JAPAN AIRLINES Co.,Ltd.
Financial Results
1st Quarter Mar/2025（FY2024）

JAL Athlete Employees, Japan National Team for the Paris 2024 Olympic Games
Left ：Haruka Kitaguchi：Javelin throw, Track and ﬁeld
Middle：Koki Kano：Épée, Fencing
Right ：Rachid Muratake：110 metres hurdles,Track and ﬁeld

July 31, 2024
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1. PERFORMANCE OVERVIEW FOR FY24Q1
2. DETAILS OF FINANCIAL RESULTS FOR FY24Q1
3. REFERENCES

Health and Productivity
Management Brand※

ESG Indices

THE INCLUSION OF JAPAN AIRLINES CO., LTD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS,SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF
JAPAN AIRLINES CO., LTD. BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF
MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITSAFFILIATES.

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Dow Jones Sustainability
Asia Paciﬁc Index for thesecond consecutive year

Climate Change 「A-」（2023）

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 is rounded oﬀ to one decimal
point.
(2) LCC=Low Cost Carrier (3) We introduced ESG-related index selections to evaluate executive oﬃcer’s compensations. ※ indicates the applicable index.
©Japan Airlines, ALL rights reserved.

2

Performance Overview for FY2024Q1✔ Strong Japan-bound demand led Int'l pax revenue increase. Domestic pax number did notmeet expectations, resulting in slight increase of revenue.
✔ Growth in non-aviation business, progress in business portfolio reform and cost reduction
eﬀorts led EBIT to exceed our proﬁt target.
✔ Working to stimulate domestic demand through measures for less-congested ﬂights
Revenue
EBIT (1) / Net Proﬁt (2)(JPY Bn)(JPY Bn)+42.6 Bn(+11.2%)

Fuel/FX Markets
Singapore Kerosene(USD/bbl)
Dubai Crude Oil(USD/bbl)
FX Rate (JPY/USD)

Operational Preconditions/ASK

FY23Q1FY24Q1

y/y

94.7

100.2

+5.8%

78.9

85.8

+8.7%

134.7

153.7

+14.1%FY24Q1 (Vs. FY23Q1)
International
Domestic
RoutesRoutesFull Service Carrier
+3.8%
▼0.3%
LCC
+45.3%
+5.7%
Total
+9.3%
▼0.2%

Total
+2.1%
+42.4%+5.5%(1) EBIT = Proﬁt before Financing and Income tax (Proﬁt before Tax – Finance Income and Expenses)(2) Net Proﬁt = Proﬁt attributable to Owners of Parent (3) EBIT Margin = EBIT/Revenue©Japan Airlines, ALL rights reserved.

3

● In the first quarter of fiscal year 2024, our revenue was 424 Billion Yen, which is a 42 billion
yen increase year on year, mainly due to the steady recovery of passenger demand
especially Japan-bound traffic.
● EBIT was 22.1 billion yen, approximately 9.2 billion yen lower than the previous year.
Net income was 13.9 billion yen, also approximately 9 billion yen lower than the previous
year. However, progress in business portfolio reform, increased profits from non-air
businesses, and cost reduction efforts have enabled us to achieve our initial EBIT plan.
● The revenue for the first quarter was the highest since the bankruptcy. Our EBIT decreased
from the previous year, but this was mainly due to factors of increase in various expenses
such as personnel expenses, which was already included in our plan.

©Japan Airlines, ALL rights reserved.

3-S

FY2024Q1 Performance by business segment✔ FSC: Int'l pax led revenue increase year on year
✔ LCC: ZIPAIR continues to perform well and SPRING JAPAN will be proﬁtable from Q2✔ Mileage/Finance and Commerce: Revenue increased as the mileage points increased
Others: Growing ground handling led EBIT growth

FSC (Full Service Carrier)（JPY Bn）

LCC

500

250

▼1.4

Mileage/Finance and Commerce

2.2

Other (Ground Handling, Travel, etc.)

Note.Revenue and EBIT in each business segment are before intersegment elimination.
©Japan Airlines, ALL rights reserved.

4●This page shows the result of each business segment.

●

EBIT of Full-Service Carrier business for the first quarter was 7.9 billion yen, and the LCC
business also posted a positive EBIT of 2.2 billion yen due to a recovery in demand.
Mileage/Finance and Commerce business also recorded stable profits, posting EBIT of
8.8 billion yen.
EBIT in other business, such as travel and ground handling services, was also positive at
3.8 billion yen.

●●

©Japan Airlines, ALL rights reserved.

4-S

Recent Initiatives
Full Service
Carrier
貨物・郵便
Increase of direct flights on the Haneda-New York route■Codeshared with American Airlines®, increasing direct
ﬂights on the Haneda - New York route to three per day■All JAL-operation NYC ﬂights are operated with
A350-1000 from July
Starts Codeshare Partnership with Indigo■Starts codeshare partnership with
IndiGo from Winter schedule of2024■Further strengthens the domestic
network within rapidly-developing
India
Applies for a joint venture partnership with Garuda
Indonesia■Enhances the Southeast Asian route network throughIndonesia, where there exists both attractive
destinations and economic development

Cargo and Mail
Expansion of the Cargo business to resolve social
issues■International Cargo: Freighter services (767F) on six
international destinations in corporation with DHL,
capturing the growing international express ande-commerce shipping demand.
■Domestic Cargo:
Launched Freighter services(A321) with Yamato HD.

Mileage/Finance and Commerce“JAL Pay” started credit card recharge.
■Adding recharge methods, “JAL Pay” has become moreconvenient. The monthly recharging balance increased byapproximately 4.4 times.
■Will enhance opportunities to accumulate miles in daily
life

Oﬃcial airline partnership with Liverpool Football Club!
■Started an oﬃcial airline partnership with Liverpool
Football Club, aiming to enhance our brand recognition
overseas

Advertisement at Tokyo Monorail, Hamamatsucho Station©Japan Airlines, ALL rights reserved.

5

● This page explains our recent initiatives.

©Japan Airlines, ALL rights reserved.

5-S1. PERFORMANCE OVERVIEW FOR FY24Q1
2. DETAILS OF FINANCIAL RESULTS FOR FY24Q1
3. REFERENCES©Japan Airlines, ALL rights reserved.

6

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

Details of ﬁnancial results for FY2024Q1
Consolidated Financial Results(JPY Bn)FY23Q1

RevenueFY24Q1

Diﬀ.

y/y

381.4

424.0

+42.6

+11.2%

308.1

333.7

+25.5

+8.3%

International PAX

147.5

165.9

+18.4

+12.5%

Domestic PAX

122.0

124.7

+2.7

+2.2%

Cargo and Mail

34.3

38.8

+4.4

+13.0%

Other Revenue

4.3

4.2

▼0.0

▼2.0%

LCC

13.3

20.9

+7.6

+57.2%

Mileage/Finance and Commerce,
Other (Ground Handling, Travel,etc.) (1)

59.8

69.3

+9.4

+15.7%

353.0

406.1

+53.1

+15.0%

Fuel

79.4

94.5

+15.1

+19.0%

Excluding Fuel

273.6

311.6

+37.9

+13.9%

Others (2)

3.0

4.2

+1.2

+40.7%

EBIT

31.3

22.1

▼9.2

▼29.5%EBIT Margin (%)

8.2%

5.2%

▼3.0pt-Net Proﬁt

23.0

13.9

▼9.0

▼39.4%RPK (MN passenger km)

16,954

18,191＋1,237+7.3%

ASK (MN seat km)

22,402

23,644＋1,242+5.5%

EBITDA Margin (%) (3)

17.9%

14.2%

▼3.7pt-Full Service Carrier

Operating Expense

The details of the consolidated ﬁnancial results are presented by company consolidated accounts;Not showing the Revenue and EBIT by each reporting segments(1) Mileage/Finance and Commerce, Other (Ground Handling, Travel, etc.) = Travel Agency, Mileage, Commerce, Ground Handling, etc. (2) Others = Gain on Sales of Aircraft,
Other Income, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment (3) EBITDA Margin = EBITDA/Revenue EBITDA = EBIT + Depreciation and Amortization©Japan Airlines, ALL rights reserved.

7

● From this page, I will show you the details for the first quarter of Fiscal Year 2024.

● Page 7 shows our consolidated results.

©Japan Airlines, ALL rights reserved.

7-S

Details of ﬁnancial results for FY2024Q1
Changes in EBIT (Revenues／Expenses)
RPK y/y ： +7.3%
ASK y/y ： +5.5%+ stands for proﬁt increase (revenue increase, cost decrease)▼ stands for proﬁt decrease (revenue decrease, cost increase)▼9.2 Bn(JPY Bn)

Mileage/Financeand Commerce,
Other (Ground Handling,
Full Service LCC Travel, etc.)(1)
FuelCargo and Carrier
+9.4
+7.6
▼15.1
MaintenanceDomestic Mail
Other
Int'l Passenger +4.4
▼6.9
Aircraft Personnel▼0.0
Passenger +2.7
＋1.2
Other
▼9.1
+15.7%▼19.0%+18.4
Expenses▼23.9%+57.2%+2.2%＋13.0%

+4.0%

▼23.0

▼2.0%

+12.5%▼11.8%▼17.0%

Others(2)
+1.2

31.3

+40.7%FY23Q1
EBIT
(3)

FSC

・FX

FSC
FX
(TTL)

+1.9
+7.1
+9.0

FSC
FX
(TTL)

＋0.9
+2.0
＋3.0

FSC
FX
(TTL)

+1.9
+1.9

Revenue +42.6 Bn (+11.2%)

FSC
FX
(TTL)

＋2.9
+11.1
+14.0

Landing & Navigation fees

▼3.3

Sales Commissions▼1.3

Services▼2.6

Travel Agency Expenses＋1.6

Commerce & Ground
Handling-related costs▼3.3

Other than above

▼14.0
Total

22.1

FY24Q1
EBIT▼23.0

Expenses ▼53.1 Bn (▼15.0%)(1) Mileage/Finance and Commerce, Other (Ground Handling, Travel, etc.) = Travel Agency, Mileage, Commerce, Ground Handling, etc.
(2) Others = Gain on Sales of Aircraft, Other Income, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment (3) FSC = Fuel Surcharge©Japan Airlines, ALL rights reserved.

8

● This page shows the factors behind the differencet in EBIT from the previous year throughrevenue and expense.

● Revenues increased by 42.6 billion yen from the previous year owing to a steady growth ininternational passenger, LCCs, mileage/finance/commerce businesses.

● Expenses increased in line with the increase in the total number of passengers and supply,and other expenses were also raised. Some of them increased more than the increase of
supply, but those are already included in the original plan.

● As a result, EBIT decreased by 9.2 billion yen from the previous year.

©Japan Airlines, ALL rights reserved.

8-S

Details of ﬁnancial results for FY2024Q1
Changes in EBIT (Market and other impact)▼9.2BnImpact fromCurrency Market ▼9.2 Bn
Revenue
Cost
Fuel
Excl. Fuel+ stands for proﬁt increase (revenue increase, cost decrease)▼stands for proﬁt decrease (revenue decrease, cost increase)(JPY Bn)(Excl. Market Impact)+11.1 Bn
▼20.3 Bn
▼11.3 Bn
▼9.0 Bn

Revenueincrease

Cost
increase

+28.6

▼33.5

Hedging
etc.

31.3
FX
(excl.Fuel)

Fuel
Surcharge

+2.0

＋2.9

＋6.0
22.1

Fuel
(excl.Hedging)▼15.3

FY23Q1
EBIT
Revenues+11.1
Cost excl. Fuel
▼9.0
Total +2.0

FX
Market
Total

▼11.3
▼4.0
▼15.3

Int’lPassenger
Int’l Cargo
Total

Market impact

＋1.9
＋0.9
＋2.9

▼4.3 Bn

Fuel Volume
MaintenanceLanding &Navigation fees
Int’l Passenger＋9.4 Services
Dom Passenger+2.7 Travel Agency
Expenses
Cargo/Mail＋1.4
Commerce &Full Service▼0.1 Ground Handling
Carrier Others-related costs
LCC＋6.0
AircraftMileage/Finance
Personnel
and Commerce,+9.0 Other than
Other (Groundabove
Handling, Travel, etc.)
Total ＋28.6
Total

▼5.7
▼2.5
▼2.8
▼1.8
＋1.6
▼3.2

FY24Q1
EBIT

＋1.3
▼8.5
▼11.7
▼33.5

Others ▼4.9 Bn©Japan Airlines, ALL rights reserved.

9

● This page shows the EBIT difference by dividing it into market impacts and other factors
from the previous year.

● The impact of market conditions, including a weaker yen and higher jet fuel prices, pushed
down EBIT by 4.3 billion yen compared to the previous year.

● Excluding the impact of market conditions, the raise in various expenses resulted in a 4.9
billion yen decrease in EBIT.

©Japan Airlines, ALL rights reserved.

9-S

Details of ﬁnancial results for FY2024Q1
International Passenger Operations (Full Service Carrier)✔ Int'l pax revenue increased by capturing strong inbound demand and high yield achieved.
✔ JAL will capture recovering business demand from Japan and maintain the high yield level.
International Passenger

Change in Revenue (JPY Bn)＋18.4Bn(＋12.5％)Q1 (Apr. to Jun.)
FY23Q1
Passenger Revenue (JPY Bn)

147.5

FY24Q1165.9

y/y+12.5%
147.5

Passengers (’000)

1,571

1,750

+11.4%RPK (MN passenger km)

9,013

9,863

+9.4%

ASK (MN seat km)

11,763

12,215+3.8%

L/F (%)

76.6%

80.7%

+4.1ptRevenue per Passenger(JPY) (1)93,892

94,809+1.0%

Yield (JPY) (2)

16.4

16.8

+2.8%

Unit Revenue (JPY) (3)

12.5

13.6

+8.3%

FY23Q1

＋12.7

165.9

Passenger

FY24Q1

＋5.7

Unit
Price

Factors of Changes in Unit Pricefor Q1 (Apr. to Jun.) FY23Q1=100100

Market：+2pt
Route：▼3pt
Net Unit
Price etc.：▼1pt

FY23Q1Result99

Market：+2pt
Route：+1pt

FY24Q1
Initial Forecast

101

FY24Q1Result(1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK©Japan Airlines, ALL rights reserved.

10

● This page shows the results of full-service carrier international passenger business.
● In terms of international passenger volume, total passenger numbers increased by 11% fromthe previous year due to strong Japan-bound demand.

● Meanwhile, our yield remained high, increasing 3% from the previous year. As a result,international passenger revenue increased about 12% from the previous year to 165.9
billion yen.

● We will maintain high yields, capturing the strong demand, especially recovering businessdemand from Japan.

©Japan Airlines, ALL rights reserved.

10-SDetails of ﬁnancial results for FY2024Q1
Domestic Passenger Operations (Full Service Carrier)✔ Amid eﬀorts to improve yield, the number of passenger remained sluggish, especially forgroup passengers.
✔ Works to stimulate demand for less-congested ﬂights through various measures andcontinues to improve yield.
Domestic Passenger

Change in Revenue (JPY Bn)＋2.7Bn(＋2.2％)Q1 (Apr. to Jun.)
FY23Q1FY24Q1y/y＋10.8

Passenger Revenue (JPY Bn)

122.0

124.7

+2.2%

Passengers (’000)

8,589

8,019

▼6.6%

RPK (MN passenger km)

6,470

6,064

▼6.3%

ASK (MN seat km)

8,714

8,688

▼0.3%

L/F (%)

74.2%

69.8%

▼4.5ptRevenue per Passenger(JPY) (1)

14,205

15,556

+9.5%

▼8.0
124.7

122.0

FY23Q1

Passenger

Unit
Price

FY24Q1

Factors of Changes in Unit Pricefor Q1 (Apr. to Jun.) FY23Q1=100

Net Unit
Price etc.：+8pt

Yield (JPY) (2)

18.9

20.6

+9.1%

100

Unit Revenue (JPY) (3)

14.0

14.4

+2.5%

FY23Q1ResultNet Unit
Price etc.：+1pt

108

109

FY24Q1
Initial Forecast

FY24Q1Result(1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK©Japan Airlines, ALL rights reserved.

11

● This page shows the results of full-service carrier domestic passenger business.
● The number of the domestic passenger decreased by 6% from the previous year due tosluggish growth in some passenger categories, such as group passengers. On the other
hand, the yield improved by 9% from the previous year. As a result, domestic passenger
revenue increased by 2% from the previous year to 124.7 billion yen.

● We will maintain and improve the unit price by stimulating the demand through various
measures.

©Japan Airlines, ALL rights reserved.

11-S

Details of ﬁnancial results for FY2024Q1
Cargo✔ International Cargo: Boeing 767 freighter services led cargo weight increase.
High valued cargo mainly from Asia also led revenue growth.
✔ Domestic Cargo: Started A321 freighter services with Yamato HD from April 2024,
contributing to signiﬁcant revenue increase.
International Cargo

Q1 (Apr. to Jun.)
FY23Q1FY24Q1y/yCargo Revenue (JPY Bn)

26.4

29.3

+11.1%

Available Ton Km (MN ton km)

1,052

1,297

+23.2%

Revenue Ton Km (MN ton km)

631

688

+8.9%

Carried Cargo Weight (Thousand ton)

105

126

+19.7%

Revenue Ton (JPY/kg)

250

232

▼7.2%

Domestic Cargo

Q1 (Apr. to Jun.)
FY23Q1FY24Q1y/yCargo Revenue (JPY Bn)

4.9

6.5

+33.1%

Available Ton Km (MN ton km)

400

410

+2.5%

Revenue Ton Km (MN ton km)

69

68

▼1.7%

Carried Cargo Weight (Thousand ton)

73

72

▼0.9%

Revenue Ton (JPY/kg)

67

90+34.3%©Japan Airlines, ALL rights reserved.

21
12

● This page shows the performance of our Cargo business.
● As for the international cargo business, both transported weight and cargo revenue
increased from the previous year due to the operation of Boeing 767 freighters.
● Domestic cargo revenue also increased due to the launch of A321 freighter operations incooperation with Yamato Holdings.

©Japan Airlines, ALL rights reserved.

12-S

Details of ﬁnancial results for FY2024Q1
LCC✔ ZIPAIR shows good performance. From August 2024, SPRING JAPAN will launch Shanghai and
Beijing routes as codesharing with JAL, aiming to be proﬁtable throughout a year
ZIPAIR

Q1 (Apr. to Jun.)
FY23Q1FY24Q1y/yPassenger Revenue (JPY Bn)

11.5

17.2

+49.2%

Passengers (’000)

244

332

+35.7%RPK (MN passenger km)

1,338

1,902

+42.1%ASK (MN seat km)

1,718

2,342

+36.3%L/F (%)

77.9%

81.2%

＋3.3ptRevenue per Passenger (JPY) (1)47,306

51,983+9.9%

Yield (JPY) (2)

8.7

9.1

+4.9%

Unit Revenue (JPY) (3)

6.7

7.4

+9.4%

SPRING JAPANQ1 (Apr. to Jun.)
FY23Q1FY24Q1y/yPassenger Revenue (JPY Bn)

1.7

3.7

+109.9%Passengers (’000)

146

259

+76.6%RPK (MN passenger km)

131

323

+145.1%

ASK (MN seat km)

206

398

+93.1%L/F (%)

64.0%

81.2%

＋17.2pt

Revenue per Passenger (JPY) (1)12,02014,291+18.9%

Yield (JPY) (2)

13.4

11.5

▼14.4%

Unit Revenue (JPY) (3)

8.6

9.3

+8.7%

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

13
23

● This page shows the performance of our LCC business.
● ZIPAIR is showing steady growth, with a significant increase in total passengers andrevenues over the previous year.
● Spring Japan also showed growth in both total passengers and revenue from the previous
fiscal year. We expect further growth in near future with the launch of code-sharing flight toBeijing and Shanghai.

©Japan Airlines, ALL rights reserved.

13-S

Details of ﬁnancial results for FY2024Q1
Mileage/Finance and Commerce, Other(Travel,Ground Handling)✔ Mileage/Finance and Commerce: Posted steady proﬁt by more mileage points issued throughnon-aviation business.
✔ Others: Increased ground handling contracts with higher unit price, resulting in larger proﬁt.
（EBIT/JPY Bn）（%）

Miles issued in
non-aviation business 112
100

EBIT

（EBIT/JPY Bn）（%）

Number of ﬂights 126
Contracted
100

EBIT

EBIT

©Japan Airlines, ALL rights reserved.

25
14

● This page shows the performance of our Mileage/Finance and Commerce and Other
Business.

● In the mileage/finance and commerce business, the number of issued miles is steadily
increasing and stable EBIT is being recorded.
● In other businesses, the number of ground handling contracts and its unit price increased
from the previous year, resulting in an increase in EBIT.

©Japan Airlines, ALL rights reserved.

14-S

Details of ﬁnancial results for FY2024Q1
ExpensesMajor Operating Expense Items
Q1 (Apr. to Jun.)（JPY Bn）
Fuel
Landing and navigation fees
Maintenance
Sales commissions(Air Transport)
Services(1)Other variable cost(2)Aircraft
Personnel
Other cost
Total Operating Expenses

FY23Q1FY24Q1

Vs. FY23Q1
Diﬀ.
y/y
+15.1
+19.0%+3.3+19.4%+6.9+23.9%

79.4
17.3
29.2

94.5
20.6
36.2

6.2

7.5

+1.3

+21.9%

10.4
48.9
31.1
77.6
52.6
353.0

13.0
54.4
29.9
86.8
62.8
406.1

+2.6
+5.5
▼1.2
+9.1
+10.1
+53.1

+25.2%+11.3%▼4.0%+11.8%+19.4%+15.0%

Full Service Carrier
Unit Proﬁt
Q1 (Apr. to Jun.)（JYP Bn）

FY23Q1

Vs. FY23Q1

FY24Q1

Diﬀ.

UR (Unit Revenue)(3)

13.1

13.9

＋0.7

UC (Unit Cost)(4)

12.1

13.7

＋1.5

UP (Unit Proﬁts)(5)

0.9

0.1

▼0.8

(1) Services = Expenses regarding inﬂight services, airport lounges, cargo equipment, etc. (2) Other variable cost = Travel agency, Mileage, Commerce, Ground handling, etc.
(3) Unit Revenue = Passenger Revenue/ASK (4) Unit Cost = (Operating expenses - Non-Passenger Revenue)/ASK (5)Unit Proﬁts = (Unit Revenue) - (Unit Cost)©Japan Airlines, ALL rights reserved.

15

● This page shows the breakdown of the cost.
● Total operating expenses increased by 53.1 billion yen from the previous year to 406.1
billion yen, due to the impact of market conditions, such as weak yen and rising jet fuelprices, as well as an increase in various expenses, including expenses linked to the scale ofoperations and total passengers and personnel.
● The Unit Profit was 0.1, due to the rise in both Unit Revenue and Unit Cost. Unit Cost islower than our original plan, so we will improve Unit Revenue.

©Japan Airlines, ALL rights reserved.

15-S

Details of ﬁnancial results for FY2024Q1
Fuel Costs
Changes in fuel costs（JPY Bn）

79.4

Hedge Ratio (As of End of Jun./2024)

Hedging
FX and others
+11.3
▼6.0
94.5
Volume Market
＋4.0
+5.7

＋15.1Bn(+19.0%)FY23Q1FY24

FY24Q1Int’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

HedgedFY26

FX Hedging

Fuel Hedging
Fuel Use

FY25❏ Consumption volume in Int’lOperations covered by fuelsurcharge revenues

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.

16

● This page explains our fuel cost and hedging.
● The fuel cost for the first quarter was 94.5 billion yen, increased by 15.1 billion yen
year-on-year.

● The upper right graph shows the current progress of hedging. The lower part of the graphshows the conceptual diagram of our fuel and currency hedging for your reference.

©Japan Airlines, ALL rights reserved.

16-S

Details of ﬁnancial results for FY2024Q1
Balance Sheet and Cash FlowBSCF

✔ Equity ratio is 38.9% and Net D/E ratio is x0.0 both in terms of credit rating
evaluation basis, kept at a healthy level✔ Maintained a positive free cash ﬂow despite increased investment. Conducteddebt ﬁnancing as planned for future growth.
Balance Sheet

Total Assets

End of FY23

End of FY24Q1（JPY Bn）

Diﬀ.

2,649.2

2,781.5+132.3

Cash and Deposits

713.8

819.3

+105.5

Balance of Interest-bearing Debt

887.2

948.8

+61.5

Repayment within one year

106.9

111.2

+4.3

909.9

907.4

▼2.4

34.3% (41.0%)

32.6% (38.9%)▼1.7pt (▼2.0pt)

1.0x

1.0x

＋0.1x

0.2x (▼0.0x)

0.1x (▼0.0x)▼0.0x (▼0.0x)

Shareholders’ Equity (1)Shareholders’ Equity Ratio(%) (2)(5)D/E Ratio (x) (3)Net D/E Ratio (x) (4)(5)(1)

Equity Attributable to Owners of the Parent(2)

Ratio of Equity Attributable to Owners of the
Parent to Total Assets

Cash Flow

FY23Q1FY24Q1

Diﬀ.

Cash Flow from Operating Activities

123.6

106.0

▼17.6

Depreciation and Amortization

36.9

38.1

+1.2

Cash Flow from Investing Activities

▼35.5

▼38.9

▼3.3

Capital Investment

▼37.2

▼42.4

▼5.2

Free Cash Flow (6)

88.0

67.0

▼20.9

▼17.2

34.1

+51.4

Total Cash Flow (7)

70.8

101.2

+30.4

EBITDA (8)

68.3

60.3

▼8.0

Cash Flow from Financing Activities(3)

Interest-Bearing Debt/Shareholders’ Equity(4)(Interest-Bearing Debt - Cash and Deposits)/Shareholders’ Equity(5)

Figures in () represent ﬁgures based on credit
rating evaluation considering Hybrid Finance(6)

Cash Flow from Operating Activities + Cash
Flow From Investment Activities(7)

Cash Flow from Operating Activities + Cash
Flow from Investment Activities + Cash Flowfrom Financial Activities(8)

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

17

● Finally, I will explain our balance sheet and cash flow.
● As of the end of June, the equity ratio on a credit rating basis was 38.9% and the net D/E
ratio was 0.0 times.
● Our cash position at the end of June was 819.3 billion yen, which is 105.5 billion yen
increase from the end of March 2024.
● The operating cash flow was 106.0 billion yen of inflow.
● The free cash flow was positive at 67 billion yen, maintaining high level as the previous year,
while expanding the investment.

● Page 18 and beyond are for your reference.

©Japan Airlines, ALL rights reserved.

17-S

1. PERFORMANCE OVERVIEW FOR FY24Q1
2. DETAILS OF FINANCIAL RESULTS FOR FY24Q1
3. REFERENCES©Japan Airlines, ALL rights reserved.

18

INTENTIONALLY LEFT BLANK©Japan Airlines, ALL rights reserved.

[Reference]

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

Revenue Passengers Carried

Q1 (Apr. to Jun.)(%)('000)

FY24
Component Ratio

Vs. FY23Q1

Q1 (Apr. to Jun.)
FY24Q1

Vs. FY23Q1

America

413

+5.2%

America40%+23.1%

Europe176+30.3%

Europe18%+21.8%

Asia/Oceania

Asia/Oceania

797

+1.2%

29%

+1.1%

China

6%

▼10.6%

China

214+54.4%

Hawaii/Guam

7%+14.1%

Hawaii/Guam147+28.6%

100%+12.6%

1,750+11.4%

Total

Total

Load Factor

ASK(MN seat km)

Q1 (Apr. to Jun.)
FY24Q1(%)

Vs. FY23Q1

Q1 (Apr. to Jun.)
FY24Q1FY23Q1

America

4,518

+2.7%

America

85.8%

83.0%

Europe2,026+17.9%

Europe

80.2%

74.0%

Asia/Oceania

3,943

▼4.4%

Asia/Oceania

78.2%

75.3%

571

+3.3%

China

72.2%

49.8%

Hawaii/Guam

1,156+19.7%

Hawaii/Guam

75.0%

73.2%

Total

12,215

+3.8%

Total

80.7%

76.6%

China

RPK
(MN passenger km)

Q1 (Apr. to Jun.)
FY24Q1

Vs. FY23Q1

America

3,876

+6.1%

Europe1,624+27.7%

Asia/Oceania

3,083

▼0.7%

China

412

+49.6%

Hawaii/Guam866+22.6%

9,863

+9.4%

Total

©Japan Airlines, ALL rights reserved.

19

[Reference]

Fleet Information
End of FY23 (March 31, 2024)
Owned

Owned

Leased

Diﬀ.

Total

3

0

3

3

0

3

0

Airbus A350-900

11

4

15

11

4

15

0

Boeing 777-300ER

13

0

13

13

0

13

0

27

4

31

27

4

31

0

Boeing 787-9

19

3

22

19

3

22

0

Boeing 787-8

23

0

23

23

0

23

0

Boeing 767-300ER

16

9

25

16

9

25

0

58

12

70

58

12

70

0

47

9

56

47

9

56

0

Small-sized Total

47

9

56

47

9

56

0

Embraer 170 / Embraer 190

32

0

32

32

0

32

0

Regional De Havilland DHC-8-400CC
ATR42-600 / ATR72-600

5

0

5

5

0

5

0

14

1

15

14

1

15

0

Regional Total

51

1

52

51

1

52

0

Airbus A321-200

0

2

2

0

3

3

＋1

Boeing 767-300ER

0

2

2

0

2

2

0

Cargo Fleet Total

0

4

4

0

5

5

＋1

Full Service Carrier Total

183

30

213

183

31

214

＋1

Boeing 787-8

8

0

8

8

0

8

0

Boeing 737-800

0

6

6

0

6

6

0

8

6

14

8

6

14

0

191

36

227

191

37

228

＋1

Large-sized Total

MiddleFull Service Carrier

Total

Airbus A350-1000
Large

Middle-sized Total
Small

Cargo

LCC

LeasedEnd of FY24Q1 (June 30, 2024)

Boeing 737-800

LCC Total
Full Service Carrier + LCC Total©Japan Airlines, ALL rights reserved.

20

[Reference]

Details of FY2024 Full-Year Performance Forecast(JPY Bn)
Revenue
Full Service Carrier
International PAX
Domestic PAX
Cargo and Mail
Other Revenue
LCC
Mileage/Finance and Commerce
Other (Ground Handling,
Travel, etc.)
Adjustment
Operating Expense
Fuel
Excluding Fuel
OthersEBIT
Full Service Carrier
LCC
Mileage/Finance and Commerce
Other (Ground Handling,
Travel, etc.)
Adjustment
Net Proﬁt

FY24 Q1
FY24
y/y vs.
ResultForecast(1)
FY23
424.0
+11.2%
1,930.0334.6+8.6%
1,503.0
166.1+12.6%
710.0
124.7
+2.2%
598.0
38.8
+13.0%
167.0
4.9+19.3%
28.0
24.7+64.6%
115.0
46.0
+4.8%
223.0
54.7

+7.1%

290.0

▼36.1
406.1
94.5
311.6
4.2
22.1
7.9
2.2
8.8

+15.0%+19.0%+13.9%+40.7%▼29.5%▼67.8%▼0.9%▼201.01,775.0435.0
1,340.0
15.0
170.0
110.0
13.0
44.0

3.8

-

12.0

▼0.6
13.9

▼39.4%▼9.0
100.0

Impact on proﬁt after FY24Q2 by Fuel and FX rate
(Incl. hedging and Fuel surcharges)(JPY Bn)

FX(JPY/USD)

Dubai
Fuel
Crude
Prices(USD/bbl) Singapore
Kerosene

70USD

135JPY

+22.0

+17.0

145JPY+15.0

155JPY
165JPY

80USD

90USD 100USD

90USD 100USD 110USD 120USD

+12.0

+7.0

+8.0

±0.0

▼5.0

+7.0

+2.0

▼3.0

▼12.0

+3.0

▼3.0

▼10.0 ▼20.0

Base(1) Originally disclosed on May 2,2024©Japan Airlines, ALL rights reserved.

21

[Reference]

FY2024 Earnings Forecast(Air transportation Segment)International Passenger

CY19 (4)

FY23

FY24
Forecast

Vs. CY19 (%)
Full-year

1st Half

Vs. FY23 (%)
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 (’000)

9,796

6,628

7,459

▼23.9%▼25.0%▼22.7%+12.5%+12.7%+12.4%RPK (MN passenger km)

48,822

37,201

40,689▼16.7%▼17.4%▼15.9%

+9.4%

+8.5%

+10.3%ASK (MN seat km)

55,17747,32849,997▼9.4%▼10.3%

▼8.5%

+5.6%

+5.2%

+6.1%

L/F (%)

88.5%

78.6%

81.4%

▼7.1pt▼7.1pt▼7.1pt+2.8pt+2.4pt+3.1ptRevenue per Passenger (JPY) (1)54,22993,897

95,281+75.7%+69.8%+81.8%

+1.5%

▼1.8%

+4.9%

Yield (JPY) (2)

10.9

16.7

17.5

+60.5%+54.3%+67.0%

+4.4%

+2.0%

+6.9%

Unit Revenue (JPY) (3)

9.6

13.1

14.2

+47.7%+42.0%+53.6%

+8.1%

+5.1%

+11.1%

Domestic Passenger

CY19 (4)

FY23

FY24
Forecast

Vs. CY19 (%)
Full-year

1st Half

Vs. FY23 (%)
2nd Half

Full-year

1st Half

2nd Half

Passenger Revenue (JPY Bn)

554.2

550.8

598.0

+7.9%

+7.1%

+8.8%

+8.6%

+11.2%+5.9%

Passengers (’000)

38,36835,10936,129

▼5.8%

▼5.6%

▼6.1%

+2.9%

+4.6%

+1.2%

RPK (MN passenger km)

29,07026,771

27,384

▼5.8%

▼5.2%

▼6.4%

+2.3%

+4.7%

▼0.1%

ASK (MN seat km)

36,53935,18435,457

▼3.0%

▼2.5%

▼3.5%

+0.8%

+1.7%

▼0.1%

L/F (%)

79.6%

76.1%

77.2%

▼2.3pt▼2.3pt▼2.4pt+1.1pt+2.3pt▼0.0ptRevenue per Passenger (JPY) (1)14,445

15,69016,574+14.7%+13.4%+16.1%

+5.6%

+6.4%

+4.8%

Yield (JPY) (2)

19.1

20.6

21.9

+14.7%+13.0%+16.4%

+6.3%

+6.2%

+6.3%

Unit Revenue (JPY) (3)

15.2

15.7

16.9

+11.3%+9.8%+12.9%

+7.9%

+9.5%

+6.2%

(1) Revenue per Passenger = Passenger Revenue/Passengers (2) Yield = Passenger Revenue/RPK (3) Unit Revenue = Passenger Revenue/ASK(4) CY2019 ＝ Jan to Dec 2019; From January to March, IFRS values are calculated using a virtual method for internal management.
©Japan Airlines, ALL rights reserved.

22

Fly into tomorrow.

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

23

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 created by the company (or asotherwise speciﬁed), and are created based on the forecasts at such time. These statements were createdbased on certain assumptions. These statements and assumptions include the subjective projections andjudgments of our management, and due to various risks and uncertainties, these may be found to be inaccurate
or unrealized in the future. Therefore, the actual results, earnings and ﬁnancial conditions, etc. of the Groupmay diﬀer from the projections of the company. These risks and uncertainties include, but are not limited to,the economic and social conditions of Japan and other countries and regions, soaring fuel costs, changes in theexchange 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 to ensure that this information is updated withthe latest available information. The information contained in this content is for informational purposes only,
and is not intended as a recommendation, solicitation or request 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 theGroup is correct, it includes unaudited ﬁnancial information for which we provide no guarantee of its accuracy,completeness, fairness or reliability. The Company does not have any responsibility for any damages resulting
from the use of this content.
It should be noted that all rights with this content and other copyright of this material belongs to Japan
Airlines Co., Ltd.

©Japan Airlines, ALL rights reserved.

24