MIRA
INFORM REPORT
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Report Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
ALL
NIPPON AIRWYS CO LTD |
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Registered Office : |
Shiodome
City Center, 1-5-2 Higashishimbashi Minatoku Tokyo 105-7133 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
Dec 1952 |
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Legal Form : |
Limited Company (Kabushiki Kaisha) |
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Line of Business : |
Airline company |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
Yen
17610 millions |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
name
ALL
NIPPON AIRWYS CO LTD (Commonly called “ANA”)
REGD NAME
Zen
Nippon Kuyu KK （Kuyu means Air Transportation）
MAIN OFFICE
Shiodome
City Center, 1-5-2 Higashishimbashi Minatoku Tokyo 105-7133 JAPAN
Tel:
03-6735-1001
Fax:
03-6735-1005
URL : http://www.ana.co.jp/
E-Mail address: info@ana.co.jp
ACTIVITIES
Airline company
BRANCHES
Tokyo, Sapporo, Nagoya, Osaka, Fukuoka, Okinawa;
(Airport offices): Tokyo, Narita, Osaka, Kansai
OVERSEAS
USA (6), China (9), London, Frankfurt, Paris, Hong Kong, Seoul,
Bangkok, Hochi Minh, Singapore, other
CHIEF EXEC
MINEO YAMAMOTO, PRES & CEO
Yen Amount : In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 1,368,792 M
PAYMENTS REGULAR CAPITAL Yen 160,001 M
TREND STEADY WORTH Yen 346,309 M
STARTED 1952 EMPLOYES 12,523
COMMENT
AIRLINE COMPANY. FINANCIAL
SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.
MAX CREDIT LIMIT: YEN 17,610 MILLION, NORMAL 30 DAYS TERMS.
Forecast (or estimated) figures for 31/03/2007 fiscal term
Sales for 31/03/2007 term was revised upward from earlier
projection of Yen 1,420,000 million.
HIGHLIGHTS
This is the second largest domestic airline after JAL. Strong in domestic and short-range Asian
flights. Since 1986, expanded from
mainline domestic routs to international routes when first overseas route
(Tokyo-Guam) opened. Has business
alliance with Japan Post in international air cargo operations. Operates hotels overseas, too.
FINANCIAL INFORMATION
The sales volume for Mar/2006 fiscal term amounted to Yen
1,368,792 million, a 5.9% up from Yen 1,292,813 million in the previous
term. This is the record consolidated
revenue. All business segments (air
transportation, travel services, hotels, other) posted net profits. On an air transportation segment basis,
airlines within the ANA group reported total revenue of Yen 1,130,000 million,
up 6.2% and operating profit of Yen 74,100 million, or an 8.9% increase. Group airlines carried a total of 49.6
million passengers: 45.5 million domestic and 4.1 million international. International passenger revenue hit an all
time high of Yen 229,200 million. The recurring
profit was posted at Yen 66,755 million and the net profit at Yen 26,722
million, respectively, compared with Yen 65,224 million recurring profit and
Yen 26,970 million net profit, respectively, a year ago. The decline in net profits is referred to
changes in accounting method relating to impaired losses.
First Half results ending Sept/2006: Sales Yen 752,800 million (up
9%), operating profit Yen 68,700 million (down 1.2%), recurring profit Yen
57,900 million (down 2.4%), net profit Yen 33,200 million (up 68.8%). (% compared with the same period the
previous year). The sharp rise in net profit
is referred partly to an extraordinary loss posted in fiscal 2005, arising from
a change in accounting methods, whereas no conspicuous extraordinary losses
were reported this term. Profits
deterioration in operational profit and recurring profit is referred to the
rising fuel oil prices and operation costs.
Both domestic & international transport divisions were up, thanks to
recovering Japanese economy and increased demand for air travels, particularly
business travels. Travel/Hotels
divisions scored positive growth from the previous term.
For the current term ending Mar 2007 the recurring profit is
projected at Yen 47,500 million and the net profit at Yen 27,000 million,
respectively, on a 5.9% rise in turnover, to Yen 1,450,000 million. The firm revised the sales estimates from
the earlier projections of Yen 1,420,000 million, based on the First Half
results. Cargo revenue growing. Sales & profits both sagging, hit by expenses
for relocation to new Narita terminal.
The firm anticipates a Yen 45,000 million surge in fuel costs for the
term, Unable to offset the shortfall
with fare hikes, which already done twice, the firm is forecasting around 30%
decline in group pretax profits to Yen 47,500 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements. Max credit limit
is estimated at Yen 17,610 million, on 30 days normal terms.
REGISTRATION
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Date Registered |
Dec 1952 |
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Legal Status |
Limited Company (Kabushiki Kaisha) |
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Authorized |
2,203,200,000 shares |
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Issued |
1,699,959 shares |
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Sum |
Yen 160,001 million |
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Major shareholders (%) |
Japan Trustee Services Bank T (3.2), Nagoya Railroad (2.6), Tokio
Marine & Nichido Fire Ins (2.2), Master Trust Bank of Japan T (1.9),
Mitsui Sumitomo Ins (1.7), Nippon Life Ins (1.5), Employees’ S/Holding Assn
(1.5), Goldman Sachs International (1.4), Mizuho Corporate Bank (1.3), Asahi
Shimbun (1.2); foreign owners (6.7) |
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No. of shareholders |
249,328 |
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Listed on the S/Exchange (s) of |
Tokyo, Osaka, London |
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Managements |
Yoji Ohashi, ch; Mineo Yamamoto, pres & CEO; Hiromichi Toya,
v pres; Suguru Omae, v pres; Katsuhiko Kitabayashi, mgn dir; Koshichiro Kubo,
mgn dir; Shin’ichiro Itoh, mgn dir; Shin Nagase, mgn dir; Mitsuo Morimoto,
mgn dir; Tomohiro Hidema, mgn dir |
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Nothing detrimental is known as to the commercial morality of
executives. |
Related companies
ANA Real Estate, Air Nippon, All Nippon Airways Trading, Air
Japan, other (Tot 98 as of Mar/06)
OPERATION
Activities: Airline company (sales breakdown by categories): air transportation (75%), travel services (13%), hotels (4%), others (8%).
Clients
Individual passengers, business firms, government agencies, other
No. of accounts: Unavailable
Domestic areas of activities: Nationwide
Payment record: Regular
Location
Business area in Tokyo.
Office premises at the caption address are owned and maintained satisfactorily.
Bank References
SMBC (H/O)
Mizuho Corporate Bank (H/O)
Relations: Satisfactory
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FINANCES: (Consolidated
in million yen) |
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Terms Ending: |
31/03/2006 |
31/03/2005 |
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INCOME STATEMENT |
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Annual
Sales |
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1,368,792
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1,292,813
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Cost of
Sales |
1,017,117
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957,923
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GROSS PROFIT |
351,675
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334,890
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Selling
& Adm Costs |
262,873
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257,116
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OPERATING PROFIT |
88,802
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77,774
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Non-Operating P/L |
-22,047
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-12,550
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RECURRING PROFIT |
66,755
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65,224
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NET
PROFIT |
26,722
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26,970
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BALANCE SHEET |
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Cash |
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234,461
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158,204
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Receivables |
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113,316
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113,850
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Inventory |
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57,915
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52,636
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Securities, Marketable |
24,645
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5,730
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Other
Current Assets |
100,037
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90,750
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TOTAL CURRENT ASSETS |
530,374
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421,170
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Property
& Equipment |
927,409
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958,415
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Intangibles |
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41,850
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37,685
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Investments, Other Fixed Assets |
167,210
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189,343
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TOTAL ASSETS |
1,666,843
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1,606,613
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Payables |
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170,729
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142,105
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Short-Term Bank Loans |
8,690
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16,045
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Other
Current Liabs |
301,429
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348,324
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TOTAL CURRENT LIABS |
480,848
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506,474
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Debentures |
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240,000
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250,000
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Long-Term Bank Loans |
456,879
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487,802
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Reserve
for Retirement Allw |
107,377
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107,740
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Other
Debts |
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28,298
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30,096
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TOTAL LIABILITIES |
1,313,402
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1,382,112
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MINORITY INTERESTS |
7,132
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10,217
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Common stock |
160,001
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107,292
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Additional paid-in capital |
125,605
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73,676
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Retained earnings |
52,697
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31,225
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Evaluation p/l on investments/securities |
9,410
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4,620
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Others |
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(376) |
(1,672) |
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Treasury stock, at cost |
(1,028) |
(857) |
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TOTAL S/HOLDERS` EQUITY |
346,309
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214,284
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TOTAL EQUITIES |
1,666,843
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1,606,613
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CONSOLIDATED CASH FLOWS |
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Terms ending: |
31/03/2006 |
31/03/2005 |
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Cash Flows from Operating Activities |
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128,525
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149,070
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Cash Flows from Investment Activities |
-46,449
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-169,247
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Cash Flows from Financing Activities |
-3,137
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-51,600
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Cash, Bank Deposits at the Term End |
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242,785
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163,155
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ANALYTICAL RATIOS Terms ending: |
31/03/2006 |
31/03/2005 |
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Net Worth (S/Holders' Equity) |
346,309
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214,284
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Current Ratio (%) |
110.30
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83.16
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Net Worth Ratio (%) |
20.78
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13.34
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Recurring Profit Ratio (%) |
4.88 |
5.05 |
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Net Profit Ratio (%) |
1.95 |
2.09 |
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Return On Equity (%) |
7.72 |
12.59
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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