April 1, 2017 to March 31, 2018 (FY17)

Earnings Presentation Material(May 18, 2018)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original, the original
shall prevail.

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

Contents
April 1, 2017 to March 31, 2018 (FY17)
Earnings Presentation Material

1． Review of Consolidated Financial Results for FY17（１）Business Environment

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

P４（２）Business EnvironmentP４（３）Consolidation of Tokyo International Air Terminal Corporation

P５（４） Consolidated Financial Forecast for FY18P６（５） Forecast of Operating Revenues by Segment

P７（１）Achievement of Target Indicators through FY17P８（２）Changes in the Operating EnvironmentP８（３）Key Points for Remaining 3 Years of the PlanP ９

2． Consolidated Financial Forecast for FY18

３．Progress under the Medium-Term Business Plan

（４）Progress of Business Strategies and Future Developments
1) Pursue `Vision` for Haneda Airport

P１０2) Business Domain Expansion and Earnings Diversification Built on Strengths

P１２3) Restructure Profit Base and Establish Competitive Advantage

P１３（５）Investment Plan

P１４（６）Profit-Loss Plan

P１５（７）Guidelines (Target Indicators for FY20)

P１６

Contents
Reference Material

Supplementary Material
1. Details of Consolidated Financial Results for FY17(1) Changes in Passenger Volume(Haneda, Narita and Kansai)

P １８(2) Consolidated Financial Results for FY17P １９(3) Financial Results by Segment(i) Facilities management

P ２０(ii) Merchandise sales

P ２１(iii) Food and beverage

P ２２(4) Breakdown of Selling, General and
Administrative Expenses

P ２３(5) Changes in Non-Operating Income/Expenses
and Extraordinary Income/Loss

P ２４(6) Consolidated Balance Sheets

P ２５(7) Consolidated Statements of Cash Flows

P ２６[Reference] Purchasing Trends of Non-Japanese
Passengers by Nationality

P ２７

1. Outline of the Company(1) Business Details

P ３８(2) Basic Philosophy and Management Policy

P ３９(3) Company History

P ４０(4) Group Companies

P ４１(5) Revenue Composition/Composition by Segment

P ４２(6) Changes in Capital Investment

P ４３

2. Summary of Tokyo International Airport (Haneda)

2. Details of Consolidated Financial Forecast for FY18(1) Location Map

P ４４(2) Comparison of Passenger Volume

P ４５(3) Domestic Destinations and Flights

P ４６(4) International Destinations and Flights

P ４７(1) Consolidated Financial Forecast for FY18P ２９(5) Summary of Tokyo International Air
Terminal Corporation

P ４８(2) Revenue Composition/Details by Segment

P ３０(6) International Rating of the Haneda Airport

P ４９(3) Financial Forecast by Segment(i) Facilities management

P ３１(ii) Merchandise sales

P ３２(iii) Food and beverage

P ３３

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

P ３４(2) Changes in Operating Revenues/Ordinary
Income/Cash FlowsP ３５

Passenger Terminal

Earnings Presentation Material April 1, 2017 to March 31, 2018 (FY17)

1. Review of Consolidated Financial Results for FY17
2. Consolidated Financial Forecast for FY18
3. Revisions to the Medium-Term Business Plan
(1) Achievement of Target Indicators through FY17(2) Changes in the Operating Environment(3) Key Points for Remaining 3 Years of the Plan
(4) Progress of Business Strategies and Future Developments(5) Investment Plan
(6) Profit-Loss Plan
(7) Guidelines (Target Indicators for FY20)

1. Review of Consolidated Financial Results for FY17(1) Business Environment
Modest recovery in the Japanese economy; record-high number of non-Japanese visitors to Japan
Rising passenger figures continue for Haneda international flights, despite end of beneficial effects
from increased flights
Non-Japanese visitors to Japan up 19.3% in 2017. Increased passenger volume from China and South Korea
continues
Travel consumption by non-Japanese visitors to Japan at record high again in FY17, up 21.1% to ¥4,500 billion
While spending on shopping rose 17.3%, the growth rate of per person consumption is changing
In the exchange rate market, the weaker yen seen in the last half of the previous fiscal year continues

Business
Environment







Number of
Passengers

(YoY comparison)

Recovery from the Kumamoto earthquake in the first half of last year, coupled with growth in domestic andinternational connecting passengers, lifted Haneda domestic flights 3.2% year on year
Haneda international flights up 9.4% year on year, primarily due to effects from increases in U.S. and late-nightflights
At Narita and Kansai Airports, growth particularly in passenger volume from South Korea, tracking an increase in
LCC flights
Note: Haneda Airport passenger volume is based on aggregate statistics of airport usage within thejurisdiction of East Japan Civil Aviation Bureau, available on the website of the East Japan Civil
Aviation Bureau of the Ministry of Land, Infrastructure, Transport and Tourism.

The number of passengers (YoY comparison)
Airport

FY17 1H(%)

No. of

FY17 2H (%)

FY17 (%)

passengers(10 thousands)

Revised forecast

Rate of(10 thousands)change (%)

Haneda – Domestic

5.9

0.5

(

2.0 )

3.2

6,818

6,841

– 0.3

Haneda – International

11.6

7.4

(

8.5 )

9.4

1,712

1,720

– 0.5

Total Haneda

7.0

1.8

(

3.3 )

4.4

8,530

8,562

– 0.4

Narita

2.0

4.6

(

5.8 )

3.3

3,347

3,366

– 0.5

Kansai

11.6

17.1( 10.0 )

14.4

2,190

2,121

3.2

* Figures in parentheses are revised forecasts for the second half of the year
Japan Airport Terminal Co., Ltd.

02

1. Review of Consolidated Financial Results for FY17(2) Consolidated Financial Results
Addressing inbound demand, with sales growth centered on the merchandise sales business
Achieving record highs, including a record-high profit, due to improved profitability of urban dutyfree stores Differences from previous fiscal year results
 Sales growth in facilities management operations, mainly reflecting facility user charges revenue andcommissioned facility management fees for the Haneda international flight terminal Addressed passenger volume growth at Haneda Airport and Narita Airport, with growth in merchandise
sales, including wholesale sales, and restaurant sales
 Profitability on an individual basis following sales growth due to effects of initiatives targeting urban dutyfree store operations and expense reductions
 Differences from revised forecasts
 Airport duty-free store and urban duty-free store sales continue to beat forecasts
 Some expenses are postponed until the next term

Main Factors
BehindChanges

Consolidated financial results for FY17
Items

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

1H

2H

FY

Revised

FY17

FY16

ChangeFY17

FY16

ChangeFY17

FY16

Changeforecast*1

108.0

99.8

8.2

117.8

105.1

12.7

225.9

204.9

20.9

219.0

(Facilities management)( 28.3)( 26.6)(

1.6)( 30.1)( 28.2)(

1.8)( 58.4)( 54.9)(3.4)( 57.6)(Merchandise sales)( 69.8)( 63.7)(

6.1)( 77.8)( 67.3)( 10.5)(147.7)(131.0)( 16.6)(Food and beverage)

(

(

(

0.4)

(

(

(

0.3)

( 19.7)( 18.8)(Operating revenues

9.8)

9.4)

9.8)

9.4)

Medium-Term

Difference

Business Plan
Forecast

Difference

＊2

6.9

208.6

17.3

(

0.8)

( 55.8)((141.8)(5.9)(134.1)( 13.6)0.8)( 19.6)(0.1)( 18.7)

(

2.6)

1.0)

Operating income

6.7

4.4

2.2

6.6

5.0

1.6

13.4

9.4

3.9

11.7

1.7

10.5

2.9

Ordinary income

8.7

6.2

2.5

7.9

6.6

1.3

16.6

12.8

3.8

14.6

2.0

12.8

3.8

6.1

4.2

1.8

5.5

2.5

2.9

11.7

6.8

4.8

10.3

1.4

8.9

2.8

Annual dividend

¥20.0

¥16.0

¥24.0

¥17.0

¥44.0

¥33.0

¥40.0

Payout ratio

26.2%

31.0%

30.4%

38.9%

31.5%

Capital expenditure

27.8

6.8

Depreciation expenses

10.8

11.6

EBITDA

24.2

21.1

Net income attributableto owners of parent*1 Financial forecast announced in November 2017
*2 Income and expense forecasts announced in May 2017

Japan Airport Terminal Co., Ltd.

03

2. Consolidated Financial Forecast for FY18(1) Management Issues for the Current Term

Realize concrete benefits from TIAT consolidation and optimize its effects
Respond swiftly to changes in environment (respond in terms of goods and services, establish newcompany in run-up to 2020)
Further improvements in urban duty-free stores(2) Business Environment
Despite projected growth in non-Japanese visitors to Japan, caution warranted given current
geopolitical uncertainty
Rate of growth in purchasing per passenger is changing, trending toward "service consumption"
Continued rise in non-Japanese visitors to Japan expected, largely from ongoing Japan tourism
promotions and growth in LCC flights
 Uncertainties about government policies and economic conditions in China and other countries arerecognized as risk factors
 While funds for shopping per customer among non-Japanese visitors to Japan have been declining
since 2018, a growth trend in per-unit purchasing is projected for airport duty-free stores In the exchange rate market, the yen is expected to continue moderately gaining strength ahead of
the second half of the yearBusiness
Environment

Number of Passengers (YoY comparison)
Projected growth of 2.0% for Haneda domestic
flights, with increases in domestic andinternational connecting passengers, business trips
and individual travel anticipated Haneda international flights expected to grow by
3.0%, lifted by projected growth in late-nightflights and non-Japanese visitors to Japan
 Forecasts call for continued passenger growthfrom international flights out of Narita, Kansai and
Chubu Centrair AirportsJapan Airport Terminal Co., Ltd.

The number of passengers forecast for FY18 (YoY comparison)
Airport

FY18 1H

FY18 2H

FY18

FY18 (Forecast)

FY17 (Results)

（％）

（％）

（％）

(10 thousands)(10 thousands)

Haneda - Domestic

2.1

1.8

2.0

6,952

6,818

Haneda - International

3.3

2.7

3.0

1,763

1,712

Total Haneda

2.3

2.0

2.2

8,716

8,530

Narita

3.2

3.9

3.5

3,466

3,347

Kansai

8.7

8.7

8.7

2,380

2,190

Chubu Centrair

5.0

5.0

5.0

584

556

04

2. Consolidated Financial Forecast for FY18(3) Consolidation of Tokyo International Air Terminal Corporation
Tokyo International Air Terminal Corporation
Business Results and Financial Conditions

Extraordinary Income (Loss)from Consolidation (FY18)

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

Items

FY14

FY15

FY16

57.3

70.8

77.8

4.2

4.5

4.6

Facility user charges revenue

16.4

19.0

21.6

Merchandise sales

32.3

42.2

45.4

Food and beverage sales

1.4

1.8

2.3

Other revenues

2.8

3.1

3.6

Operating income

6.3

8.8

10.8

Ordinary income

2.3

4.6

7.1

Net income

2.9

4.3

5.4

Operating revenues
Rent revenue

Depreciation expenses
Earnings per share

10.0\0.82 million

10.2

9.7

\1.18 million \1.49 million

Total assets

161.2

158.9

160.1

Liabilities

158.3

152.5

144.3

Net assets

2.8

6.3

15.8

Japan Airport Terminal Co., Ltd.

05

Extraordinary income (loss)
item

EffectRedemption profit+¥5.6 billion

Gain on negative goodwill+¥20.1 billion

Loss on step acquisition-¥2.7 billion

Total extraordinary income+¥23.0 billion

Equity Ratio after Consolidation(Rough estimate at thetime of consolidation)34%

2. Consolidated Financial Forecast for FY18(4) Consolidated Financial Forecast for FY18
Consolidation of Tokyo International Air Terminal Corporation will transform the profit and loss
structure and trigger extraordinary income and losses
Progress on internationalization construction at Haneda Airport and renovation of existing facilities
will result in an upfront expense burdenMain Factors
BehindChanges(Other thanconsolidation)

As for facilities management, growth in domestic flight-related rent revenue and facility user charges
revenue
As for merchandise sales, plans for increased sales from Haneda domestic flights, Chubu Centrair
Airport and urban duty-free stores
Detailed plans also target further merchandise sales growth related to Haneda international flights
As for food and beverage, slight decline mainly due to Haneda domestic terminal store renovation
In terms of expenses, upfront expense burden from start of joint usage of domestic flight embarkation
facilities
Additionally, a decline trend is likely due to lingering expenses from the previous fiscal year, coupledwith elimination ahead of schedule of expenses for next term

Financial forecast for FY18
Items

FY18
(Forecast)Amount affected due
to TIAT consolidation

FY17(Results)

Rate of change

Change(%)

Operating revenues

266.0

31.4

225.9

40.0

17.7

Operating income

20.5

8.7

13.4

7.1

53.0

Ordinary income

18.1

3.6

16.6

1.4

8.9

31.3

20.9

11.7

19.5

166.4

Capital expenditures

60.7

15.0

27.8

Depreciation expenses

23.6

12.5

10.8

EBITDA

44.1

21.3

24.2

Annual dividend¥42.0

Payout ratio

34.1% *Net income attributable toowners of parent

Japan Airport Terminal Co., Ltd.

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

(TIAT: Tokyo International Air
Terminal Corporation; same below)¥44.0 * Calculated primarily from "gain on negative

goodwill," comprised of temporary income
and expenses arising from the consolidation of
30.4% TIAT, excluding the tax effect amount.

06

2. Consolidated Financial Forecast for FY18(5) Forecast of Operating Revenues by Segment
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

Main Effects of TIAT Consolidation
Items

FY18
(Forecast)Amount affected

FY17

due to TIAT

(Results)

ChangeRate of change(%)

consolidation

80.6

20.5

58.4

22.2

38.0

17.5

3.9

13.2

4.3

32.5

42.9

23.9

18.7

24.1

129.0

20.1

-7.3

26.4

-6.3

-23.9

166.1

10.7

147.7

18.3

12.4

35.2

–

35.1

0.0

0.2

94.8

58.3

35.4

59.3

167.2

Other sales

36.0

-47.6

77.1

-41.0

-53.2

Food and beverage

19.1

0.1

19.7

-0.5

-2.7

Sales from restaurants

11.8

2.7

9.8

2.0

20.7

Sales from in-flight meals

6.5

–

6.5

-0.0

-0.0

Other sales

0.7

-2.5

3.2

-2.5

-78.0

Facilities management
Rent revenue
Facility user charges
revenue
Other revenues

Merchandise sales
Sales at domestic terminal
storesSales at internationalterminal stores<Facilities management>
 Rent revenue• Addition of international flight-related rent revenue
 Facility user charges revenue• Addition of fees for use of passenger facilities forinternational fights• Addition of international flight-related PBB user
charges Other revenues• Decline in commissioned management fees forinternational flights• Addition of international flight parking fee
revenues• Addition of international flight advertising andlounge revenues<Merchandise sales>
 Sales at international terminal stores• Addition of international flight duty-free store sales
 Other sales• Decline in wholesale sales to international flight
duty-free stores<Food and beverage>
 Sales from restaurants• Addition of international flight restaurant sales
 Other sales• Decline in commissioned management fees forinternational flights* Main item for “Other Revenues”/“Other Sales” in each segment• Facilities management: Subcontracted work revenues, income from parking lots, income from hotel business, income from advertising and lounges, etc.
• Merchandise sales:
Income from wholesaling (Duty-free goods, others to Narita Airport and other airports)• Food and beverage:
Income from catering airline lounges, etc.

Japan Airport Terminal Co., Ltd.

07

3. Revisions to the Medium-Term Business Plan
(1) Achievement of Target Indicators through FY17<Consolidated Financial Results>
Results
Operatingrevenues

FY 16(Results)

FY 17(Plan)FY 17(Revised)

FY 17(Results)

Difference fromDifference frominitial forecast

revised figure\204.9 billion\208.6 billion\219.0 billion\225.9 billion(+\17.3 billion)(+\6.9 billion)\9.4 billion\10.5 billion\11.7 billion\13.4 billion(+\2.9 billion)(+\1.7 billion)* Figures announced* Figures announced

May 12, 2017

November 8, 2017

FY20 target

FY16

FY17

ROA (ordinary income): 8％

5.9%

7.4%

ROA (EBITDA): 12%

9.7%

10.7%

Operatingincome<Target Indicators>
Indicator type
Comprehensive
Profitability

Indicator used
ROA (business efficiency)
EBITDA(global cash base indicator)

Stability

Equity ratio

Equity ratio: 50% or more

57.7%

55.7%

Growth potential

SKYTRAX

SKYTRAX evaluation ranking: TOP3

No. 2

No. 3

Shareholder returns

Payout ratio

Payout ratio: 30% or more

38.9%

30.4%

(2) Changes in the Operating Environment"Consolidation of TIAT"

A massive change was caused in all MediumTerm Business Plan implementation measures,investment plan, profit and loss plan, andguidelines to date.

"Further rise in demand for
Haneda Airport international
flights from 2020 onward"

Foresee where to further strengthen Haneda
Airport functionality and envision Group growth
beyond the Medium-Term Business Plan period.

Japan Airport Terminal Co., Ltd.

08

Revisionsto theMediumTerm
BusinessPlan3. Revisions to the Medium-Term Business Plan
(3) Key Points for Remaining 3 Years of the Plan

No change instrategic direction

Switch to management strategies that cope with acomplex, highly uncertain operating environment

Further promote improvement of Haneda Airport's
domestic and international hub functionality

Decisive response to Tokyo
Olympics/Paralympics• Consolidation of TIAT
• Fully demonstrate domestic and international flight hub
functionality• Further enhance user convenience and efficient
operations• Provide services uniformly at domestic andinternational flight terminals• Steady promotion of facility installation vital tostrengthening Haneda Airport functionality• Renovation of Domestic Passenger Terminal 1• Establish absolute safety via more advanced aviation
security and terminal security measures• Prepare an appropriate environment for accepting
inbound travel, including FAST TRAVEL and others

Initiatives for merchandise sales tailored tochanges in environment

Strengthening initiatives for new businesses anddeveloping promotion framework

Key Points
forRemaining
3 Years of
the Plan• Improve profitability for Haneda Airport merchandise
sales• Capture new earnings opportunities while maintaining
existing business in other regions• Bolster profitability by further developing measures aturban duty-free storesJapan Airport Terminal Co., Ltd.

09

• Establish Haneda Future Research Institute to
anticipate future changes and realize growth• Create new value of Haneda Airport and maximize
corporate value3. Revisions to the Medium-Term Business Plan
(4) Progress of Business Strategies and Future Developments
1) Pursue ‘Vision’ for Haneda Airport

Initiatives for Terminal Building ReadinessTerminal 2 international
flight facility

 Terminal building upgrade and expansion
Domestic flight area

Terminal 2 office space expansion

Exterior view (image)

Terminal 1
Exterior view (image)International flight terminal
extension

International flight area

International flightterminal(Terminal 3)

Exterior view (image)

Japan Airport Terminal Co., Ltd.

Summary of investment for
additional expansion ofinternational flight area

10

Total investment¥104.0 billion

3. Revisions to the Medium-Term Business Plan Domestic Passenger Terminal 1 Renovation
With sights set beyond 2020, conduct renovation of Domestic
Passenger Terminal 1 to improve the terminal environment andensure a more uniform level of services between terminals.
(Points)• Transform the interior of Building 1
basement level and first floor• Streamline arrival traffic flow byconsolidating arrival exits• Create a waiting space for bus
passengers

etc.

After renovation (image)Measures to Fully Leverage Haneda Airport's Location
 Establishment of Haneda Future Research Institute (tentative name)<Purpose of establishment>• As the Company's operating environment undergoes dramatic changes, the purpose inestablishing the institute is to expand its business domains by taking advantage of experienceand expertise cultivated over the years more extensively, while also leveraging external
knowledge, with the goal of securing stable growth for the Company's businesses andcapitalizing on the location of Haneda Airport as a resource.

Japan Airport Terminal Co., Ltd.

11

3. Revisions to the Medium-Term Business Plan
2) Business Domain Expansion and Earnings Diversification Built on Strengths
 Urban duty-free company
 Results and Forecasts

Operating revenues(billion yen)
Operating income(billion yen)
Per-unit purchases(thousand yen)
No. of purchasing
customers (people/day)

Comparison withpreviously announced
figures

FY 16

FY 17

FY 18

FY 19

FY 20

(Results)(Results)(Forecast)(Plan)(Plan)

5.1

8.4

9.5

11.0

13.0

-1.8

0.3

0.2

0.3

0.4

33

31

33

33

33

420

749

789

913

1,079

（Operating
revenues）（Operating
income）

＋0.8

＋2.0

＋2.5

＋3.5

＋0.2

＋0.2

＋0.1

＋0.0

 Factors Contributing to
FY17 Business Results(Operating revenues)• Increase in purchasing customers, particularly from
China
• Introduction of consumption tax-exempt sales spaces
attracted a new customer segment• Increase in repeat business, including from Japanesecustomers, thanks to improved name recognition• Good performance across the board in Japanesebrand cosmetics(Operating income)• Sales growth, implementation of sales-linked
shareholder support, reduction in depreciation
burden Initiatives Going Forward(Operating revenues)• Accurately gauge the needs of mainstay Chinese customers and review product lineup as appropriate by providing a morerobust lineup of Japanese brand products• Upgrade and expand product lineups at consumption tax-exempt sales spaces• Strengthen advertising and promotions to attract even more customers(Operating income)• Lower income in FY18, as expense burden rises due to higher revenue• While sales-linked shareholder support will continue, the cost burden will shrink

Japan Airport Terminal Co., Ltd.

12

3. Revisions to the Medium-Term Business Plan
3) Restructure Profit Base and Establish Competitive Advantage
 Vacant space utilization measures—Vacancy rate targets—
FY16-FY17(Results)

FY16vacancy
rate

FY17
vacancy
rate

6.0％

4.9％

FY18-FY19(Implement
measures)

FY18

FY19

FY20
(Target)
Vacancyrate

2.5% orlower"THE HANEDA HOUSE"• "Spend time at Haneda" - From a transit spot to a place
to stay• Encourage shift from consumption of goods toconsumption of services• Develop a range of options, including cafe, order-madesuits, head spa, massage fitness, golf studio and more
• Scheduled grand opening in December 2018

 Initiatives Going Forward• Grand opening of "THE HANEDA HOUSE" in FY18
• Continue to increase leasable space available to airline companies• Seek to improve the working environment, including expanding
floor space of the nursery (Anju Nursery School), which opened
in April 2017 inside the terminal, and implement measures toutilize existing vacant space(Image)(Procurement cost reduction targets) Procurement cost reduction project
Going forward, as personnel expenses and other costs rise, strive tominimize growth in expenses due to business scale expansion bypromoting more cost-appropriate procurement tied to such
expenses.

Reduction
target1 billion
yen

From the equipment procurement
stage, conduct continuous vendor
selection and cost negotiations with
suppliers in a bid to lower costs
across the Group.

Reduction
target0.5 billionyen¥320 million reduction for FY16-FY17
2016

Japan Airport Terminal Co., Ltd.

13

2018

Achieved
0.0 billion
yen

2020

3. Revisions to the Medium-Term Business Plan
(5) Investment plan
Revised Plan

(Billions of Yen)
Medium-Term

Change from

2016

2017

2018

2019

2020

Business Plan

(Results)(Results)(Forecast)(Plan)(Plan)

2016–2020

5.0

23.0

53.0

64.0

4.0

149.0

39.0

( 104.0)(29.0)
6.0

Strategic Pillar

previously(Subtotal)

announced figures Capital expenditure
Pursue ‘Vision’ for Haneda Airport(including Haneda internationalization related
items)(

Redevelop Earnings Base and Establish
Competitive Position
Realignment and Enhancement ofOrganization, Human Capital and Governance1.0) ( 19.0)( 34.0) ( 50.0)

1.0

4.0

8.0

2.0

1.0

16.0

1.0

1.0

0.0

0.0

0.0

2.0

0.0

1.0

3.0

1.0

2.0

7.0

1.0

0.0

0.0

0.0

0.0

1.0

8.0

29.0

64.0

67.0

7.0

175.0

-7.0

24.0

24.0

-1.0

40.0

15.0

23.0

2.0

40.0

167.0

－

 Other investment
Expand Business Domains that Leverage
Strengths and Diversify Earnings
Realignment and Enhancement ofOrganization, Human Capital and Governance

Subtotal
Change from previously
announced figures

-5.0
8.0

－
40.0

* Results for FY2016 and FY2017 and forecasts for FY2018 are in billions of yen* Excludes additional investment in TIAT

Including TIAT investment planJapan Airport Terminal Co., Ltd.

When TIAT investment taken into account, total of ¥175.0 billion (up ¥40.0 billion from previously
announced figure)
As for investment figures excluding TIAT investment, while the timing of investment will change,
investment levels will remain as planned.

14

400

3. Revisions to the Medium-Term Business Plan
(6) Profit-Loss Plan
← TIAT as equity method affiliate →

FY16

FY17

(Results)←

TIAT as consolidated subsidiary
FY18(Results)

FY19(Forecast)

→

FY20

(Plan)(Plan)(10 thousands ofRate of change(10 thousands ofRate of change(10 thousands ofRate of change(10 thousands ofRate of change(10 thousands ofRate of change

people)(%)

people)(%)

people)(%)

people)(%)

people)(%)

Haneda (Domestic flights)

6,609

5.7

6,818

3.2

6,952

2.0

7,020

1.0

7,090

1.0

Haneda (International flights)

1,564

16.4

1,712

9.4

1,763

3.0

1,780

1.0

2,560

43.8

Narita (International flights)

3,241

4.4

3,347

3.3

3,466

3.5

3,540

2.4

3,630

2.4

Kansai (International flights)

1,915

10.9

2,190

14.4

2,380

8.7

2,530

6.6

2,710

6.8

PAX

PL (¥ billion)(¥ billion)(¥ billion)(¥ billion)(¥ billion)(¥ billion)

204.9

225.9

266.0

270.0

300.0

54.9

58.4

80.6

83.0

92.0

Merchandise sales

131.0

147.7

166.1

167.7

188.0

Food and beverage

18.8

19.7

19.1

19.3

20.0

9.4

13.4

20.5

17.0

25.0

(4.6%)(5.9%)(7.7%)(6.3%)(8.3%)

12.8

16.6

18.1

15.0

22.0

6.8

11.7

31.3

9.0

13.0

ROA (ordinary income)

5.9%

7.4%

ROA (EBITDA) Target

ROA （EBITDA)

9.7%

10.7%

12.0%

57.7%

55.7%

Operating revenues
Facilities management

Operating income(Operating income ratio)
Ordinary income
Net income attributable toowners of parent

KPI

Equity ratio

Due to consolidation of TIAT, operating revenues of ¥300.0 billion and operating income of ¥25.0 billion
are expected for FY20.
 While profits are expected to decline momentarily in FY19, when efforts to expand functionality at
Haneda Airport are put in place, they should rebound in FY20.


Japan Airport Terminal Co., Ltd.

15

3. Revisions to the Medium-Term Business Plan
(7) Guidelines (Target Indicators for FY20)
Indicator type

(Initial indicator)

Comprehensive

ROA (business efficiency)

EBITDA

Profitability(global cash base indicator)

Stability

Equity ratio

Growth potential SKYTRAX

Shareholder

Payout ratio

returns(Initial target)

Indicator used

ROA (ordinary income):
8%

EBITDA(global cash base indicator)

ROA (EBITDA): 12%

Operating income ratio

Equity ratio:

Equity ratio

50% or more
SKYTRAX evaluation

SKYTRAXranking: TOP3
Payout ratio: 30% orPayout ratio

more

TargetROA (EBITDA): 12%

Operating income ratio: ８%

Aim for stable levels as soon as
possible
SKYTRAX evaluation ranking:
TOP3
Payout ratio: 30% or more
* Calculated by taking into consideration the effects
from extraordinary income and losses for FY18

Guideline indicator targets will also be subject to review. Operating margin will be added as a new
indicator.
 While the equity ratio target is 40% or more, this will be the target set for FY21 onward.
 The Company's approach regarding the payout ratio is unchanged. However, the effect of
extraordinary income and losses will be taken into account for FY18.


Japan Airport Terminal Co., Ltd.

16

Earnings Explanatory Meeting
April 1, 2017 to March 31, 2018 (FY17)

Supplementary Material
1. Details of Consolidated Financial Results for FY17
2. Details of Consolidated Financial Forecast for FY18
3. Other Information* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original,
the original shall prevail.

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

1. Details of Consolidated Financial Results for FY17(1) Changes in Passenger Volume (Haneda, Narita and Kansai)(Thousand passengers)
70,00068,000(Thousand passengers)

69,525

Haneda Airport– domestic flights

18 ,000

68,182
66,093(＋2.0％ ）16 ,000(＋3.2％ ）17,120

Haneda Airport– international flights

15,642(＋3.0％ ）(＋9.4％ ）13,43466,000Oct. 2016
Flights to and from the U.S.
up from 8 to 12 flights/day

14 ,000

11,55864,000Oct. 2015
Flights to and from China up
from 8 to 20 flights/day

12 ,000

62,00062,65660,00062,553

10 ,000

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

8,039

61,41017,6388, 00058,000

FY17 results +9.4%

FY17 results +3.2%

6, 000(Compared to Oct. 2017
revised forecast -0.3%)

56,00054,0004, 000

1H results +5.9%
2H results +0.5%

52,000

FY

FY
2013

2014

2015

2016

1H results +11.6%
2H results + 7.4%

2, 00050,0002012(Compared to Oct. 2017
revised forecast -0.5%)

2017← Results

0
20 12

2018

20 13

20 14

20 15

20 16

Forecast →20 17← Results(Thousand passengers)(Thousand passengers)

Narita Airport – international flights

25,00037,00033,47934,66523,804

Kansai Airport – international flights
21,901

23,000(＋8.7％ ）35,00032,41033,00021,000

FY17 results +3.3%

FY17 results +14.4%

15,000(Compared to Oct. 2017
revised forecast -0.5%)(Compared to Oct. 2017
revised forecast +3.2%)

13,000

1H results +2.0%
2H results +4.6%

25,00017,27517,00029,30227,000（＋14.4％ ）19,000(＋3.3％ ）30,86229,00019,151(＋3.5％ ）31,05531,00013,523

11,00012,051

1H results +11.6%
2H results +17.1%
FY

FY
9,000

23,000

2012

20 18

Forecast →

2013

2014

2015

2016

2017
← Results

2012

2018
Forecast →

2013

2014

2015

2016

2017

← Results

18

2018

Forecast →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

1. Details of Consolidated Financial Results for FY17(2) Consolidated Financial Results for FY17
Items

FY17

FY16

(Results)(Results)
Ratio

Millions of yen

Rate of

ChangeDifference

Oct. 2017

ChangeRatio％ Millions of yen

Revised forecast

Ratio％ Millions of yen％

Millions of yen％ Millions of yen

225,953

100.0

204,953

100.0

20,99910.2

219,000

100.0

6,953

58,44325.9

54,975

26.8

3,467

6.3

57,60026.3

843

Merchandise sales

147,78765.4

131,098

64.0

16,68912.7

141,800

64.7

5,987

Food and beverage

19,722

8.7

18,879

9.2

842

4.5

19,6009.0

122

122,22654.1

109,477

53.4

12,748

11.6

117,300

53.6

4,926

111,480

49.3

99,00048.3

12,48012.6

106,600

48.7

4,880

Operating revenues
Facilities management

Cost of sales
Cost of sales of merchandise(Ratio)Cost of sales of food and beverage(Ratio)(75.4％)

10,746(((- 0.1P)

10,4774.8

54.5％)

75.5％)(

5.1

55.5％)

268(

10,7002.6(- 1.0P)

75.2％)(( 0.2P)

4.9

54.6％)

46(- 0.1P)

103,72645.9

95,475

46.6

8,250

8.6

101,700

46.4

2,026

Selling, general and administrative expenses

90,29640.0

85,978

42.0

4,318

5.0

90,00041.1

296Operating invome

13,429

5.9

9,497

4.6

3,932

41.4

11,700

5.3

1,729

3,266

1.5

3,346

1.7

-80

-2.4

2,900

1.3

366

16,696

7.4

12,843

6.3

3,852

30.0

14,6006.6

2,096

Extraordinary income/loss

-172

-0.1

-1,613

-0.8

1,441

-

-

-

-

Net income attributable to owners of parent

11,776

5.2

6,886

3.4

4,889

71.0

10,3004.7

1,476

Gross profit

Non-operating income/loss

Ordinary income* 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.

19

1. Details of Consolidated Financial Results for FY17(3) Financial Results by Segment(i) Facilities management
Items

FY17

FY16

(Results)(Results)
Ratio

ChangeRatio

Millions of yen％

Millions of yen

Rent revenues

13,27822.0

13,07823.0

Facility user charges revenues

18,75431.0

18,194

Other revenues

26,41043.7

Subtotal

58,443Difference

Oct. 2017

ChangeRatio％

Millions of yen

200

1.5

13,300

22.3

-21

32.1

559

3.1

18,70031.4

54

23,703

41.7

2,707

11.4

25,600

42.9

810

96.7

54,975

96.8

3,467

6.3

57,600

96.6

843

2,007

3.3

1,825

3.2

181

10.0

2,000

3.4

7

60,451100.0

56,801

100.0

3,649

6.4

59,600100.0851Operating expenses

53,73688.9

50,331

88.6

3,405

6.8

53,20089.3

536Operating income

6,714

11.1

6,470

11.4

244

3.8

6,400

10.7

314

Sales to external customers

Intersegment sales
Total(Ratio)(・Rent revenues:
・Facility user charges revenues:
・Other revenues:

11.1％)(％ Millions of yen

Revised forecast

Rate of

11.4％)(- 0.3P)(％ Millions of yen

10.7％)

Increase in space leased to domestic airline companies, etc.
Increase in fees for use of passenger facilities for domestic flights
Increase in commissioned facility management revenues
for Haneda international flights
Increase in revenues from subcontracted work
Increase in revenues from parking fees for domestic flights,
paid airport lounge
Increase in passenger handling revenues( 0.4P)＋ 0.2 billion＋ 0.5 billion＋ 1.3 billion＋ 0.3 billion＋ 0.3 billion＋ 0.2 billion

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

20

1. Details of Consolidated Financial Results for FY17(3) Financial Results by Segment(ii) Merchandise sales
Items

FY17

FY16

(Results)(Results)

Change

Ratio

Ratio

Rate of
ChangeRevised forecast
Difference

Oct. 2017
Ratio％ Millions of yen％ Millions of yen％

Millions of yen

25.7

1,323

3.9

35,00024.5

153

32,991

25.0

2,506

7.6

33,200

23.3

2,297

51.9

64,27748.7

12,85820.0

73,600

51.6

3,536

147,78799.4

131,098

99.4

16,68912.7

141,800

99.4

5,987

860

0.6

813

0.6

47

5.8

900

0.6

-39

148,647

100.0

131,911100.0

16,736

12.7

142,700

100.0

5,947

Operating expenses

137,324

92.4

124,657

94.5

12,667

10.2

132,800

93.1

4,524

Operating income

11,322

7.6

7,254

5.5

4,068

56.1

9,900

6.9

1,422

Millions of yen％

Millions of yen

Domestic terminal stores

35,153

23.6

33,829International terminal stores

35,497

23.9

Other sales

77,136

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)(7.6％)( 2.1P)( 5.5％)( 6.9％)

・Domestic terminal stores:
Increase in sales of directly managed stores at Haneda domestic terminal, etc.
・International terminal stores: Increase in sales of urban duty-free stores
Increase in sales of directly managed stores at Narita Airport
Increase in sales of directly managed stores at Haneda international terminal
Sales of directly managed stores at Chubu Centrair Airport
Decrease in sales of boutique store at Kansai Airport
・Other sales:
Increase in wholesale sales to duty-free stores at Haneda international terminal
Increase in wholesale sales to Narita Airport, Chubu Centrair Airportand other regional airports

21( 0.7P)＋ 1.1 billion＋ 3.3 billion＋ 1.7 billion＋ 0.5 billion＋ 0.2 billion－ 3.4 billion＋ 7.0 billion＋ 5.6 billion

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

1. Details of Consolidated Financial Results for FY17(3) Financial Results by Segment(iii) Food and beverage
Items

FY17

FY16

(Results)(Results)
Ratio

ChangeRatio

Millions of yen％

Millions of yen

Sales from restaurants

9,846

44.2

9,657

45.1

Sales from in-flight meals

6,588

29.6

6,405

Other sales

3,286

14.7

19,722

Sales to external customers

SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)(・Sales from restaurants:
・Sales from in-flight meals:
・Other sales:

Revised forecast
Difference

Oct. 2017

ChangeRatio％

Millions of yen

189

2.0

9,800

43.9

46

29.9

183

2.9

6,500

29.2

88

2,816

13.2

470

16.7

3,300

14.8

-13

88.5

18,879

88.2

842

4.5

19,600

87.9

122

2,563

11.5

2,516

11.8

47

1.9

2,700

12.1

-136

22,285100.0

21,395

100.0

889

4.2

22,300100.0-1421,38996.0

20,638

96.5

751

3.6

21,500

96.4

-110

896

4.0

757

3.5

138

18.3

800

3.6

96

4.0％)

％ Millions of yen

Rate of( 0.5P)( 3.5％)％ Millions of yen( 3.6％)

Increase in sales tracking domestic flight passenger growth
Increase in sales in embarkation rate of client airline customers
and sales from new transactions, etc.
Increase in commissioned facility management revenues
for international terminal stores( 0.4P)＋ 0.1 billion＋ 0.1 billion＋ 0.4 billion

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

22

1. Details of Consolidated Financial Results for FY17(4) Breakdown of Selling, General and Administrative Expenses
Items

FY17

FY16

(Results)(Results)
Ratio

ChangeRate of Change

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

225,953

100.0

204,953

100.0

20,99910.2

90,29640.0

85,978

42.0

4,318

5.0

10,651

4.7

9,838

4.8

812

8.3

Provision for employees' bonuses

1,572

0.7

1,376

0.7

195

14.2

Provision for directors' bonuses

250

0.1

227

0.1

22

10.0

Expenses for retirement benefits

997

0.4

1,047

0.5

-49

-4.7

Rent expenses

12,734

5.7

12,504

6.1

230

1.8

Business consignment expenses

27,502

12.2

24,464

11.9

3,037

12.4

Depreciation expenses

10,806

4.8

11,609

5.7

-803

-6.9

Other costs and expenses

25,782

11.4

24,910

12.2

872

3.5

Operating revenues
Selling, general and administrative
expenses

Salaries and wages

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

23

1. Details of Consolidated Financial Results for FY17(5) Changes in Non-Operating Income/Expenses and Extraordinary Income/Loss
Items

FY17

FY16

(Results)(Results)
Ratio

ChangeRate of Change

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

Operating revenues

225,953

100.0

204,953

100.0

20,999

10.2

Operating income

13,429

5.9

9,497

4.6

3,932

41.4

4,050

1.8

3,871

1.9

178

4.6

952

0.4

904

0.5

47

5.3

2,335

1.0

2,291

1.1

44

1.9

763

0.4

676

0.3

87

12.9

Non-operationg expenses

783

0.3

525

0.3

258

49.3

Interest expenses

331

0.1

417

0.2

-86

-20.6

Miscellaneous expenses

452

0.2

107

0.1

344

321.6

Ordinary income/loss

16,696

7.4

12,843

6.3

3,852

30.0

Extraordinary income

1

0.0

277

0.1

-276

-99.6

173

0.1

1,891

0.9

-1,717

-90.8

4,569

2.0

4,234

2.1

334

7.9

11,776

5.2

6,886

3.4

4,889

71.0

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

OthersExtraordinary loss
Income taxes
Net income attributable to owner's of parent

24

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

1. Details of Consolidated Financial Results for FY17(6) Consolidated Balance Sheets(Millions of yen)Accounts payable
Income taxes payable
Short-term borrowings
OthersCash and deposit ＋10.2 billion
Account receivable ＋ 2.5 billion
Securities－ 7.0 billion
Merchandise－ 1.1 billion
Others＋ 1.0 billion

Current
liability+2,08973,235Current
assets+5,680
Tangible fixed assets (depreciable assets)
Buildings, etc.
＋ 3.3 billion
Accumulated depreciation － 8.0 billion
Construction in progress＋20.4 billion
Others＋ 1.5 billion
Investments and other assets
Investment securities＋ 4.1 billion
Others
－ 0.6 billion

35,596＋ 1.0 billion＋ 1.2 billion－ 1.9 billion＋ 1.7 billion

37,685Long-term loans payable＋14.7 billion
Net defined benefits liabilities － 0.9 billion

67,55551,992

Fixedliability+13,664

Fixed
assets+20,792

65,657Retained earnings＋ 8.7 billion
Valuation difference＋ 0.8 billion
Deferred gains or losses on hedges＋ 0.2 billion
Remeasurements of defined benefit plans＋ 0.6 billion
Non-controlling interest＋ 0.1 billion

166,264
145,471

136,156

125,438

Total assets 239,499

FY2017Net
assets+10,718

Total assets 213,026

FY2016FY201625

Equity ratio
FY2017 55.7％
FY2016 57.7％（ － 2.0Ｐ）

FY2017
Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY17(7) Consolidated Statements of Cash Flows
Items

FY17

FY16

(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

22,257

15,620

6,636

Income before income taxes and minority interests

16,523

11,2305,293

Depreciation and amortization

10,913

11,693-779

Other current assets

-836

300

-1,136

Other current liabilities

1,410-3,774

5,184

Other fixed liabilities

-152

-249

97

Others-1,9391,818-3,758

Income and other taxes paid

-3,662-5,398

1,735

Cash flows from investing activites-28,474-8,373-20,101-27,410-9,008-18,402

Purchase of intangible fixed assets-691-1,052360

Others

-371

1,687

-2,0599,438-11,702

21,140

Proceeds from long-term loans payable

20,000-20,000

Repayment of long-term loans payable-7,362-10,666

3,304

Dividends payment-3,005-2,761-243

Cash flows from operating activites

Purchase of tangible fixed assets

Cash flows from financing activites

-194

1,725

-1,920Effect of exchange rate change on cash and cash equivalents

0

-1

2

Increase (decrease) in cash and cash equivalents

3,221-4,456

7,677

Cash and cash equivalents at beginning of period

39,10843,565-4,456

Cash and cash equivalents at end of period

42,32939,1083,221

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

26

1. Details of Consolidated Financial Results for FY17
[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (1)(1) The number of departing non-Japanese visitors by airport (monthly average)Japan

HanedaNaritaKansaiOther

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

FY16

1,973,826

100.0

280,047

14.2

583,96529.6

514,68326.1

595,131

30.2

FY17

2,346,573

100.0

319,12513.6

651,73227.8

622,333

26.5

753,383

32.1(2) The number of departing non-Japanese visitors by airport and nationality (monthly average)○ Volume ranking and change in departing passengers by nationality for FY17
≪ Haneda Airport ≫≪ Narita Airport ≫No. of passenger

Composition

volume (person)

ratio (％)

Change (%)≪ Kansai Airport ≫No. of passenger

Composition

volume (person)

ratio (％)

Change (%)

No. of passenger

Composition

volume (person)

ratio (％)

Change (%)

China (incl. Hong Kong)

93,852

29.4%

12.0%

178,325

27.4%

12.7%

218,931

35.2%

20.7%

South Korea

47,12614.8%

14.5% Taiwan

93,52714.4%

2.8% South Korea

190,913

30.7%

36.6%

U.S.A.

30,582

9.6%

33.5% South Korea

88,84913.6%

34.9% Taiwan

96,254

15.5%

2.2%

Taiwan27,3888.6%

4.4% U.S.A.

62,462

9.6%

0.1% Thailand

21,273

3.4%

16.0%

No. of passenger

Composition

No. of passenger

Composition

No. of passenger

Composition

volume (person)

ratio (％)

volume (person)

ratio (％)

volume (person)

ratio (％)

Non-JapaneseJapanese
Total

319,125

China (incl. Hong Kong)

Change (%)

45.6%

13.9% Non-Japanese

380,99754.4%

5.8% Japanese

700,121100.0%

9.3% Total○ Number of departing non-Japanese passengers

100
80

Change (%)（＋12.0%)(＋17.7％)60(＋15.5%)40（＋14.5%)

11.3% Non-Japanese622,333

559,032

46.2%

1.1% Japanese

270,786

30.3%

2.1%

1,210,764

100.0%

6.4% Total

893,119100.0%

14.3%（＋12.7%)160(＋4.0%)（＋34.9%)80（＋2.8%)（＋10.0%)

2H
FY15

1H

2H
FY16

1H

2H
FY17

（＋20.7%)200（＋36.6%)（＋2.2%)

100(＋19.5%)50(＋10.0%)（＋14.7%)

0

0
1H

250

(＋11.4%) 150

120（＋14.8%)0

20.5%(No. of travelers: thousands)
Figures in ( ) denote percent change*YoY Comparison（＋4.4%) 40

20

69.7%

Change (%)

53.8%

200

China (incl. Hong Kong)
South Korea
TaiwanSouth-East Asia
Europe/U.S.A.
Others120651,732

China (incl. Hong Kong)

1H

2H

FY15

1H

2H

FY16

1H

2H

FY17

1H

2H
FY15

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice. Transit passengers are not included in passenger number.
Passenger numbers utilize October to February data from the second half of FY15, FY16 and FY17, respectively.

27

1H

2H
FY16

1H

2H
FY17

1. Details of Consolidated Financial Results for FY17
[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (2)(3) Company duty-free store sales and number of departing passengers by airport and nationality (monthly average)

Haneda
Other(Net sale: millions of yen)
5,000

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

Korea
Japan
China

328
125
135
151

3,500
3,000
2,500
2,000

275

351
157
177
188
Japanesetravelers(Change)

360

585

600

1,200

343

500

1,050

1,450

380（＋5.8%）

900
750

1,360
280

1,000

1,412

300
Foreigntravelers(Change)244（－8.3%）

300

400

266
300

200

732

592

（＋23.6%）
100

100

150
0

FY16

48

500

55

450

（＋31.1%）-

Japanesetravelers(Change)

600

200

1,851

600

559（＋1.1%）

552

400

（＋6.6%） 319（＋13.9%）

1,500

500

700

651（＋11.3%）

1,350Europe/U.S

South

Foreigntravelers(Change)

1,500

700

countries
4,500South-Ease
4,000
Asia
.A.
TaiwanNarita

-

FY17

0
FY16

FY17

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

(4) Main factors in the fluctuation of sales of duty free shops and purchasing trends«Haneda» Purchases by Chinese passengers, accounting for 40% of sales, remained firm. Continuation of double-digit
growth in purchasing passenger volume and per-unit purchases, with wider margin of growth in second half ofthe year.
 Despite significant first-half growth in American passengers, the rate was on par with other nationalities in thesecond half of the year.
 While sales growth from Japanese passengers is low, purchase amounts are increasing in step with purchasing
passenger growth, and will continue to be a major proportion of overall sales.
«Narita» Growth trend in purchase amounts by non-Japanese passengers since the second quarter continues.
 Dramatic growth in purchasing passenger volume and per-unit purchases particularly among Chinese
passengers, with per-unit purchases recovering to the “shopping spree” levels recorded in fiscal 2015.

28<Duty-free Store Per-unit Purchasing>

FY17
Amount per
customer

ChangeRate ofchangeHaneda

8,814

610

7.4%

Narita11,735

1,303

12.5%

2. Details of Consolidated Financial Forecast for FY18(1) Consolidated Financial Forecast for FY18
Items

FY18

FY17

(Forecast)(Results)

Ratio
Millions of yen

ChangeRatio％ Millions of yen

Rate ofchange％ Millions of yen％

266,008

100.0

225,953

100.0

40,05517.7

80,64630.3

58,44325.9

22,20238.0

Merchandise sales

166,168

62.5

147,787

65.4

18,381

12.4

Food and beverage

19,193

7.2

19,722

8.7

-528

-2.7

127,46647.9

122,226

54.1

5,240

4.3

116,97444.0

111,480

49.3

5,494

4.9

Operating revenues
Facilities management

Cost of sales
Cost of sales of merchandise(Ratio)Cost of sales of food and beverage(Ratio)(70.4％)

10,492((

10,7463.9

54.7％)

75.4％)((- 5.0P)

4.8

54.5％)-253-2.4( 0.2P)

138,54152.1

103,72645.9

34,815

33.6

Selling, general and administrative expenses

117,998

44.4

90,29640.0

27,702

30.7

Operating invome

20,542

7.7

13,429

5.9

7,113

53.0

Non-operating income/loss-2,360

-0.9

3,266

1.5

-5,626-

Ordinary income

18,182

6.8

16,696

7.4

1,486

8.9

Extraordinary income/loss

23,027

8.7

-172

-0.1

23,200-Net income attributable to owners of parent

31,36911.8

11,776

5.2

19,593

166.4

Gross profit* Preconditions: Forecast of number of passengers
Haneda domestic (full-year)+2.0% YoY

Haneda international (full-year)+3.0% YoY

Narita international (full-year)+3.5% YoY

Kansai international (full-year)+8.7% 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

Central Japan international (full-year) +5.0% YoY

29

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

2. Details of Consolidated Financial Forecast for FY18(2) Revenue Composition/Details by Segment
Revenue details
Category

Facilities
management
operations

Merchandise
sales
operations

Until FY17

Rent revenue

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

Facility user
chargesrevenue

Fees for use of passenger facilities(domestic flights: PSFC)

Expenses details

Office lease (fixed rent); store lease(fixed rent + percentage commission) at Haneda
domestic and international terminals

Depreciation; water, heating, energy expenses;
repairs expenses; lease fee (such as national
Fees for use of passenger facilities (Haneda domestic property usage fee); taxes and public charges;
and international flights: PSFC), international terminal cleaning expenses; outsourcing fees
PBB user charges, others

OthersCommissioned management fee of Haneda Airport,
parking fee revenue, advertising revenue; sales frompaid waiting room (Airport Lounge); revenue fromsubcontracted work

Parking fee revenue, advertising revenue and sales
from paid airport lounge at Haneda domestic andinternational terminals

Lease fee (such as national property usage fee);taxes and public charges (fixed asset tax);
outsourcing fees

Stores atdomestic
terminal

Merchandise sales for stores at Haneda Airport

Merchandise sales for stores at Haneda domestic
terminal stores

Cost of sales; supply expenses

Stores atinternationalterminal

Merchandise sales for lobby stores at Haneda
Airport; Merchandise sales for stores such as dutyfree stores at Narita Airport and Kansai International
Airport; Merchandise sales for duty-free stores in
town

Merchandise sales for stores at Haneda internationalterminal stores; Merchandise sales from airport dutyCost of sales; supply expenses; percentage offree stores, etc. at Narita International Airport, Kansai
business; agent service fee
International Airport and Chubu Centrair
International Airport, urban duty-free store sales

OthersWholesale to Haneda Airport, Narita International
Airport, Kansai International Airport, and Chubu
Centrair International Airport; Commissioned
management fee of Haneda Airport, Narita
International Airport, and Kansai International Airport

Wholesale sales to Narita International Airport, KansaiInternational Airport, and Chubu Centrair
International Airport; Commissioned management
Cost of sales; agent service feerevenues at Narita International Airport and KansaiInternational Airport.

Restraurant sales at Haneda Airport and Narita
International Airport

Food expenses (cost of sales for food andRestraurant sales at Haneda Airport domestic andbeverage); percentage of business; outsourcing
international terminal and Narita International Airport
costs

Restaurants
Food andbeverage
operations

From FY18

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

OthersCommissioned management fee of Haneda Airport
International flights; Wholesale of products such asfrozen foods and box meals

Factors behind changes in earnings:

Production and sales of in-flight meals

Food expenses (cost of sales for food andbeverage)

Wholesale of products such as frozen foods, box
meals, etc.

Food expenses (cost of sales for food andbeverage); outsourcing costs

Environment the airline industry operates in (such as changes in the number ofpassengers on both international 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)30

2. Details of Consolidated Financial Forecast for FY18(3) Financial Forecast by Segment(i) Facilities management
FY18

Items

(Forecast)

FY17(Results)

Amount affected due

Ratio

to TIAT consolidation

ChangeRatio

Rate ofchangeMillions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Rent revenues

17,594

21.1

3,983

13,278

22.0

4,315

32.5

Facility user charges revenues

42,94651.6

23,96818,75431.0

24,192

129.0

Other revenues

20,10524.1-7,38826,41043.7-6,305-23.9

Subtotal

80,64696.8

20,56358,44396.7

22,202

38.0

2,693

3.2

839

2,007

3.3

685

34.1

83,339100.0

21,40360,451

100.0

22,888

37.9

Operating expenses

75,07990.1

18,33453,73688.9

21,342

39.7

Operating income

8,260

9.9

3,068

6,714

11.1

1,545

23.0

Sales to external customers

Intersegment sales
Total(Ratio)・Rent revenues:( 9.9％)(

11.1％)( - 1.2P)

International terminal rental income＋ 3.9 billion
Increase in leasable space from opening of “THE HANEDA HOUSE” etc. ＋ 0.3 billion
・Facility user charges revenues: Fees for use of passenger facilities for international flights, etc.
＋23.9 billion
Increase in fees for use of passenger facilities for domestic flights＋ 0.2 billion
・Other revenues:
Revenues from international terminal parking fees, paid airport lounges,
and advertising fees, etc.
＋ 4.3 billion
Decrease in subcontracted work revenues, etc.
－ 1.0 billion
Decrease in Haneda international terminal commissioned facility
management revenues from subsidiary consolidation－ 9.8 billion
31
Note: Figures shown are rounded down to the nearest million yen.

2. Details of Consolidated Financial Forecast for FY18(3) Financial Forecast by Segment(ii) Merchandise sales
Items

FY18

FY17

(Forecast)(Results)

Amount affected due

Ratio

to TIAT consolidation

Rate of

ChangechangeRatio

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Domestic terminal stores

35,23921.1-

35,153

23.6

85

0.2

International terminal stores

94,86256.8

58,36435,49723.9

59,364

167.2

Other sales

36,067

21.6-47,626

77,13651.9-41,069-53.2

166,168

99.5

10,738

147,787

99.4

18,381

12.4

842

0.5

-

860

0.6

-17

-2.1

167,011100.0

10,738

148,647

100.0

18,363

12.4

Operating expenses

148,668

89.0

3,966

137,324

92.4

11,343

8.3

Operating income

18,342

11.0

6,771

11,322

7.6

7,019

62.0

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)(11.0％)(

7.6％)

・International terminal stores: Sales of Haneda international terminal duty-free stores
Increase in sales of urban duty-free stores
Sales of directly managed stores at Chubu Centrair Airport
Decrease in sales of directly managed stores at Narita Airport
Decrease in sales of directly managed stores at Kansai Airport
・Other sales:
Increase in wholesale sales to Narita Airport, Chubu Centrair Airportand other regional airports
Decrease in Haneda international terminal duty-free store wholesale sales
from subsidiary consolidation

32( 3.4P)＋58.3 billion＋ 1.0 billion＋ 0.7 billion－ 0.2 billion－ 0.6 billion＋ 2.3 billion－43.0 billion

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

2. Details of Consolidated Financial Forecast for FY18(3) Financial Forecast by Segment(iii) Food and beverage
FY18

Items

FY17

(Forecast)(Results)

Amount affected due

Ratio

to TIAT consolidation

Rate of

ChangechangeRatio

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Sales from restaurants

11,885

54.2

2,768

9,846

44.2

2,038

20.7

Sales from in-flight meals

6,585

30.1

-

6,588

29.6

-3

0.0

722

3.3

-2,593

3,286

14.7

-2,564-78.0

19,19387.6

175

19,722

88.5

-528

-2.7

2,712

12.4

-

2,563

11.5

148

5.8

21,905100.0

175

22,285

100.0

-379

-1.7

21,11796.4

117

21,389

96.0

-271

-1.3

788

3.6

58

896

4.0

-107

-12.0

Sales to external customers

Other sales
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)(・Sales from restaurants:
・Other sales:

3.6％)

(

4.0％)

Revenues from international terminal restaurants
Decrease from closure of some domestic terminal restaurants
Decrease in commissioned facility management revenues
from international terminal restaurants( - 0.4P)＋ 2.7 billion－ 0.7 billion－ 2.5 billion

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

33

3. Other Information(1) Capital Expenditure and Depreciation Expenses
FY13

FY14

FY15

FY16

FY17

FY18

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

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

5,765

4,830

8,379

6,853

27,88560,756

Depreciation expenses

12,68011,872

11,232

11,60910,806

23,637

Items• Breakdown of Major Capital Expenditures

FY18 (Forecast)
Building 2 internationalization construction

FY17 (Results)¥27.0 billion

Upgrade of crime prevention/disaster-readiness equipment
Building 2 internationalization construction¥3.5 billion¥19.2 billion

Building 1 renovation¥3.0 billion

Lounge renovation construction¥1.1 billion

Parking Lot 4 expansion¥1.0 billion

Repair and upgrade of various equipment and facilities¥3.0 billion

Construction of dormitory for single employees¥0.9 billion

PBB upgrade and bridge repair¥2.5 billion

Airport furnace expansion¥2.0 billion(TIAT investment plan

¥15.0 billion)

・Breakdown of main depreciation expenses
FY13(Results)

FY14(Results)

FY15(Results)

FY16(Results)

FY17(Results)

FY18(Forecast)Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

4.0

3.9

4.0

4.4

4.3

3.9

Terminal 2

5.4

5.0

4.4

4.1

3.8

4.2

P4 Parking

0.5

0.4

0.4

0.3

0.3

0.2

（Reference）
FY13(Results)

T

I

A

T

6.6

FY14
(Results)

10.0

FY15
(Results)

10.2

34

FY16
(Results)

9.7
Note: Figures shown are rounded down to the nearest million yen.

3. Other Information(2) Changes in Operating Revenues/Ordinary Income/Cash Flows

45.0

Great East Japan Earthquake

Chubu International
Airport opened

Y2K task

SARS outbreak

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

Subsidiary consolidationof TIAT (Apr. 2018)

H1N1 influenza outbreak

200

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

Iraq war(right) Ordinary income (results)
9-11 Terrorist Attack in the US(right) Cash flows (forecast)Financial realignment(right) Cash flows (results)

Voluntary closure of
Yamaichi Securities

240

160

(left) Operating revenues (forecast)

Narita Airport Terminal 2
started operation

280

Billionsof yen(left) Operating revenues (results)

Kansai International
Airport opened

Billionsof yen

40.0

35.0
30.0
30.0
25.0

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1
started operation (Sep. 1993)

19.6
20.0

18.1 15.7

120

18.1

17.1
80

15.1

13.9

13.3

16.6

14.6
11.8

13.6 12.8

15.0
10.0

10.7
40

3.6
4.9
3.1

0
90

91

92

93

94

95

96

97

98

99

0

1

2

3

'04

35

'05

'06

'07

'08

'09

'10

5.0

5.7

0.1
'11

'12

'13

'14

'15

'16

←

→

'17

'18

0.0

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

April 1, 2017 to March 31, 2018 (FY17)

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

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

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

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

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

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

Kansai International
Airport

Chubu Centrair
International Airport• Commissioned management of
duty-free stores• Merchandise sales (duty-freestores)• Wholesale• Wholesale• Merchandise sales (duty-free stores)38

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

1. Outline of the Company(2) Basic Philosophy and Management Policy
Basic philosophy“Balancing Public Good and Business Success”
Passenger terminal buildings serve as public infrastructure of enormous importance.
Utilizing private-sector business approaches to properly achieve this highly public mission is
our basic management philosophy.

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

39

1. Outline of the Company(3) Company History
Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial resources after the war,
only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided to build the terminal with private funds (cabinet
approved), and in 1953 the Company was founded with the cooperation of major institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953(July)

Established with private sector capital of 150 million yen.

1955

(May)

The terminal building opened and launched operation.

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

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

1978

(May)

1990

(February)

Listed on second section of the Tokyo Stock Exchange.

1991(September)

Listed on first section of the Tokyo Stock Exchange.

1993(September)

Haneda Airport Terminal 1 (Big Bird) started operation.

1994(September)

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

2001(February)

International charter flights commenced at Haneda Airport.

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

2004(December)

Terminal 2 at Haneda Airport started operation.

2005(February)

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

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

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

Terminated periodic international flights from Haneda Airport (transfer of China Airlines and the
EVA Airways to Narita).

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

(June)

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

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

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

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

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

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

2007

2010

(October)
2011

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

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

(January)

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

(November)

Renewal of Terminal 1 building, Haneda Airport completed.

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

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

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

Haneda Airport Terminal 240

1. Outline of the Company(4) Group Companies
Facilities management operations
Facilities
management
operations

Food andbeverage
operations

Total:
19 companies

Merchandise
sales
operations

Food and beverage operations

 Tokyo International Air Terminal Co., Ltd.
Management and operation of international passenger
terminal building.
 BIG WING Co., Ltd.
Advertising agency business, event planning andmanagement
 Japan Airport Techno Co., Ltd.
Installation, upkeep and management of passenger terminal
facilities and environmental and sanitation management offacilities
 Haneda Airport Security Co., Ltd.
Security services and parking lot service management
 Haneda Passenger Service Co., Ltd.
Passenger services operations
 Japan Airport Ground Handling Co., Ltd.
Passenger handling services
 Sakura Shokai Co., Ltd.
Airport cleaning center management and waste treatment

5 companies

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

7 companies

Merchandise sales operations

7 companies

 Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd.
Development of airport duty-free stores (bonded stores) inurban areas
 International Trade Inc.
Wholesale business and merchandise sales to Japanese airport
retail stores and other clients Japan Airport Logitem Co., Ltd.
Merchandise transport, delivery and inspection
 Air BIC INC. Retail sales of home appliances Haneda Airport Enterprise Co., Ltd.
Store operation business Japan Airport Terminal Trading (Chengdu) Co., Ltd.
Merchandise sales and wholesale business at Chengdu
Shuangliu International Airport
 Hamashin Co., Ltd.
Wholesale and retail sales of marine products41

1. Outline of the Company(5) Revenue Composition/Composition by Segment
Change in profit earnings structure and composition accompanying subsidiary consolidation※ Figures in ( ) denoteof Tokyo International Air Terminal Corporation.
percentage change≪Fy18 Forecast≫≪FY17 Results≫
Food and beverage
operations
8.7 ％Facilities management
operations
25.9 ％

Food and beverage
operations
7.2 ％(－1.5ｐ)Facilities management
operations
30.3 ％(＋4.4ｐ)OthersRent revenue

OthersRent revenue

1.5 ％

5.9 ％

In-flight meals
2.9 ％Facility user charges
revenue
8.3 ％Restaurants
4.3 ％OthersOthers34.1 ％

0.3 ％(－1.2ｐ)In-flight meals 2.5 ％(－0.4ｐ)11.7 ％
Restaurants
4.5 ％(＋0.2ｐ)Stores at international
Terminal
15.7 ％Stores at domestic
Terminal 15.6 ％OthersMerchandise sales
operations 65.4 ％42

13.6 ％(－20.5ｐ)

６.6 %(＋0.7ｐ)Facility user charges revenue
16.1 %(＋7.8ｐ)OthersStores at internationalterminal
35.7 ％(＋20.0ｐ)
Merchandise sales
operations 62.5％(－2.9ｐ)

7.6 ％(－4.1ｐ)Stores at domestic
Terminal
13.2％(－2.4ｐ)1. Outline of the Company(6) Changes in Capital Investment43

２. Summary of Tokyo International Airport (Haneda)(1) Location Map■ Total area of airport■ Apron

1,522 haTotal area/268 ha

Spots/222■ Runway
・Runway A

3,000 m×60 m

１・Runway B

2,500 m×60 m

2・Runway C

3,360 m×60 m

3・Runway D

2,500 m×60 m

43

Runway capacity Approx. 447,000
flights/year

６

4■ Terminal building
・Terminal building 1

５

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

６

2

10

11

９

８

Floor space/255,600 ㎡
Spots (stationary boarding bridge
present)/23 locations
・International terminal building

５
７１

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

７

・P1

Capacity/2,350 vehicles

８・P2

Capacity/2,343 vehicles

９・P3

Capacity/2,450 vehicles

10

・P4

Capacity/2,425 vehicles(includes 2 microbus spaces)

11

12

1３

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

1３44

２．Summary of Tokyo International Airport (Haneda)(2) Comparison of Passenger Volume
Japan Airport Passenger Volume Ranking(2017 calendar year)

Global Airport Passenger Volume Ranking(2017 calendar year bulletin)

Code

Annual (thousandpeople)Daily average(thousand people)

Share (%)

HND

85,262 (68,367)

234

27.4

2 Narita
International
3 KansaiInternational

NRT

38,631 (7,540)

106

12.4

KIX

27,884 (6,848)

76

9.0

4 Fukuoka

FUK

23,796 (17,629)

65

7.6

Airport1

Haneda(Tokyo International)

City/Airport

Code

Annual(thousand people)

1

AtlantaATL103,9022

Beijing Capital International

PEK

95,786

3

Dubai

DXB

88,242

4

Tokyo (Haneda)

HND

85,4085

Los Angeles

LAX

84,557

6

Chicago (O’Hare)

ORD

79,828

7

London (Heathrow)

LHR

78,0145 New Chitose

CTS

22,718 (19,428)

62

7.3

6 NahaOKA

20,973 (17,435)

57

6.7

7 Osaka
International
8 Chubu Centrair
International

ITM

15,597 (15,597)

43

5.0

NGO

11,445 (5,936)

31

3.7

9 Kagoshima

KOJ5,618 (5,332)

15

1.8

8

Hong Kong

HKG

72,66310 SendaiInternational

SDJ

3,370 (3,100)

9

1.1

9

Shanghai (Pudong)

PVG

70,001

10 Paris (Charles De Gaulle)

CDG

69,47180 other airports

56,107 (52,997)

18.0

Source: ACI (Airports Council International) publication“Preliminary 2017 World Airport Traffic Rankings”

Figures in parentheses are airport passenger volume for domestic flights.
Material: Aggregate statistics of airport usage within jurisdiction of East
Japan Civil Aviation Bureau and West Japan Civil Aviation Bureau45

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

Okinawa

Code

Flights/day

Okayama

OKJ

10

Hiroshima

HIJ

18

Yamaguchi Ube

UBJ

10

Tottori

TTJ

5

Yonago

YGJ

Izumo

City
Toyama

TOY

4

Noto

NTQ

2

Komatsu

KMQ

10

6

Nagoya (Chubu)

NGO

3

IZO

5

Osaka (Itami)

ITM

30

Iwakuni

IWK

5

Osaka
(Kansai Airport)

KIX

13

Hagi Iwami

IWJ

2

Kobe

UKB

9

Takamatsu

TAK

13

Nanki Shirahama

SHM

3

Tokushima

TKS

11

Matsuyama

MYJ

12

Kochi

KCZ

10

Fukuoka

FUK

54

Kitakyushu

KKJ

16

Saga

HSG

5

Oita

OIT

14

Kumamoto

KMJ

18

NagasakiNGS

14

Miyazaki

KMI

18

Kagoshima

KOJ

23

Amami Oshima

ASJ

1

Okinawa (Naha)

OKA

30

MiyakoMMY

2Ishigaki

ISG

4TohokuKinki

Hokkaido

Flights/day

Chubu

Code

Kanto

KyushuShikoku

ChugokuCity

Domestic flights 48 routes
Approx. 498 flights (departures)/day(excluding code share flights)

46

City

Code

Flights/day

Sapporo (Chitose)

SPK

53

Wakkanai

WKJ

1Asahikawa

AKJ

7

Obihiro

OBO

7

Kushiro

KUH

6

Mombetsu

MBE

1

Memanbetsu

MMB

5

Nakashibetsu

SHB

1

Hakodate

HKD

8

Aomori

AOJ

6Misawa Hachinohe

MSJ

3Odate-Noshiro

ONJ

2

Akita

AXT

9

Yamagata

GAJ

2

Shonai

SYO

4

City

Code

Flights/day

Hachijojima

HAC

3(As of May 2018)

２. Summary of Tokyo International Airport (Haneda)
City name(4) International Destinations and Flights
International flights to 31 cities, 34 routes
Approx. 118 flights departing per day

Code

Beijing

PEK

Hong Kong

HKG

Shanghai

China（Honggjao）
Shanghai（Pudong）

PVG

8
1
6
2
4
5
4
4

Guangzhou

CAN

Tianjin

TSN

2

GMP

12

Seoul
（Gimpo ）
Korea

Seoul
（Incheon ）Taipei（Songshan）

TaiwanSHA

Slots/dayTaipei（Taoyuan）

INC

1
2

TSA

8

TPE

2

South East Asia

London

Hanoi

HAN

2

Ho Chi Minh City

SGN

1Singapore

Singapore

SIN

Philippines

ManilaMNL

Indonesia

Jakarta

CGK

Thailand

Bangkok

BKK

Malaysia

Kuala Lumpur

KUL

2

Australia

SydneySYD

2New Zealand

AucklandAKL

1

Vancouver

YVR

1TorontoYYZ

1Honolulu

HNL

Kona

KOA

1

San Francisco

SFO

2

Los Angeles

LAX

3

New York

JFK

2Minneapolis

MSP

1

Chicago

ORD

1

France

Paris

CDG

4

UK

LondonLHRFrankfurt

FRA

MunichMUC

2
1

VietnamFrankfurt
Vancouver

Paris
MunichMinneapolis
Beijing

Seoul(Gimpo)TianjinSeoul (Inchon)
Shanghai (Pudong)

Doha

ChicagoHanedaLos Angeles

Taipei (Songshan)

Guangzhou
Hanoi

New York

San Francisco

Shanghai(Hongqiao)
Dubai

TorontoTaipei (Taoyuan)
Hong Kong
Honolulu

ManilaBangkok

Kona

5
2
2
1
2
1
3
3

Oceania

Ho Chi Minh City
Kuala Lumpur

North America

Singapore
CanadaJakarta

USA

SydneyOakland

2
1

Europe6:00–23:00
Germany

23:00–6:00

3
1
2
1

Middle East

Both daytime flight and late night/early morning flight hours

UAE

Dubai

DXB

Qatar

Doha

DOH

International departure total

47

1
118

(As of May 2018)

２. Summary of Tokyo International Airport (Haneda)(5) Summary of Tokyo International Air Terminal Corporation
Background of Receipt of Increased Private
Allotment of Shares

Summary of TIAT
1. Company Name Tokyo International Air Terminal Corporation
2. Date Founded•

June 20, 2006

meetings held by the Ministry of Land, Infrastructure, Transport

3. Headquarters Location
Haneda Airport, Ota-ku, Tokyo
4. Capital

13.2 billion yen

5. Businesses

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

6. Representative

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

Proper provision of information primarily through explanatory
and Tourism to promote understanding among as many residents
as possible of efforts to enhance the functionality of Tokyo-area
airports (increase in schedule of international flight departures andarrivals).

•

Given these conditions, TIAT will embark on a terminal building
upgrade and expansion plan to cope with projected growth in

7. Composition of Shareholders
Japan Airport Terminal Co., Ltd. (51.00%);
Japan Airlines Corporation; ANA HOLDINGS
INC.; Narita International Airport Corporation;
TEPCO Energy Partner, Incorporated; SECOM
Co., Ltd. ; Tokyo Gas Co., Ltd.; Keihin Electric
Express Railway Co., Ltd.; Tokyo Monorail Co.,
Ltd.; NTT Data Corporation; Development
Bank of Japan Inc.; Mizuho Bank, Ltd.; The
Bank of Tokyo-Mitsubishi UFJ, Ltd.

international flight passengers, with a portion of the required funds
to be procured through the issuance of new shares.

•

To fulfill its duties as the representative company of TIAT, and tocooperate on ensuring more solid implementation of this project,
Japan Airport Terminal opted to acquire additional shares.

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

•

Once the payment process is complete, Japan Airport Terminal willhold an equity stake of 51%, converting TIAT from an equitymethod affiliate into a subsidiary.

48

２. Summary of Tokyo International Airport (Haneda)(6) International Rating of the Haneda Airport Passenger Terminal
In an international rating by SKYTRAX, Haneda Airport:
Ranked 1st in “The World’s Cleanest Airports” category (Haneda Airport domestic and international passenger terminals) for a third consecutive year

Ranked 1st in “The World’s Best Domestic Airports” category (Haneda Airport domestic passenger terminal) for a sixth consecutive year
Earned “5 Star Airports” status in the “Global Airport Ranking” (Haneda Airport domestic and international passenger terminals) for a fourth

Haneda Airport passenger terminals ranked first worldwide in airport
cleanliness and other categories for a third consecutive year, and first for asixth consecutive year in overall domestic airport rankings, according to a2018 international airport ranking by UK-based evaluator SKYTRAX.
In “The World’s Cleanest Airports” category, which evaluates airport
cleanliness, comfort and other features, Haneda Airport was ranked first for
the fifth time and for the third year in a row.
In “The World’s Best Domestic Airports” category, an overall ranking ofdomestic airports, Haneda Airport ranked first in the world for a sixth
consecutive year, with the rating praising elements such as the airport’s easeof use and comfortability.
In “The World’s Best Airports” category, meanwhile, Haneda Airport placed
third in the world in this omnibus ranking.
By helping to promote Japan as a tourism destination, and by strengthening
functionality as a hub airport with an extensive domestic flight network,
Haneda Airport’s domestic and international terminals play an extremely
critical role in making these aspirations possible.
With sights set on offering passenger terminals that satisfy all domestic andinternational travelers, Haneda Airport will move to provide facilities andservices defined by outstanding convenience, comfortability and functionality.

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

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

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