All Nippon Airways Financial Results Third-Quarter January 30, 2009

Transcription

1 All Nippon Airways Financial Results Third-Quarter 2008 January 30,

2 Contents I. Financial Results FY08 3Q (1) Consolidated Financial Summary (2) Results by Segment II. Air Transportation III. IV. (1) Air Transportation Overall (2) Breakdown of revenue and cost deviation (3) Passenger Operations (Dom./Int l) (4) Cargo Operations Fuel and Currency Hedging Outlook for FY08 V. Supplementary Reference P.3-6 P.7-14 P.15 P P

3 Ⅰ.Financial Results FY08 3Q (1) Consolidated Financial Summary Income Statements 1-3Q/ Q/2008 Change 3Q/2008 Change Operating Revenues Operating Expenses Operating Income Op. Margin (%) Non-Op. Gains/Losses Recurring Income Extraordinary Gains/Losses Net Income Billion 3

4 Ⅰ.Financial Results FY08 3Q Consolidated Balance Sheets Mar 31, 2008 Dec 31, 2008 Change Assets Shareholders' Equity Ratio of Shareholders' Equity (%) Interest Bearing Debts Debt/Equity Ratio (times) Billion D/E ratio including off-balanced lease obligation of billion ( billion in previous year) will be 3.2 times (2.2 times in previous year.) 4

5 Ⅰ.Financial Results FY08 3Q Consolidated Summary of Cash Flow 1-3Q/ Q/2008 Change 営業キャッシュフロー Cash Flow from Operating Activities Cash Flow from Operating Activities 投資キャッシュフロー Cash Flow from Investing Activities Cash Flow from Investing Activities 財務キャッシュフロー Cash Flow from Financing Activities Cash Flow from Financing Activities 現金及び現金同等物の増減額 Net Increase or Decrease Net Increase or Decrease 現金及び現金同等物の期首残高 Cash and Cash Equivalent at the beginning Cash and Cash Equivalent at the beginning 現金及び現金同等物の期末残高 Cash and Cash Equivalent at the end Cash and Cash Equivalent at the end 減価償却費 Depreciation and Amortization Depreciation and Amortization 設備投資額 Capital Expenditures Capital Expenditures EBITDA EBITDA Margin (%) EBITDA:Operating Income + Depreciation / Amortization Billion 5

6 Ⅰ.Financial Results FY08 3Q Results by Segment Revenues Operating Income 1-3Q/ Q/2008 Change 3Q/2008 Change 1-3Q/ Q/2008 Change 3Q/2008 Change Air Transportation Travel Others Eliminations Total Billion 6

7 Ⅱ.Air Transportation (1) Air Transportation Overall 1-3Q/ Q/2008 Change 3Q/2008 Change Domestic Passengers Operating Revenues International Passengers Cargo and Mail Others Total Fuel and Fuel Tax Landing and Navigation Fees Aircraft Leasing Fees Depreciation and Amortization Operating Expenses Aircraft Maintenance Personnel Sales Commission Contracts Others Total Operating Income Operating Income Billion 7

8 Ⅱ.Air Transportation (2) Breakdown of revenue and cost deviation from previous year Domestic Passenger 19.6 International Passenger Revenue 19.0 Cargo/Mail +3.9 Others 2.8 Airport fee Depreciation of owned aircrafts Personnel costs Third party contracts Fuel Cost Sales commission Advertising costs In-flight service costs Depreciation excluding aircraft Aircraft parts Cost Sales Linked Costs Operation Linked Costs 4.2 Other Costs FY07 1-3Q FY08 1-3Q Billion 8

9 Ⅱ.Air Transportation (3)Passenger Operations Domestic Passengers 1-3Q/ Q/2008 % Y/Y 3Q/2008 % Y/Y Passengers (thousands) 34,780 33, , Available Seat Km (million) 47,387 45, , Revenue Passenger Km (million) 30,414 29, , Load Factor (%) Passenger Revenues ( 100million) 5,690 5, , Unit Revenue ( /ASK) Yield ( /RPK) Unit Price ( ) 16,362 16, ,

10 Ⅱ.Air Transportation Trends in Domestic Passenger Operations Sudden drop in demand exceeds capacity reduction Higher yield achieved. Unit revenue at previous year levels ASK, RPK and Load factors ASK, RPK, Yield and Unit Revenue (3Q) Y/Y 102 [%] 100 LF change[%] Higher yield Load factor falls LF 前年差 change 座キロ ASK 旅キロ RPK [Month] 93 Y/Y 92 [%] 座席キロ ASK 旅客キロ RPK イールド Yield ユニットレベニュー Unit Revenue Topics for FY08 3Q : ANA to joint ANA VISA/Suica card with JR East ANA gets Eco-First Recognition from Japanese Government ANA and StarFlyer to code-share on Tokyo - Osaka 10

11 Ⅱ.Air Transportation International Passengers 1-3Q/ Q/2008 % Y/Y 3Q/2008 % Y/Y Passengers (thousands) 3,639 3, , Available Seat Km (million) 21,234 21, , Revenue Passenger Km (million) 16,091 14, , Load Factor (%) Passenger Revenues ( 100million) 2,397 2, Unit Revenue ( /ASK) Yield ( /RPK) Unit Price ( ) 65,873 70, ,

12 Ⅱ.Air Transportation Trends in International Passenger Operations Business demand shrinks Business class tickets issued in Japan for Europe/North America travel (Japan BSP figures) Y/Y 120 [%] ANA exceeds market average Y/Y 125 [%] Yield improves, despite falling passenger numbers 3Q International passengers and yield 旅客数 Passenger イールト Yield 全社計 Total ANA CY [Month] BSP:Billing and Settlement Plan between IATA travel agency and airlines Total 全線計北米 US Europe 欧州 China 中国 Asia アジア Resort リゾート Topics for FY08 3Q : Revised Fuel Surcharge from October 1 st TAM Airlines and Brussels Airlines to join Star Alliance ANA and Asiana to code-share on Kansai Seoul Gimpo and Kansai Saipan from December Suspended Nagoya Taipei from October 12

13 Ⅱ.Air Transportation (4) Cargo Operations 1-3Q/ Q/2008 % Y/Y 3Q/2008 % Y/Y Cargo Revenues ( 100mil) Domestic Cargo Revenue ton (tons) 352, , , Revenue ton Km (thousands) 338, , , Cargo Revenues ( 100mil) International Cargo Revenue ton (tons) 269, , , Revenue ton Km (thousands) 1,244,699 1,323, , Cargo Revenues ( 100mil) (Freighter (Int l/dom) Available Ton Km (thousands) Revenue ton (tons) 510,318 92, , , ,707 34, Revenue ton Km (thousands) 237, , ,

14 Ⅱ.Air Transportation Trends in Cargo Operations Large fall in demand in line with sudden economic slowdown JAFA figures Imports/Exports ANA volumes also effected in 3Q ATK and RTK 120 Y/Y [%] 110 ANA exceeds market average 115 Y/Y [%] 110 ATK RTK % CY2008 JAFA Total 輸出入 ANA ANA 輸出入 [Month] Data JAFA % 全線計 Total 北米 US Europe 欧州 China 中国アジア Asia * RFS (Road Feeder Service) data not included in each area Topics for FY08 3Q: Revised Fuel Surcharge from October 1st 14

15 Ⅲ.Fuel and Currency Hedging Fuel and Currency Hedging [%] Jet Fuel Hedging Policy:Hedge up to 100% Method:8% per quarter, 12 quarters in advance. (Up to FY2008 portion, 12% per quarter, 8 quarters beforehand.) Hedging level (Model) Hedging ratio Foreign Currency Hedging for Jet Fuel Policy:Hedge 80% of annual dollar payments (up to 90% for total FY2008) Method:10% per year, 5 years beforehand making up the balance in the final year FY08 90% FY09 60% FY10 40% FY11 30% Non-hedged Impact of Dubai crude oil price and currency fluctuations on recurring profit Recurring profit/loss (Increase in cost) (as of December 2008) FY08 95% FY09 80% FY10 55% FY11 30% 1USD change per barrel (price hike) + 2.3billion/year (as of December 2008) 1JPY per USD change (Yen depreciation) +1.9billion/year 15

16 Intentionally Blank 16

17 Ⅳ. Outlook for FY08 17

18 Ⅳ.Outlook for FY2008 (1) Forecast for FY08 FY2007 FY2008(Rev) Change FY2008(as of 10.31) Change from 2Q Operating Revenues Operating Expenses Operating Income Op. Margin (%) Recurring Income Net Income Dividends ( ) 5.00 ND* 3.00 Billion * Not determined 18

19 Ⅳ.Outlook for FY2008 (2) Forecast by Segment FY2007 FY2008(as of 1.30) vs 2007 FY2008(as of 10.31) vs Revenues Op. Income Revenues Op. Income Revenues Op. Income Revenues Op. Income Revenues Op. Income Air Transportation Travel ±0.0 Others Eliminations Total Billion 19

20 Ⅳ.Outlook for FY2008 (3) Recovery Plan and Breakdown of Operating Income Deviation from the Assumption Disclosed on 31 Oct Q Emergency Cost Reduction Plan 52.0 Additional Cost Reduction 2.0( Billion) Domestic Passenger 27.0 Revenue 65.0 Board members compensation Advertising and sales related cost Other costs Revision of International network from February Suspend Osaka - Dalian Osaka Dalian Shenyang Reduced Tokyo Mumbai, Tokyo Shanghai International Passenger Cargo 13.5 Sales Linked Costs 8.0 Other Costs Cost FY08 Forecast as of Others +5.0 Fuel Cost 11.0 Operation Linked Costs 18.5 FY08 forecast as of 1.30 Billion 20

21 Ⅳ.Outlook for FY2008 Further Revised Outlook for FY08 FY07 FY08(Original) FY08(as of 31 Oct) FY08(as of 30 Jan) Change Operating Revenues Domestic Passengers International Passenger Cargo & Mail Others Operating Expenses Fuel Cost Non-Fuel costs Operating Income Billion 21

22 Intentionally Blank 22

23 Ⅳ.Outlook for FY2008 (5) Revised Assumptions for FY08 (Passenger) Domestic Passengers International Passengers 1H(A) 2H(E) FY08(E) 1H(A) 2H(E) FY08(E) Available Seat Km Revenue Passenger Km Passengers Load Factor 64.2 (+0.6) 63.7 (-0.2) 63.9 (+0.2) 72.9 (-3.3) 62.9 (-11.4) 68.0 (-7.3) Unit Revenue Yield Unit Price Exchange Rate (JPY/USD) 1H 2H* (95) (% year on year) Crude Oil (USD/BBL) (46) Kerosene (USD/BBL) (63) *figures in parenthesis shows the assumptions for 4Q 23

24 Ⅳ.Outlook for FY2008 Revised Assumptions for FY08 as of 31 Oct. (Passenger) Domestic Passengers International Passengers 1H(A) 2H(E) FY08(E) 1H(A) 2H(E) FY08(E) Available Seat Km Revenue Passenger Km Passengers Load Factor 64.2 (+0.6) 67.1 (+3.3) 65.6 (+1.9) 72.9 (-3.3) 70.9 (-3.4) 71.9 (-3.3) Unit Revenue Yield Unit Price H 2H Exchange Rate (JPY/USD) Crude Oil (USD/BBL) Kerosene (USD/BBL) (% year on year) 24

25 Ⅳ.Outlook for FY2008 (6) Assumptions for FY08 (Cargo) Domestic Cargo International Cargo 1H(A) 2H(E) FY2008(E) 1H(A) 2H(E) FY2008(E) Total Revenue Ton Unit Price H(A) 2H(E) FY2008(E) Available Ton Km Freighter (Dom/Int l) Revenue Ton Km (% year on year) Cargo Tons

26 Ⅳ.Outlook for FY2008 Revised Assumptions for FY08 as of 31 Oct. (Cargo) Domestic Cargo International Cargo 1H(A) 2H(E) FY2008(E) 1H(A) 2H(E) FY2008(E) Total Revenue Ton Unit Price H(A) 2H(E) FY2008(E) Available Ton Km Freighter (Dom/Int l) Revenue Ton Km Cargo Tons (% year on year) 26

27 Ⅴ. Supplementary Reference 27

28 Ⅴ.Supplementary Reference International Passenger Operation FY08 1-3Q 1-3Q Composition Change 3Q Composition Change North America Revenue Europe China Asia Resort North America Europe ASK China Asia Resort North America Europe RPK China Asia Resort

29 Ⅴ.Supplementary Reference International Cargo Operation FY08 1-3Q 1-3Q Composition Change 3Q Composition Change North America Europe Revenue China Asia Others North America Europe Revenue Ton China Asia Others

30 Ⅴ.Supplementary Reference Aircraft (as of December 2008) Mar,2008 Dec,2008 Change Owned Leased Boeing (Int'l) Boeing (Dom.) Wide-Body Boeing ER Boeing Boeing ER Boeing Boeing ER Mid-Body Boeing Boeing F Boeing BCF Airbus A (Int'l) Airbus A Boeing Narrow-Body Boeing ER Boeing Boeing Boeing Bombardier DHC8-400 (Q400) Regional Bombardier DHC8-300 (Q300) Fokker Total

31 Cautionary Statement Forward-Looking Statements. This material contains statements based on ANA s current plans, estimates, strategies and beliefs; all statements that are not statements of historical fact are forward-looking statements. These statements represent the judgments and hypotheses of the Company s managers based on currently available 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, such as trends in technologies, demand, prices and economic environments, 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 will prove to be accurate. 31

32 Information Thank you. This material is available on our website. Investor Relations Financial Information Presentations Investor Relations, All Nippon Airways Co., Ltd Phone +81-(0)