Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020) [J-GAAP](Consolidated)
February 3, 2021
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. (“the Company”)
Listed stock exchange: Tokyo, 1st Section
9706
URL: https://www.tokyo-airport-bldg.co.jp/company/en/
Nobuaki Yokota, President and COO
Kazuhito Tanaka, Managing Director
TEL 03-5757-8409
Scheduled date of filing securities report:
February 12, 2021
Scheduled date of commencing dividend payment:－
Supplementary materials on financial results (yes/no)
No
Holding of quarterly earnings announcement (yes/no)
No
Company name:
Code number:
Representative:
Contact:(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Nine Months of FY2020 (April 1, 2020 to December 31, 2020)(1) Consolidated Business Results (Cumulative)
Operating revenues%: Change from the same period of the previous year

Operating income/(loss)

Net income/(loss)
attributable to owners of
the parent

Ordinary income/(loss)

First Nine
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2020FY201939,720203,451

-80.5
-1.9

(44,025)
15,764-18.8(41,377)
14,907-15.8(26,478)
8,162

-74.1

(Note) Comprehensive income / (loss): First nine months of FY2020 (¥49,923 million) (-%) First nine months of FY2019 ¥10,703 million (-68.9%)

First Nine
Months of

Net income/(loss)
per share
Yen

Diluted net income
per shareYen(325.97)
100.4995.84

FY2020FY2019(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

470,914521,363

151,133
201,89927.6
31.2

1,601.12
2,001.83

As of December 31, 2020
As of March 31, 2020
(Reference) Equity capital:

Equity capital tototal assets

Net assets

As of December 31, 2020 ¥130,055 million

As of March 31, 2020 ¥162,605 million

2. Dividends
Dividends per share
Q1-EndFY2019FY2020
FY2020 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

22.00
0.00

-

10.00

32.00

-

-

(Note) 1. Revisions to the most recently announced dividends forecast for FY2020: None
2. We have decided to postpone the announcement of the outlook for dividend payment for the fiscal year ending March 31, 2021

3. Forecast of Consolidated Financial Results for FY 2020 (April 1, 2020 to March 31, 2021)%: Change from the same period of the previous year

Full-year

Net income/(loss)
attributable to ownersof the parent

Ordinary
income/(loss)

Net income/ (loss) per
share

Operating revenues

Operatingincome/(loss)

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

61,000-75.6(58,000)-(55,500)-(35,000)-(430.89)(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2020: None

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): No
New: None
Excluded: None
(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: Yes(Note) For details, please refer to page 14 of the appendix materials “2. Quarterly Consolidated Financial Statements and Notes(3) Notes on Quarterly Consolidated Financial Statements: Adoption of Special Accounting Methods for Preparation of
Quarterly Consolidated Financial Statements”.
(3) Changes in accounting policies, accounting estimates, and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of December 31, 2020
84,476,500 shares
As of March 31, 2020
2) Number of treasury stock at the period-end:
As of December 31, 2020
3,248,529 shares
As of March 31, 2020
3) Average number of shares outstanding (quarterly consolidated cumulative period):
Third quarter of FY2020
81,228,083 shares
Third quarter of FY2019

84,476,500 shares
3,248,324 shares
81,228,443 shares* This quarterly financial report is not subject to the quarterly review by certified public accountants or auditing firms.

* Statements regarding the proper use of financial forecast and other special remarks
Notes on the use of forward-looking statements
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of thetime this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST NINE
MONTHS OF FY2020 (APRIL 1, 2020 TO DECEMBER 31, 2020) ............................................................................... - 2 (1) EXPLANATION OF OPERATING RESULTS ................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION ................................................................................................... - 8 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS- 8
2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ...................................................... - 9 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS ....................................................................................... - 9 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME ................................................................................................................... - 11 Quarterly Consolidated Statements of Income ............................................................................................. - 11 Quarterly Consolidated Statements of Comprehensive Income ...................................................................... - 13 (3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS ......................................................... - 14 (NOTES ON THE PREMISE OF A GOING CONCERN) ....................................................................................... - 14 (NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY) .............................................................. - 14 (ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATEDFINANCIAL STATEMENTS) ................................................................................................................... - 14 (ADDITIONAL INFORMATION) ....................................................................................................................... - 14 (SEGMENT INFORMATION) ........................................................................................................................... - 15 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

1. Qualitative Information on Consolidated Financial Results for the First Nine Months of FY2020(April 1, 2020 to December 31, 2020)(1) Explanation of Operating Results
During the first nine months of the fiscal year ending March 31, 2021, the Japanese economy continued
to face a difficult situation due to the impact of the new corona virus infection (COVID-19), but there havebeen signs of recovery. Looking ahead, it is expected that the recovery trend will continue due to the effectsof various policies and improving overseas economies, while taking measures to prevent the spread of theinfection. However, it is important to prudently monitor the increase of downside risk of the economy due tothe spread of the infection in Japan and overseas.
Under these economic conditions, the airline industry has seen a recovery in domestic tourism demandwith the addition of travel to and from Tokyo to the “Go To Travel” campaign since October 2020. However,the demand on air travel has again weakened since December by the rebound of COVID-19 cases and thenationwide suspension of the “Go To Travel” campaign. The number of passengers on domestic flights at
Haneda Airport had steadily recovered from the approximately 70% year-on-year decline in the second
quarter, to approximately 50% year-on-year decline in October and November, but in December, the numberof passengers declined again from the previous month. On the other hand, for international flights, since
October, South Korea, China, and other countries have been added to business and residence tracks, and therestrictions on new arrivals from all over the world were eased under certain conditions, but since December,
restrictions have been tightened again due to the spread of infection caused by a variant of COVID-19 inEurope. As a result, the number of passengers on international flights at Haneda Airport continued to be
down more than 95% from the previous year. The number of international passengers at Narita Airport andother international hub airports where we operate business has also remained significantly down from theprevious year.
Under these circumstances, the Japan Airport Terminal Group (“JAT Group”) is making efforts to ensure
the safety and security of airport users, based on the “Guidelines for Preventing the Spread of COVID-19 in
the Aviation Field” (jointly prepared by the Scheduled Airlines Association and the All Japan Airport
Terminal Association). To date, we have taken measures including the improvement of the ventilation
capacity of the terminals, the installation of hand sanitizers and plastic sheets to prevent droplet infection
throughout the terminal buildings, and the introduction of thermographic devices for measuring bodytemperature at security checkpoints. Furthermore, we are taking various initiatives including establishing asystem that enables PCR testing for overseas travelers and issues a certificate of negative test result in as little
as two hours at the Toho University Haneda Airport Terminal 3 Clinic, commencing a dedicated bus service
for arrivals to hotels in cooperation with Airport Transport Service Company Ltd. and others, in addition toproviding a part of Terminal 3 as a PCR testing area amidst the government's effort to expand the PCR testing
system.
Meanwhile, in order to recover merchandise sales in the face of a significant decrease in operating
revenues, we have been promoting measures to boost sales, mainly at stores for domestic flights where
passenger recovery continued. We have been making efforts including enhancing the development of
products exclusive to Haneda Airport by launching new original brands such as “HANEDA CHOCOLATEJOURNEY”. In the e-commerce business, in addition to enhancing the product lineup on the existing
e-commerce website, we launched a new cross-border e-commerce website in cooperation with an outsidecompany, and are taking various measures to expand the scale of the business. In the midst of a sluggish
demand for air travel, we have been implementing rent reduction and exemption measures since April of theprevious year as a support measure for airlines and tenants, while reviewing the details of the reduction andexemption in light of passenger trends.
We are also implementing extensive cost-reduction measures to minimize the impact of the decline inrevenues. In addition to cutting down non-urgent costs, we temporarily closed part of the terminal in light ofpassenger trends, reduced facility maintenance and management costs by reviewing operations, and reduced
outsourcing costs by bringing tasks in-house. With respect to personnel costs, we reduced fixed costs bypartially reducing executive compensation, employee bonuses and temporary salary payment. We will try tosustain cost reduction and review our cost structure to build a more efficient profit-generating structure bycurbing the possible cost increase associated with the recovery of passenger volume in the future.
From the financial perspective, we have worked to secure liquidity on hand by reviewing ourinvestments, and we have raised ¥5.0 billion in long-term loans and secured a short-term borrowing facilityof ¥20.0 billion to date, in addition to an existing commitment line of ¥9.0 billion. We will continue toconsider other measures to secure additional funds in preparation for the prolonged effect of our revenue
decline.
The JAT Group has aspired to best satisfy the needs of all stakeholders. To create business and revenue
generation opportunities and achieve sustainable growth, we have developed a medium-term business plan
(FY2016 – FY2020) and taken measures based on our long-term vision “To be a World Best Airport”.
-2-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

However, the impact of COVID-19 has significantly changed the business environment that the medium-termbusiness plan was based on. Furthermore, the society as a whole is shifting to the “new normal”, and the JATGroup is fundamentally reviewing the way it operates its airport terminals and its business operations, withideas that are not bound by the conventional framework.
During the current fiscal year, for international flights at Haneda Airport, we are implementing measures
to prevent COVID-19 infections by non-face-to-face and contactless services and facilities along withimproving passenger convenience through the promotion of “FAST TRAVEL” which enables stress-free andcomfortable boarding procedures and the introduction of “One ID” which uses face recognition technology.
On domestic flights, utilizing the robot demonstration experiments conducted to date, we are actively using
digital technology to promote flexible and efficient terminal operations including the introduction of
automated wheelchairs, remote guidance robots, sanitization work robots, and the “C-FACE”, multilingualtranslation smart masks that apply translation robot technology. In addition, we are also working on a sales
agency business to sell these world-class technologies and products that we have jointly developed andadopted at Haneda Airport to other airports. As for international flights, while the recovery in general
passenger volume will take some time, we are working on the construction of dedicated facilities to business
jets in anticipation of the demand for business jet segment picking up, which is expected to commence
operation in July when the Tokyo Olympic and Paralympic Games will be held. We will continue to develop
new businesses in order to diversify our revenue sources by acquiring new customer segments and to securerevenue sources that do not solely depend on flight passengers.
With respect to ESG (Environmental, Social and Governance), in addition to our existing efforts to
reduce CO2 emissions toward a decarbonized society including the use of LED lighting, we completed theconstruction of a new recycling building in December 2020 as a countermeasure to the increasing waste
volume at Haneda Airport. We also started a demonstration experiment of “TABETE Rescue Deli”, a service
to sell unsold items at airport stores to airport employees to reduce food loss. Moreover, to enhance ouruniversal design service facilities, we are taking various measures including setting up a “Calm Down, Cool
Down Space” in the security area after passing through the baggage checkpoint, where people with disabilities
can use when they need to calm down.
As a result of the above, with respect to consolidated financial results for the first nine months of the fiscal
year ending March 31, 2021, operating revenues were ¥39,720 million (down 80.5% year-on-year) due tocontinuous decline in revenue from facility user charges, merchandise sales, and food and beverage sales
because of the substantial drop in passenger volume for domestic and international flights. As a result of the fallin revenue, operating loss was ¥44,025 million (compared to operating income of ¥15,764 million during thesame period of the previous fiscal year), coupled with increase in depreciation expense of Haneda’s international
facilities that commenced operation last fiscal year despite taking thorough cost reduction measures. Ordinary
loss was ¥41,377 million (compared to ordinary income of ¥14,907 million during the same period of theprevious fiscal year), and quarterly net loss attributable to owners of the parent was ¥26,478 million (compared
to quarterly net income attributable to owners of the parent of ¥8,162 million during the same period of theprevious fiscal year).
(Millions of yen)

Operating Results

First Nine Months of FY2019(ended December 31, 2019)

First Nine Months of FY2020(ended December 31, 2020)

Year-on-Year(%)

203,451
64,474
123,438
15,53815,764
14,90739,72026,71910,5752,426(44,025)(41,377)

-80.5
-58.6
-91.4
-84.4
-

8,162

(26,478)-

Operating revenues[Facilities Management][Merchandise Sales][Food and Beverage]
Operating income / (loss)
Ordinary income / (loss)
Quarterly net income / (loss)
attributable to owners of the parent

In the Skytrax (UK) “Global Airport Rating” published in November 2019, Haneda Airport’s passenger
terminals were awarded the world’s highest standard “5-star Airport” for the sixth consecutive year.
Moreover, in May 2020, we were awarded second place globally in the “World’s Best Airports” for the second
consecutive year, which comprehensively evaluates various aspects of international airports in 2020. We werealso awarded first place globally in the World's Cleanest Airports (for the fifth consecutive year), World's Best
Domestic Airports (for the eighth consecutive year), and World's Best PRM / Accessible Facilities (for thesecond consecutive year).
The airline industry continues to face a very difficult situation, and a state of emergency was again-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)declared in Tokyo and other areas at the beginning of 2021. As a result, the reopening of "Go To Travel"
campaign has been postponed and restaurants have been asked to shorten their operating hours, which has had asignificant impact on air travel demand and our business. In light of these trends, the JAT Group will continue toensure the safety and security of passengers using Haneda Airport and will operate the passenger terminal toappropriately respond to the demand. In the long-term, we expect a steady increase in demand for air travel,
and we will continue to work towards increasing the value of Haneda Airport by further improving theconvenience, comfort and functionality of the terminal buildings as the sky gateway to Japan and the Tokyo
metropolitan area.
The following is a breakdown of earnings / (loss) by segment. Note that the figures for operating income /(loss) are equivalent to those for segment income / (loss).

-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Overview by Segment[Facilities Management](Millions of yen)

Operating Results

First Nine Months of FY2019(ended December 31, 2019)

First Nine Months of FY2020(ended December 31, 2020)

Year-on-Year(%)

64,474
13,66933,437
17,366
4,066
68,540
10,222

26,71912,450
5,838
8,430
1,425
28,144(27,408)

-58.6
-8.9
-82.5
-51.5
-65.0
-58.9
-

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

Rent revenue decreased from the same period of the previous year primarily due to continued rent
reductions and exemptions offered to tenants and others which have been implemented since April 2020.
Revenue from facility user charges fell significantly below the same period of the previous year due to a
substantial drop in user charges. Although passenger volume for domestic flights was steadily recovering, itturned to a downward trend again after December 2020. The passenger volume for international flights remained
significantly down from the previous year.
Other revenues fell significantly below the same period of the previous year due to the decline in parking
revenue, paid lounge sales, hotel revenue and advertising revenue as a result of the slump in passenger
volume.
As a result, operating revenues from facilities management operations decreased to ¥28,144 million(down 58.9% year-on-year). Operating loss for the segment was ¥27,408 million (compared to operating
income of ¥10,222 million during the same period of the previous fiscal year) primarily due to the drop inrevenue and the increase in depreciation expense after the opening of Haneda Airport Terminal 2 international
facilities and expansion part of Terminal 3 in the previous fiscal year.

-5-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)[Merchandise Sales](Millions of yen)

Operating Results

First Nine Months of FY2019(ended December 31, 2019)

First Nine Months of FY2020(ended December 31, 2020)

Year-on-Year(%)

123,438
27,415

10,575
6,853

-91.4
-75.0

70,540

1,772

-97.5

25,482
751
124,190
11,146

1,949
517
11,092(7,746)

-92.4
-31.2
-91.1
-

Merchandise Sales
Sales at domestic terminal stores
Sales at international terminal
storesOther revenues
Intersegment sales and transfers
Total of Operating Revenues
Segment income / (loss)

Merchandise sales at domestic terminal stores significantly decreased from the same period of theprevious year due to the significant impact of the drop in passenger volume and change in consumer sentiment,
despite the positive effects by the introduction of “Go To Travel” regional coupons since October 2020.
Sales at international terminal stores significantly decreased from the same period of the previous year
primarily due to the substantial decrease in international passenger volume and continued temporary closuresof many of our directly-managed duty-free stores. In addition to TIAT DUTY FREE SHOP CENTRAL, someof the brand boutiques have resumed operation in line with flight schedule at Haneda Airport Terminal 3.
Some stores at Narita Airport are operating on limited days of the week, but merchandise sales at each store
including airport-style in-city duty-free shop “Japan Duty Free Ginza” continue to face difficulties.
Other revenues significantly decreased from the same period of the previous year because of the decreasein the wholesaling business at local airports due to the drop in passenger volume.
As a result, operating revenues from merchandise sales operations dropped to ¥11,092 million (down
91.1% year-on-year) and operating loss was ¥7,746 million (compared to operating income of ¥11,146 million
during the same period of the previous fiscal year).

-6-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)[Food and Beverage](Millions of yen)

Operating Results

First Nine Months of FY2019(ended December 31, 2019)

First Nine Months of FY2020(ended December 31, 2020)

Year-on-Year(%)

15,538

2,426

-84.4

9,580

1,876

-80.4

5,268
689
1,945
17,484
796

286
263
773
3,200
(3,601)

-94.6
-61.8
-60.2
-81.7
-

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

Sales from food and beverage operations significantly fell from the same period of the previous year atboth domestic and international terminals due to the temporary closures and shortened operating hours in
addition to the slump in passenger volume.
Sales from in-flight meals significantly fell from the same period of the previous year due to a significant
decline in passenger volume for flights to and from Narita and Haneda by many of the foreign carriers, ourclients in this business.
As a result, operating revenues from food and beverage operations dropped to ¥3,200 million (down
81.7% year-on-year) and operating loss for the segment was ¥3,601 million (compared to operating income of¥796 million during the same period of the previous fiscal year).

-7-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(2) Explanation of Financial Position[Assets]
Current assets decreased primarily due to the decrease in cash and deposits and accounts receivablebecause of the decline in operating revenues. Fixed assets decreased primarily due to the depreciation ofbuildings and structures. As a result, total assets decreased by ¥50,448 million from the previous fiscal year
end to ¥470,914 million.
[Liabilities]
Liabilities increased due to long-term loans of approximately ¥30.0 billion that the Company raised
despite the payment of the construction cost of Haneda Airport international facilities which the construction
was completed last fiscal year. As a result, total liabilities increased by ¥317 million from the previous fiscal
year end to ¥319,781 million.
[Net Assets]
Dividend distribution was made, and quarterly loss decreased retained earnings and non-controllinginterests. As a result, total net assets decreased by ¥50,766 million from the previous fiscal year end to¥151,133 million.
As a result, the equity ratio was 27.6% (compared to 31.2% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
In the first nine months of the fiscal year ending March 31, 2021, the number of passengers exceeded theforecast for domestic flights, while the number of passengers fell short of the forecast for internal flights at
Haneda Airport. With respect to the consolidated results, operating revenues surpassed the forecast, mainly
due to higher-than-expected facility user charges and other revenues. With respect to profit and loss, theoutcome was also better than the forecast, mainly due to progress in cost reduction efforts.
The outlook for the full year is unclear due to the possibility of a further decline in passenger demand as aresult of factors including the declaration of a state of emergency in 11 prefectures, including the Tokyo
metropolitan area, from the beginning of 2021 due to the spread of COVID-19 and the complete suspension of
new entries by foreigners. However, the full-year consolidated financial forecasts announced on November 5,2020 remain unchanged at this time, and we will continue to closely monitor future developments.

-8-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheets(Millions of yen)

ASSETS
Current assets
Cash and deposits
Accounts receivable
Merchandise and finished products
Raw materials and stored goods
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other tangible fixed assets
Accumulated depreciation and impairment loss
Other tangible fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Leasehold right
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets
Investment securities
Deferred tax assets
Net defined benefit assets
Other investments
Total investments and other assets
Total fixed assets
TOTAL ASSETS-9-

FY2019(As of March 31, 2020)

First Nine Months of
FY2020(As of December 31,
2020)

71,958
8,924
13,440146
19,797(18)
114,248

67,476
4,662
12,233
301
6,775
(62)
91,386552,854(277,692)
275,162
37,743(15,266)
22,476
12,881
3,622
(965)
2,657
6,258
67,111(50,994)
16,116
335,551556,216(295,792)
260,424
35,697(17,315)
18,381
12,883
3,530
(990)
2,540
4,697
67,737(54,372)
13,364
312,291

35,205
3,614
38,82033,822
3,316
37,13820,082
8,748
387
3,523
32,742
407,114521,363

14,991
11,148514
3,442
30,097
379,527
470,914

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Accrued expenses
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Bonds with stock acquisition rights
Long-term loans payable
Lease obligations
Deferred tax liabilities
Allowance for directors’ retirement benefits
Net defined benefit liabilities
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS- 10 -FY2019(As of March 31, 2020)

First Nine Months of
FY2020(As of December 31,
2020)

3,261
13,646
8,736
1,517
1,635
186
35,34364,327

1,776
16,543
11,887
407
599
8,914
40,12950,98515,020161,011
2,402
13,357
55
4,141
486
7,675
255,136
319,464

50,87815,012
179,179
2,212
17,03867
4,180
491
10,592
279,652
319,781

17,48921,337
123,451(3,248)159,029

17,48921,337
96,160(3,249)131,738

3,637

1,209

609
37
(708)
3,575
39,294
201,899
521,363(2,256)25(661)(1,682)
21,077
151,133
470,914

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income(Millions of yen)

Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sales of merchandise
Sales 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
Subsidies for employment adjustment
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income / (loss)- 11 -First Nine Months of
FY2019(from April 1, 2019
to December 31, 2019)

First Nine Months of
FY2020(from April 1, 2020
to December 31, 2020)

13,66933,437
17,605
123,200
15,537
203,451

12,4505,838
8,527
10,4552,449
39,72086,7508,248
94,999108,452

8,096
2,460
10,55629,164

10,121923
190
676
12,501
21,767
19,752
26,75592,68815,764

8,538
367
726
8,809
9,764
25,766
19,21773,189(44,025)

19
361
222
1,056
1,660

2,429
225
2,889
901
6,445

2,145
146
225
2,517
14,907

1,760
356
1,530
149
3,797
(41,377)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(Millions of yen)

Extraordinary gains
Gain on sales of investment securities
Gain on sales of fixed assets
Government subsidies
Total extraordinary gains
Extraordinary loss
Loss on retirement of fixed assets
Impairment loss
Loss on valuation of other investments
Loss on reduction entry of fixed assets
Total extraordinary loss
Quarterly income / (loss) before income taxes andnon-controlling interests
Income taxes – current
Quarterly income / (loss)
Quarterly net income / (loss) attributable to non-controllinginterests
Quarterly net income / (loss) attributable to owners of theparent- 12 -First Nine Months of
FY2019(from April 1, 2019
to December 31, 2019)

First Nine Months of
FY2020(from April 1, 2020
to December 31, 2020)

81
419
501

3,504
4,568
8,072

429
320
749

1,097
5
4,479
5,583

14,660(38,887)

4,572
10,087

3,033(41,921)

1,924(15,443)

8,162(26,478)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income / (loss)
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 / (loss)
Comprehensive income / (loss) attributable to:Comprehensive income / (loss) attributable to owners of
the parent
Comprehensive income / (loss) attributable tonon-controlling interests- 13 -First Nine Months of
FY2019(from April 1, 2019
to December 31, 2019)10,087First Nine Months of
FY2020(from April 1, 2020
to December 31, 2020)(41,921)

18
503
(17)
102

(2,432)(5,618)
(12)
90

9

(28)

616
10,703(8,001)(49,923)

8,528(31,736)

2,175(18,186)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(3) Notes on Quarterly Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes on a Significant Change in Shareholders’ Equity)
Not applicable(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements)
Calculation of tax expenses
The effective tax rate on income before taxes for the consolidated fiscal year including the third quarter after theapplication of tax effect accounting is reasonably estimated, and that estimated rate is applied to net income forthe quarterly period to calculate estimated tax expenses. However, in cases where the use of such an estimatedeffective tax rate would result in a significant lack of rationality, the statutory effective tax rate is applied.
(Additional Information)
Accounting estimates with respect to the impact of the spread of COVID-19
To judge the recoverability of deferred tax assets, the Company is developing and evaluating scenarios based on
the information from external sources available at the time of preparation of the quarterly consolidated financial
statements. In the second quarter of the current consolidated financial year, we reviewed the assumptions,
including the timing when the spread of COVID-19 will be contained that were included in (Additional
Information) of the Securities Report for the fiscal year ended March 31, 2020, with reference to the aviation
demand forecast announced by the International Air Transport Association (IATA) on July 28, 2020. As a result,
there is no change in our initial forecast for the recovery in number of passengers, which affect earnings andother factors, that the recovery will take about two years for domestic flights and four years for international
flights starting from the end of March 2020, but the current trend in passenger volume indicates a slower
recovery. The accounting estimates based on such assumptions are reflected in the accounting treatment.
Although there have been no changes made to these assumptions for the third quarter of the current consolidated
financial year, changes in these assumptions may affect future earnings.

- 14 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Third Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)(Segment Information)
Segment Information
I.

First nine months of FY2019 (from April 1, 2019 to December 31, 2019)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Adjustments

Facilities
Management

Merchandise
Sales

64,474

123,438

15,538203,451-

203,451

Intersegment sales
and transfers

4,066

751

1,945

6,764

(6,764)-

Total
Segment income (loss)

68,540
10,222

124,190
11,146

17,484796

210,216
22,165(6,764)(6,400)203,451
15,764

Operating revenues
Sales to externalcustomers(Notes)Food andBeverage

Quarterly
consolidated
financialstatements Note2

Total

Note 1

1. Adjustments to the segment income include ¥6,404 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable
II. First nine months of FY2020 (from April 1, 2020 to December 31, 2020)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Operating revenues
Sales to externalcustomers
Intersegment sales
and transfers
Total
Segment income/(loss)(Notes)Adjustments

Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Facilities
Management

Merchandise
Sales

26,71910,5752,426

39,720-39,720

1,425

517

773

2,716

(2,716)-28,144(27,408)

11,092(7,746)

3,200(3,601)42,436(38,756)(2,716)(5,268)39,720(44,025)

Total

Note 1

1. Adjustments to the segment income include ¥5,273 million of administration expenses for administration divisions at parent company’shead office and some of the subsidiaries which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
In the “Merchandise Sales” segment, the Company recorded an impairment loss of ¥1,097 million on fixed
assets related to business assets.

- 15 -