W E S U P P O R T AV I A T I O N I N D U S T R Y

WWW.afc-group.jp/english/

ANNUAL REPORT 2013
Year Ended March 31, 2013

AIRPORT FACILITIES CO., LTD.
Sogo Building No. 5, 1-6-5 Haneda Airport, Ota-ku, Tokyo 144-0041
TEL: 81-3-3747-0251 FAX: 81-3-3747-0225

AIRPORT FACILITIES CO., LTD.

Our Mission

Message from the President

Our Mission
Since 2012, airline companies have been showing high-level performance due to management effort andOur mission is to play a vital role in the progress of aviation

recovering flights demand. In addition, airline companies are making further cost cutting effort to cope withas a pivotal private company operating mainly at airports,such issues as the emerging of low-cost carriers (LCC), weak yen, and high fuel costs, and also are prepared forthrough creating and providing necessary facilities andthe increasing number of slots to 447,000 at the Tokyo International Airport scheduled for next spring. Given

functions at airports.

the business condition surrounding airline companies have reached a new phase, responding to these trends
became an important issue for us. It is challenging for us to confront these changes in surrounding.
For the past few years, our Group, including its consolidated subsidiaries has been focusing on three

Corporate Philosophy
1

2

3

4

points: increase in occupancy rates of rented facilities, cost saving through streamlining of management,
and acquisition of new customers. Our concretized efforts in line with these points consists of a lease on a

We will continually advance ahead of the demands andchanges of the times by producing creative innovation
and we will endeavor to raise corporate value.

vacant large-size hangar in the Tokyo International Airport to an emerging airline company, construction ofapartments near the Tokyo International Airport for employees of an airline company, acquisition of aninternational airfreight logistics center near the Kansai International Airport, construction of an aircraft

We make effort to be a reliable and trusted company
that always provides value which satisfies customers
and complies with public expectation.

maintenance facility in Kobe Airport and a flight training facility in Kitakyushu Airport, as well as acquisitionof high standard office buildings in Tokyo Metropolitan area. As a result, both net sales and operating
income moved back into an uptrend in the fiscal year ended March 31, 2013.

We will foster our staff, and encourage and reward theefforts they make and the challenges they tackle.

In the fiscal year ending March 31, 2014, we started construction of a new facility for catering service
and also decided to build the third apartment building near the Tokyo International Airport in response to
the expected flight increase in the future. Also, we are planning to build a maintenance hangar for disasterAs a member of civil society, we observe rules andrespect fairness.

prevention helicopters and a logistics facility in Kagoshima Airport, and to set up a solar power plant near
Narita International Airport. Last but not least, our Group is, as part of our mid- to long-term challenges,
putting up united energy to give full consideration to the redevelopment project in the 1-chome district andthe vacant lot in the Tokyo International Airport, as well as to the overseas business responding to demand
for aviation related facilities in emerging countries in Asia, leading up to our business expansion.
We highly appreciate your continued support for our Group.
August, 2013

CO N T E N T S
CONTENTS
Message from the President/
Changes in Annual Dividend per Share and Payout Ratio …………… 02

Tomoyuki Takahashi, President and CEO

Business Review
Airport Facilities at a Glance …………………………………………… 03

Changes in Annual Dividend per Share and Payout Ratio

Highlights of the Previous Year’s Business Result andOutlook for the Current Fiscal Year …………………………………… 05

We recognize the prompt return to the shareholders as top corporate priority, intending to repay the due return

Focus: Position and Prospects of Tokyo International Airport ………… 06

investment opportunities, the mid- to long-term business outlook.

Our Business in the Tokyo International Airport ……………… 07
Recent Business Activities(Outside of Tokyo International Airport) ……………………………… 09
Future Business Direction ……………………………………………… 10

to shareholders while considering various factors such as the internal reserves prepared for new business andThis policy has led to ¥6.0 year-end dividend to pay for the year ended March 31, 2013, the same as theprevious fiscal year-end, resulting in an annual ¥12.0 dividend, the same as the previous fiscal year.

Dividends per share (¥)

16

Subsidiary Company …………………………………………………… 12
Consolidated Financial Data & Industry Related Data
(Ten-year Summary) …………………………………………………… 13
List of Facilities ………………………………………………………… 15

Payout ratio

35.9
29.6

12

23.9

25.5

8

4

300

276.0

Dividends per share

Our Website Timely Updated …………………………………………… 11
Corporate Information

Payout ratio (consolidated) (%)

20

11.0

13.0

28.3

34.8

40

30

26.7
25.3

15.0

16.0

16.0

16.0

20

10.0

12.0

12.0
10

Corporate Governance ………………………………………………… 17
Corporate Profile, Stock Information………………………………… 18

0

0
’05/3

’06/3

’07/3

’08/3

’09/3

’10/3

’11/3

’12/3

’13/3

The statements about future described on this report such as earnings forecasts have been made based on
information currently available and some conditions that we judge rational. Actual earnings may differ greatly fromthe above forecasts for various reasons.

AFC Annual Report 201302

Airport Facilities at a GlanceOutside Airport
Water Supply &Drainage Service andOther BusinessWe create and provide airport functions,
thereby contributing to the progress of aviation industry.

Other Regional Airports

11.7%

Net Sales by
Business Segment

Area Heating &Cooling BusinessWe create and manage the facilities and functions indispensable to ensure the appropriate management of airport(’13/3)

20.1%

leading up to the safety operation of airline companies.

9.0%
2.7%

New Chitose
International Airport

0.3%

Real EstateBusiness

Net Sales by
RegionOsaka
International Airport

68.1%

Tokyo
International
Airport(’13/3)

1.6%

84.0%

KansaiInternational Airport

2.4%

Domestic Air Cargo Terminal (Tokyo International Airport)

Utility Center Building (Tokyo International Airport)

Real Estate Business

13 Airports where we deploy our business
New Chitose Airport
NagoyaBased in Tokyo International Airport, we construct multi-purpose buildings (Sogobuildings), hangars, maintenance shops, aircraft cleaning facilities, sanitary
disposal plants (SD plants), and domestic air cargo terminals and lease them toairlines and airline-related companies in thirteen airports in Japan.

Central Japan Int’l (Centrair)
Kobe

FukuokaKagoshima
Naha

Kansai Int’l
Hiroshima Heliport

Energy Center (Tokyo International Airport)

Areas covered by our heating and cooling system in Tokyo International Airport
Runway D

Offshore Development Area
/ Cargo District

Runway C
Passenger
Terminal No. 2

Offshore Development Area
/ Maintenance District

Corporate Information

Passenger
Terminal No. 1
Runway A
Runway B

Our Energy Center supplies the facilities such as Sogo buildings, hangars, or plants inthe former Aircraft Maintenance Area in Tokyo International Airport with cooling,heating, steam, and hot water through pipelines on a round-the-clock basis.

Aircrafts Maintenance Area
(1-chome district)

Water supply & drainage facilities in the reclaimed land area

Shared Communication Service (Tokyo International Airport)

International Area

Business Review

Energy Center (Tokyo Airport Heating & Cooling Co., Ltd.)In the newly reclaimed land area offshore Tokyo International Airport, Tokyo Airport
Heating & Cooling, our Group company, supplies thermal energy through a district
pipeline network to facilities including government offices and Passenger Terminals
No. 1 and No. 2.

Water Supply & Drainage Service and Other BusinessTokyo Int’l Airport,
Tokyo Metropolitan area

Kitakyushu

We are also going to develop the business beyond airports, for example, in Tokyo
Metropolitan area, as well as adjacent areas to the Tokyo International Airport andthe Kansai International Airport.

Area Heating & Cooling Business

Sendai

Osaka Int’l (Itami)

Air Cargo Terminal

Passenger Terminal

Areas covered by our local area communication network

offshore Tokyo International Airport
Runway D

We operate and manage water supply & drainage service in Tokyo International
Airport.

Offshore Development Area
/ Cargo District

In the reclaimed land area offshore Tokyo International Airport, we have establishedthe local area network for the airport related companies. We provide communication
network for local area telecommunications and data communications.

Passenger
Terminal No. 1

Aircrafts Maintenance Area
(1-chome district)

Number of facilities(1968 – 2012)

Volume of Thermal Energy Supplied (unit: GT)80

Cooling (THC)

527,73060

300,000

40

20

100,000
0

1970

AFC Annual Report 2013

1980

1990

2000

2012

142,561

416,613105,226
50,530’09/3

149,299

9,795

9,214
9,000

Heating (THC)
Heating (AFC)200,000

10,0059,905

431,906

471,533

400,000

Air Cargo TerminalLines
10,000500,000

487,025

03

International Area
Passenger Terminal

Number of Contracted Lines in Our Local Area Network*AFC: Airport Facilities Co., Ltd. THC: Tokyo Airport Heating & Cooling Co., Ltd.

600,000

Number of facilities

1968

Offshore Development Area
/ Maintenance District

Runway A
Runway B

We provide local area network in Tokyo International Airport’s International Area.

0

Runway C
Passenger
Terminal No. 2

8,830
8,000

Cooling (AFC)
162,151

170,417

174,296
7,000

79,26762,00930,612

36,593

19,128

’10/3

’11/3

’12/3

25,505

21,415
13,476
’13/3

6,000
’09/3

’10/3

’11/3

’12/3

’13/3

AFC Annual Report 201304

Highlights of the Previous Year’s Business Result and Outlook for the Current Fiscal YearHighlights of the Consolidated Business Results for the Year Ended March 31, 2013
Consolidated Business Results

1(¥Million)(¥Million)

30,0006,000
1

Net sales2

25,000Operating income

Ordinary income

320,806

Net income

21,06820,000

4,000

3,490

3,363

15,0003,000

10,000

2,000

5,000

1,000

0

4

5,000

’12/3

0

’13/3

2,771

2,711

1,781

1,729

2

’12/3

’13/3

’12/3

’13/3

’12/3

’13/3

The Group's net sales increased only 1.3% from the previous
fiscal year due to a fall in the revenue attributable to theseveral expiration and modifications on the agreement ofwater supply and drainage contract, despite the revenue
increase from the lease of the West Hangar and No. 7 Sogo
Building in the Tokyo International Airport, improvement in
the occupancy rate, the year-long rent income contributedby the full-year lease of Rinku International Logistics Center
and Kobe Airport Hangar purchased and completed
respectively in the fiscal year ended March 31, 2012, and the
new rent income from Kitakyushu Airport Training Center
completed in the fiscal year ended March 31, 2013.

1

6,000
1

2

4,000

3
2,000

4

Cash and cash equivalents
at end of ’12/3

twenty-four hour operation and internationalization in 2010 is seeking to be a hub airport in Asia. With the expansion ofinternational flights, the yearly number of passengers for 2012 increased by 6.7% from the previous year to 66,790 thousand,which ranks Tokyo International Airport top in Japan and fourth in the international ranking. The airport is expected to further
grow and develop as a major hub for aviation network.

Highest ranking in Japan and number four in the world in terms of number of passengers
Airport (Country)

1

Hartsfield-Jackson Atlanta International Airport (USA)2

Beijing Capital International Airport (China)

3

London Heathrow Airport (UK)4Tokyo International Airport (Japan)

5

Chicago O'Hare International Airport (USA)66,633

6

Los Angeles International Airport (USA)63,688

7Charles de Gaulle International Airport (France)

Net cash earmarked for investment amounted to ¥3,833
million, mainly attributable to acquisition of fixed assets.

8

Dallas/Fort Worth International Airport (USA)58,591

9

Soekarno–Hatta International Airport (Indonesia)

57,772

Net cash allotted for financing activities was ¥3,516
million, mainly attributable to repayment of loans.

10

Dubai International Airport (UAE)

57,684

Income before income taxes and minority interests plus
non-cash items such as depreciation and less tradereceivables amounted to an in-flow of ¥5,522 million.

(Thousand people)△4,0003

Cash flows fromfinancing activities

USA
Dec. 2009 concludedHome

SearchInvestor Relations

IR LibraryFinancial Results

Outlook for the fiscal year ending March 31, 2014

1

2

Consolidated Business Results(¥Million)(¥Million)

30,0006,000
1

Net sales

25,0002

Operating income

3

Ordinary income

4

Net income

5,000
21,17020,0004,000
Year on year+102

10,000

3,380

3,000
2,000

3,130
Year on year

＋17

Year on year

-360

1,730

3
Year on year

5,000

-51

1,000

’14/3 (plan)0’14/3 (plan)’14/3 (plan)’14/3 (plan)4

For the fiscal year ending March 31, 2014, we expect only
slight year-on-year increase in our net sales by 0.5% (up¥102 million) and in our operating income by 0.5% (up ¥17
million), estimating a decrease in sales from thecancellation of New Engine Maintenance Shop and therelocation of customers in Area Heating & Cooling service
although we expect an increase in sales through thefull-year occupancy and increased square meters at West
Hangar in the Tokyo International Airport, the addition ofCrew Training Center to Maintenance Center Annex areas,
and the year-long occupancy of Kitakyushu Airport
Training Center completed in the previous fiscal year.
We expect our ordinary income to fall by 10.3% (down¥360 million) and net income to drop by 2.9% (down ¥51
million) from the previous fiscal year due to a decrease individend income and the planned removal of obsolete
facilities despite of our cost cutting effort.

Seoul/BusanAug. 2008 concluded

ShanghaiAug. 2012 concluded

UAE May 2012 concluded

Guangzhou
Aug. 2012 concluded

Qatar Jun. 2012 concluded

0

CanadaApr. 2009 concluded

Beijing
Under negotiation

For more detailed financial statements, please refer to our website, Financial Results, on "IR Library".

15,000Germany Apr. 2009 concluded
Germany Feb. 2013 concluded

FranceOct. 2008 concluded
UK
Nov. 2008 concluded△6,000

Airport Facilities Co., Ltd.

61,611

Favorable aviation agreements towards the expansion of international flights

Cash and cash
equivalents at
end of ’13/3

Netherlands
Feb. 2009 concluded
Cash flows frominvesting activities

70,037
66,795

Source：‘Preliminary World Airport Traffic 2012’（Airports Council International）△2,0002

95,462
81,929Corporate Information

0

Taking advantage of its proximity to Tokyo Metropolitan area, Tokyo International Airport (Haneda Airport) which started its

Business Review

Cash flows fromoperating activities

Position and Prospects of Tokyo International Airport

Rank

Operating income rose by 21.4% in comparison with theprevious fiscal year due to the year-long rent income fromthe newly leased facilities, and the decrease in general, andadministrative costs.

Consolidated Cash Flows(¥Million)

Focus

ThailandJan. 2009 concluded

Hong Kong
Mar. 2009 concluded

Tokyo International
AirportFlights indaytimeFlights in early morningand night

TaipeiDec. 2009 concluded

ThailandNov. 2012 concluded
Malaysia
Jul. 2008 concluded
Singapore
Sep. 2008 concluded
Indonesia Aug. 2011 concluded

Source: Ministry of Land, Infrastructure, Transport, and Tourism (including "agreement" to conclusion in the published documents)

Expected arrival and departure slot increase

447,000

slots(Outlook for the year ending March 2014)

385,000

slots(Year ended March 2012)
Photo: Aflo05

AFC Annual Report 2013

AFC Annual Report 201306

Focus: Our Business in the Tokyo International Airport
Since its establishment, our Group’s stronghold has been Tokyo International Airport. Through experiences in Aircrafts
Maintenance Area and Reclaimed Area offshore the former airport site, we have established a solid business base in real estateand infrastructure development business.
Also, taking advantage of full-scale internationalization and expansion of airports capacity currently in progress in the Tokyo
International Airport as business field, we are deploying various efforts targeting at new demands and new customers.

Business Related to Re-expansion and Internationalization (from 2008)
Completion date

Major use / Functions

23 Engine Maintenance Building (South Wing)

Facilities / Services

Feb. 2008

Engine maintenance shop

24 Component Maintenance Building

Apr. 2009

Maintenance of aircraft components

25 Sogo Building No. 5

May 2010

Flight simulator

26 Expanded local area communication networks

Oct. 2010

Telecommunication service

27 Thermal energy supply to the addition ofSkymark Airlines)

Nov. 2010

Flight simulator/Sedentary studies

30 Tokyu Stay Kamata

Mar. 2011

Hotel

31 Sky Residence Minami Kamata

Nov. 2011

Apartments

32 Sogo Building No. 7

Feb. 2012

Training facility for flight crew

May 2012

Office（Headquarter of Skymark Airlines）

34 West Hangar

Jun. 2012

Hangar（Skymark Airlines）

35 Sky Residence Omori Higashi

Nov. 2013 (plan)

Apartments

36 Addition to Maintenance Center No. 3

Mar. 2014 (plan)

Providing in- flight services

37 Higashi-Kojiya Apartment House

Nov. 2014 (plan)

Apartments

28 Sogo Building No. 3
29 Large-size hangar (the second training facility for

33 Maintenance Center Annex and Headquarters ofSkymark Airlines

24

Component Maintenance Building

Runway D
Came into operation
Oct. 2010
Maintenance shop of aircraft engines

27

27

33

23

Area heating & cooling expanded
to the addition of Passenger
Terminal No. 2

Maintenance shop of aircraft electrical components

Near Tokyo International Airport
30

Tokyu Stay Kamata

36

Hotel for airline employees
and passengers

26
29
28

35

26
24

25

34

Energy Center
3630

31 35 37

Near Tokyo
International Airport

Sky Residence
Omori Higashi

Addition to MaintenanceCenter No. 3

37

32

Higashi Kojiya
Apartment House

Apartment house for an
airline-related company
Facility to prepare in-flight meals

Apartment house for an
airline-related company

Business in Former Aircraft Maintenance Area and Newly Reclaimed Area Offshore Former Airport Site (as of 2007)
Aircrafts Maintenance Area

1
2

Reclaimed Area Offshore Airport/New Aircraft Maintenance Area

Facilities

Completion (acquisition) date

Major use

Sogo Building No. 1(Apr. 1970)

OfficeLarge-size hangar

Apr. 1970

Hangar3

Sogo Building No. 2

Jul. 1972

Office4

Energy Center

Sept. 1973

Thermal energy supply

5

Sogo Building No. 3

Feb. 1976

Office/Plant

6
7

Engine Shop No. 4
Sogo Building No. 4

Aug. 1979
Jun. 1980

Facilities

22

Office8

Sogo Building No. 5

Nov. 1981

Office/Plant

9

Sanitary Disposal Plant (SD Plant)

Dec. 1987

Plant for treatment sewage from aircrafts

10 Sogo Building No. 6

May 1989

Office11 Sogo Building No. 7

May 1991

Flight simulator /Sedentary studies

12 Sogo Building No. 8

Mar. 1995

Office/Maintenance shop

6

13

17
19

14

Major use

13 Utility Center Building

Apr. 1993

Office14 Maintenance Center Annex

Jun. 1993

Office/Vehicle Maintenance shop

15 West Hangar

Jul. 1993

Hangar16 Ground Support Equipment (GSE) Maintenance Shop

(Mar. 2000)

Vehicle Maintenance

17 Technical Center No. 1(Mar. 2002)

Training facility for flight crew

18 Technical Center No. 2

Dec. 2002

Training facility for flight crew

19 Large-aircraft cleaning facility

Mar. 2007

Aircraft cleaning facilities

15
16

8

Reclaimed Area Offshore Airport/ Cargo Handling Area
Facilities

9

Completion (acquisition) date

Major use

20 ARC Building

Jul. 1993

Office21 Cargo Center Building Annex

Aug. 1993

Office/Substation

E-1 wing to E-4 wing, W-1 wing to W-3 wing

Aug. 1993

Cargo handlingE-5 wing

Mar. 1998

Cargo handlingE-6 wing

Dec. 2001

Cargo handling

22 Domestic Air Cargo Terminal

3
4
7

AFC Annual Report 2013

21

1

12

07

22

2
5

20

11

10

Plating plant

18

Completion (acquisition) date

Corporate Information

Thermal energy
In-flight meal preparation

International Passengers
and Air Cargo Area
Opened Oct. 2010

Engine Maintenance Building (South Wing)

Business Review

Oct. 2010
Oct. 2010

Passenger Terminal No. 2

23

AFC Annual Report 201308

Recent Business Activities (Outside of Tokyo International Airport)

Future Business Direction

We are trying to renew and expand facilities and deploy our business beyond Tokyo International Airport area.

We tackle the new challenges in the changing business environment surrounding us, such as further development ofTokyo International Airport, activation of local airports, streamlining and management of airline companies, andUpgradable Reconstruction of an Existing Hangar

offshore movement of airport business.

To be completed in March 2014
Reconstruction of a small size hangar in Kagoshima Airport

Number of arrivals and departures, passengers, and amount of cargoes
at Tokyo International Airport

Kagoshima Airport
Kyushu Expressway

Number of passengers / Number of arrivals and departures

KokubuAira(Million people)

Kagoshima Bay

CargoesNumber of domestic passengers

Number of domestic flight arrivals and departures

Number of international passengers

Number of international flight arrivals and departures(Thousand times)

80

Upgradable
Reconstruction

Kagoshima

60

447
339

40

Existing hangar

336

352

International cargoes(Thousand ton)

800

800

No. 2 Hangar

Ibusuki Makurazaki Line

Domestic cargoes

600

600

400

400

200

200

757

725

721

706

696

(forecast)

385

Completion Image

Completion: No. 1 Hangar in November,
1972, and No. 2 Hangar in October, 1984

Environmentally friendly solar panels
installed[Facility Summary]Function: Hangar for helicopters, etc.

20

0
’10/3

’11/3

’12/3

’13/3

10

16

’09/3

’10/3

0

0
’09/3

141

124
61

’14/3

’11/3

’12/3

’13/3

1. Our Challenges to the Evolution of Changes and Developments of Aviation Industry

1 Our Approach to the New Development of Tokyo

International Airport
2 Our Approach to the Activation of Local Airports
3 Our Approach to Innovation to Business4 Research on Overseas Business5

Solar Power Plant—Making good use of the idle land we own near the Narita International Airport

2 Our Cost Cutting through Streamlining Operation at Tokyo International Airport
1 Drastic Business Review in the 1-chome District

NaritaTo be completed in September 2013
Constructing a solar power plant and starting electric power selling business

New Business Making Use of Our Idle Lands

Build-up of airline related facilities such as in-flight meal catering facilities responding to the increasing
passengers in the Tokyo International Airport
Building company housings near the Tokyo International Airport for airline companies
Upgrading hangars to accommodate larger-size aircrafts used by news media, construction of logistic
facilities
Novel methods to raise occupancy rates of our facilities inside and outside airports
Promotion to attract customers to facilities renovated to meet tenants’ needs
Overseas business growth to capture demand for airport-related facilities in rapidly growing Asian countries
Construction of solar energy plant and selling energy on our idle land

Corporate Information

1 Our Approaches to Various Airline Related Facilities

Business Review

Upgrading reconstruction of No. 2
Hangar was planned to deal with latest
aircrafts.

To be completed in March 2014

Narita line
408

Streamlining operation by dismantling non-operating facilities
Further maintenance cost cutting through thorough review of Area Heating & Cooling Business

NaritaKeisei main line

Shin-Kuko

2. The Outlook of the Development Plan of Tokyo International Airport
1 Redevelopment of the 1-chome District

Tomisato296
409

Shibayama

We proposed a specific plan for the efficient use of limited airport satisfying
required airport functions accompanied by the airport capacity increase

2 Zone 2 of the Former Airport Site (53ha)
We are ready to cope with the review of the governmental zoning plan(commercial zone, etc.) for Zone

Tomisato

Our Company's idle land, adjacent to the
Narita International Airport
Utilization of idle land we own

09

AFC Annual Report 2013

Installation image[Facility Summary]
Site Area: Around 10,000m2
Use: Solar Power Plant
Annual Electric-Power Generation: 680,000 kWh (planned)

3. Other Activities
1 Dealingwith the Government-Led Airport Management
Reform Plan

We closely watch and investigate the enforcement of "the law regarding theoperation of the airports under government administration making the most of
private sectors initiative" and cope with the new situation thereafter

AFC Annual Report 201310

Our Website Timely Updated http://www.afc-group.jp/english/

Airport Facilities Co., Ltd.

SearchWe continue enriching the contents of our website serving our stakeholders including shareholders and investors as
communication platform. Our website contains various useful information facilitating your understanding our

Subsidiary Company

Tokyo Airport Heating & Cooling Co., Ltd. (THC)

business. You can see how our facilities are used through video titled “Backstage of Airport.” In addition to IR

Since its establishment in June 1993, Tokyo Airport Heating & Cooling Co., Ltd. (THC) has been engaged in area heating andinformation continuously enriched.

cooling operations for the Tokyo International Airport in the reclaimed area offshore former Tokyo International Airport,
giving safe and stable supply of thermal energy the top priority. Heating and cooling energy is generated at the Energy
Center and supplied to various facilities in the airport including government offices, Terminal Buildings No. 1 and No. 2. As
20 years have passed since it started its service, the Company started to carry out a 10-year plan, incorporating eco-friendly
and energy-saving measures, to renew equipments such as freezers and boilers from the fiscal year ended March 31, 2012.
Corporate Profile (As of March 31, 2013)

Facilities

Company Name: Tokyo Airport Heating & Cooling Co., Ltd. (THC)
Established: August 24, 1989
Description of Business:

EnergyCenter(1) Providing various facilities in the Tokyo International Airport with air conditioning

Site area:

4,031m2

Building area:

3,037m2

Total floor space:

9,155m2

5-story reinforced concrete building(2) All businesses related to the above
Shareholders: Airport Facilities Co., Ltd. (60.3%), Other (39.7%)

Boilers

2,250RT x 2
1,000RT x 2

Absorption chiller

2,500RT x 7

Water-pipe boiler

35 T/H x 3

Flue boiler

15 T/H x 1

In public conduit
Pipeline

About 5,350 m

4 pipe system Suspended
Pipe diameter

About 300 m

BuriedAbout 700 m

Cooling pipes

φ125–1,200

Steam and circulating-water pipes

φ65–500“Backstage of Airport” presents dynamic images and sounds of“Hangers,” “Maintenance Buildings,” “Aircraft Cleaning Facilities,” and“Multi-purpose Buildings (Sogo Buildings)”.
Top interview

01 “Hangar”

Energy-saving high efficiency freezer

Water-saving cooling water recycling equipment

Pipeline (in public conduit)

02 “Maintenance Buildings”

03 “Aircraft Cleaning Facilities”

11

24-hour control room

Corporate Information

Main customers: Japan Airport Terminal Co., Ltd.
Japan Airlines Co., Ltd.
All Nippon Airways Co., Ltd.
Airport Facilities Co., Ltd.

Freezer

Turbo chiller

Business Review

Location: Headquarters
Energy Center
3-5-9, Haneda Airport, Ota-ku, Tokyo,144-0041
TEL +81-3-5756-9800 (Main)

2,500RT x 1
Thermal energy
generators

Capital: 2,900 million yen

AFC Annual Report 201304 “Multi-purpose Building (Sogo Building)”

AFC Annual Report 201312

Consolidated Financial Data & Industry Related Data (Ten-year Summary)Primary Consolidated Financial Data Charts (Five-year Trend)
Net Sales

Ordinary Income / Net Income

Net Sales by Segment

ROE(¥Million)(¥Million)(¥Million)(%)

30,0006,000

30,0008Equity Ratio

Debt to Equity(%)(Times)

80

1.5

7.1

25,00025,26323,6095,000

22,51520,806

5,041

25,000

61.2

2,967
2,896

21,06820,000

4,000

3,542

20,000

3,490

4,758

15,000

3,000

3,235

4,079
4,212

3,100

15,000

2,711

6
2,919

2,468

4,357

4,244

5,000

1,000

0

0

4.6

1,729

10,0001,781

17,538

16,634

15,06813,528

’10/3

’11/3

’12/3

’13/3

4

40

14,354

0.6

2

’10/3

0.443

0.394

0.380

0.349

0.313

20

0.3

5,000

’09/3

1.2

0.9
3.9

299

’09/3

62.2

3.8

2,045

2,000

61.4

58.6

2,396

10,000

61.2

60

0.7

’11/3

Ordinary Income

’12/3

0

’13/3

Net Income

’09/3

’10/3

Real Estate Business

’11/3

’12/3

’13/3

Area Heating & Cooling Business

0

’09/3

’10/3

’11/3

’12/3

0

’13/3

’09/3

’10/3

’11/3

ROE = Net income / Equity capital (average) ×100

’12/3

0

’13/3

’09/3

’10/3

’11/3

’12/3

’13/3

Debt to equity = Interest-bearing debt (year end) / Equity capital (year end)

Water supply & Drainage and Other

Ten-year Financial Summary & Industry Related Data
’06/3

’07/3

’08/3

’09/3

’10/3

’11/3

’12/3

’13/3

28,04526,824

24,14824,58825,12325,26323,60922,51520,806

21,068Operating Income (¥Million)

4,866

5,224

5,270

5,194

5,242

4,860

3,814

2,486

2,771

3,363

Ordinary Income (¥Million)

4,201

4,488

4,807

4,765

4,868

5,041

3,542

2,396

2,711

3,490

Net Income (¥Million)

2,235

2,471

2,687

2,621

2,919

3,100

299

2,045

1,729

1,781

EBITDA (¥Million)

11,455

10,868

10,787

10,32010,833

10,726

6,730

8,757

7,231

6,445

Cash Flows from Operating Activities (¥Million)

8,999

8,472

8,166

7,575

8,045

8,213

7,443

7,659

2,861

5,522

(3,594)(4,395)(4,699)(3,833)For the YearNet Sales (¥Million)

Cash Flows from Investing Activities (¥Million)(3,010)(2,602)(1,302)(2,243)(6,996)(4,309)Cash Flows from Financing Activities (¥Million)(6,138)(7,621)(6,027)(5,761)340(3,772)(4,191)(3,975)

3,117(3,516)

Depreciation Expense (¥Million)

6,593

6,069

5,642

5,290

5,281

5,313

5,510

5,047

3,382

3,222

Business Investment in Plant and Equipment (¥Million)

2,998

1,908

1,023

2,839

6,234

5,295

3,427

12,545

7,177

3,166

35,41036,662

39,07542,84544,26445,71844,897

46,16047,27447,02673,317At the Year End
Net Assets (¥Million)
Total Assets (¥Million)

87,50580,00077,14374,38576,80675,28471,012

73,08374,864

Interest-bearing Debt (¥Million)

37,82731,47826,092

21,13422,196

19,566

16,537

14,002

18,094

15,920Equity Capital (¥Million)*1

35,41036,662

39,07540,91142,70044,122

43,484

44,69445,95845,607

Per Share Data
Net Income per Share (¥)

40.20

46.13

51.00

50.72

56.49

60.01

5.80

39.58

33.46

34.48

Net Assets per Share (¥)*2

669.83708.54755.28791.84826.48854.01841.67865.11

889.58882.80

Dividends per Share (¥)
Average Number of Shares during the Period (Shares)
Management Index
Equity Ratio (%)

9.0

11.0

13.0

15.0

16.0

16.0

16.0

10.0

12.0

12.0

54,470,974

52,506,889

51,668,868

51,666,230

51,665,185

51,664,320

51,663,628

51,663,281

51,662,681

51,662,417

40.5

45.8

50.7

55.0

55.6

58.6

61.2

61.2

61.4

62.2

Debt to Equity (Times)

1.068

0.859

0.668

0.517

0.520

0.443

0.380

0.313

0.394

0.349

ROE (%)

6.47

6.86

7.10

6.55

6.98

7.14

0.68

4.64

3.76

3.91

Ordinary Income to Total Assets (%)

4.7%

5.4%

6.1%

6.3%

6.4%

6.6%

5.0%

3.3%

3.6%

4.8%

Operating Margin (%)

17.4%

19.5%

21.8%

21.1%

20.9%

19.2%

16.2%

11.0%

13.3%

16.0%

Payout Ratio (%)*3

22.1

23.9

25.5

29.6

28.3

26.7

276.0

25.3

35.9

34.8

Dividends to Net Assets (%)*4

1.5

1.7

1.9

1.9

1.9

1.9

1.8

1.1

1.3

1.4

Employees (Consolidated)*5

389

151

148

151

152

136

132

131

123

118

Data Related to Tokyo International Airport
Number of Domestic Passengers

61,964,962

61,636,901

62,294,265

65,265,791

64,951,041

63,157,057

59,334,725

58,808,107

56,424,630

Number of International Passengers

353,584

849,159

1,301,176

1,617,338

1,950,769

2,438,401

2,756,542

4,818,314

7,267,172

Volume of Domestic Cargoes (ton)625,047

653,902

678,092

701,363718,205

757,108

724,539

720,787

696,083

0

0

1,892

5,317

6,595

10,05915,561

61,270124,005

Volume of International Cargoes (ton)Corporate Information’05/3

Business Review’04/3*1 Shareholders' equity until the fiscal year ended March 31, 2006 *2 Shareholders' equity per share until the fiscal year ended March 31, 2006 *3 Non-consolidated basis until the fiscal year ended March 31, 2004. Consolidated basis from the fiscal year ended
March 31, 2005. *4 Dividend on equity ratio (non-consolidated basis) until the fiscal year ended March 31, 2006, and, dividend on net assets ratio from the fiscal year ended March 31, 2007 (consolidated basis) *5 Narita Airport Facilities Co., Ltd. was subject to theconsolidation until the fiscal year ended March 31, 2004.

13

AFC Annual Report 2013

AFC Annual Report 201314

List of Facilities (AS of March 31, 2013)
LocationType

Facility nameDate of completion(acquisition)

Major use

Major tenants

LocationType

Facility nameDate of completion(acquisition)

Major use

Total
floor space

Major tenantsTokyo International Airport

Building

Sogo Building No. 1(Apr. 1970)

Office12,887 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Kansai International Airport

Building

Large size aircraft hangar at the Kansai International Airport

Tokyo International Airport

Building

Sogo Building No. 2

Jul. 1972

Office19,451 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Kobe Airport

Land

Vacant land for hangar

Tokyo International Airport

Building

Sogo Building No. 3

Feb. 1976

Office/Workshop

14,630 m2

Japan Airport Terminal Co., Ltd.

Kobe Airport

Building

Hangar

Nov. 2011

Hangar

8,165 m2

Eurocopter Japan Co., Ltd.

Tokyo International Airport

Building

Sogo Building No. 4

Jun. 1980

Office2

1,677 mHAZAMA ANDO CORPORATION, etc.

Hiroshima heliport

Building

Small size aircraft hangar No. 1

Oct. 1983

Hangar871 m

Aero Asahi Corporation, etc.

Tokyo International Airport

Building

Sogo Building No. 5

Nov. 1981

Office/Workshop

11,091 m

ALL NIPPON AIRWAYS CO., LTD., etc.

Hiroshima heliport

Building

Small size aircraft hangar No. 2

Jun. 1992

Hangar179 mNakanihon Air Service CO., LTD.

Tokyo International Airport

Building

Sogo Building No. 6

May 1989

Office1,886 mShin Nippon Air Technologies Co., Ltd., etc.

Hiroshima heliport

Building

Annex building

Sept. 1983

Office2

325 m

All Nippon Helicopter Co., Ltd., etc.

Tokyo International Airport

Building

Sogo Building No. 7

May 1991

Simulator room/Lecture room

3,023 m2

panda · Flight · Academy Inc.

Fukuoka Airport

Building

Small size aircraft hangar

Feb. 1996

Hangar

900 m2

NishiNipponAirLines Co., Ltd., etc.

Tokyo International Airport

Building

Sogo Building No. 8(Mar. 1995)

Office/Maintenance shop

13,166 m2

Fukuoka Airport

Building

Sanitary Disposal Plant (SD Plant)

Sept. 1997

Sewage from aircraft treatment plant

168 m2

Airline companies

Tokyo International Airport

Building

Large hangar

Apr. 1970

Hangar11,818 m

Skymark Airlines Inc.

Fukuoka Airport

Building

Office, etc.

Office/Materials & oil storage

294 m

NishiNipponAirLines Co., Ltd., etc.

Tokyo International Airport

Building

Engine Shop No. 4

Aug. 1979

Plating plant

4,623 mJapan Airlines Co., Ltd.

Kitakyushu Airport

Building

Kitakyushu Airport Training Center

Simulator room/Lecture room

1,965 mStar Flyer Inc.

Tokyo International Airport

Building

Energy Center

Sept. 1973

Chiller room/Boiler room

1,462 mVacant landTokyo International Airport

Building

Sanitary Disposal Plant (SD Plant)

Dec. 1987

Sewage from aircraft treatment plant

194 m2

Tokyo International Airport

Building

Utility Center Building

Apr. 1993

Office/Substation

Tokyo International Airport

Building

West Hangar

Jul. 1993

Tokyo International Airport

Building

Maintenance Center Annex

Tokyo International Airport

Building

Tokyo International Airport

2

2

2

2

Mar. 2002

Hangar

15,030 m2

Japan Airlines Co., Ltd.

6,850 m2

Aug. 2012

2

2

2

2

Kagoshima Airport

Land

Airline companies

Kagoshima Airport

Building

Common hangar No. 1

Nov. 1972

Hangar

1,023 m2

28,478 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Kagoshima Airport

Building

Common hangar No. 2

Oct. 1984

Hangar

1,027 m2

All Nippon Helicopter Co., Ltd.

Hangar2

24,900 m

Skymark Airlines Inc.

Kagoshima Airport

Building

Kagoshima Center

Sept. 1989

Office380 m

Kyushu Electrical Safety Inspection
Association, etc.

Jun. 1993

Office/Vehicle Maintenance

9,499 mSkymark Airlines Inc.

Kagoshima Airport

Building

Transmitting station/Office, etc.

Apr. 1972

Transmitting station

202 m2Ground Support Equipment (GSE) Maintenance Shop

(Mar. 2000)

Vehicle Maintenance, etc.

3,411 m2

JAL Ground Service Co., Ltd., etc.

Kagoshima Airport

Building

Parts storage

Jul. 1998

Storage

25 m2

Building

Gas governor station

Apr. 1993

Gas governor room

260 m2

TOKYO GAS Co., Ltd.

Naha Airport

Building

Small size aircraft hangar

Mar. 1996

Hangar565 m2

Ilas Air Co., Ltd., etc.

Tokyo International Airport

Building

Technical Center No. 1(Mar. 2002)

Maintenance shop for aircraft parts, etc.

28,433 m2

Japan Airlines Co., Ltd.

Naha Airport

Building

Oil and fat storage

Mar. 1996

Oil storage

13 m2

Ilas Air Co., Ltd., etc.

Tokyo International Airport

Building

Technical Center No. 2

Dec. 2002

Maintenance shop for aircraft parts, etc.

213,147 m

Japan Airlines Co., Ltd.

Naha Airport

Building

Office building

Jun. 1999

Office53 mIlas Air Co., Ltd.

Tokyo International Airport

Building

Technical Center No. 2 extended

Mar. 2007

Maintenance shop for aircraft parts, etc.

3,826 mJapan Airlines Co., Ltd.

Naha Airport

Building

Office wing at small size hangar

Aug. 2006

Office20 m

All Nippon Helicopter Co., Ltd.

Tokyo International Airport

Building

Domestic Air Cargo Terminal (E-1 to 4 wing, W-1 to 3 wing)

Aug. 1993

Cargo handling

67,513 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Naha Airport

Building

Sanitary Disposal Plant (SD Plant)

Jun. 2001

Sewage from aircraft treatment plant

185 m2

Airline companies

Tokyo International Airport

Building

Domestic Air Cargo Terminal (E-5 wing)

Mar. 1998

Cargo handling

4,723 m2

Skynet Asia Airways Co., Ltd.

Ota-ku, Tokyo

Land

Tokyu Stay Kamata

Tokyo International Airport

Building

Domestic Air Cargo Terminal (E-6 wing)

Dec. 2001

Cargo handling

4,061 mFUKUYAMA TRANSPORTING Co., Ltd.

Ota-ku, Tokyo

Building

Tokyu Stay Kamata

Tokyo International Airport

Building

Domestic Air Cargo Terminal (E-3 wing) extended

Sept. 2007

Cargo handling

652 m

Nagai Co., Ltd.

Ota-ku, TokyoLand

Sky Residence Minami Kamata

Tokyo International Airport

Building

ARC Building

Jul. 1993

Office11,288 m

TFK CORPORATION, etc.

Ota-ku, Tokyo

Building

Sky Residence Minami Kamata

Tokyo International Airport

Building

Cargo Center Building Annex

Aug. 1993

Office/Substation

1,772 m2

ANA Airport Handling Co., Ltd., etc.

Ota-ku, TokyoLand

Maison Otorii

Tokyo International Airport

Building

Eastern ultrahigh voltage sub station

Aug. 1993

Substation

511 m2

Ota-ku, Tokyo

Building

Maison Otorii(Mar. 2008)

Apartments

1,327 m2

YANASE&CO., LTD.

Tokyo International Airport

Building

Large size cleaning facilities

Mar. 2007

Aircraft cleaning facilities

514 m(Feb. 2003)

Office6,468 mJapan Aeronautic Association

Tokyo International Airport

Building

Engine Maintenance Building, South Wing

Feb. 2008

Tokyo International Airport

Building

Component Maintenance Building

Apr. 2009

Tokyo International Airport

Building

T104, etc.

2

2

2

2

463 m2Mar. 2011

Hotel

3,340 m2298 m

Nov. 2011

Apartments

1,317 m2

Aviation Building (Koku Kaikan)

Engine maintenance shop

19,768 m

ALL NIPPON AIRWAYS CO., LTD.

Chuo-ku, TokyoLand

Kyodo Building (Muromachi 1-chome)

Maintenance shop for aircraft parts, etc.

24,037 m

ALL NIPPON AIRWAYS CO., LTD.

Chuo-ku, Tokyo

Building

Kyodo Building (Muromachi 1-chome)

JAL facilities Co., Ltd.

Chuo-ku, TokyoLand

Kyodo Building (Muromachi 4-chome)

Chuo-ku, Tokyo

Building

Kyodo Building (Muromachi 4-chome)

Narita city, Chiba, etc.

Land

Land

Kimitsu city, Chiba

Land

Land

4,819 m2
19,015 m2

Office316 m2

Hangar No. 1

Nov. 1974

Hangar2,302 mNew Chitose International Airport Building

Administration office

Dec. 1991

Office168 m

New Chitose International Airport Building

Sanitary Disposal Plant (SD Plant)

Jun. 1992

Sewage from aircraft treatment plant

182 m2

Airline companies

Izumisano city, Osaka

Land

Rinku International Logistics Center

New Chitose International Airport Building

Warehouse, etc.

Dec. 1974

Equipment storage/Office

484 m2Skymark Airlines Inc.

Izumisano city, Osaka

Building

Rinku International Logistics Center

Sendai Airport

Building

Small size aircraft hangar No. 1

Jun. 1986

Hangar

736 m2

Kyoritsu Air Survey Co., Ltd.

Total

Land 86,859 m2

Sendai Airport

Building

Small size aircraft hangar No. 2

Nov. 1993

Hangar1,186 m

TOHO AIR SERVICE Co., Ltd.

Sendai Airport

Building

Annex building

Jun. 1993

Office566 m

TOHO AIR SERVICE Co., Ltd., etc.

Sendai Airport

Building

Sanitary Disposal Plant (SD Plant)

Feb. 1996

Sewage from aircraft treatment plant

Sendai Airport

Building

Warehouse, etc.

Dec. 1974

Materials and oil storage

191 m2TOHO AIR SERVICE Co., Ltd., etc.

Nagoya Airport

Building

Hangar

Feb. 2010

Hangar

3,024 m2

J-AIR Corporation

Sanitary Disposal Plant (SD Plant)

Feb. 2005

Sewage from aircraft treatment plant

191 m

Airline companies

Osaka International Airport

Building

Osaka Sogo Building

Dec. 1968

OfficeOsaka International Airport

Building

Sanitary Disposal Plant (SD Plant)

May 1977

Kansai International Airport

Building

Sanitary Disposal Plant (SD Plant)

Jul. 1994

2

ALL NIPPON AIRWAYS CO., LTD.

2

2

2

ANA FACILITIES CO., LTD.

297 m2

Building

2

Tokyu Relocation Co., Ltd.

2

Minato-ku, Tokyo

New Chitose International Airport Building

AFC Annual Report 20132

Airline companies

2343,017 m2

Central Japan International Airport Building

2

2

Corporate Information

2

2

Business Review

2

19,029 m

2

2

Subtotal

15

Total
floor space

879 m

2

(Dec. 2010)

Office5,251 m2

KYODO SHISETSU Co., Ltd., etc.

922 m2(Dec. 2010)(Sept. 2011)

Office5,423 m2

(Off-site)

32,637 m

Office/Cargo handling

Unitika Trading Co., Ltd., etc.

252,815 m2

Kintetsu World Express, Inc., etc.

Building 473,082 m2

Airline companies

2

11,660 m

2

J-AIR Corporation, etc.

Sewage from aircraft treatment plant

2

158 m

Airline companies

Sewage from aircraft treatment plant

1,886 m2

Airline companies

AFC Annual Report 201316

Corporate GovernanceCorporate Profile

Basic Philosophy
We are fully aware of the managing duties entrusted by our shareholders as well as our social corporate responsibilities in doing
our business which handles a large number of passenger traffic and a large volume of cargo.
With our mission and corporate philosophy in mind, we strive to complete our corporate governance to improve ourcorporate value and for the common benefit of our shareholders.

Directors (as of June 27, 2013)

Established:

February 1970

President and CEO

Tomoyuki Takahashi

Capital:6,826.10 million yen

Executive Vice President

Hiroshi Maruyama

Employees:

118 (Consolidated as of March 31, 2013)

Executive Vice President

Susumu Fukushima

Main Banks:

Development Bank of Japan

Executive Vice President

Kenji Inaoka

Resona Bank

Senior managing director

Toshiyuki Nagayoshi

Mizuho Corporate Bank

Senior managing director

Hiroyuki Hoshi

The Bank of Tokyo-Mitsubishi UFJ

Managing Director

Yoshiharu Iwami

Managing Director

Yukio AbeManaging Director

Kousei Ashikaga

Director

Keisuke Komatsu

Director

Kazuhiko Muraishi

Director

Hayao Hora

Director

Toshiaki Norita

Full-time Statutory Auditor

Akihiko Yamada

Full-time Statutory Auditor

Yoshimitsu Amemiya

Statutory Auditor

Kiyoshi Terashima

Statutory Auditor

Akihiko Shiba

Senior Corporate Officer

Mineo Tsuguchi

Senior Corporate Officer

Hiroki Osawa

Structure of Organization
Our corporate governance system is controlled by the Board ofappropriateness and efficiency by maintaining and enhancing the

Directors and Board of Corporate Auditors and we adopt theinternal control system shouldered by the Audit Office monitoring

Corporate Officer System aiming at rapid decision-making, etc.

our business activities, Compliance Committee, and Risk

Furthermore, we strive to ensure managerial compliance,

Management Committee.

Sumitomo Mitsui Banking Corporation
Sumitomo Mitsui Trust Bank

Diagram of Internal Control System

Supervision

General Meeting of Shareholders

Accounting Auditors

Board of Corporate Auditors

Business Review

Corporate Name: Airport Facilities Co., Ltd. (AFC)Board of Directors

Risk Management Committee
Audit Office

Board of Corporate Officers

Bureau: General Affairs
Department, etc.

Managers Meeting

Departments and Consolidated Subsidiary

Compliance

Risk Management

Internal Control over Financial Reporting

We have set up a Compliance Committee
chaired by the president and composed of
all representative directors and fulltime
statutory auditors. The Committee
examines important matters necessary toensure our executive and employees thedue execution of duty in compliance withlaws and ordinances, the articles ofcorporation or in-house rules, bringing our
whole
group
properoperations,prevention of compliance violations, legalrisk avoidance or reduction.

Our Group which builds, and manages
functional facilities indispensable for
airports, is responsible for supporting thesafe airport operation as well as flight
operation. In this context, our Group has
set up a Risk Management Committee
comprised of directors, department heads,
and representatives of subsidiaries, andstrives to maintain and improve its
comprehensive risk management system
in order that no attendant risk on ourbusiness activities may hinder smooth
airport operation and flight.

The Audit Office, under the direct control ofthe president, handles responding to theinternal control reports required by the
Financial Instruments Exchange Act, audits
and evaluates our business from awide-ranging perspective in order toensure proper operations. Our Group isaware of the value of trustworthy
disclosures, financial reports, etc., and it willcontinuously strive to work internal control
system effectively and ameliorate it.

AFC Annual Report 2013

Stock Listings:

Tokyo Stock Exchange (TSE) 1st Section (Ticker Code: 8864 )Total Number of Shares Authorized: 124,800,000
Total Number of Shares Issued:

54,903,750

Number of Shareholders:

5,423

Major Shareholders

Internal Control System

17

Stock Information (as of March 31, 2013 )Corporate Information

Business Execution

PresidentInternal Control

Compliance Committee

Board of Executive Directors

Shareholder

Number of Shares
Owned (thousands)

Ratio of
Shareholding (%)

Japan Airlines International Co., Ltd.

10,521

19.16

ALL NIPPON AIRWAYS CO., LTD

10,521

19.16

Development Bank of Japan Inc.

6,920

12.60

KOKUSAI KOGYO HOLDINGS CO., LTD.

2,270

4.13

Tomio Banno

1,400

2.54

Composition of Shareholders

Stock Price and Trading Volume (Monthly)(￥)

Securities
Companies
0.71%

800
The Company (Treasury Stock)

5.90%

Individuals

Foreign Investors

17.03%

10.05%

600
400
200
0

Other JapaneseCorporations

45.27%

Financial
Institutions

21.04%

Stock price(Thousand shares)

3,000

’12/4

’12/5

’12/6

’12/7

’12/8

’12/9

’12/10’12/11’12/12

’13/1

’13/2

’13/3

Trading volume

2,000
1,000
0

AFC Annual Report 201318