Ana tanshin 20130201_e

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Ana tanshin 20130201_e

  1. 1. All Nippon Airways Co., Ltd. (9202)Consolidated Financial ResultsFor the first nine months ended December 31, 2012 ANA reports Consolidated Financial Results for the First Nine Months of FY20121. Consolidated financial highlights for the first nine months ended December 31, 2012(1) Consolidated financial and operating results Yen (Millions) FY2012 FY2011 Year on Year Year on year first nine months first nine months (%) (%) Apr.1-Dec.31 Apr.1-Dec.31 Operating revenues 1,132,143 5.8 1,069,855 3.0 Operating income 107,521 18.0 91,143 17.3 Recurring profit 89,113 24.7 71,461 22.5 Net income 52,238 54.6 33,780 (10.0) Net income per share 16.92yen - 13.45yen - Comprehensive income 48,979 276.2 13,018 (47.7)(2)Consolidated financial positions Yen (Millions) FY2012 FY2011 first nine months as of Mar. 31 as of Dec. 31 Total assets 2,168,347 2,002,570 Total net assets 770,288 554,859 Ratio of shareholder’s equity to 35.2% 27.4% total assets Net assets per share 217.68yen 218.24yen Shareholder’s equity 764,341 549,0142. Consolidated operating results forecast for the fiscal year ending March 31, 2013 Yen (Millions) Year on Year FY2012 (%) Operating revenues 1,470,000 4.1 Operating income 110,000 13.4 Recurring profit 70,000 2.3 Net income 40,000 42.0 Net income per share 12.53yen - Note: The forecasted operating results for the fiscal year ending March 31, 2013 have been revised.3. Other (1) Changes of significant subsidiaries during the period (changes of specific subsidiaries in accordance with changes in the scope of consolidation): No (2) Changes in accounting principles, procedures, and the method of presentation (i) Changes caused by revision of accounting standards: Yes (ii) Changes other than (i): No (iii) Changes in accounting estimates: Yes (iv) Restatement: No 1
  2. 2. (3)Number of outstanding shares (Common stock) Number of Shares (Thousands) FY2012 FY2011 Number of shares outstanding As of Dec. 31 3,516,425 As of Mar. 31 2,524,959 (including treasury stock) Number of treasury stock As of Dec. 31 5,123 As of Mar. 31 9,266 Average number of shares during Nine months Nine months 3,088,046 2,511,090 the period ended Dec.31 ended Dec.31 *All financial results are prepared on the basis of accounting principles Generally accepted in Japan. *All financial results statement is not audited and provided for reference only. ANA issued 914,000,000 ordinary shares in a public and private offer with payment due on July 25, 2012.Through a third-party allotment to Nomura Securities Co., Ltd., ANA issued 77,466,000 shares of common stockwith a payment due date of August 17, 2012 in relation to sales through over-allotment. Therefore, net earningsper share stated in the earnings forecast for the fiscal year ending March 31, 2013 has been recalculated on thebasis of 914,000,000 shares through the above public and private offer in addition to the issue of 77,466,000shares through the above third-party allotment. 2
  3. 3. APPENDIXOverview of consolidated financial results for the first nine months of FY 2012Qualitative Information / Financial Statements, etc.1. Qualitative information Regarding Consolidated Operating Results unit: billion yen FY2011 FY2012 Consolidated Operating Results first nine months first nine months Year-on-Year (%) Apr.1-Dec.31 Apr.1-Dec.31 Operating Revenues 1,069.8 1,132.1 5.8 Air Transportation 957.5 1,010.7 5.6 Travel Services 119.4 123.6 3.5 Other 103.6 111.6 7.7 Intersegment Transactions -110.7 -113.9 - Operating Income/Loss (-) 91.1 107.5 18.0 Air Transportation 83.5 98.4 17.8 Travel Services 3.7 4.3 16.9 Other 3.5 4.7 35.2 Intersegment Transactions 0.3 -0 - Recurring Profit/Loss (-) 71.4 89.1 24.7 Net Income/Loss (-) 33.7 52.2 54.6 See Notes 1, 2, & 3, below. In the first nine months of fiscal year 2012 (April 1, 2012 – December 31, 2012, hereinafter the “first ninemonths”), the Japanese economy has shown weak movement due to factors such as the global economicslowdown, and this weakness is expected to remain for some time. In the airline industry, overall demand is expanding due to new demand created as low-cost carriers (LCCs)based in Japan commenced full-scale operations. An overview of the first nine months by segment follows:Overview by Segment◎Air Transportation Operating Revenues: ¥1010.7 billion, up 5.6% year-on-year Operating Loss: ¥98.4billion, up 17.8% year-on year <Domestic Passenger Services> > FY2011 FY2012 Category first nine months first nine months Year-on-Year (%) Apr.1-Dec.31 Apr.1-Dec.31 Passenger Revenues (billion yen) 497.2 516.0 3.8 Number of Passengers (Passengers) 29,552,914 31,568,909 6.8 Available Seat km (Thousand km) 42,719,880 44,561,244 4.3 Revenue Passenger-km (Thousand km) 26,168,553 27,845,491 6.4 Passenger Load Factor (%) 61.3 62.5 1.2 See Notes 3, 4, 5, 9, 10 & 14 below. 3
  4. 4. Domestic passenger numbers exceeded the figures for the same period last year as a result of businessdemand remaining steady, along with leisure demand which, substantially affected by the Great East JapanEarthquake (hereinafter the, “earthquake”) in the first quarter of the previous year, was generally solid throughoutthe nine months. Within the route network, in addition to the Narita-Niigata and Itami-Fukushima routes, the Haneda-Iwakuniroute was launched on December 13, and efforts have been made to improve the network by resuming theSapporo-Hiroshima/Okinawa and Kansai/Miyako-Ishigaki routes, and increasing flights to the Itami-Kumamotoroute. ANA has also endeavored to match capacity with demand by optimizing aircraft allocation. In marketing, the Tabiwari 55 discount was presented for the year-end period as part of marketing measurescommemorating the Company’s 60th anniversary, in an effort to promote early bookings for leisure demand. ANAalso stimulated demand by providing the Premium Tabiwari 28 discount, which from November, 1 made itpossible to purchase premium class seats up to 28 days in advance at a more affordable price. > <International Passenger Services> FY2011 FY2012 Category first nine months first nine months Year-on-Year (%) Apr.1-Dec.31 Apr.1-Dec.31 Passenger Revenues (billion yen) 241.9 264.9 9.5 Number of Passengers (Passengers) 4,328,575 4,769,579 10.2 Available seat-km (Thousand km) 25,543,448 28,218,064 10.5 Revenue Passenger-km (Thousand km) 18,594,464 21,395,535 15.1 Passenger Load Factor (%) 72.8 75.8 3.0 See Notes 3, 5, 9, 10, & 14 below. International passenger numbers exceeded the figures for the same period last year as a result of solidbusiness demand throughout the first nine months, and leisure demand performing well overall, particularly inObon period in August and the Christmas holiday periods. Although demand declined rapidly on China routes from mid-September due to the impact of anti-Japanesedemonstrations, and while leisure demand has still been affected, business demand has been recoveringsmoothly. ANA worked to improve its route network with the establishment of the Narita-Seattle route on July 25, theNarita-Yangon route on October 15 and the Narita-Delhi route on October 28, in addition to increased flights tothe Narita-New York route. This has improved convenience not only on the relevant routes, but for connectingpassengers between Asia and North America as well. In marketing, efforts were made to stimulate demand among younger customers with the start of sales of theANA 60th Anniversary Eco-wari Youth Special on October 2. ANA’s website for China was also made moreuser-friendly beginning November 29 with the availability of air ticket payments using “Alipay,” China’s largestonline payment service. 4
  5. 5. <Cargo Services> > FY2011 FY2012 Year-on-Year Category first nine months first nine months (%) Apr.1-Dec.31 Apr.1-Dec.31 Domestic Routes Cargo Revenues (billion yen) 25.4 24.9 -2.2 Available Cargo Capacity (Thousand ton-km) 1,354,034 1,467,040 8.3 Cargo volume (tons) 358,186 359,369 0.3 Cargo Traffic Volume (Thousand ton-km) 356,107 356,430 0.1 Mail Revenues (billion yen) 2.6 2.7 3.6 Mail Volume (tons) 23,820 23,573 -1.0 Mail Traffic Volume (Thousand ton-km) 24,532 23,893 -2.6 Cargo and Mail Load Factor (%) 28.1 25.9 -2.2 FY2011 FY2012 Year-on-Year Category first nine months first nine months (%) Apr.1-Dec.31 Apr.1-Dec.31 International Routes Cargo Revenues 67.1 64.0 -4.5 (billion yen) Available Cargo Capacity (Thousand ton-km) 2,725,116 2,962,615 8.7 Cargo Volume (tons) 428,754 463,726 8.2 Cargo Traffic Volume (Thousand ton-km) 1,661,000 1,830,715 10.2 Mail Revenues (billion yen) 2.5 2.7 8.9 Mail Volume (tons) 19,807 23,759 19.9 Mail Traffic Volume (Thousand ton-km) 86,788 102,755 18.4 Cargo and Mail Load Factor (%) 64.1 65.3 1.1 See Notes 3, 5, 6, 7, 8, 11, 12, 13 & 15 below. In domestic cargo, demand out of Okinawa, Kyushu and Shikoku was sluggish due to the effects of largetyphoons and torrential rainfall that occurred in summer and beyond, but home delivery parcel services fromTokyo and fresh food deliveries from Hokkaido performed well. As a result, cargo volume recovered to the levelcompared to the same period last year, but unit prices continued to decline and revenue fell short compared tothe same period last year.In international cargo services, overall demand out of Japan continued to decline due to factors such as ongoingconcerns about the European economy, the slowdown in economic growth in China and the appreciation of theyen. However, ANA was proactive in incorporating third country cargo, including cargo from Europe and NorthAmerica bound for Asia and China, cargo from Asia and China bound for Europe and North America, and cargotransported within Asia using Okinawa as a cargo hub. ANA also recorded its highest cargo volume to date in thetransportation of Beaujolais nouveau wine. As a result, although cargo volume increased compared to the sameperiod last year, revenue declined.<Other Air Transportation Businesses> > In addition to recording AirAsia Japan Co.,Ltd. operating revenue, there was also an increase in revenue fromairport handling service contracts. As a result, revenue for the first nine months was ¥135.1 billion, up 12.1.%from ¥120.5 billion in the same period last year. 5
  6. 6. In addition to its three domestic routes, AirAsia Japan Co., Ltd. launched the Narita-Incheon route onOctober 28 and the Narita-Busan route on November 28. Since the end of December 2012, the company hasbeen using three Airbus A320 aircraft to operate 16 flights per day. In the first nine months (August 1 throughDecember 31), AirAsia Japan carried 210,738 domestic passengers over 383 million available seat-km and 238million revenue passenger-km, with a passenger load factor of 62.0%, and 19,148 international passengers over41 million available seat-km and 22 million revenue passenger-km, with a passenger load factor of 55.5%.◎ Travel services Operating revenue: ¥ 123.6 billion, up 3.5% year-on year. Operating income: ¥ 4.3 billion, up 16.9% year-on-year. In domestic travel services, demand was solid in the Tokyo Metropolitan area due to many notable events,including the opening of Tokyo Sky Tree, and also in the Tohoku region, which suffered the effects of theearthquake last year, but there were not so much growth to package tours destined for Kyushu and Okinawa insummer and beyond, and operating revenues remained on par with the same period last year. Furthermore,sales of Tabisaku dynamic packages were solid due to efforts to expand sales channels. As a result of the above,operating revenues for the first nine months exceeded compared to the same period last year. In overseas travel services, the product lineup was expanded with efforts to develop new customer segmentsthrough such moves as the announcement of the new ANA WONDER EARTH product. However, thesignificant decline in capacity for travel to China from mid-September caused by the anti-Japanesedemonstrations that occurred resulted in a decrease in the volume of package tours such as ANA Hallo Tours,and operating revenue for the first nine months fell short of the level compared to the same period last year. TheOther segment recorded a year-on-year increase in revenues for the first half due to such factors as increases inrevenues from trading and product sales.◎Other Businesses Operating revenue: ¥ 111.6 billion, up 7.7% year-on-year. Operating income: ¥ 4.7 billion up 35.2% year-on-year. The Other segment recorded a year-on-year increase in revenues for the first nine months due to such factorsas increases in revenues from trading and product sales. Notes: 1. The breakdowns within segments are the categories used for internal management. 2. The revenues for each segment include internal inter-segment revenues; operating income is the income for the segment. 3. The above figures do not include consumption tax, etc. 4. The results for passenger travel on domestic routes include results from code share flights with IBEX Airlines Co., Ltd., Hokkaido International Airlines Co., Ltd., (trade name changed to AIRDO Co., Ltd., from 2012 October 1)Skynet Asia Airways Co., Ltd., and Starflyer, Inc. 5. Irregular flights have been excluded from both domestic and international routes. 6. Domestic cargo and mail results include code share flights with Hokkaido International Airlines Co.,Ltd.,(trade name changed to AIRDO Co., Ltd., from 2012 October 1) Skynet Asia Airways Co., Ltd., and Oriental Air Bridge Co., Ltd. 7. Includes regular late-night cargo flights on domestic routes. 8. The results for international cargo and mail include the results for code share flights, results for flights with block space agreements, and land transport results. 9. Available seat-kilometers represents the total figure calculated by multiplying the available number of seats on each segment of each route (seats) by the distance for each segment (km). 10. Revenue passenger-kilometers represents the total figure calculated by multiplying the number of passengers (people) on each segment of each route by the distance for each segment (km). 11.Available cargo capacity is the total calculated by multiplying the available cargo space (tons) on each segment of each route by the distance for each segment (km). Please note that for passenger aircraft, the available cargo space in the hold (belly) of the aircraft is multiplied by the distance traveled for each segment. Moreover, the available cargo space in the belly includes the available space for checked luggage of passengers on the flight in addition to cargo, mail, etc. 12.Cargo traffic volume and mail traffic volume is the total calculated by multiplying the volume of cargo transported on each segment of each route (tons) by the distance for each segment (km). 13.The cargo and mail load factor is the figure arrived at by dividing the sum of the cargo traffic volume and the mail traffic volume by the available cargo capacity. 14.The results for operating revenues for AirAsia Japan Co., Ltd is not included. 15. AirAsia Japan Co., Ltd. Does not handle cargo. 6
  7. 7. 2. Qualitative information regarding consolidated financial situation(1) Financial situationAssets: Cash equivalents increased through the issue of new shares, and total assets increased by ¥165.7billion against the end of FY2011 to ¥2,168.3 billion.Liabilities: Procurement of funds through new financing and the issue of corporate bonds, the repayment ofloans resulted in liabilities totaling ¥1,398.0 billion, a decrease of ¥49.6 billion. Interest-bearing debt decreasedby ¥41.6 billion against the end of FY2011 to ¥922.0 billion.Net assets: Despite dividend payments and an increase in deferred hedging loss, the posting of a net income forthe quarter and an increase in capital through the issue of new shares resulted in net assets totaling ¥770.2billion, an increase of ¥215.4 billion. As a result, the equity ratio was 35.2%.(2)Cash FlowsOperating activities: Net income for the first nine months before tax adjustments was ¥88.3 billion. Afteradjustment for depreciation and amortization, other non-cash items, and changes in operating receivables andpayables, net cash provided by operating activities was positive ¥166.7 billion.Investment activities: Net cash used in investing activities was negative ¥472.5 billion due to the acquisition ofaircraft and parts and prepayment for aircraft scheduled for introduction, along with making deposits with amaturity of over three months. As a result, free cash flow was negative ¥305.8 billion.Financial activities: While the group carried out repayment of loans, repayment of lease obligations andpayment of dividends, net cash provided by financing activities was positive ¥115.2 billion due to theprocurement of funds through new financing and the issue of new shares.As a result of the above, cash and cash equivalents at the end of the reporting quarter were down ¥189.3 billionagainst the first nine months of FY2011, with a balance of ¥76.5 billion.3. Others Currently, no revisions have been made to the consolidated operating forecast. On January 16, 2013, the Boeing 787 aircraft used on ANA Flight 692 (Yamaguchi Ube - Haneda) made anemergency landing, and ANA has suspended operations of the same type of aircraft since that time, resulting in459 cancelled domestic and international flights (affecting 58,000 passengers) during January. ANA estimateoperating revenues for January to decrease by approximately ¥1.4 billion as a result. 7
  8. 8. 4. Financial statements & Operating results(1) Consolidated Balance Sheets Yen (Millions) FY2012 FY2011 Assets as of Dec.31 as of Mar.31 Current assets: 761,663 548,719 Cash on hand and in banks 36,436 41,867 Note and accounts receivable-trade 115,477 124,028 Marketable securities 450,744 237,104 Inventories (Merchandise) 5,728 4,924 Inventories (Supplies) 51,486 44,935 Deferred income taxes - current 26,599 30,269 Other 76,301 66,752 Allowance for doubtful accounts (1,108) (1,160) Fixed assets 1,404,918 1,453,675 Tangible fixed assets: 1,190,873 1,219,875 Building and structure 107,358 112,028 Flight equipment 838,084 751,108 Land 56,415 56,545 Leased assets 25,070 27,305 Construction in progress and advance payment on 136,522 241,817 aircraft purchase contracts Other 27,424 31,072 Intangible fixed assets 68,924 71,846 Investments and others: 145,121 161,954 Investments in securities 61,052 58,586 Deferred income taxes – non-current 48,399 68,887 Other 36,445 35,556 Allowance for doubtful accounts (775) (1,075) Deferred assets 1,766 176 Total assets 2,168,347 2,002,570 8
  9. 9. FY2012 FY2011Liabilities and Net assets as of Dec.31 as of Mar.31Liabilities Current liabilities: 459,977 461,045 Accounts and notes payable-trade 179,780 180,804 Short-term loans 318 - Current portion of long - term loans 108,950 115,962 Current portion of bonds 10,000 - Finance lease obligations 11,379 11,443 Accrued income taxes 9,286 3,912 Accrued bonuses to employees 13,334 30,841 Provision for potential loss on antitrust proceedings 116 116 Asset retirement obligations 281 1,146 Other 126,533 116,821 Long - term liabilities: 938,082 986,666 Bonds 115,000 95,000 Long - term loans 652,777 716,663 Finance lease obligations 23,625 24,589 Accrued bonuses to employees - 2,382 Accrued employees’ retirement benefits 129,913 126,075 Retirement benefit for directors 603 591 Asset retirement obligations 1,033 1,027 Other 15,131 20,339Total liabilities 1,398,059 1,447,711Net assets Shareholders’ equity 758,536 540,637 Common stock 318,789 231,381 Capital surplus 282,182 195,723 Retained earnings 159,761 117,622 Less treasury common stock, at cost (2,196) (4,089) Accumulated other comprehensive income 5,805 8,377 Net unrealized holding loss on securities (264) (140) Deferred gain on hedging instruments 6,645 9,334 Foreign currency translation adjustments (576) (817)Minority interests 5,947 5,845Total net assets 770,288 554,859Total liabilities and net assets 2,168,347 2,002,570 9
  10. 10. (2) Consolidated Statements of Income Yen (Millions) FY2012 FY2011 first nine months first nine months Apr.1 – Dec.31 Apr.1 – Dec.31 Operating revenues 1,132,143 1,069,855 Operating expenses 853,095 809,579 Sales, general and administrative expenses 171,527 169,133 Operating income 107,521 91,143 Non-operating income: 6,488 7,299 Interest and dividend income 1,816 2,130 Other 4,672 5,169 Non-operating expenses: 24,896 26,981 Interest expenses 13,930 15,142 Other 10,966 11,839 Recurring profit 89,113 71,461 Extraordinary income 31 996 Gain on sale of property and equipment - 571 Gain on sale of investments in securities 10 157 Other 21 268 Extraordinary loss 798 543 Loss on sale of property and equipment 72 3 Impairment loss 481 - Loss on sale of investments in securities - 276 Valuation loss on investments in securities 131 118 Other 114 146 Income before income taxes and minority interests 88,346 71,914 Income taxes 36,804 37,908 Minority interests (696) 226 Net income 52,238 33,780 (3) Consolidated Statements of Comprehensive Income Yen (Millions) FY2012 FY2011 first nine months first nine months Apr.1 – Dec.31 Apr.1 – Dec.31 Income before minority interests 51,542 34,006 Other comprehensive income: Net unrealized holding loss on securities (102) (908) Deferred loss on hedging instruments (2,689) (19,796) Foreign currency translation adjustments 241 (279) Share of other comprehensive income of associates accounted for (13) (5) by the equity-method Total other comprehensive income (2,563) (20,988) Comprehensive income 48,979 13,018 (Total comprehensive income attributable to) Owners of All Nippon Airways Co., Ltd 49,666 12,798 Minority interests (687) 220 10
  11. 11. (4) Consolidated Statements of Cash Flows Yen (Millions) FY2012 FY2011 first nine months first nine months Apr.1-Dec.31 Apr.1-Dec.31 I. Cash flows from operating activities Net cash provided by operating activities (Note 1) 166,741 160,736 II. Cash flows from investing activities Net cash used in investing activities (Note 2) (472,570) (92,342) III. Cash flows from financing activities Net cash provided by financing activities 115,296 38,445 IV. Effect of exchange rate changes on cash and cash equivalents 172 (153) V. Net (decrease) increase in cash and cash equivalents (190,361) 106,686 VI. Cash and cash equivalents at the beginning of the period 265,834 201,606 VII. Increase in cash and cash equivalents resulting from change 1,050 - in scope of consolidation VIII. Cash and cash equivalents at the end of the period 76,523 308,292 Note 1 including, 91,499 88,349 Depreciation and amortization Note 2 including, (112,376) (78,883) Payment for purchase of property, equipment and intangible assets(5)Significant Changes to Shareholder’s Equity The board of directors of the Company held on July 3, 2012 approved the resolutions of issuance of newshares by way of public and private offering and issuance of new shares by way of Third-party allotment.Accordingly common stock and capital surplus increased by ¥87,408 million. Additionally, in the first nine monthsof FY2012, capital surplus decreased by ¥949 million due to disposal by selling treasury stock. As a result,common stock was ¥318,789 million and capital surplus was ¥282,182 million. 11
  12. 12. (6) Segment information <FY2012 the first nine months Apr.1 - Dec.31> Yen (Millions) Reportable Segment Other Total Adjustments Consolidated Air Travel Subtotal Transportation Services Operating 942,673 117,045 1,059,718 72,425 1,132,143 - 1,132,143 revenues Intra-group sales 68,074 6,645 74,719 39,185 113,904 (113,904) - and transfers Total 1,010,747 123,690 1,134,4377 111,610 1,246,047 (113,904) 1,132,143 Segment profit 98,453 4,350 102,803 4,754 107,557 (36) 107,521 <FY2011 the first nine months Apr.1 - Dec.31> Yen (Millions) Reportable Segment Other Total Adjustment Consolidated Air Travel Subtotal Transportation Services Operating 891,211 112,847 1,004,058 65,797 1,069,855 - 1,069,855 Revenues Intra-group sales 66,365 6,604 72,969 37,823 110,792 (110,792) - and transfers Total 957,576 119,451 1,077,027 103,620 1,180,647 (110,792) 1,069,855 Segment result 83,587 3,722 87,309 3,517 90,826 317 91,143 12

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