Note: 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.

Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021) [J-GAAP](Consolidated)
November 5, 2021
Japan Airport Terminal Co., Ltd. (“the Company”) Listed stock exchange: Tokyo, 1st Section
9706
URL: https://www.tokyo-airport-bldg.co.jp/company/en/
Nobuaki Yokota, President and COO
Kazuhito Tanaka, Senior Managing Director
TEL 03-5757-8409
Scheduled date of filing securities report:
November 12, 2021
Scheduled date of commencing dividend payment:－
Supplementary materials on financial results (yes/no)
Yes
Holding of quarterly investors’ meeting (yes/no)
Yes (for institutional investors and financial analysts)
Company name:
Code number:
Representative:
Contact:(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Six Months of FY2021 (April 1, 2021 to September 30, 2021)(1) Consolidated Business Results (Cumulative)(%: Change from the same period of the previous year)

Operating revenues
First Six MonthsofOperating income/(loss)

Net income/(loss)
attributable to owners of
the parent

Ordinary income/(loss)

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

25,896
22,293-83.5(21,825)(32,266)-(24,305)(30,506)-(14,478)(22,879)-

FY2021
FY2020(Note) Comprehensive income/(loss): First six months of FY2021 ¥-21,611 million (-%) First six months of FY2020 ¥-39,482 million (-%)

First Six Monthsof

Net income/(loss)
per share
Yen

Diluted net income
per shareYen(155.45)(281.67)-

FY2021
FY2020(Note) As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) and relevant revised ASBJ regulations are
adopted from the beginning of the first quarter of FY2021, the above consolidated financial results for the first six months of FY2021 are after the
adoption of such accounting standards and the rate of change from the same period of the previous fiscal year is not stated.

(2) Consolidated Financial Position
Total assets

Equity capital tototal assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

491,829
519,193

173,932
195,54433.5
34.3

1,767.22
1,910.83

As of September 30, 2021
As of March 31, 2021

(Reference) Equity capital:
As of September 30, 2021 ¥164,592 million
As of March 31, 2021 ¥177,968 million(Note) As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) and relevant revised ASBJ regulations are
adopted from the beginning of the first quarter of FY2021, the above consolidated financial results for the first six months of FY2021 are after the
adoption of such accounting standards.

2. Dividends
Dividends per share
Q1-EndFY2020
FY2021
FY2021 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

0.00
0.00

-

0.00

0.00

-

-

-

(Note) 1. Revisions to the most recently announced dividends forecast for FY2021: None
2. We have decided to postpone the announcement of the outlook for dividend payment for the fiscal year ending March 31, 2022.

3. Forecast of Consolidated Financial Results for FY 2021 (April 1, 2021 to March 31, 2022)(%: Change from the same period of the previous year)

Operating revenues

Full-year
Note:

Operatingincome/(loss)

Net
income/(loss)
per share

Net income/(loss)
attributable to ownersof the parent

Ordinary
income/(loss)

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

69,50049.3(35,100)-(37,700)-(21,300)-(228.70)

1. Revisions to the most recently announced forecast of consolidated financial results for FY2021: Yes
2. As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) and relevant revised
ASBJ regulations are adopted from the beginning of the first quarter of the fiscal year ending March 31, 2022, the above
consolidated financial forecasts are after the adoption of such accounting standards. The rate of change from the previous
fiscal year is the rate of change calculated on the assumption that the abovementioned accounting standards are adopted to
the fiscal year ended March 31, 2021.

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): No
New: None
Excluded: None
(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: Yes(Note) For details, please refer to page 12 of the appendix materials “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Adoption of Special Accounting Methods for Preparation of
Quarterly Consolidated Financial Statements”.
(3) Changes in accounting policies, accounting estimates, and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(Note) For details, please refer to page 12 of the appendix materials “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Changes in Accounting Policies”.
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of September 30, 2021
93,145,400 shares
As of March 31, 2021
2) Number of treasury stock at the period-end:
As of September 30, 2021
8,727 shares
As of March 31, 2021
3) Average number of shares outstanding (quarterly consolidated cumulative period):
Second quarter of FY2021
93,136,749 shares
Second quarter of FY2020

93,145,400 shares
8,595 shares
81,228,117 shares* This quarterly financial report is not subject to the quarterly review by certified public accountants or auditing
firms.
* Statements regarding the proper use of financial forecast and other special remarks
Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of thetime this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors.
Supplementary materials on financial results and details of presentation at quarterly investors’ meeting
Quarterly investors’ meeting is planned to be held on November 12, 2021 for financial analysts. Presentation materials used in themeeting will be promptly posted on the Company’s website following the meeting.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST SIXMONTHS OF FY2021 (APRIL 1, 2021 TO SEPTEMBER 30, 2021) .............................................................................. - 2 (1) EXPLANATION OF OPERATING RESULTS ................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION ................................................................................................... - 6 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS- 6
2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ...................................................... - 7 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS ....................................................................................... - 7 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME .................................................................................................................... - 9 Quarterly Consolidated Statements of Income ............................................................................................... - 9 Quarterly Consolidated Statements of Comprehensive Income ...................................................................... - 11 (3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS ......................................................... - 12 (NOTES ON THE PREMISE OF A GOING CONCERN) ....................................................................................... - 12 (NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY) .............................................................. - 12 (ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATEDFINANCIAL STATEMENTS) ................................................................................................................... - 12 (CHANGES IN ACCOUNTING POLICIES) ........................................................................................................ - 12 (ADDITIONAL INFORMATION) ....................................................................................................................... - 12 (SEGMENT INFORMATION) ........................................................................................................................... - 13 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

1. Qualitative Information on Consolidated Financial Results for the First Six Months of FY2021(April 1, 2021 to September 30, 2021)(1) Explanation of Operating Results
During the first six months of the fiscal year ending March 31, 2022, the Japanese economy continued to
face a difficult situation due to the impact of the new corona virus infection (“COVID-19”). There continue
to be signs of recovery, but the pace of recovery is slowing down. Looking ahead, it is expected that therecovery trend will continue, resulting from the effects of various policies and improving overseas economies,
while thorough measures are taken to prevent the spread of the infection and vaccination is promoted.
However, it is necessary to pay close attention to downside risks due to the impact from the stress on the
supply chain. We also need to prudently monitor the impact of the spread of the infection in Japan andoverseas in addition to fluctuations in the financial and capital markets, among other factors.
Under these economic conditions, the fourth declaration of a state of emergency in Tokyo in July causedby the rebound of COVID-19 cases and the spread of the Delta variant along with the extension of thedeclaration slowed down the recovery of demand for domestic flights in the airline industry. For international
flights, the demand is staying at a low level due to the increase in COVID-19 cases globally. In the midst of
all this, the number of passengers on domestic flights at Haneda Airport exceeded the level of the same
period of the previous year and is steadily recovering, but it decreased by approximately 70% compared tothe same period of 2019. The number of passengers on international flights at Haneda Airport also increased
year-on-year primarily due to the visit of the Tokyo 2020 Olympic and Paralympic Games athletes andpeople involved, but remains at a low level, down more than 95% compared to the same period in 2019. The
same situation also prevailed at Narita Airport and other international hub airports where we have business
operations, with each airport experiencing an ongoing significant decline in international passenger volume.
Under these circumstances, the Japan Airport Terminal Group (“JAT Group”) has taken measures atvarious locations within the terminal buildings in accordance with the “Guidelines for Prevention of the
Spread of COVID-19 in the Aviation Field” (jointly prepared by the Scheduled Airlines Association of Japanand the All Japan Airport Terminal Association) to prevent the spread of COVID-19 and ensure the safety andsecurity of airport users. In addition, we are working to expand the PCR testing facility at Haneda Airport by
opening the Kinoshita Group’s PCR testing centers at Terminals 1 and 2, cooperating with the Japanese
government and the Tokyo Metropolitan Government in the distribution of testing kits and the performanceof monitoring tests, providing space for pre-entry PCR testing at Terminal 3 and performing PCR tests foroverseas travelers at the Toho University Haneda Airport Terminal 3 Clinic. Furthermore, the Company
provided vaccination at workplace for employees working at Haneda Airport, including employees of the
JAT Group, partner companies, etc., as well as tenants, and also provided vaccination sites for Japanesecitizens living overseas. In addition, during the Tokyo 2020 Olympic and Paralympic Games, we tookthorough measures concerning the visitors involved in the games to prevent the spread of infection, such as
securing dedicated traffic lanes to ensure smooth entry and exit. As a result of these efforts, Haneda Airport
became the first airport in Japan to receive the highest rating globally of 5-star in the “COVID-19 Airport
Safety Rating”, an evaluation conducted by SKYTRAX (UK) with respect to the measures against
COVID-19 infection.
On the sales front, as passenger traffic is gradually recovering, we are working to capture demand by
opening the Tokyo 2020 Official Shop and other facilities, as well as “Hokkaido Dosanko Plaza Haneda
Airport”, an official Hokkaido antenna shop with a dine-in space for light meal and beverage. In October, we
held Japan’s first art auction using a bonded warehouse at Haneda Airport Terminal 1, leveraging the Group’s
experience with respect to customs management. In the e-commerce business, the Group expanded its
product lineup, including a new menu of in-flight meal sets, which has been well received on our
directly-managed website and launched a new LINE mini-app version of our website, “HANEDA Shopping”.
Our efforts to diversify our earnings also include offering Terminal 2 international flight facilities as filming
locations for movies and television dramas and the enhancement of our sales agency business for products
such as “Radi-Cool”, a radiant cooling material, and “C-FACE”, a multilingual translation mask.
In terms of facilities, at domestic flights of Haneda Airport, we expanded the service coverage of“WHILL”, a personal mobility vehicle equipped with autonomous driving technology, to all departure gates.
At international flights, in July the “Face Express” system, which implements face recognition technology,
was put into full-scale operation and dedicated facility for business jets, which is five times the size of theexisting business jet facility, was also put into service. We are working to turn Haneda Airport into a smart
airport in anticipation of the end of the pandemic through these efforts which function as enhanced infection
prevention measures through contactless and non-face-to-face interaction in addition to improved
convenience.
Furthermore, the New Ulaanbaatar International Airport in Mongolia, in which we participate, began its
operations in July. This new airport is a new symbol of the bilateral cooperation between Japan and Mongolia.
Through its operation, we will contribute to the sustainable development of the Mongolian economy and-2-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

society.
As a result of the above, with respect to the consolidated financial results for the first six months of the
fiscal year ending March 31, 2022, operating revenues increased from the same period of the previous year to¥25,896 million primarily due to the increase in facility user charges revenue and merchandise sales, in linewith the gradual recovery of passenger volume on domestic and international flights. Despite the recovery inrevenue and sustained cost reduction from the previous fiscal year, operating loss was ¥21,825 million, ordinary
loss was ¥24,305 million, and quarterly net loss attributable to owners of the parent was ¥14,478 million.
As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) andrelevant revised ASBJ regulations are adopted from the beginning of the first quarter of the fiscal year ending
March 31, 2022, the above explanation does not state the rate of change (%) from the same period of theprevious fiscal year. For details, please refer to “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Changes in Accounting Policies and Segment
Information”.
(Millions of yen)

Operating Results

First Six Months of FY2020(ended September 30, 2020)

Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]
Operating income/(loss)
Ordinary income/(loss)
Quarterly net income/(loss)
attributable to owners of the parent

First Six Months of FY2021(ended September 30, 2021)

Year-on-Year(%)

22,293
16,4484,607
1,237(32,266)(30,506)

25,896
18,825
5,546
1,523(21,825)(24,305)-(22,879)(14,478)-

Haneda Airport’s passenger terminals have been awarded the world’s highest standard “5-star Airport”
rating for six consecutive years in the SKYTRAX “Global Airport Rating”, an international airport
evaluation. In addition, in the customer survey evaluating international airports, we were awarded first placein the “Best Airports in Asia” as the first airport in Japan and second place globally for the third consecutive
year in the “World’s Best Airports”, which comprehensively evaluated various aspects of international airports.
Furthermore, we were awarded first place in the “World’s Cleanest Airports” (for the sixth consecutive year),“World’s Best Domestic Airports” (for the ninth consecutive year), and “World’s Best PRM / Accessible
Facilities” (for the third consecutive year). We will continue our company-wide efforts to improve our services
to satisfy all customers using Haneda Airport.
In addition, as part of our efforts to address environmental issues, we have achieved the obligation to
reduce the total amount of greenhouse gas emissions imposed on large-scale business establishments by the
Tokyo Metropolitan Government based on the “Tokyo Cap and Trade Program” for both the first complianceperiod (FY2010-2014) and the second compliance period (FY2015-2019). Furthermore, with otherbusinesses active in Haneda Airport, the JAT Group participates in the “Tokyo International Airport
Eco-Airport Council” (“Council”), which was established under the chairmanship of the Director of Tokyo
International Airport. We are striving to achieve the concrete action plans and targets set by the Council toreduce the impact of Haneda Airport on environment as a whole. In addition, in July 2021, Haneda Airport
was selected by the Ministry of Land, Infrastructure, Transport and Tourism as one of the priority study
airports to consider specific measures for the decarbonization of airports. The Council will compile theresults of the study and as a member of the Council, we will continue to make every effort to achieve a“carbon-neutral society in 2050”.
Although we need to pay close attention to the further spread of COVID-19 in the short-term, we expect
a recovery in demand especially for domestic flights as vaccination in Japan progresses and since thedeclaration of a state of emergency and stricter measures to prevent the spread of COVID-19 were fully liftedin October. The situation for international flights remains difficult, but measures are taken to resumeinternational traffic, such as the introduction of COVID-19 vaccination certificate and shortening of thequarantine period for vaccinated persons entering the country. The JAT Group will work to enhance the valueof Haneda Airport, the air gateway to Japan and the Tokyo metropolitan area, by implementing measures toappropriately respond to passenger demand and by ensuring the safe and smooth entry, exit, andtransportation of all customers.
The following is a breakdown of earnings / (loss) by segment. Note that the figures for operating income /(loss) are equivalent to those for segment income / (loss).
-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

Overview by Segment[Facilities Management](Millions of yen)

Operating Results

First Six Months of FY2020(ended September 30, 2020)

Facilities Management
Rent revenue
Facility user charges revenue
Other revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income/(loss)

16,4487,974
3,021
5, 452791
17,240(20,486)

First Six Months of FY2021(ended September 30, 2021)

18,825
9,099
4,265
5,460
946
19,772(13,367)

Year-on-Year(%)-

Rent revenue increased from the same period of the previous year primarily due to the increase in revenue
associated with the rental of space for PCR testing at Terminal 3.
Revenue from facility user charges increased from the same period of the previous year primarily due tothe increase in the passenger service facility charge driven by the recovery in passenger volume.
Other revenues increased from the same period of the previous year due to the increase in parking revenue,
paid lounge sales, and other factors as a result of the recovery in passenger volume despite the decrease inadvertising revenue for both domestic and international flights.
As a result, operating revenues from facilities management operations was ¥19,772 million. Operating
loss for the segment improved to ¥13,367 million.
[Merchandise Sales](Millions of yen)

Operating Results

First Six Months of FY2020(ended September 30, 2020)

Merchandise Sales
Sales at domestic terminal stores
Sales at international terminal
storesOther revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income/(loss)

First Six Months of FY2021(ended September 30, 2021)

Year-on-Year
(%)

4,607
3,040

5,546
1,827

-

723

2,145

-

843
370
4,977
(5,764)

1,573
372
5,918
(3,248)-

Sales at domestic terminal stores increased from the same period of the previous year because of therecovery in domestic passenger volume, but the amount of revenue recognized was lower than the same periodof the previous year due to the impact of adopting the “Accounting Standard for Revenue Recognition” fromthis fiscal year.
Sales at international terminal stores increased from the same period of the previous year due to theincrease in international passenger volume at Haneda Airport, Narita Airport and other airports.
Other revenues increased from the same period of the previous year because of the increase in revenue forthe wholesaling business to each local airport.
As a result, operating revenues from merchandise sales operations was ¥5,918 million and operating loss
for the segment was ¥3,248 million.

-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)[Food and Beverage](Millions of yen)

Operating Results

First Six Months of FY2020(ended September 30, 2020)

Food and Beverage
Sales from food and beverage
storesSales from in-flight meals
Other revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income/(loss)

First Six Months of FY2021(ended September 30, 2021)

Year-on-Year
(%)

1,237

1,523

-

938

1,003

-

167
131
548
1,786
(2,393)

343
176
344
1,868
(1,735)-

Sales from food and beverage operations increased from the same period of the previous year primarily
due to the recovery in domestic passenger volume.
Sales from in-flight meals increased from the same period of the previous year primarily due to theincrease in passenger volume of the foreign carriers, our clients in this business.
As a result, operating revenues from food and beverage operations was ¥1,868 million and operating loss
for the segment was ¥1,735 million.

-5-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(2) Explanation of Financial Position[Assets]
Current assets decreased by ¥15,930 million from the previous fiscal year end to ¥127,476 million
primarily due to the decrease in cash and deposits by the scheduled payment of long-term loans payable. Fixed
assets decreased by ¥11,432 million from the previous fiscal year end to ¥364,352 million primarily due todepreciation. As a result, total assets decreased by ¥27,363 million from the previous fiscal year end to¥491,829 million.
[Liabilities]
Total liabilities decreased by ¥5,752 million from the previous fiscal year end to ¥317,896 million
primarily due to the scheduled payment of long-term loans payable despite the increase in accrued expenses
due to the recording of government-owned property user charges and other factors.
[Net Assets]
Total net assets decreased by ¥21,611 million from the previous fiscal year end to ¥173,932 million
primarily due to the decrease in retained earnings and non-controlling interests by quarterly net loss despite theincrease in accumulated other comprehensive income.
As a result, the equity ratio was 33.5% (compared to 34.3% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
During the first six months of the fiscal year ending March 31, 2022, the number of passengers at Haneda
Airport fell below the original forecast by approximately 40% for domestic flights and by approximately 80%
for international flights primarily due to the repeated declaration of a state of emergency and the extension of
applied areas and duration of the declaration caused by the rebound of COVID-19 cases. As for the
consolidated financial results, despite the progress in cost reduction, operating revenues and income/loss fell
below the forecast due to lower-than-expected revenue from facility user charges and merchandise sales
because of the decrease in passenger volume.
With respect to the full-year forecast, although we expect a gradual recovery in the number of passengers,
the pace of recovery is slower than originally forecasted. We expect that the number of passengers will fall
below the original forecast by approximately 30% for domestic flights and by approximately 70% forinternational flights for the full year.
Taking these factors into account, we decided to revise the consolidated financial forecasts for full year of
the fiscal year ending March 31, 2022, which we announced on May 7, 2021, as below.
(Millions of yen)
Operatingrevenues

Operatingincome /(loss)

Ordinary
income /(loss)Net income /(loss)
attributable toowners of theparent

Net income /(loss) per
share (Yen)Previous Forecasts (A)103,200(17,800)(19,300)(10,300)(110.59)

Forecasts on Nov. 5th (B)69,500(35,100)(37,700)(21,300)(228.70)

Change (B-A)
Change (%)
Reference: FY 2020 results-33,700-32.7
52,572-17,300(59,020)-18,400(57,320)-11,000(36,578)(445.92)-6-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)

ASSETS
Current assets
Cash and deposits
Accounts receivable
Securities
Merchandise and finished products
Raw materials and stored goods
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other tangible fixed assets
Accumulated depreciation and impairment loss
Other tangible fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Leasehold right
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS-7-

FY2020(As of March 31, 2021)

First Six Months of
FY2021(As of September 30,
2021)

120,355
5,272
9,658
249
7,944
(73)
143,40787,264
4,392
23,000
7,762
276
4,849
(69)
127,476

557,609(301,148)
256,460
37,073(17,939)
19,133
12,874
3,530(1,111)
2,418
1,626
67,643(54,833)
12,810305,324

560,400(312,233)
248,167
35,994(19,142)
16,852
12,874
3,533(1,352)
2,181
1,233
68,223(56,433)
11,790293,099

33,361
3,756
37,11732,4383,129
35,567

16,43012,414945
3,553
33,343375,785
519,193

18,326
12,855987
3,516
35,684364,352
491,829

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Current portion of bonds with stock acquisition rights
Accrued expenses
Income taxes payable
Allowance for employees’ bonuses
Allowance for loss on store closing
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term loans payable
Lease obligations
Deferred tax liabilities
Allowance for directors’ retirement benefits
Net defined benefit liabilities
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS-8-

FY2020(As of March 31, 2021)

First Six Months of
FY2021(As of September 30,
2021)

1,274
16,612
15,00914,523
573
1,176
575
9,347
59,093

1,272
15,47815,004
19,324
493
674
7,321
59,56854,983
175,842
2,082
16,740
71
4,486
613
9,735
264,555
323,648

55,360169,404
1,837
16,23360
4,608
617
10,206258,327
317,896

38,12654,16086,060(8)
178,338

38,12654,16071,582(9)
163,859

1,855(1,836)
19
(408)
(369)
17,575
195,544
519,193

2,663(1,548)
48
(429)
733
9,339
173,932
491,829

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income(Millions of yen)

Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenues
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ retirement benefits
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income / (loss)
Non-operating income
Interest income
Dividends income
Subsidies for employment adjustment
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Equity in losses of affiliates
Commission fee
Miscellaneous expenses
Total non-operating expenses
Ordinary income / (loss)-9-First Six Months of
FY2020(from April 1, 2020
to September 30, 2020)

First Six Months of
FY2021(from April 1, 2021
to September 30, 2021)

7,974
3,021
5,527
4,531
1,238
22,293

9,099
4,266
5,483
5,533
1,513
25,896

3,586
1,491
5,077
17,216

2,926
1,295
4,221
21,674

5,351
913
8
489
5,846
6,717
17,196
12,95949,482(32,266)

4,928
144
8
465
4,530
5,896
15,872
11,65443,499(21,825)

2,426
155
1,627
535
4,745

8
40
1,369
552
1,970

1,149
208
1,514
37
75
2,984
(30,506)

1,284
91
1,596
1,450
28
4,450
(24,305)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(Millions of yen)

Extraordinary gains
Government subsidies
Total extraordinary gains
Extraordinary loss
Impairment loss
Loss on valuation of investment securities
Loss on valuation of other investments
Loss on reduction entry of fixed assets
Total extraordinary loss
Quarterly income / (loss) before income taxes andnon-controlling interests
Income taxes – current
Quarterly income / (loss)
Quarterly net income / (loss) attributable to non-controllinginterests
Quarterly net income / (loss) attributable to owners of theparent- 10 -First Six Months of
FY2020(from April 1, 2020
to September 30, 2020)

First Six Months of
FY2021(from April 1, 2021
to September 30, 2021)

3,902
3,902

1,422
1,422

1,097
5
3,819
4,923

54
1,388
1,443

(31,527)(24,326)

2,509(34,036)(1,328)(22,998)(11,157)(8,519)(22,879)(14,478)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income / (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of theparentComprehensive income attributable to non-controllinginterests- 11 -First Six Months of
FY2020(from April 1, 2020
to September 30, 2020)(34,036)First Six Months of
FY2021(from April 1, 2021
to September 30, 2021)(22,998)

117(5,566)
(7)
47

812
564
28
(18)

(35)

(0)

(5,445)(39,482)

1,386(21,611)(25,604)(13,375)(13,878)(8,236)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(3) Notes on Quarterly Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes on a Significant Change in Shareholders’ Equity)
Not applicable(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements)
Calculation of tax expenses
The effective tax rate on income before taxes for the consolidated fiscal year including the second quarter
after the application of tax effect accounting is reasonably estimated, and that estimated rate is applied toquarterly income before taxes to calculate estimated tax expenses. However, in cases where the use of such an
estimated effective tax rate would result in a significant lack of rationality, the statutory effective tax rate isapplied.
(Changes in Accounting Policies)
Adoption of the Accounting Standard for Revenue Recognition
The Company has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020, hereinafter referred to as the “Accounting Standard for Revenue Recognition”) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022. The
Company now recognizes revenue at the amount expected to be received in exchange for the promised goods orservices when control over the goods or services is transferred to the customer.
The Company previously recognized revenue including those from inventory that is recorded only when
the product is sold and those from consignment sales stores as the gross amount of consideration received from
customers. However, for transactions in which the Company’s role in providing goods or services to customers
falls under the category of agent, revenue is now recognized as the net amount, the amount received from
customers less the amount paid to suppliers.
For the adoption of the Accounting Standard for Revenue Recognition and relevant revised ASBJ
regulations, the Company has followed the transitional treatment stipulated in the proviso to Paragraph 84 of the
Accounting Standard for Revenue Recognition. The cumulative effect of retroactively applying the new
accounting policy prior to the beginning of the first quarter of the fiscal year ending March 31, 2022 has been
added to or deducted from retained earnings at the beginning of the current first quarter, hence the new
accounting policy has been applied to the relevant opening balance.
As a result, operating revenues, cost of sales, and selling, general and administrative expenses for the firstsix months of the fiscal year ending March 31, 2022 decreased by ¥3,831 million, ¥3,745 million, and ¥85
million, respectively. There is no impact on operating loss, ordinary loss, quarterly loss before income taxes andminority interests, and the balance of retained earnings at the beginning of the fiscal year ending March 31,
2022.
Adoption of Accounting Standard for Fair Value Measurement
The Company has adopted the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.
30, July 4, 2019, hereinafter referred to as the “Accounting Standard for Fair Value Measurement”) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022. The
Company has also decided to adopt the new accounting policy stipulated in the Accounting Standard for Fair
Value Measurement and relevant revised ASBJ regulations in accordance with the transitional treatment
described in Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the
Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019). The effect of thischange on the consolidated financial statements for the first six months of the fiscal year ending March 31, 2022
is immaterial.
(Additional Information)
Accounting estimates with respect to the impact of the spread of COVID-19
There have been no material changes made to the assumptions, including the timing when the spread of
COVID-19 will be contained, described in the “Significant Accounting Estimates” section of the Securities
Report for the fiscal year ended March 31, 2021.
- 12 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(Segment Information)
Segment Information
I.

First six months of FY2020 (from April 1, 2020 to September 30, 2020)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Operating revenues
Sales to externalcustomers
Intersegment sales
and transfers
Total
Segment income/(loss)(Notes)Adjustments

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

16,448

4,607

1,237

22,293-22,293

791

370

548

1,710

(1,710)-17,240(20,486)

4,977(5,764)

1,786(2,393)24,004(28,644)(1,710)(3,622)

22,293(32,266)

Total

Note 1

1. Adjustments to the segment income include ¥3,625 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
In the “Merchandise Sales” segment, the Company recorded an impairment loss of ¥1,097 million on fixed
assets related to business assets.

II. First six months of FY2021 (from April 1, 2021 to September 30, 2021)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Operating revenues
Sales to externalcustomers
Intersegment sales
and transfers
Total
Segment income/(loss)(Notes)Adjustments

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

18,825

5,546

1,523

25,896-25,896

946

372

344

1,664

(1,664)-

19,772(13,367)

5,918(3,248)

1,868(1,735)27,560(18,351)(1,664)(3,473)25,896(21,825)

Total

Note 1

1. Adjustments to the segment income include ¥3,475 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable
3. Matters related to changes in reportable segments, etc.
As described in the “Changes in Accounting Policies” section, from the beginning of the firstquarter of the fiscal year ending March 31, 2022, the Company has adopted the Accounting Standard for
Revenue Recognition and relevant revised ASBJ regulations, and changed its accounting method forrevenue recognition. Therefore, the measurement of income or loss in the business segments has beenchanged as well. As a result of this change, compared with the previous accounting method, operating
revenues for the first six months of the fiscal year ending March 31, 2022 in the “Merchandise Sales”
segment and the “Food and Beverage” segment decreased by ¥3,608 million and ¥331 million, respectively.
There is no impact of this change on segment income/(loss).

- 13 -