JAPAN AIRLINES Co., Ltd.
Financial Results
1st Half Mar/2023（FY2022）「JAL SKY MUSEUM」
received theKids Design Award
2022“JAL SKY MUSEUM” received the “Good Design Award” and “Kids Design Award” for 2022

November 1, 2022
©Japan Airlines, ALL rights reserved.

SKYTRAXSKYTRAX

Covid-19 Safety
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Rating5-Star

SKYTRAX
2022

SKYTRAX
COVID-19 Excellence Award

World's Best Economy Class※

1. PERFORMANCE OVERVIEW FOR FY22Q2
APEX
Health Safety Poweredby SimpliFlying Audit
Diamond

APEX

APEX

WORLD CLASSFIVE STAR

2. FORECAST FOR FY22 FULL-YEAR
3. INITIATIVES FOR THE SECOND HALF
4. DETAILS OF FINANCIAL RESULTS FOR FY22Q2

The 9thIR Good Visual Award

ESG Indices

Local Revitalization
Remote Working
Promotion Campaign
Action Declaration Health and Productivity
Management Brand

5. REFERENCES※※
THE INCLUSION OF JAPAN AIRLINES CO., LTD. IN ANY MSCI INDEX, AND THE USE OF MSCILOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE ASPONSORSHIP, ENDORSEMENT OR PROMOTION OF JAPAN AIRLINES CO., LTD. BY MSCI OR
ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCIAND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCIOR ITS AFFILIATES.

Note (1) Regarding ﬁgures in tables of this material, amounts are rounded down to the nearest hundred million yen, and the second decimal point in ratios isrounded oﬀ to one decimal point. Regarding percentage or ratio compared to prior year, if changes exceed 1000%, “－“ is shown.
(2) The 2nd Quarter results (July to September) are calculated by deducting the results of 1st Quarter (April to June) from 1st Half (April to September).
(3) LCC=Low Cost Carrier©Japan Airlines, ALL rights reserved.
(4) We introduced ESG-related index selections to evaluate executive oﬃcer’s compensations. ※ indicates the applicable index.

2

PERFORMANCE OVERVIEW FOR FY22Q2✔

Revenue・EBIT improved and EBIT turned into the black for this ﬁrst half despite
the increase in fuel prices and depreciation of the yen, as the shift towardbalancing the infection prevention and socioeconomic activities gained momentum
EBIT (1) / Proﬁt or Loss (2)Revenue(JPY Bn)(JPY Bn)+327.8 Bn(+112.8%)+152.2 Bn

EBIT Margin(3)0.1%

Fuel/FX Markets
1st Half
FY21

1st Half
FY22

Operational Preconditions/ASK
Vs. 1st Half FY21y/ySingapore Kerosene(USD/bbl)

72.1

140.4

+94.7%

International
RoutesDomestic
RoutesTotal

Dubai Crude Oil(USD/bbl)

67.9

105.8

+55.8%＋64.0%＋65.3%＋64.6%FX Rate (JPY/USD)

109.5

130.8

+19.5%(1) EBIT= Proﬁt/Loss before Financing and Income tax (Proﬁt/Loss before Tax – Finance Income/Expenses) (2) Proﬁt/Loss = Quarterly Proﬁt Attributable to Owners of Parent(3) EBIT Margin =EBIT / Revenue©Japan Airlines, ALL rights reserved.

3

● In the 2nd quarter, EBIT was proﬁtable on a quarterly basis for the ﬁrst time after the
pandemic. We achieved a cumulative proﬁt of 300 million yen in the second quarter, improving
by 152.2 billion yen year-on-year. The net loss was 2.1 billion yen, just one step away fromturning into black.

● Despite being signiﬁcantly aﬀected by the “7th wave” of the pandemic’s spread in Japan,
passenger demand has steadily recovered as the movement toward balancing social economic
activities and the prevention of infection gained momentum. As a result, revenue was 618.5
billion yen, improving by 327.8 billion yen year-on-year.

©Japan Airlines, ALL rights reserved.

3-S

FY22Q2 Performance by Business Domain
Full Service Carrier

Proﬁtability steadily improved andturned into the black in 2nd quarter
alone with demand at 40% for int’l& 75% for dom (vs. FY2019),
despite soaring fuel prices
FY22Q2 Revenue

379.6 JPY Bn

Flight restrictions for China and diﬃcult
environment for dom LCCs continue, but
steady growth for mid-long int’l LCC
FY22Q2 Revenue

11.5 JPY Bn
Revenues of the two
consolidated subsidiaries,
ZIPAIR and Spring Japan

FY22Q2 EBIT

▼3.8 JPY Bn
EBIT of the two subsidiaries andany factors related to the aﬃliatedcompany accounted for by theequity-method, Jetstar Japan

貨物・郵便
Cargo
& MailMileage, Lifestyle, Infrastructure and Others

Achieved revenue increase amid
declining aggregate demand by
securing volume at a high unit priceMileage business shows steady proﬁts,
consolidation of JALUX for expansion ofcommerce toward 2nd business pillar

FY22Q2 Revenue

126.2 JPY Bn
Full Service carrier

FY22 Q2 EBIT

•
•
•
•

LCC LCCFY22Q2 Revenue

101.0 JPY Bn

FY22Q2 EBIT

19.3 JPY Bn

Cargo & Mail

▼15.0 JPY Bn

The revenue and EBIT by each business domain shown above are calculated by a virtual method; Not showing the actual Revenue and EBIT
The criteria shown above does not match Air Transport Business Segment or Others
The numbers may be changed because of the internal change of accounting rules ex post
The criteria shown above has started from this ﬁscal year. There is no historical data available©Japan Airlines, ALL rights reserved.

4●On this page, I will explain the result of each business domain using internal management ﬁgures●

The full service carrier business domain posted an EBIT loss of 15 billion yen. The cargo business
continued to perform strongly, but the recovery in passenger demand was delayed due to continued
border restrictions and domestic infections making this business domain to result in a loss.

●

However, both international and domestic passenger business have turned into black in the second
quarter. In spite of the cost increase caused by FX and fuel price, we were able to turn into black.
This was achieved with international passenger numbers at 40% compared to 2019 results, anddomestic passenger number at 75%, which was 5 points less than our previous forecast of
break-even. This clearly shows our proﬁtability is steadily improving.

●A signiﬁcant increase in sales has been achieved by capturing the recovering passenger demandthrough appropriate preparation of resources.

●

As for the LCC business domain, it resulted in an EBIT loss of 3.8 billion yen. ZIPAIR is becoming
widely recognized in the market and is steadily capturing tourism and VFR demands.

●

On the other hand, it was a challenging period for Spring Japan due to the strict border control in
China.

●

Jetstar Japan also posted a loss.

●

The Mileage, Lifestyle and Infrastructure business domain recorded an EBIT proﬁt of 19.3 billion
yen. The eﬀect of the consolidation with JALUX and the sales of mileage to our partners recorded
strong performance. This business domain plays a leading role as a future growth driver with stable
proﬁtability.
©Japan Airlines, ALL rights reserved.

4-S1. PERFORMANCE OVERVIEW FOR FY22Q2
2. FORECAST FOR FY22 FULL-YEAR
3. INITIATIVES FOR THE SECOND HALF
4. DETAILS OF FINANCIAL RESULTS FOR FY22Q2
5. REFERENCES©Japan Airlines, ALL rights reserved.

5

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

FY22 Full-Year Performance Forecast✔ To reﬂect the current situation, the forecast for revenue & operating expense is revised,
while forecast for EBIT & Proﬁt/Loss remains unchanged✔ We will strive to achieve the proﬁt forecast through rapid increase in int’l & dom demandand int’l unit revenue, as well as increased cargo revenue to oﬀset market price increases
FY2021(JPY Bn)
Revenue
Full Service Carrier
International PAX

EBIT by Business Domain

FY2022

Results

Previous
Forecast

New
Forecast

Diﬀ.
Forecast

Diﬀ.
y/y

682.7

1,390.0

1,404.0+14.0 +721.2

528.2

1,110.0

1,128.0+18.0 +599.7

Full Service Carrier
Cargo / Mail

68.7

364.0

404.0

+40.0 +335.2

LCC (1)
Millage, Lifestyle andInfrastructure and others(2)Domestic PAX

235.1

525.0

471.0

▼54.0 +235.9

Cargo / Mail

218.3

208.0

238.0

+30.0

+19.6

Other Revenue

6.0

13.0

15.0

+2.0

+8.9

38.0

35.0

▼3.0

+32.0

151.5

242.0

241.0

▼1.0

+89.4

Operating Expense

940.2

1,325.0

1,356.0+31.0 +415.7

Fuel

145.4

290.0

322.0

+32.0 +176.5

Excluding Fuel

794.7

1,035.0

1,034.0▼1.0 +239.2

18.0

15.0

32.0

LCC (1)
Millage, Lifestyle andInfrastructure and others(2)Others(3)

(4)

2.9
(4)

+17.0

+13.9

FY2022 Forecast(JPY Bn)

Previous

New

40.0

47.0

Balance

▼9.0

40.0

42.0

Fuel/FX Markets
FY2022 Forecast
FY2021Results Previous
New
Singapore Kerosene(USD/bbl)

81.6

120.0

132.7
(2nd Half 125.0)

Dubai Crude Oil(USD/bbl)

74.3

95.0

102.9
(2nd Half 100.0)

FX Rate (JPY/USD)

111.6

120.0

137.9
(2nd Half 145.0)- The Revenue and EBIT by each business domain shown above are calculated
by a virtual method; Not showing the actual Revenue and EBIT
The
criteria shown above does not match Air Transport Business Segment
Proﬁt or loss
▼177.545.0
45.0
0.0 +222.5
or Others(1) LCC＝Passenger revenue and related charges or fees. Revenues of the two consolidated subsidiaries,
ZIPAIR and Spring Japan. EBIT of the two subsidiaries and any factors related to the aﬃliated company accounted for by the equity-method, Jetstar Japan

EBIT▼239.480.0

80.0

0.0 +319.4(2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc. (3) Others = Gain or Loss on Sales of Aircraft, Other Revenue,
Share of Proﬁt or Loss of Investment and Income/Expenses from Investment (4) The results for FY2021 in the FY22Q1 ﬁnancial results presentation released on
August 1, 2022 have been revised to reﬂect the change in the classiﬁcation of fees recorded for LCC passengers.
©Japan Airlines, ALL rights reserved.

6●On this page, I will focus on some points regarding the revisions made to the earnings
forecast announced this time.

●

The full-year consolidated earnings forecast for EBIT of 80 billion yen and Net Proﬁt of 45
billion yen is not changed. Regarding revenues, we expect an increase in international
passenger revenues due to the long-awaited relaxation of border restrictions andinternational cargo revenues which remains strong, although there is a downturn in domestic
passenger revenues due to the impact of the 7th wave of infections. In total, revenues are
expected to exceed the initial forecast by 14 billion yen.

●

The forecast for expenses has been increased from the initial forecast by 31.0 billion yen due
to the impact of fuel and FX market conditions. We have revised our market assumptions; fuelis set at 125 dollars per barrel of Singapore kerosene, and FX rate is 145 yen per dollar. These
market conditions causes a signiﬁcant hike in both fuel and non-fuel costs, signiﬁcantly
exceeding the initial forecasts.

●

Despite these headwinds, we will make every eﬀort to maximize our proﬁt through factors
such as the rapid increase of Japan-bound passengers, boosted domestic tourism demand fromthe launch of the nationwide travel support program, and eﬀorts to cut non-fuel costs.

●

In addition, we expect additional proﬁt from the sales of aircraft. We will achieve the EBIT of
80 billion yen and net income of 45 billion Yen by all means.

©Japan Airlines, ALL rights reserved.

6-SPremises of Performance Forecast for FY22 Full-year
Int’l & Domestic Passenger Operations (FSC)✔ For Int’l, higher revenue than the initial forecast is expected through signiﬁcant increasein unit revenue despite lower number of passengers than initial forecast✔ For Dom, although rapid recovery is expected from the nationwide travel support subsidy
program, downturn through October caused revenue to be lower than the initial forecast
Revenue per Passenger

Passenger DemandInternational(1)

Initial Forecast

Q1
Result30%

Approx. 25%

Q2
Result40%

Approx. 45%

Factors of Changes
Q3
Forecast
50%

Approx. 55%

Q4
Forecast
60%

Approx. 65%

(1)

+72%

+54%
Net Unit Price etc.
+3pt

＋25%
＋18%

＋13%

Route Eﬀect
+5pt

＋19%

FSC(2)・FX etc.
+10pt

＋29%

＋22%

Initial Forecast(Vs. FY2019)(1)

New Forecast(Vs. FY2019)(1)

Domestic

Factors of Changes

Initial Forecast

Q1
Result66%

Approx. 75%

Q2
Result75%

Approx. 95%

Q3
Forecast
95%

Q4
Forecast
95%

+3%

+3%

Initial Forecast(Vs. FY2019)(1)

New Forecast(Vs. FY2019)(1)Start “thedomestic tourism
subsidy program”

Approx. 95%

Approx. 95%(1) vs FY2019 For January to March, based on demand estimation released in FY19 Q3 results(2) FSC=Fuel Surcharge©Japan Airlines, ALL rights reserved.

11
7

●

On this page, I will explain the current trends in passenger demand for the full service carrierbusiness.

●

For international, due to factors such as the border restrictions in China, we do not expect
the number of passengers to reach the initially-forecasted level for this ﬁscal year.

●

On the other hand, the supply-demand balance continues to be tight, especially on European
and North American routes. This factor and the depreciation of Yen has contributed to asigniﬁcant improvement in unit prices, especially for ﬂights departing from overseas. As aresult, international passenger revenue in the second half is expected to exceed the initial
forecast.

●

For domestic, the recovery in demand was slower than initially expected due to the impact of
the “seventh wave” of the pandemic, but with the launch of nationwide travel support
program, domestic passenger demand is recovering rapidly.

●

From November, we expect the number of passengers to recover to 95% of the pre-pandemic
level, which is the initial forecast for this ﬁscal year. However, domestic passenger revenue inthe second half is expected to fall slightly below the initial forecast due to the delayed
recovery of demand in the ﬁrst half of October.

●Contrary to some other airlines, there are no major resource-related concerns about ouroperations. Together with our employees, we will capture the opportunity of the rapidly
recovering demand.
©Japan Airlines, ALL rights reserved.

7-SPremises of Performance Forecast for FY22 Full-year
Cargo, Fuel/FX Markets✔ International cargo is expected to maintain high unit prices and revenues are expected
to exceed the initial forecast, despite a loosening supply-demand balance.
✔ FX is set at 145 JPY per USD, fuel at 125 USD per barrel of Singapore Kerosene
Cargo

Impact on proﬁt per month by Fuel and FX ratechanges from FY22Q3 (Incl. hedging and Fuel surcharges)

Volume(JPY Bn)

FX(JPY/USD)

Dubai
Crude

95USD

100USD

105USD

115USD

Singapore
120USD
Kerosene

125USD

130USD

140USD

160JPY

▼0.5

▼1.0

▼2.0

▼3.0

150JPY

±0

▼0.5

▼1.0

▼2.0

145JPY+0.5±0 ▼0.5▼1.0

140JPY

+1.0

+0.5

±0

▼1.0

130JPY

+2.0

+1.0

+0.5

±0

Fuel
Proces(USD/bbl)

Base

Unit Price

International Passenger Fuel Surcharge
Oct. to Nov.

Dec. to Jan.

Feb. to Mar.

OutboundZone JPY20,000

Zone JPY17,000

Zone JPY18,000

InboundZone USD150

Zone USD120

Zone USD120

Remarks

Already Determined

Depends on themarket conditionsof Oct. to Nov.

If fuel price and exchange rate remain at “USD125 per barrel ofSingapore kerosene and JPY145 per USD” level, we expect fuel surcharge
to be at “outbound Zone JPY18,000 and inbound Zone USD120”©Japan Airlines, ALL rights reserved.

13
8

●

This page shows the performance of the Cargo business and the impact from the fuel and FX
market situations.

●Regarding the international cargo business, although the extremely tight supply-demandsituation has been gradually settling down, we will work to continue to maintain volume andunit price by capturing special cargo demand such as pharmaceuticals and utilizing long-term
contracts. Thus, we expect the strong performance to continue.

●

The table on the right side shows the monthly impact on proﬁt of FX rate and fuel priceﬂuctuations. This time we have reviewed our market assumptions. The current market
conditions are very volatile, especially the FX rate, thus we are paying close attention to its
impact on our earnings.

●

Currently, the ratio of foreign currency-denominated income has increased due to the rapid
recovery of Japan-bound demand, thus the negative impact of increasing costs has been
mitigated to some extent.

©Japan Airlines, ALL rights reserved.

8-S

1. PERFORMANCE OVERVIEW FOR FY22Q2
2. FORECAST FOR FY22 FULL-YEAR
3. INITIATIVES FOR THE SECOND HALF
4. DETAILS OF FINANCIAL RESULTS FOR FY22Q2
5. REFERENCES©Japan Airlines, ALL rights reserved.

15

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

INITIATIVES FOR THE SECOND HALF
LCC

Full Service Carrier
International

ZIPAIR❏ Increase supply for strong N. American routes❏ Strong sales toward San Jose ﬂights❏ Strengthen overseas revenue management❏ Increased ﬂights to capture inbound demand

Spring Japan

Domestic❏ Larger aircraft and increased ﬂights for❏ Proactive domestic ﬂights while waiting forrising demand

China’s easing of border restrictions
Mileage,
Lifestyle, Infrastructre
マイル・ライフ・インフラ等

Cargo・Mail❏ Securing volume & revenue maximization
aimed by utilizing other carriers’ capacity &ﬂexible sale measures❏ Expand volume of high-value cargo byutilizing "JAL MEDI PORT" - a storage facility
for pharmaceuticals

Mileage・Commerce❏ Expand opportunities to utilize miles by

expanding services like Rakuten/JALUXAir Mobility❏ Advance discussions with Volocopter, aleader in equipment development

Other
SupplyStaﬃng secured to quickly recover ﬂights and meet demand recovery
Costs
Cost reduction will be continued primarily around actual ﬁxed costs
Regional Code share of 5 companies(1) for regional revitalization through sustainable route operations(1) Amakusa Airlines, Oriental Air Bridge, Japan Air Commuter, All Nippon Airways, Japan Airlines©Japan Airlines, ALL rights reserved.

17
10

●

On this page, we will explain our initiatives for this second half.

●

For the full service carrier business domain, we will aim to increase revenues by expanding our
supply in response to the rapidly recovering demand and by improving unit prices throughappropriate revenue management.

●

For the international cargo business, our demand remains strong while overall demand issettling down. We will expand the use of other carriers’ capacity to compensate for thedecrease in cargo space on passenger ﬂights due to the impact of the situation in Russia andUkraine, to maintain the volume and unit revenue that is signiﬁcantly higher thanpre-pandemic.

●

As for the LCC business, ZIPAIR will launch its Narita - San Jose route in December, which istheir second transpaciﬁc route, and the reservations have been very strong. Spring Japan
faces challenging situations, but they plan to increase their revenue by shifting theirresources to domestic ﬂights.

●

Regarding our mileage business, we are preparing for the new mileage program announced inour rolling plan. We will show details when we are ready. Also, we are currently considering
the business model of the ﬂying cars with Volocopter, aiming for launch at the Osaka/Kansai
Expo in 2025.

©Japan Airlines, ALL rights reserved.

10-S
18

1. PERFORMANCE OVERVIEW FOR FY22Q2
2. FORECAST FOR FY22 FULL-YEAR
3. INITIATIVES FOR THE SECOND HALF
4. DETAILS OF FINANCIAL RESULTS FOR FY22Q2
5. REFERENCES©Japan Airlines, ALL rights reserved.

11

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Consolidated Financial Results
1st Half(JPY Bn)

2nd Quarter

Vs. FY19Q2FY19Q2FY21Q2FY22Q2

748.9

290.6

612.2

International PAX

Vs. FY21Q2
FY22Q2

Diﬀ.

y/y

618.5

▼130.4▼17.4%+327.8 +112.8%

349.6+192.0 +121.8%

219.1

505.8

▼106.3▼17.4%+286.7 +130.9%

287.4+166.0 +136.8%

272.9

29.1

163.2

▼109.6▼40.2%+134.1 +460.3%

100.7+82.8 +462.4%

Domestic PAX

285.8

89.7

208.6

▼77.1

▼27.0%+118.9 +132.5%

120.6+68.9 +133.4%

Cargo / Mail

45.1

98.3

126.2

+81.0 +179.5%+27.8+28.3%

60.9

+10.2

Other Revenue

8.3

1.8

7.6

▼0.6

▼7.7%

+5.8 +313.9%

5.0+4.0 +389.4%

-

0.8

11.5

-

-

+10.7

-

8.1

+7.3 +871.9%

136.7

70.6

101.0

▼35.6

▼26.1%+30.3+43.0%

54.0

+18.6

+52.6%

Operating Expense

671.5

442.9

637.2

▼34.2

▼5.1%

+194.3+43.9%

334.2+106.7+46.9%

Fuel

127.7

58.9

154.8

+27.0

+21.2%+95.8 +162.5%

84.9+52.6 +162.4%

Excluding Fuel

543.7

383.9

482.4

▼61.3

▼11.3%+98.4+25.6%

249.2

+54.1

+27.7%

Others (3)

5.5

0.4

19.1

+13.5 +245.9%

+18.6

-

12.4

+11.7

-

EBIT

82.9

▼151.80.3▼82.5▼99.5%+152.2

-

27.9

+97.0

-

EBIT Margin(%)

11.1%

-

0.1% ▼11.0pt

-

-

-

8.0%

-

-

Proﬁt or loss

54.1

▼104.9▼2.1-+102.8

-

17.4

+64.5

-

RPK (MN passenger km)

39,419

7,062

23,144 ▼16,275▼41.3% +16,081 +227.7%

13,466+9,439 +234.4%

ASK (MN seat km)

46,222

22,07236,338▼9,884▼21.4% +14,266+64.6%

19,968+8,361+72.0%EBITDA Margin(%) (4)

21.7%

-

13.5%

▼8.2pt

-

19.7%

-

-

Revenue
Full Service Carrier

LCC (1)
Millage, Lifestyle andInfrastructure and others (2)

▼56.2

Diﬀ.

Vs. FY21Q2

-

y/y

-

Diﬀ.

y/y

+20.1%(1) LCC＝Passenger revenue and related charges or fees (2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
(3) Others = Gain or Loss on Sales of Aircraft, Other Revenue, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment (4) EBITDA Margin = EBITDA/Revenue©Japan Airlines, ALL rights reserved.

12

● From page 12, I will show you the result of the second quarter.
● Page 12 shows consolidated results.

©Japan Airlines, ALL rights reserved.

12-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Changes in EBIT (Revenues／Expenses)+ stands for proﬁt increase（ revenue increase, cost decrease )▼ stands for proﬁt decrease ( revenue decrease, cost increase )RPK y/y ： +227.7%
ASK y/y ： +64.6%＋152.2 Bn（JPY Bn）

Mileage, Lifestyle andInfrastructure
and others (2)Full Service
Fuel
+30.3
▼
95.8
Cargo Carrier
LCC (1)
Other+10.7
Domestic & Mail
+5.8
Passenger ＋27.8
Maintenance
Other
Personnel+118.9AircraftExpenses
▼13.2
▼16.6
+313.9%+43.0%+1.1▼69.5▼162.5%+28.3%+132.5%
Others(3)+1.6%▼38.6%
Int'l▼13.6%+18.6
Passenger+134.1▼151.8▼44.1%

-

0.38
FY22
Q2

+460.3%Landing &Navigations fees
Sales Commissions

FY21
Q2
FSC

(4)

・FX

FSC
FX
(TTL)

+3.3
+11.6
+15.0

FSC
FX
(TTL)

+10.8
+7.6
+18.4

FSC
FX
(TTL)

+0.5
+0.5

Revenue +327.8 Bn (+112.8%)

FSC
FX
(TTL)

+14.1
+19.8
+34.0

Services
Expenses of Travel
AgencyOther than above

▼7.8
▼6.4
▼7.4
▼12.1
▼35.6

Total ▼69.5

Expenses ▼194.3 Bn (▼43.9%)(1) LCC＝Passenger revenue and related charges or fees (2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
Airlines, ALL
rights reserved.
(3) Others = Gain or Loss on Sales of Aircraft, Other Revenue, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment (4)©Japan
FSC=Fuel
Surcharge13

● This page shows the factors behind the improvement in EBIT through revenue and expense.
● Revenues increased in all areas, by 327.8 billion yen year-on-year. Due to the recovery inpassenger demand, the increase in international passenger and domestic passenger revenues
may stand out, but cargo revenues have also increased since last ﬁscal year, which recorded asigniﬁcant increase in revenues, and are continuing to perform strongly.

● As for costs, fuel costs have increased signiﬁcantly due to the soaring fuel market anddepreciation of the yen, and costs linked to operations and number of passengers haveincreased. We have continued to take appropriate cost control measures, thus cost increase
was suppressed to 194.3 billion yen. Also, other income improved by factors such as the salesof aircraft.

● As a result, EBIT improved by 152.2 billion yen year-on-year, and we have achieved EBIT
proﬁtability on a cumulative quarterly basis for the ﬁrst time since the pandemic.

©Japan Airlines, ALL rights reserved. 13-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Changes in EBIT (Market and other impact)+ stands for proﬁt increase（revenue increase, cost decrease)▼stands for proﬁt decrease (revenue decrease, cost increase))（JPY Bn）＋152.2 Bn

Impact fromCurrency Market ▼24.3 Bn
Revenue
Cost
Fuel
Ex. Fuel(Excl. Market Impact)+19.8 Bn
▼44.1 Bn
▼29.0 Bn
▼15.1 Bn

Cost
increase

Revenueincrease

▼96.2
0.38
+293.7

FY22
▼27.5
Q2

▼151.8FX(excl.Fuel)

+4.7
FY21
Q2

▼1,045
Fuel(excl.Hedging)▼101.4

Fuel
Surcharge

Hedging
etc.

+37.1

FX
▼29.0
Market▼72.3
Total ▼101.4

Int’l
+3.3
Passenger
Int’l Cargo +10.8
Total +14.1

Market impact▼45.3 Bn

▼31.5

Maintenance▼5.3

Services▼6.3

Aircraft+2.3

Personnel▼16.0
Other than
▼39.3
those above
Total ▼96.2+14.1

Revenues +19.8
Cost
▼15.1
excl. Fuel
Total +4.7

Fuel Volume

Int’l+119.1
Passenger
Domestic+118.9Passenger
Cargo/Mail
+9.3
Other
+46.3
Total +293.7

Others+197.5 Bn©Japan Airlines, ALL rights reserved.

14●This page shows the improvement of EBIT divided into market impacts and other factors.

●

The impact of market was a negative of 45.3 billion yen year-on-year. Although the negative
impact of the rapid rise in the fuel market and the depreciation of the yen is signiﬁcant, we
worked to reduce its impact by applying fuel surcharges, appropriately implementing hedging
and receiving subsidies from the government.

●

We would like to thank everyone involved from the government for their support in responseto the soaring fuel costs.

●

On the other hand, with the eﬀects of these market impacts excluded, we have achieved an
improvement of 197.5 billion yen. We will continue to strive to improve proﬁtability byoﬀsetting the negative impact of market conditions caused by the unprecedented
depreciation of the yen.

●

The fuel market has been gradually settling down and the level of the fuel surcharges is going
down. We will continue to pay close attention to the fuel market.

©Japan Airlines, ALL rights reserved.

14-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Int’l & Domestic Passenger Operations (Full Service Carrier)International Passenger

1st Half
FY19Q2FY21Q2FY22Q2

2nd Quarter
Vs. FY19Q2

Vs. FY21Q2

FY22Q2

Vs. FY21Q2

Passenger Revenue (JPY Bn)

272.9

29.1

163.2

▼40.2%+460.3%100.7+462.4%Passengers (’000)

4,946

353

1,742

▼64.8%+392.7%1,013+396.4%

RPK (MN passenger km)

24,716

2,442

11,574▼53.2%+373.9%6,775+375.9%

ASK (MN seat km)

27,835

10,742

16,402▼41.1%+52.7%

9,305+68.6%L/F (%)

88.8%

22.7%

70.6%

▼18.2pt+47.8pt

72.8%+47.0pt

Revenue per Passenger (JPY) (2)55,17582,39293,707+69.8%+13.7%

99,437+13.3%

Yield (JPY) (3)

11.0

11.9

14.1

+27.7%+18.2%

14.9+18.2%

Unit Revenue (JPY) (4)

9.8

2.7

10.0

+1.5%

+267.0%10.8+233.6%

Domestic Passenger

1st Half
FY19Q2FY21Q2FY22Q2

2nd Quarter
Vs. FY19Q2

Vs. FY21Q2

FY22Q2

Vs. FY21Q2

285.8

89.7

208.6

▼27.0%+132.5%120.6+133.4%Passengers (’000)

19,4096,155

13,717▼29.3%+122.9%7,636+121.6%

RPK (MN passenger km)

14,703

4,582

10,554▼28.2%+130.3%

5,984+132.8%

ASK (MN seat km)

18,387

10,694

17,455▼5.1%+63.2%

9,267+62.0%L/F (%)

80.0%

42.9%

60.5%

▼19.5pt+17.6pt

64.6%+19.7pt

Revenue per Passenger (JPY) (2)14,725

14,582

15,212

+3.3%

+4.3%

15,800+5.3%

Yield (JPY) (3)

19.4

19.6

19.8

+1.7%

+1.0%

20.2

+0.2%

Unit Revenue (JPY) (4)

15.5

8.4

12.0

▼23.1%+42.5%

13.0+44.1%

Passenger Revenue (JPY Bn)(1) Revenue per Passenger = Passenger Revenue / Passengers (2) Yield = Passenger Revenue / RPK (3) Unit Revenue = Passenger Revenue / ASK©Japan Airlines, ALL rights reserved.

27
15

●

This page shows the performance of international and domestic passenger business.

●

International passenger revenue was 163.2 billion yen, recovering to approximately 60%
compared to ﬁscal year 2019.

●

Domestic passenger revenue was 208.6 billion yen, recovering to approximately mid-70% ofﬁscal year 2019.

●

While both international and domestic passenger demand is recovering, we have been able tomaintain and achieve a high level of unit price compared to last year by implementing farerevisions and conducting appropriate revenue management measures.

©Japan Airlines, ALL rights reserved.

13-S
15-S
28

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Cargo
1st Half

International Cargo
FY19Q2FY21Q2FY22Q2

2nd Quarter
Vs. FY19Q2 Vs. FY21Q2

FY22Q2

Vs. FY21Q2

29.7

80.8

109.0

+267.2%+35.0%

52.1+24.3%

Available Ton Km (MN ton km)

2,233

1,616

1,857

▼16.8%+14.9%

962+16.1%

Revenue Ton Km (MN ton km)

1,212

1,509

1,446

+19.3%

▼4.2%

716

▼7.4%

Carried Cargo Weight (Thousand ton)

200

248

235

+17.4%

▼5.0%

117

▼7.5%

Revenue Ton (JPY/kg)

148

326

463

+212.7%+42.0%

444+34.3%

Cargo Revenue (JPY Bn)

Domestic Cargo

1st Half
FY19Q2FY21Q2FY22Q2

2nd Quarter
Vs. FY19Q2 Vs. FY21Q2

FY22Q2

Vs. FY21Q2

Cargo Revenue (JPY Bn)

10.3

10.7

9.7

▼5.7%

▼9.1%

4.9

▼5.6%

Available Ton Km (MN ton km)

845

482

799

▼5.4%

+65.7%

427+66.8%

Revenue Ton Km (MN ton km)

165

109

133

▼19.6%+21.9%

69+24.6%

Carried Cargo Weight (Thousand ton)

178

111

139

▼22.2%+24.7%

72+28.1%

Revenue Ton (JPY/kg)

58

96

70

+21.2%▼27.1%

68▼26.2%©Japan Airlines, ALL rights reserved.

29
16

● This page shows the performance of the Cargo business.
● The total weight of international cargo was slightly lower compared to last year due to theglobal decline in the demand. However, the decrease for JAL was smaller than othercompetitors, and high level of unit prices continue. As a result, revenue recorded 109.0 billion
yen which is approximately 35% higher than the previous year’s revenue, showing strong
performance.

● For domestic cargo, performance was steady for the second quarter, while unit price has beennormalized due to the recovery of domestic supply.

©Japan Airlines, ALL rights reserved.

16-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2LCC
ZIPAIR
LCC

Spring Japan (1)1st Half
FY21Q2FY22Q2

2nd Quarter
Vs. FY21Q2

FY22Q2

1st Half

Vs. FY21Q2

FY22Q2

2nd Quarter
FY22Q2

Vs. FY21Q2

0.1

7.4

-

5.3

-

3.6

2.4

+252.5%Passengers（’000）

5

162

-

109

-

208

165

+617.7%

RPK（MN passenger km）

14

841

-

572

-

173

134

+495.8%

ASK（MN seat km）

578

2,155

+272.4%1,171+280.8%325

223+297.5%L/F（%）

2.6%

39.1%

+36.5pt

48.9%+45.5pt

53.4%

60.2%

+20.0pt

24,88845,692+83.6%

49,405+86.5%

17,653

14,853▼50.9%

Yield（JPY）(3)

8.6

8.8

+2.9%

9.4

+3.4%

21.2

18.3

▼40.8%

Unit Revenue（JPY）((4)

0.2

3.5

-

4.6

-

11.3

11.0

▼11.3%

Passenger Revenue（JPY Bn）

Revenue per Passenger（JPY） (2)(Reference)
Jetstar Japan

1st Half
FY21Q2FY22Q2

2nd Quarter
Vs. FY21Q2

FY22Q2

Vs. FY21Q2

Passengers（’000）

1,249

2,102

+68.2%

1,140+49.6%

L/F（%）

69.6%

77.8%

+8.2pt79.1%+7.0pt(1) No data for Spring Japan’s FY21Q1 due to pre-consolidation. Summary of International and domestic passenger business(2) Revenue per Passenger = Passenger Revenue / Passengers(3) Yield = Passenger Revenue / RPK (4) Unit Revenue = Passenger Revenue / ASK©Japan Airlines, ALL rights reserved.

31
17

● This page shows the performance of our LCC business.
● ZIPAIR mainly contributed to Cargo transportation last year, but they started the full-scale
LCC passenger business and contributed to a signiﬁcant increase in passenger revenue with an
unexpectedly high level of ancillary revenue this year. ZIPAIR turned into black in July. Theirbusiness model, which is specialized in the medium to long haul LCC is growing steadily.

● Spring Japan, which was consolidated last year, is having a time of patience as there is limited
international ﬂights due to China’s continued strict border restrictions, and is trying tomaximize proﬁt by temporarily shifting their resource to domestic ﬂights.

● The recovery of Jetstar Japan, a domestic LCC, is slow due to the impact of the fuel and FX
market. They are showing signiﬁcant improvement in their load factor, but are arecontinuously making a loss at this moment. Therefore, we are currently working toward a
proﬁtable structure with our joint business partner, Qantas Airways.

©Japan Airlines, ALL rights reserved.

17-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Expenses✔ Actual ﬁxed cost for FY22Q2 was 244.6 billion yen. Further cost control will be conductedto suppress increase in costs by the market & cut costs below the annual target of 500 bil.
Major Operating Expense Items
1st Half（JPY Bn）
FY19Q2 FY21Q2 FY22Q2

2nd Quarter

Vs. FY19Q2

Vs. FY21Q2

Diﬀ.

y/y

Diﬀ.

+21.2%

Fuel

127.7

58.9

154.8

+27.0

Landing and navigation fees

43.5

16.2

24.1

▼19.3 ▼44.4%

Maintenance

39.1

34.4

47.7

+8.5

Sales commissions(Air Transport)

9.5

2.8

9.3

▼0.1

Services(1)

23.4

6.5

Other variable cost(2)107.9

Aircraft(3)y/yVs. FY21Q2
FY22Q2Diﬀ.

y/y+95.8 +162.5%

84.9+52.6 +162.4%+7.8+48.5%

12.8+4.6+56.1%+21.7%+13.2+38.6%

25.0+8.2+48.8%▼1.7%+6.4 +225.4%

4.9+3.3 +217.9%

13.9▼9.4 ▼40.3%+7.4 +113.3%

8.0+4.5 +130.3%

47.0

77.0

▼30.8 ▼28.6%+29.9+63.7%

42.5

+18.2

+75.2%

63.5

69.0

67.9

+4.4

+7.0%

▼1.1

▼1.6%

33.8

▼2.3

▼6.4%

Personnel(3)

151.1

122.5

139.2

▼11.9

▼7.9%

+16.6

+13.6%

69.1+7.4+12.0%

Other cost(3)

105.4

85.1

102.8

▼2.5

▼2.5%

+17.7

+20.9%

52.7

+10.0

+23.5%

Total Operating Expenses

671.5

442.9

637.2

▼34.2

▼5.1% +194.3+43.9%

334.2 +106.7+46.9%

Actual Fixed Costs (4)Expense Breakdown

Excludes temporal
costs and variablefactors, etc

52%
38%

(1) Services = Expenses regarding inﬂight services, airport lounges, cargo equipment, etc. (2) Other linked cost = Travel agency, Mileage, Ground handling etc.
(3) Includes costs that have variable factors such as the number of ﬂights and passengers, and temporary and additional costs associated with business structural reforms.
(4) Actual Fixed Costs excludes the variable factors such as the number of ﬂights and passengers, and temporary and additional costs associated with business structural©Japan Airlines, ALL rights reserved.
reforms.
18

● This page shows the breakdown of the cost and our cost management initiatives.
● Due to the impact of the fuel exchange market and the recovery of demand, costs linked tothe scale of operations and the number of passengers increased signiﬁcantly compared to theprevious ﬁscal year. On the other hand, the actual ﬁxed cost was 244.6 billion yen, which is at
a lower level than the annual ﬁxed cost of 500 billion yen, promised in the medium-term
management plan. We are conﬁdent that we will achieve the target of 500 billion yen
throughout this year.
●

We will continue to maintain appropriate cost control and make every eﬀort to oﬀset any
expenses that may increase due to fuel and FX market conditions.

©Japan Airlines, ALL rights reserved.

18-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Fuel Costs
Hedge Ratio (As of End of Oct/2022)

Changes in fuel costs
FX(JPY Bn)

Market

29.0

+72.3

154.8

Volumeincrease

Hedgingand others+31.5

45% 45%

▼37.1

58.9

20% 20%＋95.8 Bn

9%(＋162.5%)

FY22

FY22Q2FY21Q2

Fuel Hedging
FuelUseInt’lroutesDomestic
routes

一時的に外貨
収入が多い
FSC (1) ❏ Hedging for consumption
volume in Domestic Operations
revenueto deal with fuel price changes
received

Hedged❏ Consumption volume in Int’lOperations covered by Fuelsurcharge revenues

FY23

9%

FY24

FX Hedging
Foreign currency
expensesNon-fuel
costs
Fuel Int’lroutescosts

Foreigncurrency
revenues
FSC (1)revenuereceived

Domestic 燃油・為替Hedgedroutes ヘッジ実施❏ Hedging conducted fordomestic fuel costs to deal
with eﬀect of fx changes tofuel costs❏ Current foreign currency
revenues exceeded foreign
currency expenses (excluding
fuel costs) due to risingdemand from overseas.

(1) FSC=Fuel Surcharge©Japan Airlines, ALL rights reserved.

19●This page explains our fuel cost.

●

Fuel costs for the second quarter was 154.8 billion yen, which increased by 95.8 billion yen
year-on-year. While consumption did increase, this is mainly due to market situations. In
addition to soaring crude oil prices and a signiﬁcant depreciation of the yen, the diﬀerence
between crude oil and jet fuel has been widened, making strong headwinds. However, thespread between crude oil and jet fuel is settling down.

●

In terms of recent demand trends, as shown in the lower right column, foreign
currency-denominated revenues in international passenger revenue and international cargo
revenue have slightly exceeded the amount of foreign currency-denominated expenses otherthan fuel costs. When considering the impact of FX rates excluding fuel costs, revenues tend
to be greater than costs. In the normal period, both were approximately at the same level.

●

Of course, if fuel and FX markets stay at the unfavorable level, we will strive to counteract
its negative impact by strengthening cost control for expenses other than fuel costs.

©Japan Airlines, ALL rights reserved.

19-S

DETAILS OF FINANCIAL RESULTS FOR FY22Q2
Balance Sheet and Cash Flow
BS ✔ Equity ratio is 39.0% and Net D/E ratio is x0.2 both in terms of credit evaluationbasis, keeping a healthy level✔ Cash ﬂow from operating activities is 120.2 billion yen, Free cash ﬂow is 67.7
CFbillion yen of inﬂow, improving cash inﬂow signiﬁcantly
Balance Sheet
Total Assets

End of FY21

End of 1st Half FY22

Diﬀ.

（JPY Bn）

2,371.6

2,448.5+76.8

Cash and Deposits

494.2

542.9

+48.7

Balance of Interest-bearing Debt

928.4

923.8

▼4.6

86.7 (14.4)

108.1 (14.8)+21.3 (+0.3)

799.7

780.9

▼18.8

33.7% (41.1%)

31.9% (39.0%)▼1.8pt (▼2.1pt)

1.2x

1.2x

+0.0x

Net D/E Ratio (x) (4) (※3)

0.5x (0.3x)

0.5x (0.2x)▼0.1x (▼0.1x)

Cash Flow

1st Half FY21

Repayment within one year (※1)
Shareholders’ Equity (1)Shareholders’ Equity Ratio(%) (2) (※2)
D/E Ratio (x) (3)

1st Half FY22

Diﬀ.

Cash Flow from Operating Activities

▼95.8

120.2

+216.1

Depreciation and Amortization

89.3

83.0

▼6.2

▼104.0

▼52.5

+51.5

▼111.4

▼59.7

+51.6

▼199.967.7+267.6

Cash Flow from Financing Activities

163.9

▼26.6

▼190.6

Total Cash Flow (6)

▼35.9

41.0

+77.0

EBITDA (7)

▼62.5

83.4

+145.9Cash Flow from Investing Activities
Capital Investment
Free Cash Flow (5)※1 Figures in brackets represent aircraft lease
payment within one year
※2 Figures in brackets represent Equity Ratio
based on credit rating evaluationconsidering Hybrid Finance※3 Figures in brackets represent Net D/E
Ratio based on credit evaluationconsidering Hybrid Finance(1)

Equity attributable to owners of the parent(2)

Ratio of equity attributable to owners of theparent to total assets(3)Interest-Bearing Debt/Shareholders’ Equity(4)(Interest-Bearing Debt - Cash and Deposits) /Equity(5)Cash Flow from Operating Activities + Cash
Flow from Investment Activities(6)

Cash ﬂow from Operating Activities + Cash ﬂow
from Investment Activities + Cash Flow from
Financial Activities(7)

EBITDA=EBIT+Depreciation©Japan Airlines, ALL rights reserved.

20

●This page shows our balance sheet and cash ﬂow.

●

The balance of interest-bearing debt continued to decline from the ﬁrst quarter. The net D/E
ratio on a rating evaluation basis is 0.2 times, kept at a healthy level.

●

Our cash position at the end of September was 542.9 billion yen, a 48.7 billion yen increase
from the previous ﬁscal year due to the accumulation of cash ﬂow from operating activities.
A safe level of cash position is secured with an unused credit line of 250 billion yen.

●

EBITDA has increased its surplus, recording 83.4 billion yen. Cash ﬂow from operating
activities was 120.2 billion yen of inﬂow, which increased signiﬁcantly by 216.1 billion yen
year-on-year due to an increase in advance payments reﬂecting the recovery of passenger
demand. Free cash ﬂow was also in the black at 67.7 billion yen.

©Japan Airlines, ALL rights reserved.

20-S1. PERFORMANCE OVERVIEW FOR FY22Q2
2. FORECAST FOR FY22 FULL-YEAR
3. INITIATIVES FOR THE SECOND HALF
4. DETAILS OF FINANCIAL RESULTS FOR FY22Q2
5. REFERENCES©Japan Airlines, ALL rights reserved.

21

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

[Reference]
Operation Performance by Geographic Segment(Full Service Carrier)Passenger Revenue
1st Half(%）

Revenue Passengers Carried
2nd Quarter

FY22Q2('000)FY22Q2Component Ratio Vs. FY19Q2 Vs. FY21Q2 Component Ratio

Vs. FY21Q2

America41%▼13.3%+364.2%41%+358.5%

Europe19%▼31.9%+587.7%19%+545.9%Asia/Oceania

30%▼40.0%+593.1%29%+640.6%China

3%▼83.2%+128.1%

3%+104.1%

Hawaii/Guam7%▼70.8% +1,259.9%

8%+1,417.9%

100%+462.4%

Total

100%

▼40.2%+460.3%

1st Half
FY22Q2FY22Q2

Vs. FY21Q2

577▼29.5%+293.6%332+291.4%

Europe169▼58.8%+332.9%108+311.7%

Asia/Oceania

834▼63.3%+524.0%464+556.3%

China

33▼96.1%+41.0%

18+19.4%

Hawaii/Guam

127▼78.4%+1,160.8%

88+1,297.3%

1,742▼64.8%+392.7%1,013+396.4%

Total

Load Factor

1st Half
FY22Q2

Vs. FY19Q2 Vs. FY21Q2

America

ASK(MN seat km)

2nd Quarter

2nd Quarter

Vs. FY19Q2

Vs. FY21Q2

FY22Q2(%）

Vs. FY21Q2

1st Half
FY22Q2FY19Q2

2nd Quarter
FY21Q2FY22Q2FY21Q2

America

7,264▼14.9%+36.4%

4,002+46.3%

America

74.0%

90.5%

25.9%

77.2%

29.1%

Europe2,313▼43.7%

+3.3%

1,355

+14.8%

Europe

68.4%

90.1%

16.1%

74.9%

20.6%

Asia/Oceania

5,556▼42.4%+89.6%

3,045+107.9%Asia/Oceania

67.8%

86.3%

20.3%

68.6%

21.5%

103

▼94.3%

▼9.6%

57

▼1.7%

China

64.8%

88.0%

40.4%

64.9%

50.4%

Hawaii/Guam

1,163▼68.9%+768.9%844+972.8%

Hawaii/Guam

67.0%

90.3%

46.6%

64.5%

50.1%

Total

16,402▼41.1%+52.7%

9,305+68.6%

Total

70.6%

88.8%

22.7%

72.8%

25.8%

China

RPK
(MN
passenger km)

1st Half
FY22Q2

2nd Quarter

Vs. FY19Q2

Vs. FY21Q2

FY22Q2

Vs. FY21Q2

America

5,376▼30.4%+290.3%3,089+287.8%Europe1,581▼57.3%+337.9%1,014+316.3%

Asia/Oceania

3,769▼54.7%+533.8%2,089+564.5%China

67▼95.8%+45.0%

37+26.6%

Hawaii/Guam779▼76.9%+1,148.7%544+1,281.5%

11,574▼53.2%+373.9%6,775+375.9%Total©Japan Airlines, ALL rights reserved.

22

[Reference]
Fleet Information
End of FY21 (March 31, 2022)

Full Service Carrier

Owened

Full
Serv
ice
Carr
ier

Large

MiddleRetiredAircraftExcluded

RetiredAircraftExcluded

OwenedLeasedTotal1

Total2 of
Sep/22- Mar/22

11

4

15

15

12

4

16

16

+1

Boeing 777-300ER

13

0 (1)

13

13

13

0

13

13

0

Boeing 777-300

4

0

4

0

0

0 (1)

0

0

0

Boeing 777-200ER

8

0

8

5

6

0

6

5

0

Boeing 777-200

4

0

4

0

2

0

2

0

0

40

4

44

33

33

4

37

34

+1

Boeing 787-9

19

3

22

22

19

3

22

22

0

Boeing 787-8

25

0

25

25

25

0

25

25

0

Boeing 767-300ER

29

0

29

29

28

0

28

28

▼1

73

3 (1)

76

76

72

3 (1)

75

75

▼1

47

12

59

58

48

10

58

56

▼2

47

12

59

58

48

10

58

56

▼2

Embraer 170 / Embraer 190

32

0

32

32

32

0

32

32

0

De Havilland DHC-8-400CC

5

0

5

5

5

0

5

5

0

ATR42-600 / ATR72-600

12

1

13

13

13

1

14

14

+1

Regional Total

49

1

50

50

50

1

51

51

+1

Full Service Carrier Total

209

20

229

217

203

18

221

216

▼1

Boeing 787-8

4

0

4

4

4

0

4

4

0

Boeing 737-800

0

6

6

6

0

6

6

6

0

4

6

10

10

4

6

10

10

0

213

26

239

227

207

24

231

226

▼1

Large-sized Total

Middle-sized Total

Small-sized Total

Regional

LCC

Total1

Diﬀ.

Total2

Airbus A350-900

Boeing 737-800
Small

LeasedEnd of FY22Q2 (September 30, 2022)

Total2LCC Total
Full Service Carrier + LCC Total(1) The diﬀerence between Total 1 and Total 2 is retired aircraft.
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