JAPAN AIRLINES Co., Ltd.
Financial Results
Mar/2023（FY2022）

FY2023

JAL Group Entrance Ceremony （April 3, 2023）

May 2, 2023
©Japan Airlines, ALL rights reserved.

SKYTRAXSKYTRAX

SKYTRAX

2022
Covid-19 Safety
Rating5-Star

SKYTRAX
COVID-19 Excellence Award

World Airline Star
Rating5-StarBest Economy Class Airline Seat※

1. PERFORMANCE OVERVIEW FOR FY2022
APEX
Health Safety Poweredby SimpliFlying Audit
Diamond

APEX

APEX

WORLD CLASSFIVE STAR

2. FORECAST FOR FY2023 FULL-YEAR
3. DETAILS OF FINANCIAL RESULTS FOR FY2022
4. 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.

※※

Dow Jones Sustainability
Asia Paciﬁc Index

Climate Change 「A-」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. Regarding percentage or ratio compared to prior year, if changes exceed 1,000%, “－“ is shown.
(2) The 4th Quarter results (January to March) are calculated by deducting the results of 3rd Quarter (April to December) from the full year result.
(3) LCC=Low Cost Carrier (4) We introduced ESG-related index selections to evaluate executive oﬃcer’s compensations. ※ indicates the applicable index.
(5) Following the ﬁnalization of the provisional accounting processes for the consolidation of JALUX in FY22Q3, ﬁgures for the
consolidated statement of ﬁnancial position for FY21Q4 and consolidated proﬁt and loss statement for FY22Q1 and Q2 have been retroactively adjusted.
©Japan Airlines, ALL rights reserved.

2

Performance Overview for FY2022✔ Recovering passenger demand pushed up EBIT to 64.5 billion yen and Net Proﬁt to 34.4
billion yen, exceeding the previous forecast of EBIT 50 billion yen✔ Year end dividend forecast increased by 5 yen to 25 yen per share as Net Proﬁt improved
Revenue

EBIT (1) / Proﬁt or Loss (2)▼10.3 Bn(▼0.7%)(JPY Bn)(JPY Bn)▼24.2 Bn

+692.8 Bn(+101.5%)+304.0 Bn

Fuel/FX Markets
FY21

Operational Preconditions/ASK
Vs. FY21

y/y

FY22

Singapore Kerosene(USD/bbl)

81.6

128.3

+57.2%

Dubai Crude Oil(USD/bbl)

74.3

95.2

+28.1%FX Rate (JPY/USD)

111.6

134.6

+20.6%

International
RoutesDomestic
Routes

Total

Full Service Carrier+67.0%+43.6%+54.9%

LCC+161.7%+415.3%+178.0%Total+74.0%+45.5%+59.8%(1) EBIT= Proﬁt or Loss before Financing and Income tax (Proﬁt or Loss before Tax – Finance Income and Expenses)(2) Proﬁt or Loss = Proﬁt or Loss Attributable to Owners of Parent©Japan Airlines, ALL rights reserved.

3

● In the Fiscal year 2022, our revenue was 1 trillion and 375 billion yen, due to the steadyrecovery of the passenger demand.
● EBIT was 64.5 billion yen, which increased by 14.5 billion yen from the forecast announced
in February. Net Profit was 34.4 billion yen, increased by 9.4 billion yen from the forecast.
● We plan to pay a year-end dividend of 25 yen per share, an increase of 5 yen from theforecast.

©Japan Airlines, ALL rights reserved.

3-S

FY2022 Performance by Business Domain✔ Revenue and EBIT steadily improved as passenger demand recovered in line with expectations✔ LCC’s EBIT turned black on a quarterly basis for the ﬁrst time. Mileage performed strongly
FY22（JPY Bn）

Full Service Carrier

Cargo / Mail

LCC (1)

Mileage, Lifestyleand Infrastructure
and others (2)Revenue

883.8

224.7

31.7

235.1

▼8.0

47.7

EBIT

24.9

FY2022 Quarterly Revenue（JPY Bn）

Full Service Carrier
Cargo/Mail
LCC
Mileage, Lifestyle and Infrastructure and others

FY2022 Quarterly EBIT（JPY Bn）

LCC
Mileage, Lifestyle and Infrastructure and others

Full Service Carrier＋Cargo/Mail• 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 ﬁgures 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(1) 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 (2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
©Japan Airlines, ALL rights reserved.

4

●The full-service carrier business domain posted an EBIT profit of 24.9 billion yen.

●

As for the LCC business domain, it resulted in an EBIT loss of 8 billion yen, and the
Mileage, Lifestyle and Infrastructure business domain posted EBIT profit of 47.7 billion yen.

©Japan Airlines, ALL rights reserved.

4-S1. PERFORMANCE OVERVIEW FOR FY2022
2. FORECAST FOR FY2023 FULL-YEAR
3. DETAILS OF FINANCIAL RESULTS FOR FY2022
4. REFERENCES©Japan Airlines, ALL rights reserved.

5

FY2023 Full-Year Performance Forecast✔ Consolidated full-year forecast: Revenue 1,658 billion yen, EBIT 100 billion yen and Net
Proﬁt 55 billion yen due to further recovering passenger demand✔ Full-year dividend forecast is 40 yen per share
EBIT / Proﬁt

Revenue(JPY Bn)+282.4 Bn(JPY Bn)+35.4 Bn

Fuel/FX Markets

Shareholder Return Forecast
FY22
Results
Dividends per share

FY23
Forecast25.0 JPY

40.0 JPY

Interim Dividendｰ

20.0 JPY

Year-End Dividend

25.0 JPY

20.0 JPY

31.7%

31.8%

Payout Ratio (1)FY22Results(1)

FY2023
Forecast

Singapore Kerosene(USD/bbl)

128.3

115.0

Dubai Crude Oil(USD/bbl)

95.2

85.0

134.6

135.0

(1) Payout Ratio = Total amounts of dividends / Proﬁt Attributable to Owners of Parent FX Rate (JPY/USD)©Japan Airlines, ALL rights reserved.

6●

Based on the current steady recovery of passenger demand and the latest situation ofcargo business, our Revenue, EBIT and Net Profit are shown on this page.

●

Also, we are forecasting a dividend of 40 yen per share for the full fiscal year ending
March 2024.

●

We will focus on the continuity and stability of dividends and will aim for a dividend payout
ratio of around 35% or more, while generating a sufficient level of profit.

©Japan Airlines, ALL rights reserved.

6-S

Details of FY2023 Full-Year Performance Forecast
FY22

EBIT by Business Domain

FY23(JPY Bn)Diﬀ.

y/y

1,658.0+282.4+20.5%

1,108.6

1,281.0+172.3+15.5%

International PAX

417.5

557.0

+139.4+33.4%

Domestic PAX

451.1

538.0

+86.8

+19.3%

Cargo / Mail

224.7

172.0

▼52.7

▼23.5%

Other Revenue

15.1

14.0

▼1.1

▼7.9%

31.7

81.0

+49.2 +154.8%

Revenue
Full Service Carrier

LCC (1)
Mileage, Lifestyle andInfrastructure and others(2)Results

Forecast

1,375.5(JPY Bn)

Results

Forecast

24.9

45.0

LCC (1)▼8.0

0.0

Mileage, Lifestyle andInfrastructure and others(2)

47.7

55.0

- 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
or Others

Impact on proﬁt by Fuel and FX rate
(Incl. hedging and Fuel surcharges)

296.0

+60.8

+25.9%

Operating Expense

1,344.6

1,571.0+226.3+16.8%

Fuel

323.3

387.0

+63.6

+19.7%

1,021.3

1,184.0+162.6+15.9%

Dubai
Fuel
Crude
Proces(USD/bbl) Singapore
Kerosene

33.6

13.0

▼20.6

▼61.4%

125JPY

Others(3)FY23

Full Service Carrier
Cargo / Mail

235.1

Excluding Fuel

FY22

EBIT

64.5

100.0

+35.4

+54.9%

Proﬁt or Loss

34.4

55.0

+20.5

+59.8%(JPY Bn)

FX(JPY/USD)(1) 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(2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
(3) Others = Gain on Sales of Aircraft, Other Income, Share of Proﬁt or Loss of Investment andIncome/Expenses from Investment

65USD

75USD

85USD

95USD

105USD 115USD 125USD

+10.0

+11.0

+4.0
Base

95USD

▼4.0

135JPY

+11.0

+8.0

±0.0

▼9.0

145JPY

+11.0

+5.0

▼4.0

▼9.0

Hedge Ratio (As of May 2)
FY2023 full-year：35％ FY2023 Q1：40%©Japan Airlines, ALL rights reserved.

7

●Earnings forecast for this year is shown on this page.

●

Revenue is expected to be 1 trillion and 658 billion yen.

●

Fuel costs are expected to be 387 billion yen, mainly due to the fuel price hike andincreased fuel load.
Total expenses are expected to be 1 trillion and 571 billion yen.

©Japan Airlines, ALL rights reserved.

7-SPremises of Performance Forecast for FY2023
Int’l & Domestic Passenger Operations (Full Service Carrier)✔ International Pax’s unit price remains high, and the easing of restrictions on the China routes
is expected to further improve its performance✔ Domestic Pax recovers close to CY19 levels. Aiming for price increase through competitiveness.
Passenger Demand （VS.CY2019）(1)

Revenue per Passenger （VS.CY2019）(1)International

Factors of Changes

+62%

(1)

Full-Year
Approx.

65%

Route
+9pt

Net Unit Price
etc.
+17pt

✔
✔

FSC(2) ・FX etc.
+36pt

Factors of Changes

Domestic+4%(1) CY2019=Jan to Dec 2019

Full-Year
Approx.

94%

Revenue
Demand Mix
Management
etc.
etc.
▼2pt
+6pt

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

8●International passenger demand for full year basis is expected to be 65% of the
pre-pandemic level.

●

As for domestic passenger demand, we expect a gradual recovery and forecast 94% of
the pre-pandemic level.

©Japan Airlines, ALL rights reserved.

8-SPremises of Performance Forecast for FY2023
Cargo (International Cargo)✔ Cargo volumes exceeding pre-pandemic levels is expected, achieved through utilizationof passenger ﬂights, 767 freighters and other companies' freighters✔ Maintain and improve unit prices by maximizing network revenues through revenue
management and capturing cargo with high unit-price
Volume （VS.CY2019）(1)128%

Unit Price （VS.CY2019）(1)

275%
117%

240%

115%

198%

195%
100%
82%

Approx.

x1.2

Approx.

vs. before
pandemic

x2

vs. before
pandemic
100%(1) CY2019=Jan to Dec 2019
©Japan Airlines, ALL rights reserved.

9●This page shows the forecast for the international cargo business.

●

In terms of volume, we are projecting an increase of around 115% compared to 2019.

●

On the other hand, the unit price is expected to remain at 198%, although the unit price will
settle down after the period of extremely high unit price level.

©Japan Airlines, ALL rights reserved.

9-S

Details of FY2023 Full-Year Performance Forecast
Changes in EBIT (Revenues／Expenses)
ASK y/y： +19.6%+ stands for proﬁt increase（ revenue increase, cost decrease )▼ stands for proﬁt decrease ( revenue decrease, cost increase )+35.4 Bn

Domestic
Passenger＋86.8

Cargo &
Mail
▼52.7 Full Service

LCC
+49.2

▼7.9.%+33.4%

FY22
Results

Other than
fuel,
Others(2)+25.9%▼19.7%+154.8%+19.3%

64.5

▼63.6

▼1.1
▼23.5.%（JPY Bn）

Fuel

+60.8

Carrier
Other

Int'l
Passenger＋139.4

Mileage, Lifestyle andInfrastructure andothers(1)Actual ﬁxed costs are expected to
exceed the target of 500 billion
yen by approx.10 billion yen,
but we aim to achieve 500 billion
yen by improving productivity.

VolumeMarketFX
Hedging

▼41.3
+30.0
▼2.4
▼49.9
Total ▼63.6

Revenue andSupply Linked
Personnel
Aircraft
OthersTotal▼112.3▼183.3▼18.6%

▼22.6
▼5.1
▼43.1
▼183.3
Expenses, Other Proﬁt

Revenue +282.4 Bn (+20.5%)▼246.9 Bn(▼18.8%)

100.0

FY23
Forecast(1) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
(2) Others = Gain on Sales of Aircraft, Other Income, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment©Japan Airlines, ALL rights reserved.

10

● Revenue is expected to increase by 282.4 billion yen, assuming an increase of revenue ineach business area. Expenses are expected to increase by 246.9 billion yen due to anincrease in the number of flights. The various subsidies that we received generously until
last year are expected to be reduced this year.

● Actual fixed costs are expected to exceed 10 billion yen from our 500 billion yen target
due to factors such as increased personnel expenses. We will aim for the 500 billion yen
level that we have shown previously, by controlling costs by measures such as improving
productivity.

©Japan Airlines, ALL rights reserved.

10-S1. PERFORMANCE OVERVIEW FOR FY2022
2. FORECAST FOR FY2023 FULL-YEAR
3. DETAILS OF FINANCIAL RESULTS FOR FY2022
4. REFERENCES©Japan Airlines, ALL rights reserved.

11

Details of ﬁnancial results for FY2022
Consolidated Financial Results
Q4 (Apr. to Mar.)(JPY Bn)

Q4 (Jan. to Mar.)

Vs. FY19Q4

Vs. FY21Q4

y/y

Diﬀ.

▼10.3

▼0.7%

+692.8+101.5%369.9+185.7+100.8%

1,108.6

▼17.7

▼1.6%

+580.3+109.9%291.0+148.6+104.4%

68.7

417.5

▼68.6

▼14.1%+348.7+507.0%130.4+108.7+501.2%

529.7

235.1

451.1

▼78.5

▼14.8%+216.0+91.9%

115.5

+54.5

+89.4%

Cargo / Mail

91.6

218.3

224.7

+133.1 +145.3%

+6.4

+2.9%

41.3

▼15.9

▼27.9%

Other Revenue

18.7

6.0

15.1

▼3.5

▼19.1%+9.1+152.4%3.7+1.3+56.0%

-

2.9

31.7

-

-

+28.8

+995.6%

11.6

+10.5

+956.0%

259.5

151.5

235.1

▼24.4

▼9.4%

+83.6

+55.2%

67.3

+26.6

+65.4%

Operating Expense

1,308.8

940.2

1,344.6

+35.8

+2.7%

+404.4+43.0%

354.5+102.2+40.5%

Fuel

243.4

145.4

323.3

+79.9

+32.8%+177.8+122.3%

81.6

+38.0

+87.2%

1,065.4

794.7

1,021.3

▼44.1

▼4.1%

+226.5+28.5%

272.8

+64.2

+30.8%

Others (3)

11.7

18.0

33.6

+21.8 +185.9%+15.6+86.9%

14.4+2.5+21.2%

EBIT

88.8▼239.4

64.5

▼24.2

▼27.3%+304.0

-

29.8

+86.0

-

EBIT Margin(%)

6.4%

-

4.7%

▼1.7pt

-

-

-

8.1%

-

-

Proﬁt or Loss

48.0

▼177.5

34.4

▼13.6

▼28.4%+211.9

-

18.1

+67.3

-

RPK (MN passenger km)

73,04818,29253,282▼19,766▼27.1%+34,989+191.3%

15,202+999.8+192.2%

ASK (MN seat km)

90,10949,27178,717▼11,392▼12.6%+29,446+59.8%

21,250+780.9+58.1%EBITDA Margin(%) (4)

18.1%

-

16.1%

▼2.0pt

-

-

-

17.8%

-

-

FY19Q4FY21Q4FY22Q4

1,385.9682.7

1,375.5

1,126.3

528.2

International PAX

486.2

Domestic PAX

Revenue
Full Service Carrier

LCC (1)
Mileage, Lifestyle andInfrastructure and others (2)Excluding Fuel

Diﬀ.

Vs. FY21Q4y/y

FY22Q4Diﬀ.

y/y(1) Consolidated subsidiaries, ZIPAIR and SPRING JAPAN (2) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, Ground Handling etc.
(3) Others = Gain on Sales of Aircraft, Other Income, Share of Proﬁt or Loss of Investment and Income/Expenses from Investment(4) EBITDA Margin = EBITDA/Revenue EBITDA=EBIT+Depreciation and Amortization©Japan Airlines, ALL rights reserved.

12

● From page 11, I will show you the results for the full year ending March 2023.
● Page 12 shows consolidated results.

©Japan Airlines, ALL rights reserved.

12-S

Details of ﬁnancial results for FY2022
Changes in EBIT (Revenues／Expenses)+ stands for proﬁt increase（ revenue increase, cost decrease )▼ stands for proﬁt decrease ( revenue decrease, cost increase )RPK y/y ： +191.3%
ASK y/y ： +59.8%＋304.0Bn（JPY Bn）

Mileage, Lifestyle andInfrastructure
and others (1)Full Service
Fuel
Cargo/
Carrier+83.6▼177.8
LCC
Mail
Other
Domestic+28.8+9.1
Passenger ＋6.4
Maintenance
Personnel+216.0▼31.2 Aircraft
Int'lPassenger+152.4%+91.9%+955.6%

+2.9%

+4.2

+55.2%

Other▼46.5 Expenses▼153.0▼122.3%▼45.1%+348.7+3.1%

Others(2)+15.6▼19.0%▼45.1%+86.9%▼239.4
FY21

FSC

(3)

・FX

64.5
FY22

+507.0%Landing &Navigations fees
Sales Commissions

FSC
FX
(TTL)

+10.1
+28.4
+38.5

FSC
FX
(TTL)

+16.7
+13.6
+30.4

FSC
FX
(TTL)

+2.1
+2.1

Revenue +692.8 Bn (+101.5%)

FSC
FX
(TTL)

+26.9
+44.1
+71.1

Services
Expenses of Travel
AgencyOther than above

▼18.0
▼14.2
▼18.0
▼27.0
▼75.5

Total ▼153.0

Expenses ▼404.4 Bn (▼43.0%)(1) Mileage, Lifestyle and Infrastructure and others = Travel Agency, Mileage, 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.

13

● Revenues increased significantly in all business areas by 692 billion.
● As for expenses, fuel costs have increased due to high fuel prices and the weak yen.
In addition, costs linked to the scale of operations and the number of passengers increased.

©Japan Airlines, ALL rights reserved.

13-S

Details of ﬁnancial results for FY2022
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）
Impact fromCurrency Market ▼49.4 Bn
Revenue
Cost
Fuel
Ex. Fuel＋304.0 Bn+44.1 Bn
▼93.6 Bn
▼59.6 Bn
▼33.9 Bn

(Excl. Market Impact)

Revenueincrease+621.7

Cost
increase▼240.03
64.5▼239.4FX(excl.Fuel)

Fuel(excl.Hedging)+10.2▼165.2

Fuel
Surcharge

FY22

Hedging
etc.

+50.4

+26.9

FY21

Revenues
+44.1
Cost
▼33.9
excl. Fuel
Total +10.2▲1,045

FX▼59.6
Market▼105.5
Total ▼165.2

Int’l
+10.1
Passenger
Int’l Cargo+16.7
Total +26.9

Market impact ▼77.6 Bn

Int’lPassenger
Domestic
Passenger
Cargo/Mail
Other
Total

Fuel Volume▼63.1

Maintenance▼14.0Services▼15.5

Aircraft＋7.0+310.1

Personnel▼44.7+216.0

Other thanthose above▼109.7▼23.9+119.5+621.7

Total ▼240.0

Others +381.7 Bn©Japan Airlines, ALL rights reserved.

14

● The impact of the market was a negative of 77.6 billion yen.
● On the other hand, we have achieved an improvement of 381.7 billion yen other than market
factors.

©Japan Airlines, ALL rights reserved.

14-S

Details of ﬁnancial results for FY2022
Int’l & Domestic Passenger Operations (Full Service Carrier)International Passenger

Q4 (Apr. to Mar.)FY19Q4FY21Q4FY22Q4Q4 (Jan. to Mar.)
Vs. FY19Q4

Vs. FY21Q4

FY22Q4

Vs. FY21Q4

Passenger Revenue (JPY Bn)

486.2

68.7

417.5

▼14.1%+507.0%130.4+501.2%Passengers (’000)

8,958

892

4,348

▼51.5%+387.2%

1,398+369.8%

RPK (MN passenger km)

45,551

6,027

27,310▼40.0%+353.1%8,180+322.0%

ASK (MN seat km)

53,91022,78038,039▼29.4%+67.0%

10,984+84.6%L/F (%)

84.5%

26.5%

71.8%

▼12.7pt＋45.3pt

74.5%＋41.9pt

Revenue per Passenger (JPY) (1)54,274

77,07396,015+76.9%+24.6%

93,271+28.0%

10.7

11.4

15.3

+43.2%+34.0%

15.9+42.5%

9.0

3.0

11.0

+21.7%+263.5%11.9+225.6%

Yield (JPY) (2)Unit Revenue (JPY) (3)Domestic Passenger

Q4 (Apr. to Mar.)FY19Q4FY21Q4FY22Q4Q4 (Jan. to Mar.)
Vs. FY19Q4

Vs. FY21Q4

FY22Q4

Vs. FY21Q4

529.7

235.1

451.1

▼14.8%+91.9%

115.5+89.4%

Passengers (’000)

36,411

16,23830,109▼17.3%+85.4%

7,756+82.5%RPK (MN passenger km)

27,496

12,08923,090▼16.0%+91.0%

5,941+87.0%ASK (MN seat km)

36,19924,53535,243▼2.6%+43.6%

8,690+30.7%L/F (%)

76.0%

49.3%

65.5%

▼10.4pt＋16.2pt

68.4%＋20.6pt

Revenue per Passenger (JPY) (1)14,54814,47814,983

+3.0%

+3.5%

14,898+3.8%

Yield (JPY) (2)

19.3

19.4

19.5

+1.4%

＋0.5%

19.4

＋1.3%

Unit Revenue (JPY) (3)

14.6

9.6

12.8

▼12.5%+33.6%

13.3+45.0%

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.

15

● For international passengers, the number of passengers remained at a level of 49%
compared to 2019, but as unit price increased by 77%, the revenue recovered to 86%.

● For domestic passengers, the number of passengers recovered to a level of 83% compared
to 2019, but as unit price increased by 3%, the revenue recovered to 85%.

©Japan Airlines, ALL rights reserved.

15-S

Details of ﬁnancial results for FY2022
Int’l & Domestic Passenger Operations (Full Service Carrier)✔ Int’l, passengers exceeded previous forecast by capturing strong Japan-bound demand✔ Domestic passenger demand recovered strongly toward the end of the ﬁscal year
Passenger Demand（VS.CY2019）(1)

Revenue per Passenger（VS.CY2019）(1)
Factors of Changes

International(2)

Q1
Result30%

Q2
Result40%

Q4
Result58%

Q3
Result51%

FSC(3)・FX
etc.
+34pt

(2)

ｰ

Previous Forecastｰｰ

Domestic

Q1
Result66%

Net Unit Price
etc.
Route
+26pt
+17pt

Approx. 54%(2)

Factors of Changes+3%

Q4
Result85%

Q3
Result89%

Q2
Result75%+77%

Price Control,
Revenue Management

+3pt
(2)

Previous Forecast(1) CY2019=Jan to Dec 2019ｰｰ(2)Disclosed on February 2, 2023

ｰ

Approx. 85%(3) FSC=Fuel Surcharge©Japan Airlines, ALL rights reserved.

16

● International passengers showed a steady recovery, and the number of passengers in Q4
alone showed a recovery of 58% compared to before pandemic.

● Domestic passenger numbers were slightly sluggish in January and February, but recovered
significantly in March, reaching 85% of the pre-pandemic level as expected.

● As for unit price, we have been able to maintain and achieve a high level throughappropriate revenue management.

©Japan Airlines, ALL rights reserved.

16-S

Details of ﬁnancial results for FY2022
Cargo
Q4 (Apr. to Mar.)International Cargo
FY19Q4FY21Q4FY22Q4Q4 (Jan. to Mar.)

Vs. FY19Q4 Vs. FY21Q4

FY22Q4

Vs. FY21Q4

59.7

182.8

188.9

+216.2%

+3.3%

32.6

▼34.1%

Available Ton Km (MN ton km)

4,418

3,345

3,855

▼12.8%+15.2%

1,001+20.4%

Revenue Ton Km (MN ton km)

2,407

3,113

2,795

+16.1%▼10.2%

628▼16.2%

Carried Cargo Weight (Thousand ton)

397

506

456

+15.0%▼9.9%

103▼13.4%

Revenue Ton (JPY/kg)

150

361

414

+175.0%+14.7%

315▼24.0%

Cargo Revenue (JPY Bn)

Domestic Cargo

Q4 (Apr. to Mar.)FY19Q4FY21Q4FY22Q4Q4 (Jan. to Mar.)

Vs. FY19Q4 Vs. FY21Q4

FY22Q4

Vs. FY21Q4

20.7

20.7

20.0

▼3.4%

▼3.5%

4.7

+8.7%

Available Ton Km (MN ton km)

1,671

1,113

1,620

▼3.1%

+45.5%

399+33.0%

Revenue Ton Km (MN ton km)

328

231

280

▼14.5%+21.2%

69+23.9%

Carried Cargo Weight (Thousand ton)

355

239

294

▼17.0%+22.9%

72+24.0%

58

87

68+16.4%▼21.5%

66▼12.3%

Cargo Revenue (JPY Bn)

Revenue Ton (JPY/kg)©Japan Airlines, ALL rights reserved.

17

● As for international, we saw a decline in total air cargo demand, and our volume decreased
by 13.4% year-on-year in the fourth quarter alone.

● In addition, the easing of the supply-demand balance, the unit price decreased by 24% in
the fourth quarter alone.

● Details of volume and unit price are shown on the next page.

©Japan Airlines, ALL rights reserved.

17-S

Details of ﬁnancial results for FY2022
Cargo (International Cargo)✔ Volume was secured above total demand, although slightly lower than the previous
forecast✔ Unit price fell below the previous forecast due to the recovery of supply in the market
and rapid slowdown of cargo demand
Volume（VS.CY2019）(1)(2)

Unit Price（VS.CY2019）(1)
(3)

(3)

(1) CY2019=Jan to Dec 2019(2) Market average is calculated from JAFA (Japan Air Freight Forwarders Association) statistics (to/from Japan)(3) Disclosed on February 2, 2023
©Japan Airlines, ALL rights reserved.

18

● Regarding the volume, despite the environment in which total demand declined, wemanaged to limit the level of decrease.

● In addition, although the unit price was lower than the previous forecast, it was still able tomaintain a high level compared to 2019.

©Japan Airlines, ALL rights reserved.

18-S

Details of ﬁnancial results for FY2022
LCC
ZIPAIRLCC

SPRING JAPAN (1)(2)

Q4 (Apr. to Mar.)FY21Q4FY22Q4Q4 (Apr. toMar.)

Q4 (Jan. to Mar.)Vs.
FY21Q4FY22Q4Vs.
FY21Q4FY22Q4Q4 (Jan. to Mar.)FY22Q4Vs.
FY21Q4Passenger Revenue（JPY Bn）

0.７

22.4

ｰ

8.4

ｰ

8.2

2.7

+344.5%Passengers（’000）

25

488

ｰ

182

ｰ

481

141

+355.9%

RPK（MN passenger km）

98

2,471

ｰ

952

ｰ

409

127

+357.9%

ASK（MN seat km）

1,791

4,674

+160.9%1,371+76.2%

760

204+222.9%L/F（%）

5.5%

52.9%

+47.4pt

69.4%+61.7pt

53.8%

62.5%

+18.4pt

27,80345,983+65.4%

46,653+57.4%

17,092

19,517▼2.5%

Yield（JPY）(4)

7.3

9.1

+25.0%

8.9+27.6%

20.1

21.6

▼2.9%

Unit Revenue（JPY）(5)

0.4

4.8

ｰ

6.2

ｰ

10.8

13.5

+37.7%

Revenue per Passenger (JPY) (3)(Reference)
Jetstar Japan

Q4 (Apr. to Mar.)FY21Q4FY22Q4Q4 (Jan. to Mar.)

Vs. FY21Q4

FY22Q4

Vs. FY21Q4

Passengers（’000）

2,919

4,382

+50.1%

1,193+49.6%

L/F（%）

72.7%

77.9%

+5.2pt80.9%+8.0pt(1) No data for SPRING JAPAN’s FY21Q1 due to pre-consolidation.
(2) Summary of International and domestic passenger business(3) Revenue per Passenger = Passenger Revenue / Passengers(4) Yield = Passenger Revenue / RPK(5) Unit Revenue = Passenger Revenue / ASK©Japan Airlines, ALL rights reserved.

19

● The number of passengers of ZIPAIR is steadily increasing along with the recovery.
● SPRING JAPAN has allocated resources to domestic routes as it is difficult to increase thenumber of flights for the Mainland China routes.

©Japan Airlines, ALL rights reserved.

19-S

Details of ﬁnancial results for FY2022
Expenses✔ Actual ﬁxed costs for FY22 was 492.5 billion yen, suppressed under the annual goal of
500 billion yen.
Major Operating Expense Items（JPY Bn）

Q4 (Apr. to Mar.)
Vs. FY19Q4FY19Q4 FY21Q4 FY22Q4
Diﬀ.
y/y

Vs. FY21Q4
Diﬀ.
y/y

Fuel

243.4

145.4

323.3

+79.9

Landing and navigation fees

84.8

34.5

52.6

▼32.1 ▼37.9%+18.0

Maintenance
Sales commissions(Air Transport)

74.0

69.1

100.3

+26.3

+35.5%

+31.2

17.0

7.7

22.0

+5.0

Services(1)

44.4

14.8

Other variable cost(2)204.1

Aircraft(3)

81.6

+38.0

+87.2%+52.3%

14.2+5.6+65.9%+45.1%

23.4+4.5+24.0%+29.4%+14.2 +184.2%

6.9+4.4 +179.1%

32.9▼11.5 ▼25.9%+18.0 +121.8%

9.4+5.4 +133.8%

103.0

177.6

▼26.5 ▼13.0%+74.6+72.4%

50.4

+23.6

134.1

140.1

135.8

+1.7

+1.3%

▼4.2

▼3.1%

34.0

▼3.7 ▼10.0%

Personnel(3)

291.3

245.7

292.3

+0.9

+0.3%

+46.5

+19.0%

80.7

+18.6

+30.0%

Other cost(3)

215.5

179.5

207.5

▼7.9

▼3.7%

+28.0

+15.6%

53.6+5.6+11.9%

1,308.8

940.2

1,344.6+35.8+2.7% +404.4+43.0%

354.5 +102.2+40.5%

Total Operating Expenses

Actual Fixed Costs (4)+32.8% +177.8 +122.3%

Q4 (Jan. to Mar.)
Vs. FY21Q4
FY22Q4 Diﬀ.
y/y

+88.3%
Excludes temporal
costs and variablefactors, etc

50%

Expense Breakdown37%(1) Services = Expenses regarding inﬂight services, airport lounges, cargo equipment, etc. (2) Other variable 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 structuralreforms.
©Japan Airlines, ALL rights reserved.

20

● Operating expenses for fiscal year 2022 increased by 404.4 billion year-on-year to 1 trillion
and 344 billion yen due to the impact of market conditions as well as increased costs linked
to the scale of operations.

● The actual fixed cost was 492.5 billion yen, lower than our target of 500 billion yen.

©Japan Airlines, ALL rights reserved.

20-SDetails of ﬁnancial results for FY2022
Fuel Costs
Hedge Ratio (As of End of Mar/2023)

Changes in fuel costs
（JPY
(JPY
Bn) Bn）

Market+105.5

FX
+59.6
323.3
Hedgingand others
101.8
▼50.4

Volume+63.1
145.4＋177.8 Bn(＋122.3%)

FY21Q3FY23

FY21Q4Int’lroutesDomestic
routesFY25

FX Hedging

Fuel Hedging
FuelUseFY24

FY22Q4

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

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.

21

● Fuel costs for fiscal year 2022 was 323.3 billion yen, which increased by 177.8 billion yen
year-on-year.

● The graph on the top right shows our current hedge progress.
● At the bottom is a conceptual diagram of our fuel and currency hedging policies for yourreference.

©Japan Airlines, ALL rights reserved.

21-S

Details of ﬁnancial results for FY2022
Balance Sheet and Cash FlowBSCF

✔ Equity ratio is 39.3% and Net D/E ratio is x0.1 both in terms of credit rating
evaluation basis, keeping a healthy level✔ Cash ﬂow from Operating Activities is 292.9 billion yen, Free Cash Flow is 180.1
billion yen of inﬂow, improving its inﬂow signiﬁcantly
Balance Sheet

Total Assets

End of FY21

End of FY22

Diﬀ.

（JPY Bn）

2,375.7

2,520.6+144.8Cash and Deposits

494.2

639.2

+145.0

Balance of Interest-bearing Debt

928.4

925.5

▼2.9

86.7 (14.4)

111.9 (16.6)+25.1 (+2.1)

799.7

816.2

+16.5

33.7% (41.0%)

32.4% (39.3%)▼1.3pt (▼1.7pt)

1.2x

1.1x

▼0.0x

0.5x (0.3x)

0.4x (0.1x)▼0.2x (▼0.2x)

Repayment within one year (※1)
Shareholders’ Equity (1)Shareholders’ Equity Ratio(%) (2) (※2)
D/E Ratio (x) (3)Net D/E Ratio (x) (4) (※3)

Cash Flow
Cash Flow from Operating Activities
Depreciation and Amortization

FY21Q4FY22Q4Diﬀ.

※1 Figures in brackets represent aircraft lease
payment within one year
※2 Figures in brackets represent Shareholders’Equity Ratio based on credit rating evaluationconsidering Hybrid Finance※3 Figures in brackets represent Net D/E
Ratio based on credit rating evaluationconsidering Hybrid Finance(1)

Equity Attributable to Owners of the Parent(2)

Ratio of Equity Attributable to Owners of the▼103.5292.9+396.4

178.4

157.4

▼21.0

(3)

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

Cash Flow from Investing Activities▼173.7▼112.7+61.0

Capital Investment▼189.5▼128.6+60.8

Free Cash Flow (5)▼277.3180.1+457.4

Parent to Total Assets/Shareholders’ Equity(5)

Cash Flow from Operating Activities + Cash
Flow From Investment Activities

Cash Flow from Financing Activities

359.2

▼38.4

▼397.7

Total Cash Flow (6)

81.9

141.6

+59.7

Flow from Investment Activities + Cash Flow

▼61.0

222.0

+283.0from Financial Activities

EBITDA (7)

(6)

(7)

Cash Flow from Operating Activities + CashEBITDA=EBIT+Depreciation and Amortization©Japan Airlines, ALL rights reserved.

22

● The equity ratio on a credit rating evaluation basis is 39.3% and the net D/E ratio on a credit
rating evaluation basis is 0.1 times.

● Our cash position at the end of March 2023 was 639.2 billion yen, a 145 billion yen increase
from the end of the previous fiscal year. A safe level of liquidity is secured.

● EBITDA was 222 billion yen, and the cash flow was 141.6 billion yen of inflow, and Free
cash flow is also in the black at 180.1 billion yen.

● Page 23 and beyond are for your reference.

©Japan Airlines, ALL rights reserved.

22-S

1. PERFORMANCE OVERVIEW FOR FY2022
2. FORECAST FOR FY2023 FULL-YEAR
3. DETAILS OF FINANCIAL RESULTS FOR FY2022
4. REFERENCES©Japan Airlines, ALL rights reserved.

23

[Reference]
Operation Performance by Geographic Segment(Full Service Carrier)
Revenue Passengers Carried

Passenger Revenue
Q4 (Apr. to Mar.)(%）

FY22Q4Component Ratio Vs. FY19Q4

Q4 (Jan. to Mar.)
Vs. FY21Q4

FY22Q4Component Ratio

Vs. FY21Q4

Q4 (Apr. to Mar.)('000)FY22Q4Q4 (Jan. to Mar.)

Vs. FY19Q4 Vs. FY21Q4

FY22Q4

Vs. FY21Q4

38%+15.4%+400.7%35%+408.0%America

1,291▼14.5%+276.8%364+253.4%

America
Europe18%▼3.1%+620.9%16%+568.4%

Europe389▼48.1%+329.5%111+331.1%

Asia/Oceania

34%

▼8.1%

+633.8%38%+592.7%

Asia/Oceania

2,247▼46.6%+495.2%774+443.4%China

3%▼72.6%+159.4%4%+225.7%

China

103

▼92.4%+96.6%

49+208.4%

Hawaii/Guam7%▼58.6%+1,246.1%

7%+1,135.5%

Hawaii/Guam

315▼71.8%+1,003.5%

98+861.7%100%▼14.1%+507.0%100%+501.3%

4,348▼51.5%+387.2%

1,398+369.8%

Total

Total

ASK
(MN seat km)

Load Factor

Q4 (Apr. to Mar.)FY22Q4Q4 (Jan. to Mar.)

Vs. FY19Q4

Vs. FY21Q4

FY22Q4

Vs. FY21Q4(%）

Q4 (Apr. to Mar.)FY22Q4FY19Q4Q4 (Jan. to Mar.)FY21Q4FY22Q4FY21Q4

America

16,254▼1.8%+48.3%

4,446+62.4%

America

73.9%

85.9%

29.2%

75.9%

34.9%

Europe5,455▼31.6%+22.1%

1,632+64.8%

Europe

66.7%

84.7%

18.8%

64.2%

24.4%

Asia/Oceania

12,968▼30.6%+98.6%

3,817+106.4%

Asia/Oceania

73.4%

83.6%

26.2%

80.1%

34.9%

377

▼88.6%+22.3%

163+27.1%

China

54.0%

77.0%

33.4%

58.7%

24.5%

Hawaii/Guam

2,983▼59.5%+482.9%923+281.2%

Hawaii/Guam

64.8%

86.5%

34.5%

65.2%

26.2%

Total

38,039▼29.4%+67.0%

10,984+84.6%

Total

71.8%

84.5%

26.5%

74.5%

32.6%

China

RPK
(MN passengerkm)

Q4 (Apr. to Mar.)FY22Q4Q4 (Jan. to Mar.)

Vs. FY19Q4

Vs. FY21Q4

FY22Q4

Vs. FY21Q4

America

12,015▼15.5%+276.0%3,376+253.4%

Europe3,640▼46.1%+333.0%1,048+333.1%

Asia/Oceania

9,516▼39.2%+456.0%3,057+373.2%203▼92.0%+97.5%

95+204.7%

Hawaii/Guam

1,934▼69.6%+994.7%602+850.8%

Total

27,310▼40.0%+353.1%8,180+322.0%China©Japan Airlines, ALL rights reserved.

24

[Reference]
Fleet Information
End of FY22 (March 31, 2023)

End of FY21 (March 31, 2022)

Diﬀ.

Total2
Owned

Full Service Carrier

Large

Regional

LCC

RetiredAircraftExcluded

Owned

LeasedMar/23- Total2 of Mar/22

Total

11

4 (1)

15

15

12

4

16

+1

Boeing 777-300ER

13

0

13

13

13

0

13

0

Boeing 777-300

4

0

4

0

0

0

0

0

Boeing 777-200ER

8

0

8

5

3

0

3

▼2

Boeing 777-200

4

0

4

0

0

0

0

0

40

4

44

33

28

4

32

▼1

Boeing 787-9

19

3

22

22

19

3

22

0

Boeing 787-8

25

0

25

25

25

0

25

0

Boeing 767-300ER

29

0

29

29

16

11

27

▼2

73

3 (1)

76

76

60

14

74

▼2

47

12

59

58

47

9

56

▼2

Small-sized Total

47

12

59

58

47

9

56

▼2

Embraer 170 / Embraer 190

32

0

32

32

32

0

32

0

De Havilland DHC-8-400CC

5

0

5

5

5

0

5

0

ATR42-600 / ATR72-600

12

1

13

13

13

1

14

+1

Regional Total

49

1

50

50

50

1

51

+1

Full Service Carrier Total

209

20

229

217

185

28

213

▼4

Boeing 787-8

4

0

4

4

5

0

5

+1

Boeing 737-800

0

6

6

6

0

6

6

0

4

6

10

10

5

6

11

+1

213

26

239

227

190

34

224

▼3

Middle-sized Total
Small

Total1

Airbus A350-900

Large-sized Total

MiddleLeasedBoeing 737-800

LCC Total
Full Service Carrier + LCC Total(1) The diﬀerence between Total 1 and Total 2 is retired aircraft.
©Japan Airlines, ALL rights reserved.

25

[Reference]
FY2023 Earnings Forecast（Air transportation Segment）
International Passenger

CY19 (4)

FY22

FY23

Vs. CY19(%)（Actual number shown for L/F）

Vs. FY22(%)（Actual number shown for L/F）

Full-year(Forecast)

1st Half(Forecast)

2nd Half(Forecast)

Full-year(Forecast)

1st Half(Forecast)

2nd Half(Forecast)

Passenger Revenue (JPY Bn)

531.2

417.5

557.0

+4.8%

▼1.6%

+11.5%+33.3%+64.4%+13.3%

Passengers (’000)

9,796

4,348

6,330

▼35.4%▼38.6%▼32.1%+45.6%+74.2%+26.4%RPK (MN passenger km)

48,822

27,31035,102▼28.1%▼30.4%▼25.8%+28.5%+48.7%+13.7%ASK (MN seat km)

55,17738,03947,547▼13.8%▼14.4%▼13.2%+25.0%+45.2%+9.7%

L/F (%)

88.5%

71.8%

73.8.%

73.8%

72.3%

75.4%

73.8%

72.3%

75.4%

Revenue per Passenger (JPY) (1)54,22996,01587,927+62.1%+60.3%+64.2%

▼8.4%

▼5.6%

▼10.3%

Yield (JPY) (2)

10.9

15.3

15.9

+45.7%+41.2%+50.3%+3.7%+10.6%▼0.3%

Unit Revenue(JPY) (3)

9.6

11.0

11.7

+21.6%+15.0%+28.5%+6.6%+13.2%+3.3%

Domestic Passenger

CY19 (4)

FY22

FY23

Vs. CY19(%)（Actual number shown for L/F）

Vs. FY22(%)（Actual number shown for L/F）

Full-year(Forecast)

1st Half(Forecast)

2nd Half(Forecast)

Full-year(Forecast)

1st Half(Forecast)

2nd Half(Forecast)

Passenger Revenue (JPY Bn)

554.2

451.1

538.0

▼2.8%

▼5.7%

+0.3%

+19.4%+29.2%+11.0%

Passengers (’000)

38,36830,10935,994

▼6.2%

▼7.2%

▼5.2%

+19.5%+31.4%+9.7%

RPK (MN passenger km)

29,07023,09027,455

▼5.6%

▼6.4%

▼4.7%

+18.9%+30.4%+9.2%

ASK (MN seat km)

36,53935,24335,543

▼2.7%

▼2.8%

▼2.6%

+0.9%

+2.3%

▼0.6%

L/F (%)

79.6%

65.5%

77.2%

77.2%

77.0%

77.5%

77.2%

77.0%

77.5%

Revenue per Passenger (JPY) (1)14,445

14,983

14,967

+3.6%

+1.6%

+5.7%

▼0.1%

▼1.7%

+1.2%

Yield (JPY) (2)

19.1

19.5

19.6

+2.9%

+0.8%

+5.2%

+0.4%

▼0.9%

+1.6%

Unit Revenue(JPY) (3)

15.2

12.8

15.2

▼0.1%

▼2.9%

+2.9%

+18.4%+26.2%+11.7%(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.

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[Reference]
FY2023 Earnings Forecast (Balance Sheet and Cash Flow)
Balance Sheet
Total Assets

End of
FY22(Results)

End of
FY23(Forecast)（JPY Bn）
Diﬀ.

2,520.6

2,544.0+23.3

Balance of Interest-bearing debts

925.5

883.0

▼42.5

Shareholders’ Equity(1)

816.2

850.0

+33.7

32.4%
(39.3％)

33.4%(40.3％)+1.0pt(+1.0pt)

1.1x

1.0x

▼0.1x

0.4x
(0.1x)

0.3x(0.1x)▼0.0x(▼0.0x)Shareholders’ Equity Ratio (%)(2)(※1)
D/E Ratio (x)(3)Net D/E Ratio (x) (4) (※2)
ROIC(5)

3.3%

5.1%

+1.8%

ROE(6)

4.3%

6.6%

+2.4%

Cash Flow

FY22Q4(Results)

FY23Q4(Forecast)※1 Figures in brackets represent Shareholders’Equity Ratio based on credit rating evaluationconsidering Hybrid Finance※2 Figures in brackets represent Net D/E
Ratio based on credit rating evaluationconsidering Hybrid Finance(1)

Equity Attributable to Owners of the Parent(2)

Ratio of Equity Attributable to Owners of the
Parent to Total Assets(3)Interest-Bearing Debt/Shareholders’ Equity(4)(Interest-Bearing Debt - Cash and Deposits)/Shareholders’ Equity

Diﬀ.

(5)

Cash Flow from Operating Activities

292.9

278.0

▼14.9

Cash Flow from Investing Activities▼112.7▼227.0▼114.2

Free Cash Flow(7)

180.1

51.0

▼129.1

Cash Flow from Financing Activities

▼38.4

▼94.0

▼55.5

EBITDA (8)

222.0

253.0

+30.9

EBIT (after tax)/Average Fixed Asset at the
beginning and end of a ﬁscal year**Fixed Assets＝Inventory Assets＋Non-Current
Assets－Deferred Tax Assets－Net Deﬁned
Beneﬁt Asset(6)

Proﬁt Attributable to Owners of the Parent/Average of Shareholder’s Equity at beginningand end of a ﬁscal year

(7)

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

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

27

Fly into tomorrow.

Finance & Investor Relations
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