the International Passenger Terminal
Increase in lounge revenue and parking fee revenue from higher domestic passenger volume+¥0.2 billion+¥0.2 billion+¥0.2 billion

・Operating expenses: Lower maintenance and fixture expenses (Prior fiscal year included expansion and renovation of the domestic Terminal 1 building)-¥1.5 billion

Note: Figures shown are rounded down to the nearest million yen.
23

JAPAN AIR TERMINAL(3) Financial results by segment
2) Merchandise sales
FY12(Results)

Items

FY11
(Results)
Ratio

Rate ofchangeChangeRatio

Initial forecast(October 2012)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

30,692

38.7

29,445

40.1

1,247

4.2

31,20039.2-507International terminal stores

16,94021.4

13,280

18.1

3,659

27.6

17,400

21.8-459

Other sales

30,95339.1

30,215

41.1

738

2.4

30,40038.2

553

78,58699.2

72,941

99.3

5,645

7.7

79,000

99.2

-413

614

0.8

543

0.7

71

13.1

600

0.8

14

Total

79,201

100.0

73,485

100.0

5,716

7.8

79,600

100.0

-398

Operating expenses

74,57094.2

69,130

94.1

5,440

7.9

75,20094.5-629

Operating income

4,630

5.8

4,354

5.9

275

6.3

4,400

5.5

230

Sales to external customers

SubtotalIntersegment sales and transfers(Ratio)(5.8%)(5.9%)(-0.1P)(5.5%)(0.3P)

・Sales at domestic terminal stores: Sales increase and other developments from higher domestic passenger volume+¥1.2 billion

・Sales at international terminal stores: Sales increase and other developments from higher international passenger volume
Opening of new stores at Kansai Airport+¥1.4 billion+¥2.3 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+¥3.8 billion-¥3.2 billion

・Operating expenses: Increase in cost of sales resulting from increase in merchandise sales
Higher rent revenue from increases in sales at Narita Airport and Kansai Airport duty-free stores+¥3.4 billion+¥0.9 billion

24

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

JAPAN AIR TERMINAL(3) Financial results by segment
3) Food and beverage
FY12(Results)

Items

FY11
(Results)
Ratio

ChangeRatio

Initial forecast(October 2012)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

8,429

50.0

8,253

52.8

176

2.1

8,500

49.7

-70

Sales from in-flight meals

4,638

27.5

4,145

26.6

493

11.9

4,800

28.1

-161

Other sales

1,762

10.4

1,475

9.4

286

19.4

1,800

10.5

-37

Subtotal

14,83087.9

13,874

88.8

956

6.9

15,10088.3-269Intersegment sales and transfers

2,039

12.1

1,758

11.2

280

16.0

2,000

11.7

39

Total

16,870100.0

15,633

100.0

1,237

7.9

17,100

100.0

-229

Operating expenses

16,763

99.4

16,424

105.1

339

2.1

16,900

98.8

-136

106

0.6

-791

-5.1

897

-

200

1.2

-93

Sales to external customers

Operating income/loss(Ratio)(0.6%)(-5.1%)(5.7P)(1.2%)(-0.6P)・Sales from restaurants: Sales increase from higher domestic passenger volume+¥0.2 billion

・Sales from in-flight meals: Increase in foreign carrier (customers) flights (recovery from downturn) and increase in sizes of planes+¥0.5 billion

・Other sales: Increase in commissioned management of airline company lounges in the International Passenger Terminal building+¥0.3 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.
25

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

Items

FY12
(Results)

FY11(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

136,149100.0

129,391

100.0

6,757

5.2

Selling, general and administrative expenses

64,63547.5

64,841

50.1

-205

-0.3

8,034

5.9

7,946

6.1

88

1.1

Provision for employees’ bonuses

845

0.6

769

0.6

76

9.9

Provision for directors’ bonuses

152

0.1

-

-

152

-

Expenses for retirement benefits

907

0.7

904

0.7

3

0.4

Rent expenses

8,331

6.1

7,566

5.8

765

10.1

Business consignment expenses

13,812

10.1

12,942

10.0

869

6.7

Depreciation expenses

12,865

9.4

13,95410.8-1,089-7.8

Other costs and expenses

19,685

14.6

20,75716.1-1,071-5.2

Salaries and wages

Note: Figures shown are rounded down to the nearest million yen.
26

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

FY12
(Results)

FY11(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

136,149100.0

129,391

100.0

6,757

5.2

Operating income/loss

4,179

3.1

877

0.7

3,302

-

Non-operating income

1,635

1.2

1,434

1.1

200

14.0

433

0.3

384

0.3

48

12.7

1,201

0.9

1,049

0.8

152

14.5

Non-operating expenses

2,148

1.6

2,134

1.6

13

0.7

Interest expenses

990

0.7

1,072

0.8

-82

-7.7

Equity in losses of affiliates

974

0.7

918

0.7

55

6.1

Loss on retirement of noncurrent assets

107

0.1

58

0.0

49

85.1

Miscellaneous expenses

76

0.1

86

0.1

-9

-10.6

Ordinary income/loss

3,666

2.7

176

0.1

3,489

-

Extraordinary income

14

0.0

26

0.0

-12

-45.7

Extraordinary loss

42

0.0

560

0.4

-518

-92.5

Income taxes

2,014

1.5

2,257

1.7

-243

-10.8

Net income/loss

1,624

1.2

-2,614

-2.0

4,239

-

Interest and dividends received
Miscellaneous income

Note: Figures shown are rounded down to the nearest million yen.
27

JAPAN AIR TERMINAL(6) Consolidated balance sheets(Millions of yen)

Cash and time deposits-¥4.7 billion
Merchandise and finishedgoods +¥0.8 billion
Others -¥0.3 billion

Short-term loans payable+¥2.4 billion
Income taxes payable+¥1.4 billion
Allowance for employees’
bonuses+¥0.2 billion
Others-¥1.0 billion

Current
liabilities

Current
assets+3,084-4,175
Tangible fixed assets(depreciable assets)
Buildings and structures+¥2.3 billion
Accumulated depreciation-¥9.3 billion
Construction in progress+¥1.3 billion
Others+¥0.5 billion
Total -¥5.1 billion
Investments and other assets
Investment securities+¥6.1 billion
Long-term loans receivable+¥0.3 billion
Others+¥0.1 billion
Total +¥6.6 billion

Long-term loans payable-¥6.2 billion
Lease liabilities-¥0.6 billion
Others-¥0.1 billion

Fixedliabilities-7,017

Fixed
assets+1,441Retained earnings+¥1.0 billion(Net income +¥1.6 billion)
Valuation difference on
available-for-salesecurities+¥0.6 billion
Deferred losses on hedges-¥0.5 billion

Net assets+1,199Total assets

Total assets

186,431

189,165

Equity ratio-2,733

FY12

FY12

53.1％

FY11

51.7％
(+1.4P)

FY11

FY11

FY12
Note: Figures shown are rounded down to the nearest million yen.

28

JAPAN AIR TERMINAL(7) Consolidated statements of cash flows
FY12(Results)

Items

FY11
(Results)

Millions of yen

ChangeMillions of yen

Millions of yen

15,695

14,947

748

Income before income taxes and minority interests

3,638

-357

3,995

Depreciation and amortization

12,93914,088-1,148Other current assets

265

2,362

-2,097

Other current liabilities

-370

69

-439

Other fixed liabilities-223-1,245

1,022

Others

145

409

-263

Income and other taxes paid

-700

-379

-320

-15,389-10,314-5,074Purchase of tangible fixed assets-7,478-7,485

7Purchase of intangible fixed assets

-597

-633

35

-7,312-2,195-5,117-4,983-5,614631

Proceeds from long-term loans payable

5,000

6,000

-1,000

Repayment of long-term loans payable-8,610-11,218

2,608

Dividends payment

-568

-565

-2

Others

-804

169

-973

12

-0

12

Increase (decrease) in cash and cash equivalents-4,664-981-3,682

Cash and cash equivalents at the beginning of term

20,816

21,797-981

Cash and cash equivalents at the end of term

16,151

20,816-4,664

Cash flows from operating activities

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.
29

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

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

135,900

100.0

136,149

100.0

-249

-0.2

Facilities management

43,60032.1

42,731

31.4

868

2.0

Merchandise sales

77,10056.7

78,586

57.7-1,486-1.9

Food and beverage

15,20011.2

14,830

10.9

369

2.5

66,00048.6

67,33349.5-1,333-2.0

57,00042.0

58,63543.1-1,635-2.8

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio)Cost of sales of food and beverage(74.6%)(73.9%)

9,000(Ratio)

6.6

8,698

(-0.7P)

6.4(58.7%)(59.2%)

301

3.5(0.5P)

Gross profit

69,90051.4

68,815

50.5

1,084

1.6

Selling, general and administrative expenses

65,60048.3

64,635

47.5

964

1.5

Operating income

4,300

3.2

4,179

3.1

120

2.9

Non-operating income/expenses-1,100

-0.8

-513

-0.4

-586

114.2

Ordinary income

3,200

2.4

3,666

2.7

-466

-12.7

100

0.1

-27

-

127

-

1,300

1.0

1,624

1.2

-324

-20.0

Extraordinary income/loss
Net income/loss※ Preconditions: Forecast of number of passengers
Haneda domestic (full-year)+2.3% YoY
Haneda international (full-year) +3.6% YoY
Narita international (full-year) +2.7% YoY
Kansai international (full-year) -2.8% YoY* 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.
30

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

Items

FY12
(Results)
Ratio

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

Rent revenue

13,40029.3

13,274

29.6

125

0.9

Facility user charges revenue

16,30035.7

15,764

35.2

535

3.4

Other revenues

13,90030.4

13,692

30.6

207

1.5

43,60095.4

42,731

95.4

868

2.0

2,100

4.6

2,038

4.6

61

3.0

45,700100.044,770

100.0

929

2.1

Operating expenses

42,70093.4

41,416

92.5

1,283

3.1

Operating income

3,000

6.6

3,353

7.5

-353

-10.6

Sales to external customers

SubtotalIntersegment sales and transfers
Total(Ratio)(6.6%)(7.5%)(-0.9P)・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+¥0.2 billion+¥0.2 billion

・Other revenues: Revenue increase from commissioned management of facilities in the International Passenger Terminal
Decrease in revenue from contract construction, etc.

+¥0.7 billion-¥0.4 billion

Note: Figures shown are rounded down to the nearest million yen.
31

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

Items

FY12
(Results)
Ratio

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

Domestic terminal stores

31,70040.9

30,692

38.7

1,007

3.3

International terminal stores

17,70022.8

16,940

21.4

759

4.5

Other sales

27,70035.7

30,95339.1-3,253-10.5

77,10099.4

78,58699.2-1,486

-1.9

500

0.6

614

0.8

-114

-18.6

77,600100.079,201100.0-1,601-2.0

Operating expenses

72,50093.4

74,57094.2-2,070-2.8

Operating income

5,100

6.6

4,630

5.8

469

10.1

Sales to external customers

SubtotalIntersegment sales and transfers
Total(Ratio)(6.6%)(5.8%)(0.8P)

・Sales at domestic terminal stores: Sales increase and other developments from higher domestic passenger volume+¥1.0 billion

・Sales at international terminal stores: Sales increase from a rise in passenger volume at Narita Airport+¥0.4 billion
Sales increase and other developments from conversion of Kansai Airport boutiques to direct management+¥0.4 billion
・Other sales: Decrease in wholesale revenues at Kansai Airport and Narita Airport
Increase in wholesale revenues from a rise in international passenger volume at Haneda Airport
Increase in wholesale revenues to regional airports

32-¥4.4 billion+¥1.1 billion+¥0.1 billion

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

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

Items

FY12
(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Sales from restaurants

8,800

51.2

8,429

50.0

370

4.4

Sales from in-flight meals

4,600

26.7

4,638

27.5

-38

-0.8

Other sales

1,800

10.5

1,762

10.4

37

2.1

15,20088.4

14,830

87.9

369

2.5

2,000

11.6

2,039

12.1

-39

-1.9

17,200100.0

16,870

100.0

329

2.0

17,00098.8

16,763

99.4

236

1.4

200

1.2

106

0.6

93

87.8

Sales to external customers

SubtotalIntersegment sales and transfers
Total
Operating expenses
Operating income/loss(Ratio)(1.2%)(0.6%)(0.6P)

・Sales from restaurants: Sales increase from higher domestic passenger volume and opening of new stores (3 spots, Terminal 2)+¥0.3 billion

Note: Figures shown are rounded down to the nearest million yen.
33

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

9,295

Depreciation expenses

15,106

13,59813,217

13,954

12,865

12,851Items

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¥2.6 billion

Renewal construction of ACC calcinator

Construction work to upgrade the auto-controlled central-monitoring device¥0.7 billion¥1.1 billion

Renewal construction of security equipment at Terminal 1

Maintenance work on transit facilities in Terminals 1 & 2¥0.7 billion¥1.1 billion

Plan of diversion of Sakura House

Construction work to build stores in Terminals 1 & 2 (4 sites)¥0.4 billion¥0.8 billion

New construction of “First Cabin”

Construction work to reinforce fixed bridges in Terminal 1 as a disastercountermeasure¥0.3 billion¥0.3 billion(Total ¥5.3 billion)(Total ¥5.9 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

5.5

4.9

5.6

6.1

5.2

5.4

International

1.6

1.4

0.3

-

-

-

P4 Parking

0.3

0.3

0.6

0.6

0.5

0.5

Items

Note: Figures shown are rounded down to the nearest million yen.
34

JAPAN AIR TERMINAL(2) Operating revenues/ordinary income/cash flows

Billions ofyen(left)《左軸》営業収益(実績)
Operating revenues (results)(left)《左軸》営業収益（中計）Operating revenues (plan)(right)Cash flows (forecast)《右軸》キャッシュフロー（予想）(right) Ordinary income《右軸》経常利益(実績)(results)(right)Cash flows《右軸》キャッシュフロー

Great East Japan
Earthquake
H1N1 influenza
outbreakFinancial crisis being
triggered by the US
Hikes in the priceof crude oil
Chubu International Airport opened

160
1,600
(right) Ordinary income /loss (adjusted forecast)

140
1,400

Financial realignment
Y2K task
Voluntary closure of
Yamaichi Securities

120
1,200

Billions ofyen(right)Ordinary income (plan)《右軸》経常利益（中計）Kansai International Airport opened

45
450

40
400

35
350

SARS outbreak

Narita Airport Terminal 2 started operation

Iraq war

1,000
100

30
300

9-11 Terrorist Attack in the US
The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

80
800

20
200

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1 started
operation (Sep. 1993)

60
600

25
250

18.0
180 17.7

177
15.1
151

40
400

9.0
90

20
200

8.0
80

5.0
50

0

13.3
133

13.9
139

3.2
32

4.9
49
0.1
1

1.0
10
-20
-200

'88

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00
35

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

10
100

10.7
107

3.1
31
6.7
67

15
150

13.2
132

'11

3.6
36

5
50

0

←

→

'12

'13

-5
-50

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

Earnings Explanatory Meeting

April 1, 2012 to March 31, 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* 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.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIR TERMINAL

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) 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
Terminal buildings and cargo terminals: Constructed, owned, and managed by private corporations, third sector bodies, and airport companies, etc.
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.
37

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 o f financial
resources after the war, only the costs for paving the taxiway and apron were included in the national budget. 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.
(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.
(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.
(April)International charter flights between Haneda and Hong Kong commenced (during specifichours).
(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.,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.

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

Haneda Airport Terminal 2

38

JAPAN AIR TERMINAL(3) The Group’s business expansion at each airport
Haneda Airport (Tokyo International Airport)
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
39(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 extened 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)

Japan Airport Terminal Co., 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 consoildated subsidiary Hiro International Co., Ltd.

40JAPAN AIR TERMINAL(5) Composition of the group businesses(consolidated, by segment / results for FY12)
Composition of sales

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

Rent revenue

10% (11%)
Restaurants 6% (6%)
Food andbeverage
operations

11%

Other

(11%)

23% (23%)

Facility user
chargesrevenue

Facilities
management
operations

12% (12%)

31%
(33%)

Merchandise sales
operations
Other 10% (10%)

58%
(56%)
Stores atinternationalterminal

Stores atdomestic terminal

12% (10%)22% (23%)*Figures in parenthesis are results for FY11.

41

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 businessIn-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)

42

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

By segment

By region(Haneda Airport)
KansaiInternational
AirportNaritaInternational
AirportUpper figure: actual results for FY12
(Lower figure): actual results for FY11

Sale ofmerchandise
45%
(45%)

6%
(6%)

13%

Rent
revenue
20%
(23%)

(12%)
HanedaAirport77%(78%)

Central Japan
International Airportand others

2%
(2%)

Development ofCompany-owned
land(Effective use of landpreviously used for dorms
and company housing)Otherrevenues
10%
( 7%)

2%
(2%)

43

Facility user
chargesrevenue25%(25%)

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

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

[Fourth Stage of the Plan]･Expansion and Renovation of 3 spots
Investment amount: ¥7.6 billion
Started operation in FY13

[International Terminal Dismantling Works]･ Dismantling works
Investment amount: ¥0.4 billion

Scheduled in FY11Ｐ４[Construction of P4 Multi-story Parking 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]･ Arrangements for environment, stores,
other facilities
Investment amount: ¥7.0 billion
Scheduled to complete in FY10-11[Installation Upgrading Works]

Terminal 1
JAL Group, SKY, SFJ
Fixed Spots: 24
44･ 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 project of Tokyo International Airport
Runway Construction
Project
Construction started: FY06
2006
Expected
Operation opening:
started:
October 21, 2010

New Runway D
Runway C

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)(equivalent to 1,114 slots a day)For
Keikyu Kamata*

45

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“HKT Group”, represented the Company, 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 founded
July 7, 2006
Business agreement was concluded between the Tokyo
International Air Terminal Corporation and theJapanese government
October 21, 2010 Placed in operation
April 21, 2006

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
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 passenger
terminal buildings (hotel construction area): Taisei Corporation
May 2013
Hotel construction area work started
March 2014 (plan) Start provisional use
October 2014 (plan) Started full-scale use

1. Company
Name

Tokyo International Air Terminal Corporation

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.
(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 Express Railway 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 the world and thus contribute to thedevelopment of the international aviation network.

Note:

46

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. 130,000m2(after expansion: approx. 150,000m2)• Terminal building
Floor space:approx. 159,000m2(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. 88,000m2)

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

Capacity:

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

Note:

47

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

Cargo area

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

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

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 accessroad*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 cargoterminal

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)48

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 andJAPAN AIR
Narita)TERMINAL(Ten thousand
passengers)

6,526 6,495

Haneda Airport – domestic
passengers (left axis)

6,180 6,196 6,163 6,229

5,416

9-11 Terrorist Attack in the US

4,302

4,446

726

Financial crisis being
triggered by the US

4,863

5,000

4,630

Narita International Airport – international
flight passengers (left axis)
3,207

3,000
2,470

800

5,892

6,030

700

H1N1 influenza
outbreak
The extended partof Terminal 2
started operation

The Great East
Japan Earthquake

4,000

820

5,642

SARS outbreakTerminal 2 opened at Haneda

5,568

5,141

Expanded Terminal 2 at
791
Haneda Airport

5,933 5,880

5,854

6,000

6,315

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

2,971 3,050

2,692

2,677

600

Haneda international flight passengers

Passengers using Haneda domestic flights and Narita international flights

7,000(Ten thousand
passengers)

New International
Terminal started
operation

400
300

2,000

275 Launch of Beijing flights

Haneda Airport – international
flight passengers (right axis)

Launch of Gimpo flights

243 Increase in flights to Hong Kong

International charter
flights moved to Narita

1,000

195 Launch of Hong Kong flights

84

72

81

87

84

85

85

97

95

14

161
130

35

200
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)49

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

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