Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019) [J-GAAP](Consolidated)
November 8, 2019
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.

Company name:
Code number:
Representative:
Contact:

Japan Airport Terminal Co., Ltd.
Listed stock exchange: Tokyo, 1st Section
9706
URL: https://www.tokyo-airport-bldg.co.jp/company/en/
Nobuaki Yokota, President and COO
Kazuhito Tanaka, Managing Director
TEL 03-5757-8409
Scheduled date of filing securities report:
November 13, 2019
Scheduled date of commencing dividend payment:
December 3, 2019
Supplementary materials on financial results (yes/no)
Yes
Holding of quarterly earnings announcement (yes/no)
Yes (for institutional investors and financial analysts)(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Six Months of FY2019 (April 1, 2019 to September 30, 2019)(1) Consolidated Business Results (Cumulative)%: Change from the same period of the previous year

Operating revenues
First Six MonthsofOperating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

135,270
137,423-1.6
27.2

11,156
12,961-13.9
92.1

10,728
11,761

-8.8
34.4

5,945
28,202

-78.9
355.3

FY2019FY2018(Note) Comprehensive income: First six months of FY2019 ¥7,434 million (-76.5%)

First Six Monthsof

Net income attributable toowners of the parent

Ordinary income

Net income per
share
Yen

Diluted net income
per share
Yen

73.20
347.2069.82
331.67FY2019FY2018First six months of FY2018 ¥31,593 million (346.3%)(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

474,224484,654207,002201,39035.3
33.7

2,060.62
2,011.61

As of September 30, 2019
As of March 31, 2019
(Reference) Equity capital:

Equity capital tototal assets

Net assets

As of September 30, 2019 ¥167,380 million

As of March 31, 2019 ¥163,399 million

2. Dividends
Dividends per share
Q1-EndFY2018FY2019FY2019 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

23.00
22.00

-

22.00

45.00

-

20.00

42.00

(Note) Revisions to the most recently announced dividends forecast for FY2019: Yes
For the revision of dividends forecast, please refer to the “Announcement of the dividend of retained earnings (interim dividend)” announced on
November 8, 2019 (in Japanese only).

3. Forecast of Consolidated Financial Results for FY 2019 (April 1, 2019 to March 31, 2020)%: Change from the same period of the previous year

Full-year

Net income attributableto owners of the parent

Ordinary income

Net income
per share

Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

275,700

0.8

16,700-25.7

15,100

-25.9

8,300

-74.9

102.18(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2019: Yes

* 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.: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of September 30, 201984,476,500 shares
As of March 31, 20192) Number of treasury stock at the period-end:
As of September 30, 2019
3,248,108 shares
As of March 31, 20193) Average number of shares outstanding (quarterly consolidated cumulative period):
Second quarter of FY2019
81,228,476 shares
Second quarter of FY2018

84,476,500 shares
3,247,973 shares
81,228,710 shares* This quarterly financial report is not subject to the quarterly review by certified public accountants or auditing
firms.
* Statements regarding the proper use of financial forecast and other special remarks
Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of thetime this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors. For the assumptions used infinancial forecast 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 Six Months of FY2019 (3) Explanation of Consolidated
Financial Forecasts and Other Forward-looking Statements”.
Supplementary materials on quarterly financial results and details of presentation at earnings announcement
Earnings announcement is planned to be held on November 19, 2019 for institutional investors and financial analysts. Video of thepresentation will be promptly posted on the Company’s website following the meeting.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST SIX MONTHS OF
FY2019 (APRIL 1, 2019 TO SEPTEMBER 30, 2019) .............................................................................................................................. - 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 OF COMPREHENSIVEINCOME .................................................................................................................................................................. - 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 CONSOLIDATED FINANCIAL STATEMENTS)....................................................................................................................................................................... - 11 (SEGMENT INFORMATION, ETC.) ..................................................................................................................................... - 12 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)

1. Qualitative Information on Consolidated Financial Results for the First Six Months of FY2019(April 1, 2019 to September 30, 2019)(1) Explanation of Operating Results
During the first six months of the fiscal year ending March 31, 2020, the Japanese economy has
experienced a gradual recovery, though exports and other indicators have continued to show some signs of
weakness. Looking ahead, despite the near-term prospect of weakness, continuing improvement in
employment and income, coupled with various government policies, is expected to support moderate
economic recovery.
With respect to our business environment, the volume of inbound tourists has continued to increase due
to visitors for the Rugby World Cup 2019 hosted in Japan and visitors from China and Southeast Asia region.
In addition, although the typhoon in September 2019 has had negative effect, recovering from the decline in2018 due to large-scale natural disasters including earthquake and typhoon, the total accumulated number of
inbound tourist in 2019 (January to September) has reached 24.41 million exceeding the volume during thesame period in the previous year. However, it is important to prudently monitor various issues, such as thesteep decline in visitors from Korea since August 2019 and the uncertainty of China’s economic outlook.
A review of passenger traffic during the first half shows that passenger volume on domestic flights at
Haneda Airport has rose year-on-year. International flights at Haneda Airport also rose year-on-year due to anincrease in the number of flights by, and seat capacities of, each airline since the previous year. Robust
demand for traveling to Japan and growth in the Japanese outbound passengers also contributed to thisgrowth. At Narita International Airport and other airports, passenger traffic growth has progressed well,particularly on international routes.
Under these circumstances, the Japan Airport Terminal group (“JAT Group”) has embraced its long-term
vision “To be a World Best Airport” that aspires to best satisfy the needs of all stakeholders. To achieve thislong-term vision, JAT Group is implementing various measures based on three strategic pillars: 1) Pursuit of
the ideal of Haneda Airport, 2) Expansion of our business domain utilizing our strengths and thediversification of profits, and 3) Reconstruction of our profit base and the building of competitive advantages.
Our management priorities for FY 2019 include preparations for operation after the opening of Haneda
international facilities, an appropriate response to changes in the consumption trend of Chinese travelers toJapan, and the implementation of our profit plan to ensure that we accomplish our guidelines for FY 2020.
For ”preparations for opening of Haneda international facilities”, while Ministry of Land, Infrastructure,
Transport and Tourism announce the allocation of the increased flight slots of international flights at Haneda
Airport in September 2019, the construction of passenger terminal facilities as the functional enhancement ofinternational flights, including additional work at international section in Terminal 2 needed or 24-hour
operation, is proceeding in line with the target to commence service by March 2020. The expansion of officespace in Terminal 2, part of such effort, has been completed in October 2019 and the space will be rented toairline companies from second half of FY 2019. In addition, for further improvement of the terminal
environment, the renovation work of Terminal 1 arrival lobby and first basement level has been completed on
September 30, 2019 which had been taking place since October 2018 resulting in consolidation of the arrival
gates and installation of bus waiting space.
For “an appropriate response to changes in the consumption trend of Chinese travelers”, JAPAN DUTY
FREE Main Building Shop has reopened after renovation at Narita Airport in August 2019 along with thelaunch of a new shopping space in collaboration with Shiseido Group at airport-style in-city duty-free shop
“Japan Duty Free GINZA” in October 2019 as we plan to increase the variety of goods especially for the onethat have robust demand from the inbound tourists.
Looking ahead to “accomplish our guidelines for FY 2020”, in order to materialize the benefit ofconsolidation of Tokyo International Air Terminal Corporation (“TIAT”) that we have been working, we areachieving and further pursuing cost reduction through integration of core business system. Moreover, as
Terminal 2 will start to be operated for both domestic and international flights in 2020, while maintaining
customer convenience, we are coordinating with TIAT and reviewing current practice to establish a more
efficient operation.
In addition to the above, being conscious to the environment, we are taking proactive measures and havebanned the use of plastic straw at directly owned restaurants and lounges resulting in reduction of
approximately 1 million plastic straws per year in order to address the issues of marine plastic waste.
Under these circumstances, regarding consolidated financial results for the first six months of the fiscal
year ending March 31, 2020, operating revenues decreased 1.6% compared with the same period during theprevious year to ¥135,270 million. This decline in revenue occurred primarily because merchandise sales fell
due to temporary closure of some duty-free shops during renovation period, a slow-down in consumption by
Chinese travelers, and the closure of retail stores at Haneda Terminal 2 where construction work wasundertaken to enhance its international functions. The decline in revenue, coupled with the increase indepreciation expense and operating expenses as a result of opening of boarding stations and the satellite-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)facility near Terminal 2 in the previous year and the expansion of P4 parking, and increase in maintenanceexpense upon the completion of renovation work of Terminal 1 in September 2019, caused operating income
to fall to ¥11,156 million (down 13.9% year-on-year). Ordinary income, without the one-time expense due tofinancing in the pervious year, was ¥10,728 million (down 8.8% year-on-year). Without the one-off
extraordinary income due to consolidation of TIAT in the previous fiscal year, net income (attributable toowners of the parent) was ¥5,945 million (down 78.9% year-on-year).
(Millions of yen)

Operating Results

First Six Months of FY2018(ended September 30, 2018)

Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]
Operating income
Ordinary income
Quarterly net income attributable toowners of the parent

First Six Months of FY2019(ended September 30, 2019)Year-on-Year(%)

137,423
40,661
86,560
10,201
12,961
11,761

135,270
42,64582,234
10,38911,156
10,728

-1.6
4.9
-5.0
1.8
-13.9
-8.8

28,202

5,945

-78.9

In the Skytrax (UK) “Global Airport Rating” published in November 2019, Haneda Airport’s passenger
terminals were awarded the world’s highest standard “5-star Airport” for six consecutive years.
With the Tokyo Olympics and Paralympics approaching, JAT Group works cooperatively as an entire
airport and as a sky gateway to the Tokyo metropolitan area, so that both domestic and international terminals
offer a high level of customer convenience, comfort, and functionality. In pursuit of the ideal of Haneda
Airport, we aim to be the airport that earns the long-term trust of customers from all over the world.
The following is a breakdown of earnings by segment. Note that the figures for operating income are
equivalent to those under segment income.
Overview by Segment[Facilities Management](Millions of yen)

Operating Results

First Six Months of FY2018(ended September 30, 2018)

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

40,661
8,693
21,663
10,303
2,682
43,3438,446First Six Months of FY2019(ended September 30, 2019)

42,645
9,024
22,26911,351
2,653
45,298
7,462

Year-on-Year
(%)

4.9
3.8
2.8
10.2
-1.1
4.5
-11.7

Rent revenue rose from the same period of the previous year due to the opening of “THE HANEDA
HOUSE” in December 2018 and an increase in rental spaces to airline companies at domestic and internationalterminals.
Revenue from facility user charges rose from the same period of the previous year because growth indomestic and international passenger traffic increased user charges revenue.
Other revenues rose from the same period of the previous year primarily because of increase incontracting construction work and revenue from outsourced operations such as security and the expansion of
P4 parking in March 2019, which contributed to the growth of parking revenue. In addition, the advertising
revenue at international terminal increased and the revenue from lounges for both domestic and internationalterminals increased as a result of the renovation of the “POWER LOUNGE” for domestic passengers andother efforts.
As a result, operating revenues from facilities management operations increased to ¥45,298 million (up4.5% year-on-year). Operating income for the segment decreased to ¥7,462 million (down 11.7%
year-on-year) because of the increase in depreciation expense and operating expenses resulting from theopening of boarding stations and the satellite facility near Terminal 2 and the expansion of P4 parking during
the previous year, as well as a one-time cost related to the increase in maintenance expense upon thecompletion of renovation work of Terminal 1 in September 2019.
-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)[Merchandise Sales](Millions of yen)

Operating Results

First Six Months of FY2018(ended September 30, 2018)

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

First Six Months of FY2019(ended September 30, 2019)Year-on-Year(%)

86,56017,95682,234
17,946-5.0-0.1

50,20047,489-5.4

18,404473
87,034
8,102

16,798488
82,723
7,430

-8.7
3.2
-5.0
-8.3

Sales at domestic terminal stores slightly fell from the same period of the previous year due to the closuresof Isetan Haneda Store (men’s) in Terminal 2 and other stores as construction work progressed on the
expansion of Terminal 2, despite proactive sales growth efforts involving promotional events including launchof the official store for Japan’s rugby national team during the 2019 Rugby World Cup.
Sales at international terminal stores decreased from the same period of the previous year. The decrease
was primarily due to temporary closures of duty free shops at Narita Airport and airport-style in-city duty-free
shop during the renovation period coupled with the decline in consumption by Chinese travelers since October
2018 and the negative effect of the Typhoon 15 which hit the Kanto region in September 2019, despite anincrease in sales due to the renewal opening of TIAT DUTY FREE SHOP CENTRAL and passenger growth.
Although the total sales at duty-free shops has decreased compared to the record high from the previous year
due to reinforcement of regulation in China to carrying in duty free goods and depreciation of Chinese yuan
since the second half of the previous year, it still exceeds the total sales from two years ago, so we believe theupward trend is continuing. We will continue our efforts to increase sales by capturing the increasing volume
of inbound tourists especially from China and the positive effect on sales through renovation of the shops.
Also, though the sales of visitors from Korea have decreased by more than 30% year-on-year, the effect isconsidered to be minor since the share of such sales within the total sales at stores at international terminal isapproximately 4%.
Other revenues fell due to a decrease in the wholesaling business and outsourced store operations at Narita
Airport and a decrease in wholesale business at regional airports resulting from the decrease in inboundtourists from Korea.
As a result, operating revenues from merchandise sales operations decreased to ¥82,723 million (down
5.0% year-on-year) and operating income fell to ¥7,430 million (down 8.3% year-on-year) due to the increasein one-time cost for the renovation of duty free shops at Narita Airport in addition to the revenue decline.
[Food and Beverage](Millions of yen)

Operating Results

First Six Months of FY2018(ended September 30, 2018)

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

First Six Months of FY2019(ended September 30, 2019)Year-on-Year(%)

10,201

10,389

1.8

6,423

6,448

0.4

3,405
372
1,322
11,523
492

3,498
442
1,293
11,683
531

2.7
18.6
-2.2
1.4
7.9

Sales from food and beverage operations slightly increased from the same period of the previous year
driven by the growth of international passenger volume, though sales decreased at Haneda’s domestic
terminals due to closures of food and beverage shops during the expansion construction period.
Sales from in-flight meals rose from the same period of the previous year due to an increase in thepassenger numbers of foreign carriers, our clients in this business.
As a result, operating revenues from food and beverage operations increased to ¥11,683 million (up 1.4 %year-on-year). Operating income for the segment amounted to ¥531 million (up 7.9% year-on-year) because ofrevenue growth and cost-saving efforts in procurement and other costs.
-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(2) Explanation of Financial Position[Assets]
Regarding current assets, cash and deposits decreased due to payment of usage fee for government-owned
properties. Fixed assets decreased due to the depreciation of buildings and structures, despite the increase in
the same account due to the completion of renovation work of Terminal 1. As a result, total assets decreased by¥10,430 million from the previous fiscal year end to ¥474,224 million.
[Liabilities]
Liabilities decreased due to payment of accrued expenses booked at the previous fiscal year end,
combined with the repayment of long-term loans payable. As a result, total liabilities decreased by ¥16,043
million from the previous fiscal year end to ¥267,221 million.
[Net Assets]
While dividend distribution was made, quarterly income attributable to owners of the parent increased
retained earnings and non-controlling interests. As a result, total net assets increased by ¥5,612 million fromthe previous fiscal year end to ¥207,002 million.
As a result, the equity ratio was 35.3% (compared to 33.7% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
For the first six months of the fiscal year ending March 31, 2020, operating revenues fell below the forecast due
to fall in merchandise sales by continued slowdown in consumption by Chinese travelers and constraint on
operation of in-city duty-free shops because of the Typhoon 15.
In terms of profit, our group’s operating income, ordinary income, quarterly net income attributable to ownersof the parent have all exceeded the forecast, because rent revenue and parking revenue exceeded the forecast on therevenue side and expenditure on maintenance, advertisement and outsourcing fee scheduled in the first half fell
below the forecast.
In the second half, however, within operating revenues, as facility user charge remained unchanged when the
consumption tax was raised, revenue from facility user charge is expected to fall below the original forecast.
Merchandise sale is expected to fall short of the original forecast due to slowdown in consumption by Chinese
travelers at Narita Airport and regional airports and decrease in Korean travelers, although we plan proactive sales
promotion such as the launch of temporary stores at Haneda international terminal. However, total operating
revenues is expected to exceed the original forecast due to an increase in rent revenue for increased spaces rented toairline companies, upward trend in parking revenue and sales from food and beverage by increased number ofvisitors, and revenue growth from increased number of international flights starting from March 29, 2020.
On the cost side, the expenditure scheduled in the first half was partially postponed to the second half and the
one-time cost from acquiring a new training facility will be recorded, which will result in income in the second halffalling below the original forecast.
The current situation including number of visitors from Korea and the situation in Hong Kong continues torequire caution, but we will take swift actions to changing environment and make proactive measures to achieve better
performance.
Accordingly, full-year consolidated forecasts that were previously announced on May 10, 2019 have been partly
revised as follows:
Revised Forecast of Consolidated Financial Results for FY 2019 (April 1, 2019 to March 31, 2020)(Millions of yen)
Operatingrevenues

OperatingincomeOrdinary
incomeNet income
attributable toowners of theparent

Net income
per share(Yen)

Previous Forecasts (A)277,500

16,00014,200

8,000

98.49

Revised Forecasts (B)275,700

16,70015,1008,300

102.18Change (B-A)
Change (%)
Reference: FY 2018 results-1,800-0.6
273,618700
4.4
22,481900
6.3
20,379300
3.8
33,0043.69
3.7
406.31-5-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)

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-

FY2018(As of March 31, 2019)

First Six Months of
FY2019(As of September 30,
2019)87,458
17,95910,968
141
7,306
(16)
123,817

78,34017,85010,845
143
9,907
(19)
117,068

459,499(261,619)
197,879
23,945(13,457)
10,488
11,371
1,261
(695)
565
58,98859,926(46,826)
13,099292,393464,071(268,392)
195,679
24,884(14,371)
10,513
11,340
1,746
(782)
964
56,061
61,435(48,599)
12,836287,395

37,0502,586
39,637

36,1282,416
38,545

16,835
6,981
1,385
3,604
28,806360,837
484,654

19,216
7,065
1,471
3,462
31,215357,156474,224

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Current portion of bonds with stock acquisitionrights
Accrued expenses
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Bonds with stock acquisition rights
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-salesecurities
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-

FY2018(As of March 31, 2019)

First Six Months of
FY2019(As of September 30,
2019)

9,774
12,724

8,604
12,301

15,01315,006

13,547
4,482
1,725
269
10,35567,894

7,028
4,323
1,826
127
9,147
58,365

11,127
15,031
161,345409
14,204
57
4,059
478
8,656
215,370
283,264

11,05615,025
155,257799
13,785
47
4,025
482
8,376
208,855
267,221

17,48921,337122,012(3,246)
157,592

17,48921,337
126,171(3,247)
161,750

5,506

5,181

197
47
55
5,807
37,990201,390484,654

294
31
122
5,629
39,621207,002474,224

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(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
Sales of merchandise
Sales 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
Provision for directors’ retirement benefits
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Miscellaneous expenses
Total non-operating expenses
Ordinary income-8-First Six Months of
FY2018(from April 1, 2018
to September 30, 2018)

First Six Months of
FY2019(from April 1, 2019
to September 30, 2019)

8,693
21,663
10,44286,422
10,201
137,423

9,024
22,26911,51382,072
10,389135,270

61,112
5,616
66,72970,694

57,6895,532
63,222
72,048

5,202
1,627
118
8
481
8,530
14,701
11,99815,06357,732
12,961

5,746
1,692
121
8
449
8,386
13,51812,827
18,13960,891
11,156

13
226
169
539
948

13
254
162
794
1,223

1,517
24
605
2,148
11,761

1,462
132
56
1,651
10,728

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(Millions of yen)

Extraordinary gains
Gain on sales of fixed assets
Gain on offsetting assets and liabilities
Gain on negative goodwill
Other extraordinary gains
Total extraordinary gains
Extraordinary loss
Loss on retirement of fixed assets
Loss of step acquisition
Other extraordinary loss
Total extraordinary loss
Quarterly income before income taxes and non-controllinginterests
Income taxes – current
Quarterly income
Quarterly net income attributable to non-controllinginterests
Quarterly net income attributable to owners of the parent-9-First Six Months of
FY2018(from April 1, 2018
to September 30, 2018)

First Six Months of
FY2019(from April 1, 2019
to September 30, 2019)

5,626
20,126207
25,960

81
99
181

9
2,725
63
2,798

44
44

34,923

10,866

5,279
29,644

3,346
7,519

1,442

1,573

28,202

5,945

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income
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 Six Months of
FY2018(from April 1, 2018
to September 30, 2018)
29,644First Six Months of
FY2019(from April 1, 2019
to September 30, 2019)
7,519

25
566
(1)
92

(332)
189
(16)
68

1,265

6

1,948
31,593(84)
7,434

29,864

5,768

1,729

1,666

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(3) Notes on Quarterly Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes on a Significant Change in Shareholders’ Equity)
Not applicable(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements)
Calculation of tax expenses
The effective tax rate on income before taxes for the consolidated fiscal year including the second quarter after
the application of tax effect accounting is reasonably estimated, and that estimated rate is applied to net income
for the quarterly period to calculate estimated tax expenses.

- 11 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)(Segment Information, etc.)
Segment Information
I.

First six months of FY2018 (from April 1, 2018 to September 30, 2018)
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(Notes)Food andBeverage

Adjustments

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

40,661

86,560

10,201

137,423-

137,423

2,682

473

1,322

4,478

(4,478)-43,3438,446

87,034
8,102

11,523492

141,902
17,042(4,478)(4,080)137,423
12,961

Total

Note 1

1. Adjustments to the segment income include ¥4,089 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.
3. During the first quarter, with the acquisition of TIAT’s shares, TIAT became included in the scope of consolidation.
Accordingly, amount of assets in each reportable segment increased by ¥175,926 million for “Facilities Management”, ¥6,547 million for“Merchandise Sales”, and ¥628 million for “Food and Beverage”.

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

II. First six months of FY2019 (from April 1, 2019 to September 30, 2019)
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(Notes)Food andBeverage

Adjustments

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

42,64582,234

10,389135,270-

135,270

2,653

488

1,293

4,435

(4,435)-45,298
7,462

82,723
7,430

11,683531

139,705
15,424(4,435)(4,267)135,270
11,156

Total

Note 1

1. Adjustments to the segment income include ¥4,270 million of administration expenses for administration divisions at parent company’shead office 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- 12 -