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11
©ANA2012 1
All Nippon AirwaysFinancial Results FY2011 ended March 31, 2012
April 27, 2012
Shinichiro ItoPresident and CEO
Kiyoshi Tonomoto
Executive Vice Presidentand CFO
◎ Thank you for taking the time to join us today for our financial results for fiscal 2011.
22
©ANA2012 2
Contents
Ⅰ. FY2011 Financial Results and FY2012 Earnings Forecast
Operating Revenues and Expenses
Changes in Operating Income
Domestic Passenger Operations
International Passenger Operations
Cargo Operations (Domestic & International)
Ⅳ. Supplemental Reference
Ⅲ. FY2012 Earnings Forecast 《Details》
【PartⅠ】
Financial Summary for FY2011
FY2012 Earnings Forecast
Peach Service Operations (Mar 2012 Results)
Joint Ventures of International Passenger Business
FY2012 Management Topics
P.4-5
P.6
P.7
P.8
P.9
Ⅱ. FY2011 Financial Results 《Details》
【Part Ⅱ】
P.11Highlights FY2011
Consolidated Financial Summary
Income Statements
Consolidated Financial Position
Consolidated Statements of Cash Flow
Results by Segment
P.12
P.13
P.14
P.15
Air Transportation Business
P.17
P.18
P.19-20
P.21-22
P.23-26
Consolidated Earnings Forecast
Earnings Forecast by Segment
Operating Revenues and Expenses
Change in Operating Income
Earnings Forecast Assumptions
Consolidated Balance Sheet
Consolidated Cash Flow
P.28
P.29
P.31
P.32
P.33-34
P.35
P.36
Fuel Price and Exchange Rate
Major Exchange Rate Effects on Op. Income
International Passengers Results by Destination
International Cargo Results by Destination
Aircraft in Service
P.39
P.40
P.41
P.42
P.43
3
©ANA2012 3
Ⅰ. FY2011 Financial Results and FY2012 Earnings Forecast
【PartⅠ】
4
©ANA2012
Financial Summary for FY2011
FY2011 Diff.vs. FY2010
Diff.vs. forecast as of 31 Jan
Operating revenues 1,411.5 + 53.8 + 11.5
Air Transportation Business 1,262.5 + 44.2 - 3.4
Operating Income 97.0 + 29.2 + 7.0
Air Transportation Business 88.4 + 27.9 + 4.4
Recurring Income 68.4 + 31.4 + 12.4
Net Income 28.1 + 4.8 + 8.1
Dividends (per share) ¥4 + ¥2 + ¥2
《《Full year results for fiscal year ended Mar 31,2012Full year results for fiscal year ended Mar 31,2012》》
(¥billion) 《《FY2011 Financial Results Key PointsFY2011 Financial Results Key Points》》
Impact of Earthquake on Revenue (Apr-Feb)Domestic Passengers - 50.0 bil yenInternational Passengers - 15.0 bil yen
Main Cost Reduction MeasuresEmergency Measures - 30.0 bil yenCost Restructuring Ahead of Schedule
-11.0 bil yen (former estimate - 8.0 bil yen)
RecordOperating Income
Op. IncomeDividends
Exceed Initial Plan
Despite significant underperformance in revenue versus plan due to the earthquake, emergency measures and cost restructuring ahead of schedule led to increased revenues and earnings
Impact of reversal of deferred tax assets (due to income tax lawchanges) absorbed through higher revenuesImproving financial position and solid shareholder returns
Op.IncomeOp.Income9797..00 bilbil yenyen
DividendsDividendsper Shareper Share
44 yenyen
Rebounded from the March 11 disaster through profit improvement,Rebounded from the March 11 disaster through profit improvement, achieving greater revenues and achieving greater revenues and earnings, record operating income and higher dividendsearnings, record operating income and higher dividends
4
◎First, let’s take a look at our fiscal 2011 results.
◎At the beginning of the year, we were very concerned about the impact of the March 11 disaster on our earnings. However, thanks to the efforts of the entire ANA Group we were able to pull together, achieving a result that outperformed our projections.
◎Operating revenues fell in the wake of the March 11 disaster; however, we were able to increase revenues by an amount in excess of 50 billion yen greater than the prior fiscal year, mainly in international passenger revenues.
◎At the same time, we took steps to reduce costs after March 11, finding 30 billion yen in emergency cost improvements in particular.
◎We were able to implement a portion of our targeted 100 billion yen in cost savings ahead of schedule, which led to a record 97 billion yen in operating income, and greater revenues and earnings.
◎Net income outperformed the prior fiscal year at 28.1 billion yen. In addition, we increased our planned dividend payment by two yen, paying out a total of four yen per share.
5
©ANA2012
1,500.0
110.0
1,410.0 1,400.011,4,41111..55
70.090.0
9977..00
25/Feb/2011FY2011-12
Corporate Plan
29/Jul/2011Q1 Financial Results
Published
31/Jan/2012Q3 Financial Results
Published
27/Apr/2012Full Year Results
【Major Revisions 】Projected lower revenues due to March 11Cost reductions, including emergency measures
【Major Revisions】Further cost reductions(Includes ¥8 billion in cost restructuring ahead of schedule)
【Major Factors for upward Revisions 】
Cost restructuring implemented ahead of schedule expanded to ¥11 billion
《《Fiscal 2011 Earnings Trends; Final ResultsFiscal 2011 Earnings Trends; Final Results 》》
Diligent cost reduction measures minimized impact of March 11 onDiligent cost reduction measures minimized impact of March 11 on revenue and profit decreasesrevenue and profit decreases
Op. IncomeOp. Revenues (¥ billion)
Financial Summary for FY2011
5
◎Here, we show a comparison of how our fiscal 2011 forecast for consolidated operating revenues and operating income differed from our original plan.
◎Our full-year earnings forecast as of the end of the first quarter called for an operating income of 70 billion yen. This was a 40 billion yen decrease compared to our original plan prior to the March 11 disaster.
◎While we initially projected a risk of significant revenue declines due to falling demand, we engaged in capacity control and aggressive demand stimulation measures that allowed us to hold revenue decreases to a minimum level.
◎As a result of our cost reduction measures exceeding the target of our plan, we were ultimately able to achieve results in excess of the forecast 90 billion yen in operating income, that we revised upwards as of our third quarter announcement.
6
©ANA2012
FY2012 Earnings Forecast
+ 35.7252.0EBITDA
+ 11.840.0Net Income
- 0.11.6DE Ration (times)
FY2012 Diff.vs. FY2011
Operating revenues 1,500.0 + 88.4
Air Transportation Business 1,372.0 + 109.4
Operating Income 110.0 + 12.9
Air Transportation Business 102.0 + 13.5
Operating Magin (%) 7.3% +0.5%
Ratio of Shareholders’ Equity (%) 28.4% + 0.9%
Dividends (per share) ¥4 -
《《Outlook for FY2012 Full Year Results and Financial Benchmarks Outlook for FY2012 Full Year Results and Financial Benchmarks 》》
(¥ billion)
《《Earnings Forecast Key PointsEarnings Forecast Key Points》》
Increased revenues due to post-March 11 recovery and ASK growth
Domestic Passengers ASK +4.1%Revenues + 43.5 bil yen
International Passengers ASK +11.9%Revenues + 50.0 bil yen
¥100 billion cost restructuring (CASK ¥1.0 cut)
Single-year effect -19.0 bil yen(cumulative effect -30.0 bil yen)
Project to improve record operating income thanks to increased rProject to improve record operating income thanks to increased revenues, mainly on international evenues, mainly on international routes, and cost restructuringroutes, and cost restructuring
Target new record for operating income: ¥110 billionReach ¥40 billion in net income, ¥4 dividend (plan)
Income TargetsPlanned Dividends
6
◎Next, I will provide an overview of our fiscal 2012 earnings forecast.
◎We project a total of 1.5 trillion yen in consolidated operating revenues for the year.
◎The demand environment is normalizing, now that we have mostly moved past the impact of the March 11 disaster. We are aiming to grow revenues, taking advantage of ASK increases, mainly in our international operations. At the same time, we are still keeping a close eye on the economic situation.
◎We are accelerating our cost restructuring initiatives.
◎Of the targeted 100 billion yen in cost reductions by fiscal 2014, we plan to achieve 30 billion yen within the current fiscal year.
◎We plan for 110 billion yen in operating income, which would represent a new record for the company.
◎We are looking for 40 billion yen in bottom-line profits, and we plan to make a dividend payment of four yen.
7
©ANA2012
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Mar-10 Mar-11 Mar-12
40%
50%
60%
70%
80%
90%
100%
ANA 2 routes L/F(=Right Axis)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
Mar-10 Mar-11 Mar-12
40%
50%
60%
70%
80%
90%
100%
ANA 3 routes L/F(=Right Axis)
Peach Service Operations (March 2012 results)
Strong start in creating new demand, capturing existing demandStrong start in creating new demand, capturing existing demand
【Routes】 From 1 March Kansai=Sapporo(3 flights/day) / Kansai=Fukuoak(4 flights/day)From 25 March Kansai=Nagasaki(2 flights/day)
【Traffic Results】 March 2012, Passengers (total for 3 routes): 67 thousand, Load Factor: 83%
《《KansaiKansai // ItamiItami // KobeKobe==SapporoSapporo》》No. of Passengers in March 2012No. of Passengers in March 2012
(Passengers)
Kansai=SapporoKansai=Fukuoka
Itami=FukuokaKansai=Fukuoka
Itami=SapporoKobe=Sapporo
Kansai=Sapporo
《《KansaiKansai // ItamiItami ==FukuokaFukuoka》》No. of Passengers in March 2012No. of Passengers in March 2012
7
(Passengers)
◎At this point, I want to focus attention on two of our important management topics.
◎First, I want to discuss the operations of Peach, which began service in March.
◎Here, you can see the March service routes and passenger results for Peach.
◎With the cooperation of all parties, we were able to get off to a very strong start.
◎The graph shows the passenger results of Peach Kansai-Sapporo and Kansai-Fukuoka routes in March. We compared them with the results for the same routes, including Itami and Kobe bases, operated by ANA in March 2010 and 2011.
◎Our strategy assumes that our low-cost carriers and full-service carrier will not compete for existing demand, but rather that low-cost carriers will create new demand domestically and internationally, allowing both LCCs and ANA to grow.
◎While we are still in the very early stages of operations, I believe these results have shown that we have been able to hit our targets.
8
◎Second, I want to address our Joint Ventures program related to international operations.
◎Our Transpacific Joint Venture between U.S. and Japan, including Asian locations, began during the prior fiscal year. Please see the graph in the middle of the page.
◎Regarding the passenger results on code-share operations, we have found that we can build greater revenues for both partners by ANA selling seats on flights operated by United Airlines and vice-versa.
◎As you can see in the graph on the right, the impact of March 11 on the first quarter of the prior fiscal year led to a decline in demand. However, this Joint Venture scheme supported stronger results on North American routes from the second quarter onward.
◎This fiscal year, we will begin a joint venture in earnest with Lufthansa.
◎As you can see, we have been working with Lufthansa to expand joint-venture routes, so we should be able to take advantage of our competitive network to effectively capture active passenger traffic between Japan and Europe.
©ANA2012
Joint Ventures of International Passenger Business
TranspacificTranspacific JVJV
FY11 Seats sold on partners FY11 Seats sold on partners vs. FY10vs. FY10(NH(NH/UA/UA Code Share Flights)Code Share Flights)
NH sales(UA flight)
LHNHLHNH JVJV
Start during fiscal 2012Start during fiscal 2012(JV shared fares beginning April 2012)(JV shared fares beginning April 2012)Connections available to 127 locations Connections available to 127 locations throughout Europethroughout Europe
±0%
+100%
±0% +100% +200%
Pursue new joint ventures to capture more AsiaPursue new joint ventures to capture more Asia--North America, JapanNorth America, Japan--Europe passenger flowEurope passenger flowss
FrankfurtFrankfurt==Narita/KansaiNarita/Kansai//ChubuChubuMunichMunich==NaritaNaritaDusseldorfDusseldorf==Narita Narita ((PlannedPlanned))
《《RoutesRoutes》》
NaritaNarita==Frankfurt / MunichFrankfurt / MunichLondon / ParisLondon / Paris
HanedaHaneda==FrankfurtFrankfurt(In service since January 2012)(In service since January 2012)
Strengthen AsiaStrengthen Asia--North America networkNorth America network(Narita(Narita--Seattle, NaritaSeattle, Narita--San Jose routes to begin service during fiscal 2012)San Jose routes to begin service during fiscal 2012)Major increase in mutual sales with partners will contribute to Major increase in mutual sales with partners will contribute to strong route strong route performanceperformance
0
5
10
15
20
25
1Q 2Q 3Q 4Q
60
65
70
75
80
85
ASK growth=Left AxisRPK growth=Left AxisL/F(FY2011)=Right Axis
ANA North American Routes Traffic ANA North American Routes Traffic ((FY2011 by QuarterFY2011 by Quarter))(%) (%)
+300%
+200%
FY11
FY10UA sales
(NH flight)
8
9
◎Last, I want to talk once again about the management topics we will focus on during fiscal 2012.
◎Under our fiscal 2012-13 Corporate Plan announced recently, we are focusing on management topics that we have called Strategic Pivots in fiscal 2012 as you can see on this slide.
◎As we introduce the Boeing 787 in earnest, we will continue to enhance our network, particularly for our international operations.
◎Following the launch of Peach, we are making good progress toward the launch of AirAsia Japan in August.
◎We are on schedule to achieve our target of cost restructuring initiatives through fiscal 2014. Cumulative cost savings by the end of this fiscal year are targeted to be 30 billion yen.
◎We are making our best effort to achieve cost savings ahead of schedule to ensure the likelihood of the success of our plan in total.
◎We are also on schedule to transition to a holding company system, continuing with filing procedures and preparing to create a Group management system that produces better management, more agile decision making and stronger governance.
◎As top management, our goal is to create greater enterprise value of ANA , and I promise to keep steering us in that direction.
◎This ends my portion of our presentation. Thank you for your attention.
©ANA2012
FY2012 Management Topics
Network Network MultiMulti--BrandBrand
StrategyStrategy
Execute on yearly targets in fiscal 2012Execute on yearly targets in fiscal 2012--2013 Corporate Plan; strengthen management foundation2013 Corporate Plan; strengthen management foundation
TransitionTransitiontoto
A Holding A Holding CompanyCompanySystemSystem
Peach Service Launch (Mar 2012)
AirAsia Japan Service Launch(scheduled for Aug 2012)
B787 Introduction (Oct 2011)
Trans-Pacific JV(Apr 2011)
B787s addition of 14(20 total in service)Begin Service on Narita=Seattle, San JoseStart LHNH JV(Apr 2012)
- 11.0 bil yenCumulative: - 30.0 bil yen(FY2012: - 19.0 bil yen)
By FY2014- 100.0 bil yen
(- 1.0 yen in CASK)
General Meeting of Shareholder(scheduled for Jun 2012)
Transition to Holding Company Structure(scheduled for Apr 2013)
《FY2012 Management Topics》
ANA BrandLCC BrandProgressTogether
Preparatory Procedures
CostCostRestructuringRestructuring
StrengthenGroup Management
9
10
©ANA2012 10
Ⅱ. FY2011 Financial Results 《Details》
【Part Ⅱ】
11
©ANA2012 11
Consolidated cumulative operating income for fiscal year posted 97.0 billion yen
(29.2 billion yen year-on-year improvement)
28.1 billion yen net profit for the fiscal year (4.8 billion yen year-on-year improvement)EBITDA of 216.2 billion yen (30.0 billion yen year-on-year improvement)
Highlights FY2011
Highlights of Financial Results FY2011 1QHighlights of Financial Results FY2011 1Q--4Q and FY2010 1Q4Q and FY2010 1Q--4Q4Q
(¥ Billion)
-40.0
-20.0
0.0
20.0
40.0
60.0
80.0
100.0
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Op. Income Net Income EBITDA
FY2010 FY2011
Following non-cumulative 2Q & 3Q,non-cumulative 4Q operating Incomewas the highest ever.
◎ Next, I will be discussing our fiscal 2011 financial performance in more detail.
◎ These are the highlights of our financial results for fiscal 2011.
◎ Operating income for the fourth quarter, January through March, increased by
15.7 billion yen year on year to 5.8 billion yen.
◎ On a stand-alone basis, operating income for the fourth quarter was also
a record, making it the third quarter in a row for record-high figures.
12
©ANA2012 12
(¥ Billion)
Income StatementsIncome Statements
Consolidated Financial Summary
DifferenceFY11FY10
Operating Revenues 1,357.6 1,411.5 + 53.8 341.6 + 23.1
Operating Expenses 1,289.8 1,314.4 + 24.6 335.7 + 7.3
Operating Income 67.8 97.0 + 29.2 5.8 + 15.7
Op. Margin (%) 5.0 6.9 + 1.9 1.7 -
Non-Op. Gains/Losses - 30.7 - 28.5 + 2.2 - 8.8 + 2.5
Recurring Income 37.0 68.4 + 31.4 - 3.0 + 18.3
Extraordinary Gains/Losses - 1.9 - 5.0 - 3.0 - 5.4 - 0.9
Net Income 23.3 28.1 + 4.8 - 5.6 + 8.6
Net Income Before Minority Interests 23.0 28.1 + 5.1 - 5.8 + 8.8
Other Comprehensive Income 15.3 4.9 - 10.4 25.9 - 2.1
Comprehensive Income 38.3 33.1 - 5.2 20.0 + 6.6
Difference4Q/FY11
◎ Here, I will provide an overview of our operating results.
◎ Continued high yen valuations and sluggish corporate earnings caused concerns about
the demand for air travel during the fourth quarter.
However, we were able to generate revenues generally in line with our earnings forecast.
Cumulative full-year operating revenues increased by 53.8 billion yen, or 4.0%
year on year, reaching 1.4115 trillion yen.
◎ By consistently balancing supply and demand and achieving cost reductions,
we were able to limit operating expenses for the full year to a year-on-year increase of
24.6 billion yen, or 1.9%.
◎ As a result, operating income increased by 29.2 billion yen year on year to 97.0 billion yen.
Recurring income was 68.4 billion yen.
◎ Net income amounted to 28.1 billion yen, owing to the reversal of deferred tax assets
in conjunction with a downward revision in corporate tax rates and other factors.
13
©ANA2012 13
(¥ Billion)
Consolidated Financial PositionConsolidated Financial Position
Consolidated Financial Summary
Mar 31, 2011 Mar 31, 2012 Difference
Assets 1,928.0 2,002.5 + 74.5
Shareholders' Equity 520.2 549.0 + 28.7
Ratio of Shareholders' Equity (%) 27.0 27.4 + 0.4
Interest Bearing Debts 938.8 963.6 + 24.8
Debt/Equity Ratio (times) 1.8 1.8 - 0.0
*D/E ratio when including off-balanced lease obligation of ¥155.3 billion (¥ 170.2 billion as of the end of March, 2011) is 2.0 times (2.1 times as of the end of March, 2011)
◎ This page shows our consolidated financial position.
◎ Total assets increased over the prior year end by 74.5 billion yen to
a level of 2.0 trillion yen.
◎ Shareholder’s equity amounted to 549.0 billion yen,
and the ratio of shareholder’s equity was 27.4%.
◎ Reflecting improved profits, deferred tax assets significantly decreased by
33.0 billion yen compared to the end of March 2011, amounting to 99.1
billion yen as of the end of the fiscal period.
◎ While our debt-equity ratio climbed to nearly 2.0 times during the period,
we closed out the period with a ratio of 1.8 times.
14
©ANA2012 14
Consolidated Statements of Cash FlowConsolidated Statements of Cash Flow
Consolidated Financial Summary
Cash Flow from Operating Activities 203.8 214.4 + 10.5
Cash Flow from Investing Activities - 139.6 - 166.3 - 26.7
Cash Flow from Financing Activities - 10.5 16.1 + 26.7
Net Increase or Decrease 53.4 64.2 + 10.8
Cash and Cash Equivalent at the beginning 148.1 201.6+ 64.2
Cash and Cash Equivalent at the end 201.6 265.8
Depreciation and Amortization 118.4 119.2 + 0.8
Capital Expenditures 211.6 196.8 - 14.8
(¥ Billion)
FY10 FY11 Difference
EBITDA (*) 186.2 216.2 + 30.0
EBITDA Margin(%) 13.7 15.3 + 1.6
* EBITDA: Op. Income + Depreciation
◎ I would now like to discuss our cash flow.
◎ Cash flow from operating activities amounted to 214.4 billion yen.
◎ Cash flow from investing activities experienced a net outflow of
166.3 billion yen, mainly due to investments in aircraft.
◎ Cash flow from financing activities amounted to 16.1 billion yen, a net
increase owing to funding and repayment.
◎ As a result, cash and cash equivalents at the end of the period amounted
to 265.8 billion yen, a 64.2 billion yen increase over the balance at the end
of the prior fiscal year.
15
©ANA2012 15
(¥ Billion)
Results by SegmentResults by Segment
Consolidated Financial Summary
Air Transportation 1,218.2 1,262.5 + 44.2 305.0 + 17.4
Travel Services 159.3 158.9 - 0.4 39.5 + 5.0
Total for Reporting Segments 1,377.6 1,421.5 + 43.8 344.5 + 22.4
Other 138.9 138.4 - 0.5 34.8 + 0.3
Adjustment - 158.9 - 148.4 + 10.5 - 37.6 + 0.3
Total 1,357.6 1,411.5 + 53.8 341.6 + 23.1
Air Transportation 60.5 88.4 + 27.9 4.9 + 14.6
Travel Services 2.6 3.9 + 1.2 0.1 + 0.8
Total for Reporting Segments 63.1 92.4 + 29.2 5.0 + 15.4
Other 4.8 4.1 - 0.6 0.6 - 0.1
Adjustment - 0.1 0.4 + 0.6 0.1 + 0.5
Total 67.8 97.0 + 29.2 5.8 + 15.7
Revenues
Operating
Income
DifferenceFY11FY10 Difference4Q/FY11
◎ These are our results by segment.
◎ I will discuss our air transportation business later in this presentation.
◎Revenues were down slightly in our travel services business; however,
profits increased.
©ANA2012
Intentionally Blank
16
16
17
©ANA2012 17(¥ Billion)
FY10
Domestic Passengers 652.6 651.5 - 1.0 154.2 + 4.6
International Passengers 280.6 320.0 + 39.4 78.1 + 12.5
Cargo and Mail 125.0 128.0 + 3.0 30.2 - 0.1
Others 159.9 162.8 + 2.8 42.3 + 0.4
Total 1,218.2 1,262.5 + 44.2 305.0 + 17.4
Fuel and Fuel Tax 256.2 263.1 + 6.8 64.7 + 0.3
Landing and Navigation Fees 93.8 94.5 + 0.6 23.6 + 0.1
Aircraft Leasing Fees 63.9 67.1 + 3.1 17.2 + 1.5
Depreciation and Amortization 116.2 117.2 + 0.9 30.4 + 0.1
Aircraft Maintenance 46.2 45.7 - 0.5 12.4 - 0.9
Personnel 243.3 251.0 + 7.7 67.3 + 3.6
Sales Commission and Promotion 67.0 63.5 - 3.5 15.8 - 0.7
Contracts 83.8 86.3 + 2.5 21.5 + 0.1
Others 186.8 185.3 - 1.5 46.8 - 1.5
Total 1,157.7 1,174.0 + 16.2 300.0 + 2.8
Operating Income 60.5 88.4 + 27.9 4.9 + 14.6
OperatingExpenses
OperatingRevenues
Op. Income
FY11 Difference
Air Transportation Business
Operating Revenue and ExpensesOperating Revenue and Expenses 4Q/FY11 Difference
18
©ANA2012 18
(¥ Billion)
FY10FY10Op. IncomeOp. Income
60.5
FY11FY11Op. IncomeOp. Income
88.4-1.0
+39.4
+3.0+2.8
+6.8
Fuel & Fuel & Fuel TaxFuel Tax
+14.1
OperationOperation--LinkesLinkes
-4.0
SalesSales--LinkedLinked
-0.7Other ExpenseOther Expense
・・MaintenanceMaintenance・・HandlingHandling・・Mileage/CarMileage/Card,d, etc.etc.
・・Depreciation except AircraftDepreciation except Aircraft・・Maintenance, etc. Maintenance, etc.
・・Commission, AdvertisementCommission, Advertisement・・InIn--flight serviceflight service・・Ground Handling, etc.Ground Handling, etc.
・・Landing/Navigation FeesLanding/Navigation Fees・・DepreciationDepreciation・・PersonnelPersonnel・・Contracts, etc.Contracts, etc.
Improvement In ProfitImprovement In Profit++27.927.9
RevenuesRevenues++44.244.2
ExpensesExpenses++116.26.2
Progress of Cost Reduction 32.0(Full Year Target 30.0)
22.0(20.0)Reduce budget and
cut back expenditure
10.0(10.0)Operation-Linked
Actual(Full Year Target)Measures
Change in Operating IncomeChange in Operating Income
DomesticDomesticPassengerPassenger
InternationalInternationalPassengerPassenger
Cargo &Cargo &MailMail
OtherOtherRevenueRevenue
Air Transportation Business
◎ This is an analysis of the year-on-year changes in operating income for our
air transportation business.
◎ Operating revenues rose by 44.2 billion yen. Lower revenues in domestic passenger
operations were offset by increased revenues in international passenger operations and
cargo operations.
◎ While I discuss this in more detail later,
we were able to limit the scope of revenue decreases through improved domestic passenger
unit price. At the same time, we increased international passenger revenues mainly due to
strong demand keeping pace with growth in ASK and cargo revenues due to higher RTK.
◎ Operating expenses increased by 16.2 billion yen.
◎ Despite lower aviation fuel taxes, fuel expenses increased due to ASK expansion in
international passenger operations and significantly higher market prices.
Revenue-linked expenses decreased; however, operations-linked expenses and other expenses,
including personnel expenses, increased.
◎ Personnel expenses increased due to a year-end lump-sum reserve related to profit
performance.
◎ Given the preceding, cumulative operating income increased by 27.9 billion yen,
amounting to 88.4 billion yen, which was a record for the air transportation business.
◎ We were ultimately able to outperform our target of 30.0 billion yen in cost reduction
measures projected at the beginning of the fiscal year. In fact, we reduced costs by a
cumulative total of 32.0 billion yen.
19
©ANA2012 19
Air Transportation Business
FY10 FY11 % Y/Y
Available Seat Km (million) 56,796 56,756 - 0.1 14,036 + 0.2
Revenue Passenger Km (million)
35,983 34,589 - 3.9 8,421 + 4.8
Passengers (thousands) 40,574 39,020 - 3.8 9,467 + 4.9
Load Factor (%) 63.4 60.9 - 2.4* 60.0 + 2.6*
Passenger Revenues (¥billion) 652.6 651.5 - 0.2 154.2 + 3.1
Unit Revenue (¥/ASK) 11.5 11.5 - 0.1 11.0 + 2.9
Yield (¥/RPK) 18.1 18.8 + 3.9 18.3 - 1.6
Unit Price (¥/Passenger) 16,084 16,698 + 3.8 16,294 - 1.7
Domestic Passenger OperationsDomestic Passenger Operations
4Q/FY11 % Y/Y
*Difference
20
©ANA2012 20
Air Transportation Business
Trends in Domestic Passenger OperationsTrends in Domestic Passenger Operations
Monthly Trends in Domestic PassengersFY2011 Cumulative Revenue Change Factors
Significant decline due to the impact of March 11; however, impact minimized through passenger class mix change and unit price improvement
(YoY)
(FY10) (FY11)
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
Individual/Business
Promotional Fares
Package/Travel
Total
AvailableSeat Kilometer(ASK)
652.6 651.5
+23.0(-3.0) -24.0(+7.5)
Quarterly Key Topics:
Beginning January 23: Expanded use of B787 on regular domestic routes Tokyo (Haneda)-Itami, Tokyo (Haneda)-Yamaguchi Ube routes and beginning March 1, Tokyo(Haneda) - Matsuyama(released December 27)
Individual passengers, promotional fares and leisure/package passengers trended at prior year levels
March results back to normal level prior to earthquake《Main Unit Price Factors》Fares for Business Travel +2.5 (+0.5)Travel/Promotional Fare +10.0 ( 0.0 )Demand Recovery/PassengerClass Mix Improvement +10.5 (-3.5)
《Main Passenger Factors》ASK +7.0(+1.5)Improvement Competitive Posture +5.5(-1.5)Improvement Promotional Demand +5.5(+0.5) Connection International -1.0(0.0)Flight Reduction due to Earthquake -4.0(0.0)Demand Decline due to Earthquake -36.5(+6.5)Others -0.5(+0.5)
FY10FY10 FY11FY11(figures in parentheses represent results for 4Q only)
(¥ Billion)
◎ This page shows our results for domestic passenger operations.
◎As well as the results data on page 19, the chart on the left analyzes
the factors behind the 1.0 billion yen decrease in revenue for the fiscal year.
◎Despite a second-half recovery from the effects of the March 11 disaster,
passenger revenues were down a cumulative 24.0 billion yen in passenger
factors.
At the same time, a quicker-than-expected recovery in business and general
individual travel demand led to an improved passenger unit price structure
and improved competitiveness.
This resulted in an increase of 23.0 billion yen in unit price factors,
allowing the company to minimize the scope of total revenue declines.
◎ The chart on the right shows the trends in the number of passengers by
passenger type, with a year’s worth of data points for your reference.
21
©ANA2012 21
Air Transportation Business
FY10 FY11 % Y/Y
Available Seat Km (million) 29,768 34,406 + 15.6 8,862 + 9.7
Revenue Passenger Km (million)
22,430 25,351 + 13.0 6,757 + 21.8
Passengers (thousands) 5,168 5,883 + 13.8 1,554 + 23.2
Load Factor (%) 75.3 73.7 - 1.7* 76.2 + 7.6*
Passenger Revenues (¥billion) 280.6 320.0 + 14.0 78.1 + 19.1
Unit Revenue (¥/ASK) 9.4 9.3 - 1.3 8.8 + 8.6
Yield (¥/RPK) 12.5 12.6 + 0.9 11.6 - 2.3
Unit Price (¥/Passenger) 54,296 54,403 + 0.2 50,269 - 3.3
4Q/FY11 % Y/Y
*Difference
International Passenger OperationsInternational Passenger Operations
22
©ANA2012 22
Air Transportation Business
FY2011 Cumulative Revenue Change Factors
Trends in International Passenger OperationsTrends in International Passenger Operations
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
4Q10 1Q11 2Q11 3Q11 4Q11
ANA Passengers (North America)
ANA Passegners (Europe)
ANA Passengers (China)
ANA Passengers (Asia)
ANA Inboud (Japan) Passenger
Total for all companies(*)
(YoY)
(*)Japan National Tourist Organization Data(※) ANA inbound and total inbound numbers of passengers for Q4 FY11 are combined January and February results
Quarterly Key Topics: Beginning January 20: Narita-Hangzhou route daily service (released December 20) Beginning March 25: Code share with Air New Zealand, Narita/Osaka (Kansai)-Auckland route (released December 15) Beginning March 25: Nagoya (Chubu)-Shanghai (Pudong) service relaunched (released January 10)
Inbound passengers shifted to a net positive during the second half, indicating a recovery trend.
Passengers for Q4 also exceeded year-on-year in all destinations
Passengers trends and Japan Inbound by Destination
Unit price levels well managed; significant revenue increase through ASK expansion and capacity control
280.6
320.0+2.5(-4.0)
+37.0(+16.5)
《Main Unit Price Factors》Fuel Surcharge +29.5 (+9.5)Unit Price/Passenger Mix Improvement-22.5 (-12.5)Foreign Exchange -4.5 (-1.0)
《Main Passenger Factors》ASK Increase +18.5 (+3.5)Demand Recovery +2.5 (+1.0)Demand Stimulation Measures+27.5 (+9.5)Decline in Demand due to Earthquake-11.5 (+2.5)
FY10FY10 FY11FY11(figures in parentheses represent results for 4Q only)
(¥ Billion)
◎ This page shows the results of our international passenger operations.
◎ As well as the results data on page 21, the chart on the left analyzes the factors
behind a 39.4 billion yen increase in revenue for the fiscal year.
◎ We were affected by the March 11 disaster throughout fiscal 2011.
However we increased revenues by 37.0 billion yen in passenger factors thanks
to demand stimulation measures and marketing initiatives in the midst of ASK
increases and we slightly increased revenues by 2.5 billion yen in unit price
factors.
◎ The chart on the right shows Japan inbound passenger trends and the number of
passengers by destination.
◎ First, please look at the line graph, which shows the trend in Japan-inbound
passenger numbers. Passengers coming into Japan via ANA during the
second half of the year exceeded the same period in the prior year, and the
numbers have continued to recover.
◎ Next, the bar chart indicates the number of ANA passengers by destination.
During the fourth quarter we have exceeded the number of passengers of the
same period in the prior year in all destinations, which clearly shows a recovery.
23
©ANA2012 23
Air Transportation Business
Domestic Cargo
DomesticFreighter
【Included Above】
Available Ton Km (million) 1,861 1,805 - 3.0 451 - 0.7
Revenue Ton Km (million) 450 464 + 3.1 108 + 1.8
Revenue Ton (thousand tons) 453 467 + 3.0 109 + 1.6
Load Factor (%) 24.2 25.7 + 1.5* 24.0 + 0.6*
Cargo Revenues (¥billion) 32.4 33.2 + 2.6 7.7 - 0.8
Unit Revenue (¥/ATK) 17.4 18.4 + 5.7 17.2 - 0.1
Unit Price (¥/kg) 71 71 - 0.4 71 - 2.3
Available Ton Km (million) 36 29 - 17.0 7 - 1.0
Revenue Ton Km (million) 12 10 - 13.5 2 - 21.4
Revenue Ton (thousand tons) 11 10 - 12.9 2 - 21.7
Load Factor (%) 34.3 35.8 + 1.4* 31.2 - 8.1*
Cargo Revenues (¥billion) 1.6 1.3 - 15.3 0.3 - 15.7
Unit Revenue (¥/ATK) 44.9 45.9 + 2.1 41.5 - 14.9
Unit Price (¥/kg) 137 134 - 2.7 145 + 7.6
FY10 FY11 % Y/Y 4Q/FY11 % Y/Y
*Difference
Domestic Cargo OperationsDomestic Cargo Operations
©ANA2012
Intentionally Blank
24
25
©ANA2012 25
Air Transportation Business
InternationalCargo
InternationalFreighter
【Included Above】
Available Ton Km (million) 3,059 3,637 + 18.9 912 + 14.4
Revenue Ton Km (million) 2,069 2,239 + 8.2 578 + 13.5
Revenue Ton (thousand tons) 557 570 + 2.4 141 + 7.4
Load Factor (%) 67.6 61.6 - 6.1* 63.4 - 0.6*
Cargo Revenues (¥billion) 86.0 87.9 + 2.2 20.8 - 0.8
Unit Revenue (¥/ATK) 28.1 24.2 - 14.0 22.9 - 13.3
Unit Price (¥/kg) 154 154 - 0.1 147 - 7.6
Available Ton Km (million) 780 829 + 6.3 200 + 3.3
Revenue Ton Km (million) 492 497 + 1.1 121 + 6.1
Revenue Ton (thousand tons) 289 279 - 3.4 66 - 0.4
Load Factor (%) 63.1 60.0 - 3.1* 60.5 + 1.6*
Cargo Revenues (¥billion) 32.8 33.2 + 1.4 7.6 - 8.1
Unit Revenue (¥/ATK) 42.1 40.1 - 4.7 38.1 - 11.0
Unit Price (¥/kg) 113 119 + 4.9 115 - 7.7
FY10 FY11 % Y/Y 4Q/FY11 % Y/YInternational Cargo OperationsInternational Cargo Operations
*Difference
26
©ANA2012 26
Air Transportation Business
Quarterly Topics :From January : Fuel Surcharge Revised (On December 19 released)
e.g.) for Europe, North America and Middle East : from 127 to 134 yen
Monthly Trends in International CargoFY2011 Cumulative Revenue Change Factors
Trends in International Cargo OperationsTrends in International Cargo Operations
(YoY)
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
Outbound (Japan) RTKs
Inbound (Japan) RTKs
Total (Japan) RTKs
86.087.9
-3.0(-1.5)+5.0(+1.5)
《Main Weight Factors》ATK Increase +4.0 (+1.0)Demand Stimulation Measures +1.0 (+0.5)
《Main Unit Price Factors》FSC +9.0 (+1.5)Foreign Exchange -3.0 (-0.5)Price Decrease Effects -9.0 (-2.5)
FY10FY10 FY11FY11
(¥Billion)
*Cargo only. Does not include postal mail
(figures in parentheses represent results for 4Q only)
Although export cargo volume has stagnated and Q3 result lowered year-on-year, Q4 volume exceeded the same period in the prior year.
Despite slow demand, we were able to capture volume through cargo traffic between countries beyond Japan
◎ These are the results of our international cargo operations.
◎As well as the results data on page 25, the chart on the left analyzes the factors
behind a 1.9 billion yen increase in revenue for the fiscal year.
◎Cargo movement slowed due to the strong yen and the sluggish economy.
While we tried to secure more volume by capturing third-country cargo,
unit prices changed as a whole.
As a result, revenues increased by 5.0 billion yen in weight factors and
decreased by 3.0 billion yen in unit price factors.
◎ The chart on the right shows trends in RTK according to inbound and outbound
cargo traffic in Japan.
◎ The fourth quarter results outperformed the same period in the prior fiscal year,
showing the beginning of a rebound from the bottom level that lingered
throughout the first three quarters.
27
©ANA2012 27
Ⅲ.FY2012 Earnings Forecast 《Details》
28
©ANA2012 28
Consolidated Earnings ForecastConsolidated Earnings Forecast
FY2012 Earnings Forecast
DifferenceFY12(RE)FY11
Operating Revenues 1,411.5 1,500.0 + 88.4 1,500.0
Operating Expenses 1,314.4 1,390.0 + 75.5 1,390.0
Operating Income 97.0 110.0 + 12.9 110.0
Op. Margin (%) 6.9 7.3 + 0.5 7.3
Recurring Income 68.4 70.0 + 1.5 70.0
Net Income 28.1 40.0 + 11.8 40.0
FY12(E)
《Ref.》 As of 17Feb, 2012
(¥ Billion)
◎ This is our full-year earnings forecast for fiscal 2012.
◎ We have planned our profit forecast in line with our fiscal 2012-13 Corporate
Plan announced on February 17 this year.
◎ As a result, we forecast an operating income of 110.0 billion yen,
a recurring income of 70.0 billion yen, and a net income of 40.0 billion yen
for fiscal 2012.
29
©ANA2012 29
Earnings Forecast by SegmentEarnings Forecast by Segment
(¥ Billion)
FY2012 Earnings Forecast
Air Transportation 1,262.5 1,372.0 + 109.4 1,364.0
Travel Services 158.9 159.0 + 0.0 155.0
Total for Reporting Segments 1,421.5 1,531.0 + 109.4 1,519.0
Other 138.4 137.0 - 1.4 141.0
Adjustment - 148.4 - 168.0 - 19.5 - 160.0
Total 1,411.5 1,500.0 + 88.4 1,500.0
Air Transportation 88.4 102.0 + 13.5 102.0
Travel Services 3.9 4.0 - 0.0 3.0
Total for Reporting Segments 92.4 106.0 + 13.5 105.0
Other 4.1 4.0 - 0.1 5.0
Adjustment 0.4 0.0 - 0.4 0.0
Total 97.0 110.0 + 12.9 110.0
Revenues
Operating
Income
DifferenceFY12(RE)FY11 FY12(E)
《Ref.》 As of 17Feb, 2012
◎ Our overall profit plan is essentially the same as we announced in our
fiscal 2012-13 Corporate Plan. We have, however, made some minor
changes in revenue and expense forecasts within certain segments.
©ANA2012
Intentionally Blank
30
31
©ANA2012 31
Operating RevenuesOperating Revenues and Expensesand Expenses
FY2012 Earnings Forecast
Domestic Passengers 651.5 695.0 + 43.4 695.0
International Passengers 320.0 370.0 + 49.9 373.0
Cargo and Mail 128.0 138.5 + 10.4 137.5
Others 162.8 168.5 + 5.6 158.5
Total 1,262.5 1,372.0 + 109.4 1,364.0
Fuel and Fuel Tax 263.1 298.5 + 35.3 285.5
Non – Fuel Cost 910.9 971.5 + 60.5 976.5
Total 1,174.0 1,270.0 + 95.9 1,262.0
Operating Income 88.4 102.0 + 13.5 102.0
FY11 FY12 (RE) Difference
OperatingExpenses
OperatingRevenues
Op. Income
FY12(E)
《Ref.》 As of 17Feb, 2012
(¥ Billion)
32
©ANA2012 32
Change in Operating IncomeChange in Operating Income
FY2012 Earnings Forecast
32
(¥ Billion)
88.4102.0
+43.5
+50.0
+10.5+5.5
+35.5
Fuel &Fuel &Fuel TaxFuel Tax
+60.5
OtherOtherExpensesExpenses
IncreaseIncreaseIn ProfitIn Profit+13+13..55
RevenuesRevenues+109+109..55
ExpensesExpenses++9696..00
DomesticDomesticPassengerPassenger
InternationalInternationalPassengerPassenger
Cargo &Cargo &MailMail
OtherOtherRevenueRevenue
FY11FY11Op. IncomeOp. Income
FY12FY12Op. IncomeOp. Income
(Plan)(Plan)
◎ These are the factors that changed operating income in our air transportation business.
◎ This is a change analysis in comparison with fiscal 2011.
◎ We forecast total revenue increases by 109.5 billion yen.
We plan to increase domestic passenger revenues by 43.5 billion yen, mainly in expanded
leisure fares and continued recovery from the March 11 disaster. And we plan to
increase international passenger revenues by 50.0 billion yen, due to the continued recovery
from March 11, capacity expansion, and joint venture operations. We plan to increase cargo
revenues by 10.5 billion yen, due to mainly RTK increases from belly space utilization.
◎ We plan an increase in expenses by 96.0 billion yen, mainly from fuel expense increases
of 35.5 billion yen due to a fuel price hike and other increases by depreciation and
amortization due to new aircraft, greater operations-linked expenses and more
revenue-linked expenses.
◎ As a result, we project an increase in operating income of 13.5 billion yen, reaching
102.0 billion yen.
◎ With regard to 100.0 billion yen in cost reduction measures released in our fiscal
2012-13 Corporate Plan, during fiscal 2011 we were able to implement a portion of the 22.0
billion yen ahead of schedule .
As a result, we now plan for 19.0 billion yen in cost reductions for fiscal 2012.
33
©ANA2012 33
Domestic Passengers International Passengers
1H(E) 2H(E) FY12(RE) 1H(E) 2H(E) FY12(RE)
Available Seat Km + 5.1 + 3.1 + 4.1 + 9.7 + 14.0 + 11.9
Revenue Passenger Km + 9.9 + 6.5 + 8.2 + 14.9 + 10.8 + 12.8
Passengers + 10.2 + 6.5 + 8.3 + 13.3 + 12.2 + 12.7
*Load Factor (%)62.8
(+ 2.8)63.9
(+ 2.1)63.3
(+ 2.4)75.6
(+ 3.4)73.1
(- 2.1)74.3
(+ 0.6)
**Unit Revenue(¥/ASK)11.8
(+ 2.1)11.8
(+ 2.9)11.8
(+ 2.5)10.0
(+ 6.0)9.3
(+ 0.9)9.6
(+ 3.4)
**Yield(¥/RPK)18.8
(- 2.4)18.4
(- 0.4)18.6
(- 1.4)13.2
(+ 1.2)12.7
(+ 3.8)12.9
(+ 2.6)
**Unit Price(¥/Passenger)16,614(- 2.6)
16,281(- 0.4)
16,448(- 1.5)
57,656(+ 2.6)
54,070(+ 2.5)
55,810(+ 2.6)
FY2012 Earnings Forecast
* (*.* pts) : Difference** (*.*) : year-on-year basis
《《Passenger OperationsPassenger Operations》》 Earnings Forecast Assumptions for FY12Earnings Forecast Assumptions for FY12((vs. FY11vs. FY11))
◎ Pages 33 and 34 explain our assumptions concerning the main indicators
in terms of our passenger and cargo operations based on our
revenue forecasts for each business segment.
◎ Furthermore, pages 35 and 36 show our forecast of the consolidated
balance sheet and cash flow for your reference.
◎ This ends my part of our presentation.
◎ Thank you for your attention.
34
©ANA2012 34
Domestic Cargo International Cargo
Freighter
【Included Above】
Available Ton km +11.1 + 6.9 + 9.0 + 8.5 + 10.4 + 9.4
Revenue Ton km + 1.8 + 0.8 + 1.3 + 13.6 + 18.9 + 16.3
Revenue Ton + 1.9 + 0.5 + 1.2 + 10.9 + 15.9 + 13.5
Load Factor (%) 23.2 24.7 23.9 63.3 67.6 65.5
**Unit Revenue(¥/ATK)17.0
(- 6.9)18.2
(- 2.2)17.6
(- 4.6)23.1
(- 8.2)25.4
(+ 9.7)24.3
(+ 0.6)
**Unit Price(¥/RT)73
(+ 1.5)73
(+ 4.1)73
(+ 2.8)146
(- 10.3)152
(+ 4.5)150
(- 3.1)
1H(E) 2H(E) FY12(RE)1H(E) 2H(E) FY12(RE)
Available Ton km - 0.6 - 3.9 - 2.3 + 5.4 + 5.3 + 5.4
Revenue Ton km - 11.1 - 7.9 - 9.5 + 13.5 + 27.8 + 21.0
Revenue Ton - 6.5 + 1.2 - 2.9 + 9.9 + 26.0 + 18.2
Load Factor (%) 32.9 33.4 33.1 62.8 74.8 69.0
**Unit Revenue(¥/ATK)47.2
(- 2.0)47.5
(+ 8.9)47.4
(+ 3.3)42.2
(+ 1.7)47.9
(+ 23.3) 45.1
(+ 12.4)
**Unit Price(¥/RT)137
(+ 4.2)141
(+ 3.4)139
(+ 3.9)120
(- 2.4)118
(+ 3.0)119
(+ 0.2)
Total
FY2012 Earnings Forecast
** (*.*) : year-on-year bisis
《《Cargo OperationsCargo Operations》》 Earnings Forecast Assumptions for FY12Earnings Forecast Assumptions for FY12((vs. FY11vs. FY11))
©ANA2012
(¥ Billion)
5.6+ 0.55.55.1ROA(%) Operating Return on Assets (%)
1.7- 0.11.61.8Debt/Equity Ratio (times) *
948.0- 33.6930.0963.7Interest Bearing Debts *
7.2
28.4
569.0
2,006.5
+ 1.9
+ 0.9
+ 19.9
+ 3.9
7.45.3ROE(%) Return on Equity (%)
28.027.4Ratio of Shareholders‘ Equity (%)
562.0549.0Shareholders' Equity
2,003.02,002.5Assets
Mar 31, 2012 Difference
Consolidated Balance SheetConsolidated Balance Sheet
FY2012 Earnings Forecast
Mar 31,2013(RE)Mar 31, 2013
(E)
《Ref.》 As of 17Feb, 2012
* Off-balanced lease obligation (D/E ratio)As of March, 2012, 155.3 Billion(2.0 times)As of March, 2013(Estimate), ¥137.0 Billion(1.9times)
35
©ANA2012
- 63.2
+ 11.0
+ 6.0
- 9.2
+ 4.9
- 0.1
+ 22.7
+ 11.8
- 62.0
78.0
- 155.5
- 194.5
233.5
14.0
142.0
40.0
- 38.01.2Cash Flow from Financing Activities *
56.066.9Free Cash Flow
- 177.0- 161.5Cash Flow from Investing Activities **
- 216.0- 203.7Capital Expenditures/Financing
233.0228.5Cash Flow from Operating Activities *
14.014.1Principal Payment for Aircraft Lease
142.0119.2Depreciation and Amortization
40.028.1Net Income
(¥ Billion)
16.8
252.0
15.3
216.2
16.8+ 1.5EBITDA Margin(%)
252.0+ 35.7EBITDA
FY11 FY12(RE) Difference
Consolidated Cash FlowConsolidated Cash Flow
FY2012 Earnings Forecast
FY12(E)
《Ref.》 As of 17Feb, 2012
* Cash flow from operating activities and cash flow from financing activities in this table includeoff-balanced lease principle refund equivalent.
** Cash flow from investing activities in this table do not include time deposit in excess of threemonths and certificates of deposit. 36
37
©ANA2012 37
Ⅳ. Supplemental Reference
©ANA2012
Intentionally Blank
38
39
©ANA2012 39
燃油・為替
Fuel Price and Exchange RateFuel Price and Exchange Rate
Fuel Hedge Ratio 60% 40% 20% 5% -
Currency Hedge Ratio (USD) 60% 40% 25% 10% 5%
FY11 FY12 FY13 FY14 FY15Hedge Ratio ( as of Mar, 2012)
1 USD change per barrel 1.9 billion/ year
1 JPY change per USD 2.5 billion/ year
Non hedge impact of oil price andcurrency fluctuations on fuel expense
Supplemental Reference
0%
10%
20%
30%
40%
50%
60%
70%
Fuel Currency
80
120
100
80
130
115
80
128
109Dubai Crude Oil (USD/BBL) 112
Kerosene (USD/BBL) 128
Exchange Rate (JPY/USD) 80
1H(A)Market Index and Assumption
FY11(A)
2H(A) 1H(E)
FY12(E)
2H(E)
©ANA2012
燃油・為替Supplemental Reference
(operating income (loss) / including hedge effects; units: billion)Major Exchange Rate Effects on Op. IncomeMajor Exchange Rate Effects on Op. Income
Revenue(increase + notationdecrease – notation)
Expense(increase + notationdecrease – notation)Second Quarter Results (Earning Forecast as of 29Jul, 2011 vs. Weighed Avg. during Period)
Second Half Results (Earning Forecast as of 29Jul, 2011 vs. Weighed Avg. during Period)
40
-1.5-1
-0.50
0.51
ProfitProfitImprovementImprovement
USDUSD¥¥8080→→¥¥78.578.5
EuroEuro¥¥115115→→¥¥112.3112.3
Korean WonKorean Won¥¥0.00.088→→¥¥0.070.07
Chinese YuanChinese Yuan¥¥112.52.5→→¥¥1122.2.2
OthersOthersAll All CurrenciesCurrencies
0.3 0.3 bilbil yenyenProfit DecreaseProfit Decrease
HK DollarHK Dollar¥¥110.50.5→→¥¥1100..11
-6.0-4.0-2.00.02.04.0
USDUSD¥¥8080→→¥¥7777.5.5
EuroEuro¥¥115115→→¥¥1103.703.7
Korean WonKorean Won¥¥0.00.088→→¥¥0.070.07
Chinese YuanChinese Yuan¥¥112.52.5→→¥¥1122.2.2
OthersOthersAll All CurrenciesCurrencies
1.5 1.5 bilbil yenyenProfit DecreaseProfit Decrease
HK DollarHK Dollar¥¥110.50.5→→¥¥1100..00
ProfitProfitImprovementImprovement
Profit DeclineProfit Decline
Profit DeclineProfit Decline
40
41
©ANA2012 41
Supplemental Reference
FY11Composition Difference
North America 27.0 - 0.4 27.0 + 0.8
Europe 19.4 - 1.4 18.6 + 0.9
China 25.3 - 2.0 24.7 - 1.1
Asia 23.3 + 2.8 24.9 - 0.4
Resort 4.9 + 1.0 4.8 - 0.1
North America 29.2 - 1.0 28.5 - 1.6
Europe 20.5 - 1.6 21.7 + 1.1
China 19.0 - 1.3 19.5 + 1.7
Asia 25.6 + 3.5 24.8 - 0.8
Resort 5.8 + 0.4 5.5 - 0.4
North America 30.0 - 0.7 29.7 - 0.7
Europe 20.7 - 1.7 21.2 + 0.8
China 17.5 - 0.8 17.3 + 1.7
Asia 25.4 + 2.8 25.7 - 1.0
Resort 6.4 + 0.4 6.0 - 0.8
PassengerRevenue
ASK
RPK
4Q/FY11Composition Difference
International Passenger Results by DestinationInternational Passenger Results by Destination
42
©ANA2012 42
Supplemental Reference
CargoRevenue
ATK
RTK
International Cargo Results by DestinationInternational Cargo Results by DestinationFY11
Composition Difference
North America 20.8 - 1.0 20.7 + 0.0
Europe 16.1 - 0.3 16.1 - 0.7
China 35.7 - 1.9 33.9 - 2.8
Asia 20.7 + 2.3 22.4 + 1.5
Others 6.6 + 1.0 6.8 + 1.9
North America 32.0 - 1.1 31.6 - 1.3
Europe 22.5 + 1.3 22.8 + 0.9
China 20.1 - 1.4 20.2 - 0.4
Asia 21.1 + 2.6 21.6 + 1.7
Others 4.2 - 1.4 3.7 - 0.9
North America 35.2 + 0.7 36.0 + 1.1
Europe 25.5 + 0.5 25.5 - 0.3
China 17.0 - 1.6 15.4 - 1.8
Asia 17.8 + 1.6 19.1 + 1.8
Others 4.6 - 1.1 4.0 - 0.7
4Q/FY11Composition Difference
43
©ANA2012 43
Supplemental Reference
Mar, 2012 Change Owned Leased
Wide-Body
Mid-Body
Narrow-Body
Regional
Mar, 2011
Boeing 747-400 (International) 1 0 -1 0 0
Boeing 747-400 (Domestic) 10 8 -2 8 0
Boeing 777-300ER 19 19 - 16 3
Boeing 777-300 7 7 - 7 0
Boeing 777-200ER 7 7 - 4 3
Boeing 777-200 16 16 - 14 2
Boeing 787-8 0 6 + 6 6 0
Boeing 767-300ER 22 26 + 4 7 19
Boeing 767-300 32 31 -1 31 0
Boeing 767-300F 3 2 -1 0 2
Boeing 767-300BCF 7 7 - 7 0
Airbus A320-200 (International) 5 4 -1 0 4
Airbus A320-200 (Domestic) 23 21 -2 21 0
Boeing 737-800 15 17 + 2 16 1
Boeing 737-700ER 2 2 - 2 0
Boeing 737-700 16 16 - 12 4
Boeing 737-500 17 16 -1 9 7
Bombardier DHC-8-400 (Q400) 15 18 + 3 5 13
Bombardier DHC-8-300 (Q300) 5 3 -2 1 2
222 226 + 4 166 60Total
Aircraft in ServiceAircraft in Service
Note: As of Mar 31,2012, excluding leased aircraft outside Group (12 as of end of FY11, 11 as of end of prior fiscal year)
©ANA2012
Forward-Looking Statements. This material contains forward-looking statements based onANA’s current plans, estimates, strategies, assumptions and beliefs. These statementsrepresent the judgments and hypotheses of the Company’s management based on currentlyavailable information. Air transportation, the Company’s core business, involves government-mandated costs that are beyond the Company’s control, such as airport utilization fees and Fuel taxes. In additions, conditions in the markets served by the Company are subject to significant fluctuations.
It is possible that these conditions will change dramatically due to a number of factors, suchas trends in the economic environment, aviation fuel tax, technologies, demand, competition, foreign exchange rate fluctuations, and others. Due to these risks and uncertainties, it is possible that the Company’s future performance will differ significantly from the contents of this material.
Accordingly, there is no assurance that the forward-looking statements in this material willprove to be accurate.
Cautionary Statement
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©ANA2012 45
Memo
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©ANA2012 46
Memo
©ANA2012
ANA Group Corporate Philosophy
- Our Commitments -
On a foundation of security and reliability,
the ANA Group will:
Create attractive surroundings for customers
Continue to be a familiar presence
Offer dreams and experiences to people around the world
安全は経営の基盤であり社会への責務である。
私たちはお互いの理解と信頼の
確かなしくみで安全を高めていきます
私たちは一人ひとりの責任ある
誠実な行動により安全を追求します
ANA Group Safety PrinciplesANA Group Safety Principles
Number one in quality
Number one in customer satisfaction
Number one in value creation
Number one in quality
Number one in customer satisfaction
Number one in value creation
With air transportation as its core field of business,
the ANA Group aims to be one of the leading
corporate groups in Asia, providing passenger and
cargo transportation around the world.
With air transportation as its core field of business,
the ANA Group aims to be one of the leading
corporate groups in Asia, providing passenger and
cargo transportation around the world.
ANA Group Corporate Vision
ANA Group Corporate Philosophy
Being the leader in Asia means that we will become
Safety is our promise to the public and is the foundation of our business.
Safety is assured by an integrated management system and mutual respect.
Safety is enhanced through individual performance and dedication
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©ANA2012
Thank you.
This material is available on our website.
http://www.ana.co.jp
Investor Relations Financial Information Presentations
Investor Relations, All Nippon Airways Co., Ltd.Phone +81-(0)3-6735-1030 E-Mail: [email protected]
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