MIRA
INFORM REPORT
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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
JAPAN AIRLINES CO LTD |
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Registered Office : |
19F, NRE Tennozu Bldg.,
2-4-11, Higashi-Shinagawa, Shinagawa-Ku, 140-8637 |
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Country : |
Japan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
01.10.1953 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject is engaged in the provision of transportation
services. |
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No. of Employees : |
31,190 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit: |
USD 300000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Japan |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
japan - ECONOMIC OVERVIEW
In the years following World War II, government-industry
cooperation, a strong work ethic, mastery of high technology, and a
comparatively small defense allocation (1% of GDP) helped Japan develop a
technologically advanced economy. Two notable characteristics of the post-war
economy were the close interlocking structures of manufacturers, suppliers, and
distributors, known as keiretsu, and the guarantee of lifetime employment for a
substantial portion of the urban labor force. Both features are now eroding
under the dual pressures of global competition and domestic demographic change.
Japan's industrial sector is heavily dependent on imported raw materials and
fuels. A small agricultural sector is highly subsidized and protected, with
crop yields among the highest in the world. While self-sufficient in rice
production, Japan imports about 60% of its food on a caloric basis. For three
decades, overall real economic growth had been spectacular - a 10% average in
the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth
slowed markedly in the 1990s, averaging just 1.7%, largely because of the after
effects of inefficient investment and an asset price bubble in the late 1980s
that required a protracted period of time for firms to reduce excess debt,
capital, and labor. Modest economic growth continued after 2000, but the
economy has fallen into recession three times since 2008. A sharp downturn in
business investment and global demand for Japan's exports in late 2008 pushed
Japan into recession. Government stimulus spending helped the economy recover
in late 2009 and 2010, but the economy contracted again in 2011 as the massive
9.0 magnitude earthquake and the ensuing tsunami in March disrupted
manufacturing. The economy has largely recovered in the two years since the
disaster, but reconstruction in the Tohoku region has been uneven.
Newly-elected Prime Minister Shinzo ABE has declared the economy his
government's top priority; he has pledged to reconsider his predecessor's plan
to permanently close nuclear power plants and is pursuing an economic
revitalization agenda of fiscal stimulus and regulatory reform and has said he
will press the Bank of Japan to loosen monetary policy. Measured on a
purchasing power parity (PPP) basis that adjusts for price differences, Japan
in 2012 stood as the fourth-largest economy in the world after second-place
China, which surpassed Japan in 2001, and third-place India, which edged out
Japan in 2012. The new government will continue a longstanding debate on
restructuring the economy and reining in Japan's huge government debt, which
exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth,
and an aging and shrinking population are other major long-term challenges for
the economy.
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Source
: CIA |
Company name and address
JAPAN AIRLINES CO LTD
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Business Description
Japan Airlines Co., Ltd. is a Japan-based airline company
primarily engaged in the provision of transportation services. The Company has
two business segments. Through its consolidated subsidiaries and associated
company, the Passenger Transportation segment is engaged in the passenger
transportation business. The Others segment involves in the provision of
airport passenger services, ground handling services, the maintenance of aircrafts,
engines and other aircraft parts, the handling of cargoes and mails, the
preparing of in-flight meal, the baggage delivery, the refueling, as well as
the reservation by phone guide, among others. On September 19, 2012, Enterprise
Turnaround Initiative Corporation of Japan is no longer parent company and is
no longer holding any voting rights in the Company, down from 96.5%. For the
fiscal year ended 31 March 2013, Japan Airlines Co Ltd revenues increased 3% to
Y1.239T. Net income applicable to common stockholders decreased 8% to Y171.67B.
Revenues reflect an increase in demand for the Company's products and services
due to favorable market conditions. Net income was offset by Other SGA(1)
increase of 25% to Y77.66B (expense), Personal Expenses increase of 19% to
Y55.63B (expense).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
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Executive President, Representative Director |
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Norikazu Saito |
Managing Executive Officer, Chief Director of Finance & Accounting |
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Tadashi Fujita |
Managing Executive Officer, Deputy Chief Senior Director of Passenger
Marketing, Chief Director of International Customer Marketing, Chief Director
of Corporate Marketing, Chief Director of Web Market |
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Executive Officer, Chief Director of Human Resources |
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Tsutomu Ando |
Executive Officer |
Significant Developments
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Topic |
#* |
Most Recent
Headline |
Date |
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1 |
Japan Airlines Co Ltd Announces Changes in Shareholding Structure |
18-Sep-2012 |
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2 |
30-Apr-2013 |
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2 |
10-Sep-2012 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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India state
seeks bids to refurbish 51-MW Dhalipur, 33.75-MW Dhakrani hydro projects |
13-May-2013 |
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DJB to pay
Rs 10K for issuing incorrect water bill |
13-May-2013 |
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Tree
Hoppers at Caprice |
13-May-2013 |
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Tokyo Stock
Exchange: closing price list -3- |
13-May-2013 |
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Japan
Airlines Cargo Fuel Surcharge for the Month of June 2013 |
13-May-2013 |
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Japan
Airlines Cargo Fuel Surcharge for the Month of Ju... |
13-May-2013 |
Financial Summary
As of 31-Mar-2013
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Key Ratios |
Company |
Industry |
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Current Ratio (MRQ) |
1.76 |
1.01 |
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Quick Ratio (MRQ) |
1.69 |
0.80 |
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Debt to Equity (MRQ) |
0.28 |
7.50 |
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Sales 5 Year Growth |
-11.10 |
8.03 |
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Net Profit Margin (TTM) % |
14.25 |
2.64 |
Stock Snapshot
Traded: Tokyo Stock Exchange: 9201
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As of 2-May-2013 Financials in: JPY |
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1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 82.97047
2 - Balance Sheet Item Exchange Rate:
USD 1 = JPY 94.08855
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ANZSIC 2006 Codes: |
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4900 |
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Air and Space
Transport |
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5220 |
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Airport Operations
and Other Air Transport Support Services |
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7220 |
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Travel Agency and
Tour Arrangement Services |
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5299 |
- |
Other Transport
Support Services Not Elsewhere Classified |
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NACE 2002 Codes: |
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6210 |
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Scheduled air
transport |
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6330 |
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Activities of
travel agencies and tour operators; tourist assistance activities not
elsewhere classified |
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6323 |
- |
Other supporting
air transport activities |
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6412 |
- |
Courier activities
other than national post activities |
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6340 |
- |
Activities of
other transport agencies |
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NAICS 2002 Codes: |
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481111 |
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Scheduled
Passenger Air Transportation |
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561599 |
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All Other Travel
Arrangement and Reservation Services |
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488119 |
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Other Airport
Operations |
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492110 |
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Couriers |
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487110 |
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Scenic and
Sightseeing Transportation, Land |
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US SIC 1987: |
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4512 |
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Air
Transportation, Scheduled |
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4729 |
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Arrangement of
Passenger Transportation, Not Elsewhere Classified |
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4513 |
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Air Courier
Services |
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4789 |
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Transportation
Services, Not Elsewhere Classified |
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4581 |
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Airports, Flying
Fields, and Airport Terminal Services |
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UK SIC 2003: |
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6210 |
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Scheduled air
transport |
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6412 |
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Courier activities
other than national post activities |
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6330 |
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Activities of travel
agencies and tour operators; tourist assistance activities not elsewhere
classified |
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6340 |
- |
Activities of
other transport agencies |
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6323 |
- |
Other supporting
air transport activities |
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UK SIC 2007: |
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51101 |
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Scheduled
passenger air transport |
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5229 |
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Other
transportation support activities |
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7911 |
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Travel agency
activities |
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5223 |
- |
Service activities
incidental to air transportation |
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53202 |
- |
Unlicensed
carriers |
Japan Airlines Co., Ltd. is a Japan-based airline company
primarily engaged in the provision of transportation services. The Company has
two business segments. Through its consolidated subsidiaries and associated
company, the Passenger Transportation segment is engaged in the passenger
transportation business. The Others segment involves in the provision of
airport passenger services, ground handling services, the maintenance of
aircrafts, engines and other aircraft parts, the handling of cargoes and mails,
the preparing of in-flight meal, the baggage delivery, the refueling, as well
as the reservation by phone guide, among others. On September 19, 2012,
Enterprise Turnaround Initiative Corporation of Japan is no longer parent
company and is no longer holding any voting rights in the Company, down from
96.5%. For the fiscal year ended 31 March 2013, Japan Airlines Co Ltd revenues
increased 3% to Y1.239T. Net income applicable to common stockholders decreased
8% to Y171.67B. Revenues reflect an increase in demand for the Company's
products and services due to favorable market conditions. Net income was offset
by Other SGA(1) increase of 25% to Y77.66B (expense), Personal Expenses
increase of 19% to Y55.63B (expense).
More Business Descriptions
Holding company with control and administration of business
activities of affiliated companies relating to air transport and aircraft
maintenance. Scheduled and non-scheduled air transport service; aircraft
maintenance services
Airline Transportation & Support Services; Hotel
Operator
Japan Airlines Corporation (JAL) offers transportation,
airline related, travel services, card and leasing, and other businesses
including trading and hotel and resort operations. It operates its business
across five reportable segments namely, Air transportation, Airline related
services, Travel services, Card and leasing operations and other. It serves
domestically in Japan and in other regions including Asia and Oceania, North
and South America and Europe. The company’s air transportation segment
comprises an integrated network of major subsidiaries of JAL International and
others including Japan Asia Airways Company, Japan Transoean Air Company,
JALways Company, JAL Express Company, Japan Air Commuter Company Air Company,
Hokkaido Air System Company, and Ryukyu Air Commuter Company.The airline
related segment is responsible for providing several services such as passenger
and cargo handling services, in-flight catering, aircraft and ground equipment
maintenance, and aviation fuel supply. This segment operates Boeing 777s on
European routes in relation with international passenger operations. This
segment comprises of 95 subsidiaries and 65 affiliates companies. JAL’s
travel services segment offers air travel packages and other travel services
through 35 subsidiaries and 3 affiliates. The nine air transportation
subsidiaries deal with the segment related packages. Under the card and leasing
segment, the Group offers finance, credit card and leasing facilities through
its 19 subsidiaries. The other segment of the Group is engaged in providing a
range of other services including trading, wholesaling, retailing, real estate,
printing, construction, temp staffing, information and advertising, and
cultural events with the help of its 46 subsidiaries and 15 affiliates. The
principal subsidiaries of the company are Japan Trans Ocean Air Co., Ltd.,
JALways Co., Ltd., JAL Express Co., Ltd., Japan Air Commuter Co., Ltd.,
Hokkaido Air System Co., Ltd., Ryukyu Air Commuter Co., Ltd., and J-Air Co.,
Ltd. Geographically, the company operates in Asia and Oceania (China, South
Korea, Singapore, India, Australia and Guam), North and South America (the US
(excluding Guam), Canada, Mexico, and Brazil) and Europe (U.K., France,
Germany, and Italy). The company integrated four subsidiary aircraft
maintenance companies to form a new company to be named JAL Engineering Co.,
Ltd. Further, JAL and ITOCHU Corporation merged their respective subsidiaries
JAL Business Co., Ltd. and JAL Academy Co., Ltd. of JAL, and CAPLAN Corporation
of ITOCHU.
Japan Airlines Corporation (JAL) is a provider of air
transportation services through its subsidiaries. It offers airline-related
services such as passenger and cargo handling, aircraft, in-flight catering and
ground equipment maintenance, and aviation fuel supply; travel services
comprising development and marketing of air travel packages; and finance,
credit card, and leasing services. Further, the company is also engaged in
hotel and resort business, and wholesaling and retailing business. JAL
comprised of 120 subsidiaries and 65 affiliated companies. The company has its
operation in Asia, North and South America and Europe. The major subsidiaries
of the company are Japan Trans Ocean Air Co., Ltd., JALways Co., Ltd., JAL
Express Co., Ltd., Japan Air Commuter Co., Ltd., Hokkaido Air System Co., Ltd.,
Ryukyu Air Commuter Co., Ltd., and J-Air Co., Ltd. JAL is headquartered in
Tokyo, Japan.The company reported revenues of (Yen) JPY 1,204,813.00 million
during the fiscal year ended March 2012, an increase of 214.56% over 2011. The
operating profit of the company was JPY 203,428.00 million during the fiscal
year 2012, a decrease of 67.19% from 2011. The net profit of the company was
JPY 186,616.00 million during the fiscal year 2012, a decrease of 69.95% from
2011.
Flight Booking Period Ticket Payment Deadline Booking made 2
months or more prior to the departure date No later than 2 months* and 2 days
prior to the departure date (*based on the same date in the calendar months)
Booking made during the period between 2 months* to 30 days prior to the departure
date (* based on the same date in the calendar months) Within 3 days of the
date of booking Booking made 29 or 28 days prior to the departure date No later
than 28 days prior to the departure date Flight Booking Period Ticket Payment
Deadline Booking made 2 months or more prior to the departure date No later
than 2 months* and 2 days prior to the departure date (*based on the same date
in the calendar months) Booking made during the period between 2 months* to 47
days prior to the departure date (* based on the same date in the calendar
months) Within 3 days of the date of booking Booking made 46 or 45 days prior
to the departure date No later than 45 days prior to the departure date Flight
Booking Period Ticket Payment Deadline Booking made 2 months or more prior to
the departure date No later than 2 months* and 2 days prior to the departure
date (*based on the same date in the calendar months) Booking made during the
period between 2 months* to 57 days prior to the departure date (* based on the
same date in the calendar months) Within 3 days of the date of booking Booking
made 56 or 55 days prior to the departure date No later than 55 days prior to
the departure date * If multiple flight bookings are made simultaneously, the
purchase deadline of whichever flight has the earliest travel date will apply.
* JMB Companion Fare must be purchased within the booking day. Home Domestic
Flights
Scheduled Air Transportation
T
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Quote Symbol: |
9201 |
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Exchange: |
Tokyo Stock Exchange |
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Currency: |
JPY |
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Stock Price: |
4,815.0 |
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Stock Price Date: |
05-02-2013 |
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52 Week Price Change %: |
0.0 |
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Market Value (mil): |
873,209,920.0 |
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SEDOL: |
B8BRV46 |
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ISIN: |
JP3705200008 |
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Equity and Dept Distribution: |
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02/2010, Company delisted from exchange. IPO on
2012/09/19, anticipated IPO on 175,000,000 shares @ Y3,790 per share by Daiwa
Securities Co. Ltd. |
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Company |
Percentage Owned |
Country |
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Creative Tours (Singapore) Pte Ltd |
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SINGAPORE |
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Auditor: |
KPMG AZSA LLC |
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Auditor: |
KPMG AZSA LLC |
Recently, Brunei and Kuwait have signed open skies agreement. Malaysia has open skies agreements with the US; Taipei, China; Japan, New Zealand; Austria; United Arab Emirates; Yemen; and the Scandinavian countries. As part of this strategy, the company could get an opportunity to increase its destinations points, resulting in business growth.Strategic Business RestructuringThe company has taken various strategic restructuring initiatives in the recent past, to fuel its business prospects and to reorganize its business to focus effectively on its key business and growth area. In October 2010, The JAL merged of four of its subsidiary sales companies, namely, JAL Sales Co., Ltd.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
Japan Airlines Corporation (JAL Group) provides travel, transportation, airline and card & leasing services. It operates its business through its subsidiaries and affiliates. The company leverages its strong network of operations and its wide geographical base to fuel its business growth. However, volatility in fuel prices and intense competitive pressures could affect its profitability in future.
Strengths
The company is a member of oneworld since 2007. oneworld provides high quality services throughout the globe including provision of airport lounges and priority check-in counters and other facilities at more than 400 airports across the world. This membership is also benefiting the company’s MileageBank members to collect air miles on eligible fares particularly when they fly with other oneworld member airlines. Also, the range of travel destinations for award tickets has been broadened. As many of the company’s customers are Japanese, this membership will help JAL in increasing its profile overseas.
Integrated
Network of Operations
The company maintains a integrated network of operations to tap the immense market potential in the aviation domain. The company operates through 120 subsidiaries and 65 affiliates in air transportation, airline-related, travel service, credit card and leasing, and other businesses. In the air transportation business, it operates through 8 subsidiaries, namely, JAL International, Japan Asia Airways Co., Ltd., Japan Transocean Air Co., Ltd., JALways Co., Ltd., JAL Express Co., Ltd., Japan Air Commuter Co., Ltd., J- Air Co., Ltd., Hokkaido Air System Co., Ltd., and Ryukyu Air Commuter Co., Ltd. A total of 105 subsidiaries and 71 affiliates are engaged in its airline related business. It operates through 49 subsidiaries and 2 affiliates in the travel services business. In the credit cards and leasing business, it involves 31 subsidiaries. It conducts the hotel and resort business through 20 subsidiaries and 2 affiliates. In the commercial, retailing and other businesses, the company operates through its 33 subsidiaries and 12 affiliates. A wide network, as mentioned above, strengthens the company’s business.
Exhaustive
International Presence
The company operates as a significant player in the airline industry, through its operational subsidiaries and affiliates. The company holds a exhaustive international presence to cater to the needs of its clients and customers in an effective and efficient manner. The company mainly operates through its six segments, namely, Air Transportation Business, Airline-Related Business, Travel Services Business, Credit Card and Leasing Services Business, and Other Businesses. Till March 2012, it operated a fleet of nearly 250 aircraft, either owned or leased contracts. JAL Group operates and maintains its business operations mainly throughout 39 countries and regions. It provides its airline services to across 228 airports with domestic routes over 931 flights per day on an average. Additionally, the company renders its international services through 23 routes with 4,280 flights per week (one way). In addition, it also caters cargo transportation of 74 flights per week through 28 routes. JAL Group, along with its subsidiaries maintains relationship with several affiliate airlines under oneworld alliance, codepartners and open sky scheme for rendering scheduled passenger airline services, freight carrier and mail services.
Weaknesses
Decline in Financial
Performance
The company recorded decline in its financial performance in the fiscal year ended March 2012, which could affect its operations in the long run. For the fiscal year ended March 2012, the company reported an operating profit of ¥203428m, a decrease of 67.1% as compared with that of the previous year. This decline is majorly due to the increase in the company's total operating expense. The operating cost as a percentage of total sales increased to 83.1% from (61.8%). For the fiscal year ended March 2012, the company reported an net profit of ¥186616m, a decrease of about 70% as compared with that of the previous year. Moreover there was significant decline in the operating margin, net profit margin return on equity and return on assets of the company. For the fiscal year ended March 2012, the operating margin, net profit margin return on equity and return on assets stood at 16.8%, 15.4%, 48% and 17.1% respectively as compared to 161.8%, 162.1%, 312.8% and 51.4% that was reported during the previous year.
Opportunities
Growth Prospects:
Tourism Industry
The company could benefit from the growth potential in the travel and tourism industry, as it would substantially drive the growth of new aviation and logistic services. The company operates through a geographically diversified portfolio with an extensive range of services offerings for the transport logistics and the aviation industry. Its business directly correlates with travel and tourism industry, which shows positive growth trends across the world, providing sound ground for the company’s revenue generation in future. According to industry estimates, World Travel & Tourism industry generated approximately $8 trillion in 2008, rising to approximately $15 trillion over the next ten years. World Travel and Tourism industry’s contribution will increase the GDP around 10.5% by 2018. The forecast real GDP growth for the Travel and Tourism economy is was approximately 3% for 2008, and is expected to reach an average of 4% per annum for the next 10 years. Further, analyst predicts that Africa, Asia Pacific and the Middle East will experience higher growth rates than the world average while the mature markets, such as Americas and Europe, will record a decline in growth rates. Export earnings from international visitors and tourism goods are expected grow in the coming years. Such high growth in the travel and tourism markets could provide it with opportunities to provide services to its customers in an effective and efficient manner.
The company has entered various new partnership agreements in the recent past which provide it with further opportunities to tap the immense market potential in the aviation domain. In 2011, Japan Airlines (JAL) and China Southern Airlines (CZ) reached an agreement to codeshare for the operation on the route between Tokyo (Narita) and Dalian. In addition, Japan Airlines (JAL) and Iberia, both members of the alliance oneworld, entered codeshare agreement to connect customers between Japan and Madrid via Europe. In 2010, JAL and oneworld alliance partner Qantas Airways (QF) entered agreement to begin codeshare cooperation on QF-operated flights between Tokyo (Narita) and Perth. Also, JAL and Jetstar Airways (Jetstar) entered an agreement to expand their codeshare partnership on routes linking Tokyo (Narita) and Osaka (Kansai), with Gold Coast in Queensland Australia. Further, Japan Airlines and American Airlines decided to commence their joint business from April 2011, based on the expected start of revenue-sharing on applicable trans-Pacific flights. These new partnership intatives provide ample of opportunites for the company to fuel its business growth.
Many regions across the global are embracing the open skies policy, which could enable the company to fly to different destinations, going forward. Of late, the Canadian government has announced minimum regulations for operation of airways in Canada. It has released OpenSkies policy for cross-border operations. The agreement will allow the US carriers to utilize Canada as a platform to serve their cargo and passenger services to any third country. Further, there is no regulation on pricing of tickets or tour packages. Similar agreement exists between the US and EU. Recently, Brunei and Kuwait have signed open skies agreement. Malaysia has open skies agreements with the US; Taipei, China; Japan, New Zealand; Austria; United Arab Emirates; Yemen; and the Scandinavian countries. As part of this strategy, the company could get an opportunity to increase its destinations points, resulting in business growth.
Strategic
Business Restructuring
The company has taken various strategic restructuring initiatives in the recent past, to fuel its business prospects and to reorganize its business to focus effectively on its key business and growth area. In October 2010, The JAL merged of four of its subsidiary sales companies, namely, JAL Sales Co., Ltd. (JSAT), JAL Sales Hokkaido Co., Ltd. (JSAH), JAL Sales West Japan Co., Ltd. (JSAW) and JAL Sales Kyushu Co., Ltd. (JSAK). The company has taken this decision to achieve a swift revitalization of its operations. In August 2010, the company announced that Japan Airlines International Co., Ltd. (JALI), a subsidiary of JAL will sell 79.6% of its shares in JAL Hotels Co., Ltd. (JHC) to Hotel Okura Co., Ltd (Hotel Okura). Also, in August 2010, JAL sold it’s Stake in Nagoya-based passenger & ground handling subsidiaries and transfers cargo Handling business at Chubu Centrair International Airport to Suzuyo & Co., Ltd. In September 2010, JAL Group announced that its subsidiary Japan Airlines International Co., Ltd. will sell its 72% stake in JAL Logistics Co., Ltd to Hamakyorex Co., Ltd. (Hamakyorex), to achieve a swift and fundamental reform of the company. In November 2010, Japan Airlines International Co., Ltd. (JALI), announced the sale of its 50.7% stake in TFK Corporation (TFK) to SATS Investments Pte Ltd. (100%-owned subsidiary of SATS Ltd.). Further, JAL announced the merger of its JALPAK Co., Ltd. (JALPAK) and JAL TOURS Co., Ltd. (JAL TOURS), subject to the approval of the stockholders of both companies. The new entity will retain the name of JALPAK Co., Ltd. These decision are taken to strength the financial position of the firm and to synchronize its operations enhance its focus on its key business areas
Threats
The company’s business is highly dependent on the price and availability of aircraft fuel, and its performance could be adversely affects by high volatility in fuel costs, increased fuel prices and significant disruptions in the supply of aircraft fuel. During 2010, prices for crude oil and related products increased significantly. The average daily spot price of crude oil during 2010 was $79.48 per barrel compared to $61.95 per barrel in 2009. Crude oil prices were volatile, with daily spot prices fluctuating between a low of $64.78 per barrel in May 2010 to a high of $91.48 per barrel in December 2010. Further, crude oil prices fluctuated quite rapidly in the past. The International Air Transport Association (IATA) has estimated that industry fuel bill will fall from $165 billion in 2008 to $59 billion in 2009, on a $56 per barrel average price of oil, but prices climbed during this period. For instance, jet fuel prices increased 15% worldwide, and in New York, jet fuel prices closed the first week of June 2009 at $68.81 per barrel. The volatility in fuel prices could affect the profit margin of the company, as they would find it difficult to pass on the increased fuel prices to passengers in the form of price hike or surcharge in a contracting airline market.
Aviation and the transport and logistics industry, in which the company operates, is highly competitive. The company faces stiff competition from national and international airline companies, including AMR Corporation, Northwest Airlines Corporation, All Nippon Airways, Delta Air Lines, Singapore Airlines Limited and UAL Corporation amongst others. The company could face challenges in pricing, quality, services, and related issues. In most international routes, the company mainly competes with at least one airline that benefit from government ownership, control or support. Many of these carriers operate from favorable hub locations that help them combine sets of air rights obtained from third countries to build strong. Further, the global airline industry is into a consolidation phase, with the industry shrinking mainly in the aftermath of global economic slowdown, which triggered a slide in the passenger load. Major airline companies are eying mergers and acquisitions of international airline companies, and small players in the market serving niche segments such as business-class customers, and low-cost carriers, among others. Acquisitions not only provide airline companies access to new destinations, but also offer fleet and landing and maintenance slots in airports. Thus the increasing competitive pressures and increasing consolidations in the airlines industry could pose a serious threat to its global operations.
Potential
Threat from Terrorism
The airline industry is susceptible to terrorist attacks and other such security threats. Post 9/11 attacks, the global airline industry has witnessed a drop in financial and operational performances. Such threats have resulted in new security measures which resulted in the increase of related costs. More terrorist attacks or such potential threats involving the U.S. could have significant negative effects on the airline industry such as reduced passenger traffic and yields due to a potentially dramatic drop in demand for air travel; increased fuel costs and the volatility of fuel prices; increased security and insurance costs; and high costs from airport shutdowns, flight cancellations and delays resulting from security breaches and perceived safety threats. Such events would adversely affect the business, financial condition and results of operations of the company.
Corporate
Family
Corporate Structure News:
Total Corporate Family Members: 167
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Chiyoda-Ku |
Japan |
Insurance (Property and Casualty) |
6,380.7 |
360 |
|
|
Subsidiary |
Gladenbach, Hessen |
Germany |
Miscellaneous Capital Goods |
30.5 |
140 |
|
|
Subsidiary |
Gladenbach, Hessen |
Germany |
Commercial Banks |
29.7 |
125 |
|
|
Subsidiary |
Chiyoda-Ku, Tokyo |
Japan |
Consumer Financial Services |
1,567.6 |
|
|
|
Subsidiary |
Chiyoda-Ku, Tokyo |
Japan |
Business Services |
13.5 |
|
|
|
Subsidiary |
Shinagawa-Ku |
Japan |
Airlines |
14,931.1 |
31,190 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation |
|
2,600 |
|
|
Subsidiary |
Tokyo |
Japan |
Consumer Financial Services |
|
2,000 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
|
1,808 |
|
|
Subsidiary |
Chiba |
Japan |
Miscellaneous Transportation |
|
1,508 |
|
|
Subsidiary |
Chiba |
Japan |
Business Services |
|
1,500 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
1,400 |
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
|
1,245 |
|
|
Subsidiary |
Tokyo |
Japan |
Air Courier |
|
1,000 |
|
|
Subsidiary |
Tokyo |
Japan |
Personal Services |
|
1,000 |
|
|
Subsidiary |
Narita, Chiba |
Japan |
Miscellaneous Transportation |
|
945 |
|
|
Subsidiary |
New York, NY |
United States |
Miscellaneous Transportation |
3.4 |
900 |
|
|
Subsidiary |
Narita, Chiba |
Japan |
Airlines |
|
800 |
|
|
Subsidiary |
Chiba |
Japan |
Business Services |
|
780 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Airlines |
|
716 |
|
|
Subsidiary |
Fukuoka |
Japan |
Miscellaneous Transportation |
|
705 |
|
|
Subsidiary |
Osaka |
Japan |
Miscellaneous Transportation |
|
691 |
|
|
Subsidiary |
Ota-Ku |
Japan |
Miscellaneous Transportation |
127.8 |
644 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
600 |
|
|
Subsidiary |
Osaka |
Japan |
Personal Services |
|
570 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
|
550 |
|
|
Subsidiary |
Ikeda, Osaka |
Japan |
Airlines |
500.6 |
532 |
|
|
Subsidiary |
Nagoya |
Japan |
Miscellaneous Transportation |
|
530 |
|
|
Subsidiary |
Osaka |
Japan |
Miscellaneous Transportation |
|
527 |
|
|
Subsidiary |
Tokoname, Aichi |
Japan |
Miscellaneous Transportation |
42.6 |
475 |
|
|
Subsidiary |
Osaka |
Japan |
Miscellaneous Transportation |
|
417 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
1,010.0 |
400 |
|
|
Subsidiary |
London |
United Kingdom |
Personal Services |
|
535 |
|
|
Subsidiary |
Vienna |
Austria |
Personal Services |
|
10 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Personal Services |
|
250 |
|
|
Subsidiary |
Honolulu, HI |
United States |
Personal Services |
|
200 |
|
|
Subsidiary |
Honolulu, HI |
United States |
Personal Services |
1.0 |
100 |
|
|
Subsidiary |
Tamuning, GU |
United States |
Personal Services |
|
90 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Personal Services |
|
50 |
|
|
Subsidiary |
Mexico, DF |
Mexico |
Personal Services |
|
40 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal Services |
|
30 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Personal Services |
|
20 |
|
|
Subsidiary |
Tamuning, GU |
United States |
Personal Services |
|
30 |
|
|
Subsidiary |
Bangkok |
Thailand |
Hotels and Motels |
|
25 |
|
|
Subsidiary |
Honolulu, HI |
United States |
Personal Services |
0.4 |
5 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation |
|
389 |
|
|
Subsidiary |
Tokyo, Shinagawa-Ku |
Japan |
Hotels and Motels |
|
379 |
|
|
Subsidiary |
Slough |
United Kingdom |
Restaurants |
|
350 |
|
|
Subsidiary |
San Francisco, CA |
United States |
Airlines |
|
330 |
|
|
Subsidiary |
Chiba |
Japan |
Business Services |
|
320 |
|
|
Subsidiary |
Osaka |
Japan |
Personal Services |
|
301 |
|
|
Subsidiary |
Jakarta, Jakarta |
Indonesia |
Construction Services |
|
300 |
|
|
Subsidiary |
Singapore |
Singapore |
Airlines |
|
300 |
|
|
Subsidiary |
Osaka |
Japan |
Miscellaneous Transportation |
|
297 |
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
290 |
|
|
Subsidiary |
Hokkaido |
Japan |
Hotels and Motels |
|
288 |
|
|
Subsidiary |
Hokkaido |
Japan |
Miscellaneous Transportation |
|
286 |
|
|
Subsidiary |
Fukuoka |
Japan |
Personal Services |
|
281 |
|
|
Subsidiary |
Naha |
Japan |
Personal Services |
|
243 |
|
|
Subsidiary |
Hokkaido |
Japan |
Miscellaneous Transportation |
|
241 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Miscellaneous Transportation |
7.6 |
202 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Personal Services |
|
202 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
200 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Miscellaneous Transportation |
|
196 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Miscellaneous Transportation |
13.3 |
290 |
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
190 |
|
|
Subsidiary |
Tokyo |
Japan |
Software and Programming |
92.0 |
185 |
|
|
Subsidiary |
Narita, Chiba |
Japan |
Miscellaneous Transportation |
|
170 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation |
|
170 |
|
|
Subsidiary |
Honolulu, HI |
United States |
Miscellaneous Transportation |
|
170 |
|
|
Subsidiary |
Osaka |
Japan |
Airlines |
|
166 |
|
|
Subsidiary |
Chiba |
Japan |
Airlines |
|
156 |
|
|
Subsidiary |
Narita, Chiba |
Japan |
Retail (Specialty) |
|
154 |
|
|
Subsidiary |
Sapporo |
Japan |
Personal Services |
|
151 |
|
|
Subsidiary |
El Segundo, CA |
United States |
Airlines |
|
150 |
|
|
Branch |
Jamaica, NY |
United States |
Airlines |
20.4 |
80 |
|
|
Branch |
Washington, DC |
United States |
Airlines |
59.1 |
56 |
|
|
Branch |
Anchorage, AK |
United States |
Airlines |
37.7 |
56 |
|
|
Branch |
Dallas, TX |
United States |
Airlines |
23.3 |
56 |
|
|
Branch |
Jamaica, NY |
United States |
Airlines |
20.4 |
56 |
|
|
Branch |
Los Angeles, CA |
United States |
Airlines |
21.2 |
55 |
|
|
Branch |
Anchorage, AK |
United States |
Airlines |
37.7 |
21 |
|
|
Branch |
Jamaica, NY |
United States |
Real Estate Operations |
1.4 |
5 |
|
|
Subsidiary |
Chiba |
Japan |
Restaurants |
|
150 |
|
|
Subsidiary |
Honolulu, HI |
United States |
Restaurants |
11.0 |
136 |
|
|
Subsidiary |
Tokyo |
Japan |
Aerospace and Defense |
|
130 |
|
|
Subsidiary |
El Segundo, CA |
United States |
Miscellaneous Transportation |
|
130 |
|
|
Subsidiary |
Tokyo, Shinagawa-ku |
Japan |
Airlines |
|
110 |
|
|
Subsidiary |
Chicago, IL |
United States |
Airlines |
32.2 |
100 |
|
|
Subsidiary |
Sendai |
Japan |
Miscellaneous Transportation |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Investment Services |
|
100 |
|
|
Subsidiary |
Fukuoka |
Japan |
Airlines |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Printing and Publishing |
|
98 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Transportation |
|
95 |
|
|
Subsidiary |
Komatsu, Ishikawa |
Japan |
Miscellaneous Transportation |
|
82 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Personal Services |
|
70 |
|
|
Subsidiary |
Hokkaido |
Japan |
Recreational Activities |
|
70 |
|
|
Subsidiary |
Tokyo |
Japan |
Investment Services |
|
62 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
60 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Hotels and Motels |
|
60 |
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
|
58 |
|
|
Subsidiary |
Nagasaki |
Japan |
Personal Services |
|
58 |
|
|
Subsidiary |
Singapore |
Singapore |
Personal Services |
|
45 |
|
|
Subsidiary |
Hakodate |
Japan |
Personal Services |
|
45 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Personal Services |
|
45 |
|
|
Subsidiary |
Nagasaki |
Japan |
Printing and Publishing |
|
45 |
|
|
Branch |
New Delhi, Delhi |
India |
Miscellaneous Transportation |
|
40 |
|
|
Subsidiary |
Tokyo |
Japan |
Business Services |
|
30 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
|
30 |
|
|
Subsidiary |
Okinawa |
Japan |
Software and Programming |
|
25 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Miscellaneous Financial Services |
|
20 |
|
|
Subsidiary |
Mascot, NSW |
Australia |
Air Courier |
4.1 |
100 |
|
|
Subsidiary |
Beijing |
China |
Miscellaneous Transportation |
|
50 |
|
|
Joint Venture |
Ho Chi Minh City |
Viet Nam |
Air Courier |
|
45 |
|
|
Subsidiary |
Inglewood, CA |
United States |
Air Courier |
0.5 |
40 |
|
|
Subsidiary |
Singapore |
Singapore |
Air Courier |
|
20 |
|
|
Subsidiary |
Singapore |
Singapore |
Air Courier |
|
8 |
|
|
Subsidiary |
Kowloon, NT |
Hong Kong |
Air Courier |
|
10 |
|
|
Subsidiary |
Tokyo |
Japan |
Air Courier |
|
10 |
|
|
Subsidiary |
Sepang, Selangor |
Malaysia |
Miscellaneous Transportation |
|
10 |
|
|
Subsidiary |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Business Services |
|
10 |
|
|
Subsidiary |
Staines |
United Kingdom |
Personal Services |
|
7 |
|
|
Subsidiary |
Chiba |
Japan |
Air Courier |
|
|
|
|
Subsidiary |
Slough |
United Kingdom |
Miscellaneous Transportation |
|
|
|
|
Subsidiary |
El Segundo, CA |
United States |
Retail (Specialty) |
|
15 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
|
9 |
|
|
Subsidiary |
Tokyo |
Japan |
Real Estate Operations |
|
6 |
|
|
Subsidiary |
Zurich |
Switzerland |
Airlines |
|
6 |
|
|
Subsidiary |
Jamaica, NY |
United States |
Real Estate Operations |
2.6 |
4 |
|
|
Subsidiary |
Hokkaido |
Japan |
Retail (Specialty) |
|
4 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Miscellaneous Capital Goods |
|
4 |
|
|
Subsidiary |
Ota-Ku, Tokyo |
Japan |
Business Services |
356.0 |
|
|
|
Subsidiary |
Ota-Ku, Tokyo |
Japan |
Construction Services |
44.4 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Airlines |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Airlines |
|
3,048 |
|
|
Subsidiary |
Ikeda, Osakafu |
Japan |
Airlines |
|
870 |
|
|
Subsidiary |
Kagoshima |
Japan |
Airlines |
|
530 |
|
|
Subsidiary |
Hiroshima |
Japan |
Airlines |
|
130 |
|
|
Subsidiary |
Hokkaido |
Japan |
Airlines |
|
92 |
|
|
Subsidiary |
Naha, Okinawa |
Japan |
Airlines |
|
70 |
|
|
Subsidiary |
Tokyo |
Japan |
Hotels and Motels |
|
10 |
|
|
Jal Ground Service Co.,Ltd. |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Narita, Chiba |
Japan |
Trucking |
|
225 |
|
|
Subsidiary |
Ota-Ku, Tokyo |
Japan |
Miscellaneous Transportation |
158.3 |
|
|
|
Subsidiary |
Osaka-Shi |
Japan |
Miscellaneous Capital Goods |
1,288.4 |
7,694 |
|
|
Subsidiary |
Stockton On Tees |
United Kingdom |
Commercial Banks |
293.3 |
2,173 |
|
|
Subsidiary |
Nuneaton |
United Kingdom |
Miscellaneous Fabricated Products |
57.8 |
616 |
|
|
Subsidiary |
Nuneaton |
United Kingdom |
Miscellaneous Fabricated Products |
|
75 |
|
|
Subsidiary |
Petersfield |
United Kingdom |
Fabricated Plastic and Rubber |
11.6 |
53 |
|
|
Subsidiary |
München, Bayern |
Germany |
Engineering Consultants |
58.0 |
500 |
|
|
Subsidiary |
La Seguiniere |
France |
Miscellaneous Capital Goods |
57.0 |
159 |
|
|
Subsidiary |
Alby Sur Cheran |
France |
Miscellaneous Financial Services |
12.3 |
44 |
|
|
Subsidiary |
Weert, Limburg |
Netherlands |
Miscellaneous Financial Services |
32.4 |
|
|
|
Subsidiary |
London |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
Subsidiary |
Gifu, Gifu |
Japan |
Miscellaneous Capital Goods |
56.4 |
211 |
|
|
Subsidiary |
Hidaka, Saitama |
Japan |
Auto and Truck Parts |
25.2 |
177 |
|
|
Subsidiary |
Hirakata-Shi |
Japan |
Miscellaneous Capital Goods |
79.4 |
136 |
|
|
Subsidiary |
Yoshinogawa, Tokushima |
Japan |
Miscellaneous Capital Goods |
31.2 |
|
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Nonclassifiable Industries |
13.8 |
|
|
|
Subsidiary |
Nishitama-Gun, Tokyo |
Japan |
Business Services |
3.7 |
|
|
|
Subsidiary |
Si Racha, Chon Buri |
Thailand |
Fabricated Plastic and Rubber |
|
830 |
|
|
Subsidiary |
Muang, Pathum Thani |
Thailand |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Shah Alam, Selangor |
Malaysia |
Chemicals - Plastics and Rubber |
8.0 |
25 |
|
|
Subsidiary |
Hwaseong, Gyeonggi-do |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
|
|
|
Showpla Hong Kong Limited |
Subsidiary |
|
|
|
|
|
|
Subsidiary |
Shanghai, Shanghai |
China |
Fabricated Plastic and Rubber |
4.4 |
280 |
|
|
Subsidiary |
Chuo-Ku, Tokyo |
Japan |
Hotels and Motels |
360.8 |
|
Competitors
Report
|
CompanyName |
Location |
Employees |
Ownership |
|
ACE Aviation Holdings Inc |
Montreal, Quebec, Canada |
23,608 |
Public |
|
Air France - KLM |
Paris, France |
100,744 |
Public |
|
Air New Zealand Limited |
Auckland, New Zealand |
10,453 |
Public |
|
AMR Corporation |
Fort Worth, Texas, United States |
77,750 |
Public |
|
ANA Holdings Inc |
Minato-Ku, Japan |
32,884 |
Public |
|
British Airways PLC |
Middlesex, United Kingdom |
40,252 |
Public |
|
China Airlines Ltd. |
Dayuan, Taiwan |
16,731 |
Public |
|
Continental Airlines Inc. |
Chicago, Illinois, United States |
38,900 |
Public |
|
Delta Air Lines, Inc. |
Atlanta, Georgia, United States |
73,430 |
Public |
|
Deutsche Lufthansa AG |
Koeln, Germany |
116,516 |
Public |
|
Emirates Group |
Dubai, United Arab Emirates |
62,000 |
Private |
|
Korean Air Lines Co Ltd |
Seoul, Korea, Republic of |
18,564 |
Public |
|
Qantas Airways Limited |
Mascot, New South Wales, Australia |
33,608 |
Public |
|
Singapore Airlines Ltd. |
Singapore, Singapore |
22,746 |
Public |
|
South African Airways |
London, United Kingdom |
70 |
Private |
|
United Continental Holdings Inc |
Chicago, Illinois, United States |
88,000 |
Public |
|
Virgin Atlantic Airways Ltd |
Crawley, United Kingdom |
8,145 |
Private |
Board of Directors
|
|
|
|||||
|
Chairman |
Chairman |
|||||
|
|||||||
|
Board Member |
Director/Board Member |
|||||
|
|||||||
|
Independent Director |
Director/Board Member |
|||||
|
|||||||
|
Independent Director |
Director/Board Member |
|||||
|
|||||||
|
Senior Managing Executive Officer, Chief Senior Director of Passenger
Marketing, Chief Director of Domestic Passenger Marketing, President of
Subsidiary, Director |
Director/Board Member |
|||||
|
|||||||
|
Senior Managing Executive Officer, Chief Director of Guest Room,
Director |
Director/Board Member |
|||||
|
|||||||
|
Senior Managing Executive Officer, Chief Director of Maintenance,
President of Subsidiary, Director |
Director/Board Member |
|||||
|
|||||||
|
Executive President, Representative Director |
Director/Board Member |
|||||
|
|||||||
Executives
|
|
|
||||
|
Executive President, Representative Director |
President |
||||
|
||||||
|
Senior Managing Executive Officer-Cargo & Mail |
Managing Director |
|
|||
|
Senior Managing Executive Officer |
Managing Director |
|
|||
|
Senior Managing Executive Officer |
Managing Director |
|
|||
|
Senior Managing Executive Officer |
Managing Director |
|
|||
|
Managing Executive Officer, Chief Director of Finance & Accounting |
Finance Executive |
|
|||
|
||||||
|
Corporate Auditor |
Accounting Executive |
|
|||
|
Corporate Auditor |
Accounting Executive |
|
|||
|
Corporate Auditor |
Accounting Executive |
|
|||
|
Corporate Auditor |
Accounting Executive |
|
|||
|
Corporate Auditor |
Accounting Executive |
|
|||
|
||||||
|
Executive Officer, Chief Director of Human Resources |
Human Resources Executive |
|
|||
|
||||||
|
Executive Officer, Director of Human Resources |
Human Resources Executive |
|
|||
|
||||||
|
Managing Executive Officer, Deputy Chief Senior Director of Passenger
Marketing, Chief Director of International Customer Marketing, Chief Director
of Corporate Marketing, Chief Director of Web Market |
Marketing Executive |
|
|||
|
||||||
|
Senior Managing Executive Officer, Chief Senior Director of Passenger
Marketing, Chief Director of Domestic Passenger Marketing, President of
Subsidiary, Director |
Marketing Executive |
|
|||
|
||||||
|
Executive Officer, Chief Director of Customer Marketing in Main
Airline Supervision Unit |
Marketing Executive |
|
|||
|
Executive Officer |
Other |
|
|||
|
||||||
|
Executive Officer, Manager of Beijing Office, Manager of Beijing Sales
Office |
Other |
|
|||
|
Managing Executive Officer, Chief Director of Security Promotion,
Manager of Victim Consulting Office |
Other |
|
|||
|
Executive Officer, Chief Director of General Affairs |
Other |
|
|||
|
||||||
|
Executive Officer, Chief Director of IT Planning |
Other |
|
|||
|
Executive Officer |
Other |
|
|||
|
Manager of Listing Preparation Office |
Other |
|
|||
|
Senior Managing Executive Officer, Chief Senior Director of Airlines |
Other |
|
|||
|
||||||
|
Managing Executive Officer, Chief Director of Affiliate Company
Support |
Other |
|
|||
|
||||||
|
Executive Officer, Chief Director of Airport |
Other |
|
|||
|
Executive Officer |
Other |
|
|||
|
Executive Officer |
Other |
|
|||
|
Executive Officer, Chief Director of Domestic Airlines Business in
Main Airlines Supervision Unit |
Other |
|
|||
|
||||||
|
Managing Executive Officer, Chief Director of Business Planning |
Other |
|
|||
|
||||||
|
Executive Officer, President of Subsidiary |
Other |
|
|||
|
||||||
|
Executive Officer, Chief Director of Procurement |
Other |
|
|||
|
Executive Officer |
Other |
|
|||
|
Executive Officer, President of Subsidiary |
Other |
|
|||
|
||||||
|
Managing Executive Officer, Chief Director of Flight Operating |
Other |
|
|||
|
Executive Officer, President of Subsidiary |
Other |
|
|||
|
||||||
|
Executive Officer |
Other |
|
|||
|
Executive Officer, Chief Director of Cargo Post |
Other |
|
|||
|
Executive Officer, President of Subsidiary |
Other |
|
|||
|
||||||
|
Managing Executive Officer, Chief Director of Business Administration |
Other |
|
|||
|
Executive Officer, Chief Director of International Airline Business in
Main Airline Supervision Unit |
Other |
|
|||
Japan Airlines Co Ltd to Pay Year-end Dividend for FY 2013
Apr 30, 2013
Japan Airlines Co Ltd announced that it will pay a year-end dividend of JPY
190.00 per share or JPY 32,385 million in total, above the latest dividend
forecast of JPY 180.00 per share, to all the shareholders as a record of March
31, 2013, effective June 20, 2013.
Japan Airlines Co Ltd Amends Year-end Dividend Forecast for FY 2013
Feb 04, 2013
Japan Airlines Co Ltd announced that it has amended its year-end dividend
forecast from an undetermined value, which was announced on November 2, 2012,
to JPY 180.00 per share, for the fiscal year ending March 2013.
Japan Airlines Co Ltd Announces Changes in Shareholding Structure
Sep 18, 2012
Japan Airlines Co Ltd announced that Enterprise Turnaround Initiative
Corporation of Japan, which engages in the business regeneration support, is no
longer parent company and is no longer holding any voting rights in the
Company, down from 96.5%, effective September 19, 2012.
Japan Airlines Co Ltd Sets IPO At $8.5 Billion-Reuters
Sep 10, 2012
Reuters reported that Japan Airlines Co Ltd has set the pre-market price for
its initial public offering at the top end of the range, raising $8.5 billion.
Japan Airlines has set the IPO price at JPY3,790 ($48.55) per share on
September 10, 2012 after gauging investor demand at JPY3,500 to JPY3,790. At
the pre-market price, the Company will raise JPY663 billion ($8.49 billion).
Japan Airlines Co Ltd Announces Initial Public Offering
Aug 03, 2012
Japan Airlines Co Ltd announced that its stock will begin trading on the Tokyo
Stock Exchange on September 19, 2012, under the symbol "9201". In its
public offering, the Company will offer a total of 131,250,000 common shares,
for JPY 497,437,500,000 in total. The nominal offering price as of filing date
of Registration Statement is JPY 3,790 per share and the offering price will be
announced at later date.
News
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
30-Nov-2010 |
19-Jan-2010 |
|
Period Length |
12 Months |
12 Months |
4 Months |
10 Months |
10 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Special |
Updated Special |
Updated Special |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period
Average) |
82.970472 |
78.961215 |
85.691434 |
88.353552 |
93.681055 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
|
|
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Net Sales |
14,931.1 |
15,258.3 |
4,469.8 |
11,937.8 |
10,914.3 |
|
Revenue |
14,931.1 |
15,258.3 |
4,469.8 |
11,937.8 |
10,914.3 |
|
Total Revenue |
14,931.1 |
15,258.3 |
4,469.8 |
11,937.8 |
10,914.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
10,654.4 |
10,748.6 |
3,371.9 |
9,250.6 |
10,828.0 |
|
Cost of Revenue, Total |
10,654.4 |
10,748.6 |
3,371.9 |
9,250.6 |
10,828.0 |
|
Gross Profit |
4,276.6 |
4,509.6 |
1,097.8 |
2,687.1 |
86.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
1,198.3 |
1,264.9 |
427.5 |
874.0 |
1,031.8 |
|
Labor & Related Expense |
725.1 |
649.5 |
189.4 |
200.0 |
308.0 |
|
Advertising Expense |
- |
- |
- |
208.6 |
187.2 |
|
Total Selling/General/Administrative Expenses |
1,923.5 |
1,914.4 |
616.9 |
1,282.6 |
1,527.0 |
|
Depreciation |
- |
- |
- |
111.5 |
123.9 |
|
Depreciation/Amortization |
- |
- |
- |
111.5 |
123.9 |
|
Impairment-Assets Held for Use |
21.3 |
30.8 |
2.0 |
0.0 |
0.0 |
|
Impairment-Assets Held for Sale |
- |
- |
- |
0.0 |
0.0 |
|
Other Unusual Expense (Income) |
-85.5 |
-11.9 |
-6,757.2 |
-718.9 |
19,556.3 |
|
Unusual Expense (Income) |
-64.2 |
18.9 |
-6,755.1 |
-718.9 |
19,556.3 |
|
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
12,513.7 |
12,682.0 |
-2,766.3 |
9,925.8 |
32,035.1 |
|
|
|
|
|
|
|
|
Operating Income |
2,417.3 |
2,576.3 |
7,236.1 |
2,012.0 |
-21,120.8 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-38.4 |
-138.0 |
-18.0 |
-108.6 |
-166.8 |
|
Interest Expense, Net
Non-Operating |
-38.4 |
-138.0 |
-18.0 |
-108.6 |
-166.8 |
|
Interest
Income - Non-Operating |
9.8 |
9.0 |
3.1 |
9.6 |
8.9 |
|
Investment
Income - Non-Operating |
-41.6 |
51.4 |
50.1 |
62.7 |
-79.3 |
|
Interest/Investment Income -
Non-Operating |
-31.8 |
60.4 |
53.2 |
72.3 |
-70.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-70.1 |
-77.6 |
35.2 |
-36.3 |
-237.2 |
|
Gain (Loss) on Sale of Assets |
-11.1 |
-4.6 |
29.7 |
32.4 |
-71.2 |
|
Other Non-Operating Income
(Expense) |
-40.3 |
37.6 |
-33.0 |
20.1 |
-29.5 |
|
Other, Net |
-40.3 |
37.6 |
-33.0 |
20.1 |
-29.5 |
|
Income Before Tax |
2,295.7 |
2,531.6 |
7,268.0 |
2,028.2 |
-21,458.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
167.9 |
105.5 |
2.7 |
-20.4 |
-23.6 |
|
Income After Tax |
2,127.8 |
2,426.2 |
7,265.3 |
2,048.6 |
-21,435.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-58.8 |
-62.8 |
-17.5 |
- |
- |
|
Net Income Before Extraord Items |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.6 |
-21,435.1 |
|
Net Income |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.6 |
-21,435.1 |
|
|
|
|
|
|
|
|
Miscellaneous Earnings Adjustment |
0.0 |
- |
0.0 |
-0.1 |
-0.1 |
|
Total Adjustments to Net Income |
0.0 |
- |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Common Excl Extraord Items |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
181.3 |
181.4 |
176.3 |
3,829.4 |
3,829.4 |
|
Basic EPS Excl Extraord Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Basic/Primary EPS Incl Extraord Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
Diluted Weighted Average Shares |
181.3 |
181.4 |
176.3 |
3,829.4 |
3,829.4 |
|
Diluted EPS Excl Extraord Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Diluted EPS Incl Extraord Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Dividends per Share - Common Stock Primary Issue |
2.29 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
38.4 |
138.0 |
18.0 |
108.6 |
166.8 |
|
Depreciation, Supplemental |
976.3 |
1,028.6 |
343.1 |
111.5 |
123.9 |
|
Total Special Items |
-53.0 |
23.5 |
-6,784.8 |
-751.4 |
19,627.5 |
|
Normalized Income Before Tax |
2,242.7 |
2,555.2 |
483.1 |
1,276.8 |
-1,831.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-3.9 |
1.0 |
-2.5 |
-263.0 |
6,869.6 |
|
Inc Tax Ex Impact of Sp Items |
164.0 |
106.5 |
0.2 |
-283.3 |
6,846.1 |
|
Normalized Income After Tax |
2,078.7 |
2,448.7 |
482.9 |
1,560.2 |
-8,677.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2,019.9 |
2,386.0 |
465.5 |
1,560.1 |
-8,677.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
11.14 |
13.16 |
2.64 |
0.41 |
-2.27 |
|
Diluted Normalized EPS |
11.14 |
13.16 |
2.64 |
0.41 |
-2.27 |
|
Rental Expenses |
- |
- |
- |
70.8 |
81.5 |
|
Advertising Expense, Supplemental |
- |
- |
- |
208.6 |
187.2 |
|
Reported Operating Profit |
2,353.2 |
2,595.2 |
481.0 |
1,293.0 |
-1,515.8 |
|
Reported Ordinary Profit |
2,240.1 |
2,503.6 |
490.6 |
1,319.7 |
-1,898.8 |
|
Normalized EBIT |
2,353.2 |
2,595.2 |
481.0 |
1,293.0 |
-1,564.5 |
|
Normalized EBITDA |
3,329.4 |
3,623.9 |
824.1 |
1,404.6 |
-1,440.6 |
|
Current Tax - Total |
155.3 |
152.6 |
19.8 |
-20.3 |
-7.8 |
|
Current Tax - Total |
155.3 |
152.6 |
19.8 |
-20.3 |
-7.8 |
|
Deferred Tax - Total |
12.6 |
-47.1 |
-17.0 |
-0.1 |
-15.7 |
|
Deferred Tax - Total |
12.6 |
-47.1 |
-17.0 |
-0.1 |
-15.7 |
|
Income Tax - Total |
167.9 |
105.5 |
2.7 |
-20.4 |
-23.6 |
|
Interest Cost - Domestic |
- |
106.0 |
34.1 |
150.5 |
148.3 |
|
Service Cost - Domestic |
- |
126.3 |
37.1 |
139.2 |
136.6 |
|
Prior Service Cost - Domestic |
- |
-1.0 |
23.8 |
- |
- |
|
Expected Return on Assets - Domestic |
- |
-45.0 |
-14.3 |
-145.7 |
-129.7 |
|
Actuarial Gains and Losses - Domestic |
- |
21.6 |
9.1 |
- |
193.0 |
|
Transition Costs - Domestic |
- |
9.1 |
3.4 |
- |
98.2 |
|
Other Pension, Net - Domestic |
- |
12.9 |
31.2 |
-1,462.5 |
3,245.2 |
|
Domestic Pension Plan Expense |
- |
229.7 |
124.4 |
-1,318.5 |
3,691.6 |
|
Total Pension Expense |
- |
229.7 |
124.4 |
-1,318.5 |
3,691.6 |
|
Discount Rate - Domestic |
- |
1.70% |
1.70% |
2.10% |
2.40% |
|
Expected Rate of Return - Domestic |
- |
1.00% |
1.50% |
5.10% |
5.10% |
|
Total Plan Interest Cost |
- |
106.0 |
34.1 |
150.5 |
148.3 |
|
Total Plan Service Cost |
- |
126.3 |
37.1 |
139.2 |
136.6 |
|
Total Plan Expected Return |
- |
-45.0 |
-14.3 |
-145.7 |
-129.7 |
|
Total Plan Other Expense |
- |
12.9 |
31.2 |
-1,462.5 |
3,245.2 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
30-Nov-2010 |
19-Jan-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
83.77 |
91.19 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
|
|
|
Auditor Opinion |
|
Unqualified with Explanation |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Cash & Equivalents |
3,698.5 |
3,307.3 |
4,257.8 |
3,017.3 |
2,340.2 |
|
Short Term Investments |
0.1 |
0.4 |
0.1 |
0.0 |
0.0 |
|
Cash and Short Term Investments |
3,698.6 |
3,307.7 |
4,257.9 |
3,017.3 |
2,340.2 |
|
Accounts
Receivable - Trade, Gross |
1,286.6 |
1,420.2 |
1,328.3 |
1,551.9 |
1,925.8 |
|
Provision
for Doubtful Accounts |
-8.1 |
-8.0 |
-23.7 |
-0.7 |
-0.8 |
|
Trade Accounts Receivable - Net |
1,278.5 |
1,412.2 |
1,304.6 |
1,551.2 |
1,924.9 |
|
Notes Receivable - Short Term |
- |
- |
- |
0.4 |
0.8 |
|
Other Receivables |
- |
- |
- |
212.8 |
101.3 |
|
Total Receivables, Net |
1,278.5 |
1,412.2 |
1,304.6 |
1,764.5 |
2,027.1 |
|
Inventories - Other |
236.8 |
279.1 |
315.9 |
263.8 |
243.4 |
|
Total Inventory |
236.8 |
279.1 |
315.9 |
263.8 |
243.4 |
|
Prepaid Expenses |
- |
- |
- |
151.6 |
155.3 |
|
Deferred Income Tax - Current
Asset |
11.2 |
16.2 |
6.9 |
0.0 |
0.0 |
|
Other Current Assets |
634.8 |
669.7 |
786.7 |
336.0 |
250.8 |
|
Other Current Assets, Total |
646.0 |
685.9 |
793.6 |
336.0 |
250.8 |
|
Total Current Assets |
5,859.9 |
5,684.9 |
6,672.0 |
5,533.3 |
5,016.8 |
|
|
|
|
|
|
|
|
Property/Plant/Equipment - Net |
5,361.3 |
5,812.1 |
6,122.7 |
4,928.2 |
4,942.5 |
|
Intangibles, Net |
470.0 |
521.5 |
626.8 |
623.2 |
700.1 |
|
LT Investment - Affiliate
Companies |
329.4 |
354.7 |
367.5 |
893.1 |
846.0 |
|
LT Investments - Other |
263.9 |
127.4 |
144.4 |
207.3 |
193.5 |
|
Long Term Investments |
593.3 |
482.1 |
511.9 |
1,100.4 |
1,039.5 |
|
Note Receivable - Long Term |
138.4 |
174.4 |
185.1 |
129.6 |
132.0 |
|
Deferred Charges |
- |
- |
- |
0.0 |
0.0 |
|
Deferred Income Tax - Long Term
Asset |
46.3 |
48.2 |
22.2 |
- |
- |
|
Other Long Term Assets |
461.4 |
478.5 |
416.6 |
791.3 |
727.4 |
|
Other Long Term Assets, Total |
507.6 |
526.7 |
438.9 |
791.3 |
727.4 |
|
Total Assets |
12,930.5 |
13,201.7 |
14,557.4 |
13,106.1 |
12,558.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,443.6 |
1,519.5 |
1,584.3 |
1,929.9 |
420.8 |
|
Accrued Expenses |
- |
- |
- |
743.9 |
286.5 |
|
Notes Payable/Short Term Debt |
8.8 |
6.8 |
10.1 |
1,756.6 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
484.3 |
560.7 |
981.6 |
136.1 |
122.8 |
|
Customer Advances |
- |
- |
- |
485.7 |
0.0 |
|
Security Deposits |
- |
- |
- |
356.4 |
91.9 |
|
Income Taxes Payable |
- |
- |
- |
4.7 |
0.0 |
|
Other Payables |
- |
- |
- |
168.9 |
21.1 |
|
Deferred Income Tax - Current
Liability |
29.2 |
3.2 |
3.2 |
0.0 |
0.0 |
|
Other Current Liabilities |
1,362.3 |
1,532.7 |
1,557.9 |
413.6 |
765.8 |
|
Other Current liabilities, Total |
1,391.5 |
1,535.9 |
1,561.1 |
1,429.4 |
878.8 |
|
Total Current Liabilities |
3,328.3 |
3,622.9 |
4,137.1 |
5,995.9 |
1,709.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
366.9 |
564.6 |
3,021.5 |
353.9 |
372.4 |
|
Capital Lease Obligations |
824.7 |
1,375.4 |
1,801.0 |
293.8 |
303.9 |
|
Total Long Term Debt |
1,191.5 |
1,939.9 |
4,822.5 |
647.7 |
676.3 |
|
Total Debt |
1,684.6 |
2,507.4 |
5,814.2 |
2,540.4 |
799.1 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
81.5 |
86.4 |
88.8 |
0.0 |
0.0 |
|
Deferred Income Tax |
81.5 |
86.4 |
88.8 |
0.0 |
0.0 |
|
Minority Interest |
192.8 |
307.5 |
237.6 |
- |
- |
|
Reserves |
114.1 |
137.0 |
152.2 |
472.1 |
569.1 |
|
Pension Benefits - Underfunded |
1,641.9 |
1,879.0 |
1,842.4 |
1,597.8 |
3,897.7 |
|
Other Long Term Liabilities |
374.9 |
513.0 |
881.2 |
22,689.1 |
24,496.6 |
|
Other Liabilities, Total |
2,130.9 |
2,528.9 |
2,875.9 |
24,759.0 |
28,963.4 |
|
Total Liabilities |
6,925.0 |
8,485.8 |
12,161.8 |
31,402.5 |
31,348.8 |
|
|
|
|
|
|
|
|
Common Stock |
1,927.5 |
2,201.3 |
2,188.1 |
2,387.5 |
2,193.2 |
|
Common Stock |
1,927.5 |
2,201.3 |
2,188.1 |
2,387.5 |
2,193.2 |
|
Additional Paid-In Capital |
1,945.4 |
2,305.0 |
2,291.3 |
2,355.2 |
2,163.5 |
|
Retained Earnings (Accumulated Deficit) |
2,106.5 |
238.7 |
-2,013.9 |
-23,036.9 |
-23,147.2 |
|
Treasury Stock - Common |
-1.3 |
- |
- |
- |
- |
|
Unrealized Gain (Loss) |
25.0 |
-8.0 |
-9.3 |
-2.3 |
0.0 |
|
Translation Adjustment |
-67.8 |
-85.9 |
-89.5 |
- |
- |
|
Other Equity |
0.0 |
0.0 |
- |
- |
- |
|
Other Comprehensive Income |
70.2 |
64.9 |
28.8 |
0.1 |
0.0 |
|
Other Equity, Total |
2.4 |
-21.0 |
-60.7 |
0.1 |
0.0 |
|
Total Equity |
6,005.5 |
4,715.9 |
2,395.6 |
-18,296.5 |
-18,790.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
12,930.5 |
13,201.7 |
14,557.4 |
13,106.1 |
12,558.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
181.3 |
181.4 |
181.4 |
3,829.4 |
3,829.4 |
|
Total Common Shares Outstanding |
181.3 |
181.4 |
181.4 |
3,829.4 |
3,829.4 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
30,875 |
31,263 |
9,697 |
13,688 |
|
Deferred Revenue - Current |
- |
- |
- |
485.7 |
0.0 |
|
Total Long Term Debt, Supplemental |
- |
711.2 |
- |
- |
- |
|
Long Term Debt Maturing within 1 Year |
- |
123.8 |
- |
- |
- |
|
Long Term Debt Maturing in Year 2 |
- |
126.8 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
- |
63.8 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
- |
61.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
60.3 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
190.7 |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
121.3 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
275.5 |
- |
- |
- |
|
Total Capital Leases, Supplemental |
- |
1,812.3 |
- |
- |
- |
|
Capital Lease Payments Due in Year 1 |
- |
436.9 |
- |
- |
- |
|
Capital Lease Payments Due in Year 2 |
- |
434.5 |
- |
- |
- |
|
Capital Lease Payments Due in Year 3 |
- |
390.7 |
- |
- |
- |
|
Capital Lease Payments Due in Year 4 |
- |
301.6 |
- |
- |
- |
|
Capital Lease Payments Due in Year 5 |
- |
154.0 |
- |
- |
- |
|
Capital Lease Payments Due in 2-3 Years |
- |
825.2 |
- |
- |
- |
|
Capital Lease Payments Due in 4-5 Years |
- |
455.6 |
- |
- |
- |
|
Cap. Lease Pymts. Due in Year 6 & Beyond |
- |
94.5 |
- |
- |
- |
|
Pension Obligation - Domestic |
- |
4,873.7 |
4,904.9 |
4,367.3 |
8,143.2 |
|
Plan Assets - Domestic |
- |
2,831.7 |
2,864.5 |
2,622.9 |
4,245.6 |
|
Funded Status - Domestic |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
-3,897.7 |
|
Total Funded Status |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
-3,897.7 |
|
Discount Rate - Domestic |
- |
1.70% |
1.70% |
2.10% |
2.40% |
|
Expected Rate of Return - Domestic |
- |
1.00% |
1.50% |
5.10% |
5.10% |
|
Prepaid Benefits - Domestic |
- |
12.9 |
16.5 |
- |
- |
|
Accrued Liabilities - Domestic |
- |
-1,879.0 |
-1,842.4 |
-1,597.8 |
- |
|
Other Assets, Net - Domestic |
- |
-175.9 |
-214.5 |
-146.6 |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
- |
|
Total Plan Obligations |
- |
4,873.7 |
4,904.9 |
4,367.3 |
8,143.2 |
|
Total Plan Assets |
- |
2,831.7 |
2,864.5 |
2,622.9 |
4,245.6 |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
30-Nov-2010 |
19-Jan-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
10 Months |
10 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Special |
Updated Special |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period
Average) |
82.970472 |
78.961215 |
85.691434 |
88.353552 |
93.681055 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
|
|
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Net Income/Starting Line |
2,295.7 |
2,531.7 |
7,268.0 |
- |
- |
|
Depreciation |
976.3 |
1,028.6 |
343.1 |
- |
- |
|
Depreciation/Depletion |
976.3 |
1,028.6 |
343.1 |
- |
- |
|
Unusual Items |
37.2 |
-3.7 |
-64.6 |
- |
- |
|
Equity in Net Earnings (Loss) |
26.4 |
-13.6 |
10.2 |
- |
- |
|
Other Non-Cash Items |
45.6 |
99.1 |
-14.6 |
- |
- |
|
Non-Cash Items |
109.2 |
81.8 |
-69.0 |
- |
- |
|
Accounts Receivable |
-45.5 |
-69.6 |
189.1 |
- |
- |
|
Inventories |
8.7 |
40.2 |
6.3 |
- |
- |
|
Accounts Payable |
125.4 |
-77.2 |
-182.7 |
- |
- |
|
Other Operating Cash Flow |
-277.6 |
-288.0 |
-7,858.8 |
- |
- |
|
Changes in Working Capital |
-189.1 |
-394.6 |
-7,846.2 |
- |
- |
|
Cash from Operating Activities |
3,192.1 |
3,247.5 |
-304.2 |
- |
- |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1,469.1 |
-1,249.1 |
-211.5 |
- |
- |
|
Capital Expenditures |
-1,469.1 |
-1,249.1 |
-211.5 |
- |
- |
|
Sale of Business |
0.0 |
20.4 |
39.6 |
- |
- |
|
Sale of Fixed Assets |
122.9 |
363.9 |
375.8 |
- |
- |
|
Sale/Maturity of Investment |
4,239.3 |
2,494.9 |
165.8 |
- |
- |
|
Purchase of Investments |
-6,114.1 |
-3,559.3 |
-28.6 |
- |
- |
|
Other Investing Cash Flow |
33.9 |
64.7 |
24.2 |
- |
- |
|
Other Investing Cash Flow Items, Total |
-1,718.0 |
-615.4 |
576.8 |
- |
- |
|
Cash from Investing Activities |
-3,187.1 |
-1,864.5 |
365.3 |
- |
- |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-118.2 |
6.9 |
-4,204.7 |
- |
- |
|
Financing Cash Flow Items |
-118.2 |
6.9 |
-4,204.7 |
- |
- |
|
Sale/Issuance
of Common |
- |
0.0 |
4,225.3 |
- |
- |
|
Common Stock, Net |
- |
0.0 |
4,225.3 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
4,225.3 |
- |
- |
|
Short Term Debt, Net |
3.2 |
0.8 |
-2,101.7 |
- |
- |
|
Long Term
Debt Issued |
142.7 |
319.2 |
2,975.3 |
- |
- |
|
Long Term
Debt Reduction |
-758.6 |
-3,802.7 |
-202.4 |
- |
- |
|
Long Term Debt, Net |
-615.9 |
-3,483.5 |
2,772.9 |
- |
- |
|
Issuance (Retirement) of Debt, Net |
-612.7 |
-3,482.7 |
671.2 |
- |
- |
|
Cash from Financing Activities |
-730.9 |
-3,475.9 |
691.8 |
- |
- |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
7.7 |
5.7 |
1.4 |
- |
- |
|
Net Change in Cash |
-718.1 |
-2,087.1 |
754.4 |
- |
- |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,916.3 |
4,100.7 |
3,024.3 |
- |
- |
|
Net Cash - Ending Balance |
1,198.2 |
2,013.6 |
3,778.6 |
- |
- |
|
Cash Interest Paid |
40.4 |
142.3 |
21.6 |
- |
- |
|
Cash Taxes Paid |
216.3 |
92.9 |
11.5 |
- |
- |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
30-Nov-2010 |
19-Jan-2010 |
|
Period Length |
12 Months |
12 Months |
4 Months |
10 Months |
10 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Special |
Updated Special |
Updated Special |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period
Average) |
82.970472 |
78.961215 |
85.691434 |
88.353552 |
93.681055 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
|
|
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Operating Revenue |
14,931.1 |
15,258.3 |
4,469.8 |
11,937.8 |
10,914.3 |
|
Total Revenue |
14,931.1 |
15,258.3 |
4,469.8 |
11,937.8 |
10,914.3 |
|
|
|
|
|
|
|
|
Rounding adjustment Income
Statement |
0.0 |
0.0 |
- |
- |
- |
|
Business Expenses |
10,654.4 |
10,748.6 |
3,371.9 |
9,250.6 |
10,779.2 |
|
Other SGA |
0.0 |
- |
- |
- |
- |
|
Sales Commission |
260.8 |
280.8 |
101.6 |
374.5 |
491.0 |
|
Allowance for doubtful accounts |
1.5 |
2.1 |
1.6 |
- |
- |
|
Sales promotion expenses |
- |
- |
- |
208.6 |
187.2 |
|
Rent expenses |
- |
- |
- |
70.8 |
81.5 |
|
Other SGA(1) |
936.0 |
789.4 |
256.2 |
134.8 |
154.1 |
|
Expenses For External Services |
- |
192.6 |
68.1 |
293.8 |
305.2 |
|
Other Selling/General/Admin.
Expense |
- |
0.0 |
0.0 |
- |
- |
|
Retirement benefit expenses |
54.7 |
55.7 |
22.5 |
20.1 |
78.5 |
|
Personal Expenses |
670.5 |
593.8 |
166.9 |
- |
- |
|
Labor Expenses |
- |
- |
- |
179.9 |
229.6 |
|
Depreciation |
- |
- |
- |
111.5 |
123.9 |
|
Other Unusual Expense (Income) |
0.0 |
- |
- |
- |
- |
|
Retirement Policy Change
Adjustment |
18.3 |
- |
- |
- |
- |
|
L on early repayment of LT loans
pyble |
15.6 |
- |
- |
- |
- |
|
L on the settlement of reorganiz.
claims |
7.6 |
- |
- |
- |
- |
|
Compensation income |
-104.5 |
- |
- |
- |
- |
|
Gain On Forgiveness Of Debts |
0.0 |
-16.2 |
-6,811.7 |
- |
- |
|
Gain On Partial Bolishment Of
Retirement |
0.0 |
-14.4 |
0.0 |
- |
- |
|
Gain On Step Acquisitions |
0.0 |
-14.2 |
0.0 |
- |
- |
|
Other Extraordinary Income |
-23.7 |
-24.0 |
-45.8 |
- |
- |
|
Pension Loss |
0.0 |
16.2 |
0.0 |
- |
- |
|
Loss on cancel of lease contracts |
- |
15.2 |
22.1 |
- |
- |
|
L on part abolishment of
retirement |
- |
0.0 |
23.0 |
- |
- |
|
Other Extraordinary Loss |
1.3 |
25.4 |
55.2 |
- |
- |
|
SP Other Special Gains |
- |
- |
- |
-171.9 |
-0.1 |
|
Impairment Loss |
21.3 |
30.8 |
2.0 |
0.0 |
0.0 |
|
SP Special Retirement Benefit |
- |
- |
- |
0.0 |
0.0 |
|
SP Property evaluation Loss |
- |
- |
- |
0.0 |
14,348.0 |
|
SP Provision For Retirement
Benefits |
- |
- |
- |
0.0 |
3,235.2 |
|
SP L Because Of End Of Part Of
Retire. |
- |
- |
- |
275.7 |
0.0 |
|
SP Delay for damage |
- |
- |
- |
145.0 |
0.0 |
|
SP Allowance for Doubtful Accounts |
- |
- |
- |
686.3 |
0.0 |
|
Provision for loss on business of
subsi. |
- |
- |
- |
67.3 |
189.9 |
|
SP Other Special Losses |
- |
- |
- |
25.9 |
1,811.0 |
|
NOP Derivative Gain |
- |
- |
- |
0.0 |
0.0 |
|
NOP Derivative Loss |
- |
- |
- |
0.0 |
0.0 |
|
NOP Valuation loss on Supplies |
- |
- |
- |
0.0 |
48.8 |
|
SP Compensation received |
- |
- |
- |
0.0 |
-27.8 |
|
G On Revision Retirement Benefit
Plan |
- |
- |
- |
-1,747.3 |
0.0 |
|
Total Operating Expense |
12,513.7 |
12,682.0 |
-2,766.3 |
9,925.8 |
32,035.1 |
|
|
|
|
|
|
|
|
Interest Income |
9.8 |
9.0 |
3.1 |
9.6 |
8.9 |
|
Dividends Income |
6.8 |
4.6 |
4.1 |
7.5 |
26.3 |
|
NOP Foreign Exc Gain |
- |
0.0 |
9.4 |
55.1 |
0.0 |
|
Equity In Earnings Losses Of
Affiliates |
0.0 |
13.6 |
0.0 |
- |
- |
|
Equity In Losses Of Affiliates |
-26.4 |
0.0 |
-10.2 |
- |
- |
|
Foreign Exchange Losses |
-22.0 |
-26.2 |
0.0 |
- |
- |
|
SP G on Sale of Investment Secs |
- |
39.4 |
41.5 |
- |
- |
|
Compensation income |
- |
20.0 |
5.3 |
- |
- |
|
Loss On Disposal Of Fixed Assets |
-8.6 |
-12.3 |
-24.6 |
- |
- |
|
Loss on disposal of Airplane
Equipment |
-41.4 |
-33.5 |
-20.7 |
- |
- |
|
Other Non-Operating Income |
42.3 |
62.3 |
24.0 |
40.1 |
32.1 |
|
Gain of Airplane Equipment |
38.8 |
41.2 |
75.0 |
74.4 |
0.0 |
|
Other Operating Expense |
-82.6 |
-24.7 |
-57.0 |
- |
- |
|
Other Non-Operating Income
(Expense) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Interest Expense |
-38.4 |
-138.0 |
-18.0 |
-108.6 |
-156.9 |
|
NOP Interests on bonds |
- |
- |
- |
0.0 |
-9.9 |
|
NOP Foreign Exchange Loss |
- |
- |
- |
0.0 |
-115.8 |
|
NOP L-Aircraft Part Disp. |
- |
- |
- |
-31.4 |
-57.3 |
|
NOP Other Non-operating Expenses |
- |
- |
- |
-20.0 |
-61.6 |
|
SP Gain-Fix. Asset Sold |
- |
- |
- |
0.0 |
0.0 |
|
SP Gain-Inv Sec. Sold |
- |
- |
- |
0.0 |
10.1 |
|
SP Fixed Asset Disposal |
- |
- |
- |
-10.5 |
-13.9 |
|
Net Income Before Taxes |
2,295.7 |
2,531.6 |
7,268.0 |
2,028.2 |
-21,458.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
167.9 |
105.5 |
2.7 |
-20.4 |
-23.6 |
|
Net Income After Taxes |
2,127.8 |
2,426.2 |
7,265.3 |
2,048.6 |
-21,435.1 |
|
|
|
|
|
|
|
|
Minority interest |
-58.8 |
- |
- |
- |
- |
|
Minority Interest |
- |
-62.8 |
-17.5 |
- |
- |
|
Net Income Before Extra. Items |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.6 |
-21,435.1 |
|
Net Income |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.6 |
-21,435.1 |
|
|
|
|
|
|
|
|
Rounding adjustment Income
Statement |
0.0 |
- |
- |
- |
- |
|
Miscellaneous Earnings Adjustment |
- |
- |
0.0 |
-0.1 |
-0.1 |
|
Income Available to Com Excl ExtraOrd |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
181.3 |
181.4 |
176.3 |
3,829.4 |
3,829.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Basic EPS Including ExtraOrdinary Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
2,069.1 |
2,363.4 |
7,247.8 |
2,048.5 |
-21,435.2 |
|
Diluted Weighted Average Shares |
181.3 |
181.4 |
176.3 |
3,829.4 |
3,829.4 |
|
Diluted EPS Excluding ExtraOrd Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
Diluted EPS Including ExtraOrd Items |
11.41 |
13.03 |
41.12 |
0.53 |
-5.60 |
|
DPS-Common Stock |
2.29 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
2,242.7 |
2,555.2 |
483.1 |
1,276.8 |
-1,831.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
164.0 |
106.5 |
0.2 |
-283.3 |
6,846.1 |
|
Normalized Income After Taxes |
2,078.7 |
2,448.7 |
482.9 |
1,560.2 |
-8,677.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
2,019.9 |
2,386.0 |
465.5 |
1,560.1 |
-8,677.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
11.14 |
13.16 |
2.64 |
0.41 |
-2.27 |
|
Diluted Normalized EPS |
11.14 |
13.16 |
2.64 |
0.41 |
-2.27 |
|
Interest Expense |
38.4 |
138.0 |
18.0 |
108.6 |
156.9 |
|
Bond Expense, Supplemental |
- |
- |
- |
0.0 |
9.9 |
|
BC - Depreciation of Fixed Assets |
976.3 |
- |
- |
- |
- |
|
Dep. of Tangible Assets-Current Portion |
- |
1,028.6 |
343.1 |
111.5 |
123.9 |
|
Sales promotion expenses |
- |
- |
- |
208.6 |
187.2 |
|
Rental Expense, Supplemental |
- |
- |
- |
70.8 |
81.5 |
|
Income Taxes - Current |
155.3 |
152.6 |
19.8 |
-20.3 |
-7.8 |
|
Current Tax - Total |
155.3 |
152.6 |
19.8 |
-20.3 |
-7.8 |
|
Income Taxes - Deferred |
12.6 |
-47.1 |
-17.0 |
-0.1 |
-15.7 |
|
Deferred Tax - Total |
12.6 |
-47.1 |
-17.0 |
-0.1 |
-15.7 |
|
Income Tax - Total |
167.9 |
105.5 |
2.7 |
-20.4 |
-23.6 |
|
Reported Operating Profit |
2,353.2 |
2,595.2 |
481.0 |
1,293.0 |
-1,515.8 |
|
Reported Ordinary Profit |
2,240.1 |
2,503.6 |
490.6 |
1,319.7 |
-1,898.8 |
|
Service Cost |
- |
126.3 |
37.1 |
139.2 |
136.6 |
|
Interest Cost |
- |
106.0 |
34.1 |
150.5 |
148.3 |
|
Expected Return on Pension Assets |
- |
-45.0 |
-14.3 |
-145.7 |
-129.7 |
|
Pension exp. due to acct. changes |
- |
9.1 |
3.4 |
- |
98.2 |
|
Recognized Actuarial Gain and Loss |
- |
21.6 |
9.1 |
- |
193.0 |
|
Amortization of Prior Service Cost |
- |
-1.0 |
23.8 |
- |
- |
|
Extraordinary Additional Other Retiremen |
- |
20.3 |
5.6 |
- |
- |
|
Other Pension Cost |
- |
- |
- |
10.1 |
9.9 |
|
Loss on Return of Pension Plan |
- |
-14.4 |
23.0 |
275.7 |
- |
|
Loss on Revision of Pension Plan |
- |
- |
- |
-1,747.3 |
- |
|
Valuation of Property |
- |
- |
- |
- |
3,235.2 |
|
Welfare pension fund Return |
- |
- |
- |
-1.0 |
- |
|
Loss on Change Principle |
- |
6.9 |
2.5 |
- |
- |
|
Domestic Pension Plan Expense |
- |
229.7 |
124.4 |
-1,318.5 |
3,691.6 |
|
Total Pension Expense |
- |
229.7 |
124.4 |
-1,318.5 |
3,691.6 |
|
Discount Rate(MIN)-Retirement Cost(Domes |
- |
1.70% |
1.70% |
2.10% |
2.40% |
|
Expected return on assets(MIN)-Retiremen |
- |
1.00% |
1.50% |
5.10% |
5.10% |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
30-Nov-2010 |
19-Jan-2010 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate |
94.088557 |
82.385362 |
82.88 |
83.77 |
91.19 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
|
|
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
|
|
|
|
|
|
|
|
|
|
Cash and Deposits |
3,698.5 |
3,307.3 |
4,257.8 |
3,017.3 |
2,340.2 |
|
Notes receivable, gross |
- |
- |
- |
0.4 |
0.8 |
|
Notes and operating accounts
receivable |
1,286.6 |
1,420.2 |
1,328.3 |
- |
- |
|
Operating receivable |
- |
- |
- |
1,551.9 |
1,925.8 |
|
Short-term investment securities |
0.1 |
0.4 |
0.1 |
0.0 |
0.0 |
|
Supplies |
236.8 |
279.1 |
315.9 |
263.8 |
243.4 |
|
Prepaid expenses |
- |
- |
- |
151.6 |
155.3 |
|
Deferred Tax Assets |
11.2 |
16.2 |
6.9 |
0.0 |
0.0 |
|
Accounts receivable other |
- |
- |
- |
212.8 |
101.3 |
|
Derivative assets (current) |
- |
- |
- |
1.8 |
1.6 |
|
Other Current Assets |
634.8 |
669.7 |
786.7 |
334.2 |
249.2 |
|
Rounding adjustment Assets |
0.0 |
- |
0.0 |
- |
- |
|
Allowance for doubtful accounts |
-8.1 |
-8.0 |
-23.7 |
-0.7 |
-0.8 |
|
Total Current Assets |
5,859.9 |
5,684.9 |
6,672.0 |
5,533.3 |
5,016.8 |
|
|
|
|
|
|
|
|
Machinery Equipment And
Vehicles |
63.6 |
- |
- |
- |
- |
|
Building - Net |
- |
- |
- |
395.4 |
338.3 |
|
Structures - Net |
- |
- |
- |
0.1 |
0.0 |
|
Buildings And Structures Net |
366.9 |
445.4 |
489.4 |
- |
- |
|
Machinery and Equipment - Net |
- |
85.8 |
91.7 |
68.8 |
61.6 |
|
Land(1) |
20.2 |
28.1 |
40.1 |
- |
- |
|
Construction in Progress |
748.5 |
705.3 |
757.9 |
- |
- |
|
Aircraft, net |
4,094.7 |
4,485.0 |
4,688.2 |
3,536.8 |
3,667.7 |
|
Other Net |
67.4 |
62.5 |
55.5 |
- |
- |
|
Vehicles, net |
- |
- |
- |
6.2 |
11.5 |
|
Tools, furniture, &
fixtures, net |
- |
- |
- |
32.5 |
5.2 |
|
other PPE(1) |
0.0 |
0.0 |
0.0 |
- |
- |
|
Land |
- |
- |
- |
32.2 |
30.7 |
|
Constr in Progr. |
- |
- |
- |
856.1 |
827.6 |
|
Other |
34.3 |
- |
- |
- |
- |
|
Software |
435.7 |
491.6 |
624.0 |
623.2 |
700.1 |
|
Other Intangible Assets |
- |
29.9 |
2.8 |
0.0 |
0.0 |
|
Other Total Intangible Assets,
Net |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Investment Securities |
263.9 |
- |
- |
- |
- |
|
Investment Securities |
- |
127.4 |
144.4 |
207.3 |
193.5 |
|
Invt Secs Noncons, Asc, Affd Cos |
322.3 |
- |
- |
- |
- |
|
Bonds Invt Noncons, Ascd, Affd
Companies |
7.1 |
- |
- |
- |
- |
|
Equity secs.-nonconsolidated affil. |
- |
354.7 |
367.5 |
893.1 |
846.0 |
|
Long Term Loans Receivable |
138.4 |
- |
- |
- |
- |
|
Long-term Loan Receivable |
- |
174.4 |
185.1 |
1.2 |
3.0 |
|
Allow.doubt.accounts-employees'loan |
- |
- |
- |
126.9 |
126.9 |
|
Deferred tax assets |
46.3 |
48.2 |
22.2 |
- |
- |
|
LTloans nonconsol. affiliates,
gross |
- |
- |
- |
1.6 |
2.1 |
|
Other |
465.3 |
- |
- |
- |
- |
|
Other Investments And Other Assets
Total |
0.0 |
- |
- |
- |
- |
|
LT prepaid expenses |
- |
- |
- |
166.7 |
132.3 |
|
Guarantee deposits |
- |
- |
- |
415.8 |
392.7 |
|
Investments and Other Assets,
Other |
- |
483.4 |
424.6 |
- |
- |
|
Subrogation |
- |
- |
- |
10,034.5 |
8,553.0 |
|
Liabilities return |
- |
- |
- |
151.4 |
139.1 |
|
Allowance for Doubtful Receivables |
-4.0 |
-4.9 |
-8.0 |
- |
- |
|
Rounding adjustment Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Other Long Term Assets |
- |
0.0 |
0.0 |
- |
- |
|
Other LT Assets |
- |
- |
- |
56.3 |
65.5 |
|
Doubt Debt Allow |
- |
- |
- |
-10,033.4 |
-8,555.2 |
|
Dfrd. Share Issue Costs |
- |
- |
- |
0.0 |
0.0 |
|
Rounding Adjustm |
- |
- |
- |
- |
0.1 |
|
Total Assets |
12,930.5 |
13,201.7 |
14,557.4 |
13,106.1 |
12,558.3 |
|
|
|
|
|
|
|
|
Operating Accounts Payable |
1,443.6 |
1,519.5 |
1,584.3 |
1,929.9 |
420.8 |
|
Short Term Loans Payable |
8.8 |
6.8 |
10.1 |
1,756.6 |
0.0 |
|
Current Portion of Lg-term Loans
Payable |
103.8 |
123.8 |
489.1 |
28.6 |
27.0 |
|
Lease Obligations - Current
Liabilities |
380.5 |
436.9 |
492.5 |
107.5 |
95.8 |
|
Income Tax Pybl. |
- |
- |
- |
4.7 |
0.0 |
|
Deferred Tax - Current Liabilities |
29.2 |
3.2 |
3.2 |
0.0 |
0.0 |
|
Reserve for bonuses |
- |
- |
- |
0.0 |
0.0 |
|
Provision for cancellation of
lease |
- |
0.0 |
11.2 |
114.1 |
181.5 |
|
Other Provisions - Current
Liabilities |
12.6 |
61.1 |
99.7 |
- |
- |
|
Asset Retirement Obligations |
- |
0.0 |
0.8 |
- |
- |
|
Other Current Liabilities |
1,349.7 |
1,471.6 |
1,446.1 |
51.9 |
50.9 |
|
Rounding adjustment Liability |
0.0 |
0.0 |
0.0 |
- |
- |
|
Reserve for loss on antitrust
litigation |
- |
- |
- |
0.2 |
23.1 |
|
Reserve for Business Restruction |
- |
- |
- |
161.1 |
472.2 |
|
Derivative liabilities (current) |
- |
- |
- |
0.0 |
0.0 |
|
Other accounts payable |
- |
- |
- |
168.9 |
21.1 |
|
Claims bankruptcy |
- |
- |
- |
86.3 |
38.1 |
|
Accrued expenses |
- |
- |
- |
743.9 |
286.5 |
|
Advanced received |
- |
- |
- |
485.7 |
0.0 |
|
Deposits received |
- |
- |
- |
171.3 |
91.9 |
|
Air Transportation Deposits
Received |
- |
- |
- |
185.1 |
0.0 |
|
Total Current Liabilities |
3,328.3 |
3,622.9 |
4,137.1 |
5,995.9 |
1,709.0 |
|
|
|
|
|
|
|
|
Lease Obligations Noncurrent
Liabilities |
824.7 |
1,375.4 |
1,801.0 |
293.8 |
303.9 |
|
Long-term Loans Payable |
366.9 |
564.6 |
3,021.5 |
353.9 |
372.4 |
|
Total Long Term Debt |
1,191.5 |
1,939.9 |
4,822.5 |
647.7 |
676.3 |
|
|
|
|
|
|
|
|
Provision For Retirement Benefits |
1,641.9 |
1,879.0 |
1,842.4 |
1,597.8 |
3,897.7 |
|
Prov. of Business Restructuring |
0.0 |
10.3 |
16.1 |
- |
- |
|
Reserve for loss on antitrust
litigation |
68.7 |
88.3 |
98.5 |
96.2 |
165.6 |
|
Asset Retirement Obligations - NC
Liabs |
45.4 |
38.4 |
37.7 |
- |
- |
|
Provision for loss on business of
subsi. |
- |
- |
- |
308.0 |
236.5 |
|
Provison For loss on Lease
Cancellation |
- |
- |
- |
0.0 |
104.6 |
|
Reserve for Business Restruction |
- |
- |
- |
68.0 |
62.4 |
|
Deferred Tax Liabilities |
81.5 |
86.4 |
88.8 |
0.0 |
0.0 |
|
Rounding adjustment Liability |
0.0 |
- |
- |
- |
- |
|
Other Liabilities Noncurrent
Liabilities |
374.8 |
512.9 |
881.2 |
- |
- |
|
Equipment Related Deferred
Liabilities |
- |
- |
- |
597.9 |
573.2 |
|
Other Long Term Liabilities |
- |
0.0 |
0.0 |
- |
- |
|
Claims bankruptcy |
- |
- |
- |
21,900.4 |
23,586.6 |
|
Other LT Liab. |
- |
- |
- |
190.8 |
336.8 |
|
Total Minority Interest |
- |
307.5 |
237.6 |
- |
- |
|
Minority Interests |
192.8 |
- |
- |
- |
- |
|
Total Liabilities |
6,925.0 |
8,485.8 |
12,161.8 |
31,402.5 |
31,348.8 |
|
|
|
|
|
|
|
|
Rounding adjustment Equity |
0.0 |
- |
- |
- |
- |
|
Rounding adjustment Equity |
- |
0.0 |
- |
- |
- |
|
Capital Stock |
1,927.5 |
2,201.3 |
2,188.1 |
2,387.5 |
2,193.2 |
|
Capital Surplus |
1,945.4 |
2,305.0 |
2,291.3 |
2,355.2 |
2,163.5 |
|
Retained Earnings |
2,106.5 |
238.7 |
-2,013.9 |
-23,036.9 |
-23,147.2 |
|
Valn Difference on Avble-For-Sale
Secs |
25.0 |
-8.0 |
-9.3 |
-2.3 |
0.0 |
|
Deferred Gains/Losses on Hedges |
70.2 |
64.9 |
28.8 |
0.1 |
0.0 |
|
Foreign Currency Translation
Adjustment |
-67.8 |
-85.9 |
-89.5 |
- |
- |
|
Treasury Stock |
-1.3 |
- |
- |
- |
- |
|
Total Equity |
6,005.5 |
4,715.9 |
2,395.6 |
-18,296.5 |
-18,790.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
12,930.5 |
13,201.7 |
14,557.4 |
13,106.1 |
12,558.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
181.3 |
181.4 |
181.4 |
3,829.4 |
3,829.4 |
|
Total Common Shares Outstanding |
181.3 |
181.4 |
181.4 |
3,829.4 |
3,829.4 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
- |
- |
- |
485.7 |
0.0 |
|
Total Number of Employee |
- |
30,875 |
31,263 |
9,697 |
13,688 |
|
Loans Payable Maturing within a Year |
- |
123.8 |
- |
- |
- |
|
Lns Pble Maturing over a Yr within 2 Yrs |
- |
123.9 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr a Yr wthn 2 Yr |
- |
2.9 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 2 Yr wthn 3 Yr |
- |
2.4 |
- |
- |
- |
|
Lns Pble Maturg over 2 Yrs within 3 Yrs |
- |
61.4 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 3 Yr wthn 4 Yr |
- |
2.1 |
- |
- |
- |
|
Lns Pble Maturg over 3 Yrs within 4 Yrs |
- |
58.9 |
- |
- |
- |
|
Oth Intt Br Dbt Matg ovr 4 Yr wthn 5 Yr |
- |
2.2 |
- |
- |
- |
|
Lns Pble Maturg over 4 Yrs within 5 Yrs |
- |
58.1 |
- |
- |
- |
|
Other LT |
- |
13.3 |
- |
- |
- |
|
Other LT Debt |
- |
262.2 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
- |
711.2 |
- |
- |
- |
|
Capital Lease Maturing within a Year |
- |
436.9 |
- |
- |
- |
|
Cap Lease Maturg over a Yr within 2 Yrs |
- |
434.5 |
- |
- |
- |
|
Cap Lease Maturg over 2 Yr within 3 Yrs |
- |
390.7 |
- |
- |
- |
|
Cap Lease Maturg over 3 Yr within 4 Yrs |
- |
301.6 |
- |
- |
- |
|
Cap Lease Maturg over 4 Yr within 5 Yrs |
- |
154.0 |
- |
- |
- |
|
Lease |
- |
94.5 |
- |
- |
- |
|
Total Capital Leases, Supplemental |
- |
1,812.3 |
- |
- |
- |
|
Projected Retirement Benefit Obligation |
- |
4,873.7 |
4,904.9 |
4,367.3 |
8,143.2 |
|
Plan Assets at Fair Value |
- |
2,831.7 |
2,864.5 |
2,622.9 |
4,245.6 |
|
Unfunded Retirement Benefit Obligation |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
-3,897.7 |
|
Total Funded Status |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
-3,897.7 |
|
Discount Rate(MIN)-Retirement Benefit Ob |
- |
1.70% |
1.70% |
2.10% |
2.40% |
|
Expected return on assets(MIN)-Retiremen |
- |
1.00% |
1.50% |
5.10% |
5.10% |
|
Expense Unrecog. for Acct. Changes |
- |
-25.0 |
-37.3 |
- |
- |
|
Unrecognized Actuarial Gains and Losses |
- |
-157.0 |
-180.5 |
-146.6 |
- |
|
Unrecognized Prior Service Cost |
- |
6.1 |
3.3 |
- |
- |
|
Accrued Retirement Benefits |
- |
-1,879.0 |
-1,842.4 |
-1,597.8 |
- |
|
Prepaid Pension Expense |
- |
12.9 |
16.5 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-2,042.0 |
-2,040.4 |
-1,744.4 |
- |
Annual
Cash Flows
Financials in: USD (mil)
|
|
31-Mar-2013 |
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2009 |
31-Mar-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
JPY |
JPY |
JPY |
JPY |
JPY |
|
Exchange Rate (Period
Average) |
82.970472 |
78.961215 |
85.691434 |
100.484331 |
114.302336 |
|
Auditor |
|
KPMG AZSA LLC |
KPMG AZSA LLC |
Ernst & Young LLP |
Ernst & Young LLP |
|
Auditor Opinion |
|
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Income Before Tax |
2,295.7 |
2,531.7 |
7,268.0 |
-587.3 |
261.0 |
|
Depreciation |
976.3 |
1,028.6 |
343.1 |
1,174.7 |
1,019.9 |
|
Inc (Dec) unpaid expenses |
125.4 |
-77.2 |
-182.7 |
- |
- |
|
Inv Sec Reval & Sold |
- |
- |
- |
- |
-162.7 |
|
Inv Sec /Market. Sec Sold |
- |
- |
- |
-179.7 |
- |
|
Retire. & sale of Fixed Assets
& Impair. |
37.2 |
31.9 |
-29.9 |
- |
- |
|
G/L on Sales of ST and LT Invt
Secs |
- |
-38.6 |
-35.1 |
- |
- |
|
Other Unusual included in Noncash |
- |
3.0 |
0.4 |
- |
- |
|
Inv Sec /Market. Reval |
- |
- |
- |
14.3 |
- |
|
Fix Asset Ret &
Sold&Impair. |
- |
- |
- |
104.0 |
190.9 |
|
Inr/Dec in Rtirmt Bft Exp, Pension
Cost |
-3.9 |
-8.5 |
-21.0 |
- |
- |
|
Interest and Dividend |
-16.6 |
-13.7 |
-7.2 |
- |
- |
|
Interest Expenses |
38.4 |
138.0 |
18.0 |
- |
- |
|
Foreign Exchange Losses Gains |
27.7 |
-16.8 |
-4.4 |
- |
- |
|
Accrued Retirement |
- |
- |
- |
-5.2 |
-284.5 |
|
Interest & Dividend |
- |
- |
- |
-52.8 |
-63.2 |
|
Interest Expenses |
- |
- |
- |
174.5 |
175.1 |
|
Currency Gain/Loss |
- |
- |
- |
8.5 |
25.0 |
|
Equity In Earnings Losses Of
Affiliates |
26.4 |
-13.6 |
10.2 |
- |
- |
|
Equity in Affiliate |
- |
- |
- |
-16.2 |
-19.0 |
|
G. on Card use right |
- |
- |
- |
-233.1 |
0.0 |
|
Notes & Operating accounts
receivable |
-45.5 |
-69.6 |
189.1 |
- |
- |
|
Note & A/C Rcvbl |
- |
- |
- |
680.1 |
106.6 |
|
Increase/Decrease in Supplies |
8.7 |
40.2 |
6.3 |
- |
- |
|
Supplies |
- |
- |
- |
91.9 |
-79.2 |
|
Accounts Payable |
- |
- |
- |
-729.9 |
94.3 |
|
Rounding adjustment Cash flow |
0.0 |
- |
- |
- |
- |
|
Incr/Decr in Other Oper Activities
CF |
-40.6 |
-35.6 |
-7,797.5 |
- |
- |
|
Interest and Dividend Income
Received CF |
19.7 |
21.9 |
5.7 |
- |
- |
|
Interest Expense Paid - Cash Flow |
-40.4 |
-142.3 |
-21.6 |
- |
- |
|
Special Retirement |
0.0 |
-36.0 |
-25.8 |
- |
- |
|
Income Taxes Paid - Cash Flow |
-216.3 |
-92.9 |
-11.5 |
- |
- |
|
Cash & Cash Eqv Result fr Cons
Scp Chng |
0.0 |
-3.5 |
-8.2 |
- |
- |
|
Incr/Decr in C&CE Resulting
from Merger |
0.0 |
0.4 |
0.0 |
- |
- |
|
Rounding adjustment Cash flow |
- |
0.0 |
0.0 |
- |
- |
|
Other Operating CF |
- |
- |
- |
-181.2 |
270.0 |
|
Interest & Dividend |
- |
- |
- |
60.4 |
69.5 |
|
Interest Paid |
- |
- |
- |
-180.9 |
-168.9 |
|
G. on Card use right |
- |
- |
- |
233.1 |
0.0 |
|
Taxes Paid |
- |
- |
- |
-59.3 |
-58.2 |
|
Newly Consolid. Cash |
- |
- |
- |
- |
0.0 |
|
Unconsolidated Subsidiaries |
- |
- |
- |
-3.1 |
-14.9 |
|
Cash from Operating Activities |
3,192.1 |
3,247.5 |
-304.2 |
312.9 |
1,361.6 |
|
|
|
|
|
|
|
|
Payments into Time Deposits |
-5,865.9 |
-3,495.7 |
-4.9 |
- |
- |
|
Purchase of Investment Securities |
-244.6 |
-39.2 |
-1.0 |
- |
- |
|
Purchase of Invest Sec. -
Unclassified |
- |
0.0 |
-8.2 |
- |
- |
|
Time Deposit Made |
- |
- |
- |
-1,185.5 |
-11.3 |
|
Proceeds Withdrawal of Time
Deposit |
4,234.1 |
2,422.5 |
99.2 |
- |
- |
|
Sales of Investment Securities |
5.2 |
72.4 |
66.5 |
- |
- |
|
Time Deposit Matured |
- |
- |
- |
1,176.5 |
70.4 |
|
Purchase Of Noncurrent Assets |
-1,469.1 |
-1,249.1 |
-211.5 |
- |
- |
|
Capital Expenditure |
- |
- |
- |
-1,670.5 |
-1,529.5 |
|
Sales of Noncurrent Assets |
122.9 |
363.9 |
375.8 |
- |
- |
|
Fixed Asset Sold |
- |
- |
- |
455.7 |
1,012.7 |
|
Purch. of Marktbl. Sec. |
- |
- |
- |
-422.0 |
-78.8 |
|
Sale/Redemp. of Marktbl. Sec. |
- |
- |
- |
412.4 |
92.5 |
|
Inv Sec Bought |
- |
- |
- |
-43.7 |
-14.0 |
|
Inv Sec Sold/Red. |
- |
- |
- |
223.5 |
140.4 |
|
Payments of loans receivable |
-3.6 |
-24.5 |
-14.5 |
- |
- |
|
Collection of loans receivable |
21.6 |
24.3 |
17.1 |
- |
- |
|
Other Net |
12.3 |
40.4 |
7.0 |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.1 |
0.0 |
- |
- |
|
Inflow on purch. new
consolid.subsid. |
- |
- |
- |
0.0 |
0.8 |
|
Outflow sale subsidiaries'
securities |
- |
- |
- |
-1.3 |
-6.3 |
|
Consol-Subs Eq Sold |
- |
- |
- |
1.4 |
76.3 |
|
Loans Made |
- |
- |
- |
-20.4 |
-12.2 |
|
Loans Returned |
- |
- |
- |
17.5 |
27.8 |
|
Proceeds from Sales of Subs &
Affs Stks |
0.0 |
17.2 |
0.0 |
- |
- |
|
Proceeds From Sales Of Invest In
Subsidi |
0.0 |
3.2 |
39.6 |
- |
- |
|
Sale of Business |
- |
- |
- |
- |
0.0 |
|
Other Investing CF |
- |
- |
- |
4.8 |
1.8 |
|
Cash from Investing Activities |
-3,187.1 |
-1,864.5 |
365.3 |
-1,051.5 |
-229.5 |
|
|
|
|
|
|
|
|
Short-term Loans Payable, Net |
3.2 |
0.8 |
-2,101.7 |
- |
- |
|
ST Debt,net |
- |
- |
- |
-3.7 |
-24.0 |
|
Proceeds from Long-term Loans
Payable |
142.7 |
319.2 |
2,975.3 |
- |
- |
|
LT Debt Proceed |
- |
- |
- |
464.3 |
724.3 |
|
Repayments of Long-term Loans
Payable |
-320.6 |
-3,280.8 |
-34.1 |
- |
- |
|
Repayments of Lease Obligations |
-438.0 |
-521.9 |
-168.3 |
- |
- |
|
LT Debt Repaid |
- |
- |
- |
-1,313.8 |
-1,072.5 |
|
Proceeds from Issuance of Common
Stock |
- |
0.0 |
4,225.3 |
- |
- |
|
Issue of Stocks |
- |
- |
- |
0.0 |
1,328.3 |
|
Corp Debt Repaid |
- |
- |
- |
-278.7 |
-612.4 |
|
Div.Paid by Parent |
- |
- |
- |
0.0 |
-0.1 |
|
Non-Controlling Interests &
JV, net |
0.0 |
19.1 |
0.0 |
- |
- |
|
Cash Dividends Paid to Min
Shareholders |
-98.6 |
-2.5 |
0.0 |
- |
- |
|
Other Net |
-19.6 |
-9.8 |
-4,204.7 |
- |
- |
|
Rounding adjustment Cash flow |
0.0 |
0.0 |
0.0 |
- |
- |
|
Minority Dividend |
- |
- |
- |
-2.0 |
-2.5 |
|
Other Financing CF |
- |
- |
- |
-28.2 |
-18.2 |
|
Cash from Financing Activities |
-730.9 |
-3,475.9 |
691.8 |
-1,162.0 |
322.8 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
7.7 |
5.7 |
1.4 |
-13.0 |
-31.9 |
|
Net Change in Cash |
-718.1 |
-2,087.1 |
754.4 |
-1,913.6 |
1,423.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,916.3 |
4,100.7 |
3,024.3 |
3,523.3 |
1,674.3 |
|
Net Cash - Ending Balance |
1,198.2 |
2,013.6 |
3,778.6 |
1,609.7 |
3,097.4 |
|
Cash Interest Paid |
40.4 |
142.3 |
21.6 |
180.9 |
168.9 |
|
Cash Taxes Paid |
216.3 |
92.9 |
11.5 |
59.3 |
58.2 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)