Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013) [J-GAAP](Consolidated)
February 5, 2014
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: http://www.tokyo-airport-bldg.co.jp/
Isao Takashiro, President
Hiroshi Miyauchi, Managing Director, Senior Vice President, Administration Department
TEL 03-5757-8030
Scheduled date of filing securities report:
February 13, 2014
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 Nine Months of FY2013 (April 1, 2013 to December 31, 2013)(1) Consolidated Business Results (Cumulative)(%: Change from the same period of the previous year)

Operating revenues

Operating income

Ordinary income

Net income

First Nine
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2013
FY2012

110,708
103,762

6.7
6.7

5,147
3,860

33.3
387.6

5,218
3,698

41.1
-

3,013
1,924

56.6
-

(Note) Comprehensive income:First nine months of FY2013

Net income
per share¥4,132 million (176.1%) First nine months of FY2012First Nine
Months of

Yen

Diluted net income
per shareYen

FY2013
FY2012

37.10
23.69

-

¥1,496 million (-%)

(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

188,473
186,431103,721
100,633

54.2
53.1

1,257.40
1,219.40

As of December 31, 2013
As of March 31, 2013
(Reference) Equity capital:

Equity capital tototal assets

Net assets

As of December 31, 2013

¥102,138 million

As of March 31, 2013

¥99,052 million

2. Dividends
Dividends per share
Q1-EndFY2012FY2013
FY2013 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

3.50
6.00

-

6.50

10.00

5.00

11.00

(Note) Revisions to the most recently announced dividends forecast for FY2013: None

3. Forecast of Consolidated Financial Results for FY 2013 (April 1, 2013 to March 31, 2014)(%: Change from the previous year)

Full-year

Net income per
share

Operating revenues

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

143,000

5.0

5,500

31.6

4,500

22.7

2,200

35.4

27.08

(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2013: None

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): None
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 4 of the appendix materials “2. Summary (Notes) Information (2) 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 December 31, 2013
84,476,500 shares
As of March 31, 2013
2) Number of treasury stock at the period-end:
As of December 31, 2013
3,246,632 shares
As of March 31, 2013
3) Average number of shares outstanding (quarterly consolidated cumulative period):First nine months of FY2013
81,230,024 sharesFirst nine months of FY2012

84,476,500 shares
3,246,167 shares
81,231,584 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 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 3 of the appendix materials“1.Qualitative Information on Consolidated Financial Results for the First Nine Months of FY2013 (3) Explanation ofConsolidated Financial Forecasts and Other Forward-looking Statements”.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

Contents of Appendix Materials

1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST NINE
MONTHS OF FY2013 (APRIL 1, 2013 TO DECEMBER 31, 2013) ............................................................. - 2 (1) EXPLANATION OF OPERATING RESULTS ......................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION ......................................................................................................... - 3 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS ............. - 3 2. SUMMARY (NOTES) INFORMATION ............................................................................................... - 4 (1) SIGNIFICANT CHANGES IN SUBSIDIARIES DURING THE PERIOD UNDER REVIEW .................................................. - 4 (2) ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATED FINANCIAL
STATEMENTS ............................................................................................................................................. - 4 3. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS .............................................................. - 5 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS ............................................................................................. - 5 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME ........................................................................................................................... - 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 (SEGMENT INFORMATION, ETC.) ...................................................................................................................... - 10 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

1. Qualitative Information on Consolidated Financial Results for the First Nine Months of FY2013(April 1, 2013 to December 31, 2013)(1) Explanation of Operating Results
During the first nine months of the fiscal year ending March 31, 2014, the Japanese economy has been on amodest recovery track primarily driven by improvement of corporate earnings in a wide range of sectors andprivate consumption. While consumption tax hike is likely to trigger front-loaded increase and subsequentdecline in demand, movements toward economic recovery are expected to become more solid. However, theprospect of an economic downturn overseas still poses a risk that could weaken the domestic economy.
In the airline industry, passenger volume at Haneda Airport on domestic flights increased compared to thesame period during the previous year supported by economic recovery and increased flights in conjunction
with Haneda Airport’s expansion of landing slots by 20,000 annually since March 2013. Passenger volume oninternational flights rose year-on-year, because visa requirements for Southeast Asian tourists were eased andweaker yen has made it easier to travel to Japan. The annual number of foreign visitors to Japan in 2013
surpassed 10 million for the first time. In terms of passenger volume by airport, at Narita International Airportand Kansai International Airport, the volume rose year-on-year, while Haneda Airport which had seen decline
also started to recover in the third quarter.
The airline industry needs to further strengthen its competitiveness for a number of factors that havechanged industry landscape, including industry liberalization (open skies agreements), intensifying
competition triggered by the expansion of low-cost carriers (LCC), and the ongoing review concerning airport
management, as evidenced by the newly-enacted law for “The operation of state-run airports, etc. by utilizing
the management capabilities of the private sector”.
Under these circumstances, the Japan Airport Terminal (JAT) Group has worked on our strategic priorities
based on a new medium-term business plan (FY 2013 through FY 2015). These priorities include 1)
Responding to the internationalization of Haneda Airport, 2) Laying the groundwork to ensure the future of the
airport’s operation and 3) Improving the profitability of group businesses. At Haneda Airport’s domestic
passenger Terminal, transfer facility between domestic and international terminals is being constructed to meetthe demand that will be created by the increased international flights at Haneda after March 2014. Byenhancing convenience, functionality, and comfort, we try to help increase connecting passengers between
international and domestic flights, thereby maximizing potential to generate business for JAT Group. In linewith the ongoing expansion of the international passenger terminal, we proceed with efforts to expand ourbusiness, including operations of new duty-free shops, maintenance and management business and operationof a new hotel.
The JAT Group delivered strong consolidated operating results for the first nine months (April 1, 2013 –December 31, 2013). The strong results were achieved primarily because strengthened marketing efforts
helped to acquire customers among increasing inbound foreign travelers and because unit purchase priceimproved due to carefully planned measures to meet customer needs in response to customers’ widespreadwillingness to take advantage of weaker yen.
As a result, consolidated operating revenues during the period (April 1, 2013 – December 31, 2013)
increased 6.7% year-on-year to ¥110,708 million. Operating income rose to ¥5,147 million (up 33.3
year-on-year), ordinary income to ¥5,218 million (up 41.1% year-on-year) and net income to ¥3,013 million(up 56.6% year-on-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 during the previous year. This was primarily because we utilized
fixed-term lease contracts for airline companies renting offices at the domestic passenger terminal andreviewed the rental fees for some of those contracts in order to mitigate the risk of further reducing the space
rented by airlines.
Revenue from facility user charges exceeded that of the same period of the previous year because user
charges revenue for domestic terminal facilities increased due to an increase in passenger volume as well as
the addition of three spots at domestic Terminal 2.
Other revenues increased primarily due to an increase in parking and airport lounge revenue following a
recovery in passenger volume.
As a result, operating revenues from the facilities management operations increased to ¥34,759 million(up 2.1% year-on-year). Operating income for the segment was ¥2,968 million (up 1.5% year-on-year).
-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)[Merchandise Sales]
Sales at domestic terminal stores surpassed those of the same period during the previous year due to anincreasingly higher recognition among passengers of new directly-managed stores in the departure gate lounge
in domestic Terminal 1, as well as the sales promotion and expansion of private-branded merchandise.
Sales at international terminal stores significantly surpassed the figure for the same period during theprevious year. The increase can be attributed to an increase in travelers who visited Japan from overseas which
rebounded from FY 2012 when the figures were negatively impacted by the dispute over Senkaku Islands,favorable sales results of brand products supported by the weakening of the Yen, as well as the development of
new directly-managed stores at Narita International Airport and Kansai International Airport.
Other revenues also increased compared with the figures for the same period during the previous year.
This was due to an increase in the wholesaling of products to stores at the Haneda Airport’s international
passenger terminal building and to the other airports, despite the negative impact of changes in contracts forwholesale business at Kansai International Airport.
As a result, operating revenues from the merchandise sales operations increased to ¥66,211 million (up9.5% year-on-year) and operating income to ¥5,027 million (up 32.7% year-on-year) due to various cost
reductions in procurement as well as efforts to reduce the cost of goods through expanding line-up of
private-branded merchandise.
[Food and Beverage]
Sales from food and beverage operations increased from the same period during the previous year for a varietyof reasons, including an increase in passenger volume, the opening of new directly-managed stores in
conjunction with the expansion of three spots at domestic passenger Terminal 2, as well as proactive sales andmarketing activities focused on customer acquisition.
Sales from in-flight meals rose as passenger volume of foreign carriers increased.
Other revenues decreased primarily because of the closing of a store due to construction at international
passenger terminal.
As a result, operating revenues from food and beverage operations rose 4.4% year-on-year to ¥13,412
million. Combined with various cost savings in labor costs and purchases, operating income for the segment
was ¥230 million (up 88.4% year-on-year).
(2) Explanation of Financial Position[Assets]
Current assets increased ¥4,011 million from the previous fiscal year end to ¥36,596 million, primarily due toan increase in cash and deposits by ¥3,061 million.
Fixed assets decreased ¥1,969 million from the previous fiscal year end to ¥151,877 million, primarily
due to a decline in tangible fixed assets by ¥5,337 million resulting from the progress of depreciation, despite anincrease in investment securities by ¥3,944 million.
As a result, total assets increased by ¥2,042 million from the previous fiscal year end to ¥188,473 million.
[Liabilities]
Current liabilities increased ¥358 million from the previous fiscal year end to ¥30,427 million, primarily
because an increase in accounts payable by ¥983 million exceeded a decrease in income taxes payable by ¥660
million.
Fixed liabilities decreased ¥1,404 million from the previous fiscal year end to ¥54,324 million, primarily
because long-term loans payable decreased by ¥700 million.
As a result, total liabilities decreased by ¥1,046 million from the previous fiscal year end to ¥84,751 million.
[Net assets]
Total net assets increased ¥3,088 million to ¥103,721 million primarily because retained earnings andvaluation difference on available-for-sale securities increased by ¥1,998 million and 591 million, respectively.
As a result, equity ratio was 54.2% (compared to 53.1% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
The JAT Group delivered strong consolidated operating results for the first nine months of the fiscal year 2013,
primarily driven by robust sales at duty-free shops at Narita International Airport and Haneda Airport. The
sales growth was attributed to increasing foreign travelers who visited Japan and improving unit price as
weaker yen has helped create a sense of better value for money to foreign tourists to Japan. As a result,operating income, ordinary income and net income on a consolidated basis for the first nine months surpassed
forecasts. However, the forecasts of full-year consolidated results have been left unchanged at this point fromthose announced on November 6, 2013 considering the prospect of an economic downswing overseas that posesa risk that could weaken the domestic economy.
-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

2. Summary (Notes) Information(1) Significant Changes in Subsidiaries during the Period under Review
None(2) 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 quarter after theapplication 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.

-4-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

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

FY2012(As of March 31, 2013)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
Total investments and other assets
Total fixed assets
TOTAL ASSETS-5-First Nine Months of
FY2013(As of December 31,
2013)

16,167
9,528
4,158
134
1,068
1,539
(12)
32,584

19,229
9,439
4,654
140
1,069
2,075
(12)
36,596265,219(165,240)
99,978
10,231(8,237)
1,994
10,4762,552(1,018)1,534
4,436
24,479(20,137)
4,341
122,761
2,214

270,371(172,293)
98,078
10,214(8,437)
1,776
10,476
2,919(1,380)1,538
1,107
25,532(21,086)
4,446
117,424
1,990

13,102
6,668
6,673
2,425
28,870
153,846
186,431

17,046
6,668
6,371
2,376
32,462
151,877
188,473

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
Allowance for employees’ retirement benefits
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-6-

FY2012(As of March 31, 2013)

First Nine Months of
FY2013(As of December 31,
2013)

5,062
12,104
1,831
896
152
10,02230,0696,046
12,322
1,170
467
137
10,28330,42744,702
4,770
443
5,813
55,72885,79844,002
4,609
448
5,264
54,32484,751

17,48921,30964,874(3,239)100,434

17,48921,30966,873(3,240)102,432

1,670

2,261

(3,073)20(1,382)
1,581
100,633
186,431(2,601)
45
(293)
1,583
103,721
188,473

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(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
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
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income-7-First Nine Months of
FY2012(from April 1, 2012
to December 31, 2012)

First Nine Months of
FY2013(from April 1, 2013
to December 31, 2013)

10,225
11,945
10,95759,94010,693
103,762

10,027
12,497
11,21465,702
11,267110,708

44,6606,644
51,30452,457

48,684
6,947
55,63155,077

6,292
398
105
676
6,301
10,463
9,580
14,78048,597
3,860

6,264
450
134
729
6,771
10,442
9,424
15,711
49,929
5,147

229
121
992
1,343

266
208
546
1,020

756
633
115
1,505
3,698

679
106
164
950
5,218

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(Millions of yen)

Extraordinary income
Subsidy income from government
Total extraordinary income
Extraordinary loss
Loss on reduction of fixed assets
Loss on retirement of fixed assets
Loss on valuation of investment securities
Loss on valuation of other investments
Total extraordinary loss
Quarterly income before income taxes and minority
interests
Income taxes – current
Quarterly income before minority interests
Minority interests income
Quarterly net income-8-First Nine Months of
FY2012(from April 1, 2012
to December 31, 2012)

First Nine Months of
FY2013(from April 1, 2013
to December 31, 2013)

－
－

89
89

－
－
35
1
37

88
37
－
1
126

3,661

5,181

1,697
1,963
39
1,924

2,139
3,041
27
3,013

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income before minority interests
Other comprehensive income (loss)
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of theparentComprehensive income attributable to minority
interests-9-

First Nine Months of
FY2012(from April 1, 2012
to December 31, 2012)
1,963

First Nine Months of
FY2013(from April 1, 2013
to December 31, 2013)
3,041

(46)
(0)

594
25

(420)

472

(466)
1,496

1,091
4,132

1,456

4,102

40

30

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(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(Segment Information, etc.)
I. First nine months of FY2012 (from April 1, 2012 to December 31, 2012)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Quarterly
consolidated
financialstatements Note2

Facilities
Management

Merchandise
Sales

32,47959,997

11,285

103,762―

103,762Intersegment sales
and transfers

1,557

480

1,566

3,604

(3,604)―

Total
Segment income (loss)

34,0372,924

60,477
3,787

12,851
122

107,367
6,834(3,604)(2,973)

103,7623,860

Operating revenues
Sales to externalcustomers

Food andBeverage

Adjustments
Total

Note1

(Notes) 1. Adjustments to the segment income include ¥2,974 million of administration expenses for the parent company’s administration divisions andothers at head office which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

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

II. First nine months of FY2013 (from April 1, 2013 to December 31, 2013)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Quarterly
consolidated
financialstatements Note2

Facilities
Management

Merchandise
Sales

33,15665,73011,821

110,708-

110,708

Intersegment sales
and transfers

1,602

480

1,590

3,674

(3,674)-

Total
Segment income (loss)

34,7592,968

66,211
5,027

13,412
230

114,383
8,226(3,674)(3,078)110,708
5,147

Operating revenues
Sales to externalcustomers(Notes)2.

Food andBeverage

Adjustments
Total

Note 1

1. Adjustments to the segment income include ¥3,081 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 is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable- 10 -