January 29, 2015

Financial Results for the Third 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.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:
February 4, 2015
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 2015 (April 1, 2014 - December 31, 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 nine months ended

Millions of yen

December 31, 2014
December 31, 2013

15,78015,575% Millions of yen

1.3
(1.3)

(Note) Comprehensive income:% Millions of yen

2,704
3,004

(10.0)
4.8% Millions of yen

3,066
2,953

3.8
(0.2)

First nine months ended December 31, 2014: 2,795 million yen
First nine months ended December 31, 2013: 2,129 million yen

Net income
per share

%

1,712
1,680

1.9
(2.1)

(31.3%)(31.5%)

Diluted net income
per shareFirst nine months ended

Yen

Yen

December 31, 2014
December 31, 2013

33.15
32.52

－
－

Total assets

Net assets(2) Consolidated Financial Position

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

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

80,95577,62150,13547,99860.0
59.9

940.05900.07

As of December 31, 2014: 48,564 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

－
－

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 2015 (April 1, 2014 - March 31, 2015)(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

20,350

(3.0)

2,710

(22.5)

2,910

(5.8)

1,550

41.8

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 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, 2014:
treasury stock)2) Number of treasury stock
As of December 31, 2014:
3) Average number of shares during
the period

First nine months ended
December 31, 2014:

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

54,903,750 shares

3,242,214 shares As of March 31, 2014:

3,241,952 shares

51,661,652 shares First nine months ended
December 31, 2013:

51,662,038 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,
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, 2014 (3)Qualitative Information on Consolidated Earnings Forecast” on page 4.

- 2 -1. Qualitative Information on Consolidated Financial Results for the Quarter Ended December 31, 2014
(1) Explanation about Business Results
During the nine months ended December 31, 2014, the Japanese economy experienced downturn triggered by consumption
tax rise in April, but is showing gradual recovery as employment and income environment has continued to improve andalso due to decline in the price of imported crude oil and favorable effects of government policies. However, attention
should be given to risks that might depress the Japanese economy including those related to prolonged backlash from lastminute demand before consumption tax rise, unfavorable effect of weakening yen, and downturn in overseas economies.
In the aviation industry, the overall demands for airlines continued to show a solid growth with an increase of the arrivaland departure capacity for international flights at Tokyo International Airport as the demands for international flights
significantly increased due mainly to foreign passengers visiting Japan by the effect of weak yen while demands fordomestic flights remained the same level year-on-year during the New Year holidays. The decline in the crude oil price also
led to lower fuel surcharges, which largely contributed to the business environment of airline companies. In the entire
aviation industry, however, an increasingly intensified price competition and a shortage of pilots have become long-term
issues that require attention.
Under such economic conditions, the Group (the Company and its consolidated subsidiaries) recorded net sales of¥15,780 million (up 1.3% from the same period of the previous year) with contributions 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, operating
income of ¥2,704 million (down 10.0%) and ordinary income of ¥3,066 million (up 3.8%) and net income of ¥1,712
million (up 1.9%).
Performance by business segment is as follows:(i) Real Estate Business
Real Estate Business recorded net sales of ¥11,674 million, an increase by ¥651 million (5.9%) 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 from
Omori Higashi apartment for major airline companies. Operating income, however, decreased by ¥235 million(10.7%) to ¥1,964 million due to an increase in depreciation and electricity cost.
(ii) Area Heating & Cooling Business
Area Heating & Cooling Business recorded net sales of ¥2,368 million, a decrease by ¥398 million (14.4 %) fromthe same period of the previous year as our service in the 1-chome District of Tokyo International Airport was
terminated 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 in Real Estate Business 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 ¥9 million (1.7 %) to ¥547 million.
(iii) Water Supply & Drainage Service and Other BusinessNet sales in Water Supply & Drainage Service and Other Business decreased by ¥47 million (2.6 %) from the same
period of the previous year to ¥1,738 million as a result of reviewing management fees for the waterworks &drainage management business at the Tokyo International Airport. Operating income also decreased by ¥55 million(22.3 %) to ¥193 million.
(2) Qualitative Information on Consolidated Financial Position(Assets)
Total assets as of December 31, 2014 amounted to ¥80,955 million, an increase by ¥3,334 million compared to March 31,
2014, due to an increase of rental properties under the lease agreement and in unrealized gain in investment securities as aresult of rise in stock price.
(Liabilities)
Liabilities as of December 31, 2014 amounted to ¥30,820 million, an increase by ¥1,197 million from March 31, 2014, due
to an increase in unearned revenue arising from land rent invoiced for the year ending March 31, 2015 and proceeds fromlong-term loans payable.

- 3 -(Net assets)
Net assets as of December 31, 2014 increased by ¥2,136 million compared to March 31, 2014 to ¥50,135 million mainly
due to an increase in retained earnings from recording net income for the period and in valuation difference on availablefor-sale securities.
As a result, equity ratio as of December 31, 2014 increased by 0.1 points to 60.0 % 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 the
Financial 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 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, 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)

Third quarter of FY3/15(As of December 31, 2014)

AssetsCurrent assets
Cash and deposits

2,232,163

3,122,792

Notes and accounts receivable-trade

1,231,205

1,090,312－

1,000,000

2,326,755

3,969,834

Raw materials and supplies

24,810

8,382

Short-term loans receivable－

464,865

Deferred tax assets

245,883

245,883

Others

510,514507,428

6,571,330

10,409,496

Buildings and structures, net

49,688,914

48,100,620

Machinery, equipment and vehicles, net

4,210,656

4,553,677

39,816

28,6899,507,156

9,510,579

757,489

358,132

64,204,031

62,551,697

75,00349,611

4,594,849

6,317,292

Long-term loans receivable

5,102

4,375

Net defined benefit asset

75,23547,4701,488,211

949,325

Others648,332

660,035

Allowance for doubtful accounts(40,867)(34,567)

Total investments and other assets

6,770,862

7,943,930

71,049,896

70,545,238

77,621,226

80,954,734

Securities
Lease receivables and investment assets

Total current assets
Noncurrent assets
Property, plant and equipment

Tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities

Deferred tax assets

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

Third quarter of FY3/15(As of December 31, 2014)

Liabilities
Current liabilities
Notes and accounts payable-trade

1,205,511

529,933

Short-term loans payable

4,102,092

4,101,548

Accounts payable

4,069,162

850,722

Income taxes payable

96,492

633,099

Accrued expenses

112,983

119,214

Unearned revenue

838,397

1,342,611

Provision for bonuses

115,579

56,886

Provision for directors’ bonuses

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

375,191

359,465

Others712,852

765,730

11,655,859

8,772,106

Long-term loans payable

12,627,848

16,766,600

Long-term guarantee deposited

4,849,441

4,819,522

Long-term accounts payable-facilities

256,765

256,765

Net defined benefit liability

12,398

2,673

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

210,557

192,366

10,178

10,17817,967,187

22,048,104

29,623,046

30,820,210

Capital stock

6,826,100

6,826,100

Capital surplus

6,982,921

6,982,921

Retained earnings

33,219,444

34,311,901

Treasury stock(1,562,002)(1,562,185)

Total shareholders’ equity

45,466,463

46,558,737

Valuation difference on available-for-sale securities

1,032,562

2,005,700

Total accumulated other comprehensive income

1,032,562

2,005,700

Minority interests

1,499,156

1,570,087

Total net assets

47,998,180

50,134,524

77,621,226

80,954,734

Total current liabilities
Noncurrent liabilities

Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity

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 FY3/14(April 1, 2013 – December 31, 2013)

First nine months of FY3/15(April 1, 2014 – December 31, 2014)

Net sales

15,574,641

15,780,147

Cost of sales

11,561,301

11,888,615

Gross profit

4,013,340

3,891,532

Selling, general, and administrative expenses
Directors’ compensations

222,801

217,337

Salaries and bonuses

354,749

399,860

Provision for bonuses

28,32430,558Provision for directors’ bonuses

13,80012,898Transportation and communication expenses

63,183

66,147

Taxes and dues

54,31245,896

Depreciation

24,47924,095

OthersTotal selling, general, and administrative expenses
Operating income

247,530

390,524

1,009,178

1,187,315

3,004,162

2,704,217

19

2,076

Non-operating income
Interest income
Dividends income

91,715334,803

Commission fee

32,754

100,059

Gain on investments in silent partnership

31,363

101,875

Others

41,06984,940Total non-operating income

196,920

623,753

Non-operating expenses
Interest expenses

181,111219,142

Removal cost of property, plant and equipment

21,166

10,960

Provision for removal cost

36,491

20,765

Others9,194

11,241

247,962

262,108

2,953,120

3,065,862

Compensation for remaining book value

－

4,160

Others－263

Total extraordinary income

－

4,423

38,903306,798－2

Total extraordinary loss

38,903306,800

Income before income taxes

2,914,217

2,763,485

Income taxes

1,142,005

941,828

Income before minority interests

1,772,212

1,821,657

91,916109,260

1,680,296

1,712,397

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss
Loss on retirement of noncurrent assets
Loss on sales of noncurrent assets

Minority interests in income
Net income- 7 -(Quarterly Consolidated Statements of Comprehensive Income)(Thousands of yen)First nine months of FY3/14(April 1, 2013 – December 31, 2013)

First nine months of FY3/15(April 1, 2014 – December 31, 2014)

1,772,212

1,821,657

Valuation difference on available-for-sale securities

356,636

973,138

Total other comprehensive income

356,636

973,138

2,128,848

2,794,796

Comprehensive income attributable to owners of the parent

2,036,932

2,685,536

Comprehensive income attributable to minority interests

91,916109,260

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.

5. Other（Significant Subsequent Events）
Skymark Airlines Inc., one of our major tenants, decided by resolution at the board meeting held on January 28, 2015 to filewith the Tokyo District Court to commence civil rehabilitation proceedings. After the filing, the Tokyo District Court issued aprotective order to prohibit payment and a supervision order and appointed a supervisor. The rehabilitation plan has not been
finalized nor approved yet, but Skymark Airlines intends to continue its flight operations.
The amount due from Skymark Airlines as of December 31, 2014 was mainly long-term lease receivable and amounted toapprox.¥3,400 million.
We believe our receivable will be mostly preserved as the Tokyo District Court issued on January 28, 2015 an order to statethat liabilities related to rent, utility expenses, communication costs, etc. and liabilities related to lease payments for flightequipment, furniture and fixtures required for operation (air transport business) are not subject to the prohibition of “repayment
and provision of security.”- 9 -