April 1, 2022 to March 31, 2023 (FY22)

Earnings Presentation Material(May 18, 2023)* 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.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

Contents
April 1, 2022 to March 31, 2023 (FY22)
Earnings Presentation Material

3. Progress of the Medium-Term Business Plan

1. Review of Consolidated Financial Results for FY22(1) Business EnvironmentP２(1) Passenger Volume Forecast (Haneda Airport)

P９(2) Consolidated Financial ResultsP３(2) FY25 Guidelines and the Target Profit and LossP９(3) Strategy Road Map

P １０(4) Investment Plan

P １１

2. Consolidated Financial Forecast for FY23

4. Sustainability Initiatives(1) Business EnvironmentP４(1) Creating a Medium-Term Sustainability Plan

P １２(2) Consolidated Financial Forecast for FY23P５(2) Materiality and KPIs

P １３(3) Premises for Financial Forecast

P

６

P １４

(4) Response to Rapidly Recovering Passenger DemandP７(3) Relationship between Materiality andMedium-Term Business Plan

(5) Response to Labor Shortages

P８(4) Information Disclosure in Accordance with the
TCFD Recommendations

P １５(6) Status of Selling, General and Administrative ExpensesP８(5) CO2 Emission Reduction Targets

P １６

Contents
Supplementary Material

Reference Material

1. Details of Consolidated Financial Results for FY22(1) Changes in Passenger Volume(Haneda, Narita, Kansai and Chubu Centrair)

P １８(2) Consolidated Financial Results for FY22P １９(3) Financial Results by Segment(i) Facilities management

P ２１(ii) Merchandise sales

P ２２(iii) Food and beverage

P ２３(4) Breakdown of Selling, General and
Administrative Expenses

P ２４(5) Changes in Non-Operating Income/Expenses
and Extraordinary Income/Loss

P ２５(6) Consolidated Balance Sheets

P ２６(7) Consolidated Statements of Cash FlowsP ２７

Reference: Purchasing trends at duty-free stores

P ２８

2. Details of Consolidated Financial Forecast for FY23
(1) Consolidated Financial Forecast for FY23P ２９(2) Financial Forecast by Segment(i) Facilities management

P ３０(ii) Merchandise sales

P ３１(iii) Food and beverage

P ３２

3. Other Information(1) Capital Expenditure and Depreciation Expenses

P ３３(2) Changes in Operating Revenues/Ordinary
Income/Cash FlowsP ３４

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

P ３６(2) Business Details

P ３７(3) Basic Philosophy and Management PolicyP ３８(4) Sustainability Basic Policy

P ３９(5) Company History

P ４０(6) Group Companies

P ４１(7) Revenue Composition/Details by Segment,
Composition of sales

P ４２(8) Changes in Capital Investment

P ４３(9) Summary of Tokyo International Air
Terminal Corporation

P ４４

2. Summary of Tokyo International Airport (Haneda)(1) Location Map

P ４５(2) Comparison of Passenger Volume

P ４６(3) International Rating of the Haneda Airport
Passenger Terminal

P ４７

Earnings Presentation Material

April 1, 2022 to March 31, 2023 (FY22)

1. Review of Consolidated Financial Results for FY22
2. Consolidated Financial Forecast for FY23

3. Progress of the Medium-Term Business Plan
4. Sustainability Initiatives

1. Review of Consolidated Financial Results for FY22(1) Business Environment
⁻ Although COVID-19 surged twice, social activities gradually returned to normal.

Business
Environment

⁻ The nationwide travel support program started in October, and immigration restrictions have also beensignificantly eased.

Number of
Passengers

⁻ Domestic flights increased steadily from the fall, partly due to the nationwide travel support program,but slightly fell below the revised forecast due to a delayed recovery in business demand.

(HanedaAirport)⁻ Prices continued to rise due to high resource prices and the weak yen. Labor shortages have also
become apparent in airport operations.

⁻ International flights exceeded the revised forecast by about 20% as the recovery was accelerated due
to an increase in passengers, especially overseas passengers (other than Chinese nationals), as a resultof the significant easing of immigration restrictions and the weak yen.

FY22 passenger volumes
Revised

Revised forecast

forecasts

for comparison(10 thousands)

(％)

FY22

FY21

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

Haneda – Domestic

5,247

2,887

81.8

5,373

-2.3

6,900

-23.9

Haneda – International

681

83

720.0

561

21.4

2,560

-73.4

Total Haneda

5,928

2,970

99.6

5,934

-0.1

9,460

-37.3

Narita

1,355

234

478.2

1,176

15.3

Kansai

512

27

1,768.5

278

84.0* Target numbers are theestimated passenger
volume for FY25.

Chubu Centrair

82

5

1,391.3

79

4.3

AirportTarget number * Rate of change(10 thousands)(％)

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.
Japan Airport Terminal Co., Ltd.

02

1. Review of Consolidated Financial Results for FY22(2) Consolidated Financial Results
Overview

⁻Operating revenues increased in all segments from the same period in the previous fiscal year due to increases
in operating revenues from merchandise sales and facility user charges revenue.

⁻

Operating loss continued for three consecutive fiscal years on a consolidated basis, although it showed asignificant improvement, due to the impact of a delayed recovery in the first half of the year.

⁻Both operating revenues and operating loss improved compared to the revised forecasts due to faster-thanexpected recovery in international flights.

Consolidated financial results for FY22

Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

1H
Items

Operating revenues

2H

Full year

FY22

FY21

ChangeFY22

FY21

Change

FY22

FY21

43.6

25.8

17.7

69.4

31.1

38.2

113.0

RevisedChange57.0

forecasts

Difference

*1

55.9

105.9

7.1

(Facilities management)(27.3) (

18.8) (

8.4) (

35.9) (

21.2) (

14.7)

(

63.2)

(

40.0)

(

23.2)

(

61.3)

(

1.9)

(Merchandise sales)(12.8) (

5.5) (

7.3) (

28.4) (

7.6) (

20.8)

(

41.3)

(

13.1)

(

28.1)

(

36.2)

(

5.1)

(Food and beverage)(

3.4) (

1.5) (

1.9) (

5.0) (

2.3) (

2.6)

(

8.4)

(

3.8)

(

4.5)

(

8.4)

(

0.0)

Operating loss

-9.2

-21.8

12.5

-1.3

-19.4

18.1

-10.5

-41.2

30.6

-14.3

3.7

Ordinary loss

-9.7

-24.3

14.5

-2.3

-19.5

17.2

-12.0

-43.8

31.7

-15.6

3.5

Net loss attributable to

-3.3

-14.4

11.1

-0.5

-10.7

10.1

-3.9

-25.2

21.3

-4.6

0.6

Capital expenditures

1.1

3.4

-22

10.8

1.2

96

12.0

4.7

73

14.0

△ 19

Depreciation expenses

14.4

15.8

-14

14.5

15.8

-13

28.9

31.7

-27

29.0

-

5.1

-5.9

111

13.2

-3.5

167

18.3

-9.5

279

14.7

36

¥0.0

¥0.0

¥16.0

¥0.0

¥16.0

¥0.0

To be determined

-

-

-

-

-

-

To be determinedowners of parent

EBITDA

Annual dividend
Payout ratio*1 Financial forecast announced in November 2022
Japan Airport Terminal Co., Ltd.

03

2. Consolidated Financial Forecast for FY23
(1) Business Environment⁻Business
Environment

Number of
Passengers(Haneda Airport)

⁻
⁻

⁻

⁻

The legal status of COVID-19 under the Infectious Diseases Control Law has been changed to Category V,
the same class as seasonal influenza.
Social and economic activities will go back to normal, and inbound demand from non-Japanese visitors toJapan will remain strong.
Workers’ wages will show an upward trend due to rising prices and labor shortages caused by high resource
prices and a weak yen.

Domestic flights are expected to recover almost to the pre-pandemic 2019 (calendar year) level due to asteady recovery in travel demand from Japanese tourists, as well as transit demand from non-Japanesevisitors to Japan.
International flights are expected to recover to about the same level as the pre-pandemic 2019 (calendar
year) level with the end of border control measures and an increase in passengers, mainly non-Japanesevisitors to Japan, including Chinese.

The number of passengers forecast for FY23
FY22 Results

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

Haneda – Domestic

6,564

5,247

25.1

6,900

-4.9

6,886

-4.7

Haneda – International

1,818

681

167.1

2,560

-28.9

1,853

-1.9

Total Haneda

8,383

5,928

41.4

9,460

-11.4

8,740

-4.1

Narita

2,374

1,355

75.1

Kansai

1,549

512

202.0

Chubu Centrair

311

82

276.9

Japan Airport Terminal Co., Ltd.

Target number * Rate of change

2019 calendar

FY23 Forecasts

Airport(10 thousands)

04

(%)

year result(10 thousands)* Target numbers are the estimatedpassenger volume for FY25.

Rate of change(%)

2. Consolidated Financial Forecast for FY23
(2) Consolidated Financial Forecast for FY23
⁻ Operating revenues are expected to increase in all segments in line with recovery in passenger
volume.
⁻ Consolidated financial results are expected to improve significantly, resulting in a profit for the
first time in four years.
⁻ Prompt response to rapidly recovering passenger demand will be the key to improved businessperformance in the future.

Overview

Consolidated financial forecast for FY23

Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

1H

Items

FY23

2H

FY22

ChangeFY23

Full year

FY22

ChangeFY23

FY22

Change

90.3

43.6

46.6

105.4

69.4

35.9

195.7

113.0

82.6

(Facilities management)( 42.4 )( 27.3 )15.0( 45.6 )( 35.9 )9.6( 88.0 )( 63.2 )24.7(Merchandise sales)( 40.6 )( 12.8 )27.7( 52.2 )( 28.4 )23.7( 92.8 )( 41.3 )51.4(Food and beverage)

(

(

3.4 )

3.8

(

(

5.0 )

2.5

( 14.9 )

(

8.4 )

6.4

Operating revenues

7.3 )

7.6 )

Operating income (loss)

6.0

-9.2

15.2

9.4

-1.3

10.7

15.4

-10.5

25.9

Ordinary income (loss)

4.6

-9.7

14.3

8.5

-2.3

10.8

13.1

-12.0

25.1

3.4

-3.3

6.7

5.6

-0.5

6.1

9.0

-3.9

12.9

Capital expenditures

4.0

1.1

26.0

10.8

30.0

12.0

Depreciation expenses

13.9

14.4

14.4

14.5

28.3

28.9

EBITDA

19.9

5.1

23.8

13.2

43.7

18.3

Annual dividend

¥16.0

¥0.0

¥16.0

¥16.0

¥32.0

¥16.0

Payout ratio

43.8%

-

26.6%

-

33.1%

-

Net income (loss)
attributable to owners ofparentJapan Airport Terminal Co., Ltd.

05

2. Consolidated Financial Forecast for FY23(3) Premises for Financial Forecast Operating income, EBITDA

Passenger volume(Billions of yen)

◆ Quarterly changes in operating
income and EBITDA

95%

15

95%

95%

85%

⁻ With the recovery in passenger volume,
operating income is expected to return toprofitability in 1Q and will steadily
increase thereafter.

100%

95%

100%

81%
75%

10

71%

80%

66%
60%

5

60%
47%

⁻ In 4Q, profit is expected to temporarily
decline due to an increase in expenses
from construction work to be completed
at the end of FY23 and other factors.

040%

Operating income

-5

20%

EBITDA
Haneda domestic flight passengers: comparison with target
Haneda international flight passengers: comparison with plan after the expansion

-10

0%
1Q

2Q

3Q
（FY22）

4Q

1Q

2Q

3Q
(FY23)

4Q

2019:3Q（Reference）◆ Breakdown of international passengers
by destination (Haneda Airport)■Percentages of passengers by destination to the plan after the terminal expansion

⁻ The expansion of flight slots for international
flights in March 2020 increased the shares ofNorth American and European destinations.

100%
100%

⁻ In the first half of the year, the number of flights
to North America will exceed the pre-pandemic
level, and the overall number of passengers is
expected to recover to FY19 levels, although therecovery of Chinese destinations will be delayed.

80%

⁻ Growth in European destinations will be sluggish
due to the avoidance of flights over Russia, but
Chinese destinations will fully recover from thesecond half of the year, and the overall numberof passengers is expected to exceed FY19 levels.

40%

60%

79%

China

11%

North America

63%
1%
17%
14%

18%

16%

17%

23%
Southeast Asia

18%

20%

9%

Korea/Taiwan/

15%

19%

18%

Europe/Others
13%

14%

22%

FY23 1H

FY23 2H

Plan after the expansion

0%Japan Airport Terminal Co., Ltd.

12%

19%

Hong Kong

20%

65%

06

11%
FY19

2. Consolidated Financial Forecast for FY23
(4) Response to Rapidly Recovering Passenger Demand◆ Resuming operation of Terminal 2international flight facilities
⁻ Coordination is underway among the government,
airlines, and other related parties to reopen dormant
facilities to respond to increase in passenger volume.
⁻ The Medium-Term Business Plan assumed that
operations would resume in FY24.
⁻ The current year’s budget assumes resumption ofoperation from July 2023.
For the time being, the facilities will operate only inthe morning, and operating hours will be expandedfrom the second half of FY23.

Renewal of stores in the Terminal 3 commercial area (4th floor)◆ Reopening and re-arrangement of stores

Hiroshimayaki/Okonomiyaki Machiya

Ningyocho Imahan(from March 13, 2023)

⁻ With the recovery of passenger volume, stores aregradually reopening and expanding their operating
hours for domestic and international flights.

(from May 29, 2023)

SPAGHETTERIA VAVnova(from April 12, 2023)

Edokoji

Edokoji⁻ At Terminal 3, commercial facilities in the duty-freeand lobby areas will be renewed and re-arranged tocapture recovering passenger demand.

Edomae Yokocho
OkonomiYokochoHirokoji

TV-Tokyo Shop (from April 25, 2023)
Japan Airport Terminal Co., Ltd.

Onigiri Konga (from April 18, 2023)

07

2. Consolidated Financial Forecast for FY23(5) Response to Labor Shortages(Persons)

Changes in the number of personnel of the JAT Group

6,000

Full-time employees
Temporary employees
Dispatched workers

⁻ During the COVID-19 pandemic, we have maintained theemployment of full-time employees and promoted the use ofinternal resources for operations, however, approximately 40%of the total workforce decreased (through natural attrition and adecrease in non-regular employees).
⁻ Due to the rapid recovery in airline demand since last fall, there
was a shortage of staff at international terminal stores, lounges,
etc. We will hold joint Group company briefing sessions tostrengthen recruitment of new graduates as well as mid-careerand non-regular employees.

40% decrease3,000

⁻ We aim to quickly restore the pre-pandemic stable operating
structure by improving working conditions, such as increasingbase pay and ending bonus cuts, to retain personnel.

0⁻ In the airline industry as a whole, there is a labor shortage insecurity inspection operations, etc., so we will actively work withthe government, airlines, and other stakeholders to address thisissue.

FY19

FY20

FY21

FY22

FY23

(Results)(Results)(Results)(Results)(Forecasts)

140.0 billion yen

Operating revenues(6) Status of Selling, General and
Administrative Expenses

117.8 billion yen

Non-personnel
expenses◆ Cost-increasing factors (non-personnel
expenses)

87.7 billion yen

expensesNon-personnel

41.8

expenses
38.1

Personnel
expenses
27.0

⁻ Increase in utilities (water, heating, energy) and other expenses
due to rising prices
⁻ Increase in maintenance and repairs expenses
⁻ Reopening of Terminal 2 international flight facilities

expenses
20.4

Non-personnel
Non-personnel

66.8

expenses
46.0

Personnel
expenses
17.9

Personnel

Personnel

expenses

expenses

19.6

22.7

Depreciation

Depreciation

expenses

Depreciation

expenses

Depreciation

expenses

Depreciation

35.3

34.3

expenses

31.7

expenses

28.9

28.3

FY20

FY20

FY21

FY22

FY23

(Pre-Coronavirus(Results)(Results)(Results)(Initial forecast)

plan)

08

Personnel

94.5 billion yen
expensesNon-personnel

⁻ Increase in variable costs accompanying increases in thepassenger volume and operating revenue

Japan Airport Terminal Co., Ltd.

96.5 billion yen

77.7

3. Progress of the Medium-Term Business Plan
(1) Passenger Volume Forecast (Haneda Airport)(10 thousands)

Domestic
flights

FY22

FY23

FY24

FY25

Number of passengers

5,247

6,564

6,900

6,900

Comparison with target

76%

95%

100%

100%

International
flights

FY22

FY23

100%

FY24

80%
60%
40%

FY25

Medium-Term

681

1,818

2,380

2,560

Comparison with plan
after the expansion

27%

71%

93%

100%

Comparison with 2019

37%

98%

129%

139%

20%

Revised Plan:
Domestic flights

Revised Plan:
今回
国際線
International flights

0%

今回 国内線

Indicator

Target level

Consolidated
net income

16 billion yen or more

Cost reduction
amount

2.5 billion yen

ROA (EBITDA)

12% or higher
Aim to recover to the level of40%

Payout ratio

30% or more

SKYTRAXevaluation ranking

World Best Airport TOP 3

Japan Airport Terminal Co., Ltd.

FY22

FY23

FY23 forecast

FY25 target

Operating revenues

195.7 billion yen

280.0 billion yen

Facilities
management

87.9 billion yen

106.0 billion yen

Merchandise
sales

92.8 billion yen

156.0 billion yen

Food andbeverage

15.0 billion yen

18.0 billion yen

Operating income

15.4 billion yen

30.0 billion yen

Ordinary income

13.1 billion yen

27.0 billion yen

Net income

9.0 billion yen

16.0 billion yen

09

International flights

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q(2) FY25 Guidelines and the Target Profit and Loss

Equity ratio

Business
Plan:
中計
国際線

Domestic flights

Number of passengers

Medium-TermBusiness国内線
Plan:
中計

FY24

FY25

3. Progress of the Medium-Term Business Plan
(3) Strategy Road Map
2022
Sustainability

Facilities
management➢ Develop the promotion system and create a
Medium-Term Business Plan
➢ Disclose information in accordance with the
TCFD recommendations

DX promotion➢ Take measures against vacant space➢ SNJ/ADO office relocation to an areaof over 2,000 m2 (scheduled for
October 2023)

Take measures against vacant space (attraction policies and utilization
measures)➢ FY22 maintenance, guidance, andsecurity costs: -5 billion yen from
FY19

Suppress a rebound in operation costs
Respond to resumption of T2 international flight facilities➢ Select a contractor for T1 satellite
construction in August➢ T2 satellite construction progress
rate: 2.9% (April 2023)
Scheduled to start operation in FY25

Connect T2 satellite and the main building
Newly open T1 satellite➢ Newly open and renew the Haneda T3 dutyfree store area (Louis Vuitton, Dior, etc.)➢ Eleven stores opened or renewed in
FY21–FY22 in the Haneda duty-freestore area

Develop Haneda-original products and expand sales share➢ New product development
Domestic flight cost reduction effect:-0.3%

Reorganize and renovate T1 Marketplace, etc.
Develop “retail-tainment” that provides experience value➢ Suppress a rebound in maintenance,
guidance, and security costs➢ Develop Haneda-original products
Hold the “Haneda Airport Selection” event➢ Participate in Tokyo Creative Salon (event)➢ New business sales target
FY25: 10 billion yen➢ Start operation of a new terminal of Aso
Kumamoto Airport (preparation for opening,
consulting on system introduction, etc.)➢ Implement business-business collaboration(Shiseido Project) and business-academia
collaboration (The University of Tokyo
Project)➢ Embed internal branding activities (Plus One
Promotion)

Japan Airport Terminal Co., Ltd.

Renovate commercial zones
Improve efficiency of and diversify store operations

Expand EC sales channels and merchandise
Strengthen one-to-one marketing

Research and develop new business seeds➢ Demonstration experiment for the provision of congestion and other information basedon people-flow analysis➢ Promote the empowerment of women andemployment of people with disabilities

Promote operational excellence

Utilize Haneda’s value + utilize its expertise: Strengthen businessdevelopment➢ Expansion of HANEDA App member services

Organization andpersonnel

Promote business based on the Sustainability Basic Policy
Implement the Medium-term Sustainability Plan and expand information
disclosure➢ SKYTRAX 5 Star Airport rating fornine consecutive years➢ Start “HANEDA PICK UP” airport store pickup service and duty-free reservation service

New business/
Expertisebusiness➢ Medium-term investment plan:
8 billion yen
FY22 investment: 0.8 billion yen➢ Promote operational excellence➢ Start T2 satellite construction

Merchandise
sales/Food andbeverage

2023–2025

Promote digital marketing
Improve operational efficiency in the administration department
Promote innovation in the aviation industry➢

Rate of managerial posts being
assumed by female personnel:
41%(March 2023)➢

Achievement ratio of the legally
mandated number of workers withdisabilities: 125%(consolidated, April 2023)

10

Ensure expertise and diversity of personnel
Cultivate a corporate culture of“think and take on challenges on their own”

Group structure according to strategy

3. Progress of the Medium-Term Business Plan
(4) Investment Plan

Facilities management◆ Estimated investment for the period of
the Medium-Term Business Plan
FY22

FY23

Medium-TermBusiness Plan

15.0

29.0

Actual/Budget

12.0

30.0

FY24

FY25

34.0

6.4

・T1/T2 satellite improvement construction, facility replacement construction,
etc.
(Billionsof yen)

Total
105.0

Merchandise sales/Food and beverage

5.0 billion yen

・Store renovation construction, system renewal, etc.

New business/Expertise business3.0 billion yen

・HANEDA INNOVATION CITY, EC business, robot business, etc.

(Of the above, investment in satellite improvement)
Medium-Term
6.0
19.0
18.0
Business Plan
Actual/Budget

27.0

93.0 billion yen

Management base and others

4.0 billion yen

・DX investment, etc.

10.0

53.0

⁻ Satellite improvement construction
Respond to future expansion of airline demand and15.0

improve passenger convenience.
Construction completion schedules: T1, FY25; T2, FY24

⁻ Sustainability-related investment
Construction of facilities related to CO2 reduction(Total construction costs from FY22 to FY25)
・ Construction to convert lighting to LEDs: 3.0 billion yen
・ Construction to replace air conditioners: 5.0 billion yen* Planned investment amount: 3.5 billion yen

There may be additional investment due to full-scale
efforts for CO2 reduction.

(North Satellite)(North Building to be expanded)

Terminal 2(main building)Exterior view of Terminal 2 extension (image)
Japan Airport Terminal Co., Ltd.

11

4. Sustainability Initiatives(1) Creating a Medium-Term Sustainability Plan
◼ We have developed the Medium-term Sustainability Plan based on materiality (key issues) and KPIs (key performance indicators).
◼ Regarding materiality, we drew up a list of potential materiality (key issues) based on the industry group guidance, sustainabilityrelated guidelines, business strategies, etc., mapped them based on the two axes of “public interests” and “corporate interests,”
and identified them from the perspectives of both the JAT Group and its stakeholders.

Materiality Matrix

Medium-term Sustainability Plan Development Process
Step 1

Drawing up of a list of potential materiality
In order to identify social issues and business environment that may
affect JAT’s business operations, we listed up potential materiality taking
into account material items covered by guidelines issued by the industry
association (ACI) and international organizations (e.g., GRI and SASB) in
addition to our business strategy (Medium-Term Business Plan).

Step 2Extract key issues for the Company
through mapping based on the two axesof “corporate interests” and “public
interests”

Materiality Evaluation
We evaluated and narrowed down the potential materiality included in
the list from both aspects of the importance for the Company’s business(corporate interests) and the importance for society (public interests).
Furthermore, as part of the evaluation, we conducted a questionnaire
survey at the Company’s respective departments and interviews withthem.
Impact on society

Dialogue with Experts
Through dialogue with external experts, we confirmed expectations anddemands from external parties, and verified the completeness andappropriateness of materiality topics.

Step 4

Identification of materiality
After discussions at the Sustainability Committee, we identified eightmateriality topics. We will continue to review the materiality in light ofchanges in the social environment.

Step 5

Important

Corporate interests

Initiatives and KPIs

Impact on the Company’s businessWe are developing initiatives that contribute to the solution of thedefined materiality as well as KPIs to evaluate progress in the initiatives.
In the development process, we consulted and confirmed with relevant
departments and companies, bearing in mind information disclosure anddissemination to external parties.

Japan Airport Terminal Co., Ltd.

Public interests

Step 3

Most
important

12

Most
important

4. Sustainability Initiatives(2) Materiality (Key Issues) and KPIs (Key Performance Indicators)◼ We identified key issues (materiality) that should be addressed to realize our long-term vision, while setting plans, targets, and KPIs
for progress tracking purposes.
◼ Going forward, under the sustainability promotion system, we are committed to implementing initiatives for the solution of material
issues by tracking progress in the achievement of plans and targets against the KPIs.
Categories

Materiality
Measures tocombat climatechangeE
Effective use oflimited resources

Initiatives

2030

Receipt of ZEB Oriented certification for T1 satellite in the terminal expansion project2025

Introduction of eco-friendly
materials and merchandise

Offering of ethical products at all directly managed (JAT’s select) stores

2025

Introduction of wooden structure/interior decoration to T1 satellite in the terminal expansion project2025

Waste reduction/resource
recycling

Identification of issues for reducing food waste in the Group’s restaurant business and set FY25 targets

2023

Closed-loop recycling of all PET bottles collected at terminals

2025

Continuous receipt of “5 Star Airport” rating from SKYTRAX (terminal expansion, smoother passenger
flows, enhanced signage, diverse commercial facilities, etc.)

Every straight year

Continuous receipt of the 1st rating from SKYTRAX in the “Best Airport Terminal Cleanliness” category

Every straight year

Continuous implementation of disaster drills, etc. (150 times/year; 3,000 total participants/year)

Every straight year

Continuous receipt of the 1st rating from SKYTRAX in the “Best PRM/Accessible Facilities” category

Every straight year

Completion of the initiative to introduce mobile electric carts and self-driving wheelchairs to all terminals

2025

A wider use of digital and robotic technologies in the five categories of (1) cleaning; (2)guidance/translation; (3) mobility support; (4) security; and (5) retailing and food service

2025

Installation of permanent local specialty stores in the premises of Haneda Airport within FY23; holding ofpromotional campaigns at event spaces at least 24 times a year

Every straight year

Provision of know-how acquired in the Haneda Airport and products (robots, etc.) installed therein to
overseas airports and other facilities at the rate of 50 cases a year

2025

Continued participation of at least 1,000 people, including local (Ota Ward) elementary and junior highschool students, in the airport tours and work experience programs

Every straight year

Reduction of CO₂ emissions

Assurance of safety and security
Promotion of universal design
Use of digital technology

Creation of interaction with local
communities

S

Contribution to
local and regional
communities
Benefit-sharing with local
communities

Human resource
development

Performancemonitoring

Creation of innovative businesses and improvement of business operations through crossindustry/industry-academia collaboration and secondment of personnel to outside entities

Performancemonitoring

Embedding of internal branding activities (Plus One Promotion) into the mindset of all JAT Group
executives to promote the development of “human resources who can think and take on challenges on
their own”

2025

Rate of childcare leave being taken by male workers: 100%; Rate of managerial posts being assumed byfemale personnel: 40% *Non-consolidated basis

2027

Employment rate of persons with disabilities: 6.6% *Non-consolidated basis

2025

Investigation of human rights risks and identification of issues and countermeasures

2023

Zero incidents of inappropriate behavior (serious misconduct/violations) in corporate activities

Every straight year

Formulation of sustainable procurement guidelines and dissemination thereof to business partners

2023

Dialogue with experts (twice a year)

Every straight year

Strengthening of risk
management systems

Establishment of the Risk Management Committee and a PDCA cycle for priority risks

2023

Strengthening of cybersecurity

Zero incidents that result from a lack of adequate cybersecurity measures and have a serious impact on
the terminal building operations

Every straight year

Promotion of
Promotion of diversity anddiversity andinclusion
inclusion andrespect for human
Implementation of human rights
rightsdue diligence
Ensuring of thorough compliance

Strengthening of sustainability
governanceRelevant
Stakeholders

Vision for 2030

Partners
Global Environment

Safe and secure airport
Eco airport

Partners
Global Environment

Safe and secure airport
Eco airport

Customers
Partners
Employees
Local Communities
CommonWorld-leading hospitality
Safe and secure airport
Pleasant journey: stressfree

Customers
Partners
Local Communities

Safe and secure airport
Pleasant journey: stressfree

Customers
Employees

World-leading hospitality

Customers
Partners
Employees
Local Communities
CommonWorld-leading hospitality
Safe and secure airport

Customers
Partners
Employees
Shareholders, andinvestors
CommonWorld-leading hospitality
Safe and secure airport
Pleasant journey: stressfree
Eco airport

Customers
Employees
Shareholders, andinvestors
CommonWorld-leading hospitality
Safe and secure airport
Pleasant journey: stressfree
Eco airport

Grand opening of the HICity (benefit sharing with local communities by providing medical services, creating
2023
vibrancy, offering a traffic hub, etc.)
Active recruitment and development of human resources with diverse skills

Transformation of workforce intoa group of real professionals

Improved employee engagement

Promotion of fairbusiness activities

Target Year

Reduction by 46% from the FY13 level (net zero by 2050)

Enhanced terminal functionality
Development of asafe, comfortable
and advanced
airportMajor KPIs (Key Performance Indicators)

G

Strengthening ofrisk management

Japan Airport Terminal Co., Ltd.

13

SDGs to be contributed

4. Sustainability Initiatives(3) Relationship between Materiality and Medium-Term Business Plan
◼ The materiality we identified earlier is in consistent with the strategic direction defined under the Medium-Term Business Plan for FY22–25, titled “To Be a World Best Airport 2025 - towards becoming one of the most advanced, human-and-eco-friendly airports by 2030.”◼ By continuing to work on materiality, we will implement the strategies set forth in the MTBP and aim to realize the vision for 2030 of“becoming one of the most advanced, human-and-eco-friendly airports.”

Materiality and Corresponding Strategies Set Forth in Medium-Term Business Plan
Medium-term Sustainability Plan/Materiality (key issues)
Direction of strategies set forth in MTBP

Reinforcementof earnings
base

Measures tocombatclimatechangeDevelopment
Contribution
Effective useof a safe,
to local andof limited
comfortable,
regional
resources
and advanced
communities
airportEstablishing a foundation
for regrowth
Reform and Innovation(Change)●●●

Growth of airport business
Growth and Evolution(Grow)●●●●

Expansion of earnings
base
Facing Challenges (Expand)

●

●

●

●

Improve and innovate byharnessing DX and newtechnologies
Enhance themanagement
base●

Organization, personnel,
and governance

14

Promotion of
Promotion of Strengthening
D&I andfair businessof risk
Respect for
activities
management
Human Rights●●

Financial strategy

Japan Airport Terminal Co., Ltd.

Human
resource
development

●

●
●

●

●

●

4. Sustainability Initiatives(4) Information Disclosure in Accordance with the Task Force on ClimateRelated Financial Disclosures (TCFD) Recommendations◼ The Company announced endorsement of the TCFD recommendations in September 2022 and has started to disclose
information in accordance with the TCFD recommendations in May 2023.
◼ Going forward, we will recognize the business environment surrounding the Company,
deepen our analysis of risks and opportunities to promote countermeasures,and continue to disclose related information.

Governance➢ Hold Sustainability Committee meetings chaired by the President and Representative Director at least twice ayear.
➢ The Sustainability Committee takes the lead in formulating action policies and managing the progress of climatechange-related initiatives as priority management issues, which are deliberated at Executive Committee
meetings and then reported to the Board of Directors for resolution.

Strategy➢ Analyze two scenarios (1.5°C and 4.0°C) to assess the impact of climate change on the Group’s business.
➢ Identify risks and opportunities based on the two scenarios, assess the impact, and develop measures toaddress the risks

Risk
management➢ Established the Risk Management Committee on April 1, 2023 to enhance the Group-wide risk management
system.
➢ Climate change-related risks that have a significant impact on the Company’s business and performance areverified and assessed by the Risk Management Committee as priority risks, and the risk management isreviewed as necessary.

Indicatorsand targets➢ As KPIs in “Measures to combat climate change” of the Medium-term Sustainability Plan, we have set long-termtargets on GHG emission reduction Scopes 1 and 2: reducing emissions by 46% from the 2013 level by 2030
and achieving carbon neutrality by 2050.

Japan Airport Terminal Co., Ltd.

15

4. Sustainability Initiatives(5) CO2 Emission Reduction Targets◼ In order to achieve the long-term target of becoming carbon neutral by 2050, we envision the following specific initiatives toreduce CO2 emissions.

CO2 emission (Scope 1, Scope 2)* reduction targets

Measures under consideration
EnergySaving12
11102,000 tons

10
9
8
7

Vs. 2013 level-46%
55,000 tons

6

Scopes1 and 2

5
4

• Turning purchased electricity into
renewable energy• Exploring the possibility of on-site
Renewable/
power generation using renewableNew
energyEnergies• Efficient use of heat sources• Research and study for the use of
new energies

3
2
1

OthersNet zero

0

2013

2030

2050

(Actual emissions in FY21): 84,005 t-CO2

Scope 3(Cooperation withstakeholders)* Scope of targets:• Switching to LED lighting• Renewal of air conditioners• Exploring the possibility of adopting
sustainable constructions (including
wooden structures and interior
decoration) and ZEBs during theterminal construction work
• Use of carbon credits in the future• Understanding actual
results/setting goals and roadmaps• Consider undertaking various
decarbonization measures atlandside and airside, together with
relevant stakeholders

The volume of CO2 emitted by the Group in the premises of Haneda Airport (excluding emissions from airport
vehicles owned by the Group in the Haneda Airport)
Scope of emissions: CO2 derived from energy consumed in-house during business operations
For details, see the “Sustainability” section of our website: https://www.tokyo-airport-bldg.co.jp/sustainability/

Japan Airport Terminal Co., Ltd.

16

Earnings Explanatory Meeting
April 1, 2022 to March 31, 2023 (FY22)

Supplementary Material
1. Details of Consolidated Financial Results for FY22
2. Details of Consolidated Financial Forecast for FY23

3. Other Information* This document has been translated from the Japanese original, for reference purposes only.
In the event of any discrepancy between this translated document and the Japanese original,
the original shall prevail.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

1. Details of Consolidated Financial Results for FY22(1) Changes in Passenger Volume (Haneda, Narita, Kansai and Chubu Centrair)(Thousand passengers)(Thousand passengers)

Haneda Airport – domestic flights

70,00020,00065,39618,18916,82367,88660,000

Haneda Airport – international flights

18,16465,64315,00050,00052,475

10,00040,00030,0006,810

28,872

20,6065,000

FY22 results +720.0%

FY22 results +81.8%

20,000(Compared to Nov. 2022 forecast +21.4%)(Compared to Nov. 2022 forecast -2.3%)414

10,000
2017

20 18

2019

2021

20 22
← Results

35,87034,018

FY

2017

2023
Forecast →

2018

2019

2020

2021

2022

← Results

2023

Forecast →(Thousand passengers)

Narita Airport – international flights(Thousand passengers)

40,000

20 20

830

0

FY

30,000Kansai Airport – international flights

FY22 results +478.2%

FY22 results +1768%(Compared to Nov. 2022 forecast +15.3%)(Compared to Nov. 2022 forecast +84.0%)

30,00023,74720,00020,000Chubu Centrair Airport– international flights

13,55910,000

FY22 results +1391%(Compared to Nov. 2022 forecast +4.3%)

10,000

1,265

2,345

0

2017

0

FY

2018

2019

2020

2021

2022
← Results

2017

2023
Forecast →

18

FY

2018

2019

2020

2021

2022
← Results

2023
Forecast →Passenger volume
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

1. Details of Consolidated Financial Results for FY22(2) Consolidated Financial Results for FY22
Consolidated financial results for the year (1H / 2H / full-year)
Items

1st Half
FY22

FY21

2nd Half
ChangeFY22

FY21Full Year
Change

FY22

FY21

Ratio

ChangeRatio

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen％

Millions of yen

43,61325,896

17,717

69,437

31,161

38,275

113,050

100.0

57,057100.0

55,992

Facilities management27,311

18,825

8,485

35,96921,204

14,76563,28056.0

40,02970.1

23,250

Merchandise sales

12,871

5,546

7,325

28,445

7,628

20,81741,31736.5

13,17423.1

28,142

Operating revenues

Food and beverage
Cost of sales(Ratio)(Gross profit
Selling, general andadministrative expenses

Operating invome
Non-operating income/loss

Ordinary income
Extraordinary income/loss
Net income attributable toowners of parent

1,523

1,906

5,021

2,329

2,692

8,452

7.5

3,852

6.8

4,599

4,221

4,807

20,057

6,382

13,67429,085

25.7

10,60418.6

18,481

2,926

3,955

4,709

12,33523,927

21.2

7,635

13.4

16,291

52.8％)( 0.7P)

61.7％)( -1.8P)

53.5％)(

2,146

17,045
(

1,295

851

85.0％)( -22.4P)(

34,584

21,674

12,91043,85843,499-9,273-486

Cost of sales of food and beverage(Ratio)

3,430
9,028
6,881

Cost of sales of merchandise(％ Millions of yen

59.9％)

(

3,011

(

57.9％)(

58.0％)( -0.1P)

1,672

1,338

71.8％)( -11.8P)(

49,38024,77924,601

83,96474.3

46,453

81.4

37,511

358

50,68544,2096,476

94,543

83.6

87,709

153.7

6,834

-21,825

12,551-1,305-19,430

18,124-10,579-9.4-41,255-72.3

30,676-2,480

1,994

-999

-124

-874

-1,485-1.3-2,605

-4.6

1,119

-9,759-24,305

14,546-2,304-19,555

17,250-12,064-10.7-43,861-76.9

31,796

28

-20

48

-347

323

-670

-318

-0.3

302

0.5

-621

-3,341-14,478

11,136-559-10,738

10,179-3,901-3.5-25,217-44.2

21,316

62.6％)(

60.0％)

(

5,158

2,968

4.6

61.0％)(

5.2

77.0％)

2,189( -16.0P)* Ratio: Cost of sales of merchandise / Operating revenues of merchandise
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

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

19

1. Details of Consolidated Financial Results for FY22

Consolidated financial results for the year (FY22 / FY21 for comparison / Forecast for comparison)
FY22 (Results)
Items

FY21 (Results)

Amount affected

Ratio

Amount affected

Ratio

due to TIAT
consolidation

Millions of yen

Operating revenues

Revised Forecast
Changedue to TIAT

Rate of
ChangeAmount affected

（※１）

Ratio

consolidation

Millions of yen

Millions of yen

4,373

57,057

Difference

due to TIAT
consolidation

Millions of yen

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

100.0-6,33855,992

98.1

105,900

100.0

2,100

7,150

113,050

100.0

Facilities management

63,28056.0

939

40,02970.1-8,401

23,25058.1

61,30057.9-1,1001,980

Merchandise sales

41,317

36.5

3,384

13,174

23.1

2,058

28,142

213.6

36,200

34.2

3,100

5,117

Food and beverage

8,452

7.5

49

3,852

6.8

4

4,599

119.4

8,400

7.9

100

29,085

25.7

10,60418.6

18,481

174.3

25,400

24.0

3,685

23,927

21.2

7,635

13.4

16,291

213.4

20,500

19.4

3,427

Cost of sales
Cost of sales of merchandise(Ratio)(5,158

Cost of sales of food and beverage(Ratio)Gross profit
Selling, general andadministrative expenses

Operating invome
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income attributable toowners of parent

57.9％)((

58.0％)

2,968

4.6

61.0％)(( -0.1P)

2,189

5.2

77.0％)

(

4,900

73.8

( -16.0P)

56.6％)(

52( 1.3P)258

4.6

58.3％)( 2.7P)

83,96474.3

46,453

81.4

37,51180.7

80,500

76.0

3,464

94,543

83.6

87,709

153.7

6,834

7.8

94,80089.5-256-10,579-9.4-41,255-72.3

30,676--14,300-13.5-1,485-1.3-2,605

-4.6

1,119

-

-1,300-1.2-12,064-10.7-43,861-76.9

31,796--15,600

-14.7

-318

-0.3

302

0.5

-621

-

-3,901-3.5-25,217-44.2

21,316--15,643-18,438-7,627-28,758-33,332-16,418-4,600-19,100

3,720-22,500

3,535

-185
-318

-4.3

-8,900698*1 Financial forecast announced in November 2022
*2 Ratio: Cost of sales of merchandise / Operating revenues of merchandise
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

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

20

1. Details of Consolidated Financial Results for FY22(3) Financial Results by Segment(i) Facilities management
FY22 (Results)
Items

FY21 (Results)

Amount affected

Ratio

Revised Forecast

Amount affected

Ratio

due to TIAT
consolidation

Changedue to TIAT

Rate of
ChangeAmount affected（Nov.2022）

Ratio

consolidation

Difference

due to TIAT
consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Rent revenues

19,85230.2-3,65018,54344.1-3,993

1,309

7.1

19,80031.0-3,70052

Facility user charges revenues

29,32544.7

10,393

10,539

25.1

1,498

18,785

178.2

27,400

42.9

8,500

1,925

Other revenues

14,10221.5-5,802

10,94626.1-5,907

3,155

28.8

14,10022.1-5,9002

Subtotal

63,28096.4

939

40,02995.3-8,401

23,25058.1

61,30095.9-1,100

1,980

2,391

3.6

1,041

1,982

4.7

896

409

20.6

2,600

4.1

1,000

-208

65,672

100.0

1,981

42,012100.0-7,50523,65956.3

63,900

100.0

-100

1,772

Operating expenses

68,805104.8

16,187

66,876

159.2

17,9201,929

2.9

70,200109.9

18,000-1,394

Operating income-3,133-4.8-14,205-24,863-59.2-25,426

21,730--6,300-9.9-18,100

3,166

Sales to external customers

Intersegment sales
Total(Ratio)(-4.8％)

・Rent revenues:
・Facility user charges revenues:
・Other revenues:(-59.2％)( 54.4P)(-9.9％)( 5.1P)

Increase in commission rent in domestic terminal+ 0.9 billion
Increase in revenue from leased space due to a redution of the rent reduction range, etc. + 0.3 billion
Increase in fees for use of passenger facilities for domestic flights+ 9.7 billion
Increase in fees for use of passenger facilities for international flights+ 7.6 billion
Increase in revenue from parking fees, paid airport lounges, etc.
+ 3.1 billion
Decrease in subcontracted work revenues, etc.
- 0.4 billion

21

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

1. Details of Consolidated Financial Results for FY22(3) Financial Results by Segment(ii) Merchandise sales
FY22 (Results)
Items

FY21 (Results)

Amount affected

Ratio

Revised Forecast

Amount affected

Ratio

due to TIAT
consolidation

Changedue to TIAT

Rate of
ChangeAmount affected（Nov.2022）

Ratio

consolidation

Difference

due to TIAT
consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Domestic terminal stores

10,372

24.6

-

5,166

37.1

-

5,205

100.8

9,600

25.5

-

772

International terminal stores

19,476

46.1

4,004

4,242

30.4

2,650

15,233359.1

16,400

43.6

3,600

3,076

Other salees

11,469

27.2

-620

3,765

27.0

-592

7,703

204.6

10,200

27.1

-500

1,269

41,317

97.9

3,384

13,174

94.5

2,058

28,142

213.6

36,200

96.3

3,100

5,117

892

2.1

418

769

5.5

452

123

16.1

1,400

3.7

500

-507

42,210

100.0

3,803

13,944

100.0

2,511

28,266202.7

37,600

100.0

3,600

4,610

Operating expenses

40,570

96.1

3,451

20,078

144.0

3,577

20,491102.1

36,800

97.9

2,600

3,770

Operating income

1,640

3.9

352

-6,134-44.0-1,066

7,774

-

800

2.1

1,000

840

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)(3.9％)

・Domestic terminal stores:
・International terminal stores:
・Other sales:(-44.0％)( 48.0P)(

2.1％)

Increase in sales of directly managed stores, etc. at Haneda domestic terminal
Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in wholesale sales to other airports

22( 1.8P)+ 4.8 billion+11.8 billion+ 2.8 billion+ 6.3 billion

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

1. Details of Consolidated Financial Results for FY22(3) Financial Results by Segment(iii) Food and beverage
FY22 (Results)
Items

FY21 (Results)

Amount affected

Ratio

Revised Forecast

Amount affected

Ratio

due to TIAT
consolidation

Changedue to TIAT

Rate of
ChangeAmount affected（Nov.2022）

Ratio

consolidation

Difference

due to TIAT
consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Sales from restaurants

5,489

58.4

49

2,790

60.0

4

2,699

96.7

5,700

61.3

100

-210

Sales from in-flight meals

2,487

26.4

-

730

15.7

-

1,757

240.7

2,300

24.7

-

187

475

5.1

-

332

7.1

-

143

43.1

400

4.3

-

75

8,452

89.9

49

3,852

82.9

4

4,599

119.4

8,400

90.3

100

52

953

10.1

-

796

17.1

-

156

19.7

900

9.7

-

53

9,405

100.0

49

4,649

100.0

4

4,756

102.3

9,300

100.0

100

105

10,770

114.5

95

7,741

166.5

77

3,029

39.1

10,300

110.8

100

470

-1,365-14.5-46-3,091

-66.5

-73

1,726

-

-1,000-10.8-

Sales to external customers

Other salees
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)(-14.5％)

・Sales from restaurants:
・Sales from in-flight meals:(-66.5％)( 52.0P)

Increase in sales at domestic flight restaurants
Increase in sales to client airlines

23(-10.8％)-365( -3.7P)+ 2.6 billion+ 1.7 billion

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

1. Details of Consolidated Financial Results for FY22(4) Breakdown of Selling, General and Administrative Expenses

Items

FY22

FY21

(Results)(Results)
Ratio

ChangeRatio

Rate ofchangeMillions of yen％

Millions of yen％

Millions of yen％

113,050

100.0

57,057100.0

55,992

98.1

94,543

83.6

87,709

153.7

6,834

7.8

10,776

9.5

10,201

17.9

574

5.6

Provision for employees' bonuses

1,548

1.4

583

1.0

964

165.3

Expenses for retirement benefits

812

0.7

921

1.6

-109

-11.8

8,555

7.5

8,762

15.3

-207

-2.4

Business consignment expenses

14,18912.6

11,338

19.9

2,850

25.1

Depreciation expenses

28,95425.6

31,71555.6-2,761-8.7

Other costs and expenses

29,70726.3

24,186

42.4

5,521

22.8

Operating revenues
Selling, general and administrative
expenses

Salaries and wages

Rent expenses

24

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

1. Details of Consolidated Financial Results for FY22(5) Changes in Non-Operating Income/Expenses and Extraordinary Income/Loss

Items

FY22

FY21

(Results)(Results)
Ratio

ChangeRate of Change

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

Operating revenues

113,050

100.0

57,057100.0

55,992

98.1

Operating income-10,579-9.4-41,255-72.3

30,676

-

1,933

1.7

3,665

6.4

-1,732

-47.3

85

-

85

0.1

-

-0.3

1,714

1.5

3,579

6.3

-1,865-52.1

Non-operationg expenses

3,419

3.0

6,271

11.0

-2,852-45.5

Interest expenses

2,991

2.6

2,744

4.8

246

9.0

-

-

1,611

2.8

-1,611-100.0

428

0.4

1,915

3.4

-1,486-77.6

Ordinary income/loss-12,064-10.7-43,861-76.9

31,796-Extraordinary income

78

0.1

1,744

3.1

-1,665

-95.5

397

0.4

1,441

2.5

-1,044

-72.4

3,304

2.9

3.4

5,244

-270.3-3,901

-3.5

-44.2

21,316-

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

Miscellaneous expenses

Extraordinary loss
Income taxes
Net income attributable toowner's of parent

△

1,939
-25,21725△

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

1. Details of Consolidated Financial Results for FY22(6) Consolidated Balance Sheets
Cash and deposit
Account receivable
Securities
Merchandise
Others(Millions of yen)

+ 6.6 billion+ 9.9 billion- 13.5 billion- 1.0 billion- 0.8 billion

Current
liabilities+12,277

36,847

Accounts payable+ 5.2 billion
Accrued expenses+ 3.3 billion
Income taxes payable+ 1.7 billion
Allowance for employees’ bonuses+ 0.5 billion
Others+ 1.3 billion

49,125

113,868
114,988

Current
assets+1,119Long-term loans payable - 12.3 billion
Lease obligations- 0.4 billion
Deferred tax liabilities+ 0.6 billion
Others- 1.6 billion

Tangible fixed assets (depreciable assets)
Buildings, etc.
+ 3.2 billion
Accumulated depreciation - 24.5 billion
Construction in progress+ 7.5 billion
Intangible fixed assets

271,021- 2.5 billion

Investments and other assets
Investment securities- 1.0 billion
Deferred tax assets- 0.6 billion

331,967

Fixedliabilities-14,142

256,878

Fixed
assets-18,042350,010Retained earnings
Non-controlling interest- 3.9 billion- 11.1 billion

Equity ratio

156,009

Total assets 446,955
FY2022Net
assets-15,058

Total assets 463,878
FY2021

FY202126

FY2021

33.2％

FY202233.6％

140,951（ + 0.4Ｐ）

FY2022
Note: Figures shown are rounded down to the nearest million yen.

1. Details of Consolidated Financial Results for FY22(7) Consolidated Statements of Cash Flows
Items

FY22

FY21

(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

16,326-9,30525,631

Income before income taxes and minority interests-12,383-43,558

31,175

Depreciation and amortization

29,022

31,794-2,772

Decrease (increase) in trade receivables-9,922-135-9,787

Decrease (increase) in inventories

1,029

4,272

-3,243

Increase (decrease) in trade payables

5,215

681

4,534

Other current assets

911

1,440

-529

Other current liabilities

1,169-7,539

8,708

Others

1,293

2,954

-1,660

Income and other taxes paid

-9

783

-792

Cash flows from investing activites-10,627-4,926-5,701

Purchase of tangible fixed assets-9,857-5,138-4,719Purchase of intangible fixed assets

-378

-317

-61

Others

-391

529

-921

-12,641-9,035-3,605

-100

-100

-

-11,942

6,933-18,875

Proceeds from issuance of bonds

-

450

-450

Redemption of convertible bonds--15,000

15,000-598-1,318720

Effect of exchange rate change on cash and cash equivalents

55

40

14

Increase (decrease) in cash and cash equivalents-6,887-23,226

16,339Cash and cash equivalents at beginning of period

97,128120,355-23,226

Cash and cash equivalents at end of period

90,241

97,128-6,887

Cash flows from operating activites

Cash flows from financing activites
Short-term borrowings
Long-term loans payable

Others27

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

1. Details of Consolidated Financial Results for FY22
Reference: Purchasing trends at duty-free stores(1) Share of international terminal store sales
by location(2) Sales of Haneda duty-free stores by nationality*(Billions of yen)

4%

FY22

60

HanedaNaritaJapan
ChinaSouth Korea, Taiwan
Southeast Asia
North America
Others

50

25%

40
30

Ginza, Kansai,
Chubu, and others

20

71%

10
0

(3) Haneda duty-free store purchase rates andper-unit purchases by nationality*
FY22
Number of passengers(10 thousands)
Number of customers(10 thousands)
Purchase rate

Per-unit purchases
(yen)

FY19

Rate ofchange

681

1,682

-60%

163

593

-73%

24%

35%

-11pt

Japan

9,100

6,900

Rate ofchange32%

China

21,90015,80039%Southeast Asia

12,9008,500

52%North America

10,800

5,100

112%

Overall

11,300

8,900

27%

FY22

FY19

* Sales and per-unit purchases are based on the aggregate sales
data from cash registers at Haneda duty-free stores.

FY18

FY19

FY20

FY21

FY22

Trends by location➢ International returning flights showed recovery first at Haneda and Narita
Airports, and sales have also been recovering.
➢ Recovery of Chinese customers, the main target in Duty-free Ginza, hasbeen slow.
Purchasing trends at Haneda duty-free stores➢ By nationality, Chinese and Japanese, who had large market shares
before the COVID-19 pandemic, clearly lagged behind in recovery, while
Taiwanese and North Americans exceeded their pre-pandemic sales levels.
➢ Purchase rates were lower than the pre-pandemic despite efforts toreopen stores and expand hours of operation to coincide with thepassenger recovery in the second half of the year..
➢ Per-unit purchases exceeded FY19 levels for all nationalities.
In the second half, in addition to the rising demand against the backdropof the weak yen, boutique stores increased their shares due to strong
sales of Louis Vuitton and Dior, which opened their first duty-free storesin Japan, which pushed up unit prices.

28

2. Details of Consolidated Financial Forecast for FY23
(1) Consolidated Financial Forecast for FY23
FY23（Forecast）
Items

FY22 (Results)

Amount affected

Ratio

Amount affected

Ratio

due to TIAT

Changedue to TIAT

consolidation

Rate of
Changeconsolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

195,700

100.0

25,800113,050

100.0

4,373

82,64973.1

Facilities management

88,00045.0

14,80063,28056.0

939

24,71939.1

Merchandise sales

92,80047.4

10,80041,317

36.5

3,384

51,482

124.6

Food and beverage

14,900

7.6

200

8,452

7.5

49

6,447

76.3

62,50031.9

29,08525.7

33,414114.9

54,30027.7

23,92721.2

30,372

126.9

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio)(8,200

Cost of sales of food and beverage(Ratio)Gross profit

58.5％)((

57.9％)

5,158

4.2

55.0％)(( 0.6P)

3,041

4.6

61.0％)

59.0( -6.0P)

133,200

68.1

83,964

74.3

49,235

58.6

117,800

60.2

94,543

83.6

23,256

24.6

Operating invome

15,4007.9-10,579-9.4

25,979-Non-operating income/loss-2,300-1.2-1,485

-1.3

-814

-

Ordinary income

13,100

6.7-12,064-10.7

25,164

-

-500

-0.3

-318

-0.3

-181

-

9,000

4.6

-3,901-3.5

12,901-

Selling, general andadministrative expenses

Extraordinary income/loss
Net income attributable toowners of parent

4,100
-100

500

-15,643-18,438-7,627* Ratio: Cost of sales of merchandise / Operating revenues of merchandise sales
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

29

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

2. Details of Consolidated Financial Forecast for FY23
(3) Financial Forecast by Segment(i) Facilities management
FY23（Forecast）
Items

FY22 (Results)

Amount affected

Ratio

Amount affected

Ratio

due to TIAT
consolidation

Changedue to TIAT

Rate of
Changeconsolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Rent revenues

20,20022.2-3,70019,85230.2-3,650347

1.7Facility user charges revenues

52,10057.3

28,40029,32544.7

10,393

22,774

77.7

Other revenues

15,70017.3-9,90014,10221.5-5,802

1,597

11.3

Subtotal

88,00096.8

14,80063,28096.4

939

24,719

39.1

2,900

3.2

1,600

2,391

3.6

1,041

508

21.3

90,900100.0

16,40065,672

100.0

1,981

25,227

38.4

Operating expenses

81,30089.4

16,90068,805104.8

16,187

12,494

18.2

Operating income

9,600

10.6

-500

-3,133-4.8-14,205

12,733-

Sales to external customers

Intersegment sales
Total(Ratio)・Rent revenues:
・Facility user charges revenues:
・Other revenues:(

10.6％)( -4.8P)( 15.4P)

Increase in commission rent in domestic terminal, etc.
Increase in fees for use of passenger facilities for domestic flights
Increase in fees for use of passenger facilities for international flights
Increase in revenue from parking fees, paid airport lounges, etc. for domestic terminal
Increase in revenue from parking fees, paid airport lounges, etc. for international terminal.
Decrease in subcontracted work revenues, etc.

30

+ 0.3 billion+ 4.3 billion+14.6 billion+ 0.9 billion+ 1.4 billion- 0.8 billion

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

2. Details of Consolidated Financial Forecast for FY23
(3) Financial Forecast by Segment(ii) Merchandise sales
FY23（Forecast）
Items

FY22 (Results)

Amount affected

Ratio

Amount affected

Ratio

due to TIAT
consolidation

Changedue to TIAT

Rate of
Changeconsolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Domestic terminal stores

12,80013.5-

10,372

24.6

-

2,427

23.4

International terminal stores

56,40059.3

11,50019,476

46.1

4,004

36,923

189.6

Other salees

23,60024.8-70011,46927.2-620

12,130105.8

92,80097.6

10,80041,317

97.9

3,384

51,482

124.6

2,300

2.4

600

892

2.1

418

1,407

157.6

95,100100.0

11,40042,210

100.0

3,803

52,889125.3

Operating expenses

80,300

84.4

5,000

40,570

96.1

3,451

39,72997.9

Operating income

14,800

15.6

6,400

1,640

3.9

352

13,159802

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)・Domestic terminal stores:
・International terminal stores:
・Other sales:(

15.6％)( 3.9P)( 11.7P)

Increase in sales of directly managed stores, etc. at Haneda domestic terminal
Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in wholesale sales to other airports31+ 2.0 billion+29.2 billion+ 4.4 billion+11.2 billion

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

2. Details of Consolidated Financial Forecast for FY23
(3) Financial Forecast by Segment(iii) Food and beverage
FY23（Forecast）
Items

FY22 (Results)

Amount affected

Ratio

Amount affected

Ratio

due to TIAT
consolidation

Rate of

ChangeChangedue to TIAT
consolidation

Millions of yen％

Millions of yen

Millions of yen％

Millions of yen

Millions of yen％

Sales from restaurants

8,800

55.7

200

5,489

58.4

49

3,310

60.3

Sales from in-flight meals

5,600

35.4

-

2,487

26.4

-

3,112

125.1

500

3.2

-

475

5.1

-

24

5.2

14,900

94.3

200

8,452

89.9

49

6,447

76.3

900

5.7

-

953

10.1

-

-53

-5.6

15,800

100.0

200

9,405

100.0

49

6,394

68.0

15,30096.8

100

10,770

114.5

95

4,529

42.0

500

3.2

100

-1,365

-14.5

-46

1,865

-

Sales to external customers

Other salees
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)・Sales from restaurants:
・Sales from in-flight meals:

(

3.2％)

( -14.5P)

Increase in sales at domestic flight restaurants
Increase in sales to client airlines

32( 17.7P)+ 3.3 billion+ 3.1 billion

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

3. Other Information(1) Capital Expenditure and Depreciation Expenses
FY18(Results)

FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

57,55972,613

8,494

4,738

12,06230,000Depreciation expenses

24,63427,80734,31031,71528,95428,300Items

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

• Breakdown of Major Capital Expenditures
FY22 (Results)

FY23 (Forecast)Terminal 1 and 2 expansion¥6.4 billion

Terminal 1 and 2 expansion¥15.0 billion

Repair and upgrade of various equipment and facilities¥2.2 billion

Repair and upgrade of various equipment and facilities¥5.0 billion

Upgrade of crime prevention/disaster-readiness equipment¥1.8 billion

Upgrade of crime prevention/disaster-readiness equipment¥2.0 billion

Store renovation work, etc.

¥0.2 billion

Store renovation work, etc.

¥1.5 billion(TIAT investment amount¥0.7 billion)(TIAT investment amount¥2.5 billion)

・Breakdown of main depreciation expenses

FY18(Results)

FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Terminal 1

4,100

4,700

4,500

3,800

3,300

3,200

Terminal 2

3,800

5,900

11,80010,400

9,200

8,600

TIAT

9,500

10,200

11,200

11,10010,60010,500

300

700

600

500

400

400

P4 Parking

33

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

3. Other Information(2) Changes in Operating Revenues/Ordinary Income/Cash FlowsThe additional Terminal 3 extension
started operation (Dec. 2019)
Terminal 2 International facilities
started operation (Mar. 2020)

Billionsof yen400
COVID-19 pandemic

H1N1 influenza outbreak

Great East Japan Earthquake

Hikes in the price of
crude oilFinancial crisis being
triggered by the US

Chubu International
Airport opened

SARS outbreak

Iraq war

9-11 Terrorist Attack in the US

Y2K task

Financial realignment

2,500

Voluntary closure of
Yamaichi Securities

3,000

Kansai International
Airport opened

Narita Airport Terminal 2
started operation

Billionsof yenSubsidiary consolidationof TIAT (Apr. 2018)

200

2,000
0

1,500

Haneda Airport Terminal 2
started operation (Dec. 2004)

Haneda Airport Terminal 1
started operation (Sep. 1993)

The extended part ofHaneda Airport Terminal 2
and Terminal 3 started
operation (Oct. 2010)-200

Terminal 3 extension
started operation(Mar. 2014)

1,000

500

-400

(left) Operating revenues (results)(left) Operating revenues (forecast)(right) Cash flows (results)(right) Cash flows (forecast)(right) Ordinary income (results)(right) Ordinary income (forecast)

0
90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

34

08

09

10

11

12

13

14

15

16

17

18

19

20

←
→ -60021 22 23
Results Forecast(Cash flows = Net income + Depreciation expenses – Dividends)

April 1, 2022 to March 31, 2023(FY22)

Reference Material
1. Outline of Japan Airport Terminal Group
2. Summary of Tokyo International Airport (Haneda)* 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.

Japan Airport Terminal Co., Ltd.
https://www.tokyo-airport-bldg.co.jp/

1. Outline of Japan Airport Terminal Group(1) The company’s position at Haneda Airport(comparison with other major airports in Japan)
AirportHanada Airport(Tokyo International Airport)

Category

Responsible and managedby national government

Control

Chubu Centrair
International Airport

KansaiInternational
AirportItami Airport(OsakaInternational
Airport)Responsible and managed by each airport comparnyNational government(Minister of Land, Infrastructure, Transport and Tourism)

facilities

Airportfacilities(Basic facilities)
Runways
Taxiways

NaritaInternational
AirportNational government(Minister of Land, Infrastructure,
Transport and Tourism)

Aprons
Passenger handlingfacilities(Passenger terminalbuildings)

Domestic terminal：Japan Airport
Terminal Co., Ltd. (JAT)International terminal：Tokyo
International Air Terminal Corp. (TIAT)

Shareholder
composition

Private corporations, etc. : 100％

[Owner]
New Kansai International Airport
Company, Ltd.
Narita International
Airport
Corporation

Central Japan
International Airport
Co., Ltd.

Outsourced[Operator]
Kansai Airports Co., Ltd.

National government : 100％

Private corporations, etc. : 50％
National government : 40％
Local government : 10％[Owner]National government : 100％
[Operator]
Private corporations, etc. : 100％

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

(Reference) Basic position of passenger terminal building companies⚫ Operators of the airport facilities
Runways, taxiways and aprons:
Installed and managed by national or local governments, or Narita, New Kansai, Central Japan airport companies.
Passenger and cargo handling facilities: Constructed, owned, managed and operated by private corporations, third sector bodies, airport companies, etc.
Maintenance facilities:
Constructed, owned, and managed by private corporations or airline 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).
⚫ Relationship with 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.

36

1. Outline of Japan Airport Terminal Group(2) Business Details
A company responsible for construction, maintenance and operation of Haneda Airport passenger terminals
Terminal 2■ Terminal 1■ Terminal 2■ Terminal 3■ Operating Entity

Terminal 1・ Domestic passenger terminals: Japan
Airport Terminal Co., Ltd. (JAT)・ Construction, management, and operation ofterminal buildings
・ Real estate leasing (offices, stores and otherspaces for airline companies and airport-based
businesses)
・ Merchandise sales (duty-free stores, others)
・ Food and beverage services
Terminal 3・ Passenger services
・ Preparation/sales of in-flight meals
・ Management of parking lots

・ International passenger terminal: Tokyo
International Air Terminal Corporation(TIAT)
・ The international passenger terminal isoperated as a private finance initiative(PFI) project (2008-2038).
・ The terminal was built and is managed
and operated by TIAT (consolidated
subsidiary of JAT since 2018), establishedthrough investment with airline companies
and other entities, centering on JAT.

Offering high-quality services at domestic airports Narita, Kansai and Chubu, and at airports outside of Japan, leveraging
expertise honed at Haneda Airport.
Narita International
Airport• Merchandise sales (duty-free stores, etc.)• Wholesale, commissioned management of
duty-free stores• Food and beverage service• Travel accident insurance agency business• Preparation/sales of in-flight meals

Kansai and Chubu Centrair
International Airport

Domestic Airports
throughout Japan• Merchandise sales (duty-free stores)• Wholesale• Merchandise sales (Naha)• Wholesale• Operation of Kumamoto Airport

37

At overseas Airport• Merchandise sales at Chengdu Shuangliu
International Airport• Operation of Palau International Airport• Operation of New Ulaanbaatar Airport

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 private-sector 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, manageand operate passenger terminal buildings, which have enormously important public value, as a purely private enterprise spanningnearly 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 ofpassenger terminal buildings.
・Japan Airline Terminal contributes to the development of the airline industry, guided by a consistent dedication to sharedprosperity with airline companies.

38

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 thesocioeconomy under the Sustainability Basic Policy.
Sustainability Basic Policy

Customers(1) Serving as an air gateway to Japan, we strive to operate customer-centered passenger terminals (convenience, comfortableness andfunctionality), 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 developmentof safe and secure 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 andimprove 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 andco-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 associatedwith business activities through, for example, promoting measures against global warming and 3R, and realize sustainable airports inharmony 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 promotedisaster prevention measures, etc. and business continuity management so that, even in emergencies, we can ensure safety andcontinue 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 humanrights into consideration.

39

1. Outline of Japan Airport Terminal Group(5) Company History
Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial resources after the war,
only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided to build the terminal with private funds (cabinet
approved), and in 1953 the Company was founded with the cooperation of major institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953(July)

Established with private sector capital of 150 million yen.

1955

(May)

The terminal building opened and launched operation.

1964(September)

Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games.

(October)Duty-free sales operations commenced.

1970

(May)

Completed new international arrival terminal building.

1978(March)Opened Narita Office at Narita International Airport.

1978

(May)

1990

(February)

Listed on second section of the Tokyo Stock Exchange.

1991(September)

Listed on first section of the Tokyo Stock Exchange.

1993(September)

Haneda Airport Terminal 1 (Big Bird) started operation.

1994(July)

Opened Osaka Office at Kansai International Airport.

1994(September)

1998(March)The provisional international terminal at Haneda Airport started operation.

2004(July)

Moved Head Office from Chiyoda-ku, Marunouchi, to Haneda Airport.

2004(December)

Terminal 2 at Haneda Airport started operation.

2005(February)

Wholesale of duty-free goods commenced with the opening of Central Japan International Airport.

2006(June)

Established the special purpose company (SPC) “Tokyo International Air Terminal Corporation" (TIAT).

2007(February)South Pier in Terminal 2 at Haneda Airport started operation.

2009(April)Designated as an Airport Facilities Operator under the revised Airport Act.

2010

(October)

2011(November)

Renewal of Terminal 1 building, Haneda Airport completed.

2013(April)The extended part of South Pier in Terminal 2 at Haneda Airport started operation.

2014(March)The Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).

2018(April)Subsidiary consolidation of Tokyo International Air Terminal Corporation (TIAT).

2019(December)

The additional Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).

2020(March)The international flight facilities in Terminal 2, Haneda Airport started operation.

2022(April)Shifted to the prime market due to market restructuring of the Tokyo Stock Exchange.

Commenced merchandise sales including duty-free articles, hotel reservation services and otheroperations with the opening of Narita International Airport.

Launched commissioned operation of duty-free stores and wholesale of duty-free goods accompanying
opening of the Kansai Airport.

The extended part of Terminal 2, Haneda Airport started operation.

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

The Passenger Terminal 3, Haneda Airport started operation (TIAT).

Haneda Airport Terminal 240

1. Outline of Japan Airport Terminal Group
Facilities management operations(6) Group Companies◼ Tokyo International Air Terminal Co., Ltd.
Management and operation of international passenger
terminal building.
◼ BIG WING Co., Ltd.
Advertising agency business, event planning andmanagement◼ Japan Airport Techno Co., Ltd.
Installation, upkeep and management of passenger terminal
facilities and environmental and sanitation management offacilities◼ Haneda Airport Security Co., Ltd.
Security services and parking lot service management◼ Haneda Passenger Service Co., Ltd.
Passenger services operations◼ Japan Airport Ground Handling Co., Ltd.
Passenger handling services◼ Haneda Future Research Institute Inc.
Further improvement of value in existing airport operation,
development of new business model, etc.
◼ Sakura Shokai Co., Ltd.
Airport cleaning center management and waste treatment

Facilities
management
operations
Total:
19 companies

Food andbeverage
operations

Merchandise
sales
operations

Food and beverage operations

8 companies

4 companies

Merchandise sales operations

7 companies◼ Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd.
Development of airport duty-free stores in urban areas◼ International Trade Inc.
Wholesale business and merchandise sales to Japanese airport
retail stores and other clients◼ Japan Airport Logitem Co., Ltd.
Merchandise transport, delivery and inspection◼ Air BIC INC. Retail sales of home appliances◼ Haneda Airport Enterprise Co., Ltd.
Store operation business◼ 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◼ Tokyo Airport Restaurant Co., Ltd.
Restaurant business, light meal production and sales,
paid waiting room management◼ Cosmo Enterprise Co., Ltd.
Preparation and loading of in-flight meals, production
and sale of frozen food
◼ LANI KE AKUA PACIFIC, INC.
Restaurant business◼ KAIKAN KAIHATSU Co., Ltd.
Restaurant business, management and operation of
lodging, halls and meeting rooms41

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

Revenue details

Expenses details

Office lease (fixed rent); store lease
Rent revenue(fixed rent + percentage commission) at Haneda domestic andDepreciation; water, heating, energy

international terminals

expenses; repairs expenses; lease fee(such as national property usage fee);

Facilities
management
operations

Facility user
charges revenue

Fees for use of passenger facilities (Haneda domestic andtaxes and public charges; cleaning

Food and beverage
Operations
7.5 ％Facilities Management
Operations
56.0 ％

Restaurants

4.9 ％Rent revenue

In-flight meals

2.2 ％Facility user charges revenue
25.9 %

Others0.4 ％international flights: PSFC), international terminal PBB user charges, expenses; outsourcing feesothersParking fee revenue, advertising revenue and sales from paid airport Lease fee (such as national property usage

Others≪FY22 Results≫

lounge at Haneda domestic and international terminals, Hotelfee); taxes and public charges (fixed asset

business income, Revenue from subcontracted worktax); outsourcing fees

Merchandise sales for stores at Haneda domestic terminal stores

Cost of sales; supply expenses

Stores atdomestic
terminal
MerchandiseStores at

salesinternational

operations

terminal

OthersRestaurants

Merchandise sales for stores at Haneda international terminal stores;
Merchandise sales from airport duty-free stores, etc. at Narita

Cost of sales; supply expenses;

International Airport, Kansai International Airport and Chubu

percentage of business; agent service fee

Centrair International Airport, urban duty-free store sales
Wholesale sales to Narita International Airport, Kansai International
Airport, Chubu Centrair International Airport and others

Restraurant sales at Haneda Airport domestic and internationalterminal and Narita International Airport

Food andbeverage

In-flight meals Production and sales of in-flight meals

operations

OthersCost of sales; agent service fee

Food expenses (cost of sales for food andbeverage); percentage of business;outsourcing costs

Food expenses (cost of sales for food andbeverage)

Income from catering airline lounges, Wholesale of products such as Food expenses (cost of sales for food andfrozen foods, box meals, etc.

beverage); outsourcing costs

Merchandise sales
Operations 36.5 ％Stores at domestic Terminal
9.2 ％Stores at international
Terminal
17.2 ％
Others42

10.1 ％

Others

17.6 %

12.5 ％

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

Investment (at timeof construction)

Details

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\136.0 billion

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\2.0 billion

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.)\7.0 billion

2012～2014

Terminal 3 building expansion (expansion in 8 spots, lobby expansion, etc.) [TIAT]\70.0 billion

2013

Terminal 2 building expansion (Fourth Stage of the Plan) Expansion in 3 spots\7.6 billion

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]\74.0 billion\21.0 billion

2018～2019

Terminal 1 building renovation (basement, 1st floor arrival lobby interior modification, etc.)\3.6 billion\100.0 billion\19.0 billion\6.0 billion\4.7 billion
Total \595.1 billion

43

1. Outline of Japan Airport Terminal Group(8) Summary of Tokyo International Air Terminal Corporation

8. Composition of Shareholders

1. Company Name Tokyo International Air Terminal Corporation
2. Date Founded

June 20, 2006

3. Headquarters Location
Haneda Airport, Ota-ku, TokyoJapan Airport Terminal Co., Ltd.

(51.00%)Japan 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%)

Katsuji Doi, President (Former Vice Presidentof Japan Airport Terminal Co., Ltd.)Tokyo Gas Co., Ltd.

(2.04%)

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

(1.36%)NTT DATA 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,
we will endeavor to continue providing
cutting-edge terminal facilities and services tocustomers from across the world and thus
contribute to the development of theinternational aviation network.

44

2. Summary of Tokyo International Airport (Haneda)(1) Location Map■ Total area of airport■ Apron1,516 haTotal area/268 ha

Spots/232■ Runway
・Runway A

3,000 m×60 m

１・Runway B

2,500 m×60 m

2・Runway C

3,360 m×60 m

3・Runway D

2,500 m×60 m

43

Runway capacity Approx. 486,000
flights/year
７■ Terminal building
・Terminal 1

５

Floor space/approx. 292,400 ㎡
Spots (stationary boarding bridge
present)/24 locations
・Terminal 2

4

６

６

2

11

12

10

9

Floor space/approx. 340,000 ㎡
Spots (stationary boarding bridge
present)/23 locations
・Terminal 2 satellite

５７１

Floor space/approx. 11,600 ㎡
Spots (stationary boarding bridge
present)/3 locations
・Terminal 3

８８Floor space/approx. 268,000 ㎡
Spots (stationary boarding bridge
present)/20 locations

13

14■ Parking lot
・P1

Capacity/2,351 vehicles

９・P2

Capacity/2,315 vehicles

10

・P3

Capacity/2,449 vehicles

11

・P4 Capacity/3,087 vehicles

12

・P5

1３

Capacity/2,910 vehicles■ Haneda airport wharf

45

14

2. Summary of Tokyo International Airport (Haneda)(2) Comparison of Passenger Volume
Japan Airport Passenger Volume Ranking(2022 calendar year)

Global Airport Passenger Volume Ranking(2022 calendar year bulletin)

Airport

Code

Annual(thousand people)

Daily average(thousand people)

Share (%)

1 Tokyo (Haneda)

HND

50,007 (45,970)

137

28.1

2

Sapporo(Chitose)

CTS

15,227 (14,970)

41

8.5

FukuokaFUK14,824 (13,890)

40

8.3

NRT

13,793 (6,381)

37

7.7

3

4 Tokyo (Narita)

City/Airport

Code

Annual(thousand people)

1

AtlantaATL

93,6992

Dallas/Fort Worth

DFW

73,362

3

DenverDEN

69,286

4

Chicago (O’hare)

ORD

68,340

5

Dubai

DXB

66,0696

Los Angeles

LAX

65,924

7

Istanbul

IST64,2895

Okinawa (Naha)

OKA

13,765 (13,661)

37

7.7

6

Osaka (Itami)ITM11,526 (11,526)

31

6.5

7 Osaka (Kansai)

KIX

7,900 (5,589)

21

4.4

8 Nagoya (Chubu)NGO4,966 (4,529)

13

2.8

9

Kagoshima

KOJ

4,064 (4,064)

11

2.3

8

London (Heathrow)

LHR

61,61410 Osaka (Kobe)

UKB

2,701 (2,701)

7

1.5

9

New Delhi

DEL

59,490CDG

57,47479 other airports

39,421 (39,412)

22.1

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 Bureau

46

10 Paris (Charles De Gaulle)

Source: ACI (Airports Council International) website

2. Summary of Tokyo International Airport (Haneda)(3) International Rating of the Haneda Airport Passenger Terminal
In an international rating by SKYTRAX, Haneda Airport:“World’s Cleanest Airports”

Ranked 1st for the 8th consecutive year

“World’s Best Domestic Airports”

Ranked 1st for the 11th consecutive year

“World’s Best PRM/Accessible Facilities”

Ranked 1st for the 5th consecutive year
Haneda Airport passenger terminals have taken out 1st place for the 8thconsecutive year in the World’s Cleanest Airport category of the 2023 World
Airport Awards conducted by the UK company, SKYTRAX, as well as 1st place forthe 11th consecutive year in the World's Best Domestic Airport category, and 1stplace for the 5th consecutive year in the PRM/Accessible Facilities category.
Haneda was awarded 2nd place in Best Airports in Asia and 3rd place in World's
Best Airports. In the World’s Cleanest Airports category, Haneda was voted 1st forthe 10th time and the 8th consecutive year, while in the World's Best Domestic
Airports category, it was voted 1st for the 11th consecutive year. Its emphasis on
initiatives designed to assist passengers who require assistance in moving about
are behind Haneda Airport’s 1st place for the 5th consecutive year in the World's
Best PRM/Accessible Facilities category.
Haneda Airport plays an extremely important role as a hub airport with adynamic domestic and international route network. The airport's objective is tobecome a leading airport, linking all of its facilities with customer safety as its firstpriority, followed by environmental friendliness, convenience, comfort andfunctionality.

47

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 projections of the future. These are based on management’s projections,assumptions, evaluations, judgments, and conditions on information obtainable atthe present time. Realizing these items entail uncertainty and various risks.
This presentation material is not intended to solicit investments. We request you tomake own 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