Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2012 (FY2011) [J-GAAP](Consolidated)
August 3, 2011
This document has been translated from the Japanese original, for reference purposes only. In the event of any discrepancy between thistranslated document and the Japanese original, the original shall prevail.

Listed company name:
Code number:
Representative:

Japan Airport Terminal Co., Ltd.
Listing exchange: Tokyo, 1st Section
9706
URL: http://www.tokyo-airport-bldg.co.jp/
Isao Takashiro, President
Katsuji Yamada, Deputy General Manager,
Contact:
TEL: 03-5757-8030
Administrative Headquarter
Scheduled date of securities report submission:
August 12, 2011—
Scheduled date of dividend payment commencement:
Preparation of quarterly earnings presentation material (yes/no): No
No
Holding of quarterly earnings announcement (yes/no):(Figures shown are rounded down to the nearest million yen.)

1.
(1)

Consolidated Financial Results for the First Three Months of FY2011 (April 1, 2011 to June 30, 2011)
Consolidated Business Results (Cumulative)(Percentage figures indicate the rates of changes from the same period of the previous fiscal year.)First Three Months of
FY2011FY2010Operating revenues

Operating income

Millions of yen%

Millions of yen%

Millions of yen

Ordinary income%

Millions of yen

Net income%

28,429

(7.8)

(338)

—

(715)

—

(760)

—

30,843

9.1

2,043

598.6

2,078

606.2

714

525.0

Note: Comprehensive income First three months of FY2011: ¥ -1,352 million (— %); First three months of FY2010: ¥ -300 million(— %)Net income per share

Diluted net income per shareFirst Three Months of
FY2011(9.46)—FY2010

8.89

—

(2)

Yen

Consolidated Financial Position
Total assets

As of March 31, 2011
Reference: Equity capital

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

191,512

100,900

51.8

1,233.68

As of June 30, 2011

2.

Yen

199,045
102,562
50.6
As of June 30, 2011: ¥99,171 million
As of March 31, 2011: ¥100,709 million

1,252.82

Dividends
Annual dividends
First quarter-end
Yen

FY2010—FY2011—

Secondquarter-end

Third quarter-end
Yen

3.50

Year-end

Yen—

FY2011(forecast)———
Note: Revisions to the most recently announced dividends forecast for FY 2011 during the period: None

Annual
Yen

Yen

3.50

7.00
—

The Company’s Articles of Incorporation call for the payment of dividends as of the last day of the second quarter and the last day of the fiscal year. At
this time, however, decisions with regard to projected dividend payments as of these dates of record have yet to be made.

3.

Forecast of Consolidated Financial Results for the FY2011 (April 1, 2011 to March 31, 2012)(Full year percentage figures indicate the rates of changes from the previous fiscal year, andfirst half figures indicate the rates of changes from the same period of the previous year.)

Operating revenues
Millions of yen

Fist half

58,000Operating income%

Millions of yen(10.9)(3,500)Ordinary income%

Millions of yen—(4,300)%—Net income pershare

Net income
Millions of yen(3,000)%Yen—(37.32)Full-year
123,200(8.6)(2,500)—(3,900)—(3,100)—(38.56)
Note: Revisions to the most recently announced forecast of consolidated financial results for FY2011 during the period: None

4. Other Information(1)
Changes in significant subsidiaries during the period under review (Changes in specific subsidiaries involving
changes in scope of consolidation): None
Note: This refers to changes in specified subsidiaries resulting in change of scope of consolidation during the quarter.

(2)

Adoption of specific methods for preparation of the quarterly consolidated financial statements: Yes

Note: For details, please refer to “(2) Adoption of specific methods for preparation of the quarterly consolidated financial statementsof Summery (Other) Information” on page 4 of the attached document.

(3)

(4)

Changes in accounting policies, accounting estimates and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
Number of shares outstanding (common stock)1) Number of shares outstanding as of theperiod-end (including treasury stock)2) Number of treasury stock as of theperiod-end
3) Average number of shares outstanding(quarterly consolidated cumulative
period)As of June 30, 2011:

84,476,500 shares As of March 31, 2011:

84,476,500 shares

As of June 30, 2011:

4,089,764 shares As of March 31, 2011:

4,089,744 sharesFirst three months of 80,386,751 shares First three months of
FY2011:FY2010:80,387,031 shares* Implementation status of quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply to this Financial
Report, and the quarterly review procedure based on the Financial Instruments and Exchange Act had not been
completed as of the release of this Financial Report.
* Presentation regarding the proper use of financial forecast and other special remarks
1. The statement about the future including the financial forecast in this document was made based on information
available and deemed reasonable at the time the material was released and actual earnings may differ from the forecast
due to various factors.
2. For matters related to financial forecast mentioned above, please refer to page 3 of the attached document.

2

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011){ Contents of the Appendix Materials
1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2011 (April 1, 2011 toJune 30, 2011) ..................................................................................................................................................................2(1) Qualitative Information on Consolidated Business Results........................................................................................2(2) Qualitative Information on Consolidated Financial Position......................................................................................3(3) Qualitative Information on Forecast of Consolidated Financial Results ....................................................................3
2. Summary (Other) Information ......................................................................................................................................4(1) Changes in Significant Subsidiaries during the Period under Review........................................................................4(2) Adoption of Specific Methods for Preparation of the Quarterly Consolidated Financial Statements ........................4
3. Quarterly Consolidated Financial Statements...................................................................................................................5(1) Quarterly Consolidated Balance Sheets......................................................................................................................5(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income.7
Quarterly Consolidated Statements of Income .........................................................................................................7
Quarterly Consolidated Statements of Copmrehensive Income ...............................................................................9(3) Notes to the Premise of a Going Concern ................................................................................................................10(4) Segment Information, etc. ........................................................................................................................................10(5) Notes to a Significant Change in Shareholders’ Equity ............................................................................................10-1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

1.
Qualitative Information on Consolidated Financial Results for the First Three Months of FY2011 (April 1,
2011 to June 30, 2011)(1)

Qualitative Information on Consolidated Business Results
During the first three months of the fiscal year ending March 31, 2012, the Japanese economy was hit by the effects of
the Great East Japan Earthquake, which slowed the upward momentum in corporate earnings and resulted in difficult
conditions for the economy as a whole. More recently, however, factors like a bottoming out in the downward
movement of consumer spending have indicated that a recovery has begun. As for the future, considerations like the
Fukushima nuclear disaster and persistently high oil prices point to the risk of another economic downturn.
In the airline industry, post-disaster passenger volume on both domestic and international flights was down
significantly compared to the same period of the previous year. Lately, however, the sizes of the negative margins
versus last year have narrowed. Looking at international passenger volume at Tokyo International Airport (Haneda)
alone, the commencement of regular international flights following the opening of Runway D in October of last year
pushed the first-quarter figure well beyond that for the same period of the previous year.
Under these conditions, the Japan Airport Terminal (JAT) Group has continued to focus all its energy on
implementing stricter safety measures at passenger terminal buildings, thoroughly adopted a customer-first philosophy
and strove to further improve services. We also aggressively worked on improving efficiency in managing thepassenger terminal buildings, activating business operations, and promoting management rationalization, in order tofoster our business growth and strengthen the management base.
The current fiscal year is the second of the Japan Airport Terminal (JAT) Group’s medium-term business plan
(FY2010 – FY2012) and, during the first three months, we moved ahead with renovation plans for the domestic
Terminal 1 building, and expand consigned services and the wholesaling of merchandise at the new international
passenger terminal building. We also actively pursued various measures to invigorate commercial facilities and, on
June 13, opened a retail store in China’s Chengdu Shuangliu International Airport (Chengdu, Sichuan Province).
To counter the effects of lower rent revenue following the returns of leased offices in Haneda Airport’s domestic
passenger terminal building by airline companies, a temporary increase in fees for usage of national government
property, and post-disaster declines in domestic and international passenger volume, we implemented thorough cost
cutting measures. Examples included efforts to cut fixed costs and utility fees for retail stores.
As a result, consolidated operating revenues for the current three months fell 7.8% compared with the same periodof the previous year, to ¥28,429 million. Operating loss was ¥338 million (compared to an operating income of ¥2,043
million for the same period of the previous year). Ordinary loss was ¥715 million (compared to an ordinary income of¥2,078 million for the same period of the previous year). Net loss was ¥760 million (compared to a net income of¥714 million for the same period of the previous year).
The following is earnings by segment. It should be noted that figures for operating income (loss) are equivalent tothose of segment income (loss).
[Facilities Management]
Rent revenue, even with the negative impact of return of leased offices in Haneda Airport’s domestic Terminal 1
building by airline companies, ended the first three months slightly ahead of the figure for the same period of theprevious year because of developments like the expansion of leasable space following the opening of the domestic
Terminal 2 expansion (south side of the main building).
Facility user charges revenue benefited from an increase in user charges revenues for domestic terminal facilities,
following a rate revision for domestic passenger facilities, however, with a decline in user charges paid by airline
companies for international terminal facilities following the closing of the former international terminal building, total
facility user charges revenue came in below the figure for the first quarter of last year.
Other revenues greatly surpassed the figure for the same period of the previous year because of higher revenues
from facility maintenance and other consigned services related to the new international passenger terminal building.
As a result, operating revenues from the facilities management operations increased 4.2% compared with the same
period of the previous year to ¥10,342 million. Operating income decreased 66.7% to ¥537 million, due to factors likea temporary increase in fees for usage of national government property and an increase in depreciation expenses
related to the opening of Haneda Airport’s domestic Terminal 2 expansion (south side of the main building).
[Merchandise Sales]
Efforts were made to increase sales at domestic terminal stores by, for example, opening new directly managed storesin the domestic Terminal 2 expansion (south side of the main building) at Haneda Airport, introducing new productbrands, aggressively pursuing event-related sales activities featuring seasonal products, and introducing original
Haneda Airport products. They were not enough, however, to overcome negative impacts like the decrease in domestic-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

passenger volume following the earthquake. Sales, therefore, came in below the figure for the same period of theprevious year.
Similarly, sales at international terminal stores, despite benefiting from openings of directly managed stores in
Haneda Airport’s new international terminal building, also suffered from the impacts of the earthquake, as well as thenuclear accident, which caused a decline in foreign visitors to Japan. Sales, therefore, fell significantly below the level
for the same period of the previous year.
Other sales, benefiting from factors like the wholesaling of products to stores in the new international passenger
terminal building, exceeded the previous year’s figure.
As a result, operating revenues from merchandise sales operations decreased 13.6% to ¥15,738 million andoperating income fell 54.1% to ¥745 million compared with the same period of the previous year respectively.
[Food and Beverage]
Sales from food and beverage operations were helped by the openings of new directly managed stores in Haneda
Airport’s domestic Terminal 2 expansion (south side of the main building) and new international passenger terminalbuilding, but those positive contributions were not enough to offset the impact of lower domestic passenger volume,and sales for the quarter declined largely compared with the same period of the previous year.
Sales from in-flight meals also fell considerably as foreign carriers canceled flights one after another in response to
the earthquake and nuclear accident.
Other sales, however, substantially surpassed the figure for the same period of the previous year by a wide margin
on the strength of consigned service of managing food and beverage facilities in the new international passenger
terminal building.
As a result, operating revenues from food and beverage operations fell 13.6% compared with the same period of theprevious year to ¥3,314 million. Higher rent and utility expenses resulting from the development of in-flight meal
operations at Haneda Airport pushed the operating loss up to ¥481 million (compared to an operating loss of ¥132
million for the same period of the previous year).
(2)

Qualitative Information on Consolidated Financial Position[Assets, liabilities and net assets]
Total assets increased ¥7,533 million from the previous fiscal year end to ¥191,512 million mainly because cash andtime deposits and other current assets decreased.
Total liabilities decreased ¥5,871 million to ¥90,611 million mainly because long-term loans payable and otherfixed liabilities decreased.
Total net assets decreased ¥1,661 million to ¥100,900 million mainly because retained earnings decreased.
Accordingly, the equity ratio came to 51.8%.

(3)

Qualitative Information on Forecast of Consolidated Financial Results
Passenger volume for the first three months fell significantly year-on-year, due mainly to the effects of the earthquake,
however, more recently, the size of the deficit has been declining and passenger figures are now running ahead of
expectations for both domestic and international flights. The JAT Group’s operating revenues, therefore, haveexceeded forecasts and operating, ordinary, and quarterly net loss figures are all much better than anticipated.
Recent figures for passenger volume are also trending above expectations. However, because of the risk of an
economic downturn due mainly to electricity supply limitations during the summer, high oil prices, and slowing
economic recoveries overseas, the performance of the Japanese economy and airline industry going forward bear close
watching. At present, there have been no changes to the interim and full-year consolidated forecasts announced on
May 11, 2011.

-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

2. Summary (Other) Information(1)

Changes in Significant Subsidiaries during the period under review
There is nothing to report.

(2)

Adoption of Specific Accounting Methods for Preparation of the Quarterly Consolidated Financial Statements
Calculation of tax expenses
Tax expenses are calculated by making a reasonable estimation of the effective tax rate on income before taxes forthe current fiscal year including the first quarter after the application of deferred tax accounting and applying theestimated effective tax rate to quarterly income before taxes.
In addition, “Income taxes－deferred” are included in the item of “Income taxes－current.”-4-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

3. Quarterly Consolidated Financial Statements(1)

Quarterly Consolidated Balance Sheets(Millions of yen)

FY2010(As of March 31, 2011)

First Three Months of
FY2011(As of June 30, 2011)ASSETS
Current assets
Cash and time deposits

21,86917,638

Accounts receivable

8,070

8,497

Marketable securities

559

259

Merchandise and finished products

3,402

3,402

Raw materials and stored goods

144

124

Deferred tax assets

1,269

1,265

Other current assets

5,143

2,643

(49)

(51)

40,41033,780257,308

257,413

Accumulated depreciation and impairment loss

(145,224)(147,829)

Buildings and structures, net

112,084

109,583

Machines, devices and vehicles

10,295

10,297

Accumulated depreciation and impairment loss

(8,770)(8,864)

Machines, devices and vehicles, net

1,524

1,432

Land

10,575

10,575

Lease assets

2,466

2,466

Accumulated depreciation and impairment loss

(169)

(273)

Lease assets, net

2,297

2,193

Construction in progress

2,287

5,008

Other fixed assets

22,68022,768(17,540)(17,932)

Other fixed assets, net

5,139

4,836

Total tangible fixed assets

133,909

133,629

1,804

1,970

Investment securities

5,993

5,995

Long-term loans receivable

6,623

5,743

Deferred tax assets

8,371

8,428

Other investments

1,933

1,964

Total investments and other assets

22,921

22,131

Total fixed assets

158,634

157,731

TOTAL ASSETS

199,045

191,512

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures

Accumulated depreciation and impairment loss

Intangible fixed assets
Investments and other assets-5-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)(Millions of yen)

FY2010(As of March 31, 2011)

First three Months of
FY2011(As of June 30, 2011)

LIABILITIESCurrent liabilities
Accounts payable

4,736

4,276

Short-term loans payable

11,338

10,788

Income taxes payable

912

344

Allowance for employees’ bonuses

908

411

Allowance for directors’ bonuses

100－

Asset retirement obligations

156

158

Other current liabilities

10,201

10,165

Total current liabilities

28,354

26,144Long-term loans payable

54,41652,352

Allowance for employees’ retirement benefits

4,980

4,744

Lease liabilities

2,535

2,469

261

262

Other fixed liabilities

5,935

4,637

Total fixed liabilities

68,12864,467TOTAL LIABILITIES

96,48390,611

Common stock

17,48917,489

Capital surplus

21,30921,309Retained earnings

67,01065,968Treasury stock(4,081)(4,081)

Total shareholders’ equity

101,727

100,685881

860(1,898)(2,375)－0Total accumulated other comprehensive income(1,017)(1,514)

Minority interests

1,852

1,728

TOTAL NET ASSETS

102,562

100,900

TOTAL LIABILITIES AND NET ASSETS

199,045

191,512

Fixed liabilities

Asset retirement obligations

NET ASSETS
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustment-6-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income
Quarterly Consolidated Statements of Income(Millions of yen)First Three Months of
FY2010(from April 1, 2010
to June 30, 2010)
Operating revenues
Rent revenue

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)

3,512

3,540

Facility user charges revenue

3,973

3,496

Other revenues

1,990

3,040

Sale of merchandise

18,041

15,578

Sale of food and beverage

3,326

2,774

Total operating revenues

30,84328,429

Cost of sales of merchandise

13,196

11,811

Cost of sales of food and beverage

2,110

1,885

Total cost of sales

15,306

13,697

15,536

14,732

1,720

1,771

Provision for employees’ bonuses

444

388

Provision for directors’ bonuses

30－

Expenses for retirement benefits

213

225

Rent expenses

1,784

1,880

Outsourcing and commission

1,858

2,956

Depreciation expenses

2,867

3,297

Cost of sales

Gross profit
Selling, general and administrative expenses
Salaries and wages

Other costs and expenses

4,575

4,548

Total selling, general and administrative expenses

13,493

15,070

2,043

(338)

Interest income

2174

Dividends income

39

41

Reversal income of provision for bonuses

28

96

Miscellaneous income

235

224

Total non-operating income

324

436

252

279

Equity in losses of affiliates

4496

Miscellaneous expenses

32

37

Total non-operating expenses

289

813

2,078

(715)

Operating income (loss)
Non-operating income

Non-operating expenses
Interest expenses

Ordinary income (loss)-7-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

First Three Months of
FY2010(from April 1, 2010
to June 30, 2010)

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)

Extraordinary loss
8－

Loss on adjustment for changes of accounting standard for
asset retirement obligations

765－

Loss on disaster－31

Total extraordinary loss

774

31

1,304

(747)

Income taxes－current

621

109

Quarterly income (loss) before minority interests

682

(856)

Minority interests in loss

(32)

(95)

Quarterly net income (loss)

714

(760)

Loss on valuation of investment securities

Quarterly income (loss) before income taxes and minority
interests-8-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)First Three Months of
FY2010(from April 1, 2010
to June 30, 2010)
682

First Three Months of
FY2011(from April 1, 2011
to June 30, 2011)(856)

Valuation difference on available-for-sale securities

(85)

(20)

Deferred gains (losses) on hedges

(0)

(0)

Foreign currency translation adjustment

－

0

(897)

(476)

(983)

(496)

(300)

(1,352)Comprehensive income attributable to owners of the parent(268)(1,256)Comprehensive income attributable to minority interests

(32)

(95)

Quarterly income (loss) before minority interests
Other comprehensive income

Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income-9-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Three Months of the Fiscal Year Ending March 31, 2012 (FY2011)(3) Notes to the Premise of a Going Concern
There is nothing to report.
(4)

Segment Information, etc.

I. First three months of FY2010 (April 1, 2010 to June 30, 2010)
1. Sales, income or loss by reportable segment(Millions of yen)

Reportable segments
Adjustments
Note 1

Carrying
amount onquarterly
consolidated
statements ofincome Note 2

Facilities
Management

Merchandise
Sales

Food andBeverage

9,426

18,0903,326

30,843－30,843

502

129

508

1,140

(1,140)

－

9,929
1,611

18,219
1,624

3,834
(132)

31,983
3,103(1,140)(1,059)30,843
2,043

Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)

Total

Notes: 1. Adjustments to the segment income (loss) include ¥1,060 million of administration expenses for the parent company’s
administration divisions, etc. at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted for operating income (loss) described in Quarterly Consolidated Statements ofIncome.

2. Impairment of fixed assets or goodwill by reportable segments
There is nothing to report.
II. First three months of FY2011 (April 1, 2011 to June 30, 2011)
1. Sales, income or loss by reportable segment(Millions of yen)

Reportable segments
Adjustments
Note 1

Carrying
amount onquarterly
consolidated
statements ofincome Note 2

Facilities
Management

Merchandise
Sales

Food andBeverage

9,853

15,624

2,951

28,429－28,429

489

114

362

966

(966)

－

10,342537

15,738
745

3,314
(481)

29,396802(966)(1,140)28,429(338)

Operating revenues
Sales to externalcustomers
Intersegment sales andtransfers
Total
Segment income (loss)

Total

Notes: 1. Adjustments to the segment income (loss) include ¥1,140 million of administration expenses for the parent company’s
administration divisions, etc. at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted for operating income (loss) described in Quarterly Consolidated Statements ofIncome.

2. Impairment of fixed assets or goodwill by reportable segments
There is nothing to report.
(5) Notes to a Significant Change in Shareholders’ Equity
There is nothing to report.

- 10 -