PRESS RELEASE
June 3, 2021

FY2020 Consolidated Financial Results
YoY decline in revenue and profit due to COVID-19～サブタイトル～Kansai Airports today announced its consolidated financial results for the fiscal year ended March
31, 2021, posting operating revenues of 57.2 billion yen, operating loss of 42.8 billion yen,ordinary loss of 52.0 billion yen and net loss of 34.5 billion yen.
In fiscal 2020, operating revenues decreased by 73% year-on-year due to the ongoing COVID19 pandemic. Despite our efforts to reduce expenses including staff costs, high fixed costs
remained a major burden, resulting in a year-on-year decline in operating profit, ordinary profit
and net profit by 95.2 billion yen, 93.2 billion yen and 68.0 billion yen, respectively.
Consolidated Profit and Loss Statement
Item

Apr. 2019-

Apr. 2020-

Increase

ChangeMar. 2020

Mar. 2021(Decrease)(％)

Operating Revenues

215.8

57.2

(158.6)-73%

Operating Expenses（122.8)（58.3)

64.4

-52%

93.0

(1.1)

(94.1)-（40.6)（41.7)(1.1)+3%

Operating Profit/Loss

52.4(42.8)(95.2)-

Ordinary Profit/Loss

41.2(52.0)(93.2)-Net Profit/Loss1

33.5(34.5)(68.0)-EBITDA
Depreciation & Amortization1(in billion yen)

Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

Aviation Demand
Amid the global pandemic, flight operations were reduced and suspended mainly for passenger
flights. As a consequence, aircraft movements at the three airports combined stood at 162
thousand and the number of passengers was 9.28 million, down 56% and 81% from last year,
respectively. In particular, international passenger flights were hard hit with passenger traffic lessthan 1% of the previous year’s level, partly due to ongoing border restrictions imposed by anincreasing number of countries including Japan. Similarly, domestic flights were severely affectedby factors such as the state of emergency and avoidance of travel, and despite a temporary
recovery backed by the government-led Go To Travel campaign, passenger traffic at the three
airports fell significantly below last year’s level. Cargo flights, meanwhile, showed an increase
due to a reduced supply of belly cargo caused by suspension of passenger flights.

Item
ATMs (in thousands)

Apr. 2019-

Apr. 2020-

Increase

ChangeMar. 2020

Mar. 2021(Decrease)

(%)

366

162

(204)

-56％

KIX

196

58

(138)

-71％

ITAMI

137

81

(56)

-41％

KOBE

33

23

(10)

-29％

47.82

9.28

(38.54)

-81％

KIX

28.77

2.26

(26.51)

-92％

ITAMI

15.77

5.81

(9.95)

-63％

KOBE

3.29

1.21

(2.08)-63％

PAX (in millions)

Consolidated Balance Sheet
Despite the efforts to reduce cash outflow, we saw a year-on-year decline in cash and deposits
due to deteriorating operating cash flow amid the COVID-19 crisis. Meanwhile, we made progressin the payment for the operating rights. As a result, assets and liabilities totaled 1,685.9 billion
yen and 1,610.5 billion yen, respectively, as of March 31, 2021.
(in billion yen)
Item
Current Assets

As of Mar. 31, 2020

As of Mar. 31, 2021

Increase(Decrease)

169.0

121.0

(48.0)

1,563.5

1,564.9

1.4

1,732.5

1,685.9(46.6)

79.9

80.3

0.4

Non-current Liabilities

1,543.1

1,530.2(12.8)

Total Liabilities

1,623.0

1,610.5(12.4)

Shareholders' Equity

108.7

74.2

(34.5)

Other Comprehensive Income

(0.6)

(0.5)

0.1

Non-controlling Interests

1.5

1.7

0.2

Total Net Assets

109.6

75.4

(34.2)

Total Liabilities and Net Assets

1,732.5

1,685.9(46.6)

Non-current Assets
Total Assets
Current Liabilities

Reference: Consolidated Financial Results

Contact Information
Public Relations
Group Corporate Communications Department
TEL: +81-72-455-2201

Consolidated Profit and Loss Statement
From April 1, 2020 to March 31, 2021

(Unit: Million yen)
Operating revenues

57,214

Operating expenses

87,098Gross operating loss

29,884

Selling, general and administrative expenses

12,928Operating loss

42,812Non-operating income

4,446Interest income and dividends
Subsidies for employment adjustment
Other non-operating income

569
3,485
391

Non-operating expenses

13,643

Interest expense

11,861

Commissions

1,637

Share of loss of entities accounted for using the equity method

56

Other non-operating expense

87

Ordinary loss

52,009Special gain

7,667

Gain on sales of non-current assets
Subsidies received
Gain on sales of investmentsecurities
Insurance claims for disaster

5
1,794
30
5,836

Special loss
Loss on retirement of non-current assets
Loss on sales of non-current assets

5,088
151
2

Non-current assets advanced depreciation deduction

1,871

Removal cost related to replacement investment

2,595

Loss on disaster

134

Provision of allowance for loss on disaster△ 34

Loss on branch closings
Loss on valuation of merchandise inventories

0366

Loss before income taxes

49,430

Income taxes-current

502

Income taxes-deferred△ 15,634

Loss

34,298

Profit attributable to non-controlling interests

200

Loss attributable to owners of the parent

34,498Figures under one million yen are rounded down to the nearest million.

Consolidated Balance Sheet
As of March 31, 2021
(Unit: Million yen)

AssetsCurrent assets

Liabilities
121,007

Current liabilities

80,322

Cash and deposits

92,788

Accounts payable - trade155

Notes and accounts receivable-trade

6,889

Accounts payable - other

29,898Merchandise inventories

4,486

Accrued expenses

2,889

Raw materials and supplies

1,313

Guarantee deposits refundable
within one year

2,221

Accounts receivable - other

5,187

Income taxes payable

7,566

Other

8,172

Provision for bonuses

1,026

Allowance for doubtful accounts△ 52

Provision for point card certificates

Current portion of long-term loans
payableCurrent portion of liabilities for theright to operate public facilities

Other
Non-current assets

3,881
29,96570
4,511

1,564,924

Non-current liabilities

Property, plant and equipment

55,309Bonds payable

Buildings and structures

3,870

Long-term loans payable

Machinery, equipment andvehicles

10,206

Liabilities for the right to operate
public facilities

Tools, furniture and fixtures

7,689

Provision for special repairs

48,770603

Provision for loss on disaster

655

32,813Liability for retirement benefits

5,168

Other

10,297

Total liabilities

1,610,549

LandConstruction in progress
Other
Intangible assets

126

1,530,226
4,860
178,124
1,282,350

1,391,793

Right to operate public facilities

1,347,567

Replacement investment assets

42,206

Other

2,019

Net assets

Investments and other assets

117,821

Shareholders' equity

74,195Investment securities

1,172

Capital stock

25,000315

Capital surplus

25,000Retained earnings

24,195

Asset for retirement benefits
Guarantee deposits

92,797

Deferred tax assets

23,399

Accumulated other comprehensive

△ 528

412

Deferred gains or losses on hedge

△ 528

Other
Allowance for doubtful accounts

Total assets△ 274

1,685,931

Figures under one million yen are rounded down to the nearest million.

Non-controlling interests

1,714

Total net assets

75,382

Total liabilities and net assets

1,685,931

Kansai Airports was established by a consortium made up of VINCI Airports and ORIX Corporation as its core
members. Kansai Airports took over the operations of Kansai International Airport (“KIX”) and Osaka
International Airport (“ITAMI”) from New Kansai International Airport Company (“NKIAC”) and has been
operating the two airports since April 1, 2016.
Kansai Airports Kobe, Kansai Airports’ wholly-owned subsidiary, took over the operations of Kobe Airport(“KOBE”) from Kobe City and started its business as an operating company on April 1, 2018.
Under the concept of “One Kansai Airports Group”, Kansai Airports group strives to continuously improve its
services for all airport guests through appropriate investments and efficient operations, with safety and security
being the top priority. Kansai Airports group aims to maximize the potential of the three airports, for the benefitof the communities they serve.
For more information, please visit：http://www.kansai-airports.co.jp/en/

Kansai Airports
Location

1-banchi, Senshu-kuko kita, Izumisanoshi, Osaka

Shareholders

ORIX 40%,VINCI Airports 40%,
Other investors 20%1

Company
Representatives

Representative Director and CEO: Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kansai International Airport and Osaka
International Airport

Kansai Airports Kobe
Location

1-ban, Kobe-kuko, Chuo-ku, Kobe-shi,
Hyogo

Shareholder

Company
Representatives

Representative Director and CEO: Yoshiyuki Yamaya
Representative Director and Co-CEO: Benoit Rulleau

Business Scope

Operation and management services, etc. of Kobe Airport

Kansai Airports 100％

About ORIX:
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products andservices to its customers by constantly pursuing new businesses.
Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and atpresent has expanded into lending, investment, life insurance, banking, asset management, automobile related,
real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has
spread its businesses globally by establishing locations in 31 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise, which generate new value, to establish an
independent ORIX business model that continues to evolve perpetually. In this way, ORIX will engage inbusiness activities that instill vitality in its companies and workforce, and thereby contribute to society. For moredetails, please visit our website: https://www.orix.co.jp/grp/en/(As of March 31, 2021)

VINCI Airports, the leading private airport operator in the world, manages 45 airports in 12 countries in Europe,
Asia and the Americas. We harness our expertise as a comprehensive integrator to develop, finance, build andoperate airports, while leveraging our investment capability and expertise in optimising operational
performance, modernising infrastructure and driving environmental transition. VINCI Airports became the first
airport operator to start rolling out an international environmental strategy, in 2016, with a view to achieving
net zero emissions throughout its network by 2050.
www.vinci-airports.com
1

ASICS Corporation; Iwatani Corporation; Osaka Gas Co., Ltd.; Obayashi Corporation; OMRON Corporation; The Kansai Electric Power Company, Incorporated; KintetsuGroup Holding Co., Ltd.; Keihan Holdings Co., Ltd.; Suntory Holdings Limited; JTB Corp.; Sekisui House, Ltd.; Daikin Industries, Ltd.; Daiwa House Industry Co., Ltd.;
Takenaka Corporation; Nankai Electric Railway Co., Ltd.; NIPPON TELEGRAPH AND TELEPHONE WEST CORPORATION; Panasonic Corporation; Hankyu Hanshin Holdings,
Inc.; Rengo Co., Ltd.; The Senshu Ikeda Bank, Ltd.; Kiyo Holdings, Inc.; The Bank of Kyoto, Ltd.; THE SHIGA BANK，LTD.; The Nanto Bank, Ltd.; Nippon Life Insurance
Company; Mizuho Bank, Ltd.; Sumitomo Mitsui Trust Bank, Limited; MUFG Bank, Ltd.; Resona Bank, Limited; and the Private Finance Initiative Promotion Corporation ofJapan.

FY2020 Consolidated
Financial Results
June 3, 2021

AgendaOverview of Consolidated
Financial Results
Revenue Drivers
Initiatives in FY2020
Q&A

1

Overview of Consolidated Financial Results
2

YoY Decline in Revenue and Profit due to COVID-19
1. Due to the global pandemic, flight
operations were reduced and suspended
mainly for passenger flights, resulting ina sharp decline in aircraft movements
and passenger traffic. In particular,international passenger traffic was lessthan 1% of the previous year’s level.
2. Revenues significantly decreased yearon-year due to a decline in aircraft
movements and passenger numbers.

3. Despite the efforts to reduce expenses,
including staff costs, a heavy burden of
fixed costs led to a sharp drop in profit.

(in billion yen)
Apr. 2019Mar. 2020

Apr. 2020Mar. 2021

Change％Operating
Revenues

215.8

57.2

(158.6)-73%

EBITDA

93.0

(1.1)

(94.1)-

Operating
Profit/Loss

52.4(42.8)(95.2)-

Ordinary
Profit/Loss

41.2(52.0)(93.2)-Net
Profit/Loss*

33.5(34.5)(68.0)-

3* Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

Operating Results(in billion yen)
Apr. 2019 Mar. 2020

Apr. 2020 –Mar. 2021

Increase(Decrease)

Change
％

215.8

57.2

(158.6)

-73%

Aero

89.3

20.7

(68.6)-77%

Non-Aero

126.4

36.5

(89.9)-71%

Operating Expenses (excl. D&A)

(122.8)(58.3)

64.4-52%

EBITDA

93.0

(1.1)

(94.1)-

Depreciation & Amortization(40.6)(41.7)(1.1)+3%

Operating Profit and Loss

52.4

(42.8)(95.2)-

Non-operating Profit and Loss

(11.2)

(9.2)

2.0

-

Ordinary Profit and Loss

41.2

(52.0)(93.2)-

Extraordinary Profit and Loss

7.4

2.6

(4.9)

-65%

(3.4)

Income Taxes, Profit Attributable toNon-controlling Interests(15.2)

14.9

30.1

-

1.0

33.5

(34.5)(68.0)-(2.4)

Operating Revenues

Net Profit and Loss1

Typhoonimpact* Net Profit/Loss: Net Profit/Loss Attributable to Company Shareholders

4

EBITDA (YoY)(in billion yen)

-46.4

5

Balance Sheet(in billion yen)
As of Mar. 31, 2021

169.0

121.0

(48.0)Cash and Deposits

128.0

92.8

(35.2)

Non-current Assets

1,563.5

1,564.9

1.4

1,732.5

1,685.9(46.6)

79.9

80.3

0.4

1,543.1

1,530.2(12.8)

1,623.0

1,610.5(12.4)

108.7

74.2

(34.5)

Other Comprehensive Income

(0.6)

(0.5)

0.1

Non-controlling Interests

1.5

1.7

0.2

TOTAL NET ASSETS

109.6

75.4

(34.2)TOTAL LIABILITIES AND NET ASSETS

1,732.5

1,685.9(46.6)

170.9

186.9

16.0

Current Assets

Right to Operate
Public Facilities

TOTAL ASSETS
Current Liabilities

Debts concerning
Right to Operate
Public Facilities

Increase(Decrease)

As of Mar. 31, 2020

Non-current Liabilities
TOTAL LIABILITIESShareholders' Equity

Reference
Interest-bearing Debt Balance

6

Revenue Drivers
7

[Aero] Both Movement and Passenger Number Tremendously Declined Year on
Year due to the Impact of COVID-19
 Movement
Impacted by worldwide pandemic of COVID-19, total movements
decreased by 56% and number of passengers decreased by 81% at 3
airports combined.
 International Passenger Flight・Cargo Flight
Due to severe travel restrictions, neither the number of passenger
flights nor the number of passengers recovered largely during theperiod.
On the other hand, the number of international freight flights has
increased significantly to make up for the lack of freight transportation
capacity due to the reduction in passenger flights.

 Domestic Passenger Flight of 3 airports
The number of movements and passengers at the 3 airports weresignificantly lower than the previous year due to the large impact of
the spread of domestic infection of COVID-19 and the refraining frommoving throughout the year. Although there was a time when
demand was booming due to the lift of the state of emergency and
the GO TO TRAVEL campaign, the demand didn’t recover the level ofbefore COVID-19, and the total number of passengers at the 3
airports decreased by about 65% from the previous year.

FY2019FY2020ATMs(in thousands)

366

162

KIX

196
137
33

58
81
23

ITAMI

KOBE

Change％(204) -56%
(138)
(56)
(10)

-71%
-41%
-29%

Passengers(in millions)

47.82

9.28 (38.54) -81%

KIX

28.77

2.26 (26.51)

International
Passengers

22.06

0.21

(21.86) -99.1%

Japanese

7.17

0.07

(7.09) -99.0%

Non-Japanese

14.69

0.13

(14.56) -99.1%

Domestic

6.71
15.77
3.29

2.05
5.81
1.21

(4.65)(9.95)(2.08)

ITAMI
KOBE

-92%

-69%
-63%
-63%
8

[Aero] 3 Airports Movement Traffic
Movements(Thousand)

KIX Intl

KIX Dom

ITAMI

Movements

KOBE

20

2,500

2,002

15

2
2

10

2

10

1
5

1

5
2

3
1

Apr

May

0

7

1

2
1

2

9

7

7

2

2

3

3

2

1

Sep

Oct

Nov

Dec

Jan

Feb

7

1

4

2

1
Jun

Jul

Aug

2,078

1,880

-20%

-17%
-19%

-34%

-51%

-39%

-56%

-44%
-45%

-46%

-58%

-60%

-30%
-34%

Mar

-12%

-97%

-41%
-40%

-32%

1,000

Taiwan500

Southeast Asia

0
Apr

May

-47%

-62%

Jun

Jul

-97%

May

Jun

Jul
KIX Intl

Aug
Sep
KIX Dom

Oct

Sep

Oct

Nov

Dec

-96%

Nov
ITAMI

94%

368
994
1086

Jan

Feb

Mar

North America

53

Hawaii49

95%
Europe

72%

75%

69%

-44%

77%

615

Middle East

71%

-96%

-96%

-94%

Dec
KOBE

Jan

Feb

466

73%

60%

54%

40%

60%

Oceania

0

Guam

0

Others

35

20%

-100%
Apr

Aug

-82%

-76%
-96%

97%

100%

60%

-37%

-68%

-97%

557

Hong Kong Macau

1,500

-40%

-61%

-97%

China

80%

-22%

-75%

-80% -80%
-97%
-98%

672

-20%

-75%

-80%

Korea

2

-11%
-20%
-22%

-44%

-40%

2,099

Year on Year Growth

0%
-12%

2,380

1,678

Year on Year Growth
-19%

2,128

2,016 2,092

2,230

6

4

4

2,225 2,140

2,000

1
9

Number of Movements forInternational Passenger flights
per region(FY2020)

International Cargo Flights(FY2020)

Passenger Flights(FY2020)

Mar

0%
Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

(Movement)

0*The number of passenger flights represents the number of flights registered with the
Civil Aviation Bureau as passenger flights (Some of them may only transport cargo).
*
indicates Months including the period of
emergency declaration in the Kansai area

500

1000

9

1500

[Aero] 3 Airports Passenger Traffic
Number of passengers(FY2020)（Thousand）

Year on Year Growth（FY2020）

1,600

20%
7%（-39%）

1,400

186
1,200

0%

151

-9%（-58%）

-20%

1,000

153
105

800

175

107
912

110

-43%
-49%

-40%

780
600

641
516

52

400

80

595

153
0

604

506
354

38
200

43

13

326

318
193

66

107
32

74

Apr

May

Jun

Jul
KIX Intl

242

Aug

211

Sep
KIX Dom

278

294

223
119

Oct

Nov
ITAMI

Dec

Jan

KOBE

232

-60%

-51%

-63%

-38%（-64%）

-46%
-54%

-57%

-48%

-71%
-73%
-73%

-60%

-65%
-76%
-69%
-80%
-85%
-65%
-68%
-80% -88% -92%
-68%
-88% -95%
-87%
-95%

-83%

-79%

-84%

-92.0%（-99.1%）-99.7% -99.8% -99.7% -99.5% -99.3% -99.1% -99.0% -98.6% -98.3% -98.6% -98.7%

88

Feb

-61%
-64%

-38%
-38%

Mar

-100%
Apr

May

Jun

Jul

KIX Intl

Aug

Sep

KIX Dom

Oct

Nov

Dec

ITAMI

Jan

Feb

Mar

KOBE

*
indicates Months including the period of emergency declaration in the Kansai area
*For comparison with before the pandemic of COVID-19, comparison with 2 years ago is shownin only March 2021.

10

[Aero] Route expansion from 2020 summer to 2021 summer schedule
Fuji Dream Airlines
2020/3/29
Kobe＝Aomori

Lufthansa Cargo
2020/10/28
Introduction of B777FSkymark Airlines
2020/10/25
Kobe＝Shimojishima

Starlux Airlines
2020/12/15
Kansai＝Taipei

Fuji Dream Airlines
2021/3/28
Kobe=Hanamaki

Japan Transocean Air
2021/4/29
Kansai＝Miyako

Peach2021/7/1（Planned）
Kansai＝Memanbetsu

Passenger-freighter
increased in FY2020

11

[International Cargo] ATM・Cargo Volume・Trade ValueKIX/International Cargo Volume and Value(Thou. ton)

1,000

(Bil. JPY)

9,096

9,058

10,0008,785(Year on Year: -3%)

800

8,000

600

6,000

Freighter and Passenger-Freighter movements have increased significantly tocover the cargo space of the cancelled passenger flights. Freighter movements
have reached a record high.
Thanks to the strong E-commerce industry, even though in the pandemic
situation, movements by Chinese express operators such as Hangzhou YTO
Express Airlines and SF Airlines increase significantly. FedEx also increases its
movements drastically.

KIX/International Cargo
Flight Movements(Movement)

100%

28,000
400

797

742

716
(-7%)
(-3%)

4,000

24,000Freighter

60%

0
FY2020TTL Value (Export・Import)

24,94812,0008,000

FY2018FY2019TTL Volume (Load・Unload)

Other

10%

20,000
2,000

0

10%

80%

16,000200

KIX/Share of International
Flight Movements(+74%)

13,63014,322

40%

80%
89%

89%

20%

4,000

Passenger

16% flight0%0
FY2018FY2019FY2020FY2018FY2019FY202012

Non-Aero: YoY Decline in Revenue due to COVID-19
 Non-Aero revenue in FY2020 fell by 89.9 billion yen (down 71%) year-on-year due to a sharp drop in
passenger traffic amid the prolonged COVID-19 crisis.
 Under the difficult situation, we focused on providing a safe environment in our commercial areas.

(in billion yen)140

Non-Aero Revenue
126.4

120
100

Others-32%

Retail, F&B

-94%

80
60

36.5

40
20

Duty-free-98%

Others0
FY2019FY2020*Others: Revenue from real estate, tenant, hotel, etc.
*Duty-free, Retail and F&B: Revenue of directly managed stores

13

Initiatives in FY2020
14

Initiatives in FY2020
3 airports
•
•
•
•
•
•

Put COVID-19 safety measures in place
Sorayan debuted as LINE creators’ sticker (Aug. 5)
Light It Blue in support of healthcare workers (Sept. 17)
Joint video message to mark 2020 Sky Day (Sept. 20)
First online greeting event with Sorayan (Feb. 14)
Set a long-term target aiming for net zero greenhouse gas emissions (Mar. 5)
KIX

•
•
•
•
•
•
•
•
•
•
•

COVID-19
safety measures

Ranked No. 1 in three categories at Skytrax World Airport Awards (May 14)
Installed e-gates at international departures (July 27)
Tested UVC disinfection of baggage carts and the disinfection data transmission throughelectronic tags (Dec. 11)
KIX Pharma Community undertook the process to obtain the CEIV Pharma certification
for the second time (Dec. 14)
KIX DUTY FREE Central opened (Dec. 18)
ISHIYA opened (Dec. 18)
Established a task force for COVID-19 vaccine shipping (Dec. 21)
LOEWE opened (Jan. 7)
KIX Task Force set up a framework for COVID-19 vaccine transportation (Jan. 28)
Showcased the works of eight popular manga artists as part of the CULTURE GATE to JAPANlaunched by the Agency for Cultural Affairs (Mar. 20)
Applied antimicrobial coating in the fight against COVID-19 (Mar. 26)

Long-term target aiming for net zero
greenhouse gas emissions

Set up a framework for COVID-19
vaccine transportation

15

Initiatives in FY2020
ITAMI
•
•
•
•
•
•

Pedestrian deck connecting parking with monorail station (June 26)
Waiting room for long-distance buses (July 1)
Motorcycle rental shop opened (Aug. 1)
ITAMI grand re-opening (Aug. 5)
ITAMI Sora No Ichi (Nov. 23)
Winter illumination (Dec. 5)
ITAMI grand re-opening

KOBE
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Winter illumination (Dec. 5)
A special drawing in celebration of the 15th anniversary (Feb. 22)
Five airlines’ passenger appreciation event (Mar. 19)
15th anniversary event (Mar. 20-21)

Passenger appreciation event

Airport bus tour
(15th anniversary event)16