2008430 1 1
ANA 2 2
3 3
4 4
No.1 08-11 11 CSR 5 5
6 6
7 7
8 8
ALLEX 9 9
10 10
. 2007 216 ANA 2008 11 11
. 12 12
2008430 1
. Results for FY07 P.4-8 Consolidated Financial Summary Results by Segment Air Transportation P.9-16 Air Transportation Overall Breakdown of Revenue and Cost Deviation Passenger Operations Cargo Operations Outlook for FY08 P.17-23 Forecast for FY08 Forecast by Segment Breakdown of Operating Income Deviation Assumptions for FY08 Fuel and Currency Hedging Supplementary Reference P. 25-30 2
Highlights of Financial Results FY07 14,878(18)843(78) 641(+314) EBITDA2,011 D/E2.2 2,000 EBITDA() 2,011 1,500 1,000 843 641 500 0 FY04 FY05 FY06 FY07 * EBITDA 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 D/E 6 5 9,973 4 3 2.2 4,529 2 1 0 FY04 FY05 FY06 FY07 * D/E 3
Financial Results for FY07 4
Consolidated Financial Summary Income Statements FY2006 FY2007 Change Operating Revenues 14,896 14,878 18 Operating Expenses 13,974 14,034 +59 Operating Income 921 843 78 Op. Margin (%) 6.2 5.7-0.5 Non-Op. Gains/Losses 296 278 +17 Recurring Income 625 565 60 Extraordinary Gains/Losses 115 587 +702 Net Income 326 641 +314 1,808 2,011 +203 EBITDA Margin (%) 12.1 13.5 +1.4 * EBITDA ( 100Million) 5
Consolidated Balance Sheets Mar.31, 2007 Mar.31, 2008 Change Assets Shareholders' Equity Ratio of Shareholders' Equity (%) Interest Bearing Debts including off balance lease obligation D/E Debt/Equity Ratio (times) including off balance lease obligation ROA (%) Return on Assets (%) ROE (%) Return on Equity (%) 16,020 3,982 24.9 7,494 11,001 6 ROA () ROE ( 100Million) 1.9 2.8 6.0 8.8 17,833 4,529 25.4 7,678 9,973 1.7 2.2 5.3 15.1 +1,813 +547 +0.5 +184 1,027-0.2-0.6-0.7 +6.3
Consolidated Summary of Cash Flow FY2006 FY2007 Change Cash Flow from Operating Activities 1,587 1,657 +70 Cash Flow from Investing Activities 1,282 698 +584 Cash Flow from Financing Activities 1,008 873 +135 Net Increase or Decrease 705 76 +782 Cash and Cash Equivalent at the beginning 2,427 1,722 705 Cash and Cash Equivalent at the end 1,722 1,799 +76 Depreciation and Amortization 886 1,167 +281 Capital Expenditures 2,519 3,577 1,058 * ( 100Million) 7
Results by Segment Revenues Operating Income FY2006 FY2007 Change FY2006 FY2007 Change Air Transportation 12,487 13,016 +528 797 779 17 Travel 2,080 2,153 +73 19 10 8 Hotels 666-666 52-52 Others 1,968 1,989 +20 56 51 4 Eliminations 2,306 2,281 +25 2 1 +4 Total 14,896 14,878 18 921 843 78 ( 100Million) 8
Air Transportation Overall FY2006 FY2007 Change Domestic Passengers 7,260 7,395 +134 Operating Revenues International Passengers Cargo and Mail Others 2,784 1,051 1,390 3,115 1,143 1,362 +330 +91 28 Total 12,487 13,016 +528 Fuel and Fuel Tax 2,361 2,661 +299 Landing and Navigation Fees 1,042 1,060 +17 Aircraft Leasing Fees 872 633 238 Depreciation and Amortization 814 1,128 +314 Operating Expenses Aircraft Maintenance Personnel 642 2,327 618 2,413 24 +86 Sales Commission 916 953 +36 Contracts 809 824 +14 Others 1,903 1,942 +39 Total 11,690 12,236 +546 Operating Income 797 779 17 ( 100Million) 9
Breakdown of Revenue and Cost Deviation from FY06 +528 +546 28 +35 +91 +60 +155 () +330 +300 +134 * 5 ( 100Million) 10
Passenger Operations Domestic Passengers FY2006 Change FY2007 Change Passengers (thousands) 46,471 +2.2% 45,557-2.0% Available Seat Km (mil) 62,414 +2.4% 62,651 +0.4% Revenue Passenger Km (mil) 40,564 +2.1% 39,928-1.6% Load Factor (%) 65.0-0.1 63.7-1.3 Passenger Revenues ( 100 mil) 7,260 +6.0% 7,395 +1.9% Unit Revenue ( /ASK) 11.6 +3.5% 11.8 +1.5% Yield ( /RPK) 17.9 +3.8% 18.5 +3.5% Unit Price ( ) 15,624 +3.7% 16,233 +3.9% 11
Trends of Domestic Passenger Operations 5% 4% 3% 2% 07 () +3.9% - 07 () 7% 6% 5% 4% 1% 3% 0% -1% -2% -3% -2.0% 2% 1% 0% -1% -2% - - - () 12
International Passengers FY2006 Change FY2007 Change Passengers (thousands) 4,552 +10.1% 4,827 +6.0% Available Seat Km (mil) 26,607 +5.0% 28,285 +6.3% Revenue Passenger Km (mil) 20,145 +7.3% 21,291 +5.7% Load Factor (%) 75.7 +1.6 75.3-0.4 Passenger Revenues ( 100 mil) 2,784 +21.5% 3,115 +11.9% Unit Revenue ( /ASK) 10.5 +15.7% 11.0 +5.2% Yield ( /RPK) 13.8 +13.2% 14.6 +5.9% Unit Price ( ) 61,171 +10.3% 64,555 +5.5% 13
Trends of International Passenger Operations 07 () 15% 10% 5% +6.0% +5.9% 120 115 110 0% 105-5% 100 *FSC -10% -15% -15% -20% 95 0704 0705 2007410012 0706 0707 0708 0709 0710 0711 0712 0801 0802 0803 IATA -() -() 14
Cargo Operations FY2006 FY2007 Change International Cargo Revenue Ton (ton) Revenue Ton Km (thousands) Revenue ( 100 millions) 277,571 1,271,267 621 332,507 1,644,900 721 +19.8% +29.4% +16.1% Revenue Ton (ton) 457,914 462,569 +1.0% Domestic Cargo Revenue Ton Km (thousands) Revenue ( 100 millions) 442,139 305 443,998 305 +0.4% -0.0% Freighter (Int/Dom) * Available Ton Km (thousands) Revenue Ton Km (thousands) () * Revenue Ton (ton) () Revenue ( 100 millions) 456,622 188,801 81,774 151 690,571 328,431 124,403 208 +51.2% +74.0% +52.1% +37.8% *20062007 15
Trends of Cargo Operations 07 () ANA 07 50% 45% 40% 35% 30% 25% 20% +19.1% +29.4% 130 125 120 115 110 105 ANA ANA JAFA +19.8% 15% 100 10% 5% 0% 95 90 0704 0705 0706 2007410012 0707 0708 0709 0710 0711 0712 0801 0802 0803 16
Outlook for FY08 ANA 17
Forecast for FY08 FY2007 FY2008 Change Operating Revenues 14,878 15,100 +222 Operating Expenses 14,034 14,300 +266 Operating Income 843 800 43 Operating Profit Margin (%) 5.7 5.3-0.4 Recurring Income 565 520 45 Net Income 641 270 371 Dividends ( ) 5.00 3.00 2.00 ( 100Million) 18
Forecast by Segment FY2007 FY2008 Revenues Op. Income Revenues Op. Income Air Transportation 13,016 779 13,390 730 Travel 2,153 10 2,120 20 Others 1,989 51 1,790 50 Eliminations 2,281 1 2,200 - Total 14,878 843 15,100 800 ( 100Million) 19
Breakdown of Operating Income Deviation from FY07 779 +30 +200 +100 +40 350 20 50 730 49 FY07 FY08 ( 100Million) 20
Assumptions for FY08 Domestic Passengers International Passengers H 2H Full Year H 2H Full Year Available Seat Km 94.6 93.8 94.2 102.2 100.8 101.5 Revenue Passenger Km 95.9 98.3 97.1 96.9 100.7 98.7 Passengers 96.0 99.1 97.6 97.4 101.1 99.2 Load Factor 64.5(+0.9) 66.9(+3.1) 65.7(+2.0) 72.3(-4.0) 74.2(-0.1) 73.2(-2.0) Unit Revenue 104.2 109.2 106.6 101.5 108.5 104.9 Yield 102.8 104.2 103.4 107.1 108.7 107.8 Unit Price 102.6 103.3 102.9 106.5 108.2 107.3 H 2H Full Year (% year on year) Exchange Rate (JPY/USD) 106 106 106 Crude (USD/BBL) 95 95 95 Kerosene (USD/BBL) 119 119 119 21
Assumptions for FY08 Domestic Cargo International Cargo H 2H Full Year H 2H Full Year Total Revenue Ton Unit Price 101.5 97.9 100.6 97.7 101.1 97.8 109.0 106.5 97.4 117.0 102.9 111.8 H 2H Full Year Freighter (Dom/Int) Available Ton Km Revenue Ton Km Cargo Tons 116.1 135.8 127.8 116.2 120.1 101.4 116.2 127.1 113.4 (% year on year) 22
Fuel and Currency Hedging 100% 8% 200812% 100 80 FY08 80% FY09 50% FY10 20% (08/03) 80% 0890 10% FY08 80% FY09 40% FY10 30% FY11 20% (08/03) % 60 40 08 1/ () +23/ 20 1/US () +19/ 0 FY08 FY09 FY10 23