Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013) [J-GAAP](Consolidated)
July 31, 2013This 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:
Code number:
Representative:
Contact:

Japan Airport Terminal Co., Ltd.
Listed stock exchange: Tokyo, 1st Section
9706
URL: http://www.tokyo-airport-bldg.co.jp/
Isao Takashiro, President
Hiroshi Miyauchi, Managing Director, Senior Vice President, Administration Department
TEL 03-5757-8030
Scheduled date of filing securities report:
August 14, 2013
Scheduled date of commencing dividend payment:－
Supplementary materials on financial results (yes/no)
No
Holding of quarterly earnings announcement (yes/no)
No(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Three Months of FY2013 (April 1, 2013 to June 30, 2013)(1) Consolidated Business Results (Cumulative)(%: Change from the same period of the previous year)

Operating revenues

Operating income

Ordinary income

Net income

First Three
Months ofMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY2013
FY2012

34,59833,716

2.6
18.6

802
1,056

(24.0)
-

782
1,234

(36.6)-

334
663(49.6)-(Note) Comprehensive income:First Three
Months ofFirst three months of FY2013 ¥1,122 million (810.6%) First three months of FY2012 ¥123 million (-%)

Net income per
share
Yen

Diluted net income
per share
Yen

4.12
8.17

-

FY2013
FY2012(2) Consolidated Financial Position
Total assets

Net assets per share

Millions of yen

Millions of yen%

Yen

182,471
186,431

101,199
100,63354.6
53.1

1,226.68
1,219.40

As of June 30, 2013
As of March 31, 2013
(Reference) Equity capital:

Equity capital tototal assets

Net assets

As of June 30, 2013 ¥99,643 million

As of March 31, 2013 ¥99,052 million

2. Dividends
Dividends per share
Q1-EndFY2012FY2013
FY2013 (Forecast)

Q2-EndQ3-EndYear-End

Annual

Yen

Yen

Yen

Yen

Yen

-

3.50

-

6.50

10.00

5.00

-

5.00

10.00

(Note) Revisions to the most recently announced dividends forecast for FY2013: None

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

First half
Full-year

Ordinary income

Net income
per share

Operating revenues

Operating income

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(Note) Revisions to the most recently announced forecast of consolidated financial results for FY2013: None

* Notes(1) Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of
consolidation): None
New: None
Excluded: None
(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: Yes(Note) For details, please refer to page 4 of the appendix materials “2. Summery (Notes) Information (2) Adoption of Special
Accounting Methods for Preparation of Quarterly Consolidated Financial Statements”.
(3) Changes in accounting policies, accounting estimates, and restatement of revisions.
1) Changes in accounting policies due to revisions of accounting standards, etc.: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Restatement of revisions: None
(4) Number of shares outstanding (common stock)1) Number of shares outstanding at the period-end (including treasury stock):
As of June 30, 2013
84,476,500 shares
As of March 31, 2013
2) Number of treasury stock at the period-end:
As of June 30, 2013
3,246,422 shares
As of March 31, 2013
3) Average number of shares outstanding (quarterly consolidated cumulative period):First quarter of FY2013
81,230,164 sharesFirst quarter of FY2012

84,476,500 shares
3,246,167 shares
81,231,668 shares* Implementation status of quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply to this Financial Report, andthe quarterly review procedure based on the Financial Instruments and Exchange Act had not been completed as of the release of thisFinancial 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.
2. For the assumptions used in financial forecast and precautionary statements regarding the use of the forecasts, please refer to page
3 of the appendix materials “1.Qualitative Information on Consolidated Financial Results for the First Three Months of FY2013(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements”.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

Contents of the Appendix Materials
1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST THREE
MONTHS OF FY2013 (APRIL 1, 2013 TO JUNE 30, 2013)........................................................................... - 2 (1) EXPLANATION OF OPERATING RESULTS .......................................................................................................... - 2 (2) EXPLANATION OF FINANCIAL POSITION.......................................................................................................... - 3 (3) EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKING STATEMENTS ............ - 3 2. SUMMARY (NOTES) INFORMATION ................................................................................................... - 4 (1) SIGNIFICANT CHANGES IN SUBSIDIARIES DURING THE PERIOD UNDER REVIEW .................................................. - 4 (2) ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATED FINANCIAL
STATEMENTS ........................................................................................................................................... - 4 3. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS ................................................................ - 5 (1) QUARTERLY CONSOLIDATED BALANCE SHEETS .............................................................................................. - 5 (2) QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OFCOMPREHENSIVE INCOME ........................................................................................................................ - 7 Quarterly Consolidated Statements of Income ............................................................................................... - 7 Quarterly Consolidated Statements of Comprehensive Income ........................................................................ - 9 (3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS ................................................................... - 10 (NOTES ON THE PREMISE OF A GOING CONCERN) .......................................................................................... - 10 (NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS’ EQUITY) .................................................................. - 10 (SEGMENT INFORMATION, ETC.) .................................................................................................................. - 10 --1-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2013(April 1, 2013 to June 30, 2013)(1) Explanation of Operating Results
During the first three months of the fiscal year ending March 31, 2014, the Japanese economy followed agradual, yet steady recovery. This was driven in part by solid domestic demand supported by economic
stimulus package as well as monetary policy. Nevertheless, the prospect of an economic downturn overseas
still poses a risk that could weaken the domestic economy.
In the airline industry, passenger volume on domestic flights increased compared to the same period
during the previous year, due in part to increased flights in conjunction with Haneda Airport’s expansion oflanding slots for domestic flights by 20,000 annually. Passenger volume on international flights declined fromthe same period in the previous year, because an increase in incoming non-Japanese visitors, enticed by thecorrection of the Yen's appreciation, was more than offset by a decrease in Japanese passengers. The airline
industry needs to further strengthen its competitiveness for a number of reasons, including industry
liberalization (open skies agreements), intensifying competition triggered by the expansion of low-cost carriers(LCC), and the ongoing review concerning airport management, as evidenced by the newly-enacted law for“The operation of state-run airports, etc. by utilizing the management capabilities of the private sector”.
Under these circumstances, the Japan Airport Terminal (JAT) Group has developed a new medium-termbusiness plan (FY 2013 through FY 2015) with a view toward responding to the changing environment as a
key member of the airline industry. Our strategic priorities include 1) Responding to the internationalization ofHaneda Airport, 2) Laying the groundwork to ensure the future of the airport’s operation and 3) Improving the
profitability of group businesses.
The expansion project involving three new spots at Haneda Airport’s domestic passenger Terminal 2 wascompleted in April 2013 while the increase of international slots is also projected later in this fiscal year in
March 2014. The new spots are expected to enhance convenience, functionality, and comfort. In line with theongoing expansion of the international passenger terminal, construction started in May 2013 to build a newhotel that we will operate.
Furthermore, to implement the business plan to ensure future operations at Haneda Airport, we pushedforward with value-enhancing measures, including the marketing of private-branded merchandise and thedevelopment of new business. Through these measures, we endeavor to enhance customer convenience andimprove profitability as a group.
As a result of these measures, consolidated operating revenues for the cumulative fiscal first quarter (April 1,2013 - June 30, 2013) rose 2.6% compared with the same period during the previous year to ¥34,598 million.
However, due primarily to increased depreciation resulting from the three new spots at domestic passenger
Terminal 2 as well as one-time costs, profits declined with operating income of ¥802 million (down 24%
year-on-year), ordinary income of ¥782 million (down 36.6% year-on-year) and net income of ¥334 million(down 49.6% year-on-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 decreased from the same period during the previous year. This was primarily because we utilized
fixed-term lease contracts for airline companies renting offices at the domestic passenger terminal andreviewed the rental fees for some of those contracts in order to mitigate the risk of further reducing the officespace rented by airlines.
Revenue from facility user charges exceeded that of the same period during the previous year becauseuser charges revenue for domestic terminal facilities increased due to the continued recovery of passenger
volume as well as the addition of three spots at domestic Terminal 2.
Other revenues slightly decreased from the same period during the previous year mainly because of adecrease in revenue from subcontracted work despite the benefits generated from an increase in parking andairport lounge revenue following a recovery in passenger volume.
As a result, operating revenues from the facilities management operations decreased to ¥11,013 million(down 0.3% year-on-year). Operating income for the segment was ¥579 million (down 41.9% year-on-year)
due to an increase in maintenance expenses incurred because of the three newly completed spots at domestic
passenger Terminal 2.
[Merchandise Sales]
Sales at domestic terminal stores slightly surpassed those of the same period during the previous year due to anincreasingly higher recognition among passengers of new directly-managed stores in the departure gate lounge-2-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)in domestic Terminal 1, as well as the sales promotion and expansion of private-branded merchandise.
Sales at international terminal stores surpassed the figure for the same period during the previous year.
The increase can be attributed to higher passenger volume, favorable sales results of brand products impacted
by the weakening of the Yen, as well as the development of new directly-managed stores at Narita
International Airport and Kansai International Airport.
Other revenues also increased compared with the figures for the same period during the previous year.
This was due to an increase in the wholesaling of products to stores at the Haneda Airport’s international
passenger terminal building and to other airports, despite the negative impact of changes in contracts forwholesale business at Narita International Airport and Kansai International Airport.
As a result, operating revenues from the merchandise sales operations increased to ¥20,498 million (up3.4% year-on-year) and operating income to ¥1,309 million (up 7.6% year-on-year) due to various cost
reductions in procurement as well as efforts to reduce the cost of goods through marketing private-branded
merchandise.
[Food and Beverage]
Sales from food and beverage operations increased from the same period during the previous year for a varietyof reasons, including the continued recovery of passenger volume, the opening of new directly-managed storesin conjunction with the expansion of three spots at domestic passenger Terminal 2, as well as proactive sales
and marketing activities focused on customer acquisition.
In addition, sales from in-flight meals rose as passenger volume of foreign carriers increased.
Other revenues also rose due to an increase in outsourcing business operated at airline lounges atinternational passenger terminals.
As a result, operating revenues from food and beverage operations rose 6.7% year-on-year to ¥4,232
million. Combined with various cost savings in labor costs and purchases, operating income for the segment
turned into a profit of ¥11 million (compared to an operating loss of ¥89 million in the same period during theprevious year).
(2) Explanation of Financial Position[Assets]
Current assets decreased ¥2,742 million from the previous fiscal year end to ¥29,841 million, primarily due toa decrease in cash and deposits by ¥6,127 million, despite an increase in prepaid expenses by ¥2,564 million.
Fixed assets decreased ¥1,217 million from the previous fiscal year end to ¥152,629 million, primarily due
to a decline in tangible fixed assets by ¥1,761 million resulting from the progress of depreciation, despite anincrease in investment securities by ¥678 million.
As a result, total assets decreased by ¥3,960 million from the previous fiscal year end to ¥182,471 million.
[Liabilities]
Current liabilities decreased ¥1,907 million from the previous fiscal year end to ¥28,161 million, primarily
because income taxes payable decreased by ¥1,377 million.
Fixed liabilities decreased ¥2,618 million from the previous fiscal year end to ¥53,109 million, primarily
because long-term loans payable decreased by ¥2,114 million.
As a result, total liabilities decreased by ¥4,526 million from the previous fiscal year end to ¥81,271 million.
[Net assets]
Total net assets increased ¥566 million to ¥101,199 million primarily because deferred gains on hedges
increased by ¥571 million.
As a result, equity ratio was 54.6% (compared to 53.1% at the previous fiscal year end).
(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
Consolidated revenue and profits (operating income, ordinary income and net income) for the first quartersurpassed forecasts, because duty free business saw strong performances at Narita International Airport and
Haneda Airport’s international terminal. Recent figures for passenger volume are progressing largely in linewith the initial forecast, with higher-than-expected results at Kansai International Airport. However, businessoutlook remains uncertain because the prospect of an economic downswing overseas still poses a risk that could
weaken the domestic economy.
At present, there have been no changes to the interim and full-year consolidated forecasts announced on
May 8, 2013.

-3-

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

2. Summary (Notes) Information(1) Significant Changes in Subsidiaries during the Period under Review
None(2) Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements(Calculation of tax expenses)
The effective tax rate on income before taxes for the consolidated fiscal year including the first quarter after
the application of deferred tax accounting is reasonably estimated, and that estimated rate is applied to net
income for the quarterly period to calculate estimated tax expenses.

-4-Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

3. Quarterly Consolidated Financial Statements(1) Quarterly 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
Total investments and other assets
Total fixed assets
TOTAL ASSETS-5-

FY2012(As of March 31, 2013)

First Three Months of
FY2013(As of June 30, 2013)

16,167
9,528
4,158
134
1,068
1,539
(12)
32,584

10,03910,139
4,183
105
1,069
4,315
(12)
29,841

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

269,757(167,638)
102,119
10,253(8,320)
1,933
10,476
2,905(1,138)1,767
125,187(20,485)
4,702
121,000
2,194

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

13,781
6,668
6,560
2,424
29,434
152,629
182,471

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(Millions of yen)

LIABILITIESCurrent liabilities
Accounts payable
Short-term loans payable
Income taxes payable
Allowance for employees’ bonuses
Allowance for directors’ bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Long-term loans payable
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 (losses) on hedges
Foreign currency translation adjustment
Total Accumulated other comprehensive income
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS-6-

FY2012(As of March 31, 2013)

First Three Months of
FY2013(As of June 30, 2013)

5,062
12,104
1,831
896
152
10,02230,0694,960
12,472
453
407
41
9,825
28,16144,702
4,770
443
5,813
55,72885,79842,588
4,417
444
5,659
53,10981,271

17,48921,30964,874(3,239)100,434

17,48921,30964,681(3,239)100,240

1,670

1,868

(3,073)20(1,382)
1,581
100,633
186,431(2,501)
35
(597)
1,555
101,199
182,471

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive
IncomeQuarterly Consolidated Statements of Income(Millions of yen)

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
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Miscellaneous expenses
Total non-operating expenses
Ordinary income-7-First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)

First Three Months of
FY2013(from April 1, 2013
to June 30, 2013)

3,446
3,782
3,514
19,622
3,350
33,716

3,313
3,934
3,450
20,328
3,571
34,598

14,5802,077
16,65817,05815,063
2,204
17,267
17,330

1,849
367
215
2,177
3,420
3,144
4,825
16,002
1,056

1,832
383
39
231
2,194
3,294
3,123
5,428
16,528
802

74
76
509
660

82
160
199
442

246
198
37
482
1,234

224
215
21
461
782

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(Millions of yen)

Extraordinary loss
Loss on valuation of other investments
Total extraordinary loss
Quarterly income before income taxes and minority
interests
Income taxes – current
Quarterly income before minority interests
Minority interests income (loss)
Quarterly net income-8-First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)

First Three Months of
FY2013(from April 1, 2013
to June 30, 2013)

－
－

1
1

1,234

781

574
659
(4)
663

445
335
0
334

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)

Quarterly Consolidated Statements of Comprehensive Income(Millions of yen)

Quarterly income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income (loss) attributable to owners of
the parent
Comprehensive income (loss) attributable to minority
interests-9-

First Three Months of
FY2012(from April 1, 2012
to June 30, 2012)
659

First Three Months of
FY2013(from April 1, 2013
to June 30, 2013)
335

(37)
10

200
15

(509)

571

(536)
123

786
1,122

127

1,119

(4)

2

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2014 (FY2013)(3) Notes on Quarterly Consolidated Financial Statements(Notes on the Premise of a Going Concern)
Not applicable(Notes on a Significant Change in Shareholders’ Equity)
Not applicable(Segment Information, etc.)
Segment Information
I.
First three months of FY2012 (from April 1, 2012 to June 30, 2012)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Adjustments

Facilities
Management

Merchandise
Sales

10,515

19,657

3,544

33,716-33,716

Intersegment sales
and transfers

528

166

421

1,116

(1,116)-

Total
Segment income (loss)

11,043996

19,824
1,217

3,965
(89)

34,832
2,124(1,116)(1,068)33,716
1,056

Operating revenues
Sales to externalcustomers(Notes)Food andBeverage

Quarterly
consolidated
financialstatements Note 2

Total

Note 1

1. Adjustments to the segment income (loss) include ¥1,065 million of administration expenses for the parent company’s administration
divisions and others at head office which are not allocated to each of the reportable segments.
2. Segment income (loss) is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable

II. First three months of FY2013 (from April 1, 2013 to June 30, 2013)
1. Sales and income (loss) by reportable segment(Millions of yen)

Reportable segments

Adjustments

Facilities
Management

Merchandise
Sales

10,516

20,337

3,744

34,598-34,598Intersegment sales
and transfers

496

160

487

1,144

(1,144)-

Total
Segment income (loss)

11,013579

20,498
1,309

4,232
11

35,7431,900(1,144)(1,097)

34,598802

Operating revenues
Sales to externalcustomers(Notes)Food andBeverage

Quarterly
consolidated
financialstatements Note2

Total

Note 1

1. Adjustments to the segment income include ¥1,098 million of administration expenses for the parent company’s administration
divisions and others at head office which are not allocated to each of the reportable segments.
2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment
Not applicable- 10 -