Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011) [J-GAAP](Consolidated)
February 8, 2012
This document has been translated from the Japanese original, for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Listed company name:
Code number:
Representative:

Japan Airport Terminal Co., Ltd.
9706
Isao Takashiro, President
Masumi Matsumoto, Vice President,
Contact:
Administration Department
Scheduled date of securities report submission:
Scheduled date of dividend payment commencement:
Preparation of quarterly earnings presentation material (yes/no):
Holding of quarterly earnings announcement (yes/no):

Listing exchange: Tokyo, 1st Section
URL: http://www.tokyo-airport-bldg.co.jp/
TEL:03-5757-8030

February 14, 2012—
No
No
(Figures shown are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Nine Months of FY2011 (April 1, 2011 to December 31, 2011)(1) Consolidated Business Results (Cumulative)(Percentage figures indicate the rates of changes from the same period of the previous fiscal year.)First Nine Months of
FY2011FY2010Ordinary income(loss)

Operating revenues

Operating income

Net income (loss)

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

97,210(4.2)

791(80.3)(57)—(1,718)—

101,520

10.9

4,011

(3.8)

3,247

(20.5)

1,139(41.6)

Note: Comprehensive income (loss) First nine months of FY2011: -¥2,732 million (— %)First nine months of FY2010:¥48 million (— %)Net income (loss) per share

Diluted net income (loss) per share

Yen

Yen

(21.27)

—

14.17

—

First Nine Months of
FY2011FY2010(2) Consolidated Financial Position
Total assets

Equity ratio

Net assets per share

Millions of yen%

Yen

191,929

100,06851.2

1,210.60

As of December 31, 2011
As of March 31, 2011
Reference: Equity capital

Net assets

Millions of yen

199,045
102,562
50.6
As of December 31, 2011: ¥98,339 million
As of March 31, 2011: ¥100,709 million

1,252.82

2. Dividends
Annual dividends
First quarter-end
Yen

Secondquarter-end

Third quarter-end
Yen

Year-end

Yen

FY2010—3.50—

FY2011—

3.50—

FY2011(forecast)
Note: Revisions to the most recently announced dividends forecast for FY2011 during the period: None

Annual
Yen

Yen

3.50

7.00

3.50

7.00

3. Forecast of Consolidated Financial Results for the FY2011 (April 1, 2011 to March 31, 2012)(Percentage figures indicate the rates of changes from the previous fiscal year.)

Operating revenues
Millions of yen%

Operating income
Millions of yen

Ordinary loss%

Millions of yen

Net loss per
share

Net loss%

Millions of yen%

Yen

Full-year
131,700(2.3)
500(88.1)(800)—(2,400)—(29.67)
Note: Revisions to the most recently announced forecast of consolidated financial results for FY2011 during the period: None

4. Other Information(1) Changes in significant subsidiaries during the period under review (Changes in specific subsidiaries involving changes
in scope of consolidation): None
Note: This refers to changes in specified subsidiaries resulting in change of scope of consolidation during the quarter.

(2) Adoption of specific methods for preparation of the quarterly consolidated financial statements: Yes
Note: For details, please refer to “(2) Adoption of Specific Accounting Methods for Preparation of the Quarterly Consolidated
Financial Statements of Summery (Other) Information” on page 4 of the attached document.

(3) Changes in accounting policies, accounting estimates and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(4) Number of shares outstanding (common stock)1) Number of shares outstanding as of theperiod-end (including treasury stock)2) Number of treasury stock as of theperiod-end
3) Average number of shares outstanding(quarterly consolidated cumulative
period)As of December 31,
2011:
As of December 31,
2011:
First nine months of
FY2011:

84,476,500 shares As of March 31,
2011:
3,244,804 shares As of March 31,
2011:
80,792,329 shares First nine months of
FY2010:84,476,500 shares
4,089,744 shares
80,386,967 shares* Implementation status of quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply to this Financial
Report, and the quarterly review procedure based on the Financial Instruments and Exchange Act had not been
completed as of the release of this Financial Report.
* Presentation regarding the proper use of financial forecast and other special remarks
1. The statement about the future including the financial forecast in this document was made based on information
available and deemed reasonable at the time the material was released and actual earnings may differ from the forecast
due to various factors.
2. For matters related to financial forecast mentioned above, please refer to page 3 of the attached document “(3)Qualitative Information on Forecast of Consolidated Financial Results of 1. Qualitative Information on Consolidated
Financial Results for the First Nine Months of FY2011 (April 1, 2011 to December 31, 2011)”.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011){ Contents of the Appendix Materials
1. Qualitative Information on Consolidated Financial Results for the First Nine Months of FY2011 (April 1, 2011 to
December 31, 2011) .........................................................................................................................................................2(1) Qualitative Information on Consolidated Business Results........................................................................................2(2) Qualitative Information on Consolidated Financial Position......................................................................................3(3) Qualitative Information on Forecast of Consolidated Financial Results ....................................................................3
2. Summary (Other) Information..........................................................................................................................................4(1) Changes in Significant Subsidiaries during the Period under Review........................................................................4(2) Adoption of Specific Accounting Methods for Preparation of the Quarterly Consolidated Financial Statements .....4
3. Quarterly Consolidated Financial Statements...................................................................................................................5(1) Quarterly Consolidated Balance Sheets......................................................................................................................5(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income.7
Quarterly Consolidated Statements of Income ...........................................................................................................7
Quarterly Consolidated Statements of Comprehensive Income .................................................................................9(3) Notes to the Premise of a Going Concern.................................................................................................................10(4) Segment Information, etc. ........................................................................................................................................10(5) Notes to a Significant Change in Shareholders’ Equity ............................................................................................101

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

1. Qualitative Information on Consolidated Financial Results for the First Nine Months of FY2011 (April 1, 2011
to December 31, 2011)(1) Qualitative Information on Consolidated Business Results
During the first nine months of the fiscal year ending March 31, 2012, the Japanese economy slowly recovered fromthe severe conditions caused by the Great East Japan Earthquake and other developments. However, with theEuropean debt crisis and other factors causing overseas economic slowdowns and exchange rate havoc, the future,including the risk of an economic downturn, remains clouded.
In the airline industry, post-disaster passenger volume on both domestic and international flights at the beginning of
the year was down significantly, compared to the same period of the previous year, but the sizes of the negative
margins have gradually narrowed. International passenger volume at Tokyo International Airport (Haneda) is showing
significant year-on-year increases on the strength of regular international flights following the opening of Runway D
in October 2010 and looks to be headed for solid growth even after a year has passed.
Now in the second year of its medium-term business plan (FY2010 – FY2012), the Japan Airport Terminal (JAT)Group has steadily implemented renovation plans for the domestic Terminal 1 building and pursued efforts to expand
both its consigned services and wholesaling of merchandise at the new international passenger terminal building. The
Group has also held events in its commercial facilities, actively undertaken product development and other initiatives
aimed at invigorating business activity, and worked to cut expenses wherever possible.
New endeavors included renovation of duty-free stores operated by the Company at Narita International Airport togive them greater customer appeal with refined and luxurious designs, the creation of mobile-device Google maps ofindividual floors of Haneda Airport’s domestic passenger terminal building, and the launch of free WiFi services tooffer even greater convenience in passenger terminal buildings. We also actively moved forward with overseas
business development, exemplified by the opening of an airport retail store and a restaurant in the city of Chengdu,
Sichuan Province, China.
For the first nine months of the fiscal year, the Company’s business results suffered negative impacts in the form oflower rent revenue following returns of office space previously leased by airlines in Haneda Airport’s domestic
passenger terminal building and increases in depreciation expenses related to Haneda Airport’s domestic Terminal 2
expansion (south side of the main building).
As a result, consolidated operating revenues for the first nine months of the fiscal year had declined 4.2% comparedwith the same period of the previous year, to ¥97,210 million. Operating income decreased 80.3%, to ¥791 million,
with an ordinary loss of ¥57 million (compared to ordinary income of ¥3,247 million for the same period of theprevious year). The latter was due to an increase in equity in losses of affiliates. The reversal of deferred tax assets
after the official announcement of laws related to the lowering of corporate tax rates, and other factors, resulted in thereporting of a quarterly net loss of ¥1,718 million (compared to net income of ¥1,139 million for the same period of
the previous year).
The following is earnings by segment. It should be noted that figures for operating income (loss) are equivalent tothose of segment income (loss).
[Facilities Management]
Rent revenue has been helped by the increase in leasable space following the opening of the domestic Terminal 2
expansion (south side of the main building) in October 2010. However, returns of leased offices from airlines in
Haneda Airport’s domestic Terminal 1 building beginning in December 2010 held overall rent revenue below thefigure for the same period of the previous year.
Facility user charges revenue benefited from an increase in user charges revenues for domestic terminal facilities,
following a rate revision for domestic passenger facilities, however, following the closing of the former internationalterminal building, total facility user charges revenue came in below the figure for the same period of the previous year.
Other revenues surpassed the figure for the same period of the previous year because of higher revenues fromfacility maintenance and other consigned services related to the new international passenger terminal building.
As a result, operating revenues from the facilities management operations increased 2.1% compared with the same
period of the previous year to ¥33,567 million. Operating income decreased 58.6% to ¥1,006 million, due to factors
like an increase in depreciation expenses related to Haneda Airport’s domestic Terminal 2 expansion (south side of themain building).
[Merchandise Sales]
Efforts were made to increase sales at domestic terminal stores by, for example, opening new directly managed storesin the domestic Terminal 2 expansion (south side of the main building) at Haneda Airport. They were not enough,however, to overcome negative impacts like the decrease in domestic passenger volume following the earthquake.
2

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

Sales, therefore, came in below the figure for the same period of the previous year.
Sales at international terminal stores, despite benefiting from openings of directly managed stores in Haneda
Airport’s new international terminal building, were not sufficient to overcome the closings of directly managed storesin the former international terminal building, nor the consequences of the Great East Japan Earthquake and nuclear
disaster and the effects of rapid yen appreciation, which caused a decline in foreign visitors to Japan. Sales, therefore,
fell significantly below the level for the same period of the previous year.
It should be noted, however, that a recovery in air passenger volume, active sponsorship of disaster-recovery
support and other events, and sales promotions aimed at getting Japanese international travelers to shop at
international terminal stores, have helped to reduce sales declines at both domestic and international terminal stores.
Other sales, benefiting from factors like the wholesaling of products to stores in the new international passenger
terminal building, exceeded the previous year’s figure.
As a result, operating revenues from merchandise sales operations decreased 7.8% to ¥55,179 million and operating
income fell 30.5% to ¥3,514 million compared with the same period of the previous year.
[Food and Beverage]
In restaurants operations, aggressive development of directly managed stores in Haneda Airport’s domestic Terminal 2
expansion (south side of the main building) and new international passenger terminal building positively contributed
to sales, but were still outweighed by the decline in domestic passenger volume, and other negative factors, which heldsales below the level for the same period of the previous year.
Although sales of in-flight meals to new foreign carriers in Haneda Airport increased, overall sales from in-flightmeals fell because foreign carriers decreased flights in Narita Airport in response to the earthquake and nuclear
accident.
Other sales, however, substantially surpassed the figure for the same period of the previous year on the strength of
consigned service of managing food and beverage facilities in the new international passenger terminal building.
In total, operating revenues from food and beverage operation declined 7.8% compared with the same period of theprevious year, to ¥11,727 million. The operating loss grew to ¥642 million (compared to ¥183 million for the same
period of the previous year). Drastic structural reforms and store strategy reformulation are underway.
(2) Qualitative Information on Consolidated Financial Position[Assets, liabilities and net assets]
Total assets decreased ¥7,116 million from the previous fiscal year end to ¥191,929 million mainly because tangible
fixed assets associated with depreciation expenses and other current assets decreased.
Total liabilities decreased ¥4,622 million to ¥91,860 million mainly because long-term loans payable decreased.
Total net assets decreased ¥2,493 million to ¥100,068 million mainly because retained earnings decreased.
Accordingly, the equity ratio came to 51.2%.
(3) Qualitative Information on Forecast of Consolidated Financial Results
For the fourth quarter, it is expected that renovation expenses will be recorded for work on Haneda Airport’s
domestic passenger terminal building postponed from the third quarter. However, with the anticipated continuation of
the recovery in air passenger volume seen through the end of the third quarter, full-year results are expected to reflectsteady improvement. At this time, there are no changes to the Forecast of Consolidated Financial Results announcedon December 27, 2011.

3

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

2. Summary (Other) Information(1) Changes in Significant Subsidiaries during the Period under Review
There is nothing to report.
(2) Adoption of Specific Accounting Methods for Preparation of the Quarterly Consolidated Financial Statements
Calculation of tax expenses
Tax expenses are calculated by making a reasonable estimation of the effective tax rate on income before taxes forthe current fiscal year including the third quarter after the application of deferred tax accounting and applying theestimated effective tax rate to quarterly income before taxes.

4Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)

FY2010(As of March 31, 2011)

First Nine Months of
FY2011(As of December 31, 2011)ASSETS
Current assets
Cash and time deposits

21,86921,574

Accounts receivable

8,070

9,402

Marketable securities

559

10

Merchandise and finished products

3,402

3,698

Raw materials and stored goods

144

185

Deferred tax assets

1,269

1,255

Other current assets

5,143

2,114

(49)

(53)

40,41038,186257,308

262,381

Accumulated depreciation and impairment loss

(145,224)(153,142)

Buildings and structures, net

112,084

109,239

Machines, devices and vehicles

10,295

10,307

Accumulated depreciation and impairment loss

(8,770)(9,036)

Machines, devices and vehicles, net

1,524

1,271

Land

10,575

10,575

Lease assets

2,466

2,466

Accumulated depreciation and impairment loss

(169)

(481)

Lease assets, net

2,297

1,985

Construction in progress

2,287

1,281

Other fixed assets

22,68023,766(17,540)

18,706

Other fixed assets, net

5,139

5,060

Total tangible fixed assets

133,909

129,412

1,804

1,911

Investment securities

5,993

6,657

Long-term loans receivable

6,623

5,990

Deferred tax assets

8,371

7,628

Other investments

1,933

2,159

Allowance for doubtful accounts

－

(18)

Total investments and other assets

22,921

22,418

Total fixed assets

158,634

153,742TOTAL ASSETS

199,045

191,929

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures

Accumulated depreciation and impairment loss

Intangible fixed assets
Investments and other assets

5Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)(Millions of yen)

FY2010(As of March 31, 2011)

First Nine Months of FY2011(As of December 31, 2011)

LIABILITIESCurrent liabilities
Accounts payable

4,736

5,818

Short-term loans payable

11,338

9,612

Income taxes payable

912

458

Allowance for employees’ bonuses

908

404

Allowance for directors’ bonuses

100－

Asset retirement obligations

156－

Other current liabilities

10,201

10,017

Total current liabilities

28,354

26,310Long-term loans payable

54,41653,606

Allowance for employees’ retirement benefits

4,980

4,897

Lease liabilities

2,535

2,177

261

354

Other fixed liabilities

5,935

4,515

Total fixed liabilities

68,12865,550TOTAL LIABILITIES

96,48391,860Common stock

17,48917,489

Capital surplus

21,30921,309Retained earnings

67,01064,714

Treasury stock(4,081)(3,238)

Total shareholders’ equity

101,727

100,275

881

820(1,898)(2,753)－(3)

Total accumulated other comprehensive income (loss)(1,017)(1,936)

Minority interests

1,852

1,729

TOTAL NET ASSETS

102,562

100,068

TOTAL LIABILITIES AND NET ASSETS

199,045

191,929

Fixed liabilities

Asset retirement obligations

NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income (loss)
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment

6Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income(Millions of yen)First Nine Months of
FY2010(from April 1, 2010
to December 31, 2010)
Operating revenues
Rent revenue

First Nine Months of
FY2011(from April 1, 2011
to December 31, 2011)

10,797

10,679

Facility user charges revenue

12,072

11,648Other revenues

8,558

10,455

Sale of merchandise

59,241

54,637

Sale of food and beverage

10,8509,790

Total operating revenues

101,520

97,210

Cost of sales of merchandise

44,09741,487

Cost of sales of food and beverage

6,828

6,329

Total cost of sales

50,92647,81750,59449,393

6,161

6,123

Provision for employees’ bonuses

464

396

Provision for directors’ bonuses

90－

Expenses for retirement benefits

637

677

Rent expenses

5,656

5,694

Outsourcing and commission

7,634

9,778

Depreciation expenses

9,531

10,272Other costs and expenses

16,406

15,659Total selling, general and administrative expenses

46,582

48,601

4,011

791

Interest income

116

228

Dividends income

71

76

Miscellaneous income

700

780

Total non-operating income

888

1,086

Interest expenses

768

808

Equity in losses of affiliates

489

1,016

Miscellaneous expenses

395

111

1,653

1,935

3,247

(57)

Cost of sales

Gross profit
Selling, general and administrative expenses
Salaries and wages

Operating income
Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income (loss)

7

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

First Nine Months of
FY2010(from April 1, 2010
to December 31, 2010)

First Nine Months of
FY2011(from April 1, 2011
to December 31, 2011)

Extraordinary income
Gain on sales of investment securities－

26

Total extraordinary income－

26

Loss on valuation of investment securities

45－

Loss on valuation of other investments

26

4

Extraordinary loss

Provision of allowance for doubtful accounts－

18

Loss on adjustment for changes of accounting standard for
asset retirement obligations

765－

Loss on disaster－47

Total extraordinary loss

837

70

Quarterly income (loss) before income taxes and minority
interests

2,409

(101)

Income taxes－current

1,290

1,711

Quarterly income (loss) before minority interests

1,119(1,813)

Minority interests in loss

(20)

(94)

Quarterly net income (loss)

1,139(1,718)8Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)First Nine Months of
FY2010(from April 1, 2010
to December 31, 2010)
Quarterly income (loss) before minority interests

First Nine Months of
FY2011(from April 1, 2011
to December 31, 2011)

1,119(1,813)

Valuation difference on available-for-sale securities

(3)

(61)

Deferred gains (losses) on hedges

50Foreign currency translation adjustment－(3)(1,072)(855)(1,070)(919)

48(2,732)68(2,637)

(19)

(95)

Other comprehensive income (loss)

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income (loss)
Comprehensive income (loss)
Comprehensive income (loss) attributable to owners of theparentComprehensive income (loss) attributable to minority
interests

9

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2012 (FY2011)(3) Notes to the Premise of a Going Concern
There is nothing to report.
(4) Segment Information, etc.
I. First nine months of FY2010 (April 1, 2010 to December 31, 2010)
1. Operating revenues, income or loss by reportable segment(Millions of yen)

Reportable segments
Adjustments
Note 1

Facilities
Management

Merchandise
Sales

31,05959,397

11,063

101,520－

101,520

1,803

462

1,649

3,915

(3,915)－32,862
2,428

59,8595,060

12,713(183)

105,435
7,306(3,915)(3,924)

101,520
4,011

Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)

Food andBeverage

Carrying
amount onquarterly
consolidated
statements ofincome Note 2

Total

Notes: 1. Adjustments to the segment income (loss) include ¥3,295 million of administration expenses for the parent company’s
administration divisions, etc. at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted for operating income described in Quarterly Consolidated Statements of Income.

2. Impairment of fixed assets or goodwill by reportable segments
There is nothing to report.
II. First nine months of FY2011 (April 1, 2011 to December 31, 2011)
1. Operating revenues, income or loss by reportable segment(Millions of yen)

Reportable segments
Adjustments
Note 1

Facilities
Management

Merchandise
Sales

32,02754,777

10,406

97,210－97,210

1,540

401

1,321

3,263

(3,263)－33,567
1,006

55,1793,514

11,727(642)

100,474
3,878(3,263)(3,086)

97,210791

Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)

Food andBeverage

Carrying
amount onquarterly
consolidated
statements ofincome Note 2

Total

Notes: 1. Adjustments to the segment income (loss) include ¥3,087 million of administration expenses for the parent company’s
administration divisions, etc. at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted for operating income described in Quarterly Consolidated Statements of Income.

2. Impairment of fixed assets or goodwill by reportable segments
There is nothing to report.
(5) Notes to a Significant Change in Shareholders’ Equity
There is nothing to report.

10