Consolidated Financial Results
for the year ended March 31, 2024

Overview of Consolidated Financial Results for FY2023
 Consolidated Balance Sheet
Item(Millions of yen)March 31, 2023

March 31, 2024

44,36448,304

Cash and deposits
Notes and accounts receivable-trade

2,937
9,129

3,976
11,281

Notes and accounts payable-trade
Current portion of long-term debt

Accounts receivable-other
Lease investment assets

4,775
6,480

5,494
6,003

Finance lease obligations
Accounts payable - otherMerchandise
Raw materials and supplies

7,448
236

10,246358Accrued income taxes
Accrued bonuses to employees

Short-term loans receivable
Other current assets

8,833
4,648

6,231
3,028

Other current liabilities

Allowance for doubtful account

△ 78

△ 74

22,981

25,167

Property and equipment

6,563

6,961

Buildings and structures

2,031

2,083

607
662

737
656

2,188
9

2,215
4

1,064
1,281

1,265
1,857

Goodwill
Software

236
486

112
915

Software in progress
Other intangible assets

506
51

782
46

Investments and others
Investment securities

15,135
9,386

16,348
10,199AssetsCurrent assets

Fixed assets

Machinery, equipment and vehicles
Tools, furniture and fixtures
Land
Construction in progress
Other
Intangible fixed assets

Long-term loans receivable

347

335

Deferred tax assets

2,866

2,150

Net defined benefit asset
Other924
2,192

2,013
2,223

Allowance for doubtful account

△ 580

△ 573

67,34573,471

Total assets

Item

March 31, 2023

March 31, 2024

24,582

25,31910,211
260

11,387
-

1,523
8,982

1,033
8,426

387
325

590
607

2,893

3,274

8,205
-

8,527
-

Finance lease obligations
Accrued corporate executive officers’
retirement benefits
Liability for retirement benefits

3,842

4,088

211

245

2,551

2,339

Other long-term liabilities

1,600

1,853

32,78833,847

Shareholders’ equity
Capital stock

29,6291,000

32,8641,000

Capital surplus
Retained earnings

26
28,60225
31,839

4,614
3,420

6,441
3,235

△ 24849225
1,740

Liabilities
Current liabilities

Long-term liabilities
Long-term debt

Total liabilities
Net assets

Accumulative other comprehensive income
Unrealized holding gain (loss) on securities
Unrealized gain (loss) from hedging instruments
Foreign currency translation adjustments

369

1,239

312

318

Total net assets

34,55739,624

Total liabilities and net assets

67,34573,471Remeasurements of defined benefit plans

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

© 2024 ALL NIPPON AIRWAYS TRADING GROUP

1

Overview of Consolidated Financial Results for FY2023
 Consolidated Statement of Income
Item
Operating revenues(Millions of yen)March 31, 2023

March 31, 2024

106,066

121,297

Cost of operating revenues
Gross profit

80,82925,23691,30429,992

Selling, general and administrative expenses
Operating income(loss)

21,814
3,422

25,234
4,757

Non-operating income
Interest income

1822

Dividend income

172

150-

725

Foreign exchange gains

365

133

Employment adjustment subsidy
Other

88-

69
714

218
1,250

1714

291

947

310
3,826

72
5,936

Extraordinary gains
Total extraordinary gains－－Extraordinary loss
Loss on valuation of investment securities

96-

78
291

-

Equity in earnings of non-consolidated
subsidiaries and affiliates

Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of fixed assets
Other
Total non-operating expenses
Ordinary income(loss)

Impairment loss
Other
Total extraordinary losses

468-

Income before income taxes
Income taxes -current

3,358
921

5,936
1,288

Income taxes -deferred
Total income taxes

△ 148
772

490
1,778

ProfitProfit attributable to non-controlling interests

2,585
46

4,157
71

Owners of parent

2,539

4,085(Note) The amounts shown are rounded down to the nearest million yen.

© 2024 ALL NIPPON AIRWAYS TRADING GROUP

2

Overview of Consolidated Financial Results for FY2023●During the fiscal year under review, the Japanese economy experienced significant changes leading to the normalization of economic activity and theovercoming of deflation, such as the reclassification of COVID-19 as a Class V infectious disease under Japan’s Infectious Disease Act, the acceleration ofwage increases, and price pass-through by companies. However, the pace of recovery of the Japanese economy was sluggish, contrary to expectations,due to stagnant personal consumption and capital investment, which were held back by high prices due mainly to the effects of the yen's depreciation.
Under these circumstances, the ANA Trading Group has been striving to expand revenues from outside the Group by expanding its businesses utilizing its
strengths to the maximum and taking on challenges in new business areas, under the basic policy of realizing business diversification and multi-tieredearnings.
●As a result, the Group posted consolidated operating income of 4,757 million yen. Ordinary income and net income reached record highs of 5,936 million
yen and 4,085 million yen, respectively, due to the incorporation of equity income at ANA TRADING CORP., U.S.A. and the recording of gains on sales offixed assets at ANA FESTA as non-operating income.
●As for the general situation across our businesses, the electronics (semiconductor) business continued to be a pillar of earnings as sales of power
semiconductors, mainly for EVs, remained strong, despite the rise of local companies in the raw material sales market in China, and sales of products for
LED and mobile phone applications also remained robust as a result of the diversification of product lineup. The earnings of ANA FOODS remained briskon the back of cost reforms in each business, despite difficulties due to the entry of competitors into the gift business. The Aviation Business posted its firstprofit since FY2020, thanks to increased revenues from aircraft equipment sales, supported by growth in defense budgets.
(Total operating income: 2,919 million yen / +416 million yen compared to the previous year.)●Amid an increase in passenger traffic, ANA TRADING DUTY FREE (duty-free shop at airport) managed to secure profits by adjusting its personnel
structure to meet the increase in demand, and by working on a product lineup tailored to the increasing demand from passengers from Southeast Asia andEurope after the pandemic. In ANA FESTA (souvenir shop at airport), earnings increased reflecting an effort to steadily capture demand by strengthening
merchandise and services using digital technologies at major airports. Furthermore, FUJISEY (souvenir wholesale, etc.) posted record profits due toexpansion of business with sports organizations and local governments on top of rising demand for tourist souvenirs.
(Total operating income: 2,237 million yen / +2,032 million yen compared to the previous year.) Consolidated Operating Results(Millions of yen)

FY2022

FY2023

ChangeOperating revenues

106,066

121,297+15,231

Operating income

3,422

4,757+1,335

Ordinary income

3,826

5,936+2,110

Net income attributable toowners of the parent

2,539

4,085

+1,546© 2024 ALL NIPPON AIRWAYS TRADING GROUP

3

Financial Highlights
Major Financial Figures(Millions of yen)

FY2019FY2020

FY2021

FY2022

FY2023Operating revenues

147,291

82,487

83,128106,066

121,297

Operating income

3,074▲4,305498

3,422

4,757

Ordinary income

3,654▲2,682

1,474

3,826

5,936

Net income attributable toowners of the parent

2,112▲3,138

365

2,539

4,085

Total assets

64,75960,656

60,58567,34573,471

Net assets

31,06329,871

31,26534,55739,624

47.8

49.2

51.6

51.3

53.5

Equity ratio (%)

Trend in Operating Revenues and Net Income
Operating revenues

Net income

160,000
150,000

6,000
147,291
4,085

140,000
130,000

5,000
4,000

2,539

2,112

121,297

120,000

3,000
2,000

365

110,000

106,066

1,000

100,000

0

90,000(1,000)82,487

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

83,128

Total assets

70,0000

FY202331,06329,871

31,26534,55720,000(4,000)
FY202260,58530,00010,000

FY202160,656

39,62440,000(3,000)

FY202067,34550,00070,000FY201964,75960,000(2,000)▲ 3,138

73,47180,00080,00060,000(Millions of yen)

Net assets

FY2019FY2020© 2024 ALL NIPPON AIRWAYS TRADING GROUP

FY2021

FY2022

FY20234