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

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ANNUAL REPORT 2014
Year Ended March 31, 2014

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.

Top Message
Hangar in Kobe Airport
Airport Facilities Co., Ltd. and Airbus Helicopters
Japan won the FY2013 Encouragement Prizeawarded by the Japan Aeronautical Engineer’s
Association for its improvement DVD operation in
the hangar we constructed in Kobe Airport.

Major airline companies in Japan plan to expand their business according to the increase in demand forinternational flights. On the other hand, full-fledged participation by foreign airline companies in theinternational passengers market in the Tokyo Metropolitan Area has made competition there increasingly
severe. Even in the domestic market where emerging companies are actively expanding their business and theprice of fuel oil is hovering at a high level, legacy airline companies are striving to further reduce cost.
Under these circumstances, Airport Facilities Co., Ltd. has been providing airport-related facilities flights
meeting the increasing demand related to international flights at Tokyo International Airport. We have beenoffering a factory for in-flight meals on international flights since this March followed by a factory catering
in-flight meals. The company is also actively working to meet the needs for additional crew training facilities.
Currently, the national government is conducting a survey on fundamental factors essential for further
increasing the handling capacity at the airports in the Tokyo Metropolitan Area. We are also willing toparticipate in future issues of Tokyo International Airport, especially in the 1-Chome District, andcontinuously consider the redevelopment concept and make proposals and requests to the national
government.
In the district adjacent to Tokyo International Airport, the third apartment building we are constructing
is scheduled to be completed by November this year, in response to active demand for employees’
residences and accommodations by airline companies. In the vacant lot at the front of the International
Terminal, the deployment of accommodations and commercial facilities is expected anticipating the 2020
Olympic Games and the expansion of airport capacity. In the context of the national policy, we are ready tomake the most of the knowhow we have acquired.
The company established a 100%-owned overseas company in Singapore last November, and started
overseas operation. Making full use of the knowhow, technology and experience that we have developed inJapan, we would like to pursue construction, acquisition and lease of airport-related facilities abroad as well.

ChairmanPresident and CEO

Tomoyuki Takahashi

Hiroshi Maruyama

We highly appreciate your continued support for our Group.
August, 2014

Our Mission
Our mission is to play a vital role in the progress of aviation as a pivotal privatecompany operating mainly at airports, through creating and providing
necessary facilities and functions at airports.

Changes in Annual Dividend per Share and Payout Ratio

Corporate Philosophy
1 We will continually advance ahead of the demands and changes of the times byproducing creative innovation and we will endeavor to raise corporate value.

2 We make effort to be a reliable and trusted company that always provides value

which satisfies customers and complies with public expectation.

3 We will foster our staff, and encourage and reward the efforts they make and the

We recognize the prompt return to the shareholders as top corporate priority, intending to repay the due returnto shareholders while considering various factors such as the internal reserves prepared for new business andinvestment opportunities, the mid- to long-term business outlook.
This policy has led to ¥6.0 year-end dividend to pay for the year ended March 31, 2014, the same as theprevious fiscal year-end, resulting in an annual ¥12.0 dividend, the same as the previous fiscal year.

challenges they tackle.

Dividends per share (¥)

4 As a member of civil society, we observe rules and respect fairness.

Payout ratio (consolidated) (%)

20

CONTENTS
Top Message
Changes in Annual Dividend per Share and Payout Ratio …………… 02
Business Review
Airport Facilities at a Glance …………………………………………… 03
Highlights of the Previous Year’s Business Result andOutlook for the Current Fiscal Year …………………………………… 05
Focus: Sky of Japan changing with the expansion of arrivaland departure slots at Tokyo International Airport …………… 06
Our Business in the Tokyo International Airport ……………… 07
Recent Business Activities(Overseas and Regional Airports) ……………………………………… 09

16

Future Business Direction ……………………………………………… 10
Our Website Timely Updated …………………………………………… 11
Corporate Information
Subsidiary Company …………………………………………………… 12
Consolidated Financial Data & Industry Related Data
(Ten-year Summary) …………………………………………………… 13
List of Facilities ………………………………………………………… 15
Corporate Governance ………………………………………………… 17
Corporate Profile, Stock Information ………………………………… 18

Payout ratio

15.0

16.0

16.0

56.7

12

12.0

12.0

35.9

34.8

12.0

10.0
25.5

29.6

60

16.0

13.0

8

300

276.0

Dividends per share

28.3

26.7

45

30

25.3
15

4

0

0
’06/3

’07/3

’08/3

’09/3

’10/3

’11/3

’12/3

’13/3

’14/3

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 from the above forecasts for various reasons.

AFC Annual Report 201402

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.

11.4%

We create and manage the facilities and functions indispensable to ensure the appropriate management of airport

Kobe Airport

Net Sales by
Business Segment

Area Heating &Cooling Business

0.9%

Real EstateBusiness

Net Sales by
RegionOsaka
International Airport

70.8%(’14/3)17.7%

leading up to the safety operation of airline companies.

8.4%
2.1%

Other Regional Airports

Tokyo
International
Airport(’14/3)

1.3%

84.8%

KansaiInternational Airport

2.5%

Domestic Air Cargo Terminal (Tokyo International Airport)

Technical Center No. 1

Real Estate Business

13 Airports where we deploy our business
New Chitose Airport
NagoyaBased on Tokyo International Airport (Haneda Airport), our company constructed
multipurpose general buildings, hangars, maintenance shops, aircraft cleaning facilities,
sanitary disposal plants, air cargo terminal facilities, etc. in 13 airports in Japan and 1 airport
abroad, and we lease them to airline companies and aviation-related companies.

Central Japan Int’l (Centrair)
Kobe

FukuokaKagoshima
Naha

Kansai Int’l
Hiroshima Heliport

High-efficiency Electric Turbo Chiller

Areas covered by our heating and cooling system in Tokyo International Airport
Runway D
Runway C
Domestic cargo area

Domestic passenger area New aircraft maintenance area

Corporate Information

Runway A

The heating and cooling source is generated in the Energy Center, and is supplied tofacilities within the airport site, including the facilities of our company, Passenger
Terminals No. 1 and No. 2 and government office buildings.

Runway B

International passenger and cargo area

Former aircraft maintenance area
(1-chome district)

Water supply & drainage facilities in the reclaimed land area

Shared Communication Service (Tokyo International Airport)

Business Review

Energy Center (Tokyo Airport Heating & Cooling Co., Ltd.)Tokyo Airport Heating & Cooling Co., Ltd., a subsidiary of our company, is engaged inarea heating and cooling business in zones for domestic passengers, domesticcargoes and the new aircraft maintenance area in Tokyo International Airport.

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

Kitakyushu

Also outside the airports, our company leases office buildings, airport-related facilities,
housing complexes, etc. in areas such as the Tokyo Metropolitan area, adjacent areas to theTokyo International Airport and the opposite shore of the Kansai International Airport.

Area Heating & Cooling Business

Sendai

Osaka Int’l (Itami)

Areas covered by our local area communication network

offshore Tokyo International Airport
Runway D

The company implements the operation and management of water supply anddrainage service (water and sewerage) in facilities such as Tokyo International
Airport.

Runway C
Domestic cargo area

The company developed the local area network for the airport related companies fordomestic/international passengers, domestic/international cargoes and the newaircraft maintenance area in Tokyo International Airport, and provides extension-toextension call and data communication services within the airport.

Runway A
Runway B

Volume of Thermal Energy Supplied (unit: GJ)

80

Cooling (THC)

500,000

527,730

471,533

60

431,906

441,242

Heating (AFC)200,000

20

100,000
0

1970

AFC Annual Report 2014

1980

1990

2000

2013

149,299
79,267

9,905

10,005

9,945

’13/3

’14/3

9,795

9,214

416,613300,000

40

Lines
10,0009,000

400,000

Heating (THC)

03

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

International passenger and cargo area

Former aircraft maintenance area
(1-chome district)

Number of facilities(1968 – 2013)

0

Domestic passenger area New aircraft maintenance area

162,151

8,000

Cooling (AFC)170,417

174,296

25,505

21,415

21,457

184,983
7,000

62,00930,612

36,593

19,12813,476

14,160

’10/3

’11/3

’12/3

’13/3

’14/3

6,000
’10/3

’11/3

’12/3

AFC Annual Report 201404

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, 2014
Consolidated Business Results

1(¥Million)(¥Million)

30,0006,000
1

Net sales2

25,000Operating income

3

Ordinary income

4

Net income

5,000
21,06820,971

20,000

4,000
3,363

15,0003,000

10,000

2,000

5,000

1,000

0

0

3,499

3,490
3,090
2

Operating income increased by 4.0% from the previous
term with a reduction in repair expenses for real estate forrent and other costs, and a decrease in rent for the land werent for water supply and drainage and other services.

3

Ordinary income decreased by 11.5% from the previous
term, due to a decrease in dividend received from oursubsidiary company and the recording of non-operating
removal costs in connection with the aging of facilities.

1,781
1,093

’13/3

’14/3

’13/3

’14/3

’13/3

’14/3

’13/3

’14/3

4

Consolidated Cash Flows(¥Million)

4,000
1

Cash flows fromoperating activities

local areas via Tokyo International Airport as well as inbound tourism to the countryside, and at the same time, to heighten its
presence in Asia and the world against the backdrop of the national growth strategy and tourism promotion strategy.

Tokyo International Airport is in a close third in terms of the number of passengers.
The number of passengers to and from Tokyo International Airport is expected to break the 70 million mark along with the increased number of slots.
Now, there is a possibility that Tokyo International Airport will overthrow London Heathrow Airport, the world’s third largest airport in terms ofpassengers.
(Thousand people)

Rank Airport (Country)
Hartsfield-Jackson Atlanta International Airport (USA)1

94,431

London Heathrow Airport (UK)2

Net cash earmarked for investment amounted to ¥4,418
million, mainly attributable to the acquisition of fixed
assets including in-flight meal factory.

4

Tokyo International Airport (Japan)

68,906

5

Chicago O'Hare International Airport (USA)66,777

3

Income by financing activities was ¥15 million, mainly
attributable to the marginal increase in the new fundingby loans.

6

Los Angeles International Airport (USA)66,6677Dubai International Airport (UAE)

66,431

8

Charles de Gaulle International Airport (France)

62,0529

Dallas/Fort Worth International Airport (USA)60,47010

Soekarno–Hatta International Airport (Indonesia)

60,137△2,00083,71272,368

Corporate Information△1,000Cash and cash
equivalents at
end of ’14/3

networked with other domestic airports, is expected to play an important role in promoting outbound travel generated from3

Cash flows fromfinancing activities
4

increased in particular, by about 55 round trips from this July. Furthermore, Tokyo International Airport, which is fully

Beijing Capital International Airport (China)

1,000

Cash and cash equivalents
at end of ’13/3

about 90,000, which is about 1.5 times more than before. Day time flights as well as flights to and from Europe and the U.S.

2

2,000

0

March 30 this year, the arrival and departure slots for international flights at Tokyo International Airport were increased toIncome before income taxes and minority interests plus
non-cash items such as depreciation and less tradereceivables amounted to an in-flow of ¥3,898 million.

1

3

Current net income decreased by 38.7% from the previous
term due to the extraordinary loss derived from thedepreciation of obsolete property (book value deprecationof Sogo Building No. 8).

Sky of Japan changing with increase in number of slots△3,0002

Cash flows frominvesting activities△4,000Business Review

3,000

Despite an increase in income brought by the year-longoperation of the Kitakyushu Airport Training Center and theTokyo International Airport Maintenance Center as well as
the newly started operation of the in-flight meal factory, net
sales decreased by 0.5% from the previous term due tovacancies accompanied by the redeployment of airport
functions from the 1-Chome District to the offshore district,and a decrease in the demand for area heating and cooling
service.

Focus

Source：‘Preliminary world airport traffic and rankings 2013’（Airports Council International）

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

Home

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IR LibraryFinancial Results

Outlook for the fiscal year ending March 31, 2015

1

While contribution by the in-flight meal factory at Tokyo
International Airport, extension work on the MaintenanceCenter, marking sales full-year from the hangar at
Kagoshima Airport, and apartment building (in Otorii)
scheduled to be completed by November is expected, it isforecast that net sales will decrease by 3.0% (decrease by¥621 million) from the previous term due to the cancellationof the contracts of some facilities and the abolishment of thearea heating and cooling service of the 1-Chome District.

2

It is forecast that operating income will decrease by 22.6%(decrease by ¥789 million) from the previous term due to anincrease in the amortization cost of new properties, thecontinuous payment of fixed costs, and an increase in
expenses such as electricity and gas bills.

4

It is expected that the decrease in ordinary income willremain at around ¥180 million, due to a decrease in
non-operating removal cost. It is expected that the current
net income will increase for the term ending in March 2015,
on the rebound from the previous term recording
extraordinary loss.

Consolidated Business Results(¥Million)(¥Million)

30,0006,000
1

Net sales

25,0002

Operating income

3

Ordinary income

4

Net income

5,000
20,35020,0004,000
Year on year

15,000−621

10,000

2,000

5,000
0

05

3,000

2,910

2,710
Year on year

-789

Year on year

-180

0

3
Year on year

1,000

’15/3 (plan)

1,550

+457
’15/3 (plan)’15/3 (plan)’15/3 (plan)

写真提供：アフロ

AFC Annual Report 2014

AFC Annual Report 201406

FocusOur Business in the Tokyo International Airport
Since its establishment, our Group’s stronghold has been Tokyo International Airport. Through experiences in Aircraft
Maintenance Area, Domestic Passenger Area, Domestic Cargo Area and and New Aircraft Maintenance Area, we haveestablished a solid business base in real estate and infrastructure development business.
Upon the expansion of arrival and departure slots for international flights this March, the Company reacted flexibly
to the new needs of airline companies and aviation-related companies. We are also steadily stimulating new demands
and finding potential customers.
Business Related to Re-expansion and Internationalization (from 2008)
Facilities / Services

Completion date

Major use / Functions

1

Engine Maintenance Building (South Wing)

Feb. 2008

Engine maintenance shop

2

Component Maintenance Building

Apr. 2009

Maintenance of aircraft components

3

Sogo Building No. 5

May 2010

Flight simulator

4

Expanded local area communication networks

Oct. 2010

Telecommunication service

5

Thermal energy supply to the addition ofPassenger Terminal No. 2

Oct. 2010

Thermal energy

6

Sogo Building No. 3

Oct. 2010

In-flight meal preparation

7

Large-size hangar (the second training facility forSkymark Airlines)

Nov. 2010

Flight simulator/Sedentary studies

8

Tokyu Stay Kamata

Mar. 2011

Hotel

9

Sky Residence Minami Kamata

Nov. 2011

Apartments

Feb. 2012

Training facility for flight crew

May 2012

Office（Headquarter of Skymark Airlines）

12 West Hangar

Jun. 2012

Hangar（Skymark Airlines）

13 Sky Residence Omori Higashi

Dec. 2013

Apartments

14 Maintenance Center Annex extended

Feb. 2014

Training facility for flight crew

15 In-flight meal factory

Mar. 2014

In-flight meal factory

16 Sky Residence Otorii

Nov. 2014 (plan)

Apartments

Skymark Airlines

Runway D
Came into operation
Oct. 2010
5

Maintenance shop of aircraft engines
5

11

1

Engine Maintenance Building (South Wing)

Thermal energy supply
to the addition ofPassenger Terminal No. 2

2

Component Maintenance Building

Maintenance shop of aircraft electrical components

Adjacent areas to
the Tokyo International Airport
8

Tokyu Stay Kamata

15

4
7
6

4
2

3
12

Corporate Information

11 Maintenance Center Annex and Headquarters ofInternational Passengers
and Air Cargo Area
Opened Oct. 2010

1

Business Review

10 Sogo Building No. 7

The arrival and departure slots forinternational flights increased by 1.5 times.
Mar. 30, 2014

14
8

9

Hotel for airline employees
and passengers

Energy Center

13 16

Adjacent areas
to the Tokyo
International Airport

10

Efforts for the term ended in March 201407

13 Construction of Sky Residence Omori Higashi completed

14 The extension work of the Maintenance Center

15 Construction of factory for meals served on

16 Sky Residence Otorii being constructed

Construction of Sky Residence Omori Higashi, which is an apartment for thoseworking at the airport, located in Omori Higashi, Ota-ku, Tokyo, along the railway
line connected to the airport, wascompleted in December 2013.
This facility was constructed as anapartment house for those whowork at the airport, whose
number is increasing according
to the increase in the amount of
air traffic at the airport. It is mainly
used as a residence for theemployees of ANA Group.

Extension work on a training facility for the crew of flights that had been
conducted within the premise of the Maintenance Center Annex was completed
in February this year.
Skymark Airlines Inc., towhich the facility isleased, is now able to set
up six flight simulators intotal after this extension
work.

The in-flight meal factory, which was being constructed as a part of the extension
and refurbishment of the former Maintenance Center 3, in order to respond to
the increase in demandfor international flights,
was completed in March
this year. The facility is
being used by JAL Royal
Catering Co., Ltd. as afactory for meals served
on international flights.

A site was acquired in Higashi-Kojiya, along the Keihin Kyuko Line that directly
connects to Tokyo International Airport, and the third apartment for those
who work at the airport
is being constructed.
After its completion,scheduled for November this year, it isplanned to be used by
ANA Group.

Outline of the facility

Outline of the facility

Outline of the facility

Outline of the facility

Leased to: ANA Group, etc.
Use: apartments, storesConstruction completed in: December 2013

Leased to: Skymark Airlines Inc.
Use: training facility for flight crew
Construction completed in: February 2014

Leased to: JAL Royal Catering Co., Ltd.
Use: In-flight meal factory
Construction completed in: March 2014

Leased to: ANA Group
Use: apartments
Construction scheduled to be completed in: November 2014

AFC Annual Report 2014

Annex completedinternational flights completed

AFC Annual Report 201408

Recent Business Activities (Overseas and Regional Airports)

Future Business Direction

We are trying to renew and expand facilities and deploy our business also overseas and in regional airports.

Airport Facilities Co., Ltd. will actively capitalize on business opportunities in Japan and abroad, including the further
development of Tokyo International Airport, revitalization of regional airports, management reform by airline
companies and the overseas trends of airport business.

Overseas operation started

Further development and improvement of efforts by Tokyo International Airport

November 2013
A 100%-owned locally-incorporated company was established in Singapore,and the company’s know-how is shared in Asia.

Malaysia

Future movements at Tokyo International Airport

Singapore

March 2014:

Seletar Airport

Singapore
Changi Airport

Increase in the annual arrivaland departure capacity (447,000 slots)
Expansion of arrivaland departure slots throughfurther improvement of functions
will be considered in the future

July 2020:

The first expansion of capacity
towards the hosting of the Olympic
Games in Tokyo (assumed)
Around 2030: Significant expansion of airport
capacity (assumed)

Outline of Airport Facilities Asia
(AFA)

1. Future approaches by the Company

Helicopters Southeast Asia, which is a member company of Airbus Group,
the major aerospace company in Europe, at Singapore Seletar Airport.
出水This project is the first operation
abroad for our company group. As forfacilities for Airbus Group,鹿児島本線it is the second project following the hangar of
Airbus Helicopters
阿久根 Japan in Kobe Airport.

For the revitalization of regional airports
March 2014
The rebuilding and the expansion work of hangars in Kagoshima Airport were completed.
川内

Providing hotels• In order to cope with increasing demand for accommodations, a further construction plan (second hotel
building) is being considered in a location near the airport.

Providing apartments• It is further being considered to construct properties in addition to Otorii (third building) in order to copewith the increase in the number of employees in aviation-related companies.

Vacant lot at the front of
the International Terminal ofTokyo International Airport(Zone No. 2)• Increase in demand for accommodation and commercial facilities in line with the holding of the Olympic Games• Currently, information is collected on the national policy on the improvement.

Haneda Airport
1-Chome District• Expectation towards the redevelopment of the district towards an increase in the handling capacity• Consider making proposals and requests to the national government by utilizing past performance and knowledge.

日豊本線

1 In Asia, there is an increase in demand for aircraft and equipment

Aira

maintenance due to a significant increase in small aircrafts andhelicopters. There are also strong needs for crew training in order
to cope with the lack of pilots. These are regarded as a business
opportunity.
2 Based on the above trends, construction and acquisition of thesecond and third properties for Airbus Group through theKagoshima Bay

Kagoshima

locally-incorporated company in Singapore (AFA) is being earnestly
considered.
3 Because there are a great variety of companies under Airbus
Group, further marketing activities as an important business
partner will be implemented by considering various different
possibilities in addition to the lease of hangars.

日南線

Hangar No. 2

Ibusuki Makurazaki Line

Use: service and maintenance of broadcasting helicopters

Airport Facilities Co., Ltd. offers hangars for small aircrafts such as broadcasting and medical helicopters at regional airports.
Recently, demand for helicopters is spreading throughout Japan. The
size of aircrafts used is also becoming larger in order to cover wider areas• Consider the expansion of flight crew training facility (countermeasures against the lack of pilots)• Consider the construction of new facilities with airport functions in order to cope with increasing demand.

2. Business development abroad
Kokubu串木野

Use: service and maintenance of emergency medical helicoptersand disaster prevention helicopters

Providing facilities
with airport functions

Kagoshima Airport
Kyushu Expressway

Hangar No. 1

Utilizing the vacant lot of Tokyo International
Airport and redevelopment of the 1-ChomeDistrict as a venue for facilities related toairport function

Corporate Information

In November 2013, Airport Facilities Asia (AFA), a 100%-owned locallyincorporated company was established in Singapore, with the purpose of
implementing the construction, acquisition and leasing of airport-related
facilities abroad.
AFA concluded a contract this March for leasing a hangar for Airbus

According to the increase in demand foraviation service, the function of aviation
and airport-related facilities should
be enhanced from a new perspective.

Business Review

Company name: AIRPORT FACILITIES ASIA PTE. LTD.
Representative: Hiroshi Maruyama (President and CEOof the Company)
Description of business: construction, acquisition andleasing of airport-related facilities abroad
Capital stock: 5.6 million Singapore dollars (approx.
448 million yen)
Ownership ratio: 100%-owned by Airport Facilities
Co., Ltd.
Established: November 28, 2013

Reactions that should be taken by the airport

for service. Therefore, in Kagoshima Airport, the existing hangar was rebuilt
and expanded, for which the construction was completed in March 2014.
A solar panel is installed on the hangar, and it is intended to secure
profitability with income from related business.

3. Other鹿屋

1 Watch the trends and progress of airport management reforms.

Including concessions in Sendai Airport, Kansai International
Airport and Osaka International Airport

2 Operational Headquarters will be set up to exert a company-wide
effort to cope with the problem of vacant rooms within Tokyo
International Airport.

枕崎

指宿

09

AFC Annual Report 2014

AFC Annual Report 201410

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

From June 1993, Tokyo Airport Heating & Cooling Co., Ltd. (THC) has been engaged in area heating and cooling operations

information continuously enriched.

for the Tokyo International Airport in the reclaimed area offshore former Tokyo International Airport, giving safe and stablesupply of thermal energy the top priority. Heating and cooling energy is generated at the Energy Center and supplied tovarious facilities in the airport including government offices, Terminal Buildings No. 1 and No. 2. As more than 20 years havepassed since it started its service, the Company started to carry out a 10-year plan, incorporating eco-friendly andenergy-saving measures, to renew equipments such as freezers and boilers from the fiscal year ended March 31, 2012.
Corporate Profile (As of March 31, 2014)

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)”.
Corporate Information

01 “Hangar”

24-hour control room

Energy-saving high efficiency freezer

Water-saving cooling water recycling equipment

Pipeline (in public conduit)

02 “Maintenance Buildings”

03 “Aircraft Cleaning Facilities”

11

History

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 201404 “Multi-purpose Building (Sogo Building)”

AFC Annual Report 201412

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

Equity Ratio

Debt to Equity(¥Million)(¥Million)(¥Million)

(%)

(%)

（Times）

30,0006,000

30,000

8

80

1.5

5,000

25,000
6

60

25,00023,60922,51520,806

21,06861.2
2,896

20,971

20,000

4,000

3,542

20,000

3,490

3,235

4,079
4,212

3,090

15,0003,000

15,000

2,711

2,919

2,468

2,393

4,357

4,244

3,720

1,729

10,000

1,781

1,000

15,06813,52814,354

14,857

’10/3

’11/3

’12/3

’13/3

0

’14/3

40
0.6
0.394

0.380

2

0.313

20

0.349

0.360

’13/3

’14/3

0.3

5,000

’10/3

1.2

0.9
3.9

4

299

0

59.9

2.4
16,634

1,093

5,000

62.2

3.8

2,045

2,000

61.4

4.6

2,396

10,000

61.2

0.7

’11/3

’12/3

Ordinary Income

’13/3

0

’14/3

’10/3

’11/3

’12/3

’13/3

’14/3

Real Estate Business
Area Heating & Cooling Business
Water supply & Drainage and Other Business

Net Income

0

’10/3

’11/3

’12/3

’13/3

0

’14/3

’10/3

’11/3

’12/3

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

’13/3

0

’14/3

’10/3

’11/3

’12/3

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

Ten-year Financial Summary & Industry Related Data
’05/3

’06/3

’07/3

’08/3

’09/3

’10/3

’11/3

’12/3

’13/3

’14/3

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

21,06820,971

5,224

5,270

5,194

5,242

4,860

3,814

2,486

2,771

3,363

3,499

Ordinary Income (¥Million)

4,488

4,807

4,765

4,868

5,041

3,542

2,396

2,711

3,490

3,090

Net Income (¥Million)

2,471

2,687

2,621

2,919

3,100

299

2,045

1,729

1,781

1,093

EBITDA (¥Million)

10,868

10,787

10,32010,833

10,726

6,730

8,757

7,231

6,445

5,134

Cash Flows from Operating Activities (¥Million)

8,472

8,166

7,575

8,045

8,213

7,443

7,659

2,861

5,522

3,898

Cash Flows from Investing Activities (¥Million)(2,602)(1,302)(2,243)(6,996)(4,309)(3,594)(4,395)(4,699)(3,833)(4,418)Cash Flows from Financing Activities (¥Million)(7,621)(6,027)(5,761)340(3,772)(4,191)(3,975)

3,117(3,516)15

Depreciation Expense (¥Million)

6,069

5,642

5,290

5,281

5,313

5,510

5,047

3,382

3,222

3,093

Business Investment in Plant and Equipment (¥Million)

1,908

1,023

2,839

6,234

5,295

3,427

12,545

7,177

3,166

7,540

At the Year End
Net Assets (¥Million)

36,662

39,07542,84544,26445,71844,897

46,16047,27447,02647,998

Total Assets (¥Million)

80,00077,14374,38576,80675,28471,012

73,08374,86473,317

77,621

Interest-bearing Debt (¥Million)

31,47826,092

21,13422,196

19,566

16,537

14,002

18,094

15,92016,746Equity Capital (¥Million)*1

36,662

39,07540,91142,70044,122

43,484

44,69445,95845,60746,499Per Share Data
Net Income per Share (¥)

46.13

51.00

50.72

56.49

60.01

5.80

39.58

33.46

34.48

21.15

882.80900.07

Net Assets per Share (¥)*

708.54755.28791.84826.48854.01841.67865.11

889.58Dividends per Share (¥)

11.0

13.0

15.0

16.0

16.0

16.0

10.0

12.0

12.0

12.00

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

51,661,979

2

Average Number of Shares during the Period (Shares)
Management Index
Equity Ratio (%)
Debt to Equity (Times)

45.8

50.7

55.0

55.6

58.6

61.2

61.2

61.4

62.2

59.9

0.859

0.668

0.517

0.520

0.443

0.380

0.313

0.394

0.349

0.360

ROE (%)

6.86

7.10

6.55

6.98

7.14

0.68

4.64

3.76

3.91

2.37

Ordinary Income to Total Assets (%)

5.4%

6.1%

6.3%

6.4%

6.6%

5.0%

3.3%

3.6%

4.8%

4.1%

Operating Margin (%)

19.5%

21.8%

21.1%

20.9%

19.2%

16.2%

11.0%

13.3%

16.0%

16.7%

Payout Ratio (%)

23.9

25.5

29.6

28.3

26.7

276.0

25.3

35.9

34.8

56.7

Dividends to Net Assets (%)*3

1.7

1.9

1.9

1.9

1.9

1.8

1.1

1.3

1.4

1.3

152

136

132

131

123

118

115

151

148

151

Data Related to Tokyo International Airport
Number of Domestic Passengers

61,636,901

62,294,265

65,265,791

64,951,041

63,157,057

59,334,725

58,808,107

56,424,630

58,752,301

Number of International Passengers

849,159

1,301,176

1,617,338

1,950,769

2,438,401

2,756,542

4,818,314

7,267,172

7,948,089

Volume of Domestic Cargoes (ton)653,902

678,092

701,363718,205

757,108

724,539

720,787

696,083

703,153

0

1,892

5,317

6,595

10,05915,561

61,270124,005

140,915

Employees (Consolidated)

Volume of International Cargoes (ton)Corporate Information

26,824

Operating Income (¥Million)

Business Review

For the YearNet Sales (¥Million)*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 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)

13

AFC Annual Report 2014

AFC Annual Report 201414

List of Facilities (AS of March 31, 2014)
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)

Office12,907 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

Office19,592 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

14,383 m2

Japan Airport Terminal Co., Ltd.

Kobe Airport

Building

Hangar

Nov. 2011

Hangar

8,165 m2

Airbus Helicopters 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. 7

May 1991

Simulator room/Lecture room

3,023 mpanda · Flight · Academy Inc.

Hiroshima heliport

Building

Annex building

Sept. 1983

Office2

325 m

All Nippon Helicopter Co., Ltd., etc.

Tokyo International Airport

Building

Sogo Building No. 8(Mar. 1995)

Office/Maintenance shop

13,552 m2

Fukuoka Airport

Building

Small size aircraft hangar

Feb. 1996

Hangar

900 m2

NishiNipponAirLines Co., Ltd., etc.

Tokyo International Airport

Building

Large hangar

Apr. 1970

Hangar12,155 m2

Skymark Airlines Inc.

Fukuoka Airport

Building

Sanitary Disposal Plant (SD Plant)

Sept. 1997

Sewage from aircraft treatment plant

167 m2

Airline companies

Tokyo International Airport

Building

Engine Shop No. 4

Aug. 1979

Plating plant

4,623 mJapan Airlines Co., Ltd.

Fukuoka Airport

Building

Office, etc.

Office/Materials & oil storage

294 m

NishiNipponAirLines Co., Ltd., etc.

Tokyo International Airport

Building

Energy Center

Sept. 1973

Chiller room/Boiler room

1,424 mKitakyushu Airport

Building

Kitakyushu Airport Training Center

Simulator room/Lecture room

1,965 mStar Flyer Inc.

Tokyo International Airport

Building

Sanitary Disposal Plant (SD Plant)

Dec. 1987

Sewage from aircraft treatment plant

214 m

Airline companies

Kagoshima Airport

Land

Vacant landTokyo International Airport

Building

Utility Center Building

Apr. 1993

Office/Substation

28,478 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Kagoshima Airport

Building

Hangar No. 1

Mar. 2014

Hangar2,622 m2

Kagoshima International Aviation Co., Ltd.

Tokyo International Airport

Building

West Hangar

Jul. 1993

Hangar

24,835 m2

Skymark Airlines Inc.

Kagoshima Airport

Building

Hangar No. 2

Mar. 2014

Hangar637 m2All Nippon Helicopter Co., Ltd.

Tokyo International Airport

Building

Maintenance Center Annex

Jun. 1993

Office/Vehicle Maintenance2

9,486 mSkymark Airlines Inc.

Kagoshima Airport

Building

Logistics facility

Mar. 2014

Cargo handling

591 m

KOKUSAI KUYU CO., LTD.

Tokyo International Airport

971m

Skymark Airlines Inc.

Kagoshima Airport

Building

Kagoshima Center

Sept. 1989

Office380 m

Kyushu Electrical Safety Inspection
Association, etc.

Naha Airport

Building

Small size aircraft hangar

Mar. 1996

Hangar565 m2

Ilas Air Co., Ltd., etc.

2

2

2

2

2

Mar. 2002

15,030 m2

HangarJapan Airlines Co., Ltd.

6,850 m2

Aug. 2012

2

2

2

2

19,029 m

2

2

Maintenance Center Annex extended

Feb. 2014

Training facility for flight crew

Building

Ground Support Equipment (GSE) Maintenance Shop

(Mar. 2000)

Vehicle Maintenance, etc.

3,335 mJAL Ground Service Co., Ltd., etc.

Tokyo International Airport

Building

Gas governor station

Apr. 1993

Gas governor room

260 m2

TOKYO GAS 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. 1(Mar. 2002)

Maintenance shop for aircraft parts, etc.

27,880 m2

Japan Airlines Co., Ltd.

Naha Airport

Building

Office building

Jun. 1999

Office55 m2

Ilas Air Co., Ltd.

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 wing at small size hangar

Aug. 2006

Office38 m

All Nippon Helicopter Co., Ltd.

Tokyo International Airport

Building

Technical Center No. 2 extended

Mar. 2007

Maintenance shop for aircraft parts, etc.

3,808 mJapan Airlines Co., Ltd.

Naha Airport

Building

Sanitary Disposal Plant (SD Plant)

Jun. 2001

Sewage from aircraft treatment plant

185 m

Airline companies

Tokyo International Airport

Building

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

Aug. 1993

Cargo handling

67,918 m2

ALL NIPPON AIRWAYS CO., LTD., etc.

Ota-ku, Tokyo

Land

Tokyu Stay Kamata

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

Building

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, TokyoLand

Sky Residence Minami Kamata

Tokyo International Airport

Building

Domestic Air Cargo Terminal (E-3 wing) extended

Sept. 2007

Cargo handling

652 m

Nagai Co., Ltd.

Ota-ku, Tokyo

Building

Sky Residence Minami Kamata

Tokyo International Airport

Building

ARC Building

Jul. 1993

Office11,288 m

TFK CORPORATION, etc.

Ota-ku, TokyoLand

Maison Otorii

Tokyo International Airport

Building

Cargo Center Building Annex

Aug. 1993

Office/Substation

1,772 m2

ANA Airport Handling Co., Ltd., etc.

Ota-ku, Tokyo

Building

Maison Otorii

Tokyo International Airport

Building

Eastern ultrahigh voltage sub station

Aug. 1993

Substation

510 m2

Ota-ku, TokyoLand

Sky Residence Omori-Higashi

Tokyo International Airport

Building

Large size cleaning facilities

Mar. 2007

Aircraft cleaning facilities

513 m

Airline companies

Ota-ku, Tokyo

Building

Sky Residence Omori-Higashi

Tokyo International Airport

Building

Engine Maintenance Building, South Wing

Feb. 2008

Engine maintenance shop

2

19,768 m

ALL NIPPON AIRWAYS CO., LTD.

Ota-ku, Tokyo

Land

Land (Higashi Kojiya)

667 mTokyo International Airport

Building

Component Maintenance Building

Apr. 2009

Maintenance shop for aircraft parts, etc.

2

24,037 m

ALL NIPPON AIRWAYS CO., LTD.

Ota-ku, Tokyo

Land

Land (Haneda Asahi Cho)

964 m2

Tokyo International Airport

Building

In-flight meal factory

Mar. 2014

In-flight meal factory

12,822 m2

JAL ROYAL CATERING CO., LTD.

Minato-ku, Tokyo

Building

Aviation Building (Koku Kaikan)

Chuo-ku, TokyoLand

Kyodo Building (Muromachi 1-chome)

Chuo-ku, Tokyo

Building

Kyodo Building (Muromachi 1-chome)

Chuo-ku, TokyoLand

Kyodo Building (Muromachi 4-chome)

2

2

2

2

2

2

354,905 m2
Hangar2,312 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

226 m

Airline companies

Chuo-ku, Tokyo

Building

Kyodo Building (Muromachi 4-chome)

New Chitose International Airport Building

Warehouse, etc.

Dec. 1974

Equipment storage/Office439 m2Skymark Airlines Inc.

Narita city, Chiba, etc.

Land

Land

Sendai Airport

Building

Small size aircraft hangar No. 1

Jun. 1986

Hangar

736 m2

Kyoritsu Air Survey Co., Ltd.

Narita city, Chiba

Building

Solar power plant

Sendai Airport

Building

Small size aircraft hangar No. 2

Nov. 1993

Hangar1,186 m

TOHO AIR SERVICE Co., Ltd.

Kimitsu city, Chiba

Land

Land

Sendai Airport

Building

Annex building

Jun. 1993

Office566 m2TOHO AIR SERVICE Co., Ltd., etc.

Izumisano city, Osaka

Land

Rinku International Logistics Center

Sendai Airport

Building

Sanitary Disposal Plant (SD Plant)

Feb. 1996

Sewage from aircraft treatment plant

Airline companies

Izumisano city, Osaka

Building

Rinku International Logistics Center

Sendai Airport

Building

Warehouse, etc.

Dec. 1974

Materials and oil storage

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

Total

Land 89,337 m2

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

Central Japan International Airport Building

2

2

2

J-AIR Corporation, etc.

Osaka International Airport

Building

Osaka Sogo Building

Dec. 1968

OfficeOsaka International Airport

Building

Sanitary Disposal Plant (SD Plant)

May 1977

Sewage from aircraft treatment plant

63 m2

Airline companies

Kansai International Airport

Building

Sanitary Disposal Plant (SD Plant)

Jul. 1994

Sewage from aircraft treatment plant

1,886 m2

Airline companies

AFC Annual Report 2014

11,660 m

2Mar. 2011

Hotel

3,346 m2

Tokyu Relocation Co., Ltd.

298 m

2

Nov. 2011

Apartments

1,317 m2

ANA FACILITIES CO., LTD.

297 m

Nov. 1974

2

463 m2(Mar. 2008)

Hangar No. 1

ALL NIPPON AIRWAYS CO., LTD.

2

2

New Chitose International Airport Building

2

2

Apartments

1,326 m2

YANASE&CO., LTD.

847 m2
Dec. 2013

Apartments

3,080 m2

Corporate Information

2

2

Business Review

Building

Tokyo International Airport

Subtotal

15

Total
floor space

ANA FACILITIES CO., LTD.

2

(Feb. 2003)

7,219 m2

OfficeJapan Aeronautic Association

879 m2(Dec. 2010)

5,251 m2

OfficeKYODO SHISETSU Co., Ltd., etc.

922 m

2

(Dec. 2010)

Oct. 2013

Office5,423 m2

(Off-site)

32,637 m2

Unitika Trading Co., Ltd., etc.

Solar power plant
4,819 m2
Office/Cargo handling(Sept. 2011)

19,015 m2
52,787 m2

Kintetsu World Express, Inc., etc.

Building 490,284 m2

Overseas
Location
Seletar Airport, Singapore

Type
Building

Facility name
HangarDate of completion(acquisition)(Mar. 2014)

Major use
Office/Hangar

Total
floor space

Major tenants

approx. 9,200 m2

Airbus Helicopters Southeast Asia Pte Ltd

AFC Annual Report 201416

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, 2014)

Established:

February 1970

ChairmanTomoyuki Takahashi

Capital:6,826.10 million yen

President and CEO

Hiroshi Maruyama

Employees:

115 (Consolidated as of March 31, 2014)

Executive Vice President

Kenji Inaoka

Main Banks:

Development Bank of Japan

Executive Vice President

Manabu Sato

Resona Bank

Senior Managing Director

Toshiyuki Nagayoshi

Mizuho Bank

Senior Managing Director

Hiroyuki Hoshi

The Bank of Tokyo-Mitsubishi UFJ

Managing Director

Kousei Ashikaga

Managing Director

Kazuo Katahira

Director

Keisuke Komatsu

Director

Kazuhiko Muraishi

Director

Hayao Hora

Director

Toshiaki Norita

Full-time Statutory Auditor

Yoshimitsu Amemiya

Full-time Statutory Auditor

Mineo Tsuguchi

Statutory Auditor

Akihiko Shiba

Statutory Auditor

Satoshi Iwamura

Senior Corporate Officer

Hiroki Osawa

Corporate Officer

Yukihiko Takada

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 2014

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:

7,408

Major Shareholders

Internal Control System

17

Stock Information (as of March 31, 2014 )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

ANA HOLDINGS INC.

10,521

19.16

Development Bank of Japan Inc.

6,920

12.60

KOKUSAI KOGYO HOLDINGS CO., LTD.

2,185

3.98

RBC ISB A / C DUB NON RESIDENT - TREATY RATE

1,700

3.10

Composition of Shareholders

Stock Price and Trading Volume (Monthly)(￥)

Securities
Companies
0.90%

The Company (Treasury Stock)

5.90%

Individuals
16.17%

Foreign Investors

12.00%

1,200
800
600
400
200
0

Financial
Institutions

Other JapaneseCorporations

45.14%

19.86%

Stock price

1,000

’13/4

’13/5

’13/6

’13/7

’13/8

’13/9

’13/10’13/11’13/12

’14/1

’14/2

’14/3

(Thousand shares) Trading volume

20,00015,00010,0005,000
0AFC Annual Report 201418