2019 年 3 月期第 1 四半期決算説明会

Transcription

1 JAPAN AIRLINES Co., Ltd. Financial 日本航空株式会社 Results 29 年 3 月期第 四半期決算説明会 Mar/29(FY28) November 27 International Friendly Match vs Brazil National Team 4 November 27 International Friendly Match vs Belgium National Team July 3, 28

2 Today s Topics P. P.2 P. JAL Corporate Website The Award for Passenger Service System Project

3 Overview of Financial Results for Resulted in an increase in both revenue and operating profit year-on-year while progressing capacity expansion A new international mid & long-haul low-cost carrier will be established (Disclosed on May 4, 28, Its preparatory company has been established on July 3,28) An antitrust immunity application for JAL-Hawaiian Airlines joint venture was filed (June, 28) 34 Operating Revenue Bn (+8.7%) Operating profit Net profit Operating Net Operating Profit Profit Profit () Margin Bn (+.7%) 7. ( OP Margin ) 2% % % 9% 3 7.9% 7.3% 2.Bn (.3%) 8% 7% 26 Fuel/FX Markets 6% Net profit attributable to owners of the parent. Operational Precondition/ASK y/y (y/y) Singapore Kerosene (USD/bbl) Dubai Crude Oil (USD/bbl) % % FX Rate (JPY/USD) % International Routes Domestic Routes Total +7.3% +.6% +.%

4 Consolidated Financial Results Consolidated Financial Results ST QUARTER st Quarter Diff. y/y Operating Revenue % Air Transportation Segment % Operating Expense % Air Transportation Segment % Operating Profit % Air Transportation Segment % Operating Profit Margin (%) 7.9% 7.3%.6pt - Ordinary Profit % Net Profit () % ASK (MN seat km) 2,48 22,468 +,6 +.% RPK (MN passenger km) 6,6 7,34 +,7 +6.3% EBITDA Margin (%) (2) 6.% 6.2% +.2pt - EBITDAR Margin (%) (3) 7.6% 7.6% +.pt - Unit Cost (JPY) (4) % Incl. Fuel % Net profit attributable to owners of the parent 2 EBITDA Margin = EBITDA / Operating Revenue EBITDA=Operating Profit + Depreciation and Amortization 3 EBITDAR Margin = EBITDAR / Operating Revenue EBITDAR=Operating Profit + Depreciation and Amortization + Aircraft Leases 4 Unit Cost = Air Transportation Segment Operating Expense (excluding fuel cost) / ASK 2

5 Changes in Operating Profit( Revenues / Expenses ) ( JPY Bn ) ASK y/y : +.% RPK y/y : +6.3% Int l Passenger % Domestic Passenger +. +.% Cargo & Mail % Other Revenues % Other Revenues include Sales of travel agency, etc. +.Bn (+.7%) Fuel. 2.% Maintenance.7 4.2% + stands for profit increase (revenue increase, cost reduction) stands for profit decrease (revenue decrease, cost increase) Aircraft.2 Personnel 4.8% 3. 4.% Aircraft includes Aircraft Depreciation, Aircraft Leases, Aviation Insurance Premium, etc. Passenger Service System costs 4. - Other Expenses % 24.7 FSC* +. FX +.2 (Total) +.3 FSC* +. FX +.2 (Total) +.3 FSC* - FX. (Total). FSC*Total +6.2 FX Total +.3 (Total) +6. Services.9 Expenses of travel agency.3 Landing and navigations fees. Sales commissions.6 Other than those above 4.7 Total *FSC=Fuel Surcharge Revenues Expenses 27. 3

6 Changes in Operating Profit( Market / Others ) ( JPY Bn ) Impact from Currency Market +2.4Bn Revenue +.3Bn Cost +2.Bn ( 億円 Fuel +.4Bn ) Ex. Fuel +.7Bn +.Bn (+.7%) + stands for profit increase (revenue increase, cost reduction) stands for profit decrease (revenue decrease, cost increase) Revenue increase (Excl. Market Impact) Cost Increase 24.7 FX (excl. Fuel) +. Revenues +.3 Cost excl. Fuel +.7 Total +. Fuel (excl.hedging) 2.7 FX +.4 Market 4. Total 2.7 FSC* +6.2 Hedging +4. Int l Passenger +. Int l Cargo +. Total Int l Passenger +3.9 Domestic +. Passenger Cargo/Mail +.8 Other +3.7 Total Market impact.9 Others +. Passenger Service system costs 4. Fuel Volume.8 Maintenance.3 Services.9 Aircraft.3 Personnel 3. Other than those above 7. Total *FSC=Fuel Surcharge 4

7 International Passenger Operations Passenger Revenue () Passengers ASK RPK L/F ( ) (MN seat km) (MN passenger km) Revenue per Passenger () (2) (JPY) Yield () (3) (JPY) Unit Revenue () (4) (JPY) International Passenger (%) (23.4) y/y +8.2% (+6.9%) 2,38 2,2 +.% 2,88 3,6 +7.3%,9, % 8.2% 8.3% +.pt, ,44 (4,82).4 (.2) 9.2 (9.) +7.% (+.8%) +8.7% (+7.4%) +.2% (+9.%) The effect of the change of the settlement adjustment method for domestic sectors on international itineraries is excluded in the figures in parentheses 2 Revenue per Passenger = Passenger Revenue / Passengers 3 Yield = Passenger Revenue / RPK 4 Unit Revenue= Passenger Revenue / ASK ( JPY Bn ). +4% Fuel Surcharge Change in Revenue +% +9.2Bn (+8.2%) Stable Outbound Demand(+) Strong Inbound Demand(+) Change of settlement adjustment method for domestic sectors on international itineraries(+.4bn) Fuel Surcharge(+) Net Unit Price(+) Revenue per Passenger Factors of changes in Revenue per Passenger (estimate) FX, etc. +% Route Effect( ) Change of settlement adjustment method Number of Passengers +2% Demand Mix(+) Net Unit Price +7% Total

8 Domestic Passenger Operations Domestic Passenger Change in Revenue Passenger Revenue () Passengers ASK RPK L/F ( ) (MN seat km) (MN passenger km) Revenue per Passenger () (2) (JPY) Yield () (3) (JPY) Unit Revenue () (4) (JPY) (%) (8.6) y/y +.% (+2.2%) 8,7 8, % 8,82 8, % 6,2 6,3 +2.% 68.3% 68.7% +.3pt 4, ,37 (4,3) 9. (9.3) 3. (3.2).8% (.6%).% (+.%).6% (+.6%) ( JPY Bn ) Bn (+.%) Increase in individual passengers(+) +3.2 Change of settlement adjustment method for domestic sectors on international itineraries(.4bn) Competition with other airlines ( ) Increased demand for promotional fares ( ) Revenue per Passenger Number of Passengers 7.2 The effect of the change of the settlement adjustment method for domestic sectors on international itineraries is excluded in the figures in parentheses 2 Revenue per Passenger = Passenger Revenue / Passengers 3 Yield = Passenger Revenue / RPK 4 Unit Revenue= Passenger Revenue / ASK 6

9 Major Operating Expense Items Operating Expenses Diff. y/y Fuel % Landing and navigation fees % Maintenance % Sales commissions (Air Transport) % Aircraft () % Services (2) % Personnel % Expenses of travel agency % Other % Total Operating Expenses % ASK y/y:+.% (3) Aircraft= Aircraft Depreciation+ Aircraft Leases+ Aviation Insurance Premium, etc. 2 Services= Expenses regarding inflight services, airport lounges, cargo equipment, etc. 3 Includes Passenger Service System related expenses (+4.Bn) 7

10 Impact of Fuel and FX Markets Transition of Fuel Cost by Factors.3 FY Market +4. FX.4 +.Bn (+2.%) Fuel / FX Markets Volume increase/ Hedging FY % 8% 6% 4% 2% % Hedge Ratio for Fuel Costs (As of end of June 28) Approx. 4% Approx. 4% Approx. Approx. % % FUEL FX Approx. Approx. % % FY28 FY29 FY22 Profit Impact by Fuel and FX Markets From FY28 2nd Quarter (Inc. Hedging, Fuel Surcharge) Singapore Kerosene (USD/bbl) Dubai Crude Oil (USD/bbl) FY FY y/y % % Singapore Kerosene (USD/bbl) FX(JPY/USD) USD 73 USD 8 USD 8 USD 9 Forecast JPY.Bn.Bn 4.Bn 2.Bn JPY.Bn.Bn.Bn 2.Bn FX Rate (JPY/USD) % JPY.Bn.Bn.Bn 3.Bn 8

11 Major Balance Sheet Items and Cash Flow Items Balance Sheet End of End of Total Assets (),83.9, Cash and Deposits (2) Diff. Balance of Interest-bearing Debt (3) Future Rental Expenses under Operating Leases Shareholders Equity,6.3, Shareholders Equity Ratio(%) 7.2% 6.6%.6pt D/E Ratio(x) (4).x.x.x Total Assets amount as of the end of March, 28 has been changed due to the revision of the accounting standards and other regulations regarding indication of deferred tax assets and liabilities from FY28 (It was,84.2bn when disclosed on April 27, 28) 2 Certificate of Deposits etc. included 3 Accounts Payable-installment Purchase included 4 On-balance sheet Interest-bearing Debt / Shareholders' Equity Cash Flow Cash Flow from Operating Activities Depreciation and Amortization Cash Flow from Investing Activities () Capital Investment Free Cash Flow (6) Cash Flow from Financing Activities Total Cash Flow (7) EBITDA EBITDAR Diff. Excluding deposits and withdrawals from deposit accounts 6 Cash Flow from Operating Activities + Cash Flow from Investing Activities 7 Cash flow from Operating Activities + Cash Flow from Investing Activities + Cash Flow from Financing Activities 9

12 Reference Revenue of International Routes by Geographic Segment (%) Passenger Revenue y/y ASK Component Ratio Q Q Q America +9.9% 28% 26% Europe +2.8% 6% 7% Asia/Oceania +6.% 33% 33% China +38.4% % % Hawaii/Guam +22.% 3% 3% Total +8.2% % % (MN seat km) Q Q y/y America 3,727 3,89 +3.% Europe,963,93.7% Asia/Oceania 4,264 4,737 +.% China % Hawaii/Guam,8 2,2 +7.4% Total 2,88 3,6 +7.3% Revenue Passengers Carried ( ) Q Q y/y America % Europe % Asia/Oceania 983,4 +6.2% China % Hawaii/Guam % Total 2,38 2,2 +.% Load Factor (%) Q Q y/y America 8.2% 8.8% +.7pt Europe 83.% 84.9% +.3pt Asia/Oceania 8.9% 8.3%.6pt China 7.% 8.% +.pt Hawaii/Guam 79.3% 77.8%.pt Total 8.2% 8.3% +.pt RPK (MN passenger km) Q Q y/y America 2,988 3,8 +.7% Europe,639,638.% Asia/Oceania 3,4 3,84 +.2% China % Hawaii/Guam,43,63 +.2% Total,9, %

13 Reference Number of Aircraft End of End of st quarter (March 3, 28) (June 3, 28) Owned Boeing Boeing Boeing Boeing ER ER Large-sized Total Boeing Boeing Boeing Boeing 767-3ER Middle-sized Total Boeing Boeing Small-sized Total Embraer 7 Embraer 9 Bombardier D8-4 Bombardier D8-4CC SAAB34B Bombardier D8-3 ATR42-6 Regional Total Total Leased Total Owned Leased Diff. Total

14 Reference FY28 Earnings Forecast No change from the figures disclosed on April 27, 28 Revenue and Expenditure Plan Operational Preconditions Dividend FY27 FY28 (Plan) Diff. Operating Revenue,383.2, % International Passenger () Domestic Passenger () y/y % % Cargo / Mail % Other % Operating Expense,28.6, % ASK RPK y/y FY27 FY28(Plan) Int l +2.4% +6.8% Doms +.8% +.8% Total +.7% +4.8% Int l +3.4% +6.4% Doms +4.% +.2% Total +3.8% +4.4% Fuel % FY27 FY28(Plan) Excluding Fuel 993.4, % Operating Profit % Operating Profit Margin (%) 2.6%.%.pt - Ordinary Profit % Net Profit (2) % Unit Cost (JPY) (3) % Including a change of settlement adjustment method for domestic sectors on international itineraries (INT+6.Bn, DOM 6.Bn) 2 Net profit attributable to owners of the parent 3 Unit Cost = Air Transportation Segment Operating Cost (excluding fuel cost) / ASK Singapore Kerosene (USD/bbl) Dubai Crude Oil (USD/bbl) FX Rate (JPY/USD).2. (JPY) FY27 FY28 (Forecast) Dividend per share Interim Dividend 2.. Year-End Dividend 7.. 2

15 Reference FY28 Earnings Forecast No change from the figures disclosed on April 27, 28 Balance Sheet End of FY27 End of FY28 (Plan) Diff. Total Assets (),83.9, Balance of Interest-bearing debts (2) Shareholders Equity,6.3, Shareholders Equity Ratio (%) 7.2% 8.% +.9pt ROIC (%) (3).% 9.2%.9pt ROE (%) (4) 3.3%.% 3.2pt ROA (%) () 9.7% 8.8%.9pt Cash Flow Total Assets amount as of the end of FY27 has been changed due to the revision of the accounting standards and other regulations regarding indication of deferred tax assets and liabilities from FY28 (It was,84.2bn when disclosed on April 27, 28) 2 Accounts Payable-installment Purchase included 3 Net Operating Profit After Tax (NOPAT) /Fixed Asset (incl. Future Rental Expenses under Operating Leases) 4 (Net Income Attributable to owners of the parent) / (Average of shareholder s equity at beginning and end of fiscal year) (Operating profit) / (Average of total assets at beginning and end of fiscal year) Investment FY27 FY28 (Plan) Diff. Cash Flow from Operating Activities Cash Flow from Investing Activities (6) Free Cash Flow (7).3..3 Cash Flow from Financing Activities FY27 FY28 (Plan) EBITDA Growth Investment (8). EBITDAR Replacement investments (9) Exclude deposits and withdrawals from deposit accounts 7 Cash Flow from Operating Activities +Cash Flow from Investing Activities 8 Growth investments=i.e., Introduction of aircraft that will contribute route expansion, flight frequency increase, or operational efficiency improvement, Improvement of quality, service or efficiency, or Development of new business domains. 9 Replacement investments=i.e., Replacement of existing old facilities or for compliance to laws and regulations. Diff. Fleet Ground IT, etc Total

16 INTENTIONALLY LEFT BLANK

17 Reference Financial Strategy and Capital Policy Originally disclosed on February 28, 28

18 Reference Financial Strategy and Capital Policy2 Originally disclosed on February 28, 28 * Free cash flow (3-year aggregate)=cash flow from operating activities-cash flow from investing activities *2 3-year aggregate new debts used (new procurements-repayment of new procurements *3 Indicates dividend yield of shareholders equity DOE (Dividend on Equity Ratio)=Total Dividend Equity 6

19 Reference Financial Strategy and Capital Policy3 Originally disclosed on February 28, 28 7

20 Reference Innovation of Passenger Service System Originally disclosed on February 28, 28 8

21 ESG Originally disclosed on April 27, 28 Updated 27 CO2 emissions data % % 9% 8% 7% Environmental Low-Carbon Initiatives : Introduce fuel-efficient aircraft and aim for eco-friendly operation Continue atmospheric observations: Over 3 years of atmospheric observations with aircraft (gathered data available to the public) CO2 Emissions CO2/RTK(comparison CO2/RTK(2 年比 ) with FY2) Steady efforts to reduce CO2 emissions by 23% from the FY2 emission level Portion of Fuel-Efficient Aircraft Social Further promote workstyle innovation: Reduce overtime Diversity promotion initiatives: Aim for 2% females in managerial positions by the end of FY23 Contribute to regional revitalization through tourism promotion Reduce overtime FY7 Average of overtime 82.2% (hours) Target % Others Fuel-Efficient Aircraft ALL JAPAN Tourism Oriented Country Fund Applicable Aircraft:A3,787,777,737-8,E7/9 ~27 : Result, 28~: Plan FY26 FY6 4.hours ( 34%) 7.9 FY27 FY7 Contribute to regional revitalization through tourism Recommendation Stimulate inbound travel demand to various regions by cooperation with other companies or local governments JAL Hyakusen Renma Inc.,* *company of rental accommodations for tourists Governance High transparency and strict management oversight: -3 Independent External Directors with extensive management experience -3 Independent External Auditors with legal and accounting expertise -Voluntarily set up various committees, in which the majority of members of each committee are External Directors and the committee is chaired by an External Director Evaluate the effectiveness of the Board of Directors using a third party organization Board of Directors 3 External Directors out of ten Directors(3%) Establishment of Various Committees Corporate Governance Committee Nominating Committee Compensation Committee Personnel Committee Officers Disciplinary Committee -The members are publicly announced. -Chairpersons are all External Directors excluding the Personnel Committee, which supervises personnel affairs of Executive Officers. 9

22 Fly into tomorrow. Finance & Investor Relations, Japan Airlines

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