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ANA HOLDINGS INC. (9202) Consolidated Financial Results For the year ended March 31, 2022

ANA HOLDINGS reports Consolidated Financial Results for the Year Ended March 31, 2022

1. Consolidated financial highlights for the year ended March 31, 2022

(1) Consolidated financial and operating results

(%: year-on-year)

Operating revenues	Operating (loss)	Ordinary (loss)	Net (loss) attributable to owners of the parent
FY2021 ended Mar 31, 2022	Yen (Millions) 1,020,324	% 40.0	Yen (Millions) (173,127)	% -	Yen (Millions) (184,935)	% -	Yen (Millions) (143,628)	% -
FY2020 ended Mar 31, 2021	728,683	(63.1)	(464,774)	-	(451,355)	-	(404,624)	-

*Comprehensive income	for the period Apr 1 - Mar 31, 2022	¥ (93,764) million	[-%]
for the period Apr 1 - Mar 31, 2021	¥ (353,235) million	[-%]

Net (loss) per share	Return on equity	Ratio of ordinary profit to total assets	Operating income margin ratio
FY2021 ended Mar 31, 2022	Yen (305.37)	% (15.9)	% (5.8)	% (17.0)
FY2020 ended Mar 31, 2021	(1,082.04)	(39.1)	(15.7)	(63.8)

(Reference) Equity in earnings of unconsolidated subsidiaries and affiliates

for the year ended Mar 31, 2022 for the year ended Mar 31, 2021

¥ (2,031) million ¥ (3,630) million

(Note) The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29,

March 31, 2020), etc. and other standards from the beginning of the current consolidated fiscal year. Figures for the fiscal year ended March 2022 under review are based on figures after application of said accounting standards.

(2) Consolidated financial positions

Total assets Yen (Millions)	Net assets Yen (Millions)	Shareholders' equity ratio %	Net assets per share Yen
As of Mar 31, 2022	3,218,433	803,415	24.8	1,695.06
As of Mar 31, 2021	3,207,883	1,012,320	31.4	2,141.49

(Reference) Shareholders' equity

as of Mar 31, 2022 as of Mar 31, 2021

¥ 797,249 million ¥ 1,007,233 million

(Note) The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29,

March 31, 2020), etc. and other standards from the beginning of the current consolidated fiscal year. Figures for the fiscal year ended March 2022 under review are based on figures after application of said accounting standards.

(3) Consolidated cash flows

Yen (Millions)

Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of year
FY2021 ended Mar 31, 2022	(76,413)	230,019	93,646	621,037
FY2020 ended Mar 31, 2021	(270,441)	(595,759)	1,098,172	370,322

2. Dividends

YenDividends per shareEnd of 1st quarterEnd of 2nd quarterEnd of 3rd quarterEnd of fiscal yearFull fiscal year

FY2020

FY2021

FY2022 (Forecast)

- - -- - -- - -

0.00 0.00

0.00 0.00

0.00

0.00

Total dividends Yen (Millions)

Payout ratio (Consolidated)(%)Dividend on equity (Consolidated)(%)

FY2020 FY2021

FY2022 (Forecast)

0 0 -

0.0 0.0

0.0 0.0

0.0

-

3. Consolidated earnings forecast for the fiscal year ending March 31, 2023

(%: year-on-year)Operating revenues

Operating income (loss)

Ordinary	Net	Net
income (loss)	(loss)	income
per share

income

attributable to owners of the parent

Yen (Millions)

% 62.7

Yen (Millions)

50,000

% -

Yen (Millions)

% -

Yen (Millions)

21,000

% Yen -44.65

*Forecast for the six months ending September 30, 2022 is not made.

4. Other

(1) Changes of significant subsidiaries during the year (changes of specific subsidiaries in accordance with changes in the scope of consolidation): None

Consolidated	Equity method
Newly added	-	-
Excluded	-	-

(2) Changes in accounting policies, accounting estimates and restatement of corrections

• (i) Changes caused by revision of accounting standards: Yes

• (ii) Changes other than (i): None

• (iii) Changes in accounting estimates: None

• (iv) Restatement and corrections: None

(3) Number of issued shares (Common stock)

Number of SharesFY2021

FY2020

Number of shares issued (including treasury stock) Number of treasury stock Average number of shares outstanding during the yearAs of Mar 31

484,293,561 As of Mar 31 484,293,561

As of Mar 31

13,956,694 As of Mar 31 13,950,901

Apr 1-Mar 31

470,339,550 Apr 1-Mar 31 373,945,345

*For the number of common stocks used as basis for calculating consolidated net income per share, see page28 "(Per share information)".

(Reference) Summary of non-consolidated financial results

(1) Non-consolidated financial results

Yen (Millions)

Operating revenues	Operating income	Ordinary income	Net income (loss)
FY2021 ended Mar 31, 2022	Yen (Millions) 189,654	% (18.8)	Yen (Millions) 45,238	% (26.2)	Yen (Millions) 19,900	% (52.1)	Yen (Millions) 26,940	% -
FY2020 ended Mar 31, 2021	233,665	(13.1)	61,260	(35.3)	41,543	(57.4)	(26,113)	-

Net income (loss) per share
FY2021 ended Mar 31, 2022	Yen 57.26
FY2020 ended Mar 31, 2021	(69.81)

(2) Non-consolidated financial positions

Total assets Yen (Millions)	Total net assets Yen (Millions)	Equity ratio %	Net assets per share Yen
As of Mar 31, 2022	3,157,277	1,256,913	39.8	2,671.62
As of Mar 31, 2021	3,040,813	1,224,464	40.3	2,602.62

(Reference) Shareholders' equity	as of Mar 31, 2022	¥ 1,256,913 million
as of Mar 31, 2021	¥ 1,224,464 million

(Reason of change in non-consolidated financial results compared to the results in the previous fiscal year)

The main reasons of the change are that operating revenues decreased due to a decrease in aircraft lease income, and thus both operating income and ordinary income decreased in the current fiscal year.

And also, the amount of extraordinary loss recorded of mass retirement of aircraft decreased from the previous fiscal year.

* This report is not subject to audit procedures.

* Explanation for appropriate use of forecasts and other notes

The earnings forecasts are forward-looking statements made on the basis of information available at the time forecasts are made and other certain assumptions deemed reasonable. Therefore, actual earnings may differ from such forward-looking statements for a variety of reasons. Please refer to "1. Summary of Operating Results etc. (1) Analysis of operating results" on page 5 in the Appendix for the assumptions used and other notes.

Contents

1. Summary of Operating Results etc .................................................................................................................. 5

(1) Analysis of Operating Results ……………………………………………………………………………… .. 5

(2) Analysis of the Financial Position …………………………………………………………………………… 11

(3) Dividend Policy and Dividends for the Current and Next Fiscal Periods ………………………………… 12

(4) Important factors related to going concern status ………………………………………………………… . 12

2. Basic rationale for selection of accounting standard ……………………………………………………………… . 12

3. Financial Statements and Operating Results ……………………………………………………………………… . 13

(1) Consolidated Balance Sheet………. ……………………………………………………………………… ... 13

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income………... 15

Consolidated Statement of Income ………………………………………………………………………… . 15

Consolidated Statement of Comprehensive Income ……………………………………………………… 16

(3) Consolidated Statements of Changes in Net Assets ……………………………………………………… 17

(4) Consolidated Statement of Cash Flows …………………………………………………………………… .. 21

(5) Notes to Consolidated Financial Statements ……………………………………………………………… . 23

(Going concern assumption) ………………………………………………………………………………… 23

(Basis of presenting consolidated financial statements) ………………………………………………… . 23

(Changes in accounting policies) …………………………………………………………………………… 23

(Notes Regarding Consolidated Statement of Income) …………………………………………………… 24

(Consolidated statements of cash flows) …………………………………………………………………… 24

(Segment Information) ……………………………………………………………………………………… ... 24

(Per share information) ……………………………………………………………………………………… .. 28

(Important post-balance sheet events) …………………………………………………………………… ... 29

4. Breakdown of Operating Revenues and Overview of Airline Operating Results (Consolidated) …………… ... 30

(1) Breakdown of Operating Revenues ………………………………………………………………………… 30

(2) Overview of Airline Operating Results ……………………………………………………………………… 31

APPENDIX

1. Summary of Operating Results etc. (1) Analysis of Operating Results

① Overview of the fiscal year ended March 31, 2022

In the current fiscal year 2021 (April 1, 2021 - March 31, 2022), as the severe circumstances of the Japanese economy brought on by Coronavirus (COVID-19) gradually subside, corporate production activities have recently begun to recover.

Although conditions remain quite severe for the airline industry, demand, particularly for domestic routes, has been trending toward recovery, and demand for international routes is seeing signs of recovery as well thanks to the gradual easing of entry restrictions.

Under these economic conditions, the passenger demand has been moving toward recovery in Japan, operating revenues increased from the previous year, in which they were significantly affected by the impact of COVID-19, reaching ¥1,020.3 billion (up 40.0% year-on-year). Although the continued impact of COVID-19 resulted in an operating loss of ¥173.1 billion (operating loss ¥464.7 billion same period a year ago), an ordinary loss of ¥184.9billion (ordinary loss ¥451.3 billion same period a year ago), and net loss attributable to owners of the parent of ¥143.6 billion (net loss attributable to owners of the parent ¥404.6 billion same period a year ago).

The Company has received the Gold Class distinction from the 2022 S&P Global Sustainability Awards for the second consecutive years for the prioritization of safety and quality across its full range of operations.

Furthermore, for the fifth year in succession, the Company was chosen as a constituent of the Dow Jones Sustainability World Index, one of the world's leading indicators of socially responsible investment.

The Group has renewed its medium-term environmental goals, such as our goal realize virtually zero CO2 emissions generated via aircraft operations by FY2050, and, in order to disseminate "Sustainable Aviation Fuel"

(SAF), which are indispensable in our efforts to achieve these goals, we established the "Act For Sky" volunteer organization, through which we engage in efforts, as a managing company, to commercialize domestic SAF. In addition, we also began the "SAF Flight Initiative", a program designed to help participating companies, which use air transportation, seek de-carbonization to commercialize domestic SAF. Going forward, we intend to continue engaging in efforts to solve social issues, such as the climate crisis, through our business endeavors, and realize sustainable growth and increased corporate value.

The Group has applied the "Accounting Standard for Revenue Recognition" (ASBJ Statement No.29, March 31, 2020), etc. and other standards from the beginning of the first quarter. Figures for the current quarter under review are based on figures after application of said accounting standards. For details, please refer to "3.

Financial Statements and Operating Results (5) Notes to Consolidated Financial Statements, (Changes in accounting policies)" on page 23.

An overview of the year ended March 31, 2022 by segment follows.

(Revenues for each business segment include inter-segment sales, and operating income corresponds to segment income.).

Overview by segment

◎Air Transportation

Despite being severely impacted by the COVID-19 pandemic, passenger demand has increased from the previous period. Furthermore, thanks in part to factors such as cargo reaching record highs through the active capture of strong freight demand, operating revenues were ¥885.0 billion (up 46.5% year on year), exceeding those of the previous period. Thanks to the steady advancement of the business structure improvement plan, the progressive reduction of fixed costs such as depreciation and amortization, maintenance costs and personnel expenses, helped improve profit-loss compared to the previous period. However, operating losses were still ¥162.9 billion (operating losses were ¥447.8 same period a year ago). Further, although the Haneda-London and Haneda-Paris routes were suspended in March of this year in light of the Russian invasion of Ukraine, the Haneda-Frankfurt and Narita-Brussels routes continued operating by taking detours to avoid Russian airspace.

On the other hand, thanks to efforts to increase the scope of international cargo flights on strong US routes, 5