Second Quarter of FY16

Earnings Presentation Material(November 17, 2016)* 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.
http://www.tokyo-airport-bldg.co.jp/

Contents

Earnings Presentation Material Second Quarter of FY16 (FY16 2Q)

1. FY16 2Q Consolidated Summary(1) Business Environment

P2(2) Consolidated Financial Results

P3

2. Consolidated Financial Forecast for FY16
(1) Business Environment

P4(2) Consolidated Financial Forecast for FY16P5(3) Forecast of Operating Revenues by Segment

P6

3. Progress under the Medium-term Business Plan
(1) Business strategy trajectory

P7(2) Expand Business Domains that Leverage Strengths and Diversify Earnings

P9(3) Redevelop Earnings Base and Establish Competitive Position

P10(4) Pursue ‘Vision’ for Haneda Airport

P12

Reference (Destination cities of international flights)

P14

Contents
Supplementary Material

Reference Material

1. Details of Consolidated Financial Results for FY16 2Q(1) Changes in passenger volume (Haneda, Narita and Kansai)

P16(2) Consolidated financial results for FY16 2Q

P17(3) Financial results by segmenti) Facilities management

P18ii) Merchandise sales

P19iii) Food and beverage

P20(4) Breakdown of selling, general and administrative expenses

P21(5) Changes in non-operating income/expenses and extraordinary
income/loss
P22

1. Outline of the Company(1) Company History

P36(2) The Group’s Business Expansion

P37(3) Group Companies (17 companies)

P38(4) Composition of the Group Businesses(consolidated, by segment/results for FY16 2Q)

P39(5) Revenue Composition (consolidated, by segment)

P40(6) Sales by Region and Segment (non-consolidated)

P41(7) Facilities of Tokyo International Airport (investment plan)

P42(6) Consolidated balance sheets

P23(7) Consolidated statements of cash flows

P24(8) Capital expenditure and depreciation expenses

P25[Reference] Purchasing Trends of Non-Japanese Passengers by
Nationality

2. Efforts Related to the Tokyo International Airport Re-expansion
Project

P26(1) Re-expansion Project of Tokyo International Airport(1) Consolidated financial forecast for FY16P28(2) Founding and Present State of the Tokyo International Air Terminal
Corporation
P44(2) Financial forecast by segmenti) Facilities management

P29

2. Details of Consolidated Financial Forecast for FY16ii) Merchandise sales

P30iii) Food and beverage

P31

3. Other Information(1) Capital expenditure and depreciation expenses

P32(2) Changes in operating revenues, ordinary income and cash flows
P33(3) Overview of the Tokyo International Terminal Building

P43

P45

(4) Changes in Passenger Volume on Domestic and International Flights(Haneda and Narita)
P46

Earnings Presentation Material Second Quarter of FY16 (FY16 2Q)

1. FY16 2Q Consolidated Summary
2. Consolidated Financial Forecast for FY16
3. Progress under the Medium-term Business Plan
(1) Business strategy trajectory(2) Expand Business Domains that Leverage Strengths and Diversify Earnings(3) Redevelop Earnings Base and Establish Competitive Position(4) Pursue ‘Vision’ for Haneda Airport
Reference (Destination cities of international flights)

1. FY16 2Q Consolidated Summary

JAPAN AIRPORTTERMINAL(1) Business Environment
Steady growth in passenger volume for non-Japanese visitors, centered on Haneda International
flights; changes in consumption trends for visitors from China (dramatic decline in shopping sprees)
Business
Environment

Number of
Passengers(YoY comparison)

Increase in passenger volume in line with growth in inbound travel
Decline in per capita purchasing for inbound travelers
Persistence of a strong yen (against yuan market up 22% compared with 1H of FY15)
Haneda domestic flights up 3.2% year on year, despite the impact of canceled flights due to the Kumamoto earthquake
and August typhoons
Haneda international flights up 20.1% year on year, reflecting expansion in inbound travel from Asia, particularly year-onyear growth in flights to and from China
Number of passengers at Narita rose 3.8% year on year, mainly from increased flights from low-cost carriers(LCCs) and expansion in inbound travel demand to Japan
Number of passengers for Kansai international flights increased 13.1% year on year, primarily atop growth in LCC flights
mainly to and from Asia

First-half passenger volumes (YoY comparison)First-half passenger volume
AirportInitial forecasts

FY16(ten thousands)

FY15(ten thousands)

Rate of change(%)

Rate of change(%)

Haneda – Domestic

3,229

3,128

3.2

1.2

2.0

Haneda – International

757

630

20.1

17.6

2.5

Total Haneda

3,987

3,759

6.1

3.9

2.2

Narita

1,636

1,576

3.8

3.8

-

Kansai

949

839

13.1

10.2

2.9

02

Difference(P)1. FY16 2Q Consolidated Summary

JAPAN AIRPORTTERMINAL(2) Consolidated Financial Results
Fall in per-unit purchases at international terminal stores; lower sales and earnings from missed
targets in the urban duty-free store business

Main Factors
BehindChanges○ Differences from previous fiscal year results
Drastic decline in sales, in contrast to stellar performance in international terminal store sales and wholesale
sales in the previous year
Sales growth in facility management operations, reflecting increased leasing to airline companies and growthin commissioned management fees accompanying remodeling work at the Haneda International Terminal
Growth in food and beverage sales, reflecting an increase in new airline catering customers and more flights○ Differences from initial forecasts
Lower sales and operating income, resulting from weaker sales at urban duty-free stores and brand boutiquestores at Narita and Kansai airports

Consolidated financial results for FY16 1H
Items

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

1H
Results

Operating revenues

LY
Results（単位：億円）Rate ofchange(%)

ChangeamountInitialforecasts*1

Difference

998

1,000

-2

-0.2

1,074

-75

(Facilities management)( 266 )

( 250 )

16

6.7

( 262 )

( 4)

(Merchandise sales)( 637 )

( 664 )

-27

-4.2

( 721 )(-83 )(Food and beverage)( 94 )( 85 )

8

10.1( 91 )( 3)

Operating income

44

65

-21

-32.1

63

-18

Ordinary income

62

77

-14

-19.3

78

-15

Net income

42

52

-9

-18.6

56

-13

*1 Financial forecast announced in May 201603

2. Consolidated Financial Forecast for FY16
(1) Business Environment
Declines in merchandise sales per customer continued, despite growth in Haneda international
flights to and from the U.S., and a projected ongoing increase in inbound travelers

Business
Environment

Growth in Haneda international flights to and from the U.S. is expected to drive merchandise sales
growth on international flights
In contrast, as passengers from China move from consumption of goods to services, sales
initiatives must be enhanced in response to this trend

Number of
Passengers(YoY comparison)

Haneda domestic flights up 2.0% year on year
Haneda international flights up 15.4% year on year, from anticipated growth in flights to and fromthe U.S.
Narita up 4.0%, in line with initial projections
Kansai Airport up 11.3% year on year, mainly on anticipated growth in LCC flights

The number of passengers forecast for FY16 (YoY comparison)
Airport

FY16 1H(%)

FY16 2H(%)

Full-year
forecasts
(%)

FY16
(%)

Revisedforecast(10,000 people)

Difference(P)

Haneda – Domestic

3.2

0.7

( 0.7 )

2.0

1.0

1.0

6,379

Haneda – International

20.1

11.1

( 10.7 )

15.4

14.0

1.4

1,549

Total Haneda

6.1

2.7

( 2.6 )

4.3

3.2

1.1

7,928

Narita3.8

4.2( 4.2 )

4.0

4.0

-

3,230

Kansai13.1

9.6( 8.7 )

11.3

9.5

1.8

1,922

* Figures in ( ) are initial forecasts

04

JAPAN AIR TERMINAL

2. Consolidated Financial Forecast for FY16(2) Consolidated Financial Forecast for FY16
Decline in merchandise sales tracking changes in purchasing trends.
On the other hand, steady progress on measures concerning vacant space in facility management
operations helped limit the extend of decline in sales
Main Factors
BehindChanges

Per-unit purchasing continues to decline among non-Japanese visitors
Downward revision of sales targets for urban duty-free stores (Japan Duty Free GINZA)
Weaker sales mainly among passengers from China at directly managed duty-free stores at Narita
and Kansai airports

Main Initiatives

Improved facilities management segment earnings via measures to utilize vacant space
Cost reductions (centralized procurement, etc.)

Financial forecast for FY16

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

FY16 1H

Items
Operating revenues
Operating income(Operating income ratio)

Ordinary income
Net income

Results
998(1,000)
44
(65)
4.4%
62
(77)
42
(52)

Initialforecasts

FY16 2H
Change

1,074

-76

63

-19

5.9%

-1.5 P

78

-16

56

-13

Revisedforecasts

1,030(1,040)Initialforecasts

Change

1,135

-104

65

-22

5.8%

-1.5 P

43
(47)
4.3%

FY16

51
(59)
29
(35)

77

-26

54

-25

Revisedforecasts (*2)

2,029
(2,041)
88
(113)
4.3%
114
(136)
72
(88)

Initialforecasts

Change（単位：億円）Previous
fiscal year
Changeresults(FY15)

2,210

-181

2,041

-12

129

-41

113

-24

5.8%

-1.5 P

5.5%-1.2 P

156

-42

136

-22

111

-39

88

-16

*1 Figures in ( ) are results for the previous fiscal year

Annual dividend

¥16.0

¥18.0

Payout ratio

31.0%

26.1%

*2 Revised financial forecast announced in November 2016

¥16.0

¥18.0

¥32.0

¥36.0

¥33.0

36.1%

26.3%

30.2%

Capital expenditures

78

112

Depreciation expenses

116

118

EBITDA

204

248

05

2. Consolidated Financial Forecast for FY16
(3) Forecast of Operating Revenues by Segment
FY16
Items

Revisedforecasts

Initialforecasts

Revisedforecasts *1
composition
ratio (%)

Rate ofchange(%)

ChangePrevious
Previous
Rate offiscal year
fiscal year
results *1
Changechange注）億円未満は切捨処理しております。
（単位：億円）
results
composition(%)(FY15)
ratio (%)

Facilities management
Rent revenue

131

130

1

0.8

( 24.0 )

129

1

1.6

( 24.4 )Facility user charges revenue

180

180

-

-

( 33.0 )

178

1

0.8

( 33.8 )Other revenues *２

234

224

10

4.5

( 42.9 )

221

12

5.7

( 41.8 )

Total

545

534

11

2.1

26.9

528

16

3.1

25.9

Intersegment sales, etc.

19

19

-

-

20

-1

-5.3

Total operating revenue

564

553

11

2.0

548

15

2.8

Merchandise sales
Sales at domestic terminal
storesSales at international terminal
stores

336

340

-4

-1.2

( 25.9 )

334

1

0.5

( 25.0 )

319

460

-141

-30.7

( 24.6 )

351

-32

-9.2

( 26.3 )

643

694

-51

-7.3

( 49.5 )

651

-8

-1.3

( 48.7 )

1,298

1,494

-196

-13.1

64.0

1,337

-39

-2.9

65.5

7

7

-

-

7

-0

-7.1

1,305

1,501

-196

-13.1

1,344

-397

-3.0

Sales from restaurants

97

96

1

1.0

( 52.2 )

95

1

1.6

( 54.5 )Sales from in-flight meals

62

62

-

-

( 33.3 )

56

5

9.0

( 32.4 )Other revenues *２

27

24

3

12.5

( 14.5 )

23

3

17.4

( 13.1 )9.2

8.6

Other revenues *２
Total
Intersegment sales, etc.
Total operating revenue
Food and beverage

Total

186

182

4

2.2

175

10

6.1

Intersegment sales, etc.

25

25

-

-

25

-0

-1.1

Total operating revenue

211

207

4

1.9

200

10

5.2

*1 Figures inside the parentheses represent the composition ratio within each segment (excluding sales amount within the segment).
*2 Main items of “other revenues” for each segment• Facilities management: Income from contract work to manage facility maintenance, income from hotel business, income from advertising and lounges, income
from parking lots, etc.
• Merchandise sales (TIAT duty-free stores, other duty-free stores), etc.
• Food and beverage: Income from contract work to run TIAT restaurants, income from catering airline lounges, etc.

06

3. Progress under the Medium-term Business Plan
(1) Business strategy trajectory

Switch to management strategies that
respond to a complicated and highly
uncertain management environment■ Business Domains (Operating Revenues)

GrowthReturn ofgrowth capital

Dispersion ofbusiness risk

Businessrisk

At Present• Overreliance on duty-free business• Diversification of duty-free consumptionstylesFutureResponse (Strategy)
Anticipate diversification of customer
needs to generate new core earners

FY
2015
Domestic terminal
management

Low

Domestic
store
businessNewbusiness(domestic)New
business(overseas)

Urban
duty-freebusinessHigh

Growth potential and risk

■ Regional Portfolio (Operating Revenues)

Domestic
airport duty-freebusiness

At present• Reliance on Tokyo metro area for 90%
of Company earnings

RegionOverseas
OthersKansai
NaritaHaneda

FY2015

Seek expansion of earnings
scale domestically and inother regions, overseas andin new businesses

FY2016–FY2020

NaritaKansaiHanedaFuture07

Response (Strategy)• Centered on Haneda, generate latentdemand through synergies with otherlocal entities

3. Progress under the Medium-term Business Plan
■ Current Initiatives“To be a World Best Airport 2020”“Create business and earnings opportunities in pursuit of our‘Vision’ for Haneda Airport and redevelop earnings base bystaking out a competitive position”

Three Core Strategies
Expand Business Domains that
Leverage Strengths andDiversify Earnings

Redevelop Earnings Baseand Establish Competitive
Position

Pursue ‘Vision’ for Haneda Airport• Full-year running for urban
duty-free stores• Promotion of domestic/international shared use
terminal plan (T2 internationalization)• Review the merchandise sales
business earnings structure• Participate in bids for domestic
and overseas airport operationrights• Airport lounge renovation• Launch business malldevelopment• Development of joint business(Air BIC) with BIC CAMERA• Overseas airport consulting(Beijing Airport)• External sale of duty-free system• Acquire SKYTRAX 5 Star rating for third consecutive
year• Reduce fixed costs• Develop and adopt robotics and other cutting-edge
technologies• Streamline and review
unprofitable operations• Prepare environment welcoming to non-Japanesevisitors (luxury toilets)• Redevelop commercial facilities• Build the airport logistics business• Commercialize the ground handling business

Foundation for Implementation
Realignment and Enhancement of Organization, Human Capital and GovernanceOperational reform and slimmerorganization

Bottom-up training and value
creation circles
08

More robust dialogue with investors

3. Progress under the Medium-term Business Plan
(2) Expand Business Domains that Leverage Strengths and Diversify Earnings- Urban Duty-free Stores: Status and Issues ■ Environmental changes in the urban duty-free store business• Passengers from China: Changes in purchasing trends for a key customer
segment (from consumption of goods to services)• Exchange rates characterized by a strong yen• Tighter domestic restrictions on bringing goods to China, higher customs duties

Lower spending on purchases perperson■ Status and issues for urban duty-free stores (JDF GINZA)
1H results

2H
forecasts

Forecasts

Vs.
forecasts

Operating revenues (billion
yen)

2.2

2.1

4.4

13.3

-8.8

Operating income (billion
yen)

-0.9

-1.0

-2.0

0.0

-2.0

Per-unit purchases(Thousand yen)

33

33

33

31

2

No. of purchasing customers(people/day)

390

390

390

1,190

-800

Total

• Major shortfall in purchasing passengers – 1/3 of initialplans* However, per-unit purchases were slightly higher
than expected• Shortfall in sales from Japanese passengers due toinsufficient information – fall in share from 20% to 10%• Lack of brand items matching purchasing preferences■ Measures underway• Attract inbound passengers: Individual traveler shuttle agreements with local travel agencies; tie-up with China Union
Pay Card• Raising awareness among Japanese customers: Development of advertisements, tie-ups with travel agencies• Review of product composition• Expansion of delivery airports, etc.

・ Retain focus on improving JDF GINZA store profitability, while examining bottom-up improvement
measures throughout the fiscal year
・ Currently examining timing, content and other elements for opening of second store
09

3. Progress under the Medium-term Business Plan
(3) Redevelop Earnings Base and Establish Competitive Position① Merchandise Sales Segment: Status and Issues■ Status of Merchandise Sales Segment• Profit and profit ratio below FY14 and FY15, impacted by urban duty-free store earnings from the current fiscal year
• Excluding the urban duty-free store business, estimated earnings include operating income of ¥8.8 billion and operating income
ratio of 7.0%
• While operating revenues are higher compared to FY14, prior to the appearance of “shopping sprees,” the operating income
ratio is lower.
Operating Income Ratio Trends for the Merchandise Sales Segment
Operating revenues

1600

Operating income
1501
1344

1400
1200

600

1305

1261

1094

1000
800

Operating margin

792

7.0

8.0

■ Planned countermeasures

6.0

5.0

7.0

4.0

400
200

10.0

7.4
5.8

46

65

88

94

118

65

88

0
FY13

FY14

FY15

FY16
initial

FY16 Excluding
revision urban dutyfree stores

10

・Improve inventory turnover・Reduce logistics cost・Streamline and review unprofitable operations

2.0
0.0

FY12

■ Merchandise Sales Segment: Status and Issues
・Higher cost ratio due to changes in the comparative
composition of directly managed stores and wholesale
・Increase in fixed costs

12.0

7.9

8.1

881

14.0

・Strengthen steps to improve
operating income ratio⇒Further expand profit contributionof the Merchandise Sales Segment

3. Progress under the Medium-term Business Plan
(3) Redevelop Earnings Base and Establish Competitive Position② Business mall development (3,000 m2)
Rental office (500 m2)
Scheduled opening in FY16

Business environment• Users by segment:
Business use accounts for 60%• Users more than 10 times annually:
Over 50% of travelers• Users more than 3 times annually:
Over 90% of travelers

Development target

・ Business frequent users
Concept

Reservable conference room

Side-by-side booths

Work lounge

Satellite office・ Making Haneda ideal = Rebuild “Innovativeness and Influence”
・ Create interaction and synergy at Haneda leveraging its hub functionality
・ Provide services one rank above those presently lacking at Haneda
・ Develop airport-style MICESCHOOLEAT
WORK
Haneda Business Mall

Complements/Connections

DRESS

Culture school

CULTURE

Attract customers (acquire members)

Vacant space utilization (3,000 m2)

Marketplace
Galaxy hallRental officePremium lounge

Office & meetings

REFRESHACTIVE

Select salons (VIP lounge, others)
Health care & relaxation

Restaurants & bars
Sports(golf academy, others)

Goods and restaurants

Grooming
Spa
Health care

Goods and restaurants

Fitness
Golf range

Goods and restaurants

11

3. Progress under the Medium-term Business Plan
(4) Pursue ‘Vision’ for Haneda Airport① Terminal building upgrade accompanying Haneda Airport’s enhanced functionality■ Location map■ Details(2) ② Establish facilities tailored todomestic flights(2) ① Establish facilities tailored tointernational flights

Upgrade target

International flights
terminal

Domestic flights
terminal 2

Embarkation facility
for domestic flights

Placement position

International flights
Terminal

Terminal 2 south side

Domestic eastern freightzone

Domestic eastern freight zone
Terminal 2
Domestic western freight zone

Upgrade specifics

Terminal 1

Legend■ International flights■ Domestic flights□ Areas for upgrade
International Terminal(1) Upgrade of current international flight terminal building
Source: “Civil Aviation Bureau Budgetary Request Summary for Fiscal 2017,” Civil Aviation
Bureau, Ministry of Land, Infrastructure, Transport and Tourism (Japan)

Oct. 14, 2016
Late March 2017
Late March 2020

• Placement of domestic
flight embarkation
facility with 6 spots

Facility maintainer

TIAT

JAT

JAT

Facility user

TIAT

TIAT
Japanese Government (CIQ
portion)JAT

For international travelers

For domestic travelers

Facility management
Store management(Directly managed)

Business application For international travelers
Commissioned
operations

Facility management
Store management

TIAT: Tokyo International Airport Terminal Corporation■ Serves as connection point for 49 domestic and 31 global cities■ Schedule
Aug. 29, 2016

• Addition of 2 new spots • Placements in 7 spots (2• Expansion of check-in
exclusive, 5 shared) for
counters and carryon
international flights
luggage storage site
• CIQ facility, duty-free store
and other new additions

1. Benefits from strengthening function as intl./domestic,
domestic/intl. hub

Ministry of Land, Infrastructure, Transport and Tourism (MLIT)
announcement
Changed terms of PFI agreement between MLIT and TIAT
Conclude facility and equipment designs. Order construction work
Begin facility sharing• Economic benefits ripple out to region, reinvigorating local airport• Promotion of outbound travel

2. Evaluation and improvement of connecting flight
convenience (domestic/intl.: intl./domestic)• Haneda (70:80), Narita (45:75), Kansai (55:60), Chubu (60:60)

12

3. Progress under the Medium-term Business Plan
(4) Pursue ‘Vision’ for Haneda Airport② Development/adoption of robotics and other cutting-edge technologies③ Acquire 5 Star international airport ranking conducted by SKYTRAX for a third consecutive year
For both domestic and international flights, we made customer-oriented improvements
and sought to deliver services that set Haneda apart. Along with the installation of new
facilities, these efforts included the promotion of hospitality-driven customer service
activities. As a result, Haneda Airport scored higher marks than ever in a variety ofareas, among them airport cleanliness, maintenance and upkeep, and staff service level.

13

Reference (Destination cities of international flights)
City nameInternational Flights to 31 Cities, 34 Routes
Approximately 115 flights departing per day

China

Korea

LondonFrankfurt

TaiwanVancouver

Paris
MunichBeijing
Gimpo
Tianjin
Jinan
InchonShanghai (Pudong)
Doha

Dubai

Minneapolis

ChicagoSan Francisco

HanedaLos Angeles

Guiyang Shanghai (Hongqiao)
Taipei (Songshan)
Guangzhou
Taipei (Taoyuan)
Hanoi Hong Kong
Bangkok
Ho Chi Minh City

TorontoHonolulu

ManilaKuala Lumpur
Singapore
Jakarta

New York

Code

Slots/day
8
1
5
3

Beijing

PEK

Hong Kong

HKG

Shanghai(Hongqiao)

SHA

Shanghai(Pudong)

PVG

Guangzhou
Tianjin
Jinan
Guiyang
Gimpo

CAN
TSN
TNA
KWE
GMP

InchonINC

Taipei(Songshan)

TSA

8

Taipei(Taoyuan)

4
5
4
4
2
1
1
12
2
1

TPE

2

Australia
SydneySoutheast Asia
Hanoi
VietnamHo Chi Minh

SYD

2

HAN
SGN

Singapore

SIN

2
1
5
2
2
1
2
3
3

Singapore

Philippines

ManilaMNL

Indonesia

Jakarta

CGK

Thailand

Bangkok

BKK

Malaysia

Kuala
LumpurKUL

2

EuropeFrance

Paris

CDG

3
1

UnitedKingdomLondonLHR

3Frankfurt

FRA

MunichNorth America
Vancouve
CanadaTorontoHonolulu

MUC

2
1
2

YVR
YYZ
HNL

1
1
3

SFO

2

Los Angeles
LAX
New York
JFK
Minneapolis
MSP
Chicago
ORD
Middle East
UAE
Dubai
DXB
Qatar
Doha
DOX
International departures total

3
1
1
1

SydneyGermany

6:00 – 23:00
23:00 – 6:00

San
Francisco

Both daytime flight and late night/early morning flight hours

America

14

1
1
115

(As of November 2016)

Second Quarter of FY16

Supplementary Material
1. Details of Consolidated Financial Results for FY16 2Q
2. Details of Consolidated Financial Forecast for FY16
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.
http://www.tokyo-airport-bldg.co.jp/

1. Details of Consolidated Financial Results for FY16 2Q(1) Changes in passenger volume (Haneda, Narita and Kansai)(Thousand passengers)(Thousand passengers)

68,00066,000

FY16 forecast +2.0%

63,790(Initial forecasts +1.0 %)62,65664,000

Haneda Airport – international flights

14,000

FY16 forecast +15.4%(Initial forecasts +14.0%)

60,00058,00061,410

2012

2013

2014

2015
Results(Thousandpassengers)

1H result +20.1％
2H forecast +11.1％

2,000
FY

48,000

2011

8,039

Mar. 2014
Increase in the number of landing slots(30,000/year)

4,000

1H result ＋up 3.2％
Initial forecasts + up 1.2％
2H forecast ＋up 0.7％ Initial forecasts + up 0.7％

2010(＋16.2％)Mar. 2011
Great East Japan Earthquake

6,000

56,42450,000

7,950

7,267

8,000

58,75252,000(＋15.4％)10,00056,00054,00011,558(＋0.1％)

Mar. 2011
the Great East
Japan Earthquake

15,496
13,426

12,00062,700(＋2.0％）

62,000Initial forecasts + up 17.6％
Initial forecasts + up 10.7％
FY

0

2010

2016

2011

2012

2013

2014

2015
Results

Forecast(Thousandpassengers)

Narita Airport – international flights

37,00035,00016,000

Haneda Airport – domestic flights

70,0002016
Forecast

19,229Kansai Airport – international flights

19,000

FY16 forecast +4.0%(Initial forecasts +4.0%)

FY16 forecast +11.3%(Initial forecasts +9.5%)

17,275(＋11.3％)17,00032,30133,00030,862Mar. 2011
the Great East Japan Earthquake

31,00015,000(＋4.0％）

29,302

29,710(＋27.7％)31,055

13,523

May 2009
H1N1 influenza outbreak(＋6.0％）

13,00012,051

29,00026,926
11,00027,000
1H result + 3.8％
Initial forecasts + up 3.8％
2H forecast + 4.2％ Initial forecasts + up 4.2％

25,00023,000

2011

2012

2013

2014

10,114

9,000
FY

2010

11,4282015←Results

1H result + 13.1％
2H forecast + 9.6％

Initial forecasts + up 10.2％
Initial forecasts + up 8.7％
FY

7,000

2016

201 0

Forecast →

201 1

201 2

201 3

201 4

201 5
Results16

201 6
Forecast

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

1. Details of Consolidated Financial Results for FY16 2Q(2) Consolidated financial results for FY16 2Q

Items

FY16 2Q

FY15 2Q(Results)(Results)

Ratio

Ratio

Millions of yen%

Millions of yen%

99,84026,69863,721
9,420
53,051100.0

100,08026.8

25,027

63.8

66,498

9.4

8,554

53.1

54,469

Cost of sales ofmerchandise

47,73847.849,415

49.4(Ratio)(74.9%)

Operating revenues
Facilities management
Merchandise sales
Food and beverage

Cost of sales

Cost of sales of food andbeverage(Ratio)5,312(56.4%)

5,053

Difference
Ratio

Millions of yen%

Millions of yen%

Millions of yen

100.0

-240

-0.2

107,400

100.0-7,559

25.0

1,670

6.7

26,200

24.4

498

66.4

-2,777-4.2

72,10067.1-8,378

8.6

866

10.1

9,100

8.5

320

54.4

-1,418-2.6

58,20054.2-5,148-1,677-3.4

52,90049.3-5,161(74.3%)

5.3

Initial forecast(May 2016)

Rate ofchangeChange(0.6P)

5.0(59.1%)

259(73.4%)

5.1(-2.7P)

5,300(1.5P)

4.9(58.2%)

12(-1.8P)

Gross profit

46,78946.945,611

45.6

1,177

2.6

49,20045.8-2,410

Selling, general andadministrative expenses

42,32442.4

39,033

39.0

3,291

8.4

42,900

39.9

-575

4,464
1,772
6,237
0
4,296

4.5

6,578

6.6

-2,113

-32.1

6,300

5.9

-1,835

1.7

1,151

1.1

620

53.9

1,500

1.4

272

6.2

7,729

7.7

-1,492

-19.3

7,800

7.3

-1,562

3

-

-

-

0

-980

-18.6

5,600

5.2

-1,303Operating income
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income

4.3-4 5,277

5.3* Ratio: Cost of sales of merchandise / Operating revenues of merchandise
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage

17

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

1. Details of Consolidated Financial Results for FY16 2Q(3) Financial results by segment(i) Facilities management
FY16 2Q(Results)

Items

FY15 2Q(Results)
Ratio

ChangeRatio

Initial forecast(May 2016)

Rate ofchangeDifference

Ratio

Sales to externalcustomers

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Rent revenues

6,494

23.5

6,441

24.8

52

0.8

6,500

23.9

-5

Facility user charges
revenues

9,009

32.6

8,899

34.3

110

1.2

9,000

33.1

9

Other revenues

11,193

40.6

9,686

37.3

1,507

15.6

10,70039.3

493

Subtotal

26,69896.7

25,027

96.4

1,670

6.7

26,200

96.3

498

921

3.3

934

3.6

-12

-1.3

1,000

3.7

-78

Total

27,619100.0

25,961

100.0

1,658

6.4

27,200100.0419Operating expenses

24,27087.9

22,680

87.4

1,589

7.0

24,10088.6

170Operating income

3,349

12.1

3,280

12.6

68

2.1

3,100

11.4

249

Intersegment sales, etc.

(Ratio)(12.1%)(12.6%)(-0.5P)(11.4%)• Other revenues: Increase in commissioned facility revenues for Haneda international flights
Increase in advertising revenue
Increase in subcontracted work revenues
Increase in hotel revenues
Passenger handling revenues, others

18(0.7P)+¥0.7 billion+¥0.2 billion+¥0.2 billion+¥0.1 billion

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

1. Details of Consolidated Financial Results for FY16 2Q(3) Financial results by segment(ii) Merchandise sale
FY16 2Q(Results)

Items

FY15 2Q(Results)
Ratio

ChangeRatio

Initial forecast(May 2016)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

16,78626.2

16,745

25.0

41

0.2

16,90023.3-113International terminal
stores

16,29425.4

18,222

27.3-1,928-10.6

21,70030.0-5,405

Other sales

30,64147.8

31,530

47.2

-889

-2.8

33,50046.3-2,85863,721

99.4

66,49899.5-2,777-4.2

72,10099.6-8,378

391

0.6

347

0.5

44

12.8

300

0.4

91

Total

64,113100.0

66,846100.0-2,732-4.1

72,400100.0-8,286

Operating expenses

60,803

94.8

61,322

91.7

-519

-0.8

66,90092.4-6,096

Operating income

3,310

5.2

5,523

8.3

-2,213

-40.1

5,500

7.6

-2,189

Sales to external customers

SubtotalIntersegment sales, etc.

(Ratio)• International terminal stores:• Others:(5.2%)(8.3%)(-3.1P)(7.6%)

Increase in sales of directly managed stores at Haneda international terminal
Decrease in sales of directly managed stores at Narita Airport
Decrease in sales of boutique store at Kansai Airport
Increase in sales accompanying start of urban duty-free stores operations
Increase in wholesale sales to Haneda international flights, regional airports, etc.
Decrease in wholesale sales to Narita Airport

19(-2.4P)+¥0.3 billion-¥1.8 billion-¥2.6 billion+¥2.2 billion+¥1.7 billion-¥2.6 billion

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

1. Details of Consolidated Financial Results for FY16 2Q(3) Financial results by segment(iii) Food and beverage
FY16 2Q(Results)

Items

FY15 2Q(Results)
Ratio

Sales to externalcustomers

Initial forecast(May 2016)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

4,892

45.7

4,812

48.9

80

1.7

4,800

46.2

92

Sales from in-flight
meals

3,168

29.6

2,668

27.1

500

18.7

3,100

29.8

68

Other sales

1,360

12.7

1,074

11.0

285

26.6

1,200

11.5

160

9,420

88.0

8,554

87.0

866

10.1

9,100

87.5

320

1,280

12.0

1,282

13.0

-1

-0.1

1,300

12.5

-19

Total

10,701

100.0

9,837

100.0

864

8.8

10,400100.0301

Operating expenses

10,331

96.5

9,537

97.0

793

8.3

10,10097.1

231Operating income

370

3.5

299

3.0

70

23.6

300

2.9

70

SubtotalIntersegment sales, etc.

(Ratio)• Sales from In-flight meal:• Other sales:(3.5%)(3.0%)(0.5P)(2.9%)(0.6P)

Increase in sales of new customer contracts+¥0.5 billion
Increase in commissioned facility management revenues for Haneda international flight stores +¥0.2 billion

20

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

1. Details of Consolidated Financial Results for FY16 2Q(4) Breakdown of selling, general and administrative expenses

Items

FY15 2Q(Results)

FY16 2Q(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

99,840100.0

100,080

100.0

-240

-0.2

Selling, general and administrative
expenses

42,32442.4

39,033

39.0

3,291

8.4

Salaries and wages

4,334

4.3

3,984

4.0

349

8.8

Provision for employees' bonuses

1,274

1.3

1,274

1.3

0

0.1

Provision for directors' bonuses

112

0.1

112

0.1

-0

-0.2

Expenses for retirement benefits

502

0.5

465

0.4

37

8.0

Rent expenses

6,240

6.3

6,100

6.1

140

2.3

Business consignment expenses

11,602

11.6

9,706

9.7

1,896

19.5

Depreciation expenses

5,714

5.7

5,525

5.5

188

3.4

Other costs and expenses

12,542

12.6

11,864

11.9

677

5.7

21

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

1. Details of Consolidated Financial Results for FY16 2Q(5) Changes in non-operating income/expenses and extraordinary income/loss
Items

FY16 2Q(Results)

FY15 2Q(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

99,840100.0

100,080

100.0

-240

-0.2

Operating income

4,464

4.5

6,578

6.6

-2,113-32.1

Non-operating income

2,051

2.1

1,581

1.6

469

29.7

Interest income and dividend

536

0.5

511

0.5

24

4.8

Return on investment by theequity method

1,202

1.3

798

0.8

404

50.6

312

0.3

271

0.3

41

15.1

Non-operating expenses

279

0.3

429

0.4

-150

-35.0

Interest expenses

228

0.2

293

0.3

-65

-22.4

Miscellaneous expenses

50

0.1

135

0.1

-84

-62.5

Ordinary income/loss

6,237

6.2

7,729

7.7

-1,492-19.3

Extraordinary income

-

-

-

-

-

-

Extraordinary loss

0

0.0

4

0.0

-3

-86.9

Income taxes

1,940

1.9

2,448

2.4

-508

-20.8

Net income

4,296

4.3

5,277

5.3

-980

-18.6

Others22

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

1. Details of Consolidated Financial Results for FY16 2Q(6) Consolidated balance sheets

Cash and deposits-¥4.3 billion
Accounts receivable-¥2.4 billion
Securities-¥7.5 billion(Millions of yen)

43,357

61,997

Current
assets-12,205

74,203

Accounts payable – trade-¥0.8 billion
Long-term loans payable(To be repaid within a year)-¥1.3 billion
Income taxes payable-¥0.6 billion
Others-¥8.4 billion

Current
liabilities-11,499

31,857Long-term loans payable-¥3.8 billion

60,790
Fixed
assets-454

Fixedliabilities-4,441

56,349Tangible fixed assets(depreciable assets)
Buildings, etc.
+¥1.1 billion
Accumulated depreciation-¥5.0 billion
Investments and other assets
Investment securities+¥0.9 billion

Retained earnings +¥2.8 billion

147,885

Equity ratio
FY16 2Q
56.8％

148,339
121,675

118,394

Total assets 209,883

Total assets 222,542

FY15
Net
assets+3,281

FY16 2Q

FY15

FY15
23

52.1％
(+4.7 P)

FY16 2Q
Note: Figures shown are rounded down to the nearest million yen

1. Details of Consolidated Financial Results for FY16 2Q(7) Consolidated statements of cash flows
FY16 2Q(Results)

Items

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Other current assets
Other current liabilities
Other fixed liabilities
OthersIncome and other taxes paid
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of intangible fixed assets
OthersCash flows from financing activities

FY15 2Q(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

2,315
6,236
5,754
-2,233-5,143-233
353-2,418-7,389-6,603-811
25-6,773

8,288
7,725
5,570
-284
648
-105
-2,100-3,166-3,479-3,312-175
8-7,740-5,972-1,489183-1,948-5,792
-128
2,453
748
-3,909-3,290-636
17
967-5,206-1,462-104-6,386
-974
-380

1,180
-487
275

-2

-0

-2

-11,849
43,56531,715-2,932
46,89743,964-8,916-3,332-12,248

Proceeds from long-term loans payable
Repayment of long-term loans payable
Dividends payment
Others
Effect of exchange rate change on cash and cash equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
24

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

1. Details of Consolidated Financial Results for FY16 2Q(8) Capital expenditure and depreciation expenses
FY12 2Q

FY13 2Q

FY14 2Q

FY15 2Q

FY16 2Q(Results)(Results)(Results)(Results)(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

4,270

1,845

1,489

1,591

3,548

Depreciation
expenses

6,341

6,258

5,847

5,525

5,714

Items

• Breakdown of Major Capital Expenditures
FY16 2Q (Results)
Construction costs of dormitory for single employees¥0.8 billion

Building 1 north side toilet upgrade¥0.3 billion• Breakdown of main depreciation expenses

FY13 2Q

FY14 2Q

FY15 2Q

FY16 2Q(Results)(Results)(Results)(Results)

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

2.0

1.9

1.9

1.9

2.1

Terminal 2

2.6

2.6

2.4

2.2

2.0

P4 Parking

0.2

0.2

0.2

0.2

0.1

FY12 2Q(Results)

25

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

1. Details of Consolidated Financial Results for FY16 2Q[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (1)(1) The number of departing non-Japanese visitors by airport (monthly average)Japan
No. of passenger
volume (person)

HanedaNo. of passenger
volume (person)

Composition ratio (%)

NaritaNo. of passenger
volume (person)

Composition ratio (%)

KansaiNo. of passenger
volume (person)

Composition ratio (%)

Other

Composition ratio (%)

No. of passenger
volume (person)

Composition ratio (%)

FY15

1,737,049

100

227,26913

524,93030

455,300

26

529,55031

1H FY16

1,972,198

100

282,03614

600,58431

535,200

27

554,378

28(2) The number of departing non-Japanese visitors by airport and nationality (monthly average)
Volume ranking and change in departing passengers by nationality for 1H FY16
Haneda Airport>><<Narita Airport>>

rport

No. of passenger
volume (person)

Ai

Composition ratio(%)

No. of passenger
volume (person)

Change (%)

Composition ratio(%)

Kansai Airport
No. of passenger
volume (person)

Change (%)

Composition ratio(%)

Change (%)(1) China (incl. Hong Kong)

86,246

30.6%

96.8%

(1) China (incl. Hong Kong)

169,303

28.2%

4.4%

(1) China (incl. Hong Kong)

197,099

36.8%

10.9%

(2) South Korea

38,977

13.8%

4.3%

(2) Taiwan

99,341

16.5%

11.3%

(2) South Korea

130,573

24.4%

40.2%

(3) Taiwan

27,791

9.9%

10.2%

(3) U.S.A

69,379

11.6%

21.9%

(3) Taiwan

103,090

19.3%

18.3%

33.3%

(4) South Korea

24.7%(4) Thailand

22,514(4) U.S.A

No. of passenger
volume (person)

8.0%
Composition ratio(%)

56,514
No. of passenger
volume (person)

Change (%)

9.4%
Composition ratio(%)

18,367
No. of passenger
volume (person)

Change (%)

3.4%
Composition ratio
(%)

42.0%
Change (%)

Non-Japanese

282,036

44.7%

38.0%

Non-Japanese

600,584

52.5%

12.3%

Non-Japanese

535,200

67.4%

21.0%

Japanese

348,985

55.3%

10.1%

Japanese543,820

47.5%

-1.8%

Japanese

258,730

32.6%

4.4%

Total

631,021100.0%

21.0%

Total

1,144,404

100.0%

5.1%

Total

793,930

100.0%

15.0%

Number of departing non-Japanese passengers (1H FY2014 to 1H FY2016)(No. of passengers: Thousands)

100

China
(incl. Hong Kong)
中国（香港含む）

Figures in parentheses denote percent change*Compared to 1H FY2015

South
韓国Korea(+96.8%)

東南アジア
South-East
Asia(+29.5%)

その他
Others(+25.8%)

台湾
Taiwan80(+4.4%)

160

Europe/U.S.A.
欧米

60

250

200

(+16.2%)120

40(+4.3%)(+11.3%)(+18.4%)80（+10.2%)20(+64.7%)040(+8.5%)

下期
2H

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice.
Data from April 2016 to August 2016. Transit passengers are not included in passenger number.

26

1H
上期

2H
下期

1H
上期

150

(+40.2%)100(+18.3%)(+33.9%)50(+18.9%)(+6.5%)

0
上期
1H

2H
下期

(+10.9%)(+24.7％）

0
1H
上期

200

上期
1H

下期
2H

上期
1H

1H
上期

2H
下期

1H
上期

2H
下期

1H
上期

1. Details of Consolidated Financial Results for FY16 2Q[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality (2)(3) Company duty-free store sales and number of departing passengers by airport and nationality (monthly average)

2,000(-31.3%)

Japanesetravelers(Change)

53126

143
258

(-9.8%)

349

317

1,323

1,218

(+38.0%)

500

1,307

2,000
1,500

100

0

2015

2016

[1,342]

500

3,500

500 3,000

259

1,500

100

500

0

0
2016

[757]

101

579

(-22.6%)

2015

400

248

200

600

775

442

2,000

300

274
(-12.1%)0(＋4.4%)

[466]

2015

300

200

100

96

313 (-45.9%)
2016

Notes: “Net sales” denote all store sales (excluding taxable stores). Haneda: all duty-free stores; Narita: directly managed stores and boutiques; Kansai: directly managed boutiques. Sales by nationality include estimates(4) Main factors in the fluctuation of sales of duty free shops and purchasing trends«Haneda»Among the number of passengers, those from China increased substantially; consequently, while unit-purchases were lower, sales grew. (The share of sales:
approx. 30%–35% of previous year)
The number of Japanese passengers also rose, leading to higher sales. The share of sales, however, remained largely flat year on year.
«Narita»
While the number of Japanese nationals among the number of passengers declined, those from South Korea, Southeast Asia and other markets increased.
There were no major changes in the share of sales by nationality.
«Kansai»Among the number of passengers, while those mainly from Japan and South Korea increased, the share of sales from Chinese passengers declined from approx.
75% of the previous year to 65%.
27500(+21.0%)400 2,500

1,000

311

535

Foreign travelers(Change)(-1.8%)[1,085]200(+19.0%)

0

535

544

600

600

(+12.3%)

300

1,000
Foreigntravelers(Change)

601

554

400 2,500

204
1,099

3,500

500 3,000

282

1,500
1,000

600

(+10.1%)(+8.6%)

4,000

4,000

Japanese travelers (Change)

2,500

percent change

384

558
117
183
286

Taiwan韓国
東南アジア
Figures in () are[3,592][3,518]58

South Korea
Other countries

KansaiJapanese travelers (Change)

3,000

日本
欧米

Japan

South-East Asia

Figures in brackets are total sales

3,500

中国
台湾

China

Europe and US

Figures in ( ) arepercent change

4,000

Narita(No. of travelers: thousands)

Foreign travelers (Change)

Haneda(Net sale: millions of yen)0

2. Details of Consolidated Financial Forecast for FY16
(1) Consolidated financial forecast for FY16

Items

FY16
(Forecasts)

FY15(Results)
Ratio

Operating revenues
Facilities management
Merchandise sales
Food and beverage
Cost of sales
Cost of sales of merchandise(Ratio)Cost of sales of food and beverage(Ratio)Gross profit
Selling, general and administrative expenses

Operating income
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income

ChangeRatio

Initial forecast(May 2016)

Rate of
ChargeDifference
Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

202,900
54,500129,800
18,600108,700
98,200100.0

204,134

100.0-1,234-0.6

221,000

100.0-18,100

26.8

52,880

25.9

1,619

3.1

53,400

24.2

1,100

64.0

133,718

65.5-3,918-2.9

149,400

67.6-19,600

9.2

17,535

8.6

1,064

6.1

18,200

8.2

400

53.6

110,07053.9-1,370-1.2

120,200

54.4-11,500

48.4

99,95649.0-1,756-1.8

109,700

49.6-11,500

5.2

10,114

3.8

10,50094,20085,4008,800
2,600
11,40046.4

94,064

46.1

135

0.1

42.1

82,761

40.6

2,638

4.3

11,302

5.5

1.3

2,351

5.6

300

0.2

7,200

3.5

(75.7%)

10,500(74.8%)(56.5%)(0.9P)* Preconditions: Forecast of number of passengers(2.3P)-

100,800

45.6-6,6003.2

87,90039.8-2,500-2,502-22.1

12,9005.8-4,100

1.2

248

10.6

2,700

1.2

-100

13,654

6.7-2,254-16.5

15,6007.0-4,200

-194

-0.1

494

-

-

-

300

8,870

4.3

-1,670-18.8

11,1005.0-3,900(57.7%)

385(73.4%)

4.8

4.9(-1.2P)(57.7%)(-1.2P)* Ratio: Cost of sales of merchandise / Operating revenues of merchandise

Haneda domestic (full-year)+2.0% YoY

Haneda international (full-year)+15.4% YoY

Narita international (full-year)+4.0% YoY

Kansai international (full-year)+11.3% YoY

Ratio: Cost of sales of food and beverage / Operating revenues of food andbeverage

28

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

2. Details of Consolidated Financial Forecast for FY16(2) Financial forecast by segment(i) Facilities management
Items

FY16
(Forecasts)

FY15(Results)

Ratio

Initial forecast(May 2016)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Rental revenues

13,10023.2

12,900

23.5

199

1.6

13,00023.5

100Facility user charges revenues

18,00031.9

17,851

32.5

148

0.8

18,00032.6-

Other revenues

23,40041.5

22,128

40.3

1,271

5.7

22,400

40.5

1,000

Subtotal

54,50096.6

52,880

96.3

1,619

3.1

53,400

96.6

1,100

Intersegment sales, etc.

1,900

3.4

2,006

3.7

-106

-5.3

1,900

3.4

-

Total

56,400100.054,887

100.0

1,512

2.8

55,300

100.0

1,100

Operating expenses

50,10088.8

48,751

88.8

1,348

2.8

49,50089.5

600Operating income

6,300

11.2

6,135

11.2

164

2.7

5,800

10.5

500

Sales to external customers(Ratio)• Rent revenues:• Facility user charges revenues:• Other revenues:(11.2%)(11.2%)-

Increase in space leased to airline companies, etc.
Increase in income from PSFC
Increase in commissioned facility management revenues
for Haneda Airport international flights
Increase in advertising revenue
Increase in hotel revenues
Passenger handling revenues

29(10.5%)(0.7P)+¥0.1 billion+¥0.1 billion+¥0.7 billion+¥0.2 billion+¥0.1 billion+¥0.1 billion

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

2. Details of Consolidated Financial Forecast for FY16(2) Financial forecast by segment(ii) Merchandise sales
FY16(Forecasts)

Items

FY15
(Results)

Ratio

Revised forecast(May 2016)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

33,60025.8

33,424

24.9

175

0.5

34,00022.7-400International terminal stores

31,90024.4

35,12426.1-3,224-9.2

46,00030.6-14,100

Other sales

64,30049.3

65,169

48.4

-869

-1.3

69,40046.2-5,100129,800

99.5

133,718

99.4-3,918-2.9

149,400

99.5-19,600

700

0.5

753

0.6

-53

-7.1

700

0.5

0

130,500

100.0

134,471

100.0-3,971-3.0

150,100

100.0-19,600

Operating expenses

124,000

95.0

124,995

93.0

-995

-0.8

138,300

92.1-14,300

Operating income

6,500

5.0

9,476

7.0

-2,976-31.4

11,8007.9-5,300

Sales to external customers

SubtotalIntersegment sales, etc.
Total

(Ratio)• International terminal stores:• Others:(5.0%)(7.0%)(-2.0P)

Increase in sales of directly managed stores at Haneda international terminal
Decrease in sales of directly managed stores at Narita Airport
Decrease in sales of boutique store at Kansai Airport
Increase in sales accompanying operation launch of urban duty-free stores
Increase in wholesale sales to Haneda international terminal and regional airports, etc.
Decrease in wholesale sales to Narita Airport30(7.9%)(-2.9P)+¥0.8 billion-¥4.0 billion-¥3.6 billion+¥3.6 billion+¥3.1 billion-¥4.0 billion

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

2. Details of Consolidated Financial Forecast for FY16(2) Financial forecast by segment(iii) Food and beverage
FY16(Forecasts)

Items

FY15
(Results)

Ratio

ChangeRatio

Revised forecast(May 2016)

Rate ofchangeDifference

Ratio

Sales to external customers

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen

Sales from restaurants

9,700

46.0

9,549

47.6

150

1.6

9,600

46.4

100

Sales from in-flight meals

6,200

29.4

5,685

28.3

514

9.0

6,200

29.9

-

Other sales

2,700

12.8

2,300

11.5

399

17.4

2,400

11.6

300

18,60088.2

17,535

87.4

1,064

6.1

18,20087.9400Intersegment sales, etc.

2,500

11.8

2,528

12.6

-28

-1.1

2,500

12.1

-

Total

21,100100.0

20,063

100.0

1,036

5.2

20,700100.0

400Operating expenses

20,30096.2

19,499

97.2

800

4.1

20,100

97.1

200

800

3.8

564

2.8

235

41.7

600

2.9

200

Subtotal

Operating income(Ratio)(3.8%)(2.8%)• Sales from in-flight meals:

Increase in sales of in-flight meals contracts from new foreign carriers+¥0.5 billion• Other:

Increase in commissioned facility management revenues for Haneda Airport international flights+¥0.3 billion

31(1.0P)(2.9%)(0.9P)

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

3. Other Information(1) Capital expenditure and depreciation expenses
Items

FY11

FY12

FY13

FY14

FY15

FY16

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

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capitalexpenditure
Depreciation
expenses• Breakdown of Major Capital Expenditures
FY16 (Forecast)

FY15 (Results)
New construction of an urban duty free store¥2.3 billion

Construction costs of dormitory for single employees ¥1.0 billion

Building 1 PBB update¥0.7 billion

Lounge renovation¥0.8 billion

Building 1 south side toilet upgrade¥0.4 billion

Building 1 PBB update¥0.7 billion

Central surveillance room system update construction

Building 2 central surveillance equipment update construction¥0.4 billion¥0.3 billion

Building 1 north side toilet upgrade

Installation of PBB outdoor advertisingboards at Building 1 and Building 2¥0.3 billion¥0.3 billion• Breakdown of main depreciation expenses

FY11

FY12

FY13

FY14

FY15

FY16

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

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1
Terminal 2
P4 Parking
32

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

２. Details of Consolidated Financial Results for FY16(2) Changes in operating revenues/ordinary income/cash flows(right) Ordinary income (forecast)

Chubu International
Airport opened

Y2K task

Financial realignment

200

Kansai International
Airport opened

240

The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

160

Billionsof yenGreat East Japan Earthquake(right) Ordinary income (results)

H1N1 influenza outbreak(right) Cash flows (forecast)

Hikes in the price of crude oil
Financial crisis being
triggered by the US(right) Cash flows

9-11 Terrorist Attack in the US
Iraq war
SARS outbreak(left) Operating revenues (forecast)

Voluntary closure of
Yamaichi Securities(left) Operating revenues (results)

Narita Airport Terminal 2
started operation

Billionsof yen

45

40

35

30

25
120

Haneda Airport Terminal 1
started operation (Sep. 1993)

Haneda Airport Terminal 2
started operation (Dec. 2004)

17.1

18.1

17.7

80

13.9 14.6

13.6

13.3

11.8

10.7

40
6.7
3.1
'90

'91

'92

'93

'94

'95

'96

'97

'98

'99

'00

'01

'02

'03

'04

'05

'06

'07

'08

'09

11.4

'10

0.1
'11

3.6
'12

'13

'14

'15
←

'16
→

Results Forecast(Cash flows = Net income + Depreciation expenses – Dividends)

33

10

5

5.7

4.9
'89

20

15
15.1

0

17.6

0

Second Quarter of FY16

Reference Material
1. Outline of the Company
2. Efforts Related to the Tokyo International Airport Reexpansion Project
3. Changes in Passenger Volume on Domestic andInternational Flights (Haneda and Narita)* This document has been translated from the Japanese original, forreference purposes only.
In the event of any discrepancy between this translated document and theJapanese original, the original shall prevail.

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

JAPAN AIRPORT TERMINAL

1. Outline of the Company(1) 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 financial institutions (with capital 150 million yen), and the terminal was opened
in May 1955.
1953
1955
1964

(July)(May)(April)1978(October)(May)

Established with private sector capital of 150 million yen.
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games.

1998

Duty-free sales operations commenced.
Commenced merchandise sales including duty-free articles, hotel reservation services and otheroperations with the opening of Narita International Airport.
(February)
Listed on second section of the Tokyo Stock Exchange.
(September) Listed on first section of the Tokyo Stock Exchange.
(September) Haneda Airport Terminal 1 (Big Bird) started operation.
(September) Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
(March)The temporary international terminal at Haneda Airport started operation.

2001
2002

(February)(April)

1990
1991
1993
1994

2003

International charter flights commenced at Haneda Airport.
Terminated periodic international flights from Haneda Airport (transfer of China Airlines and the
EVA Airways to Narita).
(November) International charter flights between Haneda and Seoul (Gimpo) commenced.

2004
2005

(December) Terminal 2 at Haneda Airport started operation.
(February)
Wholesale of duty-free goods commenced with the opening of Central Japan International Airport.

2006(April)(June)

Participated in the project of the maintenance and operation of terminal at international flight areaof the Tokyo International Airport.
Invested in the special purpose company (SPC) “Tokyo International Air Terminal Corporation.”

2007(February)South Pier in Terminal 2 at Haneda Airport started operation.
(September) International charter flights between Haneda and Shanghai (Hongqiao Airport) commenced.

2008(April)International charter flights between Haneda and Hong Kong commenced (during specific hours).

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

(October)International charter flights between Haneda and Beijing commenced.

(August)P4 multi-story parking main building started operation (full-scale operation in October).

(October)

The extended part of Terminal 2, Haneda Airport started operation.
The new International Passenger Terminal (TIAT) started operation.

2011(January)

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

2013

(November) Renewal of Terminal 1 building, Haneda Airport completed.
(April)The extended part of South Pier in Terminal 2 at Haneda Airport started operation.

2014(March)2010

Haneda Airport Terminal when opened

Start of usage of international passenger terminal building expansion.

36

Haneda Airport Terminal 1

Haneda Airport Terminal 2

JAPAN AIRPORT TERMINAL(2) The Group’s Business Expansion
Haneda Airport (Tokyo International Airport)
Terminal 1 (area under management: 291,500 m2)
•

•
•
•
•
•

Started operation on September 27, 1993

International Passenger Terminal

Construction,
management, andoperation of terminalbuildings
Real estate leasing
Merchandise sales (direct
management)
Food and beverage
services (direct
management)
Passenger services
Preparation/sales of inflight meals

Terminal 2 (area under management: 255,600 m2)(constructed and managed by Tokyo International Air Terminal Corporation)
Business under contract• Facilities
maintenance/management• Duty-free store operation,etc.
• Passenger services••

Started operation on October 21, 2010

•
•

•
•
•

Merchandise sales (duty-free stores, etc.)
Wholesale (duty-free items, general items),
commissioned management of duty-freestoresFood and beverage service
Passenger services
Preparation/sales of in-flight meals•••

Parking lots
Management of parking lots
(total of 4,775 vehicles)••

P1 parking lot 2,350 vehicles
P4 parking lot 2,425 vehicles

Wholesale and merchandise
sales
Food and beverage services

Central Japan International
AirportKansai International Airport

Narita International Airport

Started operation on December 1, 2004
South Pier started operation on February 15, 2007
The extended part of the main building 2 started operation on October
13, 2010
The extended part of South Pier started operation on April 8, 2013.

Commissioned management of duty-freestoresMerchandise sales
Wholesale•

37

Wholesale

Chengdu International Airport
and Chengdu City (China)••

Merchandise sales
Wholesale

JAPAN AIRPORT TERMINAL(3) Group Companies (17 companies)
Facilities management operations (6 companies)

日本空港ビルデング

Japan Airport Terminal Co., Ltd.

[Maintenance and management]• Japan Airport Techno Co., Ltd.
• Haneda Airport Security Co., Ltd.
• Sakura Clean Corporation[Service]• BIG WING Co., Ltd.
• Haneda Passenger Service Co., Ltd.
• Japan Airport Ground Handling Co., Ltd.

Maintenance management of airport terminal facilities (inspection, construction, cleaning, etc.)
Security service in airport terminal facilities and management of parking area
Management of garbage disposal plants
Advertising agency business and event planning management in airport terminal facilities
Passenger services (information, insurance sales, and travel agency business)
Ground handling operations at Haneda Airport (passengers, ramps, business jets)

Merchandise sales operations (7 companies)• International Trade Inc.
Retail sales and wholesale of goods to stores at domestic airports• Japan Airport Logitem Co., Ltd.
Transportation and customs clearance services• Japan Airport Terminal Trading (Chengdu) Co., Ltd.
Retail sales and wholesale of goods at Chengdu Shuangliu International Airport (Sichuan Province, China)• Haneda Airport Enterprise Co., Ltd.
Operation of stores at Haneda Airport and Narita International Airport (foodstuffs, general merchandise,duty-free)• Hamashin Co., Ltd.
Wholesale of marine products• Japan Duty Free Fa-So-La Mitsukoshi Isetan Co., Ltd.
Development of airport duty-free stores (bonded stores) in urban areas• Air BIC Inc.
Retail sales of home appliances

Food and beverage operations (4 companies)• Tokyo Airport Restaurant Co., Ltd.
• Cosmo Enterprise Co., Ltd.
• CTT Inc.
• Kaikan Kaihatsu Co., Ltd.
••Management of restaurants at Haneda Airport and Narita International Airport
Operation of airport lounges and conference rooms at Haneda Airport
In-flight meal production for foreign airlines at Haneda Airport and Narita International Airport
Cleaning of airline cabin items
Operation of restaurants, halls, and conference rooms

In January 2011, the Company established Japan Airport Terminal Trading (Chengdu) Co., Ltd., (capital 85 million yen, investment ratio 100.0%) as a subsidiary specializing in merchandise sales andwholesale operations at Chengdu Shuangliu International Airport (Sichuan province, China).
In July 2011, BIG WING Co., Ltd. merged with its consolidated subsidiary Hiro International Co., Ltd.

38JAPAN AIRPORT TERMINAL(4) Composition of the Group Businesses (consolidated, by segment/results for FY16 2Q)

Other 1%
(1%)
In-flight meals 3%(3%)
Rent revenue 7%(6%)

Restaurants 5%(5%)

Other 31%
(31%)

Food andbeverage
operations Facilities
9%
management(9%)
operations
27%
(25%)

Merchandise
sales operations
64%
(66%)

Stores at international terminal 16%(18%)

Facility user charges revenue 9%(9%)

Other 11%
(10%)

Stores at domestic terminal 17%(17%)* Figures in ( ) are FY15 2Q results
39

JAPAN AIRPORT TERMINAL(5) Revenue Composition (consolidated, by segment)

Category

Revenue details

Rent revenue
Facilities
management
operations

Facility user charges
revenue
OthersStores at domestic
terminal

Merchandise
sales operations

Food andbeverage
operations

Office lease (fixed rent); store lease(fixed rent + percentage commission)
Fees for use of passenger facilities (domestic flights: PSFC)

Expenses details
Depreciation; water, heating, energy expenses; repairs expenses;
lease fee (such as national property usage fee); taxes and publiccharges; cleaning expenses; outsourcing fees

Commissioned management fee of Haneda Airport, parking fee revenue, advertising
Lease fee (such as national property usage fee); taxes and public
revenue; sales from paid waiting room (Airport Lounge); revenue from subcontracted work charges (fixed asset tax); outsourcing fees
Merchandise sales for stores at Haneda Airport

Cost of sales; supply expenses

Stores at internationalterminal

Merchandise sales for lobby stores at Haneda Airport
Merchandise sales for stores such as duty-free stores at Narita International Airport andKansai International Airport
Merchandise sales for duty-free stores in town

Cost of sales; supply expenses; percentage of business

OthersWholesale to Haneda Airport, Narita International Airport, Kansai International Airport,
and Central Japan International Airport
Commissioned management fee of Haneda Airport, Narita International Airport, andKansai International Airport

Cost of sales and agent service fee

Restaurants

Restaurant sales at Haneda Airport and Narita International Airport

Food expenses (cost of sales for food and beverage), percentage
of businessIn-flight meals

Production and sales of in-flight meals

Food expenses (cost of sales for food and beverage)

Commissioned management fee of Haneda Airport international flights
Wholesale of products such as frozen foods and box meals

Food expenses (cost of sales for food and beverage), Outsourcing
costs

Others

Factors behind changes in earnings:

Environment the airline industry operates in (such as changes in the number of passengers on bothinternational and domestic flights)
Government measures, etc. (such as the government's and regulating authority's airport management policy
and revisions to and changes to the system of usage fees for national assets)
Changes in facility user charges (domestic flights)

40

JAPAN AIRPORT TERMINAL(6) Sales by Region and Segment (non-consolidated)KansaiInternational
Airport
4%(7%)

NaritaInternational
Airport
13%(18%)

Sale ofmerchandise

58%

Rent revenue

11%

HanedaAirport78%(72%)

Central Japan
International
Airport andothers2%(2%)

Outside airports(Urban duty-free stores,
company-held
premises)

Other revenues

3%

16%

(1%)

*Figures in ( ) are FY15 2Q results.
41

Facility user charges
revenue

15%

JAPAN AIRPORT TERMINAL(7) Facilities of Tokyo International Airport (investment plan)

Terminal 2
ANA, ADO, SNA, SFJ•

Fixed Spots: 23[Fourth Stage of the Plan]
Expansion and Renovation of 3
spots Investment amount: ¥7.6
billionStarted operation in April 2013

[International Terminal DismantlingWorks]• Dismantling works
Investment amount: ¥0.4 billion
Completed in FY11Ｐ４[Construction of P4 Multi-story
Parking Lot]
• Full-scale multi-story parking lot
Started operation in August 2010••

Terminal 1
JAL Group, SKY, SFJ

Fixed Spots: 24
42•[Third Stage of the Plan]
Main building
Started operation in October 2010

[Terminal 1 Renovation Project]
Arrangements for environment,
stores, other facilities
Investment amount: ¥7.0 billion
Completed in FY10-11[Installation Upgrading Works]
Upgrading of the passenger
boarding bridge at Terminal 1,
upgrading of installations at
Terminals 1 & 2Completed in FY10-12

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL
2. Efforts Related to the Tokyo International Airport Re-expansion Project(1) Re-expansion Project of Tokyo International Airport

Runway Construction
Project
Construction started: FY06
Operation started:
October 21, 2010

Runway C

Terminal 2

Runway D

Runway B
Terminal 1

With the additional expansion, landing capacity
will increase by 1.3 times

Runway A[Before the re-expansion]
303 thousand slots a year (on daytime)(equivalent to 830 slots a day)International
Passenger
Terminal

International Section
Development Project(by PFI)

Increase of 104 thousand slots a year(or 284 slots a day)
Of which, around 60 thousand slots are forinternational flights (on daytime)

Operation started: October 21, 2010

[After the re-expansion] (from FY13-end)
407 thousand slots a year
(on daytime)(equivalent to 1,114 slots a day)Haneda Airport Dock

* Estimated based on the materials from the Study Group meeting for slot allocation standards at Haneda Airport (July 2009) and theGrowth Strategy Council of MLIT (April 2010) from the Ministry of Land, Infrastructure, Transport and Tourism

43

JAPAN AIRPORT TERMINAL(2) Founding and Present State of the Tokyo International Air Terminal Corporation
April 21, 2006
June 1, 2006
June 20, 2006
July 7, 2006
October 21, 2010

June 2011

April 2012

July 2012

November 2012
March 2013
May 2013
March 2014
September 2014

“HKT Group,” represented the Company, was selected as the candidate
for the project
HKT Group concluded basic agreement with the Japanese government
The special purpose company, Tokyo International Air Terminal
Corporation was foundedBusiness agreement was concluded between the Tokyo International
Air Terminal Corporation and the Japanese government
Placed in operation

Revised agreement on the maintenance and management of the terminalbuilding in the international section of the Tokyo International Airport was
concluded between Tokyo International Air Terminal Corporation and theJapanese government• Partial renovation and expansion of the main terminal building• Expansion of satellite and multi-story parking• Newly-built hotel
Publicly invited bids to perform passenger terminal building and other expansion
work• Terminal Building (4 sections)
1. Main building
2. Main building, satellite
3. Satellite
4. Satellite• Expansion of multi-story parking (1 section)

Tokyo International Air Terminal Corporation

2. Date Founded

June 20, 2006

3. Headquarters
Location

Haneda Airport, Ota-ku, Tokyo

4. Capital

9.0 billion yen

5. Businesses

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

6. Representative

Katsuji Doi, President (Former Vice President ofJapan Airport Terminal Co., Ltd.)

7. Composition of Shareholders
Japan Airport Terminal Co., Ltd.
Japan Airlines Corporation
ANA HOLDINGS INC.
Narita International Airport Corporation
Tokyo Electric Power Company, Inc.
SECOM Co., Ltd.
Tokyo Gas Co., Ltd.
Keihin Electric Express Railway Co., Ltd.
Tokyo Monorail Co., Ltd.
NTT Data Corporation
Development Bank of Japan Inc.
Mizuho Corporate Bank Ltd.
Bank of Tokyo-Mitsubishi UFJ Ltd.

Conclusion of subcontract agreement for expansion of passenger terminalbuilding and other areas• Terminal Building
1. and 2. main building and satellite: Taisei Corporation
3. and 4. satellite: Takenaka Corporation• Expansion of multi-story parking: Taisei Corporation
Expansion work started
Concluded a construction contract for expansion work of passenger terminalbuildings (hotel construction area): Taisei Corporation
Hotel construction area work startedExpanded terminal enters partial operation
Expanded terminal enters full operation

44

1. Company Name

(38.78%)(19.36%)(19.36%)(4.5%)(3.5%)(3.0%)(3.0%)(2.0%)(2.0%)(1.5%)(1.0%)(1.0%)(1.0%)

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

Note:

Created by the Company based on material from the Tokyo International Air
Terminal Corporation

JAPAN AIRPORT TERMINAL(3) Overview of the Tokyo International Terminal Building
Summary of facilities• Site area

approx. 150,000 m2• Terminal building
Floor space:approx. 236,500 m2(including water supply and waste disposal
facilities)
Floors:

5 floors

Fixed spots:

18 spots
Image picture of International passenger building, etc., after expansion• Parking lot
Floor space:approx. 86,000 m2

Floors:8 levels, 9 floors

Capacity:

approx. 3,000 vehicles

45

Note:

Created by the Company based on material from the Tokyo International Air
Terminal Corporation

JAPAN AIRPORT TERMINALTERMINAL
3. Changes in Passenger Volume on Domestic and International Flights (Haneda JAPANand AIR
Narita)2,000
6,500 6,499

Narita International Airport– international flight passengers (left axis)

2,470

2,577

2,675 2,631

2,768
2,587

3,151 3,151

803

2,886

2,945

3,000

3,397 3,356 3,418 3,416

3,207

3,082

2,677

726

2,692
2,000

Haneda Airport– international flight passengers (right axis)
0

97
87
85
85
84
81
72
'95.3 '96.3 '97.3 '98.3 '99.3 '00.3 '01.3

Launch of Gimpo flights

1,000

14
95
02.3

481

35

243

130

161

794
2,971

Launch of
Beijing flights

Increase in flights toHong Kong

84

1,200

1,155

3,086

3,105

3,230

1,000

2,930
800

Expanded international terminal
enters operation

4,000

1,600

1,400

Value

The extended part ofSouth Pier in Terminal 2 started
operation

4,446

1,549

The Great East Japan
Earthquake

4,302

6,141
5,853

New International Terminal started operation

4,630

1,800
5,642

Expanded South Side of Terminal 2
at Haneda Airport

9-11 Terrorist Attack in
the US

4,863

5,000

Financial crisis being triggeredby the US

5,568

5,141

6,379

5,933 5,880

5,854
Terminal 2 opened at Haneda

5,416

6,265 6,270

H1N1 influenza outbreak

Haneda Airport– domestic passengers (left axis)

SARS outbreak

6,000

6,318

6,180 6,196 6,163 6,229

International charter flights
moved to Narita

Passengers using Haneda domestic
flights and Narita international flights

7,000

600

400

275

200

195 Launch of Hong Kong flights
Launch of Shanghai flights

Increase in flights to Gimpo

0'03.3 '04.3 '05.3 '06.3 '07.3 '08.3 '09.3 '10.3 '11.3 '12.3 '13.3 '14.3 '15.3 '16.3 '17.3

Fiscal year

(Forecast)
Source: Created by the Company based on material from the Ministry of Land, Infrastructure, Transport
and Tourism and the Narita International Airport Corporation

46

Haneda international flightpassengers(Ten thousand passengers)(Ten thousand passengers)

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial
forecasts, future figures and monetary amounts in this presentation that is nothistorical data are projections of the future. These are based on
management’s projections, assumptions, evaluations, judgments, andconditions on information obtainable at the present time. Realizing these
items entail uncertainty and various risks.
This presentation material is not intended to solicit investments. We requests
you to make own decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Corporate Planning Division, PR/IR Office

TEL: 03 (5757) 8030
FAX: 03 (5757) 8099
Email: ir@jat-co.com