Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012) [J-GAAP](Consolidated)
August 8, 2012
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:
Japan Airport Terminal Co., Ltd.
Listed stock exchange: Tokyo, 1st Section
Code number:
9706
URL: http://www.tokyo-airport-bldg.co.jp/
Representative:
Isao Takashiro, President
Contact:
Masumi Matsumoto, Vice President, Administration Department
TEL 03-5757-8030
Scheduled date of filing securities report:
August 14, 2012
Scheduled date of commencing dividend payment:－
Supplementary materials on financial results (yes/no)
No
Holding of quarterly earnings announcement (yes/no)
No(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Three Months of FY2012 (April 1, 2012 to June 30, 2012)(1) Consolidated Business Results (Cumulative)(%: Change from the same period of the previous year)
Operating revenues

Operating income (loss)

Ordinary income (loss)

Net income (loss)

First Three
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2012FY2011

33,71628,429

18.6
(7.8)

1,056
(338)

-

1,234
(715)

-

663
(760)

-

(Note) Comprehensive income (loss):

First Three
Months ofFirst three months of FY2012 ¥123 million (-%) First three months of FY2011 ¥ (1,352) million (-%)

Net income (loss)
per share
Yen

Diluted net income
per shareYen

8.17(9.46)-FY2012FY2011(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

190,023
189,165

99,24499,43351.4
51.7

1,203.01
1,204.93

As of June 30, 2012
As of March 31, 2012
(Reference) Equity capital:

Equity capital tototal assets

Net assets

As of June 30, 2012 ¥97,722 million

As of March 31, 2012 ¥97,878 million

2. Dividends

Dividends per share
Q1-EndFY2011FY2012FY2012 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

3.50

-

3.50

7.00

3.50

-

3.50

7.00

(Note) Revisions to the most recently announced dividends forecast for FY2012: None

3. Forecast of Consolidated Financial Results for the FY 2012 (April 1, 2012 to March 31, 2013)(%: Change from the same period of the previous year)

First half
Full-year

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

68,200135,000

9.0
4.3

1,900
3,800

333.1

1,600
3,000

-

700
1,400

-

8.62
17.23

(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2012: None

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): None
(2) Adoption of specific accounting methods for preparation of the quarterly consolidated financial statements: None
(3) Changes in accounting policies, accounting estimates, and restatement of revisions.
1) Changes in accounting policies due to revisions of accounting standards, etc.: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: Yes
4) Restatement of revisions: None
(Note) These changes stated above correspond to Article 10-5 of the Ordinance on Terminology, Forms and Preparation Methodsof Quarterly Consolidated Financial Statements. For details, please refer to page 3 of the appendix materials “2.
Summary (Notes) Information (3) Changes in accounting policies, accounting estimates, and restatement of revisions”.
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of June 30, 2012
84,476,500 shares
As of March 31, 2012
2) Number of treasury stock at the period-end:
As of June 30, 2012
3,244,834 shares
As of March 31, 2012
3) Average number of shares outstanding (quarterly consolidated cumulative period):First quarter of FY2012
81,231,668 sharesFirst quarter of FY2011

84,476,500 shares
3,244,814 shares
80,386,751 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, andthe quarterly review procedure based on the Financial Instruments and Exchange Act had not been completed as of the release of thisFinancial Report.

* Statements regarding the proper use of financial forecast and other special remarks
1. The forecast of business results reported herein were 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. Actual results may differ significantly fromforecasts due to various factors.
2. For matters related to financial forecast mentioned above, please refer to page 3 of the appendix materials “1.Qualitative
Information on Consolidated Financial Results for the First Three Months of FY2012 (3) Qualitative Information on Forecast ofConsolidated Financial Results”.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)

Contents of the Appendix Materials

1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST THREE
MONTHS OF FY2012 (APRIL 1, 2012 TO JUNE 30, 2012)........................................................................... - 2 (1) QUALITATIVE INFORMATION ON CONSOLIDATED BUSINESS RESULTS................................................................. - 2 (2) QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL POSITION .............................................................. - 3 (3) QUALITATIVE INFORMATION ON FORECAST OF CONSOLIDATED FINANCIAL RESULTS .......................................... - 3 2. SUMMARY (NOTES) INFORMATION ................................................................................................... - 3 (1) SIGNIFICANT CHANGES IN SUBSIDIARIES DURING THE PERIOD UNDER REVIEW .................................................. - 3 (2) ADOPTION OF SPECIFIC ACCOUNTING METHODS FOR PREPARATION OF THE QUARTERLY CONSOLIDATED FINANCIAL
STATEMENTS ........................................................................................................................................... - 3 (3) CHANGES IN ACCOUNTING POLICIES, ACCOUNTING ESTIMATES, AND RESTATEMENT OF REVISIONS ..................... - 3 3. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS ................................................................ - 4 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS .............................................................................................. - 4 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME ........................................................................................................................ - 6 Quarterly Consolidated Statements of Income ............................................................................................... - 6 Quarterly Consolidated Statements of Comprehensive Income ........................................................................ - 8 (3) NOTES ON THE PREMISE OF A GOING CONCERN............................................................................................... - 9 (4) NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY ....................................................................... - 9 (5) SEGMENT INFORMATION, ETC........................................................................................................................ - 9 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)

1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2012(April 1, 2012 to June 30, 2012)(1) Qualitative Information on Consolidated Business Results
During the first three months of the fiscal year ending March 31, 2013, the Japanese economy has shownmodest recovery supported primarily by reconstruction demand related to the Great East Japan Earthquake.
However, economic outlook remains uncertain amid the European sovereign debt crisis, constraints of electric
power supply and other concerns.
In the airline industry, passenger volume on both domestic and international flights increased from thesame period of the previous year, rebounding from the significant decline seen in FY 2011 following the Great
East Japan Earthquake. Additionally, the airline industry needs to further strengthen its cost competitiveness for anumber of reasons, including industry liberalization (open skies agreements), intensifying competition triggeredby the entry of low-cost carriers (LCC), and the submission of a bill to the Diet based on the report developed by
the government study group concerning airport management following the Ministry of Land, Infrastructure,
Transport and Tourism’s (MLIT) Growth Strategy.
Under these circumstances, the Japan Airport Terminal (JAT) Group has continued its efforts in the firstquarter to decrease vacant space and to explore new revenue sources. As part of such efforts, we opened two
new facilities at domestic passenger terminal 1 at Haneda Airport: ISETAN HANEDA STORE, a retail men’s
lifestyle goods store developed jointly with Mitsukoshi Isetan Group; and First Cabin Haneda Terminal 1, a
compact hotel designed like the first-class section of an airplane. We also worked to expand our profit outsideof airports by opening a new themed lifestyle store “Tokyo’s Tokyo” in Tokyu Plaza Omotesando Harajuku.
We strove to secure profits by implementing thorough cost reductions including efforts to streamline
operations and outsourcing costs related mainly to group companies.
As a result, consolidated operating revenues for the cumulative fiscal first quarter (April 1, 2012－June 30,2012) rose 18.6% compared with the same period of the previous year to ¥33,716 million. Operating income
was ¥1,056 million (compared to an operating loss of ¥338 million for the same period of the previous year),and ordinary income was ¥1,234 million (compared to an ordinary loss of ¥715 million for the same period of
the previous year). Net income was ¥663 million (compared to a net loss of ¥760 million for the same periodof the previous year.)
The following is a breakdown of earnings by segment. Note that the figures for operating income (loss) areequivalent to those for segment income (loss).
[Facilities Management]
Rent revenue decreased from the same period of the previous year, largely due to a negative impact from thereduction in the amount of office space leased by airlines in the domestic passenger terminal building at
Haneda airport.
Facility user charges revenue surpassed the figure for the same period of the previous year because user
charges revenue for domestic terminal facilities increased following a continued recovery of passenger volume
that had once declined after the Great East Japan Earthquake.
Other revenues showed improvements from the same period of the previous year due to a number offactors, including an increase in revenue from subcontracted works, increases in parking revenue and airport
lounge revenue following a recovery of the passenger volume, and opening of “First Cabin Haneda Terminal1”, a compact hotel at the passenger terminal 1.
As a result, operating revenues from the facilities management operations increased to ¥11,043 million (up6.8% year-on-year). Operating income for the segment was ¥996 million (up 85.5% year-on-year) due to adecrease in depreciation expenses and other factors.
[Merchandise Sales]
Sales at domestic terminal stores exceeded those of the same period of the previous year due to a number offactors including recovery of passenger volume, opening of new directly managed stores in the departure gatelounge in domestic Terminal 1, and sales promotion of products originally developed for Haneda Airport.
Sales at international terminal stores greatly surpassed the figure for the same period of the previous year.
The increase was due to a continued recovery of passenger volume from the decline caused primarily by theGreat East Japan Earthquake as well as development of new directly managed stores at Kansai International
Airport.
Other revenues also increased as compared with the figure for the same period of the previous year due toan increase in wholesale of products to stores at the international passenger terminal building and to the otherairports.
As a result, operating revenues from the merchandise sales operations increased to ¥19,824 million (up26.0% year-on-year) and operating income to ¥1,217 million (up 63.2% year-on-year).
-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)[Food and Beverage]
Sales from food and beverage operations increased from the same period of the previous year. The increase wasattributable to a continued recovery of passenger volume that had once declined following the Great East Japan
Earthquake as well as proactive sales and marketing activities for customer acquisition.
Sales from in-flight meals also rose greatly as foreign carriers resumed flights that had been cancelled
primarily as a consequence of the earthquake and subsequent nuclear accident.
As a result, operating revenues from food and beverage operations rose 19.6% year-on-year to ¥3,965
million. The segment recorded an operating loss of ¥89 million, though the size of the loss was greatly
narrowed from a loss of ¥481 million for the same period of the previous year. We continue to take steps indrastic structural reforms and reformation of store strategies.
(2) Qualitative Information on Consolidated Financial Position[Assets, liabilities and net assets]
Total assets increased ¥858 million from the previous fiscal year end to ¥190,023 million, with the increase inprepaid expenses and other assets offsetting the decline in tangible fixed assets.
Total liabilities increased ¥1,047 million to ¥90,778 million primarily because long-term loans payable
increased.
Total net assets decreased ¥189 million to ¥99,244 million primarily because deferred gains on hedges
decreased.
As a result, equity ratio was 51.4%.
(3) Qualitative Information on Forecast of Consolidated Financial Results
Passenger volume for the first quarter on both domestic and international flights at Haneda Airport was largely
in line with the initial forecast. However, international passengers at Narita International Airport and KansaiInternational Airport surpassed forecast due to rebound from significant decline of inbound passengers to Japanfollowing the Great East Japan Earthquake. As a result, consolidated revenue and profits (operating income,ordinary income and net income) for the first quarter surpassed forecasts at all levels.
Recent figures for passenger volume are also progressing in line with the forecast. However, businessoutlook remains uncertain amid concerns over Euro debt crisis and power supply constraints.
At present, there have been no changes to the interim and full-year consolidated forecasts announced on
May 9, 2012.

2. Summary (Notes) Information(1) Significant Changes in Subsidiaries during the Period under Review
None(2) Adoption of Specific Accounting Methods for Preparation of the Quarterly Consolidated Financial Statements
The effective tax rate on income before taxes for the consolidated fiscal year including the first quarter after
the application of deferred tax accounting is reasonably estimated, and that estimated rate is applied to net
income for the quarterly period to calculate estimated tax expenses.
(3) Changes in Accounting Policies, Accounting Estimates, and Restatement of Revisions
Changes in Accounting Policies(Change in Depreciation Method)
In accordance with amendments to the Corporate Tax Law, the Company and its domestic consolidated
subsidiaries have changed depreciation method from this quarterly period for tangible fixed assets acquired on
or after April 1, 2012 to the method based on the revised Corporate Tax Law.
With this change, operating income, ordinary income and income before income taxes and minority
interests all increased by ¥11 million for the period under review as compared with the case under the previous
method.

-3-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)

3. Quarterly Consolidated Financial Statements(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
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)
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
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS-4-FY2011(As of March 31, 2012)

First Three Months of
FY2012(As of June 30, 2012)

20,886
9,532
3,288
155
1,283
1,653
(38)
36,76019,044
11,001
4,117
174
1,295
3,873
(14)
39,492

262,735(156,293)
106,442
10,408(9,181)
1,227
10,476
2,525
(587)
1,937
3,107
23,925(19,203)
4,721
127,9122,303

263,314(158,624)
104,689
10,415(9,243)
1,172
10,476
2,525
(694)
1,831
3,191
24,092(19,507)
4,584
125,946
2,160

6,954
6,315
6,615
2,322
(18)
22,188152,404
189,165

7,599
5,680
6,627
2,517
－
22,424
150,530
190,023

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Income taxes payable
Allowance for employees’ 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-salesecurities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Total Accumulated other comprehensive income
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS-5-

FY2011(As of March 31, 2012)

First Three Months of
FY2012(As of June 30, 2012)

5,203
9,612
422
800
178
10,767
26,985

4,808
9,112
591
384
178
10,08825,16350,924
4,863
2,186
277
4,494
62,74589,73154,360
4,714
2,025
278
4,236
65,61590,78817,48921,30963,818(3,238)99,37917,48921,30964,198(3,238)99,7591,003

967(2,503)(1)(1,500)1,555
99,433
189,165(3,013)9(2,037)
1,522
99,244
190,023

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income(Millions of yen)

Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating 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
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividends income
Contributions in aid of construction
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income (loss)-6-

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)

First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)

3,540
3,496
3,040
15,5782,774
28,429

3,446
3,782
3,514
19,622
3,350
33,716

11,811
1,885
13,697
14,732

14,5802,077
16,65817,058

1,771
388
225
1,880
2,956
3,297
4,548
15,070
(338)

1,849
367
215
2,177
3,420
3,144
4,825
16,002
1,056

74
41
－
320
436

74
76
195
314
660

279
496
37
813
(715)

246
198
37
482
1,234

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)(Millions of yen)

Extraordinary loss
Loss on disaster
Total extraordinary loss
Quarterly income (loss) before income taxes and minority
interests
Income taxes – current
Quarterly income (loss) before minority interests
Minority interests income (loss)
Quarterly net income (loss)-7-

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)

First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)

31
31

－
－

(747)

1,234

109
(856)
(95)
(760)

574
659
(4)
663

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly Income (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income (loss)
Comprehensive income (loss) attributable to:Comprehensive income (loss) attributable to owners of
the parent
Comprehensive income (loss) attributable to minority
interests-8-

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)(856)

First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)
659

(20)
(0)
0

(37)
－
10

(476)

(509)

(496)
(1,352)(536)
123(1,256)

127

(95)

(4)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2013 (FY2012)(3) Notes on the Premise of a Going Concern
Not applicable(4) Notes on a Significant Change in Shareholders’ Equity
Not applicable(5) Segment Information, etc.
(Segment Information)
I. First three months of FY2011 (from April 1, 2011 to June 30, 2011)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Adjustments

Facilities
Management

Merchandise
Sales

9,853

15,624

2,951

28,429-28,429Intersegment sales
and transfers

489

114

362

966

(966)

-

Total
Segment income (loss)

10,342537

15,738
745

3,314
(481)

29,396802(966)(1,140)28,429(338)

Operating revenues
Sales to externalcustomers(Notes)2.

Food andBeverage

Quarterly
consolidated
financialstatements Note2

Note 1Total

1. Adjustments to the segment income (loss) include ¥1,140 million of administration expenses for the parent company’s administration
divisions and others at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted with operating loss recorded in the Quarterly Consolidated Statements of Income.

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

II. First three months of FY2012 (from April 1, 2012 to June 30, 2012)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Adjustments

Facilities
Management

Merchandise
Sales

10,515

19,657

3,544

33,716-33,716

Intersegment sales
and transfers

528

166

421

1,116

(1,116)-

Total
Segment income (loss)

11,043996

19,824
1,217

3,965
(89)

34,832
2,124(1,116)(1,068)33,716
1,056

Operating revenues
Sales to externalcustomers(Notes)Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Total

Note 1

1. Adjustments to the segment income (loss) include ¥1,065 million of administration expenses for the parent company’s administration
divisions and others at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2.

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

3.

Change in depreciation method
In accordance with amendments to the Corporate Tax Law, the Company and its domestic consolidated
subsidiaries have changed depreciation method from this quarterly period for tangible fixed assets
acquired on or after April 1, 2012 to the method based on the revised Corporate Tax Law.
With this change, segment income of facilities management business and merchandise sales businessincreased by ¥6 million and ¥4 million, respectively, for the first quarter of FY2012 as compared with thecase under the previous method.
-9-