Consolidated Financial Results
for the year ended March 31.2018

ANA TRADING CO., LTD.
© 2018 ALL NIPPON AIRWAYS TRADING GROUP

2017年度 連結決算概要
 Consolidated Balance Sheet
Item

Prvious
Current
fisical year
fisical year
(As of March 31, 2017) (As of March 31, 2018)

AssetsCurrent assets

Item
Liabilities

44,84448,759Cash and deposits

1,669

1,660

Notes and accounts payable-trade

Notes and accounts receivable-trade

10,782

12,640

Short-term loans payable

Accounts receivable-other

4,013

4,518

Current portion of long-term debt

Lease investment assets

9,0797,945

Merchandise

8,272

10,204

Raw materials and supplies

437

341

Short-term loans receivable

6,825

7,715

Deferred tax assets

516

674

Other current assets

3,275

3,124

Allowance for doubtful account

△29

△67

16,90017,011

6,993

6,758

3,119
690

3,017
587

Fixed assets
Property and equipment
Buildings and structures
Machinery, equipment and vehicles
Tools, furniture and fixtures（Millions of yen）
Prvious
Current
fisical year
fisical year
(As of March 31, 2017) (As of March 31, 2018)

Current liabilities

23,77526,752

11,82013,042－106380

380

Finance lease obligations

1,087

1,028

Accounts payable - other

6,779

8,499

Accrued income taxes

495

527

Accrued bonuses to employees

889

973

2,321

2,194

Other current liabilities
Long-term liabilities

11,95910,607Long-term debt

1,680

1,300

Finance lease obligations
Accrued corporate executive officers’
retirement benefits

7,155

6,193

171

173

Liability for retirement benefits
Other long-term liabilities

2,170
781

2,283
656

Total liabilities

35,73437,359Net assets
Shareholders’ equity

803

751

2,2562,244

21
101

96
60

24,21826,591

2,717

2,516

Capital stock

1,000

1,000

799
1,386

685
1,688

Capital surplus
Retained earnings－
23,21826
25,564

Software in progress

491

105

Accumulative other comprehensive income

1,639

1,661

Other intangible assets

3936

Unrealized holding gain (loss) on securities

2,047

2,401

Investments and others

7,189

7,736

Unrealized gain (loss) from hedging instruments

60

△167

Investment securities

4,747

5,081

Foreign currency translation adjustments

△80

△212

480
334

460
192

Remeasurements of defined benefit plans△387151△360158

Total net assets

26,00928,411

Total liabilities and net assets

61,744

65,771Land
Construction in progress
Other
Intangible fixed assets
GoodwillSoftware

Long-term loans receivable
Deferred tax assets
Net defined benefit asset

67

90

Other

1,966

2,311

Allowance for doubtful account

△407

△400

61,744

65,771

Total assets

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

© 2018 ALL NIPPON AIRWAYS TRADING GROUP1

2017年度 連結決算概要
 Consolidated Statement of Income
Item（Millions of yen）
Current fisical year
(As of April 1, 2017
to March 31, 2018)

Prvious fisical year
(As of April 1, 2016
to March 31, 2017)

Operating revenues

136,822

142,877

Cost of operating revenues

104,811

109,605

Gross profit

32,01033,271

Selling, general and administrative expenses
Operating income

27,4184,591

29,0214,250

Non-operating income
Interest income

910

Dividend income

114

131

Equity in earnings of non-consolidated
subsidiaries and affiliates

43－

Foreign exchange gains
Surrender value of insurance

－107

128－

Income from investments in partnership

288466368

96
450

OtherTotal non-operating income
Non-operating expenses
Interest expenses

3227－

186

Equity in losses of non-consolidated subsidiaries
and affiliates
Foreign exchange losses

83－

Loss on retirement of fixed assets

544235205

39
296

4,755

4,404

Gain on sales of investment securities－

89

Gain on sales of fixed assets
Total extraordinary income

55－
89

Loss on retirement of fixed assets

702－－

Loss on valuation of investment securities
Impairment loss

4852－
85

Other
Total non-operating expenses
Ordinary income
Extraordinary incomeExtraordinary loss
Loss on sales of fixed assets

Other20－Total extraordinary losses
Profit before income taxes

193
4,566

85
4,408

Income taxes
Current

1,490

1,626

Deferred145△841,636
2,929

1,541
2,866

67
2,862

37
2,829

ProfitProfit attributable to:Non-controlling interests
Owners of parent(Note) The amounts shown are rounded down to the nearest million yen.

© 2018 ALL NIPPON AIRWAYS TRADING GROUP2

2017年度 連結決算概要● The Japanese economy this business year is gradually expanding due to continued monetary easing worldwide, while business has been
generally brisk with more foreign visitors to Japan. Under these circumstances, the group, as a trading group responsible for diverse
businesses within the ANA Group, endeavored to expand external revenue by exerting maximum leverage on our strengths to expand
business and take on new business domains. Thus, this fiscal year resulted in consolidated net sales of 142,877 million yen, 104.4%
compared to the previous year.
● For new business domains, we worked to further expand overseas businesses by establishing SG RETAIL PARTNERS PTE. LTD., aventure with a local Singaporean partner, and opening the JAPAN GOURMET HALL SORA food hall at a terminal in Changi International
Airport in December.
● Meanwhile, we completely withdrew from some businesses by transferring some miles-related products to another group company andengaging in "selection and concentration" for future growth.
● As a result, consolidated ordinary income was 4,404 million yen, 92.6% compared to the previous year, and consolidated net income
was 2,829 million yen, 98.8% compared to the previous year.

 Consolidated operating results(Unit: millions of yen)

FY2017FY2016

ChangeOperating revenues

142,877

136,822

6,055

Operating income

4,2504,591▲341

Ordinary income

4,404

4,755▲351

Net income attributable toowners of parent

2,8292,862▲33

EBITDA*1

5,5875,866▲279*1 EBITDA = Operating income + depreciation expenses© 2018 ALL NIPPON AIRWAYS TRADING GROUP

3

セグメント別の概況
 Operating revenues ratio by segment*graph does not reflect elimination of inter-company transactions

Other 1.0%
Lifestyle Business Company

Retail Business Company・Business Development Dept.
・In-flight Products & Service Dept.
・Consumer Products & Materials Dept.
・MUSASHI NO MORI COUNTRY CLUBCO., LTD.
・FUJISEY CO., LTD.

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

19%

28%

14%

Digital Marketing Company
13%

Aerospace &Electronics Company
・Aviation Dept.
・Aerospace Industry Solutions Dept.
・The Electronics Dept.
・Aircraft Parts Dept.
・ANA TRADING CORP.,U.S.A.
(Machinery & Aircraft Parts Business)
・INTERNATIONAL CARGO SERVICE CO., LTD.
(Aircraft Operations Support Business)

25%

・Business Development Dept.
・In-flight Sales Merchandising Dept.
・Web Marketing & Sales Dept.
・AD. & Media Dept.
・ANA-KUROKO STRATEGIC SOLUTIONSCO., LTD.
・ANA DIGITAL GATE, INC.

Food Business Company・ANA FOODS CO., LTD.
・A-SWEETS HOUSE INC.
・ANA TRADING CORP.,U.S.A. (Foods Business)© 2018 ALL NIPPON AIRWAYS TRADING GROUP

4セグメント別の概況
 Retail Business Company(Unit: million of yen)

● In addition to much higher revenue and income at ANA TRADING DUTY
FREE CO., LTD. on the back of the increase in foreign visitors to Japan,ANA FESTA CO., LTD. airport shop operations performed well to help
post our highest revenues ever.
● In our overseas business, in December we established SG RETAILPARTNERS PTE. LTD., a venture with a local partner in Singapore, andopened the JAPAN GOURMET HALL SORA food hall at a ChangiInternational Airport terminal, to further expand business.

Operating revenues

Operating income

40,16334,789

1,742● As a result, operating revenues were 40,163 million yen, 115%
compared to the previous year, and operating income was 1,742
million yen, 135% compared to the previous year.

1,288*elimination of inter-company transactions not included

 Digital Marketing Company● In addition to Ad & Media Business sales driven by Sky Vision in-flight
ANA programming and direct mail, ANA-KUROKO STRATEGICSOLUTIONS CO., LTD. performed well to increase revenue and income.
It should be noted that ANA-KUROKO STRATEGIC SOLUTIONS CO., LTD.
became a wholly-owned subsidiary at the end of March to further
capture business opportunities in the digital marketing domain.
● The A-Style e-commerce site contributed to sales in the Web Marketing& Sales Business, while the In-flight Sales Merchandising Businessperformed well on international routes. In addition, ANA DIGITAL GATE,INC. significantly increased revenue by handling more transactions.

(Unit: million of yen)

Operating revenues

21,800Operating income

19,064

1,130940● Meanwhile, since FY2017 we have transferred some miles-related
products to another group company.
● As a result, operating revenues were 19,064 million yen, 87% comparedto the previous year, and operating income was 940 million yen, 83%
compared to the previous year.

*elimination of inter-company transactions not included© 2018 ALL NIPPON AIRWAYS TRADING GROUP

5

セグメント別の概況
 Food Business Company● Revenue and income in the Fresh Food Business fell despite efforts atflexible procurement from contract plantations in response to an
unprecedentedly poor supply-demand balance throughout the industry.
● Revenue and income in the Processed Food Business rose as a result ofbrisk nut sales, despite difficulties with some other products due tounseasonable weather in production areas.

(Unit: million of yen)

Operating revenues

35,773Operating income

36,496● While the Export Business performed more favorably thanks to efforts to
expand business amid growing demand for Japanese food in Asia,
revenue and income fell as a result of intensified competition that droveup the cost of acquiring new business areas for future growth.

1,323● As a result, operating revenues were 36,496 million yen, 102%
compared to the previous year, and operating income was 639 million
yen, 48% compared to the previous year.

 Aerospace & Electronics Company● The Electronics Business increased revenue and income, expanding
overseas contracting for semiconductor manufacture by strengthening
services and support for domestic clients amid voracious demand in thesemiconductor industry.
● In the aircraft and aviation related businesses, we endeavoured toincrease revenue and income throughout the group by: supporting
aircraft operation and helping to improve competitiveness for ANA Groupairline companies through reduced procurement costs and higher qualityof aircraft parts and equipment, as well as ground support equipment;
and globally growing our business in selling aircraft parts taken fromretired aircraft via business locations in the U.S., Europe and Asia.
● In October, we created the Aerospace Industry Solutions Dept. in anorganizational revamp. The department began operating with the goalsof adding domestic customers and offering greater support, as well ascontributing to the promotion of the domestic airline industry.
● As a result, operating revenues were 20,788 million yen, 112%compared to the previous year, and operating income was 1,328 millionyen, 110% compared to the previous year.

639*elimination of inter-company transactions not included(Unit: million of yen)

Operating revenues

Operating income

20,78818,516
1,328

1,208

*elimination of inter-company transactions not included© 2018 ALL NIPPON AIRWAYS TRADING GROUP

6

セグメント別の概況
 Lifestyle Business Company● In the Consumer Products & Materials Business, we will execute a fullwithdrawal from some unprofitable business by selecting andconcentrating for future growth. Meanwhile, we focused on sales ofproducts to restaurants and anti-bacterial odor-eliminating agents.
● The In-flight Products & Service Business endeavoured to securerevenues through steady procurement and supply in response to risingdemand for in-flight products and services as the number of ANA
passengers has risen and new services have been introduced.
● As a result, operating revenues were 27,466 million yen, 101%
compared to the previous year, and operating income was 102 million
yen, 28% compared to the previous year.

(Unit: million of yen)

Operating revenues

27,135

Operating income

27,466362
102*elimination of inter-company transactions not included© 2018 ALL NIPPON AIRWAYS TRADING GROUP

7

財務ハイライトMajor financial figures(Unit: million of yen)

FY2013

FY2014FY2015FY2016FY2017

110,675

126,767

140,606

136,822

142,877

Ordinary income

3,475

4,161

5,603

4,755

4,404

Net income attributable toowners of parent

2,019

2,989

3,460

2,862

2,829

Total assets

54,89863,28862,76561,744

65,771

Net assets

18,30923,222

22,74326,00928,411

33.4

36.7

36.2

42.143.1

Operating revenues

Equity ratio (%)

Transitions in operating revenues and net income(Operating revenues)(Unit: million of yen)

Operating
売上高revenues

Net income
当期純利益(Net income)(Unit: million of yen)

160,000

4,000
140,606

140,000
120,000

136,822

142,877

126,767
3,460

110,675

2,862

2,829

Total assets
総資産70,00060,000

63,288(Unit: million of yen)

Net assets
純資産62,76565,771
61,74454,89850,0002,500
40,00080,00060,000

3,500
3,000

2,989

100,000

Transitions in total assets and net assets

2,000
2,019

1,50040,000

1,000

20,00050000
2013年度FY20132014年度FY20142015年度FY20152016年度FY20162017年度FY201730,00023,22226,00928,411

22,74318,30920,00010,0000
FY20132013年度FY20142014年度FY20152015年度FY20162016年度FY20172017年度© 2018 ALL NIPPON AIRWAYS TRADING GROUP

8