We have celebrated its 50th anniversary.
Thank you for your continuous support.

AFC

REPORT

Fiscal Year Ended March 31, 2021
April 1, 2020 March 31, 2021

AIRPORT FACILITIES CO., LTD.
(Ticker Code: 8864)

Message fromthe President

For sustainable growth and development, our medium-tolong-term plan is consistently being updated to overcome theimpact of the COVID-19 pandemic.
We would like to express our sincere thanks to shareholders andstakeholders for their continuous support.
The Japanese economy and businesses including AFC Grouphas been impacted by COVID-19 pandemic. Due to this situation,
both net sales and operating income in FY2020 were forced to
decline.
With the roll out of the vaccination, our group will continuously
strive to extend all efforts, to contain and overcome the negativity
posed by severe challenges of the pandemic.

President and CEO

Our Mission
Our mission is to play a vital rolein the progress of aviation as apivotal private company operating mainly at airports, throughcreating and providing necessary
facilities and functions at airports.

You can access thewebsite of our company
using the QR code
shown at left.

1

AIRPORT FACILITIES CO., LTD.

Business Results and Dividend
For FY2020, a decrease in aviation demand together with a decline
in the through put of water and sewage, our group has secured net
sales of ¥24.1 billion resulting in operating income of ¥3.8 billion
and ordinary income of ¥3.6 billion due to full year operation of
new facilities completed in the previous year. Taking into consideration the negative impact of sales decline, the exemption of rent
claims and the impairment losses related to our hotels in Kyoto, we
have managed to control our bottom-line loss (loss attributable toowners of parent) to ¥0.9 billion.
As we attached importance to “the return of profits to ourshareholders”, we have decided, as forecasted, to offer a year-end
dividend of ¥7 per share for FY2020.
For FY 2021, we are cautiously optimistic to forecast an annual
dividend of ¥14 per share, by delivering net sales of ¥24.2 billion,

with profit attributable to owners of parent of ¥1.6 billion.

Our Efforts(1)We will continue to develop new avenue, including the provisionof Kanazawa-Hakkei International Community Plaza (a dormitory
for international students in Kanto Gakuin University), which wascompleted in March 2021.
(2) In overseas, we will enhance and leverage on Singapore, as our
hub for international business. We will continue to explore business
opportunities, including the operations of airport function facilities
and the leasing of moveable assets. We will also increase our focus
on seeking new business ventures.
(3) As part of our contributions, we have established the Environmental Business Promotion Project Team, to actively promotesustainable environment, particularly clear objectives for CO 2
emission reduction, as part of our business strategy.
Medium-to-Long-Term Plan
For post COVID-19, our plan for FY2021, FY2022 and beyond, weare focusing on strategy to achieve stable business and sustainablegrowth.
AFC will continue to strive to increase its medium- to long-term
corporate value. We would like to ask for the continuous understanding and support of our shareholders and investors.

The statements about the future described in 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.

Fiscal Year Ended March 31, 2021

Highlights of Business Result

Dividends

Point

1 Our company strives to offer

stable and continuous returnof profits to our shareholders,
based on the maintenance ofstable business infrastructure
and the reinforcement of financial standing.

1 Although the full-year operation started for new properties following the completion of construction in the previous

fiscal year, net sales decreased slightly, partly due to a decline in sales of the water supply and drainage business inaccordance with a decrease in airport users. Operating income and ordinary income also decreased accordingly.
2 Unavoidable extraordinary loss, arise from exemption of rent and heating charge claims of customers affected by
COVID-19, as well as the impairment loss for properties rented for hotels in Kyoto.
3 It is expected that with the ongoing vaccination of the population, the impact of COVID-19 will gradually be alleviated in FY2021. Together with the start of the operation of Kanazawa-Hakkei International Community Plaza, we are
anticipating recovery of our business performance.

24.1billion

Net sales ¥3.8billion

0.9billion

Operatingincome ¥2.8%

2 The annual dividend for fiscal

year ended March 2021 is ¥14 .

Cash dividends per share

14

Net loss* ¥

¥

8.4%

-

-

year on year

(Payout ratio –%)year on year
*Loss attributable to owners of parent

Net sales

Operating income(¥ Million)(¥ Million)

24,85524,21324,155+ 2.6%

Profit (loss) attributable toowners of parent

4,186

4,129

(¥ Million)

2,104

+1.3%

2.8%

−

Cash dividends per share
(¥)

+5.8%

-933

19/3

20/3

21/3

19/3

20/3

Q2

14

14

14

7

7

7

7

7

7

19/3

20/3

21/3

3,831

8.4%

−

2,227

Q4

21/3

19/3

20/3

21/3
ANNUAL REPORT 2021

2

Business Outline
As a business portfolio unique to our company, we are engaged
in businesses such as Real Estate Business mainly in airports andregions near the airport, Area Heating and Cooling Business that
supports airport infrastructure, and Water Supply and Drainage
Service and Other Businesses.

Real EstateBusiness

Net sales(‘21/3)

Net sales/Operating income (¥ Million)
Net sales

20,000Operating income

15,00010,000

Water Supply &Drainage Service andOther Business

5,000

Net Sales by Business Segment0( 21/3)

14.0%

20/3

Real EstateBusiness

Other regional
airports

14.5%

78.4%

1.4%

KansaiInternational
Airport1.8%

3

AIRPORT FACILITIES CO., LTD.

21/3

Net Sales by Region
12 Airports where we deploy our business

5.1%

Osaka
International
Airport

While the technical center warehouse building
and in-flight meal factory in the ARC Building in Tokyo International Airport, and the expansion of thehangar building in Kobe Airport contributed annually, there was an increase in repair expenses, taxes
and other public charges, resulting in an increase in
net sales and a decrease in operating income.

Major business investments❶ Technical Center warehouse building/ARC Building inflight meal factory/Aircraft sewage treatment facility/
HANEDA INNOVATION CITY/Dormitory for international
students in Kanto Gakuin University❷ Extension of hangar in Kobe Airport❸ Hangar at Nata Heliport

Domestic Air Cargo Terminal(Tokyo International Airport)

Outside Airport/
Overseasbillion (+1.1% )Core businessLeasing of real estate such as multi-purpose generalbuildings, hangars, maintenance plants, apartments,and hotels in airports in Japan and abroad and regions along the railway line connected to the airport

In-flight meal factory

7.6%

Area Heating &Cooling Business

19/3

18.9

¥

Overseas location( 21/3)

Tokyo
International
Airport77.2%

New Chitose

Central Japan Int’l(Centrair)

Canada:Langley Regional
AirportOsaka Int’l(Itami)Sendai❷Kobe❶ Tokyo Int’l Airport,
Tokyo Metropolitan area

Kitakyushu

Kansai Int’l
Hiroshima Heliport❸Fukuoka
Kagoshima
Naha

Singapore:
Seletar airport

3.3

Area Heating
Net sales¥& Cooling Business (‘21/3)

billion (+3.2% )Net sales/Operating income (¥ Million)
Operating income

3,000
2,000
1,000
0

19/3

20/3

Net sales and operating income increased as aresult of the partial expansion of Terminal 2 inTokyo International Airport and the reductionof fuel and repair costs.

Core business
Provision of cooling and heating functions at Tokyo International Airport (areaheating and cooling business)

Net sales

3,000

Operating income

Significant decrease in the usage of water, due
to the reduction in airport traffic, resulted indecrease in net sales and operating loss wasrecorded.

2,000
1,000
0

21/3

Energy Center

19/3

20/3

21/3

Core business
Water supply and drainage business, local
area communication networks business at
Tokyo International Airport and New Chitose Airport, and solar power generation
business

Water supply & drainage facilities
in the reclaimed land area offshore

Major business investments
Boiler renewal work
High-efficiency Electric Turbo Chiller

Major business investments
Laying cables for local area communication
network

Shared Communication Service

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

Areas covered by our local area communication network
Runway D

Runway D

Runway C
Domesticcargo area

Domestic
passenger area

Runway C
New aircraft
maintenance area

Domesticcargo area

Runway A
Runway B
Former aircraft maintenance area
(1-chome district)billion (-35.7% )Net sales/Operating income (¥ Million)
Net sales

4,000

1.8

Water Supply & Drainage Net sales¥
Service and Other Business (‘21/3)

Domestic
passenger area

New aircraft
maintenance area

Runway A
International
passenger and cargo area

Runway B
Former aircraft maintenance area
(1-chome district)

International
passenger and cargo area

ANNUAL REPORT 2021

4

Progress of the Medium-termManagement Plan
Net sales(¥Billion)

Operating income(¥Billion)

Ordinary income(¥Billion)

Profit (loss) attributable toowners of parent(¥Billion)

Dividends

(¥)

24.8
24.2

24.1

4.1

4.1
3.8

3.8

14

14

14

2019/32020/32021/3

3.6

3.3

2.1

2.2

-0.9
2019/32020/32021/3

2019/32020/32021/3

2019/32020/32021/3

2019/32020/32021/3

Progress status of the Medium-term Management Plan (from FY2019 to FY2021)
Based on the basic policy of the full utilization of management resources and reallocation
through the improvement of efficiency and selection and concentration, as set forth in
the Medium-term Management Plan (from FY2019 to FY2021), our company is working to
expand our business.
To meet growing aviation-related demand, as planned for FY2019, we have invested in
upgrading our existing facilities.
However, the business environment changed largely from FY2020 with the impact of
the COVID-19 pandemic. In addition to a significant decrease in the use of water in accordance with the decline in the number of air travelers, we also exempted some claims oftenants affected significantly by COVID-19.

Also, regarding the properties of our company rented for hotels in Kyoto, the impairment loss of ¥3.1 billion was recorded as an extraordinary loss, because of expected further
decrease in the profitability of the asset, resulting in an ultimate loss for FY2020.
Although the impact of COVID-19 continues for FY2021, we are expecting a moveback into the black, with factors such as the recovery of aviation demand in line with theprogress of vaccination.
For FY2021, the COVID-19 pandemic has greatly influenced our business environment,
and unfortunately to reflect reality of the market environment, we have to revise the performance target of profit attributable to owners of parent from ¥2.6 billion to ¥1.6 billion.

Establishment of the next Medium-term Management Plan and a long-term vision
While our group is also affected by the COVID-19 pandemic, there has been no serious
damage to the earning power of the company. We will be working to establish the next
Medium-term Management Plan and a long-term vision in FY2021, aiming to achieve fur5

AIRPORT FACILITIES CO., LTD.

ther growth after the COVID-19 pandemic.
We aim to realize sustainable growth and the improvement of corporate value from along-term perspective by establishing and implementing these plans and visions.

Profile of new
investment projects
The completion of the construction of the Kanto Gakuin University
International Residence (Kanazawa-Hakkei International Community Plaza)
Offering a place where different values meet and exchangeWith the objective of reinforcing the development of global human resources byKanto Gakuin University, the facility aimed to realize a space where cross-cultural
exchange is generated through the communal life of Japanese and international
students.
The shared space has places for active communication, including a lounge,
theater room, and kitchen. Our company contributes to realizing sustainable society through such educational initiatives.

LoungeTheater room

Information on the students’ dormitory

Kitchen & Laundry

External appearance

The completion of the construction of the international students' dormitory
for Kanto Gakuin University, the first students' dormitory for our company
In March 2021, the construction work was completed for "Kanazawa-Hakkei International Community Plaza," which is the complex facility where the "Kanto Gakuin
University International Residence," the international students' dormitory for Kanto
Gakuin University, is located.
The facility realizes an unprecedentedly unique concept by establishing a student dormitory for Kanto Gakuin University on the upper floors while offering lower floors as commercial facilities which the regional community can also use.

Creating a community that is required by the regional residents
The 1st and 2nd floors, where there are commercial facilities including drugstores,
after-school day-care facilities, and clinics, provide facilities familiar for the community, which the people of the region can also use and have exchanges there.
ANNUAL REPORT 2021

6

Initiatives for ESG; Environment
Establishment of the Environmental Business Promotion Project Team
Our company is actively engaged in environmental business, such as photovoltaic power generation. In FY2021, the Environmental Business Promotion Project Team was organized. By establishing four working groups, we will work on
expanding our environmental business in an even more strategic style.
The team will be engaged in activities such as consideration on the promotionof eco-airport, mainly through the airport function facilities owned by our com-pany, consideration regarding renewable energy including the utilization of
new technologies such as biomass power generation, hydrogen and fuel cells,in addition to photovoltaic power generation, the establishment of a long-termplan for CO2 reduction, and the promotion of efforts to realize a carbon-neutral
society.

[Organization of the Environmental Business Promotion Project Team]

Team Leader

Environmental Initiatives
Management WG

Environmental Business(Eco-Airport)
Promotion WG

Biomass Power
Generation Promotion WG

New Technology WG
Project team members

Participation in the national government committee on CO2 reduction in the airport sector
The Civil Aviation Bureau of the Ministry of Land, Infrastructure, Transport andTourism launched a committee on CO2 reduction in the airport sector to discuss
measures to reduce CO2 emissions from airports and make airports a renewable energy base, towards the goal of realizing the decarbonization of airports.

7

AIRPORT FACILITIES CO., LTD.

Our company is participating in the committee as an observer, and will contribute to reducing CO2 emissions from airports through our past experiences inenvironmental business.

Megawatt-scale photovoltaic
power generation facility started
operation in Tokyo International Airport

Donated our CO2 emission
reduction attainment to the Tokyo
Metropolitan Government

The first full-scale photovoltaic power generation facility for self consumption in our company was established on the rooftop of the domestic cargoterminal of Tokyo International Airport. The project utilized funds raised byissuing green bonds (private placement bonds) and subsidies from the Tokyo Metropolitan Government. The introduction of clean energy within thearea not only contributes to CO2 emission reduction but also to reducing
power procurement costs.
In the future, we will also consider the introduction of renewable energy
in other facilities we own, by utilizing the knowledge we gained from theintroduction of this facility.

Our group is making efforts actively to reduce CO2 emissions, and assents
to the efforts by the Tokyo Metropolitan Government aiming to realize “Net
Zero Emission Tokyo,” a sustainable city.
In March 2020, our company donated 94,831t of excessive reduction
based on the Cap-and-Trade Program to the Tokyo Metropolitan Government, and received a letter of gratitude from the Tokyo Metropolitan Government in January 2021 as a large-scale business donating 10,000t or more.
We will further contribute to realizing a sustainable society by further
promoting the reduction of CO2 emission.

Solar panel in cargo area

LED lighting beneath the eaves of the cargo area, contributing to reducing electricity use

ANNUAL REPORT 2021

8

Initiatives for ESG; Governance
Organizational restructuring and management reshuffle with a view to the post-COVID era;
Establishment of the Marketing Promotion Headquarters and Business Planning Headquarters
With an aim of reinforcing marketing and planning activities towards the postCOVID era, the Marketing Promotion Headquarters was newly established in January 2021, consisting of the Marketing Department and the Business Development
Department. In addition to the further improvement of marketing activities in andout of airports, we newly established the Business Planning Headquarters, consist-ing of the Airport Business Planning Department and the Foreign Business Department, engaged in the coordination of plans related to the restructuring and development in the former aircraft maintenance area of Tokyo International Airport, andto active business development overseas.

New Organizational Chart① Marketing Promotion Headquarters
Newly

Marketingestablished
Promotion Headquarters

Business Planning
Headquarters

The Marketing Promotion Headquarters was newly established, consisting of the Marketing Department and the Business Development Department.

Airport Business
Planning Department

Marketing Department

Newlyestablished

ForeignBusiness Department

Newlyestablished

Business
Development Department

NewlyestablishedNewlyestablishedMarketing
Department

Marketing activities for air carriers and other various domestic businesses,
coordination with relevant organizations including the national government, liaison and coordination with tenants

Business
Development
Department

Provision of facilities related to aircraft manufacturing business, improvement of business values for facilities outside the airport responding to various needs such as accommodation, and efforts for new investment② Business Planning Headquarters

Singapore OfficeForeign Business Division

Newly
established

Airport Business
Planning Division II

Airport Business
Planning Division I

Business
Development Division

AIRPORT FACILITIES CO., LTD.

Tenant Services DivisionMarketing Division II

Marketing Division I

9

Newly
established

The Business Planning Headquarters was newly established, consisting of the Airport Business Planning Department and the Foreign Business Department.

Airport Business Promotion of the coordination of plans in Tokyo International Airport basedon the national policy, and efforts in projects related to the development ofPlanning Department Zone 1 of Tokyo International Airport and the operation of domestic airports
ForeignBusiness
Department

Placing the Singapore Office under the Department’s direct control to work on
overseas investment responding to the growing demand in South East Asia

Corporate Governance
Basic Philosophy

Directors and Corporate Auditors

We are fully aware of our management responsibility relegated from shareholders and social responsibility as a

(As of June 29, 2021)

company with its business based on services in airports. With our mission and corporate philosophy in mind, we

Chairman

Kenya Inada

strive to complete our corporate governance to improve our corporate value and for the common benefit of our

President and CEO

Toshiaki Norita

shareholders.

Executive Vice President

Toshiyuki Nagayoshi

Executive Vice President

Katsuhiro Yamaguchi

Managing Director

Keisuke KomatsuManaging Director

Mitsuhiko Okada

Managing Director

Shigeo Tamura

Director

Hiroki Osawa

Director

Tomoyuki Takahashi

External Director

Koji Shibata

Nomination Committee

External Director

Yuji Saito

Compensation Committee

External Director(Independent Officer)

Takehiko Sugiyama

External Director(Independent Officer)

Kayo Aoyama

Full-time Statutory Auditor

Kazuhiko Muraishi

Full-time Statutory Auditor

Hiroyuki Hoshi

Statutory Auditor(Independent Officer)

Akihiko Shiba

Statutory Auditor(Independent Officer)

Satoshi Iwamura

Structure of Organization
We maintain the system where adequate business judgment and management supervision are constantly ensured,
temporary basis when necessary.
The number of directors shall be 17 or less,Diagram of Internal Control System
General Meeting of Shareholders

including both internal and external directors.
There are currently 13 directors.

Board ofCorporate Auditors

Accounting Auditors
Board of Directors

Also, based on the criteria of independence set
forth by the Tokyo Stock Exchange, we appointed
2 independent external directors. In addition, weBoard of Executive Directors
President

adopt the Corporate Officer System aiming at rapid
decision-making, etc.
Furthermore, we strive to ensure managerial
maintaining and enhancing the internal control
system shouldered by the Audit Office monitoring
our business activities, Compliance Committee,
and Risk Management Committee.

Audit OfficeCompliance Committee
Risk Management Committee
Safety Promotion Committee
Improvement Promotion Committee
Environmental Committee

Management Strategy Council
Overseas Investment Management Council
Managers Meeting

Disaster Countermeasures Committee
New Information System
Exploratory Committee

Board of Corporate Officers

Departments and Consolidated Subsidiary

Corporate Auditors

compliance, appropriateness and efficiency by

Directors

by regularly holding the Board of Directors meeting and Board of Corporate Auditors meeting, and holding them on a

ANNUAL REPORT 2021

10

TOPICS
Renewal of the English website of the company
As a part of our overseas business development in the future and the reinforcementof IR activities abroad, our group redesigned the English website in March 2021 forstakeholders and investors outside Japan. The English website is compatible withsmartphone and tablet browsers, just like the Japanese version.
We also started an English email distribution service. We look forward to registration by those of you who are interested in the service through the English website of
our company.

Liaison Officer is appointed for reinforcing IR
and public relations activities
Our company newly appointed a Liaison Officer engaged in IR and public relations
activities as of April 1, 2021.
By further invigorating dialogues with our investors, analysts, and media, we aim
to transmit information in a proactive manner.

Notification on facilities observation tour for shareholders
Although the observation tour of the Tokyo International Airport facilities is a
popular event among our shareholders, the holding of the event is currently
undecided because of the difficulty to prepare sufficient conditions for the tour
when giving the highest priority on people's health and safety, due to the situation
11

AIRPORT FACILITIES CO., LTD.

of the current COVID-19 pandemic.
Once it is decided for the tour to be held, the details will be provided via thewebsite of our company. We would like to ask for your kind understanding.

Outline of Consolidated Financial Statement
and the Forecast on the Performance and Dividend Next Year
Outline of Consolidated Financial Statement(¥ Million)❶
24,15524,85524,262

FY ended March 31, 2020
FY ended March 31, 2021
FY ending March 31, 2022 (Outlook)

❷
3,831

4,186
3,349

Net sales

Operating income

❸
3,617
3,802

2,633

❹
-933

2,227

1,610

Ordinary income
Profit (loss) attributable toowners of parent

Outline of Consolidated Balance Sheet(¥ Million)

Total assets

104,483
Current assets

22,243Current liabilities

11,887
Non-current
liabilities

1 Total assets

100,429

Current assets

22,207

82,240Net assets

56,333As of March 31, 2020

10,518Non-current
liabilities

36,262

Non-current
assetsCurrent liabilities

2

34,946

Non-current
assets78,221

Net assets

54,964As of March 31, 2021

3

Outline of fiscal year ended March 2021
1 (Net sales) While the technical center warehouse building and in-flight meal factoryin the ARC Building in Tokyo International Airport, and the expansion of the hangar
building in Kobe Airport contributed annually, and the provision of area heating
and cooling service increased with the partial enlargement of Terminal 2 in Tokyo
International Airport, there was a decrease in the use of water and sewage services
due to the sharp decline in the number of airport users, resulting in a decrease of
2.8% from the previous term.
2 (Operating income) Although there had been decreases in fuel and repair expenses
in the area heating and cooling business, there were also a decrease in net sales, anincrease in repair expenses in real estate business, and the reporting of taxes anddues, resulting in a decrease of 8.4% from the previous term.
3 (Ordinary income) It resulted in a decrease of 4.8% from the previous term due to theimpact of a decrease in operating income, etc., despite an absence of provision forremoval cost which was recorded in the previous term and a decrease in currencyexchange losses.
4 (Loss attributable to owners of parent) Although there had been subsidy income,we suffered a net loss of ¥933 million due to losses caused by coping with the new
infectious disease and the recorded impairment loss for hotels in Kyoto.
Outlook for the next term
Although the impact of COVID-19 continues for the fiscal year ending in March 2022,
we are expecting an increase in net sales and a decrease in operating income as well as
profit attributable to owners of parent, with the certain recovery of aviation demand inline with the progress of vaccination being expected.
Financial position as of March 31, 2021
1 (Assets) Decreased by ¥4,054 million partly due to impairment loss recognized on
hotel in Kyoto despite completion of Kanazawa Hakkei International Community
Plaza which started operation as a dormitory for international students in March
2021.
2 (Liabilities) Decreased by ¥2,686 million mainly due to decreases in long-termloans payable and in accrued expenses because of payment of annual usage feeof national property.
3 (Net assets) Decreased by ¥1,368 million mainly due to loss attributable to ownersof parent.
		 As a result, equity ratio increased by 0.6 points to 52.1%.
ANNUAL REPORT 2021

12

Outline of Consolidated Cash Flow

1 Net(¥ Million)❷ Cash flowsfrominvesting activities

4,758

6,518

-2,704❶ Cash flows
fromoperatingactivities-1,907-81❸ Cash flows
fromEffect offinancingexchange rate
activities
change on
cash andcash equivalents

6,583❹ Cash andcash equivalents
at end of ’21/3

Cash andcash equivalents
at beginning of ’21/3

Changes in Major Financial Indicators
Equity Ratio

52.1%+ 0.6 points year on year
As a result of the decrease of total assets by¥4,054 million (3.9%) and equity capital by¥1,476 million (2.7%), the equity ratio increased
by 0.6 points.

13

AIRPORT FACILITIES CO., LTD.

EBITDA + recovery

7.6¥
billion- 2.8 % year on year
EBITDA + recovery decreased by 2.8% from theprevious term, with the decrease of operating
income before depreciation.

cash provided by operating activities was ¥4,758 million(previous fiscal year: ¥6,900 million provided), mainly attributable torecording of noncash items including depreciation and impairment
loss and collection of operating loans receivable despite cash
outflows associated with acquisition of lease receivables andpayment of income taxes.
2 Net cash used in investing activities was ¥2,704 million (previous
fiscal year: ¥8,217 million used), mainly attributable to purchase ofnon-current assets associated with newly constructed Kanazawa
Hakkei International Community Plaza.
3 Net cash used in financing activities was ¥1,907 million (previous
fiscal year: ¥1,958 million provided), mainly attributable torepayment of loans payable and payment of cash dividends.
4 As a result, cash and cash equivalents increased ¥64 million to¥6,583 million.

Outlook for consolidated business results anddividend for the year ending March 31, 2022
Net sales¥24,262 million (+0.4% year on year)

Operating income¥3,349 million (-12.5% year on year)

Ordinary income¥2,633 million (-27.2% year on year)

Profit attributable toowners of parent
Annual dividend(forecast)¥1,610 million (–)¥14.0 (interim ¥7.0, year-end ¥7.0)

Payout Ratio (Forecast)

43.4%

For more detailed financial information, please refer to our website “Investor Relations”
Airport Facilities Co., Ltd.

SearchHome

Investor Relations

Financial Highlights (Five years)
Net sales (¥ Million)
30,00020,00021,662

22,791

24, 21324,855

24,1550

17/3
Ordinary income (¥ Million)
3,492

18/3
3,726

19/3
3, 338

20/3

21/3

3,802

3,617

0

0

1,000
0

17/3

18/3

19/3

20/3

21/3

Business investment in plant and equipment/Depreciation expense (¥ Million)
13,611Business investment in plant and equipment
15,000Depreciation expense

10,0007,153

3,048 3, 503

4, 504 3, 547

17/3

18/3

19/3

20/3

21/3

Net assets (¥ Million)
60,00053,41554,48255,74056, 333

54,964

4,033

4,011

2, 569 4, 263

40,00020,000
0

17/3

18/3

19/3

Debt to equity (Times)
0. 8

0.466

0. 6

0.443

0. 519

20/3

21/3

0.669

0.663

4,186

3,831

18/3

19/3

20/3

21/3

2,151

2, 2192,104

2, 227

17/3

18/3

19/3

20/3

101, 384

104,483

100,429

19/3

20/3

21/3

52.6

51. 5

52.1

21/3

△933

21/3

Total assets (¥ Million)
120,000

87, 580

87,961

17/3

18/3

58.7

59.4

17/3

18/3

19/3

20/3

4. 2

4. 3

3.9

4.1

17/3

18/3

19/3

20/3

80,00040,0000Equity ratio (%)
80
60
40
20
0

ROE (%)
6
4

0. 4

17/3

3,000

2,000

0

4,129

Profit attributable to owners of parent (¥ Million)
2,000

5,000

4,103

2,000

10,0004,000

Operating income (¥ Million)
3,825

4,000

2

0. 2
0

17/3

18/3

EBITDA + recovery (¥ Million)

8,000

6,161

6,737

19/3
7, 501

20/3
7,835

21/3
7,619

Annual dividend (¥: left axis) /Payout ratio (consolidated) (%: right axis)
20

13.00

4,000
0

0

14.00

14.00

△1.7

21/3
Annual dividend

14.00

Payout ratio

14.00

10

17/3

18/3

19/3

20/3

21/3

0

100
50

31. 2
17/3

32. 3
18/3

33.1
19/3

31. 2
20/3

21/3

0

ANNUAL REPORT 2021

14

Corporate Profile (as of March 31, 2021)
Corporate Name: Airport Facilities Co., Ltd. (AFC)Main Banks: Development Bank of Japan
MUFG Bank

Established:

February 1970

Capital:¥6,826.10 million

Employees:

152 (Consolidated)
207 (Consolidated and unconsolidated)

Mizuho Bank
Resona Bank
Sumitomo Mitsui Trust Bank
Sumitomo Mitsui Banking Corporation

Stock Information (as of March 31, 2021)
Stock Listings:

Tokyo Stock Exchange (TSE) 1st Section(Ticker Code: 8864)

Total Number of Shares Authorized: 124,800,000

Major Shareholders
Number of Shares Owned(thousands)

Ratio of Shareholding(%)

Japan Airlines Co., Ltd.

10,521

19.86

10,521

19.85

Shareholder

Total Number of Shares Issued:

52,979,350

ANA HOLDINGS INC.
Development Bank of Japan Inc.

6,920

13.06

Number of Shareholders:

7,426

1,612

3.04

Share Unit Number

100 shares

MLI FOR CLIENT GENERAL OMNI NONCOLLATERAL NON TREATY-PB
The Master Trust Bank of Japan, Ltd.
(Trust Account)

1,565

2.95

Composition of Shareholders

Stock Price and Trading Volume (Monthly)Japanese Government andLocal Public Bodies
Securities Companies(¥) Stock price

The Company (Treasury Stock)

0.00% 5.79%

0.63%

Individuals

15.19%

Foreign Investors

12.40%

600
500
400

0
Other
Japanese
Corporations

43.24%

Financial Institutions

22.75%

20/4

20/5(Thousand shares) Trading volume

2,000
1,500
1,000

500
0

20/6

20/7

20/8

20/9

20/10

20/11

20/12

21/1

21/2

21/3