Kansai International Airport Company, Ltd.
Consolidated Balance Sheets
March 31, 2008 and 2007
Thousands ofU.S. Dollars
2008

Millions of Yen
2008
2007

ASSETS
CURRENT ASSETS:
Cash and cash equivalents:
Cash
Time deposits
Total cash and cash equivalents
Receivables:
Trade accounts
Other
Other current assets
Allowance for doubtful accounts
Total current assets
PROPERTY, PLANT AND EQUIPMENTLand
Buildings and structures
Machinery and equipment
Furniture and fixtures
Construction in progress
Total
Accumulated depreciation
Net property, plant and equipment
INVESTMENTS AND OTHER ASSETS\10,70640011,106\

19,72841,00060,728$107,059
4,000
111,059

6,190
74
2,248
(13)

5,907
2,351
6,883
(92)

61,906738
22,484(134)

19,60575,777

196,053

995,156
851,788
97,922
18,457437,576
2,400,899(423,126)

629,702808,444
102,847
9,885
829,272
2,380,150(406,978)9,951,567
8,517,878
979,220
184,568
4,375,760
24,008,993(4,231,267)

1,977,773

1,973,172

19,777,726

3,832

3,721

38,318DEFERRED CHARGES ‐ NET

LIABILITIES AND EQUITYCURRENT LIABILITIES:
Short‐term bank loans
Current maturities of long‐term debt
Payables:Trade accounts
Construction and other
Other current liabilities\\$

141,000
1,381,039

3,675
12,481
10,4294,381
10,888
10,88436,752
124,815
104,294

178,789

300,831

1,787,900

1,205,137
10,1252,532

1,143,663
11,163
4,988

12,051,369
101,256
25,3191,217,794

1,159,814

12,177,944

812,550(208,265)

810,900(219,133)

8,125,500(2,082,657)

Total

604,285591,767

6,042,843

Minority Interests

341

351

3,410

604,626\ 2,001,210

592,118\ 2,052,763

6,046,253$ 20,012,097

Total current liabilities
LONG‐TERM LIABILITIES:Long‐term debt
Long‐term deposits received
Other long‐term liabilities
Total long‐term liabilities

EQUITY
Common stock, 17,542 thousand sharesauthorized in 2008 and 2007;
16,251 thousand and 16,218 thousand sharesissued and outstanding in 2008 and 2007
Deficits

14,100138,104

Thousands ofU.S. Dollars
2008

274,67893

Total equity
TOTAL

Millions of Yen
2008
2007

\ 2,001,210\ 2,052,763$ 20,012,097

TOTAL

Kansai International Airport Company, Ltd.
Consolidated Statements of Operations
Years Ended March 31, 2008 and 2007
Thousands ofU.S. Dollars
2008

Millions of Yen2008
2007
OPERATING REVENUES:
Airport facilities
Airport service
Airport ‐ other
Railway facilities
Total operating revenues\OPERATING EXPENSES:
Airport ‐ facilities and service operations
Airport ‐ other operations
Airport ‐ selling, general and administrative
Airport ‐ depreciation
Total airport operating expenses

59,00019,736
22,592
4,786
106,114\58,554
19,83022,4594,894
105,737$

590,004
197,358
225,92147,8591,061,142

27,895
10,072
10,43129,090
77,48830,0199,693
9,928
26,79776,437

278,949
100,722
104,308
290,899774,878

Railway facilities ‐ operations
Railway facilities ‐ general and administrative
Railway facilities ‐ depreciation
Total railway operating expenses

940
132
2,530
3,602

925
162
2,505
3,592

9,403
1,319
25,30536,027

Total operating expenses

81,09080,029810,906

OPERATING INCOME

25,02425,708250,237

OTHER INCOME(EXPENSES):Interest income
Government subsidy
Interest expence
Amortization of deferred charges
Other ‐ net
Other expenses ‐ net

243
9,000(22,672)
(93)
(595)
(14,117)249
9,000(22,103)(415)(2,397)(15,666)

2,433
90,000(226,722)(928)(5,949)(141,166)

INCOME BEFORE INCOME TAXES AND
MINORITY INTERESTS

10,907

10,041109,071

INCOME TAXES
Current
Deferred
Total income taxes

63(13)
50211(20)
191630(134)
496

MINORITY INTERESTS IN NET INCOME OFSUBSIDIARIES(10)29(98)

9,821

108,673

NET INCOME\10,867\Yen

INCOME PER COMMON SHARE\669.56\U.S. Dollars
616.20$6.70

Kansai International Airport Company, Ltd.
Consolidated Statements of Changes in Equity
Years Ended March 31, 2008 and 2007
Thousands
IssuedNumber ofShares ofCommon Stock
BALANCE, APRIL 1, 2006
Reclassified balance as of March 31,2006
Issuance of common stock
Net income
Net change in the year

15,771Millions of Yen
Shareholdersʹ Equity\CommonStock

Deficits

788,556\ (228,954)

Minority
interestTotal\559,602\TotalEquity\661
447

22,344BALANCE, MARCH 31, 2007

16,218810,900

Issuance of common stock
Net income
Net change in the year

33

1,650

BALANCE, MARCH 31, 2008

16,251\812,550(219,133)

591,76710,867

1,650
10,867\ (208,265)

(310)

661
22,344
9,821
(310)

351

592,118

(10)

1,650
10,867(10)

22,344
9,821

9,821

\604,285\559,602

341\604,626

Kansai International Airport Company, Ltd.
Consolidated Statements of Changes in Equity
Years Ended March 31, 2008 and 2007
Thousands of U.S. dollars
Shareholdersʹ Equity
CommonStock

Deficits

Total

BALANCE, MARCH 31, 2007

$ 8,109,000$ (2,191,330)$ 5,917,670

Issuance of common stock
Net income
Net change in the year

16,500108,673

16,500108,673

BALANCE, MARCH 31, 2008

$ 8,125,500$ (2,082,657)$ 6,042,843$$

Minority
interest

Total
Equity3,509$ 5,921,179(99)

16,500108,673
(99)

3,410

$ 6,046,253