Note: 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.
Financial Report for the Year Ended March 31, 2023 (FY2022) [J-GAAP] (Consolidated)
May 11, 2023 | ||
Company name: | Japan Airport Terminal Co., Ltd. ("the Company") Listed stock exchange: Tokyo, Prime Market | |
Code number: | 9706 | URL:https://www.tokyo-airport-bldg.co.jp/en/ |
Representative: | Nobuaki Yokota, President and COO | |
Contact: | Kazuhito Tanaka, Senior Managing Director | TEL 03-5757-8409 |
Scheduled date of annual general meeting of shareholders: | June 28, 2023 | |
Scheduled date of filing securities report: | June 28, 2023 | |
Scheduled date of commencing dividend payment: | June 29, 2023 | |
Supplementary materials on financial results (yes/no): | Yes | |
Holding of investors' meeting (yes/no): | Yes (for institutional investors and financial analysts) |
(Figures are rounded down to the nearest million yen.)
1. Consolidated Financial Results for the Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023)
(1) Consolidated Business Results | (%: Change from the previous period) | ||||||||
Net income/(loss) | |||||||||
Operating revenues | Operating income/(loss) | Ordinary income/(loss) | attributable to owners of | ||||||
the parent | |||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||
FY2022 | 113,050 | 98.1 | (10,579) | - | (12,064) | - | (3,901) | - | |
FY2021 | 57,057 | - | (41,255) | - | (43,861) | - | (25,217) | - |
(Note) Comprehensive income/loss: FY2022 | ¥-15,056 million (-%) | FY2021 ¥-39,533 million (-%) | |||
Net income/(loss) | Diluted net income | Return on equity | Ordinary income to | Operating income to | |
per share | per share | total assets | operating revenues | ||
Yen | Yen | % | % | % | |
FY2022 | (41.89) | - | -2.6 | -2.6 | -9.4 |
FY2021 | (270.75) | - | -15.2 | -8.9 | -72.3 |
(Reference) Equity in earnings/losses of affiliates: FY2022 ¥133 millionFY2021 ¥-1,611 million
(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 March 31, 2023 | 446,955 | 140,951 | 33.6 | 1,613.62 |
As of March 31, 2022 | 463,878 | 156,009 | 33.2 | 1,655.32 |
(Reference) Equity capital: As of March 31, 2023 ¥150,287 million As of March 31, 2022 ¥154,170 million
(3) Consolidated Cash Flows
Cash flows from operating | Cash flows from investing | Cash flows from financing | Cash and cash equivalents | ||||||||||||
activities | activities | activities | at the year-end | ||||||||||||
Millions of yen | Millions of yen | Millions of yen | Millions of yen | ||||||||||||
FY2022 | 16,326 | (10,627) | (12,641) | 90,241 | |||||||||||
FY2021 | (9,305) | (4,926) | (9,035) | 97,128 | |||||||||||
2. Dividends | |||||||||||||||
Dividends per share | Total | Dividend | Dividends on | ||||||||||||
dividends | payout ratio | net assets | |||||||||||||
Q1-End | Q2-End | Q3-End | Year-end | Annual | |||||||||||
(annual) | (consolidated) | (consolidated) | |||||||||||||
Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % | ||||||||
FY2021 | - | 0.00 | - | 0.00 | 0.00 | - | - | - | |||||||
FY2022 | - | 0.00 | - | 16.00 | 16.00 | 1,490 | - | - | |||||||
FY2023 | - | 16.00 | - | 16.00 | 32.00 | 33.1 | |||||||||
(Forecast) | |||||||||||||||
3. Forecast of Consolidated Financial Results for the Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)
(%: Change from the same period of the previous year)
Operating revenues | Operating income | Ordinary income | Net income attributable | Net income | |||||||
to owners of the parent | per share | ||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | Yen | |||
First half | 90,300 | 107.0 | 6,000 | - | 4,600 | - | 3,400 | - | 36.51 | ||
Full-year | 195,700 | 73.1 | 15,400 | - | 13,100 | - | 9,000 | - | 96.63 |
Other Information
- Significant changes in subsidiaries during the year under review (changes in specified subsidiaries involving changes in scope of consolidation): No
- Changes in accounting policies, accounting estimates, and restatement of revisions
- Changes in accounting policies due to revisions of accounting standards, etc.: Yes
- Changes in accounting policies other than 1) above: None
- Changes in accounting estimates: None
- Restatement of revisions: None
(Note) | For details, please refer to page 20 of the appendix materials "3. Consolidated Financial Statements and Notes (5) Notes | ||||||||||||||||||||
on Consolidated Financial Statements: Changes in Accounting Policies". | |||||||||||||||||||||
(3) Number of shares outstanding (common stock) | |||||||||||||||||||||
1) Number of shares outstanding at the year-end (including treasury stock): | |||||||||||||||||||||
As of March 31, 2023 | 93,145,400 shares | As of March 31, 2022 | 93,145,400 shares | ||||||||||||||||||
2) Number of treasury stock at the year-end: | |||||||||||||||||||||
As of March 31, 2023 | 8,983 shares | As of March 31, 2022 | 8,737 shares | ||||||||||||||||||
3) Average number of shares outstanding during the period: | |||||||||||||||||||||
Year ended March 31, 2023 | 93,136,561 shares | Year ended March 31, 2022 | 93,136,710 shares | ||||||||||||||||||
(Reference) Summary of Non-Consolidated Financial Results | |||||||||||||||||||||
Financial Results for the Year Ended March 31, 2023 (April 1, 2022 to March 31, 2023) | |||||||||||||||||||||
(1) Non-Consolidated Business Results | (%: Change from the previous period) | ||||||||||||||||||||
Operating revenues | Operating income/(loss) | Ordinary income/(loss) | Net income/(loss) | ||||||||||||||||||
Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % | ||||||||||||||
FY2022 | 88,212 | 65.9 | 7,905 | - | 9,156 | - | 5,308 | - | |||||||||||||
FY2021 | 53,166 | - | (5,543) | - | (4,485) | - | (4,385) | - | |||||||||||||
Net income/(loss) per share | Diluted net income per share | ||||||||||||||||||||
Yen | Yen | ||||||||||||||||||||
FY2022 | 57.00 | - | |||||||||||||||||||
FY2021 | (47.09) | - | |||||||||||||||||||
(2) Non-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 March 31, 2023 | 306,436 | 143,571 | 46.9 | 1,541.52 | |||||||||||||||||
As of March 31, 2022 | 296,480 | 139,115 | 46.9 | 1,493.67 | |||||||||||||||||
(Reference) Equity capital: | As of March 31, 2023 ¥143,571 million | As of March 31, 2022 ¥139,115 million |
- This financial report is not subject to audits 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
The forecast of the business results reported herein was prepared based on information the Company had in its possession as of the time this report was prepared and on certain assumptions judged to be reasonable. The Company makes no guarantee that these figures will be achieved. Actual results may differ significantly from forecasts due to various factors. For the assumptions used in financial forecasts and precautionary statements regarding the use of the forecasts, please refer to page 7 of the appendix materials "1. Analysis of Business and Financial Results (4) Forecast for FY 2023 (the fiscal year ending March 31, 2024)".
Supplementary materials on financial results and details of presentation at investors' meeting
Investors' meeting is planned to be held on May 18, 2023 for financial analysts. Presentation materials used in the investors' meeting will be promptly posted on the Company's website following the meeting.
Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2023 (FY2022)
Contents of the Appendix Materials
(2) ANALYSIS OF CONSOLIDATED FINANCIAL POSITION FOR FY 2022 | - 6 - | |
(3) ANALYSIS OF CONSOLIDATED CASH FLOWS FOR FY 2022 | - 6 - | |
(4) FORECAST FOR FY 2023 (THE FISCAL YEAR ENDING MARCH 31, 2024) | - 7 - | |
(5) BASIC POLICY ON DISTRIBUTION OF PROFITS AND DIVIDEND PAYMENT FOR FY2022/FY2023 | - 7 - | |
2. | BASIC APPROACH ON SELECTION OF ACCOUNTING STANDARDS | - 7 - |
3. | CONSOLIDATED FINANCIAL STATEMENTS AND MAIN NOTES | - 8 - |
(1) CONSOLIDATED BALANCE SHEETS | - 8 - |
- CONSOLIDATED STATEMENTS OF INCOME AND CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME | - 10 - |
Consolidated Statements of Income | - 10 - |
Consolidated Statements of Comprehensive Income | - 12 - |
(3) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | - 13 - |
(4) CONSOLIDATED STATEMENTS OF CASH FLOWS | - 15 - |
(5) NOTES ON THE CONSOLIDATED FINANCIAL STATEMENTS | - 17 - |
(Notes on the Premise of a Going Concern) | - 17 - |
(Basic Important Conditions to Prepare Consolidated Financial Statements) | - 17 - |
(Changes in Accounting Policies) | - 20 - |
(Notes on Consolidated Balance Sheets) | - 21 - |
(Notes on Consolidated Statements of Income) | - 24 - |
(Notes on Consolidated Statements of Cash Flows) | - 24 - |
(Segment Information) | - 25 - |
(Per Share Information) | - 27 - |
(Significant Subsequent Events) | - 27 - |
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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2023 (FY2022)
1. Analysis of Business and Financial Results
- Analysis of Consolidated Business Results for FY 2022
During the fiscal year ended March 31, 2023 (FY2022), although there are signs of weakness in some parts, the Japanese economy showed a gradual recovery. Looking ahead, it is expected that the recovery trend will continue, resulting from the effects of various policies, while coexisting with the new Coronavirus ("COVID-19") infection. However, the downturn in overseas economies is becoming downside risks to the Japanese economy amid various issues including the continued tightening of monetary policy around the globe. It is also necessary to pay close attention to the impact of price increases, restrictions on supply chain networks, volatility in the financial and capital markets among other factors.
Under these economic conditions, the airline industry continued to see a steady recovery in demand due to the lifting of restrictions on activities within the country and the gradual easing of entry restrictions. During the current fiscal year, the number of passengers at Haneda Airport was approximately 1.8 times that of the previous fiscal year for domestic flights and approximately 80% of the level of 2019 (calendar year basis) before the impact of COVID-19 hit, while the number of passengers for international flights were approximately 8 times that of the previous fiscal year and approximately 40% of the level of 2019. In particular, international flights during the fourth quarter of the current fiscal year were approximately 70% of the level from January to March 2019, showing a rapid recovery since the significant easing of entry restrictions in October 2022.
Under these circumstances, the new Medium-Term Business Plan that the JAT Group has put together is a backcast by 2025 that reflects our goals for 2030, which is when the government is setting targets including achieving 60 million foreign visitors to Japan. We are implementing various measures to achieve the management goals outlined in the plan. In addition, with respect to sustainability, which is regarded as the core to driving our strategy, we established the structure to accelerate our initiatives in July 2022, and today, May 11, 2023, we announced our Medium-Term Sustainability Plan. We have identified materiality (important issues) in the promotion of our management strategy and set KPIs (Key Performance Indicators) to enhance the effectiveness of our sustainability management efforts, aiming to achieve sustainable growth of our company, and to contribute to the realization of a sustainable society.
During the current fiscal year, in terms of facilities, in addition to taking measures to respond to diverse needs including the installation of private work boxes suitable for working outside the office in the security area of each terminal and the introduction of accompanying service at domestic flights, we are carrying out renovation work in preparation for major disasters and steadily implementing measures to promote universal design such as the installation of emergency flashlights for the hearing impaired. We also cooperated with the request from the Ministry of Economy, Trade and Industry to save power, by turning off some of the lights and controlling air conditioning operation in the terminal buildings during summer and winter, when electricity supply and demand were tight. In addition, we are steadily pushing forward investment plans for the future by commencing the construction of connection between the satellite building on the north side of Terminal 2 and the main terminal building while working toward the realization of a carbon-neutral society by studying the conversion of airport vehicles to electric vehicles and researching the potential demand for hydrogen fuel.
In terms of sales, on domestic flights, we opened "GOOD NEWS TOKYO" in Terminal 2 and renewed "Samantha Thavasa" in Terminal 1. Both stores offer upcycled products. We actively held events such as the "Haneda Airport Selection", which features various products including those exclusive to Haneda Airport, "HANEDA CHOCOLATE JOURNEY" and product and tourism fairs of various regions in Japan. We also opened a limited-time store in "HANEDA Sports" to coincide with the World Cup for soccer and the World Baseball Classic for baseball. At international flights, in response to the recovery in demand, we reopened the duty-free shops and have been changing the operating hours of the shops as needed. We are also in the process of rearranging our shops, including the opening of Louis Vuitton and Dior duty-free shops and a Seven-Eleven in the departure gate lounge after passing through security checkpoints. In the e-commerce business, we enhanced the functionality of the official e-commerce site "HANEDA Shopping" to improve its recognition and we are promoting "Click and Collect" initiatives that link the e-commerce site with brick-and-mortar stores by allowing customers to pick up items ordered through our e-commerce site at the stores in Haneda Airport.
Outside of Haneda Airport, we opened the "HOKKAIDO SHOKUHIN KAN" selling foods produced in Hokkaido at Narita Airport Terminal 1. As a sales agency business that leverages our installation experience and operational expertise at Haneda Airport, we are also increasing the installation of Radi-Cool, a radiant cooling material, and robots for operations including guiding and cleaning. Moreover, Palau International Airport and Aso Kumamoto International Airport, both of which we participate in the operation of, commenced operations of their new passenger terminals in May last year and March this year, respectively.
In terms of organization and governance, in June of last year, the Company transitioned to a company with an Audit and Supervisory Committee and designated one-third of the Board of Directors as independent directors, as part of an effort to improve management transparency and further accelerate decision-making and execution. We are also striving to strengthen our organizational capabilities in terms of recruitment, training,
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Japan Airport Terminal Co., Ltd. (9706) Financial Report for the Year Ended March 31, 2023 (FY2022)
and system, by participating in industry-industry and industry-academia collaboration projects, expanding the recruitment of people with disabilities and setting up their work environment, in an aim to have talents who "Think by oneself and take on challenges" excel and to foster a corporate culture in which diverse workforce promote each other's growth.
In November 2022, we were awarded the world's highest standard "5-star Airport" rating for the ninth consecutive year in the "Global Airport Rating" conducted by SKYTRAX of the United Kingdom through onsite audits. In March of this year, Haneda Airport was ranked third in the "World's Best Airports", a comprehensive evaluation of international airports, in the "WORLD AIRPORT AWARDS 2023", determined by voting through online questionnaire survey for general passengers. Furthermore, we were awarded first place in the "World's Cleanest Airports" (for the eighth consecutive year), "World's Best Domestic Airports" (for the eleventh consecutive year), and "World's Best PRM / Accessible Facilities" (for the fifth consecutive year).
As a result of the above, with respect to the consolidated financial results for the fiscal year ended March 31, 2023, operating revenues was ¥113,050 million (an increase of 98.1% year-on-year) due to the increase in operating revenues for all of the business segments compared to the previous year in line with the recovery of passenger volume. Despite the increase in utilities costs due to the increase in commodity prices, as a result of the recovery in revenue and sustained cost reduction, the degree of loss decreased from the previous fiscal year and operating loss was ¥10,579 million (compared to operating loss of ¥41,255 million during the previous year), ordinary loss was ¥12,064 million (compared to ordinary loss of ¥43,861 million during the previous year), and net loss attributable to owners of the parent was ¥3,901 million (compared to net loss attributable to owners of the parent of ¥25,217 million during the previous year).
(Millions of yen)
Operating Results
FY2021 | FY2022 | Year-on-Year |
(from April 1, 2021 to | (from April 1, 2022 to | |
(%) | ||
March 31, 2022) | March 31, 2023) | |
Operating revenues | 57,057 | 113,050 | 98.1 |
[Facilities Management] | 40,029 | 63,280 | 58.1 |
[Merchandise Sales] | 13,174 | 41,317 | 213.6 |
[Food and Beverage] | 3,852 | 8,452 | 119.4 |
Operating income / (loss) | (41,255) | (10,579) | - |
Ordinary income / (loss) | (43,861) | (12,064) | - |
Net income/(loss) attributable to | (25,217) | (3,901) | - |
owners of the parent | |||
At the moment, the number of passengers at Haneda Airport continues to show a recovery trend. For domestic flights, we are expecting the nationwide travel program, which will still be in place from April onward, to support tourism travel demand. For international flights, the number of flights has recovered to the level before the pandemic since the summer timetable which started at the end of March. Further recovery in demand is expected down the road, as the status of COVID-19 under the Infectious Disease Control Law was changed to "Class 5" in May, the same category as seasonal influenza and other viruses.
Under these circumstances, the airline industry as a whole is currently facing a major shortage in labor, including in its ground handling operations and flight security inspection operations that support operations of flights. The JAT Group is actively working in cooperation with the government, airline companies, and other organizations to resolve this issue. The JAT Group is also working to secure the necessary personnel to meet rapidly recovering passenger demand by holding joint company information sessions and stepping up recruitment activities.
The JAT Group will work to enhance the value of Haneda Airport, the gateway to Japan and the greater Tokyo area, by further improving the convenience, comfort, and functionality of the Haneda Airport Passenger Terminal as well as by ensuring the safe and smooth entry, exit, and transportation of all customers while continuing to apply the lessons learned from the COVID-19 pandemic to our terminal operations.
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Japan Airport Terminal Co. Ltd. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 May 2023 06:05:02 UTC.