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Toshiaki Norita

We will overcome the impact of
the COVID-19 pandemic
and establish a medium-to-long-term
plan for stable business development.

President and CEO
Toshiaki Norita

We would like to express our sincere thanks to shareholders and stakeholders for their continuous support. The Japanese economy and businesses, including that of AFC Group has felt the damages caused by of COVID-19 pandemic. Thanks to the strong support of our team, we are able to minimize our declines in both sales and profitability for FY2020. With the roll out of the vaccination, AFC Group will continuously strive to extend all efforts, to contain and overcome the negativity posed by severe challenges of the pandemic.


For FY 2020, a decrease in aviation demand together with a decline in the through put of water and sewage, AFC Group has secured sales of 24.1 billion yen resulting in an operating income of 3.8 billion yen. The full year operation of new facilities completed in the previous year, has contributed additional ordinary income of 3.6 billion yen. Taking into consideration the negative impact of sales, the exemption of rent claims and the impairment losses related to our hotels in Kyoto, we have managed to control our bottom-line loss (current loss attributable to owners of parent) to 0.9 billion yen. As we attached importance to “the return of profits to our shareholders”, we have decided, as forecasted, to offer a year-end dividend of 7 yen per share for FY 2020.

For FY 2021, we are looking towards a sale of 24.2 billion yen, with 1.6 billion yen attributable to owners of parent and aiming to offer an annual dividend of 14 yen per share.

For way forward, we will be continuing to explore business opportunities, including the operations of airport function facilities and the leasing of moveable assets. And we will continue to advance into new business fields, including the operation of Kanazawa-Hakkei International Community Plaza (a dormitory for international students in Kanto Gakuin University), which was completed in March 2021.


For overseas business, we will enhance and leverage on Singapore, as our hub for international business. We will also increase our focus on seeking new business ventures.


In addition, as part of our environmental efforts, we established the Environmental Business Promotion Project Team, which is responsible for an initiative to achieve carbon neutrality. We will promote environmental business, including CO2 reduction plans and new business activities that contribute to the resolution of environmental problems.


As the impact of the COVID-19 pandemic has affected a broad range of industries, including the aviation industry, AFC has also been substantially affected. However, in FY2021, in addition to the Medium-term Management Plan for the period from FY2022, we will establish a long-term vision for sustainable growth so that we can achieve stable business development in the post-COVID-19 era.


Under the new management team, 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.

June 2021
President and CEO
Toshiaki Norita

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