May 11, 2011

Financial Report for the Year Ended March 31, 2011 (FY2010) [J-GAAP] (Consolidated)
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.

Listed company name:
Japan Airport Terminal Co., Ltd.
Listing exchange:
Tokyo, 1st Section
http://www.tokyo-airport-bldg.co.jp/
Code number:
9706
URL:
Isao Takashiro, President
Representative:
Contact:
Shokichi Ishiguro, Senior Managing DirectorTEL:
03-5757-8030
Scheduled date of annual general meeting of shareholders:June 29, 2011
Scheduled date of securities report submission:
June 29, 2011
Scheduled date of dividend payment commencement:
June 30, 2011
Preparation of earnings presentation material (yes/no):No
Yes (for institutional investors and financial analysts)
Holding of earnings announcement (yes/no):（Figures shown are rounded down to the nearest million yen.）

1. Consolidated Financial Results for the Year Ended March 31, 2011 (April 1, 2010 to March 31, 2011)(1) Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous fiscal year.)

Operating revenues

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

134,776
121,008

11.4
(8.5)

4,189
5,107

(18.0)(20.2)

3,102
4,991

(37.9)(26.2)

935
2,584(63.8)(35.1)FY2010FY2009(Note) Comprehensive income: Fiscal 2010: ¥43 million (-96.9%)

Net income per
share
FY2010FY2009Fiscal 2009: ¥1,403 million (– %)Diluted net income
per share

Return on equity

Ordinary income to Operating income tototal assets
operating revenues

Yen

Yen

%

%

%

11.64
29.64

–
–

0.9
2.3

1.6
2.7

3.1
4.2

Reference: Equity in earnings (losses) of affiliates FY2010: ¥ (764) million

FY2009: ¥152 million(2) Consolidated Financial Position

Total assets
As of March 31, 2011
As of March 31, 2010
Reference: Equity capital

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

199,045
186,384

102,562
103,33150.6
54.4

1,252.82
1,261.44

As of March 31, 2011: ¥ 100,709 million As of March 31, 2010: ¥ 101,403 million(3) Consolidated Cash Flows

Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the year-end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

12,23014,187(14,018)(13,741)

6,929
511

21,797
16,653

FY2010FY20092. Dividends

Dividends per share
Q1-End

FY2009FY2010FY 2011(Forecast)

Q2-EndQ3-EndYear-End

AnnualTotal
dividends(annual)Dividends
Dividends on
payout ratio
net assets(consolidated) (consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

–
–

6.50
3.50

–
–

6.50
3.50

13.00
7.00

1,045
562

43.9
60.1

1.1
0.6

–

–

–

–

–

–

Note: We have not issued forecasted dividends for the year ending March 31, 2012 because we plan to announce the forecast when disclosure becomes possible.

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2012 (April 1, 2011 to March 31, 2012)(Full year percentage figures indicate the rates of changes from the previous fiscal year, and first half figures indicate the rates ofchanges from the same period of the previous fiscal year.)First half
Full-year
1

Ordinary income

Net income
per share

Operating revenues

Operating income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

58,000 (10.9)
123,200(8.6)(3,500)(2,500)––(4,300)(3,900)––(3,000)(3,100)––(37.32)(38.56)

4. Other Information(1) Significant changes in subsidiaries during the year under review (changes in specific subsidiaries involving changes in scope of
consolidation): None
Note: This refers to changes in specific subsidiaries involving changes in scope of consolidation during the period under review.
(2) Changes in accounting principles, procedures, and the display method of presentation
1) Changes due to revisions of accounting standards, etc.: Yes
2) Changes in matters other than 1) above: None
(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the year-end (including treasury stock):
As of March 31, 2011
84,476,500 shares
As of March 31, 2010
2) Number of treasury stock at the year-end:
As of March 31, 2011
4,089,744 shares
As of March 31, 2010
3) Average number of shares outstanding:
As of March 31, 2011
80,386,916 shares
As of March 31, 2010

84,476,500 shares
4,089,416 shares
87,203,480 shares(Reference) Summary of Non-Consolidated Financial Results
1. Financial Results for the Year Ended March 31, 2011 (April 1, 2010 to March 31, 2011)(1) Non-Consolidated Business Results(Percentage figures indicate the rates of increase or decrease compared with the previous fiscal year.)

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

108,164
97,532

10.9
(8.6)

1,966
3,363

(41.5)(27.5)

1,682
3,094

(45.6)(36.5)

658
2,277(71.1)(24.6)FY2010FY2009Net income per share

Net income

Diluted net income per
share

Yen

FY2010FY2009Ordinary income

Yen

8.19
26.11

–
–

(2) Non-Consolidated Financial Position

Total assets
As of March 31, 2011
As of March 31, 2010
Reference: Equity capital

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

182,790
171,505

88,00588,21948.1
51.4

1,094.78
1,097.43

As of March 31, 2011: ¥88,005 million

As of March 31, 2010: ¥88,219 million

2. Forecast of Non-Consolidated Financial Results for the Year Ending March 31, 2012 (April 1, 2011 to March 31, 2012)(Full year percentage figures indicate the rates of changes from the previous fiscal year, and first half figures indicate the rates ofchanges from the same period of the previous fiscal year.)

Operating revenues
First half
Full‑year

Ordinary income

Net income pershare

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Yen

46,900100,000(10.5)(7.5)(3,300)(2,900)––(1,900)(1,700)––(23.64)(21.15)* Implementation status of audit procedures
The audit procedure based on the Financial Instruments and Exchange Act does not apply to this Financial Report, and the audit procedure based on
the Financial Instruments and Exchange Act is in operation as of the release of this Financial Report.

*Statements regarding the proper use of the financial forecast and other special remarks
1. The forecasts of business results reported herein were 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. Actual results may differ significantly from forecasts due to various factors.
2. For matters related to financial forecast mentioned above, please refer to page 3.

2

Contents of the Appendix Materials
1. Business Results ............................................................................................................................ 2(1) Analysis of Consolidated Business Results ........................................................................................................... 2(2) Analysis of Consolidated Financial Position......................................................................................................... 4(3) Basic Policy Regarding Distribution of Earnings and Dividends for the Year Ended March 31, 2011
and the Year Ending March 31, 2012.......................................................................................................... 5(4) Business and Other Risks.......................................................................................................................... 5

2. Outline of the Business Group ..................................................................................................... 7

3. Business Strategy .......................................................................................................................... 9(1) Basic Management Policy .................................................................................................................................... 9(2) Key Management Indicator.................................................................................................................................. 9(3) Mid- and Long-Term Business Plan and Issues which the Company Needs to Address.......................................... 9

4. Consolidated Financial Statements................................................................................................ 11(1) Consolidated Balance Sheets.............................................................................................................................. 11(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ............................. 13(3) Consolidated Statements of Changes in Shareholders’ Equity....................................................................... 16(4) Consolidated Statements of Cash Flows .................................................................................................... 18-1-

1. Business Results(1) Analysis of Consolidated Business Results1) Summary of earnings for the fiscal year ended March 31, 2011
During the fiscal year ended March 31, 2011, the Japanese economy entered a recovery phase characterized bypositive signs like improvements in corporate earnings and consumer spending. However, following the East Japan
Earthquake of March 11 and the related damage to a nuclear plant in Fukushima Prefecture, there are now concerns
about possible negative impacts on the domestic economy.
In the airline industry, passenger volume on domestic flights through the third quarter was up versus the previous
fiscal year as passenger numbers recovered from the downturn caused by the last year‘s H1N1 influenza outbreak andother developments. With the impact of the earthquake, though, passenger volume on domestic flights reflected a
year-on-year decline as of the end of March. Passenger volume on international flights showed a rising trend, as thenumber of foreign visitors mainly from China and South Korea increased during the first half, and landing slots at
Tokyo International Airport (Haneda) expanded following the October 21 opening of its Runway D. Results for thefull year, though, were significantly impacted by cutbacks in flights to Japan by foreign carriers and reduced demand
for travel to Japan following the earthquake. As for direct impacts of the earthquake on the Japan Airport Terminal(JAT) Group, no injuries or significant physical damage occurred in Haneda’s domestic passenger terminal building
or other facilities. Some shops at Narita International Airport were damaged, but effected repairs rapidly and werequickly back in operation.
Under these conditions, the JAT Group has continued to focus all its energy on implementing stricter safetymeasures at passenger terminal buildings, thoroughly adopted a customer-first philosophy and strove to further
improve services. We also aggressively worked on improving efficiency in managing the passenger terminal buildings,
activating business operations, and promoting management rationalization, in order to foster our business growth andstrengthen the management base.
Under its medium-term business plan (FY2010 – FY2012), the JAT Group is working to increase its corporate
value. As part of these efforts, we opened the P4 multi-story parking facility (main building) at Haneda Airport on
August 4, opened the domestic Terminal 2 expansion (south side of the main building) on October 13, developed
consigned services, and wholesale and other operations at Haneda Airport’s new international passenger terminalbuilding, which opened for service on October 21, and actively implemented various measures aimed at invigorating
commercial facilities. We also worked to develop new airport commercial space and made the most of our years ofoperating experience to develop new businesses inside and outside the airport to further enhance the value of Haneda
Airport’s passenger terminal buildings and expand our earnings base.
Earnings were negatively impacted by factors like returns of leased offices in Haneda Airport’s domestic passenger
terminal building by airline companies beginning in December and declines in both domestic and international
passenger volume following the earthquake.
As a result, consolidated operating revenues for the current fiscal year rose 11.4% compared with the previous
fiscal year, to ¥134,776 million. Operating income, however, fell 18.0%, to ¥4,189 million, due to causes likenonrecurring expenses related to the expansion of domestic Terminal 2 for domestic flights and a temporary increasein fees for usage of national government property. Ordinary income fell 37.9%, to ¥3,102 million, due to a loss onretirement of fixed assets and other factors, and net income for the fiscal year fell 63.8%, to ¥935 million, due to theapplication of the accounting standard for asset retirement obligations.

The following is a breakdown of earnings by segment. It should be noted that figures for operating income (loss)
are equivalent to those of segment income (loss).
[Facilities Management]
Rent revenue, despite the negative impact of returns of leased offices by airline companies in Haneda Airport’s
domestic Terminal 1 building for domestic flights, increased year on year because of developments like the expansionof leasable space following the opening of the domestic Terminal 2 expansion.
Facility user charges revenue fell year on year as the decline in user charges paid by airline companies forinternational terminal facilities following the closing of the former international terminal building outweighed theincrease in user charges for domestic terminal facilities after the opening of the Terminal 2 expansion (south side of
the main building).
Other revenues exceeded the figure of a year ago because of higher revenues from both facility maintenance andother consigned services and subcontracted work following the opening of Haneda Airport’s new international
passenger terminal building.
-2-As a result, operating revenues from facilities management operations increased 11.1% compared with the previous
fiscal year, to ¥44,429 million. Operating income fell 1.5%, to ¥2,835 million, due to factors like a temporary increasein fees for usage of national government property and real estate acquisition taxes and other initial expenses related tothe opening of Haneda Airport’s domestic Terminal 2 expansion (south side of the main building).
[Merchandise Sales]
Despite efforts to boost sales at domestic terminal shops by opening new directly managed stores in the newly
expanded the domestic Terminal 2 at Haneda Airport, introducing new product brands, aggressively pursuing
event-related sales activities featuring seasonal products, and other measures, sales at domestic terminal shops
declined compared with the previous fiscal year due to factors like the decline in passenger volume following theearthquake.
Sales at international terminal shops, however, surpassed the figure of a year ago mainly with the help ofcontributions by directly managed stores in Haneda Airport’s new international terminal building.
Other sales beat the previous fiscal year’s result by a substantial margin primarily because of the start of thewholesaling of products to shops in the new international passenger terminal building.
Therefore, operating revenues from merchandise sales operations increased 12.3% compared with the previous
fiscal year to ¥78,751 million and operating income increased 1.5% to ¥5,997 million.
[Food and Beverage]
Sales from food and beverage operations exceeded the figure for the same period of the previous year because of newstore development and other activities following the openings of Haneda Airport’s Terminal 2 expansion and newinternational passenger terminal building.
Sales from in-flight meals rose thanks to the aggressive sales activities including acquisition of new customers.
Other sales rose significantly year on year because of the start of consigned service of managing food and beveragefacilities in the new international passenger terminal building.
As a result, operating revenues from food and beverage operations rose 5.3% compared with the previous fiscal
year to ¥16,645 million. On the other hand, operating loss came to ¥343 million (operating loss of ¥56 million for theprevious year). The main factors behind this were hikes in personnel expense, outsourcing fees, and other outlays
related to the openings of new stores, and startup costs for in-flight meal operations at Haneda Airport.
2) Forecast for the fiscal year ending March 31, 2012
Over the coming fiscal year, Japanese economic conditions are expected to improve. Nevertheless, given concerns
about the impacts of the Great East Japan Earthquake, the related damage to a nuclear plant in Fukushima Prefecture,and rising oil prices, the year will be one of continued economic uncertaint y.
In the airline industry, passenger volume in recent months has declined significantly due to the impacts of theearthquake. Furthermore, based on fears that foreign carriers will continue to operate fewer flights to Japan andtravelers will remain reluctant to visit Japan because of troubles at the Fukushima nuclear plant, difficult conditions
with regard to passenger volume in general are expected to persist.
Under these conditions, our present expectations for earnings by segment are as described below.
Facilities management operations are forecast to report lower earnings mainly because of declines in rent revenues
following the return of leased offices by airline companies and in facility user charges revenues following the closingof the former international passenger terminal building.
Merchandise sales operations are expected to see year-on-year declines in earnings from shops in both domestic
and international terminals as significantly lower passenger volume resulting from the earthquake and other causes ispredicted to outweigh expected revenue increases from sources like the wholesaling of products against the backdrop
of a full year of operation for the new international passenger terminal building.
Food and beverage operations are also expected to report lower earnings due to significantly lower passenger
volume owing to the effects of the earthquake and other factors.
Therefore, for consolidated performance in the fiscal year ending March 31, 2012, we are forecasting operating
revenue down 8.6% year on year, to ¥123,200 million, an operating loss of ¥2,500 million due to higher outsourcing
fees, repairing expenses for renovation of Haneda Airport’s domestic Terminal 1 building, and depreciation andamortization, an ordinary loss of ¥3,900 million due to factors like higher equity in losses of affiliates, and a net lossof ¥3,100 million.

-3-(2) Analysis of Consolidated Financial Position
1) Assets, liabilities and net assets
Total assets increased ¥12,660 million compared with the previous fiscal year end to ¥199,045 million. This was
mainly because cash and time deposits increased.
Total liabilities increased ¥13,429 million compared with the previous fiscal year end to ¥96,483 million mainly
because long-term loans payable increased.
Net assets decreased ¥768 million compared with the previous fiscal year end to ¥102,562 million because deferredlosses on hedges increased.
Therefore, the equity ratio was 50.6%.
2) Cash flows
Cash and cash equivalents (hereinafter referred to as “cash”) at the current fiscal year end increased ¥5,144 million
compared to the end of the previous fiscal year, to ¥21,797 million.
The following is a summary of various cash flows and the factors behind the flows for the current fiscal year.
[Cash flows from operating activities]
Net cash provided by operating activities fell ¥1,956 million, or 13.8% from the previous fiscal year, to ¥12,230
million.
This was mainly due to an increase in trade accounts receivable and a decrease in income before income taxes andminority interests, in spite of a decrease in income taxes paid.
[Cash flows from investing activities]
Net cash used in investing activities increased ¥276 million, or 2.0% from the previous fiscal year, to ¥14,018
million.
This was mainly due to a decrease in proceeds from sales of marketable securities, which exceeded a decrease inoutlays for purchase of tangible fixed assets.
[Cash flows from financing activities]
Net cash provided by financing activities increased ¥6,418 million, or 1,254.0% from the previous fiscal year, to¥6,929 million.
This was mainly due to the lower proceeds from long-term loans payable and increase in short-term loans payable,in spite of a decrease in outlays for purchases of treasury stock.

Cash flow indicators
FY2006

FY2007

FY2008FY2009FY2010Equity ratio (%)

58.9

62.7

64.5

54.4

50.6

Equity ratio based on current
value (%)

67.6

116.1

56.1

56.0

42.1

Amortization term (years)

2.1

1.9

2.1

4.1

5.7

Interest coverage ratio (times)

19.7

20.0

22.1

16.7

11.8

Equity ratio: equity capital / total assets
Equity ratio based on current value: total current stock value / total assets
Amortization term: interest-bearing debts / operating cash flow
Interest coverage ratio: operating cash flow / interest payments(Notes)1. All indexes are calculated using financial figures on a consolidated base.
2. Total current stock value is calculated based on final stock price at term end × number of shares outstanding at
term end (after deduction of treasury stock).
3. “Operating cash flow” uses cash flow from operating activities shown in consolidated statements of cash
flows. “Interest-bearing debts” refers to all debts posted in consolidated balance sheets for which interest is
paid. “Interest payments” refers to the interest paid on consolidated statements of cash flows.

-4-(3) Basic Policy Regarding Distribution of Earnings and Dividends for the Year Ended March 31, 2011 and the YearEnding March 31, 2012
JAT considers distributing profits to shareholders an important issue. We have a basic policy of continuing to pay
stable dividends by taking a more aggressive stance toward business, striving to improve earnings, as well as ensuring
internal reserves taking account of large scale investments such as the expansion of the domestic terminal buildings at
Haneda Airport.
In line with the revision announcement of November 2010, dividends for the year will come to ¥7 per share (ofwhich ¥3.5 per share has already been paid as an interim dividend).
Regarding dividends for the fiscal year ending March 31, 2012, a future announcement will be made after an
overall consideration of future results and other factors.

(4) Business and Other Risks
Matters that could significantly impact the judgments of investors are discussed below.
Among the matters discussed below, those concerning the future have been identified based on judgments made by
the JAT Group as of the end of the fiscal year ended March 31, 2011.
1) The JAT Group’s business baseAs a company that has constructed, manages, and operates Haneda Airport’s domestic passenger terminal buildings
and other facilities, the JAT Group’s core businesses consist of the leasing of office and other space, sales ofmerchandise, operation of food and beverage services, and the provision of travel-related services. We provide
consigned services and wholesale services at Haneda Airport’s new international passenger terminal building,which opened for service in October 2010. We are also engaged in activities like sales of merchandise and theprovision of food and beverage services at Narita International Airport, Kansai International Airport, and otherairports as well. The JAT Group leases to other parties commercial real estate it owns outside of airports, and weapply experience we have accumulated over the years to develop new businesses both inside and outside airport
facilities.
2) Business Risks for the JAT GroupThe JAT Group has identified the business risks discussed below. To minimize the business impacts of these risks
should they come to fruition, the JAT Group has diversified its revenue base both geographically (among Haneda,
Narita International, and other airports) and operationally (among facilities management operations, merchandise
sales operations, and food and beverage operations) and has strengthened measures to address the possibility ofoperating expense increases in each of its businesses. Through these and other steps, the JAT Group has endeavored
to enhance its core business strengths and boost its overall capabilities.
(i) The JAT Group’s core businesses consist of the leasing of office and other space in airport passenger terminalbuildings and the operation of merchandise sales, food and beverage services and travel-related services for air
travelers. As such, it is highly reliant on the airline companies that are its primary lessees and the air travelers
who are its primary customers. Fluctuations in international and domestic passenger volume resulting frominternational political or economic upheaval, natural disasters, and developments like the emergence of newstrains of influenza, and the business results of airline companies, could significantly impact the JAT Group’sbusiness results and financial position.
(ii) The JAT Group operates its key business – operation of the domestic and international passenger terminalbuildings at Haneda Airport – based on its designation as an Airport Facilities Operator pursuant to provisionsof the Airport Act. Therefore, legal or organizational changes concerning terminal building operations andchanges in airport management policy by the national government, which overseas airport management, or
regulatory authorities could significantly impact the JAT Group’s business results and financial position.
(iii) In May 2010, the Ministry of Land, Infrastructure, Transport and Tourism’s (MLIT) Growth Strategy Council
recommended that Haneda Airport be made into a 24-hour international air hub, that its slots for international
flights be increased to 90,000 annually, that international routes it handles be upgraded to include
long-distance routes used primarily by business travelers, and that steps be taken to increase the convenienceof domestic-international transfers. It also recommended that the integration of airport-related businesses andairport management, and sweeping measures aimed at improving airport operational efficiency by outsourcing
airport management to the private sector or privatizing it altogether, be considered. In December 2010, the
MLIT’s Airport Operation Study Group began considering approaches for realizing those recommendations.
-5-

The study group’s conclusions could significantly impact the JAT Group’s future business results and financial
position.
(iv) The JAT Group has constructed and owns two domestic passenger terminal buildings at Haneda Airport.
Within these two buildings it leases office and other space, and operates merchandise sales, food and beverage
services, and travel-related services. The JAT Group has endeavored to take all reasonable measures to preventor respond to disasters, criminal activity, and accidents to promote the safe and comfortable operation of its
terminal buildings. Despite its best efforts, however, earthquakes, fires, acts of terror, or other such events
resulting in injuries, deaths, or property damage at the airport or terminal buildings could significantly impact
the JAT Group’s business results and financial position.
(v) The JAT Group operates airport food and beverage services, sells processed and other food products in airport
retail stores, and engages in the production and sale of in-flight meals. In pursuing these activities, it pays strict
attention to food safety. Damage to the JAT Group’s reputation, administrative dispositions, and other suchconsequences of food poisoning, the inclusion of foreign objects in products, or other quality assurance issues
at a dining facility or retail store, for example, could significantly impact the JAT Group’s business results andfinancial position.
(vi) The JAT Group, in order to efficiently and stably secure business financing, has entered into syndicated loan
agreements with financial institutions. These agreements include financial covenants. The violation of thesecovenants – for example, by a significant lowering of JAT’s credit rating following a change in tax regulationsor the Group’s business environment – could result in the loss of earnings over a certain period of time andsignificantly impact the JAT Group’s cash flow, business results and financial position.

-6-

2. Outline of the Business GroupThe JAT Group (JAT and its group companies) consists of JAT (Japan Airport Terminal Co., Ltd.), 17 subsidiaries, andnine affiliated companies. In addition to its main business of facilities management operations, including operating
domestic passenger terminals and providing services to domestic and international airport users of Haneda Airport, the
JAT Group conducts merchandise sales operations and food and beverage operations. Furthermore, the JAT Group
conducts operations such as merchandise sales at Narita International Airport, Kansai International Airport, and Central
Japan International Airport. The following is a description of the position of JAT and its subsidiaries and affiliates
within the corporate group and the details of operations.
Facilities management operations:
JAT operates facilities of domestic passenger terminal buildings at Haneda Airport and leases the facilities toaviation-related companies, particularly airline companies.
In addition, Japan Airport Techno Co., Ltd. and three other subsidiaries and six affiliated companies perform
maintenance, operation, cleaning and guarding of facilities related to airport terminals, passenger transportation andground handling operations. BIG WING Co., Ltd. and two other subsidiaries provide services such as advertising
agency operations and passenger services at airport terminals.
An affiliated company Tokyo International Air Terminal Corporation was founded as a special purpose company
involved in the maintenance and operation of facilities such as passenger terminal building in the international sectionof Tokyo International Airport.
Merchandise sales operations:
JAT, International Trade Inc., six other subsidiaries and two affiliated companies conduct merchandise sales operations.
The companies sell retail to parties such as airline passengers, particularly those at Haneda Airport, Narita International
Airport, and Kansai International Airport and sell wholesale to entities such as companies operating airport terminals,
particularly Central Japan International Airport.
In addition, a subsidiary Japan Airport Logitem Co., Ltd., conducts operations such as transporting merchandise andmanaging warehouses.
Food and beverage operations:
JAT, Tokyo Airport Restaurant Co., Ltd. and one other subsidiary provide food and beverage services to parties such asusers of Haneda Airport and Narita International Airport.
Cosmo Enterprise Co., Ltd. and one other subsidiary produce and sell in-flight meals and frozen foods to airline
companies flying international routes through Haneda Airport and Narita International Airport.

-7-

The following diagram shows the operations discussed above.
Customers

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

Haneda Airport Enterprise Co., Ltd.
Hamashin Co., Ltd.
Tsukizi Hamashin Co., Ltd.
Japan Trade Culture Inc.
Gran’ Bird Co., Ltd.

*1
*1
*1
*1
*1
*1
*1
*2
*4
*4

Food and beverage operations
Tokyo Airport Restaurant Co., Ltd.
Cosmo Enterprise Co., Ltd.
CTT Co., Ltd.
Kaikan Development Co., Ltd.

*1
*1
*1
*1

Consigned service of managing facilities

Facilities management operations

Merchandise sales operations

Food and beverage operations

Company submitting consolidated financial statements

Japan Airport Terminal Co., Ltd.
*1. 16 consolidated subsidiaries*2. A non-consolidated subsidiary that is not accounted for using the equity method*3. Three affiliated companies that are accounted for using the equity method*4. Six affiliated companies that are not accounted for using the equity method-8-

Food and beverage service, food product sales Commissioned merchandisetransportation

Real estate rental

International Trade Inc.
BIG WING Co., Ltd.
Japan Airport Logitem Co., Ltd.
Japan Airport Techno Co., Ltd.

Merchandise wholesales

Commissioned maintenance,
operation, cleaning andguarding of facilities

Merchandise sales operations
*1
*1
*1
*1
*1
*1
*1
*3
*3
*3
*4
*4
*4
*4

Commissioned merchandise sales

Maintenance, operation, cleaning and guarding of facilities
and passenger transportation

Real estate rental, merchandise sales, services

Japan Airport Techno Co., Ltd.
BIG WING Co., Ltd.
Haneda Airport Security Co., Ltd.
Haneda Passenger Service Co., Ltd.
Japan Airport Ground Handling Co., Ltd.
Sakura Co., Ltd.
Hiro International Co., Ltd.
Tokyo International Air Terminal Corporation
Airport Transport Service Co., Ltd.
Narita Airport Techno Corporation
Tokyo City Air Terminal Co., Ltd.
Seikousha Inc.
Kanto Kowa Co., Ltd.
SK Clean Service Co., Ltd.

Merchandise
sales

Facilities management operations

3. Business Strategy(1) Basic Management Policy
The JAT Group has a basic management philosophy of a harmony between society and business as a corporate groupthat constructs and manages domestic and international terminals at Haneda Airport, the base of the domestic airtransportation network.
Under this basic philosophy, the JAT Group will be sure to fulfill its social responsibilities by establishing absolutesafety at terminals, operating customer-oriented terminals, and operating terminals in a stable and efficient manner.
In order to continue to raise the corporate value of the whole group, the JAT Group has also set consideration for
appropriately repaying related parties, including the airline companies, airport users, business partners, andshareholders, as a basic management policy while precisely responding to the increase in and diversification ofcustomer needs and improving the convenience, pleasantness, and functionality of terminals through strategic andappropriate investments and management of these investments.
As of April 1, 2009, JAT has been an Airport Facilities Operator under the Airport Act. To fulfill its
responsibilities, JAT will work on various measures to realize thoroughly its basic management philosophy.
(2) Key Management Indicator
In order to maximize the return on capital and thoroughly adopt management while considering increasing
shareholder value, the JAT Group has developed a new medium-term business plan (covering the period from
FY2010 through FY2012). Under this plan, we will properly move forward with facility maintenance anddevelopment, revenue expansion, efficiency promotion, and other measures; work to secure appropriate levels of
earnings; and strive to improve the Group’s performance measured in terms of return on assets (ROA) and return on
equity (ROE), which we consider key management indicators. Though difficult business conditions are expected toextend over the foreseeable future due to the impacts of the Great East Japan Earthquake and the related damage to anuclear plant in Fukushima Prefecture, we will continue with efforts to improve our performance in terms of key
management indicators, while aiming to maintain financial soundness by keeping our equity ratio at 50% or higher
through the proper management of borrowings and other liabilities.

(3) Mid- and Long-Term Business Plan and Issues which the Company Needs to Address
The JAT Group prepared its new medium-term business plan (FY2010 – FY2012) for the basic purpose of steadily
addressing rising passenger volume, internationalization, and changing business conditions at Haneda Airport. Under
this plan, we will steadily move ahead with endeavors such as the performance of consigned services and thewholesaling of merchandise at the new international passenger terminal building and the pursuit of businessdevelopment initiatives in the domestic Terminal 2 expansion. We will also develop new airport commercial spaces,
advanced plans to utilize idle property at Haneda Airport, and consider new business opportunities inside and outside
the airport.
To further improve traveler convenience, we will move ahead with renovation plans for the domestic Terminal 1
building, continue to implement measures to increase revenues by reducing vacancies, developing products solely for
Haneda Airport, and strengthening wholesaling operations, and steadily pursue thorough cost reductions as we work
to solidify our business base.
Regarding Haneda Airport, which is key to the JAT Group’s operations, the Ministry of Land, Infrastructure,
Transport and Tourism’s (MLIT) Growth Strategy Council recommended in May 2010 that the airport be made into a
24-hour international air hub, that its slots for international flights be increased to 90,000 annually, that internationalroutes it handles be upgraded to include long-distance routes used primarily by business travelers, and that steps be
taken to increase the convenience of domestic-international transfers. It also recommended that the integration of
airport-related businesses and airport management, and sweeping measures aimed at improving airport operational
efficiency by outsourcing airport management to the private sector or privatizing it altogether, be considered. In
December 2010, the MLIT’s Airport Operation Study Group began considering approaches for realizing the latterrecommendations. At Narita International and Kansai International airports, where the JAT Group is engaged inbusinesses such as merchandise sales, business terms are being reviewed as the management entities for these airports
move to include product sales in their own operations.
As for the JAT Group’s business environment, the Great East Japan Earthquake and related events have put a halt
to what were improving conditions. Foreign carriers have now either postponed or suspended plans to fly into Haneda,
or suspended or reduced flights to Haneda, while visitors mainly from China and South Korea are coming in fewer
numbers. Reduced passenger volume, therefore, is expected for the foreseeable future.
Even amid such significant changes in its business environment, the JAT Group is committed to carrying out its
responsibilities as an Airport Facilities Operator, which constructs, operates, and manages both domestic andinternational terminals at Haneda Airport, based on the Airport Act. To do this, the whole Group is working to
improve the convenience, comfort, and functionality of the passenger terminal buildings and striving to adopt aphilosophy of “the customer comes first” and to establish absolute safety. We will also press ahead with measures
aimed at continually enhancing the corporate value of the whole Group. These measures will include appropriate-9-responses to structural changes in merchandise sales, a complete revamping of our human resources system, amakeover of employee consciousness, implementation and management of strategic and appropriate investments, andthe establishment of an efficient group management system.

- 10 -

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

ASSETS
Current assets
Cash and time deposits
Accounts receivable
Marketable securities
Merchandise and finished products
Raw materials and stored goods
Deferred tax assets
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)
Machines, devices and vehicles
Accumulated depreciation and impairment loss
Machines, devices and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other fixed assets
Accumulated depreciation and impairment loss
Other fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS- 11 -

FY2009(As of March 31, 2010)

FY2010(As of March 31, 2011)

16,798
5,592
549
3,221
104
952
1,423
(39)
28,602

21,869
8,070
559
3,402
144
1,269
5,143
(49)
40,410244,502(141,862)
102,640
10,710(9,168)
1,542
10,575–––
15,31420,895(17,039)
3,855
133,927
1,045

257,308(145,224)
112,084
10,295(8,770)1,524
10,575
2,466
(169)
2,297
2,287
22,680(17,540)
5,139
133,909
1,804

7,630
4,029
9,145
2,004
22,809157,781
186,384

5,993
6,623
8,371
1,933
22,921
158,634
199,045(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Asset retirement obligations
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
Allowance for employees’ retirement benefits
Lease obligations
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
Total Accumulated other comprehensive income
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS- 12 -

FY2009(As of March 31, 2010)

FY2010(As of March 31, 2011)

4,578
12,567
608
903
113
–
7,714
26,486

4,736
11,338
912
908
100
156
10,201
28,35445,234
4,940
–
–
6,393
56,567
83,05354,416
4,980
2,535
261
5,935
68,12896,483

17,48921,30966,878(4,081)
101,596

17,48921,30967,010(4,081)
101,727973(1,166)(193)
1,927
103,331
186,384881(1,898)(1,017)
1,852
102,562
199,045

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenue
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
Provision for directors’ retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Negative goodwill
Miscellaneous revenue
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Loss from retirement of fixed assets
Commission for purchase of treasury stock
Miscellaneous expenses
Total non-operating expenses
Ordinary income- 13 -FY2010(from April 1, 2010
to March 31, 2011)

14,135
15,763
8,204
69,247
13,657
121,008

14,353
15,581
12,814
77,92914,097
134,776

50,6807,249
57,92963,07858,311
8,958
67,26967,506

7,633
887
113
856
67
7,346
7,867
13,59819,60057,971
5,107

7,876
867
100
850
–
7,689
11,277
13,217
21,43663,317
4,189

77
73
152
191
884
1,380

193
75
–
191
748
1,209

943
–
–
368
183
1,495
4,991

1,032
764
360
–
138
2,296
3,102

(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Extraordinary gains
Gain on sale of investment securities
Gain on reversal of asset retirement obligations
Total extraordinary gains
Extraordinary loss
Loss on valuation of investment securities
Loss on sale of investment securities
Loss on valuation of other investments
Loss on disaster
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Total extraordinary loss
Income before income taxes and minority interests
Income taxes – current
Income taxes – deferred
Total income taxes
Income before minority interests
Minority interests income (loss)
Net income- 14 -FY2010(from April 1, 2010
to March 31, 2011)
14
–
14

–
267
267

504
37
–
–

54
–
26
53

–

765

542
4,464
2,506
(591)
1,914
–
(35)
2,584

899
2,469
1,089
511
1,600
869
(66)
935

Consolidated Statements of Comprehensive Income(Millions of yen)
FY2010FY2009

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests- 15 -(from April 1, 2009

(from April 1, 2010

to March 31, 2010)

to March 31, 2011)
–

869

–
–

(93)
9

–

(742)

–
–

(825)
43

–
–

110
(67)

(3) Consolidated Statements of Changes in Shareholders’ Equity(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Shareholders’ equity
Common stock
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Capital surplus
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Retained earnings
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Treasury stock
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Purchase of treasury stock
Retirement of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total shareholders’ equity
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method
Purchase of treasury stock
Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end- 16 -FY2010(from April 1, 2010
to March 31, 2011)

17,48917,489–17,489–17,48921,31021,309(0)(0)
21,309––21,30980,611

66,878(1,175)2,584
920(16,063)(13,733)
66,878

(803)
935
–
–
131
67,010(80)(4,081)(20,064)
16,063(4,000)(4,081)(0)–(0)(4,081)

119,330

101,596(1,175)2,584
920(20,064)(17,734)
101,596

(803)
935
–
(0)
131
101,727

(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Deferred gains or losses on hedges
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year

FY2010(from April 1, 2010
to March 31, 2011)

974

973

(0)

(92)

(0)
973

(92)
881

(24)

(1,166)(1,142)(732)(1,142)(1,166)(732)(1,898)

950

(193)

(1,143)(824)(1,143)
(193)

(824)
(1,017)

2,276

1,927

(349)

(75)

(349)
1,927

(75)
1,852

122,557

103,331(1,175)
2,584

(803)
935

920

–

Purchase of treasury stock(20,064)(0)Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)(1,492)(900)(19,226)
103,331(768)
102,562

Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total accumulated other comprehensive income
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Minority interests
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Amount of fluctuation of items other than shareholders’equity during the fiscal year (net)Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end
Total net assets
Balance as of the previous fiscal year end
Amount of fluctuation during the fiscal year
Dividend from retained earnings
Net income
Change of scope of equity method

Total amount of fluctuation during the fiscal year
Balance as of the current fiscal year end- 17 -

(4) Consolidated Statements of Cash Flows(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of negative goodwill
Increase (decrease) in allowance for employees’ retirement
benefits
Increase (decrease) in allowance for directors’ retirement
benefits
Increase (decrease) in allowance for employees’ bonuses
Increase (decrease) in allowance for directors’ bonuses
Interest and dividends received
Interest paid
Equity in losses (earnings) of affiliates
Loss (gain) on sales of investment securities
Loss on valuation of investment securities
Loss (gain) on sales of tangible fixed assets
Loss on retirement of tangible fixed assets
Loss on disaster
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Gain on reversal of asset retirement obligations
Decrease (increase) in trade accounts receivable
Decrease (increase) in inventories
Decrease in other current assets
Increase (decrease) in accounts payable
Increase (decrease) in other current liabilities
Increase (decrease) in other fixed liabilities
Commission for purchase of treasury stock
OthersSubtotalInterest and dividends income received
Interest expenses paid
Income and other taxes paid
Net cash provided by operating activities- 18 -FY2010(from April 1, 2010
to March 31, 2011)

4,464
13,620(191)

2,469
13,374
(191)

42

40

(1,383)

–

35
(56)
(151)
943
(152)
22
504
(0)
24
–

4
(12)
(268)
1,032
764
–
54
(0)
360
53

–

765

–
(135)
639
253
304
(981)
777
368
(102)
18,845101(847)(3,911)
14,187(267)(2,477)(221)(2,540)
158
1,834
(71)
–
(12)
14,85096(1,033)(1,681)
12,230(Millions of yen)

FY2009(from April 1, 2009
to March 31, 2010)
Cash flows from investing activities
Placement of time deposits
Proceeds from withdrawal of time deposits
Purchase of marketable securities
Proceeds from sales of marketable securities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of treasury stock of subsidiaries
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Payments for asset retirement obligations
Purchase of long-term prepaid expenses
Payments of long-term loans receivable
Other payments
Other proceeds
OthersNet cash used in investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Purchase of treasury stock
Dividends payment by parent company
Dividends paid to minority shareholders
OthersNet cash provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Increase in cash and cash equivalents
Cash and cash equivalents at the beginning of term
Cash and cash equivalents at the end of term

- 19 -FY2010(from April 1, 2010
to March 31, 2011)

(27)
300
(1,548)
3,347
(13)
579
(18)
(12,964)
5
(654)
–
(109)
(2,688)(17)36
31(13,741)

(27)
300
(859)
650
(9)
–
–
(10,554)
1
(510)
(189)
(6)
(2,667)(234)
65
22(14,018)

20,110(20,110)
31,400(9,212)–(20,432)(1,175)
(29)
(37)
511
1
960
15,693
16,653––
20,400(12,447)
(210)
–
(803)
(28)
19
6,929
1
5,144
16,653
21,797

Notes on the Premise of a Going Concern
There is nothing to report.
Notes on the Consolidated Financial Statements(Notes on Consolidated Balance Sheets)
FY2009(As of March 31, 2010)

FY2010(As of March 31, 2011)(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(1) Assets provided as collateral and collateralized liabilities
The following are assets that were provided as collateral.

(Millions of yen)

(Millions of yen)

Buildings and structures

Buildings and structures
81,737
Machines and devices
0
Land
53
Investment securities
0
Total
81,792
Collateralized liabilities totaled 35,101 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).

91,374
Machines and devices
0
Land
53
Total
91,428Collateralized liabilities totaled 46,582 million yen in
long-term loans payable (including the portion of
long-term loans payable due within a year).
(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.

(2) The following items are related to non-consolidated
subsidiaries and affiliated companies.
Investment securities (shares)

Investment securities (shares)

3,644 million yen――――――(3) The Company has loan commitment contracts with companies
in which it invests. The outstanding balance of credit lines atthe end of the current fiscal year is as follows:(Millions of yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance

6,660
3,996
2,664

(4) The Company has loan commitment contracts with six major
financial institutions that it has an account with in order tostably procure funds for facilities. The outstanding balance ofcredit lines at the end of the current fiscal year is as follows:――――――(Millions of yen)

Credit availability of loan commitment
Outstanding balance
Unused credit balance

25,00021,4003,600(Notes on Consolidated Statements of Comprehensive Income)
FY2010 (April 1, 2010 to March31, 2011)(1) Comprehensive income for FY2009
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests
Total comprehensive income(2) Other comprehensive income for FY2009
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Share of other comprehensive income of associates accounted forusing equity method
Total other comprehensive income- 20 -(Millions of yen)
1,441
(38)
1,403
(Millions of yen)(3)
13
(1,155)(1,146)2,180 million yen

(Notes on Consolidated Statements of Changes in Shareholders’ Equity)
FY2009 (from April 1, 2009 to March 31, 2010)
1. Notes to type of and total number of shares outstanding, and type and number of treasury stock
Number of shares at theprevious fiscal year end

Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at thecurrent fiscal year end

Shares outstanding
Common stock (Note 1)

100,540,000–

16,063,500

84,476,500

Total

100,540,000–

16,063,500

84,476,500

Common stock (Note 2)

88,807

20,064,109

16,063,500

4,089,416

Total

88,807

20,064,109

16,063,500

4,089,416

Treasury stock

Note: 1. The number of shares outstanding decreased 16,063,500 as a result of the retirement of treasury stock resolved by the Board of Directors
Meeting.
2. 20,064,109 shares of increase in common treasury stock were resulted from the purchase of odd lot shares and acquisition made pursuant
to a resolution of the Ordinary General Meeting of Shareholders. 16,063,500 shares of decrease were resulted from the retirement oftreasury stock resolved by the Board of Directors Meeting.

2. Notes regarding to payments of dividends(1) Amount of dividends paid
Resolution
June 26, 2009
Ordinary General
Meeting of Shareholders
November 11, 2009
Board of Directors
MeetingType of stock

Total dividends to be
paid (Millions of yen)

Dividends per
share (Yen)Common stock

652

Common stock

522

Record date

Effective date

6.5

March 31, 2009

June 29, 2009

6.5

September 30, 2009

December 3, 2009

(2) Dividends for which the record date came during FY2008, but for which the effective date will come after said period
Resolution

Type of stock

Total dividends tobe paid(Millions of yen)

Source ofdividends

Dividends
per share(Yen)

June 29, 2010
Ordinary General
Meeting of Shareholders

Common stock

522

Retainedearnings

6.5

Record date

Effective date

March 31, 2010

June 30, 2010

FY2010 (from April 1, 2010 to March 31, 2011)
1. Notes to type of and total number of shares outstanding, and type and number of treasury stock
Number of shares at theprevious fiscal year end

Increase in the number of Decrease in the number ofshares during the current shares during the current
fiscal year
fiscal year

Number of shares at thecurrent fiscal year end

Shares outstanding
Common stock

84,476,500––

84,476,500

Total

84,476,500––

84,476,500

Common stock (Note )4,089,416

328–

4,089,744

Total

4,089,416

328–

4,089,744

Treasury stock

Note: 328 shares of increase in common treasury stock were resulted from the purchase of odd lot shares.

- 21 -

2. Notes regarding to payments of dividends(1) Amount of dividends paid
Resolution
June 29, 2010
Ordinary General
Meeting of Shareholders
November 10, 2010
Board of Directors
MeetingType of stock

Total dividends
to be paid
(Millions of yen)

Dividends per
share (Yen)Record date

Effective dateCommon stock

522

6.5

March 31, 2010

June 30, 2010

Common stock

281

3.5

September 30, 2010

December 10, 2010

(2) Dividends for which the record date came during FY2010, but for which the effective date will come after said period
The following are the expected resolutions.
Resolution

Type of stock

Total dividends
to be paid
(Millions of yen)

Source ofdividends

June 29, 2011
Ordinary General
Meeting of Shareholders

Common stock

281

Retainedearnings(Notes on Consolidated Statements of Cash Flows)
FY2009(from April 1, 2009
to March 31, 2010)

Dividends per
share (Yen)Record date

3.5 March 31, 2011 June 30, 2011

FY2010(from April 1, 2010
to March 31, 2011)*1 Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the
consolidated balance sheets:(As of March 31, 2010)*1 Relationship between the closing balance of cash and cash
equivalents and the value of items listed on the
consolidated balance sheets:(As of March 31, 2011)(Millions of yen)

Cash and time deposits
Marketable securities
Time deposits with a maturity greaterthan 3 months
Securities such as stocks and bonds witha redemption period of more than 3monthsCash and cash equivalents

Effective date(Millions of yen)

16,798549(344)

Cash and time deposits
Marketable securities
Time deposits with a maturity greaterthan 3 months
Securities such as stocks and bonds witha redemption period of more than 3monthsCash and cash equivalents(349)
16,653

21,869
559
(72)
(559)
21,797*2 Significant non-cash transaction
Assets and liability regarding finance lease transactions
recorded in FY2010 are 2,868 million yen and 3,012
million yen respectively.

――――――- 22 -

(Segment Information)
a. Business Segment Information
FY2009 (from April 1, 2009 to March 31, 2010)(Millions of yen)

I. Operating revenues andoperating income
Operating revenues(1) Sales to externalcustomers(2) Intersegment sales andtransfers
Total
Operating expenses
Operating income (loss)
II. Assets,
depreciation/amortizationand capital expenditure
AssetsDepreciation andamortization
Capital expenditure

Facilities
Management

Merchandise
Sales

Food andBeverage

Eliminations/Corporate

37,886

69,463

13,657

121,008–

121,008

2,109

692

2,152

4,953

(4,953)–39,996
37,117
2,878

70,15664,248
5,907

15,81015,866(56)

125,962
117,232
8,730(4,953)(1,331)(3,622)

121,008
115,901
5,107

126,153

15,25914,586

155,998

30,386

186,384

12,108538

638

13,284335

13,620

9,561

142

226

9,930

3,309

13,240Total

Consolidated

b. Segment information by geographic region
Because the Company does not have any consolidated subsidiaries outside Japan, this section is not applicable.
c. Overseas sales
Because the Company does not have overseas sales, this section is not applicable.
d. Segment Information
FY2010 (from April 1, 2010 to March 31, 2011)
1. Overview of reportable segments
For the Company’s reportable segments, among other organizational units, financial information can be gathered
independently. These business segments are regularly reviewed by the Board of Directors in order to makedecisions on management resource allocations as well as evaluations of business performance.
The Company is primarily engaged in the management of passenger terminal buildings and the provision ofservices to users at Haneda Airport. Business divisions at the Company’s headquarters develop comprehensive
business strategies and pursue business activities.
The Company is, therefore, composed of business segments with different services based on the businessdivisions. Its three reportable segments are the facilities management operations, merchandise sales operations,and food and beverage operations.
The segment of facilities management operations leases, maintains and repairs, and operates passenger terminal
facilities at Haneda Airport. It also provides services for passengers. The segment of merchandise sales operations
is engaged in retail sales of products to passengers and others, wholesales of products to companies operating
airport terminals and others, and other activities incidental to these two sales operations. The segment of food andbeverage operations provides food and beverage services to parties including users of Haneda Airport and Narita
International Airport. It is also engaged in the production and sales of in-flight meals and other incidental
activities.
2. Method of calculations of sales, income (loss), assets, liabilities, and other items by reportable segments
Method of accounting procedure by reportable business segments is almost same method of accounting procedureof “Basic Important Conditions to Prepare the Consolidated Financial Statements.”
Segment income (loss) is the same as operating income (loss).
Intersegment sales and transfers are based on market realized price.

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3. Sales, income (loss), assets, liabilities, and other items by reportable segments
FY2009 (from April 1, 2009 to March 31, 2010)(Millions of yen)

Reportable segments

Carrying amounton consolidated
Adjustments
statements ofincomeFacilities
Management

Merchandise
Sales

Food andBeverage

Total

37,886

69,463

13,657

121,008－

121,008

2,109

692

2,152

4,953

(4,953)－39,996
2,878
126,153

70,156
5,907
15,25915,810(56)
14,586125,962
8,730
155,998(4,953)(3,622)30,386

121,008
5,107
186,384

Depreciation and amortization

12,108538

638

13,284335

13,620

Increase in fixed assets andintangible fixed assets

9,561

142

226

9,930

3,309

13,240Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)
Segment assets
Other items

FY2010 (from April 1, 2010 to March 31, 2011)(Millions of yen)

Reportable segments

Carrying amounton consolidated
Adjustments
statements ofincomeFacilities
Management

Merchandise
Sales

Food andBeverage

Total

42,086

78,133

14,555

134,776－

134,776

2,343

617

2,089

5,050

(5,050)－44,4292,835
128,794

78,751
5,997
19,51016,645(343)
15,343

139,827
8,489
163,648(5,050)(4,300)35,396

134,776
4,189
199,045

Depreciation and amortization

11,183858

703

12,746628

13,374

Increase in fixed assets andintangible fixed assets

10,980

1,869

1,798

14,648(154)

14,493Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)
Segment assets
Other items- 24 -