PRESS RELEASE
December 15, 2022

FY2022 Half-year Consolidated Financial Results
Despite the continued impact of COVID-19, profit improved from LY
Kansai Airports today announced its half-year consolidated financial results for the fiscal year
ended March 31, 2022, posting operating revenues of 41.2 billion yen, operating loss of 12.2
billion yen, ordinary loss of 17.4 billion yen and net loss of 12.8 billion yen.
In this fiscal year, air passenger demand is steadily recovering due to the gradual easing of
immigration restrictions and the easing of restrictions on movement in Japan. Although thesituation remains difficult, operating revenue increased by 34% compared to the previous year.
In addition, KAP continues to reduce expenses including staff costs, and operating profit increased
by 5.3 billion yen, ordinary profit by 4.7 billion yen, and net profit by 3.0 billion yen.
Consolidated Profit and Loss Statement
Item

Apr. 2021-

Apr. 2022-

Increase

ChangeSept. 2021

Sept. 2022

(Decrease)(％)

Operating Revenues

30.7

41.2

10.5

+34%

Operating Expenses（26.9)（31.6)

(4.8)

+18%

3.8

9.6

5.7

+150％

（21.3)（21.8)(0.6)+2%

Operating Profit/Loss(17.4)(12.2)

5.3-

Ordinary Profit/Loss(22.1)(17.4)

4.7-

Net Profit/Loss1(15.8)(12.8)

3.0-

EBITDA
Depreciation & Amortization1(in billion yen)

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

Aviation Traffic
Domestic traffic is approaching the level of 2019 traffic and international traffic is recoveringslowly due to the gradual relaxation of immigration restrictions and covid 19 measures. Although
the situation remains difficult, the total aircraft movements at the three airports was 132
thousand, and the number of air passengers was 10.72 million; an increase of 40% and 114%,
respectively, compared to the previous year.

Item
ATMs (in thousands)

Apr. 2021-

Apr. 2022-

Increase

ChangeSept. 2021

Sept. 2022

(Decrease)

(%)

94

132

38

+40％

KIX

33

46

13

+38％

ITAMI

47

69

22

+48％

KOBE

14

17

3

+18％

5.02

10.72

5.71

+114％

KIX

1.42

3.50

2.08

+147％

ITAMI

2.88

5.81

2.93

+102％

KOBE

0.72

1.42

0.70

+97％

PAX (in millions)

Consolidated Balance Sheet
As of September 30 2022, total assets were 1,644.5 billion yen as a result of an increase inconstruction in progress compared to the end of the previous fiscal year. In addition, as a resultof an increase mainly in accounts payable, total liabilities were 1,610.9 billion yen.
(in billion yen)
Item
Current Assets

As of Mar. 31, 2022

As of Sep. 30, 2022

Increase(Decrease)

93.5

93.2

(0.4)

1,536.8

1,551.3

14.5

1,630.3

1,644.5

14.1

64.1

96.5

32.5

Non-current Liabilities

1,520.5

1,514.4(6.1)

Total Liabilities

1,584.6

1,610.9

26.3

Shareholders' Equity

44.0

31.2

(12.8)

Other Comprehensive Income

(0.1)

0.4

0.5

Non-controlling Interests

1.9

2.0

0.1

Total Net Assets

45.7

33.5

(12.2)

1,630.3

1,644.5

14.1

Non-current Assets
Total Assets
Current Liabilities

Total Liabilities and Net Assets

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, 2022 to September 30, 2022

(Unit: Million yen)
Operating revenues

41,213Operating expenses

46,572Gross operating loss

5,358

Selling, general and administrative expenses

6,795

Operating loss

12,154Non-operating income

978Interest income and dividends

252

Subsidies for employment adjustment

289

Other non-operating income

437

Non-operating expenses

6,199

Interest expense

6,041

Commissions

41

Share of loss of entities accounted for using the equity method

106

Other non-operating expense

9

Ordinary loss

17,374

Special gain

80

Gain on sales of non-current assets

0

Subsidies received

㻤㻜Special loss

861

Loss on retirement of non-current assets

358

Non-current assets advanced depreciation deduction

14

Removal cost related to replacement investment

291

Loss on valuation of merchandise inventories

196

Loss before income taxes

18,155

Income taxes-current

218

Income taxes-deferred△ 5,688

Loss

12,685

Profit attributable to non-controlling interests

94

Loss attributable to owners of the parent

12,779Figures under one million yen are rounded down to the nearest million.

Consolidated Balance Sheet
As of September 30, 2022
(Unit: Million yen)

AssetsCurrent assets

Liabilities
93,174Current liabilities

96,519Cash and deposits

72,062

Accounts payable - trade666

Notes and accounts receivable-trade6,210

Accounts payable - other

38,407

Accrued expenses

5,098

Contract assets

69

Merchandise inventories

1,546

Short-term loans payable

10,000Raw materials and supplies

1,288

Current portion of long-term loans
payable4,042

Guarantee deposits refundable
within one year

2,210

Current portion of liabilities for the right to operate
public facilities
30,246

Accounts receivable - other

1,425

Income taxes payable

1,764

Other

8,368

Contract liabilities

2,598

Allowance for doubtful accounts△8

Provision for bonuses

966

Provision for point card certificates

24

Other
Non-current assets

2,704

1,551,296

Non-current liabilities

Property, plant and equipment

58,434

Bonds payable

Buildings and structures

3,557

Long-term loans payable

Machinery, equipment andvehicles

10,837

Liabilities for the right to operate
public facilities

Tools, furniture and fixtures

5,402

Provision for special repairs

49,613603

Liability for retirement benefits

5,991

Other

9,099

Land
Construction in progress
Other
Intangible assets

37,944

1,514,404
4,860
207,775
1,237,064

88
1,358,907

Right to operate public facilities

1,294,987

Replacement investment assets

61,862

Other

2,057

Total liabilities

1,610,923

Net assets

Investments and other assets

133,954

Shareholders' equity

31,181

Investment securities

1,072

Capital stock

25,000280

Capital surplus

25,000Asset for retirement benefits
Guarantee deposits

89,517

Deferred tax assets

42,421

Accumulated other comprehensive

388

932

Deferred gains or losses on hedge

388

Other
Allowance for doubtful accounts

Total assets△ 269

1,644,470

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

Retained earnings△ 18,818

Non-controlling interests

1,977

Total net assets

33,546

Total liabilities and net assets

1,644,470

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 is a financial services group which provides innovative products and services 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 ispresently undertaking a wide range of businesses such as corporate finance, industrial/ICT equipment,
environment and energy, automobile-related, real estate-related, private equity investment and concession,banking and life insurance businesses. Since entering Hong Kong in 1971, ORIX has been operating its
businesses globally by establishing locations in about 30 countries and regions across the world.
Going forward, ORIX intends to utilize its strengths and expertise of always generating new value to contributeto society by engaging in corporate activities that instill vitality in its companies and workforce based on ORIX’s
unique business model that continues to evolve perpetually.
For more details, please visit our website: https://www.orix.co.jp/grp/en/

The world's leading private airport operator, VINCI Airports operates 53 airports in 12 countries in Europe, Asiaand the Americas. Thanks to its expertise as a global integrator, VINCI Airports develops, finances, builds andmanages airports by providing its investment capacity and its know-how in optimizing operational performance,
modernizing infrastructures and managing their operations. environmental transition. VINCI Airports is the first
airport operator to have committed to an international environmental strategy in 2016, to achieve the goal of
net zero emissions across its entire network by 2050.
For more details, please visit our website: 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.

Interim Consolidated
Financial Results for FY2022
December 15, 2022

AgendaOverview of Consolidated
Financial Results
Revenue Drivers
Initiatives in FY2022
Q&A

1

Overview of Consolidated Financial Results2Despite the continued impact of COVID-19, profit improved from LY
１．Compared to the previous year,
despite the continued impact of
COVID-19 pandemic, air travel
demand increased steadily due tothe gradual relaxation of
immigration restrictions andrestrictions on movement.
２．Operating revenues increased
compared to last year due to anincrease in the number of aircraft
movements and passengers.
３．Profits improved from theprevious year due to continued
cost reductions.

(in billion yen)
Apr. 2021Sept. 2021

Apr. 2022Sept. 2022

Change％Operating
Revenues

30.7

41.2

10.5

EBITDA

3.8

9.6

5.8 +150％

Operating
Profit/Loss(17.4)(12.2)

5.3-

Ordinary
Profit/Loss(22.1)(17.4)

4.7-

Net
Profit/Loss*(15.8)(12.8)

3.0

-

+34%

3

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

Operating Results(in billion yen)
Apr. 2021 Sept. 2021

Apr. 2022 –Sept. 2022

Increase(Decrease)

Change
％

30.7

41.2

10.5

+34%

Aero

11.9

17.7

5.8

+48%

Non-Aero

18.8

23.5

4.8

+25%

Operating Expenses (excl. D&A)

(26.9)(31.6)

(4.8)

+18%

EBITDA

3.8

9.6

5.8

+150%

Depreciation & Amortization(21.3)(21.8)(0.5)+2%

Operating Profit and Loss

(17.4)(12.2)

5.3-

Non-operating Profit and Loss

(4.6)

(5.2)

(0.6)

-

Ordinary Profit and Loss

(22.1)(17.4)

4.7-

Extraordinary Profit and Loss

(0.5)

(0.8)

(0.3)

-

(0.5)

Income Taxes, Profit Attributable toNon-controlling Interests

6.7

5.4

(1.4)

-20%

(0.1)

Net Profit and Loss1(15.8)(12.8)

3.0

-

(0.3)

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, 2022

93.5

93.2

(0.4)

Cash and Deposits

74.5

72.1

(2.5)

Non-current Assets

1,536.8

1,551.3

14.5

1,630.3

1,644.5

14.1

64.1

96.5

32.5

1,520.5

1,514.4(6.1)

1,584.6

1,610.9

26.3

Shareholders' Equity

44.0

31.2

(12.8)

Other Comprehensive Income

(0.1)

0.4

0.5

Non-controlling Interests

1.9

2.0

0.1

45.7

33.5

(12.2)

1,630.3

1,644.5

14.1

218.0

226.7

8.7

Current Assets

Right to Operate
Public Facilities

TOTAL ASSETS
Current Liabilities

Debts concerning
Right to Operate
Public Facilities

Increase(Decrease)

As of Mar. 31, 2022

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

Reference
Interest-bearing Debt Balance

6

Revenue Drivers
7

[Aero] Both international and domestic flights are on a recovery trend

 Movement and the Number of Passengers
Compared to the previous year, total number of movements
at the three airports increased by 40%, and the number ofpassengers increased by 114%, driven by recovery ofdomestic flights.
 International Passenger Flight・Cargo Flight
Due to the gradual relaxation of immigration restrictions, thenumber of international passenger flights and the number ofpassengers are slowly recovering.
With the recovery of passenger flights, the number of cargoflights decreased slightly, but remained at a high level.
 Domestic Passenger Flight of 3 airports
In the first half of FY2022, there were no restrictions on
activities such as the declaration of a state of
emergency, leading to a record high for domestic movements,
thanks to the flights increase allowed by the slot expansion
at Kobe Airport in 2019 and huge domestic movements
growth from Peach in KIX.
The number of passengers also increased significantly fromthe previous year.

FY2021 1H
ATMs(in thousands)

FY2022 1H VS FY2021

％

94

132

38

+40%

33
47
14

46
69
17

13
22
3

+38%
+48%
+18%

Passengers(in millions)

5.02

10.72

KIX

1.42

3.50

2.08

+147%

International
Passengers

0.12

0.60

0.48

+401%

Japanese

0.05

0.27

0.22

+435%

Non-Japanese

0.06

0.32

0.26

+417%

Domestic

1.30
2.88
0.72

2.90
5.81
1.42

1.60
2.93
0.70

+123%
+102%
+97%

KIX
ITAMI
KOBE

ITAMI
KOBE

5.71 +114%

8

indicates Months including the period of emergency[Aero] 3 Airports Movement Traffic (vs FY2019) declarationor pre-emergency measures in the Kansai area
Passenger Flights* 2020.April ー 2022.October
KIX Intl

140%

KIX Dom

ITAMI

KOBE

119%
118%

120%

104%

20%

537 (2%)

China

66%

60% 49%40%

1,393 (8%)

South Korea

100%
80%

2022 April - September
Number of International Passenger
flights per region**& recovery rate vs FY2019

239 (4%)

Hong Kong, Macau

44%
19%

763 (11%)

Taiwan3%2,426Southeast Asia

0%

(24%)

85 (7%)

North America

International Cargo Flights 2020.April ー 2022.October
240%

Hawaii193 (13%)200%

Europe256 (14%)

Middle East

261 (71%)

160%

174%

172%

120%

Oceania

26 (5%)Guam

80 (7%)

Others

7

80%
40%
0%
Apr

May

Jun

Jul

Aug
2020

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

2021

Aug

Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

2022

(Movement)

0

1,000

*As for passenger flights, for comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in both 2021 and 2022.
**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).

2,000

3,000

9

indicates Months including the period of emergency[Aero] 3 Airports Passenger Traffic (vs FY2019) declarationor pre-emergency measures in the Kansai area

April 2020 - October 2022
KIX Intl

120%

KIX Dom

ITAMI

100%

KOBE
103%
89%

100%

80%

60%

40%
15%
12%
20% 12%

15.4%

0.3%

0%
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct
2020

2021

2022
10

* For comparison with before the pandemic of COVID-19, comparison with FY2018 is shown in February, March in both 2021 and 2022.

The number of International passenger flights in W22
KIX International（Flights a week） S22: 228 (16% recovery from S19)-> W22：483 (34% recovery from W19)

Korea

North America

China

Europe

(50%)

(92%)

(4%)

(1%)

(14%)

(17%)

(1%)

5

5

6

8

S22

W22

S22

W22

(23%)

6

S22

W22

213

81
S22

Middle East

1

W22

HawaiiTaiwan
(36%)

(86%)

6
S22

(100%)

(25%)

(54%)

7

10

S22

W22

Hong Kong

7

Southeast Asia

W22

(24%)

＊

32

(51%)

S22

(22%)

27
S22

72

W22

Guam

Oceania

64
(46%)

(24%)

(29%)

W22

58

91

2
S22

(13%)

4

3

3

W22

S22

W22

W22

*Peachバンコク線が12月27日から新規就航*Peach will launch Bangkok route from Dec 27

(14%)

(18%)

S22

• S22 is the final week of summer 2022 (23-29 October 2022)• W22 is the assumed number of flights in winter 2022 (19-25 March 2023)• Figures in brackets mean recovery rates vs S19 and W19

11

[International Cargo] ATM・Cargo Volume・Trade Value
KIX/ Int’l Cargo Volume and Value(Thou. ton)

(Bil. JPY)

500

6,000
4,965

400

5,759

(YoY: +16%)

5,000

4,236

Freighter and Passenger-Freighter movements remain at high level to cover the lossof cargo space of the cancelled passenger flights, however, the cargo flightmovements of FY2022 1H have slightly decreased compared to last year.
The cargo volume has slightly decreased compared to last year, but due to theincrease in the pharmaceutical and the semiconductor-related transport, the value
exceeded last year and the year before. Also, the transport relating to E-commerce
keeps strong demand.

KIX/Int’l Cargo Flight Movements

KIX/Share of Int’l Flight Movements

4,000
300

(Movement)

3,000
200
345

405

13,966

14,000

（-1%）

(-4%)

2,000
1,000

0

13,84180%

TTL Volume (Load, Unload)

FY2022TTL Value (Export, Import)

68%

60%

12,34180%

12,00081%

Freighter

40%
20%

0
FY2021

Other

390

100

FY2020100%

10,0000%
FY2020

FY2021

FY2022

31%
13%

15%

Passenger
flightFY2020 FY2021 FY2022
12

Cargo Value (announced by Customs) : September 2022 : preliminary figures, August 2022 : Export: pre-definite figures, Import: preliminary figures
The rest of 2022 : pre-definite figures, 2021 : pre-definite figures, 2020 : definite figures

[Non-Aero] Slight YoY increase in half-year revenue despite COVID-19
 Amid the prolonged significant decline in passenger traffic impacted by COVID-19, Non-Aero revenue in thefirst half of FY2022 showed an increase of 4.8 billion yen (up 25%) year-on-year, backed by recovery indomestic passenger traffic.
 We focused on supporting store operation and promoting sales while taking strict infection prevention
measures and flexibly responding to evolution of passenger traffic and changing customer needs, and thus
successfully opened the new domestic area.
80

Non-Aero Revenue(in billion yen)

70.5
60

Others-38%
40

Retail, F&B-96%
20
Duty-free

17.1

-99%
Others

+8%
+20%

18.8

Others

+16%
+188%

23.5

Others

+110%

+126%

0
FY2019FY2020

FY2021

FY2022* Others: Revenue from real estate, tenant, hotel, etc.
* Duty-free, Retail and F&B: Revenue of directly managed stores

13

[Non-Aero] KIX T1 Renovation Phase 1: Opening of New Domestic Area
●POINT•

Landside:7 shops will open（6 F&B and 1 retail）【Opening on Saturday, October 1】•

Airside:6 shops will open （4 F&B and 2 retail）【Opening on Wednesday, October 26】•

Open a food court, popular restaurants, cafés, and other F&B shops to meet diverse needs ofinternational/domestic customers, night stayers，workers, etc.

【Terminal 1, 2F】

14

Initiatives in the first half of
FY202215

List of Major Initiatives in the First Half of FY2022
3 Airports
・Collaborated with Airbus to study hydrogen use in Japan (June 10)
・Concluded a basic agreement with JGC Holdings corporation to cooperate incommercialization of domestic SAF (June 29)
・Conducted a joint campaign “#Connect with the sky,connect by the sky” with domestic airports, etc (Sept 20~)
Joint efforts with Airbus
to explore use of hydrogen (3 airports)

KIX

2nd CEIV Pharma Certification (KIX)

・Received Japan Society of Civil Engineers Technology Award for disasterprevention business (May 16)
・Acquired the 2nd certification of CEIV Pharma (July 7)
・Conducted parent-child environmental tours (Aug 5)

ITAMI

Cooperation with JGC HD to commercialize domestic
SAF (3 airports)

ITAMI Runway Walk (ITAMI)#Connect with the sky, connect by the sky(3 airports)

MINIATURE LIFE × KOBE AIRPORT(KOBE)

・Held ITAMI Runway Walk (July 9)
・Sold accommodation plans with excursions around airport restricted area (May 31)
・Introduced full automatic PBB system utilizing AI (June 27)

KOBE
・Held an event to commemorate 16 th anniversary (June 11, 12)
・Held KOBE Runway Walk (July 23)
・Opened “MINIATURE LIFE x KOBE AIRPORT” (Sept 30)

16