Second Quarter of FY15

Earnings Presentation Material(November 13, 2015)* 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.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

Second Quarter of FY15

Earnings Presentation Material
1. FY15 2Q Consolidated Summary
2. Consolidated Financial Forecast for FY15
3. Progress under the Medium-term Business Plan
4. Eyeing the Next Medium-term Business Plan
5. SKYTRAX Global Airport Ranking

JAPAN AIRPORT TERMINAL

1. FY15 2Q Consolidated Summary(1) Consolidated financial results

Sales and Profit Growth on Demand from Non-Japanese Visitors Mainly from China

Business
Environment

Increase in non-Japanese visitors mainly from East and Southeast Asia.
Low-cost carrier (LCC) market expansion for domestic and international flights nationwide.
Fewer visa restrictions, expansion of consumption tax exemption system, continued yen
devaluation.

Passenger
VolumePassenger volume for Haneda domestic flights decreased a slight 0.5% year on year, reflecting
the impact of the Hokuriku bullet train and operating restrictions at the Hiroshima Airport.
Passenger volume for Haneda international flights increased 11% year on year due to growth in
non-Japanese tourists.
Passenger volume for Narita international flights increased 6% year on year, as the impact of
expansion of Haneda international plateaued and non-Japanese tourists increased.
Passenger volume for Kansai international flights increased 28% year on year, reflecting an
increase in flights by low-cost carriers (LCCs) and growth in non-Japanese visitors.

(YoY comparison)

Percent change in non-Japanese visitors(Apr. to Sept.)○ First-half passenger volumes (with respect to previous period)First-half passenger volume
Airport

FY15

FY14

(ten thousands)(ten thousands)

Initial forecasts

Rate of change(%)

Rate of change(%)

Country/
RegionDifference
(P)

China

Haneda –Domestic

3,134

3,151

-0.5

0.5

-1.0

Hong Kong

Haneda –International

629

564

11.4

5.8

5.6

Vietnam

Total Haneda

3,763

3,716

1.3

1.3

-

Narita

1,576

1,486

6.0

3.5

2.5

Kansai

838

654

28.1

8.7

19.4

2

South Korea
Philippines
Other
Total

Volume(10,000 people)
Percent change(year on year)
291
122.4%
79
70.7%
10
50.7%
191
44.9%
13
33.2%
451
30.7%
1,035
50.9%

JAPAN AIRPORT TERMINAL(2) Consolidated financial results
Sales and Profit Growth on Demand from Non-Japanese Visitors

Main Factors
BehindChanges○ Differences from previous fiscal year results
Addressed growth in visitors to Japan, leading to an increase in merchandise sales and wholesale
sales for international flights.
Increase in commissioned facility revenue accompanying start of utilization of expanded portion of
the Haneda international passenger terminal building.
Increase in food and beverage sales mainly from acquisition of new customers for airline catering.
○ Differences from initial forecasts
Increase in duty-free sales from higher percentage of non-Japanese visitors with strong
purchasing power.
Increase in investment profit accompanying improved performance at TIAT and other equitymethod affiliates.

○ Consolidated financial results for FY15 1H
Items

1H
Results(Billions of yen)

LY
Results

MonetarychangeRate ofchange(%)

Initialforecasts
1

Difference

Operating revenues

100.0

82.3

17.7

21.6

91.8

8.2

(Facilities management)(25.0)(24.0)

1.0

4.3(24.8)(0.2)(Merchandise sales)(66.4)(50.4)

16.0

31.8(58.8)(7.6)(Food and beverage)

(8.5)

(7.8)

0.6

8.6

(8.2)

(0.3)

Operating income

6.5

5.0

1.5

30.6

5.2

1.3

Ordinary income

7.7

6.1

1.5

24.8

5.9

1.7

Net income

5.2

3.9

1.3

33.9

3.9

1.3

*1 Revised financial forecast announced in May 2015

Note: Figures shown are rounded down to the nearest 100 million yen.
3

JAPAN AIRPORT TERMINAL

2. Consolidated Financial Forecast for FY15
(1) Summary of consolidated financial forecast for FY15

Despite concerns of the impact of China’s economic slowdown, the second-half businessenvironment will grow steadily atop an increase in Haneda-China flight and measures topromote Japan as a tourist destination
Business
Environment

Passenger
Volume(YoY comparison)

Passenger volume set to grow steadily, mainly from increased Haneda-China flights
and measures to promote Japan as a tourist destination.
Greater than expected growth in non-Japanese visitors and duty-free system expansion.
Passenger volume for Haneda domestic flights projected to decline 0.3% year on year,
mainly from the expected impact of the Hokuriku bullet train.
Passenger volume for Haneda international flights projected to increase 17.5% year on year,
from anticipated growth in China flights and an increase in non-Japanese visitors.
Passenger volume for Narita international flights projected to increase 6.1% year on year,
from expected growth in non-Japanese visitors.
Continuing first-half trends, passenger volume for Kansai international flights projected to
grow 22% year on year due to expected growth in non-Japanese visitors and LCC flights.

○ Passenger volume forecast for FY15 (with respect to previous period)
AirportHaneda –Domestic
Haneda –International

FY15 1H(%)

FY15 2H
(%)

FY15
(%)

Full-year
forecasts(%)

Difference(P)

Revisedforecast(10,000 people)

-0.5

0.0

(0.0)

-0.3

0.3

-0.6

6,247

11.4

23.3

(5.3)

17.5

5.6

11.9

1,359

Total Haneda

1.3

3.7

(0.9)

2.5

1.1

1.4

7,607

Narita

6.0

6.1

(3.1)

6.1

3.3

2.8

3,107

Kansai

28.1

16.2

(1.6)

22.0

5.0

17.0

1,649

* Figures in ( ) are initial forecasts
4

JAPAN AIR TERMINALJAPAN AIRPORTTERMINAL(2) Consolidated financial forecast for FY15
In addition to addressing increase in non-Japanese visitors,
conducted capital expenditures in response to globalization○ Differences from previous fiscal year results
Addressed increase in non-Japanese visitors, leading to increase in merchandise andwholesale sales for international flights.
Sales growth from opening of urban duty-free stores (Japan Duty Free GINZA)
Higher costs due mainly to construction of urban duty-free stores and terminal building
renovation○ Differences from initial forecasts
In the second half, while sales will surpass initial forecasts due to strong duty-freebusiness performance, profit will only slightly exceed initial forecasts due to higher
costs mainly from capital expenditures.
For the full year, sales and profits will both surpass initial forecasts, reflecting first-half
profit growth and other factors.

Main Factors
BehindChanges(Billions of yen)

○ Financial forecast for FY15
FY15 1H
Items

Results

Initialforecasts

ChangeOperatingrevenues

100.0
91.8
(82.3)
6.5
Operating income
5.2
(5.0)
7.7
Ordinary income
5.9
(6.1)
5.2
Net income
3.9
(3.9)
*1 Figures in ( ) are results for the previous fiscal year

Annual dividend

15.0

Initialforecasts

ChangePrevious
fiscal year
results(FY14)

190.0

19.4

173.5

35.8

10.0

1.7

9.8

1.8

11.3

1.9

11.8

1.3

7.6

1.3

6.6

2.2

30.0

24.0

年間配当
金(円)

21.0

Capitalexpenditures

10.4

10.9

Depreciation
expenses

11.3

11.9

EBITDA

24.0

21.9

FY15 2H

12.0

8.2
1.3
1.7
1.3

Revisedforecast
109.4(91.1)
5.2
(4.8)
5.5
(5.6)
3.6
(2.7)
15.0

FY15

Initialforecasts

Change

98.3

11.0

4.8

0.4

5.3

0.1

3.6

-

Revisedforecast (*2)

12.0

*2 Revised financial forecast announced in October 2015

209.4
(173.5)
11.7
(9.8)
13.2
(11.8)
8.9(6.6)

ChangeNote: Figures shown are rounded down to the nearest 100 million yen.
5

JAPAN AIRPORT TERMINAL(3) Forecast of operating revenues by segment(Billions of yen)

FY15

Items
Facilities
management

Revisedforecast

Initialforecasts

Rate ofchange(%)

ChangeRevisedforecast *1
composition
ratio (%)

Previous
fiscal year
results(FY14)

ChangeRate ofchange(%)

Previous
fiscal year
results *1
Composition
ratio (%)

51.4

50.8

0.6

1.2

24.5

49.0

2.3

4.8

28.2

Rent revenue

12.8

12.8

-

-

(25.1)

12.8

-0.1

-0.7

(26.3)

Facility user
chargesrevenue

17.8

17.9

-0.2

-1.1

(34.6)

17.9

-0.1

-0.7

(36.5)

Other revenues *2

20.8

20.0

0.8

4.0

(40.3)

18.2

2.5

14.1

(37.2)

140.9

123.0

17.9

14.6

67.3

108.7

32.1

29.6

62.7

Sales at domestic
terminal stores

33.5

33.6

-0.1

-0.3

(23.8)

33.1

0.3

1.0

(30.5)

Sales atinternationalterminal stores

41.7

35.6

6.1

17.1

(29.6)

28.0

13.6

48.5

(25.8)

Other sales *2

65.7

53.8

11.9

22.1

(46.6)

47.5

18.1

38.3

(43.7)

Food and beverage

17.1

16.2

0.9

5.6

8.2

15.7

1.3

8.8

9.1

9.3

9.0

0.2

2.2

(54.1)

9.2

0.0

1.0

(58.6)

5.5

5.0

0.4

7.8

(32.3)

4.5

0.9

21.9

(28.7)

2.3

2.0

0.3

15.0

(13.6)

2.0

0.2

15.0

(12.7)

Merchandise sales

Sales fromrestaurants
Sales from inflight meals
Other sales *2*1 Figures inside the parentheses represent the composition ratio within each segment (excluding sales amount within the segment).
*2 Main items of “other income” for each segment
Facilities management: Income from contract work to manage facility maintenance, income from hotel business, income from advertising and lounges,
income from parking lots, etc.
Merchandise sales:
Income from wholesaling (other companies’ duty-free shops), etc.
Food and beverage:
Income from contract work to run TIAT restaurants, income from catering airport lounges, etc.

Note: Figures shown are rounded down to the nearest 100 million yen.
6

3. Progress under the Medium-term Business Plan

JAPAN AIRPORT TERMINAL

Current Progress on 4 Key Issues of Medium-term Business Plan
A Responding to Haneda Internationalization (Stronger Domestic-International Integration)
Main previous initiatives• First Cabin hotel expansion• More robust commissioned facility management for international passenger terminal• Establishment of domestic connecting flight facility• Attracted brand boutique (duty-free store) opening its first Japanese store• Opening of Royal Park Hotel
Current initiatives• Universal design (PBB step-less, passenger guidance system, etc.)
Ｂ• Multi-language support for guidance signs, flight board display upgrades, lounge renovations

B Future Framework for New Airport Management
Main previous initiatives• Bids on and research of overseas infrastructure projects• Clarification of profit and cost burden for facility user charges revenue• Opening of second men’s store and a ladies’ store for Isetan Haneda Store
Current initiatives
ＣDuty Free GINZA airport-style urban duty-free store• Opening of Japan• Airport management reform• Overseas business research• Adoption of next-generation robotics

C Improving Our Business Profitability
Main previous initiatives• Lower cost percentage via PB brand expansion• Development of measures pegged to growth in non-Japanese passenger volume• Capital alliance with LSG Sky Chefs to strengthen airline catering business• Improved breakeven point via business valuation
Current initiatives• Investigations ahead of logistics business redevelopment

D Enhancing Human Resource and Organizational Capabilities
Main previous initiatives• Secure and train human resources who can adapt to future business environment changes
7◇ Progress under the Medium-term Business Plan (Reference)

JAPAN AIRPORT TERMINALＡJapan Duty Free GINZA(Mitsukoshi Ginza store 8th floor, scheduled opening in FY15)

Haneda Tokyo Royal Park Hotel(Opened on September 30, 2014)

Acquisition of new customers in the airline catering businessNew duty free shops opened following the expansion of
the international passenger terminal
8

JAPAN AIRPORT TERMINAL

4. Eyeing the Next Medium-term Business Plan

Meeting the challenge of new growth from a long-term perspective spanning the next 10 to 20 years
Vision of the “ideal” passenger terminal building and generation of new earnings opportunities
Business Environment

Business Risks• Increase in cities serviced and flights, ongoing globalizationof hub airports• Greater than expected increase in non-Japanese visitors andexpansion of duty-free system• Increase in trip expenditures of non-Japanese visitors• Growth in arrivals and departures at Tokyo-area airports,
improved airport access• Ongoing airport privatization, progress in overseas airport
management• Population decline, low birthrates and societal aging• Sharp exchange rate volatility• Economic slowdown in China and other continued market
environment uncertainty
Reliance on demand from non-Japanese visitors• Advancements in bullet trains and other overland transport modes• Market entry of competing companies

Tokyo Olympics and Paralympics, stronger international competitiveness, promotion of Japan as a tourist
destination, regional revitalization
All require Tokyo-area airports to enhance functionality

2015

Toward sustainable growth from 2020 onward
Positioning this year
as the starting year

■ Steady profit expansion andmaintain/improve hard and soft
service levels· Respond to Tokyo Olympics andParalympics· Participate in Haneda Airport site
redevelopment· Further function enhancement at
Tokyo-area airports

In pursuit of the “ideal” Haneda Airport■ As a point for economic vitality· Showcase (technology, industry,
culture)■ As a point for regional
revitalization· International and domestic hub(functions and info)■ As a 5 Star Airport· Pursue excellent services· Make the Haneda brand more
visible9

Generate earnings opportunities
Sustainable■ Stimulate non-Japanese
growthpeople to visit Japan· Ties with overseas airports■ Revitalization of domestic businesses· Outbound (study abroad, sightseeing)promotion· Promotion of regional partnerships,
exchanges· Domestic sightseeing promotion■ New core businesses· Utilization of knowhow(intellectual assets)

JAPAN AIRPORT TERMINAL

5. SKYTRAX Global Airport Ranking
Top 5 Star Airport Ranking Earned for a Second

Consecutive Year in SKYTRAX Global Airport Ranking

In the “Global Airport Ranking,” Haneda Airport’s domestic and international
passenger terminals received a world-class “5 Star Airport” ranking for a second
consecutive year. Last year, Haneda Airport earned particularly high marks in
categories such as accessibility and ease of use of its terminals. This year, in
addition to its showing in these and other traditionally strong categories, Haneda
Airport was ranked highly in a range of other areas, including the upgrade andexpansion of international and domestic flight transfer facilities, the functionality
and robust content of its website, and the services offered at its product stores andeating establishments.
[Global Airport Ranking 5 Star Airport]
AirportAwards ceremony at Haneda Airport on October 13, 2015

Country

Haneda Airport Passenger Terminals(No. 1, No. 2, International)

Japan

Hong Kong International Airport

China

Incheon International Airport

South Korea

Changi International Airport

Singapore

Munich International Airport

Germany● Ranked First in the World in 2 Categories of SKYTRAX Global Airport Ranking
In the “World’s Best Domestic Airport” category, Haneda Airport’s Domestic
Passenger Terminals were ranked No. 1 in the world for three consecutive years(2013-2015). In the “World’s Best Airport Security Processing” category, Haneda
Airport’s domestic and international passenger terminals were ranked first in theworld for excellent responsiveness concerning departure safety inspections.
10

Excerpt from SKYTRAX website

JAPAN AIRPORT TERMINAL

Reference (Destination cities of international flights)
City nameInternational flights to 26 cities, 29 routes
Approximately 100 flights departing per day
China

Frankfurt
MunichParis

Beijing
Doha
Dubai

Shanghai
Hanoi
Bangkok
Ho Chi Minh City
Kuala Lumpur
Singapore

VancouverToronto
SeattleGimpo
InchonSan Francisco
Hong Kong
Taipei
ManilaHonolulu

Los Angeles

Slots/day

PEK

Hong Kong

HKG

8
5
3

Shanghai(Hongqiao)

SHA

Shanghai(Pudong)
Guangzhou
Tianjin
Gimpo
Korea
InchonTaipei (Songshan)
TaiwanTaipei(Taoyuan)Australia
SydneySoutheast Asia
Hanoi
VietnamHo Chi Minh

6:00–23:00
23:00–6:00
Both daytime flight and late night/early morning flight hours

LondonCode
Beijing

Singapore

1

HAN
SGN

2
1
4
3
2
1
2
3
3
1

Philippines

ManilaMNL

Indonesia

Jakarta

CGK

Thailand

Bangkok

BKK
KUL
CDG
LHR

Frankfurt

FRA

MunichNorth America
Vancouver
CanadaToronto

MUC

Germany

YVR
YYZ

Honolulu
San Francisco
Los Angeles
Middle East
UAE
Dubai
Qatar
Doha
International departures total

4
3
2
1
2

SFO
LAX

1
1
1
2
2
2

DXB
DOX

1
1

HNL

America

11

1

SIN

Kuala Lumpur
EuropeFranceParis
United Kingdom
LondonシンガポールTPE
SYD

New York

Malaysia

Jakarta
Denpasar

CAN
TSN
GMP
INC
TSA

4
3
4
1
12
2
8

PVG

Singapore

4101(As of October 2015)

Second Quarter of FY15

Supplementary Material
1. Details of Consolidated Financial Results for FY15 2Q
2. Details of Consolidated Financial Forecast for FY15
3. Other Information* 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.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL

Contents
1. Details of Consolidated Financial Results for FY15 2Q(1) Changes in passenger volume (Haneda, Narita and Kansai)

P2(2) Consolidated financial results for FY15 2Q

P3(3) Financial results by segment(i) Facilities management

P4(ii) Merchandise sales

P5(iii) Food and beverage

P6(4) Breakdown of selling, general and administrative expenses

P7(5) Non-operating income/expenses and extraordinary income/loss

P8(6) Consolidated balance sheets

P9(7) Consolidated statements of cash flows

P 10(8) Capital expenditure and depreciation

P 11[Reference] Purchasing Trends of Non-Japanese Passengers by
Nationality and Region

P 12

2. Details of Consolidated Financial Forecast for FY15(1) Consolidated financial forecast for FY15P 14(2) Financial forecast by segment(i) Facilities management

P 15(ii) Merchandise sales

P 16(iii) Food and beverage

P 17

3. Other Information(1) Capital expenditure and depreciation expenses

P 18(2) Operating revenues/ordinary income/cash flows

P 19

JAPAN AIRPORTTERMINAL
JAPAN AIRTERMINAL

1. Details of Consolidated Financial Results for FY15 2Q

JAPA AIR TERMINAL(1) Changes in passenger volume (Haneda, Narita and Kansai)(Thousand passengers)(Thousand passengers)

70,000

Haneda Airport – domestic passengers

68,00014,000

FY15 forecast -0.3% (Initial forecasts +0.5%)

FY15 forecast +17.5% (Initial forecasts +5.6%)

66,00062,661

Oct. 2010
Expanded Terminal 2
at Haneda Airport

64,00062,00061,66458,000

1H result +11.4% (Initial forecasts +5.8%)
2H forecast +23.3% (Initial forecasts +5.3%)

10,000(+2.0%)

Mar. 2011
the Great East Japan
Earthquake

58,75258,808

7,267

8,000

6,000

56,00011,570(+17.5%)(+43.9%)(-0.3%）

May 2009
H1N1 influenza outbreak

60,00012,00062,477

13,592

Haneda Airport – international passengers

7,950

8,039

Mar. 2014
Increase in the numberof landing slots(30,000 / year)

Mar. 2011
Great East Japan Earthquake

4,817

56,42554,000

1H result -0.5%
2H forecast -52,0002,000

50,000FY

48,000
2009

2010

2011

2012

2013

2014

2015

Results

Forecast

16,000

May 2009
H1N1 influenza outbreak

15,00030,86229,00025,00031,07929,302

26,9262010(+22.0%)(Initial forecasts +5.0%)
13,52313,000(+6.1%)

12,051(-5.1%)

12,00011,000(Initial forecasts +3.5%)(Initial forecasts +3.1%)

2011

2012

2015

Forecast

FY15 forecast +22.0%

10,000

2013

2014

2015

Results

Forecast

10,408

9,000
2009

2

11,428May 2009
H1N1 influenza outbreak

FY

23,0002009

2014

16,49314,000Mar. 2011
the Great East Japan Earthquake

1H result +6.0%
2H forecast +6.1%

2013(+12.2%)

29,71027,000FY
2012

Kansai Airport – international passengers

FY15 forecast +6.1% (Initial forecasts +3.3%)

31,0002011(Thousand passengers)
17,00035,00030,8292010

Results

Narita Airport – international passengers

33,000Oct. 2009
Flights between Haneda andBeijing commenced (4 RT/day)0
2009(Thousand passengers)

37,000Oct. 2010
New International Terminal
started operation

4,000(Initial forecasts +0.5%)(Initial forecasts +0.6%)

2010

10,1142011

1H result +28.1% (Initial forecasts +8.7%)
2H forecast +16.2 % (Initial forecasts +1.6%)
FY

2012

2013

2014

2015

Results

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

JAPAN AIRPORT TERMINAL(2) Consolidated financial results for FY15 2Q
Items

FY15 2Q

FY14 2Q(Results)(Results)

Ratio

Ratio

Difference

Ratio

%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

100,080
25,02766,4988,554
54,469100.0

82,314100.0

17,76621.6

91,800

100.0

8,280

25.0

24,001

29.1

1,026

4.3

24,800

27.0

227

66.4

50,436

61.3

16,061

31.8

58,800

64.1

7,698

8.6

7,876

9.6

678

8.6

8,200

8.9

354

54.4

41,89350.9

12,57630.0

48,300

52.6

6,169

49,41549.4

37,271

45.3

12,14432.6

43,400

47.3

6,015

Facilities management
Merchandise sales
Food and beverage

Cost of sales
Cost of sales ofmerchandise(

Cost of sales of food andbeverage(Ratio)ChangeMillions of yen

Operating revenues(Ratio)Initial forecast(May. 2015)

Rate ofchange74.3%)

5,053(( 73.9%)5.0

59.1%)

4,621( 0.4P)

5.6( 58.7%)431( 73.8%)9.3( 0.4P)4,900( 0.5P)

5.3( 59.8%)153( -0.7P)

Gross profit

45,61145.6

40,421

49.1

5,190

12.8

43,500

47.4

2,111

Selling, general andadministrative expenses

39,03339.0

35,386

43.0

3,647

10.3

38,300

41.7

733

6,578
1,151
7,729
-4
5,277

6.6

5,035

6.1

1,542

30.6

5,200

5.7

1,378

1.1

1,158

1.4

-6

-

700

0.7

451

7.7

6,193

7.5

1,536

24.8

5,900

6.4

1,829

-

-22

-

18

-

-200

-

195

5.3

3,940

4.8

1,336

33.9

3,900

4.2

1,377

Operating income
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income* Ratio: Cost of sales of merchandise / Operating revenues of merchandise
Ratio: Cost of sales of food and beverage / Operating revenues of food and beverage3

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

JAPAN AIRPORT TERMINAL(3) Financial results by segment(i) Facilities management
FY15 2Q(Results)

Items

FY14 2Q(Results)

Ratio

Initial forecast(May. 2015)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

6,441

24.8

6,457

25.8

-15

-0.2

6,400

24.9

41

International terminal
stores

8,899

34.3

8,942

35.7

-43

-0.5

9,000

35.0

-100

Other sales

9,686

37.3

8,601

34.4

1,084

12.6

9,400

36.6

286

25,02796.4

24,001

95.9

1,026

4.3

24,800

96.5

227

934

3.6

1,030

4.1

-95

-9.3

900

3.5

34

Total

25,961

100.0

25,031

100.0

930

3.7

25,700100.0261Operating expenses

22,68087.4

21,782

87.0

898

4.1

22,40087.2

280Operating income

3,280

12.6

3,249

13.0

31

1.0

3,300

12.8

-19

Sales to external customers

SubtotalIntersegment sales
and transfers(Ratio)• Other revenues:(

12.6%)(

13.0%)(- 0.4P)

Increase in TIAT commissioned facility management revenues
Increase in hotel revenues
Decrease in construction contract revenue

4(

12.8%)(- 0.2P)+¥0.8 billion+¥0.7 billion-¥0.5 billion

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

JAPAN AIRPORT TERMINAL(3) Financial results by segment(ii) Merchandise sales
FY15 2Q(Results)

Items

FY14 2Q(Results)

Ratio

Initial forecast(May 2015)

Rate ofchangeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

16,74525.0

16,510

32.5

234

1.4

16,90028.6-154International terminal
stores

18,222

27.3

12,706

25.0

5,516

43.4

15,600

26.4

2,622

Other sales

31,53047.2

21,22041.8

10,31048.6

26,300

44.5

5,230

66,49899.5

50,436

99.3

16,061

31.8

58,800

99.5

7,698

347

0.5

342

0.7

4

1.3

300

0.5

47

Total

66,846100.0

50,779100.0

16,06631.6

59,100

100.0

7,746

Operating expenses

61,322

91.7

46,861

92.3

14,46030.9

54,600

92.4

6,722

Operating income

5,523

8.3

3,918

7.7

1,605

41.0

4,500

7.6

1,023

Sales to external customers

SubtotalIntersegment sales
and transfers(Ratio)• Domestic terminal stores:• International terminal stores:• Others:

(

8.3%)

( 7.7%)( 0.6P)( 7.6%)

Increase in sales from new domestic terminal store development
Increased sales at directly managed stores in the Haneda International Terminal
Increased sales at directly managed stores in the Narita International Terminal
Increased sales at Kansai Airport boutique stores
Increased wholesale sales to Haneda international flights, regional airports, etc.
Increased wholesale sales to Narita International Airport
Increase in wholesale sales to Chubu Centrair International Airport

5( 0.7P)+¥0.2 billion+¥0.3 billion+¥2.5 billion+¥2.7 billion+¥7.7 billion+¥1.8 billion+¥0.4 billion

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

JAPAN AIRPORT TERMINAL(3) Financial results by segment(iii) Food and beverage
FY15 2Q(Results)

Items

FY14 2Q(Results)

Ratio

Rate ofchangeChangeRatio

Initial forecast(May. 2015)

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

4,812

48.9

4,632

51.1

179

3.9

4,600

47.9

212

Sales from in-flight meals

2,668

27.1

2,274

25.0

393

17.3

2,600

27.1

68

Other sales

1,074

11.0

969

10.7

105

10.9

1,000

10.4

74

Subtotal

8,554

87.0

7,876

86.8

678

8.6

8,200

85.4

354

Intersegment sales
and transfers

1,282

13.0

1,193

13.2

88

7.4

1,400

14.6

-117

Total

9,837

100.0

9,069

100.0

767

8.5

9,600

100.0

237

Operating expenses

9,537

97.0

9,014

99.4

523

5.8

9,500

99.0

37

Operating income

299

3.0

55

0.6

243

436.9

100

1.0

199

Sales to external customers(Ratio)• Eatery sales:• On-flight meal sales:• Others:

(

3.0%)

( 0.6%)( 2.4P)

Increase in sales from new store development
Increase in sales from acquisition of new customers
Increase in commissioned facility revenue

6( 1.0%)( 2.0P)+¥0.1 billion+¥0.3 billion+¥0.1 billion

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

JAPAN AIRPORT TERMINAL(4) Breakdown of selling, general and administrative expenses

Items

FY15 2Q(Results)

FY14 2Q(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

100,080

100.0

82,314100.0

17,766

21.6

Selling, general andadministrative expenses

39,03339.0

35,386

43.0

3,647

10.3

Salaries and wages

3,984

4.0

3,709

4.5

275

7.4

Provision for employees’ bonuses

1,274

1.3

1,072

1.3

202

18.8

Provision for directors’ bonuses

112

0.1

96

0.1

16

16.8

Expenses for retirement benefits

465

0.4

496

0.6

-31

-6.3

Rent expenses

6,100

6.1

4,890

6.0

1,209

24.7

Business consignment expenses

9,706

9.7

8,382

10.2

1,323

15.8

Depreciation expenses

5,525

5.5

5,847

7.1

-321

-5.5

11,864

11.9

10,890

13.2

973

8.9

Operating revenues

Other costs and expenses

7

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

JAPAN AIRPORT TERMINAL(5) Non-operating income/expenses and extraordinary income/loss
Items

FY15 2Q(Results)

FY14 2Q(Results)
Ratio

ChangeRate of change

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Operating revenues

100,080

100.0

82,314100.0

17,766

21.6

Operating income/loss

6,578

6.6

5,035

6.1

1,542

30.6

Non-operating income

1,581

1.6

1,620

2.0

-38

-2.4

Interest expenses

511

0.5

372

0.4

139

37.3

Return on investment by
the equity method

798

0.8

705

0.9

92

13.2

Other

271

0.3

542

0.7

-270

-49.9

Non-operating expenses

429

0.4

462

0.6

-32

-7.0

Interest expenses

293

0.3

400

0.5

-106

-26.6

Miscellaneous expenses

135

0.1

61

0.1

74

120.6

Ordinary income/loss

7,729

7.7

6,193

7.5

1,536

24.8

Extraordinary income

-

-

-

-

-

-

Extraordinary loss

4

0.0

22

0.0

-18

-81.7

Income taxes

2,448

2.4

2,229

2.7

218

9.8

Net income/loss

5,277

5.3

3,940

4.8

1,336

33.9

8

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

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL(6) Consolidated balance sheets(Millions of yen)

Short-term loans
Other

Cash and time deposits-¥18.9 billion
Securities+¥16 billion
Products and merchandise+¥1 billion

38,02968,493Current
assets-987

69,48035,226Long-term loans payable-¥5.2 billion

67,669Fixed
assetsTangible assets(depreciable assets)
Accumulated depreciation-¥4.5 billion

Current
liabilities-2,803-¥1.1 billion-¥1.3 billion

61,958Fixedliabilities-5,710-2,807Retained earnings+¥4.3 billion

Investments and other assets
Investment securities+¥1.1 billion

145,941

Equity ratio

148,748

FY15 2Q 53.3%

117,249

112,530

Total assets

Total assets

214,435

218,2292015.9月期
FY15 2Q

2015.3月期
FY14

FY14

(+3.1P)

Net assets+4,7192015.3月期
FY14
9

50.2%

2015.9月期
FY15 2Q
Note: Figures shown are rounded down to the nearest million yen.

JAPAN AIRPORT TERMINAL(7) Consolidated statements of cash flows
Items

FY15 2Q

FY14 2Q(Results)(Results)

ChangeMillions of yen

Millions of yen

Millions of yen

8,288

7,191

1,096

Income before income taxes and minority interests

7,725

6,170

1,555

Depreciation and amortization

5,570

5,887

-316

Other current assets-284-1,020736

Other current liabilities

648

1,937

-1,288Other fixed liabilities

-105

-72

-33

Others-2,100-3,838

1,738

Income and other taxes paid

-3,166-1,872-1,294

Cash flows from investing activities-3,479-3,223-256

Purchase of tangible fixed assets-3,312-2,875-436

Purchase of intangible fixed assets

-175

-193

18

8

-153

162

-7,740-6,833-907

Proceeds from long-term loans payable

―0

―0

―0

Repayment of long-term loans payable-6,386-5,886-500

Dividends payment

-974

-568

-406

Others

-380

-378

-1

0

-1

1

Increase (decrease) in cash and cash equivalents-2,932-2,866-66

Cash and cash equivalents at the beginning of year

46,897

15,13331,763

Cash and cash equivalents at the end of year

43,964

12,267

31,697

Cash flows from operating activities

OthersCash flows from financing activities

Effect of exchange rate change on cash and cash equivalents

Note: Figures shown are rounded down to the nearest million yen.
10

JAPAN AIRPORT TERMINAL(8) Capital expenditure and depreciation
FY11 2Q(Results)

FY12 2Q(Results)

FY13 2Q(Results)

FY14 2Q(Results)

FY15 2Q(Results)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Capital expenditure

5,183

4,270

1,845

1,489

1,591

Depreciation expenses

6,685

6,341

6,258

5,847

5,525

Category· Main capital expenditures
FY15 2Q (Results)

Installation of PBB outdoor advertising boards at Building 1 and Building 2¥0.3 billion· Breakdown of main depreciation costs

FY11 2Q(Results)

FY12 2Q(Results)

FY13 2Q(Results)

FY14 2Q(Results)

FY15 2Q(Results)

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Billions of yen

Terminal 1

2.0

2.0

1.9

1.9

1.9

Terminal 2

3.0

2.6

2.6

2.4

2.2

International

-

-

-

-

-

P4 Parking

0.3

0.2

0.2

0.2

0.2

Note: Figures rounded to the nearest million yen.
11

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality and Region (1)(1) Volume of departing non-Japanese visitors by airport (monthly average)Japan
No. of passenger
volume (person)

HanedaComposition ratio(%)

No. of passenger
volume (person)

NaritaComposition ratio(%)

No. of passenger
volume (person)

KansaiComposition ratio(%)

No. of passenger
volume (person)

Other

Composition ratio(%)

No. of passenger
volume (person)

Composition ratio
(%)

FY14

1,267,002

100

164,82513

430,55134

286,77223

384,85430

1H FY15

1,728,848

100

209,418

12

553,15532

455,700

26

510,575

30(Seventy percent of non-Japanese passengers enter and leave Japan through these three airports.)(2) Volume of departing non-Japanese visitors by nationality and airport (monthly average)○ Volume ranking and change in departing passengers by nationality and region for FY15
Narita Airport
Haneda Airport
No. of passenger
volume (person)

Nationality

Change (%)

Composition ratio (%)(1) China (incl. Hong Kong)

44,573

20.0

53.2(2) South Korea

37,73918.0

6.6(3) Taiwan

25,700

12.3(4) U.S.A

17,649Non-Japanese

Nationality

No. of passenger
volume (person)

Composition ratio (%)

Kansai Airport

Change (%)

Nationality

No. of passenger
volume (person)

Composition ratio (%)

Change (%)

167,785

30.0

49.4

(1) China (incl. Hong Kong)

184,214

40.0

98.9

(2) Taiwan

91,69920.0

40.8(2) South Korea

94,368

20.0

45.3

10.6

(3) U.S.A

59,30910.0

19.1(3) Taiwan

88,638

20.0

41.0

8.4

44.5

(4) South Korea

45,461

10.0

8.9(4) Thailand

14,1780.0

24.2

209,418

40.3

27.1

Non-Japanese

553,155

50.8

28.5

Non-Japanese

455,700

65.4

58.9

Japanese

310,498

59.7

-1.1

Japanese

535,270

49.2

-4.5

Japanese

240,808

34.6

-7.9

Total

519,916

100.0

8.6

Total

1,088,425

100.0

9.8

Total

696,508

100.0

27.0

(1) China (incl. Hong Kong)○ Number of departing non-Japanese passengers
50

China
(incl. Hong Kong)
中国（香港含）その他
Others45
40

South-East
東南アジアAsia
Taiwan台湾

190(+34.6%)170(+6.6%)

欧米
Europe/U.S.A.
35(+53.2%)210(+49.4%)(+49.9%)30(+10.6%)25(+5.5%)

150

110(+18.8%)13090(+15.6%)110(+40.8%)

90

70
50

(+18.2%)1530(+8.9%)

10

FY13

FY14

FY15

(+45.3%)(+41.0%)

70

20

10

(+98.9%)

170

150
130

South
韓国 Korea

190

FY13

FY14

FY15

(+40.1%)50(+45.6%)30(+12.6%)

10

FY13

FY14

FY15

Notes: Passenger data has been aggregated by the company using immigration statistics from the Ministry of Justice. Data from April to August 2015. Transit passengers are not included in passenger volume.

12

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL[Reference] Purchasing Trends of Non-Japanese Passengers by Nationality and Region (2)(3) Company duty-free store sales and volume of departing passengers by nationality, region and airport (monthly average)

3,500

3,000

2,500

497
(18.4%)
81
85
160

2,000

314

Japanese(right axis)(Net sale: Millions of yen)

China
中国
HanedaJapan
日本
韓国
South Korea
台湾
TaiwanEurope and US
欧米South-East Asia
東南アジア
Other
その他

241

500

550
(20.4%)

Non-Japanese(right axis)

1,083(40.2%)
164

3,500
600

682
(20.9%)
76
107
199

Japanese (right axis)

3,000
500
2,500

600

3,500

600

553 (+28.5%)

209 (+27.1%)

860(26.4%)

430

Non-Japanese (right axis)

500

2,500

Non-Japanese (right axis)

400

400

286

300

1,500
200
1,000

500

2,000

300

100

3,000

455 (+58.9%)

2,000

69
60
61
69

60
72
49
65

296
(20.2%)

326(26.5%)

1,500

261

200

300

Japanese (right axis)
240 (-7.9%)

1,000

200

35

98 (9.7%)865(59.0%)

500

602(49.0%)
0

1H FY15535 (-4.5%)

400

265

FY14

Kansai560

310 (-1.1%)
1,074(32.9%)

1,500

1,000

Narita(No. of travelers: thousands)-

1H FY15

FY14

100

-

500

-

100

32

124 (20.9%)374(63.0%)
FY14

766(75.7%)
1H FY15-

Notes: “Net sales” denote all store sales (excluding tax-exempt stores). Haneda: all duty-free stores; Narita: directly managed stores and boutiques; Kansai: directly managed boutiques. Sales by nationality include estimates . China includes Hong Kong.
Figures in ( ) are proportion of total.

(4) Main factors contributing to the fluctuation of duty free shops and purchasing trends«Haneda»Tracking growth in non-Japanese passengers, the share of sales accounted for by Chinese visitors in particular surpassed 25%
Brisk growth in sales of Japanese-made cosmetics and high-end jewelry to non-Japanese passengers«Narita»
Tracking a decline in Japanese passengers, the share of sales accounted for by Japanese visitors declined roughly 20%
The share of sales accounted for by Chinese visitors expanded to roughly 60%, reflecting stronger measures to attract Chinese passengers andothers to retail stores«Kansai»
Sales from Chinese visitors account for 75% of the overall sales. In particular, there has been a shift toward watches and jewelry selling well.
13

JAPAN AIRPORT TERMINAL

2. Details of Consolidated Financial Forecast for FY15(1) Consolidated financial forecast for FY15
Items

FY15

FY14

(Forecasts)(Results)

Ratio

Initial forecast(May. 2015)

Rate of
ChargeChangeRatio

Difference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

209,400
51,400140,900
17,100114,000

100.0

173,505

100.0

35,89420.7

190,000

100.0

19,40024.5

49,036

28.2

2,363

4.8

50,800

26.8

600

67.3

108,75162.7

32,14829.6

123,000

64.7

17,9008.2

15,717

9.1

1,382

8.8

16,200

8.5

900

54.4

89,95651.8

24,04326.7

99,70052.5

14,300

Cost of sales ofmerchandise

103,800

49.6

80,746

46.5

23,05328.6

90,20047.5

13,600(Ratio)( 73.7%)

Operating revenues
Facilities management
Merchandise sales
Food and beverage

Cost of sales

Cost of sales of food andbeverage(Ratio)10,200( 74.2%)4.8( 59.6%)( - 0.5P)

9,210

989

5.3

( 58.6%)((( 0.4P)

9,500

10.7

1.0P)

73.3%)(

5.0

58.6%)

700( 1.0P)

Gross profit

95,40045.6

83,54848.2

11,851

14.2

90,300

47.5

5,100

Selling, general andadministrative expenses

83,70040.0

73,65942.5

10,04013.6

80,300

42.2

3,400

11,7001,500
13,200
-200
8,900

5.6

9,888

5.7

1,811

18.3

10,000

5.3

1,700

0.7

1,960

1.1

-460

-23.5

1,300

0.6

200

6.3

11,849

6.8

1,350

11.4

11,300

5.9

1,900

-0.1

-330

-0.2

130

-

-200

-0.1

-

4.3

6,648

3.8

2,251

33.9

7,600

4.0

1,300

Operating income
Non-operating income/loss
Ordinary income
Extraordinary income/loss
Net income※ 前提条件：旅客数見通し
上高
対前年度比 羽田・国内線
羽田・国際線
成田・国際線
関空・国際線※ 商品売上原価率：商品売上原価／物品販売業売
通期
通期
通期
通期

1.3 ％
41.8 %△ 4.7 ％
10.7 ％

飲食売上原価率：飲食売上原価／飲食業売上高

14

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

JAPAN AIRPORT TERMINAL(2) Financial forecast by segment(i) Facilities management
Items

FY15

FY14

(Forecasts)(Results)

Ratio

ChangeRatio

Initial forecast(May. 2015)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

12,80024.0

12,895

25.3

-95

-0.7

12,80024.2-

International terminal stores

17,80033.4

17,917

35.1

-117

-0.7

18,00034.1-200

Other sales

20,80039.0

18,223

35.8

2,576

14.1

20,00037.9

80051,40096.4

49,036

96.2

2,363

4.8

50,800

96.2

600

1,900

3.6

1,951

3.8

-51

-2.6

2,000

3.8

-100

Total

53,300100.050,987

100.0

2,312

4.5

52,800100.0500Operating expenses

48,10090.2

45,617

89.5

2,482

5.4

47,000

89.0

1,100

Operating income

5,200

9.8

5,369

10.5

-169

-3.2

5,800

11.0

-600

Sales to external customers

SubtotalIntersegment sales and transfers(Ratio)( 9.8%)(

10.5%)

(-

0.7P)

(

11.0%)• Facility user charges revenues: Decrease in facility user charges revenues due to lower domestic passenger volumes• Other revenues:
Increase in commissioned facility revenue (international flights) and PBB advertising fees
Decrease in subcontracted work revenues

15

(-

1.2P)

-¥0.1 billion+¥3.3 billion-¥0.6 billion

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

JAPAN AIRPORT TERMINAL(2) Financial forecast by segment(ii) Merchandise sales
Items

FY15

FY14

(Forecasts)(Results)

Ratio

Initial forecast(May. 2015)

Rate ofchangeChangeRatio

Difference
Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Domestic terminal stores

33,50023.7

33,168

30.3

331

1.0

33,60027.2-100International terminal stores

41,70029.4

28,07825.7

13,621

48.5

35,600

28.8

6,100

Other sales

65,70046.4

47,50343.4

18,19638.3

53,80043.5

11,900140,900

99.5

108,751

99.4

32,14829.6

123,000

99.5

17,900

700

0.5

672

0.6

27

4.0

600

0.5

100

Total

141,600

100.0

109,424100.0

32,175

29.4

123,600

100.0

18,000Operating expenses

130,600

92.2

100,58891.9

30,011

29.8

114,800

92.9

15,800Operating income

11,000

7.8

8,835

8.1

2,164

24.5

8,800

7.1

2,200

Sales to external customers

SubtotalIntersegment sales and transfers(Ratio)

(

7.8%)

(

8.1%)

( 7.1%)(-0.3P)• Domestic terminal stores:
Increased sales tracking growth in domestic passenger volumes• International terminal stores: Increased sales at Haneda domestic terminal directly managed stores
Increased sales at directly managed stores at Narita Airport
Increased boutique store sales at Kansai Airport• Others:
Increased wholesales sales for Haneda domestic flights and Narita Airport
Increased wholesales sales to regional airports, etc.

16

( 0.7P)+¥0.3 billion+¥0.7 billion+¥4.1 billion+¥4.2 billion+¥10.9 billion+¥6.7 billion

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

JAPAN AIRPORT TERMINAL(2) Financial forecast by segment(iii) Food and beverage
Items

FY15

FY14

(Forecasts)(Results)

Ratio

ChangeRatio

Initial forecast(May. 2015)

Rate ofchangeDifference

Ratio

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

Sales from restaurants

9,300

46.9

9,204

50.8

95

1.0

9,100

48.4

200

Sales from in-flight meals

5,500

27.8

4,511

24.9

988

21.9

5,100

27.1

400

Other sales

2,300

11.6

2,000

11.0

299

15.0

2,000

10.7

300

17,10086.4

15,717

86.7

1,382

8.8

16,200

86.2

900

2,700

13.6

2,415

13.3

284

11.8

2,600

13.8

100

Total

19,800100.0

18,132

100.0

1,667

9.2

18,800

100.0

1,000

Operating expenses

19,30097.5

17,954

99.0

1,345

7.5

18,50098.4

800Operating income

500

2.5

178

1.0

321

180.7

300

1.6

200

Sales to external customers

SubtotalIntersegment sales and transfers(Ratio)

(

2.5%)

(

1.0%)

( 1.5P)(• Inflight catering sales:

Increase in sales from new customers• Others:

Increase in TIAT food and beverage management commission revenues% Millions of yen

1.6%)

(

0.9P)

+¥1.0 billion+¥0.3 billion

Note: Figures shown are rounded down to the nearest million yen.
17

JAPAN AIRPORT TERMINAL

3. Other Information(1) Capital expenditure and depreciation expenses
FY10

FY11

FY12

FY13

FY14

FY15

(Results)(Results)(Results)(Results)(Results)(Forecasts)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

13,413

8,140

7,215

5,765

4,828

10,485

Depreciation
expenses
Depreciation
expenses 13,217

13,954

12,865

12,68011,872

11,331

Items

Capitalexpenditures
Capitalexpenditure• Breakdown of Major Capital Expenditures
FY15 (Forecast)

FY14 (Results)
Central surveillance equipment update¥0.4 billion

Building 1 PBB update¥0.3 billion

Building 1 sign renovation¥0.3 billion

Third Isetan Haneda Store (Ladies) construction¥0.3 billion

Second Isetan Haneda Store construction¥0.2 billion

New urban duty-free store construction
Building 1 PBB update¥2.7 billion¥0.7 billion

Building 1 and Building 2 central
surveillance office system update¥0.6 billion

Building 1 renewal (BF・1F)¥0.6 billion

Installation of PBB outdoor advertisingboards at Building 1 and Building 2¥0.3 billion• Major depreciation expenses

FY10

FY11

FY12

FY13

FY14

(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen(Results)
Billions of yen

Terminal 1

4.1

4.4

4.2

4.0

3.9

4.0

Terminal 2

5.6

6.1

5.2

5.4

5.0

4.4

International

0.3

-

-

-

-

-

P4 Parking

0.6

0.6

0.5

0.5

0.4

0.4

18

FY15
(Forecasts)

Billions of yen

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

JAPAN AIRPORT TERMINAL(2) Operating revenues/ordinary income/cash flows《左軸》営業収益(実績)(left)
Operating revenues (results)《左軸》営業収益（予想）(left)
Operating revenues (forecast)(right)Cash flows (forecast)《右軸》キャッシュフロー（予想）(right)《右軸》経常利益(実績)
Ordinary income (results)(right)Cash flows《右軸》キャッシュフロー(right)《右軸》経常利益（予想）
Ordinary income (forecast)

1,400
140

H1N1 influenza outbreak

The extended part ofHaneda Airport Terminal 2
and TIAT Haneda Airport
started operation (Oct. 2010)

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

Chubu International
Airport opened

9-11 Terrorist Attack in the US
Iraq war
SARS outbreak

Financial realignment

Y2K task

Voluntary closure of
Yamaichi Securities

Kansai International
Airport opened

Narita Airport Terminal 2
started operation

1,800
180

Great East Japan Earthquake(Billions of yen)(Billions of yen)

2,200
220

45
450

40
400

350
35

30
300

Haneda Airport Terminal 2
started operation (Dec. 2004)

25
250
19.2

1,000
100

200
20

17.1
17.7

Haneda Airport Terminal 1
started operation (Sep. 1993)

15150
13.9 14.6

15.1

600
60

13.2

13.3
11.8

10.7
6.7
200
20

4.9

3.6

3.1

100
10

50
5

5.7

0
0.1

(200)
(20)

'89

'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

Results Forecast
19(Cash flows = Net income + Depreciation expenses – Dividends)-50-5Second Quarter of FY15

Reference Material
1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business
2. Efforts Related to the Tokyo International Airport Re-expansion Project
3. Changes in Passenger Volume on Domestic and International Flights(Haneda and Narita)* 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.

Japan Airport Terminal Co., Ltd.
http://www.tokyo-airport-bldg.co.jp/

JAPAN AIRPORT TERMINAL

1. Overview and Characteristics of Japan Air Terminal (JAT)’s Business(1) JAT’s position at each airport
AirportResponsible party
Management party
Airport facilities(basic facilities)
Runways
Taxiways
ApronsHaneda Airport(Tokyo International Airport)

Narita Airport(Narita International
Airport)Kansai Airport(Kansai International
Airport)Central Japan Airport(Central Japan
International Airport)

Itami Airport(Osaka International
Airport)National government(Minister of Land, Infrastructure,
Transport and Tourism)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd

Central Japan
International Airport
Co., Ltd.

New Kansai International
Airport Company, Ltd.

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

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan
International Airport
Co., Ltd.

New Kansai International
Airport Company, Ltd.

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

Control facilities
Terminal buildings

Shareholder
composition

Domestic:
JAT
International: Tokyo International Air
Terminal Corporation (TIAT)

Narita International Airport
Corporation

New Kansai International
Airport Company, Ltd.

Central Japan
International Airport
Co., Ltd.

Osaka International
Airport Terminal Co., Ltd.

Private corporations, etc.: 100%

National government:
100%

National government:
100%

Private corporations, etc:50%
National government: 40%
Local governments:
10%

New Kansai International
Airport Company, Ltd.
100%

(Reference) Basic position of terminal building companies
Operators of the airport facilities
Runways, taxiways and aprons:

Installed and managed by national government, local governments,
and Narita/New Kansai/Central Japan airport companies
Terminal buildings and cargo terminals:
Constructed, owned, and managed by private corporations, third sector bodies, and airport companies, etc.
Maintenance area:
Constructed, owned, and managed by private corporations and airline companies
JAT has been designated as an Airport Facilities Operator* by the Minister of Land, Infrastructure, Transport and Tourism pursuant to Article 15, Paragraph 1 of the
Airport Act.
* Enterprise that constructs or manages airport facilities(passenger or cargo handling facilities or aircraft refueling facilities necessary for an airport to perform its functions).
Relationship with airline companies
JAT leases facilities such as check-in counters and offices.
Relationship with merchandise stores, restaurants, and service stores
JAT leases store/office space to the passenger terminal building companies which open their own stores, or to the tenants of airline- related companies.
Those companies need filings to operate sales at the airports.

JAPAN AIRPORT TERMINAL(2) 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 cooperationof major financial institutions (with capital 150 million yen), and the terminal was opened in May 1955.
1953
1955
1964

(July)(May)(April)1978(October)(May)

Established with private sector capital of 150 million yen.
The terminal building opened and launched operation.
Separate domestic arrival terminal building completed in time with the Tokyo Olympic Games.

1998

Duty-free sales operations commenced.
Commenced merchandise sales including duty-free articles, hotel reservation services and otheroperations with the opening of Narita International Airport.
(February)
Listed on second section of the Tokyo Stock Exchange.
(September) Listed on first section of the Tokyo Stock Exchange.
(September) Haneda Airport Terminal 1 (Big Bird) started operation.
(September) Launched commissioned operation of duty-free stores and wholesale of duty-free goods
accompanying opening of the Kansai Airport.
(March)The temporary international terminal at Haneda Airport started operation.

2001
2002

(February)(April)

1990
1991
1993
1994

2003

International charter flights commenced at Haneda Airport.
Terminated periodic international flights from Haneda Airport (transfer of China Airlines and the
EVA Airways to Narita).
(November) International charter flights between Haneda and Seoul (Gimpo) commenced.

2004
2005

(December) Terminal 2 at Haneda Airport started operation.
(February)
Wholesale of duty-free goods commenced with the opening of Central Japan International Airport.

2006(April)(June)

Participated in the project of the maintenance and operation of terminal at international flight areaof the Tokyo International Airport.
Invested in the special purpose company (SPC) “Tokyo International Air Terminal Corporation.”

2007(February)South Pier in Terminal 2 at Haneda Airport started operation.
(September) International charter flights between Haneda and Shanghai (Hongqiao Airport) commenced.

2008(April)International charter flights between Haneda and Hong Kong commenced (during specific hours).

2009(April)Designated as an Airport Facilities Operator under the revised Airport Act.

(October)International charter flights between Haneda and Beijing commenced.

(August)P4 multi-story parking main building started operation (full-scale operation scheduled in October).

(October)

The extended part of Terminal 2, Haneda Airport started operation.
The new International Passenger Terminal (TIAT) started operation.

2011(January)

Established Japan Airport Terminal Trading (Chengdu) Co., Ltd.

2013

(November) Renewal of Terminal 1 building, Haneda Airport completed.
(April)The extended part of south Pier in Terminal 2 at Haneda Airport started operation.

2014(March)2010

Haneda Airport Terminal when opened

Haneda Airport Terminal 1

Start of usage of international passenger terminal building expansion.

Haneda Airport Terminal 2

JAPAN AIRPORT TERMINAL(3) The Group’s business expansion at each airport
Haneda Airport (Tokyo International Airport)
Terminal 2 (area under management: 255,600 m2)

Terminal 1 (area under management: 292,400 m2)

Started operation on September 27, 1993

• Construction, management,
and operation of terminalbuildings• Real estate leasing• Merchandise sales (direct
management)• Food and beverage services(direct management)• Passenger services• Preparation/sales of in-flightmeals

International Passenger Terminal(constructed and managed by Tokyo International Air Terminal Corporation)

Started operation on December 1, 2004
South Pier started operation on February 15, 2007
The extended part of Terminal 2 started operation on October 13, 2010
The extended part of south Pier in Terminal 2 at Haneda Airport started
operation on April 8, 2013.

Parking lots

Business under contract• Facilities maintenance/management• Duty-free store operation, etc.
• Passenger services• Wholesale and merchandise sales• Food and beverage services

Management of parking lots
(total of 4,776 spots)• P1 parking lot 2,351 spots• P4 parking lot 2,425 spots

Started operation on October 21, 2010

Narita International Airport

Kansai International Airport• Merchandise sales (duty-free stores, etc.)• Wholesale (duty-free items, general items),
commissioned management of duty-freestores• Food and beverage service• Passenger services• Preparation/sales of in-flight meals• Commissioned management of duty-freestores• Merchandise sales• Wholesale

Central Japan
International Airport

・Wholesale

Chengdu Int’l Airport andChengdu City (China)• Merchandise sales• Wholesale• Food and beverage service

JAPAN AIRPORT TERMINAL(4) Group companies (16 companies)[Maintenance and management]• Japan Airport Techno Co., Ltd.

日本空港ビルデング

Japan Airport Terminal Co., Ltd.

Facilities management operations (6 companies)• Haneda Airport Security Co., Ltd.
• Sakura Clean Corporation[Service]• BIG WING Co., Ltd.
• Haneda Passenger Service Co., Ltd.
• Japan Airport Ground Handling Co., Ltd.

Maintenance management of airport terminal facilities (inspection, construction, cleaning,
etc.)
Security service in airport terminal facilities and management of parking area
Management of garbage disposal plants
Advertising agency business and event planning management in airport terminal facilities
Passenger services (information, insurance sales, and travel agency business)
Ground handling operations at Haneda Airport (passengers, ramps, business jets)

Merchandise sales operations (6 companies)• International Trade Inc.
• Japan Airport Logitem Co., Ltd.
• Japan Airport Terminal Trading(Chengdu) Co., Ltd.
• Haneda Airport Enterprise Co., Ltd.

Retail sales and wholesale of goods to stores at domestic airports
Transportation and customs clearance services
Retail sales and wholesale of goods at Chengdu Shuangliu International Airport(Sichuan Province, China)
Operation of stores at Haneda Airport and Narita International Airport(foodstuffs, general merchandise, duty-free)• Hamashin Co., Ltd.
Wholesale of marine products• Japan Duty Free Fa-So-La Mitsukoshi Isetan Co., Ltd.
Development of airport duty-free stores (bonded stores) in urban areas

Food and beverage operations (4 companies)• Tokyo Airport Restaurant Co., Ltd.
• Cosmo Enterprise Co., Ltd.
• CTT Inc.
• Kaikan Kaihatsu Co., Ltd.

Management of restaurants at Haneda Airport and Narita International Airport Operation of
airport lounges and conference rooms at Haneda Airport
In-flight meal production for foreign airlines at Haneda Airport and Narita International Airport
Cleaning of airline cabin items
Operation of restaurants, halls, and conference rooms• In January 2011, the Company established Japan Airport Terminal Trading (Chengdu) Co., Ltd., (capital 85 million yen, investment ratio 100.0%) as a
subsidiary specializing in merchandise sales and wholesale operations at Chengdu Shuangliu International Airport (Sichuan province, China).
• In July 2011, BIG WING Co., Ltd. merged with its consolidated subsidiary Hiro International Co., Ltd.

JAPAN AIRPORT TERMINAL(5) Composition of the group businesses (consolidated, by segment / FY15 2Q results)

Other 1% (1%)
In-flight meals 3% (3%)
Restaurants 5% (6%)

Rent revenue 6% (8%)

Food andbeverage
operations

9%
(10%)
Facilities
management
operations

Other
31% (26%)

Facility user charges
revenue
9% (11%)25%(29%)
Merchandise sales
operations

Other 10% (10%)

66%
(61%)

Stores at internationalterminal
18% (15%)Stores at domestic
terminal
17% (20%)* Figures in ( ) are FY14 2Q results

JAPAN AIRPORT TERMINAL(6) Revenue composition (consolidated, by segment)
Revenue details

Category

Facilities
management
operations

Merchandise
sales
operations

Rent revenue

Office lease (fixed rent); store lease(fixed rent + percentage commission)

Facility user
chargesrevenue

Fees for use of passenger facilities (domestic flights: PSFC)

Depreciation; water, heating, energy
expenses; repairs expenses; lease fee (suchas national property usage fee); taxes andpublic charges; cleaning expenses;
outsourcing fees

OthersCommissioned management fee of Haneda Airport, parking fee Lease fee (such as national property usage
revenue, advertising revenue; sales from paid waiting roomfee); taxes and public charges (fixed asset(Airport Lounge); revenue from subcontracted worktax); outsourcing fees

Stores atdomestic
terminal

Merchandise sales for stores at Haneda Airport

Stores atinternationalterminal

Merchandise sales for lobby stores at Haneda Airport
Cost of sales; supply expenses; percentage
Merchandise sales for stores such as duty-free stores at Narita
of business
International Airport and Kansai International Airport

OthersRestaurants
Food andbeverage
operations

Expenses details

Wholesale to Haneda Airport, Narita International Airport,
Kansai International Airport, and Central Japan International
AirportCommissioned management fee of Haneda Airport, Narita
International Airport, and Kansai International Airport
Restaurant sales at Haneda Airport and Narita International
AirportIn-flight meals Production and sales of in-flight meals
OthersWholesale of products such as frozen foods and box meals

Cost of sales; supply expenses

Cost of sales and agent service fee

Food expenses (cost of sales for food andbeverage), percentage of business
Food expenses(cost of sales for food and beverage)
Food expenses(cost of sales for food and beverage)

Factors behind changes in earnings: Environment the airline industry operates in (such as changes in the number of passengers on bothinternational and domestic flights)
Government measures, etc. (such as the government’s and regulating authority’s airport management
policy and revisions to and changes to the system of usage fees for national assets)
Changes in facility user charges (domestic flights)

JAPAN AIRPORT TERMINAL(7) Sales by region and segment (non-consolidated)Kansai International
AirportNaritaInternational Airport

7%

18%

(4%)

(15%)

Sale ofmerchandise

59%

Rent
revenue
11%

HanedaAirport72%(77%)
Central Japan International
Airport and others

2%
(2%)

Development ofCompany-owned land
(Effective use of land previously
used for dorms and company
housing)

1%(2%)

Actual results for the year ended September 2014 are in parentheses.

Other revenues

14%

Facility user
charges revenue

16%

JAPAN AIRPORT TERMINAL(8) Facilities of Tokyo International Airport (investment plan)

Terminal 2
ANA, ADO, SNA, SFJ
Fixed Spots: 23

P4[Fourth Stage of the Plan]• Expansion and Renovation of
3 spots
Investment amount: ¥7.6 billion
Started operation in April 2013
[International Terminal
Dismantling Works]• Dismantling works
Investment amount: ¥0.4 billion
Scheduled in FY11[Construction of P4 Multi-story
Parking Lot]
• Full-scale multi-story parking
lot
Started operation in August 2010
[Third Stage of the Plan]• Main building
Started operation in October 2010
[Terminal 1 Renovation Project]• Arrangements for environment,
stores, other facilities
Investment amount: ¥7.0 billion
Scheduled to complete in FY10-11

Terminal 1
JAL Group, SKY, SFJ
Fixed Spots: 24[Installation Upgrading Works]• Upgrading of the passenger
boarding bridge at Terminal 1,
upgrading of installations at
Terminals 1 & 2Completed in FY10-12

JAPAN AIRPORT TERMINALJAPAN AIR TERMINAL
2. Efforts Related to the Tokyo International Airport Re-expansion Project(1) Re-expansion project of Tokyo International Airport
Runway Construction Project
Construction started: FY06
Operation started:
October 21, 2010

Runway C

Terminal 2

Runway D

With the additional expansion,
landing slots will increase by 1.3 times

Runway B
Terminal 1[Before the re-expansion]
303 thousand slots a year (on daytime)(equivalent to 830 slots a day)

Runway A
International TerminalInternational Section
Development Project(by PFI)
Operation started: October 21,
2010
Haneda Airport Dock

Increase of 104 thousand slots a year(or 284 slots a day)
Of which, around 60 thousand slots are forinternational flights (on daytime)[After the re-expansion] (from FY13-end)
407 thousand slots a year
(on daytime)(equivalent to 1,114 slots a day)* Estimated based on the materials from the Study Group meeting for slot allocation standards at Haneda Airport (July 2009) and theGrowth Strategy Council of MLIT (April 2010) from the Ministry of Land, Infrastructure, Transport and Tourism

JAPAN AIRPORT TERMINAL(2) Founding and present state of the Tokyo International Air Terminal Corporation
April 21, 2006
June 1, 2006
June 20, 2006
July 7, 2006
October 21, 2010

June 2011

April 2012

July 2012

November 2012
March 2013
May 2013
March 2014
September 2014

“HKT Group,” represented the Company, was selected as the candidate
for the project
HKT Group concluded basic agreement with the Japanese government
The special purpose company, Tokyo International Air Terminal
Corporation was foundedBusiness agreement was concluded between the Tokyo International
Air Terminal Corporation and the Japanese government
Placed in operation

Revised agreement on the maintenance and management of the terminalbuilding in the international section of the Tokyo International Airport was
concluded between Tokyo International Air Terminal Corporation and theJapanese government• Partial renovation and expansion of the main terminal building• Expansion of satellite and multi-story parking• Newly-built hotel
Publicly invited bids to perform passenger terminal building and otherexpansion work
• Terminal Building (4 sections)
1. Main building
2. Main building, satellite
3. Satellite
4. Satellite• Expansion of multi-story parking (1 section)
Conclusion of subcontract agreement for expansion of passenger
terminal building and other areas• Terminal Building
1. and 2. main building and satellite: Taisei Corporation
3. and 4. satellite: Takenaka Corporation• Expansion of multi-story parking: Taisei Corporation
Expansion work started
Concluded a construction contract for expansion work of passenger
terminal buildings (hotel construction area): Taisei Corporation
Hotel construction area work startedExpanded terminal enters partial operation
Expanded terminal enters full operation

1. Company NameTokyo International Air Terminal Corporation

2. Date Founded

June 20, 2006

3. Headquarters
Location

Haneda Airport, Ota-ku, Tokyo

4. Capital

9.0 billion yen

5. Businesses

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

6．Representative

Katsuji Doi, President (Former Vice Presidentof Japan Airport Terminal Co., Ltd.)

7. Composition of Shareholders
Japan Airport Terminal Co., Ltd.
Japan Airlines Corporation
ANA HOLDINGS INC.
Narita International Airport Corporation
Tokyo Electric Power Company, Inc.
SECOM Co., Ltd.
Tokyo Gas Co., Ltd.
Keihin Electric Express Railway Co., Ltd.
Tokyo Monorail Co., Ltd.
NTT Data Corporation
Development Bank of Japan Inc.
Mizuho Corporate Bank Ltd.
Bank of Tokyo-Mitsubishi UFJ Ltd.

(38.78%)(19.36%)(19.36%)(4.5%)(3.5%)(3.0%)(3.0%)(2.0%)(2.0%)(1.5%)(1.0%)(1.0%)(1.0%)

8. Corporate Philosophy
As the gateway to the nation’s capital, Tokyo, we will endeavor tocontinue providing cutting-edge terminal facilities and services tocustomers from across the world and thus contribute to thedevelopment of the international aviation network

Note: Created by the Company based on material from the Tokyo International Air Terminal Corporation

JAPAN AIRPORT TERMINAL(3) Overview of the Tokyo International Terminal Building
Summary of facilities• Site area:

approx. 150,000 m2• Terminal building
Floor space:approx. 236,500 m2(including water supply and waste
disposal facilities)

Floors:

5 floors

Fixed spots:

18 spots

Image picture of International passenger building, etc., after expansion• Parking lot
Total floor space: approx. 86,000 m2
Floors:8 levels, 9 floors

Capacity:

approx. 3,000 vehicles

Note: Created by the Company based on material from the Tokyo International Air
Terminal Corporation

JAPAN AIRPORT TERMINAL

3. Changes in Passenger Volume on Domestic and International Flights (Haneda and Narita)
JAPAN AIR TERMINAL(Ten thousand passengers)

6,526 6,495

2,470

2,577

2,675 2,631
2,587

2,768

New International Terminal
started operation

1,154
1,000
795

3,151 3,151
2,886

3,107
2,930
2,971

481

2,000

Launchof Beijing flights
Launch of Gimpo flights

Haneda Airport– international flight passengers (right axis)

14
0

72

81

87

84

85

85

97

'95.3

'96.3

'97.3

'98.3

'99.3

'00.3

'01.3

Increase in flights toHong Kong

International charter flights
moved to Narita

95
02.3

35

243

84
130

161

803

726

3,082

2,677

Value
1,200

2,692

1,000

1,600

1,400

5,875

275

'04.3

'05.3

'06.3

'07.3

600

400

200

195

Launch of Hong Kong flights

Launch of Shanghai flights
Increase in flights to Gimpo

'03.3

800

3,086
Expanded international terminal
enters partial operation

2,945

3,000

3,397 3,356 3,418 3,416

3,207

6,153

The extended part of Terminal 2
started operation

Narita International Airport– international flight passengers (left axis)

The Great East Japan Earthquake

4,000

Expanded Terminal 2 atHaneda Airport

4,302

4,446

5,642
H1N1 influenza outbreak

4,863
4,630

Financial crisis being
triggered by the US

5,568

5,141
5,000

Terminal 2 opened at Haneda

5,416

6,268 6,247
5,933 5,880

5,854

SARS outbreak

6,000

6,315

6,180 6,196 6,163 6,229

Haneda Airport– domestic passengers (left axis)

'08.3

'09.3

'10.3

'11.3

'12.3

'13.3

'14.3

'15.3

0
'16.3 Fiscal year
(Forecast)

Source:Haneda international flight passengers

7,000

9-11 Terrorist Attack in the US

Passengers using Haneda domestic flights and Narita international flights(Ten thousand passengers)

Created by the Company based on material from the Ministry of Land, Infrastructure, Transport andTourism and the Narita International Airport Corporation

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 projections of the future. These are based on management’s projections,assumptions, evaluations, judgments, and conditions on information obtainable atthe present time. Realizing these items entail uncertainty and various risks anduncertainty.
This presentation material is not intended to solicit investments. We request you tomake own decision regarding investments.

Contact
Japan Airport Terminal Co., Ltd., Corporate Planning Division, PR/IR Office
TEL: 03 (5757) 8030
FAX: 03 (5757) 8099
Email: ir@jat-co.com