Earnings Explanatory Meeting
April 1, 2014 to March 31, 2015 (FY14)

Earnings Presentation Material(May 15, 2015)* 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.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIRPORT TERMINAL

Contents

Earnings Explanatory Meeting
April 1, 2014 to March 31, 2015 (FY14)
1. Review of Consolidated Financial Results for FY14(1) Consolidated financial results

P2(2) Consolidated financial results

P3

2. Consolidated Financial Forecast for FY15
(1) Summary of consolidated financial forecast for FY15P4(2) Summary of consolidated financial forecast for FY15P5(3) Forecast of operating revenues by segment

P6(4) Progress of the priority subjects

P7

Progress under the Medium-term Business Plan (Reference 1)P8Progress under the Medium-term Business Plan (Reference 2)

P9

3. Toward 2020 and Beyond

P10

4. Reference

P11

5. Reference (Destination cities of international flights)

P12

JAPAN AIRPORT TERMINAL

Contents
Supplementary Material

Reference Material

1. Details of Consolidated Financial Results for FY14

1. Overview and Characteristics of Japan Air Terminal (JAT)’s
Business(1)Changes in the number of passengers(Haneda, Narita and Kansai)(2) Consolidated financial results for FY14(3) Financial results by segment
1) Facilities management

P14
P15
P16

2) Merchandise sales

P173) Food and beverage

P18(4) Breakdown of selling, general and administrative expenses

P19(5) Non-operating income/expenses and extraordinary income/loss
P20(6) Consolidated balance sheets

P21(7) Consolidated statements of cash flows

P22[Reference] Purchasing Trends of International Passengers
by Nationality (1)P23[Reference] Purchasing Trends of International Passengers
by Nationality (2)P24(1) JAT’s position at each airport

P32(2) Company history

P33(3) Group’s business expansion at each airport

P34(4) Group companies (16 companies)

P35(5) Composition of the group businesses(consolidated, by segment / results for FY14)P36(6) Revenue composition (consolidated, by segment)

P37(7) Sales by region and segment (non-consolidated)

P38(8) Facilities of Tokyo International Airport (investment plan)

P39

2. Efforts Related to the Tokyo International Airport Re-expansion
Project(1) Re-expansion project of Tokyo International Airport

2. Details of Consolidated Financial Forecast for FY15P40(1) Consolidated financial forecast for FY15P25(2) Founding and present state of the Tokyo International Air Terminal
Corporation
P41(2) Financial forecast by segment
1) Facilities management

P26(3) Overview of the Tokyo international terminal building2) Merchandise sales

P273) Food and beverage

P28(4) Changes in no. of passengers on domestic and international flights(Haneda and Narita)
P43

3. Other Information(1) Capital expenditure and depreciation expenses

P29(2) Changes in Operating revenues, ordinary income and cash flows
P30

P42

Earnings Explanatory Meeting
April 1, 2014 to March 31, 2015

1. Review of Consolidated Financial Results for FY14
2. Consolidated Financial Forecast for FY15
3. Toward 2020 and Beyond
4. Reference
5. Reference (Destination cities of international flights)

JAPAN AIRPORTTERMINAL

1. Review of Consolidated Financial Results for FY14(1) Consolidated financial results

Expansion in international flight arrivals and departures (30,000 / year), and expansion in inbound travel demand to Japanaccompanying economic growth in Asia

Business
environment

 Expansion in international flight arrivals and departures (30,000 / year) .
 Significant loosening of visa terms and ongoing yen depreciation.
 Expansion in inbound travel demand to Japan accompanying economic growth in Asia and more robust

consumption tax exemption system.

 Passenger volume for Haneda domestic flights increased approximately 2% year on year, reflecting growth inconnecting passengers and domestic economic recovery.

Passenger
volume(year-on-yearcomparison) Passenger volume for Haneda international flights increased approximately 43% year on year due to expansion inarrivals and departures and growth in tourists to Japan.
 Passenger volume for Narita international flights declined approximately 5% year on year, as the impact of Haneda

international flights overshadowed record numbers of non-Japanese international flight passengers.
 Passenger volume for Kansai international flights increased by approximately 12% year on year, reflecting an

increase in flights by low-cost carriers (LCCs) and others, coupled with record-high international flight passengers.

 Passenger volume results (with respect to previous period)
Airport

FY14 1H(%)

FY14 2H
(%)

FY14
(%)

No. of passenger
volume(thousands)

Revisedforecast(thousands)

Rate of change(%)(Passenger ratio forinternational flights)
FY14

Haneda –Domestic

1.6

2.5

2.1

62,68062,4800.3

Haneda –International

40.5

46.7

43.6

11,540

11,390

1.3

Haneda65%

35%

Total Haneda

6.1

7.7

6.9

74,22073,870

0.5

Narita57%

43%

Narita

-4.7

-5.4

-5.1

48%

52%

29,400-0.3

Kansai29,300Kansai

9.9

14.3

12.2

13,51013,330

1.4

2

Japanese Non-Japanese* Figures based on the Ministry ofJustice’s data on the number of people
entering and leaving Japan

JAPAN AIRPORTTERMINAL(2) Consolidated financial results
Capturing growth in non-Japanese visitors, record-high operating revenues, ordinary income and net income
Growth in product and wholesale sales by addressing non-Japanese passengers visiting Japan who have astrong desire to purchase, and by retail stores’ efforts to attract customers through promoting products
tailored to customer needs
 Increase in commissioned facility management revenue from international passenger terminal building
expansion
 Increase in facility user charges revenue accompanying growth in domestic flight passenger volumeMain factors
behindchanges(Billions of yen)
1H

2H

FY

Items
FY14

Operating revenues

FY13

ChangeFY14

FY13

ChangeFY14

FY13

ChangeRevisedforecast*1

Difference

82.3

72.5

9.7

91.1

74.5

16.6

173.5

147.1

26.3

165.4

8.0

(Facilities management)(24.0)(21.8)(2.1)(25.0)(22.2)(2.8)(49.0)(44.1)(4.9)(48.3)(0.7)(Merchandise sales)(50.4)(42.7)(7.7)(58.3)(44.7)(13.5)(108.7)(87.5)(21.2)(101.3)(7.4)(Food and beverage)

(7.8)

(7.9)

(-0.0)

(7.8)

(7.5)

(0.2)

(15.7)(15.4)(0.2)(15.8)(-0.0)

Operating income

5.0

3.0

1.9

4.8

3.1

1.7

9.8

6.1

3.6

8.8

1.0

Ordinary income

6.1

3.2

2.9

5.6

2.4

3.2

11.8

5.7

6.1

9.7

2.1

Net income

3.9

1.8

2.0

2.6

1.0

1.6

6.6

2.9

3.6

5.7

0.9

¥9.0

¥6.0

Annual dividend

¥12.0

¥7.0

¥21.0

¥13.0

*1 Revised financial forecast announced in October 2014

Note: Figures shown are rounded down to the nearest 0.1 billion yen.
3

Capitalexpenditure

4.8

5.7

Depreciation
expenses

11.8

12.6

EBITDA

21.7

19.4

¥18.0

JAPAN AIRPORTTERMINAL

2. Consolidated Financial Forecast for FY15
(1) Summary of consolidated financial forecast for FY15

Growth in tourist volume to Japan from tourism promotion, increased flights, and new carriers including LCCs

 In addition to Japan tourism promotion, international airport demand grew atop increased flights and expansion in the LCC

Business
environment

market.
 Among other factors, international flight passenger volume increased due to deregulation in visa issuance terms for travelers

from China and Southeast Asia.
 Passenger volume for Haneda domestic flights is projected to grow 0.3% year on year, reflecting economic recovery in Japanand impact from the Hokuriku Shinkansen high-speed rail line.

Passenger
volume Passenger volume for Haneda international flights is projected to grow 5.6% year on year supported by the increasing number of

non-Japanese visitors and the increase of regular flights.
 Passenger volume for Narita international flights is projected to grow 3.3% year on year due to increased LCC flights.

(year-on-yearcomparison) Passenger volume for Kansai international flights is projected to grow 5.0% year on year due to growth in non-Japanese visitors

and LCC flights.

 Passenger volume forecast for FY15 (with respect to previous period)
Airport

FY15 1H
(%)

FY15
(%)

FY15 2H(%)

FY15 (Forecast) FY14 (Results)(thousands)(thousands)

Haneda –Domestic

0.5

0.0

0.3

62,85062,680

Haneda –International

5.8

5.3

5.6

12,180

11,540Total Haneda

1.3

0.9

1.1

75,04074,220

Narita

3.5

3.1

3.3

30,26029,300Kansai

8.7

1.6

5.0

14,20013,5104

JAPAN AIR TERMINALJAPAN AIRPORTTERMINAL(2) Summary of Consolidated financial forecast for FY15
Growth in duty free and steady investments in internationalization against backdrop of growth in non-Japanese visitors

Main factors
behindchanges

Increase in duty-free and wholesale sales by capturing growth in non-Japanese visitors.
Sales growth from the opening of urban duty-free store (Japan Duty Free GINZA).
Sales growth from full-year operation of Royal Park Hotel THE Haneda.
Increase in costs brought by the construction of new urban duty-free store and terminal renovation.

 Financial forecast for FY15

Items

Operating revenues(Billions of yen)

FY15
(Forecast)

FY14(Results)

190.0
10.0

173.5
9.8

(5.3)

Ordinary income
Net income

Operating income

ChangeRate of change
(%)

16.4

9.5

(5.7)

0.1

1.1

11.3

11.8

-0.5

-4.6

7.6

6.6

0.9

14.3

* Figures inside the parentheses represent the operating profit margin.

Capital expenditures

10.9

4.8

Depreciation expenses

11.9

11.8

EBITDA

21.9

21.7

Annual dividend

¥24.0

¥21.0
5

Note: Figures shown are rounded down to the nearest 0.1 billion yen.

JAPAN AIRPORTTERMINAL(3) Forecast of operating revenues by segment
Items

FY15
(Forecast)(Billions of yen)

FY14
(Results)

Rate of change(%)

Change

50.8

49.0

1.8

3.7

Rent revenue

12.8

12.8

-0.0

-0.2

Facility user charges
revenue

17.9

17.9

0.0

0.1

Other revenues

20.0

18.2

1.8

10.1

123.0

108.7

14.3

13.2

Sales at domestic
terminal stores

33.6

33.1

0.4

1.3

Sales at internationalterminal stores

35.6

28.0

7.5

27.0

Other sales

53.8

47.5

6.2

13.3

Food and beverage

16.2

15.7

0.5

3.3

Sales from restaurants

9.0

9.2

-0.1

-1.3

Sales from in-flight
meals

5.0

4.5

0.5

12.7

Other sales

2.0

2.0

0.0

3.3

Facilities management

Merchandise sales*1 Figures inside the parentheses represent the composition ratio within each segment (excluding sales amount within the segment).
*2 Main items of “other income” for each segment
Facilities management: Income from contract work to manage facility maintenance, income from hotel business, income fromadvertising and lounges, income from parking lots, etc.
Merchandise sales:
Income from wholesaling (other companies’ duty-free shops), etc.
Food and beverage:
Income from contract work to run TIAT restaurants, income from catering airport lounges, etc.
6Note: Figures shown are rounded down to the nearest 0.1 billion yen.

JAPAN
JAPAN AIRPORTAIRPORTTERMINALTERMINAL(4) Progress of the priority subjects
A . Measures for Haneda’s new international operations (stronger domestic-international integration)• First Cabin hotel expansion (May 2013)• More robust commissioned facility management for international passenger terminal (Mar. 2014)• Establishment of domestic/international connecting flight facility (Mar. 2014)• Attracted brand boutique (duty-free store) opening its first Japanese store (Mar. 2014)• Opening of Royal Park Hotel (Sept. 2014)• Commissioned facility management of traffic control facility for business jets (Sept. 2014)

B. Establish the future potential of new airport management• Bids on and research of overseas infrastructure projects (from Apr. 2013)• Clarification of profit and cost burden for facility user charges revenue (Apr. 2014)• Opening of second men’s store and a ladies’ store for Isetan Haneda Store (Jun.-Jul. 2014)• Establishment of Japan Duty Free Fa-So-La Mitsukoshi Isetan Co., Ltd. (Sept. 2014)• Application submission for special management of Sendai Airport (passed first application round in
Jan. 2015)

C. Improve our business profitability• Lower cost percentage via PB brand expansion• Development of measures pegged to growth in non-Japanese passenger volume• Capital alliance with LSG Sky Chefs to strengthen airline catering business (Sept. 2014)• Improved breakeven point via business valuation

Strengthen human resource and organization• Securing and training human resources who can adapt to future business environment changes
7◇ Progress under the Medium-term Business Plan (Reference 1)
Ａ

Designated gate for business jets
(Began using on September 30, 2014)

Haneda Tokyo Royal Park Hotel(Opened on September 30, 2014)

New duty free shops opened following the expansion of
the international passenger terminal
8

JAPAN AIRPORTTERMINAL◇ Progress under the Medium-term Business Plan (Reference 2)

JAPAN AIRPORTTERMINAL

Ａ

Isetan Haneda Store (ladieswear) in Terminal 1(Opened on July 18, 2014)

Japan Duty Free GINZA(Scheduled to open on the 8th floor of Mitsukoshi’s
Ginza store in the fall of 2015)

Developing Haneda Airport original products

9

JAPANAIRPORTJAPANAIRPORTTERMINALTERMINAL

3. Toward 2020 and Beyond
Conduct capital investment for Narita Airport’s internationalization
while securing target profit margin
Prepare for the Tokyo Olympics and Paralympics, setting 2015 as start year andcontribute to further enhancing functionality at Tokyo Airports
FY2015
Non-Japanese passenger volumeof 15 million expected throughthe effects of weak yen and visa
deregulation• Implement domestic terminal renovation• Improve convenience for connecting flights• Expand guidance functions, including multilanguage support• Strengthen marketing to non-Japanesevisitors

Non-Japanesepassengers havebeen increasing.

Beyond FY2021

FY2016–FY2020
The Tokyo Olympics andParalympics will increase flights
at Haneda and reform airport
management• Prepare facilities for increase to around39,000 flights• Utilize cutting-edge technologies• Strengthen city-center access functionality

Enhance international
competitiveness, promote Japanas key tourist destination, andimplement runway expansion• Adapt to enhanced domestic/international
networks• Participate in development of former
Haneda Airport site
• Construct next-generation terminals

Strengthen airport
and tourism alliances
as Japan becomes a
key tourist
destination

Improve terminal
functionality from theuser’s perspective

Share the appeal ofJapan abroad

Strengthen retailingin response to
growth in nonJapanese visitors

Bolster alliances with government, airlines and others
to make “All Haneda” the world’s No. 1 airport
10

Economic
effects ripple out
across Japan.

JAPAN AIRPORTTERMINAL

4. Reference
In SKYTRAX Global Airport Ranking
 Haneda Airport Domestic Passenger Terminals received“World’s Best Domestic Airport.”

Winning No. 1 in the world
for three years in a row

 Haneda Airport Domestic and International Passenger Terminals received“World’s Best Airport Security Processing.”

No. 1 in the world After being selected as a 5-Star Airport, Haneda Airport
ranked No. 1 in “World’s Best Domestic Airport” andNo. 1 in “World’s Best Airport Security Processing.”
In the “Global Airport Ranking 2014” conducted by United Kingdom-based SKYTRAX, Haneda
Airport’s domestic and international passenger terminals received a world-class “5-Star Airport”
ranking, a first for a Japanese airport.
As a follow-up, Haneda Airport was awarded both “World’s Best Domestic Airport” and “World’s
Best Airport Security Processing” in a global airport ranking also conducted by SKYTRAX in
March 2015.
In the “World’s Best Domestic Airport” category, Haneda Airport’s Domestic Passenger
Terminals ranked highly in areas such as ease of use and accessibility, ranking No. 1 in theworld for a third consecutive year. In the “World’s Best Airport Security Processing” category,
Haneda Airport’s domestic and international passenger terminals were ranked highly forexcellent responsiveness concerning departure safety inspections, a recognition that led to thelatest award.

 Other key categories which assessed Haneda Airport• “The World’s Best Airport”• “The Best Airport Terminal Cleanliness”• “The World’s Best Airport Staff”• “The Best Airport in Asia”
March 11, 2015 awards ceremony in Paris

11

No. 5
No. 2
No. 2
No. 4

JAPAN AIRPORTTERMINAL

5. Reference (Destination cities of international flights)
City name26 routes of international flights:
Approximately 82 flights departing per day

China

6:00 – 23:00
23:00 – 6:00
Both daytime flight and late night/early morning flight hours

LondonParis

Vancouver
Gimpo

MunichBeijinShanghai
Doha
Dubai

Hanoi
Bangkok

Kuala Lumpur

ManilaHo Chi Minh City

PEK
HKG

SHA

4

Gimpo

GMP

12
2
8

InchonINC

Taipei (Songshan)

TSA

Hanoi

HAN

Ho Chi Minh City

SGN

Singapore

Singapore

SIN

Philippines

ManilaMNL

Jakarta

CGK

Denpasar

DPS

Bangkok

BKK

Kuala Lumpur

KUL

Toronto

SeattleInchonHong Kong
Taipei4
6

Beijing

Southeast Asia
VietnamFrankfurt

Slots/dayHong Kong
Shanghai(Hongqiao)

Korea
TaiwanCode

San Francisco

Indonesia

Los Angeles
ThailandHonolulu

Malaysia

2
1
5
2
2
1
1
1
3
3
1

EuropeSingapore
Jakarta
DenpasarFranceParis

CDG

United Kingdom

LondonLHRFrankfurt

FRA

MunichMUC

Germany

シンガポール

43
2
12

North America
CanadaAmericaLos Angeles

LAX

Seattle

SEA

1
1
1
2
2
2
1

Vancouver

YVR

TorontoYYZ

Honolulu

HNL

San Francisco

SFO

Middle East

12

UAE

Dubai

DXB

1

Qatar

Doha

DOX

1

International departures total

82(As of May 2015)

Earnings Explanatory Meeting
April 1, 2014 to March 31, 2015 (FY14)

Supplementary Material
1. Details of Consolidated Financial Results for FY14
2. Details of Consolidated Financial Forecast for FY15
3. Other Information* 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 supersede.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIRPORT TERMINAL

1. Details of Consolidated Financial Results for FY14

JAPA AIR TERMINAL(1) Changes in the number of passengers (Haneda, Narita and Kansai)(Thousand passengers)(Thousand passengers)

7 0 ,0 00
6 8 ,0 00

Haneda Airport – domestic flights

14,000

Haneda Airport – international flights

12,000

FY14 result +43.6%(adjusted forecast Oct. 2014 +1.4%)

FY14 result +2.1% (adjusted forecast Oct. 2014 +0.3%)
6 6 ,0 00
6 4 ,0 00

62,682

May 2009
H1N1 influenza outbreak
Oct. 2010
Expanded Terminal 2 andstarted operation at Haneda
Mar. 2011
AirportGreat East Japan
Earthquake

6 2 ,0 00
6 0 ,0 00
5 8 ,0 00

62,85410,000(+2.1%)

6,000

5 2 ,0 00

Oct. 2010
New International Terminal
started operation

4,000

2,000

5 0 ,0 00

Mar. 2014
Increased landing slots(30,000 / year)

Mar. 2011
Great East Japan Earthquake

4,817

56,424
1H result +1.6%
2H result +2.5%

8,039

7,267

8,000

5 6 ,0 00
5 4 ,0 00(+43.6%)
7,950

58,75258,808(+5.6%)

1H result +40.5%
2H result +46.7%(+0.3%）

61,41012,186
11,542

Oct. 2009
Flights between Haneda andBeijing commenced (4 RT/day)

FY

4 8 ,0 00
2009

2010

2011

2012

2013

2014

2015

 Results

Forecast 

FY
0
2009

2012

Narita International Airport – international flights

May 2009
H1N1 influenza outbreak

30,82929,7103 1 ,000(+3.3%)(-5.1%)

2015

Forecast 14,201

12,00030,26629,302

11,00013,518

FY14 result+12.2%(adjusted forecast Oct. 2014 -1.3%)

13,00030,8622014

Kansai International Airport – international flights
14,0003 5 ,000

3 3 ,0002013(Thousand passengers)
15,000

FY14 result -5.1% (adjusted forecast Oct. 2014 +0.3%)(+5.0%)

12,051(+12.2%)

2013

2014

11,428May 2009
H1N1 influenza outbreak

26,926

2 9 ,000

10,0002 7 ,000

2 5 ,0002011 Results(Thousand passengers)

3 7 ,0002010

10,408

10,1149,000

1H result -4.7%
2H result -5.4%

Mar. 2011
the Great East Japan Earthquake
8,000

FY

2 3 ,000
2009

2010

2011

2012

2013

2014

 Results

1H result +9.9%2H result +14.3%
FY

7,000
2009

2015

Forecast 

2010

2011

2012

 Results

2015

Forecast * Passenger volume
Results: Figures published by Minister of Land, Infrastructure, Transport and Tourism,
Narita International Airport Corporation and New Kansai International Airport Co., Ltd.

14

Forecast: Created by the Company

JAPAN AIRPORT TERMINAL(2) Consolidated financial results for FY14
1,000,000

Items

FY14

FY13

(Results)(Results)

Ratio
Operating revenues
Facilities management
Merchandise sales
Food and beverage

Cost of sales
Cost of sales ofmerchandise

ChangeRatio

Revised forecast(Oct. 2014)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

173,505
49,036
108,751
15,717
89,956100.0

147,116100.0

26,38817.9

165,400

100.0

8,105

28.2

44,115

30.0

4,921

11.2

48,300

29.2

736

62.7

87,50559.5

21,24624.3

101,300

61.2

7,451

9.1

15,496

10.5

220

1.4

15,800

9.6

-82

51.8

74,09050.4

15,866

21.4

84,100

50.9

5,856

80,74646.5

64,97944.2

15,76624.3

74,900

45.3

5,846

(Ratio)*1( 74.2%)

Cost of sales of food andbeverage

9,210(Ratio)*2( 58.6%)( 74.3%)

5.3(-0.1P)

9,110

6.2

( 58.8%)100( 73.9%)1.1(-0.2P)

9,200( 0.3P)

5.6( 58.2%)10( 0.4P)

Gross profit

83,54848.2

73,02649.6

10,521

14.4

81,300

49.2

2,248

Selling, general andadministrative expenses

73,65942.5

66,831

45.4

6,827

10.2

72,500

43.8

1,159

Operating income

9,888

5.7

6,194

4.2

3,693

59.6

8,800

5.3

1,088

Non-operating income/expenses

1,960

1.1

-471

-0.3

2,432

-

900

0.6

1,060

Ordinary income

11,849

6.8

5,723

3.9

6,126

107.0

9,700

5.9

2,149

-330

-0.2

-55

-

-274

-

-400

-0.2

69

6,648

3.8

2,979

2.0

3,668

123.1

5,740

3.5

908

Extraordinary income/loss
Net income*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

15

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(3) Financial results by segment
1) Facilities management
Items

FY14

FY13

(Results)(Results)

Ratio

ChangeRate ofchangeRevised forecast(Oct. 2014)

Ratio

Millions of yen%

Millions of yen

Rent revenues

12,89525.3

13,35528.9

Facility user charges
revenues

17,91735.1

16,487

Other revenues

18,22335.8

Subtotal

49,036

Difference

Ratio
%

Millions of yen%

Millions of yen

-459

-3.4

12,900

25.6

-4

35.6

1,430

8.7

17,80035.4

117

14,272

30.9

3,951

27.7

17,600

35.0

623

96.2

44,115

95.4

4,921

11.2

48,300

96.0

736

1,951

3.8

2,112

4.6

-161

-7.7

2,000

4.0

-48

50,987100.0

46,228

100.0

4,759

10.3

50,300100.0687

Operating expenses

45,617

89.5

42,571

92.1

3,046

7.2

45,30090.1

317

Operating income

5,369

10.5

3,656

7.9

1,713

46.9

5,000

9.9

369

Sales to external customers

Intersegment sales
Total(Ratio)(10.5%)% Millions of yen(7.9%)( 2.6P)(9.9%)• Rent revenues:
Review of airline office rent at domestic passenger terminal building• Facility user charges revenues: Increase in facility user charges revenues due to higher domestic passenger volumes• Other revenues:
Increase in TIAT contract work revenues
Increase in hotel revenues
Increase in subcontracted work revenues

16( 0.6P)-¥0.3 billion+¥1.4 billion+¥1.9 billion+¥0.6 billion+¥0.4 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL

2) Merchandise sales

1,000,000
Items

FY14

FY13

(Results)(Results)

Ratio

Revised forecast(Oct. 2014)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

33,16830.3

32,089

36.4

1,079

3.4

33,40032.7-231International terminal
stores

28,07825.7

21,344

24.2

6,734

31.6

25,000

24.5

3,078

Other sales

47,503

43.4

34,071

38.7

13,432

39.4

42,900

42.1

4,603

Subtotal

108,751

99.4

87,505

99.3

21,24624.3

101,300

99.3

7,451

Intersegment sales

672

0.6

645

0.7

27

4.3

700

0.7

-27

109,424

100.0

88,150100.021,27424.1

102,000

100.0

7,424

Operating expenses

100,588

91.9

81,635

92.6

18,95323.2

93,800

92.0

6,788

Operating income

8,835

8.1

6,515

7.4

2,320

35.6

8,200

8.0

635

Sales to external customers

Total(Ratio)(8.1%)(7.4%)(0.7P)(8.0%)• Domestic terminal stores:
Increased sales accompanying growth in domestic flight passenger volumes• International terminal stores: Increased sales at directly managed stores in Haneda International Terminal
Increased sales at directly managed stores in Narita International Airport
Increased sales at Kansai International Airport boutique stores• Other sales:
Increased wholesale to Haneda international flights, regional airports, etc.
Increased wholesale to Narita International Airport

17(0.1P)+¥1.1 billion+¥1.0 billion+¥2.9 billion+¥2.6 billion+¥12.3 billion+¥0.7 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL

3) Food and beverage

Items

FY14

FY13

(Results)(Results)

Ratio

Rate ofchangeChangeRevised forecast(Oct. 2014)

Ratio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

9,204

50.8

9,189

52.2

15

0.2

9,200

50.2

4

Sales from in-flight meals

4,511

24.9

4,601

26.2

-89

-1.9

4,500

24.6

11

Other sales

2,000

11.0

1,705

9.7

294

17.3

2,100

11.5

-99

15,71786.7

15,496

88.1

220

1.4

15,80086.3-82Intersegment sales

2,415

13.3

2,088

11.9

326

15.6

2,500

13.7

-84

Total

18,132100.0

17,584

100.0

547

3.1

18,300

100.0

-167

Operating expenses

17,95499.0

17,437

99.2

516

3.0

18,100

98.9

-145

178

1.0

147

0.8

30

20.8

200

1.1

-21

Sales to external customers

Subtotal

Operating income(Ratio)(1.0%)(0.8%)(0.2P)• Other sales : Increase in TIAT restaurant management commission revenues
Decrease in lounge management commission revenues and others

18(1.1%)(-0.1P)+¥0.5 billion-¥0.3 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(4) Breakdown of selling, general and administrative expenses

Items

FY14

FY13

(Results)(Results)

Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

173,505

100.0

147,116100.0

26,388

17.9

Selling, general andadministrative expenses

73,65942.4

66,831

45.4

6,827

10.2

Salaries and wages

8,408

4.8

8,021

5.4

386

4.8

Provision for employees’ bonuses

1,103

0.6

989

0.7

113

11.5

Provision for directors’ bonuses

196

0.1

170

0.1

25

14.9

Expenses for retirement benefits

990

0.6

971

0.6

19

2.0

Rent expenses

10,342

6.0

9,083

6.2

1,258

13.9

Outsourcing and commission

17,626

10.2

13,920

9.5

3,705

26.6

Depreciation expenses

11,872

6.8

12,680

8.6

-808

-6.4

Other costs and expenses

23,11913.3

20,992

14.3

2,126

10.1

Operating revenues

19

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(5) Non-operating income/expenses and extraordinary income/loss
Items

FY14

FY13

(Results)(Results)

Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

173,505

100.0

147,116100.0

26,388

17.9

Operating income

9,888

5.7

6,194

4.2

3,693

59.6

Non-operating income

2,979

1.7

1,315

0.9

1,663

126.4

Interest income and Dividend
income

721

0.4

572

0.4

148

26.0

Equity in gains of affiliates

1,315

0.8

-

-

1,315

-

Miscellaneous income

941

0.5

742

0.5

198

26.8

Non-operating expenses

1,018

0.6

1,786

1.2

-768

-43.0

Interest expenses

746

0.4

896

0.6

-150

-16.7

-

-

706

0.5

-706

-

271

0.2

184

0.1

87

47.6

11,849

6.8

5,723

3.9

6,126

107.0

Extraordinary gains

-

-

180

0.1

-180

-

Extraordinary loss

330

0.2

235

0.2

94

40.1

Total Income taxes

4,871

2.8

2,688

1.8

2,182

81.2

Net income

6,648

3.8

2,979

2.0

3,668

123.1

Net Sales

Equity in losses of affiliates
Miscellaneous expenses
Ordinary income/loss

20

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(6) Consolidated balance sheets(Millions of yen)Accounts payable – trade+¥1.5 billion
Income taxes payable, etc.
+¥1.2 billion
Others+¥2.8 billion
Long-term loans payable(To be repaid within a year)-¥0.8 billion

Cash and deposits+¥31.7 billion
Accounts receivable+¥4.8 billion

Current
liabilities+6,557

Current
assetsTangible fixed assets(depreciable assets)
Buildings, etc.
+¥1.1 billion
Accumulated depreciation-¥8.1 billion+37,392

Fixed
assetsInvestments and other assets
Investment securities+¥4.3 billion
Deferred tax assets-¥2.3 billion

Fixedliabilities+15,650-4,521Long-term loans payable-¥11.4 billion
Bonds with stock acquisitionrights+¥30.1 billion
Net defined benefit liabilities-¥2.3 billion

Retained earnings+¥6.4 billion
Valuation difference+¥2.3 billion
Equity capital to total assets

Total assents
218,229

Total assets
185,358

Net assets+10,663

21

FY14

50.2%

FY13

54.1%

(-3.9P)

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(7) Consolidated statements of cash flows
1,000,000
FY14(Results)

Items

FY13
(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

19,52015,204

4,316

Income before income taxes and minority interests

11,519

5,668

5,851

Depreciation and amortization

11,954

12,747-793

Other current assets

409

-138

547

Other current liabilities

3,997-1,122

5,120

Other fixed liabilities

-109

-306

197

Others-4,955

1,143-6,099

Income and other taxes paid

-3,294-2,787-507

Cash flows from investing activities-4,008-9,660

5,651

Purchase of tangible fixed assets-3,677-4,074396

Purchase of intangible fixed assets

-281

-338

56

Others-48-5,248

5,199

16,251-6,574

22,826

Proceeds from long-term loans payable

-

7,300

-7,300

Repayment of long-term loans payable-12,272-12,104-168

Dividends payment-1,299-1,015-284

Others29,823-754

30,5780

12-12Increase (decrease) in cash and cash equivalents

31,763-1,01732,781

Cash and cash equivalents at the beginning of period

15,133

16,151-1,017

Cash and cash equivalents at the end of period

46,897

15,13331,763

Cash flows from operating activities

Cash flows from financing activities

Effect of exchange rate change on cash and cash equivalents

Note: Figures shown are rounded down to the nearest million yen.

22

JAPAN AIRPORT TERMINAL[Reference] Purchasing Trends of International Passengers by Nationality (1)(1) Number of departing foreign visitors by airport (monthly average)
Whole Japan Airports

HanedaNaritaNo. of passengers(person)KansaiNo. of passengers(person)Composition ratio(%)

No. of passengers(person)Composition ratio(%)

Composition ratio(%)

No. of passengers(person)

FY2013

981,631100

114,704

12

374,568

38

FY2014

1,256,725

100

163,14313

427,672

34

OthersComposition ratio(%)

No. of passengers(person)Composition ratio(%)

204,02921

288,330

29

281,49922

384,41131（Approx. 70% of international passengers use these 3 airports.）(2) Number of departing foreign visitors by airport and nationality (monthly average)
Rank and fluctuation in volume of departing passengers for FY14

≪Haneda≫≪Narita ≫≪Kansai ≫No. of passengers(person)Composition ratio(%)

109,454

11.1

24.5

(2) Taiwan

64,498

6.6

27.9

-0.9

(3) U.S.A.

49,690

5.0

2.5

26.0

(4) South Korea

41,596

163,143

34.4

42.2

Foreign Nationals

311,755

65.6

40.7

Japanese Nationals

474,898

100.0

41.2

Total

No. of passengers(person)Composition ratio(%)(1) South Korea

35,3487.4

12.2(1) China (incl. Hong Kong)(2) China (incl. Hong Kong)

28,3296.0

57.3(3) Taiwan

23,296

4.9(4) U.S.A.

12,021

Foreign Nationals
Japanese Nationals
Total

Nationality

Change (%)

Nationality

No. of passengers(person)Composition ratio(%)(1) China (incl. Hong Kong)

89,225

16.5

73.7(2) South Korea

64,504

11.9

27.0

5.8

(3) Taiwan

61,985

11.5

34.2

4.2

15.2

(4) Thailand

10,8422.0

44.9

427,672

43.4

14.2

Foreign Nationals

281,499

52.1

38.0

556,615

56.6

-16.1

Japanese Nationals

258,340

47.9

-8.5

984,287

100.0

-5.2

Total

539,839

100.0

11.0

Change (%)

Nationality

Change (%)

Number of departing non-Japanese passengers
50

160(+84%)

45
40(+57%)

30

(+3%)

120

(+12%)

35

120

140
Others(+25%)

100

100(+74%)

80(+27%)

60(+34%)

40(+31%)

Europe/U.S.A.

25

South-East
Asia

80

(+53%)(-1%)

South Korea

60(+163%)

Taiwan

40

China

5

20

0

0

20
15
10

1H

2H
FY13

1H

2H
FY14

(+28%)(+15%)(+15%)(+10%)(+11%)

20(+18%)

0
1H

2H
FY13

1H

2H
FY14

1H

2H
FY13

1H

2H
FY14

Notes: Passenger data has been aggregated by the Company using immigration statistics from the Ministry of Justice. Data from April 2014-February 2015. Transit passengers are not included in passenger Number.

23

JAPAN AIRPORT TERMINAL[Reference] Purchasing Trends of International Passengers by Nationality (2)(3) Shift in volume of departing passengers and sales from directly managed duty-free stores by
airport and nationality (monthly average)(Net sales: Millions of yen)(No. of travelers: thousands)

3,000

2,500

2,000

1,500

1,000

OthersEurope and USSouth-East Asia
TaiwanSouth Korea

85
81
160 (6.1%)

241(9.2%)

221

114
730
（44.2 ％）

331(+40.7%)163(+43.0%)Foreign
1,083
travelers(41.3%)(Change)

0
FY14

3,000

700

KansaiJapanese travelers(Change)556(-16.1%)

2,500

600

600

2,500

500

500

427
(+14.2%)

2,000
400

2,000
400

400

374
Foreign travelers (Change)

1,500
300

1,500

Japanese travelers (Change)

282

300

281
(+37.7%)

300

76

1,000
200

54
59
44

100

500

56
49
52
65

30

1,000

258
(-8.5%)

204

200

42

602
(49.0%)

347(34.3%)

Foreign travelers (Change)
500

374(63.0%)

27326(26.5%)

0

FY14

FY13

183
(49.7%)

0

0

200

32

100
434
(42.9%)

0
FY13

700

Narita500

550(21.0%)

33
52
142 (8.6%)
196(11.8%)(17.7%)
500

600
424
(16.2%)

Japanesetravelers(Change)207 (12.5%)

3,000

663

China (incl. Hong Kong)
Japan

2 93

700

Haneda122 (33.2%)

124 (20.9%)

FY13

100

0

FY14

Notes: “Net sales” denote all store sales (excluding taxable stores). Haneda: all duty-free stores; Narita: directly managed general stores and boutiques; Kansai: directly managed boutiques. Sales by nationality partially include estimates.

(4) Main factors attributable to the fluctuation sales at duty free shops and purchasing trends«Haneda» Strong contribution to all sales from growth particularly in cosmetic and brand boutique sales accompanying growth in Japanese passengers
 Along with growth in international passengers, the share of sales accounted for by Chinese visitors in particular surpassed 20%
 Brisk growth in sales of domestic cosmetics and high-end jewelry to non-Japanese passengers«Narita» Along with a decline in Japanese passengers, the share of sales accounted for by Japanese visitors declined roughly to 26%
 The share of sales accounted for by Chinese visitors expanded to roughly 50%, reflecting stronger measures to attract Chinese passengers andothers to retail stores«Kansai»
 Sales from Chinese visitors account for approx. 63% of the overall sales. In particular, sales of watches and jewelly has been doing well
24

JAPAN AIRPORT TERMINAL

2. Details of Consolidated Financial Forecast for FY15(1) Consolidated financial forecast for FY15
1,000,000
Items

FY15

FY14

(Forecasts)(Results)

Ratio
Operating revenues
Facilities management
Merchandise sales
Food and beverage

Cost of sales
Cost of sales ofmerchandise

Rare ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

190,000
50,800123,000
16,20099,700100.0

173,505

100.0

16,4949.5

26.8

49,036

28.2

1,763

3.6

64.7

108,751

62.7

14,24813.1

8.5

15,717

9.1

482

3.1

52.5

89,956

51.8

9,743

10.8

90,20047.5

80,746

46.5

9,453

11.7

(Ratio)*1(73.3%)

Cost of sales of food andbeverage

9,500(Ratio)*2(58.6%)(74.2%)

9,210

5.0

(-0.9P)

5.3(58.6%)

289

3.1

-

Gross profit

90,30047.5

83,548

48.2

6,751

8.1

Selling, general andadministrative expenses

80,30042.2

73,659

42.5

6,640

9.0

10,0001,300
11,300

5.3

9,888

5.7

111

1.1

0.6

1,960

1.1

-660

-33.7

5.9

11,849

6.8

-549

-4.6

-200

-0.1

-330

-0.2

130

-39.4

7,600

4.0

6,648

3.8

951

14.3

Operating income
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income*Preconditions: Forecast of number of passengers*1 Ratio: Cost of sales of merchandise/Operating revenues of merchandise

Haneda domestic (full-year) +0.3% YoY*2 Ratio: Cost of sales of food and beverage/Operating revenues of food and beverage

Haneda international (full-year)+5.6% YoY

Narita international (full-year)+3.3% YoY

Kansai international (full-year)+5.0% YoY25

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(2) Financial forecast by segment
1) Facilities management

Items

FY15

FY14

(Forecasts)(Results)

Ratio

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

Rent revenues

12,80024.2

12,895

25.3

-95

-0.7

Facility user charges
revenues

18,00034.1

17,917

35.1

82

0.5

Other revenues

20,00037.9

18,223

35.8

1,776

9.7

Subtotal

50,80096.2

49,036

96.2

1,763

3.6

Intersegment sales

2,000

3.8

1,951

3.8

48

2.5

52,800100.050,987

100.0

1,812

3.6

Operating expenses

47,00089.045,617

89.5

1,382

3.0

Operating income

5,800

11.0

5,369

10.5

430

8.0

Sales to external customers

Total(Ratio)• Other revenues:(11.0%)(10.5%)

Increase in TIAT management commission revenues
Increase in hotel revenues

26(0.5P)+¥1.9 billion+¥0.9 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL

2) Merchandise sales

Items

FY15

FY14

(Forecasts)(Results)

Ratio

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

Domestic terminal stores

33,60027.2

33,168

30.3

431

1.3

International terminal
stores35,60028.8

28,078

25.7

7,521

26.8

Other sales

53,80043.5

47,503

43.4

6,296

13.3

123,000

99.5

108,751

99.4

14,248

13.1

600

0.5

672

0.6

-72

-10.8

123,600

100.0

109,424100.0

14,175

13.0

Operating expenses

114,800

92.9

100,58891.9

14,211

14.1

Operating income

8,800

7.1

8,835

8.1

-35

-0.4

Sales to external customers

SubtotalIntersegment sales andtransfers
Total(Ratio)(7.1%)(8.1%)(-1.0P)• Domestic terminal stores:
Increased sales thanks to growth in domestic passenger volumes• International terminal stores: Increased sales at stores directly managed by Haneda International terminal
Increased sales at directly managed stores at Narita Airport
Increased boutique store sales at Kansai International Airport• Other sales:
Increased wholesales to Haneda International flights and Narita International
AirportIncreased wholesales to regional airports, and others.

+¥0.3 billion+¥0.3 billion+¥2.4 billion+¥0.5 billion+¥5.0 billion+¥1.4 billion

Note: Figures shown are rounded down to the nearest million yen.

27

JAPAN AIRPORT TERMINAL

3) Food and beverage

Items

FY15

FY14

(Forecasts)(Results)

Ratio

Rate ofchangeChangeRatio

Millions of yen%

Millions of yen%

Millions of yen%

Sales from restaurants

9,100

48.4

9,204

50.8

-104

-1.1

Sales from in-flight meals

5,100

27.1

4,511

24.9

588

13.0

Other sales

2,000

10.7

2,000

11.0

-

-

16,20086.2

15,717

86.7

482

3.1

2,600

13.8

2,415

13.3

184

7.7

Total

18,800100.0

18,132

100.0

667

3.7

Operating expenses

18,50098.4

17,954

99.0

545

3.0

300

1.6

178

1.0

121

68.4

Sales to external customers

SubtotalIntersegment sales

Operating income(Ratio)(1.6%)(1.0%)

Sales from in-flight meals: Increased sales from new commissioned managementof in-flight meals for foreign airlines

28(0.6P)+¥0.5 billion

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL

3. Other Information(1) Capital expenditure and depreciation expenses
FY10

FY11

FY12

FY13

FY14

FY15

(Results)(Results)(Results)(Results)(Results)(Forecasts)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

13,413

8,140

7,215

5,765

4,828

10,975

Depreciation expenses

13,217

13,954

12,865

12,68011,872

11,904Items• Breakdown of Major Capital Expenditures
FY2015 (Forecasts)

FY2014 (Results)

Terminal 1 central monitor system¥0.4 billion

Terminal 1 PBB renewal¥0.3 billion

Terminal 1 sign renovation¥0.3 billion

Isetan Haneda Store (ladieswear) construction¥0.3 billion

Isetan Haneda Store (Building 2) construction¥0.2 billion

Urban duty-free store construction
Terminal 1 renewal
Terminal 1 PBB update
Flight board equipment update
Central monitor office’s system update¥2.0 billion¥1.3 billion¥0.7 billion¥0.6 billion¥0.6 billion• Major depreciation expenses

FY10

FY11

FY12

FY13

FY14

(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen

Terminal 1

4.1

4.4

4.2

4.0

3.9

4.2

Terminal 2

5.6

6.1

5.2

5.4

5.0

4.4

International Terminal

0.3

-

-

-

-

-

P4 Parking

0.6

0.6

0.5

0.5

0.4

0.3

29

FY15
(Forecasts)

Billions of yen

Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(2) Changes in Operating revenues, ordinary income and cash flows(right) Ordinary income (forecast)

140

Chubu Centrair
International Airport
openedY2K task

Financial realignment

Voluntary closure of
Yamaichi Securities

180

Billions ofyen

The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

Great East Japan Earthquake(right) Ordinary income (results)

Hikes in the price of crude oil
Financial crisis being
triggered by the US
H1N1 influenza outbreak(right) Cash flows (forecast)

9-11 Terrorist Attack in the US
Iraq war
SARS outbreak(right) Cash flows

Narita International Airport
Terminal 2 started
operation

220(left) Operating revenues (forecast)Kansai International
Airport opened

Billions ofyen(left) Operating revenues (results)

45

40

35

30

25

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1
started operation (Sep. 1993)
100

17.1

17.5

17.7

15
13.9 14.6

15.1

60

13.3

11.3
11.8

10.7

10

5

6.7
20

20

5.7

4.9

3.6

3.1

0

0.1
-20

'89

'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

-5


'14 '15
Results Forecast(Cash flows = Net income + Depreciation expenses – Dividends)

30

Earnings Explanatory Meeting

April 1, 2014 to March 31, 2015 (FY14)

Reference Material
1.

Overview and Characteristics of Japan Air Terminal (JAT)’s Business

2.

Efforts Related to the Tokyo International Airport Re-expansion Project* 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.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIRPORT TERMINAL

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s position at each airport
AirportResponsible
partyManagement
party
Airport facilities(basic facilities)
Runways
Taxiways
ApronsHaneda Airport(Tokyo International Airport)

Narita Airport(Narita International
Airport)Kansai Airport(Kansai International
Airport)Central Japan Airport(Central Japan International
Airport)Itami Airport(Osaka International
Airport)National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan International
Airport Co., Ltd.

New Kansai International
Airport Company, Ltd.

National government(Minister of Land, Infrastructure, Transport and Tourism)

Control facilities
Domestic: JAT
Terminal buildings International: Tokyo International Air
Terminal Corporation (TIAT)
Shareholder
composition

Private corporations, etc.:

100%

Narita International Airport
Corporation

National government:

New Kansai International
Airport Company, Ltd.

100% National government:

Central Japan International
Airport Co., Ltd.

Private corporations, etc.:
100% National government:
Local governments:

50%
40%
10%

Osaka International Airport
Terminal Co., Ltd.
New Kansai International
Airport Company, Ltd.
100%

(Reference) Basic position of terminal building companies

Operators of the airport facilities
Runways, taxiways and aprons:
Installed and managed by national government, local governments, and Narita/New Kansai/Central Japan
airport companies
Terminal buildings and cargo terminals: Constructed, owned, and managed by private corporations, third sector bodies, and airport companies, etc.
Maintenance area:
Constructed, owned, and managed by private corporations and airline companies
JAT has been designated as an Airport Facilities Operator* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to
Article 15, Paragraph 1 of the Airport Act.
*Enterprise that constructs or manages airport facilities (passenger or cargo handling facilities or aircraft refueling facilities necessary foran airport to perform its functions).

Relationship with airline companies
JAT leases facilities such as check-in counters and offices.

Relationship with merchandise stores, restaurants, and service stores
JAT leases store/office space to the passenger terminal building companies which open their own stores, or to the tenants of airlinerelated companies. Those companies need filings to operate sales at the airports.
32

JAPAN AIRPORT TERMINAL(2) Company history
Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial
resources after the war, only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided tobuild the terminal with private funds (cabinet approved), and in 1953 the Company was founded with the cooperation of major
financial institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953 (July)
1955 (May)1964 (April)

1978
1990
1991
1993
1994
1998
2001
2002
2003
2004
2005
2006

2007

2008
2009
2010

2011
2013

Established with private sector capital of 150 million yen.
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic
Games.
(October)Duty-free sales operations commenced.
(May)
Commenced merchandise sales including duty-free articles, hotel reservation services
and other operations with the opening of Narita International Airport.
(February)
Listed on second section of the Tokyo Stock Exchange.
(September) Listed on first section of the Tokyo Stock Exchange.
(September) Haneda Airport Terminal 1 (Big Bird) started operation.
(September) Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
(March)The temporary international terminal at Haneda Airport started operation.
(February)
International charter flights commenced at Haneda Airport.
(April)Terminated periodic international flights from Haneda Airport (transfer of China Airlines
and the EVA Airways to Narita).
(November) International charter flights between Haneda and Seoul (Gimpo) commenced.
(December) Terminal 2 at Haneda Airport started operation.
(February)
Wholesale of duty-free goods commenced with the opening of Central Japan International
Airport.
(April)Participated in the project of the maintenance and operation of terminal at international
flight area of the Tokyo International Airport.
(June)
Invested in the special purpose company (SPC) “Tokyo International Air Terminal
Corporation.”(February)South Pier in Terminal 2 at Haneda Airport started operation.
(September) International charter flights between Haneda and Shanghai (Hongqiao Airport)commenced.
(April)International charter flights between Haneda and Hong Kong commenced (during specifichours).
(April)Designated as an Airport Facilities Operator under the revised Airport Act.
(October)International charter flights between Haneda and Beijing commenced.
(August)P4 multi-story parking main building started operation (full-scale operation scheduled in
October).
(October)
The extended part of Terminal 2, Haneda Airport started operation.
The new International Passenger Terminal (TIAT) started operation.
(January)
Established Japan Airport Terminal Trading (Chengdu) Co., Ltd.
(November) Renewal of Terminal 1 building, Haneda Airport completed.
(April)The extended part of south Pier in Terminal 2 at Haneda Airport started operation.

33

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

Haneda Airport Terminal 2

JAPAN AIRPORT TERMINAL(3) Group’s business expansion at each airport
Haneda Airport (Tokyo International Airport)
Terminal 1 (area under management: 292,400 m2)

Terminal 2 (area under management: 255,600 m2)• Construction, management, andoperation of terminal buildings• Real estate leasing• Merchandise sales(direct management)• Food and beverage services(direct management)• Passenger services• Preparation/sales of in-flightmeals

Started operation on September 27, 1993

International Passenger Terminal(constructed and managed by Tokyo International Air Terminal Corporation)
Business under contract• Facilities
maintenance/management• Duty-free store operation, etc.
• Passenger services

Parking lots
Management of parking lots
(total of 4,776 spots)• P1 parking lot

2,351 spots• P4 parking lot

2,425 spots• Wholesale and merchandise
sales• Food and beverage services

Started operation on October 21, 2010

Narita International Airport

Started operation on December 1, 2004
South Pier started operation on February 15, 2007
The extended part of Terminal 2 started operation on October 13, 2010
The extended part of south Pier in Terminal 2 at Haneda Airport
started operation on April 8, 2013.

Central Japan International
AirportKansai International Airport• Wholesale

Chengdu Int’l Airport andChengdu City (China)• Merchandise sales (duty-free stores, etc.)• Commissioned management of duty-free stores• Wholesale (duty-free items, general items),
commissioned management of duty-free stores• Merchandise sales• Wholesale• Wholesale• Food and beverage service• Food and beverage service• Passenger services• Preparation/sales of in-flight meals

34• Merchandise sales

JAPAN AIRPORT TERMINAL(4) Group companies (16 companies)
Facilities management operations (6 companies)[Maintenance and management]• Japan Airport Techno Co., Ltd.

Japan Airport Terminal Co., Ltd.

Maintenance management of airport terminal facilities (inspection, construction,cleaning, etc.)
Security service in airport terminal facilities and management of parking area
Management of garbage disposal plants• Haneda Airport Security Co., Ltd.
• Sakura Clean Corporation[Service]• BIG WING Co., Ltd.
Advertising agency business and event planning management in airport terminal facilities• Haneda Passenger Service Co., Ltd. Passenger services (information, insurance sales, and travel agency business)• Japan Airport Ground Handling Co., Ltd.
Ground handling operations at Haneda Airport (passengers, ramps, business jets)

Merchandise sales operations (6 companies)• International Trade Inc.
• Japan Airport Logitem Co., Ltd.
• Japan Airport Terminal Trading(Chengdu) Co., Ltd.
• Haneda Airport Enterprise Co., Ltd.

Retail sales and wholesale of goods to stores at domestic airports
Transportation and customs clearance services
Retail sales and wholesale of goods at Chengdu Shuangliu International Airport(Sichuan Province, China)
Operation of stores at Haneda Airport and Narita International Airport(foodstuffs, general merchandise, duty-free)• Hamashin Co., Ltd.
Wholesale of marine products• Japan Duty Free Fa-So-La Mitsukoshi Isetan Co., Ltd. Launch of an airport-type duty-free (bonded) store in an urban area

Food and beverage operations (4 companies)• Tokyo Airport Restaurant Co., Ltd.
• Cosmo Enterprise Co., Ltd.
• CTT Inc.
• Kaikan Kaihatsu Co., Ltd.

Management of restaurants at Haneda Airport and Narita International Airport
Operation of airport lounges and conference rooms at Haneda Airport
In-flight meal production for foreign airlines at Haneda Airport and Narita International Airport
Cleaning of airline cabin items
Operation of restaurants, halls, and conference rooms•

In January 2011, the Company established Japan Airport Terminal Trading (Chengdu) Co., Ltd., (capital 85 million yen, investment ratio 100.0%) as a subsidiary specializing
in merchandise sales and wholesale operations at Chengdu Shuangliu International Airport (Sichuan province, China).

•

In July 2011, BIG WING Co., Ltd. merged with its consolidated subsidiary Hiro International Co., Ltd.

35

JAPAN AIRPORT TERMINAL(5) Composition of the group businesses(consolidated, by segment / results for FY14)

Others 1% (1%)

In-flight meals 3% (3%)
Food andbeverage
Operations
9%
(11%)

Restaurants 5% (6%)

Others 28% (23%)

Rent revenues 7% (9%)

Facilities
management
Operations
28%
(30%)

Merchandise sales
Operations
63%
(59%)

Facility user charges revenues
10% (11%)

Others 11% (10%)

International terminal stores16% (14%)
Domestic terminal stores
19% (22%)* Figures in parenthesis are results for FY13.
36

JAPAN AIRPORT TERMINAL(6) Revenue composition (consolidated, by segment)
Category

Facilities
management
operations

Revenue details

Rent revenue

Office lease (fixed rent); store lease (fixed rent + percentage
commission)

Facility user
charges revenue

Fees for use of passenger facilities (domestic flights: PSFC)

OthersCommissioned management fee of Haneda Airport, parking fee
revenue, advertising revenue; sales from paid waiting room
(Airport Lounge); revenue from subcontracted work

Stores at domestic
Merchandise sales for stores at Haneda Airport
terminal
Merchandise
sales
operations

Stores atinternationalterminal
OthersFood andbeverage
operations

Merchandise sales for lobby stores at Haneda Airport
Merchandise sales for stores such as duty-free stores at Narita
International Airport and Kansai International Airport

Expenses details
Depreciation; water, heating, energy
expenses; repairs expenses; lease fee (suchas national property usage fee); taxes andpublic charges; cleaning expenses;
outsourcing fees
Lease fee (such as national property usagefee); taxes and public charges (fixed assettax); outsourcing fees
Cost of sales; supply expenses
Cost of sales; supply expenses; percentage
of business

Wholesale to Haneda Airport, Narita International Airport, KansaiInternational Airport, and Central Japan International Airport
Cost of sales and agent service fee
Commissioned management fee of Haneda Airport, Narita
International Airport, and Kansai International Airport

Restaurants

Restaurant sales at Haneda Airport and Narita International
AirportFood expenses (cost of sales for food andbeverage), percentage of businessIn-flight meals

Production and sales of in-flight meals

Food expenses (cost of sales for food andbeverage)

Wholesale of products such as frozen foods and box meals

Food expenses (cost of sales for food andbeverage)

Others

Factors behind changes in earnings: Environment the airline industry operates in (such as changes in the number of passengers on bothinternational and domestic flights)
Government measures, etc. (such as the government’s and regulating authority’s airport management
policy and revisions to and changes to the system of usage fees for national assets)
Changes in facility user charges (domestic flights)
37

JAPAN AIRPORT TERMINAL(7) Sales by region and segment (non-consolidated)KansaiInternational
AirportNaritaInternational
Airport

6%

Sale ofMerchandise

(4%)

58%

Rent revenue

12%

15%
(15%)

HanedaAirport76%(77%)

Chubu Centrair
International Airportand others

2%

Development ofCompany-owned land
(Effective use of land previously
used for dorms and company
housing)(2%)

1%

Other revenues

Facility user
charges revenue

(2%)

13%

17%

*Figures in parenthesis are results for FY13.
38

JAPAN AIRPORT TERMINAL(8) Facilities of Tokyo International Airport (investment plan)

Terminal 2
ANA, ADO, SNA, SFJ
Fixed Spots: 23[Fourth Stage of the Plan]• Expansion and Renovation of 3 spots
Investment amount: ¥7.6 billion
Started operation in April 2013

[International Terminal Dismantling Works]• Dismantling works
Investment amount: ¥0.4 billion
Scheduled in FY11P4[Construction of P4 Multi-story Parking Lot]
• Full-scale multi-story parking lot
Started operation in August 2010

[Third Stage of the Plan]• Main building
Started operation in October 2010

[Terminal 1 Renovation Project]• Arrangements for environment, stores,
other facilities
Investment amount: ¥7.0 billion
Scheduled to complete in FY10-11

Terminal 1
JAL Group, SKY, SFJ
Fixed Spots: 24[Installation Upgrading Works]• Upgrading of the passenger boarding
bridge at Terminal 1, upgrading of
installations at Terminals 1 & 2Completed in FY10-12

39

JAPAN AIRPORT TERMINAL

2. Efforts Related to the Tokyo International Airport Re-expansion ProjectJAPAN AIR TERMINAL(1) Re-expansion project of Tokyo International Airport
Runway Construction
Project
Construction started: FY06
Operation started:
October 21, 2010

Runway C

Terminal 2

Runway D

Runway B

With the additional expansion, landing
slots will increase by 1.3 times

Terminal 1[Before the re-expansion]
303 thousand slots a year (on daytime)(equivalent to 830 slots a day)

Runway A
International TerminalInternational Section
Development Project(by PFI)
Operation started:
October 21, 2010

Increase of 104 thousand slots a year(or 284 slots a day)
Of which, around 60 thousand slots arefor international flights (on daytime)[After the re-expansion] (from FY13-end)
407 thousand slots a year

Haneda Airport Dock(on daytime)(equivalent to 1,114 slots a day)40

* Estimated based on the materials from the Study Group meeting for slot allocation
standards at Haneda Airport (July 2009) and the Growth Strategy Council of MLIT
(April 2010) from the Ministry of Land, Infrastructure, Transport and Tourism

JAPAN AIRPORT TERMINAL(2) Founding and present state of the Tokyo International Air Terminal Corporation
April 21, 2006

“HKT Group”, represented the Company, was selected as the candidate for the
project

June 1, 2006

HKT Group concluded basic agreement with the Japanese government

June 20, 2006

The special purpose company, Tokyo International Air Terminal Corporation was
founded

2. Date Founded

June 20, 2006

July 7, 2006

Business agreement was concluded between the Tokyo International Air Terminal
Corporation and the Japanese government

3. Headquarters
Location

Haneda Airport, Ota-ku, Tokyo

October 21, 2010

Placed in operation

4. Capital

9.0 billion yen

5. Businesses

Maintenance and management of the terminalbuilding in the international section of Tokyo
International Airport

6. Representative

Masashi Sakurai, President (previously Vice
President of Japan Airport Terminal Co., Ltd.)

7. Composition of
Shareholders

Japan Airport Terminal Co., Ltd.

(38.78%)Japan Airlines Corporation(19.36%)

ANA HOLDINGS INC.

(19.36%)

June 2011

1. Company Name Tokyo International Air Terminal Corporation

Revised agreement on the maintenance and management of the terminal buildingin the international section of the Tokyo International Airport was concluded
between Tokyo International Air Terminal Corporation and the Japanese
government• Partial renovation and expansion of the main terminal building• Expansion of satellite and multi-story parking• Newly-built hotel

April 2012

Publicly invited bids to perform passenger terminal building and other expansion
work

Narita International Airport Corporation(4.5%)

1. Main building

Tokyo Electric Power Company, Inc.

(3.5%)

2. Main building, satellite

SECOM Co., Ltd.

(3.0%)

3. SatelliteTokyo Gas Co., Ltd.

(3.0%)• Terminal Building (4 sections)

4. Satellite

Keihin Electric Express Railway Co., Ltd. (2.0%)• Expansion of multi-story parking (1 section)
July 2012Conclusion of subcontract agreement for expansion of passenger terminalbuilding and other areas• Terminal Building
1. and 2. main building and satellite: Taisei Corporation

3. and 4. satellite: Takenaka Corporation• Expansion of multi-story parking: Taisei Corporation
November 2012

Expansion work started

March 2013

Concluded a construction contract for expansion work of passenger terminalbuildings (hotel construction area): Taisei Corporation

May 2013

Hotel construction area work started

March 2014

Expanded terminal enters partial operation

September 2014

Expanded terminal enters full operation (planned)

41

8. Corporate
Philosophy

Tokyo Monorail Co., Ltd.

(2.0%)NTT Data Corporation(1.5%)Development Bank of Japan Inc.

(1.0%)

Mizuho Corporate Bank Ltd.

(1.0%)

Bank of Tokyo-Mitsubishi UFJ Ltd.

(1.0%)As the gateway to the nation’s capital, Tokyo,
we will endeavor to continue providing cuttingedge terminal facilities and services tocustomers from across the world and thus
contribute to the development of theinternational aviation network.

Note: Created by the Company based on material from the Tokyo International Air Terminal Corporation

JAPAN AIRPORT TERMINAL(3) Overview of the Tokyo international terminal building
Summary of facilities• Site area:

approx. 150,000m2• Terminal building
Floor space:approx. 236,500m2(including water supply and waste disposal facilities)

Floors:

5 floors

Fixed spots:

18 spots
Image picture of International passenger building, etc., after expansion• Parking lot
Total floor space:approx. 86,000m2

Floors:8 levels, 9 floors(after expansion: 8 levels, 9 floors)

Capacity:

approx. 3,000 vehicles

Note:

42

Created by the Company based on material from the Tokyo
International Air Terminal Corporation

JAPAN AIRPORT TERMINAL(4) Changes in no. of passengers on domestic and international flights(Haneda and Narita)

JAPAN AIR TERMINAL

1,400
6,500 6,499

Narita International Airport– international flight passengers (left axis)

3,397 3,356 3,418 3,416

3,207
2,945
2,675 2,631
2,587

2,768

2,886

1,000

Haneda Airport– international flight passengers(right axis)

Launch of Gimpo flights

International regular flights
moved to Narita

481

2,000

0

81

87

84

85

85

97

95

795

803

800

2,971

14

Launch of
Beijing flights

Increase in flights
to Hong Kong

275
243
195

84
72

1,000

3,086
2,930

3,026

2,692

2,677

161
130

35

1,200

1,154

5,875

Expanded international terminal
enters partial operation

2,470

2,577

726
3,082

3,151 3,151

1,218

6,153

The extended part of Terminal 2
started operation

3,000

New International Terminal
started operation
Great East Japan
Earthquake

4,000

4,446

5,642
H1N1 influenza outbreak

4,302

Financial crisis being
triggered by the US

4,630

Terminal 2 opened atHaneda

4,863

5,000

5,568
SARS outbreak

5,141

6,268 6,285
5,933 5,880

5,854

6,000
5,416

6,318

6,180 6,196 6,163 6,229

Expanded Terminal 2 atHaneda Airport

Haneda Airport– domestic passengers (left axis)

9-11 Terrorist
Attack in the US

Passengers using Haneda domestic flights and Narita international flights

7,000

600

400

200

Launch of Hong Kong flights

Launch of Shanghai flights

Increase in flights to Gimpo

0'95.3 '96.3 '97.3 '98.3 '99.3 '00.3 '01.3 02.3 '03.3 '04.3 '05.3 '06.3 '07.3 '08.3 '09.3 '10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3

Fiscal year

(Forecast)

Source: Created by the Company based on material from the Ministry of Land, Infrastructure,
Transport and Tourism and the Narita International Airport Corporation

43

Haneda international flight passengers(Ten thousand
passengers)(Ten thousand
passengers)

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future figures and monetaryamounts in this presentation that is not historical data are projections of the future. These are based on
management’s projections, assumptions, evaluations, judgments, and conditions on information obtainable atthe present time. Realizing these items entail uncertainty and various risks and uncertainty.
This presentation material is not intended to solicit investments. We request you to make own decision
regarding investments.

Contact

Japan Airport Terminal Co., Ltd., Corporate Planning Division, PR/IR Office
TEL: 03 (5757) 8030
FAX: 03 (5757) 8099
Email: ir@jat-co.com