PRESS RELEASE
December 15, 2021

FY2021 Half-year Consolidated Financial Results
Net results improved from the LY, was greatly affected by COVID-19
Kansai Airports today announced its half-year consolidated financial results for the fiscal year
ended March 31, 2022, posting operating revenues of 30.7 billion yen, operating loss of 17.4
billion yen, ordinary loss of 22.1 billion yen and net loss of 15.8 billion yen.
In this fiscal year, although the situation is still severe due to the impact of the spread of COVID19 infection, operating revenue increased by 15% compared to the previous year, which wassignificantly affected by COVID-19. In addition, we are continuing to reduce expenses including
staff costs, and operating profot increased by 5.0 billion yen, ordinary profit increased by 4.0
billion yen, and net profit increased by 2.0 billion yen.
Consolidated Profit and Loss Statement
Item

Apr. 2020-

Apr. 2021-

Increase

ChangeSept. 2020

Sept. 2021

(Decrease)(％)

Operating Revenues

26.6

30.7

4.1

+15%

Operating Expenses（28.4)（26.9)

1.6

-6%

(1.8)

3.8

5.7

-

（20.6)（21.3)(0.6)+3%

Operating Profit/Loss(22.5)(17.4)

5.0-

Ordinary Profit/Loss(26.0)(22.1)

4.0-

Net Profit/Loss1(17.8)(15.8)

2.0-

EBITDA
Depreciation & Amortization1(in billion yen)

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

Aviation Demand
Although the situation is still severe due to the impact of the spread of COVID-19 infection, traffic
has increased compared to the previous year, which was significantly affected by COVID-19, andthe total aircraft movements at the three airports was 94 thousand times, and the number of air
passengers was 5.01 million, an increase of 24% and 43%, respectively, compared to theprevious year. Regarding international flights, the number of international passengers increased
from the previous year, but was limited due to the continued immigration restrictions of eachcountry and the Japanese government. Regarding domestic flights, as the vaccination rateincreased, the movement of people gradually recovered, mainly during consecutive holidays, andall three airports exceeded the previous year's results. In addition, the number of internationalcargo flights increased due to tight cargo space due to the suspension of international passenger
flights.

Item
ATMs (in thousands)

Apr. 2020-

Apr. 2021-

Increase

ChangeSept. 2020

Sept. 2021

(Decrease)

(%)

76

94

19

+24％

KIX

28

33

5

+19％

ITAMI

37

47

9

+25％

KOBE

10

14

4

+39％

3.50

5.02

1.51

+43％

KIX

0.88

1.42

0.54

+61％

ITAMI

2.20

2.88

0.69

+31％

KOBE

0.43

0.72

0.29

+69％

PAX (in millions)

Consolidated Balance Sheet
As of September 30, 2021, total assets were 1,638.8 billion yen as a results of depreciation ofoperating rights for public facilities and a decrease in construction in progress compared to theend of the previous fiscal year. In addition, as a result of a decrease in liabilities due to paymentof accounts payable and operating rights for public facilities, etc., total liabilities were 1,579.4
billion yen.
(in billion yen)
Item

Increase

As of Mar. 31, 2021

As of Mar. 31, 2021

121.0

102.5

(18.5)

1,564.9

1,536.4(28.6)

1,685.9

1,638.8(47.1)

80.3

53.2(27.1)

Non-current Liabilities

1,530.2

1,526.2(4.0)

Total Liabilities

1,610.5

1,579.4(31.2)

Shareholders' Equity

74.2

58.4

(15.8)

Other Comprehensive Income

(0.5)

(0.8)

(0.3)

Non-controlling Interests

1.7

1.8

0.1

Total Net Assets

75.4

59.5

(15.9)

1,685.9

1,638.8(47.1)

Current Assets
Non-current Assets
Total Assets
Current Liabilities

Total Liabilities and Net Assets(Decrease)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, 2021 to September 30, 2021

(Unit: Million yen)
Operating revenues

30,696

Operating expenses

42,460Gross operating loss

11,763

Selling, general and administrative expenses

5,683

Operating loss

17,447

Non-operating income

1,516Interest income and dividends
Share of profit of entities accounted for using the equity
method258
4

Subsidies for employment adjustment

853

Other non-operating income

399

Non-operating expenses

6,131Interest expense

5,991

Commissions

85

Other non-operating expense

54

Ordinary loss

22,063Special gain

478

Gain on reversal of provision for loss on disaster

195

Subsidies received

10

Insurance claims for disaster

272

Special loss

946

Loss on retirement of non-current assets

8

Non-current assets advanced depreciation deduction

80

Removal cost related to replacement investment

160

Loss on disaster

12

Loss on valuation of merchandise inventories

684

Loss before income taxes

22,530

Income taxes-current

355

Income taxes-deferred△ 7,224

Loss

15,661

Profit attributable to non-controlling interests

126

Loss attributable to owners of the parent

15,787

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

Consolidated Balance Sheet
As of September 30, 2021
(Unit: Million yen)

AssetsCurrent assets

Liabilities
102,476

Current liabilities

53,200Cash and deposits

84,767

Accounts payable - trade272

Notes and accounts receivable-trade

5,008

Accounts payable - other

7,570

Accrued expenses

3,912

Contract assets

61

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

Merchandise inventories

2,716

Raw materials and supplies

1,299

Guarantee deposits refundable
within one year

2,197

Income taxes payable

2,491

Accounts receivable - other

1,163

Contract liabilities

2,724

Other

5,283

Provision for bonuses

738

Allowance for doubtful accounts△ 21

Provision for point card certificates

54

Other
Non-current assets

3,931
30,055

1,447

1,536,371

Non-current liabilities

Property, plant and equipment

36,008

Bonds payable

Buildings and structures

3,779

Long-term loans payable

Machinery, equipment andvehicles

10,552

Liabilities for the right to operate
public facilities

Tools, furniture and fixtures

6,760

Provision for special repairs

49,487

603

Provision for loss on disaster

655

14,194

Liability for retirement benefits

5,436

Other

10,299Total liabilities

1,579,384

LandConstruction in progress
Other
Intangible assets

118

1,526,184
4,860
188,134
1,267,310

1,376,309

Right to operate public facilities

1,330,040

Replacement investment assets

44,465

Other

1,803

Net assets

Investments and other assets

124,052

Shareholders' equity

58,408Investment securities

1,177

Capital stock

25,000328

Capital surplus

25,000Retained earnings

8,408

Asset for retirement benefits
Guarantee deposits

91,697

Deferred tax assets

30,738

Accumulated other comprehensive

△ 786

362

Deferred gains or losses on hedge

△ 786

Other
Allowance for doubtful accounts

Total assets△ 251

1,638,847

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

Non-controlling interests

1,840

Total net assets

59,462

Total liabilities and net assets

1,638,847

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％

ORIX Corporation (TSE: 8591; NYSE: IX) is an opportunistic, diversified, innovation-driven global powerhousewith a proven track record of profitability. Established in 1964, ORIX at present operates a diverse portfolio of
businesses in the operations, financial services, and investment spaces. ORIX’s highly complementary businessactivities span industries including: energy, private equity, infrastructure, automotive, ship and aircraft, realestate and retail financial services. ORIX has also spread its business globally by establishing locations in a totalof 37 countries and regions across the world. Through its business activities, ORIX has long been committed tocorporate citizenship and environmental sustainability. For more details, please visit our website:
http://www.orix.co.jp/grp/en/

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.

FY2021 Half-year Consolidated
Financial Results
December 15, 2021

AgendaOverview of Consolidated
Financial Results

Revenue Drivers
Initiatives in H1 FY2021

1

Overview of Consolidated Financial Results
2

Financial Results Improved from 2020 When the Pandemic Severely Hit(in billion yen)

1. Although the situation is stillsevere due to the prolonged
COVID-19 crisis, traffic increased
from 2020, the year when the
pandemic severely hit.

Apr. 2020Sept. 2020

2. Operating revenues increased
year-on-year thanks to anincrease in the number of aircraft
movements and passengers.
3. As a result of continued efforts to
reduce costs, including staff costs,
financial results improved fromthe previous year.

Apr. 2021Sept. 2021

Change％Operating
Revenues

26.6

30.7

4.1

+15%

EBITDA

(1.8)

3.8

5.7

-

OperatingLoss(22.5)(17.4)

5.0-

Ordinary
Loss(26.0)(22.1)

4.0-

Net Loss*(17.8)(15.8)

2.0-

3* Net Loss represents Net Loss Attributable to Parent Company Shareholders

Operating Results(in billion yen)
Apr. 2020 Sept. 2020

Apr. 2021 –Sept. 2021

Increase(Decrease)

Change
％

26.6

30.7

4.1

+15%

Aero

9.5

11.9

2.4

+25%

Non-Aero

17.1

18.8

1.7

+10%

Operating Expenses (excl. D&A)

(28.4)(26.9)

1.6-6%

EBITDA

(1.8)

3.8

5.7

-

Depreciation & Amortization(20.6)(21.3)(0.6)+3%

Operating Profit and Loss

(22.5)(17.4)

5.0-

Non-operating Profit and Loss

(3.6)

(4.6)

(1.0)

-

Ordinary Profit and Loss

(26.0)(22.1)

4.0-

Extraordinary Profit and Loss

0.6

(0.5)

(1.0)

-

(1.8)

Income Taxes, Profit Attributable toNon-controlling Interests

7.7

6.7

(0.9)

-

0.5

Net Profit and Loss1(17.8)(15.8)

2.0

-

(1.2)

Operating Revenues

Typhoonimpact1 Net Profit and Loss represents Net Profit and Loss Attributable to Parent Company Shareholders

4

EBITDA (YoY)(in billion yen)5Balance Sheet(in billion yen)
As of Sept. 30, 2021

121.0

102.5

(18.5)Cash and Deposits

92.8

84.8

(8.0)

Non-current Assets

1,564.9

1,536.4(28.6)

1,685.9

1,638.8(47.1)

80.3

53.2(27.1)

1,530.2

1,526.2(4.0)

1,610.5

1,579.4(31.2)

Shareholders' Equity

74.2

58.4

(15.8)

Other Comprehensive Income

(0.5)

(0.8)

(0.3)

Non-controlling Interests

1.7

1.8

0.1

75.4

59.5

(15.9)

1,685.9

1,638.8(47.1)

186.9

196.9

10.1

Current Assets

Right to Operate
Public Facilities

TOTAL ASSETS
Current Liabilities

Debts concerning
Right to Operate
Public Facilities

Increase(Decrease)

As of Mar. 31, 2021

Non-current Liabilities
TOTAL LIABILITIESTOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

Reference
Interest-bearing Debt Balance

6

Revenue Drivers
7

Aero: Both Aircraft Movements and Passenger Traffic Exceeded 2020 Levels,
but Recovery Remained Limited
 Aircraft movements and passenger traffic
Compared to 2020 when the COVID-19 pandemic juststarted, the three airports’ total aircraft movements andpassenger traffic increased by 24% and 43%, respectively.
However, the recovery was still limited.

 International passenger and cargo flights
In the first half of FY2021, border restrictions remained inplace and neither the number of passenger flights nor
passenger traffic showed significant recovery.
On the other hand, due to a tight supply of cargo service
caused by a decline in passenger flights, the number ofinternational freighters increased and reached a record high.
 Domestic passenger flights at the three airports
The successive waves of infection and the state of
emergency declaration prevented a full-fledged recovery in
air travel demand. However, compared to the same period
last year, there was a gradual increase in movement ofpeople, especially during consecutive holidays, along with theprogress on vaccinations. As a result, both the number offlights and passenger traffic increased at the three airports.

H1 FY2019 H1 FY2020 H1 FY2021 vs. FY2020％

ATMs(in thousands)

191

76

94

KIX

106
70
16

28
37
10

33
47
14

Passengers(in millions)

26.44

3.50

5.02

1.51 +43%

KIX

16.35

0.88

1.42

0.54

+61%

12.76

0.06

0.12

0.06

+89%

Japanese

3.98

0.02

0.05

0.03 +106%

Non-JapaneseDomestic flightpassengers
ITAMI

8.67

0.04

0.06

0.03

+75%

3.59

0.82

1.30

0.48

+59%

8.39
1.70

2.20
0.43

2.88
0.72

0.69
0.29

+31%
+69%

ITAMI
KOBE

International flightpassengers

KOBE

19 +24%

5
9
4

+19%
+25%
+39%

8

Aero: ATMs at 3 Airports (vs FY2019)
Passenger Flights (April 2020 - October 2021)
KIX Intl

140%

KIX Dom

ITAMI

KOBE

117%

120%
100%
81%

80%

66%

60% 49%

25%
20%

40%
20%

International Passenger Flights
Total ATMs by Region**(April - September 2021)

20%

44%
3%

3%

42%
39%

56%

88%
83%
81%

61%
56%
55%

54%

25%
3%
2%

106%*

3%

4%

70%
66%

63%

3%

80%
78%

78%

4%

104%
88%

80%

60%
59%

68%

4%

99%

89%
80%

72%

70%
68%
53%*

53%

38%
32%

4%

24%
6%
4%*

64% 64%

58%

55%*

4%

81%

62%
47%

48%

4%

4%

4%

72%

74%
72%

82%
81%
79%

274

China

236

102

Hong Kong, Macau

3%

4%

5%

516

Taiwan833

Southeast Asia

0%International Cargo Flights (April 2020 - October 2021)
240%
197% 194%

200%
160%

South Korea

172%

195%

169%

120%

160%

218%

203%

191%

191%*

175% 177% 171% 173%

197% 192%

206%

215%

0%
Jun

Jul

Aug
2020

Hawaii53
404

Europe211

Middle East

40%

May

33

154%

80%

Apr

North America

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Oceania

0

Guam

0

Others13(Movement)

0

200

400

600

800 1,000

2021* The figures for March 2021 are compared with those for March 2019 (FY2018) to show the difference from pre-COVID-19 levels** The number of international passenger flights includes those operated for transporting cargo only

9

Aero: Passenger Traffic at 3 Airports (vs FY2019)
April 2020 - October 2021
KIX Intl

70%
From July 22
Go To Travel
started60%

KIX Dom

From Oct. 1
62%
Go To Travel
62%
included Tokyo

57%

ITAMI

Dec. 28
Go To Travelsuspended

KOBE
61%*

58%

54%

51%
Business Track, etc.
started in phases

50%

39%
36%

40%

30%

20%

12%
12%

10%

52%
49%

35%
35%

0.3%
0.2%

0.3%

0%
Apr

May

Jun

41%

43%

30%

36%*
35%

27%

37%

39% From Nov. 8
Easing of entry

33% restrictions for business

32%

27%

travelers, etc. (shorter
quarantine period)

24%

21%
From Jan. 14
17%
Entry of foreigners
16%
fully restricted(Business Track, etc. suspended)

22%

22%

From Nov. 30
Entry of foreigners
fully restricted

0.5%

0.7%

0.9%

1.0%

1.4%

1.7%

1.4%

1.3%

0.9%*

0.9%

0.8%

1.0%

1.0%

0.9%

1.0%

0.9%

Jul

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

FY2021

FY2020

First
wave

35%

36%

29%

55%
53%

47%

43%

42%*
40%

13%

51%

46%

20%
8%
5%
5%

51%

51%

37%

32%
31% 32%

24%

15%

43%

Sept. 30
Aug. 20
Lifting of state ofRecord high COVID-19 emergency
cases (25,992 people)

Second
wave

Third
wave

Fourthwave

Fifth wave

* The figures for March 2021 are compared with those for March 2019 (FY2018) to show the difference from pre-COVID-19 levels

10Aero: Domestic Passenger Traffic at 3 Airports (vs FY2019)

ITAMI

KIX
70%
58%

60%

70%

70%

60%

60%
53%

51%
50%

50%

43%
40%

KOBE

40%

50%

36%
32%

30%

30%
22%22%

37%
33%

40%

30%

24%

20%

20%

10%

10%

10%

0%

0%

0%

FY2021

39%
35%

30%

20%

FY2020

51%
47%

43%

41%

35%

55%

51%

FY2020

FY2021

FY2020

FY2021

11* The figures for March 2021 are compared with those for March 2019 (FY2018) to show the difference from pre-COVID-19 levels

Aero: Latest Network Expansion
International
AirlineFinnair

Destination

Launch date

DetailOctober 2

Resume 3/w

During 21W

Increase in phases to 7/w

HelsinkiThai Airways

Bangkok(Suvarnabhumi)

Beginning of 21W

Increase from 2/w to 5/w

Emirates

Dubai

November 3

Increase from 4/w to 5/w

Domestic
Fuji Dream Airlines

Japan Transocean Air

Peach Aviation

March 28, 2021 KOBE-Hanamaki
August 27, 2021 KOBE-Matsumoto
Double daily

April 29, 2021
KIX-Miyako

July 1, 2021 KIX-Memanbetsu
In August and September,
operated the number of flights
exceeding pre-COVID-19 levels in 201912

International Cargo: ATMs, Cargo Volume and Trade ValueKIX International Cargo Volume and Trade Value(H1 FY2021)(thousand tons)
500(billion yen)
4,550

5,000

4,963

4,221

(+18% YoY)

400

4,000

300

3,000

Freighter and passenger-freighter movements remained at high levels to make up
for the loss of cargo space caused by suspension of passenger flights. Cargoaircraft movements reached a record high for a first-half period.
Cargo volume and value exceeded FY2020 and FY2019 levels, backed by the strong
e-commerce demand, marine cargo transported by air due to the shipping crisis,
and transport of pharmaceutical products including vaccines.

KIX International Cargo ATMs
(H1 FY2021)(Movements)

Breakdown of KIX
International Cargo ATMs
(H1 FY2021)
100%（+13%）

15,000
200

372

405

345

13,966
12,3412,000(+18%)

6,951

1,000

40%

5,000
0

80%
60%

10,000100

FY2020TTL Volume (Load, unload)

FY2021

0%

0

TTL Value (Export, import)

80%

81%

13%

15%

FY2019FY2020

FY2021

Freighter

90%

20%

0
FY2019Other

9%Passenger
flight

FY2019 FY2020 FY2021

Cargo trade value released by Customs
September 2021: Preliminary figures, August 2021 Exports: Pre-final figures, August 2021 Imports: Preliminary figures
Other months in 2021: Pre-final figures, 2020: Updated pre-final figures, 2019 and before: Final figures13

Non-Aero: Slight YoY Increase in Half-year Revenue Despite COVID-19
 Despite the devastating impact of a sharp drop in passenger traffic amid the prolonged COVID-19 crisis, NonAero revenue in the first half of FY2021 showed a slight increase of 1.7 billion yen (up 10%) year-on-year.
 We focused on supporting store operation and promoting sales while taking strict infection prevention
measures and flexibly responding to changing passenger traffic and customer needs.
Non-Aero Revenue(in billion yen)

80

60

40

20

70.5
Others-38%

Retail, F&B

-96%
17.1

Duty-free-99%

Others0
FY2019FY2020

+8%
+20%
+126%

18.8
Others
FY2021* Others: Revenue from real estate, tenant, hotel, etc.
* Duty-free, Retail and F&B: Revenue of directly managed stores

14

Initiatives in H1 FY2021
15

Initiatives in H1 FY2021
3 Airports••

Sales event “Kansai Derby: Buffaloes and Tigers” (from Sept. 1)
Joint video message to mark 2021 Sky Day (Sept. 20 to 30)

日本初！

KIX

•
•
•
•

Opening of 24-hour café lounge (Apr. 30)
Groundbreaking ceremony for KIX T1 Renovation project (May 28)
T2 smart air conditioning demonstration test with Kobe University(June 30)
Opening of COVID-19 PCR test center (Sept. 22)

24-hour café lounge (KIX)

Groundbreaking ceremony (KIX)

COVID-19 PCR test center (ITAMI）

ITAMI Sora no Ichi (ITAMI)

Passenger assistance robots (KOBE)

Runway walk (KOBE)

ITAMI
•
•
•

Sora no Ichi with J-AIR (Apr. 4 & July 22)
Opening of COVID-19 PCR test center (July 14)
Shopping campaign with Kyoto Aquarium (from July 24)
KOBE

•
•
•
•

Opening of community library “Machi Library” (July 1)
Early-morning family runway walk (July 24)
Pop-up store “Sora Market” (from July 30)
Demonstration experiment of passenger assistance robots(from Sept. 17)16