Japan Airlines Co., Ltd. · TSE:9201

Japan Airlines — FY2023 Earnings Presentation

22 slides from Japan Airlines's earnings presentation, May 2, 2024

  1. Slide 1: Financial Results Mar/2024 (FY2023)

    JAPAN AIRLINES Co.,Ltd. Financial Results Mar/2024（FY2023） May 2, 2024 ©Japan Airlines, ALL rights reserved.

  2. Slide 2: Agenda and notes

    SKYTRAX SKYTRAX 2023 World Airline Star APEX Best Wi-Fi in Eastern World's Best Economy Class Rating Asia 2024APEX" Best Economy Class Airline seat 5-Star WORLD CLASS 1. PERFORMANCE OVERVIEW FOR FY23 2. DETAILS OF FINANCIAL RESULTS FOR FY23 3. REFERENCES Health and Productivity Management Brand ※ TH

  3. Slide 3: Performance Overview for FY2023

    Performance Overview for FY2023 ✔ Both revenue and profit increased year on year by actively capturing strong inbound demand, exceeding the profit forecast by 5 billion yen. ✔ Year-end dividend increased from 40 to 45 yen per share. Annual dividend forecast is 75 yen per share. (Payout ratio of 34%) R

  4. Slide 4: FY2023 Performance by Business Domain

    FY2023 Performance by Business Domain ✔ Revenue and EBIT improved significantly, driven by Full Service Carrier ✔ LCC turned profitable. Mileage, Lifestyle and Infrastructure steadily recorded profit Revenue by Business Domain EBIT by Business Domain Full Service Carrier Cargo and Mail LCC(1) Full Serv

  5. Slide 5: Details of Financial Results for FY23

    1. PERFORMANCE OVERVIEW FOR FY23 2. DETAILS OF FINANCIAL RESULTS FOR FY23 3. REFERENCES ©Japan Airlines, ALL rights reserved. 5

  6. Slide 6: Consolidated Financial Results

    Details of financial results for FY2023 Consolidated Financial Results Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) (JPY Bn) Vs. FY19 Vs. FY22 Vs. FY22 FY19 FY22 FY23 FY23 Diff. y/y Diff. y/y Diff. y/y Revenue 1,385.9 1,375.5 1,651.8 +265.9 +19.2% +276.3 +20.1% 402.5 +32.5 +8.8% Full Service Carrier 1,126.3 1,10

  7. Slide 7: Changes in EBIT (Revenues/Expenses)

    Details of financial results for FY2023 Changes in EBIT (Revenues／Expenses) + stands for profit increase（ revenue increase, cost decrease ) RPK y/y ： +33.4% ＋80.6 Bn ▼ stands for profit decrease ( revenue decrease, cost increase ) ASK y/y ： +16.6% （JPY Bn） Domestic Cargo and Mileage,Lifestyle and Passe

  8. Slide 8: Changes in EBIT (Market and other impact)

    Details of financial results for FY2023 Changes in EBIT (Market and other impact) （JPY Bn） + stands for profit increase（revenue increase, cost decrease) Impact from ▼stands for profit decrease (revenue decrease, cost increase) ＋80.6 Bn Currency Market ▼17.2 Bn Revenue +20.4 Bn (Excl. Market Impact) Cos

  9. Slide 9: Int'l & Domestic Passenger Operations (Full Service Carrier)

    Details of financial results for FY2023 Int’l & Domestic Passenger Operations (Full Service Carrier) ✔ Int’l PAX: Despite temporary weakness in demand, steady recovery toward March. Demand is expected to exceed 70% of CY19 after April, maintaining a high level of unit price. ✔ Dom. PAX: Revenue in li

  10. Slide 10: Int'l & Domestic Passenger Operations (Full Service Carrier)

    Details of financial results for FY2023 Int’l & Domestic Passenger Operations (Full Service Carrier) Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) International Passenger CY19 (4) FY22 FY23 Vs. CY19 Vs. FY22 FY23 Vs. FY22 Passenger Revenue (JPY Bn) 531.2 417.5 622.3 +17.2% +49.1% 150.6 +15.5% Passengers (’000)

  11. Slide 11: Cargo

    Details of financial results for FY2023 Cargo ✔ Revenue exceeded pre-pandemic levels by maximizing volume, through high value-added cargo such as pharmaceuticals, despite difficult market conditions. ✔ Taking on new business challenges, mainly on East Asia routes with strong express and e-commerce dema

  12. Slide 12: LCC

    Details of financial results for FY2023 LCC ✔ ZIPAIR started service on the Vancouver route in March, steadily making profits by capturing strong inbound demand. High load factor expected in April and beyond. Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) ZIPAIR FY22 FY23 Vs. FY22 FY23 Vs. FY22 Passenger Revenue

  13. Slide 13: Expenses

    Details of financial results for FY2023 Expenses ✔ Actual fixed costs was 507.6 billion yen, achieved through steady cost control Major Operating Expense Items Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) （JPY Bn） Vs. FY19 Vs. FY22 Vs. FY22 FY19 FY22 FY23 FY23 Diff. y/y Diff. y/y Diff. y/y Fuel 243.4 323.3 356.7

  14. Slide 14: Fuel Costs

    Details of financial results for FY2023 Fuel Costs Changes in fuel costs Hedge Ratio (As of End of Mar./2024) （JPY Bn） Hedging Volume Market and others +40.1 ▼70.0 FX +41.7 356.7 323.3 +21.5 ＋33.4Bn (+10.3%) FY24 FY25 FY26 FY22 FY23 Fuel Hedging FX Hedging Foreign currency ❏ Hedging conducted for Fue

  15. Slide 15: Balance Sheet and Cash Flow

    Details of financial results for FY2023 Balance Sheet and Cash Flow BS ✔ Equity ratio is 41.0% and Net D/E ratio is x0.0 both in terms of credit rating evaluation basis, kept at a healthy level CF ✔ Cash flow from Operating Activities is 363.9 billion yen. Free Cash Flow maintained at previous year's

  16. Slide 16: References

    1. PERFORMANCE OVERVIEW FOR FY23 2. DETAILS OF FINANCIAL RESULTS FOR FY23 3. REFERENCES ©Japan Airlines, ALL rights reserved. 16

  17. Slide 17: Operation Performance by Geographic Segment (Full Service Carrier)

    [Reference] Operation Performance by Geographic Segment (Full Service Carrier) Passenger Revenue Revenue Passengers Carried Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) Q4 (Apr. to Mar.) Q4 (Jan. to Mar.) FY23 FY23Q4 ('000) (%） FY23 Vs. FY19 Vs. FY22 FY23 Vs. FY22 Component Vs. FY19 Vs. FY22 Component Vs. FY

  18. Slide 18: Fleet Information

    [Reference] Fleet Information End of FY22 (March 31, 2023) End of FY23 (March 31, 2024) Diff. Owned Leased Total Owned Leased Total Airbus A350-1000 0 0 0 3 0 3 +3 Airbus A350-900 12 4 16 11 4 15 ▼1 Large Boeing 777-300ER 13 0 13 13 0 13 0 Boeing 777-200ER 3 0 3 0 0 0 ▼3 Large-sized Total 28 4 32 27

  19. Slide 19: Details of FY2024 Full-Year Performance Forecast

    [Reference] Details of FY2024 Full-Year Performance Forecast FY23 FY24 (JPY Bn) Result Forecast Diff. vs. FY23 y/y vs. FY23 Revenue 1,651.8 1,930.0 +278.1 +16.8% Full Service Carrier 1,322.5 1,503.0 +180.4 +13.6% International PAX 622.3 710.0 +87.6 +14.1% Domestic PAX 550.8 598.0 +47.1 +8.6% Cargo an

  20. Slide 20: FY2024 Earnings Forecast (Air transportation Segment)

    [Reference] FY2024 Earnings Forecast (Air transportation Segment) FY24 Vs. CY19(%) Vs. FY23(%) International Passenger CY19 (4) FY23 Forecast Full-year 1st Half 2nd Half Full-year 1st Half 2nd Half Passenger Revenue (JPY Bn) 531.2 622.3 710.0 +33.6% +27.1% +40.5% +14.1% +10.4% +17.9% Passengers (’00

  21. Slide 21: Fly into tomorrow.

    Fly into tomorrow. Finance & Investor Relations Japan Airlines ©Japan Airlines, ALL rights reserved. 21

  22. Slide 22: Disclaimer

    Disclaimer This content contains descriptions of the future expectations, outlooks, objectives and plans etc. of Japan Airlines Co., Ltd. (hereafter "the company") and related Group companies (hereafter "the Group"). These are based on information available at the time when these materials were crea

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