Year ended March 31, 2024（FY2023）

Earnings Presentation Material(May 15, 2024)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original, the original
shall prevail.

Contents

Year ended March 31, 2024（FY2023）
Earnings Presentation Material
3. Progress of the Medium-Term Business Plan

1. Review of Consolidated Financial Results for FY23
(1) Business Environment/Number of Passengers

P 2(1) Passenger Volume Forecast (Haneda Airport)

P10(2) Consolidated Financial Results

P 3(2) Target Results (PL)P

11(3) Our Goals for 2025 and Key Initiatives

P12(4) Key Performance Indicators (KPIs)

P

13(5) Fund Allocation (FY24–FY25)P14(6) Capital Spending PlanP

15

2. Consolidated Financial Forecast for FY24

4. Sustainability Initiatives(1) Business Environment/Number of Passengers

P 4(2) Breakdown of Number of Passengers of International
Flights by Destination (Haneda Airport)(1) Information Disclosure on the Task Force on Nature-related
Financial Disclosures (TNFD) Recommendations
P 16

P 5

(2) Initiatives for a Decarbonized Society(3) Consolidated Financial Forecast

P 6(4) Financial Forecast by Segment

P 7(5) Status of Sufficiency of Personnel

P 8(6) Status of Number of Staff and Selling, General and
Administrative Expenses

P 9

P

17

Contents

Supplementary Material

Reference Material

1. Details of Consolidated Financial Results for FY2023

1. Outline of Japan Airport Terminal Group(1) Changes in Passenger Volume

P20(1) The company’s position at Haneda Airport

P40(2) Consolidated Financial Results for the YearP

21(2) Business DetailsP41(3) Financial Results by Segment(i) Facilities management(ii) Merchandise sales(iii) Food and beverage(3) Basic Philosophy and Management Policy

P

42

P
P
P

23
24
25

(4) Sustainability Basic PolicyP43(5) Company HistoryP44(4) Breakdown of Selling, General and
Administrative Expenses(6) Group Companies

P

45

P

26

(7) Segment Revenue Details /Sales CompositionP46(5) Changes in Non-Operating Income/Expenses
and Extraordinary Income/LossP27(8) Changes in Capital Investment

P47(6) Consolidated Balance SheetsP28(9) Summary ofTokyo International Air Terminal CorporationP48(7) Consolidated Statements of Cash FlowsP

29

Reference: Purchasing trends at duty-free storesP

30(1) Comparison of Passenger VolumeP49(2) International Rating of the Haneda Airport
Passenger Terminal

P50

2. Details of Consolidated Financial Forecast for FY2024

2. Summary of Tokyo International Airport (Haneda)(1) Consolidated Financial Forecast for FY2024

P32(2) Financial Forecast by Segment(i) Facilities management(ii) Merchandise sales(iii) Food and beverage

P
P
P

33
34
35

(3) Capital Expenditure and Depreciation Expenses

P36(4) Changes in Operating Revenues/Ordinary
Income/Cash FlowsP

37

Earnings Presentation Material
Year ended March 31, 2024（FY2023）

1. Review of Consolidated Financial Results for FY2023

2. Consolidated Financial Forecast for FY2024
3. Progress of the Medium-Term Business Plan
4. Sustainability Initiatives

1. Review of Consolidated Financial Results for FY23

(1) Business Environment/Number of Passengers
⁻ Activity restrictions associated with COVID-19 were fully lifted, and society as a whole has become
more normalized.
⁻ As the number of non-Japanese visitors to Japan continued to increase significantly, over-tourism
concerns became apparent in some areas.

Business
Environment

⁻ An inflationary trend is taking root due to higher resource prices and the weak yen, as well as rising
wages resulting from labor shortages.
⁻ The number of passengers on domestic flights recovered to about 90% of the pre-COVID-19 (2019)
levels, mainly due to a steady recovery in travel demand.

Number of
Passengers

⁻ The number of passengers on international flights surpassed pre-COVID-19 (2019) levels to a record
high (increased to 75% of the assumed number of passengers after expansion of flight slots) due tostrong inbound demand.

(Haneda Airport)

AirportFY23
FY22
Rate of change(10 thousands) (10 thousands)(％)

Revisedforecasts(10 thousands)

Rate of change(％)

FY25 mediumRate of change
term plan(％)(10 thousands)

2019 calendar
Rate of change
year result(％)(10 thousands)

Haneda –Domestic

6,113

5,306

15.2

6,131

-0.3

6,900

-11.4

6,886

-11.2

Haneda –International

1,909

680

180.5

1,937

-1.4

2,560

-25.4

1,853

3.0

Total Haneda

8,022

5,987

34.0

8,069

-0.6

9,460

-15.2

8,740

-8.2

Narita

2,744

1,355

102.4

2,682

2.3

Kansai

1,905

513

270.9

1,794

6.2

Chubu Centrair

322

82

290.5

322

0.0

* The figures for the FY25 medium-term plan are thesame as the assumed number of passengers after the
expansion of flight slots prepared before COVID-19.

Note: Haneda Airport passenger volume is based on aggregate statistics of airport usage within the jurisdiction of East Japan Civil
Aviation Bureau (monthly version), available on the website of the East Japan Civil Aviation Bureau of the Ministry of Land,
Infrastructure, Transport and Tourism.

21. Review of Consolidated Financial Results for FY23

(2) Consolidated Financial Results
⁻ Operating revenues increased in all segments from the same period in the previous fiscal year due toincreases in operating revenues from merchandise sales and facility user charges revenue.
⁻ Not only did consolidated results returned to profitability for the first time in four years, operating income
and ordinary income also reached record highs.

Overview

⁻ Compared to the revised forecast, both sales and profits exceeded the forecast due to strong sales at
duty-free stores, etc.
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

1H

2H

Full year

FY23

FY22

ChangeFY23

FY22

ChangeFY23

FY22

ChangeRevisedforecasts
*1

100.1

43.6

56.5

117.4

69.4

47.9

217.5

113.0

104.5

211.5

6.0

Facilities management

43.6

27.3

16.3

48.0

35.9

12.0

91.7

63.2

28.4

89.9

1.8

Merchandise sales

49.4

12.8

36.6

61.6

28.4

33.2

111.1

41.3

69.8

106.8

4.3

Food and beverage

6.9

3.4

3.5

7.6

5.0

2.6

14.6

8.4

6.2

14.8

-0.1

Operating income (loss)

13.5

-9.2

22.7

16.0

-1.3

17.3

29.5

-10.5

40.1

24.7

4.8

Ordinary income (loss)

12.4

-9.7

22.2

14.7

-2.3

17.0

27.2

-12.0

39.2

22.8

4.4

Net income attributable toowners of parent

8.2

-3.3

11.5

11.0

-0.5

11.5

19.2

-3.9

23.1

15.2

4.0

Capital expenditures

2.1

1.1

29.6

10.8

31.7

12.0

33.0

Depreciation expenses

13.9

14.4

14.2

14.5

28.1

28.9

28.3

EBITDA

27.4

5.1

30.2

13.2

57.6

18.3

53.0

¥25.0

¥0.0

¥42.0

¥16.0

¥67.0

¥16.0

¥50.0

Items

Operating revenues

Annual dividend
Payout ratio

28.3%

-

35.5%

-

32.4%

-

Difference

30.6%
3

2. Consolidated Financial Forecast for FY24

(1) Business Environment/Number of Passengers
⁻ Synergy between wages and prices will strengthen, and the inflationary trend will continue due in part to
the impact of the weak yen.
⁻ Supply capacity concerns (a 2024 problem) in the construction and logistics industries due to legislativechanges will affect all sectors.

Business
Environment

⁻ Inbound demand is strong, but uncertainty about the Chinese economy and the unstable global
situation are concerns.
⁻ The number of passengers on domestic flights is assumed to be at 95% of pre-COVID-19 (calendar year2019) levels with further recovery in demand.

Number of
Passengers

⁻ The number of passengers on international flights is expected to continue to grow strongly, reaching 84%
of the assumed number of passengers after the expansion of flight slots.

(Haneda Airport)

Airport⁻ The number of passengers on both domestic and international flights has been revised downward
compared to the Medium-Term Business Plan.

FY24
FY23 Results Rate of change
Forecasts(10 thousands)(％)(10 thousands)

FY24 mediumRate of change
term plan(%)(10 thousands)

FY25 mediumRate of change
term plan(％)(10 thousands)

2019 calendar
Rate of change
year result(％)(10 thousands)

Haneda –Domestic

6,564

6,113

7.4

6,900

-4.9

6,900

-4.9

6,886

-4.7

Haneda –International

2,148

1,909

12.5

2,310

-7.0

2,560

-16.1

1,853

15.9

Total Haneda

8,713

8,022

8.6

9,210

-5.4

9,460

-7.9

8,740

-0.3

Narita

3,019

2,744

10.0

Kansai

2,157

1,905

13.2

Chubu Centrair

555

322

72.4

* The figures for the FY25 medium-term plan are the sameas the assumed number of passengers after expansion offlight slots prepared before COVID-19.

4

2. Consolidated Financial Forecast for FY24

(2) Breakdown of Number of Passengers of International Flights
by Destination (Haneda Airport)
Overview
⁻ The expansion of flight slots (by 1.4 times) in March
2020 resulted in a large increase in North Americanand European destinations in particular.

Percentage of passengers by destination(Compared to the pre-COVID-19 plan)⁻ In FY23, the number of flights and passengers
exceeded that before COVID-19, and they are
expected to continue to increase.
China

⁻ The number of passengers to China is gradually
increasing, while some European flights are stillaffected by airlines avoiding flying over Russia.

⁻ Each airline’s fleet upgrade information will bereflected in the assumptions of passenger volumes.

North
America

Status of responses to increased passenger
demandSoutheast
Asia

⁻ Expansion of operations of T2 facilities forinternational flights
2023 winter:
16 departures⇒ 2024 summer: 26 departures

Korea/Taiwan/
Hong Kong⁻ Swing operations have started at some spots,
switching between domestic and international flightfunctions depending on the time of day.
⁻ During the periods before and after the switchover,
the relevant blocks are closed for the conducting ofscreening.

Europe/Others2019 calendar
year result

Pre-COVID-19
plan

FY23 Results

FY24 Forecast

⁻ Security inspections will be expanded in terms ofthe number of lanes served and personnel
available at different times of the day to improve
passenger convenience.
5

2. Consolidated Financial Forecast for FY24

(3) Consolidated Financial Forecast
⁻ Operating revenues are expected to increase in all segments due to increased passenger volume.

Overview

⁻ Due to expansion of terminal operations, etc., the increase in expenses is expected to exceed theincrease in sales, and profits are expected to decrease.
⁻ The assumed passenger volume was revised downward compared to the Medium-Term Business Plan,
but profits are expected to exceed the plan.
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

1H
Items

2H

Full year

FY24

FY23

ChangeFY24

FY23

ChangeFY24

FY23

Change

124.3

100.1

24.1

129.5

117.4

12.0

253.8

217.5

36.2

Facilities management

49.0

43.6

5.3

50.5

48.0

2.4

99.5

91.7

7.7

Merchandise sales

67.1

49.4

17.6

70.9

61.6

9.2

138.0

111.1

26.8

Food and beverage

8.2

6.9

1.2

8.1

7.6

0.4

16.3

14.6

1.6

Operating income

15.4

13.5

1.8

11.7

16.0

-4.3

27.1

29.5

-2.4

Ordinary income

14.2

12.4

1.7

10.1

14.7

-4.6

24.3

27.2

-2.9

Net income
attributable to ownersof parent

8.7

8.2

0.4

6.8

11.0

-4.2

15.5

19.2

-3.7

Capital expenditures

7.0

2.1

27.3

29.6

34.3

31.7

Depreciation expenses

13.8

13.9

14.8

14.2

28.6

28.1

EBITDA

29.2

27.4

26.5

30.2

55.7

57.6

¥31.0

¥25.0

¥31.0

¥42.0

¥62.0

¥67.0

33.2%

28.3%

42.5%

35.5%

37.3%

32.4%

Operating revenues

Dividend
Payout ratio

6

2. Consolidated Financial Forecast for FY24

(4) Financial Forecast by Segment
Overview(Billions of yen)
Items

FY24 Forecast

FY23 Results

Operating revenues

253.8

217.5

36.2

Facilities management

103.4

94.8

8.5

Merchandise sales

139.9

112.7

27.1

Food and beverage

16.9

15.3

1.5

-6.4

-5.4

-0.9

Operating expenses

226.7

188.0

38.6

Facilities management

89.7

76.9

12.7

Merchandise sales

116.0

91.6

24.3

Food and beverage

16.5

15.3

1.1

(Elimination or unallocated)

4.5

4.0

0.4

物品販売業
Merchandise sales

Operating income

27.1

29.5

-2.4

飲食業
Food and beverage

Facilities management

13.7

17.8

-4.1

Merchandise sales

23.9

21.0

2.8

Food and beverage

0.4

0.0

0.3

-10.9

-9.5

-1.3

Inter-segment sales

Change⁻ In the facilities management business, profits
are expected to decrease due to an increase in
the costs for terminal maintenance andmanagement, etc., despite an increase in sales
due to increased passenger volume.
⁻ In particular, expenses are expected toincrease in the fourth quarter due toconstruction work, etc. to be completed at theend of the fiscal year.
⁻ In the merchandise sales business, both sales
and profits are expected to increase due tocontinued strong inbound demand.
⁻ At Haneda duty-free stores, sales are expected
to increase more than the passenger volume
growth due to an improvement in the purchaserate, despite a slight decrease in the per-unit
purchases.
■
Quarterly changes in segment income■セグメント利益の四半期推移

施設管理運営業
Facilities
management(Elimination or unallocated)

Note: Figures shown are rounded down to the nearest 100 million yen.

1Q
Forecast
1Q予想

2Q
Forecast
2Q予想

3Q
Forecast
3Q予想

4Q
Forecast
4Q予想

7

2. Consolidated Financial Forecast for FY24

(5) Status of Sufficiency of Personnel◆ Overview
⁻ During the COVID-19 period, the total workforce
decreased by approximately 40%, but at the same time,
we undertook a fundamental review of our operations andrestructured service delivery processes to improve
workforce efficiency.
⁻ The number of passengers on international flights has
increased rapidly, resulting in personnel shortages invarious areas, so we have stepped up our recruitment
activities.

Changes in the number of
personnel of the JAT Group(Persons)

Full-time
employees⁻ Since it takes a certain amount of time to recruit full-time
employees, we have increased the number of nonregular employees in order to first secure the necessary
number of personnel.

Temporaryemployees

Dispatchedworkers⁻ The scale is expected to be about 10% less than the preCOVID-19 level by the end of this fiscal year, andpersonnel vacancies are expected to be almost fully filled.
⁻ We will continue our efforts to improve labor productivity,
recruit full-time employees, and improve compensation toretain them, aiming to ensure our personnel is sufficientin terms of both quality and quantity.

◆ Initiatives to improve compensation
⁻ Increasing base salary and hourly wages

⁻ Creation of a specialist system and expansion of
educational and training programs

FY19(Results)

FY21(Results)

FY23(Results)

FY24(Initial forecast)8

2. Consolidated Financial Forecast for FY24

(6) Status of Selling, General and Administrative Expenses◆ Overview
⁻ During the previous term, we continued to address
various operational issues in response to the rapid
growth in international passengers.
⁻ In FY24, while the pace of passenger growth will
settle down, we will expand our service response
and improve our service quality, such as bystarting swing operations at Terminal 2.

Changes in selling, general and administrative expenses
140.0 billion yen
125.2 billion yen

⁻ Accordingly, we expect the costs for facility
maintenance and management to increase.
⁻ We will increase maintenance and repairs, which
had been reduced to the minimum necessaryduring the COVID-19 period, to address thesituation.
⁻ We will proactively upgrade facilities to enhancefunctions and improve convenience, as well as
undertaking construction work related to CO2
reduction.
⁻ Rent will increase for the performance-linked
portion in international flights.
⁻ Utilities expenses are expected to increase, partly
due to the expansion of terminal operations.
⁻ We expect increases in variable expenses due toincreases in passenger volume and operating
revenues and increases in various expenses
resulting from rising prices.

136.2 billion yen

115.2 billion yen
Non-personnel
expensesNon-personnel
expenses

77.7

73.1

Personnel
expenses

27.8
FY19(Results)

Non-personnel
expenses

82.3

64.2
Personnel
expenses

27.0

24.3
Depreciation
expensesNon-personnel
expenses

Depreciation
expenses

35.3
FY20(Pre-COVID-19 plan)

Personnel
expenses

Personnel
expenses

22.8

25.3

Depreciation
expenses

Depreciation
expenses

28.2

28.6

FY23
(Results)

FY24(Initial forecast)9

3. Progress of the Medium-Term Business Plan

(1) Passenger Volume Forecast (Haneda Airport)

Domestic flights(10 thousands)
FY22

FY23

FY24

FY25

Number of passengers

5,306

6,113

6,564

6,700

Comparison with target

77%

89%

95%

97%

Target: Domestic flights
Revised Plan: Domestic flights

International flights

Target: International flights

Number of passengers

680

1,909

2,148

2,350

Comparison with plan
after the expansion

27%

75%

84%

92%

Comparison with 2019

37%

103%

116%

127%

◆

Revised Plan: International flights

Passenger Volume Forecast for FY25‒

The number of passengers on domestic flights is expected to be 97% of the pre-COVID-19
target in FY25, taking into account the weak recovery in business demand, although leisuredemand is picking up.

‒

For international flights, we expect that some flight slots will not be used due to airlines
avoiding flying over Russia; we assume no significant change in flight occupancy rates,reflecting the impact of airlines’ fleet upgrades during the COVID-19 period.
10

3. Progress of the Medium-Term Business Plan

(2) Target Results (PL)<Main adjustments>• The downward revision of the passenger volume forecast and an increase in labor costs and various expenses due to pricerises are major factors leading to lower profits.
• Operating revenues from merchandise sales reflect changes in store operations, product purchasing patterns, and various
product policies.
• Rental income will be increased by renewing commercial areas and attracting office space.
• The completion date of the Terminal 1 north satellite was changed to FY26, and the cost impact of this change has been revised.
• Changes in the environment after the Medium-Term Business Plan was formulated, as well as increases and decreases in
expenses due to the effects of measures taken in response to such changes, are factored in.
PL for FY25

Reference: Previous standard*

Operating revenues

280.0 billion yen ➤ 270.0 billion yen

320.0 billion yen ➤ 350.0 billion yen

Facilities
management

106.0 billion yen ➤ 110.0 billion yen

106.0 billion yen ➤ 110.0 billion yen

Merchandise sales

156.0 billion yen ➤ 143.0 billion yen

193.0 billion yen ➤ 219.0 billion yen

Food and beverage

18.0 billion yen ➤ 17.0 billion yen

21.0 billion yen ➤ 21.0 billion yen

Operating income
Ordinary income

Net income

30.0 billion yen ➤ 34.0 billion yen* For the figures according to theprevious standard, the revenue
27.0 billion yen ➤ 32.0 billion yen
recognition accounting standard is
not applied.
16.0 billion yen ➤ 20.0 billion yen
113. Progress of the Medium-Term Business Plan

(3) Our Goals for 2025 and Key Initiatives

Our goals for 2025

Results of key initiatives in FY23

Key initiatives in FY24

Facilities
management

To achieve both high quality and profitability, we are reviewing
terminal operations and promoting the functional strengthening of
airport infrastructure toward increasing the number of non-Japanesevisitors to Japan in 2030, while striving to reduce maintenance andmanagement costs and increase revenues such as rents.

• Demonstration experiment of robot applications tomaintain reduced maintenance costs as passenger traffic
recovers• Steadily increased rent and other revenues by leasing
vacant storerooms and attracting office space for airline
companies• Steady progress of T2 satellite construction• Establish high-quality and high-efficiency operations andoptimize maintenance and management costs throughfull-scale introduction of customer service technology,
robots, etc.
• Start renewal of commercial facilities. Plan to increase
rent and other revenues by leasing vacant rooms• Complete T2 satellite; start T1 satellite construction

Merchandise
sales
Food andbeverage

While reviewing the product mix, services, operations, cost rates,
etc., we will uncover customer needs where consumption trends
have changed by taking advantage of digital marketing, and aim for
operating revenues from merchandise sales of 143 billion yen(previous standard: 219 billion yen) and operating revenues fromfood and beverage sales of 17 billion yen (previous standard: 21
billion yen).

• Store renewal, including T3 duty-free area and T1
marketplace• Expanded development of original products and highpriced products to enhance the uniqueness of our stores• Started the HANEDA Points service• Steadily implement store renewal in T3 duty-free area,
T1 marketplace, etc.
• Expanded development of original products and highpriced products to enhance the uniqueness of our stores• Expand services by strengthening One to One marketingand increasing the number of HANEDA members

New business
Expertisebusiness

These businesses are expected to part of the earnings base in 2030.
By utilizing Haneda’s value and networks, and airport operational
expertise, and through acquiring management resources wecurrently do not have, we aim to generate operating revenues of 10
billion yen in 2025.

• Implemented renovation of website for e-commerce• Expanded business alliances with secondary agencies
and sales agencies in the sales agency business• Promoted overseas airport consulting• Opened terminal.0 in HICity• Renovate website for e-commerce and improve thewarehouses, etc.
• Expand business alliances with secondary agencies andsales agencies in the sales agency business• Promote overseas airport consulting• Promote co-creation research at terminal.0 in HICity●DX strategy:• Started demonstration experiment to obtain data on
human traffic in the terminal facilities• Strengthened information dissemination and reservation
functions using applications, etc.
●Organization, personnel, and governance:• Continued to promote women’s participation in theworkforce and employment of people with disabilities• Continued to implement and expand industry-industry andindustry-academia collaboration• Continued to implement Plus One Promotion●Financial strategy:• Considered and prepared for implementation of ESG
financing●DX strategy:• Continue operation optimization measures based on thestrengthening of the dissemination of congestion
information and demand forecasts• Promote robotic warehousing, RFID inventory
management, etc.
●Organization, personnel, and governance:• Continue to promote women’s participation in theworkforce and employment of people with disabilities• Continue to implement and expand industry-industry andindustry-academia collaboration• Continue to implement Plus One Promotion●Financial strategy:• Consider and prepare for implementation of ESG
financing

DX strategy

Management
Base

Organization,
personnel, andgovernance• Using technology witha focus on digital andAI• Recruitment of outsidehuman resources,
strengthening of
exchanges withoutside personnel• Digital integration of
information and data

• Ensure expertise anddiversity of personnel• Evolution into a Smart
Airport• Cultivate a corporate
culture of “think andtake on challenges
yourself”

Financial strategy• Rapid restoration offinancial soundness• Establish asophisticated businessevaluation andmanagement system• Appropriate investment
in new business
opportunities

123. Progress of the Medium-Term Business Plan

(4) Key Performance Indicators (KPIs)• KPIs are divided into financial and non-financial indicators, and the financial indicators are shown in a hierarchy by component• We will strive for continued corporate growth and increased profits by steadily implementing each measure in the Medium-TermBusiness Plan
Key performance indicators (KPIs)

Key measures
Commercial facility renewal / Room vacancy measures

Operating income
34 billion yen

Revenue growth

Digital marketing / Review products and services

ROA (EBITDA)
12% or higher

Results of a fundamental review during the COVID-19 period(Restructure service delivery processes)

Cost reduction
amount
2.5 billion yen

Improve operational efficiency in the administration department

Working capital

Maintain appropriate inventory and reduce waste disposal

Asset efficiency

Promoting the functional strengthening of airport infrastructure
Capital spending
Business evaluation based on cost of capital / Consider appropriate resource allocation

Equity ratio
Aim to recover tothe level of 40%

Non-financial indicators

Net income
20 billion yen

Interest-bearing
liabilities

FinancingConsider diversification of financing with a view to environmental measures

Debt repayment
Build a strong financial base in consideration of credit ratings
Internal reserves

Shareholders’ equity

Payout ratio
30% or more

SKYTRAX evaluation ranking
World’s Best Airports TOP 3
Operational quality

Corporate culture

Value creation

Continue proactive shareholder returns

Promotion of sustainability

Financial indicators

Strengthen e-commerce business / Promote sales agency business

Promote operational excellence
Aim for customer-oriented terminal operations
Create a corporate culture in which people think and take on challenges themselves,
and where diverse human resources can support each other

Management
resources

Actively engage in R&D and introduce new technologies that contribute to passenger
convenience

Operation andmanagement

Consider terminal operations in view of changes in airport use

Facility improvement

Consider facility improvement in view of future airline demand growth13

3. Progress of the Medium-Term Business Plan

(5) Fund Allocation (FY24–FY25)• Prospects for fund inflow and allocation and the use of the funds for the next two years (FY24-FY25) are shown.
• We will rebuild the financial base, which was damaged by COVID-19, and build a strong financial position in view of future investments.

<Fund inflow><Fund allocation><Fund use>

• Ordinary investment (other than investments in satellite development)
Capital spending• Upgrade of facilities, medium- to long-term repair plans• DX investment, decarbonization related, etc.

Cash flow fromoperations

Shareholder return(To be determined comprehensively targeting a payout ratio of at least 30%)

Internal reserves(Aim for an equity ratio level of 40%)

• Long-term debts (scheduled payment)
FY24-FY25: Approx. 30 billion yen

Debt repayment

Debt financing• Straight bond (redemption at maturity)
Mar. 2025: 10 billion yen• Hybrid loan (step-up interest rate)
Aug. 2025: 30 billion yen

Alternative funding isbeing considered14

3. Progress of the Medium-Term Business Plan

(6) Capital Spending Plan
◆ Estimated investment for the period of the Medium-Term Business Plan
(Billions of yen)

<Main changes>

FY22

FY23

FY24

FY25

Total

Medium-TermBusiness Plan

15.0

29.0

34.0

27.0

105.0

Actual/Budget

12.0

31.7

34.3

48.0

126.0

- In order to respond to the increasing passenger
volume of international flights, theupgrade/expansion of facilities, maintenance andmanagement, store renovation, etc. were added- Increases due to rising material prices, laborcosts, etc. and changes in delivery dates, etc.
were reflected in the plan

(Of the above, satellite improvement)
Medium-TermBusiness Plan

6.0

19.0

18.0

10.0

53.0

Actual/Budget

6.4

18.3

8.7

12.6

46.0

- The completion date for the north satellite ofTerminal 1 was changed to FY26

◆ Terminal 1 north satellite facility- Construction began in May 2024 (to becompleted in summer 2026)- A gate facility with 6 spots will be developed- Hybrid wooden and steel structure- Great amounts of timbers are used for interior
and exterior walls- Aiming for ZEB Oriented certification by adopting
various environmental technologies

Terminal 1 north satellite facility (image)(Please see news release on our website for details (https://www.tokyo-airport-bldg.co.jp/site_resource/whats_new/pdf/000014746.pdf）

15

4. Sustainability Initiatives(1) Information Disclosure on the Task Force on Nature-related
Financial Disclosures (TNFD) Recommendations◼ Currently, we are evaluating and analyzing the recommendations of the Task Force on Nature-related Financial Disclosures(TNFD), and we have agreed with them and disclosed information◼ The outline at this stage has been compiled, and we will work to deepen our analysis of risks and opportunities, as well as
enhancing our response measures, indicators and targets➢ Hold Sustainability Committee meetings chaired by the President and Representative Director at least twice a year.

Governance➢ Participate in the Tokyo International Airport Eco-Airport Council under the jurisdiction of the Ministry of Land, Infrastructure, Transport
and Tourism to promote environmental initiatives.
➢ Establish sustainable procurement guidelines and disseminate them to suppliers. Consider information sharing, training, etc. in the
future.
➢ Conduct analysis based on currently available data, covering the Haneda Airport area, the main hub.

Strategy➢ Evaluate the relationship with the natural environment in the value chain (direct operations and upstream and downstream processes)(heat map).
➢ Clarify three directions (realization of eco-airport, establishment of circular economy, and promotion of sustainable procurement).

Risk and
impactmanagement

Indicatorsand targets➢ Position nature-related initiatives as important management issues, and formulate policies on initiatives and manage progress.
➢ We are currently implementing various initiatives to reduce our environmental impact, and will further expand our efforts to address risks
and opportunities based on our dependence and impact on the natural environment going forward.

➢ Based on the three directions of the strategy, set targets and indicators in the future. The following are core indicators that can bedisclosed at this time.
(GHG emissions, land and space area used, etc., conversion or modification of land, freshwater, marine, etc., wastewater, amount of waste generationand disposal, water withdrawal and consumption in water-stressed areas, risk of invasion by non-native species, natural conditions at business site
locations)(Details are disclosed in the “Sustainability” section of our website.

16

4. Sustainability Initiatives(2) Initiatives for a Decarbonized Society◆

Initiatives for use of CO2-free hydrogen‒ In collaboration with ENEOS Corporation, aim to realizehydrogen utilization around 2030
‒ Develop hydrogen supply infrastructure from thehydrogen supply base in the Keihin waterfront area to
Haneda Airport[Image of the contents to be considered under the collaboration agreement]
Keihin waterfront area

Hydrogen power generation
Cogeneration

Haneda Airport

Hydrogen supply‒ Reduce CO2 emissions by supplying electricity andheat to the passenger terminals at Haneda Airport
through hydrogen power generation

Heat

Electricity

utilization

utilization*The image is for illustrative purposes only and does not
represent the final installation or installation location.

Considerations for the supply of sustainable aviation fuel (SAF)◆‒ To contribute to the decarbonization of the aviation sector as a whole, we will cooperate with Euglena Co., Ltd. tosupply SAF to Haneda Airport and consider doing business selling SAF to airline companies.
◆

Tokyo International Airport Decarbonization Promotion Plan

‒ In April of this year, the Ministry of Land, Infrastructure, Transport and Tourism (MLIT) released the plan wasannounced along with a plan to promote the decarbonization of other airports managed by the government.
‒ The Ministry’s Tokyo Airport Office and other service providers at Haneda Airport will work together to promotedecarbonization.
(For details, please see the Ministry of Land, Infrastructure, Transport and Tourism website. (https://www.cab.mlit.go.jp/tcab/info/info_topics/post_383.html)

17Intentionally blank* 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.

日本空港ビルデング株式会社

１．Details of Consolidated Financial Results for FY2023（１）Changes in Passenger Volume

70,00060,00050,00040,00030,00020,00010,0000
FY 2018

2019

2020

2021

2022

2023

Haneda – domestic

67,88665,396

20,60628,87253,062

Haneda – international

18,164

16,823

414

830

Narita – international

35,87034,0181,265

Kansai – international

22,89622,061

Chubu – international

6,100

6,198

Thousand of Passengers

Passenger volume2024(forecast)Rate of
Change61,13065,647+ 7.4％

6,809

19,09821,485+ 12.5%

2,345

13,55927,44830,198+ 10.0%

206

274

5,138

19,057

21,579+ 13.2%

19

55

825

3,224

5,558

+ 72.4%

Results: Figures published by Minister of Land, Infrastructure, Transport and Tourism, Narita International Airport Corporation,
Kansai Airports Co., Ltd. and Central Japan International Airport Co., Ltd.
Forecast: Created by the Company

20

１．Details of Consolidated Financial Results for FY2023（２）Consolidated Financial Results for the Year (1H / 2H / Full-year)

1st Half
Items

2nd Half

Full YearFY2023

FY2022

ChangeFY2023

FY2022

ChangeFY2023

FY2022

ChangeMillions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

100,148

43,61356,535

117,429

69,43747,992

217,578

113,050

104,527

Facilities management

43,68327,311

16,37248,05335,96912,08391,73663,28028,455Merchandise sales

49,49012,871

36,61961,68428,44533,238111,175

41,317

69,857

Food and beverage

6,974

3,430

3,544

7,692

5,021

2,670

14,667

8,452

6,214

32,726

9,028

23,697

40,14820,057

20,091

72,87429,08543,78828,953

6,881

22,07135,946

17,045

18,90164,89923,92740,972

53.5％)( 5.0P)

59.9％)( -1.6P)

57.9％)( 0.5P)

2,146

1,626

3,011

1,189

5,158

2,816

62.6％)( -8.5P)(

60.0％)( -5.4P)(

61.0％)( -6.6P)

67,422

34,584

32,83777,281

49,38027,901

144,704

83,96460,73953,91343,85810,05561,26350,685

10,577

115,176

94,543

20,633Operating invome

13,508-9,27322,782

16,018-1,305

17,32329,527-10,579

40,106

Non-operating income/loss-1,027-486-540-1,274-999-275-2,301-1,485-816

Ordinary income

12,481-9,75922,241

14,743-2,304

17,04827,225-12,064

39,289

37

28

8

-244

-347

102

-207

-318

111

2,622

842

1,779

-1,581

2,461-4,042

1,040

3,304

-2,263

1,662-7,232

8,895

5,058

-4,554

9,612

6,721

-11,786

18,507

8,234-3,341

11,575

11,021-559

11,58019,255-3,901

23,156

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio*1)((

Gross profit
Selling, general andadministrative expenses

Extraordinary income/loss
Income taxes – current
Net income attributable tonon-controlling interests
Net income attributable toowners of parent

(

3,772

Cost of sales of food and beverage(Ratio*2)

58.5％)

54.1％)((

58.3％)(

4,201
54.6％)(*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage(

58.4％)(

7,974
54.4％)(

21

１．Details of Consolidated Financial Results for FY2023（２）Consolidated Financial Results for the Year (FY23 / FY22 / Forecast)

Items

FY2023(Results)

FY2022
Ratio

Millions of yen

Operating revenues(Results)

RivisedRate of

Ratio

Millions of yen

ChangeChangeForecast（Nov.2023）

Millions of yen％

Millions of yen

Ratio

Difference
Millions of yen

217,578

100.0

113,050

100.0

104,52792.5

211,500

100.0

6,078

Facilities management

91,73642.2

63,28056.0

28,45545.0

89,900

42.5

1,836

Merchandise sales

111,175

51.1

41,31736.5

69,857169.1

106,800

50.5

4,375

Food and beverage

14,667

6.7

8,452

7.5

6,214

73.5

14,8007.0-13272,87433.5

29,08525.7

43,788150.5

70,200

33.2

2,674

64,89929.8

23,92721.2

40,972171.2

62,100

29.4

2,799

Cost of sales
Cost of sales of merchandise(Ratio*1)

(

7,974

Cost of sales of food and beverage(Ratio*2)

Gross profit

58.4％)

(

(

5,158

3.7

54.4％)

57.9％)(( 0.5P)

4.6

61.0％)

2,816

(

8,100

54.6

( -6.6P)

58.1％)(( 0.3P)

3.8

54.7％)-125( -0.3P)

144,704

66.5

83,964

74.3

60,73972.3

141,300

66.8

3,404

115,17652.9

94,543

83.6

20,633

21.8

116,600

55.1-1,423Operating invome

29,527

13.6-10,579-9.4

40,106-

24,700

11.7

4,827

Non-operating income/loss-2,301-1.1-1,485

-1.3

-816

-

-1,900-0.9-401

Ordinary income

27,22512.5-12,064-10.7

39,289-22,800

10.8

4,425

Extraordinary income/loss

-207

-0.1

-318

-0.3

111

-

-400

-0.2

192

Income taxes – current

1,040

0.5

3,304

2.9

-2,263

-68.5

1,700

0.8

-659

6,721

3.1

-11,786-10.4

18,507

-

5,500

2.6

1,221

19,2558.9-3,901-3.5

23,156-

15,2007.2

4,055

Selling, general andadministrative expenses

Net income attributable tonon-controlling interests
Net income attributable toowners of parent*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

22

１．Details of Consolidated Financial Results for FY2023（３） Financial Results by Segment Facilities management

Items

FY2022

FY2023(Results)

Ratio(Results)

Ratio

ChangeRate of

Reviced Forecast

Change（Nov.2023）

Ratio

Difference

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Rent revenues

20,02021.1

19,852

30.2

167

0.8

20,00021.4

20Facility user charges revenues

52,43655.3

29,325

44.7

23,111

78.8

52,90056.6-463

Other revenues

19,27920.3

14,102

21.5

5,176

36.7

17,000

18.2

2,279

Subtotal

91,736

96.7

63,28096.4

28,45545.0

89,900

96.1

1,836

3,126

3.3

2,391

3.6

734

30.7

3,600

3.9

-473

94,862100.0

65,672100.0

29,19044.4

93,500

100.0

1,362

Operating expenses

76,98181.2

68,805

104.8

8,176

11.9

77,90083.3-918

Operating income

17,88018.8-3,133-4.8

21,014-

15,600

16.7

2,280

Sales to external customers

Intersegment sales
Total

・Rent revenues:
Increase due to termination of the rent reduction and percentage rent increase, etc.
・Facility user charges revenues:
Increase in fees for use of passenger facilities for domestic flights
Increase in fees for use of passenger facilities for international flights
Increase in international facility usage fees
・Other revenues:
Increase in domestic terminal revenue from parking fees, paid airport lounges, etc.
Increase in international terminal revenue from parking fees, paid airport lounges, etc.

+ 0.2 billion+ 2.9 billion+16.0 billion+ 4.1 billion+ 1.4 billion+ 2.7 billion

23

１．Details of Consolidated Financial Results for FY2023（３） Financial Results by Segment Merchandise sales

Items

FY2022

FY2023(Results)

Ratio(Results)

Ratio

ChangeRate of

Reviced Forecast

Change（Nov.2023）

Ratio

Difference

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Domestic terminal stores

13,097

11.6

10,372

24.6

2,725

26.3

12,80011.8

297International terminal stores

70,03962.1

19,47646.1

50,563259.6

68,600

63.3

1,439

Other sales

28,03724.9

11,46927.2

16,568144.5

25,400

23.5

2,637

111,175

98.6

41,31797.9

69,857169.1

106,800

98.6

4,375

1,561

1.4

892

2.1

668

74.9

1,500

1.4

61

112,736

100.0

42,210100.070,526167.1

108,300

100.0

4,436

Operating expenses

91,652

81.3

40,57096.1

51,082125.9

89,600

82.7

2,052

Operating income

21,084

18.7

1,640

3.9

19,444-18,700

17.3

2,384

Sales to external customers

SubtotalIntersegment sales
Total

・Domestic terminal stores:
Increase in sales of directly managed stores, etc. at Haneda domestic terminal・International terminal stores: Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in sales of Ginza duty-free store
・Other sales:
Increase in wholesale sales to other airports
Increase in sales of “AirBIC” stores outside of airport+ 2.7 billion+41.0 billion+ 7.3 billion+ 1.8 billion+13.5 billion+ 1.7 billion

24

１．Details of Consolidated Financial Results for FY2023（３） Financial Results by Segment Food and beverage

Items

FY2022

FY2023(Results)

Ratio(Results)

Ratio

ChangeRate of

Reviced Forecast

Change（Nov.2023）

Ratio

Difference

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Sales from restaurants

7,206

46.8

5,489

58.4

1,717

31.3

7,900

51.0

-693

Sales from in-flight meals

6,179

40.2

2,487

26.4

3,691

148.4

6,000

38.7

179

Other sales

1,281

8.3

475

5.1

805

169.5

900

5.8

381

14,667

95.3

8,452

89.9

6,214

73.5

14,800

95.5

-132

722

4.7

953

10.1

-230

-24.2

700

4.5

22

15,389

100.0

9,405

100.0

5,983

63.6

15,500

100.0

-110

15,324

99.6

10,770

114.5

4,553

42.3

15,300

98.7

24

65

0.4

-1,365

-14.5

1,430

-

200

1.3

-134

Sales to external customers

SubtotalIntersegment sales
Total
Operating expenses
Operating income

・Sales from restaurants:
Increase in sales of directly managed restaurant at Haneda domestic and international terminals + 1.7 billion
・Sales from in-flight meals: Increase in sales to client airlines+ 3.7 billion
・Other sales:
Increase in food wholesaling+ 0.8 billion

25

１．Details of Consolidated Financial Results for FY2023（４）Breakdown of Selling, General and Administrative Expenses

Items

FY2023(Results)

FY2022(Results)

Ratio

ChangeRatio

Rate ofchangeMillions of yen％

Millions of yen％

Millions of yen％

217,578

100.0

113,050

100.0

104,527

92.5

115,17652.9

94,543

83.6

20,63321.8

12,224

5.6

10,776

9.5

1,448

13.4

Provision for employees' bonuses

2,200

1.0

1,548

1.4

652

42.1

Provision for directors' bonuses

284

0.1

-

-

284

-

Expenses for retirement benefits

670

0.3

812

0.7

-142

-17.5

Rent expenses

11,463

5.3

8,555

7.6

2,908

34.0

Business consignment expenses

24,01911.0

14,189

12.5

9,830

69.3

Depreciation expenses

28,171

13.0

28,954

25.6

-782

-2.7

Other costs and expenses

36,141

16.6

29,707

26.3

6,433

21.7

Operating revenues
Selling, general andadministrative
Salaries and wages

26

１．Details of Consolidated Financial Results for FY2023（５）Changes in Non-Operating Income/Expenses and Extraordinary Income/Loss

Items

FY2023(Results)

FY2022(Results)

Ratio

ChangeRatio

Rate of Change

Millions of yen％

Millions of yen％

Millions of yen％

Operating revenues

217,578

100.0

113,050

100.0

104,527

92.5

Operating income

29,527

13.6-10,579-9.4

40,106

-

1,404

0.6

1,933

1.7

-529

-27.4

230

0.1

85

0.1

144

168.9

187

0.1

133

0.1

54

40.8

986

0.4

1,714

1.5

-728

-42.5

Non-operationg expenses

3,706

1.7

3,419

3.0

287

8.4

Interest expenses

2,942

1.4

2,991

2.6

-48

-1.6

433

0.2

276

0.2

157

57.1

330

0.1

152

0.2

178

117.3

Ordinary income/loss

27,22512.5-12,064-10.7

39,289-Extraordinary income

118

0.1

78

0.1

40

51.4

Extraordinary loss

326

0.1

397

0.4

-71

-17.9

1,040

0.5

3,304

2.9

-2,263

-68.5

6,721

3.1

-11,786-10.4

18,507-

19,2558.9-3,901-3.5

23,156-

Non-operationg income
Interest income anddividend
Return on investment by
the equity method

OthersLoss on retirement of
fixed assets
Miscellaneous expenses

Income taxes
Net income attributable tonon-controlling interests
Net income attributable toowner's of parent

27

１．Details of Consolidated Financial Results for FY2023（６）Consolidated Balance Sheets

Cash and deposit
Account receivable
Securities
Merchandise
Others+ 1.6 billion+ 7.6 billion- 6.5 billion+ 3.5 billion- 0.5 billion

49,125Current assets
120,756＋5,768

Tangible fixed assets(depreciable assets)

Fixed
assets＋7,699Buildings, etc.
+ 5.2 billion
Accumulated depreciation- 21.9 billion
Construction in progress+20.5 billion
Intangible fixed assets- 0.5 billion

114,988339,667

256,878

Account payable+ 4.7 billion
Short-term loans payable+ 0.9 billion（Millions of yen）
Current portion of bonds+10.0 billion
Accrued expenses + 0.5 billion
Current
Income tax payable + 2.4 billion
liabilities
70,594 Allowance for employees’ bonuses＋21,468+ 0.6 billion
Allowance for directors’ bonuses+ 0.2 billion
Others
+ 2.0 billion

Fixedliabilities- 33,086

223,792

Retained earnings +15.4 billion
Accumulated other comprehensive
income+ 2.4 billion
Non-controlling interest+ 7.2 billion

331,967

Investments and other assets
Investment securities+ 4.9 billion
Deferred tax assets - 1.3 billion
Net defined benefit assets+ 0.7 billion

Bonds-10.1 billion
Long-term loans payable-16.4 billion
Lease obligations- 0.3 billion
Deferred tax liabilities- 4.4 billion
Net defined benefit liabilities- 0.3 billion
Others- 1.3 billion

Equity ratio

140,951

Net assets+25,085

166,0362023.3 33.6%

2024.3 36.5%

Total assets 460,423

Total assets 446,955

2024.32023.3（+ 2.9 P）

2023.32024.328

１．Details of Consolidated Financial Results for FY2023（７）Consolidated Statements of Cash Flows

Items

FY2024FY2023(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

47,761

16,326

31,435

Income before income taxes and minority interests

27,017-12,383

39,401

Depreciation and amortization

28,232

29,022-789

Decrease (increase) in trade receivables-7,604-9,922

2,318

Decrease (increase) in inventories-3,601

1,029-4,630

Increase (decrease) in trade payables

4,735

5,215

-480

Other current liabilities

-344

1,169

-1,513

Others

1,944

2,205

-260

Income and other taxes paid

-2,618-9-2,609Cash flows from investing activites-42,986-10,627-32,358

Purchase of tangible fixed assets-27,662-9,857-17,805

Purchase of intangible fixed assets-1,468-378-1,089Securities-10,000--10,000

Investment securities-3,377-500-2,876

-478

108

-587

-19,649-12,641-7,008

-

-100

100

-15,295-11,942-3,353

-535

-598

63

Effect of exchange rate change on cash and cash equivalents

28

55

-26

Increase (decrease) in cash and cash equivalents-14,845-6,887-7,958Cash and cash equivalents at beginning of period

90,241

97,128-6,887

Cash and cash equivalents at end of period

75,39590,241-14,845

Cash flows from operating activites

OthersCash flows from financing activites
Short-term borrowings
Long-term loans payable
Others29

１．Details of Consolidated Financial Results for FY2023
Reference: Purchasing trends at duty-free stores(1) Share of the merchandise sales segment’s international terminal store sales by location
羽田
HanedaFY2023

成田
Narita4%

その他
Others（参考）FY2019 *
12%

18%
18%

¥ 70.0 billion¥ 84.4 billion
70%

78%

<International terminal store overview>(2) Number of duty-free stores at each airport
HanedaNarita➢At Haneda duty-free stores, the recovery in passenger volume was aheadof other airports, and sales surpassed pre-COVID-19 levels to reach arecord high. The number of stores has decreased due to block
consolidation, etc., but store floor space has not changed significantly.

➢

At Narita duty-free stores, the store mix has changed from the pre-COVID19 mix and is shrinking in size, but the recovery in sales has outpaced therecovery in passenger volume.

➢

At Ginza duty-free stores, which was the main target for Chinese group
customers before COVID-19, their recovery is slow and store floor space isbeing reduced (-42.6%) in 2021, reducing the scale of its operations.

➢

At Chubu duty-free stores, the passenger volume recovery has been slow,
with two boutiques and one Air Bic store operating and two Air Bic storesclosed. The Kansai duty-free stores are experiencing a decrease in thenumber of stores and sales are shrinking.

Chubu/Kansai

FY19 (before COVID-19)

42

9

9

Newly opened

9

2

1

Withdrew10

4

4

Relocated/Renewed

4

-

-

As of end of FY23

41

7

(Of which, closed stores)* Beginning in FY21, we adopted the revenue
recognition accounting standard and recognize
purchasing for consumption and revenue fromoutsourced stores, etc., net of purchases.
Due to the impact of this change, the amount ofrevenue recorded is lower than that before FY20.

6（2）• The number of stores operated by us, excluding the lobby area in front of
the security inspection area.
• The figures for Narita include those for Ibaraki Airport duty-free stores.

30

１．Details of Consolidated Financial Results for FY2023
Reference: Purchasing trends at duty-free stores(3) Haneda duty-free store purchase rates and per-unit
purchases by nationality*
FY23(4) Sales of Haneda duty-free stores by nationality*(billions of yen)

80

Rate ofchange

FY19

Number of passengers ofinternational flights

19.09 million

Number of customers

5.32 million

5.93 million

-10%

28%

35％

-7 pt

Purchase rate
Per-unit purchases (yen)FY23

16.82 million

14%

North America

60South Korea, Taiwan

40

Rate ofchangeFY19

OthersSoutheast Asia

China

Japan

11,3006,900

64%China (including Hong Kong)

25,30015,80060%

Taiwan21,700

10,200113％

South Korea

12,7008,100

57％

North America

12,300

5,100

141%

Southeast Asia

13,9008,50064％Europe and others

7,700

4,800

60%

Overall

15,300

8,900

72%

20
Japan

0
FY2018FY2019FY2023<Trends in purchases at duty-free stores at Haneda Airport>

Share by category

FY23

Rate ofchange

FY19

Apparel, jewelry, watches, etc.

41%

22%

＋19 ptPerfumes and cosmetics

24%

33%

-9 pt

Alcohol and cigarettes

15%

23%

-8 pt

Food

15%

17%

-2 pt

Others

5%

5%

－

100％

100％

➢

The purchase rate has been improving on a quarterly basis, although it has
not reached pre-COVID-19 levels due to reduced store operating hours
and changes in the passenger mix.

➢

The per-unit purchases increased by about 70% in total compared to preCOVID-19 levels.
The North American region has risen significantly, due in part to the impactof foreign exchange.

➢

By category, sales of apparel, jewelry, watches, and other luxury goods
increased significantly due to strong sales at Louis Vuitton and other brandboutiques.

* Sales and per-unit purchases are based on the aggregate sales data fromcash registers at Haneda duty-free-area (T3, T2) stores (The amount isdifferent from the amount recorded as revenue).
* Sales by nationality include estimates.

31

２．Details of Consolidated Financial Forecast for FY2024（１）Consolidated Financial Forecast for FY2024

Items

FY2024FY2023(Forecast)(Results)

Ratio

Rate of

ChangeRatio

ChangeMillions of yen％

Millions of yen％

Millions of yen％

253,800

100.0

217,578

100.0

36,221

16.6

Facilities management

99,50039.2

91,736

42.2

7,763

8.5

Merchandise sales

138,000

54.4

111,175

51.1

26,824

24.1

Food and beverage

16,300

6.4

14,667

6.7

1,632

11.1

90,50035.7

72,874

33.5

17,62524.2

81,60032.2

64,89929.8

16,70025.7

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio*1)(

Cost of sales of food and beverage(Ratio*2)

Gross profit

59.1％)

8,900
(

(

7,974

3.5

54.6％)

58.4％)(( 0.7P)

3.7

54.4％)

925

11.6( 0.2P)

163,300

64.3

144,704

66.5

18,59512.9

136,200

53.7

115,17652.9

21,023

18.3

Operating invome

27,10010.7

29,52713.6-2,427-8.2

Non-operating income/loss-2,800-1.1-2,301

-1.1

-498

-

Ordinary income

24,3009.6

27,22512.5-2,925-10.7

Extraordinary income/loss

-500

-0

-207

-0.1

-292

-

Income taxes – current

4,300

2

1,040

0.5

3,259

313.1

4,000

2

6,721

3.1

-2,721-40.5

15,500

6.1

19,2558.9-3,755-19.5

Selling, general and administrative
expenses

Net income attributable to noncontrolling interests
Net income attributable to owners ofparent*1 Ratio: Cost of sales of merchandise / Operating revenues of merchandise*2 Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

32

２．Details of Consolidated Financial Forecast for FY2024（２）Financial Forecast by Segment Facilities management

Items

FY2024(Forecast)

FY2023
Ratio(Results)

Rate of

ChangeRatio

ChangeMillions of yen％

Millions of yen％

Millions of yen％

Rent revenues

20,90020.2

20,020

21.1

879

4.4

Facility user charges revenues

58,00056.1

52,436

55.3

5,563

10.6

Other revenues

20,60019.9

19,279

20.3

1,320

6.8

Subtotal

99,50096.2

91,736

96.7

7,763

8.5

Intersegment sales

3,900

3.8

3,126

3.3

773

24.7

103,400

100.0

94,862

100.0

8,537

9.0

Operating expenses

89,70086.8

76,981

81.2

12,718

16.5

Operating income

13,70013.2

17,88018.8-4,180-23.4

Sales to external customers

Total

・Rent revenues:
Increase in leased area and percentage rent.
・Facility user charges revenues:
Increase in fees for use of passenger facilities for domestic flights
Increase in fees for use of passenger facilities for international flights
Increase in international facility usage fees
・Other revenues:
Increase in domestic terminal revenue from parking fees, paid airport lounges, etc.
Increase in international terminal revenue from parking fees, paid airport lounges, etc.

+ 0.8 billion+ 1.7 billion+ 2.7 billion+ 1.1 billion+ 0.5 billion+ 0.8 billion

33

２．Details of Consolidated Financial Forecast for FY2024（２）Financial Forecast by Segment Merchandise sales

Items

FY2024(Forecast)

FY2023
Ratio(Results)

Rate of

ChangeRatio

ChangeMillions of yen％

Millions of yen％

Millions of yen％

Domestic terminal stores

14,60010.4

13,097

11.6

1,502

11.5

International terminal stores

83,70059.8

70,03962.1

13,660

19.5

Other sales

39,70028.4

28,03724.9

11,662

41.6

Subtotal

138,000

98.6

111,175

98.6

26,824

24.1

Intersegment sales

1,900

1.4

1,561

1.4

338

21.7

139,900

100.0

112,736

100.0

27,163

24.1

Operating expenses

116,000

82.9

91,652

81.3

24,347

26.6

Operating income

23,90017.1

21,084

18.7

2,815

13.4

Sales to external customers

Total

・Domestic terminal stores:
Increase in sales of directly managed stores, etc. at Haneda domestic terminal・International terminal stores: Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in sales of Ginza duty-free store
・Other sales:
Increase in wholesale sales to other airports+ 1.5 billion+ 9.4 billion+ 1.6 billion+ 2.6 billion+11.1 billion

34

２．Details of Consolidated Financial Forecast for FY2024（２）Financial Forecast by Segment Food and beverage

Items

FY2024(Forecast)

FY2023
Ratio(Results)

Rate of

ChangeRatio

ChangeMillions of yen％

Millions of yen％

Millions of yen％

Sales from restaurants

8,100

47.9

7,206

46.8

893

12.4

Sales from in-flight meals

6,700

39.6

6,179

40.2

520

8.4

Other sales

1,500

8.9

1,281

8.3

218

17.1

Subtotal

16,30096.4

14,667

95.3

1,632

11.1

Intersegment sales

600

3.6

722

4.7

-122

-16.9

16,900100.0

15,389

100.0

1,510

9.8

16,50097.6

15,324

99.6

1,175

7.7

400

2.4

65

0.4

334

514.3

Sales to external customers

Total
Operating expenses
Operating income

・Sales from restaurants:
Increase in sales of directly managed restaurant at Haneda domestic and international terminals + 0.9 billion
・Sales from in-flight meals: Increase in sales to client airlines+ 0.5 billion
・Other sales:
Increase in food wholesaling+ 0.2 billion

35

２．Details of Consolidated Financial Forecast for FY2024（３）Capital Expenditure and Depreciation Expenses•

Capital expenditures are defined as the increase in tangible and intangible fixed assets.

FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Results)

FY24(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

70,782

9,282

5,289

12,08331,77934,300Depreciation expenses

27,80734,31031,71528,95428,171

28,600Items• Major Capital Expenditures
FY2023 Results

FY2024 Forecast

Facilities management¥ 27 billion

Facilities management¥ 28 billion

Terminal 1 and 2 expansion ¥18 billion、Repair and upgrade of various equipment and facilities ¥8 billion, etc.

Terminal 1 and 2 expansion ¥9 billion、Repair and upgrade of various equipment and facilities ¥12 billion

Merchandise sales /Food and beverage

Merchandise sales /Food and beverage¥ 2 billion

Store renovation work ¥1.5 billion, etc.

¥ 4 billion

Warehouse construction ¥2 billion, Store renovation work ¥2 billion

New business /Expertise business¥ 1 billion

New business /Expertise business

Haneda innovation city ¥1 billion, EC business ¥0.5billion

EC business ¥0.5 billion

Management Base, Others

Management Base, Others¥0.7 billion

DX investment ¥0.7 billion¥0.5 billion¥1.8 billion

DX investment ¥1 billion

・Breakdown of main depreciation expenses
FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Results)

FY24(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of Zen

Millions of yen

Terminal 1

4,700

4,500

3,800

3,300

3,200

3,500

Terminal 2

5,900

11,80010,400

9,200

8,700

8,300

TIAT

10,200

11,200

11,10010,60010,60010,400

700

600

500

400

500

400

P4 Parking

36（¥billion）

300

90
91
92
93
94
95
96
97
98
99

250

00

50

01
02
03
04
05
06
07
08
09
10
11
12

COVID-19 pandemic

Great East Japan Earthquake

Hikes in the price of crude oil
Financial crisis being
triggered by the US
H1N1 influenza outbreak

Chubu International
Airport opened

SARS outbreak

Iraq war

9-11 Terrorist Attack in the US

Financial realignment

Y2K task

Voluntary closure of
Yamaichi Securities

Kansai International
Airport opened

Narita Airport Terminal 2
started operation

２．Details of Consolidated Financial Forecast for FY2024（４）Changes in Operating Revenues/Ordinary Income/Cash Flows

13
14
15
16
17
18
19
20

（¥billion）

40

20

200

0

150

100
-20

(left) Operating revenues(right) Ordinary income-40

Operating Cash Flow

Operating cash flow disclosed from FY99

0
21
22
23
24

-60

37

Intentionally blank* 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.

日本空港ビルデング株式会社

１．Outline of Japan Airport Terminal Group（１）The company’s position at Haneda Airport■ Comparison with other major airports in Japan

AirportHaneda Airport(Tokyo International Airport)

Responsible and managedby national government

Category
Control facilities

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

Basic facilities(Runways, Taxiways, Aprons)
Passenger handling facilities(Passenger terminal buildings)

Domestic terminal：
Japan Airport Terminal Co., Ltd.
International terminal：
Tokyo International Air Terminal Corp.

Shareholder composition

Private corporations, etc. : 100％

Narita International
Airport

Chubu Centrair International
Kansai
Itami Airport
AirportInternational(OsakaAirportInternational
Airport)Responsible and managed by each airport company
National government(Minister of Land, Infrastructure, Transport and Tourism)[Owner]
New Kansai International
Narita International Central Japan International
Airport Company, Ltd.
Airport Corporation
Airport Co., Ltd.
Outsourced[Operator]
Kansai Airports Co., Ltd.
[Owner]Private corporations,
National government : 100％
National government : etc. : 50％[Operator]
100％
National government : 40％
Private corporations, etc. :Local government : 10％100％

Source: Prepared by the company based on information on the websites of Ministry of Land, Infrastructure, Transport and Tourism and the respective companies.

■ Basic position of passenger terminal building companies
・ Both JAT and TIAT have been designated as Airport Facilities Operators* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to Article 15, Paragraph 1 of
the Airport Act.
* Airport Facilities Operator is an enterprise that constructs or manages airport facilities (passenger or cargo handling facilities or aircraft refueling facilities necessary for an airport to perform its functions.

・Operators of the airport facilities
Runways, taxiways and aprons :Passenger and cargo handling facilities :Maintenance facilities :・Relationship with airline companies

Installed and managed by national or local governments, or Narita, New Kansai, Central Japan airport companies.
Constructed, owned, managed and operated by private corporations, third sector bodies, airport companies, etc.
Constructed, owned, and managed by private corporations or airline companies：JAT and TIAT lease facilities such as check-in counters and offices.

・Relationship with merchandise stores, restaurants, and service stores：JAT and TIAT operate their own stores, or lease store/office space to the tenants such as
airline-related companies. Those companies need filings to operate sales at the airports.

40

１．Outline of Japan Airport Terminal Group（２）Business Details■ A company responsible for construction, maintenance and operation of Haneda Airport passenger terminals
・Construction, management, and operation of terminal buildings
・Real estate leasing (offices, stores and other spaces forairline companies and airport-based businesses)
・Merchandise sales (duty-free stores, others)
・Food and beverage services
・Passenger services
・Preparation/sales of in-flight meals
・Management of parking lots

■ leveraging expertise honed at Haneda Airport,
expanding our business at domestic and overseas airports.

3

Terminal 2
7

Terminal 1

10

9Terminal 3

１

8・ Terminal 1, 2: Japan Airport Terminal Co., Ltd. (JAT)・ Terminal 3 : Tokyo International Air Terminal Corporation (TIAT)

13

The international passenger terminal is operated as a private finance initiative(PFI) project (2008-2038).
Terminal 3 was built and is managed and operated by TIAT
(consolidated subsidiary of JAT since 2018), established through investment
with airline companies and other entities, centering on JAT.

■ Apron12

5■ Operating Entity■ Total area of airport

112

・ Merchandise sales at Narita, Kansai and Chubu airport(duty-free stores, etc.)
・ Wholesale to airports throughout Japan・ Operation of Palau International Airport and New Ulaanbaatar Airport

4

6■ Terminal building

1,515haTotal area/268ha

14・Terminal 1

Spots/232■ Parking lot
５・Terminal 3

８・P1 Capacity/2,351 vehicles

９■ Runway・Runway A 3,000m×60m

１

Floor space/ approx. 292,000㎡

Floor space/approx. 268,000㎡・P2 Capacity/2,315 vehicles

10

・Runway B 2,500m×60m

2

Spots / 24 locations

Spots / 20 locations

・P3 Capacity/2,449 vehicles

11

・P4 Capacity/3,087 vehicles

12

・P5 Capacity/2,910 vehicles

13

・Runway C 3,360m×60m
・Runway D 2,500m×60m

3
4Runway capacity Approx. 486,000 flights/ year

・Terminal 2

６Floor space/approx. 340,000㎡

７Spots / 26 locations■ Haneda airport wharf

1441

１．Outline of Japan Airport Terminal Group（３）Basic Philosophy and Management Policy■ Basic philosophy“Balancing Public Good and Business Success”
Passenger terminal buildings serve as public infrastructure of enormous importance. Utilizing privatesector business approaches to properly achieve this highly public mission is our basic management
philosophy.
■ Management policy● Establish absolute safety in passenger terminals● Operate passenger terminals for the benefit of customers(convenience, comfort and functionality)● Operate passenger terminals stably and efficiently● Reinforce corporate structure and improve the combined competence of the Group companies

Our Business Model Since Establishment
・Since its establishment, Japan Airport Terminal has optimally leveraged private-sector knowledge and financing to build, manage and operatepassenger terminal buildings, which have enormously important public value, as a purely private enterprise spanning nearly 60 years.
・Based on the Japanese government’s policies governing airports and airlines, Japan Airport Terminal is engaged in facilities installation, including
expansion, the provision of appropriate services, and measures to ensure the safety and stability of passenger terminal buildings.
・Japan Airline Terminal contributes to the development of the airline industry, guided by a consistent dedication to shared prosperity with airline
companies.

42

１．Outline of Japan Airport Terminal Group（４）Sustainability Basic Policy

To realize “To Be a World-Best Airport - To be the world’s most respected airport, pursuing the satisfaction of all stakeholders -,” we will promote sustainable business activities while contributing to the development of the socioeconomy under the
Sustainability Basic Policy.
Customers(1) Serving as an air gateway to Japan, we strive to operate customer-centered passenger terminals (convenience, comfortableness and functionality),
continuously work at improving services and operations while actively utilizing digital technologies, and provide the best hospitality.

Partners(2) Together with partners such as airline companies, tenants and subcontractors, and the national government, we promote development of safe andsecure airports and open innovation toward mutual growth.

Employees(3) We give consideration to physical and mental health and security of officers and employees, and strive to develop personnel and improve work
environments so that they can work with a motivation while exercising a wide range of abilities they have in various fields associated with the airport.

Local Communities(4) In partnership with surrounding communities, we not only contribute to the growth of the Tokyo metropolitan area, but also enable domestic air mobility
in cooperation with airports throughout the country as the hub of the aviation network, and aim to co-exist and co-prosper with local communities
throughout Japan.

Shareholders/Investors(5) We endeavor to be transparent in disclosing information on a timely basis and increase corporate value from a long-term perspective, based on
engagement with shareholders and investors.

Global Environment(6) In moving toward a decarbonized society and/or a resource-circulation society, we aim to reduce the environmental burden associated with businessactivities through, for example, promoting measures against global warming and 3R, and realize sustainable airports in harmony with the global
environment in cooperation with stakeholders.

Common(7) Having ensured absolute safety, we properly manage risks that may pose a threat to business activities. Also, we routinely promote disaster prevention
measures, etc. and business continuity management so that, even in emergencies, we can ensure safety and continue operating the passenger
terminal, which is public infrastructure, without delays.
(8) We comply with domestic and overseas laws, regulations and rules, and carry out business honestly and fairly while taking human rights into
consideration.

43

１．Outline of Japan Airport Terminal Group（５）Company History

1953
1955
1964
1970
1978
1978
1990
1991
1993
1994
1994
1998
2004
2004
2005
2006
2007
2009
2010
2011
2013
2014
2018
2019
2020
2022

Haneda Airport was re-launched as Japanese
Established with private sector capital of 150 million yen.
air gateway after being returned by the U.S. in
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games. 1952. However, on account of a lack offinancial resources after the war, only the
Duty-free sales operations commenced.
costs for paving the taxiway and apron wereCompleted new international arrival terminal building.
included in the national budget.
Opened Narita Office at Narita International Airport.
Commenced merchandise sales including duty-free articles, hotel reservation services andTherefore, it was decided to build the terminal
other operations with the opening of Narita International Airport.
with private funds (cabinet approved), and in
February
Listed on second section of the Tokyo Stock Exchange.
1953 the Company was founded with theSeptember Listed on first section of the Tokyo Stock Exchange.
cooperation of major institutions (with capital
September Haneda Airport Terminal 1 (Big Bird) started operation.
150 million yen), and the terminal was opened
July
Opened Osaka Office at Kansai International Airport.
in May 1955.
September Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
March
The provisional international terminal at Haneda Airport started operation.
July
Moved Head Office from Chiyoda-ku, Marunouchi, to Haneda Airport.
December Terminal 2 at Haneda Airport started operation.
February
Wholesale of duty-free goods commenced with the opening of Central Japan International
Airport.
June
Established the special purpose company (SPC) “Tokyo International Air Terminal Corporation"(TIAT).
February
South Pier in Terminal 2 at Haneda Airport started operation.
April
Designated as an Airport Facilities Operator under the revised Airport Act.
October
The extended part of Terminal 2, Haneda Airport started operation.
The Passenger Terminal 3, Haneda Airport started operation (TIAT).
November Renewal of Terminal 1 building, Haneda Airport completed.
April
The extended part of South Pier in Terminal 2 at Haneda Airport started operation.
March
The Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).
April
Subsidiary consolidation of Tokyo International Air Terminal Corporation (TIAT).
December The additional Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).
March
The international flight facilities in Terminal 2, Haneda Airport started operation.
Haneda Airport Terminal when opened
April
Shifted to the prime market due to market restructuring of the Tokyo Stock Exchange.

July
May
September
October
May
March
May

44

１．Outline of Japan Airport Terminal Group（６）Group Companies

Facilities management operations

Merchandise sales operations

Food and beverage operations

Tokyo International Air Terminal Co., Ltd.
Management and operation of international passenger terminal building.
Haneda Future Research Institute Inc.
Further improvement of value in existing airport operation, development of new business model, etc.
BIG WING Co., Ltd.
Advertising agency business, event planning and management

Tokyo Airport Restaurant Co., Ltd.
Restaurant business, light meal production andsales, paid waiting room management

Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd. Cosmo Enterprise Co., Ltd.
Japan Airport Techno Co., Ltd.
Development of airport duty free stores in urban
Installation, upkeep and management of
Preparation and loading of in-flight meals,
areas
passenger terminal facilities and environmental
production and sale of frozen foodand sanitation management of facilities

Haneda Airport Security Co., Ltd.
Security services and parking lot service
management

International Trade Inc.
Wholesale business and merchandise sales toJapanese airport retail stores and other clients

LANI KE AKUA PACIFIC, INC.
Restaurant business

Haneda Passenger Service Co., Ltd.
Passenger services operations

Japan Airport Logitem Co., Ltd.
Merchandise transport, delivery and inspection

KAIKAN KAIHATSU Co., Ltd.
Restaurant business, management andoperation of halls and meeting rooms

Japan Airport Ground Handling Co., Ltd.
Passenger handling services

Air BIC INC.
Retail sales of home appliances

Sakura Shokai Co., Ltd.
Haneda Airport Enterprise Co., Ltd.
Airport cleaning center management and waste
Store operation businesstreatment

Total : 19 companies

Japan Airport Terminal Trading (Chengdu) Co., Ltd.

Merchandise sales and wholesale business at
Chengdu Shuangliu International Airport
Hamashin Co., Ltd.
Wholesale and retail sales of marine products

45

１．Outline of Japan Airport Terminal Group（７）Segment Revenue Details /Sales Composition

Category

Revenue details

Office lease (fixed rent); store lease
Rent revenue (fixed rent + percentage commission) at Haneda
domestic and international terminals
Facility user Fees for use of passenger facilities (Haneda domestic
Facilities
chargesand international flights: PSFC), international terminal
management
revenue
PBB user charges, others
operations

Merchandise
sales
operations

OthersParking fee revenue, advertising revenue and sales
from paid airport lounge at Haneda domestic andinternational terminals, Hotel business income,Revenue from subcontracted work

Stores atdomestic
terminal

Merchandise sales for stores at Haneda domestic
terminal stores

Merchandise sales for stores at Haneda internationalStores at
terminal stores; Merchandise sales from airport dutyinternational free stores, etc. at Narita International Airport, Kansai
terminal
International Airport and Chubu Centrair International
Airport, urban duty-free store sales

OthersWholesale sales to Narita International Airport, KansaiInternational Airport, Chubu Centrair International
Airport and others

Restaurants sales at Haneda Airport domestic andRestaurantsinternational terminal and Narita International Airport
Food andbeverage
operations

In-flight
meals

Production and sales of in-flight meals

OthersIncome from catering airline lounges, Wholesale ofproducts such as frozen foods, box meals, etc.

≪FY2023 Results≫

Expenses details
Depreciation
Utility cost
Repairs expenses
Lease fee (such as national
property usage fee)
Taxes and public charges
Cleaning expenses
Outsourcing fees
Lease fee (such as national
property usage fee)
Taxes and public charges(fixed asset tax)
Outsourcing fees

Food and beverage
Operations

6.7 ％Facilities Management
Operations
42.2 ％

Restaurants

3.3 ％Rent revenue

In-flight meals

2.8 ％Others0.6 ％Facility user charges revenue
24.1 %
Others

9.2 %

8.9 %

Cost of sales
Personnel expenses
Agent service fee

Cost of sales
Personnel expenses
Percentage of business
Agent service fee

Cost of sales
Food expenses (cost of sales
for food and beverage)
Personnel expenses
Agent service fee
Food expenses (cost of sales
for food and beverage)
Personnel expenses

Merchandise sales
Operations

51.1 ％Stores at domestic Terminal
6.0 ％Stores at international Terminal
32.2 ％

Food expenses

Others12.9 ％

46

１．Outline of Japan Airport Terminal Group（８）Changes in Capital Investment

Details

Fisical Year

Investment (at timeof construction)

1955

Construction of former terminal building\1.0 billion

1963

Major expansion and renovation (Measures for jet aircraft and the Olympics)\3.5 billion

1970

Construction for accommodating jumbo jets (domestic and international terminal buildings)\3.2 billion

1977

Construction for disaster safety measures\8.0 billion

1978～1981

Construction to repurpose domestic terminal accompanying shift to international flights at Narita Airport\11.5 billion

1984

Construction for domestic terminal redeployment\15.0 billion

1993

Construction to build Terminal 1 building and remove old terminal building

1997

Terminal 1 building renovation (bus lounge expansion, new boarding stations)\2.0 billion

1998

Construction to build provisional international terminal building\1.5 billion

1999～2002

Renovation of Terminal 1 building (barrier-free measures)\3.4 billion

2002

Expansion and renovation of provisional international terminal building\1.0 billion

2004

Construction to build Terminal 2 building\67.0 billion

2004～2005

Renovation of Terminal 1 building (including marketplace revitalization)
Provisional international terminal building expansion and renovation\15.0 billion\0.6 billion

2006

Construction for expansion of Terminal 2 building (Second Stage of the Plan)\11.5 billion

2007

Construction to build P4 simplified parking structure

2007～2008

Provisional international terminal building expansion and renovation

2008～2010

Construction of Terminal 3 building and P5 parking [TIAT]
Terminal 2 building expansion (Third Stage of the Plan)
Construction to convert P4 parking lot to multi-story parking lot

2011

Terminal 1 building renovation (departure lobby, departure lounge, observation deck, etc.)

2012～2014

Terminal 3 building expansion (expansion in 8 spots, lobby expansion, etc.) [TIAT]

2013

Terminal 2 building expansion (Fourth Stage of the Plan) Expansion in 3 spots

2017～2019

Terminal 2 building expansion (international flight facility, satellite, office space expansion, etc.)
Terminal 3 building expansion (expansion in 2 spots, lobby expansion, etc.) [TIAT]

2018～2019

Terminal 1 building renovation (basement, 1st floor arrival lobby interior modification, etc.)\136.0 billion\2.0 billion\3.6 billion\100.0 billion\19.0 billion\6.0 billion\7.0 billion\70.0 billion\7.6 billion\74.0 billion\21.0 billion\4.7 billion
Total \595.1 billion

47

１．Outline of Japan Airport Terminal Group（９）Summary of Tokyo International Air Terminal Corporation

1. Company NameTokyo International Air Terminal Corporation

2. Date Founded

June 20, 2006

8. Composition of Shareholders

Japan Airport Terminal Co., Ltd.

(51.00%)3. Headquarters Location
Haneda Airport, Ota-ku, TokyoJapan Airlines Co., Ltd.

(16.87%)

ANA HOLDINGS INC.

(16.87%)

4. Capital

100 million yen

NARITA INTERNATIONAL AIRPORT CORPORATION (3.05%)

5. Businesses

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

TEPCO Energy Partner, Incorporated(2.37%)

SECOM CO., LTD.

(2.04%)

Masatoshi Akahori, President (Former Vice
President of Japan Airport Terminal Co., Ltd.)Tokyo Gas Co., Ltd.

(2.04%)

Keikyu Corporation(1.36%)TOKYO MONORAIL CO., LTD.

(1.36%)NTT DATA Japan Corporation(1.02%)Development Bank of Japan Inc.

(0.68%)

Mizuho Bank, Ltd.

(0.68%)MUFG Bank, Ltd.

(0.68%)

6. Representative

7. Corporate Philosophy
As the gateway to the nation’s capital, Tokyo, wewill endeavor to continue providing cutting-edge
terminal facilities and services to customers fromacross the world and thus contribute to thedevelopment of the international aviation network.

48

２．Summary of Tokyo International Airport (Haneda)（１）Comparison of Passenger Volume

Japan Airport Passenger Volume Ranking(2023 calendar year)
AirportCode

Global Airport Passenger Volume Ranking(2023 calendar year)

Annual(thousand people)(thousand people)

Share
(%)

Daily Average

City / Airport

Code

Annual(thousand people)

１

78,301（61,256）

214

27.6

１

104,653２

31,179（7,658）

85

11.0

２

86,994

３

24,075（17,675）

65

8.5

３

81,755

４

23,264（6,932）

63

8.2

４

79,183

５

22,257（19,690）

60

7.8

５

78,719６

19,120（17,389）

52

6.7

６

77,837

７

14,752（14,752）

40

5.2

７

76,027８

8,507（5,939）

23

3.0

８

75,050９5,516（5,462）

15

1.9

９

73,8943,434（3,434）9

1.2

53,624（52,080）

18.9

72,214
Source: ACI (Airports Council International) website

Figures in parentheses are airport passenger volume for domestic flights.
Material: Aggregate statistics of airport usage within jurisdiction of East Japan Civil Aviation Bureau and West Japan Civil Aviation Bureau49

２．Summary of Tokyo International Airport (Haneda)（２）International Rating of the Haneda Airport Passenger Terminal

In an international rating by SKYTRAX, Haneda Airport:“World’s Cleanest Airports”

Ranked 1st for the 9th consecutive year

“World’s Best Domestic Airports”

Ranked 1st for the 12th consecutive year

“World’s Best PRM/Accessible Facilities”

Ranked 1st for the 6th consecutive year

Haneda Airport passenger terminals have taken out 1st place for the 9th consecutive year in theWorld's Cleanest Airports category of the 2024 World Airport Awards conducted by the UK company,
SKYTRAX, as well as 1st place for the 12th consecutive year in the World's Best Domestic Airports

category, and 1st place for the 6th consecutive year in the PRM /Accessible Facilities category. Haneda
was also awarded 3rd place in Best Airports in Asia and 4th place in World's Best Airports.
In the World's Cleanest Airports category, Haneda was voted 1st for the 11th time and the 9thconsecutive year, praised for its excellent standards of cleanliness and comfort, while in the World's Best
Domestic Airports category, it was voted 1st for the 12th consecutive year. Its emphasis on initiatives
designed to assist passengers who require assistance in moving about are behind Haneda Airport's 1stplace for the 6th consecutive year in the World's Best PRM/Accessible Facilities category.
Haneda Airport plays an extremely important role as a hub airport with a dynamic domestic andinternational route network. It is committed to providing hospitality from a customer perspective throughfacilities and attentive services by human agents while always being grateful to customers who use theairport and maintaining a high level of awareness of its role as the gateway to Japan. Haneda Airport willcontinue to pursue its vision and aim to become an advanced airport that continues to be trusted by awide range of stakeholders, including customers from around the world and the aviation industry, andthat is friendly to both people and the environment.

50Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future
figures and monetary amounts in this presentation that is not historical data are projectionsof the future. These are based on management’s projections, assumptions, evaluations,judgments, and conditions on information obtainable at the present time. Realizing these

items entail uncertainty and various risks.
This presentation material is not intended to solicit investments. We request you to makeown decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Investor Relations Division

TEL: 03 (5757) 8409
FAX: 03 (5757) 8029
Email: ir@jat-co.com