January 28, 2016

Financial Results for the Third Quarter of the Year Ending March 31, 2016 [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 5, 2016
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 2016 (April 1, 2015 - December 31, 2015)(1) Consolidated Business Results(Percentages are changes from the same period of the previous year.)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
First nine months ended

Millions of yen

December 31, 2015
December 31, 201415,32815,780% Millions of yen

(2.9)
1.3

(Note) Comprehensive income:% Millions of yen

2,408
2,704

(10.9)(10.0)% Millions of yen

2,295
3,066

(25.1)
3.8

%

1,372
1,712

(19.9)
1.9

First nine months ended December 31, 2015: 1,462 million yen ((47.7 %))First nine months ended December 31, 2014: 2,795 million yen (31.3%)

Basic earnings
per share

Diluted earnings
per shareFirst nine months ended

Yen

Yen

December 31, 2015
December 31, 2014

26.56
33.15

26.54
－

(2) Consolidated Financial Position
Total assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

89,117
84,27051,55450,71555.9
58.3

964.14951.16

As of December 31, 2015
As of March 31, 2015
(Reference) Equity capital:

Net assets

As of December 31, 2015: 49,808 million yen

As of March 31, 2015: 49,138 million yen

2. Dividends
Dividends per share

Q1

Q2

Q3

Q4

Annual

Yen

Yen

Yen

Yen

Yen

－
－

6.00
6.00

－
－

6.00

12.00

6.00

12.00

FY ended March 31, 2015
FY ending March 31, 2016
FY ending March 31, 2016（Forecasts）(Note) Changes in the latest forecasts released: No

3. Forecast of Consolidated Earnings for the Year Ending March 2016 (April 1, 2015 - March 31, 2016)(Percentages are changes from the same period of the previous year.)Net sales
Full fiscal year

Operating income

Profit attributable toowners of parent

Ordinary income

Basic earnings
per share

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

20,670

(2.1)

2,690

(15.0)

2,730(13.7)

1,720

14.3

33.29

(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(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions
1) Changes in accounting policies with revision of accounting standards, etc. : Yes
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, 2015:
treasury stock)2) Number of treasury stock
As of December 31, 2015:
3) Average number of shares during
the period

First nine months ended
December 31, 2015:

54,903,750 shares As of March 31, 2015:

54,903,750 shares

3,242,974 shares As of March 31, 2015:

3,242,446 shares

51,661,012 shares First nine months ended
December 31, 2014:

51,661,652 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, 2015 (3)Qualitative Information on Consolidated Earnings Forecast” on page 4.

- 2 -1. Qualitative Information on Consolidated Financial Results for the Quarter Ended December 31, 2015
(1) Explanation about Business Results
During the nine months ended December 31, 2015, the Japanese economy continued to show a gradual recovery with
continued improvement of income and employment environment as a result of various government policies such ascontinued monetary easing by the Bank of Japan. However, while European and the U.S. economy maintain a steady
growth, global economy shows a downturn due to stagnant economy in emerging countries including China, Brazil, andIndonesia as well as Middle East disruption.
In the aviation industry, demands continue to grow especially for international flight due to a significant increase inforeign passengers visiting Japan, as well as lower fuel costs resulting from a continued decline in crude oil price. On theother hand, domestic flights slightly decrease partly due to the opening of the Hokuriku Shinkansen which affected theflights to Hokuriku area although the number of passengers during the year-end holiday season remained the same level as
the previous year’s results. Furthermore, the Hokkaido Shinkansen is scheduled to go into operation in March 2016 andthere are also other factors such as route expansion by emerging airlines and LCCs, which will further intensify
competition within the industry, and accordingly each airline company is striving for cost reduction.
Under such economic conditions, the Group (the Company and its consolidated subsidiaries) recorded net sales of¥15,328 million (down 2.9% from the same period of the previous year), operating income of ¥2,408 million (down 10.9%)
and ordinary income of ¥2,295 million (down 25.1%) and profit attributable to owners of parent of ¥1,372 million (down
19.9%), partly due to the continuing effect since the previous fiscal year of the move-out from certain facilities by major
airline companies.
Performance by business segment is as follows:(i) Real Estate Business
Real Estate Business recorded net sales of ¥11,336 million (down 2.9% from the same period of the previous year),as a result of the move-out from the facilities by and rent reduction for major airline companies in Tokyo
International Airport in the three months ended September 30, 2015, despite additions of a simulator facility atTokyo International Airport and two properties including a small hangar and an engine maintenance shop by aconsolidated subsidiary in Singapore. Operating income was ¥1,529 million (down 22.1%).
(ii) Area Heating & Cooling Business
Area Heating & Cooling Business recorded net sales of ¥2,351 million (down 0.7% from the same period of theprevious year), as our service in the 1-chome District of Tokyo International Airport was terminated at the end of
May 2014, despite a steady growth of sales from cooling service by Tokyo Airport Heating & Cooling Co., Ltd., aconsolidated subsidiary. Operating income was ¥776 million (up 42.0%) due to decreased rates of electricity and gas.
(iii) Water Supply & Drainage Service and Other Business
Water Supply & Drainage Service and Other Business recorded net sales of ¥1,639 million (down 5.7% from thesame period of the previous year) as a result of a decrease in the number of shared telecommunication lines due topartial cancellation, despite a steady growth in sales from water supply and drainage service due to an increase in thenumber of passengers at Tokyo International Airport. Operating income was ¥103 million (down 46.5%) due to anincrease in depreciation expense associated with renewal of PBX, equipment for shared telecommunication network.
(2) Qualitative Information on Consolidated Financial Position(Assets)
Total assets as of December 31, 2015 amounted to ¥89,117 million, an increase by ¥4,846 million (5.8%) compared toMarch 31, 2015, as a result of new investments in a consolidated subsidiary in Singapore as well as in hotel business andsolar power generation business in Japan.
(Liabilities)
Liabilities as of December 31, 2015 amounted to ¥37,562 million, an increase by ¥4,008 million (11.9%) from March 31,
2015, due to the recording of accrued expenses for undetermined national property usage fee in the Tokyo International
Airport and loans payable related to overseas investments.

- 3 -(Net assets)
Net assets as of December 31, 2015 increased by ¥838 million (1.7%) compared to March 31, 2015 to ¥51,554million
mainly due to an increase in retained earnings.
As a result, equity ratio as of December 31, 2015 decreased by 2.4 points to 55.9% compared to March 31, 2015.
(3) Qualitative Information on Consolidated Earnings Forecast
There is no change as to Consolidated Earnings Forecast for the Year Ending March 2016 which was announced in the
Financial Results for the Year Ended March 31, 2015 [J-GAAP] dated May 14, 2015.

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 for the period multiplied by the estimated effective tax rate. The
effective tax rate is reasonably estimated taking into consideration deferred tax accounting as the rate applicable to income
before income taxes for the consolidated fiscal year including the period ended December 31, 2015.
(3) Changes in Accounting Policies and Estimates, and Restatements
Change in accounting policies
From the beginning of the first quarter of the current consolidated fiscal year, the Company started applying “Revised
Accounting Standard for Business Combinations” (ASBJ Statement No. 21, September 13, 2013), “Revised AccountingStandard for Consolidated Financial Statements” (ASBJ Statement No. 22, September 13, 2013) and “Revised AccountingStandard for Business Divestitures” (ASBJ Statement No. 7, September 13, 2013), etc. As the Company applied theseaccounting standards, the expression for quarterly net profit, etc. has been changed, and “minority interests” has beenchanged to “non-controlling interests”. In order to reflect these changes, the consolidated financial statements for the firstnine months of the previous fiscal year have been reclassified, as well as the entire previous fiscal year.

3. Material Events concerning Going Concern
Not applicable.

- 4 -4. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Thousands of yen)
FY3/15(As of March 31, 2015)

Third quarter of FY3/16(As of December 31, 2015)

AssetsCurrent assets
Cash and deposits

2,891,402

5,810,095

Notes and accounts receivable-trade

1,133,796

2,355,215

Securities

3,000,000

3,000,000

Lease receivables and investment assets

3,429,585

3,949,213－

3,802,394

Operating loans
Raw materials and supplies

23,395

15,837

Deferred tax assets

306,501

306,501

Others211,950

281,697

10,996,629

19,520,956

Buildings and structures, net

47,340,793

45,525,303

Machinery, equipment and vehicles, net

4,877,121

4,669,260

30,05031,6839,544,939

9,428,928

177,653

2,067,970

61,970,556

61,723,147

41,19625,867

6,764,238

6,742,206

4,167

3,581

Deferred tax assets

323,237

330,362

Net defined benefit asset

180,682

153,825

Others4,105,469

651,752

Allowance for doubtful accounts

ሺ115,948)

ሺ34,567)

Total investments and other assets

11,261,845

7,847,160

73,273,597

69,596,175

84,270,226

89,117,131

Total current assets
Non-current 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
Long-term loans receivable

Total non-current assets
Total assets- 5 -(Thousands of yen)
FY3/15(As of March 31, 2015)

Third Quarter of FY3/16(As of December 31, 2015)

Liabilities
Current liabilities
998,571

563,449

Short-term loans payable

5,290,218

4,565,556

Accounts payable

1,617,997

1,413,905

Income taxes payable

595,161424,543

Accrued expenses

801,135

2,929,352

Unearned revenue

756,115

895,410

Provision for bonuses

121,481

58,507

Notes and accounts payable-trade

Provision for directors’ bonuses

25,796

12,940

Provision for removal cost of property, plant and equipment

490,991

425,118

Others811,819

825,975

11,509,284

12,114,757

Long-term loans payable

16,820,248

20,033,121

Long-term guarantee deposited

4,809,516

4,968,693

205,412205,412

3,146

4,786

－

233,962

207,132

2,088

Total current liabilities
Non-current liabilities

Long-term accounts payable-facilities
Net defined benefit liability
Long-term accounts payable-other
Provision for directors’ retirement benefits

22,045,454

25,448,063

33,554,738

37,562,821

Capital stock

6,826,100

6,826,100

Capital surplus

6,982,921

6,982,921

Retained earnings

34,103,121

34,861,423

Treasury stock(1,562,347)(1,562,688)

Total shareholders’ equity

46,349,795

47,107,755

2,718,548

2,703,641

69,583(2,957)2,788,131

2,700,684－

29,359Non-controlling interests

1,577,562

1,716,511

Total net assets

50,715,488

51,554,310

84,270,226

89,117,131

Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares

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 FY3/15(April 1, 2014 – December 31, 2014)

First nine months of FY3/16(April 1, 2015 – December 31, 2015)

Net sales

15,780,147

15,328,004

Cost of sales

11,888,615

11,659,573

Gross profit

3,891,532

3,668,430

Directors’ compensations

217,337

225,026

Salaries and bonuses

399,860

393,717

Selling, general, and administrative expenses

Provision for bonuses

30,55837,051

Provision for directors’ bonuses

12,89812,940Transportation and communication expenses

66,14775,995

Taxes and dues

45,89664,193

Depreciation

24,095

16,185

Others390,524

434,496

1,187,315

1,259,605

2,704,217

2,408,825

2,076

13

Dividends income

334,803119,725

Commission fee

100,059

26,180Gain on investments in silent partnership

101,875－

Total selling, general, and administrative expenses
Operating income
Non-operating income
Interest income

Others

84,94086,257

Total non-operating income

623,753

232,176

Interest expenses

219,142

231,357

Removal cost of property, plant and equipment

10,96032,616

Provision for removal cost

20,765

5,622

－

1,874

－

72,988

11,241942

Non-operating expenses

Foreign exchange losses
Depreciation
Others262,108

345,401

3,065,862

2,295,600

4,160

－

Gain on sales of non-current assets－

84,955

Others

263

－

4,423

84,955306,798

7,339

Total non-operating expenses
Ordinary income
Extraordinary income
Compensation for remaining book value

Total extraordinary income
Extraordinary loss
Loss on retirement of non-current assets

2

12,609Total extraordinary loss

306,800

19,949

Income before income taxes

2,763,485

2,360,606

941,828

811,085

1,821,657

1,549,521

109,260

177,278

1,712,397

1,372,242

Loss on sales of non-current assets

Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent- 7 -(Quarterly Consolidated Statements of Comprehensive Income)(Thousands of yen)First nine months of FY3/15(April 1, 2014 – December 31, 2014)

First nine months of FY3/16(April 1, 2015 – December 31, 2015)

1,821,657

1,549,521

ProfitOther comprehensive income

973,138(14,906)－(72,540)

973,138(87,447)

2,794,796

1,462,074

Comprehensive income attributable to owners of parent

2,685,536

1,284,795

Comprehensive income attributable to non-controlling interests

109,260

177,278

Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total 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)
Not applicable.

- 9 -