annual report 2016 - 空港施設株式会社 · annual report 2016 2 message from the president...

WE SUPPORT AVIATION INDUSTRY

ANNUAL REPORT 2016 Year Ended March 31, 20162015.4.01 2016.3.31

AIRPORT FACILITIES CO., LTD.

AIRPORT FACILITIES CO., LTD.1

Message from the President & Highlights of Business Result

We strive to reinforce our business foundation, aiming to achieve stable long-term growth.Business results, annual dividend and business

environment of fiscal year ended March 2016

Business results of our Group in the fiscal year ended

March 2016, net sales and operating income both

decreased from the previous term, affected by the

streamlining of airline companies under the severe

competition environment. However, with an increase

in commission fee, ordinary income and net profit

increased from the previous term.

As for dividend, we continuously strive to stably

return ¥12.0 per share annually to our shareholders.

Tokyo International Airport, our company’s busi-

ness base, is considering to further expand its airport

function following significant increase in the number

of inbound passengers to Japan. Airline companies

face the issue of responding to the lack of pilots due

to the increase in demand for aviation service, and

Our MissionOur mission is to play a vital role in the progress of aviation as a pivotal private company operat-ing mainly at airports, through creating and providing necessary facilities and functions at airports.

Corporate Philosophy1 We will continually advance ahead

of the demands and changes of the times by producing creative innovation and we will endeavor to raise corporate value.

2 We make effort to be a reliable and trusted company that always provides value which satisfies customers and complies with public expectation.

3 We will foster our staff, and en-courage and reward the efforts they make and the challenges they tackle.

4 As a member of civil society, we observe rules and respect fair-ness.

CONTENTS

Message from the President & Highlights of Business Result . . . . . . . . . . . . . . . . . . . . . . . . . . 1

Business Outline . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Recent Efforts for Achieving Long-term Stable Growth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Special Topic: Project Report Further Efforts in Overseas Businesses . . . . . . . . . . . . . . . . . . 7

Future Business Direction toward Further Value Creation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Outline of Consolidated Financial Statement and the Forecast on the Performance and Dividend Next Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Financial Highlights (Five years) . . . . . . . . . . . . . . . . . . . . . 13

Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

The statements about future described on 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.

President and CEO

¥20.6billion ¥2.9billion

- 2.0% year on year - 7.0% year on year

Net sales Operating income

ANNUAL REPORT 2016 2

Message from the President & Highlights of Business Result

We strive to reinforce our business foundation, aiming to achieve stable long-term growth.demand for training is increasing accordingly. In

addition, demand for aviation service abroad, espe-

cially in Asia, is growing more than ever, and demand

for airport-related facilities including pilot training

facilities is increasing.

Our Group grasps these demand trends

adequately, and implements business by trying to

utilize the existing facilities and expand the customer

base.

Business development in Japan

There is a new movement in Tokyo International

Airport to interpret the air cargo storage as a base

for distributive processing. By further utilizing the

air cargo storage, our company is putting effort into

expanding the use of our facilities. At regions near

Tokyo International Airport, a second hotel following

Tokyu Stay Kamata is about to be completed in the

near future in Haneda Asahi-cho, along with the

increase in accommodation demand.

Among regional airports, we started construction

of a hangar in Kitakyushu Airport, and constructed a

solar power plant plant in Mizunami City, Gifu Prefec-

ture While trying to expand the customer base, we are

also starting new businesses.

Business development abroad

In overseas, we provide aviation-related facilities such

as hangars and engine maintenance plants to Airbus

Group at Singapore Seletar Airport. The current issue

there is a lack of pilots, as is in Japan, due to worldwide

increase in demand for aviation service. As an effort to

respond to the needs for the training of such pilots,

our company newly started financing simulators and

leasing training facilities for Airbus Group.

Business development in the future

Going forward, further reinforcement of Tokyo Inter-

national Airport’s function is expected along with

the increase of inbound passengers to Japan, and

training/maintenance needs among airline compa-

nies will increase according to demand expansion for

aviation service. This will also lead to an increase in

demand for aviation-related facilities, so we consider

these as an important opportunity for the business of

our Group. From the fiscal year ending March 2017,

we are expecting increases in both net sales and

operating income with the start of the operation of

new facilities and the expansion of business abroad.

For further business recovery, we will implement our

business by uniting the efforts of the entire Group.

¥3.1billion 3.9% ¥6.9billion¥12.00¥1.9billion

+ 0.3% year on year + 0.8 points year on year + 0.17% year on yearThe same as the previous fiscal year+ 28.6% year on year

Ordinary income ROE Operating income before depreciationCash dividends per shareProfit attributable to owners

of parent


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

Real Estate Business ¥15.3billion(-1.6% )

Net sales (‘16/3)

Core businessLeasing of real estate such as multi-pur-pose general buildings, hangars, main-tenance plants, apartments, hotels, and plant buildings in airports in Japan and abroad and regions along the railway line connected to the airport

Major companiesAirport Facilities Co., Ltd., AIRPORT FACILITIES ASIA PTE. LTD.

Major business investments (‘16/3)

Haneda Asahi Cho hotelKitakyushu Airport hangarOverseas (Singapore)

Component Maintenance Building

Domestic Air Cargo Terminal (Tokyo International Airport)

Real Estate Business

74.0%

Tokyo International Airport

82.7%

Area Heating & Cooling Business

15.3%

Water Supply & Drainage Service and

Other Business

10.7%Net Sales

by Business Segment

(’16/3)

Outside Airport 9.7% airports 3.3%

Net Sales by Region

(’16/3)

Other regional

Overseas 0.7%

2.0%

OsakaInternational

Airport

1.6%

Kansai International

Airport

Net sales/Operating income (¥ Million)

Net sales

Overseas location

New Chitose

Osaka Int’l(Itami)

Kobe

Kansai Int’l

Naha

Fukuoka

Kagoshima

Kitakyushu

Hiroshima Heliport

Central Japan Int’l (Centrair)

Sendai

Tokyo Int’l Airport, Tokyo Metropolitan area

Singapore: Seletar airport

0

5,000

10,000

15,000

20,000

2014/3 2015/3 2016/3

Operating income

12 Airports where we deploy our business

Although simulator facilities at Tokyo Inter-national Airport and two properties abroad started operation, with the business cancella-tion of the contracts in previous term and the rent reduction, net sales and operating income both decreased.


Area Heating & Cooling Business

Water Supply & Drainage Service and Other Business¥3.1billion(-0.8% ) ¥2.2billion(-5.6%)

Net sales (‘16/3)

Net sales (‘16/3)

Core businessProvision of cooling and heating func-tions at Tokyo International Airport (area heating and cooling business)

Major companiesTokyo Airport Heating & Cooling Co., Ltd.


Renewal of chiller and cooling tower

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

Major companiesAirport Facilities Co., Ltd.


Solar power plant in Mizunami City, Gifu Prefecture

Energy Center (Tokyo Airport Heating & Cooling Co., Ltd.)

Water supply & drainage facilities in the reclaimed land area offshore (Tokyo International Airport)

High-efficiency Electric Turbo Chiller Shared Communication Service (Tokyo International Airport)


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

Domestic cargo area

New aircraft maintenance area

Runway C

Domestic passenger area

Runway BInternational

passenger and cargo areaFormer aircraft maintenance area(1-chome district)

Runway A

Runway D

0

1,000

2,000

3,000

4,000

2014/3 2015/3 2016/3

Net sales Operating income

Areas covered by our local area communication network

Domestic cargo area

New aircraft maintenance area

Runway C

Domestic passenger area

Runway BInternational

passenger and cargo areaFormer aircraft maintenance area(1-chome district)

Runway A

Runway D


0

500

1,000

1,500

2,500

2,000

2014/3 2015/3 2016/3

Net sales Operating incomeWhile the area heating and cooling business at Haneda Airport 1-Chome District was terminat-ed, with the sound business of Tokyo Airport Heating & Cooling Co., Ltd. and reduction in the price of electricity and fuel gas bills net sales de-creased but operating income increased.

Both net sales and operating income decreased due to partial cancellation of a shared telecommu-nication networks and increase in depreciation ex-penses associated with renewal of facilities, despite steady growth of water supply and drainage service and start of operation in the solar power plant in Mizunami City, Gifu Prefecture.

1

23


Recent Efforts for Achieving Long-term Stable Growth

1 Recent efforts in Tokyo International Airport and regions along the railway line connected to the airport

Aviation industry that will continue to develop in the future

Our Group will continuously strive to achieve long-term stable growth, by capturing busi-ness opportunities in Japan and abroad, and by continuously creating values with the original know-how of the “supporting avia-tion industry.”

Worldwide air passenger demand (2015 – 2034)

Worldwide air cargo demand (2015 – 2034)

4.9% is expected*

4.7% is expected*

The second hotel located along the railway line connected to the airport is under constructionWith the expected increase in demand of accom-modation mainly for inbound users (those who visit Japan from abroad) in areas along the railroad line connected to Tokyo International Airport, the second hotel is cur-rently under construc-tion and scheduled to be completed in July 2016.

[Outline]

Location: Ohta-Ku, Haneda Asahi-Cho, Tokyo

Scheduled completion date: July 2016 (planned)

Efforts for the further utilization of air cargo storageCSN ChihouSouseiNetwork Co., Ltd., which moved into the air cargo storage last June, is working to ex-pand demand by utilizing the cargo storage facing the aircraft parking spots as a base for distributive processing and connect-ing the production area and consumption area of fishery products.

[Outline]

Occupancy: June 2015

Use: “Haneda Fresh Fish Center,” a fresh fish sorting facility within the airport

Image of the lobby floor

*Source: “CURRENT MARKET OUTLOOK 2015 – 2034” by The Boeing Company

East Cargo Area (reference photo)

Annual average growth of

Annual average growth of


Kitakyushu Airport

Singapore Seletar Airport

2 Recent efforts in regional airports and local cities

3 Efforts abroad

Operation of facilities and expansion of customer base at regional airportsIn December 2015, our company started the construction of a hangar in Kitakyushu Airport. This hangar is scheduled to be used as an aircraft maintenance hangar, and the airport is one of the bases for conducting the test flight of the mass-pro-duction aircraft of MRJ (Mitsubishi Regional Jet) by Mitsubishi Aircraft Cor-poration.

[Outline]

Start of construction: December 2015

Use: Aircraft maintenance hangar

Coping with the needs in accordance with the increasing international demand for pilotsDemand for aviation service is growing abroad, espe-cially in Asia, and the international shortage of pilots is becoming an urgent issue. Under such situation, we started the leasing of pilot training facilities for Airbus Asia Training Centre in April 2016.

[Outline]

(Training facility)

Construction completed in: April 2016

Use: Pilot training facility

Leased to: Airbus Group Singapore Pte. Ltd.

Offering services at Singapore Seletar Airport

MRJ(Photo courtesy: Mitsubishi Aircraft Corporation)

Please refer to the Special Topic on pp.

7-8.

Airports where we deploy our business (12 airports in Japan)

Facilities provided by our company(Engine maintenance plant)

Seletar Airport

Facilities provided by our company(Hangar)

Facilities provided by our company(Pilot training facility)


Aviation-related demand is increasing worldwide, and, especially in Asia, it is expanding more than ever following the increase of population.In specific, in addition to demand for facilities related to the production and maintenance of aircraft, there is a need for training facilities in order to resolve the problem of pilot shortage.Accordingly, in order to take in such booming aviation-related demand, our company is actively developing its business overseas. We established a locally-incorporated company in Singapore (AFA) and in Canada (AFN).

Special Topic

Project Report– Further efforts in overseas businesses –

Provide aviation-related facilities in response to the booming demand in Asia

Business Development in Singapore

November 2013

March 2014

December 2014

[Outline of overseas subsidiary] *As of March 31, 2016

Company name: AIRPORT FACILITIES ASIA PTE. LTD.(AFA)

Established: November 2013

Representative: Hiroshi Maruyama (President and CEO of the Company)

Capital stock: 4,218 million yen (23.7 million Singapore dollars)

Shareholder: Airport Facilities Co., Ltd. (100%)

Started providing hangar for Airbus Helicopters

Started the leasing of aircraft engine maintenance, repair and overhaul (MRO) plant for Vector Aerospace Asia

[MRO business]MRO stands for maintenance, repair and overhaul. It includes various industries related to the maintenance and repair of aircraft.


April 2016

The facility that started to be leased from April 2016 within the premises of Singapore Seletar Airport is a pilot training facility equipped with the highest level of technology, which can hold ten units of full flight simulators for Airbus aircraft (existing and new models). In addition, the company is financing the simulator to be installed and used in the facility from August 2015.

[Airbus Asia Training Centre]

• A flight training facility jointly established by Airbus (55%) and Singapore Airlines (45%).

• Provides pilot type rating and recurrent training courses for all in-production Airbus jetliner types.

Started the leasing of pilot training facilities for Airbus Asia Training Centre

The starting point of our overseas business goes back

to 2011, when the company started providing hangars

for Airbus Helicopters in Kobe Airport. Since then, the

company has been actively working on business to

provide facilities to customers abroad on-site, backed up

by technologies and know-how developed through our

years of experience in Japan. We consider the recent rapid

increase in aviation-related demand worldwide, especially

in Asia, as a significant business opportunity. We would

like to actively reach not only aircraft manufacturers but

also MRO business operators to expand our client base.

A telephone meeting with the overseas worksite

Executing an agreement overseas

VOICE

NEW

Frontline Efforts

Trend in the number of air travelers, number or arrivals and departures, and the volume of handled cargo in Tokyo International Airport

Forecast of demand for commercial aircrafts abroad (2014-2034)Number of air travelers and number of arrivals and departures Volume of air cargo handled MRO business support for the new customers (provision of facilities)Strive for further expansion2011

Airbus Helicopters Japan[Kobe]

TAMAGAWA AERO SYSTEMS[Haneda]

2014

Vector Aerospace Asia[Singapore]

2014

0

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

0

200

400

600

800(Million) (thousand tons)

(Thousands)Number of domestic passengers Number of international passengers (Ten thousand times) Domestic air cargo

Russia, etc.

Latin America

Middle East /Africa

Europe

North America

Asia

International air cargo

12/3 13/3 14/3 15/3 16/3(Forecast)

12/3 13/3

2014 2034

14/3 15/3 16/3(Forecast) 0

10

20

30

40

50

17%

Approx.40 thousands

18%

18%

28%

22%9%

35%

28%

Worldwide demand: Doubling


Demand in Asia: Approx.

threefold, developing into the world’s

largest market



largest market

Number of arrivals and departures of domestic �ights

Number of arrivals and departures of international �ights

Source: “Report on the State of Airport Management by Calendar and Fiscal Years” by the Ministry of Land, Infrastructure, Transport and Tourism *The forecast for the �scal year ended March 2016 is made by our company.

Source: “Report on the State of Airport Management by Calendar and Fiscal Years” by the Ministry of Land, Infrastructure, Transport and Tourism *Not including the volume handled as postal items *The forecast for the �scal year ended March 2016 is made by our company. (Source: Average �gure calculated from the data released by BOEING/AIRBUS)


Future Business Direction toward Further Value CreationAirport Facilities Co., Ltd. will actively capitalize on business opportunities in Japan and abroad, including the further development of Tokyo International Airport, revitalization of regional airports, management reform by airline companies and the expansion of overseas demand.

Changes in Business Environment

Airports Increase in the number of visitors to Japan, mainly via Haneda, and increase in demand for international flights

Hosting Tokyo Olympic and Paralympic Games Diversification of materials used in regions

Airline Companies Coping with the lack of pilots Reinforcement of new and innovative equipment with superior fuel-efficiency

Tokyo International Airport Plan to increase arrival/departure slots by 39,000 to 447,000 Increase in passenger-related business (hotel) Increase in those engaged in aviation-related business (bachelor apartments for employees, etc.)

Reinforcement and expansion of airports in

Tokyo Metropolitan Area

Training and maintenance demand

Demand abroad

Further expansion of airport capacity is being considered Simulators and other training facilities

Overseas Strong demand for aviation services mainly in Asia Needs for training facilities and maintenance plants according to the increase in aircraft demand

Trend in the number of air travelers, number or arrivals and departures, and the volume of handled cargo in Tokyo International Airport

Forecast of demand for commercial aircrafts abroad (2014-2034)Number of air travelers and number of arrivals and departures Volume of air cargo handled MRO business support for the new customers (provision of facilities)Strive for further expansion2011

Airbus Helicopters Japan[Kobe]

TAMAGAWA AERO SYSTEMS[Haneda]

2014

Vector Aerospace Asia[Singapore]

2014

0

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

0

200

400

600

800(Million) (thousand tons)

(Thousands)Number of domestic passengers Number of international passengers (Ten thousand times) Domestic air cargo

Russia, etc.

Latin America

Middle East /Africa

Europe

North America

Asia

International air cargo

12/3 13/3 14/3 15/3 16/3(Forecast)

12/3 13/3

2014 2034

14/3 15/3 16/3(Forecast) 0

10

20

30

40

50

17%

Approx.40 thousands

18%

18%

28%

22%9%

35%

28%





largest market



largest market

Number of arrivals and departures of domestic �ights

Number of arrivals and departures of international �ights

Source: “Report on the State of Airport Management by Calendar and Fiscal Years” by the Ministry of Land, Infrastructure, Transport and Tourism *The forecast for the �scal year ended March 2016 is made by our company.

Source: “Report on the State of Airport Management by Calendar and Fiscal Years” by the Ministry of Land, Infrastructure, Transport and Tourism *Not including the volume handled as postal items *The forecast for the �scal year ended March 2016 is made by our company. (Source: Average �gure calculated from the data released by BOEING/AIRBUS)


Exploit the know-how developed in Japan also in overseas market. Expand the values we provide internationally

Future approaches by the Company

Promotion of businesses in the airport and regions near the airport Taking on the new frontier

Efforts in Tokyo International Airport

• Providing airport function facilities (simulator facilities, etc.)

• Further utilization of air cargo storage (regional revitalization)

• Coping with the problem of vacant rooms

Further efforts in overseas businesses

• Providing facilities in reaction to the strong demand for aviation services abroad

• Further excavation of projects in Singapore

• Providing facilities in Canada

Efforts in regions near Tokyo International Airport

• Construction of a hotel

(Haneda Asahi Cho)• Construction of

apartments (along the Airport Line)

Efforts towards the expansion of customer base

• Facilities related to aircraft manufacturers in Japan and abroad

• Sales to MRO business operators

Efforts at regional airports

• Construction of a hangar (Kitakyushu)

• Participation in the concession based on laws on the operation of airports utilizing private-sector initiative


Outline of Consolidated Financial Statement and Outlook for the Performance and Dividend Next Year

Outline of Consolidated Balance Sheet

Outline of Consolidated Financial Statement Outline of fiscal year ended March 2016 1 (Net sales) Despite the start of the operations of simulator facilities in

Tokyo International Airport and a small-sized hangar and engine plant in Singapore, stable growth of the area heating and cooling business, and increase in water usage due to increase in the number of travelers, net sales decreased by 2.0% from the previous term due to the impact of tenants moving out during the term, decrease in rent, and the termination of heating and cooling business at Haneda Airport 1-Chome District.

2 (Operating income) While there were factors for increase in income, including the reduction of electricity and fuel gas bills, the operating income decreased by 7.0% from the previous term due to repair expenses due to the moving in of tenants and increase in depreciation expense associated with renewal of equipment for shared telecommunication network.

3 (Ordinary income) Increase in commission fee and the reactionary decline of provision for removal cost contributed in the increase of ordinary income by 0.3% from the previous term.

4 (Profit attributable to owners of parent) Profit attributable to owners of parent increased by 28.6% due to the recording of extraordinary income from the sale of non-current assets and also on the rebound from the previous term marking loss on retirement of non-current assets.

Outlook for the next termAs for the fiscal year ending March 2017, we expect increase in both income and profit, with the start of the operations of new facilities, annual sales secured with tenants moved into existing facilities, and further expansion of overseas business.

Financial position as of March 31, 2016 1 (Total assets) Total assets increased ¥944 million (1.1%) as a result of new

investments in a consolidated subsidiary in Singapore as well as in hotel business and solar power generation business in Japan.

2 (Liabilities) Liabilities slightly increased ¥15 million (0.0%) mainly due to an increase in long-term loans payable and guarantee deposits received.

3 (Net assets) Net assets increased ¥929 million (1.8%) mainly due to an increase in retained earnings, resulted in increase of equity ratio to 58.5% (0.2 points).

Current assets10,996

Total assets

84,270 Total assets

85,214

As of March 31, 2015 As of March 31, 2016

Current liabilities11,509

Non-current assets73,273

Net assets50,715

Non-current liabilities

22,045

Current assets

16,567

Current liabilities8,462

Non-current assets68,647 Net assets

51,644

Non-current liabilities

25,107

3

2

1

Net sales Operating income Ordinary income Pro�t attributable to owners of parent

FY ended March 31, 2015

3,165 3,164

1,505

2,9443,173

1,935

FY ended March 31, 2016

FY ending March 31, 2017(Outlook)

21,11121,630

3,4903,290

2,130

20,6971

23

4

(¥ Million)

(¥ Million)


Outline of Consolidated Cash Flow

Changes in Major Financial Indicators

Outlook of Business Results and Dividend for the Next Term

As a result of the increase of total as-sets by ¥944 million (1.1%) and equi-ty capital by ¥780 million (1.6%), the equity ratio increased by 0.2 points.

While equity capital increased by ¥780 million (1.6%), profit attribut-able to owners of parent increased by ¥430 million (28.6%), resulting in the increase of ROE by 0.8 points.

Increased by 0.17% with increases in depreciation and leasing costs.

1 Net cash provided by operating activities was ¥809 million, attributable to increases income before income taxes and depreciation.

2 Net cash used in investing activities was ¥2,453 million, attributable to the acquisition of non-current assets.

3 Net cash provided by financing activities was ¥1,731 million mainly attributable to new borrowings for the purpose of funding capital investments and overseas subsidiaries’ business expansion.

4 As a result, cash and cash equivalents as of March 31, 2016 increased ¥83 million to ¥5,974 million.

(¥ Million)

Equity Ratio ROE Operating income before depreciation

Outlook for consolidated business results and dividend for the year ending March 31, 2017

Net sales ¥21,630 million (+ 4.5% year on year)

Operating income ¥3,490 million (+ 18.5% year on year)

Ordinary income ¥3,290 million (+ 3.7% year on year)

Annual dividend (forecast) 　¥12.0 (interim ¥6.0, year-end ¥6.0)

Cash and cash equivalents

at beginning of ’16/3

Cash and cash equivalents

at end of ’16/3

Cash �ows from

operating activities

E�ect of exchange rate

change on cash and

cash equivalents5,891

809

-2,453 -4

5,974

1,731

1 Cash �ows from

�nancing activities

3

Cash �ows from

investing activities

2

4

For more detailed financial information, please refer to our website “Investor Relations”

Home Investor RelationsSearchAirport Facilities Co., Ltd.

58.5% 3.9% ¥6.9billion

+ 0.2 points year on year + 0.8 points year on year + 0.17% year on year


Financial Highlights (Five years)Net sales

Pro�t attributable to owners of parentOrdinary income

ROE

Equity ratio

0

2

4

6

0

20

40

60

80

0

1,000

2,000

0

2,000

4,000

0

10,000

20,000

30,000

2012/3 2013/3 2014/3 2015/3 2016/3

2012/3 2013/3 2014/3 2015/3 2016/3

2012/3 2013/3 2014/3 2015/3 2016/3

2012/3 2013/3 2014/3 2015/3 2016/3

2012/3 2013/3 2014/3 2015/3 2016/3

1,0921,092

1,9351,935

20,80520,805 21,06721,067 20,97120,971 21,11121,111 20,69720,697

59.959.9 58.358.3 58.558.5

3.763.76 3.913.91

2.372.37

3.153.153.903.90

2,7112,711 3,0903,090 3,1643,164

(¥ Million)

(¥ Million)

(%)

(%)

(¥ Million)

Net assets

0

20,000

40,000

60,000

2012/3 2013/3 2014/3 2015/3 2016/3

47,27347,273 47,02647,026 47,99847,998 50,71550,715 51,64451,644

(¥ Million)

(¥ Million)

0

4,000

8,000

2012/3 2013/3 2014/3 2015/3 2016/3

6,2146,214 6,6606,660 6,7016,701 6,8956,895 6,9076,907

Operating income

0

2,000

4,000

2012/3 2013/3 2014/3 2015/3 2016/3

2,9442,944

(¥ Million)

Business investment in plant and equipment Depreciation expense

0

0.2

0.4

0.6

2012/3 2013/3 2014/3 2015/3 2016/3

0

10

20

0

50

100

2012/3 2013/3 2014/3 2015/3 2016/3

0

3,000

6,000

9,000

2012/3 2013/3 2014/3 2015/3 2016/3

Annual dividend Payout ratio

Debt to equity

Operating income before depreciation Annual dividend (¥: left axis) /Payout ratio (consolidated) (%: right axis)

Business investment in plant and equipment/Depreciation expense

3,3813,381 3,2223,222 3,0933,093 3,4333,433 2,9732,973 3,5513,5513,1663,1661,9801,980

35.935.934.834.8

56.756.7 41.241.2 32.032.0

12.0012.00 12.0012.00 12.0012.00 12.0012.00 12.0012.00

0.3940.394

0.3490.349

0.3600.3600.4500.450

(Times)

(¥ Million)

7,1777,177 7,5277,527

1,7811,7811,5051,505

3,3623,362 3,4983,498 3,1653,1652,7702,770

Total assets

0

30,000

60,000

90,000

2012/3 2013/3 2014/3 2015/3 2016/3

(¥ Million)

73,31673,316 77,62177,621 84,27084,27074,86474,86485,21485,214

3,4903,490 3,1733,173

61.461.4 62.262.2

0.4810.481

1,7281,728


Corporate Governance

Basic PhilosophyWe are fully aware of the managing duties entrusted by our shareholders as well as our social corporate

responsibilities in doing our business which handles a large number of passenger traffic and a large

volume of cargo. With our mission and corporate philosophy in mind, we strive to complete our

corporate governance to improve our corporate value and for the common benefit of our shareholders.

Structure of OrganizationWe maintain the system where adequate business judgment and management supervision is constantly

ensured, by regularly holding the Board of Directors meeting and Board of Corporate Auditors

meeting, and holding them on a temporary basis when necessary. The number of directors shall be

17 or less, including both internal and

external directors. There are currently

13 directors. Also, based on the criteria

of independence set forth by the

Tokyo Stock Exchange, we appointed

2 independent external directors. In

addition, we adopt the Corporate

Officer System aiming at rapid decision-

making, etc. Furthermore, we strive

to ensure managerial compliance,

appropriateness and efficiency by

maintaining and enhancing the internal

control system shouldered by the

Audit Office monitoring our business

activities, Compliance Committee, and

Risk Management Committee.

Executives (As of June 29, 2016)

Directors

Chairman Tomoyuki TakahashiPresident and CEO Hiroshi MaruyamaExecutive Vice President Manabu SatoExecutive Vice President Toshitaka WatanabeSenior Managing Director Toshiyuki NagayoshiSenior Managing Director Hiroyuki HoshiManaging Director and Senior Corporate Officer Kosei Ashikaga

Managing Director Kazuo KatahiraDirector and Senior Corporate Officer Keisuke Komatsu

External Director Toshiaki NoritaExternal Director Hiroyuki ItoExternal Director (Independent Officer) Takehiko SugiyamaExternal Director (Independent Officer) Kayo Aoyama

Corporate Auditors

Full-time Statutory Auditor Mineo TsuguchiFull-time Statutory Auditor Kazuhiko MuraishiStatutory Auditor (Independent Officer)　　 Akihiko ShibaStatutory Auditor (Independent Officer) Satoshi Iwamura

Corporate Offi

cers

Senior Corporate Officer Hiroki OsawaSenior Corporate Officer Yukihiko TakadaCorporate Officer Hiroshi HokazonoCorporate Officer Minoru KitajimaCorporate Officer Shigeo TamuraCorporate Officer Keiji Fukumoto Corporate Officer Ryuichi Yasuda

General Meeting of Shareholders

President

Board of Directors

Departments and Consolidated Subsidiaries

Accounting Auditors

Board of Executive Directors

Board of Corporate

O�cers

Managers Meeting

Audit O�ce

Bureau: General A�airs Department,

etc.

Board of Corporate Auditors

Risk Management Committee

Compliance Committee

Diagram of Internal Control System

SupervisionBusiness Execution

Internal Control

Corporate Profile

Stock Information (as of March 31, 2016)

Corporate Name: Airport Facilities Co., Ltd. (AFC)

Established: February 1970

Capital: 6,826.10 million yen

Employees: 107 (Consolidated as of March 31, 2016)

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

Total Number of Shares Authorized: 124,800,000

Total Number of Shares Issued: 54,903,750

Number of Shareholders: 6,592

Share Unit Number 100 shares

Shareholder Number of Shares Owned (thousands)

Ratio of Shareholding (%)

Japan Airlines Co., Ltd. 10,521 19.16

ANA HOLDINGS INC. 10,521 19.16

Development Bank of Japan Inc. 6,920 12.60

KOKUSAI KOGYO HOLDINGS CO., LTD. 1,924 3.50

RBC ISB S/A DUB NON RESIDENT/TREATY RATE UCITS-CLIENTS ACCOUNT 1,670 3.04

Individuals

Financial InstitutionsOther Japanese Corporations

15.29%

19.70%

Foreign Investors

13.39%

Securities Companies

0.76%

The Company (Treasury Stock)

5.91%

44.95%

0

400

200

600

800

0

2,000

1,500

1,000

500

(Thousand shares) Trading volume

Stock price(¥)

15/4 15/5 15/6 15/7 15/8 15/9 15/10 15/11 15/12 16/1 16/2 16/3

Composition of Shareholders Stock Price and Trading Volume (Monthly)

Major Shareholders

Main Banks: Development Bank of Japan

Resona Bank

Mizuho Bank

The Bank of Tokyo-Mitsubishi UFJ

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Trust Bank

annual report 2016 - 空港施設株式会社 · annual report 2016 2 message from the president...

Documents