Note: 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.

Financial Report for the Year Ended March 31, 2024 (FY2023) [J-GAAP] (Consolidated)
May 10, 2024

Company name:
Japan Airport Terminal Co., Ltd. (“the Company”)
Listed stock exchange: Tokyo, Prime Market
Code number:
9706
URL: https://www.tokyo-airport-bldg.co.jp/en/
Representative:
Nobuaki Yokota, President and COO
Contact:
Isamu Jinguji, Senior Managing Executive Officer
TEL 03-5757-8409
Scheduled date of annual general meeting of shareholders:June 26, 2024
Scheduled date of filing securities report:
June 26, 2024
Scheduled date of commencing dividend payment:
June 27, 2024
Supplementary materials on financial results (yes/no):Yes
Holding of investors’ meeting (yes/no):Yes (for institutional investors and financial analysts)(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Consolidated Business Results(%: Change from the previous period)
Net income/(loss)
Operating revenues
Operating income/(loss)
Ordinary income/(loss)
attributable to owners of
the parent

%
92.5
98.1

Millions of yen

FY2023
FY2022

217,578
113,050%-

Millions of yen

29,527(10,579)(Note) Comprehensive income/loss: FY2023 ¥ 28,906 million (-%)%-

Millions of yen

27,225(12,064)

Millions of yen

19,255(3,901)%-

FY2022 ¥-15,056 million (-%)

Net income/(loss)
per share

Diluted net income
per share

Yen

Yen

%

%

Operating income
to operating
revenues%

206.75(41.89)

-

12.1
-2.6

6.0
-2.6

13.6
-9.4

FY2023
FY2022

Ordinary income tototal assets

Return on equity(Reference) Equity in earnings of affiliates: FY2023 ¥187 million

FY2022 ¥133 million(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

460,423446,955

166,036
140,95136.5
33.6

1,805.67
1,613.62

As of March 31, 2024
As of March 31, 2023

(Reference) Equity capital: As of March 31, 2024 ¥168,172 million(3) Consolidated Cash Flows
Cash flows fromoperating activities

FY2023
FY2022Equity capital tototal assets

Net assets

As of March 31, 2023 ¥150,287 million

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at the year-end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

47,761
16,326(42,986)(10,627)(19,649)(12,641)

75,39590,241

2. Dividends

Dividends per share
Q1-EndFY2022
FY2023
FY2024(Forecast)Year-end

AnnualTotal
dividends(annual)Dividend
payout ratio(consolidated)

Dividends on
net assets(consolidated)

Q2-EndQ3-End

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-

0.00
25.00

-

16.00
42.00

16.00
67.00

1,490
6,239

32.4

3.9

-

31.00

-

31.00

62.00

(Note) Breakdown of Year-end dividend for FY2024
Ordinary divided: 37.00 yen / Commemorative dividend for 70th Anniversary of the Company’s Founding: 5.00 yen

37.3

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(%: Change from the same period of the previous year)

Operatingrevenues
First half
Full-year

Operating income

Net income
attributable to ownersof the parent

Ordinary income

Net income
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

124,300
253,800

24.1
16.6

15,40027,10014.1(8.2)

14,20024,30014.4(10.7)

8,700
15,5005.7(19.5)

93.41
166.42Other Information(1) Significant changes in subsidiaries during the year under review (changes in specified subsidiaries involving changes in scope of
consolidation): No(2) 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
(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the year-end (including treasury stock):
As of March 31, 2024
93,145,400 shares
As of March 31, 2023
2) Number of treasury stock at the year-end:
As of March 31, 2024
9,339 shares
As of March 31, 2023
3) Average number of shares outstanding during the period:
Year ended March 31, 2024
93,136,190 sharesYear ended March 31, 2023
(Reference) Summary of Non-Consolidated Financial Results
Financial Results for the Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-Consolidated Business Results
Operating revenues
Millions of yen

FY2023
FY2022

143,354
88,212

Operating income

%
62.5
65.9

Millions of yen

8,983 shares
93,136,561 shares(%: Change from the previous period)

Ordinary income

%
98.0
-

Millions of yen

17,2699,156

Net income

%
88.6
-

%
110.6
-

Millions of yen

11,1785,308

Diluted net income per share

Net income per share

FY2023
FY2022

15,656
7,905

93,145,400 shares

Yen

Yen

120.02
57.00-(2) Non-Consolidated Financial Position
Total assets

As of March 31, 2024
As of March 31, 2023
(Reference) Equity capital:

Net assets

Equity capital tototal assets

Net assets per share

Millions of yen

Millions of yen%

Yen

327,636
306,436

151,944
143,57146.4
46.9

1,631.42
1,541.52

As of March 31, 2024

¥151,944 million

As of March 31, 2023 ¥143,571 million* This financial report is not subject to audits by certified public accountants or auditing firms.
* Statements regarding the proper use of financial forecast and other special remarks
Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of thetime this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors. For the assumptions used infinancial forecasts and precautionary statements regarding the use of the forecasts, please refer to page 6 of the appendix materials“1. Analysis of Business and Financial Results (4) Forecast for FY 2024 (the fiscal year ending March 31, 2025)”.
Supplementary materials on financial results and details of presentation at investors’ meeting
Investors’ meeting is planned to be held on May 15 (Wed), 2024 for financial analysts. Presentation materials used in theinvestors’ meeting will be promptly posted on the Company’s website following the meeting.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

Contents of the Appendix Materials
1.

ANALYSIS OF BUSINESS AND FINANCIAL RESULTS ..................................................................... - 2 -(1) ANALYSIS OF CONSOLIDATED BUSINESS RESULTS FOR FY 2023 ............................................................. - 2 (2) ANALYSIS OF CONSOLIDATED FINANCIAL POSITION FOR FY 2023........................................................... - 5 (3) ANALYSIS OF CONSOLIDATED CASH FLOWS FOR FY 2023 ....................................................................... - 5 (4) FORECAST FOR FY 2024 (THE FISCAL YEAR ENDING MARCH 31, 2025) ................................................... - 6 (5) BASIC POLICY ON DISTRIBUTION OF PROFITS AND DIVIDEND PAYMENT FOR FY2023/FY2024............... - 7 2.

BASIC APPROACH ON SELECTION OF ACCOUNTING STANDARDS ............................................ - 7 -3.

CONSOLIDATED FINANCIAL STATEMENTS AND MAIN NOTES ................................................... - 8 -(1) CONSOLIDATED BALANCE SHEETS ........................................................................................................... - 8 (2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME ...................................................................................................................... - 10 Consolidated Statements of Income ............................................................................................................ - 10 Consolidated Statements of Comprehensive Income ..................................................................................... - 12 (3) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY .............................................. - 13 (4) CONSOLIDATED STATEMENTS OF CASH FLOWS ...................................................................................... - 15 (5) NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS...................................................................... - 17 (Notes on the Premise of a Going Concern) ................................................................................................ - 17 (Basic Important Conditions to Prepare Consolidated Financial Statements) ................................................. - 17 (Notes on Consolidated Balance Sheets) ..................................................................................................... - 20 (Notes on Consolidated Statements of Income) ............................................................................................ - 22 (Notes on Consolidated Statements of Cash Flows) ..................................................................................... - 22 (Segment Information) .............................................................................................................................. - 23 (Per Share Information) ............................................................................................................................ - 25 (Significant Subsequent Events) ................................................................................................................. - 25 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

1. Analysis of Business and Financial Results(1) Analysis of Consolidated Business Results for FY 2023
During the fiscal year ended March 31, 2024, although some parts were in a standstill, the Japanese
economy showed a gradual recovery. Looking ahead, it is expected that the gradual recovery trend will continue,
resulting from the effects of various policies, while situation around labor and income improves. However, there
is a risk that a downturn in overseas economies, such as the effects of tightening of monetary policy around theglobe and concerns about the outlook for the Chinese economy, will put downward pressure on the Japanese
economy. Moreover, it is necessary to pay sufficient attention to price increases, situation surrounding the
Middle East region, volatility in the financial and capital markets among other factors.
The airline industry continued to see a steady recovery in demand due to the full lifting of restrictions on
activities with respect to COVID-19 in May 2023. The number of passengers at Haneda Airport increased byabout 15% compared to FY2022 for domestic flights and recovered to approximately 90% of the level of 2019
(calendar year) before the impact of COVID-19 hit. The number of passengers for international flights was
slightly less than 3 times that of FY2022. This is a record number of passengers surpassing the number ofpassengers of 2019 (calendar year).
Under these circumstances, to achieve the long-term vision, “To Be a World Best Airport”, the JAT Group
is steadily implementing various measures outlined in the Medium-Term Business Plan.
In terms of facilities, we are working together with the Japanese Government and the airline companies inorder to respond to the rapidly recovering international passenger demand. Such efforts include extending theoperating hours of the Terminal 2 international flight facilities which have been put back into service since July
2023. In addition, we have been undertaking tasks including renovation and seismic retrofitting work in
preparation for a major disaster. Moreover, we are steadily pushing forward investment plans for the future
including the construction of connection between the satellite building on the north side of Terminal 2 and themain terminal building and the construction of the satellite building on the north side of Terminal 1. In parallel,
we are working toward the realization of a carbon-neutral society through reduction of energy consumption byincreasing the efficiency of air conditioners and switching to LED lightings throughout the terminal buildings.
We are also studying the conversion of airport vehicles to electric vehicles at Haneda Airport, and the utilizationof CO2-free hydrogen in collaboration with ENEOS Corporation.
In terms of sales, in order to capture the strong demand of inbound visitors, in addition extending the hoursof operation of duty-free stores, etc., we opened “JAPAN MASTERY COLLECTION” in the departure area ofTerminal 3 which aims to become a luxury brand that contributes to regional revitalization. We are promoting awide collection of made-in-Japan products, including original products, which features world-class skills andtheir best from Haneda to the rest of the world. For domestic flights, we have been actively holding events
featuring local products from various regions of Japan among other initiatives. We opened “Haneda
Sanchokukan” in Terminal 1 and will contribute to regional revitalization by continuously communicating thecharms of each region through promotional booths for regional cooperation. Furthermore, a new service,“HANEDA Point”, was added to the official Haneda Airport app in March of this year to improve convenienceand satisfaction for the members who signed up on the app.
Outside of Haneda Airport, in line with the recovery in international passenger volume at each of the hub
airports, we resumed operations and renovated our directly managed stores. In addition, we opened the newJAPAN DUTY FREE Ibaraki Airport Shop in March 2024. At HANEDA INNOVATION CITY, located adjacent
to Haneda Airport, we opened “terminal.0 HANEDA” in February 2024, a research and development center thatwill solve issues at the airport through collaboration across different industries. We will continue to work on
creation of business jointly with member companies and organizations.
In terms of management foundation, in addition to strengthening our recruiting efforts to secure talent, weare also working to improve the compensation and benefits of our employees to achieve high retention. In
addition, through increase of literacy with respect to digital transformation for all employees, internal branding
project called “Plus One Promotion”, an industry-academia collaboration project with the University of Tokyo,
expansion of recruitment of people with disabilities, and other initiatives, we aim talents who “Think by oneself
and take on challenges” to excel and aim to foster a corporate culture in which diverse workforce promote eachother’s growth. With respect to our sustainability related initiatives, in addition to the information disclosure
based on the recommendations by the TCFD (Task Force on Climate-related Financial Disclosures), we arecontinuing to enhance our communication efforts through initiative such as the integrated report issued in
November.
As a result of the above, with respect to the consolidated financial results for the fiscal year ended March
31, 2024, operating revenues was ¥217,578 million (an increase of 92.5% year-on-year) due to the increase inoperating revenues across all of the business segments in line with the recovery of passenger volume. Operating
expenses increased from the previous year due to increase in passenger volume and sales, but the increase in sales
was the driving force and as a result, operating income was ¥29,527 million (compared to operating loss of ¥10,579
million during the previous year), ordinary income was ¥27,225 million (compared to ordinary loss of ¥12,064
million during the previous year), both of which were record high. And net income attributable to owners of the-2-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

parent was ¥19,255 million (compared to net loss attributable to owners of the parent of ¥3,901 million during theprevious year).
(Millions of yen)

Operating Results

FY2022(from April 1, 2022 toMarch 31, 2023)

Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]
Operating income / (loss)
Ordinary income / (loss)
Net income/(loss) attributable toowners of the parent

FY2023(from April 1, 2023 toMarch 31, 2024)

Year-on-Year(%)

113,050
63,28041,317
8,452(10,579)(12,064)

217,578
91,736111,175
14,66729,52727,225

92.5
45.0
169.1
73.5
-

(3,901)

19,255-

Haneda Airport Passenger Terminal was awarded the world’s highest standard “5-star Airport” rating forthe tenth consecutive year in the “World Airport Star Rating” conducted by SKYTRAX of the United Kingdom.
In the “WORLD AIRPORT AWARDS 2024”, we were awarded first place in the “World’s Cleanest Airports”(for the ninth consecutive year), “World’s Best Domestic Airports” (for the twelfth consecutive year), and“World’s Best PRM / Accessible Facilities” (for the sixth consecutive year). In addition, Haneda Airport was
ranked third in the “Best Airports in Asia”, a comprehensive evaluation of airports in Asia and fourth in the“World’s Best Airports”, a comprehensive evaluation of airports.
(* PRM: Persons with Reduced Mobility which means the elderly, person with disability or injury.)
The JAT Group will continue to strive to improve convenience, comfort, and functionality while
establishing absolute safety at the passenger terminal, which is a social infrastructure, and to contribute to thecontinuous creation of value at Haneda Airport and the further growth of air transportation, thereby enhancing
our corporate value.
Overview by Segment
The following is a breakdown of earnings / (loss) by segment. Note that the figures for operating revenues ofeach segment include intersegment sales and the figures for operating income / (loss) are equivalent to those forsegment income / (loss).
[Facilities Management](Millions of yen)

Operating Results

FY2022(from April 1, 2022 toMarch 31, 2023)

63,28019,852
29,325
14,102
2,391
65,672(3,133)

Sales to external customers
Rent revenue
Facility user charges revenue
Other revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income / (loss)

FY2023(from April 1, 2023 toMarch 31, 2024)

91,73620,02052,436
19,2793,126
94,862
17,880Year-on-Year
(%)

45.0
0.8
78.8
36.7
30.7
44.4
-

Rent revenue increased slightly from the previous year primarily due to the increase in rent income on apercentage basis, although the quarantine space we were renting to the Japanese Government were returned asa result of termination of the border control measures.
Revenue from facility user charges increased from the previous year primarily due to the increase in thepassenger service facility charge (PSFC) driven by the recovery in passenger volume.
Other revenues increased from the previous year primarily due to the increase in paid lounge sales, parking
revenue and revenue from advertisement within terminal buildings.
On the expense side, the costs for terminal maintenance and management, such as outsourcing andcommission and repair costs have increased in line with the increase in passenger volume and price increases.
As a result, operating revenues from facilities management operations was ¥94,862 million (an increase of
44.4% year-on-year). Operating income for the segment was ¥17,880 million (compared to operating loss of¥3,133 million during the previous year).
-3-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)[Merchandise Sales](Millions of yen)

Operating Results

FY2022(from April 1, 2022 toMarch 31, 2023)

Sales to external customers
Sales at domestic terminal stores
Sales at international terminal
storesOther revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income

FY2023(from April 1, 2023 toMarch 31, 2024)

Year-on-Year(%)

41,317
10,372

111,175
13,097169.1
26.3

19,47670,039259.6

11,469892
42,2101,640

28,037
1,561
112,736
21,084

144.5
74.9
167.1
-

Sales at domestic terminal stores increased from the previous year because of the recovery in domestic
passenger volume.
Sales at international terminal stores increased from the previous year due to the increase in international
passenger volume at Haneda Airport, Narita Airport and other airports in addition to the rise in unit purchaseprices by clients at duty-free shops driven mainly by depreciation of Japanese yen.
Other revenues increased from the previous year because of the increase in revenue for the wholesaling
business serving the international flights at other airports.
As a result, operating revenues from merchandise sales operations was ¥112,736million (an increase of
167.1% year-on-year) and operating income for the segment was ¥21,084 million (compared to operating
income of ¥1,640 million during the previous year).
[Food and Beverage](Millions of yen)

Operating Results

FY2022(from April 1, 2022 toMarch 31, 2023)

Sales to external customers
Sales from food and beverage
storesSales from in-flight meals
Other revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income / (loss)

FY2023(from April 1, 2023 toMarch 31, 2024)

Year-on-Year
(%)

8,452

14,667

73.5

5,489

7,206

31.3

2,487
475
953
9,405
(1,365)

6,179
1,281
722
15,389
65

148.4
169.5
(24.2)
63.6-

Sales from food and beverage operations increased from the previous year primarily due to the recovery indomestic passenger volume.
Sales from in-flight meals increased from the previous year due to the recovery in passenger volume of theforeign carriers at Haneda Airport and Narita Airport.
As a result, operating revenues from food and beverage operations was ¥15,389 million (an increase of
63.6% year-on-year). Despite the impact of curtailed operating hours of restaurants caused by the shortage oflabor and the increase in food price and labor cost, among other factors, operating income for the segment was¥65 million (compared to operating loss of ¥1,365 million during the previous year).

-4-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(2) Analysis of Consolidated Financial Position for FY 2023
[Assets]
Current assets increased by ¥5,768 million from the previous fiscal year end to ¥120,756 million primarily
because of the increase in accounts receivable due to the increase in sale of merchandise driven by the recovery
in passenger volume. Fixed assets increased by ¥7,699 million from the previous fiscal year end to ¥339,667
million primarily due to capital expenditure.
As a result, total assets increased by ¥13,468 million from the previous fiscal year end to ¥460,423 million.
[Liabilities]
Total liabilities decreased by ¥11,617 million from the previous fiscal year end to ¥294,386 million becauseof the decrease of long-term loans payable for the Company and Tokyo International Air Terminal Corporation(TIAT) due to payment despite the increase in accounts payable driven by the increase in purchases of goods.
[Net assets]
Total net assets increased by ¥25,085 million from the previous fiscal year end to ¥166,036 million. Thisis primarily due to booking net income for the year.
As a result, the equity ratio was 36.5% (compared to 33.6% at the previous fiscal year end).
(3) Analysis of Consolidated Cash Flows for FY 2023
Cash and cash equivalents at the end of FY2023 decreased by ¥14,845 million compared to the previous fiscal
year end to ¥75,395 million.
The following is a summary of cash flows and the factors behind these flows for FY2023.
[Cash flows from operating activities]
Cash flows from operating activities increased by ¥31,435 million from the previous fiscal year (up 192.5%
year-on-year), resulting in a cash inflow of ¥47,761 million.
This was primarily due to the booking of income before income taxes and non-controlling interests (previous
year was loss before income taxes and non-controlling interests).
[Cash flows from investing activities]
With respect to cash flows from investing activities, cash outflow increased by ¥32,358 million from theprevious fiscal year (up 304.5% year-on-year), resulting in a cash outflow of ¥42,986 million.
This was primarily due to expenditures for the acquisition of tangible fixed assets and expenditures for theacquisition of securities.
[Cash flows from financing activities]
With respect to cash flows from financing activities, cash outflow increased by ¥7,008 million from theprevious fiscal year (up 55.4% year-on-year), resulting in a cash outflow of ¥19,649 million.
This was primarily due to cash outflow from the payment of long-term loans payable and payment ofdividends.

-5-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(4) Forecast for FY 2024 (the fiscal year ending March 31, 2025)
In the next fiscal year, passenger volume at both domestic and international flights at Haneda Airport is
expected to increase as its steady recovery continues. Due to further increase and resumption of flights, for thefull year, the number of passengers for international flights is expected to be more than 80% of the planned level,
which is after the expansion of arrival and departure slots that took place in March 2020.
Under these circumstances, the JAT Group will steadily capture passenger demand and increase earnings.
At the Terminal 2 international facilities, operations were further expanded starting from the summer timetable
at the end of March this year, and swing operations have begun at some spots, switching between domestic andinternational flights depending on the time of day. In addition, in preparation to accommodating future passenger
growth and further improving passenger convenience, we plan to commence service of the connection between
the main building and the satellite building of Terminal 2 at the end of FY2024.
On the other hand, despite a significant increase in the number of international passengers during the current
fiscal year, costs were kept down due to the impact of labor shortages and continued efforts to improve theefficiency of terminal maintenance, management, and operations. In the next fiscal year, we anticipate higher
costs for outsourcing, repairs, and rent, in addition to rising raw material and material prices and continued
increases in labor costs.
The expected earnings by segment are as follows.
For the Facility Management business, operating revenue is expected to exceed that of the current fiscal
year, mainly due to an increase in revenue from facility user charges resulting from a recovery in passenger
volume, but operating income is expected to decrease primarily due to higher terminal maintenance andmanagement costs. For the Merchandise Sales business, both operating revenue and operating income are
expected to exceed those of the current fiscal year, primarily due to an increase in merchandise sales resulting
from an increase in the number of passengers on Haneda international flights. For the Food and Beveragebusiness, both operating revenue and operating income are expected to exceed those of the current fiscal year
due to extended operating hours at our directly managed food and beverage outlets and increased revenue of inflight meals.
Based on the above, for the consolidated forecast of FY2024, we forecast operating revenue of ¥253,800
million (up 16.6% year-on-year), operating income of ¥27,100 million (down 8.2% year-on-year), ordinary
income of ¥24,300 million (down 10.7% year-on-year), and net income attributable to owners of the parent of¥15,500 million (down 19.5% year-on-year).
Unit

FY2023(Actual）※

FY2024(Forecast)Year-on-year（%）

Haneda Airport Domestic flight

Million people

61.13

65.64

7.4

Haneda Airport International flight

Million people

19.09

21.48

12.5

Haneda Airport (Total)

Million people

80.22

87.12

8.6

Operating revenue

Millions of yen

217,500

253,800

16.6

Operating income

Millions of yen

29,50027,100(8.2)

Ordinary income

Millions of yen

27,20024,300(10.7)Net income attributable to owners of the parent

Millions of yen

19,10015,500(19.5)※The Company compiled the number of passengers for FY2023 based on preliminary figures released by the Tokyo Regional
Civil Aviation Bureau.

-6-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(5) Basic Policy on Distribution of Profits and Dividend Payment for FY2023/FY2024
We consider the return of profits to our shareholders to be one of our important management priorities. Ourbasic policy is to work on management with a more proactive stance, strive to improve our business performance,
secure internal reserves in consideration of large-scale investments such as the renewal of passenger terminalbuilding facilities in line with the functional expansion of Haneda Airport, and at the same time, maintain stabledividend payments. In order to actively return profits to shareholders in accordance with our businessperformance, we have set a dividend payout ratio of 30% or more as a target figure in our Medium-TermBusiness plan.
As of October 2023, the Company had declared a year-end dividend of 25 yen per share, but in light of its
business performance and the dividend policy described above, the Company has decided to increase theordinary dividend by 12 yen per share from the previous forecast to 37 yen per share. In July 2023, we celebrated
the 70th anniversary of the Company’s founding. We have decided to pay a commemorative dividend of 5 yen
per share in response to the support we have received from our shareholders. As a result, the year-end dividend
for the current fiscal year is 42 yen per share. This matter will be submitted to the 80th Ordinary General Meetingof Shareholders to be held on June 26, 2024.
The annual dividend for the current fiscal year will be ¥67 per share, combined with the interim dividendof 25 yen per share with payout ratio of 32.4%. For the next fiscal year, we have set the dividend at ¥62 pershare (¥31 for interim and ¥31 for year-end) with payout ratio of 37.3%, taking into consideration the above
dividend policy, earnings outlook, and other factors.

2.

Basic Approach on Selection of Accounting Standards
To secure comparability between companies and between fiscal years, the JAT Group prepares its consolidated
financial statements in accordance with the Japanese GAAP.
We plan to appropriately act on the adoption of international accounting standards taking into consideration of
conditions in Japan and overseas.

-7-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

3. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheets(Millions of yen)

ASSETS
Current assets
Cash and deposits
Accounts receivable
Securities
Merchandise and finished products
Raw materials and stored goods
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other tangible fixed assets
Accumulated depreciation and impairment loss
Other tangible fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Leasehold right
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS-8-

FY2022(As of March 31, 2023)

FY2023(As of March 31, 2024)

63,741
15,331
26,500
4,283
323
4,865
(57)
114,988

65,39522,93520,000
7,850
357
4,335
(118)
120,756

562,619(343,917)
218,701
34,822(21,227)
13,595
12,876
3,574(2,049)1,525
8,996
70,653(60,234)
10,418266,114567,151(362,651)
204,499
35,199(23,255)
11,944
12,9073,663(2,497)1,165
29,51370,862(60,960)
9,901
269,932

29,671
2,139
31,81027,826
3,415
31,242

17,254
12,232
1,105
3,450
34,042331,967
446,955

22,248
10,919
1,841
3,682
(199)
38,492
339,667
460,423

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Accrued expenses
Current portion of bonds
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term loans payable
Lease obligations
Deferred tax liabilities
Allowance for directors’ retirement benefits
Net defined benefit liabilities
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS-9-

FY2022(As of March 31, 2023)

FY2023(As of March 31, 2024)

7,172
15,70912,1502,192
1,627
10,27349,125

11,908
16,615
12,657
10,000
4,582
2,279
282
12,26870,59455,139171,815
1,173
16,319
57
4,562
628
7,183
256,878
306,004

44,988155,398
811
11,879
31
4,208
636
5,837
223,792
294,386

38,12654,16056,942(10)
149,217

38,12654,16072,379(13)
164,652

1,695

3,018

(726)
122
(22)
1,069
(9,335)140,951446,955

(445)
152
794
3,520
(2,135)
166,036
460,423

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenues
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Contributions in aid of construction
Fee and commission income
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Miscellaneous expenses
Total non-operating expenses
Ordinary income (loss)- 10 -FY2023(from April 1, 2023
to March 31, 2024)

19,82929,327
14,394
41,143
8,355
113,050

20,02052,43919,866110,989
14,263
217,578

23,927
5,158
29,08583,96464,8997,974
72,874
144,704

10,776
1,548
812
8,555
14,18928,95429,707
94,543(10,579)

12,224
2,200
284
670
11,46324,01928,17136,141
115,176
29,527

21
64
133
268
251
153
1,040
1,933

65
164
187
186
287
156
355
1,404

2,991
276
152
3,419
(12,064)

2,942
433
330
3,706
27,225

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
Extraordinary gains
National subsidies
Gains on sale of investment securities
Total extraordinary gains
Extraordinary loss
Impairment loss
Loss on valuation of investment securities
Loss on reduction entry of fixed assets
Total extraordinary loss
Income (loss) before income taxes and non-controllinginterests
Income taxes – current
Income taxes – deferred
Total income taxes
Net income (loss) before non-controlling interests
Net income (loss) attributable to non-controlling interests
Net income (loss) attributable to owners of the parent- 11 -FY2023(from April 1, 2023
to March 31, 2024)

58
20
78

118
118

260
99
36
397

221
104
326

(12,383)

27,017

1,743
1,561
3,304
(15,687)(11,786)(3,901)

4,920(3,879)1,040
25,976
6,721
19,255

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

Consolidated Statements of Comprehensive Income(Millions of yen)

Net income (loss) before non-controlling interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of theparentComprehensive income attributable to non-controllinginterests- 12 -FY2022(from April 1, 2022
to March 31, 2023)(15,687)

FY2023(from April 1, 2023
to March 31, 2024)
25,976

(828)
949
56
439

1,346
688
29
871

15

(4)

631
(15,056)

2,930
28,906(3,882)

21,706(11,174)

7,200

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(3) Consolidated Statements of Changes in Shareholders’ Equity
FY2022 (from April 1, 2022 to March 31, 2023)(Millions of yen)
Shareholders’ equity

Balance at the beginning of current period

Common stock

Capital surplus

38,12654,160Retainedearnings

Treasury stock

60,843(9)

Total
shareholders’equity153,120

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)(3,901)(3,901)(1)(1)-

Total changes during current period--(3,901)(1)(3,902)

Balance at the end of current period

38,12654,16056,942(10)

149,217

Accumulated other comprehensive income

Balance at the beginning of current period

Valuationdifference on
available-for-salesecurities

Deferred gains
or losses onhedges2,526(1,115)

Foreigncurrencytranslation
adjustment

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income
66
(426)
1,050

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)

(830)

388

56

403

18

Total changes during current period

(830)

388

56

403

18

Balance at the end of current period

1,695

(726)

122

(22)

1,069

Balance at the beginning of current period

Non-controllinginterests
1,838

Total net assets
156,009

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)(3,901)(1)(11,174)(11,155)

Total changes during current period(11,174)(15,058)

Balance at the end of current period(9,335)140,951- 13 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

FY2023 (from April 1, 2023 to March 31, 2024)(Millions of yen)
Shareholders’ equity

Balance at the beginning of current period

Common stock

Capital surplus

38,12654,160Retainedearnings

Treasury stock

56,942(10)

Total
shareholders’equity149,217

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)(3,818)(3,818)19,255

19,255(2)(2)-

Total changes during current period--

15,437(2)

15,434

Balance at the end of current period

38,12654,16072,379(13)

164,652

Accumulated other comprehensive income

Balance at the beginning of current period

Valuationdifference on
available-for-salesecurities

Deferred gains
or losses onhedges

1,695

(726)

Total
Remeasurements
accumulatedof defined benefit
other
plans
comprehensive
income
122
(22)
1,069

Foreigncurrencytranslation
adjustment

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)

1,322

281

29

816

2,450

Total changes during current period

1,322

281

29

816

2,450

Balance at the end of current period

3,018

(445)

152

794

3,520

Balance at the beginning of current period

Non-controllinginterests(9,335)

Total net assets
140,951

Changes during current period
Dividend from retained earnings
Net income (loss) attributable to ownersof the parent
Purchase of treasury stock
Changes of items other than shareholders’equity during current period (net)(3,818)19,255
(2)
7,199

9,650

Total changes during current period

7,199

25,085

Balance at the end of current period(2,135)

166,036- 14 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(4) Consolidated Statements of Cash Flows(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization
Increase (decrease) in net defined benefit liabilities
Decrease (increase) in net defined benefit assets
Increase (decrease) in allowance for employees’ bonuses
Increase (decrease) in allowance for directors’ bonuses
Interest and dividends income
Interest expenses
Equity in losses (earnings) of affiliates
Loss (gain) on valuation of investment securities
Impairment loss
Loss on retirement of tangible fixed assets
National subsidy
Loss on reduction of fixed assets
Decrease (increase) in accounts receivable – trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in accounts payable – trade
Increase (decrease) in other current liabilities
OthersSubtotalInterest and dividends received
Interest paid
Subsidy received
Income taxes refund (paid)
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of securities
Purchase of investment securities
Purchase of tangible fixed assets
Expenditure for retirement of tangible fixed assets
Purchase of intangible fixed assets
Proceeds from national subsidy
Other
Net cash provided by (used in) investing activities- 15 -FY2023(from April 1, 2023
to March 31, 2024)(12,383)
29,022
327
(46)
553
(85)
2,991
(133)
99
260
276
(58)
36
(9,922)
1,029
911
5,215
1,169
(782)
18,480123(2,923)655(9)16,32627,01728,232
139
(78)
652
282
(230)
2,942
(187)
221
433
(118)
105
(7,604)(3,601)
584
4,735
(344)
157
53,339354(3,333)19(2,618)47,761(500)(9,857)
(242)
(378)
58
292
(10,627)(10,000)(3,377)(27,662)(301)(1,468)118(295)(42,986)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
Cash flows from financing activities
Net increase (decrease) of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Dividends paid
Dividends paid to non-controlling shareholders
OthersNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period- 16 -FY2023(from April 1, 2023
to March 31, 2024)

(100)
883
(12,826)
(494)
(0)
(103)
(12,641)985(16,281)(455)(3,818)(0)(79)(19,649)55

28(6,887)
97,12890,241(14,845)
90,24175,395

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(5) Notes on the Consolidated Financial Statements(Notes on the Premise of a Going Concern)
There is nothing to report.
(Basic Important Conditions to Prepare Consolidated Financial Statements)
1. Scope of consolidation
1) Number of consolidated subsidiaries: 19 companies
Names of consolidated subsidiaries
Tokyo Airport Restaurant Co., Ltd.
Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd
Haneda Future Research Institute Inc.
Cosmo Enterprise Co., Ltd.
International Trade Inc.
Japan Airport Logitem Co., Ltd.
BIG WING Co., Ltd.
Japan Airport Techno Co., Ltd.
Tokyo International Air Terminal Corp.
Air BIC Inc.
Haneda Airport Enterprise Co., Ltd.
Haneda Airport Security Co., Ltd.
Haneda Passenger Service Co., Ltd.
Japan Airport Terminal Trading (Chengdu) Co., Ltd.
LANI KE AKUA PACIFIC, INC.
Sakura Co., Ltd.
Hamashin Co., Ltd.
Japan Airport Ground Handling Co., Ltd.
Kaikan Development Co., Ltd.
2) Number of Non-consolidated subsidiaries: 5 companies
Names of Non-consolidated subsidiaries
GLOBAL SERVICE CO.,LTD.
Tsukizi Hamashin Co., Ltd.
Felix International LLC.
JAT DESIGN INTERNATIONAL INC.
Rock Island Tour Company, Ltd.
The five non-consolidated subsidiaries are excluded from the scope of consolidation since they are small in size,
and their total assets, operating revenues, net income/loss, and retained earnings do not have a significant impact
on the consolidated financial statements.
2. Application of equity method
1) Number of affiliated companies that are accounted for using the equity method: 3 companies
Names of affiliated companies that are accounted for using the equity method
AGP Corporation
Japan Airport Delica Inc.
Airport Transport Service Co., Ltd.
2) The non-consolidated subsidiaries and Seikousha Inc. and eleven other affiliated companies are not included in thescope of the application of equity method, since the aggregate amounts corresponding to the shares held by theCompany of those companies’ net income/loss and retained earnings do not have a significant impact on those of
consolidated financial statements.
3. Fiscal year of consolidated subsidiaries
Of consolidated subsidiaries, Japan Airport Terminal Trading (Chengdu) Co., Ltd. and LANI KE AKUAPACIFIC, INC. end the fiscal year on December 31.
In preparing the consolidated financial statements, the financial statements as of the abovementioned closing date
are used and necessary adjustments arising from important transactions during the period between the closing
date and the consolidated closing date are made.

- 17 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

4. Summary of significant accounting policies
1) Valuation standards and methods for important assets(A) Securities(i) Held-to-maturity securities are carried at cost.
(ii) Other securities
Other securities other than shares without fair values are stated at fair value based on the market value at the
year-end, with valuation differences included in net assets. Cost of securities sold is determined by the moving
average method.
Shares without fair values are stated at cost based on moving average method.
For investments in limited liability investment partnerships and similar partnerships (deemed as securities
under Article 2, Paragraph 2 of the Financial Instruments and Exchange Act), the most recent financial
statements available according to the financial reporting date stipulated in the partnership agreement areused as the basis for calculating the net amount equivalent to the Company’s interest.
(B) Derivatives
Derivative financial instruments are stated at fair value.
(C) Inventories
At the Company and major consolidated subsidiaries, inventories are principally stated at cost determined by
the retail method (book value of inventories in the balance sheet is written-down when their profitability
declines). Certain consolidated subsidiaries use last-purchase-price method (book value of inventories in thebalance sheet is written-down when their profitability declines).
2) Depreciation method of important depreciable assets(A) Tangible fixed assets (excluding lease assets)
The Company uses the declining balance method. Consolidated subsidiaries principally use the straight-line
method.
(B) Intangible fixed assets (excluding lease assets)
Amortization of intangible fixed assets is calculated by the straight-line method. Software intended for internal
use is amortized by the straight-line method over its estimated useful life of 5 years.
(C) Lease assets
The straight-line method is adopted in which the lease term is treated as useful life and the asset is depreciatedto zero or residual value.
3) Accounting policies for important allowances(A) Allowance for doubtful accounts
To prepare for losses from doubtful accounts, estimated uncollectible amounts are recorded, which arecomputed either by using historical default rate for normal receivables or by considering individualcollectibility for particular receivables such as highly doubtful accounts.
(B) Allowance for employees’ bonuses
To prepare for the payment of bonuses to employees, the estimated amount is recorded as allowance.
(C) Allowance for directors’ bonuses
To prepare for the payment of bonuses to directors, the estimated amount is recorded as allowance.
(D) Allowance for directors’ retirement benefits
To provide for future payments of retirement benefits to directors, certain consolidated subsidiaries record theamount that would be required at the end of the fiscal period in accordance with their internal rules.
4) Accounting method for employees’ retirement benefits(A) Allocation method of projected retirement benefits to each period
In calculating the retirement benefit obligation, the benefit formula method is used to allocate the projected
retirement benefits to each period up to the end of the fiscal year.
(B) Amortization of actuarial gains and losses and prior service costs
Prior service costs are amortized under the straight-line method over a certain number of years within the
average remaining service years (5-10 years).
Actuarial gains and losses are amortized, beginning in the year following their occurrence, under the straightline method over a certain number of years within the average remaining service years (5-10 years).
- 18 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(C) Adoption of simplified methods at small companies
Certain consolidated subsidiaries adopt a simplified method of using the amounts payable for voluntary
retirement of employees at fiscal year-end in calculating net defined benefit liabilities and expenses for
retirement benefits.
5) Recognition of significant revenues and costs
The JAT Group is engaged in three business operations which are the facilities management operations,merchandise sales operations, and food and beverage operations. The major obligations to be performed and theusual timing at which an entity satisfies such obligations in each of the business operations are as follows.
With respect to revenue including those from inventory that is recorded only when the product is sold andthose from consignment sales stores, for transactions in which the JAT Group’s role in providing goods orservices to customers falls under the category of agent, revenue is recognized as the net amount, the amountreceived from customers less the amount paid to suppliers.
(A) Facilities management
The facilities management operations are mainly engaged in construction, management and operation ofpassenger terminals and leasing of real estates. Rent revenue consists mainly of office and store rent income,and is recognized in accordance with the “Accounting Standard for Lease Transactions” (ASBJ Statement
No. 13, March 30, 2007) and relevant revised ASBJ regulations.
Facility user charges revenues mainly consist of passenger service facility charge revenues, which arecollected from passengers in accordance with the term of use of passenger service facilities, and the JATGroup is obligated to use such revenues to cover expenses related to facilities for the common use ofpassengers and to properly manage and operate the passenger terminals. The performance obligation issatisfied upon completion of the passenger air transportation services provided by the air carrier, and revenue
is recognized upon completion of the passenger air transportation services.
Other revenues consist mainly of parking revenues, paid lounge sales, and advertising revenues. The
performance obligation is satisfied upon completion of the services such as provision of parking services,
provision of lounge access services, and placement of advertisement. If the performance obligation issatisfied at a point in time, revenue is recognized at the time the services are provided. If the performanceobligation is satisfied over a certain period of time, revenue is recognized on a straight-line basis over theperiod the service is provided.
(B) Merchandise sales
The merchandise sales operations are mainly engaged in the operation of merchandise stores and wholesale.
The performance obligation is satisfied when goods are delivered to customers for domestic flights andinternational flights, and revenue is recognized when such goods are delivered.
Other revenues consist mainly of wholesale revenues to other airports. The performance obligation issatisfied when the goods are received by the customer and revenue is recognized when the goods arereceived by the customer.
(C) Food and beverage
The food and beverage operations are mainly engaged in the operation of restaurants, and the production andsale of in-flight meals.
For food and beverage revenues, the performance obligation is satisfied by providing food and beverage
services to customers, and revenue is recognized when food and beverage services are provided tocustomers.
In-flight meal revenues consist mainly of sales of in-flight meals to international airlines. The performanceobligation is satisfied when products ordered by international airlines are delivered, and revenue isrecognized when such products are delivered.
6) Accounting standards for important hedging transactions(A) Hedge accounting method
Hedging transactions are accounted for under deferred hedge accounting method. Interest rate swaps that meetcertain conditions are accounted for using special treatment.
(B) Hedging instrument and hedged item
Hedging instrument ----------- Interest rate swap
Hedged item -------------------- Floating rate borrowings(C) Hedging policy
Hedging transactions are executed to avoid the risk of interest rate fluctuation, and our basic policy is that they
- 19 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

are not used for speculation purposes.
(D) Evaluation of hedging effectivenessThe effectiveness of hedging is evaluated by comparing the cumulative changes of hedging instruments andcorresponding changes in underlying hedged items.
The evaluation is omitted regarding interest rate swaps that meet the requirements for special treatment.
Hedge relationships to which “Treatment of hedge accounting for financial instruments that reference
LIBOR” is applied
Of the above hedge relationships, all of those included in the scope of application of “Treatment of hedge
accounting for financial instruments that reference LIBOR” (ASBJ PITF No. 40, March 17, 2022), thespecial treatment prescribed in the PITF is applied. The details of hedging relationships to which the PITF isapplied are as follows.
Hedge accounting applied ----- Deferral method
Hedging instrument ------------- Interest rate swap
Hedged item ---------------------- Floating rate borrowings
Category of hedge transaction-- To fix cash flow
7) Scope of “Cash and cash equivalents” in consolidated statements of cash flows“Cash and cash equivalents” in the consolidated statements of cash flows consist of cash on hand, deposits withbanks that are withdrawable on demand, and short-term investments which are easily convertible to cash withinsignificant risk of fluctuation in values whose maturity will come within three months from the date ofacquisition.
8) Capitalization of borrowing costs
At certain consolidated subsidiaries, interest costs and related expenses on borrowings during construction periodof passenger terminals and other facilities are included in the acquisition cost (¥4,517 million for accumulated
amount as of March 31, 2024) and recorded as fixed asset.
(Notes on Consolidated Balance Sheets)
1. Assets pledged as collateral and corresponding liabilities with collateral
The following are assets pledged as collateral.
(Millions of yen)

Cash and deposits
Accounts receivable
Buildings and structures
Machinery, equipment and vehicles
Land
Investment securities (Note 1)
Other investments
Total

FY2022(As of March 31, 2023)
35,118
39
104,748
434
53
4,641
1,000
146,036

FY2023(As of March 31, 2024)
41,47841
96,306
973
53
5,603
1,000
145,457(Note 1) Pledged as collateral for borrowings by affiliated companies and investee companies.
(Note 2) In addition to the above, investment securities (¥8,520 million), shares of subsidiaries and affiliates (¥13,530 million), long-term loans
receivable (¥8,510 million) and accounts receivable (¥41 million), which are offset and eliminated through consolidation adjustmentsin the fiscal year ended March 31, 2023, are pledged as collateral. Investment securities (¥8,520 million), shares of subsidiaries andaffiliates (¥13,530 million), long-term loans receivable (¥8,510 million) and accounts receivable (¥59 million), which are offset andeliminated through consolidation adjustments in the fiscal year ended March 31, 2024, are pledged as collateral.

The followings are liabilities for which assets are pledged as collateral.
(Millions of yen)

Short-term loans payable
Long-term loans payable
Total

FY2022(As of March 31, 2023)
100
110,909
111,009- 20 -FY2023(As of March 31, 2024)
100
97,536
97,636

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

2. The following item is related to non-consolidated subsidiaries and affiliated companies.
(Millions of yen)

Investment securities (shares)
Investment securities (capital)

FY2022(As of March 31, 2023)
5,663
984

FY2023(As of March 31, 2024)
5,798
969

3. Liabilities guaranteed
The Company provides a guarantee (including commitment) to the following group companies for their borrowing fromfinancial institutions.
(1) Debt guarantee(Millions of yen)Japan Airport Delica Inc.
Airport Transport Service Co., Ltd. (Note)
Total

FY2022(As of March 31, 2023)
225
225

FY2023(As of March 31, 2024)
225
225(Note) Liability booked in relation to the application of equity method is deducted from the amount guaranteed(2) Commitment to guarantee(Millions of yen)

Haneda Future Tokutei Mokuteki Kaisha

FY2022(As of March 31, 2023)
666

FY2023(As of March 31, 2024)
666

4. Amount of reduction entry
Due to receipt of national subsidy, etc., reduction entry of the following amount is deducted from the acquisition costs oftangible fixed assets.
(Millions of yen)

FY2022(As of March 31, 2023)

FY2023(As of March 31, 2024)

386
6,382
84

479
6,383
95

110
6,963

110
7,069

Tangible fixed assets
Buildings and structures
Machinery, equipment and vehicles
OthersIntangible fixed assets
OthersTotal

5. The amounts of accounts receivable arising from contracts with customers are as follows.
(Millions of yen)Accounts receivable

FY2022(As of March 31, 2023)
13,265

FY2023(As of March 31, 2024)
19,188

6.Notes to contractual liabilities
The amounts of contractual liabilities included in other liabilities are as follows.
(Millions of yen)Contractual liabilities

FY2022(As of March 31, 2023)
84- 21 -FY2023(As of March 31, 2024)
100

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Notes on Consolidated Statements of Income)1.

The amounts of revenue arising from contracts with customers are as follows.
(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
92,938

Revenue arising from contracts with customers

FY2023(from April 1, 2023
to March 31, 2024)
197,235

2. The amount of inventory at the fiscal year end is the amount that reflects writing-down of the book value dueto the decline in profitability, and the following inventory valuation loss is included in the cost of goods sold.
Figures in parenthesis indicate the reversal of the write down.
(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)(1,262)

FY2023(from April 1, 2023
to March 31, 2024)(114)

3. Impairment loss
The JAT Group recognized impairment loss on the assets as follows:
FY2022 (from April 1, 2022 to March 31, 2023)
Location

Use

Type
Impairment loss
Buildings and structures, others,
Ota-ku, Tokyo
Facility
260 million yen
intangible fixed assets
The JAT Group classifies assets into groups primarily according to business locations.
By examining impairment for fixed assets based on the groupings, it was judged that the carrying amount ofcertain business assets at the Company is not recoverable in the future. The entire carrying amount of those assets
was recognized as impairment loss of ¥260 million in extraordinary loss. The loss consists of ¥245 million forbuildings and structures, ¥14 million for others, and ¥1 million for intangible fixed assets. Recoverable values of
those assets were measured as zero, which were based on their values in use.
FY2023 (from April 1, 2023 to March 31, 2024)
Not applicable(Notes on Consolidated Statements of Cash Flows)
Relationship between the closing balance of cash and cash equivalents and the value of items listed on the consolidatedbalance sheets(Millions of yen)

FY2022(from April 1, 2022
to March 31, 2023)
63,741
26,50090,241
90,241

Cash and deposits
Securities
Subtotal
Securities with maturities of more than three months
Cash and cash equivalents- 22 -FY2023(from April 1, 2023
to March 31, 2024)
65,39520,00085,395(10,000)
75,395

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Segment Information)
Segment Information
1. Overview of reportable segments
The reportable segments of the JAT Group are units for which separate financial information is available and whose
operating results are regularly reviewed by the Board of Directors in order to decide how to allocate management
resources and evaluate their performances.
The Company is primarily engaged in the management of passenger terminal buildings and the provision of services
to users at Haneda Airport. Business divisions at the Company’s headquarters develop comprehensive businessstrategies and pursue business activities.
The Company is, therefore, composed of business segments with different services based on the business divisions.
Its three reportable segments are the facilities management operations, merchandise sales operations, and food andbeverage operations.
The segment of facilities management operations leases, maintains and repairs, and operates passenger terminal
facilities at Haneda Airport. It also provides services for passengers. The segment of merchandise sales operations is
engaged in retail sales of products to passengers and others, wholesales of products to companies operating airport
terminals and others, and other activities incidental to these two sales operations. The segment of food and beverage
operations provides food and beverage services to parties including users of Haneda Airport and Narita International
Airport. It is also engaged in the production and sales of in-flight meals and other incidental activities.
2. Method of calculations of sales, income (loss), assets, liabilities, and other items by reportable segments
Accounting methods for reportable business segments are, in general, the same as those described in “Basic
Important Conditions to Prepare Consolidated Financial Statements”.
Segment income is based on operating income.
Intersegment sales and transfers are based on prevailing market price.
3. Sales, income (loss), assets, liabilities, and other items by reportable segments
FY2022 (from April 1, 2022 to March 31, 2023)(Millions of yen)

Reportable segments

Consolidated
financialstatements(Notes 2)

Facilities
Management

Merchandise
Sales

63,28041,317

8,452

113,050-

113,050

Intersegment sales
and transfers

2,391

892

953

4,237

(4,237)-

Total
Segment income/(loss)
Segment assets
Other items

65,672(3,133)
280,331

42,2101,640
38,082

9,405(1,365)
10,001

117,288(2,858)328,415(4,237)(7,720)118,539

113,050(10,579)
446,955

Depreciation andamortization

26,4901,670

428

28,589432

29,022

Increase in tangible fixed
assets and intangible fixed
assets11,127732

146

12,00677

12,083Operating revenues
Sales to externalcustomers

Food andBeverage

Adjustments(Notes 1)

Total(Notes) 1. Details of adjustments are as follows:(1) Adjustments to the segment income include ¥7,733 million of administration expenses for the administration and otherdivisions at the parent company’s head office and certain subsidiaries which are not allocated to each of the reportablesegments.
(2) Adjustments to the segment assets include ¥167,407 million of corporate assets which are not allocated to each of thereportable segments, which includes excess funds managed by the parent company, long-term investment (investment
securities), assets related to administration divisions, special-purpose funds of certain subsidiaries and other assets.
(3) Adjustments to depreciation and amortization include ¥451 million of depreciation with respect to the administration andother divisions at the parent company’s head office and certain subsidiaries which are not allocated to each of thereportable segments.
(4) Adjustments to increase in tangible fixed assets and intangible fixed assets (¥77 million) are primarily due to acquisitionof robots for cleaning.

- 23 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)

2. Segment income is adjusted with operating income recorded in the Consolidated Statements of Income.

FY2023 (from April 1, 2023 to March 31, 2024)(Millions of yen)

Reportable segments

Consolidated
financialstatements(Notes 2)

Facilities
Management

Merchandise
Sales

91,736111,175

14,667

217,578-

217,578

Intersegment sales
and transfers

3,126

1,561

722

5,410

(5,410)-

Total
Segment income/(loss)
Segment assets
Other items

94,862
17,880277,690

112,736
21,08456,334

15,38965
10,417

222,988
39,030344,443(5,410)(9,503)
115,980

217,578
29,527
460,423

Depreciation andamortization

25,7401,545

376

27,661570

28,232

Increase in tangible fixed
assets and intangible fixed
assets30,018767

180

30,965814

31,779Operating revenues
Sales to externalcustomers

Food andBeverage

Adjustments(Notes 1)

Total(Notes) 1. Details of adjustments are as follows:(1) Adjustments to the segment income include ¥9,518 million of administration expenses for the administration and otherdivisions at the parent company’s head office and certain subsidiaries which are not allocated to each of the reportablesegments.
(2) Adjustments to the segment assets include ¥170,692 million of corporate assets which are not allocated to each of thereportable segments, which includes excess funds managed by the parent company, long-term investment (investment
securities), assets related to administration divisions, special-purpose funds of certain subsidiaries and other assets.
(3) Adjustments to depreciation and amortization include ¥576 million of depreciation with respect to the administration andother divisions at the parent company’s head office and certain subsidiaries which are not allocated to each of thereportable segments.
(4) Adjustments to increase in tangible fixed assets and intangible fixed assets (¥814 million) are primarily due to equipment
renewal in sales management system.
2. Segment income is adjusted with operating income recorded in the Consolidated Statements of Income.

- 24 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2024 (FY2023)(Per Share Information)(Yen)

FY2022(from April 1, 2022
to March 31, 2023)
1,613.62(41.89)Net assets per share
Net income / (loss) per share
Notes:FY2023(from April 1, 2023
to March 31, 2024)
1,805.67
206.75

1. Diluted net income per share is not shown since potential shares do not exist.
2. Net income / (loss) per share is calculated based on the following:(Millions of yen, except for number of shares)

FY2022(from April 1, 2022
to March 31, 2023)
Net income / (loss) per share
Net income / (loss) attributable to owners of theparentAmount not attributable to common shareholders
Net income / (loss) attributable to owners of theparent available for distribution to commonshareholders
Average number of shares outstanding during theperiod (thousand shares)(Significant Subsequent Events)
Not applicable- 25 -FY2023(from April 1, 2023
to March 31, 2024)(3,901)

19,255--(3,901)

19,255

93,136

93,136