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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Airport Terminal Co., Ltd.    9706   JP3699400002

JAPAN AIRPORT TERMINAL CO., LTD.

(9706)
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Japan Airport Terminal : Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

08/17/2020 | 01:53am EST

Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020) [J-GAAP]

(Consolidated)

August 5, 2020

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.

Company name:

Japan Airport Terminal Co., Ltd. ("the Company")

Listed stock exchange: Tokyo, 1st Section

Code number:

9706

URL: https://www.tokyo-airport-bldg.co.jp/company/en/

Representative:

Nobuaki Yokota, President and COO

Contact:

Kazuhito Tanaka, Managing Director

TEL 03-5757-8409

Scheduled date of filing securities report:

August 13, 2020

Scheduled date of commencing dividend payment:

Supplementary materials on financial results (yes/no)

No

Holding of quarterly earnings announcement (yes/no)

No

(Figures are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the First Three Months of FY2020 (April 1, 2020 to June 30, 2020)

(1) Consolidated Business Results (Cumulative)

(%: Change from the same period of the previous year)

Operating revenues

Operating income

Ordinary income

Net income attributable to

owners of the parent

First Three

Millions of yen

%

Millions of yen

%

Millions of yen

%

Millions of yen

%

Months of

FY2020

8,767

-87.0

(17,467)

-

(18,840)

-

(9,710)

-

FY2019

67,652

-0.7

5,886

-8.0

5,646

-7.7

3,082

-87.6

(Note) Comprehensive income: First three months of FY2020 ¥-13,923 million (-%)

First three months of FY2019 ¥3,611 million (-86.5%)

Net income per

Diluted net income

share

per share

First Three

Yen

Yen

Months of

FY2020

(119.55)

-

FY2019

37.95

36.20

(2) Consolidated Financial Position

Total assets

Net assets

Equity capital to

Net assets per share

total assets

Millions of yen

Millions of yen

%

Yen

As of June 30, 2020

501,561

187,134

30.2

1,867.85

As of March 31, 2020

521,363

201,899

31.2

2,001.83

(Reference) Equity capital:

As of June 30, 2020 ¥151,721 million As of March 31, 2020

¥162,605 million

2. Dividends

Dividends per share

Q1-End

Q2-End

Q3-End

Year-End

Annual

Yen

Yen

Yen

Yen

Yen

FY2019

-

22.00

-

10.00

32.00

FY2020

-

FY2020 (Forecast)

-

-

-

-

(Note) 1. Revisions to the most recently announced dividends forecast for FY2020: None

2. We have decided to postpone the announcement of the outlook for dividend payment for the fiscal year ending March 31, 2021

3. Forecast of Consolidated Financial Results for FY 2020 (April 1, 2020 to March 31, 2021)

With respect to the earnings forecast for the fiscal year ending March 31, 2021, since it is difficult to determine the impact of the new corona virus infection on an appropriate and reasonable basis, we have decided to postpone the announcement of our earnings forecast. We will announce our consolidated earnings forecast in the future as soon as when conditions are such that it becomes possible to disclose a reasonable estimate.

* Notes

  1. Significant changes in subsidiaries during the period under review (changes in specified subsidiaries involving changes in scope of consolidation): No

New: NoneExcluded: None

(2) Adoption of special accounting methods for preparation of quarterly consolidated financial statements: Yes

(Note) For details, please refer to page 11 of the appendix materials "2. Quarterly Consolidated Financial Statements and Notes

    1. Notes on Quarterly Consolidated Financial Statements: Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements".
  1. Changes in accounting policies, accounting estimates, and restatement of revisions
    1. Changes in accounting policies due to revisions of accounting standards, etc.: None
    2. Changes in accounting policies other than 1) above: None
    3. Changes in accounting estimates: None
    4. Restatement of revisions: None
  2. Number of shares outstanding (common stock)
    1. Number of shares outstanding at the period-end (including treasury stock):

As of June 30, 2020

84,476,500 shares

As of March 31, 2020

84,476,500 shares

2)

Number of treasury stock at the period-end:

As of June 30, 2020

3,248,371 shares

As of March 31, 2020

3,248,324 shares

3)

Average number of shares outstanding (quarterly consolidated cumulative period):

First quarter of FY2020

81,228,137 shares

First quarter of FY2019

81,228,521 shares

  • This quarterly financial report is not subject to the quarterly review by certified public accountants or auditing firms.
  • Statements regarding the proper use of financial forecast and other special remarks
    Notes on the use of forward-looking statements
    With respect to the earnings forecast for the fiscal year ending March 31, 2021, since it is difficult to determine the impact of the new corona virus infection on an appropriate and reasonable basis, we have decided to postpone the announcement of our earnings forecast.

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Contents of the Appendix Materials

1. QUALITATIVE INFORMATION ON CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST THREE

MONTHS OF FY2020 (APRIL 1, 2020 TO JUNE 30, 2020) ............................................................................................

- 2 -

(1) EXPLANATION OF OPERATING RESULTS ...................................................................................................

- 2 -

(2) EXPLANATION OF FINANCIAL POSITION ...................................................................................................

- 5 -

  1. EXPLANATION OF CONSOLIDATED FINANCIAL FORECASTS AND OTHER FORWARD-LOOKINGSTATEMENTS- 5

-

2. QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS AND NOTES ......................................................

- 6 -

(1) QUARTERLY CONSOLIDATED BALANCE SHEETS.......................................................................................

- 6 -

  1. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME AND QUARTERLY CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME ....................................................................................................................

- 8 -

Quarterly Consolidated Statements of Income ...............................................................................................

- 8 -

Quarterly Consolidated Statements of Comprehensive Income ......................................................................

- 10 -

(3) NOTES ON QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS..........................................................

- 11 -

(NOTES ON THE PREMISE OF A GOING CONCERN) ........................................................................................

- 11 -

(NOTES ON A SIGNIFICANT CHANGE IN SHAREHOLDERS' EQUITY) ...............................................................

- 11 -

(ADOPTION OF SPECIAL ACCOUNTING METHODS FOR PREPARATION OF QUARTERLY CONSOLIDATED

FINANCIAL STATEMENTS) ....................................................................................................................

- 11 -

(ADDITIONAL INFORMATION)........................................................................................................................

- 11 -

(SEGMENT INFORMATION) ...........................................................................................................................

- 12 -

- 1 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

1. Qualitative Information on Consolidated Financial Results for the First Three Months of FY2020 (April 1, 2020 to June 30, 2020)

(1) Explanation of Operating Results

During the first three months of the fiscal year ending March 31, 2021, the Japanese economy continued to face a difficult situation due to the impact of the new corona virus infection (COVID-19), but recently there have been signs of recovery. Looking ahead, it is expected that the recovery trend will continue due to the effects of various policies, while taking measures to prevent the further spread of the infection and gradually raising the level of social and economic activities. However, it is important to prudently monitor the situation including the impact of COVID-19 on domestic and international economy and the volatility of capital markets.

Under these economic conditions, the airline industry has been suffering from a fall in demand for air travel due to the impact of COVID-19, and the situation continues to be challenging. For domestic flights at Haneda Airport, the number of passengers in April and May during the declaration of a state of emergency period decreased by more than 90% compared to the same month of the previous year. The declaration of a state of emergency was later lifted, and voluntary refrain on travel to other prefectures has been eased since June 19th, helping the demand for air travel to gradually recover. However, the number of passengers in June also fell significantly below the previous year's level. For international flights, due to the spread of COVID-19, Japan continues to take measures including tighter quarantines as well as visa cancellations, and many countries are also taking measures such as restriction of international travel, thus demand for international travel is stagnant worldwide. As a result, the number of international passengers at Haneda Airport since April 2020 dropped by more than 95% from the previous year. International passenger volume at international hub airports that we operate such as Narita Airport, has also continued to decline significantly.

Under these circumstances, the Japan Airport Terminal Group ("JAT Group") is taking measures to prevent the spread of COVID-19 in accordance with the "Guidelines for Prevention of the Spread of COVID-19 in the Aviation Field." With respect to facilities, we have worked to improve ventilation capacity, placed hand sanitizer throughout the airport, introduced thermographic device at the entrance to the security checkpoint to measure passenger body temperature, and installed plastic sheets to prevent droplet infection at the information desk and stores within the airport. In addition, sanitization of hand contact areas (escalator handrails, touch panels, etc.) has been reinforced on a daily basis, and masks are being distributed to customers who are not wearing them. We also introduced self-driving wheelchairs, remote guiding robots, and sanitization work robots that ensure social distance with our customers, and began to provide services under the "new normal." As part of our commercial efforts, in response to the declaration of a state of emergency, we have temporarily closed all of our directly-managed stores with a few exceptions, and asked our tenants to temporarily close their stores as well. We have offered rent reduction and exemption for our tenants since April.

In addition, we are implementing various cost-reduction measures in response to the significant drop in operating revenues due to the impact of COVID-19. At Haneda Airport, facilities including the check-in counters for departure and security checkpoints on the north side of Terminal 1 and the south side of Terminal 2 were temporarily closed from April 17th to June 30th for domestic flights due to the substantial cancellation of passenger flights, and for international flights, facilities including the security checkpoints on the north side of Terminal 3 and the international facilities of Terminal 2 are temporarily closed since March 23rd and since April 11th respectively. As part of these efforts, operating and administrative costs were reduced by turning off lights and shutting down escalators and elevators in the temporary closed areas. We have also reduced fixed costs by cutting unnecessary and non-urgent costs and partially reducing executive compensation, as well as reviewing outsourcing costs such as cleaning and security costs and making some of the operation in-house. We will continue to make efforts to further reduce costs.

From a financial perspective, we raised approximately ¥25.0 billion in long-term loans to cover the construction cost of the international flight terminal and related facilities, and we also raised ¥5.0 billion in long-term loans to secure liquidity on hand. Furthermore, we secured a short-term borrowing facility of ¥20.0 billion, in addition to an existing commitment line of ¥9.0 billion, in order to secure the funds necessary to continue our business. We are taking other measures to avoid the risk of insufficient funds due to our revenue decline including deferral of usage fee on government-owned properties and use of subsidies for employment adjustment.

The JAT Group has aspired to best satisfy the needs of all stakeholders. To create business and revenue generation opportunities and achieve sustainable growth, we have set our long-term vision "To be a World Best Airport." Based on this objective, we have developed a medium-term business plan (FY2016 - FY2020), involving three strategic pillars: 1) Pursuit of the ideal of Haneda Airport, 2) Expansion of our business domain utilizing our strengths and the diversification of profits, and 3) Reconstruction of our profit base and the building of competitive advantages. As a practical foundation for implementing such strategy, we have

- 2 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

been reorganizing our corporate structure and enhancing corporate governance. However, the impact of COVID-19 has significantly changed the business environment that the medium-term business plan was based on. Furthermore, society as a whole is shifting to the "new normal," and the JAT Group recognizes the necessity to fundamentally review the way it operates its airport terminals, with ideas that are not bound by the conventional framework.

In the current fiscal year, we will continue our efforts from the previous fiscal year to promote "FAST TRAVEL" and "One ID" for international flights at Haneda Airport with the aim of achieving stress-free and comfortable boarding procedures by utilizing state-of-the-art technology. We are also working to develop and commercialize the three types of aforementioned robots and other new services in response to the "new normal." With respect to our commercial efforts, to secure a revenue stream that will not be affected by a temporary decline in passenger volume, we will strengthen our marketing activities by taking advantage of Haneda Airport as the transportation hub and our e-commerce business and establish a new organization to integrate physical stores with online operations. Other businesses, both inside and outside Haneda Airport, in which we are participating include the operations of the entire airport in addition to the passenger terminal building that we were already operating at Kumamoto Airport that began in April, and the opening of the "HANEDA INNOVATION CITY," a large-scale complex in Haneda Airport site 1st zone in July among others.

As a result of the above, with respect to consolidated financial results for the first three months of the fiscal year ending March 31, 2021, operating revenues were ¥8,767 million (down 87.0% year-on-year) due to significant decline in revenue from facility user charges, merchandise sales, and food and beverage sales because of the substantial decrease in passenger volume for domestic and international flights caused by the impact of COVID-19. As a result of the fall in revenue, operating loss was ¥17,467 million (compared to operating income of ¥5,886 million during the same period of the previous fiscal year), coupled with increase in depreciation expense of Haneda's international facilities that commenced operation last fiscal year despite implementing various cost reduction measures. Ordinary loss was ¥18,840 million (compared to ordinary income of ¥5,646 million during the same period of the previous fiscal year), and quarterly net loss attributable to owners of the parent was ¥9,710 million (compared to quarterly net income attributable to owners of the parent of ¥3,082 million during the same period of the previous fiscal year).

(Millions of yen)

Operating Results

First Three Months of FY2019

First Three Months of FY2020

Year-on-Year

(ended June 30, 2019)

(ended June 30, 2020)

(%)

Operating revenues

67,652

8,767

-87.0

[Facilities Management]

20,698

7,128

-65.6

[Merchandise Sales]

41,907

1,296

-96.9

[Food and Beverage]

5,047

342

-93.2

Operating income

5,886

(17,467)

-

Ordinary income

5,646

(18,840)

-

Quarterly net income attributable to

3,082

(9,710)

-

owners of the parent

In May 2020, Haneda Airport's passenger terminals were awarded second place globally in the "World's Best Airports" by Skytrax (UK) for the second consecutive year, which comprehensively evaluates various aspects of international airports in 2020. Furthermore, we were awarded first place in the World's Cleanest Airports (for the fifth consecutive year), World's Best Domestic Airports (for the eighth consecutive year), and World's Best PRM / Accessible Facilities (for the second consecutive year).

It remains difficult to predict when the outbreak of COVID-19 will be contained, as well as to have a clear outlook for a subsequent recovery in demand for air travel. However, with respect to domestic flights, efforts to stimulate demand of domestic tourism are underway, and many routes are scheduled to be resumed as part of the passenger flight schedule from August onward. With respect to international flights, discussions with other countries are taking place to resume people's international travel in incremental steps while expanding the PCR testing system. In light of these efforts, the JAT Group will continue to ensure the safety of passengers using Haneda Airport and operate the passenger terminal to appropriately respond to the recovering demand. In the long-term, we expect a steady increase in demand for air travel, and we will continue to work towards increasing the value of Haneda Airport by further improving the convenience, functionality, and comfort of the terminal buildings as the sky gateway to Japan and the Tokyo metropolitan area.

The following is a breakdown of earnings / (loss) by segment. Note that the figures for operating income / (loss) are equivalent to those for segment income / (loss).

- 3 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Overview by Segment[Facilities Management]

(Millions of yen)

Operating Results

First Three Months of FY2019

First Three Months of FY2020

Year-on-Year

(ended June 30, 2019)

(ended June 30, 2020)

(%)

Facilities Management

20,698

7,128

-65.6

Rent revenue

4,452

3,888

-12.7

Facility user charges revenue

10,861

1,015

-90.7

Other revenues

5,385

2,224

-58.7

Intersegment sales and transfers

1,187

360

-69.6

Total of Operating Revenues

21,885

7,488

-65.8

Segment income

4,063

(10,958)

-

Rent revenue decreased from the same period of the previous year primarily due to rent reductions and exemptions offered to tenants due to requests for temporary closure in response to the declaration of a state of emergency, despite an increase in revenue coming from the floor expansion of office space on the north side of Terminal 2 in October 2019.

Revenue from facility user charges fell significantly below the same period of the previous year due to a drop in user charges because of the substantial decrease in passenger volume for domestic and international flights caused by the impact of COVID-19.

Other revenues fell significantly below the same period of the previous year due to the decline in parking revenue, paid lounge sales, hotel revenue and advertising revenue as a result of the slump in passenger volume.

As a result, operating revenues from facilities management operations decreased to ¥7,488 million (down 65.8% year-on-year). Operating loss for the segment was ¥10,958 million (compared to operating income of ¥4,063 million during the same period of the previous fiscal year) primarily due to the drop in revenue and the increase in depreciation expense after the opening of Haneda Airport Terminal 2 international facilities and expansion part of Terminal 3.

[Merchandise Sales]

(Millions of yen)

Operating Results

First Three Months of FY2019

First Three Months of FY2020

Year-on-Year

(ended June 30, 2019)

(ended June 30, 2020)

(%)

Merchandise Sales

Sales at domestic terminal stores Sales at international terminal stores

Other revenues

41,907

1,296

-96.9

8,509

742

-91.3

24,447

209

-99.1

8,949

344

-96.2

Intersegment sales and transfers

230

203

-11.6

Total of Operating Revenues

42,137

1,499

-96.4

Segment income

3,898

(3,246)

-

Sales at domestic terminal stores significantly decreased from the same period of the previous year because of the fall in revenues due to the drop in passenger volume resulting from the impact of COVID-19 and temporary closure of our directly-managed stores during and around the declaration of a state of emergency period. The directly-managed stores that have been temporarily closed have resumed operations since June, in line with recovering passenger trends.

Sales at international terminal stores significantly decreased from the same period of the previous year primarily due to temporary closures of our directly-managed stores at each airport and airport-stylein-cityduty-free shop "Japan Duty Free Ginza," in addition to the substantial decrease in international passenger volume. Some of the stores including TIAT DUTY FREE SHOP CENTRAL at Haneda Airport Terminal 3 have changed their opening hours and continue to operate, but merchandise sales continue to face difficulty.

Other revenues significantly decreased from the same period of the previous year because of the decrease in the wholesaling business at each local airport due to the drop in passenger volume caused by the impact of COVID-19.

As a result, operating revenues from merchandise sales operations dropped to ¥1,499 million (down 96.4% year-on-year) and operating loss was ¥3,246 million (compared to operating income of ¥3,898 million during the same period of the previous fiscal year).

- 4 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

[Food and Beverage]

(Millions of yen)

Operating Results

First Three Months of FY2019

First Three Months of FY2020

Year-on-Year

(ended June 30, 2019)

(ended June 30, 2020)

(%)

Food and Beverage

Sales from food and beverage stores

Sales from in-flight meals Other revenues

5,047

342

-93.2

3,094

258

-91.6

1,739

24

-98.6

212

59

-71.8

Intersegment sales and transfers

627

247

-60.5

Total of Operating Revenues

5,674

590

-89.6

Segment income

230

(1,329)

-

Sales from food and beverage operations significantly fell from the same period of the previous year primarily due to the temporary closure of food and beverage shops at domestic and international terminals because of the slump in passenger volume caused by the impact of COVID-19.

Sales from in-flight meals significantly fell from the same period of the previous year due to a significant decline in passenger volume because of the cancellation and reduction of flights to Narita and Haneda by many of the foreign carriers, our clients in this business.

As a result, operating revenues from food and beverage operations dropped to ¥590 million (down 89.6% year-on-year) and operating loss for the segment was ¥1,329 million (compared to operating income of ¥230 million during the same period of the previous fiscal year).

  1. Explanation of Financial Position [Assets]
    Current assets decreased primarily due to the decrease in accounts receivable because of the decline in operating revenues despite the increase in cash and deposits. Fixed assets decreased primarily due to the depreciation of buildings and structures. As a result, total assets decreased by ¥19,801 million from the previous fiscal year end to ¥501,561 million.

[Liabilities]

Liabilities decreased primarily due to payment of accrued construction expense and decrease of accounts payable while the Company raised approximately ¥30.0 billion through long-term loans. As a result, total liabilities decreased by ¥5,036 million from the previous fiscal year end to ¥314,427 million.

[Net Assets]

Dividend distribution was made, and quarterly loss decreased retained earnings and non-controlling interests. As a result, total net assets decreased by ¥14,765 million from the previous fiscal year end to ¥187,134 million.

As a result, the equity ratio was 30.2% (compared to 31.2% at the previous fiscal year end).

(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements

Since it is difficult to determine an outlook for the recovery in demand of both domestic and international air travel due to the impact of COVID-19, we have again decided to postpone the announcement of our earnings forecast for the fiscal year ending March 31, 2021. We will announce our consolidated earnings forecast in the future as soon as when conditions are such that it becomes possible to disclose a reasonable estimate.

We have also decided to postpone the announcement of the outlook for dividend payment for the fiscal year ending March 31, 2021 which will be announced together with the earnings forecast in the future.

- 5 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

2. Quarterly Consolidated Financial Statements and Notes

(1) Quarterly Consolidated Balance Sheets

(Millions of yen)

FY2019

First Three Months of

(As of March 31, 2020)

FY2020

(As of June 30, 2020)

ASSETS

Current assets

Cash and deposits

71,958

76,797

Accounts receivable

8,924

2,915

Merchandise and finished products

13,440

13,463

Raw materials and stored goods

146

320

Other current assets

19,797

9,183

Allowance for doubtful accounts

(18)

(17)

Total current assets

114,248

102,662

Fixed assets

Tangible fixed assets

Buildings and structures

552,854

553,708

Accumulated depreciation and impairment loss

(277,692)

(283,585)

Buildings and structures (net)

275,162

270,123

Machinery, equipment and vehicles

37,743

35,915

Accumulated depreciation and impairment loss

(15,266)

(15,980)

Machinery, equipment and vehicles (net)

22,476

19,934

Land

12,881

12,881

Lease assets

3,622

3,392

Accumulated depreciation and impairment loss

(965)

(747)

Lease assets (net)

2,657

2,644

Construction in progress

6,258

5,918

Other tangible fixed assets

67,111

67,303

Accumulated depreciation and impairment loss

(50,994)

(52,023)

Other tangible fixed assets (net)

16,116

15,280

Total tangible fixed assets

335,551

326,783

Intangible fixed assets

Leasehold right

35,205

34,744

Other intangible fixed assets

3,614

3,403

Total intangible fixed assets

38,820

38,148

Investments and other assets

Investment securities

20,082

18,657

Deferred tax assets

8,748

11,309

Net defined benefit assets

387

413

Other investments

3,523

3,586

Total investments and other assets

32,742

33,967

Total fixed assets

407,114

398,899

TOTAL ASSETS

521,363

501,561

- 6 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

(Millions of yen)

FY2019

First Three Months of

(As of March 31, 2020)

FY2020

(As of June 30, 2020)

LIABILITIES

Current liabilities

Accounts payable

3,261

621

Short-term loans payable

13,646

15,624

Accrued expenses

8,736

6,982

Income taxes payable

1,517

490

Allowance for employees' bonuses

1,635

648

Allowance for directors' bonuses

186

0

Other current liabilities

35,343

10,134

Total current liabilities

64,327

34,502

Fixed liabilities

Bonds

50,985

50,950

Bonds with stock acquisition rights

15,020

15,017

Long-term loans payable

161,011

188,808

Lease obligations

2,402

2,333

Deferred tax liabilities

13,357

10,134

Allowance for directors' retirement benefits

55

59

Net defined benefit liabilities

4,141

4,048

Asset retirement obligations

486

487

Other fixed liabilities

7,675

8,085

Total fixed liabilities

255,136

279,925

TOTAL LIABILITIES

319,464

314,427

NET ASSETS

Shareholders' equity

Common stock

17,489

17,489

Capital surplus

21,337

21,337

Retained earnings

123,451

112,928

Treasury stock

(3,248)

(3,248)

Total shareholders' equity

159,029

148,506

Accumulated other comprehensive income

Valuation difference on available-for-sale

3,637

3,342

securities

Deferred gains or losses on hedges

609

454

Foreign currency translation adjustment

37

33

Remeasurements of defined benefit plans

(708)

(615)

Total accumulated other comprehensive income

3,575

3,215

Non-controlling interests

39,294

35,412

TOTAL NET ASSETS

201,899

187,134

TOTAL LIABILITIES AND NET ASSETS

521,363

501,561

- 7 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

  1. Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income

Quarterly Consolidated Statements of Income

(Millions of yen)

First Three Months of

First Three Months of

FY2019

FY2020

(from April 1, 2019

(from April 1, 2020

to June 30, 2019)

to June 30, 2020)

Operating revenues

Rent revenue

4,452

3,888

Facility user charges revenue

10,861

1,015

Other revenues

5,443

2,266

Sale of merchandise

41,849

1,252

Sale of food and beverage

5,047

344

Total operating revenues

67,652

8,767

Cost of sales

Cost of sales of merchandise

29,324

992

Cost of sales of food and beverage

2,668

640

Total cost of sales

31,992

1,633

Gross profit

35,659

7,133

Selling, general and administrative expenses

Salaries and wages

2,956

2,672

Provision for employees' bonuses

827

380

Provision for directors' bonuses

62

0

Expenses for retirement benefits

223

244

Rent expenses

4,218

2,938

Outsourcing and commission

7,379

3,243

Depreciation expenses

6,352

8,556

Other costs and expenses

7,752

6,564

Total selling, general and administrative expenses

29,773

24,600

Operating income / (loss)

5,886

(17,467)

Non-operating income

Interest income

6

2

Dividends income

249

152

Equity in earnings of affiliates

48

-

Subsidies for employment adjustment

-

172

Miscellaneous income

285

232

Total non-operating income

589

560

Non-operating expenses

Interest expenses

728

826

Loss on retirement of fixed assets

78

111

Equity in losses of affiliates

-

971

Miscellaneous expenses

22

24

Total non-operating expenses

829

1,933

Ordinary income / (loss)

5,646

(18,840)

- 8 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

(Millions of yen)

First Three Months of

First Three Months of

FY2019

FY2020

(from April 1, 2019

(from April 1, 2020

to June 30, 2019)

to June 30, 2020)

Extraordinary gains

Government subsidies

99

3,902

Total extraordinary gains

99

3,902

Extraordinary loss

Loss on reduction entry of fixed assets

3,817

Total extraordinary loss

3,817

Quarterly income / (loss) before income taxes and

5,746

(18,755)

non-controlling interests

Income taxes - current

1,730

(5,337)

Quarterly income / (loss)

4,016

(13,417)

Quarterly net income / (loss) attributable to non-controlling

933

(3,706)

interests

Quarterly net income / (loss) attributable to owners of the

3,082

(9,710)

parent

- 9 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

Quarterly Consolidated Statements of Comprehensive Income

(Millions of yen)

First Three Months of

First Three Months of

FY2019

FY2020

(from April 1, 2019

(from April 1, 2020

to June 30, 2019)

to June 30, 2020)

Quarterly income / (loss)

4,016

(13,417)

Other comprehensive income

Valuation difference on available-for-sale securities

(284)

(296)

Deferred gains (losses) on hedges

(156)

(303)

Foreign currency translation adjustment

(1)

(4)

Remeasurements of defined benefit plans

34

93

Share of other comprehensive income of associates

3

4

accounted for using equity method

Total other comprehensive income

(404)

(505)

Comprehensive income

3,611

(13,923)

Comprehensive income attributable to:

Comprehensive income attributable to owners of the

2,758

(10,071)

parent

Comprehensive income attributable to non-controlling

853

(3,851)

interests

- 10 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

  1. Notes on Quarterly Consolidated Financial Statements (Notes on the Premise of a Going Concern)
    Not applicable

(Notes on a Significant Change in Shareholders' Equity) Not applicable

(Adoption of Special Accounting Methods for Preparation of Quarterly Consolidated Financial Statements) Calculation of tax expenses

The effective tax rate on income before taxes for the consolidated fiscal year including the first quarter after the application of tax effect accounting is reasonably estimated, and that estimated rate is applied to net income for the quarterly period to calculate estimated tax expenses. However, in cases where the use of such an estimated effective tax rate would result in a significant lack of rationality, the statutory effective tax rate is applied.

(Additional Information)

Accounting estimates with respect to the impact of the spread of COVID-19

There have been no material changes made to the assumptions, including the timing when the spread of COVID-19 will be contained, described in the Securities Report for the fiscal year ended March 31, 2020.

- 11 -

Japan Airport Terminal Co., Ltd. (9706) Financial Report for the First Quarter of the Fiscal Year Ending March 31, 2021 (FY2020)

(Segment Information)

Segment Information

  1. First three months of FY2019 (from April 1, 2019 to June 30, 2019)

1. Sales and income (loss) by reportable segment

(Millions of yen)

Reportable segments

Quarterly

Adjustments

consolidated

Facilities

Merchandise

Food and

Total

Note 1

financial

Management

Sales

Beverage

statements Note 2

Operating revenues

Sales to external

20,698

41,907

5,047

67,652

-

67,652

customers

Intersegment sales

1,187

230

627

2,044

(2,044)

-

and transfers

Total

21,885

42,137

5,674

69,697

(2,044)

67,652

Segment income

4,063

3,898

230

8,192

(2,306)

5,886

(Notes)

1. Adjustments to the segment income include ¥2,306 million of administration expenses for administration divisions at parent company's

head office and some of the subsidiaries which are not allocated to each of the reportable segments.

  1. 2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

  2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment Not applicable

II. First three months of FY2020 (from April 1, 2020 to June 30, 2020)

  1. Sales and income (loss) by reportable segment

(Millions of yen)

Reportable segments

Quarterly

Adjustments

consolidated

Facilities

Merchandise

Food and

Total

Note 1

financial

Management

Sales

Beverage

statements Note 2

Operating revenues

Sales to external

7,128

1,296

342

8,767

-

8,767

customers

Intersegment sales

360

203

247

811

(811)

-

and transfers

Total

7,488

1,499

590

9,578

(811)

8,767

Segment income/(loss)

(10,958)

(3,246)

(1,329)

(15,535)

(1,932)

(17,467)

(Notes) 1. Adjustments to the segment income include ¥1,933 million of administration expenses for administration divisions at parent company's head office and some of the subsidiaries which are not allocated to each of the reportable segments.

2. Segment income is adjusted with operating income recorded in the Quarterly Consolidated Statements of Income.

2. Information on impairment loss on fixed assets and goodwill, etc., by reportable segment Not applicable

- 12 -

Disclaimer

Japan Airport Terminal Co. Ltd. published this content on 05 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2020 05:52:12 UTC


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Sales 2021 65 532 M 631 M 631 M
Net income 2021 -32 234 M -311 M -311 M
Net Debt 2021 201 B 1 939 M 1 939 M
P/E ratio 2021 -14,4x
Yield 2021 -
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EV / Sales 2021 10,1x
EV / Sales 2022 3,63x
Nbr of Employees 3 095
Free-Float 65,6%
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Mean consensus HOLD
Number of Analysts 6
Average target price 5 390,00 JPY
Last Close Price 5 700,00 JPY
Spread / Highest target 10,5%
Spread / Average Target -5,44%
Spread / Lowest Target -21,9%
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Managers and Directors
NameTitle
Isao Takashiro Chairman & Chief Executive Officer
Nobuaki Yokota Executive President, COO & Representative Director
Yasuhide Yonemoto Senior Managing Director & Executive Officer
Kazuhito Tanaka Senior MD, GM-Administration & Head-Accounting
Hisayasu Suzuki Representative Director & Executive Vice President
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