PRESS RELEASE

June 13, 2024

FY2023 Consolidated Financial Results
Revenue and profit increased due to the recovery of air
traffic and the opening of commercial area.
Turning profitable for the first time in four terms.
Kansai Airports today announced its consolidated financial results for the fiscal year ended March
31, 2024, posting operating revenues of 186.8 billion yen, operating profit of 34.0 billion yen,ordinary profit of 23.2 billion yen and net profit of 15.5 billion yen.
In the fiscal year under review, operating revenues increased by 87%, operating income
increased by 48.8 billion yen, ordinary income increased by 48.9 billion yen, and net income
increased by 34.5 billion yen due to a further recovery in air traffic and the construction of newcommercial area of Kansai International Airport Terminal 1 building.
Consolidated Profit and Loss Statement
Item

Apr. 2022-

Apr. 2023-

Increase

ChangeMar. 2023

Mar. 2024(Decrease)(％)

Operating Revenues

99.9

186.8

87.0

+87%

Operating Expenses(70.9)（108.7)(37.8)

+53%

29.0

78.2

49.2

+169％

(43.8)（44.2)(0.4)+1%

Operating Profit/Loss(14.8)

34.0

48.8

-

Ordinary Profit/Loss(25.6)

23.2

48.9

-

Net Profit/Loss1(19.0)

15.5

34.5

-

EBITDA
Depreciation & Amortization1(in billion yen)

Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

Aviation Traffic
Compared to the previous fiscal year, there has been a significant recovery in air traffic, with a
total of 342 thousand aircraft movements across the three airports (an increase of 22% fromthe previous year) and 44.13 million air passengers (a 60% increase from the previous year).
For international flights, since the end of the border measures in April 2023, there has been aremarkable increase in both aircraft movements and passenger numbers, driven by strong
inbound demand. Additionally, for domestic flights, the total aircraft movements across thethree airports reached the second-highest record, following the highest record of the previous
fiscal year. Although the number of international cargo flights was lower than the previous year,
it still maintained a high level, 143% compared to 2019.

Item

Apr. 2022-

Apr. 2023-

Increase

ChangeMar. 2023

Mar. 2024(Decrease)

(%)

280

342

62

+22%

KIX

108

170

62

+57%

ITAMI

138

138

0

+0%

ATMs (in thousands)

34

35

0

+1%

27.59

44.13

16.54

+60%

KIX

11.50

25.88

14.39

+125%

ITAMI

12.99

14.79

1.80

+14%

KOBE

3.11

3.44

0.33

+11%

KOBE

PAX (in millions)

Consolidated Balance Sheet
As of March 31 2024, total assets were 1,585.3 billion yen as a result of depreciation in operatingrights compared to the end of the previous fiscal year. In addition, due to repayment of shortterm loan, total liabilities were 1,542.5 billion yen.
(in billion yen)
Item

As of Mar. 31, 2023

As of Mar. 31, 2024

Increase(Decrease)

93.8

112.2

18.4

1,510.4

1,473.1(37.2)

1,604.1

1,585.3(18.8)

70.3

64.2

(6.2)

Non-current Liabilities

1,506.6

1,478.3(28.3)

Total Liabilities

1,576.9

1,542.5(34.4)

Shareholders' Equity

24.6

40.1

15.5

Other Comprehensive Income

0.6

0.7

0.1

Non-controlling Interests

2.0

2.1

0.1

Total Net Assets

27.2

42.8

15.6

1,604.1

1,585.3(18.8)

Current Assets
Non-current Assets
Total Assets
Current Liabilities

Total Liabilities and Net Assets

Reference: Consolidated Financial Results

Contact:
Group Corporate Communications
Department
Kansai Airports
pr@kansai-airports.co.jp

Kansai Airports was established by a consortium made up of VINCI Airports and ORIX Corporation as its core
members. Kansai Airports took over the operations of Kansai International Airport (“KIX”) and Osaka
International Airport (“ITAMI”) from New Kansai International Airport Company (“NKIAC”) and has been
operating the two airports since April 1, 2016.
Kansai Airports Kobe, Kansai Airports’ wholly-owned subsidiary, took over the operations of Kobe Airport(“KOBE”) from Kobe City and started its business as an operating company on April 1, 2018.
Under the concept of “One Kansai Airports Group”, Kansai Airports group strives to continuously improve its
services for all airport guests through appropriate investments and efficient operations, with safety and security
being the top priority. Kansai Airports group aims to maximize the potential of the three airports, for the benefitof the communities they serve.
For more information, please visit：http://www.kansai-airports.co.jp/en/

Kansai Airports
Location

1-banchi, Senshu-kuko kita, Izumisanoshi, Osaka

Shareholders

ORIX 40%,VINCI Airports 40%,
Other investors 20%1

Company
Representatives

Representative Director and CEO:Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kansai International Airport and Osaka
International Airport

Kansai Airports Kobe
Location

1-ban, Kobe-kuko, Chuo-ku, Kobe-shi,
Hyogo

Shareholder

Company
Representatives

Representative Director and CEO: Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kobe Airport

Kansai Airports 100％

Established in 1964, ORIX Group has grown into a diverse corporate group active worldwide in financing andinvestment, life insurance, banking, asset management, real estate, concession, environment and energy,
automobile-related services, industrial/ICT equipment, ships, and aircraft. ORIX operates in around 30 countries
and regions with approximately 35,000 people. Its Purpose, “Finding Paths. Making Impacts.” which defines
why ORIX exists in our world. With this Purpose, ORIX will unite globally to help our world develop in a betterway.
For more details, please visit our website: https://www.orix.co.jp/grp/en/

The world’s leading private airport operator, VINCI Airports operates more than 70 airports in 13 countries.
Thanks to its expertise as a global integrator, VINCI Airports develops, finances, builds and manages airports byproviding its investment capacity and its know-how in optimizing operational performance, modernizing
infrastructure and managing their operations and environmental transition. VINCI Airports is the first airport
operator to have committed to an international environmental strategy in 2016, to achieve the goal of net zero
emissions across its entire network by 2050.
For more details, please visit our website: www.vinci-airports.com
1

ASICS Corporation; Iwatani Corporation; Osaka Gas Co., Ltd.; Obayashi Corporation; OMRON Corporation; The Kansai Electric Power Company, Incorporated; KintetsuGroup Holding Co., Ltd.; Keihan Holdings Co., Ltd.; Suntory Holdings Limited; JTB Corp.; Sekisui House, Ltd.; Daikin Industries, Ltd.; Daiwa House Industry Co., Ltd.;
Takenaka Corporation; Nankai Electric Railway Co., Ltd.; NIPPON TELEGRAPH AND TELEPHONE WEST CORPORATION; Panasonic Holdings Corporation; Hankyu Hanshin
Holdings, Inc.; Rengo Co., Ltd.; The Senshu Ikeda Bank, Ltd.; Kiyo Holdings, Inc.; The Bank of Kyoto, Ltd.; THE SHIGA BANK，LTD.; The Nanto Bank, Ltd.; Nippon Life
Insurance Company; Mizuho Bank, Ltd.; Sumitomo Mitsui Trust Bank, Limited; MUFG Bank, Ltd.; Resona Bank, Limited; and the Private Finance Initiative Promotion
Corporation of Japan.

FY2023 Consolidated
Financial Results
June 13, 2024

AgendaOverview of Consolidated
Financial Results
Revenue Drivers

Initiatives in FY2023

1

Overview of Consolidated Financial Results2Surplus for the first time in four periods due to increased air traffic andthe opening of the new commercial area(in billion yen)
１．Since the end of the border measuresin April, there has been an increase in
the number of arrivals and departures,
especially on international flights,
leading to increased revenue
compared to the previous year.
２．In addition to the increase in air
traffic, there has been a significant
increase in Non-Aero revenue
compared to the previous year,
attributed to the opening of the newcommercial area at KansaiInternational Airport.
３．Our profit and loss improved from theprevious fiscal year to the first surplus
in four years.

Apr. 2022Mar. 2023

Apr. 2023Mar. 2024

Change％Operating
Revenues

99.9

186.8

+87.0

+87％

EBITDA

29.0

78.2+49.2 +169％

Operating
Profit/Loss(14.8)

34.0

+48.8

-

Ordinary
Profit/Loss(25.6)

23.2

+48.9

-

Net
Profit/Loss*(19.0)

15.5

+34.5

-

* Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

3

Operating Results(in billion yen)

1 “Net Profit and Loss” represents “Net Profit Attributable to Parent Company Shareholders”

4EBITDA （YoY）(in billion yen)5Balance Sheet(in billion yen)

Right to Operate
Public Facilities

Debts concerning
Right to Operate
Public Facilities

Reference
Interest-bearing Debt Balance

233.2

224.2

(8.9)
6

Revenue Drivers
7

Aero : Recovery to over 90% of FY 2019 levels in both number of movement and passengers

 Total passenger in 3 airports reached 44.13
million, recovering to 92% of the FY 2019 level.
Total movements were 94% of the FY 2019
level.
 International passengers and flights
After the end of border control measures in April
2023, passenger flights have been further recovering,
driven by strong inbound demand. The international
flights at KIX increased 114% from the previous year.
The number of foreign passengers on international
flights totaled 15.02 million. This is the second
highest record since the opening of KIX, following
the record high in FY2018.
 Domestic passengers and flights of 3 airports
The total number of passenger flights movements atthe three airports remained high, second highest on
record after the FY2022 record. The total number ofpassengers at the three airports also recovered to
97% of the FY 2019 level.

FY2022

ATMs(in thousands)

FY2023％（FY2022） % (FY2019)

280

342

+22%

94%

KIX(International)

56

121

+114%

82%

KIX(Domestic)

51

49

-4%

100%

ITAMI(Domestic)

138

138

+0%

100%

KOBE(Domestic)

34

35

+1%

106%

Passengers(in millions)

27.59

44.13

+60%

92%

KIX

11.50

25.88

+125%

90%

International Passengers

5.14

19.06

+271%

86%

Japanese

1.14

3.94

+245%

55%

Non-Japanese

3.98

15.02

+277%

102%

Domestic

6.36

6.83

+7%

102%

ITAMI

12.99

14.79

+14%

94%

KOBE

3.11

3.44

+11%

105%

3 airports domestic total

22.46

25.06

+12%

97%
8

Aero: 3 Airports movement (vs FY2019)
Passenger flights April 2022 ー April 2024
KIX Intl

KIX Dom

ITAMI

KOBE

140%

127%

120%

99%

100%
80%

April 29, 2023
All bordermeasures lifted

October 11, 2022
Significant relaxation of border measures
・Abolishing the upper limit on entries
・Personal travel ban lifted

60%
40%

93%
82%

FY2023 Total Number of international
passenger flights (April 2023-March
2024) per region& recovery rate vs FY2019
33,482South Korea(120%)
20,787 (45%)

China

15,809 (80%)

Southeast Asia

55%

19%

Taiwan11,248 (88%)

Hong Kong, Macau

10,896 (95%)

20%0%International cargo flights April 2022 ー April 2024
240%

200%
160%

132%

120%
80%
40%
0%
Apr

May

Jun

Jul

Aug
2022

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

2023

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

Europe1,380 (41%)

North America

1,314 (66%)

Hawaii1,144 (40%)

Middle East

1,050 (146%)

Guam

878

(37%)

Oceania

664

(52%)

Others70(14%)(Movement) 0

10,00020,00030,00040,0002024*As for passenger flights, for comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in 2023.

9

Aero: 3 Airports passenger traffic (vs FY2019)
April 2022 - April 2024
KIX Intl

KIX Dom

ITAMI

KOBE

120%
107%
100%

88%
87.4%

80%

87%

April 29, 2023
All border measures lifted
October 11, 2022
Significant relaxation of border measures
・Abolishing the upper limit on entries
・Personal travel ban lifted

60%

40%

20%

0%
Apr

May

Jun

Jul

Aug
2022

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

2023

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

2024

10
* For comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in 2023

Aero: Summer 2024 international scheduled passenger flights
As of May 27, 2024

Winter 2023 figures are the number of flights for peak month, March 2024
Summer schedule 2024 figures are the planned number of flights for June 2024
Figures in parenthesis indicate recovery rates against the same period of Summer and Winter 2019•••

1,193 flights , 83% recovery from Summer 2019

63 airlines

54 destinations

Winter 2023: 1,113 flights , 79% recovery from Winter 2019 , 60 airlines 52 destinations
Europe
40

China

30

30

(53%)

20

16

35 (77%)

800

27

600

Korea
(150%*)

600
(45%)

400

494

322

270

200

10
0

0
W19 W23S19 S24S19 S24

6

232

200

4

100

2

150

15

(29%)
(0%)

19

12

10
0

S19 S24

W19 W23S19 S24

Hawaii135 (90%)122

134(89%)
119

28

30

19

28
(43%)

(43%)

12

12

W19 W23S19 S24

20

100

10

2 **

12

0
W19 W23S19 S24(100%)

20
3

0
W19 W23

26 (81%)
21

30

7

8

Taiwan(271%)(271%)

348 3420
W19 W23

Middle East
20

300

(98%)

349

400
(65%)

North America

Other Asia

10
50

5

7

7

0

0

0
W19 W23S19 S24

Hong Kong・Macau(103%)

150

125 129(107%)

124 133100

W19 W23

Southeast Asia
250
200

198 (85%) 197 (87%)
172
168

20
15
10

100
0
W19 W23S19 S24

17
(53%)

9

(100%)

11

11

5

50

0

Guam

Oceania

150

50

S19 S24

W19 W23S19 S240
W19 W23

25
20
15
10
5
0

23

21
(43%)

(48%)

10

10

W19 W23S19 S24S19 S24* The recovery rate against 2019 winter is high because of the drop in the number of flights to Korea caused by diplomatic
issues in 2019. (The recovery against 2019 summer schedule is 100%, before impact of the diplomatic issues.)** The number of flights includes two flights in total on the Ulaanbaatar route.

11

International cargo: movements, volume & trade value
KIX International cargo volume and value(Thou. ton)

(Bil. JPY)

900
800

11,3…

9,063

12,00010,861(YoY: -4%)

The number of international cargo flights are decreasing along with the slowdown in cargo demand
and the increase in belly cargo capacity as international passenger flights return to service, but
remains at a high level compared to the pre-Covid level.

10,000E-commerce demand from China to Japan is strong due to the growth of the market and theincreasing use of e-commerce sites in Japan. In addition, there is a certain level of firm demand forsemiconductor-related cargo.

8,000

International cargo flight movements

700
600

Cargo is now returning from air to sea due to the stabilization of ocean transport and the introductionof new container vessels to the market. On top of that, the global economic slowdown and theprolonged depreciation of the Japanese yen have resulted in lower airfreight demand for air cargotransport to/from Japan, but remains at the same level compared to the pre-Covid level.

(Movement)

500

742

754

721

6,000

30,000

400

YoY
-4%

300

25,0004,000

20,000

(-8%)

200

2,000
100

15,00014,322

10,0000

0FY2019FY2022TTL Volume (Load, Unload)

FY2023
TTL Value (Export, Import)

5,000
0FY2019Cargo value (announced by Customs) :KIX share of international flights

100%
90%
25,66780%（YoY: -20%）70%
20,488
60%
50%
40%
30%
20%
10%
0%
FY2022 FY2023

Other
10%

17%

Freighter

82%

Passenger
flight

45%

89%
53%

FY2019 FY2022 FY2023

March 2024: Preliminary figures, February 2024: Export: Pre-definite figures, Import: Preliminary figures
January 2024: Pre-definite figures, 2023: Pre-definite figures, 2021-2022: Definite figures12Non-Aero: Revenue doubled thanks to the increasing number of international passengers
 On the back of an increase in international passengers, the FY2023 non-aeronautical businessrevenue doubled from the previous year and reached more than 80% of the FY2019 levels.
 The new international area has served many passengers since it opened in December 2023,
contributing to the sales recovery.
Non-Aero revenue（billion yen）

140

126

120
100

107
Other

+17%
(95％ of FY2019)

−19％

80
60

Retail, F&B

−64%

40
20

−88%

FY201955+183%(102％ of FY2019)

Retail, F&B

Other

Duty Free

0

Other

Retail, F&B
Duty Free
FY2022+458%(66％ of FY2019)

Duty Free
FY2023* Other: Revenue from real estate, tenant, hotel, etc.
* Duty-free, Retail and F&B: Revenue of directly managed stores

13

Non-Aero: New stores⚫ New restaurants opened on landside starting August➢ Nine stores opened on the 2nd floor, landside of Terminal 1

2023: 2 stores on August 8, 2 stores on October 1, 4 stores on December 1
2024: 1 store on February 20➢ Two stores in Aero Plaza opened in April 2024

⚫ New international departures area opened on December 5, 2023
➢ The immigration areas previously located in the north and south have been centralized➢ 27 stores opened in the international post-security area
9 food & beverage stores, 7 retail stores, 1 walkthrough duty free, 9 boutiques,

1 service store*Click here for more details.

14

Initiatives in FY2023
15

Initiatives in FY2023
3 Airports

・The first ACI Asia-Pacific Regional Assembly in Kansai
to be held in Kobe (May 16-18)
・New job search website for all three airports (Sep. 29)
・Sky Day Festival 2023 to be held at all three airports(Sep. 1, 15, 20)
・Christmas event at three airports in Kansai（Dec. 7-25）
・New bird strike measures to be tested （Mar. 1）

The first ACI Asia-Pacific Regional Assembly in
Kansai to be held in Kobe

New job search website for all three airports

KIX
・Seaweeds from KIX were transplanted to Hannan City (Apr. 25)
・Overseas Travel Exhibition in Umeda to be held (Jul. 22)
・KIX Summer Vacation Special Event “Family Environment
Tour“ (Aug. 8)・KIX certified for its seaweed beds on the seawalls by the Ministryof the Environment as a “natural symbiosis site"（Oct. 6）
・Proof of concept of an aircraft security system（Dec. 18）
・“Goshoin” available -The first original Goshoin seal at the airport（Feb. 16）
・“KIX CULTURE GATE Project” takes off（Mar. 27）

Seaweeds from KIX were transplanted to
Hannan City

Family Environment TourKIX certified for its seaweed beds on theseawalls by the Ministry of theEnvironment as a “natural symbiosis site"“KIX CULTURE GATE Project” takes off16

Initiatives in FY2023
ITAMI
・“Osaka International Airport Wedding Plan” start(Jul. 7)・Introduced new photo opportunities with AR Sorayan (Jul. 27)
・Install the largest number of EV chargers in Japan (Aug. 1)
・Winter Illumination to be held（Dec. 1-Mar. 14）
・Airport Tops CIRIUM 2023 On-Time Performance Awards for
Medium Airport（Feb. 9）
・EV charging service “WeCharge” begins operation（Mar. 29）

Introduced new photo opportunities
with AR Sorayan

Winter Illumination to be held

Airport Tops CIRIUM 2023 On-Time
Performance Awards for Medium Airport

KOBE Runway Walk

Runway Night Walk Tour

Join Summer Holiday Pleasure Flight andWork in the Sky Class

KOBE
・Held KOBE Runway Walk (Jul. 22)
・Join Summer Holiday Pleasure Flight and Work in the Sky Class(Aug. 22)
・New direct bus service between Kobe Airport and Osaka Station(Sep. 15)
・Offering “Mt. Fuji sightseeing charter flight on Pikachu Jet”（Dec. 9）・Runway Night Walk Tour（Dec. 15）・ 18th anniversary of the opening of the port Thanksgiving Festival（Feb.17-18）

17