January 30, 2014

Financial Results for the Third Quarter of the Year Ending March 31, 2014 [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: Tomoyuki Takahashi, President and CEO
Inquiries: Kazuhiko Muraishi, Director, Senior Corporate Officer, General Manager of Accounting Dept.
The date of filing the quarterly securities report:
February 7, 2014
The date of the dividend payment start:－
Preparation of quarterly earnings presentation material:
No
Holding of quarterly earnings announcement:
No

TEL: +81-3-3747-0251(Figures are rounded off to the nearest million yen.)

1. Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 2014 (April 1, 2013 – December 31, 2013)(1) Consolidated Business Results(Percentages are changes from the same period of the previous year.)Net sales
Operating income
Ordinary income
Net income
First nine months ended

Millions of yen

December 31, 2013
December 31, 2012

15,575
15,777% Millions of yen

(1.3)
2.6

(Note) Comprehensive income:% Millions of yen

3,004
2,866

4.8
20.5

% Millions of yen

2,953
2,960

(0.2)
25.7

First nine months ended December 31, 2013: 2,129 million yen
First nine months ended December 31, 2012: 1,618 million yen

Net income
per share

%

1,680
1,717

(2.1)
69.4

(31.5%)(47.4%)

Diluted net income
per shareFirst nine months ended

Yen

Yen

December 31, 2013
December 31, 2012

32.52
33.23

－
－

Total assets

Net assets(2) Consolidated Financial Position

As of December 31, 2013
As of March 31, 2013
(Reference) Equity capital:

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

75,37373,31748,49647,02662.4
62.2

910.23882.80

As of December 31, 2013: 47,024 million yen

As of March 31, 2013: 45,607 million yen

2. Dividends
Dividends per share

Q1
FY ended March 31, 2013
FY ending March 31, 2014
FY ending March 31, 2014（Forecasts）

Q2

Q3

Q4

Annual

Yen

Yen

Yen

Yen

Yen

－
－

6.00
6.00

－
－

6.00

12.00

6.00

12.00

(Note) Changes in the latest forecasts released: No

3. Forecast of Consolidated Earnings for the Year Ending March 2014 (April 1, 2013 - March 31, 2014)(Percentages are changes from the same period of the previous year.)Net sales
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

21,170

0.5

3,380

0.5

3,130

(10.3)

1,730

(2.9)

33.49

(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 of
consolidation): 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 December 31, 2013:
treasury stock)2) Number of treasury stock
As of December 31, 2013:
3) Average number of shares during
the period

First nine months ended
December 31, 2013:

54,903,750 shares As of March 31, 2013:

54,903,750 shares

3,241,921 shares As of March 31, 2013:

3,241,454 shares

51,662,038 shares First nine months ended
December 31, 2012:

51,662,457shares* 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,
and the 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 differ
significantly 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 December 31, 2013” (3)Qualitative Information on Consolidated Earnings Forecast on page 4.

- 2 -1. Qualitative Information on Consolidated Financial Results for the Quarter Ended December 31, 2013
(1) Explanation about Business Results
During the nine months ended December 31, 2013, the Japanese economy has shown a gradual recovery due to recovery ofexports and continued increases in private consumptions and capital investments while various policies including monetaryeasing and weakening yen started to take effects. On the other hand, increases in import prices and downturn in overseas
economies continued to constitute risks to depress the Japanese economy.
In the aviation industry, demands of domestic passengers continued to increase steadily, partly due to positive
contribution from the long year-end holiday season, and significantly exceeded the previous year’s result. International
passengers demand also showed a strong growth as the effects from weak yen and relaxation of the requirements for
issuing visas to South-East Asian countries continued and resulted in annual foreign passengers visiting Japan to exceed 10
million for the first time.
However, as the competition has become further intensified as a result of increased supplies by airline companies,
particularly business expansion of LCCs, the fuel cost hovering at a high level due to weak yen continued to impose aheavy burden on airline companies, despite their cost saving efforts, and they are now working on changing their
management system and reviewing business strategies in order to further improve their business.
Regarding the “Bill for Operation of the Government-managed Airports with the Use of the Private Sector Capabilities”
which passed last year, basic policies were set, and it was decided to start detailed discussions based on the market
sounding to be performed for individual airport. Also, a subcommittee was established based on the decision by the Councilof Transport Policy and started discussions about the enhancement of functions in the airports in the Tokyo metropolitan
area. We will continue to keep a close eye on the development of the aviation administration as it may have a material
impact on the Company’s business operation.
Under such economic conditions, the Group (the Company and its consolidated subsidiaries) recorded net sales of¥15,575million (down 1.3% from the same period of the previous year), operating income of ¥3,004 million (up 4.8%) andordinary income of ¥2,953 million (down 0.2%) due to a decrease in dividend from subsidiary, and net income of ¥1,680
million (down 2.1%).
Performance by business segment is as follows:(i) Real Estate Business
Real Estate Business recorded net sales of ¥11,023 million, an increase by ¥263 million (2.4%) from the same periodof the previous year, due to rent income from new large tenant at Tokyo International Airport starting in the previous
period and full-year operation of Kitakyushu Airport Training Center despite the impact of cost reduction by major
airline companies. Operating income also increased by ¥209 million (10.5%) to ¥2,199 million as a result of adecrease in depreciation expense of the existing facilities.
(ii) District Heating & Cooling BusinessDistrict Heating & Cooling Business recorded net sales of ¥2,766 million, a decrease by ¥395 million (12.5%) fromthe same period of the previous year, due to a decrease in clients in the 1-chome District of Tokyo International
Airport. Operating income also decreased by ¥168 million (23.2%) to ¥556 million due to increased price ofelectricity.
(iii) Waterworks & Drainage Management and Other BusinessNet sales in Waterworks & Drainage Management and Other Business decreased by ¥71 million (3.8%) from thesame period of the previous year to ¥1,785 million due to change of the contract form of the waterworks & drainage
management business at Osaka International Airport despite increases in sales due to shared communications
network business and solar energy generation which started the operation during this period. Operating income,however, increased by ¥96 million (62.9%) to ¥249 million due to decreases in expense for shared communications
network, land rent, and water charge in Osaka International Airport.
(2) Qualitative Information on Consolidated Financial Position(Assets)
Total assets as of December 31, 2013 amounted to ¥75,373 million, an increase by ¥2,056 million compared to March 31,
2013, due to increases in construction-in-progress from payments for construction of a facility to provide in-flight services,- 3 -apartments for single airport employees, and new facilities in local airports, and an increase in unrealized gains on
investment securities from rising stock price.
(Liabilities)
Total liabilities as of December 31, 2013 amounted to ¥26,876 million, an increase by ¥586 million from March 31, 2013,as an increase in long-term loans payable exceeded contract repayments.
(Net assets)
Net assets as of December 31, 2013 increased by ¥1,470 million compared to March 31, 2013 to ¥48,496 million mainly
due to an increase in retained earnings from recording net income for the period and an increase in valuation difference on
available-for-sale securities.
As a result, equity ratio increased by 0.2 points to 62.4% compared to March 31, 2013.
(3) Qualitative Information on Consolidated Earnings Forecast
There is no change as to Consolidated Earnings Forecast for the Year Ending March 2014 which was announced in the
Financial Results for the Year Ended March 31, 2013 [J-GAAP] dated May 14, 2013.

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 period 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 period ended
December 31, 2013.
(3) Changes in Accounting Policies and Estimates, and Restatements
Not applicable.

3. Material Events concerning Going Concern
Not applicable.

- 4 -3. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
FY3/13(As of March 31, 2013)

Third quarter of FY3/14(As of December 31, 2013)

AssetsCurrent assets
Cash and deposits

1,937,693

2,488,530

Notes and accounts receivable-trade

1,104,213

1,015,531

Lease investment assets

1,941,007

1,901,209

Raw materials and supplies

46,17546,882

Deferred tax assets

220,842

220,842

Short-term loans receivable

799,712

998,825

Others456,394

1,306,448

6,506,036

7,978,267

Buildings and structures, net

47,731,536

46,399,590

Machinery, equipment and vehicles, net

3,125,742

3,573,037

37,28437,335

Land

8,627,706

8,664,706

Construction in progress

1,502,063

2,261,929

Total property, plant and equipment

61,024,331

60,936,597

96,11472,5343,490,582

4,044,709

6,266

5,372

1,801,151

1,603,661

Others422,885762,000

Allowance for doubtful accounts(30,600)(30,600)

Total investments and other assets

5,690,284

6,385,142

66,810,729

67,394,273

73,316,765

75,372,540

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net

Intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets

Total noncurrent assets
Total assets- 5 -(Thousands of yen)
FY3/13(As of March 31, 2013)

Third quarter of FY3/14(As of December 31, 2013)

Liabilities
Current liabilities
Notes and accounts payable-trade

1,257,057

528,911

Short-term loans payable

4,247,722

3,902,092

Accounts payable

715,383

238,191

Income taxes payable

478,046698,765

Accrued expenses

153,850

112,551

Unearned revenue

813,465

1,314,815

Provision for bonuses

120,200

56,631

Provision for directors’ bonuses

21,03813,800

Provision for removal cost of property, plant and equipment

258,964

204,070

Others968,940

993,971

9,034,665

8,063,797

Long-term loans payable

11,645,140

13,553,048

Long-term guarantee deposited

5,012,653

4,744,417

Long-term accounts payable-facilities

308,118

308,118

Provision for retirement benefits

73,676

11,493

Provision for directors’ retirement benefits

216,364

195,282

17,255,951

18,812,358

26,290,616

26,876,155

Capital stock

6,826,100

6,826,100

Capital surplus

6,982,921

6,982,921

Retained earnings

32,746,818

33,807,170

Treasury stock(1,561,637)(1,561,975)

Total shareholders’ equity

44,994,202

46,054,216

613,054969,690

Total current liabilities
Noncurrent liabilities

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

613,054969,690

Minority interests

1,418,893

1,472,479

Total net assets

47,026,149

48,496,385

73,316,765

75,372,540

Total 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 nine months of FY3/13(April 1, 2012 – December 31, 2012)

First nine months of FY3/14(April 1, 2013 – December 31, 2013)

Net sales

15,777,102

15,574,641

Cost of sales

11,782,302

11,561,301

Gross profit

3,994,800

4,013,340

Selling, general, and administrative expenses
Directors’ compensations

190,409

222,801

Salaries and bonuses

390,912354,749

Provision for bonuses

34,11028,324

Provision for directors’ bonuses

10,51913,800Transportation and communication expenses

63,007

63,183

Taxes and dues

54,741

54,312

Depreciation

26,601

24,479OthersTotal selling, general, and administrative expenses
Operating income

358,133

247,530

1,128,432

1,009,178

2,866,368

3,004,162318

19

Non-operating income
Interest income
Dividends income

354,52191,715

Commission fee

10,09932,754Gain on investments in silent partnership

28,47731,363

Others47,21341,069Total non-operating income

440,628

196,920

Interest expenses

212,227

181,111

Loss on retirement of noncurrent assets

134,318

21,166

Provision for removal cost－

36,491Others461

9,194

347,006

247,9622,959,990

2,953,120

45,29538,903495－

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary loss
Removal cost of property, plant and equipment
Directors’ retirement benefits
Total extraordinary loss

45,79038,903

Income before income taxes

2,914,200

2,914,217

Income taxes

1,088,543

1,142,005

Income before minority interests

1,825,657

1,772,212

108,858

91,916

1,716,799

1,680,296

Minority interests in income
Net income- 7 -(Quarterly Consolidated Statements of Comprehensive Income)(Thousands of yen)First nine months of FY3/13(April 1, 2012 – December 31, 2012)

First nine months of FY3/14(April 1, 2013 – December 31, 2013)

1,825,657

1,772,212

Valuation difference on available-for-sale securities(207,240)

356,636

Total other comprehensive income(207,240)

356,636

1,618,417

2,128,848

Comprehensive income attributable to owners of the parent

1,509,559

2,036,932

Comprehensive income attributable to minority interests

108,858

91,916

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 -