Consolidated Financial Results
for the year ended March 31, 2020

Overview of Consolidated Financial Results for FY2019
 Consolidated Balance Sheet
Item（Millions of yen）

March 31, 2019

March 31, 2020

March 31, 2019

March 31, 2020

49,21044,960Cash and deposits
Notes and accounts receivable-trade

2,160
11,645

1,902
10,530Notes and accounts payable-trade
Short-term loans payable

27,66824,37913,757266

10,204359

Accounts receivable-other
Lease investment assets

4,761
8,014

3,135
8,476

Current portion of long-term debt
Finance lease obligations260
1,135

272
2,251

Merchandise
Raw materials and supplies

10,773241

11,244143

Accounts payable - otherAccrued income taxes

8,793
482

7,688
406

Short-term loans receivable
Advances paid
Other current assets

7,588

6,748

Accrued bonuses to employees

1,043

759

1,250
2,834

457
2,455

Other current liabilities

1,930

2,438

Allowance for doubtful account

△ 58

△ 134

10,081
1,039

9,317
847

19,724

19,799

5,493

4,241

Property and equipment

6,284

6,709

213

224

Buildings and structures

2,868

2,827

2,7913,219

490
629

412
930

543

784

2,216
92,151352

37,74933,696

70
2,329

72
2,260

Shareholders’ equity
Capital stock

29,2131,000

29,999
1,000

570
1,584

591
1,549

Capital surplus
Retained earnings

26
28,18626
28,972

137

83

Accumulative other comprehensive income

1,793

936

36
11,11135
10,830

Unrealized holding gain (loss) on securities

2,489
38

1,887
77

Investment securities
Long-term loans receivable

7,596
400

6,736
363

Foreign currency translation adjustments

△ 160
△ 574

△ 252
△ 775

Deferred tax assets
Net defined benefit asset

888
90

1,374
69

179

127

2,525
△ 391

2,612
△ 365

Total net assets

31,18531,06368,93564,759Total liabilities and net assets

68,93564,759AssetsCurrent assets

Fixed assets

Machinery, equipment and vehicles
Tools, furniture and fixtures
LandConstruction in progress
Other
Intangible fixed assets
Goodwill
Software
Software in progress
Other intangible assets
Investments and others

Other
Allowance for doubtful accountTotal assets

Item
Liabilities
Current liabilities

Long-term liabilities
Long-term debt
Finance lease obligationsAccrued corporate executive officers’
retirement benefits
Liability for retirement benefits
Other long-term liabilities
Total liabilities
Net assets

Unrealized gain (loss) from hedging instruments
Remeasurements of defined benefit plans

Non-controlling interests(Note) The amounts shown are rounded down to the nearest million yen.

© 2020 ALL NIPPON AIRWAYS TRADING GROUP

1

Overview of Consolidated Financial Results for FY2019
 Consolidated Statement of Income
Item（Millions of yen）

March 31, 2019

Operating revenues

March 31, 2020

Cost of operating revenues

152,081
116,336

147,291
113,262

Gross profit

35,74534,028Selling, general and administrative expenses
Operating income

31,9403,804

30,954
3,074

Non-operating income
Interest income

1215

Dividend income
Equity in earnings of non-consolidated subsidiaries andaffiliates
Foreign exchange gains

231

156

248

355

167

217

Income from investments in partnership
Other497

－80

96

1,237

841

Interest expenses
Loss on retirement of fixed assets

3132

37

19

Other

45

209

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary loss

1142624,927

3,654

Loss on sales of fixed assets

1－

Loss on valuation of investment securities

41222

Impairment loss
Loss on disaster

138
17364－Other499

204
4,722

686
2,967

1,611
△ 361,197△ 315

Profit

1,575
3,147

881
2,085

Profit attributable to non-controlling interests
Owners of parent

58
3,088

△ 27
2,112

Total extraordinary losses
Profit before income taxes
Income taxes -current
Income taxes -deferred
Total income taxes(Note) The amounts shown are rounded down to the nearest million yen.

© 2020 ALL NIPPON AIRWAYS TRADING GROUP2

Overview of Consolidated Financial Results for FY2019●The Japanese economy this fiscal year remained on a mild recovery trend but was stagnant due to the impact of US-China
trade friction and a downturn in consumer spending caused by the consumption tax rate hike enacted in October 2019.
Most recently, the COVID-19 pandemic has had a massive impact on the global economy and conditions are likely to remain
severe for the foreseeable future.
●As the ANA Trading Group responsible for diverse business within the ANA Group, we focused on increasing revenues fromoutside sales by maximizing our strengths to achieve business expansion and challenging ourselves to new business domains.
●In new business domains, ANA TRADING CORP., U.S.A. acquired a 100% stake in FARWEST AIRCRAFT, INC.,
a US distributor of aircraft maintenance parts, in May 2019 to further increase sales of aircraft maintenance parts.
●However, consolidated net sales were 147,291 million yen, a decrease of 4% YoY, and operating income was 3,074 million
yen, a decrease of 20% YoY, due to changes in the purchasing behavior of inbound foreigners, lower sales due to decreased
flights and passengers as a result of the COVID-19 pandemic, and decreased revenues and income from the Food business.
●The above factors resulted in net income attributable to owners of parent of 2,112 million yen, a decrease of 32% YoY.

 Consolidated Operating Results(Millions of yen)

FY2018FY2019ChangeOperating revenues

152,081

147,291▲4,790Operating income

3,804

3,074▲730

Ordinary income

4,927

3,654

▲1,273

Net income attributable toowners of parent

3,088

2,112

▲976

EBITDA*1

5,092

4,543▲549*1 EBITDA = Operating income + depreciation expenses© 2020 ALL NIPPON AIRWAYS TRADING GROUP

3Overview of Business Segments Ratio of Operating Revenues by Segment* Graph does not reflect elimination of inter-company transactions

Other 1.0%
Lifestyle Business Company
・ In-flight Products & Service Dept.
・ Consumer Products & Materials Dept.
・ MUSASHI NO MORI COUNTRY CLUBCO., LTD.
・ FUJISEY CO., LTD.

Retail Business Company

18%

・ Business Development Dept.
・ ANA FESTA CO., LTD.
・ ANA TRADING DUTY FREE CO., LTD.
・ SG RETAIL PARTNERS PTE. LTD.

28%

16%

Digital Marketing Business Company14%Aerospace & Electronics
Business Company

23%

・ Aviation Dept.
・ Aerospace Systems Dept.
・ Electronics Dept.
・ Aircraft Parts Dept.
・ FARWEST AIRCRAFT, INC.
・ ANA TRADING CORP.,U.S.A.
(Machinery & Aircraft Parts Business)
・ INTERNATIONAL CARGO SERVICE CO., LTD.
(Aircraft Operations Support Business)

・ Business Development Dept.
・ In-flight Sales Merchandising Dept.
・ EC Business Dept.
・ B2B Business Solutions Dept.
・ Airline Business Solutions Dept.
・ ANA CREATIVE OPERATION SERVICES CO., LTD.
・ ANA DIGITAL GATE, INC.

Food Business Company
・ ANA FOODS CO., LTD.
・ A-SWEETS HOUSE INC. (until the end of June, 2019)
・ ANA TRADING CORP.,U.S.A. (Foods Business)© 2020 ALL NIPPON AIRWAYS TRADING GROUP

4

Overview of Business Segments(Millions of yen) Retail Business Company

Operating revenues●The Retail Business Company worked to maximize revenues, particularly fromthe domestic airport retail business, while addressing market environmentchanges.
●ANA FESTA Co., Ltd. responded to changes in passenger movements resulting
from the privatization of domestic airport operations and airport restructuring.
ANA TRADING Duty Free Co., Ltd. responded to changes to the purchasingtrends of foreign visitors. However, revenues and income decreased due to thesignificant impact of decreased passenger numbers caused by the COVID-19
pandemic during 4Q.

Operating income

46,837

41,574

1,795
34,789385●The above factors resulted in net sales of 41,574 million yen, a decrease of 11%
YoY, and operating income of 385 million yen, a decrease of 79% YoY.

2018年度FY20182019年度FY20192018年度FY20182019年度FY2019* Inter-company transactions have not been eliminated.

 Digital Marketing Business Company●The Digital Marketing Business Company promoted business expansion andinnovation within all businesses and operating companies with a focus on digitalthemes.
●The EC Business Dept. recorded increased revenues thanks to the benefits ofMileage Direct, a service that allows members to use mileage directly for shoppingon the EC website A-style. The In-flight Sales Merchandising Dept. recorded firmsales from promotions for pre-flight reservations and ANASTORE@SKY on
domestic routes, which allows passengers to make purchases for up to two days
after deboarding their flight. The B2B Business Solutions Dept. saw favorable salesof e-GIFT, a digital gift services exclusively for corporate customers.
Also, ANA Digital Gate, Inc. recorded increased sales for payment services andterminal sales.
●The above factors resulted in net sales of 20,765 million yen, an increase of 3%
YoY, and operating income of 1,100 million yen, an increase of 4% YoY.

(Millions of yen)

Operating revenues
20,144

Operating income

20,765

1,058

1,100

21,8001,130

FY20182018年度FY20192019年度FY20182018年度FY20192019年度*Inter-company transactions have not been eliminated.

© 2020 ALL NIPPON AIRWAYS TRADING GROUP

5Overview of Business Segments
 Food Business Company(Millions of yen)

●The Food Business Company focused on concentration and selection based on theneeds of domestic and overseas companies as it worked to strengthen business andcreate new value.
●The Fresh Food Business experienced quality trouble and an increase in ancillarycosts due to an elongation of the period between shipments from producer sites toproduct sale as a result of an inspection order imposed on bananas imported fromthe Philippines. On the other hand, since March, demand has trended upward due tostay-at-home requests. The Processed Food Business recorded decreased revenues
due to stagnant contract numbers for nuts as raw materials. Furthermore, wewithdrew from the Sweets Business as of Q1.
(YoY change in net sales: -1,423 million yen)
●The above factors resulted in net sales of 34,891 million yen, a decrease of 8% YoY,
and operating income of 109 million yen, a decrease of 76% YoY.

Operating revenues
38,113Operating income

34,891449

35,7731091,323

2018年度FY20182019年度FY20192018年度FY20182019年度FY2019* Inter-company transactions have not been eliminated.

 Aerospace & Electronics Business Company●The Aerospace & Electronics Business Company works to maximize our strengths
as the ANA Group trading company towards establishing a unique position in theasset business and materials business. The company also worked to maximize
customer value and income by strengthening our marketing and sales capabilities
in our four core global regions (Japan, Americas, Europe, and Asia).
●The Aircraft Parts Dept. significantly expanded sales of parts, mainly to overseas
customers. The Aviation Dept. increased its product line of passenger cabin fixturesand from May 2019 began offering maintenance parts through FARWEST in the USA,
which contributed to increased revenues and income. While the Aerospace Systems
Dept. expanded sales of defense materials and saw favorable deliveries of security
materials, the Electronics Dept. saw decreased demand due to US-China trade
friction. However, sales of semiconductor wafers to China increased.
●The above factors resulted in net sales of 24,175 million yen, an increase of 13%
YoY, and operating income of 1,793 million yen, an increase of 82% YoY.

(Millions of yen)

Operating revenues

Operating income

24,17521,364

1,793986
18,516
1,208

2018年度FY20182019年度FY2019FY20182018年度FY20192019年度* Inter-company transactions have not been eliminated.

© 2020 ALL NIPPON AIRWAYS TRADING GROUP

6

Overview of Business Segments(Millions of yen)

 Lifestyle Business Company

Operating revenues●The Lifestyle Business Company worked to increase added value within eachbusiness department while using strong existing partnerships and our market
competitiveness established through our history of contributions to the ANAGroup to develop new business in Asia and create new businesses in the lifestyle
domain.
●The Consumer Products & Materials Dept. recorded increased revenues andincome on increased sales of the disinfectant and deodorizer A2Care, and salesof licensed products for the Tokyo 2020 Olympic and Paralympic Games throughFujisey Co., Ltd., which handles tourist gifts. The In-flight Products & Service
Dept. recorded income through Q3 thanks to favorable planning, development,procurement, and distribution of products and drinks for ANA flights.
●The above factors resulted in net sales of 27,067million yen, an increase of 1%
YoY, and operating income of 176 million yen.

26,908Operating income

27,067

27,135176

362

FY20182018年度FY20192019年度▲121

2018年度FY20182019年度FY2019* Inter-company transactions have not been eliminated.

© 2020 ALL NIPPON AIRWAYS TRADING GROUP

7

Financial Highlights
 Major Financial Figures(Millions of yen)

FY2015
Operating revenues

FY2016FY2017FY2018FY2019140,606

136,822

142,877

152,081

147,291

Ordinary income

5,603

4,755

4,404

4,927

3,654

Owners of parent

3,460

2,862

2,829

3,088

2,112

Total assets

62,76561,744

65,771

68,93564,759Net assets

22,74326,00928,411

31,18531,063

36.1

41.9

43.0

45.0

47.8

Equity ratio (%)

 Trend in Operating Revenues and Net Income

 Trend in Total Assets and Net Assets(Millions of yen)

(Millions of yen)

160,000

6,000
152,081150,000
140,000

140,606

142,877

147,291

120,000

3,460
2,862

110,000

5,000

60,0004,000

50,000136,822130,000

2,829

3,000

3,088

80,0002016年度FY20162017年度FY20172018年度FY20182019年度FY201922,74326,00928,41164,75931,18531,06320,0000
2015年度FY201561,744

68,935

2,000
1,000

90,00062,76565,77140,00030,0002,112

100,000

70,00010,0000

2015年度FY20152016年度FY2016© 2020 ALL NIPPON AIRWAYS TRADING GROUP

2017年度FY20172018年度FY20182019年度FY20198