Second Quarter of FY23

Earnings Presentation Material(November 17, 2023)* This document has been translated from the Japanese original, for reference purposes only.
If there is any discrepancy between this translated document and the Japanese original, the original
shall prevail.

Contents

Second Quarter of FY23
Earnings Presentation Material
1. Review of Consolidated Financial Results for FY23 2Q(1) Review of Consolidated Financial Results for FY22 2Q

P 2(2) Consolidated Financial Results

P 3

2. Consolidated Financial Forecast for FY23

3. Progress of the Medium-Term Business Plan
(1) Forecast of Number of Passengers (Haneda Airport)
and Target ResultsP10(2) Our goals

P11(3) Facilities Management

P12(4) Merchandise sales/Food and beverageP13(5) New business/Expertise business/Management BaseP

14

4. Sustainability Initiatives(1) Business Environment/Number of Passengers

P 4(1) Sustainability Management PracticesP15(2) Consolidated Financial Forecast

P 5(2) Initiatives to Reduce Environmental ImpactP16(3) Financial Forecast by Segment

P 6(4) Quarterly Changes in Number of Passengers,
Operating Income, and EBITDA

P 7(5) Breakdown of Number of Passengers of International
Flights at Haneda by Destination (Forecast)P 8(6) Status of Number of Staff and Selling, General and
Administrative Expenses

P 9

Contents

Supplementary Material

Reference Material

1. Details of Consolidated Financial Results for FY23 2Q

1. Outline of Japan Airport Terminal Group(1) Changes in Passenger Volume

P18(1) The company’s position at Haneda Airport

P36(2) Consolidated Financial Results for FY23 2QP19(2) Business DetailsP37(3) Financial Results by Segment(i) Facilities management(ii) Merchandise sales(iii) Food and beverage(3) Basic Philosophy and Management Policy

P

38

P
P
P

20
21
22

(4) Sustainability Basic PolicyP39(5) Company HistoryP40(4) Breakdown of Selling, General and
Administrative Expenses(6) Group Companies

P

41

P

23

(7) Segment Revenue Details /Sales CompositionP

42(5) Changes in Non-Operating Income/Expenses
and Extraordinary Income/LossP

24(8) Changes in Capital Investment

P43(6) Consolidated Balance SheetsP25(9) Summary ofTokyo International Air Terminal Corporation

P44(7) Consolidated Statements of Cash FlowsP

26(8) Capital Expenditure and Depreciation Expenses

P

27

Reference: Purchasing trends at duty-free storesP

28(1) Comparison of Passenger VolumeP45(2) International Rating of the Haneda Airport
Passenger TerminalP

46

2. Details of Consolidated Financial Forecast for FY23

2. Summary of Tokyo International Airport (Haneda)(1) Consolidated Financial Forecast for FY23P29(2) Financial Forecast by Segment(i) Facilities management(ii) Merchandise sales(iii) Food and beverage

P
P
P

30
31
32

(3) Capital Expenditure and Depreciation Expenses

P33(4) Changes in Operating Revenues/Ordinary
Income/Cash FlowsP

34

Earnings Presentation Material
Second Quarter of FY23 (FY23 2Q)

1. Review of Consolidated Financial Results for FY23 2Q

2. Consolidated Financial Forecast for FY23
3. Progress of the Medium-Term Business Plan
4. Sustainability Initiatives

1. Review of Consolidated Financial Results for FY23 2Q(1) Business Environment/Number of Passengers
⁻ COVID-19 is now classified as Class V under Japan’s Infectious Disease Control Law, the sameclass as influenza.

Business
Environment⁻ Activity restrictions, including restrictions on emigration and immigration, were lifted, and the numberof non-Japanese visitors to Japan continues to increase significantly.
⁻ Prices continue to rise due to high resource prices and the weak yen, and labor shortages in theservice industry are becoming more serious.
⁻ The number of passengers on domestic flights increased approximately 30% from the previous term
due to a steady recovery in Japanese travel demand, etc., but was slightly less than 10% lower than
the initial forecast due to a delayed recovery in business demand, etc. (approximately 90% of the
FY19 level)

Number of
Passengers

⁻ The number of passengers of international flights was approximately five times that in the previous
term due to strong inbound demand, exceeding the initial forecast by more than 10%. (Almost thesame level as FY19）(Haneda Airport)

Airport

FY23/1H
FY22/1H
Rate of change(10 thousands) (10 thousands)(％)

Initial forecast(10 thousands)

Change fromthe initial
forecast（％）(10 thousands)

Targetnumber*Rate of change

FY19/1H

Rate of change(％)(10 thousands)(％)

Haneda –Domestic

3,059

2,386

28.2

3,321

-7.9

3,490

-12.3

3,496

-12.5

Haneda –International

904

169

434.9

812

11.4

1,280

-29.3

934

-3.2

Total Haneda

3,964

2,555

55.1

4,133

-4.1

4,770

-16.9

4,430

-10.5

Narita

1,266

439

188.2

1,069

18.5

Kansai

839

591309.4677

24.0

Chubu Centrair

128

18

588.4

121

5.5

* Target number represents the number ofpassengers expected in FY25.

Note: Haneda Airport passenger volume is based on aggregate statistics of airport usage within the jurisdiction of East Japan Civil
Aviation Bureau (monthly version), available on the website of the East Japan Civil Aviation Bureau of the Ministry of Land,
Infrastructure, Transport and Tourism.

21. Review of Consolidated Financial Results for FY23 2Q(2) Consolidated Financial Results

⁻ Operating revenues increased in all segments from the same period in the previous fiscal year due toincreases in operating revenues from merchandise sales and facility user charges revenue.

Overview

⁻ Although operating expenses also increased significantly, consolidated results turned positive for the firsttime in four years, driven by an increase in sales.
⁻ While operating revenues were significantly higher than the forecast due to strong international flights,
utilities and repair expenses were lower than the forecast, resulting in a significant improvement in results.
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)

Items

Operating revenues

1H Results LY Results

ChangeamountRate ofchange(%)

Initialforecast*1

Difference

1Q
Forecast*2

Difference

100.1

43.6

56.5

129.6

90.3

9.8

94.6

5.5

(Facilities management)( 43.6)( 27.3)

16.3

59.9

( 42.4)

1.2( 43.0)0.6(Merchandise sales)( 49.4)( 12.8)

36.6

284.5

( 40.6)8.8( 44.6)

4.8(Food and beverage)( 6.9)( 3.4)

3.5( 7.3)-0.3( 7.0)-0.0

Operating income (loss)

13.5

-9.2

22.7

-

6.0

7.5

9.6

3.9

Ordinary income (loss)

12.4

-9.7

22.2

-

4.6

7.8

8.5

3.9

8.2

-3.3

11.5

-

3.4

4.8

5.9

2.3

Quarterly net income (loss) attributable toowners of parent*1 Financial forecast announced in May 2023

103.3

*2 Financial forecast announced in August 2023

3

2. Consolidated Financial Forecast for FY23

(1) Business Environment/Number of Passengers
⁻ Inbound demand from Chinese and other non-Japanese visitors to Japan will remain strong, partly due
to the weak yen.

Business
Environment⁻ Prices will continue to rise due to higher resource prices and the weak yen, as well as rising wages
resulting from labor shortages.
⁻ Careful attention must be paid to the impact of the future of the Chinese economy and the destabilizationin the Middle East.
⁻ The number of passengers of domestic flights is assumed to be about 90% of pre-COVID-19 (calendar
year 2019) levels, the same level as the results for the first half of FY23.

Number of
Passengers

⁻ The number of passengers of international flights is expected to continue to increase steadily, surpassing
pre-COVID-19 (calendar year 2019) levels to a record high and increasing to approximately 80% of thetarget number (assumed number of passengers after expansion of flight slots).

(Haneda Airport)

Airport

Revisedforecasts(10 thousands)

FY22 Results

Rate of change

Initial forecast(10 thousands)(％)(10 thousands)

Change fromthe initial
forecast（％）

TargetRate of change
number*(％)(10 thousands)

2019 calendar
year result(10 thousands)

Rate of change(％)

Haneda –Domestic

6,131

5,306

15.6

6,564

-6.6

6,900

-11.1

6,886

-11.0

Haneda –International

1,937

680

184.5

1,818

6.5

2,560

-24.3

1,853

4.5

Total Haneda

8,069

5,987

34.8

8,383

-3.7

9,460

-14.7

8,740

-7.7

Narita

2,682

1,355

97.8

2,374

13.0

Kansai

1,794

513

249.2

1,549

15.8

Chubu Centrair

322

82

290.4

311

3.6

* Target numbers are the estimatedpassenger volume for FY25.

42. Consolidated Financial Forecast for FY23

(2) Consolidated Financial Forecast
⁻ Operating revenues are expected to increase along with an increase in the number of passengers.
⁻ Although expenses will increase in line with an increase in sales, operating income and ordinary
income are expected to reach record highs.

Overview

⁻ Results for international flights are expected to significantly outperform the initial forecasts andimprove drastically, despite an increase in variable costs.
Note: Figures shown are rounded down to the nearest 100 million yen. (Billions of yen)
FY23 1H

Items

Results

FY22 1H
results

100.1(Facilities management)(Merchandise sales)

FY23 2H

ChangeDifference

113.0

98.4

195.7

15.8

200.0

( 89.9 )( 63.2 )26.6( 88.0 )1.9( 88.6 )1.3( 106.8 )( 41.3 )65.4( 92.8 )14.0( 96.8 )10.0( 14.8 )( 8.4 )

6.3

( 14.9 )-0.1( 14.6 )

0.2

12.4

24.7

-10.5

35.2

15.4

9.3

19.0

5.7

-2.3

12.6

22.8

-12.0

34.8

13.1

9.7

17.0

5.8

6.9

-0.5

7.5

15.2

-3.9

19.1

9.0

6.2

11.5

3.7

ChangeFY22 2H
results

43.6

56.5

111.3

( 43.6 )( 27.3 )16.3( 49.4 )( 12.8 )36.6(Food and beverage)( 6.9 )

( 3.4 )

Operating income (loss)

13.5

Ordinary income (loss)
Net income (loss)
attributable to owners ofparentChangeRevisedforecasts

FY22
results

69.4

41.9

211.5

( 46.2 )( 35.9 )10.2( 57.3 )( 28.4 )

28.8

3.5

( 7.8 )

( 5.0 )

2.8

-9.2

22.7

11.1

-1.3

12.4

-9.7

22.2

10.3

8.2

-3.3

11.5

Capital expenditures

2.1

1.1

30.8

10.8

33.0

12.0

30.0

Depreciation expenses

13.9

14.4

14.3

14.5

28.3

28.9

28.3

EBITDA

27.4

5.1

25.5

13.2

53.0

18.3

43.7

Dividend

¥25.0

¥0.0

¥25.0

¥16.0

¥50.0

¥16.0

¥32.0

Payout ratio

28.3%

-

33.4%

-

30.6%

-

33.1%

*1 Financial forecast announced in May 2023

1Q
Forecast Difference*2

Initialforecast*1

Revisedforecasts

Operating revenues

FY23

11.5

*2 Financial forecast announced in August 2023

5

2. Consolidated Financial Forecast for FY23

(3) Financial Forecast by Segment

Items(Billions of yen)

Overview

Full Year
Forecast

⁻ In the second half of FY23, sales are expected toincrease in all segments, and the food andbeverage business is expected to return toprofitability as well.

1H Results

2H Forecast

Operating revenues

100.1

111.3

211.5

Facilities management

45.1

48.3

93.5

Merchandise sales

50.1

58.1

108.3

Food and beverage

7.3

8.1

15.5

Inter-segment sales

-2.5

-3.2

-5.8

Operating expenses

86.6

100.1

186.8

Facilities management

35.9

41.9

77.9

Merchandise sales

41.3

48.2

89.6

Food and beverage

7.3

7.9

15.3

Elimination or unallocated

2.0

1.9

4.0

Operating income

13.5

11.1

24.7

Facilities management

9.2

6.3

15.6

Merchandise sales

8.8

9.8

18.7

Food and beverage

-0.0

0.2

0.2

Elimination or unallocated

-4.5

-5.2

-9.8

⁻ In the facilities management business, because of
the nature of the business, expenses will increase,especially in the fourth quarter, due to construction
work to be completed at the end of the fiscal year,
etc., and therefore profits tend to deteriorate in thesecond half of the year.
⁻ Furthermore, in FY23, some repair expenses willaccrue in the second half instead of the first half.
⁻ In the merchandise sales business and food andbeverage business, income is expected toincrease in the second half in line with an increasein sales.
■Quarterly changes in segment income
Facilities management
Merchandise sales

Note: Figures shown are rounded down to the nearest 100 million yen.

Food and beverage

1Q Results

2Q Results

3Q Forecast 4Q Forecast

62. Consolidated Financial Forecast for FY23(4) Quarterly Changes in Number of Passengers, Operating Income,and EBITDA

Overview
Operating income,
EBITDA(Billions of yen)

←

←

→

Results

Forecast →Passenger volume

15.0

120%

115%
109%
100%

103%
10.0

90%

90%
86%

84%

100%

86%

90%
78%

83%

71%

80%

71%

5.0

63%

64%

73%
68%
60%

0.0

46%

47%

Operating income
40%
EBITDA

32%

23%

-5.0

13%

Haneda domestic flight passengers: comparison
with target
Haneda international flight passengers: comparison
with plan after the expansion
Haneda international flight passengers: comparison
with CY19

17%

9%
-10.0

20%

0%

1Q

2Q
FY22

3Q

4Q

1Q

2Q

3Q
FY23

4Q

2019:3Q⁻ Due to a sharp increase in the number ofpassengers of international flights and theimpact of the weak yen, operating
revenues increased significantly andexpected to continue to be strong
thereafter.
⁻ Operating results returned to profit in thefirst quarter, reaching a record high in thefirst half of FY23.
Comparison with pre-COVID-19
⁻ Expansion of terminals following the
expansion of flight slots for international
flights in March 2020, leading to an
expansion in the operation scale
⁻ After COVID-19, preparation for demand
recovery by introducing new brands suchas Louis Vuitton and the renovation andrepositioning of stores, along with cost
reductions
⁻ Variable expenses increased in proportion
to the number of passengers and operating
revenues, but other expenses are
expected to remain at a relatively
restrained level.

(Reference)7

2. Consolidated Financial Forecast for FY23

(5) Breakdown of Number of Passengers of International Flights at
Haneda by Destination (Forecast)

Overview
⁻ The expansion of flight slots (by 1.4 times) in March
2020 resulted in a large increase in North Americanand European destinations in particular.

■Percentage of passengers by destination(compared to the post-expansion plan)
100%
100%
China
17%

83%
13%

⁻ The number of passengers is expected to increase in
the future as well partially due to an increase in flights
to/from China and other destinations in the wintertimetable starting from the end of October.

22%

Status of responses to increased passenger demand

16%

17%

⁻ Re-opening of T2 facilities for international flights in
July. Operations will be expanded from the wintertimetable.
1H: 5 departures (Morning)⇒ 2H: 16 departures (to 24-hour operation)

78%
80%

71%

73%
North America
23%

68%
4%

14%

10%
8%

60%

21%
9%

40%

20%

Southeast Asia
19%

20%

21%

Korea/Taiwan/
Hong Kong
19%

13%

13%

17%

17%

17%

17%

13%

14%

14%

14%

FY23
1Q Results

FY23
2Q Results

16%

20%

12%

Europe/Others
22%

0%
FY19
3Q Results

Postexpansion
plan

⁻ The number of flights exceeded that before COVID-19
at the beginning of FY23, and the number ofpassengers also exceeded that before COVID-19 in thesecond quarter.

FY23
FY23
3Q Forecast 4Q Forecast

⁻ Discussed the deployment of security check personnel,
etc., with airlines and other parties to secure thenumber of personnel required for the winter timetable.
⁻ Continue to consider strengthening the system incooperation with airlines in preparation for further
increases in flights.

82. Consolidated Financial Forecast for FY23

(6) Status of Number of Staff and Selling, General and
Administrative Expenses(Persons)

Changes in the number of personnel of the JAT Group

6,000

◆

Response to labor shortages

⁻ During the COVID-19 period, although the employment of full-time
employees was maintained, the total workforce decreased by approximately
40% (natural decrease in full-time employees, decrease in non-regular
employees, etc.).

Full-time employees
Temporary employees
Dispatched workers

3,000

⁻ Due to the rapid recovery in airline demand since last fall, there was a
shortage of staff at international terminal stores, etc. In addition to hiring new
graduates, we will strengthen mid-career and non-regular employee hiring.
⁻ In order to restore the stable operating structure we had before the COVID19 period, we will continue aggressive recruitment this fiscal year as well as
improve compensation to retain personnel, including base salary increases.

⇒ Steadily capture passenger demand by graduallyextending operating hours of stores at internationalterminals, etc., accompanied with an increase in staff.

0
FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

Changes in selling, general and administrative expenses
140.0 billion yen

Operating revenues◆

Status of selling, general andadministrative expenses (Reason for increase)

Non-personnel
expenses
77.7

⁻ Increase in maintenance and repair costs that had been constrained during
the COVID-19 period⇒ Maintain service quality through productivity
improvement while controlling any rebound of costs

Personnel
expenses
27.0

116.6 billion yen

94.5 billion yen
96.5 billion yen
87.7 billion yen
Non-personnel
expenses
41.8

⁻ Increase in variable costs accompanying increases in the passenger volume
and operating revenue
⁻ Increase in various expenses including labor costs resulting from rising prices

FY23(Forecast)

Personnel
expenses
20.4

Non-personnel
expenses
65.6

Non-personnel
expenses38.1

Non-personnel
expenses
46.0

Personnel
expenses
17.9

Personnel
expenses
19.6

Personnel
expenses
22.7

Depreciation
expenses
35.3

Depreciation
expenses
34.3

Depreciation
expenses
31.7

Depreciation
expenses
28.9

Depreciation
expenses
28.3

FY20(PreCoronavirus
plan)

FY20
(Results)

FY21(Results)

FY22(Results)

FY23(Revised
Forecast)

9

3. Progress of the Medium-Term Business Plan

(1) Forecast of Number of Passengers (Haneda Airport) and Target
Results(10 thousands)

Domestic flights

FY22

FY23

FY24

FY25

Number of passengers

5,306

6,131

6,900

6,900

Comparison with target

77%

89%

100%

100%

Number of passengers

680

1,937

2,380

2,560

Comparison with plan
after the expansion

27%

75%

93%

100%

Comparison with 2019

37%

104%

129%

139%

International flights
Medium-Term Business Plan: Domestic flights
Revised Plan: Domestic flights
Medium-Term Business Plan: International flights
Revised Plan: International flights

Note: Number of passengers in and after FY24 is the forecast figuresannounced in May 2023.

FY23 Revised
forecasts

FY25 target

Achievement
rate

Operating revenues

211.5 billion yen

280.0 billion yen

76%

Facilities
management

89.9 billion yen

106.0 billion yen

85%

Merchandise sales

106.8 billion yen

156.0 billion yen

68%

Food and beverage

14.8 billion yen

18.0 billion yen

82%

Operating income

24.7 billion yen

30.0 billion yen

82%

Ordinary income

22.8 billion yen

27.0 billion yen

84%

Net income

15.2 billion yen

16.0 billion yen

95%◆Forecast for FY24 and thereafter(Achievement of KPIs for FY25)
⁻ An increase in operating revenues is expected due to anincrease in number of passengers on international flights.

⁻ Duty-free sales, which have been growing more thanpassenger growth, may slow down.
⁻ Various expenses including labor costs will increase in line withsustained rising prices (in particular, an increase in rent, which
has decreased by 30% from the peak, is inevitable).

⇒ Steadily implement all measures indicated in theMedium-Term Business Plan to achieve the target
operating income of 30 billion yen.
10

3. Progress of the Medium-Term Business Plan

(2) Our goals

Our goals for 2025

Facilities
management

To achieve both high quality and profitability, we arereviewing terminal operations and promoting the functional
strengthening of airport infrastructure toward increasing thenumber of non-Japanese visitors to Japan in 2030, while
striving to reduce maintenance and management costs andincrease revenues such as rents.

Merchandise
sales
Food andbeverage

While reviewing the product mix, services, operations, cost
rates, etc., we will uncover customer needs where
consumption trends have changed by taking advantage ofdigital marketing, and aim for operating revenues frommerchandise sales of 156 billion yen (previous standard:
193 billion yen) and operating revenues from food andbeverage sales of 18 billion yen (previous standard: 21
billion yen).

Newbusiness
Expertisebusiness

These businesses are expected to part of the earnings
base in 2030. By utilizing Haneda’s value and networks,
and airport operational expertise, and through acquiring
management resources we currently do not have, we aim togenerate operating revenues of 10 billion yen in 2025.

Our goals for 2030
Quantitative target
Indicator

Operatingincome/Consolidated
net income

Management
Base‒ Using technology
with a focus on
digital and AI‒ Digital integrationof information anddata‒ Evolution into a
Smart Airport

Organization, personnel,
and governance− Recruitment of outsidehuman resources,
strengthening of
exchanges withoutside personnel− Ensure expertise anddiversity of personnel− Cultivate a corporate
culture of "think andtake on challenges
yourself"

30 billion
yen/16 billion
yen or more

Cost reduction
amount

2.5 billion yen

ROA (EBITDA)

12% or higher

Aim to recoverto the level of40%

Financial strategy− Rapid restoration offinancial soundness− Establish asophisticatedbusiness evaluationand management
system− Appropriate
investment in new
business
opportunities

Sustainability permeates throughout management and businesspromotion➢ Business promotion and management system in accordance with the
Sustainability Basic Policy➢ The best hospitality in the world➢ Safe and secure airport➢ Comfortable travel that is stress free
➢ Eco-Airport (Achieved the CO2 reduction target of -46%)

Establish operational excellence

Equity ratio
DX strategy

Target level

To become an airport terminal company trusted by all
stakeholders

Payout ratio

30% or more

➢ Ongoing efforts to improve quality and efficiency, including "Learning
during the COVID-19 period”➢ Establish new usages of terminals through collaboration with airlines➢ Digital marketing contributes to the creation of new services andimprovement of passenger satisfaction➢ DX and systemization improve productivity of administrative operations,etc.

Establish airport functions with a vision for future increases inairline demand➢ Completion of expansion of T1 and T2 terminals with satellite
development and operation promotion➢ Connection of JR East Haneda Airport Access Line and T2 terminal➢ Study and investigation of terminal development in conjunction with thenational government's investigation of manmade ground development

Establish a stable revenue source and financial base
➢ Leverage increased airline demand to improve earnings in themerchandise sales, food and beverage, and service businesses➢ Grow newly developed businesses to play a role in the revenue base
➢ Recovery of equity ratio to above 40% and maintenance of credit rating

Further enhance organizational strength and governance

SKYTRAXevaluation
ranking

World Best
Airport TOP 3➢ Create a corporate culture in which people think and take on challenges
themselves and can play an active role, and where diverse humanresources can support each other➢ Establish a group management system appropriate to the businessenvironment➢ Establish governance that realizes a higher level of managementtransparency and fairness as well as the improvement of corporate value

113. Progress of the Medium-Term Business Plan

(3) Facilities Management◆ Perspectives on operation and management➢ Response to an increase in the number of passengers
Re-opening of T2 international flight facilities, expansion of operations, securing of personnel➢ Maintain a top 3 ranking in SKYTRAX World's Best Airports and continue to be a 5-star airport
Develop Wi-Fi communication environment, implement disaster prevention measures, repair
aging facilities, etc.
Maintain efficient personnel allocation, control any rebound of costs➢ Curb maintenance and management costs by utilizing robots and reviewing operations
Deployment of WHILL, automatic driving wheelchair in T3, continuation of pilot operation ofguide robots

Major
implementation ◆ Profit improvement perspective➢ Revitalization of commercial area
in FY23
Attract new tenants (HUB, Komeraku, stores in T3 lobby, etc.)➢ Measures regarding office vacancy
Increase of lease rate following SNJ/ADO integration andreorganization, etc.
➢ Revise rent for certain tenants to an appropriate level◆ Facility infrastructure perspective➢ Steady implementation of construction for connecting theT2 satellite with the main building➢ Selection of a contractor for the T1 satellite construction workand conclusion of the contract

Our goals for2025

T1 satellite construction work

To achieve both high quality and profitability, we are reviewing terminal operations and promoting the functional strengthening of airport infrastructure
toward increasing the number of non-Japanese visitors to Japan in 2030, while striving to reduce maintenance and management costs and increase
revenues such as rents.
[Strategic direction] - Efficient terminal operations- Review leasing and rent structure by enhancing real estate management- Strengthen functions in anticipation of 60 million non-Japanese visitors to Japan in 2030

12

3. Progress of the Medium-Term Business Plan

(4) Merchandise sales/Food and beverage◆ Perspectives on sales expansion➢ Elimination of missed sales and improvement of service throughnormalization of business hours, etc.
➢ Store renewal
T3: Ferragamo, Loewe, Valextra (These are pop-up stores.)
Japan Mastery Collection
T1: Haneda Sanchoku-Kan (shop directly from producers),
preparation for future store renewal and reorganization
Major
implementation
in FY23

New and renewed stores in T3 after 2021
New: Shiseido (cosmetics), Saint Laurent, Dior (cosmetics
and fashion), Louis Vuitton, Chanel (cosmetics), 7-Eleven
Relocated and renewed: Cartier, Omega, Rolex, Central(liquor and tobacco area)➢ Expansion of original products development
THE GINZA x Globe-Trotter limited edition trolley caseLouis Vuitton Haneda limited service◆ Perspective of profit structure➢ Study of labor-saving stores, etc. for low-cost operations
Introduction of RFID linked cash registers and inventory management
as well as robotic warehouses

Image of Haneda Sanchoku-Kan➢ Maintenance of appropriate inventory

Our goals for
2025

While reviewing the product mix, services, operations, cost rates, etc., we will uncover customer needs where consumption trends have changed bytaking advantage of digital marketing, and aim for operating revenues from merchandise sales of 156 billion yen (previous standard: 193 billion yen)and operating revenues from food and beverage sales of 18 billion yen (previous standard: 21 billion yen).
[Strategic direction] - Operation through research of new technology and development of new customers, review of cost ratio- Review products, services, etc. through digital marketing- Expand sales channels through e-commerce business, etc.

13

3. Progress of the Medium-Term Business Plan

(5) New business/Expertise business/Management Base

New business/Expertise business◆ Perspectives on utilizing Haneda's value➢ Strengthen EC business
Renovation of website for domestic e-commerce, additionof new websites for cross-border e-commerce, start oflocker pickup service for pre-order sales➢ Grand opening of Haneda Innovation City
Preparation for opening of Terminal.0 HANEDA
Major
implementation
in FY23

Management base
◆ DX strategy➢ Demonstration experimentof human flow analysis,
setting up demand forecastingmodel and starting test operation➢ Expansion of services forapplication members using CRM,
implementation of measures toimprove sales

BeaconCamera◆ Organization, personnel, and governance➢ Continue to promote women's participation in the workforce
and employment of people with disabilities➢ Continue to implement industry-academia collaboration
projects◆ Perspectives on expertise utilization➢ Agency business (Radi-Cool, Robot)
Expansion of business alliances with secondary agencies
and sales agencies➢ Participation in airport management
Promotion overseas airport consulting business andbusiness development at Kumamoto Airport

Our goals for
2025

These businesses are expected to part of the earnings base in 2030. By utilizing
Haneda’s value and networks, and airport operational expertise, and throughacquiring management resources we currently do not have, we aim to generate
operating revenues of 10 billion yen in 2025.
[Strategic direction] - Development of new businesses leveraging the value of Haneda Airport- Improve earnings based on our existing expertise regarding airport
operations- Acquire new technologies and expertise and create new businesses➢ Continue to implement Plus One Promotion➢ Expansion of education and training programs(professionalism and versatility)◆ Financial strategy➢ Examine optimal financing methods to secure alternative
funding for the redemption of straight corporate bonds (10billion yen) in March 2025
DX strategy

Organization, personnel, andgovernance

Financial strategy− Using technology with afocus on digital and AI− Digital integration of
information and data
− Evolution into a Smart
Airport− Recruitment of outside humanresources, strengthening of
exchanges with outside personnel− Ensure expertise and diversity of
personnel− Cultivate a corporate culture of"think and take on challenges
yourself"− Rapid restoration of financial
soundness− Establish a sophisticatedbusiness evaluation andmanagement system− Appropriate investment in
new business opportunities

144. Sustainability Initiatives(1) Sustainability Management Practices

Positioning sustainability at the core of strategic promotion

2022– Establishment of Sustainability Basic Policy– Development of a sustainability promotion system– Endorsement of the Task Force on Climate-related Financial Disclosures (TCFD) recommendations– Identification of materialities (important issues) and establishment of key performance indicators(KPIs)

Sustainability management practices– Work across the company to realize KPIs and mange progress every six months– Prepare and distribute a Sustainability Handbook to raise awareness among all employees

2023

Strengthen dissemination and disclosure of ESG information– Announcement of the Medium-Term Sustainability Plan
– Disclosure of information based on the TCFD recommendations– Disclose sustainability information in securities reports– Respond to various ESG surveys conducted by CDP (a British environmental NGO), etc.
– Issuance of an integrated report for the first time in our Group2024

Improve external evaluation

2025

Spreading of sustainability management154. Sustainability Initiatives(2) Initiatives to Reduce Environmental Impact
Target year

Key Performance Indicators (KPIs)

Effective use oflimited resources

Measures against climate change

Reduction of CO2
emissions

CO2 emissions: 46% reduction from the FY13 level

Energy saving
Study for implementation ofsmart air conditioning

2030
New energies
Study for introduction in-house power
generation facilities fueled by hydrogen

Renewable energies
Study on EV charging facilities

FIS(Flight Information)
OutdoormachineAutomatic air conditioning
control system
Waste heat

Solar

Airport surrounding area

HydrogenEnvisaged system
Storagebattery

Kawasakiwaterfront area

Building

Tank truck
AHU：Air
conditioning unit
Coil : Air-water andheat exchanger

FAN: Ventilator

A temperature
measurement and control

HanedaAirportIndoormachine• Indoor temperature andhumidity measurement• Headcount measurement

RA temperature
measurement
CT: Cooling tower

Heat source

Compression

Waste heat

Pump

Expansion

Mobility

Pipeline
OutletAir
conditioning
machineFactory Commercial Public
Facility
facility

Storage tank
Terminal 3

Terminal 2

Terminal 1

Inlet

Airportfacility

Cold and hot water
volume control

EV

Pump

Hydrogen
GSE vehicles
refueling station

Mobility & Rail

Indoor space

Introduction ofenvironmentally friendly
materials and commercial
products

Waste reduction/
Resource recycling

Obtained ZEB Oriented at the time of terminal expansion (T1 satellite)

2025

Used wooden materials at the time of terminal expansion (T1 satellite)

2025

Offered ethical products (self-selected) in all directly-operated
merchandising stores

2025

Identified food waste issues and set a reduction target for the group's
food and beverage business

2023

Horizontal recycling of all plastic bottles collected at the terminals

2025
16

* 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.

日本空港ビルデング株式会社

１．Details of Consolidated Financial Results for FY23 2Q（１）Changes in Passenger Volume

70,00060,00050,00040,00030,00020,00010,000

0
2016

2017

2018

2019

2020

2021

2022

Haneda – domestic

64,63966,81967,88665,396

20,60628,872

Haneda – international

15,642

17,12018,164

16,823

414

Narita – international

32,41033,47935,87034,018Kansai – international

19,151

21,90522,896

Chubu Centrair – international

5,234

5,564

6,100

Thousand of Passengers

Passenger volume2023(forecast)Rate of
Change53,062

61,319+ 15.6％ （+ 23.7％）

830

6,809

19,370+184.5% （+167.1%）

1,265

2,345

13,55926,824+ 97.8% （+ 75.1%）

22,061

206

274

5,138

17,942+249.2% （+201.5%）

6,198

19

55

825

3,223

+290.4% （+277.1%）

Results: Figures published by Minister of Land, Infrastructure, Transport and Tourism, Narita International Airport Corporation,
Kansai Airports Co., Ltd. and Central Japan International Airport Co., Ltd.
Forecast: Created by the Company

Initial forecast18

１． Details of Consolidated Financial Results for FY23 2Q（２）Consolidated Financial Results for FY23 2Q

FY23 2Q (Results)

FY22 2Q (Results)

Items

Initial Forecast
Rate of

ChangeRatio
Millions of yen

ChangeRatio

Difference（*１）

Difference（*2）

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

100,148100.0

43,613100.0

56,535129.6

90,3009,848

94,6005,548

Facilities management

43,68343.6

27,311

62.6

16,37259.9

42,4001,283

43,000683

Merchandise sales

49,49049.4

12,871

29.5

36,619284.5

40,6008,890

44,6004,890

Food and beverage

6,974

7.0

3,430

7.9

3,544

103.3

7,300

-325

7,000

-25

32,726

32.7

9,028

20.7

23,697262.5

28,0004,726

29,8002,926

28,953

28.9

6,881

15.8

22,071

320.7

23,900

5,053

25,9003,053

58.9％)( -0.4P)

58.1％)( 0.4P)

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio)((Ratio)(Gross profit

58.5％)

3,772

Cost of sales of food and beverage

Millions of yen

Aug. Forecast(

54.1％)

53.5％)

2,146

3.8
(

( 5.0P)

4.9

62.6％)

1,626

(

75.8

( -8.5P)

(

4,100

-327

56.2％)( -2.1P)

(

(

3,900

-127

55.7％)( -1.6P)

67,422

67.3

34,584

79.3

32,83794.9

62,3005,122

64,8002,622

53,91353.8

43,858100.6

10,05522.9

56,300-2,38655,200-1,286

Operating invome

13,50813.5-9,273-21.3

22,782

-

6,000

7,508

9,600

3,908

Non-operating income/loss-1,027

-1.0

-486

-1.1

-540

-

-1,400372-1,10072

Ordinary income

12,481

12.5-9,759-22.4

22,241

-

4,600

7,881

8,500

3,981

37

0.0

28

0.1

8

31

-500

537

-

37

8,234

8.2

-3,341-7.7

11,575

-

3,400

4,834

5,900

2,334

Selling, general andadministrative expenses

Extraordinary income/loss
Net income attributable toowners of parent*1 Financial forecast announced in May 2023
*2 Financial forecast announced in August 2023
Ratio: Cost of sales of merchandise / Operating revenues of merchandise
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage19

１． Details of Consolidated Financial Results for FY23 2Q（３） Financial Results by Segment(i) Facilities management
FY23 2Q (Results)

FY22 2Q (Results)

Initial Forecast

Items

Change
Ratio

Ratio

Rate of

Aug. Forecast
Difference

ChangeDifference(May.2023)(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

9,824

21.7

10,009

35.2

-185

-1.9

10,000

△175

9,900

△75

25,09855.6

11,14639.2

13,952125.2

24,300798

24,800298

Other revenues

8,760

19.4

6,155

21.7

2,605

42.3

8,100

660

8,300

460

Subtotal

43,68396.7

27,311

96.1

16,37259.9

42,4001,283

43,000

683

1,491

3.3

1,095

3.9

395

36.1

1,200

291

1,400

91

45,174100.0

28,406100.0

16,76759.0

43,6001,574

44,400774

Operating expenses

35,93579.5

32,469

114.3

3,465

10.7

38,900-2,96437,800-1,864

Operating income

9,239

20.5

-4,062-14.3

13,302

-

4,700

4,539

6,600

2,639

10.8％)( 9.7P)

14.9％)( 5.6P)

Sales to external customers

Rent revenues
Facility user charges revenues

Intersegment sales
Total(Ratio)(・Rent revenues:
・Facility user charges revenues:

・Other revenues:

20.5％)(-14.3％)( 34.8P)(

Return of Terminal 3 quarantine space rented to the Japanese Government
Increase due to termination of the rent reduction and percentage rent increase, etc.
Increase in fees for use of passenger facilities for domestic flights
Increase in fees for use of passenger facilities for international flights
Increase in international facility usage fees
Increase in domestic terminal revenue from parking fees, paid airport lounges, etc.
Increase in international terminal revenue from parking fees, paid airport lounges, etc.

(

- 0.8 billion+ 0.7 billion+ 2.3 billion+ 9.5 billion+ 1.9 billion+ 0.3 billion+ 0.8 billion

20

１． Details of Consolidated Financial Results for FY23 2Q（３） Financial Results by Segment(ii) Merchandise sales
FY23 2Q (Results)

FY22 2Q (Results)

Initial Forecast

Items

Change
Ratio

Ratio

Rate of

Aug. Forecast
Difference

ChangeDifference(May.2023)(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Domestic terminal stores

6,333

12.6

4,036

30.4

2,297

56.9

6,400

-66

6,300

33

International terminal stores

31,144

62.0

5,624

42.3

25,520453.8

23,5007,644

26,900

4,244

Other salees

12,012

23.9

3,211

24.1

8,801

274.1

10,7001,312

11,400612

49,49098.6

12,871

96.8

36,619284.5

40,6008,890

44,600

4,890

701

1.4

426

3.2

275

64.5

1,000

△298

900

△198

50,192100.0

13,298100.0

36,894277.441,6008,592

45,500

4,692

Operating expenses

41,30882.3

13,962105.0

27,346195.9

35,8005,508

38,1003,208

Operating income

8,883

17.7

-664

-5.0

9,548

-

5,800

3,083

7,400

1,483

13.9％)( 3.8P)

16.3％)( 1.4P)

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)・Domestic terminal stores:
・International terminal stores:

・Other sales:(

17.7％)(-5.0％)( 22.7P)(

Increase in sales of directly managed stores, etc. at Haneda domestic terminal
Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in sales of Ginza duty-free store
Increase in wholesale sales to other airports
Increase in sales of “AirBIC” stores outside of airport(+ 2.1 billion+20.5 billion+ 3.9 billion+ 0.8 billion+ 7.5 billion+ 0.7 billion

21

１． Details of Consolidated Financial Results for FY23 2Q（３） Financial Results by Segment(iii) Food and beverage
FY23 2Q (Results)

FY22 2Q (Results)

Initial Forecast

Items

Change
Ratio

Ratio

Rate of

Aug. Forecast
Difference

Change(May.2023)

Difference(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Sales from restaurants

3,509

48.0

2,449

63.4

1,059

43.3

4,300

-790

3,900

-390

Sales from in-flight meals

2,876

39.3

766

19.9

2,109

275.1

2,700

176

2,700

176

588

8.0

213

5.5

374

175.1

300

288

400

188

6,974

95.3

3,430

88.8

3,544

103.3

7,300

-325

7,000

-25

343

4.7

432

11.2

-88

-20.5

500

-156

400

-56

7,318

100.0

3,863

100.0

3,455

89.4

7,800

-481

7,400

-81

7,390

101.0

4,681

121.2

2,708

57.9

7,600

-209

7,400

-9

-71

-1.0

-818

-21.2

746

-

200

-271

0

-71

2.6％)

( -3.6P)-( -1.0P)

Sales to external customers

Other salees
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)・Sales from restaurants:
・Sales from in-flight meals:
・Other sales:(-1.0％)(-21.2％)( 20.2P)(

Increase in sales of directly managed restaurant at Haneda domestic and international terminals
Increase in sales to client airlines
Increase in food wholesaling+ 1.0 billion+ 2.1 billion+ 0.3 billion

22

１． Details of Consolidated Financial Results for FY23 2Q（４）Breakdown of Selling, General and Administrative Expenses

Items

FY23 2Q (Results)

FY22 2Q (Results)

Ratio

ChangeRatio

Rate ofchangeMillions of yen％

Millions of yen％

Millions of yen％

100,148100.0

43,613100.0

56,535129.6

53,91353.8

43,858100.6

10,055

22.9

Salaries and wages

5,209

5.2

4,682

10.8

526

11.2

Provision for employees' bonuses

1,745

1.7

988

2.3

757

76.6

Provision for directors' bonuses

100

0.1

-

-

100

-

Expenses for retirement benefits

357

0.4

409

0.9

-51

-12.6

5,534

5.5

4,039

9.3

1,495

37.0

Business consignment expenses

10,729

10.7

5,985

13.7

4,744

79.3

Depreciation expenses

13,96914.0

14,442

33.1

-473

-3.3

Other costs and expenses

16,26616.2

13,309

30.5

2,956

22.2

Operating revenues
Selling, general and administrative
expensesRent expenses23

１． Details of Consolidated Financial Results for FY23 2Q（５）Changes in Non-Operating Income/Expenses and Extraordinary Income/Loss

Items

FY23 2Q (Results)

FY22 2Q (Results)

Ratio

ChangeRate of Change

Ratio

Millions of yen％

Millions of yen％

Millions of yen％

Operating revenues

100,148100.0

43,613100.0

56,535

129.6

Operating income

13,50813.5-9,273-21.3

22,782

-

679

0.7

1,196

2.7

-516

-43.2

152

0.2

53

0.1

99

187.9

78

0.1

-

-

78

-

448

0.4

1,143

2.6

-695

-60.8

Non-operationg expenses

1,707

1.7

1,682

3.9

24

1.5

Interest expenses

1,484

1.5

1,532

3.5

-47

-3.1

-

-

10

0.0

-10

-100.0

222

0.2

140

0.4

82

58.7

Ordinary income/loss

12,481

12.5-9,759-22.4

22,241-

Extraordinary income

141

0.1

64

0.1

76

119.0

Extraordinary loss

104

0.1

36

0.1

68

187.1

2,622

2.6

842

1.9

1,779

211.1

8,234

8.2

-3,341-7.7

11,575-Non-operationg income
Interest income anddividend
Return on investment by
the equity method

OthersLoss on investment by
the equity method

Miscellaneous expenses

Income taxes
Net income attributable toowner's of parent24

１． Details of Consolidated Financial Results for FY23 2Q（６）Consolidated Balance Sheets（Millions of yen）

Cash and deposit
Account receivable
Securities
Merchandise+ 6.4 billion+ 4.6 billion+ 1.2 billion+ 2.6 billion

49,125130,091

Current assets＋15,103

Tangible fixed assets(depreciable
assets)Buildings, etc.
+ 0.9 billion
Accumulated depreciation-12.2 billion
Construction in progress+ 0.7 billion

Investments and other assets
Investment securities+ 1.6 billion
Deferred tax assets - 0.1 billion

321,943

53,415

114,988

Fixed
assets△10,023

Intangible fixed assets- 1.0 billion

Current
liabilities＋4,290256,878

Fixedliabilities△8,624248,254

Account payable+ 3.0 billion
arrears payable- 3.1 billion
Accrued expenses + 1.9 billion
Income tax payable + 1.4 billion
Allowance for employees’ bonuses+ 0.2 billion
Others
+ 0.7 billion

Long-term loans payable- 7.1 billion
Lease obligations- 0.1 billion
Deferred tax liabilities- 0.5 billion
Others
- 0.6 billion

Retained earnings + 6.7 billion
Accumulated other comprehensive
income+ 0.7 billion
Non-controlling interest+ 1.9 billion

331,967

Equity ratio

140,951

Net assets+9,414150,3652023.3 33.6％
2023.9 34.9％

Total assets 452,035

Total assets 446,955

2023.92023.3（+ 1.3Ｐ）

2023.32023.925

１． Details of Consolidated Financial Results for FY23 2Q（７）Consolidated Statements of Cash Flows

Items

FY23 2Q

FY22 2Q(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

22,641

6,942

15,699

Income before income taxes and minority interests

12,518-9,731

22,250Depreciation and amortization

14,00014,475-474

Decrease (increase) in trade receivables-4,606-3,498-1,107

Decrease (increase) in inventories-2,6381,220-3,858

Increase (decrease) in trade payables

3,008

1,307

1,700

Other current liabilities

1,672

2,842

-1,169

446

322

123

Income and other taxes paid

-1,7594-1,764

Cash flows from investing activites-16,248-2,406-13,842

Purchase of tangible fixed assets-4,887-1,609-3,278Purchase of intangible fixed assets

-320

-293

-26

-10,000--10,000

-828

-500

-327

Cash flows from operating activites

OthersSecurities
Investment securities

-211

-2

-209

-8,784-6,585-2,198

-

-100

100

-7,044-6,185

-858

-249

-299

49

Effect of exchange rate change on cash and cash equivalents

35

73

-38

Increase (decrease) in cash and cash equivalents-2,356-1,976-379

Cash and cash equivalents at beginning of period

90,241

97,128-6,887

Cash and cash equivalents at end of period

87,884

95,152-7,267

OthersCash flows from financing activites
Short-term borrowings
Long-term loans payable
Others26

１． Details of Consolidated Financial Results for FY23 2Q（８）Capital Expenditure and Depreciation Expenses

FY18 2Q

FY19 2Q

FY20 2Q

FY21 2Q

FY22 2Q

FY23 2Q(Results)(Results)(Results)(Results)(Results)(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

24,706

6,243

5,110

3,490

1,192

2,123

Depreciation expenses

11,99812,827

17,196

15,872

14,442

13,969Items• Breakdown of Major Capital Expenditures
Facilities management¥ 1.5 billion

Terminal 1 and 2 expansion ¥0.4billion、Repair and upgrade of various equipment and facilities ¥1.1billion, etc.
Merchandise sales /Food and beverage¥ 0.5 billion

Store renovation work ¥0.3billion、System updating ¥0.2billion
New business /Expertise business
Management Base, Others¥ 0.1 billion

Haneda Innovation City, etc.

・Breakdown of main depreciation expenses
FY18 2Q
FY19 2Q

FY20 2Q

FY21 2Q

FY22 2Q

FY23 2Q(Results)(Results)(Results)(Results)(Results)(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Terminal 1

1,800

2,200

2,200

1,900

1,600

1,500

Terminal 2

1,900

2,400

5,800

5,200

4,500

4,300

TIAT

4,800

5,700

5,700

5,500

5,300

5,300

100

300

300

200

200

200

P4 Parking

27

１． Details of Consolidated Financial Results for FY23 2Q
Reference: Purchasing trends at duty-free stores(1) Share of international terminal store sales by location
FY2023 1H(Billions of yen)

4%

Haneda(2) Sales of Haneda duty-free stores by nationality*
Japan

40

China

18%

South Korea, Taiwan

30

NaritaSoutheast Asia
North America

20

Ginza, Kansai,
Chubu, and othes

Others
1078%

FY20181H(3) Haneda duty-free store purchase rates and per-unit
purchases by nationality*
FY2023
1H
Number of passengers(10 thousands)
Number of customers(10 thousands)
Purchase rate

Per-unit purchases
(yen)
Japan
China
Southeast Asia
North America
Overall

FY20191H

0Rate ofchange

904

934

△ 3%

237

331

△ 29%

26%

36%

△ 10ptFY2023
1H
11,50025,10013,00011,900FY20191H
6,900
15,7008,200
5,000

Rate ofchange
67%
60%
59%
138%

14,9009,000

66%FY20191H

FY20201H

FY2021
1H

FY2022
1H

FY2023
1H* Sales and unit purchase prices are figures calculated from sales recorded by the cash
registers at stores in the duty-free areas of Haneda Airport (T3 and T2 international).
Trends in purchases at duty-free stores at Haneda Airport➢

Compared to FY19, sales moved positively relative to the number of passengers,
resulting in a record high in sales registered by the cash registers.
* Differed from the amount recorded in the P/L due to the impact of applying therevenue recognition standard, etc.

➢

By nationality, the share accounted for by passengers from Japan and China has
decreased compared to pre-COVID-19 levels, while sales from passengers from Korea,
Taiwan, Southeast Asia, and North America have increased.

➢

The purchase rate has been improving, although it has not reached pre-COVID-19
levels.

➢The unit purchase price continued to increase from the previous fiscal year due tostrong sales at Louis Vuitton and other brand boutiques.

Situation at other locations➢

Partly due to the slow recovery in Chinese passengers and reduced store floor space,sales at Narita were less than 70% of pre-COVID-19 levels and sales at Ginza wereless than 30% of pre-COVID-19 levels.

28

２． Details of Consolidated Financial Forecast for FY23
（１）Consolidated Financial Forecast for FY23

Items

FY23

FY22

（Forecast）(Results)

Ratio

Initial Forecast

Rate of

ChangeChangeRatio

Difference

Aug. Forecast

Difference(May.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

211,500

100.0

113,050

100.0

98,44987.1

195,700

15,800200,000

11,500

Facilities management

89,90042.5

63,28056.0

26,61942.1

88,0001,900

88,6001,300

Merchandise sales

106,800

50.5

41,31736.5

65,482158.5

92,80014,00096,80010,000Food and beverage

14,800

7.0

8,452

7.5

6,347

75.1

14,900-100

14,600200

70,20033.2

29,085

25.7

41,114141.462,5007,700

64,4005,800

62,10029.4

23,92721.2

38,172159.5

54,3007,800

56,4005,700

58.5％)( -0.4P)

58.3％)( -0.2P)

8,200

-100

8,000

100

55.0％)( -0.3P)(

54.8％)( -0.1P)

Operating revenues

Cost of sales
Cost of sales of merchandise(Ratio)(8,100

Cost of sales of food and beverage(Ratio)Gross profit

58.1％)

(

(

5,158

3.8

54.7％)

57.9％)(( 0.2P)

4.6

61.0％)

2,941

(

57.0

( -6.3P)((

141,300

66.8

83,964

74.3

57,33568.3

133,200

8,100

135,600

5,700

116,600

55.1

94,543

83.6

22,05623.3

117,800-1,200116,600

0

Operating invome

24,70011.7-10,579-9.4

35,279-15,4009,300

19,0005,700

Non-operating income/loss-1,900-0.9-1,485

-1.3

-414

-

-2,300400-2,000100

Ordinary income

22,80010.8-12,064-10.7

34,864-

13,1009,700

17,000

5,800

-400

-0

-318

-0.3

-81

-

-500

100

-

-400

15,2007.2-3,901-3.5

19,101

-

9,000

6,200

11,5003,700

Selling, general andadministrative expenses

Extraordinary income/loss
Net income attributable toowners of parent29

２． Details of Consolidated Financial Forecast for FY23
（２）Financial Forecast by Segment(i) Facilities management
Initial Forecast
FY23

Items

（Forecast）

FY22
Ratio

(Results)

ChangeRatio

Rate of
ChangeAug. Forecast
Difference(May.2023)

Difference(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Rent revenues

20,00021.4

19,852

30.2

147

0.7

20,200-200

20,100-100

Facility user charges revenues

52,90056.6

29,325

44.7

23,57480.4

52,100800

52,600300

Other revenues

17,00018.2

14,102

21.5

2,897

20.5

15,7001,300

15,9001,100

Subtotal

89,90096.1

63,28096.4

26,61942.1

88,0001,900

88,600

1,300

3,600

3.9

2,391

3.6

1,208

50.5

2,900

700

3,100

500

93,500100.0

65,672100.0

27,82742.4

90,9002,600

91,7001,800

Operating expenses

77,90083.3

68,805

104.8

9,094

13.2

81,300-3,40080,200-2,300Operating income

15,60016.7-3,133-4.8

18,733

-

9,600

6,000

11,5004,100( 10.6P)( 6.1P)( 12.5P)( 4.2P)

Sales to external customers

Intersegment sales
Total(Ratio)(・Rent revenues:
・Facility user charges revenues:

・Other revenues:

16.7％)( -4.8P)( 21.5P)

Return of Terminal 3 quarantine space rented to the Japanese Government
Increase due to termination of the rent reduction and percentage rent increase, etc.
Increase in fees for use of passenger facilities for domestic flights
Increase in fees for use of passenger facilities for international flights
Increase in international facility usage fees
Increase in domestic terminal revenue from parking fees, paid airport lounges, etc.
Increase in international terminal revenue from parking fees, paid airport lounges, etc.
Increase in advertising revenues- 1.2 billion+ 1.3 billion+ 3.0 billion+16.0 billion+ 4.0 billion+ 0.5 billion+ 1.2 billion+ 0.7 billion

30

２． Details of Consolidated Financial Forecast for FY23
（２）Financial Forecast by Segment(ii) Merchandise sales
Initial Forecast
FY23

Items

（Forecast）

FY22
Ratio

(Results)

ChangeRatio

Rate of
ChangeAug. Forecast
Difference

Difference(May.2023)(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Domestic terminal stores

12,80011.8

10,372

24.6

2,427

23.4

12,800012,700100

International terminal stores

68,60063.3

19,47646.1

49,123252.2

56,40012,20059,8008,800

Other salees

25,40023.5

11,46927.2

13,930121.5

23,6001,800

24,3001,100

106,800

98.6

41,31797.9

65,482158.5

92,80014,00096,80010,000

1,500

1.4

892

2.1

607

68.0

2,300

-800

2,200

-700

108,300

100.0

42,210100.0

66,089156.6

95,10013,20099,0009,300

Operating expenses

89,60082.7

40,57096.1

49,029120.980,3009,300

82,6007,000

Operating income

18,700

17.3

1,640

3.9

17,0591,040

14,8003,900

16,4002,300( 15.6P)( 1.7P)( 16.6P)( 0.7P)

Sales to external customers

SubtotalIntersegment sales
Total(Ratio)・Domestic terminal stores:
・International terminal stores:

・Other sales:(

17.3％)( 3.9P)( 13.4P)

Increase in sales of directly managed stores, etc. at Haneda domestic terminal
Increase in sales of directly managed stores, etc. at Haneda international terminal
Increase in sales of directly managed stores at Narita Airport
Increase in sales of Ginza duty-free store
Increase in wholesale sales to other airports
Increase in sales of “AirBIC” stores outside of airport+ 2.0 billion+38.5 billion+ 6.5 billion+ 3.5 billion+12.0 billion+ 1.0 billion

31

２． Details of Consolidated Financial Forecast for FY23
（２）Financial Forecast by Segment(iii) Food and beverage
Initial Forecast
FY23

Items

（Forecast）

FY22
Ratio

(Results)

ChangeRatio

Rate of
ChangeAug. Forecast
Difference

Difference(May.2023)(Aug.2023)

Millions of yen％

Millions of yen％

Millions of yen％

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Sales from restaurants

7,900

51.0

5,489

58.4

2,410

43.9

8,800

-900

8,400

-500

Sales from in-flight meals

6,000

38.7

2,487

26.4

3,512

141.2

5,600

400

5,600

400

900

5.8

475

5.1

424

89.3

500

400

600

300

14,800

95.5

8,452

89.9

6,347

75.1

14,900-100

14,600

200

700

4.5

953

10.1

-253

-26.6

900

-200

800

-100

15,500

100.0

9,405

100.0

6,094

64.8

15,800-300

15,400100

15,30098.7

10,770

114.5

4,529

42.0

15,3000

15,100

200

200

1.3

-1,365

-14.5

1,565

-

500

-300

300

-100

( 3.2P)( -1.9P)( 1.9P)( -0.6P)

Sales to external customers

Other salees
SubtotalIntersegment sales
Total
Operating expenses
Operating income(Ratio)・Sales from restaurants:
・Sales from in-flight meals:
・Other sales:

(

1.3％)

( -14.5P)( 15.8P)

Increase in sales of directly managed restaurant at Haneda domestic and international terminals
Increase in sales to client airlines
Increase in food wholesaling+ 2.4 billion+ 3.5 billion+ 0.4 billion

32

２． Details of Consolidated Financial Forecast for FY23（３）Capital Expenditure and Depreciation Expenses

FY18(Results)

FY19(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

57,55972,613

8,494

4,738

12,06233,000Depreciation expenses

24,63427,80734,31031,71528,95428,300Items• Breakdown of Major Capital Expenditures
Facilities management¥ 28 billion

Terminal 1 and 2 expansion ¥18billion、Repair and upgrade of various equipment and facilities ¥8billion, etc.
Merchandise sales /Food and beverage¥ 2 billion

Store renovation work ¥1.5billion, etc.
New business /Expertise business
Management Base, Others¥ 1 billion

DX investment ¥1billion, etc.

・Breakdown of main depreciation expenses
FY18
FY19
(Results)(Results)

FY20(Results)

FY21(Results)

FY22(Results)

FY23(Forecast)Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Terminal 1

4,100

4,700

4,500

3,800

3,300

3,300

Terminal 2

3,800

5,900

11,80010,400

9,200

9,200

TIAT

9,500

10,200

11,200

11,10010,60010,500

300

700

600

500

400

400

P4 Parking

33

Subsidiary consolidation of
TIAT (Apr. 2018)
Terminal 3 extension
started operation(Mar. 2014)

The extended part ofHaneda Airport Terminal 2
and Terminal 3 started
operation (Oct. 2010)250

The additional Terminal 3 extension
started operation (Dec. 2019)
Terminal 2 International facilities
started operation (Mar. 2020)（¥billion）

COVID-19 pandemic

Great East Japan Earthquake

Hikes in the price of crude oil
Financial crisis being
triggered by the US
H1N1 influenza outbreak

Chubu International
Airport opened

Iraq war

SARS outbreak

9-11 Terrorist Attack in the US

Y2K task

Financial realignment

300

Voluntary closure of
Yamaichi Securities（¥billion）

Kansai International
Airport opened

Narita Airport Terminal 2
started operation

２． Details of Consolidated Financial Forecast for FY23（４）Changes in Operating Revenues/Ordinary Income/Cash Flows

40

20

200

0
Haneda Airport Terminal 2
started operation (Dec. 2004)

150
Haneda Airport Terminal 1
started operation (Sep. 1993)

-20
100

(left) Operating revenues
50-40(right) Ordinary income
Operating Cash Flow
Operating cash flow disclosed from FY99

0

-60
90

91

92

93

94

95

96

97

98

99

00

01

02

03

04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

20

21

22

23
Forecast

34

* 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.

日本空港ビルデング株式会社

１．Outline of Japan Airport Terminal Group（１）The company’s position at Haneda Airport■ Comparison with other major airports in Japan

AirportHaneda Airport(Tokyo International Airport)

Responsible and managedby national government

Category
Control facilities

National government(Minister of Land, Infrastructure, Transport
and Tourism)

Basic facilities(Runways, Taxiways, Aprons)
Passenger handling facilities(Passenger terminal buildings)

Domestic terminal：
Japan Airport Terminal Co., Ltd.
International terminal：
Tokyo International Air Terminal Corp.

Shareholder composition

Private corporations, etc. : 100％

Narita International
Airport

Chubu Centrair International
Kansai
Itami Airport
AirportInternational(OsakaAirportInternational
Airport)Responsible and managed by each airport company
National government(Minister of Land, Infrastructure, Transport and Tourism)[Owner]
New Kansai International
Narita International Central Japan International
Airport Company, Ltd.
Airport Corporation
Airport Co., Ltd.
Outsourced[Operator]
Kansai Airports Co., Ltd.
[Owner]Private corporations,
National government : 100％
National government : etc. : 50％[Operator]
100％
National government : 40％
Private corporations, etc. :Local government : 10％100％

Source: Prepared by the company based on information on the websites of Ministry of Land, Infrastructure, Transport and Tourism and the respective companies.

■ Basic position of passenger terminal building companies
・ Both JAT and TIAT have been designated as Airport Facilities Operators* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to Article 15, Paragraph 1 of
the Airport Act.
* Airport Facilities Operator is an enterprise that constructs or manages airport facilities (passenger or cargo handling facilities or aircraft refueling facilities necessary for an airport to perform its functions.

・Operators of the airport facilities
Runways, taxiways and aprons :Passenger and cargo handling facilities :Maintenance facilities :・Relationship with airline companies

Installed and managed by national or local governments, or Narita, New Kansai, Central Japan airport companies.
Constructed, owned, managed and operated by private corporations, third sector bodies, airport companies, etc.
Constructed, owned, and managed by private corporations or airline companies：JAT and TIAT lease facilities such as check-in counters and offices.

・Relationship with merchandise stores, restaurants, and service stores：JAT and TIAT operate their own stores, or lease store/office space to the tenants such as
airline-related companies. Those companies need filings to operate sales at the airports.

36

１．Outline of Japan Airport Terminal Group（２）Business Details■ A company responsible for construction, maintenance and operation of Haneda Airport passenger terminals
・Construction, management, and operation of terminal buildings
・Real estate leasing (offices, stores and other spaces forairline companies and airport-based businesses)
・Merchandise sales (duty-free stores, others)
・Food and beverage services
・Passenger services
・Preparation/sales of in-flight meals
・Management of parking lots

■ leveraging expertise honed at Haneda Airport,
expanding our business at domestic and overseas airports.

3

Terminal 2
7

Terminal 1

10

9Terminal 3

１

8・ Terminal 1, 2: Japan Airport Terminal Co., Ltd. (JAT)・ Terminal 3 : Tokyo International Air Terminal Corporation (TIAT)

13

The international passenger terminal is operated as a private finance initiative(PFI) project (2008-2038).
Terminal 3 was built and is managed and operated by TIAT
(consolidated subsidiary of JAT since 2018), established through investment
with airline companies and other entities, centering on JAT.

■ Apron12

5■ Operating Entity■ Total area of airport

112

・ Merchandise sales at Narita, Kansai and Chubu airport(duty-free stores, etc.)
・ Wholesale to airports throughout Japan・ Operation of Palau International Airport and New Ulaanbaatar Airport

4

6■ Terminal building

1,515haTotal area/268ha

14・Terminal 1

Spots/232■ Parking lot
５・Terminal 3

８・P1 Capacity/2,351 vehicles

９■ Runway・Runway A 3,000m×60m

１

Floor space/ approx. 292,000㎡

Floor space/approx. 268,000㎡・P2 Capacity/2,315 vehicles

10

・Runway B 2,500m×60m

2

Spots / 24 locations

Spots / 20 locations

・P3 Capacity/2,449 vehicles

11

・P4 Capacity/3,087 vehicles

12

・P5 Capacity/2,910 vehicles

13

・Runway C 3,360m×60m
・Runway D 2,500m×60m

3
4Runway capacity Approx. 486,000 flights/ year

・Terminal 2

６Floor space/approx. 340,000㎡

７Spots / 26 locations■ Haneda airport wharf

1437

１．Outline of Japan Airport Terminal Group（３）Basic Philosophy and Management Policy■ Basic philosophy“Balancing Public Good and Business Success”
Passenger terminal buildings serve as public infrastructure of enormous importance. Utilizing privatesector business approaches to properly achieve this highly public mission is our basic management
philosophy.
■ Management policy● Establish absolute safety in passenger terminals● Operate passenger terminals for the benefit of customers(convenience, comfort and functionality)● Operate passenger terminals stably and efficiently● Reinforce corporate structure and improve the combined competence of the Group companies

Our Business Model Since Establishment
・Since its establishment, Japan Airport Terminal has optimally leveraged private-sector knowledge and financing to build, manage and operatepassenger terminal buildings, which have enormously important public value, as a purely private enterprise spanning nearly 60 years.
・Based on the Japanese government’s policies governing airports and airlines, Japan Airport Terminal is engaged in facilities installation, including
expansion, the provision of appropriate services, and measures to ensure the safety and stability of passenger terminal buildings.
・Japan Airline Terminal contributes to the development of the airline industry, guided by a consistent dedication to shared prosperity with airline
companies.

38

１．Outline of Japan Airport Terminal Group（４）Sustainability Basic Policy

To realize “To Be a World-Best Airport - To be the world’s most respected airport, pursuing the satisfaction of all stakeholders -,” we will promote sustainable business activities while contributing to the development of the socioeconomy under the
Sustainability Basic Policy.
Customers(1) Serving as an air gateway to Japan, we strive to operate customer-centered passenger terminals (convenience, comfortableness and functionality),
continuously work at improving services and operations while actively utilizing digital technologies, and provide the best hospitality.

Partners(2) Together with partners such as airline companies, tenants and subcontractors, and the national government, we promote development of safe andsecure airports and open innovation toward mutual growth.

Employees(3) We give consideration to physical and mental health and security of officers and employees, and strive to develop personnel and improve work
environments so that they can work with a motivation while exercising a wide range of abilities they have in various fields associated with the airport.

Local Communities(4) In partnership with surrounding communities, we not only contribute to the growth of the Tokyo metropolitan area, but also enable domestic air mobility
in cooperation with airports throughout the country as the hub of the aviation network, and aim to co-exist and co-prosper with local communities
throughout Japan.

Shareholders/Investors(5) We endeavor to be transparent in disclosing information on a timely basis and increase corporate value from a long-term perspective, based on
engagement with shareholders and investors.

Global Environment(6) In moving toward a decarbonized society and/or a resource-circulation society, we aim to reduce the environmental burden associated with businessactivities through, for example, promoting measures against global warming and 3R, and realize sustainable airports in harmony with the global
environment in cooperation with stakeholders.

Common(7) Having ensured absolute safety, we properly manage risks that may pose a threat to business activities. Also, we routinely promote disaster prevention
measures, etc. and business continuity management so that, even in emergencies, we can ensure safety and continue operating the passenger
terminal, which is public infrastructure, without delays.
(8) We comply with domestic and overseas laws, regulations and rules, and carry out business honestly and fairly while taking human rights into
consideration.

39

１．Outline of Japan Airport Terminal Group（５）Company History

Haneda Airport was re-launched as Japanese air gateway after being returned by the U.S. in 1952. However, on account of a lack of financial resources after the war,
only the costs for paving the taxiway and apron were included in the national budget. Therefore, it was decided to build the terminal with private funds (cabinet
approved), and in 1953 the Company was founded with the cooperation of major institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953

July

Established with private sector capital of 150 million yen.

1955

May

The terminal building opened and launched operation.

1964

September

Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games.

OctoberDuty-free sales operations commenced.

1970

May

Completed new international arrival terminal building.

1978

March

1978

May

1990

February

Opened Narita Office at Narita International Airport.
Commenced merchandise sales including duty-free articles, hotel reservation services and other operations withthe opening of Narita International Airport.
Listed on second section of the Tokyo Stock Exchange.

1991

September

Listed on first section of the Tokyo Stock Exchange.

1993

September

Haneda Airport Terminal 1 (Big Bird) started operation.

1994

July

1994

September

1998

March

Opened Osaka Office at Kansai International Airport.
Launched commissioned operation of duty-free stores and wholesale of duty-free goods accompanying openingof the Kansai Airport.
The provisional international terminal at Haneda Airport started operation.

2004

July

Moved Head Office from Chiyoda-ku, Marunouchi, to Haneda Airport.

2004

DecemberTerminal 2 at Haneda Airport started operation.

2005

February

Wholesale of duty-free goods commenced with the opening of Central Japan International Airport.

2006

June

Established the special purpose company (SPC) “Tokyo International Air Terminal Corporation" (TIAT).

2007

February

South Pier in Terminal 2 at Haneda Airport started operation.

2009

April

Designated as an Airport Facilities Operator under the revised Airport Act.

2010

October2011

NovemberRenewal of Terminal 1 building, Haneda Airport completed.

2013

April

The extended part of South Pier in Terminal 2 at Haneda Airport started operation.

2014

March

The Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).

2018

April

Subsidiary consolidation of Tokyo International Air Terminal Corporation (TIAT).

2019

December

The additional Passenger Terminal 3 extension, Haneda Airport started operation (TIAT).

2020

March

The international flight facilities in Terminal 2, Haneda Airport started operation.

2022

April

Shifted to the prime market due to market restructuring of the Tokyo Stock Exchange.

The extended part of Terminal 2, Haneda Airport started operation.

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

The Passenger Terminal 3, Haneda Airport started operation (TIAT).

Haneda Airport Terminal 240

１．Outline of Japan Airport Terminal Group（６）Group Companies

Facilities management operations

Merchandise sales operations

Food and beverage operations

Tokyo International Air Terminal Co., Ltd.
Management and operation of international passenger
terminal building.
Haneda Future Research Institute Inc.
Further improvement of value in existing airport operation, development of new business model, etc.
BIG WING Co., Ltd.
Advertising agency business, event planning and management

Tokyo Airport Restaurant Co., Ltd.
Restaurant business, light meal production andsales, paid waiting room management

Japan Airport Techno Co., Ltd.
Installation, upkeep and management of passenger
terminal facilities and environmental and sanitation
management of facilities

Japan Duty Free Fa-So-La Isetan Mitsukoshi Co., Ltd. Cosmo Enterprise Co., Ltd.
Development of airport duty free stores in urban
Preparation and loading of in-flight meals,
areas
production and sale of frozen food

Haneda Airport Security Co., Ltd.
Security services and parking lot service
management

International Trade Inc.
Wholesale business and merchandise sales toJapanese airport retail stores and other clients

LANI KE AKUA PACIFIC, INC.
Restaurant business

Haneda Passenger Service Co., Ltd.
Passenger services operations

Japan Airport Logitem Co., Ltd.
Merchandise transport, delivery and inspection

KAIKAN KAIHATSU Co., Ltd.
Restaurant business, management and operation ofhalls and meeting rooms

Japan Airport Ground Handling Co., Ltd.
Passenger handling services

Air BIC INC.
Retail sales of home appliances

Sakura Shokai Co., Ltd.
Airport cleaning center management and waste
treatment

Haneda Airport Enterprise Co., Ltd.
Store operation businessTotal : 19 companies

Japan Airport Terminal Trading (Chengdu) Co., Ltd.
Merchandise sales and wholesale business at
Chengdu Shuangliu International Airport
Hamashin Co., Ltd.
Wholesale and retail sales of marine products

41

１．Outline of Japan Airport Terminal Group（７）Segment Revenue Details /Sales Composition

Category

Revenue details

Expenses details≪FY23 2Q Results≫

Office lease (fixed rent); store lease
Rent revenue(fixed rent + percentage commission) at Haneda domestic andDepreciation; water, heating, energy

international terminals

expenses; repairs expenses; lease fee(such as national property usage fee);

Facilities
management
operations

Facility user
charges revenue

Fees for use of passenger facilities (Haneda domestic and7.0 ％Facilities Management
Operations
43.6 ％

Restaurants

3.5 ％Rent revenue

In-flight meals

2.9 ％Others0.6 ％Facility user charges revenue
25.1 %

taxes and public charges; cleaninginternational flights: PSFC), international terminal PBB user charges, expenses; outsourcing feesothersParking fee revenue, advertising revenue and sales from paid airport Lease fee (such as national property usage

OthersFood and beverage
Operations

lounge at Haneda domestic and international terminals, Hotelfee); taxes and public charges (fixed asset

business income, Revenue from subcontracted worktax); outsourcing fees

Merchandise sales for stores at Haneda domestic terminal stores

Cost of sales; supply expenses

Others

9.8 %

8.7 ％

Stores atdomestic
terminal
MerchandiseStores at

salesinternational

operations

terminal

OthersRestaurants

Merchandise sales for stores at Haneda international terminal stores;
Merchandise sales from airport duty-free stores, etc. at Narita

Cost of sales; supply expenses;

International Airport, Kansai International Airport and Chubu

percentage of business; agent service fee

Centrair International Airport, urban duty-free store sales
Wholesale sales to Narita International Airport, Kansai International
Airport, Chubu Centrair International Airport and others

Restraurant sales at Haneda Airport domestic and internationalterminal and Narita International Airport

Food andbeverage

In-flight meals Production and sales of in-flight meals

operations

OthersCost of sales; agent service fee

Food expenses (cost of sales for food andbeverage); percentage of business;outsourcing costs

Food expenses (cost of sales for food andbeverage)

Income from catering airline lounges, Wholesale of products such as Food expenses (cost of sales for food andfrozen foods, box meals, etc.

beverage); outsourcing costs

Merchandise sales
Operations

49.4 ％Stores at domestic Terminal
6.3 ％Stores at international Terminal
31.1 ％
Others

12.0 ％

42

１．Outline of Japan Airport Terminal Group（８）Changes in Capital Investment

Details

Fisical Year

Investment (at timeof construction)

1955

Construction of former terminal building\1.0 billion

1963

Major expansion and renovation (Measures for jet aircraft and the Olympics)\3.5 billion

1970

Construction for accommodating jumbo jets (domestic and international terminal buildings)\3.2 billion

1977

Construction for disaster safety measures\8.0 billion

1978～1981

Construction to repurpose domestic terminal accompanying shift to international flights at Narita Airport\11.5 billion

1984

Construction for domestic terminal redeployment\15.0 billion

1993

Construction to build Terminal 1 building and remove old terminal building

1997

Terminal 1 building renovation (bus lounge expansion, new boarding stations)\2.0 billion

1998

Construction to build provisional international terminal building\1.5 billion

1999～2002

Renovation of Terminal 1 building (barrier-free measures)\3.4 billion

2002

Expansion and renovation of provisional international terminal building\1.0 billion

2004

Construction to build Terminal 2 building\67.0 billion

2004～2005

Renovation of Terminal 1 building (including marketplace revitalization)
Provisional international terminal building expansion and renovation\15.0 billion\0.6 billion

2006

Construction for expansion of Terminal 2 building (Second Stage of the Plan)\11.5 billion

2007

Construction to build P4 simplified parking structure

2007～2008

Provisional international terminal building expansion and renovation

2008～2010

Construction of Terminal 3 building and P5 parking [TIAT]
Terminal 2 building expansion (Third Stage of the Plan)
Construction to convert P4 parking lot to multi-story parking lot

2011

Terminal 1 building renovation (departure lobby, departure lounge, observation deck, etc.)

2012～2014

Terminal 3 building expansion (expansion in 8 spots, lobby expansion, etc.) [TIAT]

2013

Terminal 2 building expansion (Fourth Stage of the Plan) Expansion in 3 spots

2017～2019

Terminal 2 building expansion (international flight facility, satellite, office space expansion, etc.)
Terminal 3 building expansion (expansion in 2 spots, lobby expansion, etc.) [TIAT]

2018～2019

Terminal 1 building renovation (basement, 1st floor arrival lobby interior modification, etc.)\136.0 billion\2.0 billion\3.6 billion\100.0 billion\19.0 billion\6.0 billion\7.0 billion\70.0 billion\7.6 billion\74.0 billion\21.0 billion\4.7 billion
Total \595.1 billion

43

１．Outline of Japan Airport Terminal Group（９）Summary of Tokyo International Air Terminal Corporation

1. Company NameTokyo International Air Terminal Corporation

2. Date Founded

June 20, 2006

8. Composition of Shareholders

Japan Airport Terminal Co., Ltd.

(51.00%)3. Headquarters Location
Haneda Airport, Ota-ku, TokyoJapan Airlines Co., Ltd.

(16.87%)

ANA HOLDINGS INC.

(16.87%)

4. Capital

100 million yen

NARITA INTERNATIONAL AIRPORT CORPORATION (3.05%)

5. Businesses

Maintenance and management of the terminalbuilding in the international section of Tokyo
International Airport

TEPCO Energy Partner, Incorporated(2.37%)

SECOM CO., LTD.

(2.04%)

Masatoshi Akahori, President (Former Vice
President of Japan Airport Terminal Co., Ltd.)Tokyo Gas Co., Ltd.

(2.04%)

Keikyu Corporation(1.36%)TOKYO MONORAIL CO., LTD.

(1.36%)NTT DATA Corporation(1.02%)Development Bank of Japan Inc.

(0.68%)

Mizuho Bank, Ltd.

(0.68%)MUFG Bank, Ltd.

(0.68%)

6. Representative

7. Corporate Philosophy
As the gateway to the nation’s capital, Tokyo, wewill endeavor to continue providing cutting-edge
terminal facilities and services to customers fromacross the world and thus contribute to thedevelopment of the international aviation network.

44

２．Summary of Tokyo International Airport (Haneda)（１）Comparison of Passenger Volume

Japan Airport Passenger Volume Ranking(FY2022)

Global Airport Passenger Volume Ranking(2022 calendar year bulletin)

Airport

Code

Annual(thousand people)

1

Tokyo (Haneda)

HND

59,871 (53,062)

164

28.0

2

Tokyo (Narita)

CTS

18,651 (6,957)

51

8.7

3

FukuokaFUK17,967 (15,708)

49

8.4

Daily average(thousand people)

City/Airport

Share (%)

Code

Annual(thousand people)

1

AtlantaATL

93,6992

Dallas/Fort Worth

DFW

73,362

3

DenverDEN

69,286

4

Chicago (O’hare)

ORD

68,340

5

Dubai

DXB

66,0696

Los Angeles

LAX

65,924

7

Istanbul

IST64,2894 Sapporo(Chitose)

NRT

17,876 (16,946)

48

8.4

5

Okinawa (Naha)

OKA

16,229 (15,820)

44

7.6

6

Osaka (Itami)

ITM12,989 (12,989)

35

6.1

7 Osaka (Kansai)

KIX

11,488 (6,357)

31

5.4

8 Nagoya (Chubu)NGO6,016 (5,193)

16

2.8

9

Kagoshima

KOJ4,678 (4,667)

12

2.2

8

London (Heathrow)

LHR

61,61410 Osaka (Kobe)

UKB

3,109 (3,109)

8

1.5

9

New Delhi

DEL

59,490

21.0

10 Paris (Charles De Gaulle)

CDG

57,47481 other airports

44,882 (44,771)

Figures in parentheses are airport passenger volume for domestic flights.
Material: Aggregate statistics of airport usage within jurisdiction of East
Japan Civil Aviation Bureau and West Japan Civil Aviation Bureau

Source: ACI (Airports Council International) website

45

２．Summary of Tokyo International Airport (Haneda)（２）International Rating of the Haneda Airport Passenger Terminal

In an international rating by SKYTRAX, Haneda Airport:“World’s Cleanest Airports”

Ranked 1st for the 8th consecutive year

“World’s Best Domestic Airports”

Ranked 1st for the 11th consecutive year

“World’s Best PRM/Accessible Facilities”

Ranked 1st for the 5th consecutive year
Haneda Airport passenger terminals have taken out 1st place for the 8th consecutive year
in the World’s Cleanest Airport category of the 2023 World Airport Awards conducted by the
UK company, SKYTRAX, as well as 1st place for the 11th consecutive year in the World's

Best Domestic Airport category, and 1st place for the 5th consecutive year in the
PRM/Accessible Facilities category.

Haneda was awarded 2nd place in Best Airports in Asia and 3rd place in World's Best
Airports. In the World’s Cleanest Airports category, Haneda was voted 1st for the 10th time
and the 8th consecutive year, while in the World's Best Domestic Airports category, it wasvoted 1st for the 11th consecutive year. Its emphasis on
initiatives designed to assist passengers who require assistance in moving about arebehind Haneda Airport’s 1st place for the 5th consecutive year in the World's BestPRM/Accessible Facilities category.

Haneda Airport plays an extremely important role as a hub airport with a dynamic
domestic and international route network. The airport's objective is to become a leading
airport, linking all of its facilities with customer safety as its first priority, followed byenvironmental friendliness, convenience, comfort and functionality.
46

Notes regarding projections
Items such as plans, targets, policies, strategies, decisions, financial forecasts, future
figures and monetary amounts in this presentation that is not historical data are projectionsof the future. These are based on management’s projections, assumptions, evaluations,judgments, and conditions on information obtainable at the present time. Realizing these

items entail uncertainty and various risks.
This presentation material is not intended to solicit investments. We request you to makeown decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Investor Relations Division

TEL: 03 (5757) 8409
FAX: 03 (5757) 8029
Email: ir@jat-co.com