JAPAN AIRLINES Co., Ltd.
Financial Results
MAR/2021（FY2020）

(1)

(2)

The first airline in Asia to be best-awarded in
the two safety ratings

May 7, 2021
(1) Awarded Diamond Certification for the first time to a Japanese airline by APEX Health Safety powered by SimpliFlying in COVID-19 safety measures(2) Awarded 5-Star COVID-19 Airline Safety Rating by Skytrax in COVID-19 safety measures©Japan Airlines, ALL rights reserved.

SKYTRAXSKYTRAX
2019
The World’s Best Economy Class
The Best Economy Class Seat

5-Star Airline

The 8thIR Good Visual AwardAPEXSKYTRAX
Covid-19 Safety Rating
5-Satr

Health Safety Poweredby SimpliFlying Audit
Diamond

NPO J-Win

2021 J-Win Diversity Award
Advanced Achievement Award
Executive Management Award

1.

PERFORMANCE OVERVIEW FOR MAR/21

2.

MAR/22

3.

DETAILS OF FINANCIAL RESULTS FOR MAR/21

4.

REFERENCES

Health and Productivity
Management Brand

IFRS is adopted from the fiscal year ending Mar 2021, instead of the previously used
Japanese standard. Accordingly, figures in the previous years are also calculated
under IFRS for comparison. All figures include LCC (2) unless otherwise noted.
Note (1) Regarding figures in tables of this material, amounts are rounded down to the nearest hundred million yen, and the second decimal point inratios is rounded off to one decimal point (2) LCC = Low Cost Carrier©Japan Airlines, ALL rights reserved.

2

PERFORMANCE OVERVIEW FOR MAR/21✓ Large drop in revenue due to the COVID-19 pandemic✓ Despite the cost reduction efforts, we were unable to cover the decline in revenue andposted a significant loss
Revenue(1)EBIT (1)(2)/Profit or Loss (1)(3)（JPY Bn）
1,600.0（JPY Bn）

1,385.9

EBIT

200

88.8

1,200.0▼904.6 Bn(▼65.3％)

800.0

48.0

0
EBIT Margin(1)(4)
6.4％

481.2

▼ 200

400.0

0.0

Profit or Loss

▼286.6▼398.3▼ 400
FY2019FY2020FY2019Fuel/FX Markets
FY2019FY2020Operational Precondition/ASK

FY2020y/y

FY2020（y/y）

Singapore Kerosene(USD/bbl)

76.3

43.5

▼43.0%

International
Routes (5)▼ 77.3％

Dubai Crude Oil(USD/bbl)

63.1

42.0

▼33.4%

Domestic
Routes▼ 46.3％

FX Rate (JPY/USD)

109.3

106.0

▼3.0%

Total

▼

64.8％

(1) IFRS is adopted from FY2020 and to the figures in the previous year to enable comparison analysis(2) EBIT = Profit/Loss before Financing and Income tax（Profit/Lossbefore Tax – Finance Income/Expenses)(3) Profit/Loss = Net Profit Attributable to Owners of Parent(4) EBIT Margin = EBIT / Revenue(5) Changes in codeshare passengers on other airlines are reflected from FY20 and to the previous year’s figures as well for comparison analysis©Japan Airlines, ALL rights reserved.

3

1.

PERFORMANCE OVERVIEW FOR MAR/21

2.

MAR/22

3.

DETAILS OF FINANCIAL RESULTS FOR MAR/21

4.

REFERENCES©Japan Airlines, ALL rights reserved.

4

FY21 Full-year Performance Forecast
No forecast cannot be provided but a break-even matrix is shown as below✓ FY2021 full year performance forecast cannot be provided because International Passenger
Demand is not foreseeable due to COVID-19✓ However, EBIT & EBITDA(1) break-even Int’l PAX/Domestic PAX demand matrix is shown
below(2)✓ Will take all possible measures to improve performance by flexible adjusting to fluctuating
demands
100%【Break-even
Demand Matrix (2)】80%

Positive
EBIT

Positive
EBITDA

Int’l PAX
60%
Demand(vs. Pre-COVID) (3)40%(1) EBITDA=EBIT+ Depreciation(2) This matrix is for reference only since it isbased on certain assumptions in the current 20%
uncertain demand situations so that actual
results may vary from the matrix because ofother factors.
(3) Compared with FY2019 results, but theJanuary to March figures are based on
performance forecasts disclosed upon
FY19Q3 financial reports.

0%
20%

40%

60%

80%

100%

Domestic PAX Demand (vs. Pre-COVID) (3)©Japan Airlines, ALL rights reserved.

5

FY21 Recent Outlook
Int’l/Domestic Passenger Operations (Full Service Carrier), Cargo / Mail

✓ International Passenger remains at a low level due to travel restrictions✓ Domestic passenger demand still remains unclear✓ In Cargo and Mail, demand is captured as much as possible through more than 1,000 cargoflights per month with passenger aircraft
Domestic Passenger (1)International Passenger (1)Int'l Capacity (Seat No.)

Int'l Pax
100%

(Vs. 2019
Pre-COVID)

80%
60%

Int'l L/F
100%

40%

80%

30%

40%

Dom Capacity (Seat No.)

Dom Pax

50%(Vs. 2019
Pre-COVID)

50%

60%

40%

40%

30%

20%

20%

20%

20%

0%

10%

0%

10%

April

May

June

April

May

June

April

May

June

Dom L/F

60%

April

May

June

Cargo / Mail(1)VolumeInte'l Cargo

Unit Price
Dom Cargo
250%

200%
150%

(Vs. 2019
Pre-COVID) 200%

100%

150%

50%

100%

0%

Inter'l Cargo

Dom Cargo(Vs. 2019
Pre-COVID)(1) As of April 26, 2021 Forecast(2) Figures for LCC are excluded. Changes in codeshare passengers on otherairlines are reflected from FY2020 and to 2019’s figures as well forcomparison analysis(3) Changes in codeshare passengers on other airlines are reflected fromFY2020 and to 2019’s figures as well for comparison analysis

50%

April

May

June

April

May

June
©Japan Airlines, ALL rights reserved.

6

Initiatives for liquidity at hand
Liquidity and cash burn

✓ Enough liquidity level of more than 700 billion yen including unused credit line as of the end of
March 2021
✓ FY20/Q4 Cash burn was about 15～20 billion yen per month. Strong cargo demand and lessrefund will lead improved cash burn going forward.
Cash Burn(4)Cash Balance & Credit Facility
Cash Balance

FY20
Q1

Credit Facility（unused）

Credit Facility(1)Total 300.0 Bn

300.0（JPY Bn）★ Declaration ofa state of
emergency

FY20
Q3

FY20
Q4

FY21
Q1
(Forecast)

Going
Forward★ Declaration of ★ Declaration ofa state ofa state of
emergency
emergency

Approx.
Approx.
10～15/month
10～15/month
Approx.
Approx.
15～20/month
15～20/month

50.0(Existing)+389.7▼310.5408.3
Approx.
45~50/month

329.1

End ofMar-20FY20
Q2Free CashFlow（2）

Cash Flow from End of
FinancingMar-21
Activities etc.（3）(1) Optimal and flexible liquidity at hand is secured through various terms of credit lines(2) Cash Flow from Operating Activities + Cash Flow from Investing Activities(3) Including effect of exchange rate change on cash and cash equivalents（JPY Bn）(4) Operating CF (one-time factors excluded) ＋
Repayment of Interest-bearing Debts©Japan Airlines, ALL rights reserved.

7

Reposted from the FY2021-2025 Mid-term Management Plan disclosed on May 7, 2021

Business

Cost Management

Flexible Variable Cost Management and Fixed Cost Reduction through Structural Reforms
and further Streamlining and Productivity Improvement
Past Measures• Thorough structural reforms, followed by disciplined cost management• Fullest use of the divisional profitability management system for profitability improvement throughflexible adjustment of supply and cost reduction

Post-COVID
Variable
Cost

Flexible and swift adjustment of supply to control variable costs

Reduction of actual fixed costs* to the FY2020 level through structural restructuring
and further streamlining and productivity improvement◼ Illustrative Reduction of Actual Fixed Costs*
Initiatives for Cost Reduction to Offset Cost Increase

Actual Fixed
Costs

•
•
•

JPY▼60Bn
Fixed
Cost

Total
Fixed
Costs

•

ActualFixed
Costs*

Optimization of the fleet size
Improve productivity
More efficient operation with less manpower throughadoption of JAL SMART AIRPORT
Utilization of systems to improve cost efficiency, etc.

JPY560Bn
JPY500Bn

FY20192020

Maintain the FY2020 level
2021

FY2020 reduction, JPY135Bn from the initial plan(incl. some revenue- and capacity-linked portions)

2022～*Actual Fixed Cost: (Total Fixed Cost) – (costs that may be variableaccording to operational size and number of passengers, temporary or
additional costs in association with the structural restructuring (early
retirement of aged aircrafts, LCC business expansion, etc.))©Japan Airlines, ALL rights reserved.

8

1.

PERFORMANCE OVERVIEW FOR MAR/21

2.

MAR/22

3.

DETAILS OF FINANCIAL RESULTS FOR MAR/21

4.

REFERENCES©Japan Airlines, ALL rights reserved.

9

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Consolidated Financial Results (1)（JPY Bn）
Revenue

FY2019FY2020Diff.

y/y

4th Quarter(Jan-Mar)(6)

Diff.

y/y

1,385.9481.2▼904.6▼65.3％

124.6▼148.5▼54.4％

International Passenger

486.2

27.9

▼458.2▼94.2％

9.1▼75.7▼89.3％

Domestic Passenger

529.7

174.0

▼355.7▼67.2％

37.0

▼64.6

▼63.6％

Cargo / Mail

91.6

128.8

+37.1

+40.6％

37.9

+15.3

+68.2％

Other Revenue (2)

278.3

150.4

▼127.9▼46.0％

40.6

▼23.4

▼36.6％

1,308.8885.0▼423.8▼32.4％

229.5

▼73.7

▼24.3％

243.4

96.7

▼146.6▼60.2％

23.2

▼30.5

▼56.8％

1,065.4

788.2▼277.2▼26.0％

206.3

▼43.1

▼17.3％

Others (3)

11.7

5.5

▼6.2

▼53.2%

0.7▼3.5▼82.5%

EBIT

88.8▼398.3▼487.1-▼104.1▼78.2-

EBIT Margin (%)

6.4%▼82.8％▼89.2pt-▼83.5％▼74.1pt-

Profit or Loss

48.0

▼286.6▼334.7

-

▼73.9

▼47.1

-

ASK (MN seat km) (4)90,10931,707▼58,402▼64.8％

8,805▼12,233▼58.1％RPK (MN passenger km) (4)73,048

11,485▼61,562▼84.3％

2,562▼11,709▼82.0％EBITDA Margin (%) (5)18.1%▼44.8％▼63.0pt-▼46.1％▼52.0pt-

Operating Expense
Fuel
Excluding Fuel

(Note) New unit cost definition is under reconsideration to properly reflect an actual cost upon application of IFRS and new JAL Group business portfolio(1) IFRS is adopted from FY2020 and to the figures in the previous year to enable comparison analysis (2) Other Revenue = Travel Agency, Mileage, Ground Handling or etc. (3) Others = Gainor Loss on Sales of Flight Equipment, Other Revenue, Share of Profit or Loss of Investment and Income/Expenses from Investment (4) Changes in codeshare passengers on other airlines arereflected from FY20 and to the previous year’s figures as well for comparison analysis (5) EBITDA Margin = EBITDA / Revenue EBITDA=EBIT+ Depreciation(6) 4th quarter results(January to March) are calculated by deducting the results of 3Q (April to December) from the FY2020 full-year (April to March)©Japan Airlines, ALL rights reserved.

10

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Changes in EBIT (Revenues／Expenses) (1)＋ stands for profit increase (revenue increase, cost decrease)▼ stands for profit decrease (revenue decrease, cost increase)

ASK y/y： ▼64.8%
RPK y/y： ▼84.3％(2)▼4,871億円▼487.1Bn（JPY Bn）

88.8
FY2019Int’lPassenger▼458.2▼94.2％▼398.3

Domestic
Passenger▼355.7Cargo& Mail▼67.2%

Other
Fuel
Revenues(3)＋37.1+146.6▼127.9+40.6%▼46.0%

FSC(5)・FX
FSC
FX
(TTL

▼40.2
▼0.3
▼40.5

FSC
FX
(TTL)

Others(4)Other
Expenses ▼6.2

Includingaircraft early
retirement
costs

▼3.7
▼1.1
▼4.9

FSC
FX
▼0.0
(TTL) ▼0.0

Revenue ▼904.6Bn(▼65.3％)+242.2

Maintenance
Personnel
Aircraft
+36.5
+15.8
▼17.3
+21.4%＋60.2%FSC TTL ▼43.9
FX TTL
▼1.6
(TTL)
▼45.5

▼13.0%▼53.2%FY2020+42.8%+12.5%

Landing and navigations fees

+46.3

Sales commissions+13.2

Services+33.4

Expenses of travel agency+55.8

Other than those above

+93.3
Total

+242.2

Expenses +423.8Bn(+32.4％)(1) IFRS is adopted from FY2020 and to the figures in the previous year to enable comparison analysis (2) Changes in codeshare passengers on other airlines are reflected fromFY2020 and to the previous year’s figures as well for comparison analysis (3) Other Revenue = Travel Agency, Mileage, Ground Handling or etc. (4) Others = Gain or Loss on Sales of
Flight Equipment, Other Revenue, Share of Profit or Loss of Investment and Income/Expenses from Investment(5) FSC = Fuel Surcharge©Japan Airlines, ALL rights reserved.

11

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Int’l/Domestic Passenger Operations (Full Service Carrier)✓ Int’l Passenger remained low throughout this fiscal year due to travel restrictions✓ Domestic Passenger dropped due to the third wave but base demand was captured
International Passenger (1)Domestic Passenger
Dom L/F

Dom Capacityy/y

4th Quarter(Jan-Mar) (6)FY2019FY2020

Passenger Revenue (JPY Bn) (2)

486.2

27.9

▼94.3%

9.0

Passengers (’000) (2)

8,958

357

▼96.0%ASK (MN seat km)

53,91011,918

RPK (MN passenger km) (2)45,551

L/F (%) (2)
Revenue per Passenger (JPY) (2) (3)

Mar.

Jan.

Feb.

Dec.

Apr.

Mar

Jan.

Feb.

Dec.

Oct.

Nov.

Sep.

Jul.

Aug.

Jun.

Apr.

May

Mar.

Jan.

Feb.

Dec.

Oct.

Nov.

Mar.

Apr.

Sep.

0%

Jul.

0%
Aug.

0%
Jun.

20%

0%

Apr.

20%

May

40%

20%

Jan.

40%

20%
Feb.

40%

Dec.

60%

Oct.

60%

40%

Nov.

60%

Sep.

60%

Jul.

80%

Aug.

80%

Jun.

80%

May

80%

Oct.

100%

100%

International Passenger (1)

(2)

Nov.

(Apr to Jan yoy, Feb and Mar, vs. 2019)

100%

100%

Sep.

(2)

Jul.

Dom Pax

Aug.

(Apr to Jan yoy, Feb and Mar, vs. 2019)

(2)

Jun.

Int'l L/F

Int'l Capacity

May

(2)

Int'l Pax

Domestic Passenger
y/y

y/y

4th Quarter(Jan-Mar) (6)FY2019FY2020y/y▼89.3%

529.7

174.0

▼67.2%

37.0▼63.6%

110▼93.2%

36,411

12,212▼66.5%

2,491▼65.7%▼77.9%

4,622▼62.9%

36,19919,452▼46.3%

3,964▼53.9%

2,196▼95.2%

703▼92.0%

27,496

9,282▼66.2%

1,854▼66.1%

84.5%

18.4%

▼66.1pt

15.2%▼55.5pt

76.0%

47.7%

▼28.2pt

46.8%▼16.9pt

54,27478,085+43.9％

82,066+57.9%

14,54814,249▼2.1%

14,873+6.2%

Yield (JPY) (2) (4)

10.7

12.7

+19.1％

12.9+33.8%

19.3

18.7

▼2.7%

20.0

+7.6%

Unit Revenue (JPY) (2) (5)

9.0

2.3

▼74.0％

2.0▼71.2%

14.6

8.9▼38.9%

9.3▼21.0%(1) Figures for LCC are excluded. Changes in codeshare passengers on other airlines are reflected from FY2020 and to the previous year’s figures as well for comparison analysis(2) Passengers with mileage award tickets are included from FY2020 due to revenue recognition change by applying IFRS and also included in the previous year’s figures forcomparison analysis (3) Revenue per Passenger = Passenger Revenue / Passengers (4) Yield = Passenger Revenue / RPK (5) Unit Revenue= Passenger Revenue / ASK(6) 4th quarter results (January to March) are calculated by deducting the results of 3Q (April to December) from the FY2020 full-year (April to March) ©Japan Airlines, ALL rights reserved.

12

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Cargo / Mail
✓ Price levels remained high due to demand-tight situations continued and Cargo revenue increased
significantly (yoy+40.6%) in spite of the limited passenger flights.
✓ Cargo flights utilizing passenger aircrafts totaled at 15,299 throughout this fiscal year.
✓ Large-lot cargo demand was captured by chartered freighter flights.

Unit Price

VolumeInt'l Cargo

Dom Cargo

Int'l Cargo(yoy but only March vs. 2019)

140%
120%

250
200

100%

150

80%
60%

100

40%

50

20%

Pre-COVID levelFeb, 2020 =1000

Dom Cargo

International◼ Semiconductors and Electric Parts
demand was strong◼ Auto parts continues to recover◼ Demand shift from ocean transport
Domestic◼ Nesting consumption increased
demand for parcel delivery# of Cargo Flights with PAX aircrafts (One-way)(1)20,000Int'l

Dom

15,29911,37810,000

0

7,228
3,754

1,260

804
2,950

5,968

Q1

Q2

(cumulative)

2,674

1,907
9,471
Q3

(cumulative)

12,625Q4(1) Including ZIPAIR cargo flights(cumulative)©Japan Airlines, ALL rights reserved.

13

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Major Operating Expense Items (1)✓ Reduced revenue- and capacity-linked costs, equivalent of approximately 41% of reduced
revenue (368.0 Bn JPY)
✓ Fixed cost is steadily reduced by about 135 billion yen from the original plan
（JPY Bn）

FY2019
Revenue

FY2020Diff.

y/y

4th Quarter(Jan-Mar)

Diff.

y/y

1,385.9481.2▼904.6▼65.3%

124.6▼148.5▼54.4%

Fuel

243.4

96.7

▼146.6▼60.2%

23.2

▼30.5

▼56.8%

Landing andnavigation fees

84.8

38.4

▼46.3

▼54.6%

8.7▼10.8▼55.4%

Revenue- Maintenance
Sales commissions
andCapacity- (Air Transport)
Linked Cost Services (2)

74.0

58.1

▼15.8

▼21.4%

15.5

+0.3

17.0

3.7

▼13.2

▼77.8%

1.4▼1.6▼52.9%

44.4

11.0

▼33.4

▼75.2%

2.9▼6.1▼67.7%

Other linked cost (3)

204.1

91.5

▼112.5▼55.1%

24.2

▼20.4

▼45.8%

Total revenue- andcapacity-linked cost

667.9

299.8

▼368.0▼55.1%

76.0

▼69.2

▼47.7%

Aircraft

134.1

151.5

+17.3

+13.0%

45.7+9.2+25.3% retirement costs

Personnel

291.3

254.8

▼36.5

▼12.5%

61.6▼3.2▼5.0% revenue-and capacity-linked costs

Other fixed cost

215.5

178.8

▼36.6

▼17.0%

46.1

▼10.4

▼18.4% revenue-and capacity-linked costs

Total fixed cost

640.9

585.1

▼55.7

▼8.7%

153.5

▼4.4

▼2.8%

1,308.8885.0▼423.8▼32.4%

229.5

▼73.7

▼24.3%+2.3% Some portions are fixed costs

Including aircraft earlySome portions are

Fixed Cost

Total Operating Expenses

Some portions are(1) IFRS is adopted from FY2020 and to the figures in the previous year to enable comparison analysis (2) Services = Expenses regarding inflight services, airport lounges, cargoequipment, etc. (3) Other linked cost = Traven agency, Mileage, Ground handling or etc. (4) 4th quarter results (January to March) are calculated by deducting the results of 3Q(April to December) from the FY2020 full-year (April to March)©Japan Airlines, ALL rights reserved.

14

DETAILS OF FINANCIAL RESULTS FOR MAR/21
Summary of Consolidated Statement of Financial Position and Cash Flow (1)✓ Equity of 947.4 billion yen and Debt-Equity Ratio of 45.0% were secured in a difficult situation

BS ✓ Interest-bearing debts including lease payment is 515.1 bn. yen and repayment within one year is limited to 69.6 bn.
yen so that long-term capital is secured. D/E ratio is still at 0.5x.

CF✓ Operating cash-flow was ▼39.6 bn. yen in the 4th Q. period, which was much better than the 1st Q. of ▼130.2 bn. yen✓ CAPEX was reduced by about 100 bn. yen from the original plan to 97.8 bn. yen

Balance Sheet
Total Assets

End of
FY2019End of
FY2020Diff.

（JPY Bn）

1,982.2

2,107.2+125.0

329.1

408.3

+79.1

Balance of Interest-bearing Debt
Repayment within one
year (※)
Shareholders’ Equity (2)

277.4
38.6
(11.0)
1,014.2

515.1
69.6(20.5)
947.4+237.7+31.0(+9.4)▼66.8

Shareholders’ Equity Ratio(%) (3)

51.2％

45.0％

▼6.2pt

0.3x

0.5x

+0.3x

Cash and Deposits

D/E Ratio（x）(4)Cash Flow
Cash Flow from Operating Activities
Depreciation andAmortization
Cash Flow from Investing Activities
Capital Investment
Free Cash Flow (5)Cash Flow from Financing Activities
Total Cash Flow (6)EBITDA (7)FY2019FY2020Diff.

※Figures in brackets represent aircraft lease payment
within one year

（JPY Bn）

80.8▼219.5▼300.3

162.4

182.4

+20.0

▼233.7▼245.2▼152.8▼38.8▼191.6
251.2

▼91.0
▼97.8
▼310.5388.6
78.0▼215.8+142.7+147.4▼157.6+427.4+269.7▼467.0(1) IFRS is adopted from FY20 and to the figures in theprevious year to enable comparison analysis(2) Equity attributable to owners of the parent(3) Ratio of equity attributable to owners of the parent tototal assets(4) Interest-bearing Debt/ Shareholders' Equity(5) Cash Flow from Operating Activities + Cash Flow from
Investing Activities(6) Cash flow from Operating Activities + Cash Flow from
Investing Activities + Cash Flow from Financing Activities(7) EBITDA=EBIT+ Depreciation©Japan Airlines, ALL rights reserved.

15

1.

PERFORMANCE OVERVIEW FOR MAR/21

2.

MAR/22

3.

DETAILS OF FINANCIAL RESULTS FOR MAR/21

4.

REFERENCES©Japan Airlines, ALL rights reserved.

16

《Reference》

Operation Performance by Geographic Segment(Full Service Carrier)Passenger Revenue (1)(%)

America
EuropeAsia/Oceania
China
Hawaii/Guam
Total

FY2020y/y

4Q
3Monthsy/y▼93.1%▼93.4%▼94.2%▼92.3%▼99.2%▼94.3%▼84.8%▼89.1%▼90.4%▼80.6%▼98.8%▼89.3%

Revenue Passengers Carried (1) (2)Component Ratio

FY2019FY2020

4Q
3Months

28%
16%
32%
10%
14%
100%

34%
18%
32%
14%
2%
100%

42%
14%
31%
11%
2%
100%

(‘000)

America
EuropeAsia/Oceania
China

Hawaii/Guam
Total

America
EuropeAsia/Oceania
China
Hawaii/Guam
Total

1,511
750
4,211
1,365
1,119
8,958

FY2020

102
45
167
36
5
357

4Q (3Months)y/y

FY2020▼93.2%▼94.0%▼96.0%▼97.3%▼99.5%▼96.0%

37
11
49
9
1
110

y/y

▼87.6%▼91.8%▼93.6%▼94.1%▼99.2%▼93.2%

Load Factor (1) (2)ASK (2)(MN seat km)

FY2019FY2019FY2020y/y16,556
7,976
18,6993,315
7,361
53,910

5,733
2,627
3,307
142
106
11,918▼65.4%▼67.1%▼82.3%▼95.7%▼98.5%▼77.9%

4Q (3Months)

FY2020

y/y

2,275
963
1,288
55
39
4,622

▼41.9%▼47.9%▼70.2%▼90.3%▼97.8%▼62.9%(％)

America
EuropeAsia/Oceania
China
Hawaii/Guam
Total

FY2019

85.9%
84.7%
83.6%
77.0%
86.5%
84.5%

FY2020

16.9%
15.6%
21.5%
48.2%
33.9%
18.4%

4Q (3Months)y/y▼69.0pt▼69.1pt▼62.2pt▼28.8pt▼52.6pt▼66.1pt

FY2020

y/y

15.6%
10.7%
16.6%
34.5%
29.1%
15.2%

▼56.8pt▼57.3pt▼54.0pt▼19.9pt▼46.1pt▼55.5pt

RPK (1) (2)(MN passenger km)

America
EuropeAsia/Oceania
China
Hawaii/Guam
Total

FY201914,227
6,759
15,641
2,552
6,370
45,551

FY2020

970
410
710
68
36
2,196

y/y

▼93.2%▼93.9%▼95.5%▼97.3%▼99.4%▼95.2%

4Q (3Months)
FY2020

355
103
213
19
11
703

y/y

▼87.5%▼91.8%▼93.0%▼93.8%▼99.1%▼92.0%(1) Passengers with mileage award tickets are included from FY2020 due to revenue
recognition change by applying IFRS and also included in the previous year’s figures
for comparison analysis(2) Changes in codeshare passengers on other airlines are reflected from FY2020 andto the previous year’s figures as well for comparison analysis©Japan Airlines, ALL rights reserved.

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《 Reference 》

Fleet Information
End of Mar/20 (March 31, 2020)
Owned

Large
Middle（1）

Owned

LeasedTotal 1

4

1

5

4

4

Boeing 777-300ER

13

0

13

13

0
(2)

Diff.

Total 2

retired aircraft
excluded

Total2 of Mar/21 Mar/20

8

8

+3

13

13

-

4

0

▲4

Boeing 777-300

4

0

4

4

0

Boeing 777-200ER

11

0

11

11

0

11

6

▲5

Boeing 777-200

11

0

11

9

0

9

0

▲11

43

1

44

41

4

45

27

▲17

Boeing 787-9

17

3

20

17

3

20

20

-

Boeing 787-8

27

0

27

27

0

27

27

-

Boeing 767-300ER

29

0

29

29

0

29

29

-

Boeing 767-300

5

0

5

2

0

2

2

▲3

78

3

81

75

3

78

78

▲3

43

19

62

43

18

61

61

▲1

43

19

62

43

18

61

61

▲1

Embraer 170 / Embraer 190

32

0

32

32

0

32

32

-

Bombardier D8-400CC

5

0

5

5

0

5

5

-

3

2

▲3

Middle-sized Total

Small

Boeing 737-800
Small-sized Total

Regional(2)

SAAB340B

5

0

5

3

0

ATR42-600 / ATR72-600

9

1

10

10

1

11

11

+1

51

1

52

50

1

51

50

▲2

215

24

239

209

26

235

216

▲23

2

0

2

2

0

2

2

-

2

0

2

2

0

2

2

-

217

24

241

211

26

237

218

▲23

Regional Total
FSC
LCC

Total

Airbus A350-900

Large-sized Total

FSC

LeasedEnd of Mar/21 (March 31, 2021)

Total

Boeing 787-8
LCC Total
FSC – LCC Total(1) FSC=Full Service Carrier(2) The difference between Total 1 and Total 2 is retired aircraft as of the end of March 21, Total 19 aircrafts.

©Japan Airlines, ALL rights reserved.

18

《Reference》

Accounting Impact by IFRS Adoption
Profit/Loss Statement◼ Due to changes in accounting rules for mileage points, revenue allocated to mileage
points is deferred as a liability, and recognized when miles are redeemed (The
impacts to Profit/loss are limited)◼ Our main index for performance will be EBIT(1) instead of Operating Profit/Loss

Balance Sheet◼ As liabilities increase (2) due to transition to IFRS , an equity ratio decreases, but this isa technical adjustment coming from the different accounting standards and there is no
substantial change in our actual financial position

Cash Flow◼ Payments regarding operating lease is classified to a cash flow from financing
activities instead of a cash flow from operating activities

Traffic Performance◼ Passengers with mileage award tickets are included to revenue passengers(Increase in revenue passenger number, revenue passenger load factor and RPK)
(1) EBIT = Profit/Loss before Financing and Income tax （Profit/Loss before Tax – Finance Income/Expenses)(2) Includes operating lease or reevaluation of mileage liabilities©Japan Airlines, ALL rights reserved.

19

Fly into tomorrow.

Finance & Investor Relations, Japan Airlines©Japan Airlines, ALL rights reserved.

20

Disclaimer
This content contains descriptions of the future expectations, outlooks, objectives and plans etc. ofJapan 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 created by the company(or as otherwise specified), and are created based on the forecasts at such time. These statements werecreated based on certain assumptions. These statements and assumptions include the subjective
projections and judgments of our management, and due to various risks and uncertainties, these may befound to be inaccurate or unrealized in the future. Therefore, the actual results, earnings and financial
conditions, etc. of the Group may differ from the projections of the company. These risks anduncertainties include, but are not limited to, the economic and social conditions of Japan and othercountries and regions, soaring fuel costs, changes in the exchange rates between the yen and the dollar
or other currencies, terrorist attacks or wars, infectious disease outbreaks, and various other risks related
to the aviation business. Statements on this content regarding future information are, as mentioned
above, valid at the time of creation (or as otherwise specified), and our company has no obligation toensure that this information is updated with the latest available information. The information contained inthis content is for informational purposes only, and is not intended as a recommendation, solicitation orrequest for the purchase of or trade in any securities or financial products. Although every effort has been
made to ensure that the information posted on this content regarding the Group is correct, it includes
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belongs to Japan Airlines Co., Ltd.

©Japan Airlines, ALL rights reserved.

21