May 8, 2013

Financial Report for the Year Ended March 31, 2013 (FY2012) [J-GAAP] (Consolidated)
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.

Company name:
Japan Airport Terminal Co., Ltd.
Listed stock exchange: Tokyo, 1st Section
Code number:
9706
URL: http://www.tokyo-airport-bldg.co.jp/
Representative:
Isao Takashiro, President
Contact:
Masumi Matsumoto, Vice President, Administration Department
TEL 03-5757-8030
Scheduled date of annual general meeting of shareholders:June 27, 2013
Scheduled date of filing securities report:
June 27, 2013
Scheduled date of commencing dividend payment:
June 28, 2013
Supplementary materials on financial results (yes/no)
Yes
Holding of earnings announcement (yes/no)
Yes (for institutional investors and financial analysts)(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Year Ended March 31, 2013 (April 1, 2012 to March 31, 2013)(1) Consolidated Business Results(%: Change from the previous period)
Operating revenues

FY2012FY2011

Operating income

%
5.2
(4.0)

Millions of yen

136,149
129,3914,179
877(Note) Comprehensive income (loss):

Diluted net income
per share
Yen

20.00
(32.32)-(Reference) Equity in earnings (losses) of affiliates:

Net income (loss)%(94.3)

Millions of yen

3,666
176

FY2012 ¥1,797 million(-%)

Net income (loss)
per shareYen

FY2012FY2011

Ordinary income%
376.4(79.1)

Millions of yen%-

Millions of yen

1,624(2,614)FY2011 ¥ (3,366) million (-%)%

Ordinary income tototal assets%

Operating income tooperating revenues
%

1.7
(2.6)

2.0
0.1

3.1
0.7

Return on equity

FY2012 ¥ (974) million

FY2011 ¥ (918) million(2) Consolidated Financial Position
Total assets

Equity capital tototal assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

186,431
189,165

100,633
99,43353.1
51.7

1,219.40
1,204.93

As of March 31, 2013
As of March 31, 2012
(Reference) Equity capital:

As of March 31, 2013 ¥99,052 million

As of March 31, 2012 ¥97,878 million(3) Consolidated Cash Flows
Cash flows from operating
activities

Cash flows from investing
activities

Cash flows from financing
activities

Cash and cash equivalents
at the year-end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

15,695
14,947(15,389)(10,314)(4,983)(5,614)

16,151
20,816FY2012FY2011
2. Dividends

Dividends per share

Dividend
payout ratio(consolidated)

Dividends on
net assets(consolidated)

Q1-EndQ2-EndQ3-EndYear-End

Yen

Yen

Yen

Yen

Yen

Millions of yen

%

%

-

3.50
3.50

-

3.50
6.50

7.00
10.00

568
812

(21.7)
50.0

0.6
0.8

-

5.00

-

5.00

10.00

FY2011FY2012FY2013(Forecast)

AnnualTotal
dividends(annual)62.5

3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2014 (April 1, 2013 to March 31, 2014)(%: Change from the same period of the previous year)

Operating revenues
First half
Full-year

Operating income

Ordinary income

Net income
per share

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

68,400135,900

(1.9)
(0.2)

1,800
4,300

(30.2)
2.9

1,100
3,200

(56.9)(12.7)

300
1,300(75.9)(20.0)

3.69
16.00

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4. Other Information(1) Significant changes in subsidiaries during the year under review (changes in specified subsidiaries involving changes in scope of
consolidation): None
New: None
Excluded: None
(2) Changes in accounting policies, accounting estimates, and restatement of revisions
1) Changes in accounting policies due to revisions of accounting standards, etc.: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: Yes
4) Restatement of revisions: None
(Note) These items fall in those set forth in Article 14-7 of the Ordinance on Terminology, Forms, and Preparation Methods ofConsolidated Financial Statements (cases in which changes in accounting policies are difficult to distinguish from changes inaccounting estimates). For details, please see “(5) Notes on the Consolidated Financial Statements (Notes on Changes in
Accounting Policies)” in “4. Consolidated Financial Statements” in the appendix materials.
(3) Number of shares outstanding (common stock)1) Number of shares outstanding at the year-end (including treasury stock):
As of March 31, 2013
84,476,500 shares
As of March 31, 2012
2) Number of treasury stock at the year-end:
As of March 31, 2013
3,246,167 shares
As of March 31, 2012
3) Average number of shares outstanding during the period:
Year ended March 31, 2013
81,231,324 sharesYear ended March 31, 2012

(Reference) Summary of Non-Consolidated Financial Results
1. Financial Results for the Year Ended March 31, 2013 (April 1, 2012 to March 31, 2013)(1) Non-Consolidated Business Results
Operating revenues
Millions of yen

FY2012FY2011

110,675
106,764

Operating income (loss)

%
3.7
(1.3)

2,440
(514)

Net income (loss) per
share
Yen

Diluted net income per
share
Yen

19.31
(13.43)-

FY2012FY2011

3,244,814 shares
80,901,570 shares(%: Change from the previous period)

Ordinary income (loss)%-

Millions of yen

84,476,500 shares

Net income (loss)%-

Millions of yen

2,768
(321)

%
-

Millions of yen

1,568(1,086)(2) Non-Consolidated Financial Position
Total assets

As of March 31, 2013
As of March 31, 2012
(Reference) Equity capital:
2.

Equity capital tototal assets

Net assets

Net assets per share

Millions of yen

Millions of yen%

Yen

175,508
176,441

88,97187,31050.7
49.5

1,095.30
1,074.83

As of March 31, 2013

¥88,971 million

As of March 31, 2012

¥87,310 million

Forecast of Non-Consolidated Financial Results for the Year Ending March 31, 2014 (April 1, 2013 to March 31, 2014)(%: Change from the same period of the previous year)

Operating revenues
First half
Full-year

Ordinary income

Net income

Net income per share

Millions of yen%

Millions of yen%

Millions of yen%

Yen

55,300110,200

(2.9)
(0.4)

1,100
2,600

(46.5)
(6.1)

700
1,500

(42.6)
(4.4)

8.62
18.47

* Implementation status of audit procedures
The audit procedure based on the Financial Instruments and Exchange Act does not apply to this Financial Report, and the audit
procedure based on the Financial Instruments and Exchange Act had not been completed as of the release of this Financial Report.

* Statements regarding the proper use of financial forecast and other special remarks
1. The forecast of the business results reported herein was prepared based on information the Company had in its possession as of thetime this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that thesefigures will be achieved. Actual results may differ significantly from forecasts due to various factors. For matters related tofinancial forecast mentioned above, please refer to page 2 of the appendix materials “1. Business Results (1) Analysis of-2-Consolidated Business Results”.
2. Earnings announcement is planned to be held on May 16, 2013 for institutional investors and financial analysts. Video of thepresentation as well as presentation materials used in the earnings announcement will be promptly posted on the Company’s
website following the meeting.

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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

Contents of the Appendix Materials

1.

BUSINESS RESULTS ......................................................................................................................... - 2 -(1) ANALYSIS OF CONSOLIDATED BUSINESS RESULTS ........................................................................................... - 2 (2) ANALYSIS OF CONSOLIDATED FINANCIAL POSITION ........................................................................................ - 4 (3) BASIC POLICY REGARDING DISTRIBUTION OF EARNINGS AND DIVIDENDS FOR THE YEAR ENDED MARCH 31, 2013
AND THE YEAR ENDING MARCH 31, 2014 ...................................................................................................... - 5 (4) BUSINESS AND OTHER RISKS ........................................................................................................................ - 5 2.

OUTLINE OF THE BUSINESS GROUP .............................................................................................. - 7 -3.

MANAGEMENT POLICY .................................................................................................................. - 9 -(1) BASIC MANAGEMENT POLICY ...................................................................................................................... - 9 (2) KEY PERFORMANCE INDICATOR .................................................................................................................... - 9 (3) MID- AND LONG-TERM BUSINESS PLAN AND ISSUES WHICH THE COMPANY NEEDS TO ADDRESS ......................... - 9 4.

CONSOLIDATED FINANCIAL STATEMENTS ................................................................................ - 11 -(1) CONSOLIDATED BALANCE SHEETS ............................................................................................................... - 11 (2) CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME......... - 13 (3) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY ......................................................... - 16 (4) CONSOLIDATED STATEMENTS OF CASH FLOWS ............................................................................................. - 18 (5) NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................................... - 20 (Notes on the Premise of a Going Concern) ................................................................................................ - 20 (Notes on Changes in Accounting Policies) ................................................................................................. - 20 (Notes on Consolidated Balance Sheets) ..................................................................................................... - 20 (Notes on Consolidated Statements of Income) ............................................................................................ - 21 (Notes on Consolidated Statements of Comprehensive Income) ..................................................................... - 22 (Notes on Consolidated Statements of Changes in Shareholders’ Equity) ....................................................... - 23 (Notes on Consolidated Statements of Cash Flows) ...................................................................................... - 24 (Segment Information) .............................................................................................................................. - 24 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

1. Business Results(1) Analysis of Consolidated Business Results1) Summary of earnings for the fiscal year ended March 31, 2013
During the fiscal year ended March 31, 2013, the Japanese economy initially showed modest recovery supported
by reconstruction demand related to the Great East Japan Earthquake. Although this began to weaken primarily
due to the global economic slowdown, the economy began to show signs of recovery once again near the end of
the fiscal year. Moving forward, the economy is expected to gradually recover driven by improvements in export
conditions and bolstered by an economic stimulus package as well as monetary policy. Nevertheless, the prospectof an economic downturn overseas still poses a risk that could weaken the domestic economy.
In the airline industry, passenger volume on both domestic and international flights increased compared tothe previous year. This occurred primarily because of a rebound from the significant decline in volume seen in
FY 2011 following the Great East Japan Earthquake, which happened in March 2011, combined with the entry of
new low-cost carriers (LCC) into the market.
In the third and fourth quarters, there were concerns over the impact of the Senkaku Islands dispute on
passenger volume. However, total international passenger volume during these quarters actually increased
year-on-year, despite the fact that Chinese passenger volume has not recovered to the previous level.
Considering the current conditions in the airline industry, it is becoming increasingly important for eachcompany to further strengthen their cost competitiveness and adapt to the changing environment. There are anumber of reasons for this, including industry liberalization (open skies agreements), intensifying competition
triggered by the entry of LCCs, and the ongoing review concerning airport management aimed at enhancing
efficiency, attracting more users, and improving profitability.
Under these circumstances, the Japan Airport Terminal (JAT) Group has completed the expansion of three
new aircraft parking spots at Haneda Airport’s domestic passenger Terminal 2 which were put into service inApril 2013 in an effort to implement its medium-term business plan ending in FY2012. Furthermore, with aview toward responding to the changing environment and to proceeding with the next stage of growth as a key
member of the airline industry, we have continued to focus on four top priorities to strengthen our businessfoundation: 1) Decreasing vacant rental space, 2) Strengthening food-related business, 3) Reviewing andreducing costs for operating terminal buildings and 4) Exploring new revenue sources.
As part of our efforts to decrease vacant rental space, we opened a compact hotel and “Isetan Haneda Store”.
In addition, we made efforts to attract more new businesses to help enhance the attractiveness of Haneda Airport
and improve profitability. To mitigate the risk of reducing the office space rented by airlines facing severebusiness conditions, we have executed fixed-term office lease contracts to airline companies in addition toreviewing the rental fees for some contracts.
With respect to other priorities, we have striven to improve profitability through a number of measures.
These have included efforts to reduce the cost of goods by realizing economies-of-scale through marketing
private-branded merchandise, to streamline store operations in the merchandise sales and food and beveragebusinesses, and to revise outsourcing contracts in order to reduce outsourcing costs within group companies.
Furthermore, by leveraging our expertise, we continued to develop new business operations outside of Haneda
Airport, such as opening domestic shops as well as stores and restaurants in China.
Consolidated operating revenues for the current fiscal year totaled ¥136,149 million (up 5.2% from the previous
fiscal year), with operating income of ¥4,179 million (up 376.4%), ordinary income of ¥3,666 million (compared
to ordinary income of ¥176 million in the previous fiscal year), and net income of ¥1,624 million (compared to
net loss of ¥2,614 million in the previous fiscal year).
The following is a breakdown of earnings by segment. Note that the figures for operating income (loss) areequivalent to those for segment income (loss).
[Facilities Management]
Rent revenue fell short of that of the previous year, largely due to a negative impact from the reduction in theamount of office space leased by airlines in the domestic passenger terminal building at Haneda airport.
Facility user charges revenue surpassed the figure for the previous year because user charges revenue fordomestic terminal facilities increased following a recovery of passenger volume.
Other revenues showed improvements from the previous year due to a number of factors, such as openingof “First Cabin Haneda Terminal 1”, a compact hotel at the passenger terminal 1 and increases in parking
revenue and airport lounge revenue.
As a result, operating revenues from the facilities management operations increased to ¥44,770 million (up0.4% from the previous year). Operating income for the segment increased to ¥3,353 million (up 155.9 %)primarily due to decreases in maintenance expenses and depreciation expenses.
-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)[Merchandise Sales]
Sales at domestic terminal stores increased year-on-year due to a number of factors including a recovery ofpassenger numbers, opening of new directly managed stores in the departure gate lounge in domestic Terminal 1,
renovation of shops near departure lobby area and sales promotion of private branded merchandise.
Sales at international terminal stores greatly exceeded the figure of the previous year. The increase was due
to overall growth in the passenger volume despite negative effects observed on some routes triggered by
Senkaku Islands disputes, combined with opening of new directly managed shops in Narita International
Airport and Kansai International Airport.
Other revenues also increased as compared with the figure of the previous year mainly due to an increasein wholesale of products to stores at the international passenger terminal building.
As a result, operating revenues from the merchandise sales operations increased to ¥79,201 million (up7.8% from the previous year) and operating income to ¥4,630 million (up 6.3%).
[Food and Beverage]
Sales from food and beverage operations increased from the previous year. The increase was attributable to arecovery of passenger volume, opening of new stores as well as proactive sales and marketing activities forcustomer acquisition.
Sales from in-flight meals also rose as foreign carriers resumed flights that had been cancelled primarily as
a consequence of the Great East Japan Earthquake and subsequent nuclear accident.
Other revenues also increased from the previous year due largely to an increase of outsourcing business
operated at airline lounges at international passenger terminal.
As a result, operating revenues from food and beverage operations rose to ¥16,870 million (up 7.9% fromthe previous year). Operating income for the segment turned into a profit of ¥106 million (compared to an
operating loss of ¥791 million in the previous year).

2) Forecast for the fiscal year ending March 31, 2014
Over the next fiscal year, the Japanese economy is expected to follow a path of gradual recovery supported bya number of factors including improvements in export conditions, an economic stimulus package, as well asmonetary policy. Nevertheless, the prospect of an economic downturn overseas still poses a risk that could
weaken the economy.
In the airline industry, passenger volume is forecast to grow year-on-year primarily because of theincrease of the landing slots. Haneda Airport will increase the slots for domestic flights by 20,000 and Narita
International Airport will increase their slots by the same amount. On the other hand, the increasinglycompetitive landscape, including industry liberalization (open skies agreements), intensifying competition
triggered by the entry of LCCs, and the ongoing review concerning airport management aimed at enhancing
efficiency, attracting more users, and improving profitability, necessitates that the industry adapt to thesechanges and further strengthen its cost competitiveness.
Under these conditions, our present expectations for earnings by segment are described below.
Facilities management operations are expected to grow year-on-year because of the addition of three newaircraft parking spots at Haneda Airport’s domestic passenger Terminal 2 as well as an increase in revenue
from facility user charges following a recovery of passenger volume.
Merchandise sales operations are forecast to decline year-on-year because we expect that the negative
impact of changes in contractual agreements for wholesale business at Narita International Airport and KansaiInternational Airport will outweigh the sales growth at both domestic and international terminals supported bya recovery in passenger volume as well as by various sales efforts.
Food and beverage operations are expected to experience growth from this year reflecting a recovery inpassenger volume and bolstered by the opening of directly managed facilities.
Therefore, for consolidated performance in the fiscal year ending March 31, 2014, we forecast operating
revenue of ¥135,900 million (down 0.2% year on year) and operating income of ¥4,300 million (up 2.9%).
Combined with an expected decline in non-operating profit, we forecast an ordinary income of ¥3,200 million(down 12.7%), and net income of ¥1,300 million (down 20.0%).

-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(2) Analysis of Consolidated Financial Position
1) Assets, liabilities and net assets
Total assets decreased by ¥2,733 million from the previous fiscal year end to ¥186,431 million, primarily due to adecrease in cash and deposits as well as a decline in tangible fixed assets resulting from the progress ofdepreciation, despite an increase in investment securities.
Total liabilities decreased by ¥3,933 million from the previous fiscal year end to ¥85,798 million primarily
because long-term loans payable decreased.
Total net assets increased by ¥1,199 million from the previous fiscal year end to ¥100,633 million primarily
because retained earnings increased.
As a result, equity ratio was 53.1% at the fiscal year end.
2) Cash flows
Cash and cash equivalents (hereinafter referred to as “cash”) at the current fiscal year end decreased by ¥4,664
million compared to the previous fiscal year end, to ¥16,151 million.
The following is a summary of cash flows and the factors behind these flows for the current fiscal year.
[Cash flows from operating activities]
Net cash provided by operating activities increased by ¥748 million (up 5.0%) from the previous fiscal year, to¥15,695 million.
This was primarily due to an increase in income before income taxes and minority interests, despite a smaller
impact from changes in other current assets.
[Cash flows from investing activities]
Net cash used in investing activities increased by ¥5,074 million (up 49.2%) from the previous fiscal year, to¥15,389 million.
This was largely due to an increase in the purchase of investment securities.
[Cash flows from financing activities]
Net cash used in financing activities decreased by ¥631 million (down 11.2%) from the previous year, to ¥4,983
million.
This was mainly due to a decrease in the repayment of long-term loans.

Cash flow indicators
Equity ratio (%)
Equity ratio based on market
value (%)
Debt to cash flow ratio (years)
Interest coverage ratio (times)

FY200864.5

FY200954.4

FY201050.6

FY201151.7

FY2012
53.1

56.1

56.0

42.1

46.8

54.7

2.1
22.1

4.1
16.7

5.7
11.8

4.3
13.9

3.8
17.3

Equity ratio: equity capital / total assets
Equity ratio based on market value: market capitalization / total assets
Debt to cash flow ratio: interest-bearing debt / operating cash flow
Interest coverage ratio: operating cash flow / interest payment(Notes)1. All indicators are calculated using financial figures on a consolidated basis.
2. Market capitalization is calculated by multiplying the final stock price at term end by the number of shares outstanding at
term end (after deduction of treasury stock).
3. “Operating cash flow” uses cash flow from operating activities shown in consolidated statements of cash flows.
“Interest-bearing debt” refers to all debt posted in consolidated balance sheets for which interest is paid. “Interest
payment” refers to the interest paid on consolidated statements of cash flows.

-4-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(3) Basic Policy Regarding Distribution of Earnings and Dividends for the Year Ended March 31, 2013 and theYear Ending March 31, 2014
JAT considers distributing profits to shareholders an important issue. We have a basic policy of continuing to
pay stable dividends by taking a more aggressive stance toward business and striving to improve earnings,
while at the same time securing sufficient retained earnings in light of the possibility of large scale investments,
such as the maintenance of the domestic terminal buildings at Haneda Airport.
In light of above-mentioned dividend policy and business results, dividends for the year will come to ¥10
per share (of which ¥3.5 per share has already been paid as an interim dividend).
Regarding dividends for the fiscal year ending March 31, 2014, the JAT Group expects to pay an annual
dividend of ¥10 per share (of which ¥5 per share will be paid as an interim dividend), though the dividend
policy will be flexibly examined taking into account various prevailing factors, such as business conditions
and results.

(4) Business and Other Risks
Matters that could significantly impact judgment by investors are discussed below.
Among these, those involving future considerations have been identified based on judgments made by the JATGroup as of the end of the fiscal year ended March 31, 2013.
1) The JAT Group’s business baseAs a company that has constructed, manages, and operates Haneda Airport’s domestic passenger terminalbuildings and other facilities, the JAT Group’s core businesses consist of the leasing of office and other spaces,
sales of merchandise, operation of food and beverage services, and the provision of travel-related services. We
also conduct operational services and wholesale business at Haneda Airport’s international passenger terminalbuilding. In addition, we engage in activities like sales of merchandise and the provision of food and beverage
services at Narita International Airport, Kansai International Airport, as well as other airports. The JAT Groupleases to other parties commercial real estate it owns outside of airports, and we apply experience andexpertise that we have accumulated over the years to develop promising new businesses, both inside andoutside of airport facilities.
2) Business risks for the JAT GroupThe JAT Group has identified the business risks described below. To minimize the business impact of theserisks should they materialize, the JAT Group has diversified its revenue base both geographically (among
Haneda, Narita International, and other airports) and operationally (among facilities management operations,merchandise sales operations, and food and beverage operations). Moreover, it has strengthened measures toaddress the possibility of operating expense increases in each of its businesses. Through these and otherprudent steps, the JAT Group has endeavored to enhance its core business strengths and boost its overallcapabilities.
(i) The JAT Group’s core businesses consist of the leasing of offices and other spaces in airport passenger
terminal buildings and the operation of merchandise sales, food and beverage services and travel-related
services for air travelers. As such, it is highly reliant on the airline companies that are its primary lessees
and the air travelers who are its primary customers. Fluctuations in international and domestic passenger
volume resulting from international political or economic upheaval, natural disasters, and developments
like the emergence of new strains of influenza, and the business results of airline companies, could
significantly impact the JAT Group’s business results and financial position.
(ii) The JAT Group manages its key business – operation of the domestic and international passenger terminalbuildings at Haneda Airport – based on its designation as an Airport Facilities Operator pursuant toprovisions of The Airport Act. Therefore, legal or organizational changes concerning terminal building
operations and changes in airport management policy by the national government (which oversees airport
management) or regulatory authorities, could significantly impact the JAT Group’s business results andfinancial position.
(iii) Aimed at fueling the growth of the air transport industry and revitalizing the Japanese economy, theMinistry of Land, Infrastructure, Transport and Tourism (MLIT) has developed a growth strategy thatconsists of three cornerstones: air transport liberalization, promotion of the entry of new carriers (such as
LCCs) into the market, and reforms in airport management. With respect to airport management, theintegrated governance and management structure in which a single airport operator exclusively manages-5-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)and operates runaways, passenger terminal buildings, and other facilities has been the object of discussion.
Therefore, the guidelines to be set forth by the national government and regulatory authorities have thepotential to significantly impact the JAT Group’s future business results and financial position(iv) The JAT Group has constructed and owns two domestic passenger terminal buildings and multilevelparking facilities at Haneda Airport. Within these two buildings, it leases offices as well as other spaces,
and operates merchandise sales, food and beverage services, and travel-related services. The JAT Grouphas endeavored to take all reasonable measures to prevent or respond to disasters, criminal activity, andaccidents, to promote the safe and comfortable operation of its terminal buildings. However, despite its best
efforts, earthquakes, fires, acts of terror, or other such events resulting in injuries, deaths, or property
damage at the airport or terminal buildings could significantly impact the JAT Group’s business results andfinancial position.
(v) The JAT Group operates airport food and beverage services, sells processed and other food products in
airport retail stores, and engages in the production and sale of in-flight meals. In pursuing these activities, itpays strict attention to food safety. Damage to the JAT Group’s reputation, administrative dispositions, andother such consequences of food poisoning, the inclusion of foreign objects in products, or other quality
assurance issues at a dining facility or retail store, for example, could significantly impact the JAT Group’sbusiness results and financial position.
(vi) The JAT Group, in order to efficiently and stably secure financing, has entered into syndicated loan
agreements with financial institutions. These agreements include financial and other covenants. The
violation of these covenants – for example, by a significant lowering of JAT’s credit rating following achange in tax regulations or the Group’s business environment – could result in the forfeiture of the benefitof time and significantly impact the JAT Group’s cash flow, business results, and financial position.

-6-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

2. Outline of the Business GroupThe JAT Group (JAT and its group companies) consists of JAT (Japan Airport Terminal Co., Ltd.), 16
subsidiaries, and 10 affiliated companies. In addition to its main business of facilities management operations,
including the operation of domestic and international passenger terminals and the provision of services todomestic and international users of Haneda Airport, the JAT Group conducts merchandise sales operations andfood and beverage operations. Furthermore, the JAT Group conducts operations, such as merchandise sales at
Narita International Airport, Kansai International Airport, Central Japan International Airport, and Chengdu
Shuangliu International Airport (Chengdu, Sichuan province, China).
The following is a description of the position of JAT and its subsidiaries and affiliates within the corporategroup and the details of its operations.
Facilities management operations:
JAT and one of its affiliated companies operate domestic and international passenger terminal building facilities
at Haneda Airport, including the leasing of the facilities to aviation-related companies (particularly airline
companies) and the development and operation of these facilities.
In addition, Japan Airport Techno Co., Ltd., along with three other subsidiaries and six affiliated companies,
performs maintenance, operation, and cleaning of facilities related to airport terminals, passenger transportation,and ground handling operations. Furthermore, BIG WING Co., Ltd. and one other subsidiary provide services,such as advertising agency operations and passenger services, at airport terminals.
Merchandise sales operations:
JAT, International Trade Inc., along with five other subsidiaries and three affiliated companies, conduct
merchandise sales operations. These companies carry out retail sales to parties such as airline passengers,
particularly those at Haneda Airport (domestic and international), Narita International Airport, and KansaiInternational Airport. Moreover, they sell wholesale to entities such as companies operating airport terminals,
particularly Central Japan International Airport.
In addition, a JAT subsidiary called Japan Airport Logitem Co., Ltd. conducts operations such as transporting
merchandise and managing warehouses.
Furthermore, another JAT subsidiary called as Japan Airport Terminal Trading (Chengdu) Co., Ltd. conducts
merchandise sales operations at Chengdu Shuangliu International Airport (Chengdu, Sichuan Province, China).
Food and beverage operations:
JAT, Tokyo Airport Restaurant Co., Ltd., one other subsidiary, and an affiliated company provide food andbeverage services to various parties, such as users of Haneda Airport (domestic and international) and Narita
International Airport.
Cosmo Enterprise Co., Ltd., one other subsidiary, and one affiliated company produce and sell in-flight meals
and frozen foods to airline companies mainly flying international routes through Haneda Airport and Narita
International Airport. Another JAT subsidiary, Japan Airport Terminal Trading (Chengdu) Co., Ltd. conducts foodand beverage services in China (Chengdu, Sichuan Province).

-7-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

The following diagram shows the operations discussed above.

Customers

Japan Airport Terminal Co., Ltd.
Facilities management operations
Haneda Airport Security Co., Ltd.
Haneda Passenger Service Co., Ltd.

SubsidiaryJapan Airport Ground Handling Co., Ltd.

Affiliated company

Airport Transport Service Co., Ltd.
Narita Airport Techno Corporation
Tokyo City Air Terminal Co., Ltd.
Seikousha Inc.
Kanto Kowa Co., Ltd.
SK Clean Service Co., Ltd.

Sakura Co., Ltd.

*1
*1
*1
*1

Merchandise sales operations
International Trade Inc.
Japan Airport Logitem Co., Ltd.
Haneda Airport Enterprise Co., Ltd.
Hamashin Co., Ltd.
Tsukizi Hamashin Co., Ltd.

BIG WING Co., Ltd.
Japan Airport Techno Co., Ltd.

*1
*1
*1
*1
*2

Food and beverage operations
Tokyo Airport Restaurant Co., Ltd.
Cosmo Enterprise Co., Ltd.
CTT Co., Ltd.
Kaikan Development Co., Ltd.

*1
*1
Japan Airport Terminal Trading (Chengdu) Co., Ltd.

*3
*3
*4
*4
*4
*4

*1
*1
*1
*1

Japan Trade Culture Inc.
Gran’ Bird Co., Ltd.

*4
*4

Tokyo International Air Terminal Corporation *3*1. Consolidated subsidiary: 15 companies*2. Non-consolidated subsidiary that is not accounted for using the equity method: one company*3. Affiliated company that is accounted for using the equity method: 4 companies*4. Affiliated company that is not accounted for using the equity method: 6 companies-8-

Japan Airport Delica Inc.

*1
*3

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

3. Management Policy(1) Basic Management Policy
The JAT Group has a basic management philosophy to achieve harmony between society and business as acorporate group that constructs and manages domestic passenger terminals and other facilities at Haneda Airport,
the base of the domestic air transportation network.
Under this basic philosophy, the JAT Group is committed to fulfill its social responsibilities by ensuring safetyat terminals and operating customer-oriented terminals in a stable and efficient manner. In order to continue toenhance corporate value, the JAT Group strives to improve the convenience, comfort, and functionality ofterminals through the implementation and management of strategically important investments and by responding
appropriately to increasingly sophisticated and diversified customer needs. As a basic management policy, we
work to create value for stakeholders, including airline companies, airport users, business partners, andshareholders.
JAT has been designated as an Airport Facilities Operator under The Airport Act. To fulfill its
responsibilities, JAT will take comprehensive measures to fully realize its basic management philosophy.
(2) Key Performance Indicator
In order to maximize the return on capital and thoroughly adopt management policies aimed at increasing
shareholder value, the JAT Group newly formulated a medium-term business plan. Under this plan, we will takes
necessary measures in facility development, revenue expansion, efficiency promotion, and other measures tosecure appropriate levels of earnings. Moreover, we aim to improve the Group’s performance measured in termsof return on assets (ROA) and return on equity (ROE), which we consider key performance indicators.
Furthermore, we will continue with efforts to maintain financial soundness by keeping our equity ratio above
50% through prudent management of borrowings and other liabilities.
(3) Mid- and Long-Term Business Plan and Issues which the Company Needs to Address
The JAT Group has steadily implemented our company-wide priorities under the medium-term business plan
(covering the three-year period from FY 2010 through FY 2012). These priorities centered around our efforts at
Haneda Airport, which is the core of the JAT Group’s business, including the opening of the new international
passenger terminal building, expanding the main building at domestic Terminal 2, and renovating the domestic
Terminal 1 building.
Meanwhile, efforts have been made to transform Haneda Airport into a 24-hour international air hub based on
the Ministry of Land, Infrastructure, Transport and Tourism’s (MLIT) Growth Strategy. To this end, there areplans to increase landing slots for international flights from 60,000 to 90,000 annually. We have been examining
strategies to take advantage of the significant business opportunities that could be created as a result of this plan.
On the other hand, the possibility of integration of airport-related businesses, such as airport terminal building
operation and the operation of the airport itself, have been discussed as evidenced by the fact that the Cabinet
approved the bill for “The operation of state-run airports, etc. by utilizing the management capabilities of theprivate sector”. These developments confirm that our industry is witnessing drastic changes in its businessenvironment.
When we consider the airline industry, it appears that competition has become increasingly intense primarily
due to industry liberalization and the entry of LCCs. The JAT Group’s revenue structure has also seen changes
caused by the reduction of office space previously leased by airlines that needed to streamline their business anddecreases in the scope of the wholesale product line that was sold to operators at Narita International Airport andKansai International Airport as a result of their efforts to strengthen their own merchandise businesses. To copewith these changes, we have striven to enhance our revenue base by utilizing vacant spaces and developing newcommercial spaces and to pursue efficiency through improvements in our operational structure. Moving forward,
we will continue to strive to build a foundation of core strengths that will enable us to be resilient in the face ofvarious changes in our business environment.
Facing these challenging circumstances, the JAT Group has formulated a new medium-term business plan for
the three-year period from FY 2013 through FY 2015. The major theme of this plan is to “Facilitate the ongoing
evolution of Haneda Airport and strengthen its business foundation to ensure the future success of the airport`s
operation” with a view toward achieving further growth. In the near-term, in conjunction with the increase ofinternational slots at Haneda Airport, we will help to strengthen the airport’s hub function by constructing adomestic-international transfer facility at the domestic passenger terminal building. In addition, we will try totake full advantage of the business opportunity primarily through the expansion of operations that are outsourced
to the JAT Group at the international terminal building. Moreover, to lay the groundwork for the airport’s
successful operation in the future, we will proactively invest in passenger terminals, develop a new rent structure
appropriate for the changing environment, and implement ideas to utilize the passenger terminal that will lead toincreases in passenger volume and develop new business opportunities outside of Haneda Airport. Furthermore,in the existing businesses that will support these initiatives, we will endeavor to achieve higher profitability andefficiency. Through such efforts, we will strive to achieve the goals of our new medium-term business plan.
-9-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

The JAT Group is committed to carrying out its responsibilities as an Airport Facilities Operator, whichconstructs, operates, and manages domestic terminals at Haneda Airport, in compliance with The Airport Act. To
fulfill this mission, while respecting our core management philosophy of establishing harmony between society
and business, the entire Group is working in earnest to improve the convenience, comfort, and functionality of its
passenger terminal buildings by monitoring and taking into consideration various issues, such as the condition of
the Japanese economy as well as airline industry trends. We will continue to embrace a “customer-centric”
philosophy, ensure safety, and steadily move ahead with measures to continuously create value at Haneda Airportand contribute to the advancement of air transportation. Through these efforts, we proudly strive to enhance thecorporate value of the entire JAT Group.

- 10 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)

ASSETS
Current assets
Cash and deposits
Accounts receivable
Merchandise and finished products
Raw materials and stored goods
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation and impairment loss
Buildings and structures (net)
Machinery, equipment and vehicles
Accumulated depreciation and impairment loss
Machinery, equipment and vehicles (net)Land
Lease assets
Accumulated depreciation and impairment loss
Lease assets (net)
Construction in progress
Other tangible fixed assets
Accumulated depreciation and impairment loss
Other tangible fixed assets (net)Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other investments
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS- 11 -FY2011(As of March 31, 2012)

FY2012(As of March 31, 2013)

20,886
9,532
3,288
155
1,283
1,653
(38)
36,76016,167
9,528
4,158
134
1,068
1,539
(12)
32,584

262,735(156,293)
106,442
10,408(9,181)
1,227
10,476
2,525
(587)
1,937
3,107
23,925(19,203)
4,721
127,9122,303

265,219(165,240)
99,978
10,231(8,237)
1,994
10,4762,552(1,018)1,534
4,436
24,479(20,137)
4,341
122,761
2,214

6,954
6,315
6,615
2,322
(18)
22,188152,404
189,165

13,102
6,668
6,673
2,425
－
28,870
153,846
186,431

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Asset retirement obligations
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
Lease obligations
Allowance for employees’ retirement benefits
Asset retirement obligations
Other fixed liabilities
Total fixed liabilities
TOTAL LIABILITIESNET ASSETS
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total Accumulated other comprehensive income
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS- 12 -FY2011(As of March 31, 2012)

FY2012(As of March 31, 2013)

5,203
9,612
422
800
－
178
10,767
26,985

5,062
12,104
1,831
896
152
－
10,02230,06950,924
2,186
4,863
277
4,494
62,74589,73144,702
1,572
4,770
443
4,240
55,72885,79817,48921,30963,818(3,238)99,37917,48921,30964,874(3,239)100,434

1,003

1,670

(2,503)(1)(1,500)1,555
99,433
189,165(3,073)20(1,382)
1,581
100,633
186,431

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Operating revenues
Rent revenue
Facility user charges revenue
Other revenues
Sale of merchandise
Sale of food and beverage
Total operating revenue
Cost of sales
Cost of sales of merchandise
Cost of sales of food and beverage
Total cost of sales
Gross profit
Selling, general and administrative expenses
Salaries and wages
Provision for employees’ bonuses
Provision for directors’ bonuses
Expenses for retirement benefits
Rent expenses
Outsourcing and commission
Depreciation expenses
Other costs and expenses
Total selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Contributions in aid of construction
Amortization of negative goodwill
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income- 13 -FY2012(from April 1, 2012
to March 31, 2013)

14,16915,416
13,98472,754
13,065
129,391

13,274
15,764
14,55478,506
14,048136,149

55,2288,444
63,67365,71858,635
8,698
67,333
68,815

7,946
769
904
7,566
12,942
13,95420,75764,841
877

8,034
845
152
907
8,331
13,812
12,865
19,68564,635
4,179

305
79
26
191
831
1,434

310
122
255
191
754
1,635

1,072
918
144
2,134
176

990
974
184
2,148
3,666

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Extraordinary gains
Gain on sales of investment securities
Total extraordinary gains
Extraordinary loss
Loss on valuation of investment securities
Impairment loss
Loss on disaster
Loss on valuation of other investments
Provision for doubtful accounts
Total extraordinary loss
Income (loss) before income taxes and minority interests
Income taxes – current
Income taxes – deferred
Total income taxes
Income (loss) before minority interests
Minority interests income (loss)
Net income (loss)- 14 -FY2012(from April 1, 2012
to March 31, 2013)

26
26

14
14

－
484
51
6
18
560
(357)
745
1,781
2,526
(2,883)(269)(2,614)

32
8
－
1
－
42
3,638
2,126
(164)
1,962
1,675
51
1,624

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

Consolidated Statements of Comprehensive Income(Millions of yen)

Income (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income (loss)
Comprehensive income (loss) attributable to:Comprehensive income (loss) attributable to owners of
the parent
Comprehensive income (loss) attributable to minority
interests- 15 -FY2011(from April 1, 2011
to March 31, 2012)(2,883)

FY2012(from April 1, 2012
to March 31, 2013)
1,675

122
0
(1)

669
－
21

(605)

(569)

(483)
(3,366)121
1,797(3,097)

1,743

(269)

53

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(3) Consolidated Statements of Changes in Shareholders’ Equity(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Shareholders’ equity
Common stock
Balance at the beginning of current period
Changes during current period
Total changes during current period
Balance at the end of current period
Capital surplus
Balance at the beginning of current period
Changes during current period
Total changes during current period
Balance at the end of current period
Retained earnings
Balance at the beginning of current period
Changes during current period
Dividend from retained earnings
Net income (loss)
Disposal of treasury stock
Total changes during current period
Balance at the end of current period
Treasury stock
Balance at the beginning of current period
Changes during current period
Purchase of treasury stock
Disposal of treasury stock
Total changes during current period
Balance at the end of current period
Total shareholders’ equity
Balance at the beginning of current period
Changes during current period
Dividend from retained earnings
Net income (loss)
Purchase of treasury stock
Disposal of treasury stock
Total changes during current period
Balance at the end of current period
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the beginning of current period
Changes during current period
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period- 16 -FY2012(from April 1, 2012
to March 31, 2013)

17,48917,489–17,489–17,48921,30921,309–21,309–21,30967,01063,818(565)(2,614)(10)(3,191)
63,818

(568)
1,624
–
1,056
64,874(4,081)(3,238)

(0)
843
843
(3,238)(1)(1)(3,239)101,727

99,379(565)(2,614)(0)832(2,348)99,379

(568)
1,624
(1)
1,054
100,434

881

1,003

122

666

122
1,003

666
1,670

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Deferred gains or losses on hedges
Balance at the beginning of current period
Changes during current period
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period
Foreign currency translation adjustment
Balance at the beginning of current period
Changes during current period
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period
Total accumulated other comprehensive income
Balance at the beginning of current period
Changes during current period
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period
Minority interests
Balance at the beginning of current period
Changes during current period
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period
Total net assets
Balance at the beginning of current period
Changes during current period
Dividend from retained earnings
Net income (loss)
Purchase of treasury stock
Disposal of treasury stock
Changes of items other than shareholders’ equity
during current period (net)Total changes during current period
Balance at the end of current period- 17 -FY2012(from April 1, 2012
to March 31, 2013)(1,898)(2,503)

(604)

(569)

(604)
(2,503)(569)(3,073)

－

(1)

(1)

21

(1)
(1)

21
20

(1,017)(1,500)

(483)

118

(483)
(1,500)118(1,382)

1,852

1,555

(297)

25

(297)
1,555

25
1,581

102,562

99,433(565)(2,614)
(0)
832

(568)
1,624
(1)
-

(780)

144

(3,128)99,433

1,199
100,633

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(4) Consolidated Statements of Cash Flows(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation and amortization
Amortization of negative goodwill
Increase (decrease) in allowance for employees’
retirement benefits
Increase (decrease) in allowance for employees’ bonuses
Increase (decrease) in allowance for directors’ bonuses
Impairment loss
Interest and dividends income
Interest expenses
Equity in losses (earnings) of affiliates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of tangible fixed assets
Loss on retirement of tangible fixed assets
Loss on disaster
Decrease (increase) in accounts receivable – trade
Decrease (increase) in inventories
Decrease (increase) in other current assets
Increase (decrease) in accounts payable - trade
Increase (decrease) in other current liabilities
Increase (decrease) in other fixed liabilities
OthersSubtotalInterest and dividends received
Interest paid
Income and other taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from sales of marketable securities
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of intangible fixed assets
Payments for asset retirement obligations
Purchase of long-term prepaid expenses
Payments of long-term loans receivable
Other payments
Other proceeds
OthersNet cash provided by (used in) investing activities- 18 -FY2012(from April 1, 2012
to March 31, 2013)(357)
14,088(191)

3,638
12,939
(191)

(116)

(93)

(107)
(100)
484
(384)
1,072
918
(26)
23
(0)
58
51
(1,461)
103
2,362
466
69
(1,245)44
15,750652(1,075)(379)
14,947

95
152
8
(433)
990
974
(14)
32
(0)
107
3
(846)
265
(138)
(370)
(223)
(15)
16,880
424
(909)
(700)
15,695(22)
23
560(2,278)119(7,485)
1
(633)
(159)
(374)
(0)
(134)
53
15
(10,314)(24)
78(6,938)11(7,478)
1
(597)
(167)
(28)
(1)
(284)
33
6
(15,389)

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Cash flows from financing activities
Repayment of short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Dividends paid by parent company
Proceeds from sales of treasury stock
Dividends paid to minority shareholders
OthersNet cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of period
Cash and cash equivalents at the end of period- 19 -FY2012(from April 1, 2012
to March 31, 2013)

6,000(11,218)
(634)
(565)
832
(28)
(0)
(5,614)

(120)
5,000
(8,610)
(655)
(568)
(28)
(1)
(4,983)

(0)

12

(981)
21,797
20,816(4,664)
20,816
16,151

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(5) Notes on the Consolidated Financial Statements(Notes on the Premise of a Going Concern)
There is nothing to report.
(Notes on Changes in Accounting Policies)(Change in Depreciation Method)
In accordance with amendments to the Corporate Tax Law, the Company and its domestic consolidated
subsidiaries have changed depreciation method from the first quarter of the fiscal year for tangible fixed assets
acquired on or after April 1, 2012 to the method based on the revised Corporate Tax Law.
With this change, operating income, ordinary income and income before income taxes and minority interests
all increased by ¥107 million for the period under review as compared with the case under the previous method.
(Notes on Consolidated Balance Sheets)
1. Assets pledged as collateral and corresponding liabilities with collateral
The following are assets pledged as collateral.
(Millions of yen)

FY2011(As of March 31, 2012)
87,2240
53
87,278

Buildings and structures
Machinery, equipment and vehicles
Land
Total

FY2012(As of March 31, 2013)
80,91453
80,968The followings are liabilities for which assets are pledged as collateral.
(Millions of yen)

FY2011(As of March 31, 2012)
6,184
39,40845,592

Short-term loans payable
Long-term loans payable
Total

FY2012(As of March 31, 2013)
9,496
35,79445,2902. The following items are related to non-consolidated subsidiaries and affiliated companies.
(Millions of yen)

FY2011(As of March 31, 2012)
2,305

Investment securities (shares)

FY2012(As of March 31, 2013)
3,288

3. Liabilities guaranteed
The Company provides a guarantee to the following group company for its borrowing from financial institutions.
(Millions of yen)

FY2011(As of March 31, 2012)
Japan Airport Delica Inc.
(borrowing)

450

FY2012(As of March 31, 2013)
Japan Airport Delica Inc.
548
(borrowing)
548 million yen- 20 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Notes on Consolidated Statements of Income)Impairment loss
The JAT Group recognized impairment loss on the assets as follows:
FY2011 (from April 1, 2011 to March 31, 2012)
Location
Use
Narita, Chiba
Plant (Food production
and dish washing)Type
Impairment loss
Buildings and structures, machinery,
473 million yen
equipment and vehicles, and land andothersMinato-ku, TokyoStore (Merchandise sales) Buildings and structures, and others
11 million yen
The JAT Group classifies assets into groups primarily according to business locations.
By examining impairment for fixed assets based on the groupings, the business assets owned by consolidated
subsidiaries whose profitability declined were identified. The carrying amount of those assets was reduced to therecoverable value and the reduced amount was recognized as impairment loss. The loss consists of ¥331 million forbuildings and structures, ¥39 million for machinery, equipment and vehicles, and ¥102 million for land and others.
Further, we judged the carrying amount of directly managed shops at Minato-ku, Tokyo to be unrecoverable.
Based on the judgment, the carrying amount was recognized as impairment loss, which consists of ¥2 million forbuildings and structures and ¥8 million for others.
Recoverable value for business asset is measured by the higher of the value in use and its net selling price.
Value in use is calculated by discounting future cash flows of the applicable unit at a discount rate of 3%.
FY2012 (from April 1, 2012 to March 31, 2013)
Location
Use
Type
Impairment loss
Ota-ku, TokyoStore (Food andMachinery, equipment and vehicles
8 million yen
beverage)
The JAT Group classifies assets into groups primarily according to business locations.
By examining impairment for fixed assets based on the groupings, the business assets owned by consolidated
subsidiaries whose profitability declined were identified. Based on the judgment that the carrying amount isunrecoverable, total carrying amount of the assets was recognized as impairment loss, which consists of ¥8 million
for machinery, equipment and vehicles.

- 21 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Notes on Consolidated Statements of Comprehensive Income)1. Amount of reclassification adjustment involved in other comprehensive income
FY2011(from April 1, 2011
to March 31, 2012)
Valuation difference on available-for-sale securities
Amount arising during the fiscal year
82
Reclassification adjustment
Total
82
Deferred gains or losses on hedges
Amount arising during the fiscal year
Reclassification adjustment
1
Total
1
Foreign currency translation adjustment
Amount arising during the fiscal year
(1)
Reclassification adjustment
Total
(1)
Share of other comprehensive income of associates
accounted for using equity method
Amount arising during the fiscal year
(605)
Reclassification adjustment
Total
(605)
Pre-adjustment of tax effect(522)
Tax effect amount39
Total other comprehensive income(483)
2. Amount of tax effect involved in other comprehensive income- 22 -FY2012(from April 1, 2012
to March 31, 2013)
978
15
994
21
21

(569)
(569)
446
(325)
121
(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
Valuation difference on available-for-sale securities
Pre-adjustment of tax effectTax effect amountNet-of-tax
Deferred gains or losses on hedges
Pre-adjustment of tax effectTax effect amountNet-of-tax
Foreign currency translation adjustment
Pre-adjustment of tax effectTax effect amountNet-of-tax
Share of other comprehensive income of associates
accounted for using equity method
Pre-adjustment of tax effectTax effect amountNet-of-tax
Total other comprehensive income
Pre-adjustment of tax effectTax effect amountNet-of-tax(Millions of yen)

FY2012(from April 1, 2012
to March 31, 2013)

82
40
122

944
(325)
669

1
(0)
0

-

(1)
(1)

21
21

(605)
(605)

(569)
(569)

(522)
39
(483)

446
(325)
121

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)(Notes on Consolidated Statements of Changes in Shareholders’ Equity)
FY2011 (from April 1, 2011 to March 31, 2012)
1. Type and total number of shares outstanding, and type and number of treasury stock
Number of shares at the
beginning of the current
fiscal year

Increase in the numberof shares during thecurrent fiscal year

Decrease in the numberof shares during thecurrent fiscal year

Number of shares at thecurrent fiscal year end

84,476,500
84,476,500

－
－

－
－

84,476,500
84,476,500

4,089,744
4,089,74470
70

845,000
845,000

3,244,814
3,244,814

Shares outstanding
Common stock
Total
Treasury stock
Common stock(Note )Total

Note: 70 shares of increase in common treasury stock resulted from the purchase of odd lot shares and 845,000 shares ofdecrease resulted from the disposal of treasury stock by means of third party allotment.

2. Dividends(1) Amount of dividends paid
Resolution
June 29, 2011
Ordinary General
Meeting of Shareholders
November 9, 2011
Board of Directors
MeetingType ofstock

Total dividends(Millions of yen)

Dividends per
share (Yen)Record date

Effective dateCommon
stock

281

3.5

March 31,2011

June 30, 2011

Common
stock

284

3.5

September 30,
2011

December 12,
2011(2) Dividends for which the record date came during FY2011, but for which the effective date will come after said period
Dividends
Type of
Total dividends
Source ofEffective
Resolution
per share
Record datestock(Millions of yen)
dividends
date
(Yen)
June 28, 2012
Ordinary General
CommonRetained
March 31,
June 29,284
3.5
Meeting ofstock
earnings
2012
2012
Shareholders

FY2012 (from April 1, 2012 to March 31, 2013)
1. Type and total number of shares outstanding, and type and number of treasury stock
Number of shares at the
beginning of the current
fiscal year

Increase in the numberof shares during thecurrent fiscal year

Decrease in the numberof shares during thecurrent fiscal year

Number of shares at thecurrent fiscal year end

84,476,500
84,476,500

－
－

－
－

84,476,500
84,476,500

3,244,814
3,244,814

1,353
1,353

－
－

3,246,167
3,246,167

Shares outstanding
Common stock
Total
Treasury stock
Common stock(Note )Total

Note: 1,353 shares of increase in common treasury stock resulted from the purchase of odd lot shares.

- 23 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

2. Dividends(1) Amount of dividends paid
Resolution
June 28, 2012
Ordinary General
Meeting of Shareholders
November 7, 2012
Board of Directors
MeetingType ofstock

Total dividends(Millions of yen)

Dividends per
share (Yen)Record date

Effective dateCommon
stock

284

3.5

March 31,2012

June 29, 2012

Common
stock

284

3.5

September 30,
2012

December 10,
2012(2) Dividends for which the record date came during FY2012, but for which the effective date will come after said period
The following resolution is planned to be made.
Total dividends
Dividends
Type of
Source ofEffective
Resolution
to be paid
per share
Record datestock
dividends
date(Millions of yen)
(Yen)
June 27, 2013
Ordinary General
CommonRetained
March 31,
June 28,527
6.5
Meeting ofstock
earnings
2013
2013
Shareholders(Notes on Consolidated Statements of Cash Flows)
Relationship between the closing balance of cash and cash equivalents and the value of items listed on the consolidatedbalance sheets(Millions of yen)

FY2011(from April 1, 2011
to March 31, 2012)
20,886(70)
20,816

Cash and deposits
Time deposits with a maturity greater than 3 months
Cash and cash equivalents

FY2012(from April 1, 2012
to March 31, 2013)
16,167(16)
16,151(Segment Information)
1. Overview of reportable segments
The reportable segments of the Group are units for which separate financial information is available and whose
operating results are regularly reviewed by the Board of Directors in order to decide how to allocate management
resources and evaluate their performances.
The Company is primarily engaged in the management of passenger terminal buildings and the provision ofservices to users at Haneda Airport. Business divisions at the Company’s headquarters develop comprehensive
business strategies and pursue business activities.
The Company is, therefore, composed of business segments with different services based on the business divisions.
Its three reportable segments are the facilities management operations, merchandise sales operations, and food andbeverage operations.
The segment of facilities management operations leases, maintains and repairs, and operates passenger terminal
facilities at Haneda Airport. It also provides services for passengers. The segment of merchandise sales operations is
engaged in retail sales of products to passengers and others, wholesales of products to companies operating airport
terminals and others, and other activities incidental to these two sales operations. The segment of food and beverage
operations provides food and beverage services to parties including users of Haneda Airport and Narita International
Airport. It is also engaged in the production and sales of in-flight meals and other incidental activities.
2. Method of calculations of sales, income (loss), assets, liabilities, and other items by reportable segments
Accounting methods for reportable business segments are, in general, the same as those described in “Basic Important
Conditions to Prepare the Consolidated Financial Statements.”
Segment income (loss) is based on operating income (loss).
Intersegment sales and transfers are based on prevailing market price.
(Change in depreciation method)
In accordance with amendments of Corporation Tax Law, the Company and its domestic consolidated subsidiaries- 24 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2013 (FY2012)

have changed the depreciation method from this fiscal year for tangible fixed assets acquired on or after April 1, 2012
to the method based on the revised Corporate Tax Law.
With this change, segment income for facilities management business, merchandised sales business andadjustments increased by ¥73 million, ¥28 million and ¥5 million, respectively, for FY2012 as compared with the caseunder the previous method.

3. Sales, income (loss), assets, liabilities, and other items by reportable segments
FY2011 (from April 1, 2011 to March 31, 2012)(Millions of yen)

Reportable segments

Consolidated
financialstatements

Facilities
Management

Merchandise
Sales

42,57572,941

13,874

129,391-

129,391

2,038

543

1,758

4,340

(4,340)-44,613
1,310
123,334

73,485
4,354
21,392

15,633(791)
13,287

133,732
4,874
158,013(4,340)(3,996)31,151

129,391877
189,165

Depreciation andamortization

11,683

1,066

788

13,538549

14,088

Increase in tangible fixed
assets and intangible fixed
assets

7,702

1,424

67

9,195

(65)

9,129

Operating revenues
Sales to externalcustomers
Intersegment sales
and transfers
Total
Segment income (loss)
Segment assets
Other items

Food andBeverage

Adjustments
Total

FY2012 (from April 1, 2012 to March 31, 2013)(Millions of yen)

Reportable segments

Consolidated
financialstatements

Facilities
Management

Merchandise
Sales

42,731

78,586

14,830136,149-

136,149

2,038

614

2,039

4,692

(4,692)-

44,7703,353
117,406

79,201
4,630
23,322

16,870106
13,265140,841
8,090
153,994(4,692)(3,910)32,436

136,149
4,179
186,431

Depreciation andamortization

10,7091,175

552

12,437501

12,939

Increase in tangible fixed
assets and intangible fixed
assets

6,599

961

134

7,695

50

7,745

Operating revenues
Sales to externalcustomers
Intersegment sales
and transfers
Total
Segment income (loss)
Segment assets
Other items

Food andBeverage

Adjustments- 25 -

Total