Japan Airlines Co., Ltd. · TSE:9201

Japan Airlines — FY2016 Earnings Presentation

69 slides from Japan Airlines's earnings presentation, Apr 28, 2017

  1. Slide 1: Challenge, Leading to Growth

    Challenge, Leading to Growth Fiscal Years 2017-2020 JAL Group Medium Term Management Plan ＆ Financial Results for Fiscal Year ended March 2017 Please be noted that a few corrections are m April 28, 2017 Japan Airlines Co., Ltd. in red, on Pages 17 and 34.

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  3. Slide 3: Medium Term Management Plan 2017-2020 contents

    1-1 将来のありたい姿 Medium Term Management Plan 2017-2020 1 JAL Vision - What we aim to be 2 Review and Expected Environment 3 Essence of Strategies 4 Initiatives and Business Portfolio 5 Steps for growth 6 Financial Strategy – Financial Policy 7 International Passenger Operations 8 Domestic Passenger Oper

  4. Slide 4: Thank you for coming to our briefing

    MEDIUM TERM MANAGEMENT PLAN 0 2017-2020  Thank you for coming to our briefing on FY2017-FY2020 Medium Term Management Plan and FY2016 financial results.  I will first provide explanations mainly on the aims and objectives of the Medium Term Management Plan, followed by an overview of financial res

  5. Slide 5: JAL Vision - Review of 2012-2016 plan

    MEDIUM TERM MANAGEMENT PLAN 1 JAL Vision - What we aim to be 2017-2020 Medium Term Management Plan 2012-2016 Review Management Target Safety Finance Customer Satisfaction Achieve “10%+ or above operating Achieve “Zero Aircraft Accidents 1 and Achieve “No. 1 in Customer Satisfaction 4” by FY2016 prof

  6. Slide 6: JAL Vision - What we aim to be

    MEDIUM TERM MANAGEMENT PLAN 1 JAL Vision - What we aim to be 2017-2020  First, I will explain our review of the previous Medium Term Management Plan.  Although we fell short of some of our safety and customer satisfaction targets, we achieved our financial targets, namely, operating profit margin

  7. Slide 7: Review and Expected Environment

    MEDIUM TERM MANAGEMENT PLAN 2 Review and Expected Environment 2017-2020 Refine JAL’s advantage and expand opportunities to leverage our strengths 2012 - 2016 2017 - 2020 Previous Medium Term Management Plan New Medium Term Management Plan Develop revenue sources besides Increase customer air transpo

  8. Slide 8: Review and Expected Environment

    MEDIUM TERM MANAGEMENT PLAN 2 Review and Expected Environment 2017-2020  Going forward, potential risks are expected in the external environment, such as a diminishing Japanese population and an intensifying competitive environment, whereas, there are high expectations for many business opportuniti

  9. Slide 9: Essence of Strategies

    MEDIUM TERM MANAGEMENT PLAN 3 Essence of Strategies 2017-2020 2 key drivers for growth 5 key initiatives 3 management targets JAL Focus JAL Action JAL Target Top out Safety Safety Safety Refine our Realize “Zero Aircraft Accidents” Full Service Carrier and “ Zero Serious Incidents” business Networks

  10. Slide 10: Essence of Strategies

    MEDIUM TERM MANAGEMENT PLAN 3 Essence of Strategies 2017-2020  To outline this Medium Term Management Plan, we set up 2 growth drivers; refine our Full Service Carrier business, and expand business domains, and will take action in 5 areas. We also established management targets for safety, customer

  11. Slide 11: Initiatives and Business Portfolio

    MEDIUM TERM MANAGEMENT PLAN 4 Initiatives and Business Portfolio 2017-2020 In addition to refining our Full Service Carrier business, we will expand in business domains for our future growth 2016 Revenue JAL Focus 2020 Revenue While passing on JAL’s strengths we developed so far, we will adapt to ch

  12. Slide 12: Initiatives and Business Portfolio

    MEDIUM TERM MANAGEMENT PLAN 4 Initiatives and Business Portfolio 2017-2020  To realize our vision of the kind of airline we aim to be, we will challenge ourselves to refine our Full Service Carrier business and expand business domains.  To refine our Full Service Carrier business, we will pursue i

  13. Slide 13: Steps for growth

    MEDIUM TERM MANAGEMENT PLAN 5 Steps for growth 2017-2020 To win the competition and prepare for sustainable growth, we will continue “necessary capital expenditures” and “adaption to markets” 2012 - 2016 2017 - 2020 2021〜 Previous Medium Term Management Plan New Medium Term Management Plan To the Ne

  14. Slide 14: Steps for growth

    MEDIUM TERM MANAGEMENT PLAN 5 Steps for growth 2017-2020  During the period of the previous Medium Term Management Plan, we invested in quality products and human resources necessary for growth, with an emphasis on profitability.  In this Medium Term Management Plan, we will not change our profita

  15. Slide 15: Financial Strategy

    MEDIUM TERM MANAGEMENT PLAN 6 Financial Strategy 2017-2020 Increase our corporate value by growing continuously with a high profitability structure and strong financial stability. Studying the optional application of IFRS Profitability Stability Growth  Pursue Profitability continuously  Maintain

  16. Slide 16: Financial Strategy

    MEDIUM TERM MANAGEMENT PLAN 6 Financial Strategy 2017-2020  Now I will explain the financial target. First, our basic policy to pursue profitability will remain the same and we will continue to aim to achieve an operating profit margin of 10％ or above. We also aim for 9% or above ROIC by FY2020 to

  17. Slide 17: International Passenger Operations

    MEDIUM TERM MANAGEMENT PLAN 7 International Passenger Operations 2017-2020 Outlook of Passenger Revenue・ Demand and supply projections Unit Price・Load Factor（L/F） Increase capacity to meet growth Maintain high load factors and unit price of total demand prospect (excluding FSC/exchange rates) 6000 1

  18. Slide 18: International Passenger Operations

    MEDIUM TERM MANAGEMENT PLAN 7 International Passenger Operations 2017-2020  During the period of the new Medium Term Management Plan, we aim to expand capacity at an annual rate of 5% or so, in line with the market growth rate, and expect ASK in FY2020 to increase 23% compared to FY2016.  We will

  19. Slide 19: Domestic Passenger Operations

    MEDIUM TERM MANAGEMENT PLAN 8 Domestic Passenger Operations 2017-2020 Outlook of Passenger Revenue・ Demand and supply projections Unit Price・Load Factor（L/F） Maintain revenue load factors of roughly 70% Expand capacity primarily on Haneda and and current unit revenue levels Itami routes, which show

  20. Slide 20: Domestic Passenger Operations

    MEDIUM TERM MANAGEMENT PLAN 8 Domestic Passenger Operations 2017-2020  On this page, I will explain domestic passenger operations.  On domestic routes, we plan to increase more capacity on trunk routes in and out of Haneda and on Itami routes where we expect higher demand.  As shown in the lower

  21. Slide 21: Fleet Plan Detail

    Medium Term Management Plan 9 Fleet Plan 2017-2020 Fleet Plan Detail End of FY16 End of FY17 Forecast End of FY20 Forecast Total 230 Total 226 Total 231 Total International 84 International 85 International 92 Domestic 146 Domestic 141 Domestic 139 （excl. Regional 174) (excl. Regional 174） (excl. Re

  22. Slide 22: Fleet Plan

    MEDIUM TERM MANAGEMENT PLAN 9 Fleet Plan 2017-2020  For international services, we will primarily increase mid-sized aircraft, and for domestic, will plan to introduce A350, large-sized aircraft, from FY2019.  While we will retire aged regional jets, we will maintain a total fleet of approximately

  23. Slide 23: New Domain

    MEDIUM TERM MANAGEMENT PLAN 10 New Domain 2017-2020 Increase revenues of airline-related businesses and develop new revenue sources by leveraging JAL’s strengths FY16 ×1.3 FY20 New Domain  Flight crew training  Collaboration with venture  Point tie-up business  Airline-related businesses  inbou

  24. Slide 24: New Domain

    MEDIUM TERM MANAGEMENT PLAN 10 New Domain 2017-2020  Next, I will explain our new business domains.  We will create and nurture new revenue sources by developing businesses, leveraging know- how kept in our core air transportation business.  We will actively implement innovations using IT, contri

  25. Slide 25: Innovation of Passenger Service System

    MEDIUM TERM MANAGEMENT PLAN 11 Innovation of Passenger Service System 2017-2020 Build an IT Platform as foundation for sustainable growth （Present） （Nov 2017~, scheduled） JAL self-operated Self-operated JAL A B spec spec spec New System（Outsource） System System ①②③ ①Aged, outmoded, External System 1

  26. Slide 26: Reform the Passenger Service System

    MEDIUM TERM MANAGEMENT PLAN 11 Reform the Passenger Service System 2017-2020  On this page, I will explain our innovation of a new passenger core system for the first time in 40 years.  The current system has become old and outmoded, so maintenance and management costs have risen, and it is diffic

  27. Slide 27: Profitability management, Cost management

    MEDIUM TERM MANAGEMENT PLAN 12 Profitability management, Cost management 2017-2020 Divisional Profitability Management Maximizing Profit per ASK (Image) Realize “Maximize revenues, Minimize Make efforts to maximize Unit Profit （JPY） expenses” and “Lean management” 16 13.3 13.4 120 12 9.9 110 9.4 Man

  28. Slide 28: Profitability management, Cost management

    MEDIUM TERM MANAGEMENT PLAN 12 Profitability management, Cost management 2017-2020  We aim to maximize profit per ASK by “maximizing revenues and minimizing expenses” as well as realizing “lean management”.  The graph in the lower left corner shows our forecast for staff numbers and personnel cost

  29. Slide 29: Market Risk Management

    MEDIUM TERM MANAGEMENT PLAN 13 Market Risk Management 2017-2020 Hedging Policy Overcome Market Risks There are impacts of fluctuating fuel prices and FX rates in a single ＜Fuel Hedge＞ fiscal year, but we were able to Impacts of fluctuating fuel & FX minimize impacts in the medium Amount of usage mar

  30. Slide 30: Risk Management

    MEDIUM TERM MANAGEMENT PLAN 13 Risk Management 2017-2020  I will explain our hedging policy on page 14.  For international services, as we can hedge risks by collecting fuel surcharge, we hedge fuel consumed for domestic services, equivalent to roughly 40％ of the total usage and this is our hedgin

  31. Slide 31: Financial Strategy – Allocation of Cash Flow

    MEDIUM TERM MANAGEMENT PLAN 14 Financial Strategy – Allocation of Cash Flow 2017-2020 Use cash for investment for growth, return to shareholders and maintaining the financial stability Regular Future Capex (image) Investment Growth Fleet Investment replacement Regular etc. Investment (JPY Bn) FY16 F

  32. Slide 32: Financial Strategy – Allocation of Cash Flow

    MEDIUM TERM MANAGEMENT PLAN 14 Financial Strategy –Allocation of Cash Flow 2017-2020  Now, I will explain use of cash flows.  Earned cash is used for Investments for growth, Return to Shareholders, and maintaining a sound financial structure in this order.  As for capital expenditures, we plan ai

  33. Slide 33: Financial Strategy – Return to Shareholders Policy

    MEDIUM TERM MANAGEMENT PLAN 15 Financial Strategy –Return to Shareholders Policy 2017-2020 Stable dividend to shareholders Introduced interim dividend Consider additional shareholder return such as share repurchase based on financial foundation By containing seasonal Expanded Increase dividend Addit

  34. Slide 34: Financial Strategy – Return to Shareholders Policy

    MEDIUM TERM MANAGEMENT PLAN 15 Financial Strategy –Return to Shareholders Policy 2017-2020  Now I will explain shareholder returns going forward.  Shareholder returns basically consist of continuous and stable dividends, and from dividends for profits in FY2017, we will raise the dividend payout r

  35. Slide 35: Financial Strategy – Balance sheet

    MEDIUM TERM MANAGEMENT PLAN 16 Financial Strategy –Balance sheet 2017-2020 Maintain shareholders’ equity ratio around 60% Improve credit rating, aim for “A flat” For Growth Investment, Utilize debts with strict discipline （JPY Bn） FY16 FY17 FY20 (Image) ROIC Cash and Interest-bearing Disciplined den

  36. Slide 36: Financial Strategy – Balance sheet

    MEDIUM TERM MANAGEMENT PLAN 16 Financial Strategy –Balance sheet 2017-2020  Now I will explain Balance sheet.  We will maintain equity ratio at roughly 60% and aim for ROE of at least 10%.  We will utilize debts with strict disciplines, to implement growth investments smoothly.  Return on Invest

  37. Slide 37: Financial Strategy – Cash Flow Plan

    MEDIUM TERM MANAGEMENT PLAN 17 Financial Strategy –Cash Flow Plan 2017-2020 The dividend payment will exceed Free Cash Flow Manage to cover dividend payment with Free Cash Flow from FY18 FY16 FY17 FY18～FY20 Average (JPY Bn) 253.1 ▲215.5 231.0 ▲210.0 37.5 21.0 ▲49.1 ▲73.4 （Including FY17 interim divi

  38. Slide 38: Financial Strategy – Cash Flow Plan

    MEDIUM TERM MANAGEMENT PLAN 17 Financial Strategy –Cash Flow Plan 2017-2020  Finally, I will explain our cash flow forecast.  In FY2017, cash flows from operating activities are expected to amount to 231 billion yen while cash flows from investing activities 210 billion yen, and free cash flow wil

  39. Slide 39: Financial Data: Earnings Forecast for FY2017

    1-1 将来のありたい姿 中期経営計画 2017-2020 Financial Data 1 EARNINGS FORECAST FOR FY2017 3 - From FY2016, figures for Revenue Passengers Carried, ASK, RPK and Load Factor include “Marketing Carriers’ on code-sharing flights operated by JAL”. The past fiscal years also show the figures after reflecting this chang

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  41. Slide 41: Overview of FY2016 Results and FY2017 Forecast

    Overview of FY2016 Financial Results and Earnings Forecast for FY2017 Operating Revenue Operating Profit・Net Income （JPY Bn） （OP Margin） （JPY Bn） 250 25% 1,500 Operating Profit Net Income 209.1 200 20% 1,400 1,336.6 1,339.0 174.4 170.3 164.1 1,288.9 150 142.0 1,300 15.7% 15% 13.2% 1,200 100 10.6% 10

  42. Slide 42: Overview of FY2016 Results and FY2017 Forecast

     First, I will provide an overview of financial results for FY2016, and our earnings forecast for FY2017.  In FY2016 operating revenue declined 47.6 billion yen, or 3.6% year-on-year, to 1 trillion 288.9 billion yen, due to declines in fuel surcharge revenues for international passengers and inter

  43. Slide 43: FY2017 Earnings Forecast

    FY2017 Earnings Forecast Revenue and Expenditure Plan Operational Preconditions FY2016 FY2017 FY2016 FY2017 (JPY Bn) Difference y/y Result Plan Result Plan Operating Revenue 1,288.9 1,339.0 +50.0 +3.9% ASK* Int’l +0.1% +2.7% International Passenger 415.2 455.0 +39.7 +9.6% Doms ▲1.2% +1.4% Domestic P

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  45. Slide 45: FY2017 Changes Forecast in Operating Profit

    FY2017 Changes Forecast in Operating Profit  FY2017 forecast expects lower earnings due to increases in IT system costs for building a platform to support future growth and maintenance costs.  Aim to further accumulate profit through enhanced yield management and continued productivity improvement

  46. Slide 46: FY2017 Changes Forecast in Operating Profit

     This page shows breakdowns for changes in operating profit.  Although fuel costs are expected to increase due to rising fuel prices, we estimate an increase of 9.5 billion yen solely due to market factors, thanks to fuel surcharge revenue increases, etc..  Due to strategic expenditures of 21.5 b

  47. Slide 47: Dividend Forecast

    Dividend Forecast Dividend Forecast FY2015 FY2016 FY2017 New Results Announcement Forecast 2 Net Income*1 (JPY Bn) 174.4 164.1 100.0 Income Tax-Deferred ▲0.4 ▲31.6 5.0 (JPY Bn) Income available for dividend (JPY Bn) 174.0 132.5 105.0 × 25% × 25% × 30% Total amount for dividends (JPY Bn) 43.5 33.2 31

  48. Slide 48: Dividend Forecast

     We will raise our dividend payout ratio by 5% from FY2017, and allocate roughly 30% of net profit attributable to owners of parent after income tax deferred for total dividends.  For dividend forecast, we plan to pay 45 yen each per share for interim and year-end dividend, 90 yen per share altoge

  49. Slide 49: FY2017 Earnings Forecast: Balance Sheet and Cash Flow

    FY2017 Earnings Forecast Balance Sheet End of FY2016 End of FY2017 （JPY Bn） Diff. Results Forecast Total Assets 1,728.7 1,793.0 +64.2 Balance of Interest-bearing debts 116.0 133.0 +16.9 Shareholders’ Equity 972.0 1,031.0 +58.9 Shareholders’ Equity Ratio(%) 56.2% 57.5% +1.3pt ROE(%) (1) 18.1% 10.0% ▲

  50. Slide 50: Supplemental Reference: Earnings Forecast Mar/2018

    《Supplemental Reference》 Earnings Forecast Mar/2018（ Air transportation Segment ） y/y（%） FY2016 FY2017 International Passenger Full-year 1H 2H Results Forecast （Forecast） (Forecast) (Forecast) Passenger Revenue (JPY Bn) 415.2 455.0 +9.7% +7.5% +11.9% ASK (MN seat km) 50,621 51,981 +2.7% +0.9% +4.4%

  51. Slide 51: Financial Data: Details of FY2016 Financial Results

    1-1 将来のありたい姿 中期経営計画 2017-2020 Financial Data 1 DETAILS OF FY2016 FINANCIAL RESULTS 2 3 - From FY2016, figures for Revenue Passengers Carried, ASK, RPK and Load Factor include “Marketing Carriers’ on code-sharing flights operated by JAL”. The past fiscal years also shows the figures after reflecting

  52. Slide 52: FY2016 Consolidated Financial Results

    Consolidated Financial Results FY2016 Consolidated Financial Results 4Q （JPY Bn） FY2015 FY2016 Diff. y/y ratio Diff. y/y ratio (Jan-Mar)(5) Revenue 1,336.6 1,288.9 ▲47.6 ▲3.6% 313.4 +0.2 +0.1% Air Transportation Segment 1,205.2 1,159.3 ▲45.8 ▲3.8% 282.1 +0.1 +0.1% Operating Expense 1,127.4 1,118.6 ▲

  53. Slide 53: FY2016 Changes in Operating Profit

    FY2016 Changes in Operating Profit + stands for profit increase (revenue increase, cost reduction) ▲ stands for profit decrease (revenue decrease, cost increase) Market FY2015 FY2016 Singapore Kerosene 60.0 57.2 Dubai Crude Oil 47.2 45.6 ▲38.8Bn FX Rate 120.5 108.6 (▲18.6%) (JPY/USD) Int’l +15.1 Dom

  54. Slide 54: FY2016 Changes in Operating Profit

     On this page, I will explain the factors to change operating profit for the fiscal year ended March 31, 2017 from the previous year.  While fuel costs decreased by lower fuel prices, fuel surcharge revenues also declined. Both lower fuel prices and stronger yen pushed operating profit down by 10.

  55. Slide 55: FY2016 International Passenger Operations

    FY2016 International Passenger Operations International Passenger FY2016 Full-Year (Change in Revenue) 4Q （JPY Bn) FY FY ▲33.5 Bn y/y (Jan-Mar) y/y 2015 2016 FY2016 (1) (▲7.5%) 448.7 Passenger Revenue 448.7 415.2 ▲7.5% 100.7 ▲2.0% （JPY Bn） ▲30.4 ▲3.1 415.2 ASK 50,563 50,621 +0.1% 12,417 ▲1.0% (MN se

  56. Slide 56: FY2016 International Passenger Operations

     Now, I will explain traffic results and passenger revenues for international passenger operations.  ASK on international routes increased 0.1% year-on-year and RPK increased 0.8%. As a result, the revenue passenger load factor in FY2016 increased 0.6 percentage points year-on-year to 80.3%.  Rev

  57. Slide 57: FY2016 Domestic Passenger Operations

    FY2016 Domestic Passenger Operations Domestic Passenger FY2016 Full-Year (Change in Revenue) 4Q FY FY y/y (Jan-Mar) y/y 2015 2016 FY2016 (1) Passenger Revenue （JPY Bn） 501.2 498.6 ▲0.5% 117.7 +0.5% （JPY Bn） ▲2.6 Bn ASK (▲0.5%) 35,869 35,423 ▲1.2% 8,678 ▲0.3% (MN seat km) RPK 501.2 (MN passenger km)

  58. Slide 58: FY2016 Domestic Passenger Operations

     Next, I will explain traffic results and passenger revenues for domestic passenger operations.  ASK on domestic routes decreased 1.2% year-on-year, but RPK increased 0.9%. As a result, the revenue passenger load factor for FY2016 rose 1.4 percentage points year-on-year to 69.3%.  For passengers

  59. Slide 59: FY2016 Major Operating Expense Items

    FY2016 Major Operating Expense Items Operating Expenses 4th Quarter （JPY Bn） FY2015 FY2016 Diff. y/y ratio Diff. y/y ratio (Jan-Mar)(4) Fuel 228.1 198.7 ▲29.3 ▲12.9% 50.9 3.4 +7.3％ Landing and navigation fees 82.2 81.1 ▲1.1 ▲1.4% 20.1 +0.1 +0.7％ Maintenance 47.9 48.9 +1.0 +2.2% 8.0 ▲2.2 ▲21.9％ Sales

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  61. Slide 61: FY2016 Maximizing Profit per ASK

    FY2016 Maximizing Profit per ASK （JPY） 20 120 100 110 99 100 15 90 13.3 13.3 80 ユニットレベニュー Air transportation revenue per ASKあたり航空運送収入(左軸) 12.3 12.5 12.6 ASK 70 (Left) 9.4 ユニットコスト Unit Cost (Left) 10 60 8.6 8.7 9.1 8.4 50 ASKあたり利益 ユニットプロフィッ Profit per ASK （右軸） (Right) 40 （Figure in FY2012 as 100） （20

  62. Slide 62: FY2016 Maximizing Profit per ASK

     Since FY2012, while Unit Cost has been rising due to service enhancement initiatives, Air transportation revenue per ASK (Unit Revenue) has also been increasing. We will continue to aim to maximize our Profit per ASK (Unit Profit).  FY2017 is a period to make advance investments toward future gro

  63. Slide 63: FY2016 Impact of Fuel and FX Markets

    FY2016 Impact of Fuel and FX Markets Transition of Fuel Cost by factors Hedge Ratio of Fuel Costs (As of End of FY Mar/2017) (JPY Bn) 2,500 250 100% Market Volume FUEL FX FX increase/ 80% ▲6.0 Hedging 2,000 228.1 200 ▲17.4 60% Approx Approx ▲5.9 40% 40% 40% 1,500 150 ▲29.3 Bn 198.7 (▲12.9%) Approx A

  64. Slide 64: Supplemental Reference: Major Balance Sheet Items

    《Supplemental Reference》 Major Balance Sheet Items Consolidated Balance Sheet Summary as of FY2016 (JPY Bn) End of FY2015 End of FY2016 Diff. Total Assets 1,578.9 1,728.7 +149.8 Cash and Deposits (1) 420.3 404.0 ▲16.2 Balance of 92.6 116.0 +23.4 Interest-bearing Debt (2) Future Rental Expenses under

  65. Slide 65: Supplemental Reference: FY2016 Major Cash Flow Items

    《Supplemental Reference》FY2016 Major Cash Flow Items （JPY Bn） FY2015 FY2016 Diff. Net income before income taxes and minority interests 207.3 162.7 ▲44.6 Depreciation and Amortization 88.5 95.7 +7.2 Other 16.4 ▲5.4 ▲21.8 Cash Flow from Operating Activities 312.3 253.1 ▲59.2 Capital Expenditure(1) ▲2

  66. Slide 66: Revenue of International Routes by Geographic Segment

    《Supplemental Reference》 Revenue of International Routes by Geographic Segment Passenger Revenue Component Ratio - From FY2016, figures for Revenue Passengers Carried, ASK, 4Q 4Q RPK and Load Factor include “Marketing Carriers’ on code- (%) Cumulative 3Months 4Q 4Q 4Q sharing flights operated by JAL

  67. Slide 67: Supplemental Reference: Number of Aircraft

    《Supplemental Reference》 Number of Aircraft End of FY2015 End of FY2016 Diff. Owned Leased Total Owned Leased Total Boeing 777-200 12 0 12 12 0 12 - Boeing 777-200ER 11 0 11 11 0 11 - Boeing 777-300 4 0 4 4 0 4 - Boeing 777-300ER 13 0 13 13 0 13 - Large-sized Total 40 0 40 40 0 40 - Boeing 787-8 23

  68. Slide 68: Fly into tomorrow.

    Fly into tomorrow. Finance & Investor Relations, Japan Airlines

  69. Slide 69: Disclaimer

    Disclaimer This contents 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 cre

Japan Airlines — FY2016 Earnings Presentation on 6ix