Note: This document has been translated from the Japanese original, for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2022 (FY2021) [J-GAAP](Consolidated)
August 4, 2021
Japan Airport Terminal Co., Ltd. (“the Company”) Listed stock exchange: Tokyo, 1st Section
9706
URL: https://www.tokyo-airport-bldg.co.jp/company/en/
Nobuaki Yokota, President and COO
Kazuhito Tanaka, Senior Managing Director
TEL 03-5757-8409
Scheduled date of filing securities report:
August 13, 2021
Scheduled date of commencing dividend payment:－
Supplementary materials on financial results (yes/no)
No
Holding of quarterly investors’ meeting (yes/no)
No
Company name:
Code number:
Representative:
Contact:(Figures are rounded down to the nearest million yen.)

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

Operating income/(loss)

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

Ordinary income/(loss)

First Three
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2021
FY202011,992
8,767

-87.0

(11,168)(17,467)-(11,711)(18,840)-(7,129)(9,710)-(Note) Comprehensive income/(loss): First three months of FY2021 (¥10,651 million) (-%) First three months of FY2020 (¥13,923 million) (-%)

First Three
Months of

Net income/(loss)
per share
Yen

Diluted net income
per share
Yen(76.55)(119.55)-

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

(2) Consolidated Financial Position
Total assets

As of June 30, 2021
As of March 31, 2021

Equity capital tototal assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen507,658
519,193

184,892
195,54433.7
34.3

1,838.87
1,910.83(Reference) Equity capital:
As of June 30, 2021 ¥171,266 million
As of March 31, 2021 ¥177,968 million(Note) As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) and relevant revised ASBJ regulations are
adopted from the beginning of the first quarter of FY2021, the above consolidated financial results for the first three months of FY2021 are after
the adoption of such accounting standards.

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

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

0.00

-

0.00

0.00

-

-

-

-

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

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

Operating revenues

First half
Full-year
Note:

Operatingincome/(loss)

Net
income/(loss)
per share

Net income/(loss)
attributable to ownersof the parent

Ordinary
income/(loss)

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

37,400103,200

86.4
121.9

(17,300)(17,800)-(17,500)(19,300)-(9,900)(10,300)-(106.30)(110.59)

1. Revisions to the most recently announced forecast of consolidated financial results for FY2021: None
2. As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) and relevant revised
ASBJ regulations are adopted from the beginning of the first quarter of the fiscal year ending March 31, 2022, the above
consolidated financial forecasts are after the adoption of such accounting standards. The rate of change from the previous
fiscal year and the same quarter of the previous fiscal year is the rate of change calculated on the assumption that theabovementioned accounting standards are adopted to the fiscal year ended March 31, 2021.

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): No
New: None
Excluded: None
(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: Yes(Note) For details, please refer to page 11 of the appendix materials “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Adoption of Special Accounting Methods for Preparation of
Quarterly Consolidated Financial Statements”.
(3) Changes in accounting policies, accounting estimates, and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(Note) For details, please refer to page 11 of the appendix materials “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Changes in Accounting Policies”.
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of June 30, 2021
93,145,400 shares
As of March 31, 2021
2) Number of treasury stock at the period-end:
As of June 30, 2021
8,652 shares
As of March 31, 2021
3) Average number of shares outstanding (quarterly consolidated cumulative period):First quarter of FY2021
93,136,782 sharesFirst quarter of FY2020

93,145,400 shares
8,595 shares
81,228,137 shares* This quarterly financial report is not subject to the quarterly review by certified public accountants or auditing
firms.
* Statements regarding the proper use of financial forecast and other special remarks
Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of
the time this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors. For the assumptions used infinancial forecasts and precautionary statements regarding the use of the forecasts, please refer to page 5 of the appendix materials “1.
Qualitative Information on Consolidated Financial Results for the First Three Months of FY2021 (3) Explanation of Consolidated
Financial Forecasts and Other Forward-looking Statements”.

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

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST THREE
MONTHS OF FY2021 (APRIL 1, 2021 TO JUNE 30, 2021) ............................................................................................ - 2 (1) EXPLANATION OF OPERATING RESULTS ................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION ................................................................................................... - 5 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS- 5
2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ...................................................... - 6 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS ....................................................................................... - 6 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME .................................................................................................................... - 8 Quarterly Consolidated Statements of Income ............................................................................................... - 8 Quarterly Consolidated Statements of Comprehensive Income ...................................................................... - 10 (3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS .......................................................... - 11 (NOTES ON THE PREMISE OF A GOING CONCERN) ........................................................................................ - 11 (NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY) ............................................................... - 11 (ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATEDFINANCIAL STATEMENTS) .................................................................................................................... - 11 (CHANGES IN ACCOUNTING POLICIES) ......................................................................................................... - 11 (ADDITIONAL INFORMATION) ........................................................................................................................ - 11 (SEGMENT INFORMATION) ........................................................................................................................... - 12 --1-

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

1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2021(April 1, 2021 to June 30, 2021)(1) Explanation of Operating Results
During the first three months of the fiscal year ending March 31, 2022, the Japanese economy continued
to face a difficult situation due to the impact of the new corona virus infection (“COVID-19”). There
continue to be signs of recovery, but weaknesses are increasing in some parts. Looking ahead, it is expectedthat the recovery trend will continue, resulting from the effects of various policies and improving overseas
economies, while measures are taken to prevent the spread of the infection and vaccination is promoted.
However, it is necessary to prudently monitor the impact of the spread of the infection in Japan and overseas
among other factors.
Under these economic conditions, in the airline industry, the third declaration of a state of emergency inTokyo and other areas in late April slowed down the recovery of demand for domestic flights. Forinternational flights, border restriction measures are still in place to control entry and exit. In the midst of all
this, the number of passengers on domestic flights at Haneda Airport exceeded the level of the same period of
the previous fiscal year and is gradually recovering, but it has decreased by approximately 70% compared tothe same period of FY2019. The number of passengers on international flights at Haneda Airport has also
increased year-on-year, but remains at a low level, down more than 95% compared to the same period in
FY2019. The same situation also prevailed at Narita Airport and other international hub airports where wehave business operations, with each airport experiencing an ongoing significant decline in international
passenger volume.
Under these circumstances, the Japan Airport Terminal Group (“JAT Group”) has taken measures atvarious locations within the terminal buildings in accordance with the “Guidelines for Prevention of the
Spread of COVID-19 in the Aviation Field” (jointly prepared by the Scheduled Airlines Association of Japanand the All Japan Airport Terminals Association) to prevent the spread of COVID-19 and ensure the safety
and security of airport users. In addition, we are working to expand the PCR testing system at Haneda Airport
by providing space for pre-entry PCR testing at Terminal 3 and opening the Kinoshita Group’s PCR testing
centers at Terminals 1 and 2, and are also actively cooperating with the Japanese government and the Tokyo
Metropolitan Government in the distribution of testing kits and the performance of monitoring tests.
Furthermore, to promote early vaccination amidst the progress of vaccination in Japan, since June 21, 2021,
the Company has provided vaccination at workplace for employees working at Haneda Airport, including
employees of the JAT Group, partner companies, etc., as well as tenants, for the purpose of maintaining thehealth of employees and reducing the risk of infection among airport users. As a result of these efforts,
Haneda Airport became the first airport in Japan to receive the highest rating of 5-star in the “COVID-19
Airport Safety Rating”, an evaluation conducted by SKYTRAX (UK) with respect to the measures against
COVID-19 infection.
On the sales front, as domestic passenger traffic is gradually recovering, we are working to capture
demand by resuming operations at our directly managed stores and opening the “Hokkaido Dosanko Plaza
Haneda Airport”, an official Hokkaido antenna shop, etc. In addition, taking into account their popularity, we
expanded the lineup at our e-commerce website by adding new menu items to the in-flight meal sets that westarted selling in March, 2021. Our efforts to diversify our earnings also include the enhancement of our sales
agency business for products such as “Radi-Cool”, a radiant cooling material, and “C-FACE”, a multilingualtranslation mask.
In terms of facilities, in anticipation of the end of the pandemic, a dedicated facility for business jets,
which has been under construction since January of this year and is five times the size of the existing
business jet facility, was put into service in July at international flights of Haneda Airport. Also, the “FaceExpress” system, which implements face recognition technology and has been undergoing demonstration
tests since April, was put into full-scale operation in July. In addition to improving convenience, the system
functions as infection prevention measures through contactless and non-face-to-face interaction. On domestic
flights, we are working to turn Haneda Airport into a smart airport, such as by expanding the service
coverage of “WHILL”, a personal mobility vehicle equipped with autonomous driving technology that was
newly introduced last year, to all departure gates of Terminals 1 and 2. In addition to improving our existing
business through digital technology, as part of our contribution to solving challenges in society, weestablished the “Co-Creation Fund”, a venture capital fund to support startups and other organizations that
aspire to solve challenges in society through digital and technology, and have closed our first investment.
In July, the New Ulaanbaatar International Airport in Mongolia, in which we participate, began its
operations. This new airport is a new symbol of the bilateral cooperation between Japan and Mongolia.
Through its operation, we will contribute to the sustainable development of the Mongolian economy andsociety.
As a result of the above, with respect to the consolidated financial results for the first three months of the
fiscal year ending March 31, 2022, operating revenues was ¥11,992 million due to the increase in facility user-2-

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

charges revenue and merchandise sales in line with the gradual recovery of passenger volume on domestic andinternational flights. As a result of the recovery in revenue and sustained cost reduction from the previous fiscal
year, operating loss was ¥11,168 million, ordinary loss was ¥11,711 million, and quarterly net loss attributableto owners of the parent was ¥7,129 million.
As the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29 March 31, 2020) andrelevant revised ASBJ regulations are adopted from the beginning of the first quarter of the fiscal year ending
March 31, 2022, the explanation does not state the rate of change (%) from the same period of the previous
fiscal year. For details, please refer to “2. Quarterly Consolidated Financial Statements and Notes (3) Notes
on Quarterly Consolidated Financial Statements: Changes in Accounting Policies and Segment Information”.
(Millions of yen)

Operating Results

First Three Months of FY2020(ended June 30, 2020)

First Three Months of FY2021(ended June 30, 2021)

Year-on-Year
(%)

8,767
7,128
1,296
342
(17,467)(18,840)

11,992
9,014
2,289
687
(11,168)(11,711)-(9,710)(7,129)-Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]
Operating income/(loss)
Ordinary income/(loss)
Quarterly net income/(loss)
attributable to owners of the parent

Although the SKYTRAX “Global Airport Rating”, an international airport evaluation, was not conductedlast year due to the impact of COVID-19, Haneda Airport’s passenger terminals have been awarded theworld’s highest standard “5-star Airport” rating for six consecutive years up to 2019. In a customer survey
evaluating international airports in May 2020, also conducted by SKYTRAX, we were awarded second place
globally for the second consecutive year in the World’s Best Airports, which comprehensively evaluated various
aspects of airports. Furthermore, we were awarded first place in the World’s Cleanest Airports (for the fifth
consecutive year), World’s Best Domestic Airports (for the eighth consecutive year), and World’s Best PRM /Accessible Facilities (for the second consecutive year). We will continue our company-wide efforts to improve
our services to satisfy all customers using Haneda Airport, building on the high reputation we have earned todate and aiming for even higher levels.
In addition, as part of our efforts to address environmental issues, the JAT Group participates in the“Tokyo International Airport Eco-Airport Council”, which was established under the chairmanship of the
Director of Tokyo International Airport, along with many other businesses active in Haneda Airport. We are
striving to reduce energy consumption and waste volume to achieve the “Tokyo International Airport
Environmental Plan” formulated by the council, which sets concrete action plans and targets for reducing theimpact of Haneda Airport on environment as a whole. Furthermore, we have achieved the obligation to
reduce the total amount of greenhouse gas emissions imposed on large-scale business establishments by the
Tokyo Metropolitan Government for both the first period (FY2010-2014) and the second period(FY2015-2019). We will continue to make every effort to achieve a “carbon-neutral society in 2050”.
Although we need to pay close attention to the further spread of COVID-19 in the short-term, including
the fourth declaration of a state of emergency in Tokyo and other areas, we expect a recovery in demand as
vaccination in Japan progresses, especially for domestic flights. The situation for international flights remains
difficult, but measures are taken to resume international traffic, such as the easing of restrictions on entry ofvisitors from Japan, mainly in Europe. In addition to implementing measures to appropriately respond topassenger demand, the JAT Group will work to enhance the value of Haneda Airport, the air gateway toJapan and the Tokyo metropolitan area, by ensuring the safe and smooth entry, exit, and transportation of all
customers, including the athletes and people taking part in the Tokyo 2020 Olympic and Paralympic Games,
which started in July, 2021.
The following is a breakdown of earnings / (loss) by segment. Note that the figures for operating income /(loss) are equivalent to those for segment income / (loss).

-3-

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

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

Operating Results

First Three Months of FY2020(ended June 30, 2020)

First Three Months of FY2021(ended June 30, 2021)

Year-on-Year
(%)

7,128
3,888
1,015
2,224
360
7,488
(10,958)

9,014
4,486
1,940
2,588
389
9,404
(6,776)-

Sales to external customers
Rent revenue
Facility user charges revenue
Other revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income/(loss)

Rent revenue increased from the same period of the previous year primarily due to the decrease in theamount of rent reductions at Terminals 1 and 2, and the increase in revenue associated with the rental of spacefor PCR testing at Terminal 3, despite the continued rent reductions and exemptions offered to tenants thisfiscal year.
Revenue from facility user charges increased from the same period of the previous year primarily due tothe increase in the passenger service facility charge driven by the recovery in domestic passenger volume.
Other revenues increased from the same period of the previous year due to the increase in parking revenue,
paid lounge sales, and other factors as a result of the recovery in domestic passenger volume.
As a result, operating revenues from facilities management operations was ¥9,404 million. Operating loss
for the segment improved to ¥6,776 million primarily due to the increase in revenue.
[Merchandise Sales](Millions of yen)

Operating Results

First Three Months of FY2020(ended June 30, 2020)

First Three Months of FY2021(ended June 30, 2021)

Year-on-Year
(%)

1,296
742

2,289
757

-

209

742

-

344
203
1,499
(3,246)

789
61
2,351
(1,802)-

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

Sales at domestic terminal stores increased from the same period of the previous year because of therecovery in domestic passenger volume, leading to the resumed operations at our directly-managed stores,
despite the negative impact on sales due to the adoption of the accounting standard on revenue recognition
from this fiscal year.
Sales at international terminal stores increased from the same period of the previous year due to theincrease in international passenger volume at Haneda Airport, Narita Airport and other airports.
Other revenues increased from the same period of the previous year because of the increase in revenue forthe wholesaling business driven by the gradual recovery in passenger volume at each local airport.
As a result, operating revenues from merchandise sales operations was ¥2,351 million and operating loss
for the segment was ¥1,802 million.

-4-

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

Operating Results

First Three Months of FY2020(ended June 30, 2020)

First Three Months of FY2021(ended June 30, 2021)

Year-on-Year
(%)

342

687

-

258

444

-

24
59
247
590
(1,329)

147
95
142
829
(921)

-

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

Sales from food and beverage operations increased from the same period of the previous year primarily
due to the recovery in domestic passenger volume.
Sales from in-flight meals increased from the same period of the previous year primarily due to theincrease in passenger volume of the foreign carriers, our clients in this business.
As a result, operating revenues from food and beverage operations was ¥829 million and operating loss
for the segment was ¥921 million.
(2) Explanation of Financial Position[Assets]
Current assets decreased by ¥5,951 million from the previous fiscal year end to ¥137,455 million
primarily due to the decrease in cash and deposits by the scheduled payment of long-term loans payable. Fixed
assets decreased by ¥5,582 million from the previous fiscal year end to ¥370,202 million primarily due todepreciation. As a result, total assets decreased by ¥11,534 million from the previous fiscal year end to¥507,658 million.
[Liabilities]
Total liabilities decreased by ¥882 million from the previous fiscal year end to ¥322,766 million primarily
due to the scheduled payment of long-term loans payable despite the increase in accrued expenses due to therecording of government-owned property user charges and other factors.
[Net Assets]
Total net assets decreased by ¥10,651 million from the previous fiscal year end to ¥184,892 million
primarily due to the decrease in retained earnings and non-controlling interests by quarterly net loss despite theincrease in accumulated other comprehensive income.
As a result, the equity ratio was 33.7% (compared to 34.3% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
During the first three months of the fiscal year ending March 31, 2022, the number of passengers at
Haneda Airport fell below the forecast for both domestic and international flights due to the extension of thedeclaration of a state of emergency and the measures to restrict entry and exit. As for the consolidated financial
results, operating revenues fell below the forecast due to lower-than-expected revenue from facility user
charges and merchandise sales, but operating income/loss was generally in line with the forecast due toprogress in cost reduction.
With respect to the future prospect, the outlook remains uncertain due to factors including the fourth
declaration of a state of emergency in Tokyo and other areas, but we expect a recovery in air travel demand
driven by the progress in vaccinations in Japan. Taking these factors into account, we decided not to make anychanges to the consolidated financial forecasts for the first half and full year of the fiscal year ending March
31, 2022, which we announced on May 7, 2021, and will closely monitor future trends.
In addition, the Company has decided to postpone the announcement of the outlook for dividend payment.

-5-

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

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

ASSETS
Current assets
Cash and deposits
Accounts receivable
Merchandise and finished products
Raw materials and stored goods
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other tangible fixed assets
Accumulated depreciation and impairment loss
Other tangible fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Leasehold right
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS-6-

FY2020(As of March 31, 2021)

First Three Months of
FY2021(As of June 30, 2021)

120,355
5,272
9,658
249
7,944
(73)
143,407

119,341
3,663
8,682
223
5,621
(77)
137,455

557,609(301,148)
256,460
37,073(17,939)
19,133
12,874
3,530(1,111)
2,418
1,626
67,643(54,833)
12,810305,324559,183(306,623)
252,560
35,997(18,529)
17,467
12,8743,530(1,231)
2,298
1,523
68,050(55,563)
12,486299,21033,361
3,756
37,11732,8993,340
36,23916,43012,414945
3,553
33,343375,785
519,193

17,741
12,543973
3,493
34,752
370,202507,658

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

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Current portion of bonds with stock acquisition rights
Accrued expenses
Income taxes payable
Allowance for employees’ bonuses
Allowance for loss on store closing
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term loans payable
Lease obligations
Deferred tax liabilities
Allowance for directors’ retirement benefits
Net defined benefit liabilities
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS-7-

FY2020(As of March 31, 2021)

First Three Months of
FY2021(As of June 30, 2021)

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

1,006
16,612
15,007
16,553
390
343
575
8,525
59,01554,983
175,842
2,082
16,740
71
4,486
613
9,735
264,555
323,648

55,396174,276
1,956
16,46956
4,556
615
10,422
263,750
322,766

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

38,12654,16078,930(8)
171,208

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

2,388(1,895)47(481)
57
13,626
184,892
507,658

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

Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenues
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income / (loss)
Non-operating income
Interest income
Dividends income
Subsidies for employment adjustment
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income / (loss)-8-

First Three Months of
FY2020(from April 1, 2020
to June 30, 2020)

First Three Months of
FY2021(from April 1, 2021
to June 30, 2021)

3,888
1,015
2,266
1,252
344
8,767

4,486
1,940
2,741
2,139
684
11,992

992
640
1,633
7,133

1,172
613
1,785
10,206

2,672
380
0
244
2,938
3,243
8,556
6,564
24,600(17,467)

2,489
(169)
194
2,346
2,919
7,902
5,692
21,375(11,168)

2
152
172
232
560

3
38
771
276
1,090

826
111
971
24
1,933
(18,840)

642
72
890
27
1,632
(11,711)

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

Extraordinary gains
Government subsidies
Total extraordinary gains
Extraordinary loss
Loss on reduction entry of fixed assets
Total extraordinary loss
Quarterly income / (loss) before income taxes andnon-controlling interests
Income taxes – current
Quarterly income / (loss)
Quarterly net income / (loss) attributable to non-controllinginterests
Quarterly net income / (loss) attributable to owners of theparent-9-First Three Months of
FY2020(from April 1, 2020
to June 30, 2020)

First Three Months of
FY2021(from April 1, 2021
to June 30, 2021)

3,902
3,902

1,422
1,422

3,817
3,817

1,388
1,388

(18,755)(11,677)(5,337)(13,417)(655)(11,021)(3,706)(3,892)(9,710)(7,129)Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income / (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of theparentComprehensive income attributable to non-controllinginterests- 10 -First Three Months of
FY2020(from April 1, 2020
to June 30, 2020)(13,417)First Three Months of
FY2021(from April 1, 2021
to June 30, 2021)(11,021)

(296)
(303)
(4)
93

533
(116)
27
(73)

4

(0)

(505)
(13,923)370(10,651)(10,071)(6,702)(3,851)(3,949)Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2022 (FY2021)(3) Notes on Quarterly Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes on a Significant Change in Shareholders’ Equity)
Not applicable(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements)
Calculation of tax expenses
The effective tax rate on income before taxes for the consolidated fiscal year including the first quarter
after the application of tax effect accounting is reasonably estimated, and that estimated rate is applied toquarterly income before taxes to calculate estimated tax expenses. However, in cases where the use of such an
estimated effective tax rate would result in a significant lack of rationality, the statutory effective tax rate isapplied.
(Changes in Accounting Policies)
Adoption of the Accounting Standard for Revenue Recognition
The Company has adopted the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020, hereinafter referred to as the “Accounting Standard for Revenue Recognition”) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022. The
Company now recognizes revenue at the amount expected to be received in exchange for the promised goods orservices when control over the goods or services is transferred to the customer.
The Company previously recognized revenue including those from inventory that is recorded only when
the product is sold and those from consignment sales stores as the gross amount of consideration received from
customers. However, for transactions in which the Company’s role in providing goods or services to customers
falls under the category of agent, revenue is now recognized as the net amount, the amount received from
customers less the amount paid to suppliers.
For the adoption of the Accounting Standard for Revenue Recognition and relevant revised ASBJ
regulations, the Company has followed the transitional treatment stipulated in the proviso to Paragraph 84 of the
Accounting Standard for Revenue Recognition. The cumulative effect of retroactively applying the new
accounting policy prior to the beginning of the first quarter of the fiscal year ending March 31, 2022 has been
added to or deducted from retained earnings at the beginning of the current first quarter, hence the new
accounting policy has been applied to the relevant opening balance.
As a result, operating revenues, cost of sales, and selling, general and administrative expenses for the first
three months of the fiscal year ending March 31, 2022 decreased by ¥1,741 million, ¥1,625 million, and ¥116
million, respectively. There is no impact on operating loss, ordinary loss, quarterly loss before income taxes andminority interests, and the balance of retained earnings at the beginning of the fiscal year ending March 31,
2022.
Adoption of Accounting Standard for Fair Value Measurement
The Company has adopted the “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.
30, July 4, 2019, hereinafter referred to as the “Accounting Standard for Fair Value Measurement”) and relevant
revised ASBJ regulations from the beginning of the first quarter of the fiscal year ending March 31, 2022. The
Company has also decided to adopt the new accounting policy stipulated in the Accounting Standard for Fair
Value Measurement and relevant revised ASBJ regulations in accordance with the transitional treatment
described in Paragraph 19 of the Accounting Standard for Fair Value Measurement and Paragraph 44-2 of the
Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019). The effect of thischange on the consolidated financial statements for the first three months of the fiscal year ending March 31,
2022 is immaterial.
(Additional Information)
Accounting estimates with respect to the impact of the spread of COVID-19
There have been no material changes made to the assumptions, including the timing when the spread of
COVID-19 will be contained, described in the “Significant Accounting Estimates” section of the Securities
Report for the fiscal year ended March 31, 2021.
- 11 -

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

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

Reportable segments

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

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

7,128

1,296

342

8,767

-

8,767

360

203

247

811

(811)

-

7,488
(10,958)

1,499(3,246)590(1,329)9,578(15,535)(811)(1,932)

8,767(17,467)

Note 1Total

1. Adjustments to the segment income include ¥1,933 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable

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

Reportable segments

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

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

9,014

2,289

687

11,992-

11,992

389

61

142

592

(592)

-

9,404
(6,776)2,351(1,802)829(921)

12,585(9,499)(592)(1,669)11,992(11,168)

Note 1Total

1. Adjustments to the segment income include ¥1,680 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable
3. Matters related to changes in reportable segments, etc.
As described in the “Changes in Accounting Policies” section, from the beginning of the first quarterof the fiscal year ending March 31, 2022, the Company has adopted the Accounting Standard for Revenue
Recognition and relevant revised ASBJ regulations, and changed its accounting method for revenue
recognition. Therefore, the measurement of income or loss in the business segments has been changed aswell.
As a result of this change, compared with the previous accounting method, operating revenues for the
first three months of the fiscal year ending March 31, 2022 in the “Facilities Management” segment,“Merchandise Sales” segment, and the “Food and Beverage” segment decreased by ¥82 million, ¥1,587
million and ¥115 million, respectively. There is no impact of this change on segment income/(loss).

- 12 -