2016 3 2016 4 28 1
. 2015 2016. 2016 2015 2016 2016 2016. 2015 LCC P. 4 P. 5 P. 6 P. 7 P. 8 P. 10 P. 11 P. 12 P. 13 P. 14 P. 15 P. 16 P. 17-18 P. 19-22 P. 23 P. 24-26 P. 27 P. 28 2016 捗. P. 30 P. 31 P. 32 P. 33 P. 34 P. 35 P. 36 P. 37 P. 38 P. 40 P. 41 P. 42 2
. 2015 2016 3
2015 2016 2015 2016 1 17,911 + 777 + 11 18,100 + 188 15,532 + 686 17 15,600 + 67 1,364 + 449 + 114 1,450 + 85 1,397 + 580 + 127 1,335 62 7.6% + 2.3% + 0.6% 8.0% + 0.4% 1,307 + 635 + 207 1,300 7 781 + 389 + 131 800 + 18 EBITDA 2,752 + 524 + 132 2,870 + 117 1 22.36 + 11.12 + 3.77 22.88 +0.52 1 5 + 1 6 + 1 2016 1 29 2015 2016 4
L/F L/F FY13=100 160 140 73.9% 72.0% 74.3% 74.2% 132.7 145.2 80% 75% 70% FY13=100 105 100 62.0% 100 64.1% 64.7% 66.9% 101.9 101.6 104.2 70% 65% 60% 120 116.4 100 100 95 FY13 FY14 FY15 FY16 FY13 FY14 FY15 FY16 5
2016 1) 4/28 4) 10/30 2) 9/1 3) 1) 2) 787-9 1) 4/27 2) 3) 5) 6
2016 A. E. 1) 2) A321 3) 4) LCC B. 1) 2) 3) C. 2016 B787-8 / B787-9 A321 A320neo A320 D. + 22 + 11 + 4 + 3 + 4 11 + 11 1) 2) 1) R&I JCR % 40 35 34.7 35.4 [ ] [ ] D/E 1.0 0.9 0.8 38.2 1.0 0.5 FY14 FY15 FY16E 7
1,364 1,000 1,500 FY15 0 500 781 1,450 FY16 800 4.0 6.0 0 2.0 FY14 FY16 FY13 FY14 915 392 FY15 3.0 4.0 5.0 FY13 659 188 FY12 4.0 FY11 4.0 6 10 FY15 0 FY16 FY14 FY13 2.5% 5.1% 9.8% 9.7% ROE 0 500 1,000 % 6.0 FY10 2.0 FY09 0 ROE [ ] [ ] 4 8 10 % 6 [ ] 1 [ ] 4.2% 5.3% 7.6% 8.0% 431 281 233 573 2 4 8 8
. 2015 9
2015 1,364 + 449 781 + 389 EBITDA 2,752 + 524 41-3 197 48 EBITDA 569 1,200 1,000 800 600 400 200 0-200 -400 2014 EBITDA 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 10
FY2014 4 17,134 17,911 + 777 4,221 + 59 16,219 16,547 + 328 4,024 115 915 1,364 + 449 197 + 174 (%) 5.3 7.6 + 2.3 4.7 + 4.1 244 57 + 186 11 + 85 671 1,307 + 635 185 + 259 108 3 105 52 44 392 781 + 389 48 + 179 400 785 + 385 48 + 179 171 737 908 396 541 571 48 523 348 362 11
FY2014 23,024 22,288 736 7,982 7,898 83 (%) 34.7 35.4 + 0.8 8,198 7,038 1,159 D/E( )* 1.0 0.9 0.1 ** 4,972 4,262 710 * 690 963 D/E1.01.1 ** 12
FY2014 2,068 2,638 + 569 2,107 744 + 1,363 304 1,332 1,028 335 561 + 897 2,409 2,089 2,089 2,651 + 561 1,313 1,388 + 75 2,747 2,814 + 67 (3) 223 880 + 1,103 EBITDA(+ ) 2,228 2,752 + 524 EBITDA(%) 13.0 15.4 + 2.4 13
FY2014 4 14,846 15,532 + 686 3,690 + 87 2,237 2,319 + 81 588 + 55 1,690 1,673 17 380 3 1,270 1,402 + 132 318 2 20,044 20,927 + 882 4,977 + 137 325 337 + 11 92 + 1 3,236 3,353 117 848 79 17,134 17,911 + 777 4,221 + 59 816 1,397 + 580 210 + 176 90 42 132 3 + 0 45 42 2 0 0 40 53 + 12 8 + 0 993 1,451 + 457 216 + 178 16 16 + 0 4 + 1 94 103 9 24 5 915 1,364 + 449 197 + 174 14
FY2014 4 6,833 6,856 + 22 1,567 33 4,683 5,156 + 473 1,243 + 101 1,669 1,553 116 347 60 1,659 1,965 + 306 532 + 79 14,846 15,532 + 686 3,690 + 87 3,676 3,062 614 577 245 1,143 1,165 + 22 289 + 6 915 957 + 42 247 + 13 1,254 1,320 + 65 354 + 32 926 1,107 + 180 341 + 59 1,671 1,791 + 119 455 + 8 1,026 1,059 + 33 259 22 1,712 1,861 + 149 472 + 33 1,702 1,808 + 106 479 + 24 14,029 14,134 + 105 3,479 89 816 1,397 + 580 210 + 176 EBITDA(+ ) 2,071 2,717 + 646 565 + 209 EBITDA(%) 14.0 17.5 + 3.5 15.3 + 5.4 15
LCC 116 +306 +248 +105 816 +22 +473 +686 +105 +580 +365 614 1,397 FY2014 80 85 +5 10 10 160 165 +5 250 260 +10 16
FY2014 (%) 4 (%) 60,213 59,421 1.3 14,214 2.5 38,582 38,470 0.3 9,135 2.0 43,203 42,664 1.2 10,102 2.1 64.1 64.7 + 0.7* 64.3 + 0.3* 6,833 6,856 + 0.3 1,567 2.1 (/) (/) (/) 11.3 11.5 + 1.7 11.0 + 0.4 17.7 17.8 + 0.6 17.2 0.2 15,818 16,070 + 1.6 15,511 + 0.0 17
% 55 ( 30) 30 ( 5) +55 +60 10 (+0) (+0) ( 0) 10 8 % 70 65 6 60 0 +105 85 6,833 6,856 4 2 0 55 50 45 FY14 4 FY15-2 -4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY13 FY14 FY15 40 35 18
FY2014 (%) 4 (%) 49,487 54,710 + 10.6 14,268 + 16.3 35,639 40,635 + 14.0 10,406 + 18.1 7,208 8,167 + 13.3 2,113 + 14.5 72.0 74.3 + 2.3* 72.9 + 1.1* 4,683 5,156 + 10.1 1,243 + 8.9 (/) (/) (/) 9.5 9.4 0.4 8.7 6.3 13.1 12.7 3.4 12.0 7.8 64,972 63,136 2.8 58,840 4.8 19
FY13 1Q=100 FSC +335 (+130) +130 (+5) +55 (+10) +100 (+20) FSC +70 +165 +115 495 (+30) (+75) ( 25) ( 140) 180 160 120 115 140 110 +620 145 120 105 4,683 5,156 100 100 80 95 FY14 FY15 4 60 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY13 FY14 FY15 90 20
FY13 1Q=100 200 180 200 180 160 160 140 140 120 120 100 100 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY13 FY14 FY15 FY13 FY14 FY15 200 180 200 180 160 160 140 140 120 120 100 100 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 80 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY13 FY14 FY15 FY13 FY14 FY15 21
FY13 =100 ( ) FY13 FY14 FY15 22
FY2014 (%) 4 (%) 1,883 1,850 1.7 429 4.5 476 472 0.9 109 + 2.1 475 466 1.8 106 + 0.9 25.3 25.5 + 0.2* 25.4 + 1.6* 325 317 2.6 73 1.0 (/) (/) /kg (/ ) 17.3 17.2 0.9 17.1 + 3.7 68.3 67.2 1.7 67.3 3.0 69 68 0.8 69 1.8 23
FY2014 (%) 4 (%) 5,484 6,040 + 10.1 1,503 + 11.5 3,608 3,532 2.1 890 + 1.5 841 810 3.7 199 + 1.9 65.8 58.5 7.3* 59.2 5.8* 1,247 1,133 9.2 249 19.4 (/) (/) /kg (/ ) 22.8 18.8 17.5 16.6 27.7 34.6 32.1 7.2 28.0 20.6 148 140 5.7 125 20.9 24
P24 FY2014 (%) 4 (%) 1,220 1,268 + 3.9 315 + 9.2 747 711 4.7 176 + 4.2 376 357 5.1 87 + 1.9 61.2 56.1 5.1* 56.1 2.7* 454 409 9.9 88 14.0 (/) (/) /kg (/ ) 37.3 32.3 13.3 27.9 21.2 60.9 57.6 5.5 49.8 17.5 121 115 5.1 101 15.6 25
+110 155 (+40) ( 35) FSC 90 +50 30 ( 20) ( 10) ( 35) % 40 30 * Japan Aircargo Forwarders Association * ANA ANA 20 ANA 1,247 45 70 10 0 1,133-10 FY14 FY15 4-20 -30 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY13 FY14 FY15 26
FY2014 (%) 4 (%) 2,202 3,393 + 54.1 842 + 33.4 1,767 2,892 + 63.6 706 + 26.5 1,141 1,691 + 48.3 394 + 23.6 80.3 85.3 + 5.0* 84.0 4.6* FY14 1Q=100 350 % 100 Airbus A320-200 8 2015 300 250 90 80 200 70 150 60 100 50 50 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 40 FY14 FY15 27
FY2014 FY2014 2,237 2,319 + 81 1,690 1,673 17 90 42 132 45 42 2 46 55 + 8 0 1 + 0 EBITDA(+ ) 137 13 124 46 43 2 EBITDA(%) 6.1 0.6 5.6 2.7 2.6 0.1 FY2014 FY2014 1,270 1,402 + 132 325 337 + 11 40 53 + 12 16 16 + 0 9 9 + 0 1 1 0 EBITDA(+ ) 50 63 + 12 18 18 + 0 EBITDA(%) 4.0 4.5 + 0.5 5.6 5.4 0.1 28
. 2016 29
2016 FY2016 FY2016 * 17,911 18,100 + 188 18,300 16,547 16,650 + 102 16,850 1,364 1,450 + 85 1,450 (%) 7.6 8.0 + 0.4 7.9 1,307 1,300 7 1,250 781 800 + 18 800 FY2016 *2016 1 29 ( /US$) (US$/bbl) (US$/bbl) 120 37 50 115 42 55 30
2016 FY2016 15,532 15,600 + 67 2,319 2,450 + 130 1,673 1,700 + 26 1,402 1,550 + 147 20,927 21,300 + 372 337 330 7 3,353 3,530 176 17,911 18,100 + 188 1,397 1,335 62 42 85 + 127 42 50 + 7 53 65 + 11 1,451 1,535 + 83 16 15 1 103 100 + 3 1,364 1,450 + 85 31
2016 FY2016 6,856 6,870 + 13 5,156 5,040 116 1,553 1,640 + 86 1,965 2,050 + 84 15,532 15,600 + 67 3,062 2,695 367 11,072 11,570 + 497 14,134 14,265 + 130 1,397 1,335 62 32
2016 * * ** 0.9 0.5 0.7 + 11.9 + 7.1 + 9.4 + 2.2 + 2.9 + 2.5 + 10.4 + 8.5 + 9.4 +1.6 +2.4 +2.0 +7.8 +11.6 +9.7 (%)* 66.1 (+ 2.0) 67.6 (+ 2.2) 66.9 (+ 2.1) 74.8 ( 1.0) 73.7 (+ 0.9) 74.2 ( 0.0) ( )** (/) 11.7 (+ 0.1) 11.6 (+ 1.8) 11.6 (+ 0.9) 8.8 ( 10.9) 8.1 ( 10.7) 8.4 ( 10.7) ( )** (/) 17.6 ( 2.9) 17.2 ( 1.6) 17.4 ( 2.3) 11.7 ( 9.7) 10.9 ( 11.8) 11.3 ( 10.7) ( )** (/) 15,997 ( 2.4) 15,569 ( 1.1) 15,784 ( 1.8) 59,134 ( 7.5) 53,453 ( 14.3) 56,230 ( 10.9) 33
2016 * * ** 3.6 0.4 2.0 + 11.3 + 7.2 + 9.2 + 5.2 + 4.0 + 4.6 + 17.6 + 23.8 + 20.8 +4.2 +3.0 +3.6 + 14.6 + 15.3 + 14.9 (%)* 26.4 (+ 2.2) 28.2 (+ 1.2) 27.3 (+ 1.7) 60.8 (+ 3.3) 68.5 (+ 9.2) 64.7 (+ 6.2) ( )** (/) 17.6 (+ 7.7) 19.3 (+ 6.8) 18.4 (+ 7.3) 17.6 ( 10.9) 19.1 (+ 7.3) 18.4 ( 2.2) ( )** (/) 66.7 ( 1.3) 68.3 (+ 2.3) 67.5 (+ 0.5) 28.9 ( 15.7) 27.9 ( 7.0) 28.4 ( 11.5) ( )** (/ ) 68 ( 0.3) 70 (+ 3.3) 69 (+ 1.5) 127 ( 13.5) 132 ( 0.2) 130 ( 7.0) 34
2016 FY2016 22,288 22,670 + 381 7,898 8,660 + 761 (%) 35.4 38.2 + 2.8 7,038 7,110 + 71 D/E * 0.9 0.8 0.1 ROA(%) 6.1 6.6 + 0.4 ROE(%) 9.8 9.7 0.2 * 2016 460 D/E0.9 20151.0 35
2016 FY2016 781 800 + 18 1,388 1,420 + 31 152 130 22 * 2,791 2,190 601 2,770 2,890 119 ** 1,634 2,150 515 1,156 40 1,116 * 1,605 320 + 1,285 EBITDA (+ ) 2,752 2,870 + 117 EBITDA(%) 15.4 15.9 + 0.5 * * * * 36
捗 100% 80% 60% 40% 20% 0% / 2015 4 2016 (US$/bbl) 32/44 42/55 (US$/bbl) 30.6/42.3 80% 40% 25% 10% FY15 FY16 FY17 FY18 2015 US$1 33 FY16 100% 80% 2015 4 2016 ( /US$) 120 115 ( /US$) 115.3 85% 75% 2015 60% 40% 20% 50% 15% (FY16 ) 0% FY15 FY16 FY17 FY18 37
FY16 55 25 170 250 250 / 10.5 10.0 10.1 9.7 9.6 9.7 9.7 FY11-15 1,130 260 9.5 9.5 9.3 9.0 870 8.9 FY11-14 FY15 FY16E 8.5 FY10 FY11 FY12 FY13 FY14 FY15 FY16E 38
. 39
FY2014 Boeing 777-300ER 20 22 + 2 16 6 Boeing 777-300 7 7 7 Boeing 777-200ER 12 12 6 6 Boeing 777-200 16 16 14 2 Boeing 787-9 2 11 + 9 11 Boeing 787-8 32 35 + 3 31 4 Boeing 767-300ER 26 25 1 11 14 Boeing 767-300 16 13 3 13 Boeing 767-300F 3 4 + 1 4 Boeing 767-300BCF 7 8 + 1 8 Airbus A320-200 20 18 2 10 8 Boeing 737-800 31 36 + 5 24 12 Boeing 737-700ER 2 2 2 Boeing 737-700 10 7 3 7 Boeing 737-500 17 20 + 3 20 Bombardier DHC-8-400 (Q400) 21 21 18 3 242 257 + 15 198 59 A320-200 2015 8 2014 8 2015 16 2014 12 40
4 32.1 0.1 30.6 + 0.1 18.7 1.5 16.5 1.0 15.3 0.3 14.9 2.8 29.6 + 1.3 33.6 + 2.9 4.4 + 0.5 4.4 + 0.8 35.5 + 0.4 34.3 0.9 17.7 2.6 16.5 3.3 11.0 0.1 11.1 + 0.1 31.0 + 1.4 33.1 + 3.1 4.8 + 0.9 4.9 + 1.0 34.9 0.8 33.5 1.1 17.6 1.8 15.3 2.7 9.8 0.2 9.7 1.0 32.0 + 1.9 35.6 + 3.5 5.7 + 0.9 5.9 + 1.2 41
4 24.1 0.5 23.9 6.2 14.3 0.3 15.5 + 0.6 34.1 + 1.1 32.1 + 3.0 21.9 + 0.6 23.3 + 3.2 5.6 0.9 5.3 0.6 36.7 + 1.6 34.9 0.3 17.4 3.3 16.5 4.1 17.0 + 0.6 17.6 + 1.0 25.1 + 1.3 27.3 + 3.8 3.9 0.1 3.8 0.4 38.6 0.1 37.6 4.6 22.6 0.6 22.4 0.8 13.1 0.1 12.4 + 1.0 21.8 + 1.7 23.9 + 4.6 4.0 0.0 3.7 0.3 42
(MEMO) 43
(MEMO) 44
(MEMO) 45
(MEMO) 46
ANA 47
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