Financial Report for the Second Quarter of the Fiscal Year Ending March 31, 2011 (FY2010) [J-GAAP](Consolidated)
November 10, 2010
This document has been translated from the Japanese original, for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Listed company name:
Japan Airport Terminal Co., Ltd.
Listing exchange: Tokyo, 1st Section
Code number:
9706
URL: http://www.tokyo-airport-bldg.co.jp/
Representative:
Isao Takashiro, President
Contact:
Shokichi Ishiguro, Senior Managing Director TEL: 03-5757-8030
Scheduled date of securities report submission:
November 15, 2010—
Scheduled date of dividend payment commencement:
Preparation of quarterly earnings presentation material (yes/no): No
Yes (for Analysts)
Holding of quarterly earnings announcement (yes/no):(Figures shown are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Six Months of FY2010 (April 1, 2010 to September 30, 2010)(1) Consolidated Business Results (Cumulative)(Percentage figures indicate the rates of changes from the same period in the previous fiscal year.)First Six Months of
FY2010Operating revenues

Operating income

Millions of yen%

Millions of yen%

65,078

8.1

3,389

44.7

60,221(12.8)

2,342(39.9)

FY2009Net income per shareFirst Six Months of
FY2010Ordinary income
Millions of yen

Millions of yen

%

3,161

37.6

1,271

(1.7)

2,298

(45.4)

1,293(45.3)

Diluted net income per shareYen

FY2009Net income
%

Yen

15.82

—

13.76

—

(2) Consolidated Financial Position
Total assets

Equity ratio

Net assets per share

Millions of yen%

Yen

190,027

102,69653.0

1,253.92

As of September 30,
2010
As of March 31, 2010
Reference: Equity capital

Net assets

Millions of yen

186,384
103,331
54.4
As of September 30, 2010: ¥100,798 million As of March 31, 2010: ¥101,403 million

1,261.44

2. Dividends
Annual dividends
First quarter-end

Secondquarter-end

Yen

Third quarter-end
Yen

FY2009—6.50

FY2010—3.50

Year-EndYen—

FY2010 (forecast)—
Note: Revisions to the above forecast of dividends results in the current period under review: Yes

Annual
Yen

Yen

6.50

13.00

3.50

7.00

3. Forecast of Consolidated Financial Results for the FY2010 (April 1, 2010 to March 31, 2011)(Full year percentage figures indicate the rates of changes from the previous fiscal year, and first six months’ figures indicate the rates of changes
from the same period of the previous year.)

Operating revenues
Millions of yen%

Operating income
Millions of yen

Ordinary income%

Millions of yen

Net income pershare

Net income%

YenFull-year
136,100
12.5
4,100(19.7)
2,800(43.9)
600(76.8)
Note: Revisions to the above forecast of consolidated financial results in the current period under review: Yes%

Millions of yen

7.46

4. Other Information (For details, please refer to “2. Other Information” on page 4.)(1) Changes in Significant subsidiaries during the period under review: None
Note: This refers to changes in specific subsidiaries involving changes in scope of consolidation during the period under review.

(2) Adoption of simplified accounting methods and specific methods: Yes
Note: This refers to adoption of simplified accounting methods and specific methods for preparation of the quarterly consolidated
financial statements.

(3) Changes in accounting principles, procedures, and the display methods
1) Changes due to revisions of accounting standards, etc.: Yes
2) Changes in matters other than 1) above: None
Note: This refers to changes in accounting principles, procedures, and the display methods associated with preparation of thequarterly consolidated financial statements (matters to be included in the section, “Change in Basic Conditions to Prepare theQuarterly Consolidated Financial Statements”)(4) Number of shares outstanding (common stock)1) Number of shares outstanding as of theperiod-end (including treasury stock)2) Number of treasury stock as of theperiod-end
3) Average number of shares outstanding(quarterly consolidated cumulative
period)As of September 30,
2010:
As of September 30,
2010:
First six months of
FY2010:84,476,500 shares As of March 31, 2010:

84,476,500 shares

4,089,544 shares As of March 31, 2010:

4,089,416 shares

80,387,002 shares First six months of
FY2009:93,982,493 shares* Implementation status of quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply to this Financial
Report, and the quarterly review procedure based on the Financial Instruments and Exchange Act had not been
completed as of the release of this Financial Report.
* Presentation regarding the proper use of financial forecast and other special remarks
1. The forecast was made based on information available at the time the material was released, and actual earnings may
differ from the forecast for various reasons.
2. For matters related to financial forecast mentioned above, please refer to “(3) Qualitative Information on Forecast ofConsolidated Financial Results” on page 4 under the “1. Qualitative Information on Consolidated Financial Results for
the First Six Months of FY2010 (April 1, 2010 to September 30, 2010)” section.

2

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010){ Contents of the Appendix Materials
1. Qualitative Information on Consolidated Financial Results for the Six Months of FY2010 (April 1, 2010 to September
30, 2010)...........................................................................................................................................................................2(1) Qualitative Information on Consolidated Business Results........................................................................................2(2) Qualitative Information on Consolidated Financial Position......................................................................................3(3) Qualitative Information on Forecast of Consolidated Financial Results ....................................................................4
2. Other Information.............................................................................................................................................................4(1) Overview of the Changes in Significant Subsidiaries ................................................................................................4(2) Overview of Simplified Accounting Methods and Specific Methods ........................................................................4(3) Overview of the Changes in Accounting Principles, Procedures, and the Display Methods......................................4(4) Overview of the Significant Matter Regarding the Premise of a Going Concern ......................................................5
3. Quarterly Consolidated Financial Statements...................................................................................................................6(1) Quarterly Consolidated Balance Sheets......................................................................................................................6(2) Quarterly Consolidated Statements of Income ...........................................................................................................8(3) Quarterly Consolidated Statements of Cash Flows ..................................................................................................10(4) Notes to the Premise of a Going Concern ................................................................................................................12(5) Segment Information ................................................................................................................................................12(6) Notes to a Significant Change in Shareholders’ Equity ............................................................................................13-1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

1. Qualitative Information on Consolidated Financial Results for the First Six Months of FY2010 (April 1, 2010 to
September 30, 2010)(1) Qualitative Information on Consolidated Business Results
During the first six months of the fiscal year ending March 31, 2011, Japanese economic conditions remained on amild recovery track, helped by factors like improving corporate earnings and an upturn in personal consumption. Morerecently, however, conditions have worsened due to negative influences like high unemployment. Looking ahead, it isexpected that the economy will progress toward a self-sustaining recovery, but there are also risks that a recovery
could be stifled by developments like rapid yen appreciation and a global economic downturn.
The airline industry, in addition to such mild improvement in economic conditions, has benefited from a reboundfrom the negative impacts of last year's H1N1 influenza outbreak and seen passenger volume on domestic andinternational flights surpass levels for the same period of the previous year. The number of international passengers at
Tokyo International Airport (Haneda), in particular, has grown sharply driven by the launch of international charter
flights between Haneda Airport and Beijing Capital International Airport in October 2009, and the positive effects ofExpo 2010 Shanghai China and the Japanese government’s loosening of restrictions on the issuance of tourism visas
to Chinese individuals wanting to visit Japan.
Under these conditions, the Japan Airport Terminal (JAT) Group has continued to focus all its energy on
implementing stricter safety measures 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 thepassenger terminal buildings, activating business operations, promoting management rationalization, in order to foster
our business growth and strengthen the management base.
The Japan Airport Terminal (JAT) Group is working to increase its corporate value under its medium-term businessplan (covering FY2010 to FY2012). We have endeavored to improve passenger convenience by opening the expanded
Terminal 2 (for domestic flights), completed in August, on October 13, and by advancing the opening of the P4
multi-story parking facility (main building) to August from October. In addition, we actively moved forward withefforts to handle international operations by, for example, establishing on August 1 a business division to manage
operations related to the new international passenger terminal building, which was opened for service on October 21.
In the first six months of the current fiscal year, the JAT Group’s revenue rose compared with the same period theprevious year as various efforts to boost business at Haneda Airport’s commercial facilities resulted in higher facility
user charges revenue and merchandise sales, adding to the impact of recovering passenger volume on domestic andinternational flights.
As a result, consolidated operating revenues for the current six months rose 8.1% compared with the same period of
the previous year to ¥65,078 million. Operating income rose 44.7% to ¥3,389 million, and ordinary income increased
37.6% to ¥3,161 million. However, net income decreased by 1.7% compared with the same period of the previous
year to ¥1,271 million, due to the application 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 from the domestic terminals at Tokyo International Airport (Haneda) declined compared with the same
period of the previous year, due mainly to a decrease in office lease for airline companies.
Facility user charges revenue, on the other hand, increased as the international passenger volume rose with thelaunch of international charter flights between Haneda and Beijing in October 2009.
Other revenues exceeded the figure for the same period last year as the opening of the P4 multi-story parking
facility (main building) in August and increases in passenger volume on domestic and international flights led tohigher parking fee revenue, and revenue from contract construction rose.
As a result, operating revenues from the facilities management operations increased 5.3% compared with the same
period of the previous year to ¥20,919 million. Operating income increased 42.3% to ¥1,994 million, due to decreases
in depreciation expenses for the passenger terminal buildings at the Tokyo International Airport (Haneda).
[Merchandise Sales]
Sales from shops in the domestic terminals increased compared with the same period of the previous year. This was
mainly due to introductions of new brands of products in the “Haneda Star Sweets” which features carefully selected
sweets, and redoubled efforts to promote event-related sales activities featuring seasonal products, and new store
openings, in addition to the impact of higher passenger volume on domestic flights.
Sales at shops in the international terminal exceeded the level of the same period of the previous fiscal year becauseof an increase in international passengers and sales promotions focused on foreign visitors.
-2-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

Other sales also surpassed results for the same period of the previous year. The key factors here were the increase ininternational passengers and the start of the wholesaling of products to shops in the new international passenger
terminal building opened in October.
As a result, operating revenues from merchandise sales operations increased 10.7% compared with the previous firstsix months to ¥38,430 million and operating income rose 25.4% to ¥3,555 million.
[Food and Beverage]
Sales from food and beverage operations increased compared with the same period of the previous year, because of
the increasing number of passengers and higher revenues from new franchise shops in the domestic terminals at Tokyo
International Airport (Haneda).
As a result, operating revenues from food and beverage operations rose 1.2% compared with the same period of theprevious year, to ¥8,218 million. Operating income, benefiting from various cost-cutting efforts that outweighed
increases in repairs expenses, outsourcing fees, and other costs, came to ¥20 million (compared to an operating loss of¥38 million for the first six months of the previous fiscal year).
(2) Qualitative Information on Consolidated Financial Position[Status of assets, liabilities and net assets]
Total assets increased by ¥3,642 million compared with the previous fiscal year end to ¥190,027 million due to anincrease in accounts receivable and long-term loans receivable.
Total liabilities increased by ¥4,277 million compared with the previous fiscal year end to ¥87,331 million becauseof an increase in accrued expenses and asset retirement obligations.
Net assets decreased by ¥635 million compared with the previous fiscal year end to ¥102,696 million because of anincrease of deferred losses on hedges.
Accordingly, the equity ratio was 53.0%.
[Status of Cash flows]
Cash and cash equivalents (hereinafter referred to as “cash”) at the end of the second quarter of the current fiscal year
decreased by ¥1,483 million compared to the end of the previous fiscal year, to ¥15,169 million.
The following is a summary of various cash flows and the factors behind the flows for the period under review.
[Cash flows from operating activities]
Net cash provided by operating activities rose ¥990 million, or 16.9% from the same period of the previous fiscal yearto ¥6,863 million.
This was mainly attributable to decrease in income taxes paid and an increase in other current liabilities, although
there was a decrease in accounts receivable－trade.
[Cash flows from investing activities]
Net cash used in investing activities increased by ¥474 million, or 6.3%, compared to the first six months of theprevious fiscal year, to ¥8,007 million.
This resulted mainly from a decrease in inflows from sales of marketable securities, which exceeded a decrease inoutlays for acquisition of tangible fixed assets.
[Cash flows from financing activities]
Net cash used in financing activities stood at ¥340 million, compared to ¥5,994 million was provided during the firstsix months of the previous fiscal year.
The main reasons are a decrease in outlays for purchases of treasury stock, lower inflows from long-term andshort-term borrowings, and an increase in outlays for the repayment of long-term loans payable.

-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(3) Qualitative Information on Forecast of Consolidated Financial Results
For the first six months of the current fiscal year, the JAT Group’s consolidated revenues exceeded expectations due tofactors like a recovery in the number of air passengers. Operating income, ordinary income, and quarterly net income
also came in ahead of plans.
Looking ahead, expectations that the recovery in air passengers will continue through the second half and beyond
are being tempered by the risk that factors like overseas economic weakness and yen appreciation could result in
another economic downturn. Furthermore, there are concerns that the recent incident involving a Chinese fishing boat
near the Senkaku Islands could affect the number of inbound passengers from China.
It is also anticipated that there will be a decrease in leasing of office space to airline companies in the domestic
passenger terminal building and an increase in national property usage fees.
As for the outlook for full-year consolidated results, updates have been made as discussed in the “Notification of
Revised Forecast of Consolidated Financial Results” released on November 4, 2010.
The dividend forecast has been revised in view of the updated full-year results outlook. For details, please refer tothe “Notification of Revised Distribution of Surplus and Dividend Forecast” released on November 10, 2010.

2. Other Information(1) Overview of the Changes in Significant Subsidiaries
There is nothing to report.
(2) Overview of Simplified Accounting Methods and Specific Methods
1) Method used to value inventories
Inventories at the end of the second quarter of the current fiscal year are calculated using a reasonable method basedon the physical inventory amount, in lieu of performing physical inventory count.
In addition, the carrying amount of inventories is reduced to estimated net selling value only where there is an
obvious decrease in profitability.
2) Method of calculating depreciation of fixed assets
For fixed assets depreciated using the declining-balance method, depreciation expenses applicable to the current
fiscal year are calculated on a pro-rata basis.
3) Calculation of tax expenses
Tax expenses are calculated by making a reasonable estimation of the effective tax rate on income before income
taxes for the current fiscal year including the current second quarter after the application of deferred tax accounting
and applying the estimated effective tax rate to quarterly income before income taxes.
In addition, income taxes－deferred are included in the item of income taxes.
(3) Overview of the Changes in Accounting Principles, Procedures, and the Display Methods
Changes in Accounting Methods
1) Application of the “Accounting Standard for Equity Method of Accounting for Investments” and the “Practical
Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method”
Effective from the first quarter of the current fiscal year, the “Accounting Standard for Equity Method of Accounting
for Investments” (Accounting Standards Board of Japan [ASBJ] Statement No. 16 issued on March 10, 2008), andthe “Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity
Method” (PITF No.24 issued on March 10, 2008) have been adopted.
This application had no impact on the consolidated financial statements.
2) Application of the “Accounting Standard for Asset Retirement Obligations”
Effective from the first quarter of the current fiscal year, the “Accounting Standard for Asset Retirement Obligations”(ASBJ Statement No.18 issued on March 31, 2008) and the “Guidance on Accounting Standard for Asset Retirement
Obligations” (ASBJ Guidance No.21 issued on March 31, 2008) have been adopted.
As a result of the application, operating income and ordinary income for the first six months of the current fiscal
year decreased by ¥17 million each, quarterly income before income taxes by ¥783 million. In addition, ¥685 million-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

was posted as changes in the asset retirement obligation.
(Additional information)
Accounting for cost of sales
Beginning with the first quarter of the current fiscal year, the labor and other costs related to food and beverage
operations that were previously recorded by some consolidated subsidiaries under selling, general and administrative
expenses are now being recorded under cost of sales.
This change was made because the strengthening of the cost management system and the adoption of a system
permitting the identification of expenses as directly related to food and beverage operations sales made it possible toclearly match these revenues and expenses.
As a result, gross profit is ¥616 million lower than in would have been without this change. Operating income,ordinary income, and quarterly net income before income taxes, however, were unaffected.
Change in Method of Presentation(Quarterly Consolidated Statements of Income)1) Based on the “Accounting Standard for Consolidated Financial Statements” (ASBJ Statement No.22 on
December 26, 2008), the JAT Group applies the “Cabinet Office Ordinance Partially Revising Regulation on
Terminology, Forms and Preparation of Financial Statements” (Cabinet Office Ordinance No.5 on March 24,2009) and has included “Quarterly income before minority interests” in the consolidated financial statements
for the first six months of the fiscal year ending March 31, 2011.
2) “Commission for purchase of treasury stock,” which was shown as a separate item through the first six monthsof the previous fiscal year, was ¥0 million for the first six months of the current fiscal year, less than twenty
hundredths of the total amount of non-operating expenses. It has, therefore, been included in “Miscellaneous
expenses” under non-operating expenses.
3) “Loss on retirement of fixed assets,” which was included in “Miscellaneous expenses” under non-operating
expenses for the first six months of the previous fiscal year, exceeded twenty hundredths of the total amount of
non-operating expenses during the first six months of the current fiscal year. It is, therefore, shown as aseparate item in this report.
The amount of “Loss on retirement of fixed assets” included in “Miscellaneous expenses” under
non-operating expenses for the corresponding period of the previous fiscal year came to ¥15 million.
(Quarterly Consolidated Statements of Cash Flows)
1) “Commission for purchase of treasury stock” (¥0 million for the first six months of the current fiscal year),which was shown as a separate item under “Cash flows from operating activities” through the first six monthsof the previous fiscal year, has been included in “Others” under “Cash flows from operating activities” due to alack of materiality.
2) “Purchase of treasury stock” (¥0 million for the first six months of the current fiscal year), which was shown as
a separate item under “Cash flows from financing activities” through the first six months of the previous fiscal
year, has been included in “Others” under “Cash flows from financing activities” due to a lack of materiality.
(4) Overview of the Significant Matter Regarding the Premise of a Going Concern

There is nothing to report.

-5-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Millions of yen)First Six Months of
FY2010(As of September 30,
2010)

FY2009(As of March 31, 2010)ASSETS
Current assets
Cash and time deposits

15,477

16,798

Accounts receivable

7,130

5,592

Marketable securities

249

549

Merchandise and finished products

3,354

3,221

Raw materials and stored goods

116

104

Deferred tax assets

955

952

Other current assets

3,632

1,423

(47)

(39)

30,86828,602

261,876

244,502

Accumulated depreciation and impairment loss

(146,658)(141,862)

Buildings and structures, net

115,217

102,640

Machines, devices and vehicles

10,763

10,710

Accumulated depreciation and impairment loss

(9,340)(9,168)

Machines, devices and vehicles, net

1,422

1,542

10,575

10,575569

15,314

23,462

20,895(17,447)(17,039)

Other fixed assets, net

6,014

3,855

Total tangible fixed assets

133,799

133,927

1,475

1,045

Investment securities

6,314

7,630

Deferred tax assets

9,149

9,145

Other investments

8,419

6,033

Total investments and other assets

23,88322,809Total fixed assets

159,158

157,781TOTAL ASSETS

190,027

186,384

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

Land
Construction in progress
Other fixed assets
Accumulated depreciation and impairment loss

Intangible fixed assets
Investments and other assets-6-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(Millions of yen)First Six Months of
FY2010(As of September 30,
2010)

FY2009(As of March 31, 2010)

LIABILITIESCurrent liabilities
Accounts payable

5,184

4,578

Short-term loans payable

14,012

12,567

Income taxes payable

1,232

608

Allowance for employees’ bonuses

981

903

Allowance for directors’ bonuses

60

113

Asset retirement obligations

616－

Other current liabilities

9,321

7,714

Total current liabilities

31,40926,486Long-term loans payable

44,04045,234

Allowance for employees’ retirement benefits

4,957

4,940

75

－

Other fixed liabilities

6,848

6,393

Total fixed liabilities

55,92156,567TOTAL LIABILITIES

87,331

83,053

Common stock

17,48917,489

Capital surplus

21,30921,309Retained earnings

67,627

66,878Treasury stock(4,081)(4,081)

Total shareholders’ equity

102,345

101,596

Unrealized gains on other securities

968

973

Deferred gains (losses) on hedges(2,514)(1,166)

Total unrealized gains and adjustments(1,546)(193)

Minority interests

1,897

1,927

TOTAL NET ASSETS

102,696

103,331

TOTAL LIABILITIES AND NET ASSETS

190,027

186,384

Fixed liabilities

Asset retirement obligations

NET ASSETS
Shareholders’ equity

Unrealized gains and adjustments-7-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(2) Quarterly Consolidated Statements of Income(Millions of yen)First Six Months of
FY2009(from April 1, 2009
to September 30, 2009)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenues
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
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
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Commission for purchase of treasury stock
Equity in losses of affiliates
Loss on retirement of fixed assets
Miscellaneous expenses
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Total extraordinary loss
Quarterly income before income taxes and minority interests
Income taxes－current-8-First Six Months of
FY2010(from April 1, 2010
to September 30, 2010)

7,080
7,756
4,101
34,275
7,007
60,221

7,053
8,222
4,617
38,0537,130
65,07825,076
3,750
28,82731,39428,013
4,417
32,43032,647

3,438
924
66
422
67
3,771
3,715
6,748
9,895
29,051
2,342

3,445
915
60
426
－
3,542
4,069
5,858
10,94029,258
3,389

32
56
87
537
713

50
41
－
495
587

391
292
－
－
74
758
2,298

505
－
30
242
36
815
3,161

14

－

14

－

41
－

52
765

41
2,272
990

817
2,343
1,074

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

－
(11)
1,293

Quarterly income before minority interests
Minority interests in income (loss)
Quarterly net income

-9-

1,269
(2)
1,271

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(3) Quarterly Consolidated Statements of Cash Flows(Millions of yen)First Six Months of
FY2009(from April 1, 2009
to September 30, 2009)
Cash flows from operating activities
Quarterly income before income taxes
Depreciation and amortization
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 income
Interest expenses
Equity in loss (earnings) of affiliates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of tangible fixed assets
Loss on retirement of tangible fixed assets
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Decrease (increase) in accounts receivable－trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in accounts payable－trade
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 taxes paid
Net cash provided by operating activities- 10 -First Six Months of
FY2010(from April 1, 2010
to September 30, 2010)

2,272
6,759
(109)

2,343
5,934
17

(1,383)

－

95
(103)
(88)
391
(87)
(14)
41
(0)
15
－

78
(53)
(92)
505
30
－
52
(0)
242
765

(227)
700
(1,001)
231
(710)
1,052
292
(121)
8,004
88
(375)
(1,844)
5,872(1,538)(144)(2,089)
606
964
252
－
(96)
7,780
59
(513)
(464)
6,863

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(Millions of yen)

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 stocks of subsidiaries and affiliates
Purchase of treasury stock of subsidiaries in consolidation
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Purchase of long-term prepaid expenses
Payments of long-term loans receivableCollection of long-term loans receivable
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Purchase of treasury stock
Dividends payment by parent company
Dividends paid to minority shareholders
OthersNet cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of term
Cash and cash equivalents at end of term

- 11 -First Six Months of
FY2009(from April 1, 2009
to September 30, 2009)First Six Months of
FY2010(from April 1, 2010
to September 30, 2010)

(13)
300
(499)
2,147
(7)
96
(1)
(18)
(6,390)
0
(405)
(100)
(2,669)11(7)
22(7,533)

(13)
50
(299)
400
(35)
－
－
－
(4,910)1(551)
0(2,665)12(11)
17(8,007)

20,11011,400(4,465)(20,356)
(652)
(29)
(11)
5,994
0
4,334
15,69320,027－
5,400(5,149)
－
(522)
(28)
(40)
(340)
0
(1,483)
16,653
15,169Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)(4) Notes to the Premise of a Going Concern
There is nothing to report.
(5) Segment Information
a. Business Segment Information
First six months of FY2009 (from April 1, 2009 to September 30, 2009)(Millions of yen)

Eliminations/Corporate

Consolidated

60,221－60,221

1,110

2,499

(2,499)－34,728

8,117

62,720(2,499)60,221

2,835

(38)

4,199

(1,856)

2,342

Facilities
Management

Merchandise
Sales

Food andBeverage

18,82934,384

7,007

1,045

343

Total

19,874

Operating income (loss)

1,401

Classification

Total

Operating revenues(1) Sales to externalcustomers(2) Intersegment sales
and transfers

b. Segment Information
1. Overview of the 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 make decisions
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 business divisions.
Its three reportable segments are the facilities management operations, merchandise sales operations, and food andbeverage 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 and beverage
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. Sales and Income (Loss) by Reportable Segments
First six months of FY2010 (from April 1, 2010 to September 30, 2010)(Millions of yen)

Reportable segments
Adjustments
Note 1

Carrying
amount onquarterly
consolidated
statements ofincome Note 2

Facilities
Management

Merchandise
Sales

Food andBeverage

Sales to externalcustomers
Intersegment sales andtransfers

19,791

38,156

7,130

65,078－65,078

1,128

273

1,088

2,490

(2,490)－Total

20,91938,4308,218

67,568(2,490)65,078Segment income (loss)

1,994

3,555

20

5,570

(2,181)

3,389

Total

Operating revenues

Notes: 1. Adjustments to the segment income include ¥2,182 million of administration expenses for the parent company’s
administration divisions, etc. which are not allocated to each of the reportable segments.

- 12 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Six Months of the Fiscal Year Ending March 31, 2011 (FY2010)

2. Segment income is adjusted for operating income described in Quarterly Consolidated Statements of Income.

3. Impairment of Fixed Assets and Goodwill, by Reportable Segments
There is nothing to report.
(Additional information)
Effective from the first quarter of the current fiscal year, the Company adapted “Accounting Standard for Disclosuresabout Segments of an Enterprise and Related Information” (ASBJ Statement No. 17 issued on March 27, 2009) and“Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ
Guidance No. 20 issued on March 21, 2008).
(6) Notes to a Significant Change in Shareholders’ Equity
There is nothing to report.

- 13 -