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Positioned for a New Chapter of Growth ANNUAL REPORT 2005

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Positioned for a New Chapter of Growth ANNUAL REPORT 2005 All Nippon Airways Co., Ltd. Annual Report 2005 For the Year Ended March 31, 2005 ALL NIPPON AIRWAYS CO., LTD. CO., LTD. ALL NIPPON AIRWAYS Positioned for A New Chapter of Growth ANNUAL REPORT 2005 ANNUAL REPORT Good Times Fly Profi le In the more than 50 years since its founding in 1952, All Nippon Airways Co., Ltd. (ANA), has provided air transportation services, with the highest priority on safe operations. ANA is proud of the high level of trust that customers have placed in the Company. As a result of that trust, ANA has grown into the world’s 10th largest airline, with more than 48 million passengers a year. With an overriding emphasis on safety and customer satisfaction, the ANA Group will continue working to be the number one airline group in Asia. ANA Group Our Commitments Philosophy On a foundation of security and reliability, the ANA Group will • Create attractive surroundings for customers • Continue to be a familiar presence • Offer dreams and experiences to people around the world Contents 1 Consolidated Financial Highlights Forward-Look ing State ments 2 ANA at a Glance This annual report contains statements based on ANA’s current plans, estimates, strategies, and beliefs; all statements that are not statements of historical fact are forward-looking state- 4 To Our Shareholders ments. These statements repre sent the judgments and hypotheses of the Company’s manage- 6 The ANA Group Mid-Term Corporate Plan (April 2005 to March 2008) ment based on currently available infor ma tion. Air transpor ta tion, the Compa ny’s core business, involves govern ment-mandated costs that are beyond the Compa ny’s control, such as airport 11 Review of Operations utilization fees and fuel taxes. In addition, condi tions in the markets served by the Compa ny are 19 Market Information subject to signifi cant fl uc tua tions. It is possible that these conditions will change dra mati cal ly due to a number of factors, such as trends in technol o gies, demand, prices, and economic 20 CSR (Corporate Social Responsibility) Activities envi ron ments; foreign exchange rate fl uc tu a tions; and others. Due to these risks and uncer- 24 Management Members tainties, it is possible that the Compa ny’s future perfor mance will differ signifi cant ly from the contents of this annu al report. Accordingly, there is no assur ance that the forward-looking 25 Financial Section statements in this annu al report will prove to be accurate. 59 The ANA Group 60 Consolidated Eleven-Year Summary 62 ANA Route System 64 ANA Directory 65 Investor Information 28 Consolidated Financial Highlights All Nippon Airways Co., Ltd. and its consolidated subsidiaries Years ended March 31, 2005, 2004 and 2003 Yen (Millions) U.S. dollars (Thousands) 2005 2004 2003 2005 For the Year: Operating revenues . ¥1,292,813 ¥1,217,596 ¥1,215,909 $12,038,486 Operating expenses . 1,215,039 1,183,242 1,218,506 11,314,266 Operating income (loss) . 77,774 34,354 (2,597) 724,220 Income (loss) before income taxes and minority interests . 45,679 35,221 (54,821) 425,356 Net income (loss) . 26,970 24,756 (28,256) 251,141 At Year-End: Total assets . ¥1,606,613 ¥1,565,106 ¥1,442,573 $14,960,546 Interest-bearing debt . 942,256 1,031,713 945,395 8,774,150 Total shareholders’ equity . 214,284 150,086 121,954 1,995,381 Yen U.S. dollars Per Share Data: Net income (loss) . ¥17.26 ¥16.14 ¥(18.42) $0.161 Net income assuming full dilution . 15.31 14.10 − 0.143 Cash dividends . 3.00 3.00 − 0.028 % Management Indexes ROA . 5.2% 2.7% 0.3% ROE . 14.8 18.2 – Notes: 1. U.S. dollar amounts in this report are translated, for convenience only, at the rate of ¥107.39=US$1, the approximate exchange rate as of March 31, 2005. 2. As of March 31, 2005, there were 96 consolidated subsidiaries and 22 equity-method subsidiaries and affiliates. 3. ROA = (operating income + interest and dividend income) / simple average of total assets 4. ROE = net income / simple average of total assets Operating Revenues / Total Assets / ROA / ROE Operating Income (Loss) Margin Shareholders’ Equity Ratio (¥ Billions) (%) (¥ Billions) (%) ROA (%) ROE (%) 1,500 8 2,000 16 8 60 6 45 1,200 6 1,500 12 4 30 900 4 1,000 8 2 15 600 2 0 0 500 4 300 0 –2 –15 0 –2 0 0 –4 –30 01/3 02/3 03/3 04/3 05/3 01/3 02/3 03/3 04/3 05/3 01/3 02/3 03/3 04/3 05/3 Operating Revenues Total Assets ROA Operating Income (Loss) Margin Shareholders’ Equity Ratio ROE 1 ANA at a Glance Business Activities Air Transportation Centered on ANA, the Company conducts air transportation opera- tions and other operations using aircraft on domestic and international routes. The Company principally provides passenger, cargo, and mail transportation services. With 48.6 million passengers a year, ANA is one of the world’s leading airline groups. ANA also provides a range of services for customers at airports, telephone-based reservations guidance, and aircraft maintenance services. Domestic Routes As of June 2005, ANA operates 865 flights a day on 132 routes. With 44.5 million passengers a year, the Company has a market share of about 50%. ANA is working to improve all aspects of services for customers, from reservations to ticket pur- chase and boarding, in line with the key words “simple” and “convenient.” ANA transports 510,000 tons of cargo and mail a year, and the Company is taking steps to increase its capacity, such as offering late-night scheduled cargo flights. International Routes As of June 2005, ANA operates 488 flights a week on 35 routes and carries 4.1 mil- lion passengers a year. The Company is a leading member of Star Alliance, the world’s largest airline alliance. Along with other member airlines, ANA provides highly convenient air transportation services. A special focus for the Company is the establishment of an East Asia network, centered on China. ANA transports 250,000 tons of cargo and mail a year, and the Company is implementing measur- ings to reinforce its operational foundation, such as adding cargo freighters. Travel Services The Company develops and sells products using ANA Group air trans- portation services and accommodations at ANA hotels. The principal products are ANA Hallo Tour overseas travel packages and ANA Sky Holiday domestic travel packages. Hotel Operations The Company manages hotels, centered on major cities in Japan, and provides hotel chain management support. We offer a range of services, including accommodations and food and beverage. ANA aims to pro- vide the highest level of service to satisfy its customers. Other Businesses In other businesses, ANA’s operations are principally related to air transportation, including information and telecommunications, trading, retailing, real estate and building maintenance, ground transportation and distribution, and aircraft equipment repair. 22 3 Segment Revenues as a Percentage of Segment Revenues Operating Revenues Major Group Companies 1,200 (¥ Billions) Air Transportation 800 All Nippon Airways Co., Ltd. (ANA) Air Nippon Co., Ltd. (ANK) 70.7% 400 Air Japan Co., Ltd. (AJX) Air Hokkaido Co., Ltd. (ADK) 0 01/3 02/3 03/3 04/3 05/3 Air Nippon Network Co., Ltd. (AKX) Air Transportation Support ANA Catering Service Co., Ltd. 900 (¥ Billions) Osaka Airport Service Co., Ltd. 600 International Airport Utility Co., Ltd. New Tokyo Airport Service Co., Ltd. 46.2% 300 ANA Aircraft Maintenance Co., Ltd. 0 01/3 02/3 03/3 04/3 05/3 400 (¥ Billions) 300 17.5% 200 100 0 01/3 02/3 03/3 04/3 05/3 200 (¥ Billions) ANA Sales Co., Ltd. 150 12.6% 100 50 0 01/3 02/3 03/3 04/3 05/3 90 (¥ Billions) ANA Property Management Co., Ltd. ANA Hotels & Resorts Co., Ltd. 60 4.6% ANA Hotel Management Co., Ltd. 30 ANA Hotel Tokyo Co., Ltd. Okinawa ANA Resort Co., Ltd. 0 01/3 02/3 03/3 04/3 05/3 200 (¥ Billions) All Nippon Airways Trading Co., Ltd. 150 ANA Real Estate Co., Ltd. 12.1% 100 ANA Information Systems Planning Co., Ltd. Infini Travel Information, Inc. 50 ANA Logistic Service Co., Ltd. 0 01/3 02/3 03/3 04/3 05/3 Jamco Corporation 2 3 To Our Shareholders Highlights of the Fiscal Year Ended March 2005 • We recorded solid performances in international and cargo operations, and operating revenues rose 6.2%, to ¥1,292.8 billion. • Despite higher fuel prices, vigorous efforts to reform our cost structure limited the increase in operating expenses, which rose 2.7%, to ¥1,215.0 billion. • Operating income was up 126.4%, to ¥77.7 billion, the second highest level in the Company’s history. • Net income increased 8.9%, to ¥26.9 billion. • We paid dividends of ¥3.00 per share. Aiming to Be the Number One Airline Group second highest level in the Company’s history, in Asia and net income increased 8.9%, to ¥26.9 billion. Cash dividends were set at ¥3.00 per On April 1, 2005, Yoji Ohashi became share. chairman of the Board of Directors, and I became president and CEO. My objective is to Implementing the ANA Group Mid-Term realize as soon as possible the corporate vision Corporate Plan (April 2005 to March 2008) announced by Mr. Ohashi: being the number one airline group in Asia. I will dedicate The expansion and internationalization my efforts to maintaining safe operations, of Haneda Airport are scheduled for to achieving this vision, and to meeting the completion in 2009.
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