July 31, 2014

Financial Results for the First Quarter of the Year Ending March 31, 2015 [J-GAAP](Consolidated)
Company name:AIRPORT FACILITIES CO., LTD. (AFC)Stock exchange listed on:
Tokyo Stock Exchange (First Section)
Company code:8864
URL: http://www.afc-group.jp
Representative: Hiroshi Maruyama, President and CEO
Inquiries: Kazuhiko Muraishi, Director, Senior Corporate Officer, General Manager of Accounting Dept.
The date of filing the quarterly securities report:
August 5, 2014
The date of the dividend payment start:－Preparation of quarterly earnings presentation material:
No
Holding of quarterly earnings announcement:
NoTEL: +81-3-3747-0251(Figures are rounded off to the nearest million yen.)

1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 2015 (April 1, 2014 - June 30, 2014)(1) Consolidated Business Results(Percentages are changes from the same period of the previous year.)Net sales
Operating income
Ordinary income
Net income
First three months ended

Millions of yen

June 30, 2014
June 30, 2013

5,188
5,087

(Note) Comprehensive income:% Millions of yen% Millions of yen

2.00.00.1
5.1

966965First three months ended June 30, 2014:
First three months ended June 30, 2013:

Net income
per shareFirst three months ended

21.9(10.8)985 million yen
717 million yen

%

725
539

34.4(15.7)(37.4%)(17.6%)

Diluted net income
per share
Yen

Yen

14.03
10.44

－－Total assets

Net assets

June 30, 2014
June 30, 2013

% Millions of yen

1,229
1,008

(2) Consolidated Financial Position

As of June 30, 2014
As of March 31, 2014
(Reference) Equity capital:

Equity ratio

Net assets per share

Millions of yen

Millions of yen%Yen

82,06877,62148,635
47,99857.4
59.9

912.53900.07

As of June 30, 2014: 47,143 million yen

As of March 31, 2014: 46,499 million yen

2. Dividends
Dividends per share

Q1
FY ended March 31, 2014
FY ending March 31, 2015
FY ending March 31, 2015（Forecasts）

Q2

Q3

Q4

Annual

Yen

Yen

Yen

Yen

Yen

－－

6.00

－

6.00

12.00

6.00

－

6.00

12.00

(Note) Changes in the latest forecasts released: No

3. Forecast of Consolidated Earnings for the Year Ending March 2015 (April 1, 2014 - March 31, 2015)(Percentages are changes from the same period of the previous year.)Net salesFirst half
Full fiscal year

Operating income

Ordinary income

Net income
per share

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

10,44020,350(0.8)
(3.0)

1,540
2,710(18.6)(22.5)

1,760
2,910(5.1)
(5.8)

870
1,550(18.2)
41.8

16.84
30.00

(Note) Changes in the latest forecasts released: No- 1 -＊ Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting from changes in scope ofconsolidation): No(2) Application of specific accounting treatments in preparing the quarterly consolidated financial statements: Yes
Note: For details, please refer to “2. Summary Information (Other), (2) Application of Specific Accounting Treatments in Preparing theQuarterly Consolidated Financial Statements” on page 4.

(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions
1) Changes in accounting policies with revision of accounting standards, etc. : No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Restatement of revisions: No(4) Number of issued shares (common shares)
1) Number of issued shares (including
As of June 30, 2014:treasury stock)
As of June 30, 2014:
2) Number of treasury stock3) Average number of shares during First three months ended
the period
June 30, 2014:

54,903,750 shares As of March 31, 2014:

54,903,750 shares

3,242,006 shares As of March 31, 2014:

3,241,952 shares

51,661,780 shares First three months ended
June 30, 2013:

51,662,201 shares* Implementation status of quarterly review procedures
The quarterly review procedures stipulated in the Financial Instruments and Exchange Act are not applicable to this Financial Results report, andthe procedures have not been completed when this Financial Results report was disclosed.

* Explanation of the proper use of earnings forecasts and other special notes(Remarks on forward-looking statements)
The statements about future described on this report such as earnings forecasts have been made based on information currently available andcertain assumptions considered reasonable, and it is not intended to assure that we will achieve such results. Actual earnings may differsignificantly from the above forecasts for various reasons. For the assumptions for earnings forecasts and cautions regarding the use of theearnings forecasts, please refer to “1. Qualitative Information on Consolidated Financial Results for the Quarter Ended June 30, 2014 (3)Qualitative Information on Consolidated Earnings Forecast” on page 4.

- 2 -1. Qualitative Information on Consolidated Financial Results for the Quarter Ended June 30, 2014
(1) Explanation about Business Results
During the quarter ended June 30, 2014, the Japanese economy remained weak at the beginning as a result of backlash of
the last-minute demand before the consumption tax rise in April, but such effects gradually diminished while various
government policies were starting to take effects and personal consumption showed recovery, leading the economy to amoderate recovery. However, downturn in overseas economies remains as risks to depress the Japanese economy.
In the aviation industry, demands of international passengers continued to grow due to an increase of the arrival anddeparture slots for international flights at Tokyo International Airport as well as a continued upward trend in foreign
passengers visiting Japan since the previous consolidated fiscal year. Domestic flights have also been showing better results
than last year overall despite the concerns over the unfavorable sequence of holiday dates of the Golden Week compared tolast year and the backlash related to the consumption tax rise. On the other hand, aviation industry has been facing newissues such that some airline companies are forced to cancel or reduce flights due to shortage of pilots.
Under such economic conditions, the Group (the Company and its consolidated subsidiaries) recorded net sales of ¥5,188
million (up 2.0% from the same period of the previous year), as the impact from full-scale operation of new property
including an in-flight meal factory completed at the end of the fiscal year ended March 31, 2014 exceeded decline in sales
due to termination of Area Heating & Cooling Business in 1-chome District of Tokyo International Airport, operating
income of ¥966 million (up 0.1%) and ordinary income of ¥1,229 million (up 21.9%) and net income of ¥725 million (up34.4%).
Performance by business segment is as follows:(i) Real Estate Business
Real Estate Business recorded net sales of ¥3,872 million, an increase by ¥207 million (5.6%) from the same periodof the previous year, as a result of full-scale operation of an in-flight meal factory and maintenance center at theTokyo International Airport completed at the end of the fiscal year ended March 31, 2014 and new rent income fromOmori Higashi apartment for major airline companies. Operating income also increased by ¥44 million (6.6%) to¥713 million.
(ii) Area Heating & Cooling Business
Area Heating & Cooling Business recorded net sales of ¥755 million, a decrease by ¥81 million (9.7 %) from thesame period of the previous year as our service in the 1-chome District of Tokyo International Airport wasterminated at the end of May 2014 due to a decrease in customers and facility deterioration and shifted to a heating& cooling system for individual building while the business provided by Tokyo Airport Heating & Cooling Co.,
Ltd., a consolidated subsidiary, at the 3-chome District of Tokyo International Airport has shown favorable growth.
Operating income also decreased by ¥25 million (11.8 %) to ¥189 million.
(iii) Water Supply & Drainage Service and Other BusinessNet sales in Water Supply & Drainage Service and Other Business decreased by ¥25 million (4.3 %) from the same
period of the previous year to ¥560 million as a result of reviewing management fees for the waterworks & drainage
management business at the Tokyo International Airport. Operating income also decreased by ¥18 million (22.0 %)to ¥64 million.
(2) Qualitative Information on Consolidated Financial Position(Assets)
Total assets as of June 30, 2014 amounted to ¥82,068 million, an increase by ¥4,447 million compared to March 31, 2014,
due to an increase in prepaid expense for the payment of land rent for the year ending March 31, 2015.
(Liabilities)
Liabilities as of June 30, 2014 amounted to ¥33,433 million, an increase by ¥3,810 million from March 31, 2014, due to anincrease in unearned revenue arising from land rent invoiced for the year ending March 31, 2015 and proceeds from longterm loans payable.
(Net assets)
Net assets as of June 30, 2014 increased by ¥637 million compared to March 31, 2014 to ¥48,635 million due mainly to anincrease in retained earnings.

- 3 -As a result, an increase in net assets was surpassed by an increase in liabilities, resulting in a decrease in equity ratio by
2.5 points to 57.4 % compared to March 31, 2014.
(3) Qualitative Information on Consolidated Earnings Forecast
There is no change as to Consolidated Earnings Forecast for the Year Ending March 2015 which was announced in theFinancial Results for the Year Ended March 31, 2014 [J-GAAP] dated May 14, 2014.

2. Summary Information (Other)(1) Changes in Material Subsidiaries during the Period under Review
Not applicable.
(2) Application of Specific Accounting Treatments in Preparing the Quarterly Consolidated Financial Statements
Specific accounting treatments in preparing the quarterly consolidated financial statements
Tax expenses are calculated as income before income taxes and minority interests for the quarter multiplied by the estimatedeffective tax rate. The effective tax rate is reasonably estimated taking into consideration deferred tax accounting as the rateapplicable to income before income taxes and minority interests for the consolidated fiscal year including the quarter ended
June 30, 2014.
(3) Changes in Accounting Policies and Estimates, and Restatements
Not applicable.

3. Material Events concerning Going Concern
Not applicable.

- 4 -4. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
FY3/14(As of March 31, 2014)

First quarter of FY3/15(As of June 30, 2014)

AssetsCurrent assets
Cash and deposits

2,232,163

2,978,542

Notes and accounts receivable-trade

1,231,205

1,002,842

Lease investment assets

2,326,755

2,293,893

Raw materials and supplies

24,81014,887

Deferred tax assets

245,883

245,883－2,410,807

510,5142,317,407

6,571,330

11,264,261

Buildings and structures, net49,688,914

49,043,273

Machinery, equipment and vehicles, net

4,210,656

4,721,888

39,81637,0109,507,156

9,510,578

757,489

403,049

64,204,031

63,715,798

75,003

66,5034,594,849

4,950,394

5,102

4,832

1,488,211

1,361,494

Net defined benefit asset

75,23575,235

Others648,332

670,307

Allowance for doubtful accounts(40,867)(40,867)

Total investments and other assets

6,770,862

7,021,395

71,049,896

70,803,696

77,621,226

82,067,957

Short-term loans receivable
OthersTotal current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, netLand
Construction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets

Total noncurrent assets
Total assets- 5 -(Thousands of yen)
FY3/14(As of March 31, 2014)

First quarter of FY3/15(As of June 30, 2014)

Liabilities
Current liabilities
Notes and accounts payable-trade

1,205,511

576,998

Short-term loans payable

4,102,092

4,301,894

Accounts payable

4,069,162

838,263

Income taxes payable

96,492

339,625

Accrued expenses

112,983

178,905

Unearned revenue

838,397

2,324,170

Provision for bonuses

115,579

66,102

Provision for directors’ bonuses

27,60012,898Provision for removal cost of property, plant and equipment

375,191

338,700

Others712,852

845,930

11,655,859

9,823,485

Long-term loans payable

12,627,848

18,167,200

Long-term guarantee deposited

4,849,441

5,001,658

Long-term accounts payable-facilities

256,765

256,765

Net defined benefit liability

12,398

10,983

Provision for directors’ retirement benefits
Provision for long-term removal cost of property,
plant and equipment

210,557

162,833

10,178

10,17817,967,187

23,609,617

29,623,046

33,433,102

Total current liabilities
Noncurrent liabilities

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock

6,826,100

6,826,100

Capital surplus

6,982,921

6,982,921

Retained earnings

33,219,444

33,634,326

Treasury stock(1,562,002)(1,562,040)

Total shareholders’ equity

45,466,463

45,881,307

Valuation difference on available-for-sale securities

1,032,562

1,261,391

Total accumulated other comprehensive income

1,032,562

1,261,391

Minority interests

1,499,156

1,492,157

Total net assets

47,998,180

48,634,855

77,621,226

82,067,957

Accumulated other comprehensive income

Total liabilities and net assets- 6 -(2) Quarterly Consolidated Statements of Income and Quarterly Consolidated Statements of Comprehensive Income(Quarterly Consolidated Statements of Income)(Thousands of yen)First three months of FY3/14(April 1, 2013 – June 30, 2013)First three months of FY3/15(April 1, 2014 – June 30, 2014)

Net sales

5,087,274

5,187,863

Cost of sales

3,731,173

3,816,354

Gross profit

1,356,101

1,371,509

Selling, general, and administrative expenses
Directors’ compensations

58,647

68,277

Salaries and bonuses

108,920

108,877

Provision for bonuses

38,14535,337

Provision for directors’ bonuses

13,80012,898Transportation and communication expenses

22,14925,207

Taxes and dues

26,67624,344

Depreciation

8,260

8,015

Others114,610

122,801

Total selling, general, and administrative expenses

391,207405,756

964,894

965,753

9169

Dividends income

77,862319,229

Commission fee

928

1,031

Operating income
Non-operating income
Interest income

Gain on investments in silent partnership

15,378

16,528Others31,586

11,519Total non-operating income

125,763

348,476

Interest expenses

62,83971,664

Removal cost of property, plant and equipment

16,346

7,964

Others

3,217

5,874

Non-operating expenses

Total non-operating expenses

82,40285,502

1,008,255

1,228,727

Others－200

Total extraordinary income－200

24,99968,766－2Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on sale of noncurrent assets
Total extraordinary loss

24,99968,768

Income before income taxes and minority interests

983,256

1,160,159

Income taxes

401,408

403,976

Income before minority interests

581,848

756,183

Minority interests in income

42,684

31,330Net income

539,164

724,853- 7 -(Quarterly Consolidated Statements of Comprehensive Income)(Thousands of yen)First three months of FY3/14(April 1, 2013 – June 30, 2013)

First three months of FY3/15(April 1, 2014 – June 30, 2014)

581,848

756,183

Valuation difference on available-for-sale securities

135,024

228,829

Total other comprehensive income

135,024

228,829

716,872

985,012Comprehensive income attributable to owners of the parent

674,188953,682

Comprehensive income attributable to minority interests

42,684

31,330

Income before minority interests
Other comprehensive income

Comprehensive income
Comprehensive income attributable to- 8 -(3) Notes on Quarterly Consolidated Financial Statements(Notes on Premise of Going Concern)
Not applicable.
(Notes on Significant Changes in Shareholders’Equity)
Not applicable.

- 9 -