Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2020 (FY2019) [J-GAAP](Consolidated)
August 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/
Nobuaki Yokota, President and COO
Kazuhito Tanaka, Managing Director
TEL 03-5757-8409
Scheduled date of filing securities report:
August 14, 2019
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 FY2019 (April 1, 2019 to June 30, 2019)(1) Consolidated Business Results (Cumulative)
Operating revenues(%: Change from the same period of the previous year)

Operating income

Net income attributable toowners of the parent

Ordinary income

First Three
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2019FY201867,652
68,122

-0.7
31.6

5,886
6,398

-8.0
129.6

5,646
6,114

-7.7
62.7

3,082
24,884

-87.6
842.5

(Note) Comprehensive income: First three months of FY2019 ¥3,611 million (-86.5%)

First Three
Months of

Net income per
share
Yen

Diluted net income
per share
Yen

37.95
306.3536.20
292.68FY2019FY2018First three months of FY2018 ¥26,782 million (722.1%)(2) Consolidated Financial Position
Total assets

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

Equity capital tototal assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

475,039
484,654

203,180
201,39034.6
33.7

2,023.56
2,011.61

As of June 30, 2019 ¥164,370 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

45.00

20.00

-

20.00

40.00

(Note) Revisions to the most recently announced dividends forecast for FY2019: None

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)

First-halfFull-year

Operating revenues

Operating income

Ordinary income

Millions of yen%

Millions of yen

Millions of yen

137,300
277,500

-0.1
1.4

%

9,900 -23.1
16,000 -28.8

Net income attributable Net income
to owners of the parent per share%

Millions of yen%

Yen

9,200 -21.3
14,200 -30.3

4,900
8,000

-82.6
-75.8

60.32
98.49

(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2019: None

* 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 10 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 June 30, 201984,476,500 shares
As of March 31, 20192) Number of treasury stock at the period-end:
As of June 30, 20193,247,983 shares
As of March 31, 20193) Average number of shares outstanding (quarterly consolidated cumulative period):First quarter of FY2019
81,228,521 sharesFirst quarter of FY2018

84,476,500 shares
3,247,973 shares
81,228,749 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 4 of the appendix materials “1.
Qualitative Information on Consolidated Financial Results for the First Three Months of FY2019 (3) Explanation of Consolidated
Financial Forecasts and Other Forward-looking Statements”.

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

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST THREE MONTHS OF
FY2019 (APRIL 1, 2019 TO JUNE 30, 2019) ............................................................................................................................................. - 2 (1) EXPLANATION OF OPERATING RESULTS ...................................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION ...................................................................................................................... - 4 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS .................... - 4 2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ............................................................................. - 5 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS ........................................................................................................... - 5 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVEINCOME .................................................................................................................................................................. - 7 Quarterly Consolidated Statements of Income ................................................................................................................ - 7 Quarterly Consolidated Statements of Comprehensive Income .......................................................................................... - 9 (3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS .............................................................................. - 10 (NOTES ON THE PREMISE OF A GOING CONCERN) ........................................................................................................... - 10 (NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY) ................................................................................... - 10 (ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS)- 10 (SEGMENT INFORMATION) ............................................................................................................................................. - 11 --1-

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

1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2019(April 1, 2019 to June 30, 2019)(1) Explanation of Operating Results
During the first three months of the fiscal year ending March 31, 2020, the Japanese economy has
experienced a gradual recovery, though exports and production 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. Nevertheless, it is important to prudently monitor various issues, such as the effects ofrising trade tensions in the global economy, China’s economic outlook, the uncertainty in overseas economies
and policies, as well as the volatility of capital markets.
With respect to our business environment, the volume of inbound tourists in 2019 has continued its
upward trend, achieving record highs each month during the year.
A review of passenger traffic during the first quarter shows that passenger volume on domestic flights at
Haneda Airport progressed steadily. International flights at Haneda Airport 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 during the Golden Week
period also contributed to this growth. 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.
As part of the functional enhancement of Haneda international flights, the construction of passenger
terminal facilities is proceeding in line with the target to commence service by March 2020. In addition, tofurther improve the terminal environment, a renovation project is underway at Terminal 1 which is scheduled
to be completed by the end of September 2019. We have consolidated the arrival exits and some of the
facilities have partially opened as of June 2019, such as an information counter and restrooms. As we expect
the number of inbound tourists to continue increasing, we have made proactive efforts at duty free shops andother stores, such as providing more options for payment by introducing various mobile payment services,
including China Union QR Code payment service (being the first domestic airport to do so), and opening
new shops at Haneda Airport and Narita Airport. As its new business, JAT Group also commenced theoperation of Kumamoto Airport and Palau International Airport with partner companies. In addition, we havedecided to participate in the terminal operation of New Ulaanbaatar International Airport in Mongol. We areleveraging the expertise and strengths that we accumulated at Haneda Airport and utilizing them at otherairports in Japan and abroad in order to expand our business domain and diversify our profit opportunities.
Under these circumstances, regarding consolidated financial results for the first three months of the fiscal
year ending March 31, 2020, operating revenue decreased 0.7% compared with the same period during theprevious year to ¥67,652 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 and restaurants at Haneda Terminal 2 where construction
work was undertaken to enhance its international functions. The decline in revenue, coupled with the increasein depreciation expense and operating expenses as a result of opening of boarding stations and the satellite
facility near Terminal 2 in the previous year and the expansion of P4 parking, caused operating income andordinary income to fall to ¥5,886 million (down 8.0% year-on-year) and ¥5,646 million (down 7.7%
year-on-year), respectively. Without the one-off extraordinary income due to consolidation of Tokyo
International Air Terminal Corporation (“TIAT”) in the previous fiscal year, quarterly net income(attributable to owners of the parent) was ¥3,082 million (down 87.6% year-on-year).
(Millions of yen)

Operating Results

First Three Months of FY2018(ended June 30, 2018)

First Three Months of FY2019(ended June 30, 2019)Year-on-Year(%)

Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]

68,122
19,77043,447
4,904

67,652
20,69841,907
5,047

-0.7
4.7
-3.5
2.9

-2-

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

Operating income
Ordinary income
Quarterly net income attributable toowners of the parent

6,398
6,114

5,886
5,646

-8.0
-7.7

24,884

3,082

-87.6

In the Skytrax (UK) World Airport Awards published in March 2019, Haneda Airport’s passenger
terminals were awarded first place in the World's Cleanest Airports, World's Best Domestic Airports andWorld's Best PRM /Accessible Facilities. We were also awarded second place in the World’s Best Airports
category, which comprehensively evaluates various aspects of airports.
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 Three Months of FY2018(ended June 30, 2018)

First Three Months of FY2019(ended June 30, 2019)Year-on-Year(%)

19,770
4,333
10,551
4,885
779
20,5494,204

20,698
4,452
10,8615,385
1,187
21,885
4,063

4.7
2.7
2.9
10.2
52.3
6.5
-3.3

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

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 the expansion of P4
parking in March 2019, which contributed to the growth of parking revenue. In addition, the advertising
revenue from international flights 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.
As a result, operating revenues from facilities management operations increased to ¥21,885 million (up6.5% year-on-year). Operating income for the segment decreased to ¥4,063 million (down 3.3% year-on-year)
because of the increase in depreciation expense and operating expenses after the opening of boarding stations
and the satellite facility near Terminal 2 during the previous year, the expansion of P4 parking, as well as a
one-time cost related to new restrooms and other facilities opened at Terminal 1.
[Merchandise Sales](Millions of yen)

Operating Results

First Three Months of FY2018(ended June 30, 2018)

First Three Months of FY2019(ended June 30, 2019)Year-on-Year(%)

43,4478,530

41,907
8,509

-3.5
-0.2

25,382

24,447

-3.7

9,534
230
43,678
4,153

8,949
230
42,137
3,898

-6.1
-0.0
-3.5
-6.1

Merchandise Sales
Sales at domestic terminal stores
Sales at international terminal
storesOther revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income-3-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2020 (FY2019)

Sales at domestic terminal stores fell from the same period of the previous year due to the closures of
Isetan Haneda Store (men’s) in Terminal 2 and other stores as construction work progressed on the expansionof Terminal 2, despite proactive sales growth efforts involving promotional events.
Sales at international terminal stores decreased from the same period of the previous year primarily due totemporary closures of “Japan Duty Free Main Building Store” during the renovation period at Narita Airport,though it increased year-on-year at Haneda Airport due to the renewal opening of TIAT DUTY FREE SHOPCENTRAL at the end of March 2019. The fall in sales is also attributable to the decline in consumption by
Chinese travelers since October 2018 at airport-style in-city duty-free shop “Japan Duty Free GINZA” andother shops.
Other revenues fell due to a decrease in the wholesaling business and outsourced store operations at Narita
Airport.
As a result, operating revenues from merchandise sales operations decreased to ¥42,137 million (down
3.5% year-on-year) and operating income fell to ¥3,898 million (down 6.1% year-on-year) due to the revenue
decline.
[Food and Beverage](Millions of yen)

Operating Results

First Three Months of FY2018(ended June 30, 2018)

First Three Months of FY2019(ended June 30, 2019)Year-on-Year
(%)

4,904

5,047

2.9

3,080

3,094

0.5

1,631
191
636
5,541
150

1,739
212
627
5,674
230

6.6
10.7
-1.5
2.4
53.0

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

Sales from food and beverage operations 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 toclosures 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 ¥5,674 million (up 2.4%
year-on-year). Operating income for the segment amounted to ¥230 million (up 53.0% year-on-year) becauseof revenue growth and cost-saving efforts in procurement and other costs.
(2) Explanation of Financial Position[Assets]
Regarding current assets, cash and deposits decreased due to payment of construction costs for updating
the facilities of Haneda Airport Terminal and capital injection to Kyushu Kumamoto International Airport Co.,
Ltd. Fixed assets decreased due to the depreciation of buildings and structures, despite the increase inconstruction in progress and investment securities. As a result, total assets decreased by ¥9,615 million fromthe previous fiscal year end to ¥475,039 million.
[Liabilities]
Liabilities decreased due to payment of income taxes payable and accrued expense booked at the previous
fiscal year end, combined with the repayment of long-term loans payable. As a result, total liabilities decreasedby ¥11,405 million from the previous fiscal year end to ¥271,859 million.
[Net Assets]
Dividend distribution was made, but quarterly income attributable to owners of the parent increased
retained earnings and non-controlling interests. As a result, total net assets increased by ¥1,790 million fromthe previous fiscal year end to ¥203,180 million.
As a result, the equity ratio was 34.6% (compared to 33.7% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
There have been no changes to the interim and full-year consolidated forecasts announced on May 10, 2019.

-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First 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-5-

FY2018(As of March 31, 2019)

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

84,253
17,355
10,757
148
3,747
(15)
116,247

459,499(261,619)
197,879
23,945(13,457)
10,488
11,371
1,261
(695)
565
58,98859,926(46,826)
13,099292,393459,803(265,119)
194,683
24,355(13,882)
10,472
11,371
1,253
(728)
525
59,95359,856(47,621)
12,235289,242

37,0502,586
39,63736,5892,393
38,982

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

18,420
7,125
1,498
3,521
30,566
358,792
475,039

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First 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-6-

FY2018(As of March 31, 2019)

First Three Months of
FY2019(As of June 30, 2019)

9,774
12,7249,148
11,87415,01315,01013,547
4,482
1,725
269
10,35567,894

10,712
2,236
892
64
7,276
57,214

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

11,091
15,028160,745377
13,953
43
4,039
480
8,885
214,644271,859

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

17,48921,337
123,307(3,246)
158,888

5,506

5,229

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

117
46
89
5,482
38,809203,180
475,039

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First 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
Sale of merchandise
Sale of food and beverage
Total operating revenues
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
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-7-First Three Months of
FY2018(from April 1, 2018
to June 30, 2018)

First Three Months of
FY2019(from April 1, 2019
to June 30, 2019)

4,333
10,551
4,954
43,378
4,904
68,122

4,452
10,861
5,443
41,8495,047
67,65230,716
2,709
33,426
34,69629,324
2,668
31,99235,659

2,643
771
56
239
4,372
6,919
5,940
7,352
28,297
6,398

2,956
827
62
223
4,218
7,379
6,352
7,752
29,773
5,886

6
222
64
224
517

6
249
48
285
589

744
5
51
801
6,114

728
78
22
829
5,646

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

Extraordinary gains
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
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-8-First Three Months of
FY2018(from April 1, 2018
to June 30, 2018)

First Three Months of
FY2019(from April 1, 2019
to June 30, 2019)

5,626
20,126207
25,960

99
99

0
2,725
2,726

-

29,348

5,746

3,651
25,697

1,730
4,016

813

933

24,8843,082

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First 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-9-

First Three Months of
FY2018(from April 1, 2018
to June 30, 2018)25,697First Three Months of
FY2019(from April 1, 2019
to June 30, 2019)
4,016

(181)
(42)
(1)
46

(284)
(156)
(1)
34

1,264

3

1,085
26,782

(404)
3,611

25,986

2,758

795

853

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First 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 first quarter after theapplication of tax effect accounting is reasonably estimated, and that estimated rate is applied to net income forthe quarterly period to calculate estimated tax expenses.

- 10 -

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

First three months of FY2018 (from April 1, 2018 to June 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)Adjustments

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

19,77043,447

4,904

68,122-

68,122

779

230

636

1,646

(1,646)-

20,5494,204

43,678
4,153

5,541
150

69,7698,508(1,646)(2,109)68,122
6,398

Total

Note 1

1. Adjustments to the segment income include ¥2,116 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, amountof assets in each reportable segment increased by ¥174,897 million for “Facilities Management”, ¥8,100 million for “Merchandise Sales”
and ¥1,036 million for “Food and Beverage”.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Gain on negative goodwill (¥20,126 million) was recognized from the inclusion of TIAT in the scope of
consolidation as a result of share acquisitions of TIAT during the first quarter. This gain is not allocated toeach reportable segment.

II. First three months of FY2019 (from April 1, 2019 to June 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)Adjustments

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

20,69841,907

5,047

67,652-67,652

1,187

230

627

2,044

(2,044)-

21,885
4,063

42,137
3,898

5,674
230

69,697
8,192(2,044)(2,306)67,652
5,886

Total

Note 1

1. Adjustments to the segment income include ¥2,306 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable- 11 -