MIRA INFORM REPORT

Report Date :

02.07.2012

IDENTIFICATION DETAILS

Name :	ALL NIPPON AIRWAYS CO., LTD.

Registered Office :	Shiodome-City Center, 1-5-2, Higashi-Shimbashi, Minato-ku, Tokyo, 105-7133

Country :	Japan

Financials (as on) :	31.03.2012

Date of Incorporation :	27.12.1952

Legal Form :	Public Parent Company

Line of Business :	Subject is engaged in the air transportation segment, the traveling segment and the others segment is involved in the information communications, trading and merchandise business, building management, logistics and airplane fixture repair businesses.

No. of Employees :	32,731

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Japan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

ALL NIPPON AIRWAYS CO., LTD.

Shiodome-City Center

1-5-2, Higashi-Shimbashi, Minato-ku

Tokyo, 105-7133

Japan

Tel: 81-3-67351001

Fax: 81-3-67351005

Web: www.ana.co.jp

Registration data

Employees: 32,731

Company Type: Public Parent

Corporate Family: 47 Companies

Traded: Tokyo Stock Exchange: 9202

Over The Counter: ALNPY

Incorporation Date: 27-Dec-1952

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Mar-2012

Reporting Currency: Japanese Yen

Annual Sales: 17,875.9 1

Net Income: 356.9

Total Assets: 24,307.4 2

Market Value: 6,851.1 (08-Jun-2012)

Business Description

All Nippon Airways Co., Ltd. operates in three business segments. The Air Transportation segment is engaged in the air transportation business, as well as the provision of various services at airports, the provision of reservation services through telephone, the freight express business, and the maintenance of aircrafts in domestic and overseas markets. The Traveling segment plans and sells tour packages under the brand names ANA Hello Tour and ANA Sky Holiday. This segment also offers services to travelers at arrival areas and sells travel products and air tickets. The Others segment is involved in the information communications, trading and merchandise business, building management, logistics and airplane fixture repair businesses, among others. On August 31, 2011, the Company completed the establishment of a new subsidiary, AirAsia Japan Co., Ltd. On April 1, 2012, the Company merged with its wholly owned subsidiary Air Nippon Co., Ltd. For the six months ended 30 September 2011, ALL NIPPON AIRWAYS CO.,LTD's revenues increased 3% to Y704.84B. The Company's net income increased 72% to Y22.86B. Revenues reflect higher sales from air transportation business segment. Net income also benefited from lower percentage of cost of sales, the absence of reserve for antitrust laws related, as well as decreased loss on revaluation of long-term investment securities.

Industry

Industry Airlines

ANZSIC 2006: 4900 - Air and Space Transport

NACE 2002: 6210 - Scheduled air transport

NAICS 2002: 481111 - Scheduled Passenger Air Transportation

UK SIC 2003: 6210 - Scheduled air transport

US SIC 1987: 4512 - Air Transportation, Scheduled

Key Executives

Name	Title
Shinichiro Ito	President, Representative Director
Nobuyuki Suzuki	Executive Officer, Director of Finance
Shuichi Fujimura	Senior Executive Officer, Manager of Marketing Office
Shinzo Shimizu	Senior Executive Officer, Manager of Planning Office, Manager of Holding Company Structure Transfer Preparation Office
Hiroko Kawamoto	Senior Executive Officer, Chief Director of Passenger Cabin

Significant Developments

Topic	#*	Most Recent Headline	Date
Corporate Litigation	1	Koito Industries, Ltd. Announces Lawsuit against Subsidiary Filed by All Nippon Airways Co., Ltd.	17-Nov-2011
Mergers & Acquisitions	1	All Nippon Airways Co., Ltd. to Fully Acquire Two Subsidiaries through Stock Swap	24-Feb-2012
Negative Earnings Pre-Announcement	1	All Nippon Airways Co., Ltd. Amends Consolidated Full-year Outlook for FY 2012	28-Oct-2011
General Reorganization	4	All Nippon Airways Co Ltd to Transfer to Holding Company Structure; to Transfer Business to Subsidiary	15-May-2012
Strategic Combinations	2	All Nippon Airways Co., Ltd. Establishes Joint Venture with AirAsia-Multilateral Investment Development Corporation	5-Oct-2011

* number of significant developments within the last 12 months

News

Title	Date
H.I.S., Nippon Travel Team Up On Domestic Trips Nikkei English News (221 Words)	28-Jun-2012
WSJ(6/28) More Airline Mergers Leap Borders Nikkei English News (877 Words)	27-Jun-2012
WSJ: More Airline Mergers Leap Borders, But Cost Savings Remain Elusive(1) Nikkei English News (904 Words)	27-Jun-2012
Roundup: More foreign banks seek opening of representative office in Myanmar Xinhua News Agency (542 Words)	27-Jun-2012
Raw power of new biofuel refineries Hull Daily Mail (UK) (1179 Words)	27-Jun-2012

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.19	1.01
Quick Ratio (MRQ)	1.08	0.80
Debt to Equity (MRQ)	1.76	7.50
Sales 5 Year Growth	-1.07	8.03
Net Profit Margin (TTM) %	2.00	2.64
Return on Assets (TTM) %	1.43	1.97
Return on Equity (TTM) %	5.27	8.45

Stock Snapshot

Traded: Tokyo Stock Exchange: 9202

As of 8-Jun-2012

Financials in: JPY

Recent Price	216.00	EPS	12.78
52 Week High	274.00	Price/Sales	0.39
52 Week Low	206.00	Dividend Rate	4.00
Avg. Volume (mil)	10.05	Price/Earnings	22.28
Market Value (mil)	545,391.20	Price/Book	0.99
		Beta	0.28

	Price % Change	Rel S&P 500%
4 Week	-0.92%	4.69%
13 Week	-16.28%	-1.01%
52 Week	-10.74%	1.10%
Year to Date	0.47%	1.99%

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 78.96121

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 82.38536

Corporate Overview

Location

Shiodome-City Center

1-5-2, Higashi-Shimbashi, Minato-ku

Tokyo, 105-7133

Japan

Tel: 81-3-67351001

Fax: 81-3-67351005

Web: www.ana.co.jp

Quote Symbol - Exchange

9202 - Tokyo Stock Exchange

Sales JPY(mil): 1,411,504.0

Assets JPY(mil): 2,002,570.0

Employees: 32,731

Fiscal Year End: 31-Mar-2012

Industry: Airlines

Incorporation Date: 27-Dec-1952

Company Type: Public Parent

Quoted Status: Quoted

President,

Representative Director: Shinichiro Ito

Company Web Links

Corporate History/Profile

Executives

Financial Information

Home Page

Investor Relations

News Releases

Contents

Industry Codes

Business Description

Financial Data

Market Data

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

5220 - Airport Operations and Other Air Transport Support Services

4900 - Air and Space Transport

6720 - Real Estate Services

3419 - Other Specialised Industrial Machinery and Equipment Wholesaling

7220 - Travel Agency and Tour Arrangement Services

NACE 2002 Codes:

7031 - Real estate agencies

6323 - Other supporting air transport activities

6220 - Non-scheduled air transport

5187 - Wholesale of other machinery for use in industry, trade and navigation

6210 - Scheduled air transport

6330 - Activities of travel agencies and tour operators; tourist assistance activities not elsewhere classified

NAICS 2002 Codes:

561510 - Travel Agencies

423860 - Transportation Equipment and Supplies (except Motor Vehicle) Merchant Wholesalers

531210 - Offices of Real Estate Agents and Brokers

481212 - Nonscheduled Chartered Freight Air Transportation

488119 - Other Airport Operations

481111 - Scheduled Passenger Air Transportation

US SIC 1987:

4724 - Travel Agencies

4522 - Air Transportation, Nonscheduled

5088 - Transportation Equipment and Supplies, Except Motor Vehicles

4512 - Air Transportation, Scheduled

6531 - Real Estate Agents and Managers

4581 - Airports, Flying Fields, and Airport Terminal Services

UK SIC 2003:

6210 - Scheduled air transport

6220 - Non-scheduled air transport

63301 - Activities of travel agencies

7031 - Real estate agencies

6323 - Other supporting air transport activities

5187 - Wholesale of other machinery for use in industry, trade and navigation

Business Description

More Business Descriptions

All Nippon Airways Co., Ltd. is a Japan-based company engaged in three business segments. The Air Transportation segment is engaged in the air transportation business, as well as the provision of services at airports, the provision of reservation services through telephones and the maintenance of aircrafts in the country and overseas markets. The Traveling segment develops, plans and sells tour packages under the brand names ANA Hello Tour and ANA Sky Holiday. This segment also offers services to travelers and sells travel products and air tickets. The Others segment is involved in the information communications, real estate, building management, land transportation and airplane fixture repair businesses, among others. The Company has 107 subsidiaries and 41 associated companies

International and domestic air transportation

Air Transportation, Hotel & Travel Services

All Nippon Airways Co., Ltd. (ANA) provides air transportation, travel services, trading, hotels, and distribution and ground transportation services. The company also provides passenger check-in and baggage handling as part of ground handling services to other airlines, involves in aircraft maintenance, in-flight sales and development and maintenance of systems. The company carries approximately 50 million passengers every year to 49 destinations in Japan and 28 cities throughout Asia, Europe and the US on its fleet of 228 aircraft.ANA operates its business through three reportable segments, namely, Air Transportation, Travel Services segment and other businesses segment. Air Transportation segment of the company comprises domestic passenger, international passenger, cargo and mail, and other transportation services divisions. The operations of the company in this segment are carried out by its subsidiaries Air Nippon Co., Ltd., Air Japan Co., Ltd. and Air Next Co., Ltd. The service offerings range from reservations to boarding and in-flight services. The company opened a new lounge in the expanded Hanede Domestic Terminal and introduced the ANA Card Family Mileage program. In addition, the company opened new routes from Hanede to Los Angeles, Honolulu, Bangkok, Singapore and Taipei (Songshan). ANA also introduced a new Narita-Munich service in July, and a Narita-Manila service in February. The cargo and mail division operates through nine cargo freighters and belly space on passenger planes. There are nine domestic flights running daily on six routes and 128 international flights flying weekly on 19 routes. The other transportation services division offers services such as ground support, aircraft maintenance, reservation confirmation and other services at airports as required by air transportation services. During the fiscal year ended 2011, the company carried 40.5 million domestic passengers and 5.2 million international passengers. During the same period, the company carried 0.45 MT of domestic freight and 0.56 MT of international freight. During the fiscal year ended 2011, the Air Transportation segment generated revenues of JPY1,218.2 billion, which accounted to 80.34% of the companyâ€™s total revenue, an increase of 11.9% over 2010. The Travel Services segment performs operations such as selling of tickets and branded travel packages through its wholly owned subsidiary ANA Sales Co., Ltd. In addition to the local services provided to the customers in Japan, the company also sells inbound and outbound air tickets and travel products to customers in other countries. During the fiscal year ended 2011, this segment generated revenues of JPY159.3 billion, which accounted to 10.5% of the companyâ€™s total revenue, a decrease of 4.6% over 2010. The Other businesses of the company comprises of information systems, product sales, logistics and aircraft parts and repair. The generation and management of airline information terminals is part of the information systems. Ground transportation and storage and management of imported air cargo are included in logistics services. The company also engages in product, retail and mail-order sales. During the fiscal year ended 2011, this segment generated revenues of JPY139 billion, which accounted to 9.16% of the companyâ€™s total revenue, an increase of 1.1% over 2010. Some of the companyâ€™s subsidiaries include Air Nippon Co., Ltd., Air Central Co., Ltd., ANA Catering Service Co., Ltd., ANA Sales Co., Ltd., ANA Business Create Co., Ltd., ANA Logistic Co., Ltd., All Nippon Airways Trading Co., Ltd., ANA Aircraft Maintenance Co., Ltd., and many others.In 2011, ANA and Deutsche Lufthansa AG announced that they are launching a strategic joint venture with each other on Japan-Europe routes after ANA receiving Anti-Trust Immunity (ATI) approval from the Japanese Ministry of Land Infrastructure and Transport. Recently, the company entered in to a joint venture agreement with First Eastern Investment Group to invest in a low cost airline based at Kansai International Airport. It also entered into a strategic agreement with First Eastern Investment Group of Hong Kong for finalizing the agreement to invest in a new low-cost airline based in Kansai International Airport.

All Nippon Airways Co., Ltd (ANA) offers air transportation, trading, travel services, hotels, and ground transportation and distribution services to its customers. The company also offers passenger check-in and baggage handling as a part of ground handling services to other airlines that are engaged in aircraft maintenance, in-flight sales, and development and maintenance of systems. ANA provides its range of services to domestic as well as international customers. The company provides its services through three segments, namely, Air Transportation, Travel Services and Other businesses. The company carries approximately 50 million passengers every year to 49 destinations in Japan and 28 cities throughout Asia, Europe and the US on its fleet of 228 aircraft. ANA is headquartered in Tokyo, Japan.The company reported revenues of (Yen) JPY 1,357,653.00 million during the fiscal year ended March 2011, an increase of 10.53% over 2010. The operating profit of the company was JPY 58,974.00 million during the fiscal year 2011, whereas the company reported an operating loss of JPY 71,086.00 million during 2010. The net profit of the company was JPY 23,305.00 million during the fiscal year 2011, whereas the company reported a net loss of JPY 57,387.00 million during 2010.

All Nippon Airways (Japan) is one of Japan's largest airlines and leading domestic passenger carriers.

Scheduled Air Transportation

Financial Data

Financials in:	JPY(mil)

Revenue:	1,411,504.0
Net Income:	28,178.0
Assets:	2,002,570.0
Long Term Debt:	836,252.0
Total Liabilities:	1,453,556.0
Working Capital:	-85.3

Date of Financial Data:	31-Mar-2012

1 Year Growth

4.0%

20.9%

3.9%

Market Data

Quote Symbol:	9202
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	216.0
Stock Price Date:	06-08-2012
52 Week Price Change %:	-10.7
Market Value (mil):	545,391,232.0

SEDOL:	6014908
ISIN:	JP3429800000

Equity and Dept Distribution:
FY'94-02 WAS were estimated. FY'04-07 1&3Q, previous ANN WAS & O/S were used for WAS & O/S respectively. 12/05 WAS,o/s,EPS estimated. FY'07 Q1&Q3 WAS&DWAS estimated. FY'08 Q3 WAS used as of O/S.

Subsidiaries

Company	Percentage Owned	Country
Overseas Courier Service Co., Ltd	73.4%	JAPAN
Air Nippon Co Ltd	100%	JAPAN
Air Japan Co Ltd	100%	JAPAN
ANA Catering Service Co Ltd	100%	JAPAN
International Airport Utility Co Ltd	100%	JAPAN
ANA Aircraft Maintenence Co Ltd	100%	JAPAN
ANA Sales Co Ltd	100%	JAPAN
ANA Information Systems Planning Co Ltd	100%	JAPAN
ANA Logistic Service Co Ltd	95%	JAPAN
All Nippon Airways Trading Co Ltd	100%	JAPAN
Sky Building Service Co Ltd	93.6%	JAPAN
New Tokyo Airport Service Co Ltd	100%	JAPAN
ANA WINGS Co Ltd	100%	JAPAN
ANA Business Create Co Ltd	100%	JAPAN

Key Corporate Relationships

Auditor:	Ernst & Young LLP

Auditor:	Ernst & Young ShinNihon LLC, Ernst & Young LLP

Strategic Initiatives

Partnerships

The company agreed to a plea agreement including a penalty of 73 million. Such issues could adversely affect the financial health of the company.Strategic PartnershipsThe company is strategically focused on enhancing its operations through alliances with industry-leading companies. ANA has plans to form a joint venture with Lufthansa German Airlines on routes between Japan and Europe. Through this alliance, the company expects to increase its ability to serve customers across the Europe as well as offer new choice and convenience for passengers. Additionally, the company established a commercial partnership with Hawaiian Airlines, Inc for mutual operational and financial benefits.

Sales and Distribution

Made primarily from composite materials, the Boeing 787 Dreamliner is the first mid-size airplane capable of flying long-range routes and will allow airlines to open new, non-stop routes preferred by the traveling public. Osamu Shinobe, ANA senior executive vice president, said, "Our historic flight using sustainable biofuels across the Pacific Ocean highlights how innovative technology can be used to support our industry's goal of carbon-neutral growth beyond 2020."Jan 22, 2011Toyota FCVs To Be Trialed In Narita Airport Car-ServiceToyota Motor Corporation (Toyota) plans to provide 'TOYOTA FCHV-adv' fuel-cell-hybrid vehicles to an FCV (fuel-cell vehicle) car-service trial program to start on January 29, 2011 between Narita International Airport (Narita Airport) and other destinations.The provision is in response to a request from the Research Association of Hydrogen Supply/Utilization Technology (HySUT), a participant in the Hydrogen Highway Project run by Japan's Ministry of Economy, Trade and Industry as part of its demonstration program for establishing a hydrogen-based social system. The vehicles will be used in a car service All Nippon Airways Co.

Strengths/Weaknesses (SWOT)

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

· Star Alliance Network

· Extensive Service Portfolio

· Strong Business Operations

Weaknesses

· Weak Liquidity Position

· Legal Issues

External Origin
(attributes of the environment)

Opportunities

· Strategic Partnerships

· Rising Travel and Tourism Market

· Positive Long-Term Air Passenger Outlook

Threats

· Affect of Natural Disasters

· Competitive Pressure

· Fluctuations in Foreign Exchange Rates

Overview

All Nippon Airways Co., Ltd. (ANA) is engaged in air transportation, travel services and other businesses. It also offers passenger check-in and baggage handling as part of ground handling services to other airlines. The company also involves in aircraft maintenance, in-flight sales and development and maintenance of systems. The company's business operations and service portfolio are its key strengths. However, falling market share and litigation issues are the major areas of concern. Nevertheless, the companyâ€™s growth opportunities through increasing air passengers and strategic partnerships. However, competitive pressures and fluctuations in foreign exchange rates could also affect the companyâ€™s growth and expansion plans.

Strengths

Star Alliance Network

ANA is a member of Star Alliance Network, which has 27 member airlines serving through 4,023 aircrafts across 1,160 airports in 181 countries. Its member airlines include Air Canada, Adria Airlines, Air China, Air New Zealand, Austrian, Asiana Airlines, Brussels Airlines, Continental Airlines, Croatia Airlines Polish Airlines, Singapore Airlines, Thai Airways, US Airways and many more. Its total network handles almost 21,000 daily departures and more than 970 lounges. The alliance enables its members to provide more services and benefits than any airline can provide on its own. The services offered include broader route network, opportunities to earn and redeem frequent flyer miles and points across the combined network, and more airport lounges. The revenues generated by the Star allianceâ€™s member airlines accounted for USD 150.7 billion until date. As a member of Star Alliance, the company offers distinguished services to its customers as well as enjoys operational and financial benefits.

Extensive Service Portfolio

The company caters a global customer base through a range of services. ANA operates its business through air transportation, travel and other business segments. The air transportation includes domestic passenger, international passenger, and cargo and mail services. It also offers other transportation services such reservation confirmation, as ground support, aircraft maintenance and other services. Its travel services include ticket sales such as inbound and outbound tickets and branded travel packages. In addition, the company develops and manages airline information terminals and software. ANA also engages in product sales including spare parts and other aircraft-related products. Extensive service portfolio enhances the financial and operational performance of the company.

Strong Business Operations

ANA is a leading airline in the Asia-Pacific market. According to IATA, the company is the largest airline in Japan by passenger numbers. It holds the 8th position among the world airlines in term of total revenues. ANA serves nearly 50 million passengers every year. It holds worldâ€™s 10th position in terms of passenger load. It operates more than 164 routes and 1000 flights. ANAâ€™s domestic cargo operations comprise 6 routes and 9 flights every day. Its international operations encompass 38 routes and 109 international flights per day. ANAâ€™s international cargo operations include 19 routes and 128 flights per week. Such established business activities give a competitive edge to the company over its peers.

Weaknesses

Weak Liquidity Position

During the fiscal year ended March 2011, the company reported current assets of JPY 472,187m, as compared to current liabilities of JPY 447,591m. Its cash and equivalents were JPY 36,956m. The company's current ratio was 1.05 at the end of fiscal year 2011. This was below the S&P 500 companies average* of 1.46. A lower than S&P 500 companies average* current ratio indicates that the company is in a weaker financial position than other companies in the S&P 500 index. Such liquidity could hamper the financial stability of the company. Further, it could restrict the company from meeting its short-term obligations.

Legal Issues

ANA is subject to several legal proceedings related to airline and cargo operations and regulations. Currently, the company is under trial with respect to violations of Europe (EU) law. The European commission antitrust authorities alleged that the company dishonored EU competition law related to cargo operations. The company anticipates a huge fine of JPY 16,100 million in case of an adverse decision. Further, the company was also penalized with JPY 91 million by the Korea Fair Trade Commission for violation of fair trade laws in the cargo business. In October 2010, the company settled litigation related to price coordination for U.S./transpacific international air cargo and passenger transportation. The company agreed to a plea agreement including a penalty of 73 million. Such issues could adversely affect the financial health of the company.

Opportunities

Strategic Partnerships

The company is strategically focused on enhancing its operations through alliances with industry-leading companies. ANA has plans to form a joint venture with Lufthansa German Airlines on routes between Japan and Europe. Through this alliance, the company expects to increase its ability to serve customers across the Europe as well as offer new choice and convenience for passengers. Additionally, the company established a commercial partnership with Hawaiian Airlines, Inc for mutual operational and financial benefits. The partnership also involves code-sharing, frequent flyer programs, and cargo. Such partnerships contribute to the overall operations of the company.

Rising Travel and Tourism Market

Apart from passenger and freight transportation services, the company also provides comprehensive travel services through its subsidiaries including ANA Sales Co., Ltd, ANA Sky Holiday and ANA Hallo Tours. Its travel services account for nearly 12% of total revenue of the company. The global travel and tourism industry is expected to increase on a continuous basis. This is due to the demand from the growing middle classes of the emerging markets. According to the World Travel and Tourism Council (WTTC), the global travel and tourism economy is projected to grow by 4.3% per year over the next ten years. The revenues from global travel and tourism are expected to double by 2018 from 2008. Japanese are one of the biggest spenders on tourism in the world. This growing travel and tourism could help the company in strengthening its business further.

Positive Long-Term Air Passenger Outlook

The company may benefit from the long-term positive outlook of the global passenger growth. According to the Airports Council International (ACI) the global passenger volume is projected to reach 11.0 billion by 2027. The period is projected to witness annual passenger volume growth of 4.2%, to be driven mainly by annual international traffic growth of 4.5%. The growth of domestic passenger volume in India and China is expected to rise by 4.1% annually. Factors that are expected to drive passenger volume include emerging economics in Asia-Pacific that could enable more people to fly in this region. Such industrial scenario contributes to the financial position the company.

Threats

Affect of Natural Disasters

ANA faces significant risks from natural disasters such as earthquakes, typhoon, heavy snow, hurricanes, fires, and volcanic eruption. Recent earthquakes adversely affected the companyâ€™s data center and operational control centers located in Tokyo area and in Haneda Airport area. Occurrence of such events in future could result in damage of information systems, properties, as well as hamper the operational control functions of the company. It could even cause enormous human loss. The cost of reconstruction and replacement of infrastructure and systems is very high. Thus, such events push the cost of the company to a significant level in turn affecting its profit margins.

Competitive Pressure

The aviation sector is highly competitive. ANA faces stiff competition from domestic and international airlines service providers and also from private jets. ANA competes with Thai Airways Co Ltd, Japan Airlines Corporation, Korean Air lines Ltd, Singapore Airlines Ltd, Delta air lines, Inc and others. In such a highly competitive scenario, the company faces challenges in pricing, quality, services and related issues. The companyâ€™s failure to maintain and enhance its competitive position could adversely affect its business prospects. Furthermore, the company faces competition from its competitors in aircraft types, hiring personnel and benefits which can affect the business. The competitive pressure can lead to a reduction in its sales and could thereby have a negative impact on the business of ANA.

Fluctuations in Foreign Exchange Rates

ANA has significant operational presence in major markets across the world, which increases its exposure to foreign currency fluctuations. The company has operations in Asia, Middle East, Europe and North America. It holds assets, liabilities and revenues in different currencies. ANA transacts business in United States Dollar, China Renminbi Hong Kong Dollar and Singapore Dollar. However, the functional currency of the company is the Japanese Yen (JPY). The company has potential threats for reduction in its overall revenue due to weak exchange rates for the JPY against all major currencies. Such fluctuations in exchange rate could impact its revenue and increase its exposure to various long term liabilitie

Corporate Family	Corporate Structure News:
	ALL NIPPON AIRWAYS CO., LTD.
ALL NIPPON AIRWAYS CO., LTD. Total Corporate Family Members: 47

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
ALL NIPPON AIRWAYS CO., LTD.	Parent	Tokyo	Japan	Airlines	17,875.9	32,731
Merger with Air Nippon Co Ltd proposed/announced.See corporate structure news on ALL NIPPON AIRWAYS CO., LTD. for details
ANA Sales Co., Ltd.	Subsidiary	Tokyo, Minato-ku	Japan	Personal Services		1,700
Ana Sales Kyushu Co.,Ltd.	Subsidiary	Fukuoka, Fukuoka	Japan	Personal Services	32.7	239
Ana Sales Co.,Ltd.	Subsidiary	Sapporo, Hokkaido	Japan	Personal Services	15.0	100
ANA Catering Service Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Transportation	117.0	700
Sky Building Service Co., Ltd	Subsidiary	Tokyo	Japan	Construction Services		700
ANA Logistic Service Co., Ltd	Subsidiary	Tokyo	Japan	Miscellaneous Transportation		700
New Tokyo Airport Service Co., Ltd.	Subsidiary	Narita	Japan	Airlines	1.0	657
Air Nippon Co., Ltd.	Subsidiary	Tokyo	Japan	Airlines	11.4	500
Shin Kansai Airportservice K.K.	Subsidiary	Izumisano, Osaka	Japan	Trucking	55.1	414
ANA Aircraft Maintenance Co., Ltd	Subsidiary	Toyonaka	Japan	Miscellaneous Transportation		400
All Nippon Airways Trading Co., Ltd.	Subsidiary	Tokyo	Japan	Aerospace and Defense		379
All Nippon Airways Trading Co., Ltd.	Subsidiary	Tokyo	Japan	Retail (Specialty)		370
Ana Flight-Line Technics Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Business Services	24.6	366
All Nippon Airways World Tours Co., Ltd.	Subsidiary	Tokyo	Japan	Airlines		260
ANA Business Create Co., Ltd	Subsidiary	Tokyo	Japan	Miscellaneous Transportation		248
Ana Nagasaki Engineering Co.,Ltd.	Subsidiary	Isahaya, Nagasaki	Japan	Business Services	17.4	120
Ana Avionics Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Business Services	13.0	116
All Nippon Airways (ANA)	Subsidiary	Shanghai, Shanghai	China	Miscellaneous Transportation	74.0	100
All Nippon Airways (ANA)	Subsidiary	Chaoyang District, Beijing	China	Miscellaneous Transportation	74.0	100
All Nippon Airways Malaysia	Subsidiary	Kuala Lumpur	Malaysia	Miscellaneous Transportation	74.0	100
Ana Aero Tech Co.,Ltd.	Subsidiary	Isahaya, Nagasaki	Japan	Business Services	13.9	92
All Nippon Air Service Co., Limited	Subsidiary	Tsim Sha Tsui, Kowloon	Hong Kong	Personal Services		50
All Nippon Airways Co. Ltd	Subsidiary	Singapore	Singapore	Miscellaneous Transportation	60.0	45
All Nippon Airways Co., Ltd	Subsidiary	New York, NY	United States	Aerospace and Defense		35
All Nippon Airways Trading Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Aerospace and Defense	884.1
Japan Fresh Foods Co.,Ltd.	Subsidiary	Yashio, Saitama	Japan	Food Processing	190.9
Sky Foods Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Personal and Household Products	63.9
Ana Trading Duty Free Co.,Ltd.	Subsidiary	Narita, Chiba	Japan	Retail (Specialty)	57.6
Air Nippon Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Airlines	339.5
Merger proposed/announced (ALL NIPPON AIRWAYS CO., LTD.).See corporate structure news on ALL NIPPON AIRWAYS CO., LTD. for details
Ana Information Systems Planning Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Software and Programming	234.4
ANA Real Estate Co., Ltd.	Subsidiary	Tokyo	Japan	Construction Services	75.0
Ana Communications Co.,Ltd.	Subsidiary	Shinagawa-Ku, Tokyo	Japan	Construction Services	62.4
Infini Travel Information,Inc.	Subsidiary	Minato-Ku, Tokyo	Japan	Software and Programming	55.5
Ana Sky Pal Co.,Ltd.	Subsidiary	Izumisano, Osaka	Japan	Miscellaneous Transportation	44.9
Ana Airframe Technics Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Business Services	42.8
Zennikku Motor Service Co,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Business Services	31.3
Ana Chitose Airport Co.,Ltd.	Subsidiary	Chitose, Hokkaido	Japan	Business Services	16.0
Ana Engine Technics Co.,Ltd.	Subsidiary	Ota-Ku, Tokyo	Japan	Aerospace and Defense	9.6
IHG ANA Hotels Group Japan	Subsidiary	Tokyo	Japan	Hotels and Motels	1.0
IHG Management (Australia) Pty Ltd	Subsidiary	St. Leonards, NSW	Australia	Hotels and Motels
All Nippon Airways Seoul Branch	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Transportation
All Nippon Airways Co Ltd	Subsidiary	Ho Chi Minh City	Viet Nam	Personal Services
ANA Information Systems Planning Co., Ltd.	Subsidiary	Tokyo	Japan	Business Services
Air Japan Co., Ltd	Subsidiary	Tokyo	Japan	Airlines
Air Next Co., Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Miscellaneous Transportation
International Airport Utility Co., Ltd	Subsidiary	Tokyo	Japan	Miscellaneous Transportation

Competitors Report

CompanyName	Location	Employees	Ownership
Air France - KLM	Paris, France	101,222	Public
Air New Zealand Limited	Auckland, New Zealand	10,861	Public
AMR Corporation	Fort Worth, Texas, United States	80,100	Public
British Airways PLC	Middlesex, United Kingdom	40,252	Public
Cathay Pacific Airways Limited	, Hong Kong	29,000	Public
China Airlines Ltd.	Dayuan, Taiwan	16,622	Public
Continental Airlines Inc.	Houston, Texas, United States	38,900	Public
Delta Air Lines, Inc.	Atlanta, Georgia, United States	78,761	Public
Deutsche Lufthansa AG	Koeln, Germany	120,898	Public
Emirates Airline	Dubai, United Arab Emirates	38,797	State-Owned
Japan Airlines Co Ltd	Tokyo, Japan	47,970	Public
Korean Air Lines Co Ltd	Seoul, Korea, Republic of	2,543	Public
Malaysian Airline System Berhad	Subang, Malaysia	19,147	Public
Qantas Airways Limited	Mascot, New South Wales, Australia	33,439	Public
Singapore Airlines Ltd.	Singapore, Singapore	22,282	Public
South African Airways	London, United Kingdom	70	Private
United Continental Holdings Inc	Chicago, Illinois, United States	87,000	Public
Virgin Atlantic Airways Ltd	Crawley, United Kingdom	7,546	Private

Executives Report

Board of Directors

Name

TrTitle

Function

Yoji Ohashi

Chairman of the Board

Chairman

Biography:

Mr. Yoji Ohashi has been serving as Chairman of the Board in ALL NIPPON AIRWAYS CO., LTD. since April 2007. He is also Vice Chairman of Nippon Keidanren. He joined the Company in April 1964, and previously served as Managing Director, Vice President, President, Executive Officer and Representative Director.

Age: 71

Education:

Keio University, JD

Tomohiro Hidema

Executive VP-Investor Relations, Business Development, Accounting, Finance & Purchasing

Director/Board Member

Age: 61

Hayao Hora

Vice President, Executive Officer, Representative Director

Director/Board Member

Biography:

Mr. Hayao Hora has been serving as Vice President, Executive Officer and Representative Director in ALL NIPPON AIRWAYS CO., LTD. since June 1, 2011. His previous titles in the Company include Executive Officer, Managing Director and Senior Managing Director. Mr. Hora used to work for Ministry of Transport, as well as Ministry of Land, Infrastructure, Transport and Tourism.

Age: 63

Shinichiro Ito

President, Representative Director

Director/Board Member

Biography:

Mr. Shinichiro Ito has been serving as President and Representative Director in ALL NIPPON AIRWAYS CO., LTD. since April 1, 2009. He joined the Company in April 1974. His previous titles include Executive Officer, Vice President, Director of Human Resources, Deputy Chief Director of Sales Promotion, Manager of Marketing Office, Managing Director and Senior Managing Director. He obtained his Bachelor's degree from Kyushu University in March 1974.

Age: 60

Education:

Kyushu University, B (Economics)

Hiroyuki Ito

Senior Managing Director, Executive Officer, Chief Director of Maintenance

Director/Board Member

Biography:

Mr. Hiroyuki Ito was named Senior Managing Director, Executive Officer and Chief Director of Maintenance in ALL NIPPON AIRWAYS CO., LTD. effective April 1, 2012. He joined the Company in April 1974. His previous titles include Senior Executive Officer, Deputy Chief Director of Maintenance and Managing Director of the Company. He used to work for ANA Strategic Research Institute Co., Ltd.

Age: 61

Shinya Katanozaka

Senior Managing Director, Executive Officer

Director/Board Member

Biography:

Mr. Shinya Katanozaka was named Senior Managing Director and Executive Officer in ALL NIPPON AIRWAYS CO., LTD. effective April 1, 2012. He joined the Company in April 1979. He used to serve as Director of Human Resources, Managing Director, Chief Director of Sales Promotion and Senior Executive Officer.

Age: 56

Misao Kimura

Independent Director

Director/Board Member

Biography:

Mr. Misao Kimura has been serving as Independent Director in ALL NIPPON AIRWAYS CO., LTD. since June 2004. He is also serving as Director for Nagoya Railroad Co., Ltd. His previous titles in Nagoya Railroad Co., Ltd. include Managing Director, Senior Managing Director and President.

Age: 73

Yoshinori Maruyama

Managing Director, Executive Officer

Director/Board Member

Biography:

Mr. Yoshinori Maruyama has been serving as Managing Director and Executive Officer in ALL NIPPON AIRWAYS CO., LTD. since June 1, 2011. He joined the Company in April 1976. His previous positions include Deputy Chief Director of Maintenance, Senior Executive Officer, Deputy Chief Director of Sales Promotion and Director.

Age: 57

Shosuke Mori

Independent Director

Director/Board Member

Biography:

Mr. Shosuke Mori has been serving as Independent Director in ALL NIPPON AIRWAYS CO., LTD. since June 2006. He is also working for THE KANSAI ELECTRIC POWER CO., INC. as President and Representative Director, as well as Kansai Economic Federation as Chairman.

Age: 71

Education:

Kyoto University, B (Electronics Engineering)

Mitsuo Morimoto

Senior Executive VP-Operations, Airport Services, Safety & Audit

Director/Board Member

Age: 62

Shin Nagase

Senior Executive VP-Public Relations, CSR Promotion, Admin, Legal & Insurance

Director/Board Member

Age: 60

Katsumi Nakamura

Vice President, Executive Officer, Chief Director of Flight, Representative Director

Director/Board Member

Biography:

Mr. Katsumi Nakamura was named Vice President, Executive Officer, Chief Director of Flight and Representative Director in ALL NIPPON AIRWAYS CO., LTD., effective April 1, 2012. He will be also Chairman of the Total Safety Promotion Committee of the Company effective April 1, 2012. He joined the Company in July 1970, and previously served as Managing Director, Senior Managing Director, Deputy Chief Senior Director of Operation, Manager of OCC Promotion Office and Senior Executive Officer, among others.

Age: 63

Ken Nishimura

Executive Officer, Director

Director/Board Member

Keisuke Okada

Senior Managing Director, Executive Officer

Director/Board Member

Biography:

Mr. Keisuke Okada has been serving as Senior Managing Director and Executive Officer in ALL NIPPON AIRWAYS CO., LTD. since April 1, 2009. He is also Chairman of IT Strategy Promotion Committee. Mr. Okada joined the Company in April 1974, and previously served as Director of Product Planning, Manager of Planning Office and Managing Director.

Age: 59

Akira Okada

Managing Director, Executive Officer, Manager of Cargo Business Office

Director/Board Member

Biography:

Mr. Akira Okada was named Managing Director, Executive Officer and Manager of Cargo Business Office in ALL NIPPON AIRWAYS CO., LTD. effective April 1, 2012. He joined the Company in April 1979. He previously served as Senior Executive Officer, Chief Senior Director of Operation and Manager of Planning Office of the Company.

Age: 56

Osamu Shinobe

Vice President, Executive Officer, Representative Director

Director/Board Member

Biography:

Mr. Osamu Shinobe was named Vice President, Executive Officer and Representative Director in ALL NIPPON AIRWAYS CO., LTD., effective April 1, 2012. He will be also Chairman of Environment Management Committee, Risk Management Committee and Compliance Committee of the Company effective April 1, 2012. He joined the Company in April 1976, and previously served as Managing Director, Director of Technology in Main Maintenance Unit, Senior Managing Director, Executive Officer, Manager of B787 Introduction Project and Deputy Chief Director of Main Sales Promotion Unit.

Age: 59

Shigeyuki Takemura

Senior Managing Director, Executive Officer

Director/Board Member

Biography:

Mr. Shigeyuki Takemura has been serving as Senior Managing Director and Executive Officer in ALL NIPPON AIRWAYS CO., LTD. since June 1, 2011. He joined the Company in April 1975, and previously served as Managing Director, Manager of Inspection Office and Senior Executive Officer.

Age: 61

Kiyoshi Tonomoto

Managing Director, Executive Officer

Director/Board Member

Biography:

Mr. Kiyoshi Tonomoto was named Managing Director and Executive Officer in ALL NIPPON AIRWAYS CO., LTD. effective April 1, 2012. He joined the Company in April 1978. His previous positions include Senior Executive Officer, Chief Director of Cargo and Deputy Chief Director of Cargo.

Age: 56

Koichi Uchizono

Executive Officer, Chief Senior Director of Operation, Director

Director/Board Member

Executives

Name

Title

Function

Yamamoto Mineo

President & CEO

Chief Executive Officer

Shinichiro Ito

President, Representative Director

President

Biography:

Age: 60

Education:

Kyushu University, B (Economics)

Akihiko Hasegawa

Senior Executive Officer, President of Subsidiary

Division Head Executive

Age: 57

Kenya Inada

Senior Executive Officer, Senior Manager of China Office, Manager of Beijing & Tianjin Office

Division Head Executive

Kenji Inaoka

Senior Executive Officer, President of Subsidiary

Division Head Executive

Katsumi Kobayashi

Senior Executive Officer, Manager of Osaka Airport Office, President of Subsidiary

Division Head Executive

Tomoyuki Kotsuji

Senior Executive Officer, Manager of Fukuoka Office

Division Head Executive

Masato Ogawa

Senior Executive Officer, Manager of Nagoya Office

Division Head Executive

Miyoshi Ozawa

Senior Executive Officer, Deputy Chief Director of Main Operation Supervision Unit, Manager of Narita Airport Office, President of Subsidiary

Division Head Executive

Social:

Takashi Shiki

Senior Executive Officer, Manager of Sales Center, Manager of Marketing Planning Office, Manager of Tokyo Office

Division Head Executive

Hiroyuki Ito

Senior Managing Director, Executive Officer, Chief Director of Maintenance

Managing Director

Biography:

Age: 61

Shinya Katanozaka

Senior Managing Director, Executive Officer

Managing Director

Biography:

Age: 56

Yoshinori Maruyama

Managing Director, Executive Officer

Managing Director

Biography:

Age: 57

Keisuke Okada

Senior Managing Director, Executive Officer

Managing Director

Biography:

Age: 59

Akira Okada

Managing Director, Executive Officer, Manager of Cargo Business Office

Managing Director

Biography:

Age: 56

Shigeyuki Takemura

Senior Managing Director, Executive Officer

Managing Director

Biography:

Age: 61

Kiyoshi Tonomoto

Managing Director, Executive Officer

Managing Director

Biography:

Age: 56

Mitsuo Morimoto

Senior Executive VP-Operations, Airport Services, Safety & Audit

Operations Executive

Age: 62

Omae Suguru

SEVP - Operations, Airport Services

Operations Executive

Haruo Ezuka

Senior Vice President

Administration Executive

Satoru Fujiki

Senior Vice President

Administration Executive

Kenji Kimura

Senior Vice President

Administration Executive

Shin Nagase

Senior Executive VP-Public Relations, CSR Promotion, Admin, Legal & Insurance

Administration Executive

Age: 60

Hideyuki Shibuichi

Senior Vice President

Administration Executive

Shinzo Shimizu

Senior Executive Officer, Manager of Planning Office, Manager of Holding Company Structure Transfer Preparation Office

Administration Executive

Tomohiro Hidema

Executive VP-Investor Relations, Business Development, Accounting, Finance & Purchasing

Finance Executive

Age: 61

Kunitaka Kajita

Co-Auditor

Finance Executive

Eiji Kanazawa

Senior Vice President Finance and Accounting

Finance Executive

Nobuyuki Suzuki

Executive Officer, Director of Finance

Finance Executive

Minoru Aimono

Corporate Auditor

Accounting Executive

Shinichi Inoue

Corporate Auditor

Accounting Executive

Tatsuo Kondo

Corporate Auditor

Accounting Executive

Shingo Matsuo

Corporate Auditor

Accounting Executive

Sumihito Okawa

Corporate Auditor

Accounting Executive

Osamu Asakawa

Senior Vice President-Marketing & Sales

Sales Executive

Shuichi Fujimura

Senior Executive Officer, Manager of Marketing Office

Marketing Executive

Hideo Yaguchi

Senior Vice President Engineering and Maintenance

Engineering/Technical Executive

Age: 56

Tetsuo Fukuda

Executive Officer, Manager of CS & Product Service Office

Other

Yuji Hirako

Executive Officer, Manager of America Office, Manager of New York Office

Other

Hiroe Iizuka

Executive Officer, Manager of Promotion Office

Other

Hideki Imogawa

Executive Officer, Deputy Chief Director of Flight

Other

Katsuya Kato

Executive Officer, Deputy Chief Director of Main Operation Supervision Unit, Manager of Tokyo Airport Office

Other

Hiroko Kawamoto

Senior Executive Officer, Chief Director of Passenger Cabin

Other

Katsuyori Kikuchi

Senior Vice President

Other

Takafumi Mineo

Executive Officer, Deputy Chief Director of Main Operation Supervision Unit, Manager of Operation Management Center

Other

Toyoyuki Nagamine

Senior Executive Officer, Director of Labor

Other

Akihiko Nakamura

Senior Vice President

Other

Katsuhiro Ohgami

Executive Officer, Deputy Chief Director of Maintenance, Director of Planning Promotion

Other

Koji Shibata

Executive Officer, Manager of Europe Office, Manager of London Office

Other

Seiji Shimizu

Executive Officer, Manager of Osaka Office

Other

Toshitaka Watanabe

Executive Officer, Manager of Sapporo Office

Other

Takanori Yukishige

Senior Executive Officer, Manager of Business Process Reform Office

Other

Significant Developments

All Nippon Airways Co Ltd to Transfer to Holding Company Structure; to Transfer Business to Subsidiary

May 15, 2012

All Nippon Airways Co Ltd announced that it will restructure the Company into a holding company to be called ANA HOLDINGS INC., effective April 1, 2013. This move will involve the reorganization of its business as a wholly owned subsidiary of the Company effective April 1, 2013. The new subsidiary will allocate 1,000 new common shares to the Company.

All Nippon Airways Co Ltd Proposes Dividend Apr 27, 2012

All Nippon Airways Co Ltd announced that a dividend of JPY0.04 per share is proposed for the current period.

All Nippon Airways Co., Ltd. Raises Consolidated Full-year Outlook and Year-end Dividend Forecast for FY 2012 Apr 23, 2012

All Nippon Airways Co., Ltd. announced that it has raised the consolidated full-year outlook for revenue from JPY 1,400,000 million to JPY 1,411,000 million, operating profit from JPY 90,000 million to JPY 97,000 million, ordinary profit from JPY 56,000 million to JPY 68,000 million, net profit from JPY 20,000 million to JPY 28,000 million and earning per share from JPY 7.96 to JPY 11.15 for the fiscal year ended March 31, 2012. The positive outlook is mainly due to good business performance of tourism business and reduction of costs. The Company has also raised the year-end dividend forecast from JPY 2 per share to JPY 4 per share, for the fiscal year ended March 31, 2012.

All Nippon Airways Co., Ltd. to Fully Acquire Two Subsidiaries through Stock Swap Feb 24, 2012

All Nippon Airways Co., Ltd. announced that it has decided to fully acquire its 97.5%-owned subsidiary, ANA Sales Co.,Ltd., which engages in the travel business, through a stock swap effective March 31, 2012. One share of ANA Sales will be exchange for 1,325.00 shares of the Company. In addition, the Company will also fully acquire its 79.1%-owned subsidiary, ANA Airport Handling Co.,Ltd, which engages in the airplane ground support service business, through a stock swap effective March 31, 2012. One share of Airport Handling will be exchanged for 34 shares of the Company.

All Nippon Airways Co., Ld. To Change Group Corporate Structure Feb 17, 2012

All Nippon Airways Co., Ld. announced that, during its Board of Directors' meeting, it was proposed and voted in favor to begin consideration of a plan to move to a holding company structure, provisionally as of April 1, 2013. This move to a holding company structure is planned to take place conditionally upon the approval of the Ordinary General Meeting of Shareholders scheduled to be held on June 19, 2012, and upon obtaining any necessary permits and approvals from the relevant authorities. Details will be released once they have been determined.

All Nippon Airways Co., Ltd. Amends Full-year Consolidated Outlook for FY Ending March 31, 2012 Jan 31, 2012

All Nippon Airways Co., Ltd. announced that it has reaffirmed its full-year consolidated outlook for revenue of JPY 1,400,000 million and net profit of JPY 20,000 million, operating profit from JPY 70,000 million to JPY 90,000 million, ordinary profit from JPY 36,000 million to JPY 56,000 million, but lowered its full-year consolidated outlook for earnings per share from JPY 7.97 to JPY 7.96 for the fiscal year ending March 31, 2012. The Company raised its full-year outlook for operating profit and ordinary profit mainly due to reduced costs. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 1,398,850 million, operating profit of JPY 70,930 million and net profit of JPY 21,680 million.

R&I Affirms All Nippon Airways Co., Ltd.'s Rating at "BBB+"; Rating Outlook Stable Dec 22, 2011

Rating and Investment Information, Inc. (R&I) announced that it has affirmed the rating on All Nippon Airways Co., Ltd. at "BBB+". The rating outlook is stable.

All Nippon Airways Co., Ltd. to Merge with Subsidiary Nov 25, 2011

All Nippon Airways Co., Ltd. announced that it has decided to merge with its wholly owned subsidiary Air Nippon Co.,Ltd., effective April 1, 2012. After the merger, Air Nippon will be dissolved.

Koito Industries, Ltd. Announces Lawsuit against Subsidiary Filed by All Nippon Airways Co., Ltd. Nov 17, 2011

Koito Industries, Ltd. announced that All Nippon Airways Co., Ltd. filed a lawsuit against a subsidiary of Koito Industries on November 4, 2011, demanding a payment of JPY 7,672,000,000 as cash reparations.

All Nippon Airways Co., Ltd. Amends Consolidated Full-year Outlook for FY 2012 Oct 28, 2011

All Nippon Airways Co., Ltd. announced that it has lowered the consolidated full-year outlook for revenue from JPY 1,410 billion to JPY 1,400 billion, but has affirmed the consolidated full-year outlook for operating profit at JPY 70 billion, ordinary profit at JPY 36 billion and net profit at JPY 20 billion for the fiscal year ending March 2012. The negative revenue outlook is mainly due to the sluggish economy both internationally and domestically. According to I/B/E/S Estimates, analysts on average were expecting the Company to report full-year revenue of JPY 1,400.79 billion, operating profit of JPY 67.83 billion and net income of JPY 18.88 billion.

All Nippon Airways Co., Ltd. Establishes Joint Venture with AirAsia-Multilateral Investment Development Corporation Oct 05, 2011

Multilateral Investment Development Corporation reported that All Nippon Airways Co., Ltd. has established a new joint venture with AirAsia Berhad in August 2011. All Nippon Airways and AirAsia holds 67% and 33% stakes in the joint venture, respectively.

All Nippon Airways Co., Ltd. Establishes New Subsidiary Aug 31, 2011

All Nippon Airways Co., Ltd. announced that it has completed the establishment procedures of a new subsidiary AirAsia Japan Co., Ltd., which was announced on July 21, 2011. The subsidiary was jointly established by All Nippon Airways and AirAsia Berhad.

All Nippon Airways Co., Ltd. to Merge with Air Nippon Co., Ltd.-HOKKAI Aug 10, 2011

HOKKAI reported that All Nippon Airways Co., Ltd. announced it will merge with its subsidiary Air Nippon Co., Ltd., effective April 1, 2012.

All Nippon Airways Co., Ltd. Issues FY 2012 Outlook Above Analysts' Estimate; Amends Year-end Dividend Outlook for FY Ending March 2012 Jul 29, 2011

All Nippon Airways Co., Ltd. announced that it has issued its consolidated full-year outlook for revenue of JPY 1,410,000 million, operating profit of JPY 70,000 million, ordinary profit of JPY 36,000 million, net profit of JPY 20,000 million and earning per share of JPY 7.97 for the fiscal year ending March 31, 2012. According to I/B/E/S Estimates, analysts on average are expecting the Company to report full-year revenue of JPY 1,370.30 billion and net profit of JPY 7.89 billion. The Company also amends its midterm and year-end dividend outlook from an undetermined value, to JPY 2.00 per share, respectively, for the same fiscal year.

AirAsia Berhad Announces Joint Venture With All Nippon Airways Co., Ltd Jul 21, 2011

AirAsia Berhad announced that the Company will be executing a Shareholders Agreement (the Agreement) with All Nippon Airways Co., Ltd (ANA) of Japan. The Agreement is formalized for the purpose of forging a joint venture cooperation between AirAsia and ANA to establish a low cost airline in Japan based on the successful AirAsia business model (the Joint Venture). The company to be incorporated in Japan for the Joint Venture is named AirAsia Japan Co., Ltd. (AirAsia Japan). In compliance with Japanese Aviation laws on foreign shareholding AirAsia will hold a 33% voting shares and 16% non-voting shares in AirAsia Japan through its wholly owned subsidiary AA International Ltd (AAIL) while ANA will hold the balance 51%.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Sales	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Total Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6

Cost of Revenue	13,762.1	12,866.6	11,639.8	11,513.1	10,037.5
Cost of Revenue, Total	13,762.1	12,866.6	11,639.8	11,513.1	10,037.5
Gross Profit	4,113.8	2,976.9	1,576.7	2,345.6	2,979.1

Selling/General/Administrative Expense	2,885.1	1,850.6	1,872.0	1,992.7	1,919.8
Labor & Related Expense	-	108.8	65.8	51.2	68.7
Advertising Expense	-	63.4	74.7	99.9	131.9
Total Selling/General/Administrative Expenses	2,885.1	2,022.8	2,012.4	2,143.8	2,120.4
Depreciation	-	162.8	147.9	126.3	315.7
Depreciation/Amortization	-	162.8	147.9	126.3	315.7
Restructuring Charge	-	0.0	-	-	-
Litigation	0.0	79.8	0.0	-	-
Impairment-Assets Held for Use	96.4	119.4	103.9	56.1	173.8
Impairment-Assets Held for Sale	0.1	41.3	6.9	38.7	33.5
Other Unusual Expense (Income)	32.9	-137.4	70.3	7.4	222.1
Unusual Expense (Income)	129.4	103.1	181.2	102.3	429.4
Total Operating Expense	16,776.6	15,155.3	13,981.3	13,885.5	12,903.1

Operating Income	1,099.3	688.2	-764.9	-26.8	113.5

Interest Expense - Non-Operating	-247.9	-225.4	-195.4	-147.6	-131.7
Interest Expense, Net Non-Operating	-247.9	-225.4	-195.4	-147.6	-131.7
Interest Income - Non-Operating	10.9	11.6	12.2	15.5	27.8
Investment Income - Non-Operating	20.9	43.5	32.8	30.2	9.0
Interest/Investment Income - Non-Operating	31.7	55.1	45.0	45.7	36.8
Interest Income (Expense) - Net Non-Operating Total	-216.2	-170.3	-150.4	-101.9	-94.9
Gain (Loss) on Sale of Assets	17.9	-20.8	-49.1	123.9	1,082.7
Other Non-Operating Income (Expense)	-97.7	-88.0	-64.1	-39.4	-93.3
Other, Net	-97.7	-88.0	-64.1	-39.4	-93.3
Income Before Tax	803.3	409.1	-1,028.5	-44.2	1,008.1

Total Income Tax	446.4	140.4	-409.1	0.6	439.1
Income After Tax	356.9	268.7	-619.4	-44.8	568.9

Minority Interest	0.0	3.3	1.9	2.4	-7.8
Net Income Before Extraord Items	356.9	272.0	-617.5	-42.4	561.2
Net Income	356.9	272.0	-617.5	-42.4	561.2

Income Available to Common Excl Extraord Items	356.9	272.0	-617.5	-42.4	561.2

Income Available to Common Incl Extraord Items	356.9	272.0	-617.5	-42.4	561.2

Basic/Primary Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Basic EPS Excl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Basic/Primary EPS Incl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	356.9	272.0	-617.5	-42.4	561.2
Diluted Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Diluted EPS Excl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Diluted EPS Incl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Dividends per Share - Common Stock Primary Issue	0.05	0.02	0.00	0.01	0.04
Gross Dividends - Common Stock	127.4	58.6	0.0	19.2	85.2
Interest Expense, Supplemental	247.9	225.4	195.4	147.6	131.7
Depreciation, Supplemental	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Total Special Items	111.5	123.9	230.3	-21.6	-653.3
Normalized Income Before Tax	914.8	533.0	-798.2	-65.8	354.7

Effect of Special Items on Income Taxes	62.0	42.5	80.6	-7.5	-284.6
Inc Tax Ex Impact of Sp Items	508.4	183.0	-328.5	-7.0	154.5
Normalized Income After Tax	406.4	350.1	-469.7	-58.8	200.2

Normalized Inc. Avail to Com.	406.4	353.3	-467.7	-56.4	192.4

Basic Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Diluted Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Advertising Expense, Supplemental	-	63.4	74.7	99.9	131.9
Reported Operating Profit	1,228.7	791.3	-583.7	75.5	738.3
Reported Ordinary Profit	866.9	432.0	-928.6	0.9	494.5
Normalized EBIT	1,228.7	791.3	-583.7	75.5	542.9
Normalized EBITDA	2,739.2	2,173.5	640.8	1,198.9	1,760.0
Interest Cost - Domestic	-	76.2	71.9	64.8	57.0
Service Cost - Domestic	-	125.6	116.0	103.6	95.1
Prior Service Cost - Domestic	-	-44.7	-43.0	-38.4	-33.6
Expected Return on Assets - Domestic	-	-40.4	-35.5	-40.0	-39.9
Actuarial Gains and Losses - Domestic	-	73.3	76.9	53.8	34.7
Transition Costs - Domestic	-	75.0	69.1	65.0	58.0
Domestic Pension Plan Expense	-	265.0	255.3	208.8	171.3
Defined Contribution Expense - Domestic	-	11.4	9.9	7.9	5.8
Total Pension Expense	-	276.4	265.2	216.7	177.1
Discount Rate - Domestic	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	-	1.00%	1.00%	1.00%	0.85%
Total Plan Interest Cost	-	76.2	71.9	64.8	57.0
Total Plan Service Cost	-	125.6	116.0	103.6	95.1
Total Plan Expected Return	-	-40.4	-35.5	-40.0	-39.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Equivalents	508.2	445.9	141.8	604.1	516.5
Short Term Investments	2,878.0	2,097.9	1,932.5	855.4	1,298.8
Cash and Short Term Investments	3,386.2	2,543.8	2,074.3	1,459.5	1,815.3
Accounts Receivable - Trade, Gross	1,505.5	1,155.4	1,036.3	902.9	1,187.8
Provision for Doubtful Accounts	-14.1	-15.0	-8.0	-4.8	-0.8
Trade Accounts Receivable - Net	1,491.4	1,140.4	1,028.3	898.1	1,186.9
Total Receivables, Net	1,491.4	1,140.4	1,028.3	898.1	1,186.9
Inventories - Finished Goods	59.8	65.7	59.3	60.0	-
Inventories - Other	545.4	603.5	549.7	518.3	-
Total Inventory	605.2	669.1	609.1	578.3	531.4
Deferred Income Tax - Current Asset	367.4	466.0	264.5	742.1	340.7
Other Current Assets	810.2	878.0	534.9	844.4	882.7
Other Current Assets, Total	1,177.6	1,343.9	799.4	1,586.5	1,223.4
Total Current Assets	6,660.4	5,697.2	4,511.1	4,522.4	4,757.1

Property/Plant/Equipment - Net	14,806.9	14,348.5	12,332.6	10,937.2	11,041.8
Intangibles, Net	872.1	897.7	755.3	637.2	473.1
LT Investment - Affiliate Companies	-	241.9	131.0	-	-
LT Investments - Other	711.1	374.4	410.4	554.3	648.8
Long Term Investments	711.1	616.3	541.4	554.3	648.8
Note Receivable - Long Term	54.5	61.2	45.2	32.4	24.0
Deferred Charges	2.1	6.2	8.7	1.9	1.4
Deferred Income Tax - Long Term Asset	836.2	1,123.5	1,333.0	826.1	450.6
Other Long Term Assets	364.1	512.1	368.8	318.6	520.5
Other Long Term Assets, Total	1,202.3	1,641.9	1,710.5	1,146.6	972.4
Total Assets	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Accounts Payable	2,194.6	1,939.6	1,616.2	1,507.7	1,841.5
Accrued Expenses	374.4	334.0	121.8	124.7	252.2
Notes Payable/Short Term Debt	0.0	2.0	311.4	471.5	25.9
Current Portion - Long Term Debt/Capital Leases	1,546.5	1,764.3	1,623.3	1,244.2	1,344.4
Income Taxes Payable	47.5	57.8	28.6	13.7	817.0
Other Current Liabilities	1,433.3	1,302.7	1,356.7	1,732.0	1,213.9
Other Current liabilities, Total	1,480.8	1,360.5	1,385.3	1,745.7	2,031.0
Total Current Liabilities	5,596.2	5,400.5	5,057.9	5,093.9	5,495.1

Long Term Debt	9,852.0	9,171.8	7,744.1	6,904.7	5,772.6
Capital Lease Obligations	298.5	389.3	399.3	463.7	571.6
Total Long Term Debt	10,150.5	9,561.1	8,143.4	7,368.4	6,344.3
Total Debt	11,696.9	11,327.4	10,078.0	9,084.1	7,714.6

Deferred Income Tax - LT Liability	21.7	23.5	4.3	0.7	0.8
Deferred Income Tax	21.7	23.5	4.3	0.7	0.8
Minority Interest	70.9	73.6	70.0	39.6	29.9
Reserves	28.9	25.7	0.0	-	-
Pension Benefits - Underfunded	1,537.5	1,495.8	1,283.6	1,189.5	1,133.1
Other Long Term Liabilities	237.7	405.4	268.8	879.0	363.3
Other Liabilities, Total	1,804.0	1,926.9	1,552.5	2,068.5	1,496.4
Total Liabilities	17,643.4	16,985.6	14,828.1	14,571.0	13,366.4

Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Additional Paid-In Capital	2,375.7	2,368.8	2,104.4	1,272.9	1,263.4
Retained Earnings (Accumulated Deficit)	1,427.7	1,144.9	690.4	1,253.7	1,384.7
Treasury Stock - Common	-49.6	-70.0	-75.1	-64.7	-9.3
Unrealized Gain (Loss)	111.6	50.7	-125.2	-822.2	302.7
Translation Adjustment	-9.9	-9.0	-2.8	-0.7	1.9
Other Equity, Total	-9.9	-9.0	-2.8	-0.7	1.9
Total Equity	6,664.0	6,277.2	5,068.0	3,258.9	4,550.9

Total Liabilities & Shareholdersâ€™ Equity	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Shares Outstanding - Common Stock Primary Issue	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Total Common Shares Outstanding	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Treasury Shares - Common Stock Primary Issue	9.3	15.9	18.5	16.8	2.3
Employees	-	32,731	32,578	33,045	31,345
Number of Common Shareholders	-	350,736	340,210	289,917	285,117
Total Long Term Debt, Supplemental	-	10,813.2	9,240.5	8,029.6	6,958.4
Long Term Debt Maturing within 1 Year	-	1,629.3	1,496.4	1,124.9	1,185.7
Long Term Debt Maturing in Year 2	-	1,193.1	1,289.4	1,234.8	969.3
Long Term Debt Maturing in Year 3	-	981.8	509.4	336.5	419.9
Long Term Debt Maturing in Year 4	-	981.8	509.4	336.5	419.9
Long Term Debt Maturing in Year 5	-	1,677.2	1,596.8	783.1	476.5
Long Term Debt Maturing in Year 6	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in Year 7	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in Year 8	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in 2-3 Years	-	2,174.9	1,798.8	1,571.3	1,389.1
Long Term Debt Maturing in 4-5 Years	-	2,659.0	2,106.2	1,119.6	896.4
Long Term Debt Matur. in Year 6 & Beyond	-	4,350.0	3,839.1	4,213.8	3,487.1
Total Capital Leases, Supplemental	-	524.3	526.2	583.0	730.4
Capital Lease Payments Due in Year 1	-	135.1	126.9	119.3	158.7
Capital Lease Payments Due in Year 2	-	132.9	108.9	115.0	116.5
Capital Lease Payments Due in Year 3	-	118.6	101.8	97.5	112.1
Capital Lease Payments Due in Year 4	-	85.7	89.1	91.5	95.0
Capital Lease Payments Due in Year 5	-	33.5	61.0	80.3	89.7
Capital Lease Payments Due in 2-3 Years	-	251.5	210.7	212.4	228.6
Capital Lease Payments Due in 4-5 Years	-	119.2	150.2	171.8	184.7
Cap. Lease Pymts. Due in Year 6 & Beyond	-	18.6	38.3	79.5	158.3
Pension Obligation - Domestic	-	3,252.6	2,869.6	2,730.8	2,671.5
Plan Assets - Domestic	-	1,157.4	1,034.9	839.9	979.9
Funded Status - Domestic	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Total Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Discount Rate - Domestic	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	-	1.00%	1.00%	1.00%	0.85%
Prepaid Benefits - Domestic	-	0.1	2.3	2.1	7.1
Accrued Liabilities - Domestic	-	-1,488.9	-1,278.1	-1,183.7	-1,127.8
Other Assets, Net - Domestic	-	606.5	558.9	709.2	570.9
Net Assets Recognized on Balance Sheet	-	-882.3	-716.9	-472.5	-549.8
Total Plan Obligations	-	3,252.6	2,869.6	2,730.8	2,671.5
Total Plan Assets	-	1,157.4	1,034.9	839.9	979.9

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Income/Starting Line	803.3	409.1	-1,028.5	-44.2	1,008.1
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Depreciation/Depletion	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Unusual Items	84.5	286.7	163.7	-31.1	-848.3
Other Non-Cash Items	274.3	256.0	231.2	180.5	125.4
Non-Cash Items	358.7	542.7	394.8	149.4	-722.9
Accounts Receivable	-442.7	47.0	5.5	358.7	-87.3
Accounts Payable	253.9	113.6	16.7	-341.8	-104.2
Other Operating Cash Flow	231.6	-115.3	279.9	-1,641.4	139.5
Changes in Working Capital	42.8	45.4	302.1	-1,624.4	-52.0
Cash from Operating Activities	2,715.3	2,379.3	892.9	-395.9	1,450.2

Purchase of Fixed Assets	-2,294.7	-2,195.2	-2,003.1	-1,158.3	-2,950.2
Purchase/Acquisition of Intangibles	-198.6	-275.2	-255.7	-291.8	-179.5
Capital Expenditures	-2,493.4	-2,470.5	-2,258.8	-1,450.1	-3,129.7
Acquisition of Business	-	-	-	0.0	-0.3
Sale of Business	-	-	-	0.0	2,151.4
Sale of Fixed Assets	513.9	445.7	107.2	423.8	395.5
Sale/Maturity of Investment	2,892.2	1,673.0	767.6	8.1	127.5
Purchase of Investments	-3,024.1	-1,242.6	-1,274.5	-5.0	-154.3
Other Investing Cash Flow	5.0	-34.9	-51.7	-82.9	-1.0
Other Investing Cash Flow Items, Total	387.0	841.1	-451.4	344.0	2,518.8
Cash from Investing Activities	-2,106.4	-1,629.3	-2,710.2	-1,106.0	-610.9

Other Financing Cash Flow	-2.6	-1.0	-59.5	16.0	-33.9
Financing Cash Flow Items	-2.6	-1.0	-59.5	16.0	-33.9
Cash Dividends Paid - Common	-63.6	0.0	-20.8	-96.9	-51.1
Total Cash Dividends Paid	-63.6	0.0	-20.8	-96.9	-51.1
Sale/Issuance of Common	-	0.0	1,526.1	0.0	-
Common Stock, Net	13.7	11.8	1,514.5	-54.7	-1.6
Issuance (Retirement) of Stock, Net	13.7	11.8	1,514.5	-54.7	-1.6
Short Term Debt, Net	-2.1	-337.6	-188.0	437.8	-8.0
Long Term Debt Issued	2,285.7	2,117.0	2,090.8	2,245.3	1,170.9
Long Term Debt Reduction	-2,026.3	-1,913.9	-1,467.0	-1,407.9	-1,840.3
Long Term Debt, Net	259.3	203.1	623.7	837.4	-669.4
Issuance (Retirement) of Debt, Net	257.2	-134.5	435.7	1,275.2	-677.4
Cash from Financing Activities	204.8	-123.7	1,869.9	1,139.5	-764.1

Foreign Exchange Effects	-0.3	-3.0	-1.5	-1.1	-8.0
Net Change in Cash	813.4	623.4	51.1	-363.5	67.3

Net Cash - Beginning Balance	2,553.2	1,729.3	1,543.3	1,791.0	1,507.2
Net Cash - Ending Balance	3,366.6	2,352.7	1,594.4	1,427.4	1,574.5
Cash Interest Paid	251.6	223.3	194.6	145.2	135.1
Cash Taxes Paid	67.1	39.6	-402.3	1,195.9	51.1

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Revenues	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Total Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6

Cost of Revenue	13,762.1	12,498.4	11,290.7	11,193.8	9,747.5
Total SGA	2,885.1	-	-	-	-
Selling Commission	-	763.4	776.4	883.1	819.1
Advertising Expenses	-	63.4	74.7	99.9	131.9
Salary Expenses	-	368.2	349.1	319.3	290.0
Doubt Debt Allow	-	1.2	1.5	2.9	1.6
Bonus Allowance	-	67.3	25.6	25.0	48.3
Accrued Retirement	-	41.5	40.2	26.1	20.5
Depreciation	-	162.8	147.9	126.3	120.3
Other Selling & Gen.	-	1,086.0	1,094.2	1,106.7	1,099.1
SP Aid income	-5.6	0.0	-0.7	-1.1	-1.2
SP G Settlement Prior Yr. Contract Sales	-	-	-	-	0.0
SP G on rev. of res. for antitrust law	0.0	-195.2	0.0	-	-
SP Gain-pension plan return	0.0	-0.4	-18.5	0.0	-
SP Insurance benefits	0.0	-0.9	-2.9	-6.7	0.0
SP G on insurance adjustment	-	-	0.0	-28.6	0.0
SP Other Special Gains	-4.1	-0.4	-2.1	-1.3	-26.5
SP Fix Asset Retired	0.0	35.6	9.4	2.2	2.8
SP Impairment loss	22.1	3.7	13.5	0.0	123.5
SP Special Retirement	30.9	2.2	48.1	6.6	10.6
SP Settlement package	0.0	79.8	0.0	-	-
SP Reval.-Inv. Security	0.1	41.3	6.9	38.7	33.5
SP L on adjut for change of acc. assets	0.0	24.9	0.0	-	-
SP Affiliate Restructur	-	0.0	-	-	-
SP L on Replacement of Generating Parts	-	-	-	-	0.0
SP Nonrecurring depreciation	-	-	-	0.0	195.4
SP Lease acct. effect	-	-	-	0.0	33.4
SP Antitrust laws related Provision	-	0.0	7.0	0.0	141.7
SP Antitrust laws proceeding related	0.0	8.1	9.2	20.9	0.0
SP Other Special Losses	11.6	24.5	30.3	17.6	64.1
NOP Fixed Asset Retired	74.3	80.2	81.0	53.9	47.5
Total Operating Expense	16,776.6	15,155.3	13,981.3	13,885.5	12,903.1

NOP Interest Income	10.9	11.6	12.2	15.5	27.8
NOP Dividend Income	20.2	18.7	16.6	13.1	12.5
NOP Currency Gains	0.0	16.8	18.2	11.2	0.0
NOP Gain-Assets Sold	42.4	4.8	11.7	149.5	21.2
NOP Equity in Affiliate	6.7	8.0	0.0	2.7	3.4
NOP Other Income	55.3	46.3	62.5	61.7	45.3
NOP Interest Expenses	-247.9	-225.4	-195.4	-147.6	-131.7
NOP Currency Losses	-2.4	0.0	-	0.0	-14.5
NOP Loss-Asset Sold	-19.5	-25.6	-60.9	-25.6	-21.7
NOP Accrued Retirement	-81.0	-75.0	-69.1	-65.0	-58.0
NOP Equity Loss in Affil	-	0.0	-2.2	0.0	-
NOP Lease Equip. Recall Expense	-	-33.2	-20.4	-3.0	-35.7
NOP Other Expenses	-72.0	-26.0	-37.1	-33.0	-44.8
SP Gain-Fix Asset Sold	10.4	0.0	-	0.0	24.1
SP Gain-Inv. Sec. Sold	-	0.0	0.2	3.2	7.7
SP Gain-Transfer of Hotel Business Asset	-	-	-	0.0	1,163.5
SP Loss-Fix Asset Sold	-15.3	0.0	-	0.0	-6.4
SP Loss-Inv. Sec. Sold	-3.6	0.0	-	0.0	-0.1
SP L on dispo. of retire. materials	-	-	-	0.0	-98.0
Net Income Before Taxes	803.3	409.1	-1,028.5	-44.2	1,008.1

Provision for Income Taxes	446.4	140.4	-409.1	0.6	439.1
Net Income After Taxes	356.9	268.7	-619.4	-44.8	568.9

Minority Interest	0.0	3.3	1.9	2.4	-7.8
Net Income Before Extra. Items	356.9	272.0	-617.5	-42.4	561.2
Net Income	356.9	272.0	-617.5	-42.4	561.2

Income Available to Com Excl ExtraOrd	356.9	272.0	-617.5	-42.4	561.2

Income Available to Com Incl ExtraOrd	356.9	272.0	-617.5	-42.4	561.2

Basic Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Basic EPS Excluding ExtraOrdinary Items	0.14	0.11	-0.27	-0.02	0.29
Basic EPS Including ExtraOrdinary Item	0.14	0.11	-0.27	-0.02	0.29
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	356.9	272.0	-617.5	-42.4	561.2
Diluted Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Diluted EPS Excluding ExtraOrd Items	0.14	0.11	-0.27	-0.02	0.29
Diluted EPS Including ExtraOrd Items	0.14	0.11	-0.27	-0.02	0.29
DPS-Common Stock	0.05	0.02	0.00	0.01	0.04
Gross Dividends - Common Stock	127.4	58.6	0.0	19.2	85.2
Normalized Income Before Taxes	914.8	533.0	-798.2	-65.8	354.7

Inc Tax Ex Impact of Sp Items	508.4	183.0	-328.5	-7.0	154.5
Normalized Income After Taxes	406.4	350.1	-469.7	-58.8	200.2

Normalized Inc. Avail to Com.	406.4	353.3	-467.7	-56.4	192.4

Basic Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Diluted Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Advertising Expense	-	63.4	74.7	99.9	131.9
Interest Expense	247.9	225.4	195.4	147.6	131.7
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Reported Operating Profit	1,228.7	791.3	-583.7	75.5	738.3
Reported Ordinary Profit	866.9	432.0	-928.6	0.9	494.5
Service Cost	-	125.6	116.0	103.6	95.1
Interest Cost	-	76.2	71.9	64.8	57.0
Expected Return on Plan Assets	-	-40.4	-35.5	-40.0	-39.9
Pension Exp. due to Acct. Changes	-	75.0	69.1	65.0	58.0
Actuarial Gains and Losses	-	73.3	76.9	53.8	34.7
Prior Service Cost	-	-44.7	-43.0	-38.4	-33.6
Domestic Pension Plan Expense	-	265.0	255.3	208.8	171.3
Defined Contribution Expense	-	11.4	9.9	7.9	5.8
Total Pension Expense	-	276.4	265.2	216.7	177.1
Discount Rate	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return	-	1.00%	1.00%	1.00%	0.85%

Annual Balance Sheet

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Deposit	508.2	445.9	141.8	604.1	516.5
Accounts Rcvbl.	1,505.5	1,155.4	1,036.3	902.9	1,187.8
Securities	2,878.0	2,097.9	1,932.5	855.4	1,298.8
Inventories	-	-	-	-	531.4
Merchandise	59.8	65.7	59.3	60.0	-
Supplies	545.4	603.5	549.7	518.3	-
Defer. Tax Asset	367.4	466.0	264.5	742.1	340.7
Other Current	810.2	878.0	534.9	844.4	882.7
Doubt Debt Allow	-14.1	-15.0	-8.0	-4.8	-0.8
Total Current Assets	6,660.4	5,697.2	4,511.1	4,522.4	4,757.1

Bldg & Structure	1,359.8	1,421.0	1,173.4	1,053.4	1,008.5
Aircraft	9,117.0	8,621.8	6,914.6	6,410.0	6,113.3
Machineries	258.0	307.2	282.5	231.0	186.7
Tools & Supplies	119.2	138.6	126.9	136.8	142.3
Land	686.3	691.1	552.4	464.1	461.6
Lease assets, net	331.4	433.2	468.7	553.3	700.5
Constr In Progr	2,935.2	2,735.6	2,814.1	2,088.7	2,428.8
Intangible Assets	872.1	897.7	755.3	637.2	473.1
Inv. Securities	711.1	374.4	410.4	554.3	648.8
Equity secs.-nonconsol affil.&sub.	-	241.9	131.0	-	-
Long Term Loans	54.5	61.2	45.2	32.4	24.0
Defer. Tax Asset	836.2	1,123.5	1,333.0	826.1	450.6
Other LT Asset	377.1	522.8	383.4	329.5	534.0
Doubt Debt Allow	-13.0	-10.7	-14.7	-10.9	-13.6
Deferred Assets	2.1	6.2	8.7	1.9	1.4
Total Assets	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Note & A/C Pybl.	2,194.6	1,939.6	1,616.2	1,507.7	1,841.5
Short Term Debt	0.0	2.0	311.4	471.5	25.9
Current LT Debt	1,407.6	1,388.0	1,068.3	821.2	683.4
Curr. Corp Debt	0.0	241.3	428.1	303.7	502.3
Lease obligations	138.9	135.1	126.9	119.3	158.7
Income Tax Pybl.	47.5	57.8	28.6	13.7	817.0
Bonus Allowance	374.4	334.0	121.8	124.7	252.2
Reserve for antitrust laws	1.4	1.4	180.3	164.0	162.7
Assets Obligation	13.9	19.5	0.0	-	-
Other Current	1,418.0	1,281.9	1,176.4	1,568.0	1,051.2
Total Current Liabilities	5,596.2	5,400.5	5,057.9	5,093.9	5,495.1

Corporate Debt	1,153.1	1,146.2	1,016.7	1,366.8	1,456.8
Long Term Debt	8,698.9	8,025.6	6,727.4	5,537.9	4,315.8
Lease obligations	298.5	389.3	399.3	463.7	571.6
Total Long Term Debt	10,150.5	9,561.1	8,143.4	7,368.4	6,344.3

Accrued Retirem.	1,530.3	1,488.9	1,278.1	1,183.7	1,127.8
Reserve for officers' retirement	7.2	6.9	5.5	5.8	5.3
Reserve for bonuses	28.9	25.7	0.0	-	-
Defer. Tax Liab.	21.7	23.5	4.3	0.7	0.8
Negative Goodwill	0.0	4.7	9.8	20.8	28.0
Assets Obligation	12.5	11.8	0.0	-	-
Others	225.2	388.9	259.0	858.1	335.3
Min. Interest	70.9	73.6	70.0	39.6	29.9
Total Liabilities	17,643.4	16,985.6	14,828.1	14,571.0	13,366.4

Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Paid In Capital	2,375.7	2,368.8	2,104.4	1,272.9	1,263.4
Accumulated Loss	1,427.7	1,144.9	690.4	1,253.7	1,384.7
Treasury Stock	-49.6	-70.0	-75.1	-64.7	-9.3
Unreal Gain-Sec.	-1.7	-9.8	16.2	14.1	78.9
Deferred Hedge Gain/Loss	113.3	60.4	-141.4	-836.3	223.7
Translation Adj.	-9.9	-9.0	-2.8	-0.7	1.9
Total Equity	6,664.0	6,277.2	5,068.0	3,258.9	4,550.9

Total Liabilities & Shareholders' Equity	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

S/O-Common Stock	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Total Common Shares Outstanding	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
T/S-Common Stock	9.3	15.9	18.5	16.8	2.3
Full-Time Employees	-	32,731	32,578	33,045	31,345
Number of Common Shareholders	-	350,736	340,210	289,917	285,117
LT Debt <1Yr.	-	1,629.3	1,496.4	1,124.9	1,185.7
LT Debt <2Yr.	-	1,193.1	1,289.4	1,234.8	969.3
LT Debt <3Yr.	-	1,324.2	902.5	1,039.0	1,055.7
LT Debt <4Yr.	-	1,963.6	1,018.8	673.0	839.8
LT Debt <5Yr.	-	1,677.2	1,596.8	783.1	476.5
LT Debt Remaining	-	3,025.8	2,936.5	3,174.7	2,431.4
Total Long Term Debt, Supplemental	-	10,813.2	9,240.5	8,029.6	6,958.4
Capital Lease Payments Wihtin 1 Year	-	135.1	126.9	119.3	158.7
Capital Lease Payments Due in Year2	-	132.9	108.9	115.0	116.5
Capital Lease Payments Due in Year3	-	118.6	101.8	97.5	112.1
Capital Lease Payments Due in Year4	-	85.7	89.1	91.5	95.0
Capital Lease Payments Due in Year5	-	33.5	61.0	80.3	89.7
Capital Lease Remaining	-	18.6	38.3	79.5	158.3
Total Capital Leases	-	524.3	526.2	583.0	730.4
Pension Obligation	-	3,252.6	2,869.6	2,730.8	2,671.5
Fair Value of Plan Assets	-	1,157.4	1,034.9	839.9	979.9
Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Total Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Discount Rate	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return	-	1.00%	1.00%	1.00%	0.85%
Expense Unrecog. for Acct. Changes	-	310.1	343.8	396.8	459.3
Unrecognized Actuarial Gains and Losses	-	498.6	433.4	529.1	364.4
Unrecognized Prior Service Cost	-	-202.2	-218.4	-216.6	-252.9
Prepaid Pension Benefits	-	0.1	2.3	2.1	7.1
Reserve for Accrued Retirement Benefits	-	-1,488.9	-1,278.1	-1,183.7	-1,127.8
Net Assets Recognized on Balance Sheet	-	-882.3	-716.9	-472.5	-549.8

Annual Cash Flows

Financials in: USD (mil)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Income Before Tax	803.3	409.1	-1,028.5	-44.2	1,008.1
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Impairment loss	22.1	3.7	13.5	0.0	123.5
L on adjust for chang of acc. assets	0.0	24.9	0.0	-	-
Settlement package	0.0	79.8	0.0	-	-
Lease acct. effect	-	-	-	0.0	33.4
PPE Sold & Retired	60.7	137.1	141.3	-66.6	132.4
Sec. Reval & Sold	1.7	41.3	8.9	35.5	25.9
Doubt Debt Allow	2.7	1.8	6.5	1.6	0.2
Accrued Retirement	28.0	52.7	9.5	46.5	16.2
Interest Expenses	247.9	225.4	195.4	147.6	131.7
Interest & Dividend	-31.1	-30.3	-28.7	-28.5	-40.3
Currency Gain/Loss	-4.2	4.2	0.5	6.7	7.1
Gain-Transfer of Hotel Business Asset	-	-	-	0.0	-1,163.5
Special Retirement	30.9	2.2	48.1	6.6	10.6
Accounts Receivable	-364.2	12.7	-61.3	288.8	8.7
Other Receivable	-78.5	34.3	66.9	69.9	-96.0
Accounts Payable	253.9	113.6	16.7	-341.8	-104.2
Other Operating CF	534.6	212.3	83.4	-322.4	294.4
Interest & Dividend	40.8	26.1	30.1	28.7	42.0
Interest Paid	-251.6	-223.3	-194.6	-145.2	-135.1
Income tax (paid) refund	-67.1	-39.6	402.3	-1,195.9	-51.1
Special Retirem Paid	-25.1	-9.2	-41.3	-6.6	-10.6
Settlement package paid	0.0	-81.5	0.0	-	-
Consolid. Adjustment	-	-	-	-	0.0
Cash from Operating Activities	2,715.3	2,379.3	892.9	-395.9	1,450.2

Capital Expenditure	-2,294.7	-2,195.2	-2,003.1	-1,158.3	-2,950.2
Fixed Asset Sold	513.9	445.7	107.2	423.8	395.5
Intangibles Bought	-198.6	-275.2	-255.7	-291.8	-179.5
Purchase of Mktbl. Secs.	-2,934.7	-1,242.4	-1,248.1	0.0	-113.9
Sale of Mktbl. Secs.	2,884.6	1,667.1	763.9	0.0	113.9
Acq. Inv. Sec.	-89.4	-0.2	-0.8	-5.0	-40.4
Inv. Sec. Sold	7.6	5.9	3.6	0.7	13.6
Purchase of subs.' securities	-	0.0	-25.5	0.0	-
Sale Subsid. Stock	-	-	0.0	7.4	0.0
Purchae consolidated stock	-	-	-	0.0	-0.3
Loans Made	-1.4	-36.5	-35.4	-16.7	-4.3
Loans Returned	12.1	8.9	23.7	14.4	18.6
Gain-Transfer of Hotel Business Asset	-	-	-	0.0	2,151.4
Other Investment CF	-5.7	-7.4	-40.0	-80.6	-15.2
Cash from Investing Activities	-2,106.4	-1,629.3	-2,710.2	-1,106.0	-610.9

Short Term Debt, net	-2.1	-337.6	-188.0	437.8	-8.0
LT Debt Proceed	2,285.7	1,884.7	2,090.8	2,047.3	909.8
LT Debt Repaid	-1,621.7	-1,280.6	-1,012.1	-749.6	-1,246.6
Corp Debt Issued	0.0	232.3	0.0	198.0	261.1
Corp Debt Repaid	-253.3	-466.8	-322.8	-497.6	-393.7
Finance Lease Repaid	-151.3	-166.5	-132.2	-160.7	-200.1
Issuance of stock	-	0.0	1,526.1	0.0	-
Dividend Paid	-63.6	0.0	-20.8	-96.9	-51.1
Treasury ,net	13.7	11.8	-11.7	-54.7	-1.6
Other Financing CF	-2.6	-1.0	-59.5	16.0	-33.9
Cash from Financing Activities	204.8	-123.7	1,869.9	1,139.5	-764.1

Foreign Exchange Effects	-0.3	-3.0	-1.5	-1.1	-8.0
Net Change in Cash	813.4	623.4	51.1	-363.5	67.3

Net Cash - Beginning Balance	2,553.2	1,729.3	1,543.3	1,791.0	1,507.2
Net Cash - Ending Balance	3,366.6	2,352.7	1,594.4	1,427.4	1,574.5
Cash Interest Paid	251.6	223.3	194.6	145.2	135.1
Cash Taxes Paid	67.1	39.6	-402.3	1,195.9	51.1

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key IndicatorsÂ USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Mar-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	4,313.3	7.27%	17,875.9	3.97%	0.45%	-1.07%
Operating Income1	-30.9	-	1,099.3	47.19%	-	3.57%
Income Available to Common Excl Extraord Items1	-70.7	-	356.9	20.91%	-	-2.91%
Basic EPS Excl Extraord Items1	-0.03	-	0.14	20.70%	-	-7.73%
Capital Expenditures2	2,493.4	-	2,493.4	-7.00%	10.55%	-4.81%
Cash from Operating Activities2	2,715.3	-	2,715.3	5.16%	-	6.20%
Free Cash Flow	212.7	-	212.7	-	-	-
Total Assets3	24,307.4	3.87%	24,307.4	3.87%	4.38%	4.56%
Total Liabilities3	17,643.4	3.25%	17,643.4	3.25%	0.33%	3.84%
Total Long Term Debt3	10,150.5	5.53%	10,150.5	5.53%	4.74%	7.20%
Total Common Shares Outstanding3	2,515.7	0.26%	2,515.7	0.26%	9.18%	5.25%
1-ExchangeRate: JPY to USD Average for Period	79.208816	Â	78.961215	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	78.961215	Â	78.961215	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	82.385362	Â	82.385362	Â	Â	Â

Utility Industry SpecificÂ USD (mil)
Â	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Deferred Charges3	2.1	6.2	8.7	1.9	1.4
3-ExchangeRate: JPY to USD Period End Date	82.385362	82.880000	93.440000	98.770000	99.535000

Key Ratios
Â	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Profitability
Gross Margin	23.01%	18.79%	11.93%	16.93%	22.89%
Operating Margin	6.15%	4.34%	-5.79%	-0.19%	0.87%
Pretax Margin	4.49%	2.58%	-7.78%	-0.32%	7.74%
Net Profit Margin	2.00%	1.72%	-4.67%	-0.31%	4.31%
Financial Strength
Current Ratio	1.19	1.06	0.89	0.89	0.87
Long Term Debt/Equity	1.52	1.52	1.61	2.26	1.39
Total Debt/Equity	1.76	1.80	1.99	2.79	1.70
Management Effectiveness
Return on Assets	1.43%	1.22%	-3.18%	-0.25%	3.84%
Return on Equity	5.27%	4.69%	-14.43%	-1.10%	15.07%
Efficiency
Receivables Turnover	12.99	14.25	13.29	13.46	12.35
Inventory Turnover	20.64	19.62	18.97	21.03	20.19
Asset Turnover	0.72	0.72	0.68	0.79	0.88

Market ValuationÂ USD (mil)
P/E (TTM)	19.25	.	Enterprise Value2	15,001.7
Price/Sales (TTM)	0.39	.	Enterprise Value/Revenue (TTM)	0.88
Price/Book (MRQ)	0.99	.	Enterprise Value/EBITDA (TTM)	6.00
Market Cap as of 08-Jun-20121	6,851.1	.
1-ExchangeRate: JPY to USD on 8-Jun-2012	79.606486
2-ExchangeRate: JPY to USD on 31-Mar-2012	82.385362

Ratio Comparisons

	Company	Industry	Sector	S&P 500
Valuation Ratios
P/E Excluding Extraordinary (TTM)	19.25	15.51	21.35	19.68
P/E High Excluding Extraordinary - Last 5 Yrs	26.68	13.81	36.35	32.79
P/E Low Excluding Extraordinary - Last 5 Yrs	13.33	1.51	13.11	10.71
Beta	0.28	0.91	1.01	1.00
Price/Revenue (TTM)	0.39	0.74	1.70	2.57
Price/Book (MRQ)	0.99	8.36	5.08	3.67
Price to Tangible Book (MRQ)	1.14	6.32	5.29	5.21
Price to Cash Flow Per Share (TTM)	3.70	6.03	13.03	14.22
Price to Free Cash Flow Per Share (TTM)	3.18	7.60	41.23	26.26

Dividends
Dividend Yield	1.85%	0.33%	1.70%	2.26%
Dividend Per Share - 5 Yr Avg	2.40	0.12	1.43	1.99
Dividend 5 Yr Growth	5.92%	0.51%	17.35%	0.08%
Payout Ratio (TTM)	35.71%	1.29%	17.01%	25.98%

Growth Rates (%)
Revenue (MRQ) vs Qtr 1 Yr Ago	7.27%	17.68%	16.25%	15.58%
Revenue (TTM) vs TTM 1 Yr Ago	3.97%	15.64%	-25.00%	17.69%
Revenue 5 Yr Growth	-1.07%	8.03%	-33.19%	8.97%
EPS (MRQ) vs Qtr 1 Yr Ago	60.73%	23.99%	43.07%	19.49%
EPS (TTM) vs TTM 1 Yr Ago	20.71%	3.26%	60.93%	32.55%
EPS 5 Yr Growth	-7.73%	5.25%	7.92%	9.86%
Capital Spending 5 Yr Growth	-4.81%	-5.17%	-37.91%	-2.04%

Financial Strength
Quick Ratio (MRQ)	1.08	0.80	0.66	1.24
Current Ratio (MRQ)	1.19	1.01	1.47	1.79
LT Debt/Equity (MRQ)	1.52	6.38	1.19	0.64
Total Debt/Equity (MRQ)	1.76	7.50	1.35	0.73
Interest Coverage (TTM)	5.06	2.87	3.87	13.80

Profitability Ratios (%)
Gross Margin (TTM)	23.01%	18.05%	37.32%	45.21%
Gross Margin - 5 Yr Avg	18.94%	14.09%	34.23%	44.91%
EBITD Margin (TTM)	14.57%	10.16%	20.84%	24.43%
EBITD Margin - 5 Yr Avg	10.01%	3.20%	18.15%	22.84%
Operating Margin (TTM)	6.12%	5.80%	14.83%	20.63%
Operating Margin - 5 Yr Avg	1.24%	3.83%	13.40%	18.28%
Pretax Margin (TTM)	4.49%	2.92%	12.51%	17.95%
Pretax Margin - 5 Yr Avg	1.65%	1.45%	11.68%	17.10%
Net Profit Margin (TTM)	2.00%	2.64%	7.89%	13.65%
Net Profit Margin - 5 Yr Avg	0.79%	0.96%	7.54%	12.10%
Effective Tax Rate (TTM)	55.57%	34.76%	37.10%	28.45%
Effective Tax rate - 5 Yr Avg	52.35%	26.47%	34.80%	29.92%

Management Effectiveness (%)
Return on Assets (TTM)	1.43%	1.97%	6.84%	8.54%
Return on Assets - 5 Yr Avg	0.59%	-3.99%	-27.41%	8.40%
Return on Investment (TTM)	1.87%	1.58%	4.94%	7.90%
Return on Investment - 5 Yr Avg	0.81%	-1.39%	-9.49%	8.27%
Return on Equity (TTM)	5.27%	8.45%	20.93%	19.72%
Return on Equity - 5 Yr Avg	2.41%	6.16%	16.59%	20.06%

Efficiency
Revenue/Employee (TTM)	-	345,817.01	332,431.75	927,613.77
Net Income/Employee (TTM)	-	13,319.26	29,061.58	116,121.92
Receivables Turnover (TTM)	12.99	36.39	16.18	13.25
Inventory Turnover (TTM)	20.64	53.01	35.64	14.53
Asset Turnover (TTM)	0.72	1.00	0.75	0.93

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Financial Strength
Current Ratio	1.19	1.06	0.89	0.89	0.87
Quick/Acid Test Ratio	0.87	0.68	0.61	0.46	0.55
Working Capital1	1,064.2	296.8	-546.8	-571.5	-737.9
Long Term Debt/Equity	1.52	1.52	1.61	2.26	1.39
Total Debt/Equity	1.76	1.80	1.99	2.79	1.70
Long Term Debt/Total Capital	0.55	0.54	0.54	0.60	0.52
Total Debt/Total Capital	0.64	0.64	0.67	0.74	0.63
Payout Ratio	35.66%	21.52%	0.00%	-45.66%	15.18%
Effective Tax Rate	55.57%	34.33%	-	-	43.56%
Total Capital1	18,360.9	17,604.6	15,146.0	12,343.0	12,265.5

Efficiency
Asset Turnover	0.72	0.72	0.68	0.79	0.88
Inventory Turnover	20.64	19.62	18.97	21.03	20.19
Days In Inventory	17.69	18.60	19.24	17.35	18.07
Receivables Turnover	12.99	14.25	13.29	13.46	12.35
Days Receivables Outstanding	28.11	25.62	27.46	27.11	29.55
Revenue/Employee2	-	500,472	403,521	426,668	476,879
Operating Income/Employee2	-	21,740	-23,352	-824	4,160
EBITDA/Employee2	-	65,400	14,034	33,761	48,750

Profitability
Gross Margin	23.01%	18.79%	11.93%	16.93%	22.89%
Operating Margin	6.15%	4.34%	-5.79%	-0.19%	0.87%
EBITDA Margin	14.60%	13.07%	3.48%	7.91%	10.22%
EBIT Margin	6.15%	4.34%	-5.79%	-0.19%	0.87%
Pretax Margin	4.49%	2.58%	-7.78%	-0.32%	7.74%
Net Profit Margin	2.00%	1.72%	-4.67%	-0.31%	4.31%
COGS/Revenue	76.99%	81.21%	88.07%	83.07%	77.11%
SG&A Expense/Revenue	16.14%	12.77%	15.23%	15.47%	16.29%

Management Effectiveness
Return on Assets	1.43%	1.22%	-3.18%	-0.25%	3.84%
Return on Equity	5.27%	4.69%	-14.43%	-1.10%	15.07%

Valuation
Free Cash Flow/Share2	0.08	-0.04	-0.54	-0.97	-0.99
Operating Cash Flow/Share 2	1.03	0.98	0.35	-0.21	0.86
1-ExchangeRate: JPY to USD Period End Date	82.385362	82.88	93.44	98.77	99.535
2-ExchangeRate: JPY to USD Average for Period	82.385362	82.88	93.44	98.77	99.535

Current Market Multiples
Market Cap/Earnings (TTM)	19.32
Market Cap/Equity (MRQ)	0.99
Market Cap/Revenue (TTM)	0.39
Market Cap/EBIT (TTM)	6.31
Market Cap/EBITDA (TTM)	2.65
Enterprise Value/Earnings (TTM)	43.79
Enterprise Value/Equity (MRQ)	2.25
Enterprise Value/Revenue (TTM)	0.88
Enterprise Value/EBIT (TTM)	14.30
Enterprise Value/EBITDA (TTM)	6.01

Stock Report

Traded:

As of 8-Jun-2012 US Dollars

Recent Price	$216.00	EPS	$12.78
52 Week High	$274.00	Price/Sales	0.39
52 Week Low	$206.00	Dividend Rate	$4.00
Avg. Volume (mil)	10.05	Price/Earnings	22.28
Market Value (mil)	$545,391.20	Price/Book	0.99
		Beta	0.28

	Price % Change	Rel S&P 500%
4 Week	-0.92%	4.69%
13 Week	-16.28%	-1.01%
52 Week	-10.74%	1.10%
Year to Date	0.47%	1.99%

Stock History

Market Cap History
	31-Mar-12	% Chg	31-Dec-11	% Chg	30-Sep-11	% Chg	30-Jun-11	% Chg	31-Mar-11	% Chg
Total Common Shares Outstanding	2,516	0.1	2,513	0.1	2,511	0.1	2,510	0.0	2,509	0.0

Yearly Price History
	2012	% Chg	2011	% Chg	2010	% Chg	2009	% Chg	2008	% Chg
High Price	6.31	-16.0	7.51	-2.0	7.66	-7.2	8.25	-7.8	8.95	7.8
Low Price	5.19	-3.5	5.38	-5.3	5.68	11.8	5.08	-24.2	6.70	-4.3
Year End Price	5.56	1.8	5.46	-26.8	7.46	38.1	5.40	-28.5	7.55	5.4

Monthly Price History
Price Ending Date	Open	High	Low	Close	Volume
06-Jun-12	5.39	5.56	5.39	5.56	1,105
31-May-12	5.58	5.66	5.19	5.39	24,257
30-Apr-12	5.50	5.94	5.50	5.94	38,414
28-Mar-12	6.15	6.21	5.95	5.95	17,200
21-Feb-12	6.18	6.31	6.08	6.08	17,200
31-Jan-12	5.55	5.82	5.54	5.82	21,189
30-Dec-11	5.96	5.96	5.38	5.46	92,566
30-Nov-11	5.96	6.12	5.78	6.12	29,364
27-Oct-11	6.31	6.43	6.05	6.21	23,038
30-Sep-11	6.59	6.75	6.20	6.29	15,534
25-Aug-11	6.86	6.86	6.12	6.12	5,423
28-Jul-11	6.50	6.84	6.50	6.84	37,533
30-Jun-11	5.98	6.48	5.98	6.48	60,793

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Sales	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Total Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6

Cost of Revenue	13,762.1	12,866.6	11,639.8	11,513.1	10,037.5
Cost of Revenue, Total	13,762.1	12,866.6	11,639.8	11,513.1	10,037.5
Gross Profit	4,113.8	2,976.9	1,576.7	2,345.6	2,979.1

Selling/General/Administrative Expense	2,885.1	1,850.6	1,872.0	1,992.7	1,919.8
Labor & Related Expense	-	108.8	65.8	51.2	68.7
Advertising Expense	-	63.4	74.7	99.9	131.9
Total Selling/General/Administrative Expenses	2,885.1	2,022.8	2,012.4	2,143.8	2,120.4
Depreciation	-	162.8	147.9	126.3	315.7
Depreciation/Amortization	-	162.8	147.9	126.3	315.7
Restructuring Charge	-	0.0	-	-	-
Litigation	0.0	79.8	0.0	-	-
Impairment-Assets Held for Use	96.4	119.4	103.9	56.1	173.8
Impairment-Assets Held for Sale	0.1	41.3	6.9	38.7	33.5
Other Unusual Expense (Income)	32.9	-137.4	70.3	7.4	222.1
Unusual Expense (Income)	129.4	103.1	181.2	102.3	429.4
Total Operating Expense	16,776.6	15,155.3	13,981.3	13,885.5	12,903.1

Operating Income	1,099.3	688.2	-764.9	-26.8	113.5

Interest Expense - Non-Operating	-247.9	-225.4	-195.4	-147.6	-131.7
Interest Expense, Net Non-Operating	-247.9	-225.4	-195.4	-147.6	-131.7
Interest Income - Non-Operating	10.9	11.6	12.2	15.5	27.8
Investment Income - Non-Operating	20.9	43.5	32.8	30.2	9.0
Interest/Investment Income - Non-Operating	31.7	55.1	45.0	45.7	36.8
Interest Income (Expense) - Net Non-Operating Total	-216.2	-170.3	-150.4	-101.9	-94.9
Gain (Loss) on Sale of Assets	17.9	-20.8	-49.1	123.9	1,082.7
Other Non-Operating Income (Expense)	-97.7	-88.0	-64.1	-39.4	-93.3
Other, Net	-97.7	-88.0	-64.1	-39.4	-93.3
Income Before Tax	803.3	409.1	-1,028.5	-44.2	1,008.1

Total Income Tax	446.4	140.4	-409.1	0.6	439.1
Income After Tax	356.9	268.7	-619.4	-44.8	568.9

Minority Interest	0.0	3.3	1.9	2.4	-7.8
Net Income Before Extraord Items	356.9	272.0	-617.5	-42.4	561.2
Net Income	356.9	272.0	-617.5	-42.4	561.2

Income Available to Common Excl Extraord Items	356.9	272.0	-617.5	-42.4	561.2

Income Available to Common Incl Extraord Items	356.9	272.0	-617.5	-42.4	561.2

Basic/Primary Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Basic EPS Excl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Basic/Primary EPS Incl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	356.9	272.0	-617.5	-42.4	561.2
Diluted Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Diluted EPS Excl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Diluted EPS Incl Extraord Items	0.14	0.11	-0.27	-0.02	0.29
Dividends per Share - Common Stock Primary Issue	0.05	0.02	0.00	0.01	0.04
Gross Dividends - Common Stock	127.4	58.6	0.0	19.2	85.2
Interest Expense, Supplemental	247.9	225.4	195.4	147.6	131.7
Depreciation, Supplemental	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Total Special Items	111.5	123.9	230.3	-21.6	-653.3
Normalized Income Before Tax	914.8	533.0	-798.2	-65.8	354.7

Effect of Special Items on Income Taxes	62.0	42.5	80.6	-7.5	-284.6
Inc Tax Ex Impact of Sp Items	508.4	183.0	-328.5	-7.0	154.5
Normalized Income After Tax	406.4	350.1	-469.7	-58.8	200.2

Normalized Inc. Avail to Com.	406.4	353.3	-467.7	-56.4	192.4

Basic Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Diluted Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Advertising Expense, Supplemental	-	63.4	74.7	99.9	131.9
Reported Operating Profit	1,228.7	791.3	-583.7	75.5	738.3
Reported Ordinary Profit	866.9	432.0	-928.6	0.9	494.5
Normalized EBIT	1,228.7	791.3	-583.7	75.5	542.9
Normalized EBITDA	2,739.2	2,173.5	640.8	1,198.9	1,760.0
Interest Cost - Domestic	-	76.2	71.9	64.8	57.0
Service Cost - Domestic	-	125.6	116.0	103.6	95.1
Prior Service Cost - Domestic	-	-44.7	-43.0	-38.4	-33.6
Expected Return on Assets - Domestic	-	-40.4	-35.5	-40.0	-39.9
Actuarial Gains and Losses - Domestic	-	73.3	76.9	53.8	34.7
Transition Costs - Domestic	-	75.0	69.1	65.0	58.0
Domestic Pension Plan Expense	-	265.0	255.3	208.8	171.3
Defined Contribution Expense - Domestic	-	11.4	9.9	7.9	5.8
Total Pension Expense	-	276.4	265.2	216.7	177.1
Discount Rate - Domestic	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	-	1.00%	1.00%	1.00%	0.85%
Total Plan Interest Cost	-	76.2	71.9	64.8	57.0
Total Plan Service Cost	-	125.6	116.0	103.6	95.1
Total Plan Expected Return	-	-40.4	-35.5	-40.0	-39.9

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.208816	77.302742	77.752043	81.605269	82.241044

Net Sales	4,313.3	4,721.9	5,141.5	3,738.5	3,872.9
Revenue	4,313.3	4,721.9	5,141.5	3,738.5	3,872.9
Total Revenue	4,313.3	4,721.9	5,141.5	3,738.5	3,872.9

Cost of Revenue	3,498.2	3,463.8	3,569.5	3,238.6	3,337.5
Cost of Revenue, Total	3,498.2	3,463.8	3,569.5	3,238.6	3,337.5
Gross Profit	815.0	1,258.1	1,572.0	499.9	535.4

Selling/General/Administrative Expense	740.8	529.6	623.4	419.8	465.1
Labor & Related Expense	-	139.3	137.6	124.4	130.1
Advertising Expense	-	14.4	17.1	13.0	14.2
Total Selling/General/Administrative Expenses	740.8	683.3	778.1	557.2	609.4
Depreciation	-	44.3	44.9	41.9	46.4
Depreciation/Amortization	-	44.3	44.9	41.9	46.4
Impairment-Assets Held for Use	36.1	24.3	4.1	9.9	69.0
Impairment-Assets Held for Sale	-	-	-	-	0.0
Other Unusual Expense (Income)	69.1	1.6	-11.1	0.1	26.0
Unusual Expense (Income)	105.2	25.9	-7.0	10.0	95.0
Total Operating Expense	4,344.2	4,217.3	4,385.5	3,847.8	4,088.2

Operating Income	-30.9	504.6	756.0	-109.3	-215.3

Interest Expense - Non-Operating	-56.0	-64.7	-68.5	-59.0	-57.9
Interest Expense, Net Non-Operating	-56.0	-64.7	-68.5	-59.0	-57.9
Interest Income - Non-Operating	2.2	2.9	3.3	2.4	2.7
Investment Income - Non-Operating	-2.6	1.4	10.0	11.9	3.4
Interest/Investment Income - Non-Operating	-0.4	4.3	13.3	14.3	6.1
Interest Income (Expense) - Net Non-Operating Total	-56.4	-60.4	-55.2	-44.7	-51.8
Gain (Loss) on Sale of Assets	6.2	9.1	6.9	0.8	-24.3
Other Non-Operating Income (Expense)	-26.0	-18.3	-27.1	-26.1	-23.2
Other, Net	-26.0	-18.3	-27.1	-26.1	-23.2
Income Before Tax	-107.1	435.0	680.6	-179.3	-314.7

Total Income Tax	-33.6	292.2	276.0	-75.3	-136.7
Income After Tax	-73.5	142.8	404.6	-104.0	-178.0

Minority Interest	2.8	-1.4	-1.7	0.2	4.9
Net Income Before Extraord Items	-70.7	141.3	402.9	-103.8	-173.1
Net Income	-70.7	141.3	402.9	-103.8	-173.1

Income Available to Common Excl Extraord Items	-70.7	141.3	402.9	-103.8	-173.1

Income Available to Common Incl Extraord Items	-70.7	141.3	402.9	-103.8	-173.1

Basic/Primary Weighted Average Shares	2,514.1	2,512.3	2,511.2	2,509.8	2,508.9
Basic EPS Excl Extraord Items	-0.03	0.06	0.16	-0.04	-0.07
Basic/Primary EPS Incl Extraord Items	-0.03	0.06	0.16	-0.04	-0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-70.7	141.3	402.9	-103.8	-173.1
Diluted Weighted Average Shares	2,514.1	2,512.3	2,511.2	2,509.8	2,508.9
Diluted EPS Excl Extraord Items	-0.03	0.06	0.16	-0.04	-0.07
Diluted EPS Incl Extraord Items	-0.03	0.06	0.16	-0.04	-0.07
Dividends per Share - Common Stock Primary Issue	0.05	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	127.0	0.0	0.0	0.0	61.0
Interest Expense, Supplemental	56.0	64.7	68.5	59.0	57.9
Depreciation, Supplemental	395.0	384.0	380.0	352.2	374.9
Total Special Items	98.9	16.8	-13.9	9.2	119.3
Normalized Income Before Tax	-8.2	451.8	666.7	-170.0	-195.4

Effect of Special Items on Income Taxes	34.6	5.9	-5.6	3.2	41.8
Inc Tax Ex Impact of Sp Items	1.1	298.1	270.4	-72.1	-94.9
Normalized Income After Tax	-9.3	153.7	396.3	-98.0	-100.5

Normalized Inc. Avail to Com.	-6.4	152.2	394.6	-97.8	-95.6

Basic Normalized EPS	0.00	0.06	0.16	-0.04	-0.04
Diluted Normalized EPS	0.00	0.06	0.16	-0.04	-0.04
Advertising Expense, Supplemental	-	14.4	17.1	13.0	14.2
Reported Operating Profit	74.2	530.5	749.0	-99.3	-120.4
Reported Ordinary Profit	-38.0	438.1	669.5	-177.1	-259.1
Normalized EBIT	74.2	530.5	749.0	-99.3	-120.4
Normalized EBITDA	469.2	914.5	1,129.0	252.9	254.5

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Equivalents	508.2	445.9	141.8	604.1	516.5
Short Term Investments	2,878.0	2,097.9	1,932.5	855.4	1,298.8
Cash and Short Term Investments	3,386.2	2,543.8	2,074.3	1,459.5	1,815.3
Accounts Receivable - Trade, Gross	1,505.5	1,155.4	1,036.3	902.9	1,187.8
Provision for Doubtful Accounts	-14.1	-15.0	-8.0	-4.8	-0.8
Trade Accounts Receivable - Net	1,491.4	1,140.4	1,028.3	898.1	1,186.9
Total Receivables, Net	1,491.4	1,140.4	1,028.3	898.1	1,186.9
Inventories - Finished Goods	59.8	65.7	59.3	60.0	-
Inventories - Other	545.4	603.5	549.7	518.3	-
Total Inventory	605.2	669.1	609.1	578.3	531.4
Deferred Income Tax - Current Asset	367.4	466.0	264.5	742.1	340.7
Other Current Assets	810.2	878.0	534.9	844.4	882.7
Other Current Assets, Total	1,177.6	1,343.9	799.4	1,586.5	1,223.4
Total Current Assets	6,660.4	5,697.2	4,511.1	4,522.4	4,757.1

Property/Plant/Equipment - Net	14,806.9	14,348.5	12,332.6	10,937.2	11,041.8
Intangibles, Net	872.1	897.7	755.3	637.2	473.1
LT Investment - Affiliate Companies	-	241.9	131.0	-	-
LT Investments - Other	711.1	374.4	410.4	554.3	648.8
Long Term Investments	711.1	616.3	541.4	554.3	648.8
Note Receivable - Long Term	54.5	61.2	45.2	32.4	24.0
Deferred Charges	2.1	6.2	8.7	1.9	1.4
Deferred Income Tax - Long Term Asset	836.2	1,123.5	1,333.0	826.1	450.6
Other Long Term Assets	364.1	512.1	368.8	318.6	520.5
Other Long Term Assets, Total	1,202.3	1,641.9	1,710.5	1,146.6	972.4
Total Assets	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Accounts Payable	2,194.6	1,939.6	1,616.2	1,507.7	1,841.5
Accrued Expenses	374.4	334.0	121.8	124.7	252.2
Notes Payable/Short Term Debt	0.0	2.0	311.4	471.5	25.9
Current Portion - Long Term Debt/Capital Leases	1,546.5	1,764.3	1,623.3	1,244.2	1,344.4
Income Taxes Payable	47.5	57.8	28.6	13.7	817.0
Other Current Liabilities	1,433.3	1,302.7	1,356.7	1,732.0	1,213.9
Other Current liabilities, Total	1,480.8	1,360.5	1,385.3	1,745.7	2,031.0
Total Current Liabilities	5,596.2	5,400.5	5,057.9	5,093.9	5,495.1

Long Term Debt	9,852.0	9,171.8	7,744.1	6,904.7	5,772.6
Capital Lease Obligations	298.5	389.3	399.3	463.7	571.6
Total Long Term Debt	10,150.5	9,561.1	8,143.4	7,368.4	6,344.3
Total Debt	11,696.9	11,327.4	10,078.0	9,084.1	7,714.6

Deferred Income Tax - LT Liability	21.7	23.5	4.3	0.7	0.8
Deferred Income Tax	21.7	23.5	4.3	0.7	0.8
Minority Interest	70.9	73.6	70.0	39.6	29.9
Reserves	28.9	25.7	0.0	-	-
Pension Benefits - Underfunded	1,537.5	1,495.8	1,283.6	1,189.5	1,133.1
Other Long Term Liabilities	237.7	405.4	268.8	879.0	363.3
Other Liabilities, Total	1,804.0	1,926.9	1,552.5	2,068.5	1,496.4
Total Liabilities	17,643.4	16,985.6	14,828.1	14,571.0	13,366.4

Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Additional Paid-In Capital	2,375.7	2,368.8	2,104.4	1,272.9	1,263.4
Retained Earnings (Accumulated Deficit)	1,427.7	1,144.9	690.4	1,253.7	1,384.7
Treasury Stock - Common	-49.6	-70.0	-75.1	-64.7	-9.3
Unrealized Gain (Loss)	111.6	50.7	-125.2	-822.2	302.7
Translation Adjustment	-9.9	-9.0	-2.8	-0.7	1.9
Other Equity, Total	-9.9	-9.0	-2.8	-0.7	1.9
Total Equity	6,664.0	6,277.2	5,068.0	3,258.9	4,550.9

Total Liabilities & Shareholdersâ€™ Equity	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Shares Outstanding - Common Stock Primary Issue	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Total Common Shares Outstanding	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Treasury Shares - Common Stock Primary Issue	9.3	15.9	18.5	16.8	2.3
Employees	-	32,731	32,578	33,045	31,345
Number of Common Shareholders	-	350,736	340,210	289,917	285,117
Total Long Term Debt, Supplemental	-	10,813.2	9,240.5	8,029.6	6,958.4
Long Term Debt Maturing within 1 Year	-	1,629.3	1,496.4	1,124.9	1,185.7
Long Term Debt Maturing in Year 2	-	1,193.1	1,289.4	1,234.8	969.3
Long Term Debt Maturing in Year 3	-	981.8	509.4	336.5	419.9
Long Term Debt Maturing in Year 4	-	981.8	509.4	336.5	419.9
Long Term Debt Maturing in Year 5	-	1,677.2	1,596.8	783.1	476.5
Long Term Debt Maturing in Year 6	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in Year 7	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in Year 8	-	441.4	300.8	346.3	351.9
Long Term Debt Maturing in 2-3 Years	-	2,174.9	1,798.8	1,571.3	1,389.1
Long Term Debt Maturing in 4-5 Years	-	2,659.0	2,106.2	1,119.6	896.4
Long Term Debt Matur. in Year 6 & Beyond	-	4,350.0	3,839.1	4,213.8	3,487.1
Total Capital Leases, Supplemental	-	524.3	526.2	583.0	730.4
Capital Lease Payments Due in Year 1	-	135.1	126.9	119.3	158.7
Capital Lease Payments Due in Year 2	-	132.9	108.9	115.0	116.5
Capital Lease Payments Due in Year 3	-	118.6	101.8	97.5	112.1
Capital Lease Payments Due in Year 4	-	85.7	89.1	91.5	95.0
Capital Lease Payments Due in Year 5	-	33.5	61.0	80.3	89.7
Capital Lease Payments Due in 2-3 Years	-	251.5	210.7	212.4	228.6
Capital Lease Payments Due in 4-5 Years	-	119.2	150.2	171.8	184.7
Cap. Lease Pymts. Due in Year 6 & Beyond	-	18.6	38.3	79.5	158.3
Pension Obligation - Domestic	-	3,252.6	2,869.6	2,730.8	2,671.5
Plan Assets - Domestic	-	1,157.4	1,034.9	839.9	979.9
Funded Status - Domestic	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Total Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Discount Rate - Domestic	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	-	1.00%	1.00%	1.00%	0.85%
Prepaid Benefits - Domestic	-	0.1	2.3	2.1	7.1
Accrued Liabilities - Domestic	-	-1,488.9	-1,278.1	-1,183.7	-1,127.8
Other Assets, Net - Domestic	-	606.5	558.9	709.2	570.9
Net Assets Recognized on Balance Sheet	-	-882.3	-716.9	-472.5	-549.8
Total Plan Obligations	-	3,252.6	2,869.6	2,730.8	2,671.5
Total Plan Assets	-	1,157.4	1,034.9	839.9	979.9

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	76.94	77.08	80.76	82.88

Cash & Equivalents	508.2	549.1	396.7	373.7	445.9
Short Term Investments	2,878.0	4,056.1	4,829.4	4,178.9	2,097.9
Cash and Short Term Investments	3,386.2	4,605.1	5,226.2	4,552.5	2,543.8
Accounts Receivable - Trade, Gross	1,505.5	1,476.4	1,490.5	1,388.9	1,155.4
Provision for Doubtful Accounts	-14.1	-14.9	-15.0	-16.3	-15.0
Trade Accounts Receivable - Net	1,491.4	1,461.4	1,475.5	1,372.7	1,140.4
Total Receivables, Net	1,491.4	1,461.4	1,475.5	1,372.7	1,140.4
Inventories - Finished Goods	59.8	71.8	65.0	63.5	65.7
Inventories - Other	545.4	627.7	618.5	603.1	603.5
Total Inventory	605.2	699.5	683.4	666.6	669.1
Deferred Income Tax - Current Asset	367.4	592.2	681.3	543.8	466.0
Other Current Assets	810.2	694.9	712.5	834.6	878.0
Other Current Assets, Total	1,177.6	1,287.1	1,393.8	1,378.4	1,343.9
Total Current Assets	6,660.4	8,053.1	8,778.9	7,970.2	5,697.2

Property/Plant/Equipment - Net	14,806.9	14,972.3	15,021.6	14,541.5	14,348.5
Intangibles, Net	872.1	948.1	967.0	903.4	897.7
LT Investments - Other	711.1	733.1	658.4	618.6	616.3
Long Term Investments	711.1	733.1	658.4	618.6	616.3
Note Receivable - Long Term	54.5	-	-	-	61.2
Deferred Charges	2.1	3.4	4.5	5.3	6.2
Deferred Income Tax - Long Term Asset	836.2	849.6	1,111.3	1,244.3	1,123.5
Other Long Term Assets	364.1	414.4	413.2	518.0	512.1
Other Long Term Assets, Total	1,202.3	1,267.4	1,529.0	1,767.6	1,641.9
Total Assets	24,307.4	25,974.0	26,954.8	25,801.3	23,262.8

Accounts Payable	2,194.6	2,165.1	1,930.3	1,646.2	1,939.6
Accrued Expenses	374.4	219.3	284.7	411.8	334.0
Notes Payable/Short Term Debt	0.0	0.1	648.8	619.1	2.0
Current Portion - Long Term Debt/Capital Leases	1,546.5	1,671.2	1,998.3	1,917.5	1,764.3
Income Taxes Payable	47.5	62.5	47.3	24.2	57.8
Other Current Liabilities	1,433.3	1,691.6	1,938.3	1,806.8	1,302.7
Other Current liabilities, Total	1,480.8	1,754.0	1,985.6	1,831.0	1,360.5
Total Current Liabilities	5,596.2	5,809.7	6,847.7	6,425.6	5,400.5

Long Term Debt	9,852.0	10,786.9	10,903.1	10,770.6	9,171.8
Capital Lease Obligations	298.5	354.6	388.2	370.8	389.3
Total Long Term Debt	10,150.5	11,141.5	11,291.2	11,141.4	9,561.1
Total Debt	11,696.9	12,812.8	13,938.3	13,678.0	11,327.4

Minority Interest	70.9	79.5	77.9	72.8	73.6
Reserves	12.5	14.2	14.1	13.4	11.8
Pension Benefits - Underfunded	1,537.5	1,661.0	1,633.6	1,545.9	1,495.8
Other Long Term Liabilities	275.8	393.5	476.2	418.7	442.9
Other Liabilities, Total	1,825.7	2,068.7	2,123.9	1,977.9	1,950.4
Total Liabilities	17,643.4	19,099.4	20,340.7	19,617.7	16,985.6

Common Stock	2,808.5	3,007.3	3,001.8	2,865.0	2,791.8
Common Stock	2,808.5	3,007.3	3,001.8	2,865.0	2,791.8
Additional Paid-In Capital	2,375.7	2,545.0	2,543.3	2,429.6	2,368.8
Retained Earnings (Accumulated Deficit)	1,427.7	1,606.4	1,461.8	1,007.3	1,144.9
Treasury Stock - Common	-49.6	-56.3	-63.7	-67.6	-70.0
Unrealized Gain (Loss)	111.6	-214.5	-315.5	-40.1	50.7
Translation Adjustment	-9.9	-13.3	-13.6	-10.6	-9.0
Other Equity, Total	-9.9	-13.3	-13.6	-10.6	-9.0
Total Equity	6,664.0	6,874.6	6,614.1	6,183.6	6,277.2

Total Liabilities & Shareholdersâ€™ Equity	24,307.4	25,974.0	26,954.8	25,801.3	23,262.8

Shares Outstanding - Common Stock Primary Issue	2,515.7	2,513.0	2,511.4	2,510.0	2,509.1
Total Common Shares Outstanding	2,515.7	2,513.0	2,511.4	2,510.0	2,509.1
Treasury Shares - Common Stock Primary Issue	9.3	12.0	13.5	15.0	15.9
Employees	-	-	-	-	32,731

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Net Income/Starting Line	803.3	409.1	-1,028.5	-44.2	1,008.1
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Depreciation/Depletion	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Unusual Items	84.5	286.7	163.7	-31.1	-848.3
Other Non-Cash Items	274.3	256.0	231.2	180.5	125.4
Non-Cash Items	358.7	542.7	394.8	149.4	-722.9
Accounts Receivable	-442.7	47.0	5.5	358.7	-87.3
Accounts Payable	253.9	113.6	16.7	-341.8	-104.2
Other Operating Cash Flow	231.6	-115.3	279.9	-1,641.4	139.5
Changes in Working Capital	42.8	45.4	302.1	-1,624.4	-52.0
Cash from Operating Activities	2,715.3	2,379.3	892.9	-395.9	1,450.2

Purchase of Fixed Assets	-2,294.7	-2,195.2	-2,003.1	-1,158.3	-2,950.2
Purchase/Acquisition of Intangibles	-198.6	-275.2	-255.7	-291.8	-179.5
Capital Expenditures	-2,493.4	-2,470.5	-2,258.8	-1,450.1	-3,129.7
Acquisition of Business	-	-	-	0.0	-0.3
Sale of Business	-	-	-	0.0	2,151.4
Sale of Fixed Assets	513.9	445.7	107.2	423.8	395.5
Sale/Maturity of Investment	2,892.2	1,673.0	767.6	8.1	127.5
Purchase of Investments	-3,024.1	-1,242.6	-1,274.5	-5.0	-154.3
Other Investing Cash Flow	5.0	-34.9	-51.7	-82.9	-1.0
Other Investing Cash Flow Items, Total	387.0	841.1	-451.4	344.0	2,518.8
Cash from Investing Activities	-2,106.4	-1,629.3	-2,710.2	-1,106.0	-610.9

Other Financing Cash Flow	-2.6	-1.0	-59.5	16.0	-33.9
Financing Cash Flow Items	-2.6	-1.0	-59.5	16.0	-33.9
Cash Dividends Paid - Common	-63.6	0.0	-20.8	-96.9	-51.1
Total Cash Dividends Paid	-63.6	0.0	-20.8	-96.9	-51.1
Sale/Issuance of Common	-	0.0	1,526.1	0.0	-
Common Stock, Net	13.7	11.8	1,514.5	-54.7	-1.6
Issuance (Retirement) of Stock, Net	13.7	11.8	1,514.5	-54.7	-1.6
Short Term Debt, Net	-2.1	-337.6	-188.0	437.8	-8.0
Long Term Debt Issued	2,285.7	2,117.0	2,090.8	2,245.3	1,170.9
Long Term Debt Reduction	-2,026.3	-1,913.9	-1,467.0	-1,407.9	-1,840.3
Long Term Debt, Net	259.3	203.1	623.7	837.4	-669.4
Issuance (Retirement) of Debt, Net	257.2	-134.5	435.7	1,275.2	-677.4
Cash from Financing Activities	204.8	-123.7	1,869.9	1,139.5	-764.1

Foreign Exchange Effects	-0.3	-3.0	-1.5	-1.1	-8.0
Net Change in Cash	813.4	623.4	51.1	-363.5	67.3

Net Cash - Beginning Balance	2,553.2	1,729.3	1,543.3	1,791.0	1,507.2
Net Cash - Ending Balance	3,366.6	2,352.7	1,594.4	1,427.4	1,574.5
Cash Interest Paid	251.6	223.3	194.6	145.2	135.1
Cash Taxes Paid	67.1	39.6	-402.3	1,195.9	51.1

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	78.871359	79.672811	85.691434	86.812446

Net Income/Starting Line	803.3	-	480.6	409.1	702.0
Depreciation	1,510.5	-	733.3	1,382.2	1,009.2
Depreciation/Depletion	1,510.5	-	733.3	1,382.2	1,009.2
Unusual Items	84.5	-	-0.3	286.7	111.7
Other Non-Cash Items	274.3	-	135.3	256.0	182.3
Non-Cash Items	358.7	-	134.9	542.7	294.0
Accounts Receivable	-442.7	-	-240.1	47.0	-201.8
Accounts Payable	253.9	-	-150.2	113.6	304.7
Other Operating Cash Flow	231.6	2,038.0	176.7	-115.3	-6.1
Changes in Working Capital	42.8	2,038.0	-213.6	45.4	96.8
Cash from Operating Activities	2,715.3	2,038.0	1,135.2	2,379.3	2,102.0

Purchase of Fixed Assets	-2,294.7	-	-369.1	-2,195.2	-1,394.0
Purchase/Acquisition of Intangibles	-198.6	-	-107.2	-275.2	-195.7
Capital Expenditures	-2,493.4	-	-476.4	-2,470.5	-1,589.7
Sale of Fixed Assets	513.9	-	166.9	445.7	133.5
Sale/Maturity of Investment	2,892.2	-	615.5	1,673.0	1,170.7
Investment, Net	-	-	0.1	-	-576.2
Purchase of Investments	-3,024.1	-	-2,468.7	-1,242.6	-1,127.3
Other Investing Cash Flow	5.0	-1,170.8	9.3	-34.9	-12.3
Other Investing Cash Flow Items, Total	387.0	-1,170.8	-1,676.9	841.1	-411.5
Cash from Investing Activities	-2,106.4	-1,170.8	-2,153.3	-1,629.3	-2,001.2

Other Financing Cash Flow	-2.6	487.4	-2.6	-1.0	-1.0
Financing Cash Flow Items	-2.6	487.4	-2.6	-1.0	-1.0
Cash Dividends Paid - Common	-63.6	-	-63.0	0.0	0.0
Total Cash Dividends Paid	-63.6	-	-63.0	0.0	0.0
Sale/Issuance of Common	-	-	-	0.0	0.0
Common Stock, Net	13.7	-	7.3	11.8	9.9
Issuance (Retirement) of Stock, Net	13.7	-	7.3	11.8	9.9
Short Term Debt, Net	-2.1	-	625.6	-337.6	1.2
Long Term Debt Issued	2,285.7	-	1,882.7	2,117.0	1,848.9
Long Term Debt Reduction	-2,026.3	-	-858.6	-1,913.9	-1,093.0
Long Term Debt, Net	259.3	-	1,024.1	203.1	755.9
Issuance (Retirement) of Debt, Net	257.2	-	1,649.7	-134.5	757.1
Cash from Financing Activities	204.8	487.4	1,591.4	-123.7	766.1

Foreign Exchange Effects	-0.3	-1.9	-2.4	-3.0	-3.5
Net Change in Cash	813.4	1,352.7	570.9	623.4	863.5

Net Cash - Beginning Balance	2,553.2	2,556.1	2,530.4	1,729.3	1,707.0
Net Cash - Ending Balance	3,366.6	3,908.8	3,101.4	2,352.7	2,570.5
Cash Interest Paid	251.6	-	120.6	223.3	164.7
Cash Taxes Paid	67.1	-	15.6	39.6	18.5

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Revenues	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6
Total Revenue	17,875.9	15,843.5	13,216.5	13,858.7	13,016.6

Cost of Revenue	13,762.1	12,498.4	11,290.7	11,193.8	9,747.5
Total SGA	2,885.1	-	-	-	-
Selling Commission	-	763.4	776.4	883.1	819.1
Advertising Expenses	-	63.4	74.7	99.9	131.9
Salary Expenses	-	368.2	349.1	319.3	290.0
Doubt Debt Allow	-	1.2	1.5	2.9	1.6
Bonus Allowance	-	67.3	25.6	25.0	48.3
Accrued Retirement	-	41.5	40.2	26.1	20.5
Depreciation	-	162.8	147.9	126.3	120.3
Other Selling & Gen.	-	1,086.0	1,094.2	1,106.7	1,099.1
SP Aid income	-5.6	0.0	-0.7	-1.1	-1.2
SP G Settlement Prior Yr. Contract Sales	-	-	-	-	0.0
SP G on rev. of res. for antitrust law	0.0	-195.2	0.0	-	-
SP Gain-pension plan return	0.0	-0.4	-18.5	0.0	-
SP Insurance benefits	0.0	-0.9	-2.9	-6.7	0.0
SP G on insurance adjustment	-	-	0.0	-28.6	0.0
SP Other Special Gains	-4.1	-0.4	-2.1	-1.3	-26.5
SP Fix Asset Retired	0.0	35.6	9.4	2.2	2.8
SP Impairment loss	22.1	3.7	13.5	0.0	123.5
SP Special Retirement	30.9	2.2	48.1	6.6	10.6
SP Settlement package	0.0	79.8	0.0	-	-
SP Reval.-Inv. Security	0.1	41.3	6.9	38.7	33.5
SP L on adjut for change of acc. assets	0.0	24.9	0.0	-	-
SP Affiliate Restructur	-	0.0	-	-	-
SP L on Replacement of Generating Parts	-	-	-	-	0.0
SP Nonrecurring depreciation	-	-	-	0.0	195.4
SP Lease acct. effect	-	-	-	0.0	33.4
SP Antitrust laws related Provision	-	0.0	7.0	0.0	141.7
SP Antitrust laws proceeding related	0.0	8.1	9.2	20.9	0.0
SP Other Special Losses	11.6	24.5	30.3	17.6	64.1
NOP Fixed Asset Retired	74.3	80.2	81.0	53.9	47.5
Total Operating Expense	16,776.6	15,155.3	13,981.3	13,885.5	12,903.1

NOP Interest Income	10.9	11.6	12.2	15.5	27.8
NOP Dividend Income	20.2	18.7	16.6	13.1	12.5
NOP Currency Gains	0.0	16.8	18.2	11.2	0.0
NOP Gain-Assets Sold	42.4	4.8	11.7	149.5	21.2
NOP Equity in Affiliate	6.7	8.0	0.0	2.7	3.4
NOP Other Income	55.3	46.3	62.5	61.7	45.3
NOP Interest Expenses	-247.9	-225.4	-195.4	-147.6	-131.7
NOP Currency Losses	-2.4	0.0	-	0.0	-14.5
NOP Loss-Asset Sold	-19.5	-25.6	-60.9	-25.6	-21.7
NOP Accrued Retirement	-81.0	-75.0	-69.1	-65.0	-58.0
NOP Equity Loss in Affil	-	0.0	-2.2	0.0	-
NOP Lease Equip. Recall Expense	-	-33.2	-20.4	-3.0	-35.7
NOP Other Expenses	-72.0	-26.0	-37.1	-33.0	-44.8
SP Gain-Fix Asset Sold	10.4	0.0	-	0.0	24.1
SP Gain-Inv. Sec. Sold	-	0.0	0.2	3.2	7.7
SP Gain-Transfer of Hotel Business Asset	-	-	-	0.0	1,163.5
SP Loss-Fix Asset Sold	-15.3	0.0	-	0.0	-6.4
SP Loss-Inv. Sec. Sold	-3.6	0.0	-	0.0	-0.1
SP L on dispo. of retire. materials	-	-	-	0.0	-98.0
Net Income Before Taxes	803.3	409.1	-1,028.5	-44.2	1,008.1

Provision for Income Taxes	446.4	140.4	-409.1	0.6	439.1
Net Income After Taxes	356.9	268.7	-619.4	-44.8	568.9

Minority Interest	0.0	3.3	1.9	2.4	-7.8
Net Income Before Extra. Items	356.9	272.0	-617.5	-42.4	561.2
Net Income	356.9	272.0	-617.5	-42.4	561.2

Income Available to Com Excl ExtraOrd	356.9	272.0	-617.5	-42.4	561.2

Income Available to Com Incl ExtraOrd	356.9	272.0	-617.5	-42.4	561.2

Basic Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Basic EPS Excluding ExtraOrdinary Items	0.14	0.11	-0.27	-0.02	0.29
Basic EPS Including ExtraOrdinary Item	0.14	0.11	-0.27	-0.02	0.29
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	356.9	272.0	-617.5	-42.4	561.2
Diluted Weighted Average Shares	2,511.8	2,507.6	2,326.5	1,945.1	1,947.7
Diluted EPS Excluding ExtraOrd Items	0.14	0.11	-0.27	-0.02	0.29
Diluted EPS Including ExtraOrd Items	0.14	0.11	-0.27	-0.02	0.29
DPS-Common Stock	0.05	0.02	0.00	0.01	0.04
Gross Dividends - Common Stock	127.4	58.6	0.0	19.2	85.2
Normalized Income Before Taxes	914.8	533.0	-798.2	-65.8	354.7

Inc Tax Ex Impact of Sp Items	508.4	183.0	-328.5	-7.0	154.5
Normalized Income After Taxes	406.4	350.1	-469.7	-58.8	200.2

Normalized Inc. Avail to Com.	406.4	353.3	-467.7	-56.4	192.4

Basic Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Diluted Normalized EPS	0.16	0.14	-0.20	-0.03	0.10
Advertising Expense	-	63.4	74.7	99.9	131.9
Interest Expense	247.9	225.4	195.4	147.6	131.7
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Reported Operating Profit	1,228.7	791.3	-583.7	75.5	738.3
Reported Ordinary Profit	866.9	432.0	-928.6	0.9	494.5
Service Cost	-	125.6	116.0	103.6	95.1
Interest Cost	-	76.2	71.9	64.8	57.0
Expected Return on Plan Assets	-	-40.4	-35.5	-40.0	-39.9
Pension Exp. due to Acct. Changes	-	75.0	69.1	65.0	58.0
Actuarial Gains and Losses	-	73.3	76.9	53.8	34.7
Prior Service Cost	-	-44.7	-43.0	-38.4	-33.6
Domestic Pension Plan Expense	-	265.0	255.3	208.8	171.3
Defined Contribution Expense	-	11.4	9.9	7.9	5.8
Total Pension Expense	-	276.4	265.2	216.7	177.1
Discount Rate	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return	-	1.00%	1.00%	1.00%	0.85%

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.208816	77.302742	77.752043	81.605269	82.241044

Operating revenue	4,313.3	4,721.9	5,141.5	3,738.5	3,872.9
Total Revenue	4,313.3	4,721.9	5,141.5	3,738.5	3,872.9

Cost of Revenue	3,498.2	3,463.8	3,569.5	3,238.6	3,337.5
SG&A Expenses	740.8	-	-	-	-
Selling Commission	-	208.3	243.5	163.9	196.5
Advertising Expenses	-	14.4	17.1	13.0	14.2
Salary&Bonus	-	127.0	101.3	87.0	116.7
Doubt Debt Allow.	-	0.5	0.0	0.8	0.4
Bonus Allowance	-	-	24.0	27.1	3.4
Accrued Retirement	-	12.2	12.2	10.3	9.9
Depreciation	-	44.3	44.9	41.9	46.4
Other Selling & Gen.	-	320.8	379.8	255.0	268.2
SP G on return of pension plan	-	-	-	-0.5	-0.5
SP Subsidy income	-	-	-	-	0.0
SP Other Special Gains	-7.4	-0.1	-12.2	-	-85.6
SP Fix Asset Retired	-	-	-	-	29.6
SP Special Retirement	30.7	-	-	0.2	2.2
SP Reval.-Inv. Security	-	-	-	-	0.0
SP Antitrust laws related expense	0.0	0.0	0.0	0.0	0.7
SP L on Adj. for changes of Acct. Assets	0.0	0.0	0.0	0.0	0.0
SP Other Special Losses	45.8	1.7	1.1	0.4	109.2
NOP Fixed Asset Retired	36.1	24.3	4.1	9.9	39.4
Total Operating Expense	4,344.2	4,217.3	4,385.5	3,847.8	4,088.2

NOP Interest Income	2.2	2.9	3.3	2.4	2.7
NOP Dividend Income	1.8	7.5	4.9	6.0	0.5
NOP Currency Gains	-	-	5.0	6.9	1.2
NOP Equity Gain	1.1	4.5	0.1	1.0	1.7
NOP Gain-Asset Sold	20.0	9.2	12.4	1.0	1.6
NOP Other Income	20.7	11.5	11.4	11.7	28.9
NOP Interest Expenses	-56.0	-64.7	-68.5	-59.0	-57.9
NOP Currency Losses	-5.5	-9.2	0.0	0.0	-
NOP Equity Loss	-	-	-	-	0.0
NOP Loss-Fix Asset Sold	-13.8	-0.1	-5.5	-0.2	-25.9
NOP Pension Exp. due to Acct. Changes	-20.0	-20.7	-20.8	-19.6	-19.6
NOP Other Expenses	-26.8	-9.2	-17.7	-18.1	-32.5
SP Gain-Transfer of Hotel Business Asset	0.0	-	-	0.0	-
SP Gain-Membership Sold	0.0	-	-	0.0	-
SP Loss-Inv. Sec. Sold	-0.1	-1.5	0.0	-2.0	-
Net Income Before Taxes	-107.1	435.0	680.6	-179.3	-314.7

Provision for Income Taxes	-33.6	292.2	276.0	-75.3	-136.7
Net Income After Taxes	-73.5	142.8	404.6	-104.0	-178.0

Minority Interest	2.8	-1.4	-1.7	0.2	4.9
Net Income Before Extra. Items	-70.7	141.3	402.9	-103.8	-173.1
Net Income	-70.7	141.3	402.9	-103.8	-173.1

Income Available to Com Excl ExtraOrd	-70.7	141.3	402.9	-103.8	-173.1

Income Available to Com Incl ExtraOrd	-70.7	141.3	402.9	-103.8	-173.1

Basic Weighted Average Shares	2,514.1	2,512.3	2,511.2	2,509.8	2,508.9
Basic EPS Excluding ExtraOrdinary Items	-0.03	0.06	0.16	-0.04	-0.07
Basic EPS Including ExtraOrdinary Item	-0.03	0.06	0.16	-0.04	-0.07
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	-70.7	141.3	402.9	-103.8	-173.1
Diluted Weighted Average Shares	2,514.1	2,512.3	2,511.2	2,509.8	2,508.9
Diluted EPS Excluding ExtraOrd Items	-0.03	0.06	0.16	-0.04	-0.07
Diluted EPS Including ExtraOrd Items	-0.03	0.06	0.16	-0.04	-0.07
DPS-Common Stock	0.05	0.00	0.00	0.00	0.02
Gross Dividends - Common Stock	127.0	0.0	0.0	0.0	61.0
Normalized Income Before Taxes	-8.2	451.8	666.7	-170.0	-195.4

Inc Tax Ex Impact of Sp Items	1.1	298.1	270.4	-72.1	-94.9
Normalized Income After Taxes	-9.3	153.7	396.3	-98.0	-100.5

Normalized Inc. Avail to Com.	-6.4	152.2	394.6	-97.8	-95.6

Basic Normalized EPS	0.00	0.06	0.16	-0.04	-0.04
Diluted Normalized EPS	0.00	0.06	0.16	-0.04	-0.04
Advertising Expense	-	14.4	17.1	13.0	14.2
Interest Expense	56.0	64.7	68.5	59.0	57.9
Total Depreciation, Supplemental	395.0	384.0	380.0	352.2	-
Depreciation	-	-	-	-	374.9
Reported Operating Profit	74.2	530.5	749.0	-99.3	-120.4
Reported Ordinary Profit	-38.0	438.1	669.5	-177.1	-259.1

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	82.88	93.44	98.77	99.535
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Cash & Deposit	508.2	445.9	141.8	604.1	516.5
Accounts Rcvbl.	1,505.5	1,155.4	1,036.3	902.9	1,187.8
Securities	2,878.0	2,097.9	1,932.5	855.4	1,298.8
Inventories	-	-	-	-	531.4
Merchandise	59.8	65.7	59.3	60.0	-
Supplies	545.4	603.5	549.7	518.3	-
Defer. Tax Asset	367.4	466.0	264.5	742.1	340.7
Other Current	810.2	878.0	534.9	844.4	882.7
Doubt Debt Allow	-14.1	-15.0	-8.0	-4.8	-0.8
Total Current Assets	6,660.4	5,697.2	4,511.1	4,522.4	4,757.1

Bldg & Structure	1,359.8	1,421.0	1,173.4	1,053.4	1,008.5
Aircraft	9,117.0	8,621.8	6,914.6	6,410.0	6,113.3
Machineries	258.0	307.2	282.5	231.0	186.7
Tools & Supplies	119.2	138.6	126.9	136.8	142.3
Land	686.3	691.1	552.4	464.1	461.6
Lease assets, net	331.4	433.2	468.7	553.3	700.5
Constr In Progr	2,935.2	2,735.6	2,814.1	2,088.7	2,428.8
Intangible Assets	872.1	897.7	755.3	637.2	473.1
Inv. Securities	711.1	374.4	410.4	554.3	648.8
Equity secs.-nonconsol affil.&sub.	-	241.9	131.0	-	-
Long Term Loans	54.5	61.2	45.2	32.4	24.0
Defer. Tax Asset	836.2	1,123.5	1,333.0	826.1	450.6
Other LT Asset	377.1	522.8	383.4	329.5	534.0
Doubt Debt Allow	-13.0	-10.7	-14.7	-10.9	-13.6
Deferred Assets	2.1	6.2	8.7	1.9	1.4
Total Assets	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

Note & A/C Pybl.	2,194.6	1,939.6	1,616.2	1,507.7	1,841.5
Short Term Debt	0.0	2.0	311.4	471.5	25.9
Current LT Debt	1,407.6	1,388.0	1,068.3	821.2	683.4
Curr. Corp Debt	0.0	241.3	428.1	303.7	502.3
Lease obligations	138.9	135.1	126.9	119.3	158.7
Income Tax Pybl.	47.5	57.8	28.6	13.7	817.0
Bonus Allowance	374.4	334.0	121.8	124.7	252.2
Reserve for antitrust laws	1.4	1.4	180.3	164.0	162.7
Assets Obligation	13.9	19.5	0.0	-	-
Other Current	1,418.0	1,281.9	1,176.4	1,568.0	1,051.2
Total Current Liabilities	5,596.2	5,400.5	5,057.9	5,093.9	5,495.1

Corporate Debt	1,153.1	1,146.2	1,016.7	1,366.8	1,456.8
Long Term Debt	8,698.9	8,025.6	6,727.4	5,537.9	4,315.8
Lease obligations	298.5	389.3	399.3	463.7	571.6
Total Long Term Debt	10,150.5	9,561.1	8,143.4	7,368.4	6,344.3

Accrued Retirem.	1,530.3	1,488.9	1,278.1	1,183.7	1,127.8
Reserve for officers' retirement	7.2	6.9	5.5	5.8	5.3
Reserve for bonuses	28.9	25.7	0.0	-	-
Defer. Tax Liab.	21.7	23.5	4.3	0.7	0.8
Negative Goodwill	0.0	4.7	9.8	20.8	28.0
Assets Obligation	12.5	11.8	0.0	-	-
Others	225.2	388.9	259.0	858.1	335.3
Min. Interest	70.9	73.6	70.0	39.6	29.9
Total Liabilities	17,643.4	16,985.6	14,828.1	14,571.0	13,366.4

Common Stock	2,808.5	2,791.8	2,476.3	1,619.9	1,607.5
Paid In Capital	2,375.7	2,368.8	2,104.4	1,272.9	1,263.4
Accumulated Loss	1,427.7	1,144.9	690.4	1,253.7	1,384.7
Treasury Stock	-49.6	-70.0	-75.1	-64.7	-9.3
Unreal Gain-Sec.	-1.7	-9.8	16.2	14.1	78.9
Deferred Hedge Gain/Loss	113.3	60.4	-141.4	-836.3	223.7
Translation Adj.	-9.9	-9.0	-2.8	-0.7	1.9
Total Equity	6,664.0	6,277.2	5,068.0	3,258.9	4,550.9

Total Liabilities & Shareholders' Equity	24,307.4	23,262.8	19,896.0	17,830.0	17,917.2

S/O-Common Stock	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
Total Common Shares Outstanding	2,515.7	2,509.1	2,506.4	1,933.2	1,947.6
T/S-Common Stock	9.3	15.9	18.5	16.8	2.3
Full-Time Employees	-	32,731	32,578	33,045	31,345
Number of Common Shareholders	-	350,736	340,210	289,917	285,117
LT Debt <1Yr.	-	1,629.3	1,496.4	1,124.9	1,185.7
LT Debt <2Yr.	-	1,193.1	1,289.4	1,234.8	969.3
LT Debt <3Yr.	-	1,324.2	902.5	1,039.0	1,055.7
LT Debt <4Yr.	-	1,963.6	1,018.8	673.0	839.8
LT Debt <5Yr.	-	1,677.2	1,596.8	783.1	476.5
LT Debt Remaining	-	3,025.8	2,936.5	3,174.7	2,431.4
Total Long Term Debt, Supplemental	-	10,813.2	9,240.5	8,029.6	6,958.4
Capital Lease Payments Wihtin 1 Year	-	135.1	126.9	119.3	158.7
Capital Lease Payments Due in Year2	-	132.9	108.9	115.0	116.5
Capital Lease Payments Due in Year3	-	118.6	101.8	97.5	112.1
Capital Lease Payments Due in Year4	-	85.7	89.1	91.5	95.0
Capital Lease Payments Due in Year5	-	33.5	61.0	80.3	89.7
Capital Lease Remaining	-	18.6	38.3	79.5	158.3
Total Capital Leases	-	524.3	526.2	583.0	730.4
Pension Obligation	-	3,252.6	2,869.6	2,730.8	2,671.5
Fair Value of Plan Assets	-	1,157.4	1,034.9	839.9	979.9
Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Total Funded Status	-	-2,095.3	-1,834.6	-1,890.9	-1,691.6
Discount Rate	-	1.60%	2.50%	2.50%	2.50%
Expected Rate of Return	-	1.00%	1.00%	1.00%	0.85%
Expense Unrecog. for Acct. Changes	-	310.1	343.8	396.8	459.3
Unrecognized Actuarial Gains and Losses	-	498.6	433.4	529.1	364.4
Unrecognized Prior Service Cost	-	-202.2	-218.4	-216.6	-252.9
Prepaid Pension Benefits	-	0.1	2.3	2.1	7.1
Reserve for Accrued Retirement Benefits	-	-1,488.9	-1,278.1	-1,183.7	-1,127.8
Net Assets Recognized on Balance Sheet	-	-882.3	-716.9	-472.5	-549.8

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	82.385362	76.94	77.08	80.76	82.88

Cash & Deposit	508.2	549.1	396.7	373.7	445.9
Notes and operating accts. receivable	1,505.5	1,476.4	1,490.5	1,388.9	1,155.4
Securities	2,878.0	4,056.1	4,829.4	4,178.9	2,097.9
Inventories - merchandise	59.8	71.8	65.0	63.5	65.7
Inventories - supplies	545.4	627.7	618.5	603.1	603.5
Deferred tax assets	367.4	592.2	681.3	543.8	466.0
Other Current	810.2	694.9	712.5	834.6	878.0
Allowance for doubtful accounts	-14.1	-14.9	-15.0	-16.3	-15.0
Total Current Assets	6,660.4	8,053.1	8,778.9	7,970.2	5,697.2

Bldg & Structure	1,359.8	1,473.5	1,501.2	1,453.3	1,421.0
Aircraft	9,117.0	9,201.2	9,275.4	8,778.1	8,621.8
Land	686.3	746.2	744.8	709.1	691.1
Lease assets, net	331.4	388.8	420.0	423.6	433.2
Constr In Progr	2,935.2	2,737.6	2,636.6	2,723.4	2,735.6
Other PPE	377.2	425.0	443.6	454.1	445.7
Intangible assets	872.1	948.1	967.0	903.4	897.7
Inv. Securities	711.1	733.1	658.4	618.6	616.3
LT Loans	54.5	-	-	-	61.2
Deferred tax assets	836.2	849.6	1,111.3	1,244.3	1,123.5
Other LT Asset	377.1	428.7	427.9	532.1	522.8
Allowance for doubtful accounts	-13.0	-14.3	-14.7	-14.1	-10.7
Deferred Assets	2.1	3.4	4.5	5.3	6.2
Total Assets	24,307.4	25,974.0	26,954.8	25,801.3	23,262.8

Note & A/C Pybl.	2,194.6	2,165.1	1,930.3	1,646.2	1,939.6
Short Term Debt	0.0	0.1	648.8	619.1	2.0
Current LT Debt	1,407.6	1,525.6	1,587.4	1,528.1	1,388.0
Curr. Corp Debt	0.0	0.0	259.5	247.6	241.3
Lease obligations	138.9	145.6	151.3	141.8	135.1
Income Tax Pybl.	47.5	62.5	47.3	24.2	57.8
Bonus Allowance	374.4	219.3	284.7	411.8	334.0
Reserve for antitrust laws	1.4	1.5	1.5	1.4	1.4
Assets Retirment Obligation	13.9	16.9	19.5	21.1	19.5
Other Current	1,418.0	1,673.1	1,917.3	1,784.2	1,281.9
Total Current Liabilities	5,596.2	5,809.7	6,847.7	6,425.6	5,400.5

Corporate Debt	1,153.1	1,234.7	1,232.5	1,176.3	1,146.2
Long Term Debt	8,698.9	9,552.1	9,670.6	9,594.3	8,025.6
Lease obligations	298.5	354.6	388.2	370.8	389.3
Total Long Term Debt	10,150.5	11,141.5	11,291.2	11,141.4	9,561.1

Accrued Retirem.	1,530.3	1,652.9	1,626.3	1,539.4	1,488.9
Reserve for officers' retirement	7.2	8.1	7.3	6.5	6.9
Assets Retirment Obligation	12.5	14.2	14.1	13.4	11.8
Negative Goodwill	0.0	0.3	2.0	3.2	4.7
Other	275.8	393.2	474.1	415.5	438.2
Min. Interest	70.9	79.5	77.9	72.8	73.6
Total Liabilities	17,643.4	19,099.4	20,340.7	19,617.7	16,985.6

Common Stock	2,808.5	3,007.3	3,001.8	2,865.0	2,791.8
Paid In Capital	2,375.7	2,545.0	2,543.3	2,429.6	2,368.8
Retained earnings	1,427.7	1,606.4	1,461.8	1,007.3	1,144.9
Treasury Stock	-49.6	-56.3	-63.7	-67.6	-70.0
Unreal Gain-Sec.	-1.7	-22.3	-18.3	-17.4	-9.8
Deferred hedge gain/loss	113.3	-192.2	-297.2	-22.7	60.4
Translation Adj.	-9.9	-13.3	-13.6	-10.6	-9.0
Total Equity	6,664.0	6,874.6	6,614.1	6,183.6	6,277.2

Total Liabilities & Shareholders' Equity	24,307.4	25,974.0	26,954.8	25,801.3	23,262.8

S/O-Common Stock	2,515.7	2,513.0	2,511.4	2,510.0	2,509.1
Total Common Shares Outstanding	2,515.7	2,513.0	2,511.4	2,510.0	2,509.1
T/S-Common Stock	9.3	12.0	13.5	15.0	15.9
Full-Time Employees	-	-	-	-	32,731

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Mar-2011	31-Mar-2010	31-Mar-2009	31-Mar-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Mar-2011	Updated Normal 31-Mar-2010	Updated Normal 31-Mar-2009	Updated Normal 31-Mar-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	85.691434	92.941082	100.484331	114.302336
Auditor		Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion		Unqualified	Unqualified	Unqualified	Unqualified with Explanation

Income Before Tax	803.3	409.1	-1,028.5	-44.2	1,008.1
Depreciation	1,510.5	1,382.2	1,224.5	1,123.4	1,217.1
Impairment loss	22.1	3.7	13.5	0.0	123.5
L on adjust for chang of acc. assets	0.0	24.9	0.0	-	-
Settlement package	0.0	79.8	0.0	-	-
Lease acct. effect	-	-	-	0.0	33.4
PPE Sold & Retired	60.7	137.1	141.3	-66.6	132.4
Sec. Reval & Sold	1.7	41.3	8.9	35.5	25.9
Doubt Debt Allow	2.7	1.8	6.5	1.6	0.2
Accrued Retirement	28.0	52.7	9.5	46.5	16.2
Interest Expenses	247.9	225.4	195.4	147.6	131.7
Interest & Dividend	-31.1	-30.3	-28.7	-28.5	-40.3
Currency Gain/Loss	-4.2	4.2	0.5	6.7	7.1
Gain-Transfer of Hotel Business Asset	-	-	-	0.0	-1,163.5
Special Retirement	30.9	2.2	48.1	6.6	10.6
Accounts Receivable	-364.2	12.7	-61.3	288.8	8.7
Other Receivable	-78.5	34.3	66.9	69.9	-96.0
Accounts Payable	253.9	113.6	16.7	-341.8	-104.2
Other Operating CF	534.6	212.3	83.4	-322.4	294.4
Interest & Dividend	40.8	26.1	30.1	28.7	42.0
Interest Paid	-251.6	-223.3	-194.6	-145.2	-135.1
Income tax (paid) refund	-67.1	-39.6	402.3	-1,195.9	-51.1
Special Retirem Paid	-25.1	-9.2	-41.3	-6.6	-10.6
Settlement package paid	0.0	-81.5	0.0	-	-
Consolid. Adjustment	-	-	-	-	0.0
Cash from Operating Activities	2,715.3	2,379.3	892.9	-395.9	1,450.2

Capital Expenditure	-2,294.7	-2,195.2	-2,003.1	-1,158.3	-2,950.2
Fixed Asset Sold	513.9	445.7	107.2	423.8	395.5
Intangibles Bought	-198.6	-275.2	-255.7	-291.8	-179.5
Purchase of Mktbl. Secs.	-2,934.7	-1,242.4	-1,248.1	0.0	-113.9
Sale of Mktbl. Secs.	2,884.6	1,667.1	763.9	0.0	113.9
Acq. Inv. Sec.	-89.4	-0.2	-0.8	-5.0	-40.4
Inv. Sec. Sold	7.6	5.9	3.6	0.7	13.6
Purchase of subs.' securities	-	0.0	-25.5	0.0	-
Sale Subsid. Stock	-	-	0.0	7.4	0.0
Purchae consolidated stock	-	-	-	0.0	-0.3
Loans Made	-1.4	-36.5	-35.4	-16.7	-4.3
Loans Returned	12.1	8.9	23.7	14.4	18.6
Gain-Transfer of Hotel Business Asset	-	-	-	0.0	2,151.4
Other Investment CF	-5.7	-7.4	-40.0	-80.6	-15.2
Cash from Investing Activities	-2,106.4	-1,629.3	-2,710.2	-1,106.0	-610.9

Short Term Debt, net	-2.1	-337.6	-188.0	437.8	-8.0
LT Debt Proceed	2,285.7	1,884.7	2,090.8	2,047.3	909.8
LT Debt Repaid	-1,621.7	-1,280.6	-1,012.1	-749.6	-1,246.6
Corp Debt Issued	0.0	232.3	0.0	198.0	261.1
Corp Debt Repaid	-253.3	-466.8	-322.8	-497.6	-393.7
Finance Lease Repaid	-151.3	-166.5	-132.2	-160.7	-200.1
Issuance of stock	-	0.0	1,526.1	0.0	-
Dividend Paid	-63.6	0.0	-20.8	-96.9	-51.1
Treasury ,net	13.7	11.8	-11.7	-54.7	-1.6
Other Financing CF	-2.6	-1.0	-59.5	16.0	-33.9
Cash from Financing Activities	204.8	-123.7	1,869.9	1,139.5	-764.1

Foreign Exchange Effects	-0.3	-3.0	-1.5	-1.1	-8.0
Net Change in Cash	813.4	623.4	51.1	-363.5	67.3

Net Cash - Beginning Balance	2,553.2	1,729.3	1,543.3	1,791.0	1,507.2
Net Cash - Ending Balance	3,366.6	2,352.7	1,594.4	1,427.4	1,574.5
Cash Interest Paid	251.6	223.3	194.6	145.2	135.1
Cash Taxes Paid	67.1	39.6	-402.3	1,195.9	51.1

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	31-Mar-2011	31-Dec-2010
Period Length	12 Months	9 Months	6 Months	12 Months	9 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	78.961215	78.871359	79.672811	85.691434	86.812446

Net Income Before Tax	803.3	-	480.6	409.1	702.0
Depreciation	1,510.5	-	733.3	1,382.2	1,009.2
L on Adj. for Changes of Acct. Assets	0.0	-	0.0	24.9	24.5
Settlement package	0.0	-	-	79.8	-
Impairment Loss	22.1	-	-	3.7	-
Fixed Assets Sold & Retired	60.7	-	-0.5	137.1	46.5
Sec. Reval & Sold	1.7	-	0.2	41.3	40.7
Doubt Debt Allow	2.7	-	-	1.8	-
Accrued Retirement	28.0	-	24.6	52.7	41.6
Interest Expenses	247.9	-	127.3	225.4	167.6
Interest & Dividend	-31.1	-	-16.6	-30.3	-26.9
Currency Gain/Loss	-4.2	-	-	4.2	-
Special Retirement	30.9	-	-	2.2	-
Accounts Receivable	-364.2	-	-240.1	12.7	-201.8
Other recievable	-78.5	-	-	34.3	-
Accounts Payable	253.9	-	-150.2	113.6	304.7
Other Operating CF	534.6	-	294.7	212.3	163.6
Interest & Dividend	40.8	-	18.6	26.1	21.1
Interest Paid	-251.6	-	-120.6	-223.3	-164.7
Income tax (paid) refund	-67.1	-	-15.6	-39.6	-18.5
Special Retirem Paid	-25.1	-	-0.4	-9.2	-7.6
Settlement package paid	0.0	-	-	-81.5	-
As Reported Cash fr Operating Activities	-	2,038.0	-	-	-
Cash from Operating Activities	2,715.3	2,038.0	1,135.2	2,379.3	2,102.0

Net change in time deposit	-	-	0.1	-	-576.2
Purchase of Marketable Secs.	-2,934.7	-	-2,449.3	-1,242.4	-1,127.3
Sale of Marketable Secs.	2,884.6	-	610.0	1,667.1	1,165.0
Capital Expenditure	-2,294.7	-	-369.1	-2,195.2	-1,394.0
Fixed Asset Sold	513.9	-	166.9	445.7	133.5
Intangibles Bought	-198.6	-	-107.2	-275.2	-195.7
Purchase of LT inv't in sec.	-89.4	-	-19.4	-0.2	0.0
Sale of LT inv't in sec.	7.6	-	5.5	5.9	5.7
Purchase of subs.' securities	-	-	-	0.0	0.0
Loans Made	-1.4	-	-1.0	-36.5	-18.5
Loans Returned	12.1	-	6.3	8.9	4.8
Other Investment CF	-5.7	-	4.0	-7.4	1.4
As Reported Cash fr Investing Activities	-	-1,170.8	-	-	-
Cash from Investing Activities	-2,106.4	-1,170.8	-2,153.3	-1,629.3	-2,001.2

Short Term Debt, net	-2.1	-	625.6	-337.6	1.2
LT Debt Proceed	2,285.7	-	1,882.7	1,884.7	1,619.6
LT Debt Repaid	-1,621.7	-	-783.6	-1,280.6	-966.1
Corp Debt Issued	0.0	-	0.0	232.3	229.3
Corp Debt Repaid	-253.3	-	-	-466.8	0.0
Finance Lease Repaid	-151.3	-	-75.0	-166.5	-126.9
Stocks issued	-	-	-	0.0	0.0
Div. Paid	-63.6	-	-63.0	0.0	0.0
Treasury,net	13.7	-	7.3	11.8	9.9
Other Financing CF	-2.6	-	-2.6	-1.0	-1.0
As Reported Cash fr Financing Activities	-	487.4	-	-	-
Cash from Financing Activities	204.8	487.4	1,591.4	-123.7	766.1

Foreign Exchange Effects	-0.3	-1.9	-2.4	-3.0	-3.5
Net Change in Cash	813.4	1,352.7	570.9	623.4	863.5

Net Cash - Beginning Balance	2,553.2	2,556.1	2,530.4	1,729.3	1,707.0
Net Cash - Ending Balance	3,366.6	3,908.8	3,101.4	2,352.7	2,570.5
Cash Interest Paid	251.6	-	120.6	223.3	164.7
Cash Taxes Paid	67.1	-	15.6	39.6	18.5

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
		31-Mar-11				31-Mar-10				31-Mar-09			31-Mar-08			31-Mar-07
Air Transportation		13,085.0		82.6 %		10,651.8		80.6 %		11,155.4		80.5 %	10,313.7		79.2 %	9,699.1		76.1 %
Travel Services		1,714.8		10.8 %		1,622.1		12.3 %		1,702.9		12.3 %	1,709.3		13.1 %	1,598.0		12.5 %
Other Businesses		1,043.7		6.6 %		942.5		7.1 %		1,000.3		7.2 %	993.6		7.6 %	945.0		7.4 %
Hotel Operations		-		-		-		-		-		-	-		-	496.2		3.9 %
Segment Total		15,843.5		100 %		13,216.5		100 %		13,858.7		100 %	13,016.6		100 %	12,738.2		100 %
Intercompany Eliminations		0.0		0 %		0.0		0 %		0.0		0 %	0.0		0 %	0.0		0 %
Consolidated Total		15,843.5		100 %		13,216.5		100 %		13,858.7		100 %	13,016.6		100 %	12,738.2		100 %
Exchange Rate: JPY to USD		85.691434				92.941082				100.484331			114.302336			116.944303
Intersegment Revenue USD (mil)
	31-Mar-11				31-Mar-10				31-Mar-09				31-Mar-08			31-Mar-07
Air Transportation	1,132.2		61 %		1,061.7		59.9 %		1,080.6		62.4 %		1,073.9	53.8 %		979.4	49.6 %
Travel Services	145.1		7.8 %		174.4		9.8 %		175.8		10.2 %		175.2	8.8 %		180.9	9.2 %
Other Businesses	578.0		31.2 %		536.8		30.3 %		474.6		27.4 %		747.2	37.4 %		738.7	37.4 %
Hotel Operations	-		-		-		-		-		-		-	-		73.7	3.7 %
Segment Total	1,855.3		100 %		1,772.9		100 %		1,730.9		100 %		1,996.2	100 %		1,972.6	100 %
Intercompany Eliminations	-1,855.3		-100 %		-1,772.9		-100 %		-1,730.9		-100 %		-1,996.2	-100 %		-1,972.6	-100 %
Consolidated Total	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %		0.0	0 %
Exchange Rate: JPY to USD	85.691434				92.941082				100.484331				114.302336			116.944303

Total Revenue USD (mil)
	31-Mar-11				31-Mar-10				31-Mar-09				31-Mar-08				31-Mar-07
Air Transportation	14,217.2		80.3 %		11,713.5		78.1 %		12,236.0		78.5 %		11,387.6		75.9 %		10,678.4		72.6 %
Travel Services	1,859.9		10.5 %		1,796.6		12 %		1,878.7		12.1 %		1,884.4		12.6 %		1,778.8		12.1 %
Other Businesses	1,621.7		9.2 %		1,479.3		9.9 %		1,474.9		9.5 %		1,740.8		11.6 %		1,683.7		11.4 %
Hotel Operations	-		-		-		-		-		-		-		-		569.8		3.9 %
Segment Total	17,698.8		100 %		14,989.4		100 %		15,589.6		100 %		15,012.8		100 %		14,710.8		100 %
Intercompany Eliminations	-1,855.3		-10.5 %		-1,772.9		-11.8 %		-1,730.9		-11.1 %		-1,996.2		-13.3 %		-1,972.6		-13.4 %
Consolidated Total	15,843.5		89.5 %		13,216.5		88.2 %		13,858.7		88.9 %		13,016.6		86.7 %		12,738.2		86.6 %
Exchange Rate: JPY to USD	85.691434				92.941082				100.484331				114.302336				116.944303
Depreciation USD (mil)
		31-Mar-11				31-Mar-10				31-Mar-09				31-Mar-08				31-Mar-07
Air Transportation		1,357.0		98.2 %		1,198.2		97.8 %		1,095.3		97.5 %		1,182.8		97.2 %		696.6		91.9 %
Travel Services		2.6		0.2 %		3.2		0.3 %		4.3		0.4 %		12.2		1 %		10.6		1.4 %
Other Businesses		22.5		1.6 %		23.4		1.9 %		23.7		2.1 %		22.0		1.8 %		17.8		2.3 %
Hotel Operations		-		-		-		-		-		-		-		-		32.7		4.3 %
Segment Total		1,382.2		100 %		1,224.9		100 %		1,123.4		100 %		1,217.1		100 %		757.7		100 %
Intercompany Eliminations		0.0		0 %		-0.4		0 %		0.0		0 %		0.0		0 %		0.0		0 %
Consolidated Total		1,382.2		100 %		1,224.5		100 %		1,123.4		100 %		1,217.1		100 %		757.7		100 %
Exchange Rate: JPY to USD		85.691434				92.941082				100.484331				114.302336				116.944303

Total Operating Expense USD (mil)
		31-Mar-10				31-Mar-09					31-Mar-08				31-Mar-07
Air Transportation		12,324.5		79.2 %		12,188.3			78.6 %		10,705.7		75 %		9,996.7		71.8 %
Travel Services		1,796.8		11.5 %		1,885.0			12.1 %		1,875.1		13.1 %		1,762.4		12.7 %
Other Businesses		1,449.5		9.3 %		1,441.6			9.3 %		1,695.3		11.9 %		1,635.7		11.8 %
Hotel Operations		-		-		-			-		-		-		525.2		3.8 %
Segment Total		15,570.8		100 %		15,514.9			100 %		14,276.1		100 %		13,920.0		100 %
Intercompany Eliminations		-1,770.6		-11.4 %		-1,731.7			-11.2 %		-1,997.8		-14 %		-1,970.1		-14.2 %
Consolidated Total		13,800.1		88.6 %		13,783.2			88.8 %		12,278.3		86 %		11,949.9		85.8 %
Exchange Rate: JPY to USD		92.941082				100.484331					114.302336				116.944303
Operating Income/Loss USD (mil)
	31-Mar-11				31-Mar-10			31-Mar-09				31-Mar-08				31-Mar-07
Air Transportation	706.1		89 %		-623.8		106.1 %	47.7		63.8 %		681.8		92.6 %		681.7		86.2 %
Travel Services	30.8		3.9 %		-0.2		0 %	-6.2		-8.4 %		9.4		1.3 %		16.4		2.1 %
Other Businesses	56.2		7.1 %		36.0		-6.1 %	33.3		44.6 %		45.5		6.2 %		48.0		6.1 %
Hotel Operations	-		-		-		-	-		-		-		-		44.7		5.6 %
Segment Total	793.0		100 %		-588.0		100 %	74.7		100 %		736.7		100 %		790.8		100 %
Intercompany Eliminations	-1.7		-0.2 %		4.3		-0.7 %	0.8		1 %		1.6		0.2 %		-2.5		-0.3 %
Consolidated Total	791.3		99.8 %		-583.7		99.3 %	75.5		101 %		738.3		100.2 %		788.3		99.7 %
Exchange Rate: JPY to USD	85.691434				92.941082			100.484331				114.302336				116.944303

Operating Margin (%)
				31-Mar-11			31-Mar-10				31-Mar-09			31-Mar-08		31-Mar-07
Air Transportation				5.0		-	-5.3		-		0.4		-	6.0	-	6.4		-
Travel Services				1.7		-	0.0		-		-0.3		-	0.5	-	0.9		-
Other Businesses				3.5		-	2.4		-		2.3		-	2.6	-	2.9		-
Hotel Operations				-		-	-		-		-		-	-	-	7.8		-
Segment Total				4.5		-	-3.9		-		0.5		-	4.9	-	5.4		-
Intercompany Eliminations				0.1		-	-0.2		-		0.0		-	-0.1	-	0.1		-
Consolidated Total				5.0		-	-4.4		-		0.5		-	5.7	-	6.2		-
Total Assets USD (mil)
	31-Mar-11		31-Mar-10					31-Mar-09				31-Mar-08			31-Mar-07
Air Transportation	22,306.4	92.2 %	19,047.1		91.8 %			16,946.6		90.6 %		16,774.2		90.6 %	12,261.5		82.3 %
Travel Services	441.6	1.8 %	444.0		2.1 %			422.5		2.3 %		522.7		2.8 %	439.3		2.9 %
Other Businesses	1,440.0	6 %	1,253.2		6 %			1,338.4		7.2 %		1,226.5		6.6 %	987.1		6.6 %
Hotel Operations	-	-	-		-			-		-		-		-	1,212.6		8.1 %
Segment Total	24,188.1	100 %	20,744.2		100 %			18,707.5		100 %		18,523.3		100 %	14,900.5		100 %
Intercompany Eliminations	-925.3	-3.8 %	-848.2		-4.1 %			-877.5		-4.7 %		-606.1		-3.3 %	-1,332.1		-8.9 %
Consolidated Total	23,262.8	96.2 %	19,896.0		95.9 %			17,830.0		95.3 %		17,917.2		96.7 %	13,568.4		91.1 %
Exchange Rate: JPY to USD	82.880000		93.440000					98.770000				99.535000			118.075000

Operating Return on Assets (%)
				31-Mar-11			31-Mar-10				31-Mar-09			31-Mar-08		31-Mar-07
Air Transportation				3.3		-	-3.3		-		0.3		-	4.7	-	5.5		-
Travel Services				7.2		-	0.0		-		-1.5		-	2.1	-	3.7		-
Other Businesses				4.0		-	2.9		-		2.5		-	4.3	-	4.8		-
Hotel Operations				-		-	-		-		-		-	-	-	3.6		-
Segment Total				3.4		-	-2.8		-		0.4		-	4.6	-	5.3		-
Intercompany Eliminations				0.2		-	-0.5		-		-0.1		-	-0.3	-	0.2		-
Consolidated Total				3.5		-	-2.9		-		0.4		-	4.7	-	5.8		-
Purchase of Fixed Assets USD (mil)
	31-Mar-11		31-Mar-10					31-Mar-09				31-Mar-08			31-Mar-07
Air Transportation	2,457.6	97.8 %	2,237.2		98.4 %			1,426.7		97.3 %		3,118.1		98.5 %	2,074.3		96.2 %
Travel Services	0.8	0 %	0.4		0 %			2.0		0.1 %		19.3		0.6 %	20.8		1 %
Other Businesses	55.2	2.2 %	36.7		1.6 %			37.0		2.5 %		29.5		0.9 %	37.3		1.7 %
Hotel Operations	-	-	-		-			-		-		-		-	24.8		1.1 %
Segment Total	2,513.6	100 %	2,274.3		100 %			1,465.8		100 %		3,167.0		100 %	2,157.1		100 %
Intercompany Eliminations	-43.1	-1.7 %	-15.4		-0.7 %			-15.7		-1.1 %		-37.3		-1.2 %	-2.9		-0.1 %
Consolidated Total	2,470.5	98.3 %	2,258.8		99.3 %			1,450.1		98.9 %		3,129.7		98.8 %	2,154.2		99.9 %
Exchange Rate: JPY to USD	85.691434		92.941082					100.484331				114.302336			116.944303

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11				31-Mar-11			31-Dec-10
Air Transportation	3,928.8	83.2 %		4,224.7		82.2 %		3,174.1		84.9 %		3,230.5		83.4 %	3,567.6	83 %
Travel Services	502.4	10.6 %		638.3		12.4 %		298.7		8 %		385.6		10 %	447.9	10.4 %
Other Businesses	290.6	6.2 %		278.5		5.4 %		265.7		7.1 %		256.8		6.6 %	284.0	6.6 %
Segment Total	4,721.9	100 %		5,141.5		100 %		3,738.5		100 %		3,872.9		100 %	4,299.5	100 %
Intercompany Eliminations	0.0	0 %		0.0		0 %		0.0		0 %		0.0		0 %	0.0	0 %
Consolidated Total	4,721.9	100 %		5,141.5		100 %		3,738.5		100 %		3,872.9		100 %	4,299.5	100 %
Exchange Rate: JPY to USD	77.302742			77.752043				81.605269				82.241044			82.567473
Intersegment Revenue USD (mil)
	31-Dec-11		30-Sep-11				30-Jun-11				31-Mar-11				31-Dec-10
Air Transportation	294.8	59.5 %	363.6		65.2 %		187.6		52.5 %		266.3		57.5 %		294.9	61.1 %
Travel Services	27.4	5.5 %	30.6		5.5 %		25.8		7.2 %		33.7		7.3 %		34.4	7.1 %
Other Businesses	173.1	35 %	163.3		29.3 %		143.9		40.3 %		162.9		35.2 %		153.6	31.8 %
Segment Total	495.2	100 %	557.5		100 %		357.4		100 %		463.0		100 %		482.9	100 %
Intercompany Eliminations	-495.2	-100 %	-557.5		-100 %		-357.4		-100 %		-463.0		-100 %		-482.9	-100 %
Consolidated Total	0.0	0 %	0.0		0 %		0.0		0 %		0.0		0 %		0.0	0 %
Exchange Rate: JPY to USD	77.302742		77.752043				81.605269				82.241044				82.567473

Total Revenue USD (mil)
	31-Dec-11			30-Sep-11				30-Jun-11			31-Mar-11		31-Dec-10
Air Transportation	4,223.6	81 %		4,588.2		80.5 %		3,361.8		82.1 %	3,496.8	80.6 %	3,862.5	80.8 %
Travel Services	529.8	10.2 %		668.9		11.7 %		324.5		7.9 %	419.4	9.7 %	482.3	10.1 %
Other Businesses	463.7	8.9 %		441.8		7.8 %		409.6		10 %	419.7	9.7 %	437.6	9.1 %
Segment Total	5,217.1	100 %		5,699.0		100 %		4,095.8		100 %	4,335.9	100 %	4,782.4	100 %
Intercompany Eliminations	-495.2	-9.5 %		-557.5		-9.8 %		-357.4		-8.7 %	-463.0	-10.7 %	-482.9	-10.1 %
Consolidated Total	4,721.9	90.5 %		5,141.5		90.2 %		3,738.5		91.3 %	3,872.9	89.3 %	4,299.5	89.9 %
Exchange Rate: JPY to USD	77.302742			77.752043				81.605269			82.241044		82.567473
Operating Income/Loss USD (mil)
	31-Dec-11		30-Sep-11				30-Jun-11				31-Mar-11		31-Dec-10
Air Transportation	489.8	92.4 %	707.5		94.7 %		-113.8		112.4 %		-117.9	101.8 %	226.6	90 %
Travel Services	23.3	4.4 %	24.1		3.2 %		0.6		-0.6 %		-7.6	6.6 %	7.6	3 %
Other Businesses	17.2	3.3 %	15.6		2.1 %		11.9		-11.8 %		9.7	-8.4 %	17.7	7 %
Segment Total	530.3	100 %	747.1		100 %		-101.2		100 %		-115.9	100 %	251.9	100 %
Intercompany Eliminations	0.2	0 %	1.9		0.2 %		1.9		-1.9 %		-4.5	3.9 %	1.1	0.4 %
Consolidated Total	530.5	100 %	749.0		100.2 %		-99.3		98.1 %		-120.4	103.9 %	253.0	100.4 %
Exchange Rate: JPY to USD	77.302742		77.752043				81.605269				82.241044		82.567473

Operating Margin (%)
	31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11		31-Dec-10
Air Transportation	11.6	-	15.4	-	-3.4	-	-3.4	-	5.9	-
Travel Services	4.4	-	3.6	-	0.2	-	-1.8	-	1.6	-
Other Businesses	3.7	-	3.5	-	2.9	-	2.3	-	4.0	-
Segment Total	10.2	-	13.1	-	-2.5	-	-2.7	-	5.3	-
Intercompany Eliminations	0.0	-	-0.3	-	-0.5	-	1.0	-	-0.2	-
Consolidated Total	11.2	-	14.6	-	-2.7	-	-3.1	-	5.9	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.